MIRA
INFORM REPORT
|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHANAGAR GAS LIMITED |
|
|
|
|
Registered
Office : |
MGL House, Block No. G-33, Bandra – Kurla Complex, Bandra
(East), Mumbai – 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.05.1995 |
|
|
|
|
Com. Reg. No.: |
11-088133 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.893.416 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40200MH1995PLC088133 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM4640G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Dealers and Distributors of Natural Gas. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
AA (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 43000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Gail (India) Limited, the BG Group
(UK) and the Government of Maharashtra. It is a well established and reputed company having a good track
record. Financially company appears to be strong. Liquidity position is good.
Fundamental appears to be healthy. The company gets good financial support from government. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered for normal business dealings 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Debt AAA |
|
Rating Explanation |
Having the highest degree of safety
regarding timely servicing of financial obligation, it carry lowest credit
risk. |
|
Date |
January, 2012 |
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 BY
|
Name : |
Mr. Rajesh Patel |
|
Designation : |
Finance Head |
|
Contact No.: |
91-66785000/ 66952941 |
|
Date : |
07.03.2013 |
|
Email : |
LOCATIONS
|
Registered/ Corporate Office : |
MGL House, Block No. G-33, Bandra – Kurla Complex, Bandra
(East), Mumbai – 400051, |
|
Tel. No.: |
91-22-66785000/ 66952941 |
|
Fax No.: |
91-22-26540092/ 66756491 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Centrals Office : |
Located at: · Bandra · Kandivali · Mulund · Thane |
DIRECTORS
(AS ON 08.08.2012)
|
Name : |
Mr. Bhuwan Chandra Tripathi |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
House No. A-2/27, 2nd Floor, Safdarjung
Enclave, |
|
Date of Birth/Age : |
12.01.1960 |
|
Qualification |
Mechanical Engineering from MNNI T , Allahabad |
|
Date of Appointment : |
28.05.2011 |
|
DIN No.: |
01657366 |
|
|
|
|
Name : |
Mr. Shadey Lal Raina |
|
Designation : |
Director |
|
Address : |
503, |
|
Date of Birth / Age : |
26.05.1953 |
|
Qualification : |
MBA from University of Hull, London, an LLB, Master in Public Administration and Bachelor of Science. |
|
Date of Appointment : |
27.08.2010 |
|
DIN No: |
02766927 |
|
|
|
|
Name : |
Dr. Shivaji Kshatrapati |
|
Designation : |
Director |
|
Address : |
602, Nilambari, Maharshi Karve Road, Mumbai – 400021, Maharashtra,
India |
|
Date of Birth / Age : |
12.03.1961 |
|
Date of Appointment : |
08.08.2012 |
|
DIN No: |
01185381 |
|
|
|
|
Name : |
Mr. Shaleen Sharma |
|
Designation : |
Director |
|
Address : |
15 Sugam Villa, Near Pleasure Club Bopal, Ahmedabad – 380058, Gujarat,
India |
|
Date of Birth / Age : |
29.11.1957 |
|
Date of Appointment : |
08.08.2012 |
|
DIN No: |
00202295 |
|
|
|
|
Name : |
Dr. Basudeb Sen |
|
Designation : |
Director |
|
Address : |
109, |
|
Date of Birth / Age : |
16.06.1948 |
|
Qualification : |
M.A. in Economics from Calcutta University and a Ph.D. from Indian Statistical Institute, besides being an alumnus of the Harvard Business School, USA |
|
Date of Appointment : |
21.03.2006 |
|
DIN No.: |
00056861 |
|
|
|
|
Name : |
Mr. Jainendar Kumar Jain |
|
Designation : |
Director |
|
Address : |
C – 018, Gail Emplyees Co-op Group HSG Society Limited,
Plot No. GH – 9, Sector – 56, Gurgaon - 122003, |
|
Date of Birth / Age : |
21.10.1945 |
|
Qualification : |
Chartered Accountant and fellow member of the Institute of Chartered Accountants of India. |
|
Date of Appointment : |
30.09.2008 |
|
DIN No.: |
00066452 |
|
|
|
|
Name : |
Mr. Santosh Kumar Bajpai |
|
Designation : |
Director |
|
Address : |
E-24, Sector – 55, Gautam Buddha Nagar, Noida – 201301, |
|
Date of Birth / Age : |
01.07.1949 |
|
Date of Appointment : |
26.08.2011 |
|
DIN No.: |
00239324 |
|
|
|
|
Name : |
Mr. Arun Balakrishnan |
|
Designation : |
Director |
|
Address : |
Flat No. : TNC – 122, |
|
Date of Birth / Age : |
25.07.1950 |
|
Date of Appointment : |
26.08.2011 |
|
DIN No.: |
00130241 |
|
|
|
|
Name : |
Mr. Vipin Chandra Chittoda |
|
Designation : |
Managing Director |
|
Address : |
A-104, B-9/1, Sector 62, GB Nagar, Noida-201 307, |
|
Date of Birth / Age : |
18.09.1954 |
|
Qualification : |
Electrical Engineering |
|
Date of Appointment : |
22.04.2010 |
|
DIN No.: |
03053349 |
|
PAN No.: |
