MIRA
INFORM REPORT
|
Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT STATE PETROLEUM CORPORATION LIMITED |
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Registered Office : |
GSPC Bhavan, Udyog Bhavan, Sector-11, Gandhinagar-382011, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.01.1979 |
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Com. Reg. No.: |
04-3281 |
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CIN No.: [Company
Identification No.] |
U23209GJ1979SGC003281 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Oil and Gas Exploration Company |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 59000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track. Available information indicates high financial responsibility of the company. Financial position is good. Payments are correct and as per commitments.
The company can be considered good for any normal business dealings at usual trade terms and conditions.
It can be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office : |
GSPC Bhavan, Udyog Bhavan, Sector-11, Gandhinagar-382011, Gujarat,
India |
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Tel. No.: |
91-79-55701532 / 28501001 / 55701005/ 66701001 |
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Fax No.: |
91-79-23236375 / 55701331 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
GSPC, Transit House/ Office, Near Light House, Village Hazira, District Surat, Gujarat, India |
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Tel. No.: |
91-261-2870311/ 2870314 |
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Fax No.: |
91-261-2870668 |
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Corporate Office 2: |
Synergy Station, CNG Filling Station, Near ONGC Cross Road, Ichhapore, Surat, Hasira Road, Surat, Gujarat, India |
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Tel. No.: |
91-261-2841510/ 2841504 |
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Project Offices: |
Located at: · Kakinada · Ahmedabad · Kheda · Mehsana |
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Branch Office: |
2nd Floor, C/o. PTC India Limited, NBCC Tower, 15, Bhikaji Kama Palace, New Delhi |
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Telefax : |
91-11-51659140 |
DIRECTORS
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Name : |
Mr. P V Swaminathan |
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Designation : |
Director |
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Address : |
Sterling Point, 3rd Floor, 124, G. N. Chetty Road, T.
Nagar, Chennai – 600017 |
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Date of Appointment : |
29.05.1998 |
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Name : |
Mr. D Jagatheesa Pandian |
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Designation : |
Managing Director |
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Address : |
KH – 214, Sector 19, Gandhinagar – 382019 |
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Date of Birth/Age : |
11.05.1955 |
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Date of Appointment : |
30.10.2001 |
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Name : |
Mr. P K Pujari |
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Designation : |
Director |
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Address : |
Flat No. A – 4/304, Bageshree Apartment, Opposite Fun Republic,
Satellite Cross Road, Ahmedabad |
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Date of Birth/Age : |
12.06.1957 |
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Date of Appointment : |
31.01.2002 |
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Name : |
Mr. Balwant Singh |
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Designation : |
Director |
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Address : |
K – 8, Sector 19, Gandhinagar |
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Date of Birth/Age : |
06.12.1951 |
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Date of Appointment : |
06.09.2004 |
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Name : |
Mr. Hasmukh Adhia |
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Designation : |
Director |
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Address : |
A – 3, Samarpan Flats, Gulbai Tekra, Ahmedabad |
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Date of Appointment : |
19.07.2005 |
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Name : |
Mr. Rajagopalan Doraiswami |
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Designation : |
Chairman and Director |
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Address : |
K – 519, Sector – 19, Gandhinagar – 382019, Gujarat, India |
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Date of Birth/Age : |
26.07.1949 |
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Date of Appointment : |
13.03.2007 |
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Other Directorship : |
Gujarat State Investment Limited CIN No.U64990GJ1988PTC010307 Designation : Director Infrastructure Finance Company Gujarat Limited CIN No.U67120GJ2000PLC037295 Designation : Chairman Gujarat Lease Financing Limited CIN No.L65990GJ1983PLC006345 Designation : Chairman Gujarat Mineral Development Corporation Limited CIN No.L14100GJ1963SGC001206 Designation : Director Gujarat Industrial Investment Corporation Limited CIN No.U65990GJ1968SGC001524 Designation : Director Gujarat State Petronet Limited
CIN No.L40200GJ1998SGC035188 Designation : Director |
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Name : |
Mr. Vijaylaxmi Joshi |
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Designation : |
Director |
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Address : |
Government Bunglow No. 25, Dafnala, Shahibaug, Ahmedabad 380004,
Gujarat, India |
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Date of Birth/Age : |
01.08.1958 |
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Date of Appointment : |
13.03.2007 |
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Other Directorship : |
