MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GREAT EASTERN ENERGY CORPORATION LIMITED |
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Registered Office : |
Bally High, Flat No.1 D, 1st Floor, Bally Gunge Park Road,
Kolkata 700019, West Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.05.1992 |
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Com. Reg. No.: |
21-95301 |
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CIN No.: [Company
Identification No.] |
U48985WB1992PLC095301 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
The subject is engaged in the activity of exploration and production of coal Bed Methane Gas. |
RATING &
COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7701740 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a just a 3 years old company the company is yet to commence commercial activities as per last available financials of 2003- 04. The company had incurred some initial losses. No payment are available. The company can be considered for business dealings with slight caution, initially. |
LOCATIONS
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Registered Office : |
Bally High, Flat No.1 D, 1st Floor, Bally Gunge Park Road,
Kolkata 700019, West Bengal, India |
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Tel. No.: |
91-33-22837481/82 |
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Fax No.: |
91-33-22837483 |
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E-Mail : |
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Website : |
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Area : |
Rented 2000 sq. ft. |
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Location : |
Residential |
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Head Office : |
Signature Towers A, 14th Floor, South City, NH-8, Gurgaon-122001, Haryana, India |
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Tel. No.: |
91-124-2580465/70 |
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Fax No.: |
91-124-2580467/68 |
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E-Mail : |
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Factory 1/ Warehouse : |
Damodar Valley, Ranigunj Coal Field. |
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Area : |
Leased 210 sq. ft. (The area has an estimated 1.0 TCF of CBM gas) |
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Location : |
Industrial |
DIRECTORS
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Name : |
Mr. Yogendra Kumar Modi |
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Designation : |
Chairman and Whole Time Director |
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Address : |
33, shivihi Marg, Rangpuri, New Delhi-110037, India |
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Date of Birth/Age : |
10.01.1948 |
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Date of Appointment : |
29.05.1992 |
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Email : |
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Name : |
Mr. Sudhir Kumar Grover |
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Designation : |
Director |
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Address : |
150 DRS Apartments, 4 Vasundra Enclave, New Delhi 110096, India |
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Date of Birth/Age : |
01.11.1943 |
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Date of Appointment : |
29.05.1992 |
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Name : |
Mr. John C. Bailey |
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Designation : |
Director |
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Address : |
4 BRD Road, London, WC 12 4 DA, London |
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Date of Birth/Age : |
07.01.1956 |
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Date of Appointment : |
10.04.2004 |
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Name : |
Mr. Pejavar Murarji |
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Designation : |
Director |
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Address : |
2/9, 1st Floor, Sector 1, S R Noida 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
19.08.1934 |
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Date of Appointment : |
31.07.2004 |
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Email : |
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Name : |
Mr. Kashi Nath Memani |
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Designation : |
Director |
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Address : |
177 Lane, W-7, Western Avenue, Sainik Farms New Delhi 110062, India |
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Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
26.10.2004 |
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Name : |
Mr. Prasanta Kumar Roy |
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Designation : |
Director |
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Address : |
CA-155, Sector 1, Salt Lane, Kolkata 700064, West Bengal, India |
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Date of Birth/Age : |
18.07.1938 |
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Date of Appointment : |
12.02.2005 |
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Name : |
Mr. Serajul Haq Khan |
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Designation : |
Director |
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Address : |
181 Anpari Krishna Apartment 95/96 Kaka sahib Marg, Mumbai 400025, Maharashtra, India |
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Date of Birth/Age : |
01.07.1938 |
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Date of Appointment : |
20.05.2005 |
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Email : |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Director |
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Address : |
1104 Streling Seaface, Dr. Annie Besant Road, Wrli, Mumbai 400018, India |
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Date of Birth/Age : |
13.07.1970 |
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Date of Appointment : |
06.02.2006 |
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Email : |
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Name : |
Mr. Paul Sebastian Zuckerman |
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Designation : |
Director |
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Address : |
105 Grosvenor Road, London SW1V3LG |
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Date of Birth/Age : |
22.06.1945 |
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Date of Appointment : |
07.11.2005 |
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Email : |
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Name : |
Mr. Prashant Modi |
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Designation : |
President and Chief Operating Officer |
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Address : |
33, shivihi Marg, Rangpuri, New Delhi-110037, India |
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Date of Birth/Age : |
31.05.1973 |
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Date of Appointment : |
20.01.1997 |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. Shiv Kumar Luwaridala |
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Designation : |
Company Secretary |
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Address : |
134, Salkia School Road, Howrah 711106, West Bengal, India |
