MIRA INFORM REPORT
|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PETRONET LNG LIMITED |
|
|
|
|
Registered
Office : |
World Trade Centre, First Floor, World Trade Centre, Babar Road, New
Delhi – 110001 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.04.1998 |
|
|
|
|
Com. Reg. No.: |
093073 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7500.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1998PLC093073 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP05642A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP8148D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Import and Re-gasification of Liquefied Natural Gas (LNG). |
|
|
|
|
No. of Employees
: |
397 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (71) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 178000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well established company having fine track record. Overall financial position of the company appears to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered good for normal business dealing at
usual trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
ICRA |
|
Rating |
Long Term Bonds Programme AA+ |
|
Rating Explanation |
High Credit Quality and Low Credit Risk. |
|
Date |
29.03.2013 |
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.
LOCATIONS
|
Registered/
Corporate Office : |
World Trade Centre, First Floor, World Trade Centre, Babar Road, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-23411411/ 23413130/ 23413616/ 23472525 |
|
Fax No.: |
91-11-23414271/ 23472550 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
LNG Terminal, Dahej : |
Plot No. 7/A, GIDC Industrial Estate, Dahej, Talukavagra,
District Bharuch - 392130, Gujarat, India |
|
Tel. No.: |
91- 2641- 257249/ 257004 to 257007 and 253182 |
|
Fax No.: |
91- 2641- 257252/ 253184/ 253179/ 300310 |
|
|
|
|
Kochi
Site Office : |
Survey No.347, Puthuvypu, PO: 682508, Kochi, Kerala, India |
|
Tel. No.: |
91-484 -2502259/ 60/ 2500068 |
|
Fax No.: |
91-484 -2502264 |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Vivek Rae |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. A. K. Balyan |
|
Designation : |
Managing Director and CEO |
|
Date of Birth / Age : |
61 years |
|
Qualification : |
Ph. D. (Germany, M, Tech., IIT, Delhi |
|
Experience : |
41 years |
|
|
|
|
Name : |
Mr. R. K. Garg |
|
Designation : |
Director (Finance) |
|
Date of Birth / Age : |
57 years |
|
Experience : |
34 years |
|
|
|
|
Name : |
Mr. Rajender Singh |
|
Designation : |
Director (technical) |
|
|
|
|
Name : |
Mr. B. C. Tripathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudhir Vasudeva |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. M. K. Sinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dominique Pelloux-Prayer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tapan Ray |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. C. Bora |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Sinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Ram Mohan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Garg |
|
Designation : |
Sr. Vice President – Finance and
Company Secretary |
|
|
|
|
Name : |
Mr. K. C. Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
375000000 |
50.00 |
|
|
375000000 |
50.00 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
375000000 |
50.00 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
60018198 |
8.00 |
|
|
300476 |
0.04 |
|
|
140000 |
0.02 |
|
|
107832848 |
14.38 |
|
|
168291522 |
22.44 |
|
|
|
|
|
|
|
|
|
|
19267055 |
2.57 |
|
|
|
|
|
|
|
|
|
|
93683915 |
12.49 |
|
|
11687546 |
1.56 |
|
|
|
|
|
|
82070006 |
10.94 |
|
|
1653456 |
0.22 |
|
|
75000000 |
10.00 |
|
|
4065813 |
0.54 |
|
|
1350737 |
0.18 |
|
|
206708522 |
27.56 |
|
Total Public
shareholding (B) |
375000044 |
50.00 |
|
|
|
|
|
Total (A)+(B) |
750000044 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
750000044 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Import and Re-gasification of Liquefied Natural Gas (LNG). |
GENERAL INFORMATION
|
No. of Employees : |
397 (Approximately) |
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Bankers : |
· Allahabad Bank · Asian Development Bank · Bank of Baroda · Canara Bank · Citi Bank · Development Bank of Singapore · HDFC Bank · ICICI Bank Limited · Indian Overseas Bank · International Finance Corporation (Washington) · Jammu and Kashmir Bank · Oriental Bank of Commerce · State Bank of Hyderabad · State Bank of India · State Bank of Patiala · State Bank of Travancore · Syndicate Bank · The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T. R.
