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Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
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Name : |
ESSAR PROJECTS (I) LTD |
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Registered Office : |
Port MPA Guest Houseopp. Port Office, SittweRakhine State |
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|
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Country : |
Myanmar |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
2010 |
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Legal Form : |
Branch of foreign company |
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Line of Business : |
·
Construction of roads
and motorways ·
Construction of bridges
and tunnels |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Branch of Foreign Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Myanmar |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Main Address: Port
MPA Guest Houseopp. Port Office, SittweRakhine State
Zip code/City: Rakhine,
Rakhine, Myanmar
Web site: http://www.essarprojects.com/
E-mail: contactprojects@essar.com
Established: 2010
Line of Business: Building
and general construction
Industry Division: Manufacturing
Industry-code (NACE): 4211 Construction of roads and motorways
4213
Construction of bridges and tunnels
4291
Construction of water projects
4299
Construction of other civil engineering projects n.e.c.
Banks: Unknown.
Employees: unknown
CNPJ: -
Official Administration:
Vice-President V
K Bhat
Chief Operating Officer V K Bhat
Public information:
-
Legal form: Branch
of foreign company
Balance sheet filing date: -
Tax Contributor Number (CNPJ): -
Legal status: active
Entry Deleted Name
active Essar
Projects (I) Ltd.
Import and Export:
-
Payment history:
No payment history is available.
Financial Data Essar Projects (India) limited
Consolidation: unconsolidated
Industry: Trade/Industry
Fiscal year end: 31.03.2013 31.03.2012 31.03.2011 31.03.2010
Number of months: 12 12 12 12
Currency: th. INR th. INR th. INR th.
INR
Statement norm: Local
GAAP
Balance Sheet
Intangible fixed assets 454,300.0 492,200.0 1,700.0
Land and buildings 260,300.0 317,300.0 201,600.0
Other tangible fixed assets 8,566,300.0 9,666,300.0 8,143,000.0
Tangible fixed assets 8,826,600.0 9,983,600.0 8,344,600.0
Financial fixed assets 21,029,400.0 9,961,100.0 2,674,500.0
other fixed assets 9,677,400.0 6,602,000.0 3,556,400.0
Fixed assets 39,987,700.0 27,038,900.0 14,577,200.0 11,094,400.0
Stocks 19,929,400.0 20,481,800.0 7,877,000.0
Trade accounts receivable 18,641,200.0 16,890,500.0 8,843,700.0
Liquid assets 2,199,000.0 2,345,200.0 2,751,700.0
other trade accounts 24,609,500.0 25,849,300.0 37,042,000.0
Accruals 49,300.0 1,959,000.0 2,409,100.0
Other current assets 26,857,800.0 30,153,500.0 42,202,800.0
Current assets 65,428,400.0 67,525,800.0 58,923,500.0 41,131,700.0
Total assets 105,416,100.0 94,564,700.0 73,500,700.0 52,007,600.0
Capital 1,240,000.0 1,240,000.0 310,000.0 310,000.0
Other shareholders funds 14,778,500.0 11,961,500.0 9,473,900.0 6,965,600.0
Total shareholders equity 16,018,500.0 13,201,500.0 9,783,900.0 7,275,600.0
long term debt (financial debts) 17,910,300.0 16,104,300.0 9,481,200.0
Provisions 152,500.0 100,600.0 70,200.0
Other non
currentliabilities 17,788,400.0 9,981,900.0 11,425,900.0
Non
currentliabilities 35,851,200.0 26,186,800.0 20,977,300.0 9,414,700.0
short term debt (financial debts) 16,363,400.0 13,099,500.0 5,643,700.0
Trade accounts payable 19,679,400.0 17,338,000.0 12,535,900.0
Provisions 854,800.0 247,600.0 36,900.0
Accruals 472,000.0 370,000.0
other accounts payable 16,648,800.0 24,019,300.0 24,153,000.0