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Date of Birth/Age : |
28.09.1974 |
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Date of Appointment : |
01.08.2002 |
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Name : |
Mr. Andlebb Hamid Zubari |
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Designation : |
Company Secretary |
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Address : |
6/21/153, Zakir Nagar, Okhla New Delhi 110025, India |
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Date of Birth/Age : |
25.09.1965 |
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Date of Appointment : |
17.11.2004 |
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Name : |
Mr. Praveen Arora |
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Designation : |
Company Secretary |
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Address : |
53 Nagin Lake Apartment, Outer Ring Road,
Paschim Vihar, Delhi 110087, India |
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Date of Birth/Age : |
18.01.1964 |
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Date of Appointment : |
20.08.2006 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Bokel Invest Limited |
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56831790 |
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Covanta Energy India |
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40768210 |
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CBM Investment Limited |
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15525300 |
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YKM Holdings Private Limited |
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94344000 |
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Mr. Prashanta Modi |
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1000 |
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Mr. Yogendra Kumar Modi |
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1000 |
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Mrs. Asha Modi |
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1000 |
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Total |
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207472300 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB, or Others) |
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69.98 |
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Bodies Corporate (not mentioned above) |
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28.98 |
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Directors or relatives of directors |
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1.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The subject is engaged in the activity of exploration and production of coal Bed Methane Gas. |
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Products : |
Exploration of Coal Bed Methane Gas |
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Imports : |
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Countries : |
USA |
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Terms : |
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Purchasing : |
Cash, Contract, L/C, Credit |
GENERAL
INFORMATION
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Customers : |
· Manufacturers · Government Bodies |
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Bankers : |
Kanak Building, 41, Jaswahar Lal Nehru Road, Kolkata-7000712, India
Ballygunge Park Road Branch, Kolkata- 700019, India ·
Punjab and Sind Bank International
Banking Division, 14-15, Old Court House Street, Kolkata 700001, India ·
State Bank
of India Reliance House, 2nd
Floor, 34 Jawahlal Nehru Road, Kolkata 700071, West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lodha and Compan Chartered Accountant |
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Address : |
14 Government Place East, Kolkata- 700069, India |
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Tel. No.: |
91-33-22481111/1507/6962 |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Plot No.Y14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan
Nagar, Kolkata 700091, West Bengal, India |
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Name : |
Ernst and Young Chartered Accountant |
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Address : |
Kolkata |
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Parent Company
: |
A YKM Group Company |
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Financial Institutions : |
Landt Infrastructure Finance Company Limited Mount Poonamallee Road, Manapakkam, Chennai 600089, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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650000000 |
Equity Shares |
Re.1/- each |
Rs.650.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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544619499 |
Equity Shares |
Re.1/- each |
Rs.544.619 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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544.619 |
544.619 |
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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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1486.594 |
1486.594 |
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4] (Accumulated Losses) |
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(105.778) |
(85.313) |
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NETWORTH |
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1925.435 |
1945.901 |
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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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1925.435 |
1945.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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54.954 |
45.903 |
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Capital work-in-progress |
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1342.530 |
688.470 |
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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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49.977 |
16.814 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
478.552 |
1261.714 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
100.567 |
30.425 |
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Total
Current Assets |
|
629.096 |
1308.953 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
101.147 |
97.426 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
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101.147 |
97.426 |
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Net Current Assets |
|
527.949 |
121.152 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
1925.435 |
1945.901 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
0.000 |
0.000 |
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Other Income |
|
59.151 |
49.405 |
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Total Income |
|
59.151 |
49.405 |
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Profit/(Loss) Before Tax |
|
(18.529) |
(79.744) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
(18.529) |
(79.744) |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
|
6.132 |
0.607 |
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Managerial Remuneration |
|
10.165 |
9.357 |
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Payment to Auditors |
|
1.365 |
1.831 |
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Interest |
|
