MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HPCL MITTAL ENERGY LIMITED |
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Formerly Known As : |
GURU GOBIND SINGH REFINERIES LIMITED |
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Registered Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
13.12.2000 |
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Com. Reg. No.: |
024126 |
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Capital Investment / Paid-up Capital : |
Rs.2503.000 Millions |
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CIN No.: [Company
Identification No.] |
U23201PB2000PLC024126 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRH11073G |
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PAN No.: [Permanent
Account No.] |
AABCG5231F |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Bulk Petroleum Products. |
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No. of Employess: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (38) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 128170768 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint Venture between Hindustan Petroleum Corporation
Limited (HPCL) and Mittal Energy Investment Pte Ltd., It is a well established company having moderate track. The project to
be undertaken by the subject company has been approved by the Government of
India and is in the Pipeline Trade relations are fair. Business is active. Payments are reported to
be usually correct. In view of strong promoters
company can be considered for 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 |
|
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 |
LOCATIONS
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Registered Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
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Tel. No.: |
91-1655-242076/241755 |
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Fax No.: |
91-1655-241775 |
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E-Mail : |
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Corporate Office : |
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Tel. No.: |
91-120-4634500 |
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Fax No.: |
91-120-4271940 |
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E-Mail : |
info@hmel.in |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Arun Balakrishnan |
|
Designation : |
Director |
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Address : |
A-12 Mayfair gardens, Little Gibbs Road, Mumbai – 400006, |
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Date of Birth/Age : |
25.07.1950 |
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Date of Appointment : |
03.04.2007 |
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Date of Ceasing: |
31.07.2010 |
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Name : |
Mr. Sudhir Maheshwari |
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Designation : |
Director |
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Address : |
85, Platts Lane, Hampstead, London, United
Kingdom, NW37NL |
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Date of Birth/Age : |
02.11.1963 |
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Date of Appointment : |
25.07.2007 |
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Name : |
Ms. Lalita Gupte |
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Designation : |
Director |
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Address : |
153C, |
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Date of Birth/Age : |
04.10.1948 |
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Date of Appointment : |
14.11.2007 |
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Name : |
Mr. Subhir Roy Choudhury |
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Designation : |
Director |
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Address : |
4 HP Apartments, 45 napean Sea Road, Mumbai – 400036, |
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Date of Birth/Age : |
01.01.1954 |
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Date of Appointment : |
01.02.2008 |
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Name : |
Mr. Baldeo P. Banka |
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Designation : |
Director |
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Address : |
Graha Family, D 1605, |
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Date of Birth/Age : |
02.06.1948 |
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Date of Appointment : |
25.07.2007 |
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Name : |
Mr. Rajan Tandon |
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Designation : |
Additional Director |
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Address : |
19, |
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Date of Birth/Age : |
24.09.1963 |
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Date of Appointment : |
03.07.2009 |
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Name : |