Chadha and Company Chartered
Accountant |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Sanjay Gupta and Associates Chartered
Accountant |
|
|
|
|
Other Related Parties : |
|
|
Joint Venture (Promoters) : |
· Indian Oil Corporation Limited (IOCL) · Bharat Petroleum Corporation Limited (BPCL) · Oil and Natural Gas Corporation Limited (ONGC) · GAIL (India) Limited (GAIL) |
|
|
|
|
Joint Venture : |
·
Adani Petronet (Dahej) Port Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000000 |
Equity Share |
Rs.10/- each |
Rs.12000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000044 |
Equity Share |
Rs.10/- each |
Rs.7500.000
Millions |
|
|
|
|
|
NOTE:
The Company has only
one class of shares referred to as equity shares each having a par value of
Rs.10. Each holder of equity shares is entitled to one vote per share.
The Company
declares and pays dividend in Indian Rupees. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
During the year
ended March 31, 2013, the amount of dividend per share recognized as
distribution to equity shareholders is Rs. 2.50/- (previous year Rs. 2.50/-).
The total dividend appropriation for the year ended March 31, 2013 amounted to
Rs.1875.000 Millions (previous year Rs.1875.000 Millions) and corporate
dividend tax of Rs.318.700 Millions (previous year Rs.304.200 Millions).
|
Reconciliation of the number of shares |
No. of Shares |
|
Outstanding at the beginning of the year |
750,000,044 |
|
Outstanding at the end of the year |
750,000,044 |
Details of shareholders holding more than 5% shares
|
Promoters’ Holding |
% of Holding |
No. of Shares |
|
Bharat Petroleum Corporation Limited |
12.50% |
93,750,000 |
|
GAIL (India) Limited |
12.50% |
93,750,000 |
|
Indian Oil Corporation Limited |
12.50% |
93,750,000 |
|
Oil and Natural Gas Corporation Limited |
12.50% |
93,750,000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7500.000 |
7500.000 |
7500.000 |
|
(b) Reserves & Surplus |
36996.900 |
27697.800 |
19301.600 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
44496.900 |
35197.800 |
26801.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
27182.200 |
29341.600 |
28084.700 |
|
(b) Deferred tax liabilities (Net) |
3910.000 |
3630.000 |
3480.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
33.700 |
45.600 |
39.700 |
|
Total
Non-current Liabilities (3) |
31125.900 |
33017.200 |
31604.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
998.100 |
1806.400 |
|
(b)
Trade payables |
22973.500 |
12685.500 |
5671.700 |
|
(c)
Other current liabilities |
9966.200 |
7972.000 |
6929.500 |
|
(d)
Short-term provisions |
2265.700 |
2239.800 |
1798.000 |
|
Total
Current Liabilities (4) |
35205.400 |
23895.400 |
16205.600 |
|
|
|
|
|
|
TOTAL |
110828.200 |
92110.400 |
74611.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
23519.800 |
25214.300 |
27024.200 |
|
(ii)
Intangible Assets |
59.000 |
0.300 |
0.200 |
|
(iii)
Capital work-in-progress |
43305.100 |
32900.300 |
20122.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1398.800 |
1398.800 |
1232.200 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1173.000 |
1535.200 |
2114.500 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
69455.700 |
61048.900 |
50493.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
10416.700 |
|
(b)
Inventories |
10366.300 |
7123.500 |
2479.800 |
|
(c)
Trade receivables |
16898.000 |
12858.900 |
8471.700 |
|
(d)
Cash and cash equivalents |
12685.300 |
9839.100 |
1574.900 |
|
(e)
Short-term loans and advances |
1396.700 |
1153.700 |
1050.700 |
|
(f)
Other current assets |
26.200 |
86.300 |
124.700 |
|
Total
Current Assets |
41372.500 |
31061.500 |
24118.500 |
|
|
|
|
|
|
TOTAL |
110828.200 |
92110.400 |
74611.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
314674.400 |
226958.600 |
131972.900 |
|
|
|
Other Income |
1817.100 |
848.800 |
683.700 |
|
|
|
TOTAL (A) |
316491.500 |
227807.400 |
132656.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
293049.500 |
205867.400 |
118012.000 |
|
|
|
Employee benefit expenses |
370.100 |
297.600 |
305.600 |
|
|
|
Other Expenses |
2819.000 |
2501.200 |
1493.900 |
|
|
|
TOTAL (B) |
296238.600 |
208666.200 |
119811.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20252.900 |
19141.200 |
