MIRA INFORM REPORT
|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VADINAR OIL TERMINAL LIMITED (w.e.f. 21.11.2000) |
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Formerly Known
As : |
ESSAR TANKERS LIMITED |
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Registered Office
: |
Essar Refinery Site, 39 KM Stone, Okha Highway (SH-25),
Khambhalia-361305, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.06.1993 |
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Com. Reg. No.: |
18-053434 |
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Capital
Investment / Paid-up Capital : |
Rs.10461.420 Millions |
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CIN No.: [Company Identification
No.] |
U35111GJ1993FLC053434 |
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PAN No.: [Permanent Account No.] |
AABCV2626D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Transportation of Crude and Petroleum Product. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 29000000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to accumulated
losses recorded by the company. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a
coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Inadequate credit quality of high credit
risk |
|
Date |
17.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
Management Non-Cooperative (Tel No.: 91-2833-241444)
LOCATIONS
|
Registered Office : |
Essar Refinery Site, 39 KM Stone, Okha Highway (SH-25),
Khambhalia-361305, Gujarat, India |
|
Tel. No.: |
91-2833-241444 / 661449 / 663844 |
|
Fax No.: |
91-2833-241818 / 662929 |
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E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Dipankar Pal |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 32, Apsara Bhojwani Enclave, Nargis Dutt Road, Pali Hill
Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
01.09.2012 |
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DIN No.: |
03306857 |
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Name : |
Mr. Rajiv Agarwal |
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Designation : |
Director |
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Address : |
A/1002-1003, Lodha Grandeur, Sayani Road, Prabhadevi, Mumbai – 400030,
Maharashtra, India |
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Date of Birth/Age : |
10.08.1963 |
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Date of Appointment : |
03.08.2010 |
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DIN No.: |
00903635 |
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Name : |
Mr. Kamla Kant Sinha |
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Designation : |
Director |
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Address : |
111, Dhawalgiri, Off Film City Road, Yashodham, Goregaon (East),
Mumbai-400063, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1948 |
|
Date of Appointment : |
29.09.2006 |
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DIN No.: |
00009113 |
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|
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Name : |
Mr. Shailesh Nehalchand Sawa |
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Designation : |
Director |
|
Address : |
53 Beach Towers, Tata Press Lane, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
|
Date of Birth/Age : |
24.07.1963 |
|
Date of Appointment : |
15.10.2012 |
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DIN No.: |
03163208 |
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|
|
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Name : |
Mr. Prabhat Kumar Srivastava |
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Designation : |
Director |
|
Address : |
Flat No. 2620, Tanhee Heights CHS Limited, Petit Hall, Nepean Sea
Road, Mumbai – 400006, Maharashtra ,
India |
|
Date of Birth/Age : |
11.08.1945 |
|
Date of Appointment : |
15.10.2012 |
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DIN No.: |
00843258 |
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|
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Name : |
Mr. Joseph Mathew Karulkathel |
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Designation : |
Director |
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Address : |
53-A, Savitha, JP Road, Seven Bungalow, Andheri West, Mumbai – 400061,
Maharashtra, India |
|
Date of Birth/Age : |
22.03.1944 |
|
Date of Appointment : |
17.07.2013 |
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DIN No.: |
01095291 |
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Name : |
Mr. Kamalkishore Chandravadan Jain |
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Designation : |
Director |
|
Address : |
244 Tower, Twin Tower, Prabhadevi – 400025, Mumbai- 400025,
Maharashtra, India |
|
Date of Birth/Age : |
18.01.1954 |
|
Date of Appointment : |
01.11.2010 |
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DIN No.: |
02535299 |
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Name : |
Mr. Deepak Sachdeva |
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Designation : |
Whole Time Director |
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Address : |
101, Shrikar Apartment, Palace Ground, Park Colony, Jamnagar – 361006,
Gujarat, India |
|
Date of Birth/Age : |
16.11-1972 |
|
Date of Appointment : |
18.10.2011 |
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DIN No.: |
05176410 |
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|
|
|
Name : |
Mr. Suneet Shukla |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 102, Blue Diamond Apartment, Near SNDT University, Juhu Tara
Road, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
07.05.1969 |
|
Date of Appointment : |
16.01.2013 |
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DIN No.: |
02248415 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Essar Ports Limited, India * |
|
1046141940 |
|
Essar Ports Limited, India jointly with Vikram Gupta |
|
10 |
|
Essar Ports Limited, India jointly with Manoj Contractor |
|
10 |
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Essar Ports Limited, India jointly with Ravi Vaidyanathan |
|
10 |
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Essar Ports Limited, India jointly with Raman Subramanian |
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10 |
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Essar Ports Limited, India jointly with Jagannathan Raghavan |
|
10 |
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Essar Ports Limited, India jointly with Ashok Vaidyanathan |
|
10 |
|
Total |
|
1046142000 |
Note: The above shares have been held by Essar Ports
and Terminals Limited, Mauritius, which company has been merged with the Essar
Ports Limited by way of a composite scheme of agreement as approved by the
Hon’ble High Court of Gujarat.
