M.S.E. (CONSULTANTS) LIMITED

Engineering

Funds Raised

£40,000.00

Final AER

15.48%

Loan term

36 MONTHS

Auction Closed

2015-11-08

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: M.S.E. (CONSULTANTS) LIMITED Company Number: 02414457
Business Type: Engineering Years Trading: more than 10 years
Business Location: 11 REGENT PLACE

About the Risk

Risk rating

B

Default rate

7.10%

Bad debt rate

5.84%

About the Security

Security Offered:

Personal Guarantee - PG from Mr Akhtar

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Visit our Website

MSE Consultants is an established oil and gas engineering and management consultancy serving the global oil and gas industry. We specialise in the concept design and development of oil and gas production facilities and are well respected in the industry for our innovative designs, especially on projects that require the selection and specification of heavy machinery; such as gas compressors, turbines, motor drivers and pumps.

MSE has a growing team of highly dedicated process, mechanical, machinery, controls and software development engineers, with a wealth of hands-on practical experience of on-shore and off-shore projects.

MSE has pioneered "Integrated Modelling" of gas compression and process systems using our proprietary GASMAN software technology, which combines gas reservoir and process facilities to determine an optimised system for the development of gas fields, gas condensate fields and oil and gas production systems.

MSE develops and maintains a long term relationship with its clients, enabling us to provide life cycle support from concept design through to detailed engineering for new projects, as well as for extending life of mature oil and gas assets.

Company History

MSE Consultants was founded in 1988 by Dr Sib Akhtar, a compressor specialist and technical authority on the application of turbo-machinery for oil and gas projects, with 40 years experience in the oil and gas industry.

Dr Akhtar has worked with major compressor and turbine manufacturers including Elliott, GEC and English Electric. He worked with MW Kellogg as Principal Engineer and was Chief Machinery Engineer with Global Engineering, prior to establishing MSE Consultants.

Dr Akhtar has provided specialist technical consultancy on gas compression projects for many oil companies; including Shell, BP, BG, Centrica, Pluspetrol, Rospan, Maersk Oil, Maersk Drilling, Statoil-Hydro.

Process, Mechanical and Software Engineering Experience

MSE Consultants prides itself on a team of highly qualified and dedicated Process, Mechanical and Software Development engineers, with a wealth of practical experience. Our multi-disciplinary expertise covers all stages of an asset’s life cycle. From concept design; through to operation and life extension of mature assets. Our engineers deliver unique solutions which result in numerous improvement options for clients to consider. This enables our clients to extract the maximum value from their assets.

Our clients include global blue chip oil and gas operating companies. For more information please see Clients and Case Studies.

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Loan Offers

What is the loan for?

While we have received a growing number of export orders, we need to develop this further. Investment is needed for:

– Marketing & Business Development

– Following Export Leads and Inquiries

- Working Capital for Projects

To develop our international business we need to reach out to new markets/customers:

– Middle East and North Africa (Upstream/LNG Export/Import )

– Africa (LNG Export/Import)

– Asia (Upstream/LNG Import)

This will require us to travel to meet new clients and participate in seminars and exhibitions where we can present our expertise and exchange project information.

Why consider investing?

We are well established in UK North Sea Market with consistent repeat business for 25 yrs.

We have worked for blue chip companies BP, Shell , RWE DEA, Conco Philips, and many more companies. We are expanding our services to export market and working to get export projects in the USA, Middle East, Asia and Far East where there is considerable activity in large scale Gas and LNG projects under design and construction.

Declining Sales

There was a contraction of work from the UK sector in our business which affected our sales in the first six months of this year. Although we have continue to win orders from BP and RWE.

However, we have been working very hard to diversify our services into the export area this year. We are getting a lot of support from UK Export Finance who are happy to talk to any lender who is considering supporting MSE.

The export projects are larger in value and very profitable but take longer time to negotiate and receive the contracts.

I am please to say that these efforts are bearing fruits; we are starting to receive a steady stream of larger and smaller contracts since July this year.

We have won the following over seas projects

1. BG Group USA, Lake Charles LNG Project circa £ 133,000. July 2015; the Lake Charles LNG Project is a multi billion dollar project aimed to export US surplus shale gas. MSE expect to remain involved in this project for quite some time.

2. PDO Shell Oman ; Fahud Optimisation Study ; $220,000 received this week. MSE has started work and MSE team is going to visit Oman next month.