12845.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1184.100 |
1773.900 |
1934.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19068.800 |
17367.300 |
10911.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1866.000 |
1841.900 |
1846.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17202.800 |
15525.400 |
9064.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5710.000 |
4950.000 |
2868.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11492.800 |
10575.400 |
6196.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
12.600 |
8.400 |
6.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (LNG) |
277915.100 |
199293.700 |
111938.600 |
|
|
|
Stores & Spares |
75.600 |
35.700 |
20.200 |
|
|
|
Capital Goods |
547.000 |
6049.500 |
2505.400 |
|
|
TOTAL IMPORTS |
278537.700 |
205378.900 |
114464.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.32 |
14.10 |
8.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.63
|
4.64 |
4.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.47
|
6.84 |
6.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.02
|
26.86 |
17.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.44 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.61
|
0.86 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.30 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
Yes |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
HIGH COURT OF
GUJARAT
CIVIL APPLICATION No.
88 of 2012
In TAX APPEAL/
223/ 2012 (PENDING)
|
Status : PENDING |
(Converted from
: ST/554/2012) |
CCIN No :
001073201200088 |
|
||||
|
|
S. No. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF CUSTOMS |
MR RJ OZA for:
Applicant(s) |
|
S. No. |
Name of the Respondant |
Advocate On Record |
|
1 |
PETRONET LNG LTD |
MR MAULIK G NANAVATI
for :Respondent(s) |
|
Presented On |
: 19/03/2012 |
Registered On |
: 22/03/2012 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 4 times |
|
StageName |
: ADJOURNED MATTERS |
||
|
Classification |
·
DB - CIVIL APPLICATION - CODE OF CIVIL
PROCEDURE, 1908 - STAY / INTERIM RELIEF - IN SPECIAL CIVIL APPLICATION |
|
Act |
·
CUSTOMS ACT, 1962 |
OFFICE DETAILS
|
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
19/03/2012 |
APPLICATION |
MR RJ OZA ADVOCATE |
20 |
MR RJ OZA:1 |
|
2 |
15/08/2012 |
VAKALATNAMA |
MR MAULIK G NANAVATI ADVOCATE |
- |
MR MAULIK G
NANAVATI:1 |
COURT PROCEEDINGS
|
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
10/09/2012 |
9 |
- |
ADJOURNED MATTERS |
NEXT DATE |
· HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS.JUSTICE HARSHA DEVANI |
AVAILABLE ORDERS
|
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
|
1 |
CIVIL APPLICATION/87/2012 |
· HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS.JUSTICE HARSHA DEVANI |
17/10/2012 |
N |
N |
|
2 |
CIVIL APPLICATION/74/2012 |
·
HONOURABLE MR.JUSTICE K.M.THAKER |
18/06/2012 |
N |
N |
|
3 |
CIVIL APPLICATION/87/2012 |
· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
18/06/2012 |
N |
N |
CERTIFIED COPY
|
|||||
|
S. No. |
Applicant Name |
Application Type |
Application Date |
UOL Number |
Order Date |
Notify Date |
Delivery Date |
Status |
|
1 |
MR RJ OZA |
ORDINARY |
19/06/2012 |
O/18452/2012 |
18/06/2012 |
20/06/2012 |
21/06/2012 |
Delivered |
|
2 |
MR MAULIK G
NANAVATI |
ORDINARY |
18/10/2012 |
O/35668/2012 |
17/10/2012 |
19/10/2012 |
22/10/2012 |
Delivered |
|
3 |
MR RJ OZA |
ORDINARY |
18/10/2012 |
O/35689/2012 |
17/10/2012 |
19/10/2012 |
22/10/2012 |
Delivered |
-----------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowings |
|
|
|
Payable in Demand |
|
|
|
- From Banks |
0.000 |
998.100 |
|
|
|
|
|
Total |
0.000 |
998.100 |
FINANCIAL
PERFORMANCE
While making
sincere efforts to further leverage the potential of imported LNG in the Indian
market and striving to be a key energy provider, the Company continues to set
new benchmarks for growth in its financial performance. During the period
2012-13, The Company achieved its highest ever turnover of Rs.314670.000
Millions as against Rs.226960.000 Millions in 2011-12. Net profit during the
year was also the highest ever at Rs.11490.000 Millions as against Rs.10580.000
Millions in the previous year. The Company continues to achieve high-capacity
utilization at the Dahej Terminal.
