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Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
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Name : |
BJ SERVICES COMPANY MIDDLE EAST LIMITED (w.e.f.24.04.1997) |
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Formerly Known
As : |
BJ SERVICES INTERNATIONAL LIMITED |
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Address of the
principal place of business in India : |
A 401, Landmark Chakala Suren Road, Andheri (East), Mumbai-400093,
Maharashtra |
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Country : |
India |
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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
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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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Status : |
Foreign Registered Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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Comments : |
Subject is a foreign company registered in United Kingdom. Mr.
Prashant from accounts departments provided to us few general information and
denied to disclose other details of the company. Payment terms are not known.
Initially, the company can be considered for business dealings with
some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Prashant |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-66484200 |
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Date : |
14.03.2012 |
LOCATIONS
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Registered Office : |
Located at United Kingdom |
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Address of the principal place of business in India : |
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.: |
91-22-66484300 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Warehouse : |
306/312, Ear Tarsali Bypass, Baroda – 390010, Gujarat, India |
DIRECTORS
Not Divulged
KEY EXECUTIVES
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Name : |
Mr. Prashant |
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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. |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Not Divulged |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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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, 2012
(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
Sundry Creditors
Details are not available
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
No |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
No |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
No |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
No |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
BACKGROUND
Subject is a company incorporated in the United Kingdom. The Company is ultimately
held by BJ Services Company, a company incorporated in USA. Subject 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 subject 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 subject 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 Reserve Bank of India 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.22 |
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|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
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.