MIRA INFORM REPORT
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Report
Date : |
16.01.2007 |
IDENTIFICATION DETAILS
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Name : |
BG
EXPLORATION AND PRODUCTION INDIA LIMITED |
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Registered
Office : |
1st
Floor, Midas, |
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Country
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Date
of Incorporation : |
Around 2003 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUMB12758E |
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PAN
No.: (Permanent
Account No.) |
AAACE4569K |
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Legal
Form : |
A Closely held Public Limited Liability Company |
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Line
of Business : |
The Company is lie in Exploration, Production, Development
and Supply of existing and emerging gas markets around the world. |
RATING & COMMENTS
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MIRA’s
Rating : |
Undetermined |
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Maximum
Credit Limit : |
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Status
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Undetermined |
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Comments
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As the company is incorporated outside India (in Cayman
Islands), it would be difficult to assess the performance and financial
status of the company. |
LOCATIONS
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Registered
Office : |
1st
Floor, Midas, |
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Tel.
No.: |
91-22-56435000
/ 28395841 |
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Fax
No.: |
91-22-28395201 |
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E-Mail
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Website
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Head
Office : |
BG Group plc, |
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Tel.
No.: |
44-(0) 1189353222 |
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Fax
No.: |
44-(0) 1189353484 |
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E-Mail
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BG Group plc , 6 Albyn Grove, |
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Tel.
No.: |
44 (0) 1224202020 |
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Fax
No.: |
44 (0) 1224202099 |
DIRECTORS
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Name : |
Mr. Nigel
Shaw |
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Designation
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Chief Executive Officers BG India |
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Name : |
Mr. Bill Adamson |
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Designation
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Managing Director |
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Name : |
Mr. Kapil Garg |
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Designation
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Managing Director BG Exploration & Production India Limited (BGEPIL) |
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Name : |
Mr. B S Shanthraju |
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Designation
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Managing Director Gujarat Gas Company Limited (GGCL) |
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Name : |
Mr. Gary Morgan |
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Designation
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Technical Director BG India |
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Name : |
Mr. Harbinder Singh Ahluwalia |
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Designation
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Finance Director BG India |
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Name : |
Mrs. Nicole Mcmahon |
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Designation
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Director, Policy and corporate Affairs BG India |
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Name : |
Mr. Philip laing |
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Designation
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Lrgal Counsel BG India |
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Name : |
Mr. Alasdair Mackenzie |
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Designation
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Director, Commercial BG India |
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Name: |
Mr. R. Suriyanarayana |
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Designation
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Director, HR |
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Name: |
Dr. Anthony Barker |
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Designation
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Director, Downstream Business Development |
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Name: |
Mr. Philip Croft |
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Designation
: |
Technical Director Mahanagar Gas Limited (MGL) |
BUSINESS DETAILS
|
Line
of Business : |
The Company is lie in Exploration, Production, Development
and Supply of existing and emerging gas markets around the world. |
GENERAL INFORMATION
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Suppliers
: |
v Ankleshwar v Bharuch v |
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Customers
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v Domestic v Commercial v Industrial Customers |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
This is a foreign company incorporated in Cayman Islands
Around 2003.
GENERAL OBSERVATIONS:
BG Exploration & Production India Limited (BGEPIL)
With the purchase in 2002 of substantial interests in offshore oil and
gas fields in the Gulf of Cambay and
The transaction gave BG India a 30 per cent interest in the offshore
Tapti gas field and the Panna/Mukta oil and gas fields. The BG interest is
vested in its subsidiary BG Exploration and Production India Limited (BGEPIL).
The other partners in the consortium are the Indian Government’s Oil and
Natural Gas Corporation Limited (ONGC) with a 40 per cent shareholding and
Reliance Industries Limited, which holds the remaining 30 per cent.
The new assets are proving a valuable fit with the company’s growing
onshore transmission and distribution businesses and the company is keen to
unlock their full potential.
The Panna/Mukta fields lie approximately 95 kilometers (km)
In 2004, total production from the Panna/Mukta and Tapti fields was
around 29 million barrels of oil equivalent (mmboe).
