|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511785 |
|
Report Date : |
31.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
HPCL-MITTAL ENERGY LIMITED |
|
|
|
|
Formerly Known
As : |
GURU GOBIND SINGH REFINERIES LIMITED |
|
|
|
|
Registered
Office : |
Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, |
|
Tel. No.: |
91-120-4634500 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.12.2000 |
|
|
|
|
Com. Reg. No.: |
16-024126 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 80411.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23201PB2000PLC024126 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3001012633 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AABCG5231F |
|
|
|
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TIN No: |
03581144819 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
03AABCG5231F1Z8 |
|
|
|
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Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
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Line of Business
: |
Manufacturer of Refined Petroleum products and also Chemicals, Fertilizers and Nitrogen Compounds, Plastic and Synthetic Rubber in Primary Forms [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 228314000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
HPCL-Mittal Energy Limited (HMEL) incorporated as Guru
Gobind Singh Refinery Limited (GGSRL) in 2000, is a joint venture between
HPCL and Mittal Energy Investment Pte Ltd (MEIL, Singapore - a L. N. Mittal
Group company). Both the JV partners hold a stake of 48.99% in the company
each while the remaining 2.02% is held by financial institutions (IFCI, SBI
and HDFC Life).
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 31.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Village Phulokhari, Taluka Talwandi Saboo, District Bhatinda – 151301,
Punjab, India |
|
Tel. No.: |
91-1655-272120 |
|
Fax No.: |
91-1655-272150 |
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E-Mail : |
|
|
Website : |
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|
|
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Corporate Office : |
INOX |
|
Tel. No.: |
91-120-4634500 |
|
Fax No.: |
91-120-4271940 |
|
|
|
|
Branch Offices: |
· Plot No.6 (2), Old Port Road, Opposite Mundra CSF, Near Sundra Township, Mundra, District- Kutch-370421, Gujarat, India · Om Cross Way, Om Cineplex, 2nd Floor, Office NO. 7 and 8, Plot No.-A Ward No.-6, Rambag Chaar Rasta, Gandhidham, Kutch-370201, Gujarat, India · House No.C-12/467-468, Near Mahalaxmi Society, Behind Old Employment, Office Becharpura, Palanpur-385001, Gujarat, India · IPS-3, Dhansa, Near Primary School, Village Dhansa, Via: Modran, Tehsil: Bhinmal, District: Jalore – 343023, Rajasthan, India · Ayushi Tower, 2nd Floor, Near Barkatulla Khan Stadium, Main Pal Road, Jodhpur-342003, Gujarat, India · 1st Floor, 450, MC Colony, Hisar Road, (Opposite Talwar Nursing Home), Sirsa – 125 005, Haryana, India |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Avinash Chander Mahajan |
|
|||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
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|||||||||||||||||||||||||||||||||||||
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Address : |
605, Empire Cooperative Housing Society, Azad Nagar Veera Desai, Road, Near Andheri Sports Complex, Andheri (West), Mumbai - 400053, Maharashtra, India |
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|||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
05.07.1950 |
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|||||||||||||||||||||||||||||||||||||
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Qualification : |
Msc. (Chemistry Hons.) |
|
|||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
01.06.2015 |
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PAN No.: |
AAXPM0460B |
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DIN No. : |
00041661 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Arun Balakrishnan |
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Designation : |
Director |
||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 2102, Sobha Petunia, Veerana Palaya, Opposite Lumbini Gardens, Bangalore - 560045, Karnataka, India |
||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
25.07.1950 |
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Qualification : |
B. Tech, PGDM |
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Date of Appointment : |
03.04.2007 |
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PAN No.: |
ABVPB1917F |
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DIN No. : |
00130241 |
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Other Directorship:
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Name : |
Mr. Prabh Das |
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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 |
||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B. Tech, MBA, IAS |
||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2011 |
||||||||||||||||||||||||||||||||||||||
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PAN No. : |
ADBPD7624H |
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DIN No. : |
00164799 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||
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Name : |
Jagjeet Singh Bindra |
