|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORBES BUMI ARMADA OFFSHORE LIMITED |
|
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|
|
Registered
Office : |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.10.2010 |
|
|
|
|
Com. Reg. No.: |
11-209600 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 21.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U11102MH2010PLC209600 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF6263G |
|
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Provides oilfield support floating, production, storage and offloading
vessel. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Forbes and Company Limited. It is an established company having satisfactory track record. The company has successfully implemented FPSO project in DI field of
ONGC. The facility has been accepted by ONGC after a test run of 72 hours.
The company will further improve its financial position during coming years. There appears accumulated losses recorded by the company. However, the
company receives strong financial and operational support from its group
company. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. In view of strong holding the company can be considered normal for
business at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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-cooperative (91-22-40749191)
LOCATIONS
|
Registered Office : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-40749191 / 42630157 |
|
Fax No.: |
91-22-40749191 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Correspondence Office : |
Sulte 7, Tower 3, Equinox Business Park (peninsula Techno Park), Off.
Bandra Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400 070, Maharashtra,
India |
|
Tel. No.: |
91-22-42630153 |
|
Fax No.: |
91-22-61215179 |
DIRECTORS
As on 02.08.2013
|
Name : |
Tehmuras Rustom Doongaji |
|
Designation : |
Additional Director |
|
Address : |
1701, Siddhivinayak Horizon `A', Veer Nariman Road, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
04.11.1943 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
00040454 |
|
|
|
|
Name : |
Mr. Ashok Kumar Barat |
|
Designation : |
Director |
|
Address : |
Everest House, 3rd Floor, 14 Carmichael Road,
Mumbai - 400030, Maharashtra, India |
|
Date of Birth/Age : |
05.12.1956 |
|
Date of Appointment : |
29.10.2010 |
|
DIN No.: |
00492930 |
|
|
|
|
Name : |
Mr. Ravi Shankar Srinivasan |
|
Designation : |
Director |
|
Address : |
53, M H Road, Perambur, Chennai, 600011, Tamilnadu, India |
|
Date of Appointment : |
23.02.2011 |
|
DIN No.: |
02031400 |
|
|
|
|
Name : |
Mr. Jonathan Edward Duckett |
|
Designation : |
Director |
|
Address : |
8, Jalan Pju 3/23C, Sunway Damansara, Petaling Jaya,
Selangor, 47410, Malaysia |
|
Date of Appointment : |
23.02.2011 |
|
DIN No.: |
02033166 |
|
|
|
|
Name : |
Mr. Hassan Assad Basma |
|
Designation : |
Director |
|
Address : |
365, Holland Road, #05-06, Allsworth Park, Singapore,
278639, Singapore |
|
Date of Appointment : |
23.02.2011 |
|
DIN No.: |
02509644 |
|
|
|
|
Name : |
Mr. Alvin Archibald Strang |
|
Designation : |
Director |
|
Address : |
69, Jalan Su 2A, Sering Ukay, Ukay Perdana Kuala Lumpur - 68000 |
|
Date of Birth/Age : |
03.05.1956 |
|
Date of Appointment : |
16.08.2012 |
|
DIN No.: |
05235317 |
KEY EXECUTIVES
|
Name : |
Capt. Vikas Harbans Lal Wasudev |
|
Designation : |
Manager |
|
Address : |
1149 Sector 7, Panchkula, Panchkula, 134109, Haryana,
India |
|
Date of Appointment : |
01.07.2012 |
|
PAN No.: |
AAPPW2461G |
|
|
|
|
Name : |
Mr. Sanjay Bhola |
|
Designation : |
Secretary |
|
Address : |
H-12, Flat No. 603, Pratiksha Nagar, Sion (East), Mumbai – 400022,
Maharashtra, India |
|
Date of Birth/Age : |
26.12.1966 |
|
Date of Appointment : |
04.01.2013 |
|
PAN No.: |
AFDPB1467Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Forbes and Company Limited, India |
|
4950100 |
|
Forbes and Company Limited, India JT Chandrashekar A Kanik |
|
10000 |
|
Forbes and Company Limited, India JT Amit Mittal |
|
10000 |
|
Forbes and Company Limited, India JT Ashok T Shah |
|
10000 |
|
Forbes and Company Limited, India JT Sunetra Ganesan |
|
10000 |
|
Forbes and Company Limited, India JT Sandeep Kadakia |
|
9998 |
|
Forbes and Company Limited, India JT Vinod Vora |
|
1 |
|
Forbes and Company Limited, India JT P Pradhan |
|
1 |
|
Bhumi Armada Berhad |
|
4999900 |
|
Total |
|
10000000 |
As on 02.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.99 |
|
Bodies corporate |
50.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides oilfield support floating, production, storage and offloading
vessel. |
||||
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|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