other current liabilities 17,503,600.0 24,738,900.0 24,559,900.0
Current liabilities 53,546,400.0 55,176,400.0 42,739,500.0 35,333,000.0
Shareh. equity, min. interests +
liabilities 105,416,100.0 94,564,700.0 73,500,700.0 52,007,600.0
Profit and loss
account
Sales 67,190,300.0 88,779,800.0 70,274,000.0
Reduction of proceeds 1,502,000.0 1,477,700.0 1,799,700.0
Net sales 65,688,300.0 87,302,100.0 68,474,300.0 43,947,700.0
Other operating revenue 1,012,700.0 966,200.0 986,300.0
Operating revenue 66,701,000.0 88,268,300.0 69,460,600.0 46,159,400.0
Cost of goods sold 35,270,600.0 49,096,500.0 38,676,000.0
Gross profit 31,430,400.0 39,171,800.0 30,784,600.0
Other operating expenses 25,424,800.0 33,110,100.0 27,157,700.0
Operating result 6,005,600.0 6,061,700.0 3,626,900.0 1,974,800.0
Interest revenues 2,024,100.0 1,723,100.0 1,917,800.0
other financial revenues 472,700.0 30,600.0 15,500.0
Financial income 2,496,800.0 1,753,700.0 1,933,300.0
Interest expenses 3,550,000.0 2,611,700.0 1,182,100.0 2,656,900.0
other financial expenses 896,600.0 795,100.0 635,900.0
Financial expenses 4,446,600.0 3,406,800.0 1,818,000.0
Financial result -1,949,800.0 -1,653,100.0 115,300.0
Result before extraordinary items 4,055,800.0 4,408,600.0 3,742,200.0 1,974,800.0
Extraordinary Result 0.0 0.0 0.0
Result before taxes 4,055,800.0 4,408,600.0 3,742,200.0
Taxes 1,333,800.0 1,497,600.0 1,233,900.0 699,400.0
Result before minority interests 2,722,000.0 2,911,000.0 2,508,300.0 1,275,400.0
Result for the financial year 2,722,000.0 2,911,000.0 2,508,300.0
Cash flow
Depreciation 1,528,700.0 1,465,400.0 1,309,900.0 1,347,900.0
Cash flow 4,250,700.0 4,376,400.0 3,818,200.0 2,623,300.0
Cash flow from operating activities 3,483,200.0 -8,840,400.0 10,127,400.0
Investments in tangible fixed
assets 831,900.0 3,217,300.0 2,882,500.0
Cash flow from investing activities -7,832,700.0 -2,531,000.0 -11,393,800.0
Cash flow from financing activities 4,231,500.0 10,322,900.0 2,252,000.0
Change in liquidity -118,000.0 -1,048,500.0 985,600.0
Liquidity at beginning of the year 698,100.0 599,600.0
Liquidity at end ot the year 580,100.0 1,585,200.0
Notes
Material costs 7,037,900.0 10,045,900.0 3,823,400.0
Cost of employees 3,312,000.0 3,126,000.0 2,279,600.0 1,506,100.0
Added value 11,611,700.0 8,513,800.0 7,485,700.0
Working Capital 20,034,300.0 4,184,800.0
Gross cost land and buildings 406,000.0 404,100.0 229,400.0
Gross cost other tangible fixed
assets 15,636,600.0 15,976,300.0 13,079,000.0
Gross cost total 16,042,600.0 16,380,400.0 13,308,400.0
Exchange rate:
US$ 1,00
= MMK 949.112
Main Activities:
The company is a branch of the
company Essar Projects (India) Limited that is part of the Essar Group.
Essar Projects (India) Limited is
an engineering procurement and construction company in India. It constructs
roads, highways, and expressways, cross-country and industrial pipelines, and offshore
pipelines, ports, harbors, irrigation canals, siphons and bridges and
associated structures and industrial projects for oil and gas, pharmaceutical,
iron and steel, and power industries.
Operations & branches:
At the address, Port MPA Guest
Houseopp. Port Office, SittweRakhine State, Myanmar we find the company's
branch office.
Company's Background:
We have been unable to obtain when
the full register details.
We made every effort to contact the
company through the telephone number available but it rings and goes
unanswered.
As we have no way of contacting the
company, the details from this report come from official sources and various
databases we can consult.
We sent a questionnaire to the
email available requesting more information from the company. If we receive a
reply we will send an update.
