MIRA
INFORM REPORT
|
Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAZIRA GAS PRIVATE LIMITED |
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Formerly Known
As : |
SHELL HAZIRA GAS PRIVATE LIMITED |
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Registered
Office : |
101-103, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.03.2002 |
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Com. Reg. No.: |
04-44028 |
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CIN No.: [Company Identification
No.] |
U40200GJ2002PTC044028 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS05783B |
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PAN No.: [Permanent Account No.] |
AAGCS0824D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trader of Natural Gas, Liquefied Natural Gas and Compressed Natural
Gas. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Not Commenced business till March 2010 |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporate in 2002, it has not commenced any
commercial business till March 2010. The accountant Mr. Bhavik reported of there being business in sister
company Hazira LNG Private Limited and Hazira Port Private Limited and also
confirmed of there being no business
activity in the subject company. Payment terms are not known. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Bhavik |
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Designation : |
Accountant |
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Date : |
04.01.2011 |
LOCATIONS
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Registered Office : |
101-103, |
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Tel. No.: |
91-79-30011100 |
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Fax No.: |
91-79-30011101 |
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E-Mail : |
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Website : |
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Area : |
5000 sq.ft. (Owned) |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Vikram Singh Mehta |
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Designation : |
Director |
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Address : |
18, Friends Colony, West, New Delhi-110065, |
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Date of Birth/Age : |
30.10.1952 |
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Date of Appointment : |
18.03.2002 |
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|
Name : |
Mr. Nitin C Shukla |
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Designation : |
Director |
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Address : |
13, Basant Bahar Bunglow, Bopal, Ahmedabad-380058, |
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Date of Birth/Age : |
14.04.1952 |
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Date of Appointment : |
25.03.2002 |
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Name : |
Mr. Nicolas J Poulteny |
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Designation : |
Director |
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Address : |
75, Friends Colony, West, New Delhi-110065, |
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Date of Birth/Age : |
04.06.1962 |
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Date of Appointment : |
22.08.2009 |
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Name : |
Mr. Ate Sjoerd Visser |
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Designation : |
Director |
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Address : |
Koepelweg.,11, Noordwijk, 2202AJ, |
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Date of Birth/Age : |
04.10.1956 |
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Date of Appointment : |
16.09.2009 |
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Name : |
Mr. Christophe Jeanemnilecornil Miaux |
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Designation : |
Alternate Director |
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Address : |
75, Friends Colony West, New Delhi-110065, |
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Date of Birth/Age : |
28.04.1956 |
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Date of Appointment : |
11.06.2007 |
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Name : |
Mr. Douglas Robert Mckay |
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Designation : |
Director |
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Address : |
Shell Gas and Power, Gas Power and Departments, |
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Date of Birth/Age : |
25.09.1956 |
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Date of Ceasing : |
16.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Bhavik |
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Designation : |
Accountant |
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Name : |
Mr. Deepak R Agarwal |
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Designation : |
Secretary |
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Address : |
B-402, Panchgani Apartments, Opposite Vasupriya Row Houses,
Ramdevnagar, Ahmedabad-380054, |
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Date of Birth/Age : |
01.07.1974 |
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Date of Appointment : |
01.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shell Gas B.V. |
|
74659037 |
|
Total Gaz Electricite Holdings |
|
26231553 |
|
B.V. Petroleum Assurantie |
|
1 |
|
Total |
|
100890591 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Natural Gas, Liquefied Natural Gas and Compressed Natural
Gas. |
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|
|
Terms : |
