MIRA INFORM REPORT
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Report No. : |
310973 |
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Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
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Name : |
SOUTH ASIA GAS ENTERPRISE PRIVATE LIMITED |
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Registered
Office : |
A-6, Connaught Place, New Delhi – 110001 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.11.2005 |
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Com. Reg. No.: |
55-142714 |
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Capital
Investment / Paid-up Capital : |
Rs.427.400 Million |
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CIN No.: [Company Identification
No.] |
U70200DL2005PTC142714 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAJCS5133L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of maintain, manage, negotiate, arrange
and monitor the import, export, process and transmission of oil and gas
through pipeline. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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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Maximum Credit Limit : |
USD 1220000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Even though the company was incorporated during the year 2005 the
company is yet to commence with its commercial operation. Mr. M. P. Pandey, Accounts Manager denied to part any information
about the company. The company has recorded some pre-operative expenses which has
resulted into accumulated losses during FY 2014. However capital base of the company is good. As per registrar of companies the status of the company is shown as
active. Payment terms are unknown. The company can be considered for business with great caution. |
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. M. P. Pandey |
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Designation : |
Accounts Manager |
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Contact No.: |
91-11-23324245 |
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Date : |
05.03.2015 |
LOCATIONS
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Registered Office : |
A-6, Connaught Place, New Delhi – 110001, India |
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Tel. No.: |
91-11-23324245 / 4509 / 23324509 |
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Fax No.: |
91-11-23324773 |
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E-Mail : |
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Website : |
DIRECTORS
As on 25.09.2014
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Name : |
Mr. Subodh Kumar Jain |
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Designation : |
Director |
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Address : |
36, Golf Links, New Delhi - 110003,
India |
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Date of Birth/Age : |
02.04.1952 |
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Date of Appointment : |
21.11.2005 |
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DIN No.: |
00031010 |
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Other Directorship:
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Name : |
Shrija Jain |
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Designation : |
Director |
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Address : |
36, Golf Links, New Delhi - 110003,
India |
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Date of Birth/Age : |
25.12.1955 |
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Date of Appointment : |
21.11.2005 |
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DIN No.: |
00031038 |
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Other Directorship:
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Name : |
Mr. Tayur Narasingarao Raghavendra Rao |
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Designation : |
Director |
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Address : |
B-46, First Floor, Defence Colony, New Delhi - 110024, India |
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Date of Birth/Age : |
17.10.1936 |
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Date of Appointment : |
20.04.2007 |
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DIN No.: |
01230757 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Anshul Kumari |
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Designation : |
Secretary |
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Address : |
WZ-310, Nangal Raya, Jail Road, Delhi Cantt, New Delhi - 110046, India |
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Date of Birth/Age : |
01.05.1981 |
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Date of Appointment : |
01.09.2014 |
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PAN No.: |
CDJPK5760K |
MAJOR SHAREHOLDERS
As on 25.09.2014
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Names of Shareholders |
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No. of Shares |
|
Subodh Kumar Jain |
|
1200000 |
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Shrija Jain |
|
165000 |
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Sita Devi |
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160000 |
|
Shruti Jain |
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150000 |
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Shubhra Jain |
|
160000 |
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Sneha Jain |
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160000 |
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Sitashri Trading and Finance Private Limited, India |
|
7890000 |
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Siddho Mal Air Products Private Limited, India |
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17465000 |
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Siddho Mal and Sons |
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210000 |
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Siddho Mal Agency |
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50000 |
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Nityat Sam Apparels India Limited, India |
|
16760000 |
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Total |
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44370000 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2014
|
Category |
Percentage |
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Bodies corporate |
94.92 |
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Directors or relatives of Directors |
4.50 |
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Other top fifty shareholders |
0.58 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of maintain, manage, negotiate, arrange
and monitor the import, export, process and transmission of oil and gas
through pipeline. |
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Products : |
Oil and Gas |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
Not Divulged |
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Facilities : |
-- |
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Auditors : |
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Name : |
Shanti Prashad and Company Chartered Accountants |
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Address : |
