MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAFTO GAZ INDIA PRIVATE LIMITED |
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Registered Office : |
5/51, IInd Floor, WEA, Karol Bagh, New Delhi -110 005 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.08.2005 |
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Com. Reg. No.: |
55 - 178724 |
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CIN No.: [Company
Identification No.] |
U11200DL2005PTC178724 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Deln08933b |
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PAN No.: [Permanent
Account No.] |
Aaccn1894l |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Subject is an EPC contractor
in the Oil and Gas Business |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track. Financial
position is satisfactory. Trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered good for any business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
5/51, IInd Floor, WEA, Karol Bagh, New Delhi -110 005, India |
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E-Mail : |
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Website : |
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Corporate Office : |
A-78, Sector- 2, Noida- 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4257245-49 |
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Fax No.: |
91-120-4257250 |
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E-Mail : |
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Factory : |
House No. 36, Railway Road, Nangal Dam, Punjab, India |
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E-Mail : |
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Branches : |
4th Floor, Premier House, Plot No. 38, Central Road, MIDC,
Andheri (E), |
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Tel. No.: |
91-22-67257140 / 43 / 44 |
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Fax No.: |
91-22- 67257142 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M B B N Ameen |
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Designation : |
Director |
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Date of Birth/Age : |
29.05.1972 |
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Date of Appointment : |
24.08.2005 |
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Name : |
Mr. Mohammad Naim Khan |
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Designation : |
Director |
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Address : |
House No. 17/104, East End Apartments,
Mayur Vihar, Phase –I, Extn., Delhi – 110 096, India |
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Date of Birth/Age : |
01.07.1941 |
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Date of Appointment : |
19.02.2005 |
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Name : |
Mr. Viktors Goroluks |
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Designation : |
Director |
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Address : |
5/A, pallinas Street, Riga
– LV1012, latvia |
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Date of Birth/Age : |
20.11.1953 |
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Date of Appointment : |
02.09.2005 |
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Name : |
Mrs. Svetcana Berestenko |
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Designation : |
Director |
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Address : |
I-B, Naber Ezhnaya Lenina Street, Ukraine |
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Date of Birth/Age : |
29.08.1962 |
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Date of Appointment : |
02.09.2005 |
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Name : |
Mr. Mahoom Kadar Bascha Noorul |
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Designation : |
Director |
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Address : |
6355, B -9, vasant Kunj,
Delhi, India |
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Date of Birth/Age : |
29.05.1976 |
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Date of Appointment : |
24.08.2005 |
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Date of resignation : |
02.09.2005 |
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Name : |
Mr. Sergil Khliupin |
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Designation : |
Director |
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Address : |
153, Sector 25, Faridabad - 121 004, Haryana, India |
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Date of Birth/Age : |
18.03.1952 |
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Date of Appointment : |
24.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mahdoom Bava Bharudeen |
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45500 |
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Mr. Bascha Kadan Bharudeen |
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4500 |
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Total
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50000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 29.09.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an EPC contractor
in the Oil and Gas Business |
GENERAL
INFORMATION
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Bankers : |
· Bank of Baroda · Citi Bank · ICICI Bank · State Bank of Bikaner and Jaipur · State bank of India, Commercial Branch, Vardhman Trade Centre, Nehru Place, New Delhi – 110 020, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Kothari and Company Chartered Accountants |
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Address : |
5/51, WEA, Karol Bagh, New Delhi – 110 005, India |
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Associates/Subsidiaries : |
· East End Consultants · AB Petroservice Private Limited |
CAPITAL STRUCTURE
(As on
29.09.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.500
million |
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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0.500 |
0.500 |
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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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32.479 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[0.019] |
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NETWORTH |
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32.979 |
0.481 |
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LOAN FUNDS |
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1] Secured Loans |
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11.264 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.131 |
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TOTAL BORROWING |
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11.264 |
0.131 |
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DEFERRED TAX LIABILITIES |
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0.230 |
0.000 |
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TOTAL |
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44.473 |
0.612 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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42.024 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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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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20.175 |
0.000 |
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Cash & Bank Balances |
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27.545 |
0.173 |
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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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380.992 |
0.025 |
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Total
Current Assets |
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428.712 |
0.198 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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399.817 |
0.000 |
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Provisions |
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26.829 |
0.011 |
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Total
Current Liabilities |
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426.646 |
0.011 |
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Net Current Assets |
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2.066 |
0.187 |
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MISCELLANEOUS EXPENSES |
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0.383 |
0.425 |
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TOTAL |
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44.473 |
0.612 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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176.500 |
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Other Income |
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0.000 |
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Total Income |
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176.500 |
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Profit/(Loss) Before Tax |
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49.500 |
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Provision for Taxation |
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17.000 |
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Profit/(Loss) After Tax |
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32.500 |
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Expenditures : |
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Depreciation & Amortization |
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0.600 |
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Other Expenditure |
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126.400 |
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Total Expenditure |
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127.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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18.41 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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28.05 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.52 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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1.50 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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13.28 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.00 |
18.00 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporate
identity number of the company |
U11200DL2005PTC178724 |
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Name of the
company |
NAFTO GAZ INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
5/51, IInd Floor, WEA, Karol Bagh, New Delhi -110 005, India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Movable Property · Floating Charge · Book Debts |
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Particular of charge
holder |
State bank of Bikaner and Jaipur, CSC,
Sector –D, Pocket II, Vasant Kunj, New Delhi – 110 070, India E-Mail: sbbj10668@sbbj.co.in |
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Nature of
instrument creating charge |
Supplemental agreement
of hypothecation of goods and assets for increase in the overall limit dated
28.03.2008. Supplemental
agreement of loan for increase in the overall limit dated 28.03.2008. Letter regarding
the grant of individual limits within overall limit 28.03.2008 ands letter
evidencing extension mortgage on 28.03.2008. |
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Date of
instrument Creating the charge |
28.03.2008 |
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Amount secured by
the charge |
Rs. 55.500
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : @ 0.75% below
BPLER of the Bank with a minimum of 12.25% p.a compounded monthly.