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|
Bankers : |
IDBI Bank |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institutions : |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E',
Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
U. V. Shah and Company Chartered Accountants |
|
Address : |
71/5, Deepak R.B. Mehta Marg, Ghatkopar East, Mumbai
400077, Maharashtra, India |
|
PAN No.: |
AAHPS4463J |
|
|
|
|
Ultimate Holding
Company : |
Shapoorji Pallonji and Company Limited |
|
|
|
|
Holding Company : |
Forbes and Company Limited |
|
|
|
|
Fellow Subsidiary
Company : |
· Forbes Bumi Armada Limited · C. Group companies · Bumi Armada Behrad · Forvol International Services Limited · Bumi Armada Navigation Sdn Bhd. ·
Armada D1 Pte. Limited |
CAPITAL STRUCTURE
As on 02.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2100000 |
Equity Shares |
Rs.10/- each |
Rs.21.000 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 |
21.000 |
1.000 |
1.000 |
|
(b) Reserves & Surplus |
(40.220) |
(11.178) |
(2.381) |
|
(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) |
(19.220) |
(10.178) |
(1.381) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
|
Total Non-current Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
57.794 |
13.000 |
0.000 |
|
(b) Trade payables |
186.932 |
8.926 |
2.054 |
|
(c) Other current
liabilities |
10.919 |
0.153 |
0.000 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
255.645 |
22.079 |
2.054 |
|
|
|
|
|
|
TOTAL |
236.425 |
11.901 |
0.673 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.526 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.018 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.191 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.470 |
7.120 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
13.205 |
7.120 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
213.907 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
0.840 |
0.178 |
0.566 |
|
(e) Short-term loans and
advances |
8.473 |
4.603 |
0.025 |
|
(f) Other current assets |
0.000 |
0.000 |
0.082 |
|
Total Current Assets |
223.220 |
4.781 |
0.673 |
|
|
|
|
|
|
TOTAL |
236.425 |
11.901 |
0.673 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
197.621 |
0.000 |
0.000 |
|
|
|
Other Income |
0.453 |
0.001 |
0.000 |
|
|
|
TOTAL (A) |
198.074 |
0.001 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
8.392 |
0.000 |
0.000 |
|
|
|
Other expenses |
215.853 |
8.797 |
2.381 |
|
|
|
TOTAL (B) |
224.245 |
8.797 |
2.381 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(26.171) |
(8.796) |
(2.381) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.855 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.026) |
(8.796) |
(2.381) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.016 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(29.042) |
(8.796) |
(2.381) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(29.042) |
(8.796) |
(2.381) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.177) |
(2.381) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(40.219) |
(11.177) |
(2.381) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6.86) |
(8.80) |
(2.38) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(14.66)
|
(879600.00) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.70)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.40)
|
(7391) |
(353.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.51
|
0.86 |
1.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(3.01)
|
1.28 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.22 |
0.33 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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 |
No |
ABOUT THE BUSINESS OF
THE COMPANY
The Company has been awarded a 7-year contract by ONGC for providing 01 No. FPSO to ONGC on charter hire. As per the terms of the contract, the company has furnished the Bank Guarantee to ONGC for guaranteeing Performance. 50% of the mobilisation charges as mentioned in the contract i.e USD 40,15,316.5 (including service tax @ the rate of 12.36%) are booked on sail away of the FPSO vessel. Balance 50% of the mobilisation charges will be booked on acceptance of the FPSO Vessel. The company has subcontracted with the owner of the vessel Armada D1 Pte. Limited.
OPERATIONS:
The Company has mobilised and deployed the FPSO Armada Sterling facility along with crew in D1 field of ONGC against the 7 year Charter Hire and O&M contract. The FPSO was at D1 location on 27th Jan 2013. After completion of subsea installation and pre-startup activities, safe startup of FPSO was accomplished and received 1st Oil from ONGC wells on 07th April 2013.
