MIRA INFORM REPORT
|
Report No. : |
322331 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
HPCL-MITTAL ENERGY LIMITED |
|
|
|
|
Formerly Known
As : |
GURU GOBIND SINGH REFINERIES LIMITED |
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|
|
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Registered
Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
|
Tel. No.: |
91-1655-272120 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
13.12.2000 |
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|
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|
Com. Reg. No.: |
16-024126 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 65932.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23201PB2000PLC024126 |
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|
|
|
IEC No.: |
Not Available |
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|
|
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TAN No.: [Tax Deduction & Collection
Account No.] |
AMRH11073G |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCG5231F |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading Refining of Crude Oil and Exploration and Production of Crude Oil. |
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|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 170000000 |
|
|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between HINDUSTAN PETROLEUM CORPORATION
LIMITED (HPCL), INDIA and MITTAL ENERGY INVESTMENT PTE. LIMITED, SINGAPORE. It
is an established company having fine track record. As per registrar of companies the date of balance sheet (i.e.
financial filed) is shown as 31.03.2014 but the documents related to
financials are not available for any source. As per available financial record of 2013, company has incurred huge
accumulated losses over a years. However, the ratings takes into consideration long and established
track record HPCL in the domestic refining business and good financial as
well as managerial support that company receives from joint venture partners.
Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of strong support from joint venture partners, the company can
be considered good for normal business dealings 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities “A4-“ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
April 24, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
April 24, 2015 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Soniya |
|
Designation : |
Coordinator |
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Contact No.: |
91-120-4634500 |
|
Date : |
13.05.2015 |
LOCATIONS
|
Registered Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
|
Tel. No.: |
91-1655-272120 |
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Fax No.: |
91-1655-272150 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-120-4634500/ 4634819 |
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Fax No.: |
91-120-4271940/ 4271940 |
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E-Mail : |
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Factory : |
Punjab, India |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mrs. Nishi Vasudeva |
|
Designation : |
Director |
|
Address : |
Flat No.12, A Wing 5th Floor Mayfair Gardens, Little Gibbs Road, Near Kamla Nehru Park Hanging Gard, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
30.03.1956 |
|
Date of Appointment : |
01.03.2014 |
|
DIN No. : |
03016991 |
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|
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|
Name : |
Mr. Sudhir Maheshwari |
|
Designation : |
Director |
|
Address : |
85, Platts Lane, Hampstead, London, United Kingdom, NW37NL |
|
Date of Birth/Age : |
02.11.1963 |
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Qualification : |
CA, CS |
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Date of Appointment : |
25.07.2007 |
|
DIN No. : |
02376365 |
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|
|
|
Name : |
Mr. Arun Balakrishnan |
|
Designation : |
Director |
|
Address : |
Flat No. TNC 122, Trinity Towers, DLF Phase 5, Gurgaon – 122009, Haryana, India |
|
Date of Birth/Age : |
25.07.1950 |
|
Date of Appointment : |
01.08.2010 |
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DIN No. : |
00130241 |
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|
|
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Name : |
Mr. Balraj Kishor Namdeo |
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Designation : |
Director |
|
Address : |
F-31/3/1 Panchkamal Society, Sector 29 Vashi, Navi Mumbai - 400703, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1956 |
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Date of Appointment : |
01.07.2013 |
|
DIN No. : |
06620620 |
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|
|
|
Name : |
Mr. Rajan Tandon |
|
Designation : |
Additional Director |
|