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Designation : |
Additional Director |
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|
Address : |
72, Incline, Green Lane, Alamo California 94507 Unites States |
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|
Date of Appointment : |
09.01.2018 |
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DIN No. : |
00354270 |
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||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Aditya Mittal |
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Designation : |
Director |
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Address : |
39, Bloomfield Terrace, London SW1W8PQ, United Kingdom |
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|
Date of Appointment : |
19.07.2016 |
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DIN No.: |
00778947 |
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Name : |
Mr. Rajan Tandon |
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Designation : |
Director |
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Address : |
19, Preston Road, Wembley, Middlesex, London, United Kingdom, HA98JZ |
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Date of Birth/Age : |
24.09.1963 |
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Qualification : |
CA |
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Date of Appointment : |
03.07.2009 |
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PAN No.: |
AAEPT3008K |
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DIN No. : |
01968916 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Ramaswamy Jagannathan |
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Designation : |
Director |
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Address : |
Bunglow No.12-B, HP Nagar East, R C Marg, Near Ashish Theatre, Vashinaka , Chembur, Mumbai 400074 , Maharashtra, India |
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Date of Appointment : |
01.10.2015 |
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DIN No. : |
06627920 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||||||||
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Name : |
Mrs. Vaijayanti Ajit Pandit |
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Designation : |
Director |
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Address : |
30/9, Taj Building, August Kranti Marg, Mumbai – 400036, Maharashtra, India |
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|
Date of Appointment : |
16.01.2017 |
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DIN No.: |
06742237 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Mukesh Kumar Surana |
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|
Designation : |
Director |
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Address : |
Flat No.502, Tower No. 9, Common Wealth Games Village, Near Akshard Ham Temple, Delhi-110092, India |
||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2016 |
||||||||||||||||||||||||||||||||||||||
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DIN No.: |
07464675 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vinod Sandanand Shenoy |
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|
Designation : |
Additional Director |
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|
Address : |
Shree Saraswati CHSL, Building No. B-1, Flat No. 904 N. G. Acharya Marg, Near Acharya College, Chembur, Mumbai-400071, Maharashtra, India |
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|
Date of Appointment : |
24.11.2016 |
||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07632981 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Prabh Das |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat No. E-801, Pearl Gateway Tower, Sector-44, Noida – 201301, Uttar Pradesh, India |
|
Date of Appointment : |
01.04.2018 |
|
PAN No.: |
ADBPD7624H |
|
|
|
|
Name : |
Mr. Sidhartha Taygi |
|
Designation : |
Company Secretary |
|
Address : |
A-85 Surya Nagar, Po Chander Nagar, District Ghazibad - 201011, Uttar Pradesh, India |
|
Date of Birth/Age : |
31.03.1959 |
|
Date of Appointment : |
29.11.2001 |
|
PAN No.: |
ACKPT8760E |
|
|
|
|
Name : |
Harak Chand Banthia |
|
Designation : |
Chief Financial Officer |
|
Address : |
19, Karl Marx Sarani, Kidderpore, Kolkata – 700023, West Bengal, India |
|
Date of Birth/Age : |
31.03.1956 |
|
Date of Appointment : |
09.09.2014 |
|
PAN No.: |
AEBPB4317E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Hindustan Petroleum Corporation Limited, India |
3939555130 |
|
Mittal Energy Investments Pte Limited, Singapore |
3939555200 |
|
IFCI Limited, India |
77189796 |
|
State Bank of India, India |
52547840 |
|
HDFC Standard Life Insurance Company Limited, India |
29513136 |
|
HDFC SL Shareholders Solvency Margin Account |
2775655 |
|
Shrikant M. Bhosekar |
05 |
|
B.K. Namdeo |
10 |
|
M.K. Surana |
10 |
|
J. Ramaswamy |
10 |
|
S.K. Suri |
10 |
|
S.P. Gupta |
10 |
|
Vikram Gulati |
5 |
|
Pawan Sehgal |
10 |
|
|
|
|
Total |
8041136827 |
AS ON: 28.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters - Government companies |
48.99 |
|
Promoters -Body corporate |
49.00 |
|
Public/Other than promoters - Insurance companies |
0.40 |
|
Public/Other than promoters - Banks |
0.65 |
|
Public/Other than promoters - Financial institutions |