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Selling : |
Cash and Credit (30-60-90 Days) |
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Purchasing : |
Cash and Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
Approximately 2 |
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Bankers : |
HDFC Bank, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Building 8, 7th and 8th Floor, Tower-B, |
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Holding Company : |
Shell Gas B.V. |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100890591 |
Equity Shares |
Rs. 10/-
each |
Rs. 1008.906
Millions |
Note:
(Of the above, 74659037 (Previous year
74659037) Equity Shares are held by Shell Gas B.V.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1008.906 |
1008.906 |
1008.906 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.009 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[653.782] |
[651.648] |
[643.637] |
|
|
NETWORTH |
355.124 |
357.258 |
365.269 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
355.124 |
357.258 |
365.269 |
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|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
2.973 |
6.778 |
12.716 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.388
|
0.559 |
6.649 |
|
|
Other Current Assets |
355.011
|
354.504 |
354.642 |
|
|
Loans & Advances |
4.701
|
4.675 |
5.726 |
|
Total
Current Assets |
360.100
|
359.738 |
367.017 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.670
|
2.560 |
6.888 |
|
|
Other Current Liabilities |
6.696
|
6.550 |
7.043 |
|
|
Provisions |
0.000
|
0.803 |
1.427 |
|
Total
Current Liabilities |
8.366
|
9.913 |
15.358 |
|
|
Net Current Assets |
351.734
|
349.825 |
351.659 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.417 |
0.655 |
0.894 |
|
|
|
|
|
|
|
|
TOTAL |
355.124 |
357.258 |
365.269 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
2.263 |
0.922 |
9.095 |
|
|
|
TOTAL (A) |
2.263 |
0.922 |
9.095 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
2.196 |
1.194 |
0.809 |
|
|
|
Administrative Expenses |
0.931 |
1.651 |
15.233 |
|
|
|
Miscellaneous Expenditure Written off |
0.238 |
0.238 |
0.238 |
|
|
|
Cost Sharing under common functions Agreement (Net) |
[2.704] |
[0.171] |
5.075 |
|
|
|
Loss/ Gain on Foreign Exchange Fluctuation (Net) |
[0.090] |
0.160 |
0.000 |
|
|
|
TOTAL (B) |
0.571 |
3.072 |
11.205 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.692 |
[2.150] |
[2.110] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.003 |
0.003 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.689 |
[2.153] |
[2.110] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.744 |
5.823 |
9.247 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
[2.055] |
[7.976] |
[11.357] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.079 |
0.035 |
0.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
[2.134] |
[8.011] |
[11.565] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[651.648] |
[643.637] |
[631.884] |
|
|
|
|
|
|
|
|
|
Add |
Adjustment
for change in accounting policy |
-- |
-- |
[0.188] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[653.782] |
[651.648] |
[643.637] |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
[0.02] |
[0.08] |
[0.11] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[94.30]
|
[868.87] |
[127.16] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[0.57]
|
[2.18] |
[2.99] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.01]
|
[0.02] |
[0.03] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.03 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
36.29 |
23.89 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Micro, Small and Medium Enterprises |
-- |
-- |
-- |
|
- Others |
1.670 |
2.560 |
6.888 |
|
Total |
1.670 |
2.560 |
6.888 |
Trade References:
·
AB Engineers,
·
Indomer Coastal Hydraulics,
About the Company:
With about 77% of
There is a definite move by the government to
bring in a uniform GST (Goods and Services Tax) with dual powers of both the
State and the Centre to tax goods and services. The GST is expected to be a consumption
tax with full tax credit of value additions made during the process
irrespective of the state of levy of the taxes i.e . regional state or central.
This is expected to provide a level playing field to both traders and primary
gas producers offering their gas in the market basis their respective supply
chain efficiencies.
Subject continues to be statutorily and
administratively maintained in a state of readiness to seize any marketing
opportunities from this emerging gas market. Due to a premature gas market
constrained by inadequate pipeline connectivity, gas supplier and taxation
deterrents i.e. service tax, the environment did not offer a competitive
playing field for marketing gas as on Independent business model. However,
there are ample evidences of pipeline builds up taking place on the basis of
recent government tax incentives and progress towards taxation reforms that
would allow for fungibility of services taxes with product taxes e.g. GST,
removing the deterrents to gas marketing activities. Therefore, considering the
healthy current assets position and reasonable administrative costs to run and
maintain the company from year to year, the company remains strong and
committed to defend the company’s interests with any external stakeholder from
a long term perspective. The audit committee including shareholder
representatives have assessed the state of affairs and are committed to support
the company in its commercial relationship with external stakeholders.
Fixed Assets:
·
Software
·
Leasehold Improvements
·
Furniture and Fixtures
·
Office Equipments
·
Data Processing
Equipments
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.