LNG
SOURCING
The Company has
executed long-term LNG supply contracts with Qatar and Australia. With the aim
to quench India’s growing gas demand and to alleviate the gas shortage in the
country, the Company is negotiating with a number of other international
suppliers for bringing more volumes of LNG into the country. This will help to
broad-base the LNG supply sources.
FUTURE PLANS
With the objective
to achieve the strategic goal of developing storage and re-gassification
capacity of 30 MMTPA by 2020, the Company is keeping provision for further
enhancement of Dahej Terminal from 15 to 20 MMTPA. In addition, the Company is
discussing with the concerned authorities of Andaman and Nicobar Islands
regarding feasibility of supply of LNG through small barges and creating LNG
hubs in the Island. In view of increasing concerns about release of greenhouse
gases, the time is not far off for the conversion of shipping industry from conventional
fuel to LNG. The Company has kept provision for reloading of small ships from
Kochi Terminal for future requirement of coastal trade of LNG and bunkering.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL LNG MARKET
Natural gas is not a new phenomenon. Natural gas that is brought out from the Earth’s womb is millions of years old. In the early civilizations, natural gas emanating from earth’s fissures was considered the wrath of angry gods.
Soon, all that changed. Natural gas was first commercially used in late 18th century; manufactured natural gas became reality in early 19th century. In the initial years, the methods of obtaining gas were primitive and its use not a widespread. However, of late, natural gas is playing an increasingly important role in the global energy mix. Currently, gas consumption is 24% of the total primary energy consumption globally. The US shale gas revolution has given a significant boost to the industry. The discovery of shale gas has drastically reduced gas prices in North America. That price dip has encouraged other countries to study and develop shale gas technology and reserves. Environmental concerns are also a major driver in increasing gas consumption.
LNG is a small part of the entire gas industry. However, over time, it has been witnessing continuous growth. As more buyers and sellers enter the market, LNG is cornering a greater share of the global gas trade. In spite of growing interest in LNG across the world, in 2012, LNG trade declined marginally due to supply-side problems. The demand for LNG, however, remained strong, especially in light of the nuclear shutdown in Japan and the resulting increased demand for LNG by buyers to bridge the power-generation deficit. During 2012, the total global LNG trade was 236 MMTPA.
During the past year, however, not everything went smoothly for LNG. Supply disruptions took place in a few LNG plants. Yemen’s LNG gas supply was interrupted due to intermittent terrorist attacks on its gas pipeline which feeds the Yemen LNG plant. Nigeria LNG also faced gas supply issues impact on their ability to deliver LNG, while other LNG plants, like Tangguh, Snohvit, Qatar Gas 4 and Atlantic LNG, faced maintenance issues which affected LNG supplies. Due to these supply issues, there was a marginal decline in LNG trade. Even then, imports to the Asia Pacific Basin were 170 MMTPA (157 MMTPA in 2011), while imports to the Atlantic Basin fell by 18% to 70 MMTPA. Japan was primarily responsible for most of the increase in demand.
New LNG capacity also achieved financial closure in 2012.
When the plants get commissioned later this decade, these additional projects
will provide 23.1 MMTPA of capacity. Pluto project in Western Australia was the
sole LNG project commissioned in 2012. It started LNG supplies in May 2012.
