MIRA INFORM REPORT

Report No. :	349149
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	BG SOUTH ASIA LNG LIMITED

Registered Office :	100 Thames Valley Park Drive Reading RG6 1PT

Country :	United Kingdom

Financials (as on) :	31.12.2014

Date of Incorporation :	06.02.2014

Com. Reg. No.:	08879512

Legal Form :	Private limited with Share Capital

Line of Business :	Buyer and seller of LNG, initially focusing on the Indian market. Accounts data converted from US Dollars.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.

In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company Name and address

BG SOUTH ASIA LNG LIMITED

Company No:

08879512

Registered Address:

100 THAMES VALLEY PARK DRIVE READING RG6 1PT

Company Summary

Registered Address	100 THAMES VALLEY PARK DRIVE READING RG6 1P	Trading Address	100 Thames Valley Park Drive Reading Berkshire RG6 1PT
Website Address	--
Telephone Number	--	Fax Number
TPS	--	FPS	No
Incorporation Date	06/02/2014
Previous Name	--	Type	Private limited with Share Capital
FTSE Index	--	Date of Change	--
Filing Date of Accounts	18/09/2015	Currency	GBP
Share Capital	£1	SIC07	06200
Charity Number	--
SIC07 Description	EXTRACTION OF NATURAL GAS
Principal Activity	Buyer and seller of LNG, initially focusing on the Indian market. Accounts data converted from US Dollars.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2014	£51,581,171	£221,166	£173,632	--
--	--	--	--	--
--	--	--	--	--

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.
This company's return on total assets employed ratio indicates a relatively efficient use of assets.
This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.
The company has more cash than short term bank borrowings.
This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	4
Total Current Secretaries	3
Total Previous Directors / Company Secretaries	1

Current Directors

Name	Graham Hall	Date of Birth	25/02/1961
Officers Title	Mr	Nationality	British
Present Appointments	35	Function	Director
Appointment Date	06/02/2014
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Name	Ann Collins	Date of Birth	27/01/1964
Officers Title	Ms	Nationality	British
Present Appointments	15	Function	Director
Appointment Date	06/02/2014
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Name	Stephen Robert Unger	Date of Birth	28/08/1966
Officers Title	Mr	Nationality	Australian
Present Appointments	29	Function	Director
Appointment Date	06/02/2014
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Name	Michael Neil Sellers	Date of Birth	01/01/1977
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	19/06/2014
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Current Company Secretary

Name	Rebecca Louise Dunn	Date of Birth	-
Officers Title	Mrs	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	06/02/2014
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Name	Chloe Silvana Barry	Date of Birth	-
Officers Title	Mrs	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	06/02/2014
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Name	Cayley Louise Ennett	Date of Birth	-
Officers Title	Ms	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/10/2015
Address	100 Thames Valley Park Drive, Reading, RG6 1PT

