MIRA INFORM REPORT
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Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPICE ENERGY PRIVATE LIMITED |
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Registered Office : |
21 Basant Lok Complex, Vasant Vihar, New Delhi – 110 057 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
12.09.2007 |
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Com. Reg. No.: |
55 – 168066 |
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CIN No.: [Company
Identification No.] |
U40105DL2007PTC168066 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS34937A |
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PAN No.: [Permanent Account No.] |
AALCS1640Q |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Refineries of Petroleum Products, Crude Oils, and all kind of Mineral
Oils and Gases. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 550000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has yet to establish track records. The
company has been established with a relatively strong capital base. Trade relations
are fair. Payments are usually correct and as per commitments. However, as the subject is new here, it can be considered for safe and
secured trade terms and conditions, initially. |
LOCATIONS
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Registered Office : |
21 Basant Lok Complex, Vasant Vihar, New Delhi – 110 057 , India |
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E-Mail : |
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Website : |
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Head Office : |
54, Daryaganj, New Delhi – 110 012, India |
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Tel. No.: |
91-11-2327 0624 / 2327 9414 |
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Corporate Office : |
326, Udyog Vihar, Phase -
IV, Gurgaon - 122 016, Haryana, India |
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Tel. No.: |
91-124-430 8060 / 430 8061 |
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Fax No.: |
91-124-430 8062 |
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E-Mail : |
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Representative Office : |
7, Cavendish Square, London
W1G 0EN, United Kingdom |
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Tel. No.: |
44-207-323 9297 |
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Fax No.: |
44 -207-323 9237 |
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E-Mail : |
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Branches : |
WZ -339, 2nd Floor, Street No. 19, Santgarh, Outer Ring
Road, New Delhi – 100 018, India |
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Tel. No.: |
91-11-2833 3914 |
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Fax No.: |
91-11-2833 1602 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. Deep Kumar Rastogi |
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Designation : |
Chairman |
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Address : |
1/25 Shanti
Niketan R K Puram , Delhi – 110 21, India |
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Date of Birth/Age : |
04.08.1949 |
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Date of Appointment : |
12.09.2007 |
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Name : |
Mr. Ravi Babu Chilukuri |
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Designation : |
Director |
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Date of Birth/Age : |
22.05.1965 |
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Date of Appointment : |
05.05.2008 |
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Name : |
Mr. Bimlesh Kumar Jain |
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Designation : |
Director |
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Date of Birth/Age : |
17.01.1953 |
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Date of Appointment : |
05.05.2008 |
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Name : |
Mr. Narandra Kumar Sharma |
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Designation : |
Director |
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Address : |
L-101, Lajpat Nagar, Sahiababad, Gjaziabad – 201 005, Uttar Pradesh,
India |
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Date of Birth/Age : |
03.01.1952 |
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Management Team : |
o
Mr. Arun Ramachandara
(Commercial Head - Refining) o
Dr. Bindra
Thusu (Chief Geologist, London) o
Mr. D.
Sundararajan (Group CFO) o
Mr. M. Guha
Roy (CEO - Refining) o
Mr. M. S.
Ramachandran (Chairman - Refining) o
Mr. P.
Srinivasan (COO - Power) o
Mr. P. N.