AAKPC7721G |
|
|
|
|
Name : |
Mr. William Allan Perrin |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 12S, Samshiba Apartments, |
|
Date of Birth / Age : |
15.11.1950 |
|
Qualification : |
Degree in Gas Engineering and is Chartered Engineer from UK |
|
Date of Appointment : |
07.12.2007 |
|
DIN No.: |
01945487 |
|
PAN No.: |
AJVPP6693G |
|
|
|
|
Name : |
Mr. Neil Andrew Harvey |
|
Designation : |
Additional Director |
|
Address : |
Lakeside Chalet Marriott Exec Apartment, Renaissance Exec Apartment, 2 and 3 B, Chinmayanand Ashram Powai, Mumbai – 400087, Maharashtra, India |
|
Date of Birth / Age : |
29.09.1957 |
|
Date of Appointment : |
08.08.2012 |
|
DIN No.: |
02610125 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil M. Ranade |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 301, Goodwill Co-operative Housing Society, Opposite
Janakalyan Sahakari Bank, J B Nagar, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Date of Birth/Age : |
01.10.1961 |
|
Date of Appointment : |
09.11.2011 |
|
PAN No.: |
AACPR1223N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 08.08.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Chittranjan Indradev Dua |
|
10 |
|
Raghu Ramaraju |
|
10 |
|
Munish Prem Sharma |
|
10 |
|
Deepak L D Adlakha |
|
10 |
|
N. K. Nagpal |
|
10 |
|
BG Asia Pacific Holdings Private Limited, Singapore |
|
44449960 |
|
GAIL ( |
|
44449960 |
|
Governor State of Maharashtra |
|
441600 |
|
Raj Kumar Goel |
|
10 |
|
M. Ravindran |
|
10 |
|
R. C. Arora |
|
10 |
|
|
|
|
|
Total |
|
89341600 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Government (Central and State) |
|
0.49 |
|
Government Companies |
|
49.75 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.75 |
|
Other top fifty shareholders |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers and Distributors of Natural Gas. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
·
United Bank of · The Dhanalaxmi Bank Limited ·
Bank of · ICICI Bank Limited ·
The · Deutsche Bank, AG · Axis Bank · Punjab National Bank · Indian Bank · Oriental Bank of Commerce · HDFC Bank Limited · Kotak Mahindra Bank Limited HSBC Offshore Banking Unit Mauritius, 5th
Floor, Les Cascadees Building, Edith Cavell Street, Port Louls, Mauritius ·
·
Industrial
Development Bank of India, IDBI Tower, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai -
400018, Maharashtra, India |
|
PAN No.: |
AABFD7919A |
|
|
|
|
Promoter Venturer : |
· Gail (India) Limited, India |
|
|
|
|
Investing Company : |
·
BG Asia Pacific Holding Pte Limited, Singapore
(BGAPHPL) (BG Energy Holdings Limited is the Promoter Venturer) |
CAPITAL STRUCTURE
(AS ON 08.08.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89341600 |
Equity Shares |
Rs.10/- each |
Rs.893.416 millions |
|
|
|
|
|
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES
GAIL (India)
Limited
|
Numbers of
Shares |
4,44,49,960 |
|
Percentage |
49.75% |
BG Asia Pacific
Holding Pte. Limited, Singapore
|
Numbers of
Shares |
4,44,49,960 |
|
Percentage |
49.75% |
The Company has
only one class of shares having a par value at Rs. 10 per share. Each holder of
equity shares is entitled to one vote per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
893.416 |
893.416 |
893.416 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9776.996 |
8257.093 |
6905.375 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10670.412 |
9150.509 |
7798.791 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
104.709 |
107.915 |
110.006 |
|
|
TOTAL BORROWING |
104.709 |
107.915 |
110.006 |
|
|
DEFERRED TAX LIABILITIES |
650.674 |
583.418 |
572.763 |
|
|
|
|
|
|
|
|
TOTAL |
11425.795 |
9841.842 |
8481.560 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7637.100 |
6390.722 |
5208.452 |
|
|
Capital work-in-progress |
3218.302 |
2892.206 |
2486.662 |
|
|
|
|
|
|
|
|
INVESTMENT |
2355.054 |
1130.254 |
955.457 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
142.726
|
135.961
|
139.583
|
|
|
Sundry Debtors |
824.547
|
1058.172
|
939.567
|
|
|
Cash & Bank Balances |
510.295
|
341.718
|
393.995
|
|
|
Other Current Assets |
190.485
|
161.638 |
0.000 |
|
|
Loans & Advances |
584.215
|
714.932
|
604.597
|
|
Total
Current Assets |
2252.268
|
2412.421
|
2077.742
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
365.392
|
553.529 |
839.542 |
|
|
Other Current Liabilities |
1924.538
|
1504.024
|
815.003
|
|
|
Provisions |
1746.999
|
926.208
|
592.208
|
|
Total
Current Liabilities |
4036.929
|
2983.761
|
2246.753
|
|
|
Net Current Assets |
(1784.661)
|
(571.340)
|
(169.011)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11425.795 |
9841.842 |