0.96 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Refined Petroleum products and also Chemicals, Fertilizers and Nitrogen Compounds, Plastic and Synthetic Rubber in Primary Forms [Registered Activity] |
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Products : |
|
||||||||||||
|
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|
||||||||||||
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Brand Names : |
Not Available |
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|
||||||||||||
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Agencies Held : |
Not Available |
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|
||||||||||||
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Exports : |
Not Available |
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|
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||||||||||||
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Imports : |
Not Available |
||||||||||||
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||||||||||||
|
Terms : |
|
||||||||||||
|
Selling : |
Not Available |
||||||||||||
|
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|
||||||||||||
|
Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Vijaya Bank 41/2, MG Road, Bangalore-560001, Karnataka, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
· SBICAP Trustee Company Limited 202,
Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View Corporate Tower - B, Sector-42, Sector Road, Gurgaon, Haryana, India |
|
PAN No.: |
ACHFS9180N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary company: |
HPCL-Mittal Pipelines Limited [U60101PB2008PLC031563] |
|
|
|
|
Joint Venture companies having
significant influence |
· Hindustan Petroleum Corporation Limited [L23201MH1952GOI008858] · Mittal Energy Investments Pte Ltd. |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000000 |
Equity Shares |
INR 10/- each |
INR 100000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8041136827 |
Equity Shares |
INR 10/- each |
INR
80411.368 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
80411.000 |
80411.000 |
75415.000 |
|
(b) Reserves & Surplus |
(501.000) |
(30915.000) |
(40086.000) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
79910.000 |
49496.000 |
35329.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
140661.000 |
150453.000 |
188813.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
4242.000 |
3784.000 |
3237.000 |
|
(d)
long-term provisions |
893.000 |
740.000 |
1146.000 |
|
Total
Non-current Liabilities (3) |
145796.000 |
154977.000 |
193196.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
20475.000 |
25752.000 |
42016.000 |
|
(b)
Trade payables |
35921.000 |
22485.000 |
28062.000 |
|
(c)
Other current liabilities |
15817.000 |
20621.000 |
11503.000 |
|
(d)
Short-term provisions |
339.000 |
315.000 |
587.000 |
|
Total
Current Liabilities (4) |
72552.000 |
69173.000 |
82168.000 |
|
|
|
|
|
|
TOTAL |
298258.000 |
273646.000 |
310693.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
178577.000 |
188925.000 |
192157.000 |
|
(ii)
Intangible Assets |
350.000 |
603.000 |
926.000 |
|
(iii)
Capital work-in-progress |
17968.000 |
5121.000 |
972.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12230.000 |
12230.000 |
12230.000 |
|
(c) Deferred tax assets
(net) |
11624.000 |
18548.000 |
28130.000 |
|
(d) Long-term Loan
and Advances |
114.000 |
119.000 |
903.000 |
|
(e)
Other Non-current assets |
1096.000 |
955.000 |
461.000 |
|
Total
Non-Current Assets |
221959.000 |
226501.000 |
235779.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
3140.000 |
|
(b)
Inventories |
58616.000 |
32510.000 |
46458.000 |
|
(c)
Trade receivables |
13536.000 |
12922.000 |
15723.000 |
|
(d)
Cash and cash equivalents |
744.000 |
647.000 |
3165.000 |
|
(e)
Short-term loans and advances |
2.000 |
2.000 |
999.000 |
|
(f)
Other current assets |
3401.000 |
1064.000 |
5429.000 |
|
Total
Current Assets |
76299.000 |
47145.000 |
74914.000 |
|
|
|
|
|
|
TOTAL |
298258.000 |
273646.000 |
310693.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
424886.000 |
403277.000 |
288626.000 |
|
|
|
Other Income |
8940.000 |
8244.000 |
12286.000 |
|
|
|
TOTAL |
433826.000 |
411521.000 |
300912.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
220501.000 |
235716.000 |
274202.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(11223.000) |
4384.000 |
20619.000 |
|
|
|
Employees benefits expense |
2300.000 |
2184.000 |
1969.000 |
|
|
|
Other expenses |
161820.000 |
125464.000 |
10327.000 |
|
|
|
Expenditure
on production, transportation and other expenditure pertaining to exploration
and production activities |
0.000 |
0.000 |
11.000 |
|
|
|
TOTAL |
373398.000 |
367748.000 |
307128.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
60428.000 |
43773.000 |
-6216.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
8916.000 |
14810.000 |
17433.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
51512.000 |
28963.000 |
(23649.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9544.000 |
9549.000 |
5687.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
41968.000 |
19414.000 |
(29336.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11544.000 |
3963.000 |
(13451.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
30424.000 |
15451.000 |
(15885.000) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
3.78 |
2.00 |
(2.11) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