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Transportation of Crude and Petroleum Product. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
Punjab National Bank, Foreshore Road Branch, 1st Floor; Raheja
Chamber; |
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Facilities : |
Notes: Secured borrowings (i)
From banks (a)
Rupee term loans (b)
Funded interest facilities (refer
note (d) below) (including funding of interest for the period October 1998
to December 2003) and funded interest thereon) Less: Amount not payable if relevant funded interest is
paid as of the balance sheet date Total funded interest facilities from banks
Total secured borrowings from banks (ii)
From financial institutions (a)
Rupee term loans (b)
Funded interest facilities (refer
note (d) below): (including funding of interest for the period October 1998
to December 2003) and funded interest thereon) Less: Amount not payable if relevant funded interest is
paid on as of the balance sheet date Total funded interest facilities from
financial institutions Total secured borrowings from financial institutions Less: Amount disclosed under the head "Other current
liabilities" (Note 7) Total long term borrowings a)
Term loans and funded interest
facilities of Rs.27938.526 Millions (Previous year Rs.28619.981 Millions)
governed by Master Restructuring Agreement (MRA ) with banks and financial
institutions are secured by first ranking security interests over all movable
and immovable assets of the Company, present and future, and immovable assets
of Essar Oil Limited ("EOL") pertaining to the Terminal Project,
insurance policies related to the Terminal Project, rights, title and
interests under project documents, trust and retention accounts and all
sub-accounts created thereunder, pledge of certain shares of the Company held
by promoters (as defined in MRA) /
associates of promoters or the Company and by personal guarantees of
promoters and guarantee of holding company for Rs.2500.000 Millions (previous
year Rs.2500.000 Millions) together with collateral securities. b)
A term loan from a financial
institution and funded interest facilities thereon of Rs.1225.730 Millions
(Previous year Rs.1651.860 Millions) governed by MRA are secured by a
guarantee of EOL for Rs.2000.000 Millions (Previous year Rs.2000.000
Millions). To secure obligation of EOL pursuant to the said guarantee,
security is created by first mortgage and charge on immovable and movable
properties pertaining to the EOL refinery project, pledge over shares of EOL
and an assignment of the project contracts relating to EOL refinery project,
the trust and retention accounts pertaining thereto. c)
The interest rates for MRA term loans
and funded interest facilities from banks and financial institutions
amounting to Rs.29164.256 Millions (Previous year Rs.30271.841 Millions) are
ranging from 5% p.a. to 12.50% per annum with different repayment installments
starting from December 2009 to June 2027. d)
Recognition of Facility Stoppage and
Facility E The Master Restructuring Agreement (MRA) dated 17 December 2004
entered pursuant to Corporate Debt
Restructuring Scheme, gives an option, subject to consent of its lenders, to
the Company to prepay funded interest loans (FS loan) of Rs.8690.816 Millions
(Previous year Rs.8690.816 Millions) at any point of time during their term
at a reduced amount computed in accordance with mechanism provided in the MRA
or in full, by one bullet payment in March, 2026. In order to reflect the substance of the above, in terms
of presentation in the balance sheet, an amount of Rs.6384.442 Millions
(Previous year Rs.6613.598 Millions) being the amount not payable as at balance
sheet date has been presented as deduction from funded interest facilities
under secured loans / borrowings to reflect the present obligation on the
balance sheet date. The changes in the present obligation of the said FS loan
subsequent to capitalisation of the terminal project till each reporting date
is treated as a finance cost item in the Statement of Profit and Loss. In the previous year, interest on FS loan (Facility E),
disclosed under contingent liability until 31 March 2011 was recognised as
funded loan. Accordingly, Facility E to the extent attributable to the
construction period of Rs.80.734 Millions was added to cost of fixed assets
and balance of Rs.2355.118 Millions was recognised as an exceptional item in
the Statement of Profit and Loss. Facility E of Rs.2460.618 Millions