Devarajan (Chief Advisor - Refining) o
Ambassador
(Retd.) Praveen Lal Goyal (Advisor) o
Mr. Rajbir
Singh (CEO - Hotels and SEZ) o
Mr. Raman
Chauhan (CEO - AutoLPG Retail) o
Mr. Ravi
Chilukuri (Group CEO) o
Dr. S. Kang
(Bio fuels and Renewable Energy) o
Mr. S. K. Sharma
(Vice President - Exploration and Production) o
Mr. Sam
Rajpal (Country Head - Congo) o
Capt. Sunil
Nanda (President - New Business Initiatives) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Deep Kumar Rastogi |
9500 |
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Mr. Bimlesh Kumar Jain |
500 |
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Mr. Gagan Rastogi |
3945742 |
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Mr. Shoukat Rai Malhotra |
2000000 |
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Mrs. Meenakshi Malhotra |
2000000 |
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Total
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7955742 |
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Names of Allottees |
No. of Shares |
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Mr. Gagan Rastogi |
3945742 |
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Mr. Shoukat Rai Malhotra |
2000000 |
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Mrs. Meenakshi Malhotra |
2000000 |
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Total |
7945742 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2008) |
Percentage |
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Directors or relative of directors |
49.71 |
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Other top fifty (50) shareholders |
50.29 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Refineries of Petroleum Products, Crude Oils, and all kind of Mineral
Oils and Gases. |
GENERAL
INFORMATION
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Bankers : |
Axis Bank Limited, DLF City, Gurgaon, Haryana, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Lunawat and Company Chartered Accountants |
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Address : |
WZ 339 2nd Floor,
Street No. 19 Santgarh, Outer Ring Road, New Delhi – 110 018, India |
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Tel. No.: |
91-11-28333914 |
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Fax No.: |
91-11-28331602 |
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Associates/Subsidiaries : |
·
SRM Energy Private Limited CIN :
U74100DL2007PTC160031 ·
Hitkari Hitech Fibres Private Limited |
CAPITAL STRUCTURE
(As on
31.03.2008):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7955742 |
Equity Shares |
Rs. 10/- each |
Rs.79.557
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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79.557 |
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2] Share Application Money |
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10.060 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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89.617 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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16.500 |
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TOTAL BORROWING |
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16.500 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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106.117 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.130 |
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Capital work-in-progress |
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4.483 |
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INVESTMENT |
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32.450 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.741 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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68.256 |
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Total
Current Assets |
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68.997 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.773 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.773 |
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Net Current Assets |
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68.224 |
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MISCELLANEOUS EXPENSES |
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0.830 |
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TOTAL |
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106.117 |
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Notes:
The SC was incorporated in September 2007 and the subject has not
commenced its business operation during the period .i.e, from 12.09.2007 to
31.03.2008 and hence Profit and loss not applicable.
Pre – Operative Expenditure
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Pre – Operative Expenditure |
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12.09.2007 To
31.03.2008 |
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Administrative Expenses |
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- Professional Fees |
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0.862 |
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- Foreign Traveling Expenses |
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0.382 |
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- Traveling and Conveyance |
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0.317 |
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- Other expenses |
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0.028 |
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Total Administration Expenses |
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1.589 |
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Pending Allocation
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Pending Allocation |
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Administrative Expenses |
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- Auditor Remuneration |
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0.045 |
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- Foreign Traveling Expenses |
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0.324 |
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- Professional Fees |
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2.371 |
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- Other Expenses |
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0.033 |
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- Telephone Expenses |
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0.003 |
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- Traveling Expenses |
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0.117 |
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Total |
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2.893 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
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Current Ratio (Current Asset/Current Liability) |
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89.26 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:-
o
Office Equipment
o
Computers
WEBSITE DETAILS:-
Profile
The company is
aspiring to become a world-class oil and gas company specializing in the
integrated energy business. The company is promoted by a group of individuals
having well established businesses in India with a strong global presence. They
focus on domestic and international upstream and downstream activities.
With the energy
sector playing a pivotal role in global economies, they aim to actively propel
and participate in it’s growth in India as well as in international markets as
an integrated oil and gas company.
The company is
promoted by a group of individuals with significant presence in:
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Oil and Gas
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Aviation
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Infrastructure
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Hospitality
Their extensive
management experience extends across various sectors. Whether it may be
mission-critical core activities like operation of oil fields, power stations,
and aviation fleets; or more service-oriented activities such as the
development and management of some of the finest international hotel properties.
Their leadership team brings a rich and diverse experience on-board the company
.