In November 2004, the Indian Government allowed the JV partners to
directly sell gas to customers rather than to the Government nominee. The move,
which came into effect on 1 April 2005, was seen as good news for the industry
and a shift towards further liberalization in the supply of gas in the country.
BGEPIL and its partners are using advanced drilling techniques and
innovative technology to realise the full potential of the fields. A two-stage
expansion programme is currently under way which will enable output from the
Tapti gas field to be doubled and will enhance and extend production in the
other areas.
The first stage of the expansion programme involves infill drilling of
up to 18 wells in Panna/Mukta and a four well recompilation exercise in Tapti.
In February 2004, the Ensco 50 jack up drilling rig came on hire for the
Government approval has been received for the installation of two
wellhead platforms in the Panna field and the drilling of 11 firm wells. This
is expected to result in gross incremental reserves of approximately 17 million
barrels of oil and 74 billion cubic feet (bcf) of gas. First production is
expected in mid 2006.The new platforms will be designed to allow future infill
drilling, which could further extend the economic life of the Panna field.
Further expansion in
BGEPIL was involved in bidding for two deepwater exploration blocks as
part of the New Exploration and Licensing Policy (NELP) IV bidding round in
2003 and one deepwater exploration block as part of NELP V, and continues to
evaluate exploration and production opportunities, both onshore and offshore,
with a view to further developing its upstream portfolio in India.
KEY DATES
1995 Formation of Mahanagar
Gas Limited – joint venture with the Gas Authority of India Limited (GAIL)
1997 BG acquires majority
interest in Gujarat Gas Company Limited
2000 GGCL commissions 73 km
Hazira-Ankleshwar transmission pipeline
2002 BG acquires 30%
interest in Panna, Mukta and Tapti fields
BG
India’s exploration and production assets include a 30 per cent interest in the
Tapti gas field and the Panna/Mukta oil and gas fields. Significant investment
is planned for further development in the fields.
Partners (%) Panna/Mukta and Tapti fields
30 BG
30 Reliance Industries
Limited
40 ONGC
BG India has a 65.12 per cent controlling stake in Gujarat Gas Company
Limited, which supplies natural gas to the cities of Ankleshwar, Bharuch and
BG India also has a 49.75 per cent stake in Mahanagar Gas Limited, which
is developing a natural gas distribution system in Mumbai. Both companies
deliver piped natural gas to domestic, commercial and industrial customers as
well as compressed natural gas (CNG) for natural gas vehicles.
BG International Contacts
Select country:
Carlos Pellegrini 1141, Piso 10, 1009 -
Tel: 5411
6313-3100
Fax: 5411
6313-3149
BG Bolivia Corporation, Sucursal Bolivia H Cuarto Anillo, entre Av.