3. Charles Taylor ( Qatar General Insurance ) ; Compressor failure Investigations; Phase I value £ 35,000; order received last week MSE team is going to Qatar end of this week.

4. Bristow helicopter Nigeria; Power Generation Gas Turbine Engine Failure Investigation; the order value is circa £ 30,000 and we are awaiting confirmation.

We are also working on an enquiry from Saudi Aramco which is quite substantial in size and value and aimed specifically for MSE as specialist service and software provider. Saudi are asking MSE to carry out a Pilot redesign of gas compressors used in their oil production facility and follow this for the several of their oil production facilities. WE are negotiating this project for some time and hope to win this work soon.

The fact that we have now won projects in Qatar and Oman recently will support our credentials with Saudi. We need to spend more time and effort in business development but have been constrained.

Finally we have developed CO2 injection technology for enhanced oil recovery and CO2 sequestration which is particularly aimed for North Sea; we are in discussion with Scottish Enterprise who are interested in our technology and they have asked us to submit a technical proposal for a Feasibility Study; the support from Scottish Enterprise would be worth £ 100,000.

We are confident that with the growing export orders we shall be able to recover and reach £ 1.4 m in the next 12 months.

We hope that above will assure the lender that while we did experience a drop in sales early this year, the Management Team has worked very hard to develop.

Disclosure

Lenders' attention is drawn to notes 5 and 11 to the 2014 accounts where it is shown that the strength of the balance sheet depends largely upon the internally generated software development asset. This asset has a carrying value of £2.59 million which includes a director's upward revaluation of £458k.

Security

The loan is to be secured by way of Directors guarantee .

The Director has an estimated net worth of £247k. This is through ownership of a property with an est value £1m and est. equity £528k

DateAmountCapitalInterestReceived
09/12/2015£1,396.03£880.03£516.00
09/01/2016£1,396.03£891.39£504.65 (27 days late)
09/02/2016£1,396.03£902.89£493.151288 days overdue
09/03/2016£1,396.03£914.53£481.501259 days overdue
09/04/2016£1,396.03£926.33£469.701228 days overdue
09/05/2016£1,396.03£938.28£457.751198 days overdue
09/06/2016£1,396.03£950.38£445.651167 days overdue
09/07/2016£1,396.03£962.64£433.391137 days overdue
09/08/2016£1,396.03£975.06£420.971106 days overdue
09/09/2016£1,396.03£987.64£408.391075 days overdue
09/10/2016£1,396.03£1,000.38£395.651045 days overdue
09/11/2016£1,396.03£1,013.29£382.751014 days overdue
09/12/2016£1,396.03£1,026.36£369.68984 days overdue
09/01/2017£1,396.03£1,039.60£356.44953 days overdue
09/02/2017£1,396.03£1,053.01£343.03922 days overdue
09/03/2017£1,396.03£1,066.59£329.44894 days overdue
09/04/2017£1,396.03£1,080.35£315.68863 days overdue
09/05/2017£1,396.03£1,094.29£301.75833 days overdue
09/06/2017£1,396.03£1,108.40£287.63802 days overdue
09/07/2017£1,396.03£1,122.70£273.33772 days overdue
09/08/2017£1,396.03£1,137.18£258.85741 days overdue
09/09/2017£1,396.03£1,151.85£244.18710 days overdue
09/10/2017£1,396.03£1,166.71£229.32680 days overdue
09/11/2017£1,396.03£1,181.76£214.27649 days overdue
09/12/2017£1,396.03£1,197.01£199.03619 days overdue
09/01/2018£1,396.03£1,212.45£183.58588 days overdue
09/02/2018£1,396.03£1,228.09£167.94557 days overdue
09/03/2018£1,396.03£1,243.93£152.10529 days overdue
09/04/2018£1,396.03£1,259.98£136.05498 days overdue
09/05/2018£1,396.03£1,276.23£119.80468 days overdue
09/06/2018£1,396.03£1,292.70£103.34437 days overdue
09/07/2018£1,396.03£1,309.37£86.66407 days overdue
09/08/2018£1,396.03£1,326.26£69.77376 days overdue
09/09/2018£1,396.03£1,343.37£52.66345 days overdue
09/10/2018£1,396.03£1,360.70£35.33315 days overdue
09/11/2018£1,396.03£1,378.25£17.78284 days overdue
Total:£40,000.00£10,257.22