MIRA INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA NATURAL GAS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 27, Narveer Tanaji Wadi, PMT Bus Depot, Commercial Building,
First Floor, Shivaji Nagar, Pune – 411005, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.01.2006 |
|
|
|
|
Com. Reg. No.: |
11-021839 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.950.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U11102PN2006PLC021839 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM5536G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Main business
objectives of the company are as under:- To provide
clean, environment friendly green fuel as an alternative to the conventional auto
fuels like Petrol and Diesel and to provide safe, convenient and reliable
piped natural gas to its customers in the domestic, commercial and industrial
sectors. While transport
sector will use Compressed Natural Gas (CNG), the domestic, commercial and
industrial sectors will use Piped Natural Gas (PNG) |
|
|
|
|
No. of Employees
: |
Information denied by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3850000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between GAIL and BPCL. It is an established
company having satisfactory track record. The company is performing well and is successful in wiping off its
accumulated losses. Profit margin appears to be decent. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. In view of strong managerial and technical support from MNGLS
promoters, the subject can be considered normal 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
February 21, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON – CORPORATIVE (91-20-25611000)
LOCATIONS
|
Registered Office : |
Plot No. 27, Narveer Tanaji Wadi, PMT Bus Depot, Commercial Building,
First Floor, Shivaji Nagar, Pune – 411005, Maharashtra, India |
|
Tel. No.: |
91-20-25611000 |
|
Fax No.: |
91-20-25511522 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 25.09.2012
|
Name : |
Mr. Sanjay Krishna Murthy |
|
Designation : |
Nominee Director |
|
Address : |
Anchorage IST Floor PJ Ramchandani Marg, Colaba, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
28.01.1953 |
|
Qualification : |
B. Sc Hons. |
|
Date of Appointment : |
20.04.2011 |
|
DIN No. : |
01785429 |
|
|
|
|
Name : |
Mr. Arvind Kumar Mittal |
|
Designation : |
Managing Director |
|
Address : |
44, Gali Bhawan B – 9/1, Sector – 62, Noida – 201301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
01.06.1955 |
|
Qualification : |
M Tech |
|
Date of Appointment : |
20.04.2011 |
|
DIN No. : |
03498334 |
|
|
|
|
Name : |
Mr. Chakresh Kumar Jain |
|
Designation : |
Whole-time Director |
|
Address : |
HIG – 14, Kamyani Enclave E – 7, Arera Colony, Bhopal – 462016, Madhya
Pradesh, India |
|
Date of Birth/Age : |
15.07.1954 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No. : |
03572612 |
|
|
|
|
Name : |
Mr. Gajendra Singh |
|
Designation : |
Nominee Director |
|
Address : |
63, Chhotta Singh Block, Saiad Games Village, New Delhi – 110049,
India |
|
Date of Birth/Age : |
15.06.1960 |
|
Qualification : |
PG Electronics |
|
Date of Appointment : |
24.11.2010 |
|
DIN No. : |
03290248 |
|
|
|
|
Name : |
Mr. Krishnakumar Gangadharan |
|
Designation : |
Nominee Director |
|
Address : |
06 Shobhana, Goshala Road, Mulund (West), Mumbai – 400080,
Maharashtrra, India |
|
Date of Birth/Age : |
28.09.1971 |
|
Qualification : |
MBA Finance |
|
Date of Appointment : |
29.04.2009 |
|
DIN No. : |
00090715 |
|
|
|
|
Name : |
Mr. Shyamsundar Sundaresan Gurumoorthy |
|
Designation : |
Nominee Director |
|
Address : |
1905/1906, Sky Flame B, Dosti Flamingos, China Mill Compound, Tokersi
Jivraj Road, Parel Sewree, Mumbai – 400015, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1974 |
|
Qualification : |
MBA Finance |
|
Date of Appointment : |
29.04.2009 |
|
DIN No. : |
02202523 |
KEY EXECUTIVES
|
Name : |
Ritu Aggarwal |
|
Designation : |
Secretary |
|
Address : |
B – 702, Laxmi Aangan S. No. 174/2/1, Pimple, Saudagar, Pune – 411027,