0.016 |
0.062 |
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Insurance Expenses |
|
2.385 |
0.985 |
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Power & Fuel |
|
0.565 |
0.462 |
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Depreciation & Amortization |
|
3.858 |
1.710 |
|
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Other Expenditure |
|
53.194 |
114.132 |
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Total Expenditure |
|
77.680 |
129.146 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(31.32) |
(161.41) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.71) |
(60.71) |
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Return on Investment (ROI) (PBT/Networth) |
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|
(0.01) |
(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.05 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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|
6.22 |
13.43 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
GREAT EASTERN ENERGY CORPORATION LIMITED |
|
Presented By |
Punjab and Sind Bank International
Banking Division, 14-15, Old Court House Street, Kolkata 700001, India |
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1) Date and description of instrument creating the change |
15.05.2002Indemnity/
Counter Guarantee Agreement Against Bank Guarantee (The above
Agreement Executive by great eastern energy Corporation Limited, The Borrower
in favour of Punjab and Sind Bank, International Banking Division14-15, Old
Court House Street, Kolkata 700001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.500
Millions Nature of Facility Bank Guarantee
Limit Rs.10.500 Millions (For Performance
Guarantee) |
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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 |
The borrower
hereby confirm and that Bank shall have charge and on any and all security/
lying property movable or immovable with the account whatever and the Bank
shall be entitled to with out and recover the amount under the said guarantee
by enchantment/ sales/ Disposal of such as and /or properties f=given as
security under this guarantee/ indemnity. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Commission: As
stipulated by the Bank Margin: As
stipulated by the Bank |
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5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank International Banking
Division, 14-15, Old Court House Street, Kolkata 700001, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U48985WB1992PLC095301 |
|
Name of the
Company |
GREAT EASTERN ENERGY CORPORATION LIMITED |
|
Address |
Bally High, Flat No.1 D, 1st Floor, Bally Gunge Park Road,
Kolkata 700019, West Bengal, India |
|
This form is for |
Modification of charge |
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Type of Charge |
Immovable
Property Any interests in
immovable property |
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Particulars of the
charge holder |
State Bank of
India Reliance House, 2nd
Floor, 34 Jawahlal Nehru Road, Kolkata 700071, West Bengal, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Memorandum of
Entry dated 16.02.2008 |
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Date of the
instrument creating or modifying the charge |
16.02.2008 |
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Amount secured by
the charge |
Rs.3500.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As stated in the
common Loan Agreement and other document Terms of
Repayment: As stated in the
common Loan Agreement and other document Margin: As stated in the
common Loan Agreement and other document Extent and
operation of the charge: As stated in the
common Loan Agreement and other document Others : As stated in the
common Loan Agreement and other document |
|
Short particulars
of the property charged (including location of the property) |
Various
Properties of the company as described in memorandum of entry |
|
Particular of the
present modification |
Various
Properties of the company as described in memorandum of entry |
Profile:
Subject is the first Private Sector Company in India that
entered this field. It is a part of the YKM Holdings Group. In December 2005,
Company became the first Indian Company to be listed on the London Stock
Exchange's Alternative Investment Market (AIM).
Subject pioneering effort is helping in maintaining the
ecological balance in West Bengal's coal bearing areas where methane gas is
escaping into the atmosphere and damaging the ozone layer. It will result in the
demethanation of coal-beds and avoidance of methane emissions into the
atmosphere.
Subject is exploring and developing production wells for
Coal-Bed Methane (CBM) in Damodar Valley (Raniganj coal-field), near the city
of Asansol, West Bengal.
Subject is pleased to state that it has struck Gas, and
begun sales of CBM for the first time in India. The Gas-in-Place is 1.92 TCF as
reported by Netherland, Sewell and Associates, Inc.
Fixed Assets:
·
Land- Free Hold
·
Land- Lease Hold
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Motor Car
Press Clippings:
Great Eastern Energy plans to transport gas thru pipeline
Santanu
Sanyal
Kolkata,
Feb. 5
GREAT Eastern Energy Corporation Ltd, which has struck coal
bed methane gas (CBM) in West Bengal, is examining the option, among others, of
having the gas transported by pipeline to the nearest consumption point.
"We can lay the pipeline on our own or we can have Gas
Authority of India Ltd (GAIL) participate in the project," said Mr. Y.K. Modi,
Chairman of the company, and also the newly elected president of the Federation
of Indian Chambers of Commerce & Industries (FICCI), while talking to Business
Line here on Wednesday. "We are already in touch with GAIL in this
regard," Mr. Modi said.
Durgapur, the nearest major consumption point, is about 40
km from the place where the gas has been struck. From Durgapur, there already
exists a gas pipeline network right up to Kolkata. The network is operated by a
State government agency, Greater Calcutta Gas Supply Corporation, which is not
exactly in the pink of health.
Asked if he was mulling using the same pipeline network for
transporting CBM to Kolkata, Mr. Modi replied that the existing
Durgapur-Kolkata gas pipeline, before it could be put to proper use, would
require extensive modernisation, repair and upgradation entailing substantial
investment. "I understand GAIL at one time had shown interest in acquiring
the project but I have no idea if the proposal has made any progress," he observed.
Among other options being considered is setting up of a
power project right at the pithead to reduce the transportation cost. The three
wells which have been struck will produce gas enough to produce about 10 mw of
power right now but in due course a 200 mw capacity plant appears to be a
distinct possibility. "We are sitting on a gas reserve of one trillion
cubic ft and the exploitation and proper utilisation of even half of that can
make a huge difference," Mr. Modi observed.
It might be noted that Great Eastern Energy has acquired on
lease from Coal India Ltd about 210 sq miles of area in Ranigunge coalfields
for exploration and development of coal bed methane gas.
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 Intl
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 companys 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.41.68 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
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 |
|