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BG ASIA PACIFIC HOLDINGS PTE LIMITED	GBP	1	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/14	(%)	-	(%)	-	(%)	-	(%)	-
Weeks	47	(%)	-	(%)	-	(%)	-	(%)	-
Currency	GBP	(%)	-	(%)	-	(%)	-	(%)	-
Consolidated A/cs	N	(%)	-	(%)	-	(%)	-	(%)	-
Turnover	£51,581,171	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	£221,166	-	-	-	-	-	-	-	-
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	£221,166	-	-	-	-	-	-	-	-
Taxation	-£47,534	-	-	-	-	-	-	-	-
Profit After Tax	£173,632	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£173,632	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/14	(%)	-	(%)	-	(%)	-	(%)	-
Tangible Assets	0	-	-	-	-	-	-	-	-
Intangible Assets	0	-	-	-	-	-	-	-	-
Total Fixed Assets	0	-	-	-	-	-	-	-	-
Stock	0	-	-	-	-	-	-	-	-
Trade Debtors	0	-	-	-	-	-	-	-	-
Cash	£1,460,355	-	-	-	-	-	-	-	-
Other Debtors	£50,200,040	-	-	-	-	-	-	-	-
Miscellaneous Current Assets	0	-	-	-	-	-	-	-	-
Total Current Assets	£51,660,395	-	-	-	-	-	-	-	-
Trade Creditors	0	-	-	-	-	-	-	-	-
Bank Loans & Overdrafts	0	-	-	-	-	-	-	-	-
Other Short Term Finance	£51,486,763	-	-	-	-	-	-	-	-
Miscellaneous Current Liabilities	0	-	-	-	-	-	-	-	-
Total Current Liabilities	£51,486,763	-	-	-	-	-	-	-	-
Bank Loans & Overdrafts and LTL	0	-	-	-	-	-	-	-	-
Other Long Term Finance	0	-	-	-	-	-	-	-	-
Total Long Term Liabilities	0	-	-	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/12/14	(%)	-	(%)	-	(%)	-	(%)	-
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	£173,632	-	-	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£173,632	-	-	-	-	-	-	-	-

Other Financial Items

Date Of Accounts	31/12/14	(%)	-	(%)	-	(%)	-	(%)	-
Net Worth	£173,632	-	-	-	-	-	-	-	-
Working Capital	£173,632	-	-	-	-	-	-	-	-
Total Assets	£51,660,395	-	-	-	-	-	-	-	-
Total Liabilities	£51,486,763	-	-	-	-	-	-	-	-
Net Assets	£173,632	-	-	-	-	-	-	-	-

Cash Flow

Date Of Accounts	31/12/14	(%)	-	(%)	-	(%)	-	(%)	-
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/14	(%)	-	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	-	-	-	-	-	-	-
Capital Employed	£173,632	-	-	-	-	-	-	-	-
Number of Employees	-	-	-	-	-	-	-	-	-

Accountants
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/12/14	-	-	-	-
Pre-tax profit margin %	0.43	-	-	-	-
Current ratio	1	-	-	-	-
Sales/Net Working Capital	297.07	-	-	-	-
Gearing %	0	-	-	-	-
Equity in %	0.30	-	-	-	-
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1	-	-	-	-
Return On Capital Employed %	127.37	-	-	-	-
Return On Total Assets Employed %	0.42	-	-	-	-
Current Debt Ratio	296.52	-	-	-	-
Total Debt Ratio	296.52	-	-	-	-
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	127.37	-	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
08/10/2015	New Company Secretary Ms C.L. Ennett appointed
05/10/2015	New Accounts Filed
18/05/2015	Mr D.L. Dunlavy has left the board
08/03/2015	Annual Returns
24/06/2014	New Board Member Mr M.N. Sellers appointed
10/02/2014	New Company Secretary Mrs C.S. Barry appointed
10/02/2014	New Company Secretary Mrs R.L. Dunn appointed
10/02/2014	New Board Member Mr D.L. Dunlavy appointed
10/02/2014	New Board Member Mr S.R. Unger appointed
10/02/2014	New Board Member Ms A. Collins appointed
10/02/2014	New Board Member Mr G. Hall appointed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	86 companies
Linkages	46 companies
Countries	In 2 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	BG GROUP PLC