Maharashtra, India |
|
Date of Birth/Age : |
20.02.1984 |
|
Date of Appointment : |
26.07.2011 |
|
PAN No. : |
AJUPA4722A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Gail (India) Limited |
22487500 |
|
Bharat Petroleum Corporation Limited |
22499600 |
|
Bharat Petroleum Corporation Limited |
3125 |
|
Shri. N.K. Nagpal Jtly with GAIL (India) Limited |
3125 |
|
Shri. S.C.Hatwal Jtly with GAIL (India) Limited |
3125 |
|
Shri. Arun Kumar Bansal |
100 |
|
Shri.R.P. Natekar |
100 |
|
Shri. Satish Y Oke |
100 |
|
IDFC Trustee Company Ltd A/C IDFC Infrastructure Fund 2 A/C IDFC
Private Equity Fund II. |
20000000 |
|
IL and FS Trust Company Limited |
11111111 |
|
Pan Asia Infrastructure Asset Management Company Pte Limited |
8888889 |
|
Axis Bank Limited |
10000000 |
|
Shri. M Ravindran Jtly with GAIL |
3125 |
|
Shri. S.Krishnamurti |
100 |
|
|
|
|
Total |
95000000 |
As on: 25.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Government companies |
47.36 |
|
Public financial companies |
32.74 |
|
Nationalised or other banks |
10.53 |
|
Bodies corporate |
9.36 |
|
Other |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Main business
objectives of the company are as under:- To provide
clean, environment friendly green fuel as an alternative to the conventional auto
fuels like Petrol and Diesel and to provide safe, convenient and reliable
piped natural gas to its customers in the domestic, commercial and industrial
sectors. While transport
sector will use Compressed Natural Gas (CNG), the domestic, commercial and
industrial sectors will use Piped Natural Gas (PNG) |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Bank of Maharashtra, Corporate Finance Branch, 1183/A, F.C. Road, Pune
– 411005, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.P. Chitale and Company Chartered Accountant |
|
Address : |
417/1, Narayan Peth, Pune - 411030, Maharashtra, India |
|
PAN No. : |
AAASM2282Q |
|
|
|
|
Related Party : |
CIN No. : L40200DL1984GOI018976
CIN No. :
L23220MH1952GOI008931 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000000 |
Equity Shares |
Rs.10/- each |
Rs.950.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
950.000 |
950.000 |
|
(b) Reserves & Surplus |
|
12.679 |
(61.630) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
962.679 |
888.370 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
463.713 |
250.372 |
|
(b) Deferred tax liabilities (Net) |
|
38.338 |
19.947 |
|
(c) Other long term
liabilities |
|
34.452 |
12.516 |
|
(d) long-term
provisions |
|
2.661 |
1.606 |
|
Total Non-current
Liabilities (3) |
|
539.164 |
284.441 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
200.039 |
84.175 |
|
(c) Other
current liabilities |
|
56.815 |
18.876 |
|
(d) Short-term
provisions |
|
38.904 |
1.454 |
|
Total Current
Liabilities (4) |
|
295.758 |
104.505 |
|
|
|
|
|
|
TOTAL |
|
1797.601 |
1277.316 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
881.303 |
629.141 |
|
(ii)
Intangible Assets |
|
2.597 |
3.956 |
|
(iii)
Capital work-in-progress |
|
678.452 |
525.804 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1562.352 |
1158.901 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.755 |
0.456 |
|
(c) Trade
receivables |
|
68.132 |
20.300 |
|
(d) Cash
and cash equivalents |
|
92.714 |
32.750 |
|
(e)
Short-term loans and advances |
|
70.235 |
60.232 |
|
(f) Other
current assets |
|
3.413 |
4.677 |
|
Total
Current Assets |
|
235.249 |
118.415 |
|
|
|
|
|
|
TOTAL |
|
1797.601 |
1277.316 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
950.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(61.950) |
|
|
NETWORTH |
|
|
888.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.069 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
890.119 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
369.810 |
|
|
Capital work-in-progress |
|
|
521.393 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.246 |
|
|
Sundry Debtors |
|
|
32.228 |
|
|
Cash & Bank Balances |
|
|