8481.560 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13090.303 |
10624.240 |
7728.071 |
|
|
|
Other Income |
193.691 |
111.403 |
159.312 |
|
|
|
TOTAL (A) |
13283.994 |
10735.643 |
7887.383 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-trade |
6209.779 |
5184.120 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(0.540) |
(0.731) |
|
|
|
|
Employee benefit expense |
294.580 |
234.115 |
|
|
|
|
Other expenses |
1599.185 |
1432.019 |
|
|
|
|
TOTAL (B) |
8103.004 |
6849.523 |
4952.239 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5180.990 |
3886.120 |
2935.144 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.917 |
6.987 |
18.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5178.073 |
3879.133 |
2916.410 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
638.388 |
555.689 |
480.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4539.685 |
3323.444 |
2435.477 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1462.256 |
1068.361 |
817.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3077.429 |
2255.083 |
1617.597 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7044.077 |
5918.994 |
5036.888 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
1340.000 |
780.000 |
312.696 |
|
|
|
Proposed One- Time Special Dividend |
0.000 |
0.000 |
178.683 |
|
|
|
Corporate Dividend Tax |
220.000 |
120.000 |
81.612 |
|
|
|
Transfer to General Reserve |
310.000 |
230.000 |
162.500 |
|
|
BALANCE CARRIED
TO THE B/S |
8251.506 |
7044.077 |
5918.994 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.45 |
25.24 |
18.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
23.17
|
21.00
|
20.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.68
|
31.28
|
31.51
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
45.90
|
37.75
|
33.43
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.36
|
0.31
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.01
|
0.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56
|
0.81
|
0.92
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditor |
365.392
|
553.529 |
839.542 |
|
|
|
|
|
|
Total |
365.392
|
553.529 |
839.542 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
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 |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Sales Tax Deferred Loan (Interest Free) |
104.709 |
107.915 |
|
|
|
|
|
Total |
104.709 |
107.915 |
|
NOTE: Sales tax deferment
is in respect of Sales Tax collected for the period 1996-97 to 2000-01. The
same is to be repaid in 6 Equal annual instalments on 1st April every year
starting from the 14th year from the year of availment of the Loan. |
||
FINANCIAL PERFORMANCE:
The company
surpassed the milestone of Rs.13000.000 Millions turnover, registering an
impressive growth of 23% over the previous year. The Profit after Tax has
increased by 37% from Rs.2250.000 Millions for the year 2010-11 to Rs.3080.000
Millions for the current year.
The return on
average capital employed (post tax) has improved from 25% to 29%, signifying
judicious investments in infrastructure, control over costs and well managed
pricing strategies. Fixed assets turnover ratio improved from 1.83 for the
previous year to 1.87 times indicating a better utilization of assets.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OPERATIONS AND
BUSINESS PERFORMANCE:
Mumbai is a
densely populated and congested city. Building infrastructure in the city has always
been a challenge for your Company. Further more, as compared to other utilities
whose infrastructure is mostly already laid in the limited corridors available,
City Gas Distribution has the 'last move in' disadvantage in Mumbai. This
involves laying of extensive new infrastructure in narrow corridors already
overcrowded by other utilities.
The Company has
successfully continued scaling up of the infrastructure during the year under
review in its existing areas of Mumbai, Thane, Mira-Bhayander and Navi Mumbai.
The Company is setting up distribution infrastructure in the expansion areas of
Kalyan- Dombivali, Ambernath, Ulhasnagar and Taloja in its authorized
geographical areas. Growth has been maintained despite encountering
complexities due to development of other infrastructure by various authorities
like construction of flyovers, metro and monorail, subways, and other problems
like edge to edge concretization of roads, expansion and redevelopment of roads
with availability of limited corridor, limited construction season of only six
months for building the infrastructure due to monsoons and delay in statutory
permissions from local authorities to build City Gas Distribution
infrastructure.