As per conditions of the contract with ONGC, 72 Hrs test run was completed and final acceptance received from ONGC with effect from 22nd April, 2013. We are producing and storing the oil in FPSO crude storage tanks. 1st crude offloading to the ONGC designated buyer has been accomplished on 14th May 2013.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Intercorporate deposits |
57.794 |
13.000 |
|
Total |
57.794 |
13.000 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10397300 |
09/04/2013 * |
15,032,840,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B74432162 |
* Date of charge modification
FIXED ASSETS
· Office equipment
· Computer equipment
AS PER WEBSITE
PRESS RELEASE
BUMI ARMADA COMPLETES
1ST FPSO TO INDIA, SEEKS MORE PROJECTS
Sat Oct 27,
2012
SINGAPORE, Oct 27 (Reuters) - Bumi Armada Bhd, a Malaysia-based international offshore oil field services provider, said on Saturday it has completed a floating production storage and offloading unit (FPSO) for deployment in India and is seeking more projects.
FPSO Armada Sterling, costing more than $360 million, is the company's first FPSO in India and will start producing oil in December.
The FPSO is chartered by Oil and Natural Gas Corp as the state-owned Indian explorer aims to drill for more oil from marginal fields. Bumi Armada is also in the running for a second FPSO project at ONGC's cluster 7 field, Hassan Basma, CEO of Bumi Armada told reporters.
"The cluster 7 will be announced this quarter and we're eagerly awaiting the outcome," he said.
"The market for FPSOs in India is huge," Basma said, as the country steps up exploration in deepwater, shallow and marginal offshore fields to feed strong local demand.
Bumi Armada's joint venture company, Forbes Bumi Armada Offshore Ltd, signed in August last year a 7-year fixed term time charter with ONGC for about $620 million, and the Indian explorer has the option to extend the charter for another six years.
Armada Sterling, Bumi Armada's fifth FPSO, will depart next month for the D1 field, 200 km (124 miles) off the coast of Mumbai.
The former 107,000 deadweight tonne tanker Monte Umbe has a production capacity of 50,000 barrels per day (bpd) and is able to store 750,000 barrels of liquids.
This year has been challenging for FPSO owners, with just five contracts awarded, while the number of active firms in the sector has dwindled to about 6-7, down from 24 eight years ago, Basma said.
The euro zone debt crisis has made it difficult to obtain financing for projects while oil and gas producers have held back in response to an uncertain oil demand outlook, he added.
The International Energy Agency expects oil prices to gradually ease over the next five years as a result of sluggish economic growth, rising energy efficiency, and as production increases steeply in Iraq and North America. Goldman Sachs forecast Brent to average at $110 a barrel in 2013 on more supply.
"We're looking at $70 and above for sustainable development. We're in a comfort zone," Basma said, adding that he expects FPSO demand to rebound next year as about 150 projects are in the pipeline.
BASIS POINT-FORBES
BUMI ARMADA TAKE-OUT OVERSUBSCRIBED
Wed, Oct 17 13:10 PM
IST
HONG KONG, Oct 17 (Basis Point) - The US$276m seven-year loan for Forbes Bumi Armada Offshore Ltd has been oversubscribed, receiving more than US$300m in commitments from seven Indian banks, according to sources.
The seven include the four on the US$175m nine-month bridge that the loan takes out -- Bank of Baroda, Bank of India, Indian Bank and Indian Overseas Bank.
The final group may include five to seven banks, one source said. Signing is expected within the next few weeks. The facility's original target size was US$280m but it has been revised to US$276m by the borrower.
SBI Capital Markets is the arranger on the financing, which is for the construction of a floating production, storage and offloading (FPSO) vessel.
The borrower is Singapore-incorporated Armada D1 Pte Ltd, a joint venture between India's Shapoorji Pallonji and Company, Malaysia's Bumi Armada Bhd and Mauritian company Clean Environment Investments Company Limited.
The company will lease the FPSO to Forbes Bumi Armada Offshore, a JV between Bumi Armada and India's Forbes and Company Limited
Forbes and Company is listed on the Bombay Stock Exchange
and has businesses in engineering, shipping and logistics, and transaction
management solutions.
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.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.