MIRA
INFORM REPORT
|
Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR GUJARAT PETROCHEMICALS LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.01.2007 |
|
|
|
|
Com. Reg. No.: |
04-49785 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24119GJ2007PLC049785 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer and Dealer of Chemical and Chemical Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
New Company / Project |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Comments : |
We made several attempts to talk to spokeperson of the subject but at
Essar Group, nobody knows the right person for the subject. Subject is a new company/ venture of Essar Group. The company has not commenced its commercial operations and hence
initially, it would be advisable to deal with it on safe and secured trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Refinery Administration Building, Khambhalia Post, Jamnagar 361 305,
Gujarat, India |
|
|
|
|
Head Office : |
27 KM, Surat Hazira Road, Hazira, Surat 394 270, Gujarat, India |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Khailash Tahkandas Daultani |
|
Designation : |
Director |
|
Address : |
302, Vandana, 253, Shere Punjab Society, Andheri, Mumbai 400 093,
Maharashtra, India |
|
Date of Birth/Age : |
15.09.1980 |
|
|
|
|
Name : |
Mr. Amar Harshad Fadia |
|
Designation : |
Director |
|
Address : |
503, Brrokfield Society, Old Lokhandwala, Andheri, Mumbai 400 053,
Maharashtra, India |
|
Date of Birth/Age : |
03.10.1970 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 2nd January, 2007
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Essar Investment Limited |
|
50000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealer of Chemical and Chemical Components. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Group Companies : |
Essar Telecom Retail Limited CIN No.: U51900MH2006PLC16047 Essar Aluminium Orissa Limited CIN No.: U27203MH2006PLC164845 Essar Steel Maharashtra Limited CIN No.:1420MH2006PLC164604 Essar Retail Limited CIN No.: U51909MH2006PLC164605 Asia Motorworks Holdings Limited CIN No.: U34109MH2006PLC164605 Essar Telecom Limited CIN No.: U99999MH2000PLC130159 Shri Nand Naket Properties Limited CIN No.: L70101TN1995PLC031499 Telecom Tower & Infrastructure Private Limited CIN No.: U72200MH2003PTC140799 Ring Tel Communications Limited CIN No.: U93090MH2006PLC164851 |
CAPITAL STRUCTURE
AS ON
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- Each |
0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- Each |
0.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
New Company
LOCAL AGENCY FURTHER INFORMATION
WEBSITE
DETAILS ATTACHED:
Petrochemicals
Essar is making a foray into the Petrochemicals business.
A petrochemicals complex is being built at Vadinar alongside
Essar’s existing 10.5 MTPA refinery. Almost all the raw materials of the
complex will be supplied from the expanded refinery to drive greater synergies;
large parts of the existing infrastructure will also be used.
The complex will host a Naphtha Cracker plant and other
units that can leverage on by-products generated from the expanded Essar Oil
refinery . The product range will comprise various polymers, chemicals and
valuable intermediates.
The petrochemicals complex will lead to Essar attaining
complete integration in the Energy business and create unparalleled value for
the Group.
Press Release
CB & I wins
Essar Contract
Houston Business
Journal
Chicago Bridge & Iron, through Lummus Technology, has been awarded engineering
contracts by Essar Gujarat Petrochemicals Limited, valued at USD $ 45 million.
CB&I, a
Woodlands-based engineering, procurement and construction company, will be
working on technology licenses and basic engineering for Essar Gujarat’s
petrochemicals complex in Vadinar, Gujarat, India.
Lummus is the process technology arm of CB&I (NYSE: CBI).
CB&I bags contract worth $45 million from
Essar Gujarat
Chicago Bridge & Iron (CB&I), through
Lummus Technology, has been awarded an engineering contract worth US$ 45
million by Essar Gujarat Petrochemicals Ltd., for technology licenses and basic
engineering related to a major grassroots petrochemicals complex in Vadinar,
Gujarat, India.
The technologies to be offered include ethylene,
ethylbenzene/styrene monomer, butadiene extraction, MTBE/ETBE/butene-1, and
cumene/phenol.
According to the company, the petrochemical complex
in Vadinar, will include an ethylene plant reactor that converts feedstock
chemicals into ethylene, a primary building block of other chemicals.
The petrochemical units for the production of
styrene, butadiene, ethers, butene-1 and phenol are being accredited by Lummus
with its various licensing partners.
CB&I, is a Woodlands-based engineering,
procurement and construction company, which delivers comprehensive solutions to
customers in the energy and natural resource industries. It claims over 70
proprietary licensed technologies and 1,500 patents and patent applications.
Essar Gujarat in petrochem technology
licencing deal with CB&I news
09 September
2008
Essar Gujarat Petrochemicals Limited has signed a licencing deal with
CB&I through Lummus Technology, for licensing its technology and basic
engineering for its grassroots petrochemicals complex in Vadinar, Gujarat.
CB&I combines is a provider of process technologies in engineering,
procurement and construction in the energy and natural resource industries. It
claims over 70 proprietary licensed technologies and 1,500 patents and patent
applications.
The technologies to be acquired include ethylene, ethylbenzene / styrene
monomer, butadiene extraction, MTBE / ETBE/butene-1, and cumene / phenol.
The cornerstone of the petrochemical complex will be a 1.3-million
metric ton per annum mixed feed ethylene unit that will utilise Lummus' latest
generation SRT VI cracking furnaces and recovery technology.
The downstream petrochemical units for the production of styrene,
butadiene, ethers, butene-1, and phenol are also of world-scale capacity, and
are being licensed by Lummus in cooperation with its various licensing
partners.
This wide variety of technologies licensed by Lummus represents the
majority of the process units in the planned petrochemical complex. This
exemplifies the comprehensive technology portfolio Lummus provides to the
petrochemical industry, in addition to its broad refining technology capabilities.
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.49.74 |
|
UK Pound |
1 |
Rs.74.37 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
TOTAL |
|
8 |
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 |
|