Address : |
19, Preston Road, Wembley, Middlesex, London, United Kingdom, HA98JZ |
|
Date of Birth/Age : |
24.09.1963 |
|
Qualification : |
CA |
|
Date of Appointment : |
03.07.2009 |
|
DIN No. : |
01968916 |
|
|
|
|
Name : |
Kommalapati Venkateshwara Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 504, Daiseley Mount, Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1955 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No. : |
05340626 |
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|
|
|
Name : |
Mr. Philippe Marc Rene Darmayan |
|
Designation : |
Additional director |
|
Address : |
18 Rue, Armand Moisant, Paris, 75015, France |
|
Date of Birth/Age : |
03.05.1952 |
|
Date of Appointment : |
25.03.2015 |
|
DIN No. : |
07134336 |
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|
|
|
Name : |
Prabh Das |
|
Designation : |
Managing Director |
|
Address : |
Flat No. E-801, Pearl Gateway Tower, Sector-44, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
30.10.1957 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No. : |
ADBPD7624H |
|
DIN No. : |
00164799 |
KEY EXECUTIVES
|
Name : |
Mr. Varun |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Prashant |
|
Designation : |
Account Department |
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|
|
|
Name : |
Ms. Soniya |
|
Designation : |
Coordinator |
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|
|
|
Name : |
Mr. Sidhartha Tyagi |
|
Designation : |
Secretary |
|
Address : |
A-85, Chander Nagar, |
|
Date of Birth/Age : |
19.10.1974 |
|
Date of Appointment : |
29.11.2001 |
|
PAN No. : |
ACKPT8760E |
|
Voter ID No. : |
UP/81/400/0507508 |
|
|
|
|
Name : |
Mr. Harak Chand Banthia |
|
Designation : |
Chief Fiannce Officer |
|
Address : |
19, Karl Marx Sarani, Kidderpore, Kolkata-700023, West Bengal, India |
|
Date of Appointment : |
29.11.2014 |
|
PAN No. : |
AEBPB4317E |
|
Voter ID No. : |
UP/81/400/0507508 |
MAJOR SHAREHOLDERS
AS ON 29.09.2014
|
Names of Shareholders |
No. of Shares |
|
Hindustan Petroleum Corporation Limited, India |
3690735130 |
|
Mittal Energy investments Pte Limited, Singapore |
3690735200 |
|
IFCI Limited, India |
77189796 |
|
State Bank of India, India |
52547840 |
|
HDFC Standard Life Insurance Company Limited, India |
27649103 |
|
HDFC SL Shareholders Solvency Margin Account |
2600346 |
|
Subir Roy Choudhury |
10 |
|
Bhaswar Mukherjee |
10 |
|
Ajit Singh |
10 |
|
Kotagiri Murali |
10 |
|
MS Damle |
10 |
|
Shrikant M. Bhosekar |
5 |
|
V. Murali |
5 |
|
Santanu Bhattacharjee |
10 |
|
|
|
|
Total |
7541457485 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Government companies |
48.94 |
|
Public financial companies |
1.02 |
|
Nationalized or other banks |
0.70 |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or Others) |
48.94 |
|
Bodies corporate (not mentioned above) |
0.40 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading Refining of Crude Oil and Exploration and Production of Crude Oil. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· DBS Bank Limited, Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi - 110001, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS Secured redeemable Non-Convertible Debentures (NCDs) were issued at par on 3 September 2012. These are secured by a first pari passu charge on fixed asset to the extent of 1.25 times of the issue size. Indian rupee loan from banks of INR 43610.000 million (previous year INR 53247.000 million), is secured by a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second charge. However, the lenders have a first pari passu charge on deposits and accounts under the Trust and Retention Account. Indian rupee loan from banks of INR 8500.000 million (previous year INR 8500.000 million) is secured by a third charge ranking pari - passu over all movable and immovable properties of the Company, both present and future. The said loans are backed by a letter of comfort from both Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte. Limited, the joint venture partners in the Company. Foreign currency loan from banks equivalent to INR 31862.000 million (previous year INR 27128.000 million) are secured by a mortgage through a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second charge. However, the lenders have a first pari passu charge on deposits and accounts under the Trust and Retention Account. Foreign currency loan from banks equivalent to INR 7430.000 million (previous year INR 7076.000 million) is secured by a third charge ranking pari - passu over all movable and immovable properties of the Company, both present and future. The said loans are backed by a letter of comfort from both Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte. Limited, the joint venture partners in the Company. Indian rupee loan from financial institution of INR 2587.000 million (previous year INR 2922.000 million) is secured by a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second charge. However, the lenders have a first pari passu charge on deposits and accounts under the Trust and Retention Account. SHORT TERM BORROWINGS Foreign currency working capital loan from banks is