In May 2012, the
number of household consumers has reached to 5.68 lakhs and CNG vehicles to
2.47 Lakhs approximately.
Continuous
additions to the number of domestic connections and vehicles converted to CNG
have ensured that the company retains its position as the largest City Gas
Distribution Company in India in terms of consumer base.
The average gas
sales volume of the company during the financial year 2011-12 has increased to
1950142 SCM per day representing a growth in excess of 11% over the previous year.
The highest daily gas volume has reached a peak of 2333385 SCM per day during
the year.
During the year
2011-12, the Company made substantial investments in network expansion in its
existing areas of operations and laying, building and developing CGD
infrastructure in its authorized expansion areas. The projects undertaken
during the year have progressed well. During the year, apart from domestic
connections, the company has also made progress in increasing gas supply to
Commercial and Industrial consumers.
The peak daily
sale of CNG exceeded 1185800 Kgs per day during the year, registering a growth
of more than 7.5 % over the peak daily\ demand in the previous year. The growth
in demand for CNG is expected to continue and the Company is preparing to seize
this opportunity by significantly investing further in the CNG infrastructure
in the city of Mumbai and expansion areas during 2012-13.
Some of the
important events/ achievements during the year were:
(i) Day to day
efficient gas sourcing, supply management, fund management and operations
carried out by the Company led to reduction in overall costs and achievement of
better profitability in spite of higher RLNG prices prevailing in the market.
(ii) The company
was re-affirmed with AAA rating by ICRA in January 2012, the highest possible
rating for Debt instrument by ICRA.
(iii) The company
officially launched HSS and E pictogram in June 2011.
(iv) The Company
was re-certified with OHSAS 18001:2007, ISO 9001:2008 and ISO 14001:2004.(v)
Steel Pipeline Network of 4094 mtrs.
From Seawood
Railway Crossing to Belapur Railway Crossing commissioned successfully on May
21, 2011. This will pave way for gasifying Belapur DRS and Nerul area at Navi
Mumbai.
(vi) Joint CNG
promotion activities undertaken by MGL along with Maruti and Tata Motors for
promoting CNG for private cars and school buses respectively.
(vii) Service
agreement for a period of 10 years signed with Essar Oil Limited for setting up
and operating CNG stations at existing and upcoming Essar retail outlets in and
around Mumbai city.
(viii) New MGL owned office building at Mahape inaugurated.
DEVELOPMENT IN GAS
PRICING:
Spot RLNG prices
increased substantially during the year from about US$ 12/MMBTU to US$ 17.44
MMBTU.
The company successfully
maintained its absolute margins in spite of these increased gas costs by
putting in place and implementing a comprehensive gas sales pricing policy.
FUTURE OUTLOOK:
In the next 5
years, MGL’s sales volumes are expected to be more than double. The Company has
ambitious expansion plans which inter alia include commissioning of 2 more City
Gate Stations at Ambernath and Taloja shortly and interconnectivity of City
Gate Station at Wadala with DUPL network for security of supply. In the next five
years, your Company has plans to increase its customer base to 11 lakh
households covering a population of over 55 lakhs, operate 350 CNG stations,
expand the steel pipeline network to over 600 KM and PE pipeline network over
5500 KM. As regards investment for expanding its CGD infrastructure, the
company has plans for additional investment of about Rs.26000.000 Millions in
the next five years.
FIXED ASSETS:
·
·
Buildings, Bunk houses
·
Roads and Fences
·
Electricals Installations
·
Plant and Machinery
·
Gas Distribution System
·
Computers
·
Office Equipments
·
Communication Systems
·
Furniture and Fixtures
·
Motor Cars
·
Software Expenditure
NEWS:
MAHANAGAR GAS LIMITED
INTRODUCES INNOVATIVE TECHNOLOGY FOR METER READING
11 September, 2012
Mahanagar Gas Limited, (MGL) has been providing the citizens of Mumbai, Thane and Navi Mumbai areas with PNG and CNG ensuring maximum customer convenience.
Continuing their focus and commitment to serve the customers better, MGL has once again undertaken a purposeful step towards providing an alternative solution for meter reading and resolving the billing issues by implementing an advanced technological system. It is said that “Innovation is the mother of invention” – and this is rightly proven once again with the creative ideation by the MGL management and most importantly the Managing Director himself – Mr. V. C. Chittoda.