4337.000 |
12278.000 |
4753.000 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
38034.000 |
53878.000 |
33430.000 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
34288.000 |
53728.000 |
33398.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
11.63 |
11.70 |
19.88 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
31.39 |
31.21 |
18.36 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
59.46 |
34.82 |
37.35 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.03 |
1.35 |
-0.13 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.31 |
0.22 |
-0.03 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.73 |
0.85 |
0.89 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.07 |
3.81 |
6.67 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.91 |
1.40 |
2.33 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.46 |
3.93 |
5.49 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.78 |
2.96 |
(0.36) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.16 |
3.83 |
(5.50) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.20 |
5.65 |
(5.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
38.07 |
31.22 |
(44.96) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.05 |
0.68 |
0.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.24 |
0.21 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.18 |
0.11 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.06 |
2.34 |
3.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.05 |
0.68 |
0.91 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
75415.000 |
80411.000 |
80411.000 |
|
Reserves & Surplus |
(40086.000) |
(30915.000) |
(501.000) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
35329.000 |
49496.000 |
79910.000 |
|
|
|
|
|
|
long-term borrowings |
188813.000 |
150453.000 |
140661.000 |
|
Short term borrowings |
42016.000 |
25752.000 |
20475.000 |
|
Current Maturities of Long
term debt |
4753.000 |
12278.000 |
4337.000 |
|
Total
borrowings |
235582.000 |
188483.000 |
165473.000 |
|
Debt/Equity
ratio |
6.668 |
3.808 |
2.071 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
288626.000 |
403277.000 |
424886.000 |
|
|
|
39.723 |
5.358 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
288626.000 |
403277.000 |
424886.000 |
|
Profit/ (Loss) |
(15885.000) |
15451.000 |
30424.000 |
|
|
(5.50%) |
3.83% |
7.16% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in Report
(Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G83974055 |
100169251 |
VIJAYA BANK |
26/03/2018 |
- |
- |
10000000000.0 |
41/2, MG ROADBANGALOREKA560001IN |
|
2 |
C82565342 |
10628229 |
SBICAP TRUSTEE COMPANY LIMITED |
23/03/2016 |
- |
- |
46890000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABAMUMBAIMH400005IN |
|
3 |
C06850226 |
10503438 |
SBICAP TRUSTEE COMPANY LIMITED |
21/05/2014 |
- |
- |
16000000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
4 |
G51305043 |
10504631 |
SBICAP TRUSTEE COMPANY LIMITED |
11/03/2014 |
27/07/2017 |
- |
9997779480.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABAMUMBAIMH400005IN |
|
5 |
G75936799 |
10419715 |
SBICAP TRUSTEE COMPANY LIMITED |
22/03/2013 |
05/02/2018 |
- |
46950000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABAMUMBAIMH400005IN |
|
6 |
B66720103 |
10399331 |
SBICAP TRUSTEE COMPANY LIMITED |
30/11/2012 |
30/11/2012 |
- |
10200000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
7 |
G63482897 |
10341309 |
SBICAP TRUSTEE COMPANY LIMITED |
07/03/2012 |
27/10/2017 |
- |
100000000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABAMUMBAIMH400005IN |
|
8 |
G72370349 |
10548405 |
SBICAP TRUSTEE COMPANY LIMITED |
16/01/2015 |
- |
29/12/2017 |
1980585600.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABAMUMBAIMH400005IN |
|
9 |
G72055965 |
10362414 |
SBICAP TRUSTEE COMPANY LIMITED |
28/06/2012 |
- |
22/12/2017 |
57090000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
10 |
G72054539 |
10362413 |
SBICAP TRUSTEE COMPANY LIMITED |
26/06/2012 |
- |
22/12/2017 |
73507284668.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans |
17023.000 |
18064 |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
4360.000 |
|
|
|
|
|
Total |
17023.000 |
22424.000 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims made by landowner’s for additional compensation/ crop compensation |
150.000 |
150.000 |
|
Claims raised by project vendors |
190.000 |
186.000 |
|
Penalty and interest demand raised by income tax department |
240.000 |
240.000 |
|
Demand for service tax and penalty raised by service tax department |
403.000 |
411.000 |
|
Disallowance of cenvat credit / cenvat levied by excise department including interest and penalty |
954.000 |
1038.000 |
CORPORATE INFORMATION
HPCL-Mittal Energy Limited (‘HMEL’ or ’the Company’) was incorporated in the year 2000 as a wholly owned subsidiary of Hindustan Petroleum Corporation Limited (‘HPCL’), a Government Company. Subsequently the Company, pursuant to a joint venture agreement entered into between HPCL and Mittal Energy Investments Pte. Ltd., Singapore (a wholly owned subsidiary of Mittal Investments S.a.r.l, Luxembourg) (‘Mittal Energy’) became a joint venture Company with equal equity participation by HPCL and Mittal Energy. The Company is domiciled in India and is limited by shares. The registered office of the Company is located at Village Phulokhari, Taluka Talwandi Saboo, Bathinda, Punjab - 151301.