secured by first charge, ranking pari-passu amongst the lenders, on all
current assets of the Company, save and except deposits and accounts under
the Trust and Retention Account, and have a second charge ranking pari-passu
on all movable and immovable fixed assets of the Company, both present and
future. |
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|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India |
|
PAN No.: |
ACHFS9180N |
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Collaborators : |
Not Divulged |
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|
|
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Membership : |
Not Divulged |
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|
Joint venture : |
Hindustan Petroleum Corporation Limited CIN No.: L23201MH1952GOI008858 Mittal Energy Investments Pte. Limited |
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|
|
|
Enterprises which are owned, or have significant influence of or are partners
with Key Management personnel and their relatives : |
Mittal Investments U.K. Limited |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,541,457,485 |
Equity Shares |
Rs.10/- each |
Rs. 75414.575 Million |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,593,227,474 |
Equity Shares |
Rs.10/- each |
Rs. 65932.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
65932.000 |
49980.000 |
47080.000 |
|
(b) Reserves & Surplus |
(16515.000) |
(15648.000) |
859.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
8821.000 |
5311.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
58238.000 |
39643.000 |
47939.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
120588.000 |
102253.000 |
79507.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
6337.000 |
0.000 |
|
(c) Other long term
liabilities |
409.000 |
33.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
120997.000 |
108623.000 |
79507.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
37582.000 |
43104.000 |
6655.000 |
|
(b) Trade
payables |
45695.000 |
15057.000 |
3515.000 |
|
(c) Other
current liabilities |
26239.000 |
11416.000 |
6405.000 |
|
(d) Short-term
provisions |
689.000 |
8987.000 |
31.000 |
|
Total Current
Liabilities (4) |
110205.000 |
78564.000 |
16606.000 |
|
|
|
|
|
|
TOTAL |
289440.000 |
226830.000 |
144052.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
191090.000 |
146485.000 |
1819.000 |
|
(ii)
Intangible Assets |
1457.000 |
91.000 |
83.000 |
|
(iii)
Capital work-in-progress |
373.000 |
8653.000 |
114360.000 |
|
(iv)
Intangible assets under development |
0.000 |
1311.000 |
0.000 |
|
(b) Non-current Investments |
12230.000 |
12230.000 |
12087.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
1.000 |
|
(d) Long-term Loan and Advances |
477.000 |
559.000 |
7377.000 |
|
(e) Other
Non-current assets |
604.000 |
364.000 |
390.000 |
|
Total Non-Current
Assets |
206231.000 |
169693.000 |
136117.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
61153.000 |
45695.000 |
0.000 |
|
(c) Trade
receivables |
15048.000 |
65.000 |
0.000 |
|
(d) Cash
and cash equivalents |
5589.000 |
58.000 |
1259.000 |
|
(e)
Short-term loans and advances |
1212.000 |
11191.000 |
3757.000 |
|
(f) Other
current assets |
207.000 |
128.000 |
2919.000 |
|
Total
Current Assets |
83209.000 |
57137.000 |
7935.000 |
|
|
|
|
|
|
TOTAL |
289440.000 |
226830.000 |
144052.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
77026.000 |
76.000 |
2778.600 |
|
|
|
Other Income |
265.000 |
9.000 |
607.453 |
|
|
|
TOTAL (A) |
77291.000 |
85.000 |
3386.053 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
80104.000 |
3390.000 |
|
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(653.000) |
(2732.000) |
|
|
|
|
Employees benefits expense |
530.000 |
315.000 |
|
|
|
|
Other expenses |
4230.000 |
5314.000 |
|
|
|
|
Exceptional Items |
(5473.000) |
0.000 |
|
|
|
|
TOTAL (B) |
78738.000 |
6287.000 |
3532.769 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(1447.000) |
(6202.000) |
(146.716) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2823.000 |
3126.000 |
17.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4270.000) |
(9328.000) |
(164.579) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
2849.000 |
841.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(7119.000) |
(10169.000) |
(164.579) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(6337.000) |
6338.000 |
(1.332) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(782.000) |
(16507.000) |
(163.247) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY ON F.O.B. |
13797.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods |
51.000 |
1463.000 |
8532.000 |
|
