REVISED REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
BJ SERVICES COMPANY MIDDLE EAST LIMITED |
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Registered
Office : |
A 401, |
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Country : |
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Financials (as
on) : |
30.09.2002 |
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Date of
Incorporation : |
01.10.1998 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.336 Millions |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMBI2259C |
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PAN No.: [Permanent Account No.] |
AAACB8529N |
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Legal Form : |
Foreign Company |
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Line of Business
: |
Providing oil-well cementing, equipment rental and stimulation
services. |
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No. of Employees
: |
Not Available |
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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Status : |
Foreign Registered Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a foreign company registered in United Kingdom. Inspite of several approaches the management remains
non-cooperative. Ms. Juliet D. from accounts department denied to disclose
any information about the subject company. Given address is a principal place
of business is India. Payments are unknown. Initially, subject 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
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 DECLINED BY
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Name : |
Ms. Juliet D |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-66484200 |
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Date : |
28.02.2012 |
LOCATIONS
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Registered Office : |
A 401, Landmark Chakala Suren
Road, Andheri (East), Mumbai-400093, Maharashtra, India |
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Tel. No.: |
91-22-66484200 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
Not Available
KEY EXECUTIVES
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Name : |
Ms. Juliet D |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
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Line of Business : |
Providing oil-well cementing, equipment rental and stimulation services.
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountant |
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Address : |
6th Floor, Express Towers, Nariman
Point, Mumbai-400021, Maharashtra, India |
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Tel. No.: |
91-22-22876485 / 6 |
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Fax No.: |
91-22-22876401 |
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Contracting Counter Party : |
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CAPITAL STRUCTURE
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HEAD OFFICE
ACCOUNT |
30.09.2002 |
30.09.2001 |
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Funds, Beginning of year |
4.590 |
17.891 |
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Rupee, Receipts from Customer |
2.366 |
0.376 |
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Remittances from Head Office |
267.046 |
173.190 |
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Expenses for the year |
(265.186) |
(181.196) |
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Payments made on behalf of Head Office |
(8.877) |
(5.670) |
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Amount received on behalf of Head Office |
2.397 |
0.000 |
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Total |
2.336 |
4.591 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
(INDIAN OFFICE)
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SOURCES OF FUNDS |
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30.09.2002 |
30.09.2001 |
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HEAD OFFICE ACCOUNT |
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2.336 |
4.591 |
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FUNDS END OF YEAR |
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2.336 |
4.591 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.375 |
11.402 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Cash & Bank Balances |
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0.179 |
0.216 |
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Loans & Advances |
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18.471 |
18.291 |
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Total
Current Assets |
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18.650 |
18.507 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Accounts Payable |
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(12.803) |
(10.063) |
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Accrued Expenses |
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(16.946) |
(13.320) |
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Provisions for Gratuity |
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(2.940) |
(1.935) |
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Total
Current Liabilities |
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32.689 |
25.318 |
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Net Current Liabilities |
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(14.039) |
(6.811) |
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FUNDS END OF YEAR |
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2.336 |
4.591 |
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STATEMENT OF
EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 2002
(INDIAN OFFICE)
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PARTICULARS |
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30.09.2002 |
30.09.2001 |
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Travel and Conveyance |
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30.958 |
17.266 |
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Employee Costs (Net of tax refund of Rs.
3.372 Millions (2001 - Nil) and interest thereon Rs.
0.508 Million (2001- Nil)) |
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74.442 |
50.829 |
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Contract Supplies |
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41.110 |
28.347 |
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Rent |
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23.097 |
21.783 |
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Repairs and Maintenance |
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27.642 |
16.300 |
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Freight and Mobilization (Net of custom duty refund of Rs. 1.558 Millions (2001 - Nil)) |
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35.314 |
21.483 |
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Communication Expenses |
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6.822 |
5.949 |
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Office Expenses |
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4.010 |
3.914 |
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Depreciation |
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6.040 |
6.839 |
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Legal and Professional Expenses |
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6.247 |
2.816 |
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Business Promotion Expenses |
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3.732 |
2.159 |
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Equipment Rental |
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3.679 |
1.505 |
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Insurance |
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0.634 |
0.587 |
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Miscellaneous Expenses |
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1.459 |
1.418 |
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265.186 |
181.195 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject is a company incorporated in the United Kingdom. The Company is
ultimately held by BJ Services Company, a company incorporated in USA. The
Indian Office has been granted permission vide approval No EC, Mumbai. FID (I)
864/04.01.03/63 FCO/97-98 dated November 7, 1998 from the Reserve Bank of India
to establish a project office in India with effect from October 1, 1998. The
current approval of the Indian office expired on December 31, 2003. The
management has informed them that they are in the process of applying for an
extension and accordingly the financial statement have been prepared on a going
concern basis.
The Company established a project office at Mumbai and site offices at Baroda
and Bhavnagar, Gujarat, and Gudamalani,
Rajasthan to co-ordinate and facilitate the execution of its contracts for
providing oil-well cementing, equipment rental and stimulation services.
As part of restructuring of the operations of the BJ Services Group, all
the contracts originally awarded to the Indian Office of BJ Services Company
Middle East Limited, UK. The company has obtained permission vide approval No.
EC. Mumbai. FID (I) 864/04.01.03/63 FCO/97-98 dated November 7, 1998 from the
Reserve Bank of India for such assignment with effect from October 1, 1998.
Further, BJ Services Company Middle East, U.S.A is in the process of
complying with the closure formalities of it’s Indian Office and has
transferred net assets aggregating Rs. 7.562 Millions
as on October 1, 1998 to BJ Services Company Middle East Limited, UK, for which
the approval of the Reserve Bank of India is pending.
BASIS OF
PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared solely for the purpose of
filing the same with the RBI and Registrar of Companies.
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Office Equipments
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 51.20 |
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|
1 |
Rs. 81.50 |
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Euro |
1 |
Rs. 67.15 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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- |
NB |
New Business |
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This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.