Apart from Qatar which is the largest LNG producer in the world, Australia is
also emerging
as a major supplier and is positioned to overtake Qatar if most of the planned
projects in the pipeline are realized. However, the Australian LNG industry
faces significant challenges in terms of cost escalation and delays in project
implementation. Cost revisions were announced at QCLNG, GLNG and Gorgon, with
increases of 25%, 15% and 43%, respectively, over estimates at financial
closure. Due to this, the rate at which project sanctions were taking place in
Australia has slowed. As far as the issue of LNG exports from the United States
is concerned, in 2012, Sabine Pass became the first export project to be sanctioned
in the US. It is expected that several other projects will develop, adding to
the LNG export capacity of the US.
Of late, the focus
has shifted to new regions which show a promising potential to become LNG
exporters. Countries in the East of Africa, like Mozambique and Tanzania, have
discovered significant off-shore gas reserves. Gas reserves in Mozambique are
now at around 100 tcf with around 20 tcf in Tanzania. Out of these two
countries, Mozambique is making rapid progress in LNG project development with
Eni and Anadarko signing an HOA for the joint development of a liquefaction
plant to develop their respective resources.
As mentioned
above, LNG demand in Asia increased to 170 million tonnes in 2012, 13 million
tonnes higher than
2011. This was
largely driven by Japan, which received record imports of 87 million tonnes.
LNG imported by Japan was used to bridge the power deficit caused by the
nuclear shutdown due to safety concerns after the March 2011 earthquake. Till
date, in Japan, only two nuclear reactors have been restarted and there is a
lot of uncertainty about the restart of the remaining nuclear plants. This will
give rise to high LNG demand from Japan for some time.
Other LNG
importers like China enjoyed high growth in LNG imports with a 21% increase in
2012 over 2011 to 14.5 million tonnes. The demand in India and Taiwan also
recorded robust growth of 6% over the previous year. The only market
experiencing a drop in imports was South Korea due to a mild 2011-12 winter and
high inventories carried over from the previous year. In Europe, UK imported
10.38 MMT of LNG in 2012, which was down by 43% over 2011.
Indonesia became
the region’s newest importer when the Nusantara Regas Satu regas terminal in
West Java was commissioned. Elsewhere in Southeast Asia, Malaysia’s first regas
terminal at Melaka was mechanically completed in 2012, but will not start
importing cargoes until May 2013. As gas reserves decline in LNG-supplying
nations and their economies develop, there is more demand for gas from the
domestic economy. This has led to the development of importing terminals. In
the case of Indonesia, the country is buying LNG from its own LNG projects and
supplying to gas-deficit markets in other parts of the country.
Liquefaction
projects coming up in the US have prompted buyers in Asia to work on gas hub
pricing based on Henry Hub in their LNG SPAs with other sellers. LNG SPAs that
have emerged in the past year have included varying degrees of hub indexation,
like the BG-CNOOC deal for 5 million tonnes per year. At the same time, LNG
importers in Asia are demanding more flexibility to be incorporated in their
contracts and are signing contracts for LNG procurement with various LNG export
projects from the US.
In 2013, Angola
and Algeria are scheduled to commission LNG plants. For 2013, the focus will be
on production levels at existing LNG plants and the progress made in achieving
FIDs for new projects in North America, East Africa and the Arctic.
Pricing will
continue to be a major issue with buyers demanding that LNG SPAs be indexed to
North American gas prices. Industry analysts feel that higher fixed-price
constants and more hybrid deals using both gas hub and oil-indexed pricing are
likely to emerge.
Strong LNG demand
from Asia will see more Middle East and Atlantic Basin LNG diverted away from
European and North American markets in 2013. With limited new LNG capacity
being commissioned in 2013, LNG imports to Europe and North America may fall
again and this gap will be filled by piped gas. While Asian demand is expected
to remain high, essential CCGT maintenanceand nuclear re-starts in Japan could
significantly impact the market. It remains to be seen whether the opening of a
new regas and storage facility in Singapore in April
2013 will enable
significantly more flexibility in trading LNG in Asia.