Roca y Coronado y Av. El Palmar, Santa Cruz de la Sierra, Bolivia
Tel: 591 3 355
0000
Fax: 591 3 355
1000
BG do Brasil Limited
Rua Lauro Muller, 116, group 1702, 22290-160 -
Tel: 55 21
3820-8000
Fax: 55 21 3820-8092
BG do Brasil Limited
Av. das
Tel: 55 11 5509-3600
Fax: 55 11
5509-3601
BG Canada
7th Floor,
Tel: 1 403 538
7400
Fax: 1 403 538
7500
Building 23, Road 216, Digla, Maadi,
Tel: 202 519
7227
Fax: 202 519
7577
British Gas India Private Limited, 3rd Floor, Tower B, First
India Place, Sushant Lok - I,
Mehrauli - Gurgaon Road, Gurgaon, Delhi, India
E-Mail: bgindiainfo@bg-group.com
Tel: 91 124 256
0235
Fax: 91 124 236
4069
Tel: 972-9-958
5770
Fax: 972-9-951 8820
Piazza Cavour 2, 20121,
Tel: 39 02 777
94 1
Fax: 39 02 777
94 440
15th floor, Astana Towers Business center, Samal
microdistrict, Astana, 473000,
Tel: 7 (3172) 59
11 11
Fax: 7 (3172) 59
18 35
Lot 11.01, 11th Floor, Menara Promet, Jalan Sultan Ismail,
50250
Tel: 6 03 2144
0868
Fax: 6 03 2144
9668
Tel: 9821 8888 1876-7
Fax: 9821 8877
2356
E-Mail: soheila.kowsar@bg-group.com
Wilhelminatoren, Wilhelminaplein 14, 3072 DE
Tel: 31 10 290
6580
Fax: 31 10 290
6581
BG Norge Limited, Løkkeveien 103b, 4007
Tel: (47) 51 20 59 00
Fax: (47) 51 20 59 90
Email: bgnorge@bg-group.com
Area of
BG Great
Britain Limited, Ramallah,
Tel: 972 2 296
5333/4
Fax: 972 2 296
5337
29A/B 29th Floor Wynsum Corporate Plaza, #22 Emerald
Avenue, Ortigas Center, Pasig City,
1605 Philippines.
Tel: 63 2 631 1424
Fax: 63 2 631
1361
BG Group plc, 6 Albyn Grove,
Tel: 44 (0)1224
202020
Fax: 44 (0)1224
202099
Tel: 65 6738
7077
Fax: 65 6738 6811
321B, 21st Floor,
Tel: 66 2 937
9280
Fax: 66 2 937 9291/2
Trinidad & Tobago
BG House,
Tel: 1 868 628
0888
Les Burges du Lac, Immeuble Ben Abdallah, Lotissement El
Khalij, 2045 Tunis, Tunisia, BP 153,
BL 1002
Tel: 216 71 108
300
Fax: 216 71 961
589
United Kindom
Head office:
E-Mail: Box.info@bg-group.com
Tel: 44 (0) 118
935 3222
Fax: 44 (0) 118
935 3484
6 Albyn Grove,
Tel: 44 (0)1224
202020
Fax: 44 (0)1224
202099
BG LNG Services Inc,
Tel: 1 713 403
3741
Fax: 1 713 403
3781
BG Group
BG Group is an integrated gas company engaged in
the exploration, production, transmission, distribution and supply of natural
gas to industrialised economies and developing markets in more than 20
countries.
The Group aims to achieve strong growth and
competitive returns through a strategy focused on securing competitively priced
gas and bringing that gas to high value markets. Its principal business sectors
are Exploration and Production (E&P), Liquefied Natural Gas (LNG),
Transmission and Distribution (T&D), and Power.
BG India
Since 1995, when it became one of the founder
partners in Mahanagar Gas Limited (MGL) in Mumbai, BG India has developed a
series of successful upstream and downstream businesses which have made it a
major private sector investor in the country’s energy infrastructure.
The sustained growth of India’s economy and the
accompanying increased demand for energy in the intervening years have helped
create a dynamic synergy between the country’s need for reliable and,
increasingly, environmentally acceptable sources of energy and the
unique set of skills which BG India brings to
the market.
In 2005, for the second year running, BG India’s
upstream business, BG Exploration and Production India Limited (BGEPIL), won
the BG Group Chairman’s Award for Safety Performance – a clear recognition of
the company’s commitment to strong Health, Safety, Security and Environment
performance
BG Exploration and
Production India Limited (BGEPIL)
BG Exploration and Production India Limited
(BGEPIL) is a major private sector player in
Exploration and production activity during 2005
concentrated on two main strands: bringing onstream increased production
through continued investment in new facilities and drilling new wells in the
existing fields; and the pursuit of additional exploration prospects,
particularly on the east coast of the country.
Production output in the
The ongoing expansion in
In April 2005, BG India and its joint venture
partners announced a further US$500 million investment in the Mid Tapti field.
This will involve installation of a new processing and compression platform, a
wellhead platform and up to eight new wells to raise gas production
capacity from the current capacity of 250 mmscfd
to 450 mmscfd by 2007.
Simultaneously, an extensive drilling programme,
using advanced techniques and innovative technology, continued as part of the
expansion programme for the Panna field. This involved an 18-well infill
programme which has significantly increased production from the Panna wellhead
platforms. Successfully completed in January 2006, the additional wells will
help increase
recovery by 35 mmbbls and 130 billion cubic feet
(bcf) of gas.