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BG GROUP PLC	03690065	31.12.2014	Y	£19,949,000,000
BG ASIA PACIFIC HOLDIN...	N/A	-	-
BG SOUTH ASIA LNG LI...	08879512	31.12.2014	N	£51,581,171
BG ENERGY HOLDINGS LIM...	03763515	31.12.2014	Y	£12,709,362,852
BG GROUP PENSION TRU...	04229722	31.12.2014	N
BG GROUP EMPLOYEE BE...	04239644	31.12.2014	N
BG LNG TRANSPORT NO....	04921883	31.12.2014	N
BG LNG TRANSPORT NO....	04921890	31.12.2014	N
BG GENERAL INVESTMENTS	05586985	31.12.2014	N
BG FINANCE INVESTM...	05600873	31.12.2014	N
BG OMIKRON LIMITED	05741076	31.12.2014	N
BG BRAZIL FINANCE LI...	06786022	31.12.2014	N
BG GLOBAL EMPLOYEE R...	06804641	31.12.2014	N	£13,601,021
BRAZIL SHIPPING I LI...	07211438	31.12.2014	N	£71,385,753
BRAZIL SHIPPING II L...	07519965	31.12.2014	N	£15,785,964
BG ENERGY TRADING LI...	08609873	31.12.2014	N	£2,741,443,334
BG ENERGY US FINANCE...	08613926	31.12.2014	N
BG UK CAPITAL LIMITED	09335381	-	N
BG UK CAPITAL II LIM...	09605477	-	N
BG EMPLOYEE SHARES T...	02023808	31.12.2014	N
BG GROUP TRUSTEES LI...	04082301	31.12.2014	N
BG GREAT BRITAIN LIM...	00909162	31.12.2014	N	£18,000
BG NORTH SEA HOLDING...	02383911	31.12.2014	N	£2,247,000
BG TRINIDAD AND TO...	02386676	31.12.2014	N	£210,227,768
BG ATLANTIC FINANC...	03949560	31.12.2014	N
BG OVERSEAS INVESTME...	02878201	31.12.2014	N
BG UK HOLDINGS LIMITED	02059279	31.12.2014	N
BG OVERSEAS HOLDIN...	02207355	31.12.2014	N
BG SOUTH EAST ASI...	02334822	31.12.2014	N
BG THAILAND LIMITED	02466384	31.12.2014	N
BG TUNISIA LIMITED	02750465	31.12.2014	N	£291,222,024
BG HASDRUBAL LI...	06335287	31.12.2014	N	£237,971,876
BG IRAN LIMITED	02997897	31.12.2014	N
BG GENERAL HOLDIN...	03827669	31.12.2014	N	£272,349,000
BG KARACHAGANAK T...	04785802	31.12.2014	N
BG GAS SUPPLY (UK)...	03788365	31.12.2014	N
BG SINGAPORE LIMITED	04159059	31.12.2014	N	£1,298,000
BG ENERGY CAPITAL PLC	04222391	31.12.2014	N
BG ENERGY MARKETING...	04921885	31.12.2014	N
BG GROUP EMPLOYEE SH...	03167150	31.12.2014	N
BG INTELLECTUAL PROP...	02842953	31.12.2014	N
BG EXPLORATION AND...	02844788	31.12.2014	N
BRITISH GAS CORPOR...	03886409	31.12.2014	N
BG INTERNATIONAL LIM...	00902239	31.12.2014	N	£1,054,000,000
BG INTERNATIONAL (...	00958880	31.12.2014	N	£205,081,000
BG CENTRAL INVEST...	01144335	31.12.2014	N	£15,198,000
BG DELTA LIMITED	03254203	31.12.2014	N	£361,751,502
BG KARACHAGANAK LI...	03294207	31.12.2014	N	£1,112,574,573
BG GAS SERVICES LI...	03299002	31.12.2014	N
ALIE INVESTMENTS L...	03478502	31.12.2014	N	£4,358,000
BG KENYA L10A LIMITED	03763512	31.12.2014	N
BG KENYA L10B LIMITED	03886417	31.12.2014	N
BG TANZANIA LIMITED	04360558	31.12.2014	N
BG TRINIDAD 5(A) L...	05574647	31.12.2014	N	£25,893,576
BG SUBSEA WELL PRO...	07920553	31.12.2014	N
BG CENTRAL HOLDING...	08021833	31.12.2014	N
BG GROUP COMPANY S...	08035315	31.12.2014	N
BG NORGE EXPLORATI...	08083015	31.12.2014	N
BG TRINIDAD BLOCK...	09112296	-	N
BG MONGOLIA HOLDIN...	09232917	-	N
BG ARUBA LIMITED	08194607	31.12.2014	N
BG NORGE LIMITED	05028627	31.12.2014	N	£14,277,000
BG OKLNG LIMITED	02654676	31.12.2014	N
BG METHANE ARCTIC LI...	02753246	31.12.2013	N
BG ROSETTA LIMITED	05203667	31.12.2014	N	£26,630,356
BG TANZANIA HOLDINGS...	04243058	31.12.2014	N
BG TRINIDAD LNG LIMITED	02960021	31.12.2014	N
BG 456 LIMITED	06560284	31.12.2014	N
BG ABC LIMITED	06560358	31.12.2014	N
BG XYZ LIMITED	06957947	31.12.2014	N
BG 123 LIMITED	06560238	31.12.2014	N
BG 789 LIMITED	06560262	31.12.2014	N
BRITISH GAS INTERNAT...	03745692	31.12.2014	N
HYDROCARBONS OFFSHOR...	01796415	31.12.2014	N
HYDROCARBONS IRELAND...	IE055957	31.12.2013	N
IQARA HOLDINGS LIMITED	04181031	31.12.2014	N
IQARA LIMITED	04182014	31.12.2014	N
METHANE SERVICES LIM...	00737366	31.12.2014	N	£555,688,255
SCHOONER TRUSTEES LI...	03766739	31.12.2014	N
BG ENERGY IBERIAN HOLD...	N/A	-	-
BG LNG INVESTMENTS L...	06945433	31.12.2014	N
BG GAS MARKETING LTD	04246096	31.12.2014	N	£1,971,847,891
BG EQUATORIAL GUIN...	07064039	31.12.2014	N
BG GAS INTERNATIONAL B.V.	24295536	31.12.2014	N
BG GAS NETHERLANDS HOL...	24263016	-	N
BG NETHERLANDS	05712512	31.12.2014	N	£5,043,000