(previous year Rs.2417.958 Millions) is presented in the Balance Sheet
underfunded interest facilities from banks and financial institutions under
long term borrowings. e)
The classification of loans between
current liabilities and non-current liabilities continues based on repayment
schedule under respective agreements as no loans have been recalled due to
non-compliance of conditions under any of the loan agreement. This is in
accordance with the guidance issued by the Institute of Chartered Accountants
of India on Revised Schedule VI to the Companies Act, |
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, Dr. Annie Besant Road, Opposite, Shiv Sagar Road, Worli,
Mumbai-400018, Maharashtra, India |
|
PAN No.: |
AABFD7919A |
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Holding
Companies : |
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Subsidiary
Company : |
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|
Other related
parties / affiliates where there have been transactions : |
* ceased to be
related parties w.e.f. 1st April, 2012 in terms of AS 18 in view of current
set of relationship of directors / key managerial personnel. |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000000 |
Equity Shares |
Rs.10/- each |
Rs.40000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1046142000 |
Equity Shares |
Rs.10/- each |
Rs.10461.420
Millions |
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 |
10,461.420 |
10,461.420 |
10,461.420 |
|
(b) Reserves & Surplus |
(3,308.393) |
(3,596.699) |
(3,046.177) |
|
(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) |
7,153.027 |
6,864.721 |
7,415.243 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21,053.316 |
22,237.332 |
20,389.848 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
11.811 |
|
Total Non-current
Liabilities (3) |
21,053.316 |
22,237.332 |
20,401.659 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
291.418 |
78.308 |
184.830 |
|
(c) Other
current liabilities |
2,276.970 |
1,493.383 |
1,416.933 |
|
(d) Short-term
provisions |
10.774 |
8.037 |
0.941 |
|
Total Current
Liabilities (4) |
2,579.162 |
1,579.728 |
1,602.704 |
|
|
|
|
|
|
TOTAL |
30,785.505 |
30,681.781 |
29,419.606 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
22,188.580 |
23,612.623 |
24,280.552 |
|
(ii)
Intangible Assets |
0.278 |
0.314 |
0.523 |
|
(iii)
Capital work-in-progress |
0.000 |
3.300 |
26.901 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,914.800 |
1,914.800 |
1,914.800 |
|
(c) Deferred tax assets (net) |
1,399.714 |
1,254.905 |
0.000 |
|
(d) Long-term Loan and Advances |
2,876.961 |
1,808.928 |
981.020 |
|
(e) Other
Non-current assets |
9.940 |
20.134 |
13.626 |
|
Total Non-Current
Assets |
28,390.273 |
28,615.004 |
27,217.422 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.054 |
0.000 |
|
(b)
Inventories |
60.949 |
54.490 |
212.344 |
|
(c) Trade receivables |
1,007.481 |
866.269 |
388.298 |
|
(d) Cash
and cash equivalents |
54.136 |
18.676 |
387.292 |
|
(e)
Short-term loans and advances |
1,132.201 |
1,018.231 |
1,080.784 |
|
(f) Other
current assets |
140.465 |
115.057 |
133.466 |
|
Total Current
Assets |
2,395.232 |
2,072.777 |
2,202.184 |
|
|
|
|
|
|
TOTAL |
30,785.505 |
30,687.781 |
29,419.606 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
5,665.186 |
5,163.998 |
4,644.138 |
|
|
|
|
Other Income |
66.984 |
150.363 |
138.420 |
|
|
|
|
TOTAL (A) |
5,732.170 |
5,314.361 |
4,782.558 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1,023.967 |
843.841 |
954.153 |
|
|
|
|
Employee Benefits Expenses |
71.818 |
25.640 |
110.021 |
|
|
|
|
Other Expenses |
75.652 |
74.904 |
35.791 |
|
|
|
|
Exceptional Items |
0.000 |
2,355.118 |
0.000 |
|
|
|
|
TOTAL (B) |
1,171.437 |
3,299.503 |
1,099.965 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4,560.733 |
2,014.858 |
3,682.593 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
2,963.312 |
2,367.424 |
2,388.310 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1,597.421 |
(352.566) |
1,294.283 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1,459.924 |
1,446.861 |
1,421.902 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
137.497 |
(1,799.427) |
(127.619) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(144.809) |
(1,254.905) |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
282.306 |
(544.522) |
(127.619) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3590.699) |
(3046.177) |
(2918.558) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(3308.393) |