MGL has recently began with the implementation of their new Photo based GPS enabled smart phones initiative for meter readings at households. The system involves an automated meter reading tool rather than the manual paperwork involved - A GPS based android mobile phone that enables the meter reader to update the data of the customer and allows the meter reader to take a picture of the meter capturing the accurate reading. In order to make this unique project, MGL had approached for a software partner - 'Mobicule' who had given the design an outcome. The meter reader feeds the data into the instrument which in turn is then uploaded to the MGL server for bill generation.
The first phase of this unique initiative has been completed with the PNG customers in Mira-Bhayander areas. Bills also have been generated and sent to the customers based on the reading taken by this system. The mobile instruments are unique to each meter reader and cannot be exchanged within meter readers as they are pass code protected. The system is quicker and does not require the meter reader to physically visit the MGL offices to update the meter readings of customers. It also saves time and paperwork thus “going the green way”. The system has been highly appreciated by the customers who have experienced it.
MGL is also in process of testing another technology for obtaining meter readings automatically. This is called an Automated Meter Reading (AMR) system, and currently a pilot project is being implemented. The pilot project is undertaken with the Walk-by system, wherein the MGL meter readers have hand-held equipment with them that enables them to capture the reading onto the system by physically visiting the vicinity / area, rather than each individual home.
In other words, the meter reader is not required to physically access each meter to collect the reading. On comparison, the reading on the mechanical index of the meter and the reading obtained on the hand-held equipment have been found to be the same in more than 99% cases.
These initiatives just emphasizes MGL’s commitment towards its customers and only reiterates their customer friendly approach for their consumers in the city of Mumbai and nearby areas.
HEALTH AWARENESS AND
VEHICLE CHECK-UP CAMP FOR AUTORICKSHAW AND TAXI DRIVERS
30 May 2012
MGL has been contributing towards the health of auto rickshaw and taxi drivers through various CSR initiatives. In furtherance of this initiative, MGL organized a free Health Awareness Camp for the autorickshaw and taxi drivers at Vashi on 7th April 2012 at Worli on 21st April and at Mira Road on 29th May 2012
The camp at Vashi was inaugurated by Shri Babshetti and at Worli by Shri Dilip Suryavanshi, Senior Inspector of Police (Admin), Traffic division Thane. While inaugurating the camp, both the dignitaries appreciated MGL for its social initiative for the health and welfare of the auto drivers.
About 300 auto and taxi drivers availed of the check-up during these camps. They were overwhelmed by MGL’s gesture.
The camp was organized in coordination with the auto and taxi unions, through a team of medical experts from Amelio Mediocorp.
Earlier, MGL had organised similar health awareness camps at Wadala and Thane, where eye check-up, blood sugar, blood pressure, spirometry and other preliminary tests were conducted for propagating healthy living among the auto and taxi drivers.
In addition to the Health check- up of the auto-drivers, a general check-up on the health of their vehicles was also carried out during the camps. For creating safety awareness in usage of CNG, MGL’s Mobile Safety Van equipped with audio visuals on Safety was stationed on the location for educating the CNG auto users.
MGL CONDUCTS FREE HEALTH AWARENESS CAMP FOR AUTORICKSHAW DRIVERS AT
WADALA
07 February, 2012
Mahanagar Gas Limited (MGL) has been contributing towards the health of auto
rickshaw and taxi drivers through various CSR initiatives. In furtherance of
this initiative, MGL organized a free Health Awareness Camp for the
autorickshaw drivers at Wadala on 7th February 2012.
The camp was inaugurated by Mr. A.D. Deshpande, Dy. RTO, Wadala. While
inaugurating the camp, Mr. Deshpande appreciated MGL for its social initiative
for the health and welfare of the auto drivers.
About 100 auto drivers availed of the check-up during the camp. The auto
drivers were overwhelmed by MGL’s gesture.
The camp was organized in coordination with the auto unions, through a team of
medical experts from Amelio Mediocorp.
Earlier, MGL had organised eye check up camps at various places in Mumbai,
Thane, Navi Mumbai and Mira Road for auto and taxi drivers. Taking this
initiative further, this health awareness camp was organized, where, in
addition to eye check-up, blood sugar, blood pressure, spirometry and other
preliminary tests were conducted for propagating healthy living among the auto
drivers. MGL proposes to organize more such camps for the benefit of auto
rickshaw and taxi drivers.
In addition to the Health check- up of the auto-drivers, a general check-up on
the health of their vehicles was also carried out during the camp. For creating
safety awareness in usage of CNG, MGL’s Mobile Safety Van equipped with audio
visuals on Safety was stationed on the location for educating the CNG auto
users.
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.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
76 |
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.