|
|
Components and Spare Parts |
665.000 |
96.000 |
0.000 |
|
|
|
Raw Materials |
205774.000 |
43750.000 |
0.000 |
|
|
|
Traded Goods |
0.000 |
0.000 |
2850.000 |
|
|
TOTAL IMPORTS |
206490.000 |
45309.000 |
11382.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.13) |
(3.45) |
(0.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
(1.02) |
(21719.74) |
(5.88) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(1.88) |
(8160.53) |
(5.28) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(2.57) |
(4.97) |
(0.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.26) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.72 |
3.67 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.73 |
0.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
47080.000 |
49980.000 |
65932.000 |
|
Reserves & Surplus |
859.000 |
(15648.000) |
(16515.000) |
|
Share Application money pending
allotment |
0.000 |
5311.000 |
8821.000 |
|
Net
worth |
47939.000 |
39643.000 |
58238.000 |
|
|
|
|
|
|
long-term borrowings |
79507.000 |
102253.000 |
120588.000 |
|
Short term borrowings |
6655.000 |
43104.000 |
37582.000 |
|
Total
borrowings |
86162.000 |
145357.000 |
158170.000 |
|
Debt/Equity
ratio |
1.797 |
3.667 |
2.716 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
2778.600 |
76.000 |
77026.000 |
|
|
|
(97.265) |
101,250.000 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
2778.600 |
76.000 |
77026.000 |
|
Profit |
(163.247) |
(16507.000) |
(782.000) |
|
|
(5.88%) |
(21719.74%) |
(1.02%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
12020.000 |
0.000 |
|
Foreign currency term loans from banks |
15467.000 |
4815.000 |
|
Deferred sales tax loan (Interest free unsecured deferred sales tax loan is repayable in thirty half yearly installments starting from December 2026.) |
2911.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
25.000 |
1094.000 |
|
Foreign currency term loans from banks |
6346.000 |
9134.000 |
|
Term loans from others |
800.000 |
0.000 |
|
Total |
36777.000 |
15043.000 |
|
NOTE LONG TERM
BORROWINGS Unsecured Indian rupee loan from banks of INR 9020.000 million (previous year Nil) and INR 3000.000 million (previous year Nil) is repayable in one bullet payment in April 2014 and February 2016 respectively and carries interest rate ranging from 10.20% p.a. to 10.95% p.a. SHORT TERM BORROWINGS Unsecured foreign currency loan from banks carry an
interest rate which is determined and fixed on the date of availing of the
loan and is presently between 0.6% p.a. to 3.6% p.a. These loans are
repayable within 179 to 360 days from the date of drawdown. |
||
INDEX OF CHARGES
|
S. No. |
Charge Id |
Date Of Charge Creation/Modification |
Charge Amount Secured |
Charge Holder |
Address |
Service Request Number (Srn) |
|
1 |
10548405 |
16/01/2015 |
1,980,585,600.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
C43014448 |
|
2 |
10503421 |
21/05/2014 |
5,000,000,000.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
C06849988 |
|
3 |
10503418 |
21/05/2014 |
5,877,250,000.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
C06852909 |
|
4 |
10503438 |
21/05/2014 |
16,000,000,000.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
C06850226 |
|
5 |
10504631 |
11/03/2014 |
15,956,447,500.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
C03611217 |
|
6 |
10419715 |
27/12/2013 * |
66,343,593,750.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B93605525 |
|
7 |
10399331 |
30/11/2012 * |
10,200,000,000.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B66720103 |
|
8 |
10362414 |
28/06/2012 |
57,090,000,000.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B42353763 |
|
9 |
10362413 |
26/06/2012 |
73,507,284,668.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B42353672 |
|
10 |
10353906 |
08/05/2012 |
15,851,863,681.00 |
SBICAP Trustee Company Limited |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B39015953 |
* Date of charge modification
CORPORATE
INFORMATION AS ON 31.03.2013
The Company was incorporated in the year 2000 as a wholly owned subsidiary of Hindustan Petroleum Corporation Limited (HPCL), a Government Company under Section 617 of the Companies Act, 1956, for the purpose of setting up an oil refinery (the project) at Bathinda, Punjab. Subsequently the Company, pursuant to a joint venture agreement entered into between HPCL and Mittal Energy Investments Pte. Limited, Singapore (a wholly owned subsidiary of Mittal Investments S.a.r.l, Luxembourg) (Mittal Energy) and receipt of the requisite regulatory approvals, became a joint venture company with equal equity participation by HPCL and Mittal Energy. Further, the Company also has a participating interest of 20% (previous year 20%) in each of the following blocks awarded by the Government of India, which are in the nature of jointly controlled assets, and are operated by third parties. All the blocks are in the exploratory stage.