(3590.699) |
(3046.177) |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Stores & Spares |
11.120 |
7.883 |
152.163 |
|
|
|
|
Capital Goods |
6.632 |
0.991 |
3.469 |
|
|
|
TOTAL IMPORTS |
17.752 |
8.874 |
155.632 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
0.27 |
(0.52) |
(0.12) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.92 |
(10.25) |
(2.67) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.43 |
(34.85) |
(2.75) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.50 |
(6.54) |
(0.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.26) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.94 |
3.24 |
2.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.31 |
1.37 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
10461.420 |
10461.420 |
10461.420 |
|
Reserves & Surplus |
(3046.177) |
(3596.699) |
(3308.393) |
|
Net
worth |
7415.243 |
6864.721 |
7153.027 |
|
|
|
|
|
|
long-term borrowings |
20389.848 |
22237.332 |
21053.316 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
20389.848 |
22237.332 |
21053.316 |
|
Debt/Equity
ratio |
2.750 |
3.239 |
2.943 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
4,644.138 |
5,163.998 |
5,665.186 |
|
|
|
11.194 |
9.705 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
4,644.138 |
5,163.998 |
5,665.186 |
|
Profit |
(127.619) |
(544.522) |
282.306 |
|
|
(2.75%) |
(10.54%) |
4.98% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
1726.499 |
1420.912 |
1339.681 |
|
Total |
1726.499 |
1420.912 |
1339.681 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE
INFORMATION:
The company is a public
limited company domiciled in India and incorporated under the Companies Act,
1956 and subsidiary of Essar Ports Limited. The Company has an integrated oil
terminal under the Kandla Port Trust (KPT) waters situated at Vadinar, Gujarat.
It currently has 58 MMTPA of capacity for handling crude oil and petroleum
products. The facilities consist of an off-shore single point mooring (SPM),
one product berth, crude oil tanks, refined petroleum product and intermediate
tanks and rail and road gantries. These facilities presently cater to Essar Oil
Limited's Oil refinery.
REVIEW OF OPERATIONS:
The Company started commercial operation in 2007 with a capacity of 46 million tons with one SPM, one product jetty, one rail gantry and 5 road gantries. It also had storage capacity of 1.96 million KL for crude and petroleum products. Currently, Your Company is also operates the 2ndProduct jetty which is leased from its subsidiary. During FY13, Your Company has handled 35.08 million tonnes as against 26.46 million tonnes in FY 12, registering an increase of 32%.
The Company has continued to serve its customer by handling various grades of crude and petroleum products at jetty and SPM. Your Company has also received Environment Clearance from Ministry of Environment and Forest (MoEF) for handling crude at jetty, hence if required, crude can also be handled at the jetty. In spite of increase in cargo volume, your Company has been able to properly schedule the vessels in co-ordination with its customer keeping the demurrage cost at a very minimal level which is amongst the best in the industry.
The Company is always focused on Quality, Health, Safety and Environment. It is in compliance with the following international accreditations for QHSE:
Certified by ABS
for:
ISO 9001-2008 Quality Management System
ISO/TS 29001:2007 for Quality Management Petroleum Sector
ISO 28000:2007 for Security Management Systems
Certified by DNV
for:
ISO 9001:2008 for Quality Management System
ISO 14001:2004 for Environment Management System
OHSAS 18001:2007 for Occupational Health & Safety
AWARDS AND
CITATIONS
DuringFY13, the Company received several awards for its exemplary performance in QHSE
as under:
- Gold Achievement Award in Occupation Health
& Safety from the Royal Society for the Prevention of Accidents.
- Environment Protection Award in India Shipping
Summit 2012 held at Mumbai.
- Gujarat Star Award for Port/Terminal of
the Year in Health Safety and Environment at Ahmedabad.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90288594 |
26/11/2005 |
2,360,000,000.00 |
PUNJAB NATIONAL BANK |
Foreshore Road Branch,
1st Floor; Raheja Chamber; |
- |
|
2 |
90284656 |
29/12/2005 * |
26,133,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10th Floor; Nariman Bhavan, 227 Vinay K. Shah Marg; Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.07 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.