In addition, the Indian government has approved
the installation of two wellhead platforms and the drilling of 11 wells in the
Panna field. This is expected to result in gross incremental reserves of
approximately 18 million barrels of oil and 74 bcf of gas. First production
from this expansion is scheduled for mid 2006. The new platforms will be
designed to allow future infill drilling.
Following government’s approval in 2004,the PMT
joint venture partners were able to begin direct selling of gas into the
domestic market. The move was welcomed as good news for the industry, a boost
for investment and a further shift towards liberalisation of
Another significant step was achieved at the end
of 2005 with an agreement on tariffs, transportation and processing of PMT gas
and condensate with ONGC, which owns the transportation pipeline and onshore
facilities. The agreement means the partners can now expect to be able to
achieve market prices for the condensate produced from the Tapti field.
During 2005, BGEPIL continued to grow its
upstream presence in
Despite an unsuccessful bid in the New
Exploration and Licensing Policy (NELP) V in May, BGEPIL remains committed to
the Indian licensing effort and plans to
participate
in NELP VI during 2006.
Corporate Responsibility
BG India has developed strong ongoing
partnerships with a number of Non Governmental Organisations (NGOs) to deliver
a wide range of social initiatives. The company partners in developmental
initiatives, offers employee skills to community groups and provides equipment
to local organisations as part of its voluntary social contributions.
The
cornerstones of this community development programme remain in environment,
education and energy. 2005 saw continued progress on a full spectrum of
initiatives linked to these themes as well as prompt and effective involvement
in flood relief efforts in
ENVIRONMENTAL
INITIATIVES
Nature Information
Centre
In partnership with the Maharashtra Government’s Forest
Department and the Bombay Natural History Society, a leading environmental NGO,
BG India supports the Nature Information Centre at
BG Exploration & Production India Limited
(BGEPIL)
With the purchase in 2002 of substantial
interests in offshore oil and gas fields in the Gulf of Cambay and
The transaction gave BG India a 30 per cent
interest in the offshore Tapti gas field and the Panna/Mukta oil and gas
fields. The BG interest is vested in its subsidiary BG Exploration and
Production India Limited (BGEPIL). The other partners in the consortium are the
Indian Government’s Oil and Natural Gas Corporation Limited (ONGC) with a 40
per cent shareholding and Reliance Industries Limited which holds the remaining
30 per cent.
The new assets are proving a valuable fit with
the company’s growing onshore transmission and distribution businesses and the
company is keen to unlock their full potential.
The Panna/Mukta fields lie approximately 95
kilometres (km)
In 2004, total production from the Panna/Mukta
and Tapti fields was around 29 million barrels of oil equivalent (mmboe).
In November 2004, the Indian Government allowed
the JV partners to directly sell gas to customers rather than to the Government
nominee. The move, which came into effect on 1 April 2005, was seen as good
news for the industry and a shift towards further liberalisation in the supply
of gas in the country.
BGEPIL and its partners are using advanced
drilling techniques and innovative technology to realise the full potential of
the fields. A two-stage expansion programme is currently under way which will
enable output from the Tapti gas field to be doubled and will enhance and
extend production in the other areas.
The first stage of the expansion programme
involves infill-drilling of up to 18 wells in Panna/Mukta and a four well
recompletion exercise in Tapti. In February 2004, the Ensco 50 jack up drilling
rig came on hire for the
Government approval has been received for the
installation of two wellhead platforms in the Panna field and the drilling of
11 firm wells. This is expected to result in gross incremental reserves of
approximately 17 million barrels of oil and 74 billion cubic feet (bcf) of gas.
First production is expected in mid 2006.The new platforms will be designed to
allow future infill drilling, which could further extend the economic life of
the Panna field.
Further expansion in
BGEPIL was involved in bidding for two deepwater
exploration blocks as part of the New Exploration and Licensing Policy (NELP)
IV bidding round in 2003 and one deepwater exploration block as part of NELP V,
and continues to evaluate exploration and production opportunities, both
onshore and offshore, with a view to further developing its upstream portfolio
in India.