M-96, Connaught Place, Delhi, India |
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PAN No.: |
AAZFS2102G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
CIN No.: U74899DL1994PLC057056
CIN No.: U74899DL1986PTC026403
CIN No.: U74899DL1994PLC057056
CIN No.: U74899DL1990PTC039270
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CAPITAL STRUCTURE
As on 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44370000 |
Equity Shares |
Rs.10/- each |
Rs.443.700 Million |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42740000 |
Equity Shares |
Rs.10/- each |
Rs.427.400 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
427.400 |
130.825 |
130.825 |
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(b) Reserves & Surplus |
(1.134) |
(0.887) |
(0.652) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
56.975 |
8.000 |
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Total
Shareholders’ Funds (1) + (2) |
426.266 |
186.913 |
138.173 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(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 |
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Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
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(4)
Current Liabilities |
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|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
0.161 |
0.524 |
0.474 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
0.161 |
0.524 |
0.474 |
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TOTAL |
426.427 |
187.437 |
138.647 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
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|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
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(ii)
Intangible Assets |
0.000 |
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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
393.462 |
183.446 |
136.872 |
|
Total Non-Current
Assets |
393.462 |
183.446 |
136.872 |
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|
|
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
16.687 |
1.962 |
0.396 |
|
(e)
Short-term loans and advances |
12.671 |
0.726 |
0.077 |
|
(f) Other
current assets |
3.607 |
1.303 |
1.302 |
|
Total
Current Assets |
32.965 |
3.991 |
1.775 |
|
|
|
|
|
|
TOTAL |
426.427 |
187.437 |
138.647 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
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|
|
|
INCOME |
NA |
NA |
NA |
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|
|
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EXPENSES |
NA |
NA |
NA |
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PROFIT/(LOSS)
BEFORE TAX |
(0.247) |
(0.235) |
(0.187) |
|
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|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(0.247) |
(0.235) |
(0.187) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.887) |
(0.652) |
(0.465) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1.134) |
(0.887) |
(0.652) |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.01) |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06) |
(0.13) |
(0.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
204.75 |
7.62 |
3.74 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
130.825 |
130.825 |
427.400 |
|
Reserves & Surplus |
(0.652) |
(0.887) |
(1.134) |
|
Share Application money pending allotment |
8.000 |
56.975 |
0.000 |
|
Net
worth |
138.173 |
186.913 |
426.266 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
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 |
No |
|
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 |
No |
PROJECT
DEVELOPMENTS
The companys project has a long gestation period and it is progressing ahead smoothly. The management has continued its engagement with various stakeholders, including Government of India, countries in the Gulf region, various Public sector companies in India, reputed private sector entities in India, etc. The promoters are totally committed towards the success of the project.
Without taking any chance, the company has also engaged reputed consultants for various feasibility studies, surveys, technical analysis, etc., which are essential for taking the project forward from here. For moving towards successful execution of the project and in order to achieve the desired objectives, the Directors in their efforts have left no stone unturned. In this regard, the management is having regular engagement and discussions with various agencies at local and international level on issues related to technical feasibility, sourcing of gas supply, project management & its funding, route survey, etc.
In this respect, the board took note of the following activities, developments and other related arrangements for the project of the company:
Ø Fugro OSAE has completed the geophysical reconnaissance survey work of the Middle East to India Deepwater Pipeline (MEIDP) using hull mounted sensors on the vessel MV Fugro Gauss during June, 2013.
Ø NIGEC has also extended their MOU with SAGE which is upto September 2015. Discussions are on for finalization and execution of framework agreement to be entered between NIGIC, SAGE and Gas buying companies.
Ø Ministry of Oil & Gas, Oman has extended their MoU with SAGE upto March 2017.
Ø Entered into Principles of Cooperation (POC) earlier with Gujarat State Petroleum Corporation Ltd. for sourcing Gas from Middle East through SAGE uder sea Pipeline which has extended their MOU with SAGE upto November 2014.
Ø The Principles of co-operation (POC) with GAIL executed has been extended upto July 2016.
Ø Principles of Co-operation (POC) entered into with Indian Oil Corporation (IOC) has been extended upto December 2014.
Ø MOU with Engineers India Ltd. (EIL) have been extended up to February 2015.
Ø Peritus International, U.K. continuing to assist in mechanical design & flow assurance confirmation, equipment capability review, etc.
Ø Discussions being held with Saipem, Milan (Italy) for SAGE FEED work in which EIL and SBI Caps. Also participating.
Ø M/s SBI Caps was appointed as Financial Advisor for SAGE Project.
In addition, in following presentations to various authorities, the work done by the company was also recognized and appreciated:
Ø The Committee, constituted by Ministry of Petroleum & Natural Gas and headed by Dr. Vijay Kelkar in August 2013.
Ø Presentation to PHD Chamber on Transnational Gas Pipeline Seminar in August, 2013.
Ø To the Planning Commission in June 2013, where the representatives from EIL, GAIL and Ministry of Petroleum and Natural Gas (MOPNG) were also present.
Ø To PHD Chamber of Commerce and Industries in August 2013 on Transnational Gas Pipeline Seminar A win-win situation for all, which was attended by eminent people from the Government & Industry.
Ø Secretary, Ministry of Petroleum and Natural Gas (MOPNG) on 29th May, 2014 in which the representatives of IOCL, GAIL, GSPC, ONGC EIL, SAIPEM, Welspun & SBI Caps were also present.
On the basis of the inputs received form the reports available, studies, presentations, visits and discussions with various stakeholders, it has been observed that the company is moving in right direction for achieving the objectives and goals that have been set for SAGE.
NO CHARGES EXIST FOR
THE COMPANY
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.