FINANCIAL
PERFORMANCE AS ON 31.03.2013
2012-13 will be remembered as a significant year since through a structured implementation of strategic initiatives over the last couple of years their major capex programmer is now complete during the financial year 2012-13. Based on an analysis of operational parameters of the refinery units and independent technical expert advice, it was established that the integration of different units was completed on December 30, 2012, after which the plant was ready for production of commercially feasible quantities of finished goods although the crude-in was done in February 2012.
BUSINESS
OPERATIONS AS ON 31.03.2013
The Company had geared itself for the operational challenges thrown up during the year under review. The main thrust during the year was on consolidation of operations which were gradually ramped up and production of the petrochemical polypropylene commenced during the year. Total sales of all products for the year was aggregating to INR 77026.000 Million compared to total sales of INR 76.000 Million in the previous year.
Like any new refinery, Guru Gobind Singh Refinery (GGSR) also faced certain challenges in the initial period but good progress was made across all the key parameters and operations have been steadily stabilized.
The Company is expected to further improve and consolidate its operations in the ongoing financial year i.e. 2013-14 by increase in volumes, monitoring and controlling a better mix of its products and markets towards achieving a better bottom line and reducing cost. Further, in response to changes in the current and forecasted product demand patterns, the refinery’s processing capability will be efficiently adjusted to maximize production of value added products. This change will ensure that the refinery will be positioned at the upper end of the gross refinery margin range when complete year of full operations are achieved during the current financial year 2013-14. The Company has paid attention to up gradation of talent and skills in the refinery staff and management as well as enhancing the management systems.
ACCOLADES AND
AWARDS AS ON 31.03.2013
During the year the Company was awarded with two prestigious SAP awards towards Best Run Implementation in two categories, namely HR (Joint Winner) and Sourcing and Procurement (Sole Winner). HMEL was also awarded the CIDC "Partners in Progress" award. The award was bestowed on HMEL for display of utmost commitment and drives to create a vibrant work environment for the construction fraternity especially for achieving targets of Mission Skilling India.
MANAGEMENT
DISCUSSION AND ANALYSIS AS ON 31.03.2013
The year 2012-13 also proved to be a landmark year for the Company as the Guru Gobind Singh Refinery was dedicated to the nation by the Hon’ble Prime Minister on April 28, 2012. The year also marked a paradigm shift for the Company as the refinery strived for stable operations and the first batch of the value added petrochemical Polypropylene was produced and marketed.
OUTLOOK AS ON
31.03.2013
The fall in industrial production in India has negatively impacted demand for petroleum products. In the backdrop of the geo-political developments like the unrest in Middle East coupled with unprecedented depreciation in the Indian rupee has raised challenges in terms of increased prices of crude and greater pay outs for foreign currency loans. The Company is formulating a long term strategy to tackle any economic hurdles and shall continue to strive for attaining greater heights of operational performance.
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
· Railway Sidings
· Computer Software
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.63.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
56 |
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.