The Company has a petroleum refinery of 9 Million Metric Tonne Per Annum (MMTPA) at Bathinda, Punjab. The Company has participating interest in one domestic E&P block at Rajasthan viz. RJ-ONN-2005/2 with a participating interest of 20% (previous year 20%) which is in the nature of jointly controlled asset and operated by third party. This block is in exploratory stage.
These are the Company’s separate financial statements. The Company has one wholly owned Indian subsidiary, HPCL-Mittal Pipelines Limited.
BUSINESS OPERATIONS
At HMEL, value creation for stakeholders remains a cornerstone of their long term business sustainability. As a testimony to this principle, HMEL has outperformed its set targets during FY 2016-17 in all areas including Safety, Operations, Marketing and Financial parameters making it one of their best all round performance till date. This coupled with efficient crude buying, optimization and favourable product prices have helped us in achieving their best revenue, Profit After Tax (PAT) and Gross Refining Margin (GRM) exceeded levels achieved in last year. During the FY 2016-17 the turnover was reported at Million 424,886 Million, Earnings Before Interest, Tax Depreciation and Amortisation (EBITDA) was Million 60,428 Million and PAT was 30,424 Million.
It’s a pleasure to share that they continued to demonstrate their commitment towards Safety, in line with their core value of Safety First; and also got recognized by the British Safety Council (BSC) with a Five Star Rating as well as receipt of the Sword of Honour.
HMEL continues to evolve and increasingly use tactical approaches towards overcoming the myriad business challenges it is faced with. The Company looks forward to and leverages the opportunities to further enhance its operational & financial performance. To capitalize on the rapidly growing demand for petroleum products in India, and responding to the shortfall in the refining capacity of Northern India, the Company has in July 2017 completed the expansion and upgradation of its Guru Gobind Singh Refinery (GGSR or Refinery) increasing its annual throughput by 25% from a nameplate capacity of 9 MMTPA to 11.3 MMTPA. The key objectives of the expansion have been increasing the throughput of crude oil towards maximizing the production of high value-added products, such as High Speed Diesel (HSD) & Motor Spirit (MS), and to further enhance their operational efficiency. Once the enhanced refinery operations get stabilized it will reduce their fuel costs through alternative steam generation from circulating fluidised bed combustion (CFBC) boilers using coal and/or captive petcoke. It will also result in increased final distillate yield thereby improving their profitability margins
In an effort to further intensify the technological edge of its operations, the Company continued to invest in its Research & Development (R&D) and information Technology (`IT) functions during this fiscal.
In order to capture market demand and further boost their margins, they intend to undertake a petrochemical expansion project. It involves setting up of a mixed feed cracker by the year 2021, thereby significantly augmenting their polymer production capacity and reducing high dependence on Fuel Products Price Cycle. This will not only create immense value for the stakeholders but will also enable the Company to have a robust presence in fuel refining and polymers.
