MIRA
INFORM REPORT
|
Report Date : |
08.01.2011 |
Note:
Given Address could not be confirmed
IDENTIFICATION DETAILS
|
Name : |
SHELL MRPL AVIATION FUELS AND SERVICES PRIVATE LIMITED |
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Registered
Office : |
No.102, Prestiage Sigma, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.03.2008 |
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Com. Reg. No.: |
08-45558 |
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CIN No.: [Company Identification
No.] |
U51909KA2008PTC045558 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS28305E |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Trading in Aviation Fuels. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between The company can be considered for small business dealings at usual
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 |
|
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 : |
Ms. Anita |
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Designation : |
Accounts Department |
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Contact No.: |
91-80-42526900 |
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Date : |
06.01.2010 |
LOCATIONS
|
Registered Office : |
No.102, Pestiage Sigma, |
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Tel. No.: |
91-80-42526900 |
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E-Mail : |
DIRECTORS
AS ON 10.09.2010
|
Name : |
Mr. Vikram Singh Mehta |
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Designation : |
Director |
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Address : |
18, Friends Colony, New Delhi-110 065, |
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Date of Birth/Age : |
30.10.1952 |
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Date of Appointment : |
11.03.2008 |
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Name : |
Mr. Uttam Kumar Basu |
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Designation : |
Director |
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Address : |
A-2, Bungalow, MRPL colony, P. O. Bala Katipalla- Via, Mangalore-575
030, Karnataka, India |
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Date of Birth/Age : |
18.06.1952 |
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Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Richard Michael Jory |
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Designation : |
Director |
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Address : |
39, |
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Date of Birth/Age : |
26.11.1972 |
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Date of Appointment : |
26.03.2008 |
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Name : |
Mr. Vishnu Agarwal |
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Designation : |
Director |
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Address : |
Flat No.265, Vigyapan Lok, Plot No.15, Mayur Vihar Phase- I Extension,
Delhi-110 091, |
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Date of Birth/Age : |
20.09.1960 |
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Date of Appointment : |
11.03.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Subhash Chockalingam |
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Designation : |
Company Secretary |
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Address : |
202, Orchid Block, Fantasy Garden Apartment, 2nd Main Road,
Kasturi Nagar, Kalyannagar Post, Bangalore-560 043, Karnataka, India |
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Date of Birth/Age : |
21.04.1971 |
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Date of Appointment : |
20.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mangalore Refineries and petrochemicals Limited, |
|
15000000 |
|
Shell Gsa B. V, The |
|
15000000 |
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Total |
|
30000000 |
As on 10.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
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Government
Companies |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Aviation Fuels. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
ING Vysya Bank Limited, 22 Ground Floor, ING Vysya House, M. g. road,
Bangalore-560 001, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
#103, Midford House, 1 Midford Garden, Bangalore-560 001, |
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Tel. No.: |
91-80-25550987/25320173 |
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Fax No.: |
91-80-25550989 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Shell Aviation ·
Shell Technology Towards Consultancy ·
Shell India Private Limited |
CAPITAL STRUCTURE
As on 10.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
1] Share Capital |
|
300.000 |
300.000 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.590 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(44.750) |
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NETWORTH |
|
300.590 |
255.250 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
|
0.000 |
110.020 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
110.020 |
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DEFERRED TAX LIABILITIES |
|
0.190 |
0.520 |
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TOTAL |
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300.780 |
365.790 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
22.320 |
3.720 |
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|
120.170 |
200.740 |
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|
142.49 |
204.46 |
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Capital work-in-progress |
|
0.000 |
18.600 |
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INVESTMENT |
|
429.230 |
250.250 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
23.560 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
68.870 |
55.120 |
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Sundry Debtors |
|
10.950 |
88.970 |
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Cash & Bank Balances |
|
21.420 |
46.130 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
18.930 |
10.520 |
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Total
Current Assets |
|
120.170 |
200.740 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
256.950 |
130.630 |
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Other Current Liabilities |
|
0.000 |
0.000 |
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Provisions |
|
13.990 |
0.450 |
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Total
Current Liabilities |
|
270.940 |
131.080 |
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Net Current Assets |
|
(150.770) |
69.660 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
300.780 |
365.790 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
1831.950 |
1050.430 |
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Other Income |
|
21.641 |
15.958 |
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TOTAL (A) |
|
1853.591 |
1066.388 |
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Less |
EXPENSES |
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TOTAL (B) |
|
1764.551 |
1133.238 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
89.040 |
(66.850) |
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Less |
FINANCIAL
EXPENSES (D) |
|
5.400 |
0.370 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
83.640 |
(67.220) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.560 |
0.230 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
82.080 |
(67.450) |
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Less |
TAX (H) |
|
36.740 |
(22.700) |
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PROFIT AFTER TAX
(G-H) (I) |
|
45.340 |
(44.750) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
|
NA |
45.970 |
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Commission Earnings |
|
NA |
3.570 |
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TOTAL EARNINGS |
|
NA |
49.540 |
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|
Earnings Per
Share (Rs.) |
|
1.51 |
(1.49) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.45 |
(4.20) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.48 |
(6.42) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
57.60 |
(32.99) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.27 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.90 |
0.94 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.44 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
Dues to Micro and
Small Enterprises |
0.000 |
0.000 |
|
Others |
18.930 |
10.520 |
Note:
The situation of the registered office of the company was
changed from No 72/4,
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U51909KA2008PTC045558 |
|
Name of the
company |
Shell MRPL
Aviation Fuels and Services Private Limited |
|
Address of the
registered office or of the principal place of business in |
No.102, Pestiage Sigma, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge
holder |
ING Vysya Bank Limited, 22 Ground Floor, ING Vysya House, M. g. road,
Bangalore-560 001, |
|
Nature of
description of the instrument creating or modifying the charge |
General
Hypothecation Agreement |
|
Date of instrument
Creating the charge |
19.03.2010 |
|
Amount secured by
the charge |
Rs.200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment Foreign Currency
- STL : Max 60 days. STL(Sublimit
under Foreign Currency - STL) : Max 30days Presettlement
limit (Subject limit under Foreign Currency - STL) : Max 90 days. Margin Foreign Currency
- STL and STL : In line with the sanction of Corporation Bank. Presettlement
limit(Sublimit under Foreign Currency - STL)
: Nil Extent and
Operation of the charge First ranking
pari passu charge on the whole of the present and future stocks of Aviation
Fuels and other current assets belonging to the company. Second ranking
pari passu charge on the whole of furniture, fixtures, vehicles and all other
movable assets of the company. Second ranking
pari passu charge on the entire plant and machinery, equipment belonging to
the company. First ranking
pari passu charge on all present and future book debts, out standing monies,
receivables etc., of the company. |
|
Short particulars
of the property charged |
The whole of the
present and future stocks of Aviation Fuels and other current assets
including any such raw materials, articles of goods, stores spares and
components or other similar movable property in course of transit, the whole
of furniture, fixtures, vehicles and all other movable assets and the entire
plant and machinery, equipment of the company stored at 1. IOSL,BIAP, 2. |
Fixed Assets:
·
Plant and Machinery
·
Computer
·
Office Equipments
·
Furniture and Fixture
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 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.45.31 |
|
|
1 |
Rs.70.26 |
|
Euro |
1 |
Rs.59.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
TOTAL |
|
26 |
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 |
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.