Credit to the recommended limit
should be acceptable but should be monitored on a regular basis.
News
Essar hopes to complete work on
Myanmar’s Sittwe port by June
Construction contractor Essar
Projects Ltd expects to complete by June 2014 the ‘port-cum-inland waterway’
part of an India-sponsored project in Myanmar.
The project is of critical economic
and strategic importance to India, as it opens a new transport corridor between
the North-East states and the rest of the country (and world) through Myanmar.
In an e-mailed response to Business
Line, an Essar Project spokesman said that the project was now “70 per cent
completed.”
Essar’s job involved building the Sittwe
port and a jetty at Paletwa and dredging the 158 km of the river Kaladan
between the two points, so as to make it navigable. Essar is also to construct
and deliver six cargo vessels.
The hull fabrication work is “50
per cent complete,” said Essar.
India agreed to build the Kaladan
multi modal transport project for Myanmar back in 2008.
Essar was awarded a part of the
project by the Ministry of External Affairs in 2010. Some delay was initially
caused because Myanmar took time to hand over land at the Sittwe port.
However, what also held back speedy
implementation was the discovery of a couple of old wrecked ships in the port
area.
Nodal point
The port at Sittwe will become the
nodal point for transportation of goods from and to the interiors of the
Rakhine state and to the North Eastern States of India along the river Kaladan,
says Essar.
The project is, therefore, of great
economic and social implications, as it will pave way for the development of
the North East, and reduce the sense of alienation that prevails among the
people there.
For instance, agriculture suffers
there because of the difficulties in reaching fertilisers.
Also, the project will help keep
good neighbourly relations with Myanmar, a country with which India shares a
1,640-km border (compared with 1,800 km with Pakistan) and perhaps keep the
Chinese at bay.
Road connectivity
However, mainstreaming the North
East through the Kaladan multi modal transport project looks like will have to
wait for a number of years more – the connecting roads are a long way from
being in place.
From the jetty at Paletwa, the
Mizoram border is 109.2 km and from there to the State’s capital Aizwal is
another 250 km. Even the preliminary steps towards this are yet to be taken.
“It is learnt that the tender for
the road connectivity will be floated shortly,” said Essar.
In The Hindu Business Line on
December 13, 2013
Kaladan
Multimodal Transit Transport Project (KMTT) is a framework agreement between
the Government of India and Government the Republic of the Union of Myanmar,
which has been awarded to Essar Projects Limited (EPL) as an EPC contract. This
is the first port project by EPL in Myanmar, at two locations Sittwe and
Paletwa, in Rakhine State. KMTT Project overview The project site is at a
remote location in Myanmar, therefore mobilization of material and equipment is
very challenging. The hilly terrain, poor transport and communication
facilities and non-availability of resources make the challenge difficult.
EPL managed to overcome this challenge with hard work and meticulous planning
by the expert team. The experience of work at Kaladan will prove to be an
advantage for the team and for such projects in the future. Inland Water
Transport (IWT) is an important mode of transport in India and Myanmar since
time immemorial. The river Kaladan is one of the waterways where IWT may be
integrated with shipping India – Myanmar joint effort The Kaladan Multimodal
Transit Transport project in India and Myanmar is prestigious. Moreover it is
of great importance for the people and economic development of remote regions
from both the nations. V K Bhat CEO – Infrastructure KALADAN MULTIMODAL TRANSIT
TRANSPORT to form a sea-link. Through this link the car- go is transported from
Kolkata Port or other Ports of India to Sittwe Port in Myanmar by sea and from
there to the Indian State, Mizoram by IWT or by road-way. The proposed port
jetty is a new transport system to con- nect the Indian states of Mizoram,
Tripura, Manipur and Southern parts of Assam. It is planned and designed for
general cargo movement from Kolkata to Sittwe. The Scope of Works include
dredging of approx. 1.2 million cubic metres in the Port basin area, the
approach channel using Trailer Hopper Suction Dredger and dredg- ing of approx.
0.15 million cubic metres in river Kaladan for a stretch of 168 kilometres from
Sittwe to Paletwa and the construction of 500 metre rubble mounted dyke.
In Essar Projects Newsletter
January 2014.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.