BG India and ONGC Strengthen Relationship
BG Exploration and Production India Limited
(BGEPIL) and Oil and Natural Gas Corporation Limited (ONGC) announced today
that they have reached agreement to jointly operate three offshore deepwater
exploration blocks on the east coast of
The blocks, KG-OS-DW III (“GD”), KG-OS-DW (“KD”)
and KG-OS-DW (“KD Extn”), are located in the
The deepwater exploration blocks were assigned
to ONGC by the Government of India on a nomination basis and on New Exploration
Licencing Policy (NELP) terms for exploration and development in partnership
with a global major oil and gas company. ONGC had marketed these blocks
during NELP-V with the Ministry of Petroleum & Natural Gas.
BGEPIL has agreed to pay a US$5 million up front
payment for each block upon receipt of Government approval of the farm-in, and
additional consideration will be paid towards exploration costs as well as a
payment made upon discovery.
ONGC and BG India have also agreed to explore
other mutually beneficial opportunities in
Announcing the agreement at the World Oil &
Gas Assembly in Jaipur, Mr Subir Raha, Chairman and Managing Director, Oil and
Natural Gas Corporation Limited, said: “ONGC is happy to welcome BG,
after Cairn and Eni, as joint operator in these exploration blocks. We
are happy that the joint operatorship framework promoted by ONGC in the Panna,
Mukta and Tapti producing fields has generated the confidence for such a
partnership in
Frank Chapman, Chief Executive, BG Group plc,
said: “This arrangement marks the beginning of BG India’s diversification
of its upstream portfolio from current interests in producing fields on the
west coast of
BGEPIL and ONGC are partners with Reliance
Industries in the offshore Panna/Mukta and Tapti joint venture on the west
coast of Mumbai.
Notes to Editors
BG India
BG India is one of the largest foreign investors
in
BG Exploration & Production Limited is the
subsidiary responsible for the company’s 30 per cent interests in the
Panna/Mukta and Tapti joint venture. Since the company’s acquisition of
these assets in February 2002, committed investment by the partners, BG, ONGC
(40 per cent) and Reliance (30 per cent), amounts to over US$900 million.
BG is the majority shareholder in Gujarat Gas
Company Limited (GGCL),
Mahanagar Gas Limited (MGL), a joint venture
with GAIL and the Government of Maharashtra, distributes gas in Mumbai and to
surrounding areas. MGL owns and controls 1,863 kilometres of pipeline and
has nearly 400,000 customers including the users of more than 160,000 CNG
vehicles.
ONGC
Oil and Natural Gas Corporation Limited (ONGC)
is
In the last 50 years, ONGC has scripted
ONGC’s wholly-owned subsidiary ONGC Videsh Limited
(OVL) is the biggest Indian multinational, with 19 oil and gas properties in 13
countries.
ONGC is ranked 24th among Global Energy
Companies by Market Capitalization in PFC Energy 50. It is the World’s
second largest E&P (Exploration & Production) Company and first in
Profits in the third Platts EBT Survey (2004).
ONGC is placed at the top of all Indian
Corporates listed in Forbes Global 2000 (rank 265th) and Financial Times Global
500 (rank 326th). It is ranked 454th in Fortune-500 by turnover.
ONGC nurtures a vision of becoming an Indian
Integrated Energy Multinational (PSU), and targets a turnover of US$50 billion
US in five years.
There
are matters discussed in this media information that are forward looking
statements. Such statements are only predictions and actual events or results
may differ materially. For a discussion of important factors which could cause
actual results to differ from the forward looking statements, refer to the
Company’s annual report and accounts for the year ended 31 December 2004.