47.604 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
84.634 |
|
Total
Current Assets |
|
|
164.712 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
144.012 |
|
|
Other Current Liabilities |
|
|
17.191 |
|
|
Provisions |
|
|
4.593 |
|
Total
Current Liabilities |
|
|
165.796 |
|
|
Net Current Assets |
|
|
(1.084) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
890.119 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
765.673 |
315.261 |
94.547 |
|
|
|
Other Income |
4.437 |
1.865 |
10.229 |
|
|
|
TOTAL |
770.110 |
317.126 |
104.776 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
366.370 |
|
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(0.299) |
(0.209) |
|
|
|
|
Employee benefit expense |
43.508 |
27.413 |
|
|
|
|
Other expenses |
125.720 |
84.875 |
|
|
|
|
TOTAL |
535.299 |
256.271 |
103.886 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
234.811 |
60.855 |
0.890 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.369 |
1.517 |
0.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
230.442 |
59.338 |
0.243 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
48.056 |
39.298 |
17.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE PRIOR PERIOD ITEMS,
EXCEPTIONAL ITEMS, EXTRAORDINARY ITEMS AND TAX |
182.386 |
20.040 |
(16.981) |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS BEFORE TAX |
0.296 |
1.843 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
182.090 |
18.197 |
(16.981) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
74.658 |
17.877 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
107.432 |
0.320 |
(16.981) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
US $ 21,225 |
US $ 33000 |
|
|
|
Spares and Parts |
NA |
US $ 24079 |
Nil |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.13 |
0.00 |
(0.29) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
13.95
|
0.10 |
(16.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.78
|
5.77 |
(17.96) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.27
|
2.42 |
(1.61) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.02 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48
|
0.28 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
1.13 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
25.990 |
16.567 |
0.000 |
|
|
|
|
|
|
Total |
25.990 |
16.567 |
0.000 |
|
Sr. No. |
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 three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
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 involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
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 |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
NOTE: the registered office of company has been
shifted from Shahajanand Complex, 2416, GEN. Thimmaya Road, East Street, P.B.
No. 61, Pune – 411001, Maharashtra, India to the present address w.e.f.
14.03.2007
INDEX CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10375467 |
09/11/2012 * |
2,540,000,000.00 |
Bank of Maharashtra |
Corporate Finance Branch, 1183/A, F.C. Road, Pune, Maharashtra -
411005, INDIA |
B62527270 |
* Date of charge modification
CORPORATE INFORMATION:
Subject in short
MNGL is a company incorporated in January 2006 to meet the City Gas distribution
needs of various districts in Maharashtra. MNGL has got the PNGRB authorization
for city gas distribution in Pune and Pimpri - Chinchwad city including
adjoining areas of Hinjewadi, ChakanandTalegaon and subsequently will move on
to other districts of Maharashtra depending on economic feasibility.
MNGL is a joint
venture Company of two navratna PSUs viz. Bharat Petroleum Corporation Limited
(BPCL) and GAIL (India) Limited, (GAIL) with the mission to supply clean and
green (eco-friendly) fuel.
Main business
objectives of the company are as under:-
To provide clean,
environment friendly green fuel as an alternative to the conventional auto
fuels like Petrol and Diesel and to provide safe, convenient and reliable piped
natural gas to its customers in the domestic, commercial and industrial
sectors.