Mr. Kotagiri Murali |
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Designation : |
Additional Director |
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Address : |
Bungalow No. 13, HP Nagar East, Vasinaka, Chembur, Mumbai – 400074, |
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Date of Birth/Age : |
02.06.1953 |
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Date of Appointment : |
16.02.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Sidhartha Tyagi |
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Designation : |
Secretary |
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Address : |
A-85, Chander Nagar, |
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Date of Birth/Age : |
19.10.1974 |
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Date of Appointment : |
29.11.2001 |
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Name : |
Mr. Bhaswar Mukherjee |
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Designation : |
Manager |
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Address : |
10c, Hp Nagar East, Vasinaka, Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
30.06.1957 |
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Date of Appointment : |
27.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hindustan Petroleum Corporation Limited, Mumbai |
|
1895319930 |
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Mittal Energy investment Pte Ltd, Singapore |
|
1895320000 |
|
IFCI Ltd, New Delhi |
|
46416000 |
|
State Bank of India, Mumbai |
|
30944000 |
|
Subir Roy Choudhury |
|
10 |
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Korlimarla Sivarama Prasad |
|
10 |
|
Mukherjee Bhawsar |
|
10 |
|
Ajit Singh |
|
10 |
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Kotagiri Murli |
|
10 |
|
MS Damale |
|
10 |
|
Shrikant M Bhosekar |
|
5 |
|
V Murli |
|
5 |
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Total |
|
3868000000 |
Equity share breakup (percentage of total equity) AS ON 30.09.2010
|
Category |
|
Percentage of
Holding |
|
Government Companies |
|
49.00 |
|
Public Financial Companies |
|
1.20 |
|
Nationalised and other Banks |
|
0.80 |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
Corporate bodies or Others |
|
49.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Petroleum Products. |
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Products : |
Item Code No. – 2710 Product Description – Bulk Petroleum Products |
GENERAL INFORMATION
|
Bankers : |
Punjab National Bank, large Corporate Branch, Ground Floor, Makers
Tower ‘E’, Cuffe parade, Mumbai – 400005, Maharashtra, India. |
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Facilities: |
NOTE: a)
The lenders of the above term loans are secured
by a mortgage and charge ranking Pari passu over all immovable and movable properties
and assets, both present and future, save and except current assets, on the
which the working capital lenders, if any, would have a first charge. The
term loan leaders who have a second charge. The term loan lenders would have
a second charge on such current assets.
b)
The charge with respect to the foreign currency
term loan is yet to be created.
NOTE: The entire amount is payable within one year. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
SR Batliboi And Company Chartered Accountant |
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Address : |
Golf View Corporate Tower-B, Sector-42, |
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Joint venture companies having equity participation: |
·
Hindustan Petroleum Corporation Limited (HPCL) ·
Mittal Energy Investment Pte. Ltd.,
Singapore |
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Subsidiaries : |
HPCL-Mittal Pipelines Limited CIN No. – U60101PB2008PLC031563 |
CAPITAL STRUCTURE
AS On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.100000.000 Millions |
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|
|
|
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2503000000 |
Equity Shares |
Rs. 10/-
each |
Rs.25030.000
Millions |
|
|
|
|
|
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 |
25030.000 |
15530.000 |
7659.400 |
|
|
2] Share Application Money |
5990.000 |
0.000 |
3996.324 |
|
|
3] Reserves & Surplus |
1225.166 |
1225.166 |
1170.300 |
|
|
4] (Accumulated Losses) |
(202.474) |
(52.434) |
(56.818) |
|
|
NETWORTH |
32042.692 |
16702.732 |
12769.206 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36652.586 |
11500.005 |
0.000 |
|
|
2] Unsecured Loans |
1358.781 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
38011.367 |
11500.005 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70054.059 |
28202.737 |
12769.206 |
|
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|
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
1758.062 |
1702.253 |
1421.841 |
|
|
Capital work-in-progress including capital advances Expenditure during
construction Period (Pending Capitalisation) |
64868.560 |
19563.531 |
2771.488 |
|
|
|
|
|
|
|
|
INVESTMENT |
7586.708 |
3436.708 |
1.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000