Othe Linked Companies

Name	Number	Latest Key Financials	Turnover
SSE GENERATION IRELAND LIMITED	IE459400	31.03.2014	€70,565,000
SSE RENEWABLES HOLDINGS LIMITED	IE314061	31.03.2014
GREEN WAY ENERGY LIMITED	IE392039	31.03.2014
COOLLEGREAN WINDFARM LIMITED	IE447704	31.03.2014
ARKLOW OFFSHORE PHASE II COMPANY LIMITED	IE339059	31.03.2014	€412,000
GREEN ENERGY COMPANY LIMITED	IE281779	31.03.2014	€13,012,062
SSE AIRTRICITY UTILITY SOLUTIONS LIMITED	IE476088	31.03.2014	€14,099,906
TAIDALE LIMITED	IE338342	31.03.2014
TELLSTONE LIMITED	IE338343	31.03.2014
FRIDON LIMITED	IE338344	31.03.2014	€83,040
WINTRIX LIMITED	IE338345	31.03.2014
DEDONDO LIMITED	IE261564	31.03.2014	€2,241,000
COMHLACHT GAOITHE TEORANTA	IE264869	31.03.2014
GANDEROY LIMITED	IE277074	31.03.2014	€592,000
BINDOO WINDFARM (ROI) LIMITED	IE279040	31.03.2014	€9,234,000
RICHFIELD WINDFARM (ROI) LIMITED	IE317385	31.03.2014	€5,559,000
SSE AIRTRICITY LIMITED	IE317386	31.03.2014	€924,432,000
SSE RENEWABLES (IRELAND) LIMITED	IE331742	31.03.2014	€9,814,000
SLAHENY ENERGY LIMITED	IE336971	31.03.2014
MEENTYCAT LIMITED	IE338333	31.03.2014	€11,211,000

Previous Director/Company Secretaries

Name		Current Directorships	Previous Directorships
David Lee Dunlavy		1	2
Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.