While transport
sector will use Compressed Natural Gas (CNG), the domestic, commercial and
industrial sectors will use Piped Natural Gas (PNG).
CNG BUSINESS:
The Company
further augmented its CNG distribution infrastructure during the year by
enhancing the capacity of existing stations and adding new stations. The total
Nos. of CNG station increased from 12 in March 2011 to 17 in March 2012. During
the Year, Company setup 3 online station which helps in providing the CNG to
the customers through pipeline.
The number of
vehicles running on CNG in PMC and PCMC areas as on 31st March, 2012 was over
27000 which includes 21277 Autos, 372 Buses, 4839 Private cars and 943 taxis.
The company has become
one of the first CGD in the country to go in for Land Linked CNG Stations in a
big way where operatorship of CNG Station is given to land-owners who have
given their land to MNGL on long term lease for setting up CNG Stations. This
arrangement of CNG stations on private land will provide MNGL with the
necessary space to commission the infrastructure to meet its targets for CNG
business.
PIPED NATURAL GAS BUSINESS
PNG Domestic Connections:
The Company has
laid the Piped Natural Gas distribution infrastructure to the areas in PMC
which includes Model Colony, Apte Road, Amanora Park Town in Hadapsar, Kothrud
(partial) and in PCMC which includes Akurdi, Nehru Nagar Extention and Vallabh
Nagar (Partial), Chikali Moshi (partial) and Indrayani nagar (Partial).
During 2012-13,
the Company is planning to expand its PNG distribution network to PMC which
includes Kothrud, Erandwane, Karve Nagar, Magarpatta and around, Koregaon park,
Bund Garden, S.B. Road, Shivaji Nagar, Warje, Kalyani Nagar, Viman Nagar, Yerwada Nagar Road and to PCMC which includes Raje
Shivaji Nagar, CDC Colony, Chikali Moshi, Dapodi,
Ajmera Masulkar,
Vallabh Nagar, Indrayani Nagar, Pimple Gurav, Pimple Saudagar besides providing
connection to new customers in the existing network areas.
PNG Industrial and Commercial Connection:
During the year,
the Company gave a major thrust to boost the sales volume of Industrial
Customers. In PMC and PCMC, the total nos. of Industrial customers has been
increased from 8 in March 2011 to 20 in March 2012. Sales volume from
Industrial customers grew by 98.57% over the previous year. The Company has
identified supply of Re-gasified Liquid Natural Gas (R-LNG) to industrial
segment especially in PCMC area.
The Company is
also supplying Re-gasified Liquid Natural Gas (R-LNG) to 5 Nos. of Commercial
customers.
PROGRESS OF THE PROJECT
The Company has 3
Mother station at Chikli, Nehru Nagar and Shivaji Nagar along with 11 Daughter
Booster stations at various location in order to provide the supply of CNG to the
CNG customers.
The Company also
started 3 online stations i.e. NTW Depot at Shivajinagar, Pimple Petroleum at
Chinchwad and Sai Gauri Petroleum at Kasarwadi in order to provide
uninterrupted supply of the natural Gas to the customers. With increased CNG
station, compression capacity and the CNG customers, the CNG average sale per
day has been doubled from 0.047 mmscmd in FY 10-11 to 0.100 mmscmd in FY 11-12.
The Company has also taken the initiative to go in for Land Linked CNG Stations
to expand the CNG business.
FUTURE OUTLOOK
The Company has
further drawn out plans to consolidate its presence in PMC and PCMC areas
during financial year 2012-13.
In CNG, a
significant growth is expected i.e. MNGL is intending to expand its CNG customer
base by setting15 new CNG stations and increasing compression capacity.
The Company has
aggressive plan to expand its pipeline infrastructure by laying 35.7 Km of
steel pipeline to increase the coverage and penetration of the network. The
Company has further plans to connect around 13,000 households by laying MDPE
pipeline in FY 12-13.
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 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.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.