Commission: as per Bank Rules. Terms of Repayment : Payable on Demand Margin : 25% cash Credit
limit on 58% by way of FDR fro FLC (DP-Docy) limit. Extent and Operation of the charge : 100% Others : TO secure all
amounts payable under Cash Credit (Hypothecation) limit of Rs. 40.500 millions
and Foreign LC (DP)/Docy limit of Rs. 15.000 millions granted to the company.
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Short Particulars
of the property charged |
First exclusive
charge by way of hypothecation of entire current assets of the company
including book debts and receivables of the company and equitable mortgage of
residential property No. 13 on Street E -14, Vasant Vihar, New Delhi
(Basement and Ground floor portion) of the building constructed on a plot
admeasuring 400 Sq.yds registered on 10.10.2006. |
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Particulars of the
present modification |
Limit stands
enhanced from Rs. 40.500 millions to Rs. 55.500 millions |
WEBSITE DETAILS:-
Company Profile
Subject is a Company actively as EPC Contractor involved
in Oil and Gas business in the Territory of India.
Subject represents the interest of the National Joint Stock Company “NAFTOGAZ
of Ukraine” in India.
Subject is a leading EPC contractor in the Oil and Gas Business. Subject is
involved in wide spectrum of Oil and Gas activities both in the upstream and mid
stream sectors.
Areas of Operation of the company
· Oil and Gas Fields Exploration and Production
· Construction of Refineries/Process Units/Offsite Utilities
· Construction of Offshore Platforms
· Construction of Oil and Gas Pipelines
HSE and quality
Subject is dedicated to contribute globally to the society at large
through providing their quality professional engineering, construction services
by way of construction of industrial facilities and supply of technical
services. As an EPC company, it is their mission "To ensure the
satisfaction and success of their clients through the provision of effective
total solution." The key to this mission is to meet Quality requirements
as well as Safety and Environment requirements called for by their clients and
society. In this regard, their company will share the same vision with their
clients and will maintain mutually beneficial relationships with all.
They shall strive for meeting the customer expectations and continually improve
the effectiveness of the QMS and the services.
The Quality policy is communicated and understood within the
organisation by all.
Quality policy provides a framework for establishing and reviewing
quality objectives and continuing its suitability.
They are committed to review the quality policy and objective for its
suitability.
Subject is committed to environmental excellence. Each of their
projects, whether a plant or refinery facility etc., has the potential to
affect people, animals, plants, and the land. Their goal always is to protect
the environment during a project, and to build in safeguards that will keep
protecting it long after the project is complete.
Indian Operations
Balance Offsite and Utilities and Interconnection with Panipat Refinery
/ Marketing Terminal (EPCC – 9) package at Panipat Refinery, Panipat with M/s
Indian Oil Corporation Limited.
· Coke Drum System Package (CDSP) at Bina Refinery, Bina with M/s Bharat Oman Refineries Limited
· Hydrogen Generation Unit (HGU), at Bina Refinery, Bina with M/s Bharat Oman Refineries Limited
· Barge Bumper Boat Landing Riser Protection (BBBLRP) Revamp Project at Mumbai High with M/s Oil and Natural Corporation Limited
· Offshore Grid Interconnectivity – Power to ESP Project at Mumbai High Offshore Field with M/s Oil and Natural Gas Corporation Limited
· Production Sharing Contract signed for Mizoram State Block (MZ-ONN-004/2) Under NELP – VI Policy of Ministry of Petroleum and Natural Gas, Govt. of India
· Production Sharing Contract signed for Assam State Block (AA-ONN-004/4)Under NELP – VI Policy of Ministry of Petroleum and Natural Gas, Govt. of India
· Production Sharing Contract signed for Gujarat State Block (CB-ONN-004/5)Under NELP – VI Policy of Ministry of Petroleum and Natural Gas, Govt. of India
· Coke Drum System Package (CDSP) at Guru Gobind Singh Refinery, Bathinda with M/s HPCL- Mittal Energy Limited.
Fact and Figures
· 1st EPC Contract awarded by IOCL for Panipat Naphtha cracker complex EPCC-9 project ( Contract value INR 3700 millions )
· 2nd EPC contract awarded by ONGC to NaftoGaz India Consortium for BBBLRP Offshore project (Contract Value USD 32 Million )
· 3rd EPC Contract awarded by BORL – Bina Refinery for Coke Drum Speciality Package project (Contract Value 2590 millions)
· 4th EPC Contract awarded by BORL – Bina Refinery for Hydrogen Generation Unit project (Contract Value 5760 millions)
· 5th Contract awarded by ONGC for Offshore Inter grid Connectivity Project (Contract Value 7240 millions)
· NaftoGaz India technically pre qualified for construction of process units, cross-country Pipelines etc... By reputed Indian Oil and Gas Companies
· Subject as operator of E and P blocks leading in 3 blocks in the NELP-VI.
· 6th EPC Contract awarded by HMEL – Guru Gobind Singh Refinery Bathinda for Coke Drum Specialty Package project (Contract Value 3170 millions)
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.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|