Media Enquiries
Nicole McMahon 91-124-256 0240
ONGC and BG India Strengthen
Relationship
December 02, 2005
Oil and Natural Gas Corporation Limited
(ONGC) and BG Exploration and Production India Limited (BGEPIL) announced today
that they have reached agreement to jointly operate three offshore deepwater
exploration blocks on the east coast of
The blocks, KG-OS-DW III (“GD”),
KG-OS-DW (“KD”) and KG-OS-DW (“KD Extn”), are located in the
The deepwater exploration blocks
were assigned to ONGC by the Government of India on a nomination basis and on
New Exploration Licencing Policy (NELP) terms for exploration and development
in partnership with a global major oil and gas company. ONGC had marketed these
blocks during NELP-V with the Ministry of Petroleum & Natural Gas.
BGEPIL has agreed to pay a US$5
million up front payment for each block upon receipt of Government approval of
the farm-in, and additional consideration will be paid towards exploration
costs as well as a payment made upon discovery.
ONGC and BG India have also agreed
to explore other mutually beneficial opportunities in
Announcing the agreement at the
World Oil & Gas Assembly in Jaipur, Mr Subir Raha, Chairman and Managing
Director, Oil and Natural Gas Corporation Limited, said: “ONGC is happy to
welcome BG, after Cairn and Eni, as joint operator in these exploration blocks.
We are happy that the joint operatorship framework promoted by ONGC in the
Panna, Mukta and Tapti producing fields has generated the confidence for such a
partnership in
Frank Chapman, Chief Executive, BG
Group plc, said: “This arrangement marks the beginning of BG India’s
diversification of its upstream portfolio from current interests in producing
fields on the west coast of
BGEPIL and ONGC are partners with
Reliance Industries in the offshore Panna/Mukta and Tapti joint venture on the
west coast of Mumbai.
BG
Group
BG Group is a rapidly growing company in the
global energy market with operations in more than 20 countries on five
continents. The Group’s principal activities lie in exploration and production
and the development and supply of existing and emerging gas markets around the
world.
BG Group combines a deep understanding of gas
markets with industry leading skills in finding and commercialising gas and in
project delivery. This enables the company to access competitively priced
resources and bring them to market quickly and cost effectively.
Gas discoveries often require complex chains of
physical infrastructure to deliver the gas to markets. BG Group has proven
skills and experience in creating value from these chains. The company operates
in four main business segments: exploration and production (E&P); Liquefied
Natural Gas (LNG); transmission and distribution (T&D); and power
generation.
The benefits of natural gas over other fossil
fuels are well known. Natural gas is a relatively clean fossil fuel and can replace
less environmentally friendly energy sources. It is competitively priced,
plentiful and offers geographical diversity of supply.
BG Group has identified four key drivers which
will underpin its future long-term growth. These are:
• strong asset base with built-in growth;
• incremental investments around existing asset
base;
• connecting assets to enhance value; and
• new opportunities that give extra impetus to
the existing asset base.
As a leader in the gas supply industry, BG Group
seeks to maintain a deep understanding of current gas demand and market trends.
The company also aims to balance its activities between major developed markets
and selected developing markets, and is building a portfolio of assets which
are increasingly connected and complementary to one another. This integrated
approach enables it to move swiftly to take advantage of new opportunities as
they arise. Among developing economies, the Group has focused on
In
2004, BG Group reported another year of strong performance across its operating
segments, with total operating,
BG Group Financial
Results:
|
|
Group Turnover |
Total
Operating Profit/(Loss) (a) |
|||
|
|
2004 |
2003 |
2004 |
2003 |
|
|
Exploration
And Production |
2153 |
1794 |
1204 |
959 |
|
|
Liquefied
Natural Gas |
1098 |
945 |
94 |
77 |
|
|
Transmission
and Distribution |
644 |
678 |
134 |
116 |
|
|
Power
Generation |
201 |
184 |
121 |
129 |
|
|
Other
Activities |
8 |
3 |
|
|
|
|
Less:
intra-group Sales |
(22) |
(17) |
(31) |
(30) |
|
|
TOTAL: |
4082 |
3587 |
1522 |
1251 |
|
(a) Total
operating profit /(loss) includes the group’s share of operating profits less
losses in joint ventures and associated undertakings.
