MIRA INFORM REPORT

 

 

Report Date :

01.06.2012

 

IDENTIFICATION DETAILS

 

Name :

M I OVERSEAS LIMITED

 

 

Address Of The Principal Place Of Business In India :

302, 3rd Floor, Prime Corporate Park, 230/231, Sahar Road, Next to ITC Grand Maratha Sheraton, Sahar, Andheri (E), Mumbai – 400099, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.01.1998

 

 

Capital Investment / Paid-up Capital :

Rs.5.433 millions

 

 

Legal Form :

Foreign Registered Company

 

 

Line of Business :

Subject is engaged in the business of providing chemicals and other consumables for exploration of oil and gas.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 21000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a foreign registered company having moderate track records. Trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some cautions. 

 

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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCATIONS

 

Registered Office :

Located at

Cayman Islands

 

 

Address Of The Principal Place Of Business In India :

302, 3rd Floor, Prime Corporate Park, 230/231, Sahar Road, Next to ITC Grand Maratha Sheraton, Sahar, Andheri (E), Mumbai – 400099, Maharashtra, India

Tel. No.:

91-22-30838000

Fax No.:

Not Available

E-Mail :

info@nangia.com

 

 

DIRECTORS

 

As on 31.12.2010

 

Name :

Mr. Rishard E. Chandler JR

Designation :

Director

Address :

24611 MT, Auburn Katy, TX – 77474, USA

 

 

Name :

Mr. Bryan L. Dudman

Designation :

Director

Address :

192, April Waters Montgomery TX – 77356, USA

 

 

Name :

Mr. Larry D. Barker

Designation :

Director

Address :

4860 James Lane, Fulshear, TX – 77441, USA

 

 

Name :

Mr. Christopher I.S. Rivers

Designation :

Director

Address :

18615, Burnt Candle Spring, TX – 77388, USA

 

 

Name :

Mr. Donald Mckenzie

Designation :

Director

Address :

33410 Sagecircle West Houston, TX – 77056, USA

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Shareholders are not available

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of providing chemicals and other consumables for exploration of oil and gas.

 

 

Products :
  • Deep Hole Drilling Machines
  • Core Drill Machine
  • Rock Drilling Accessories
  • Magnetic Core Drilling Machine
  • DTH Drilling Rig
  • Tunnel Boring Machine

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

HSBC Bank

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Nangia and Company

Chartered Accountants

Address :

Suite-4A, Plaza m-6, Jasola New Delhi – 110025, India

Tel. No.:

91-11-47371000 / 41748000

Fax No.:

91-11-47371010

E-Mail :

nangia@nangia.com

Website :

www.nagia.com

 

 

CAPITAL STRUCTURE

 

As on 31.12.2010

 

Particular

Rs. In Millions

Opening Balance

(12.120)

Remittances from Head Office

600.416

Receipts on behalf of Head Office                            

588.296

 

 

Expenses for the year

484.724

Taxes Paid on behalf of Head Office

98.139

 

582.863

Total

5.433

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

(India project Office – Mumbai)

 

SOURCES OF FUNDS

 

31.12.2010

31.12.2009

31.12.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.433

(12.120)

(107.714)

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

5.433

(12.120)

(107.714)

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

5.433

(12.120)

(107.714)

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.000

0.000

0.000

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
1.653

1.811

0.897

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
32.722

30.709

42.840

Total Current Assets
34.375

32.520

43.737

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.000

0.000

0.000

 

Other Current Liabilities
28.942

44.640

151.451

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
28.942

44.640

151.451

Net Current Assets
5.433

(12.120)

(107.714)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

5.433

(12.120)

(107.714)

 

Statement of Expenses

(India project Office – Mumbai)

 

 

PARTICULARS

31.12.2010

31.12.2009

31.12.2008

 

 

 

 

 

 

Customs Duty, Clearing and Forwarding

79.364

132.710

252.120

 

Operating Expenses

64.275

75.716

220.048

 

Traveling and Transportation

61.568

84.719

108.022

 

Communication Charges

3.809

4.467

4.495

 

Printing and Stationery

0.789

2.329

2.557

 

Training Expenses

1.370

0.816

1.603

 

Office Expenses

35.051

33.212

43.251

 

Salary and Wages

171.896

166.978

142.457

 

Rent and Accommodation

66.601

45.473

43.960

 

Total Expenditure transferred to the Head Office Account

484.723

546.420

818.513

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2010

31.12.2009

31.12.2008

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.43

(3.68)

(1.41)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.19

0.73

0.29

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

No

9) Name of person contacted

No

10) Designation of contact person

No

11) Turnover of firm for last two years

No

12) Profitability for last three years

No

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter

--

23) Banking Details

Yes

24) Banking facility details

No

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

No

30) Major Shareholders, if available

Yes

 

 

 

BACKGROUND

 

Subject is a Company incorporated under the laws of Cayman Islands having its registered office at P. 0. Box 1043, George Town, Grand Cayman, Cayman Islands, Subject is engaged in the business of providing chemicals and other consumables for exploration of oil and gas.

 

Subject established a project office in India at Mumbai under the specific approval of Reserve Bank of India in terms of letter number EC/MUMBAI/FID(I)/.04.01.03/FCO.52/97-98 dated January 15, 1998 to execute a contract with Enron Oil and Gas India Limited,

 

The financial statements presented reflect the assets and liabilities in Indian Rupees of the India Project Office of M.I. Overseas Limited and the related Statement of Expenses, as recorded in the books of accounts of the India Project Office, in accordance with the accounting policies described.

 

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]         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.56.42

UK Pound

1

Rs.87.38

Euro

1

Rs.69.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

NTH

 

 

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

NO

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

27

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.