ACCOLADES AND AWARDS
They have continuously striven to fine-tune their processes in line with globally established standards. The conferment of multiple awards & recognitions from both national and international forums is a testimony to this endeavor. Apart from being bestowed with the Five Star rating and the Sword of Honour by the British Safety Council (BSC) in November 2016, they also bagged numerous prestigious awards such as:
The first prize in energy conservation in the refining sector at the National Energy Conservation Awards 2016 for excellence in Energy Conservation and Management by the Bureau of Energy Efficiency
The Oil & Gas Conservation award for boiler efficiency at the Refinery Technology Meet by the Centre for High Technology, Ministry of Petroleum and Natural Gas
These along with the FICCI Sustainability Award for Excellence in Safety 2016, the Golden Peacock Award 2016 for Environment Management, and the Golden Peacock Award for Corporate Social Responsibility 2016, further cemented their reputation as a leader in the industry. Further, their people-friendly processes and HR initiatives helped us bag the HR-Company of the Year 2016 award, from Petrofed.
The Company was recognized with SAP ACE award 2016 in category Operational Excellence for Manufacturing Organization for implementing Manufacturing Intelligence and Integration
ECONOMIC OVERVIEW
The global economy showed slower growth in the first couple of quarters of FY 2016-17 but gained momentum in the subsequent quarters. During the FY 2016-17 it grew at a modest rate of 3.1%. Buoyant financial markets coupled with the long awaited cyclical recovery in manufacturing and trade, the global economy gained some steam over the last two quarters of the FY.
Amidst
the weak to moderate global economic landscape, India has emerged as a bright
spot registering an economic growth rate of around 7.1% in FY 2016-17, thereby
remaining the fastest growing major economy in the World.
Indias
growth momentum is expected to get stronger in FY 2017-18 with the revival in
the private and government sector investment & consumer spending. Buoyed by
a strong economic growth in FY 2016-17 and the resultant strong demand for
petroleum products propelled India to emerge as the third largest oil market
after US and China, thus overtaking Japan.
INDUSTRY OVERVIEW
The
global oil demand continued to grow strongly by nearly 1.6 Million Barrels Per
Day (MBPD) in FY 2016-17 as compared to FY 2015-16, wherein emerging nations
like China and India constituted nearly 40% of the same. Global oil demand is
expected to grow by 1.26 MBPD in 2017-18. Revisions were primarily driven by
higher-than-anticipated oil demand from the Organisation for Economic
Cooperation and Development (OECD) Europe, the Asia Pacific and China.
With
the growing demand for petroleum in India, the government has adopted several
policy measures over the year to meet the same. During the FY 2016-17, the
overall Indian petroleum products demand grew at around 5% on a year-on-year
basis. Demand for Gasoline, Aviation Turbine Fuel (ATF) and Liquid Petroleum
Gas (LPG) saw a strong growth in 2016-17, while diesel demand grew at a slower
rate.
OUTLOOK
The global economy is currently in a recovery mode and this momentum is expected to persist. The near-term growth outlook for India seems brighter compared to the last fiscal. The recent implementation of the GST will boost interstate trade by steering in investments, reducing supply chain-related issues, improving economies-of-scale and cutting down overheads. All these are positive indicators and instill optimism for the Indian economy, in the coming years.
During
the FY 2017-18 the Company has undertaken its maiden turnaround alongwith
implementation of LCEP, which has upturn the refinery crude processing capacity
from 9 MMTPA to 11.3 MMTPA. Apart from the turnaround, a third reactor is also
being added in the Polypropylene unit which will help in better utilization of surplus
propylene, thereby strengthening the bottom-line further. Also, during this
turnaround the tie-ins required to implement production of Bharat Stage (BS) VI
quality fuels have been executed in response to the directives of the
government of India to implement the same by April 01, 2020.
Given,
the strong economic outlook clubbed with the expansion initiatives; the Company
is well placed to make the most of the opportunities offered. Adequate steps
are being taken to strengthen the long-term sustainability by diversifying into
petrochemicals and reducing dependence on a single commodity cycle of fuel
products. India being deficit in polymers, the petrochemical products demand is
expected to significantly exceed production capacity, within the next 5- 10
years.
FIXED ASSETS:
· Land
· Buildings
· Factory equipments
·
Plant and equipment
·
Furniture and fixtures
· Motor vehicles
· Vehicles
· Office equipment
· Computer equipments
· Property, plant and equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 67.63 |
|
UK Pound |
1 |
INR 89.70 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.