In 2013, a lot of
attention will be paid to the next wave of LNG investment in North America,
East Africa and possibly the Arctic, but in the short-term, managing current
demand in a supply-constrained environment will be a key issue for the coming
year.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
Presently, the
Company primarily deals only in one egment, i.e. Import and Re-gasification of
Liquefied Natural Gas (LNG). During the year 2012-13, 525 TBTUs of re-gasified
LNG was delivered to the off-takers and customers.
FINANCIAL PERFORMANCE
The turnover during the financial year ended 31st March, 2013, was
Rs.316490.000 Millions including other income as against Rs.227810.000 Millions
in 2011-12. The net profit during the financial year ended 31st March, 2013,
was Rs.11490.000 Millions as against Rs.10580.000 Millions in 2011-12.
COMPANY OVERVIEW
The company was
formed by Bharat Petroleum Corporation Limited (BPCL), GAIL (India) Limited
(GAIL), Indian Oil Corporation Limited (IOC) and Oil and Natural Gas
Corporation Limited (ONGC) primarily to develop, design, construct, own and
operate a Liquefied Natural Gas (LNG) import and regasification terminals in
India. PLL was incorporated on April 2, 1998 under the Companies Act, 1956 and
received certificate of commencement of business on June 1, 1998. The Company
is involved in the business of import and regasification of LNG and supply to
BPCL, GAIL, IOCL and others. Presently the Company owns and operates LNG
Regasification Terminal with the name plate capacity of 10 MMTPA at Dahej, in
the State of Gujarat. The Company is also setting up another Greenfield LNG
Regasification Terminal with the name plate capacity of 5 MMTPA at Kochi, in the
State of Kerala.
UNAUDITED FINANCIAL RESULTS FOR THE 3 MONTHS ENDED
30TH JUNE 2013
(RS. IN MILLIONS)
|
S No |
Particulars |
Quarter Ended |
|
30/Jun/13 |
||
|
|
|
Unaudited |
|
1 |
Income from
operations |
|
|
|
(a) Net sales/income
from operations (net of excise duty) |
83770.100 |
|
|
(b) Other
operating income |
671.900 |
|
|
Total
income from operations (net) |
84442.000 |
|
|
|
|
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
79593.000 |
|
|
(b) Purchases of stock-in-trade |
-- |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
-- |
|
|
(d) Employee benefit expenses |
85.800 |
|
|
(e) Depreciation and amortisation expense |
467.000 |
|
|
(f) Other expenses |
785.200 |
|
|
Total
expenses |
80931.000 |
|
|
|
|
|
3 |
Profit from
operations before other income, finance costs (1-2) |
3511.000 |
|
4 |
Other income |
152.400 |
|
5 |
Profit from
ordinary activities before finance costs (3+4) |
3663.400 |
|
6 |
Finance costs |
240.200 |
|
7 |
Profit from
ordinary activities before tax (5 - 6) |
3423.200 |
|
8 |
Tax expense |
1170.000 |
|
9 |
Net Profit
for the period (7 - 8) |
2253.200 |
|
|
|
|
|
10 |
Paid-up equity share capital, Equity shares of Rs.
10/- each |
7500.000 |
|
|
|
|
|
11 |
Reserves excluding revaluation reserves |
-- |
|
|
|
|
|
12 |
Earnings per share
(Face value of Rs. 10/- each) |
|
|
|
a) Basic |
3.00 |
|
|
b) Diluted |
3.00 |
|
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
- Number of shares (in lacs) |
3,750 |
|
|
- Percentage of shareholding |
50% |
|
|
|
|
|
2 |
Promoters
and Promoters Group Shareholding a) Pledged / Encumbered |
|
|
|
- Number of shares (in lacs) |
Nil |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
Nil |
|
|
b) Non - encumbered |
|
|
|
- Number of shares (in lacs) |
3,750 |
|
|
- Percentage of shares (as a % of the total
shareholding of the Promoter and Promoter group) |
100% |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
50% |
|
B |
NUMBER OF INVESTOR COMPLAINTS Pending at the
beginning of the quarter Received
during the quarter Disposed
off during the quarter Remaining
unresolved at the end of the quarter |
5 197 197 5 |
NOTE:
·
The
above results have been reviewed by the Audit Committee and approved by the Board
of Directors in their meeting held on 30th July 2013.
·
The
Company is presently operating in one segment viz. Regasified - Liquefied
Natural Gas (R- LNG).
·
The
foreign exchange fluctuation on purchase of LNG is a pass-through cost to the
customers and has been included in cost of materials consumed.
FIXED ASSETS
· Leasehold Land
· Building
· Plant and Machinery
· Equipment and Appliance
· Furniture and Fixtures
· Speed Boat
· Vehicles
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10295254 |
14/06/2011 * |
43,642,545,200.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B16344608 |
|
2 |
10244646 |
22/09/2010 |
1,800,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96378567 |
|
3 |
10244648 |
22/09/2010 |
1,800,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96379094 |
|
4 |
10244647 |
22/09/2010 |
2,400,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96378831 |
|
5 |
10244923 |
22/09/2010 |
300,760,000,000.00 |
MOBIL AUSTRALIA
RESOURCES COMPANY PTY LIMITED |
12 RIVERSIDE QUAY,
SOUTHBANK VICTORIA, AUSTRALIA |
A96472550 |
|
6 |
10245169 |
22/09/2010 |
300,760,000,000.00 |
MOBIL AUSTRALIA
RESOURCES COMPANY PTY LIMITED |
12 RIVERSIDE
QUAY, SOUTHBANK VICTORIA, AUSTRALIA |
A96472691 |
|
7 |
10245168 |
22/09/2010 |
401,020,000,000.00 |
MOBIL AUSTRALIA
RESOURCES COMPANY PTY LIMITED |
12 RIVERSIDE
QUAY, SOUTHBANK VICTORIA, AUSTRALIA |
A96472386 |
|
8 |
10219482 |
14/06/2011 * |
27,063,600,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B16200933 |
|
9 |
10106516 |
16/04/2010 * |
6,750,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A86829017 |
|
10 |
10015632 |
13/06/2011 * |
5,487,230,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B16149684 |
|
11 |
80003206 |
14/06/2011 * |
9,198,547,280.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B16148421 |
|
12 |
80059750 |
07/04/2004 |
744,120,000.00 |
ICICI BANK
LIMITED |
ICICI BANK
TOWERS, BANDRA KURLA COMPLEX, MUMBAI, |
- |
|
13 |
80059751 |
07/04/2004 |
4,843,800,000.00 |
STATE BANK OF
INDIA |
CAG BRANCH, 12TH
FLOOR,, JAWAHAR VYAPAR BHAWEAN, |
- |
|
14 |
80003196 |
03/08/2006 * |
2,520,432,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNT GROUP BRANCH, 20th FLOOR, EXPRESS TOWER,NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
- |
|
15 |
80003199 |
03/08/2006 * |
5,040,864,000.00 |
STATE BANK OF
INDIA |
CORPORATE ACCOUNT
GROUP BRANCH, 20th FLOOR, EXPRESS TOWER,NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
- |
|
16 |
80003192 |
03/08/2006 * |
8,401,440,000.00 |
STATE BANK OF
INDIA |
STATE BANK OF INDIA
BHAVAN, MADAME CAMA ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA |
A04382693 |
|
17 |
80003186 |
03/08/2006 * |
35,730,000,000.00 |
RAS LAFFAN
LIQUIFIED NATURAL GAS COMPANY LTD. (II) |
AL-AHD STREET,
AREA 60, WEST BAY, DOHA, QATAR |
- |
|
18 |
80008334 |
03/08/2006 * |
107,190,000,000.00 |
RAS LAFFAN
LIQVIFITED NATURAL GAS COMPANY LTD |
AI-AHND AREA 60
WES BAY, DELHI, QATAR |
- |
|
19 |
80003180 |
03/08/2006 * |
214,425,000,000.00 |
RAS LAFFAN
LIQUEFIED NATURAL GAS COMPANY LIMITED (II) |
AL-AHD STREET,
AREA 60, WEST BAY, DOHA, NA, QATAR |
- |
* Date of charge modification
FIXED ASSETS:
· Leasehold Land
· Building
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
· Speed Boat
· Vehicles
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.106.02 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
71 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.