Business
The company operates as an integrated petroleum company. The company focuses on oil and gas upstream and downstream activities. Its exploration assets include a block in Indonesia. The company’s production assets include Tar Sand field in the Democratic Republic of Congo for the production of Bitumen; and a block in North-East India. It also operates a LNG terminal in Haldia. The company is based in Gurgaon, India. Subject operates as a subsidiary of Spice Group.
Vision
To be a world class
Oil and Gas Company integrated in the energy business with dominant Indian
leadership and global presence.
Mission
At the company, they
are dedicated to excellence by leveraging competitive advantages in technology
and management. They strive to achieve this via -
o
Imbibing high
standards of business ethics and organization values
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Abiding
commitments to health, safety and environment to enrich quality of community
life
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Fostering a
culture of trust, openness and mutual concern to make working a stimulating and
challenging experience for their people
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Striving for
customer delight through quality products and services
Strategy
Integrated Energy Company
Their core focus is
on domestic and international oil and gas upstream and downstream activities.
However, their vision is to go beyond basic exploration and production to
become a truly integrated energy company with unique end-to-end capabilities.
They are developing their strengths in refining, alternative energy sources and
LNG.
Their strategy to maximize their capabilities
include –
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Operate and
manage resources efficiently with global benchmarking through individual
sustainable business models
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Access to
sufficient quantity and quality raw material at globally competitive prices by
self-produced resources and mines
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Ensuring
efficiency in operations through achieving international benchmarks for cost of
input materials, energy and logistics
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Integrating,
interrelating and sharing their global knowledge, experience, systems and
culture
They concentrate on
creating growth opportunities in India and other third world countries which
are currently at the threshold of being one of the most preferred countries to
invest in.
Exploration and
production
In a short span of
time they have acquired significant exploration and production assets with the
help of the deep experience of their management and promoters.
Exploration Assets
o
Shallow water
block in Indonesia
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Bidding for oil
and gas blocks in Sri Lanka, Georgia, Indonesia and North America
Production Assets
o
Tar Sand field
in the Democratic Republic of Congo (DRC) for the production of Bitumen.
Expected to be in full scale production by the second half of 2008. The Bitumen
reserves are estimated at approximately 220 million tonnes.
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Block in
North-East India
Refining
They are in the process of establishing a
refinery project in Haldia, eastern India.
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Relocating an
existing and operating 4.8 mmtpa Euro-4 compliant refinery of Bayernoil in
Germany
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Modifying the
refinery to process complex crude
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Nelson
complexity factor of 11.2 will enable multitude of inputs / outputs
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MoU signed with
Haldia Development Authority for 1000 acres of land and various concessions.
400 Acres already in possession
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Senior
management for implementing the project is in place
Power
Power Plants:
Establishing 4000 MW
coal based power plant in India
·
Project 1: 2000
MW Imported coal fired plant in Tamil Nadu
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Establishing an
imported 2000 MW (1000 MW in Phase I) coal based power plant in south India
o
Coal sale
purchase agreement signed with Time Technologies Pty Limited for 6 MMTPA for 20
years
o
Power Purchase
Agreement in final stages of negotiations
- Project 2: 2000 MW Pithead coal based
power plant in East India
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Establishing a 2000 MW pithead coal based power plant
in East India
Hydro Power Plants:
Signed MoU for reviving and construction of a 720 MW Hydro Power Plant
in Georgia
Corporate Social
Responsibility
Their global
operations consciously work to enhance the backward linkages, bringing vast
employment and socio-economic development in and around their various project
sites.
They offer
continuous dialogue, equal opportunity and sustainability across these
communities.
As concerned
citizens of the environment: they continuously conduct environmental
impact studies and have the following plans in place:
·
Biodiversity Conservation
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Solid waste management
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Restoration of Burrow areas and Quarry sites
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Green belt
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Environmental Monitoring
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Landscaping
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Health care
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Resettlement and rehabilitation
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Catchments Area treatment
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Compensatory Forestation
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.46.71 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
--- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
21 |
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 |
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