|
|
|
Cash & Bank Balances |
691.993
|
4760.277 |
5523.783
|
|
|
Other Current Assets |
1.757
|
2.907 |
24.068
|
|
|
Loans & Advances |
4163.491
|
1370.086 |
3281.580
|
|
Total
Current Assets |
4857.241
|
6133.270 |
8829.431 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3885.239
|
56.383 |
0.000
|
|
|
Other Current Liabilities |
3861.863
|
2560.880 |
246.341
|
|
|
Provisions |
23.376
|
15.762 |
8.213
|
|
Total
Current Liabilities |
9016.512
|
2633.025 |
254.554
|
|
|
Net Current Assets |
(4159.271)
|
3500.245 |
8574.877
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70054.059 |
28202.737 |
12769.206 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
0.000 |
14.049 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Marketing
Expenses |
|
|
|
|
|
|
- Salaries and Wages |
4.151 |
0.000 |
0.000 |
|
|
|
- Contribution to provident Fund |
0.284 |
0.000 |
0.000 |
|
|
|
- Miscellaneous Expenses |
0.975 |
0.000 |
0.000 |
|
|
|
Exploration Cost |
6.981 |
0.000 |
0.000 |
|
|
|
Exchange in Fluctuation (net) |
137.649 |
0.000 |
0.000 |
|
|
|
Financial Appraisal and Advisory |
0.000 |
6.523 |
9.595 |
|
|
|
Wind Power Project |
0.000 |
0.000 |
1.590 |
|
|
|
Sponsorship |
0.000 |
0.000 |
21.006 |
|
|
|
Project Launch Expenses |
0.000 |
0.000 |
11.231 |
|
|
|
Preliminary Expenses |
0.000 |
0.000 |
20.803 |
|
|
|
Miscellaneous Expenses |
0.000 |
0.051 |
0.000 |
|
|
|
TOTAL |
150.040 |
6.574 |
64.225 |
|
|
|
|
|
|
|
|
Less |
TRANSFER
TO HPCL – MITTAL PIPELINES LIMITED, A SUBSIDIARY COMPANY |
0.000 |
0.000 |
7.407 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(150.040) |
7.475 |
(56.818) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
3.091 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(150.040) |
4.384 |
(56.818) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT LOSS FOR
THE YEAR |
(150.040) |
4.384 |
(56.818) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(52.434) |
(56.818) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(202.474) |
(52.434) |
(56.818) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.09) |
0.03 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
31.20 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.27)
|
0.06 |
(0.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
0.85 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54
|
2.33 |
34.68 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject was incorporated in the year 2000 as a wholly owned subsidiary of
Hindustan Petroleum Corporation Limited (HPCL), a government company under
section 617 of the companies act, 1956, for the purpose of setting up an oil
refinery (th project) at bhatinda, punjab subsequently the company, pursuant to
a joint venture agreement entered into between HPCL and Mittal Energy
Investment Pte. Ltd., Singapore (a wholly owned subsidiary of Mittal Investment
S.a.r.l, Luxembourg) (Mittal Energy) and
the subsequently to the regulatory approvals, become a joint venture company
with equal joint equity participation by HPCL and Mittal Energy.
FORM 8:
|
This form is for |
Creation of
charge |
||||||
|
Corporate
identity number of the company |
U23201PB2000PLC024126 |
||||||
|
Name of the
company |
HPCL MITTAL ENERGY LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, Punjab, |
||||||
|
Type of charge |
Immovable
Property Any Interest in
immovable property Book Debts Movable Property Floating Charge Others |
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Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Indenture of
mortgage dated 02.06.2009 (The indenture of mortgage) executed by HPCL-Mittal
Energy Limited in favour of Punjab National Bank as the security Trustee for
the benefit of secured parties as defined in the indenture of mortgage. |
||||||
|
Date of
instrument Creating the charge |
02.06.2009 |
||||||
|
Amount secured by
the charge |
Rs. 77930.000 Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Margin Security Margin
{1-(Loan outstanding/net fixed assets)=25% |
|
Corporate identity number of the company |
U23201PB2000PLC024126 |
|
Name of the company |
HPCL MITTAL ENERGY LIMITED |
|
Address of the registered office or of the
principal place of business in |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, Punjab, |
|
This form is for |
Creation of charge |
|
Type of charge |
Any Interest in Immovable Property Immovable Property Book Debts Movable Property Floating Charge Others |
|
Particular of charge holder |
Punjab National Bank |
|
Nature of instrument creating charge |
Indenture of Mortgage dated September 1,
2010 ("the Indenture") executed by HPCL-Mittal Energy Limited in
favour of Punjab National Bank as the Security Trustee for the benefit of the
secured parties as defined in the Indenture and also described in Annexure II
attached hereto. |
|
Date of instrument Creating the charge |
01/09/2010 |
|
Amount secured by the charge |
Rs.17100.000 Millions |
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.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
38 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.