Since 1995, when it helped form Mahanagar Gas
Limited (MGL) in Mumbai, BG India has become a key private sector player in the
natural gas industry in
This commitment is underwritten by BG India’s
parent company, BG Group, which has identified
In a major review of its business strategy in
February 2004, BG Group made clear its commitment to substantial further
investment to grow BG India’s exploration and production (E&P) and
transmission and distribution (T&D) businesses.
BG India’s upstream assets lie in a 30 per cent
interest in the Panna/Mukta oil and gas fields and the Tapti gas field (PMT)
which were acquired in 2002. Since acquisition of these assets, committed
investment by the joint venture – BG,
Operating
Environment
The natural gas industry in
These dynamics make it imperative that a level
playing field be created for both public and private sectors and that issues of
regulation and governance be successfully resolved. This will ensure continued
investment in the industry so that the benefits of natural gas can reach more
and more consumers.
In 2004, BG India became a founder member of the
Gas Industry Group (GIG), an informal grouping of investors and stakeholders as
well as consumers in the natural gas industry in
The GIG seeks to work with the Government of
India to secure an optimal natural gas operating regime to promote industry
growth. This is of particular relevance in the wake of the Supreme Court
judgment of 2004, which stated that the Centre has exclusive jurisdiction over
natural gas in the country.
In order to attract investment to the sector and
benefit consumers, the operating regime should, in the GIG’s view, be
consistent with global standards and practices. This applies particularly to
maintaining the independence of the regulatory regime, adopting clear and
transparent operating rules, and promoting competition.
The GIG has already commented on the Petroleum
and Natural Gas Regulatory Board Bill, and the Draft Pipeline Policy. On the
Bill, the GIG raised concerns on issues of investment risk, the independence of
the Regulator, the potential for conflict between Central and state government
interests, tariff regulation and conditions of access to pipelines. The GIG has
called for separation of natural gas and petroleum products regulation as each
is at a different stage of development in
BG India endorses the GIG’s view that
light-handed gas regulation will promote demand growth and infrastructure
investment. A level playing field approach will also provide a stable fiscal
and legal framework and encourage new market entrants.
Transparent and principled tariff regulation is
also an essential requirement for a successful pipeline policy. In regard to
the Draft Pipeline Policy, the GIG is of the view that the proposed mandatory
25 per cent excess capacity is inefficient, will increase tariff rates and has
the potential to strand unused assets. To attract investment, the GIG supports
contract carriage for gas transmission, which allows capacity to be built
according to demand.
The GIG believes that the right of government to
take profit gas in kind is erroneous as it will restrict the marketing rights
of contractors and result in them being unable to commit definite volumes to
customers.
Among positive developments, BG India welcomed
comments by Dr Manmohan Singh, Prime Minister of the Congress-led
BRITISH GAS INDIA PRIVATE LIMITED
3rd Floor, Tower B, First
Gurgaon – 122 002
TEL NO.: 91-124-2356991-95
FAX
NO.: 91-1242364069/ 2560241
EMAIL:
bgindiainfo@bg-group.com
GUJARAT
GAS COMPANY LIMITED
Ahmedabad
Corporate Office, 2 Shanti Sadan
Society, Near
Ahmedabad
– 380 006
TEL NO.: 91-79-26462980/ 26460095/ 26467876
FAX
NO.: 91-79-26466249
EMAIL:
contactggcl@gujaratgas.com
MAHANAGAR GAS LIMITED
MGL House, Block G-33,
TEL NO.: 91-2256785000
FAX NO.: 91-2226540092
BG EXPLORATION AND PRODUCTION
INDIA LIMITED (BGEPIL)
1st Floor, Midas,
TEL NO.: 91-2256435000
FAX NO.: 91-2228395201
IQARA TELECOMS INDIA
PRIVATE LIMITED
Ground Floor, Building No. 1-C, Nirlon Complex, Off Western
Express Highway, Goregaon (East), Mumbai – 400 063
TEL NO.: 91-2226850999/56477100
FAX
NO.: 91-2226850998
EMAIL:
feedback@in.iqara.net
BG INDIA ENERGY SERVICES PRIVATE
LIMITED
102,
TEL/ FAX No,: 91-261-2343239-40
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.32 |
|
|
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.57.38 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |