MIRA
INFORM REPORT
|
Report Date : |
10.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BENGAL ENERGY LIMITED |
|
|
|
|
Registered
Office : |
Room No. 301, 3rd Floor, Om Tower, 32 Chowringhee Road,
Kolkata-700071, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.05.2007 |
|
|
|
|
Com. Reg. No.: |
21-115887 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.860.493
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U10100WB2007PLC115887 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB09555A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Manufacturing of Low Ash Metallurgical Coke
(LAMC). |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11747000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Profitability of the company seems to be fair. General financial position of
the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are
usually correct. The company can be considered for business dealings at usual trade
terms and conditions. Latest financial for the year 2013 is not available with us. |
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) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB – [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
18.01.2013 |
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 DECLINED
Management non co-operative. [91-33-22883355]
LOCATIONS
|
Registered / Corporate Office : |
Room No. 301, 3rd Floor, Om Tower, 32 Chowringhee Road,
Kolkata-700071, West Bengal, India |
|
Tel. No.: |
91-33-22883355 / 56 |
|
Fax No.: |
91-33-22883354 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Mouza: Dauka PO Tentulmuri, P. S. Narayangarh, District Midnapore-721347 West Bengal, India |
|
Tel. No.: |
91-322-2236692 / 98 |
|
Fax No.: |
91-322-2236697 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Rajeev Maheshwari |
|
Designation : |
Managing Director |
|
Address : |
Flat 10 C, Tower 1, South City, 375, Prince Anwar Shah Road, Kolkata-700068,
West Bengal, India |
|
Date of Birth/Age : |
27.05.1965 |
|
Date of Appointment : |
18.05.2007 |
|
Din No.: |
00558130 |
|
|
|
|
Name : |
Mr. Om Prakash Jalan |
|
Designation : |
Director |
|
Address : |
20, O.C. Ganguly Sarani, Po-lala Lajpat Rai Sarani, Kolkata-700020,
West Bengal, India |
|
Date of Birth/Age : |
06.05.1967 |
|
Date of Appointment : |
18.05.2007 |
|
Din No.: |
00578764 |
|
|
|
|
Name : |
Mr. Navin Maheshwari |
|
Designation : |
Director |
|
Address : |
166, Jessore Road, Kolkata-700055, West Bengal, India |
|
Date of Birth/Age : |
17.02.1974 |
|
Date of Appointment : |
06.08.2007 |
|
Din No.: |
01246039 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Om Prakash Jalan |
1500000 |
-- |
|
Suman Jalan |
10000 |
-- |
|
Rajeev Maheshwari |
165000 |
-- |
|
Varsha Maheshwari |
10000 |
-- |
|
Bishwanath Agarwal |
500 |
-- |
|
Gokul Lodha |
500 |
-- |
|
Satish Kumar Singh |
500 |
-- |
|
Perkin Dealers Private Limited, India |
4387000 |
-- |
|
Karni Syntex Private Limited, India |
8250000 |
-- |
|
SRG Earth Resources Private Limited, India |
3660000 |
-- |
|
Richa Energy Resources Private Limited, India |
500000 |
-- |
|
Apex Energy Private Limited, India |
1050000 |
-- |
|
Apex Energy Resources Limited, India |
2000000 |
-- |
|
Stead Traders Private Limited, India |
1780000 |
-- |
|
Gangotri Commodities and Invest Private Limited, India |
8545000 |
14000000 |
|
Thermic Steel Company Private Limited, India |
8118000 |
14500000 |
|
Mega Venture Holdings Pte. Limited, Singapore |
-- |
41402839 |
|
Karani Syntex Private Limited, India |
-- |
1215000 |
|
Bright Finance Private Limited, India |
-- |
3455000 |
|
Karani Syntex Private Limited, India |
-- |
36500000 |
|
Night Bird Marketing Private Limited, India |
-- |
18500000 |
|
Safalta Agencies Private Limited, India |
-- |
16600000 |
|
|
|
|
|
TOTAL
|
39976500 |
146172839 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
95.78 |
|
Directors
or relatives of directors |
|
4.21 |
|
Other
top fifty shareholders |
|
0.01 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Low Ash Metallurgical Coke
(LAMC). |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Met Cock |
MT |
600000 |
401533 * |
NOTE: *Production Figures include 27,185MT as Job Work basis for third party.
License capacity is not applicable in terms of government of India’s
notification No. S.O.477 (E) dated 25th July 1991.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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|
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|
Bankers : |
·
State Bank of Travancore, Kolkata Main Branch,
36, Chowringhee Road, Kolkata-700071, West Bengal, India ·
State Bank of Hyderabad, 113, Park Street,
Kolkata-700016, West Bengal, India ·
State Bank of India, Commercial Branch,
Kolkata-700016, West Bengal, India ·
State Bank of Patiala, 8 Camac Street,
Shantinekatan, Kolkata-700017, West Bengal, India ·
ICICI Bank Limited, 2B, Gory Terrace,
Kolkata-700017, West Bengal, India ·
Allahabad Bank, Industrial Finance Branch, 17,
R.N. Mukherjee Road, 4th Floor, Kolkata-700001, West Bengal, India
·
UCO Bank, Flagship Corporate Branch, 2, India
Exchange Place, Kolkata-700001, West Bengal, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.K. Jhunjhunwala Chartered Accountants |
|
Address : |
103, Mahatma Gandhi Road, 1st Floor, Kolkata-700007, West
Bengal, India |
|
PAN No: |
ACUPJ4346E |
|
|
|
|
Subsidiary : |
Bengal Coal Pty Ltd, Australia |
|
|
|
|
Other Related Parties : |
·
Akshara Constructions Private Limited ·
Apex Energy Resources Private Limited ·
Gangotri Commodities and Finvest Private Limited ·
GRM Resources Pte. Limited, Singapore ·
Himalayan Polymer Industries (Partnership Firm) ·
Karni Syntex Private Limited ·
SRG Earth Resources Private Limited ·
Thermic Steel Co Private Limited ·
Vistaar Marine Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
150000000 |
Preferences Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
TOTAL
|
|
Rs.1900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39976500 |
Equity Shares |
Rs.10/- each |
Rs.399.765
Millions |
|
146172839 |
6.5% Compulsorily Convertible Preferences Shares |
Rs.10/- each |
Rs.1461.728
Millions |
|
|
TOTAL |
|
Rs.1861.493 Millions |
AS ON 31.03.2012
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
50000000 |
Preferences Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
TOTAL
|
|
Rs.900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39976500 |
Equity Shares |
Rs.10/- each |
Rs.399.765
Millions |
|
46072839 |
6.5% Compulsorily Convertible Preferences Shares |
Rs.10/- each |
Rs.460.728
Millions |
|
|
TOTAL |
|
Rs.860.493 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 |
|
860.493 |
860.493 |
|
(b) Reserves & Surplus |
|
2076.477 |
1897.185 |
|
(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) |
|
2936.970 |
2757.678 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
3012.731 |
3710.567 |
|
(b) Deferred tax liabilities (Net) |
|
433.512 |
331.099 |
|
(c) Other long
term liabilities |
|
436.568 |
219.755 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
3882.811 |
4261.421 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2156.333 |
814.209 |
|
(b)
Trade payables |
|
5158.941 |
3150.872 |
|
(c)
Other current liabilities |
|
872.464 |
950.269 |
|
(d) Short-term
provisions |
|
34.806 |
142.138 |
|
Total Current
Liabilities (4) |
|
8222.544 |
5057.488 |
|
|
|
|
|
|
TOTAL |
|
15042.325 |
12076.587 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6474.694 |
3834.207 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
164.919 |
2620.300 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1.040 |
1.040 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1160.394 |
932.188 |
|
(e) Other Non-current
assets |
|
154.634 |
91.308 |
|
Total Non-Current
Assets |
|
7955.681 |
7479.043 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2662.245 |
3100.602 |
|
(c)
Trade receivables |
|
2204.960 |
884.294 |
|
(d) Cash
and cash equivalents |
|
977.673 |
368.054 |
|
(e)
Short-term loans and advances |
|
518.567 |
35.533 |
|
(f)
Other current assets |
|
723.199 |
209.061 |
|
Total
Current Assets |
|
7086.644 |
4597.544 |
|
|
|
|
|
|
TOTAL |
|
15042.325 |
12076.587 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
846.465 |
|
|
2] Preferences Share Capital |
|
|
14.028 |
|
|
3] Share Application Money |
|
|
35.071 |
|
|
4] Reserves & Surplus |
|
|
1145.113 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2040.677 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4479.810 |
|
|
2] Unsecured Loans |
|
|
1060.780 |
|
|
TOTAL BORROWING |
|
|
5540.590 |
|
|
DEFERRED TAX LIABILITIES |
|
|
87.187 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7668.454 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3302.230 |
|
|
Capital work-in-progress |
|
|
2836.752 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.040 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1918.933 |
|
|
Sundry Debtors |
|
|
613.388 |
|
|
Cash & Bank Balances |
|
|
514.520 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1147.901 |
|
Total
Current Assets |
|
|
4194.742 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
2529.273 |
|
|
Provisions |
|
|
136.037 |
|
Total
Current Liabilities |
|
|
2665.310 |
|
|
Net Current Assets |
|
|
1529.432 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7668.454 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10988.915 |
9397.716 |
4348.446 |
|
|
|
Other Income |
243.949 |
60.038 |
13.367 |
|
|
|
TOTAL (A) |
11232.864 |
9457.754 |
4361.813 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7003.539 |
5473.168 |
|
|
|
|
Purchases of stock-in-trade |
1970.204 |
2169.782 |
|
|
|
|
Employee benefit expense |
52.559 |
50.203 |
3518.539 |
|
|
|
Other expenses |
473.313 |
563.745 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
704.793 |
(712.427) |
|
|
|
|
TOTAL (B) |
10204.408 |
7544.471 |
3518.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1028.456 |
1913.283 |
843.274 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
502.152 |
621.552 |
250.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
526.304 |
1291.731 |
592.902 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
209.793 |
162.448 |
90.417 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
316.511 |
1129.283 |
502.485 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
102.413 |
377.677 |
172.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
214.098 |
751.606 |
329.902 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
898.700 |
231.700 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
50.000 |
50.000 |
|
|
|
Proposed Dividend |
29.900 |
29.800 |
41.200 |
|
|
|
Corporate Tax on Dividend |
4.900 |
4.800 |
7.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1077.998 |
898.706 |
231.702 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7857.026 |
6315.575 |
3835.066 |
|
|
|
Stores & Spares |
17.566 |
3.031 |
0.000 |
|
|
|
Capital Goods |
11.915 |
3.586 |
403.691 |
|
|
TOTAL IMPORTS |
7886.507 |
6322.192 |
4238.757 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
4.48 |
17.94 |
9.96 |
|
|
|
-
Diluted |
2.49 |
8.73 |
5.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.91
|
7.95 |
7.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.88
|
12.02 |
11.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.13
|
11.94 |
6.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.41 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.75
|
1.64 |
2.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.91 |
1.57 |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10454226 |
17/10/2013 |
865,000,000.00 |
STATE BANK OF
TRAVANCORE |
KOLKATA MAIN
BRANCH, 36, CHOWRINGHEE ROAD, KOLKATA - 700071, WEST BENGAL, INDIA |
B87176434 |
|
2 |
10450844 |
21/09/2013 |
250,000,000.00 |
STATE BANK OF
HYDERABAD |
113, PARK
STREET, KOLKATA - 700016, WEST BENGAL, |
B85661619 |
|
3 |
10426113 |
18/04/2013 |
975,000,000.00 |
State Bank of
Patiala |
8, CAMAC
STREET,SHANTINEKATAN, KOLKATA - 700017, WEST BENGAL, INDIA |
B75258400 |
|
4 |
10364200 |
06/07/2012 |
1,250,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B43077064 |
|
5 |
10288815 |
07/05/2011 |
500,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PARK STREET
BRANCH,, 107/1, PARK STREET (1ST FLOOR), KOLKATA - 700016, WEST BENGAL, INDIA |
B13639927 |
|
6 |
10293083 |
02/05/2011 |
450,000,000.00 |
UNITED BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 11, HEMANTA BASU SARANI, KOLKATA - 700001, WEST BENGAL, INDIA |
B15311400 |
|
7 |
10246557 |
23/12/2011 * |
7,062,500,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL
BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
B30179824 |
|
8 |
10246373 |
08/10/2010 |
1,280,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
A97503940 |
|
9 |
10246372 |
08/10/2010 |
3,000,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
A97502561 |
|
10 |
10212869 |
23/12/2011 * |
12,626,200,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA |
B73910473 |
|
* Date of charge modification |
||||||
REVIEW OF
OPERATIONS:
Indian Economy is
passing through a very tough time with negative industrial output, high
inflation, flat demand and negative sentiment in each and every segment. Indian
Steel Sector has also witnessed a very challenging time with very low demand,
high input cost, iron ore mining issues, depreciating rupees and high interest
cost etc. Steel industry, being the major consumer of met coke, has slowdown
their production during the period, which has a negative impact on the merchant
coke manufacturer. In spite of slowing down of economy, the Company has been
able to maintain its production level. Due to installation of Railway Siding
inside the plant their reach to the customer has extended. As a result they
have been able to supply consistently to Steel Authority of India and Tata
Steel. They are hopeful to continue to supply to these companies in near future
also. Further with the improvement in Government spending, which is expected in
the coming years, the demand for the steel along with the met coke will
increase.
During the year
the company has reported Profit before tax amounting to Rs. 316.500 millions
and net profit after tax was Rs. 214.100 millions as compared to Rs. 1129.300
millions and Rs. 751.600 millions respectively during the previous year. High
input cost and rupee depreciation has adversely affected their bottom line.
FUTURE PLANS OF
THE COMPANY:
Indian economy as
well as Steel Industry is passing through challenging time due to factors
mentioned above. However it is expected that the economy will revive with great
potential shortly. Looking at the current scenario, they have decided to
consolidate and put all their effort to manage current business. Their plants,
both coke oven and power, are fully operational and they have also completed
all their basic infrastructure work like Water Pipe Line Project, Railway
Siding and 132 KVA Substation etc. Company’s plan for setting up plants as a
part of forward integration, along with setting up 16.5*2 MVA Ferro Alloy Plant
in as the time is not conducive for putting up investment.
PRESS RELEASE:
BENGAL ENERGY ANNOUNCES
EXECUTIVE APPOINTMENT
NOVEMBER 26, 2013
CALGARY,
ALBERTA--(Marketwired - Nov. 26, 2013) - Bengal Energy Limited (TSX:BNG)
("Bengal" or the "Company") today announces the appointment
of Mr. Jerrad Blanchard, CA as Chief Financial Officer (CFO), effective
December 1, 2013.
Mr. Blanchard
brings to Bengal a strong technical background, coupled with hands-on
experience in all aspects of corporate finance, financial reporting,
implementation of controls and governance for a public company operating in
international jurisdictions. Prior to its sale earlier in 2013, Mr. Blanchard
served as the CFO of Winstar Resources Limited, a TSX listed oil and Gas
Company with international exploration and production assets. Prior thereto, he
was a Manager in PricewaterhouseCoopers LLP's Audit and Assurance Group, and
became a member of the Institute of Chartered Accountants of Alberta in 2007.
"We are very
pleased to welcome Mr. Blanchard to the Bengal team," said Chayan
Chakrabarty, Bengal's President and CEO. "His direct experience in the
financial management of a growing international energy company will be paramount
as Bengal continues to pursue the development of our assets."
Mr. Blanchard
will be replacing Mr. Bryan Goudie, who served as Bengal's CFO since 2006, and
is resigning from the company to pursue other opportunities. Mr. Goudie will
continue to provide transitional assistance to the company until December 22,
2013.
"Bryan has
been a valued member of the Bengal team through its evolution to date,
providing financial management as the Company transitioned from pure
exploration through to production. On behalf of the Board of Directors and
Bengal, I would like to thank Bryan for his contributions and wish him
continued success in his future endeavours," said Chakrabarty.
ABOUT BENGAL
Bengal Energy
Limited (TSX: BNG) is an international oil and gas exploration and production
company with producing and prospective light oil-weighted assets in Australia
and India. Bengal offers exposure to lower risk current production and cash
flow, combined with longer-term high potential impact exploration projects. The
Company's strategy is to achieve per share growth in cash flow, production and
reserves while establishing an attractive portfolio of future drilling and
exploration opportunities.
BENGAL ENERGY ANNOUNCES RECORD PRODUCTION AND OPERATIONAL UPDATE FROM
ACTIVITIES IN COOPER BASIN, AUSTRALIA
AUGUST 28, 2013
Calgary, Alberta – Bengal Energy Limited (TSX: BNG) (“Bengal” or the “Company”) today announces record production volumes along with an operational update from its activities in the Cooper Basin, Queensland, Australia.
PRODUCTION VOLUMES:
Bengal is pleased to announce that during July 2013, 11 of the 14 wells in its Cuisinier area (PL 303) of the Cooper Basin were producing, and achieved average monthly gross production of 1,936 barrels of oil per day (b/d). Based on the Company’s 25% working interest in Cuisinier, net production to Bengal would be 484 b/d, an increase of 55% over the oil volumes reported in the most recent quarter.
Applying the Company’s increased working interest in the field of 30.357% (the acquisition of which is expected to close in September 2013, effective March 15, 2013), Bengal’s average volumes from Cuisinier in July would be 587 b/d net, a 68% increase over the oil volumes reported in the last quarter. Additional volumes are expected as the remaining 3 wells are brought on-stream through September, 2013.
The Company’s growing production base coupled with strong operating netbacks of $79.82 per barrel in the most recent quarter support Bengal’s strong cash flow generating trend.
OPERATIONAL UPDATE:
Cuisinier 12, the final well of 6 in the 2013 Cuisinier drilling campaign, has been cased as a future oil producer, and continues Bengal’s 100% drilling success rate in this exciting, potential resource play asset. The well encountered 3.8 meters of net oil pay in the Murta DC70 sands, directly offsetting the producing Cuisinier 6 and 7 wells. Completion of the Cuisinier 12 well is expected to commence in early September 2013 with production anticipated shortly thereafter.
Progress continues in Bengal’s other key Cooper Basin asset, the Tookoonooka permit (ATP 732), where the
Company recently announced a farm-in and joint venture agreement with a very experienced Cooper Basin operator. This farmout consists of a commitment by the partner to drill two wells and acquire 300 square km of 3D seismic, spending up to AUD$11.5 million. Planning for commencement of the drilling and seismic activity on this 654,000 acre permit is under way, and the first drilling location will be positioned to appraise Bengal’s existing Caracal light oil discovery as well as deeper targets. It is anticipated the first well and the 3D seismic will be completed before the end of calendar 2013, with the second well to be situated within the boundaries of the new 3D seismic.
“Bengal is very pleased to report further increases to our production and continued progress in the appraisal and development of our Australian assets,” said Chayan Chakrabarty, President and CEO of Bengal. “With a growing production base that is light oil weighted, and which generates very strong operating netbacks, Bengal is well positioned to continue growing cash flow and reserves. We look forward to keeping shareholders updated on our progress and success.”
ABOUT BENGAL
Bengal Energy Limited is an international junior oil and gas exploration and production company with assets in India and Australia. The company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal trades on the TSX under the symbol BNG.
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.61.17 |
|
|
1 |
Rs.100.01 |
|
Euro |
1 |
Rs.83.82 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.