Gujarat Urja Vikas Nigam Limited CIN No. : U40109GJ2004SGC045195 Designation : Chairman and Managing Director Gujarat State Electricity Corporation Limited CIN No. : U40100GJ1993SGC019988 Designation : Chairman Gujarat Energy Transmission Corporation Limited CIN No. : U40100GJ1999SGC036018 Designation : Chairman GVFL Trustee Company Private Limited CIN No. : U74990GJ2000PTC037367 Designation : Director Uttar Gujarat VIJ Company Limited CIN No. : U40102GJ2003SGC042906 Designation : Director Gujarat Power Corporation Limited CIN No. : U40100GJ1990SGC013961 Designation : Director Gspc Pipavav Power Company Limited CIN No. : U40100GJ2006PLC047783 Designation : Director Pipavav Power Development Company Limited CIN No. : U40105DL2001GOI113508 Designation : Director Gujarat Industries Power Company Limited CIN No. : L99999GJ1985PLC007868 Designation : Director Gujarat State Energy Generation Limited CIN No. : U40100GJ1998SGC035212 Designation : Director Mahaguj Collieries Limited CIN No. : U10102MH2006SGC165327 Designation : Director Gujarat Alkalies And Chemicals Limited CIN No. : L24110GJ1973PLC002247 Designation : Director Torrent Power Limited CIN No. : L31200GJ2004PLC044068 Designation : Director |
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Name : |
Mr. Urjit Ravindra Patel |
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Designation : |
Director |
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Address : |
B – 1/3F, Harbour Heights, N. A. Sawant Marg, Colaba, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
28.10.1963 |
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Date of Appointment : |
23.06.2006 |
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Name : |
Mr. K Kailashnathan, IAS |
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Designation : |
Non-Executive Director |
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Name : |
Mr. M M Srivastava, IAS |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. V K Sharma |
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Designation : |
Company Secretary |
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Address : |
A – 303, Bageshree, Satellite, Cross Road, Ahmedabad – 380015 |
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Date of Birth/Age : |
03.01.1955 |
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Date of Appointment : |
01.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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GT Chavda and Governor of Gujarat |
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10 |
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Gujarat Alkalies and Chemicals Limited |
|
1000000 |
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Gujarat Industrial Investments Corporation Limited |
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1000000 |
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Gujarat Mineral Development Corporation Limited |
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1000000 |
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Gujarat Narmada Valley Fertilizers Company Limited |
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1000000 |
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Gujarat State Fertilizers Company Limited |
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250000 |
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Gujarat Gas Company Limited |
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1000000 |
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Governor of Gujarat |
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100361000 |
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K L Patel and Governor of Gujarat |
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10 |
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G B Patel and Governor of Gujarat |
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10 |
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V R Nair and Governor of Gujarat |
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10 |
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Sonal Mishra and Governor of Gujarat |
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10 |
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K K Patel and Governor of Gujarat |
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10 |
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K H Chorera and Governor of Gujarat |
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10 |
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Total |
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105611070 |
BUSINESS DETAILS
|
Line of Business : |
Oil and Gas Exploration Company |
GENERAL
INFORMATION
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Customers: |
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Bankers : |
ICICI Bank Limited 9th Floor, JMC House, Ambawadi, Ahmedabad – 380006,
Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kantilal Patel and Company Chartered Accountant |
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Address : |
202, Paritosh, Usamanpura River Side, Ahmedabad – 380013, Gujarat, India |
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Partners and
Affiliations: |
·
Alkor Petro Limited, India ·
Bharat Petroleum Corporation Limited, India ·
Ensearch Petroleum Private Limited, India ·
GAIL (India) Limited, India ·
GeoGlobal Resources (Barbados) Inc., Canada ·
Heramac Limited, India ·
Hindustan Oil Exploration Company Limited, India ·
Hindustan Petroleum Corporation Limited, India ·
HALLWORTY Shipping Limited SA, Panama ·
Indian Oil Corporation Limited, India ·
Jubilant Enpro Private Limited, India ·
Niko Resources Limited, Canada ·
NITINFIRE Protection Industries Limited, India ·
Oil and Natural Gas Corporation Limited, India ·
Oilex, Australia ·
Prize Petroleum Company Limited, India ·
PETROGAS E and P LLC, Oman ·
Silverwave Energy Pte Limited, Singapore |
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Associates/Subsidiaries : |
Gujarat Urja Vikas Nigam Limited CIN No. : U40109GJ2004SGC045195 Gujarat State Electricity Corporation Limited CIN No. : U40100GJ1993SGC019988 Gujarat Energy Transmission Corporation Limited CIN No. : U40100GJ1999SGC036018 GVFL Trustee Company Private Limited CIN No. : U74990GJ2000PTC037367 Uttar Gujarat VIJ Company Limited CIN No. : U40102GJ2003SGC042906 Gujarat Power Corporation Limited CIN No. : U40100GJ1990SGC013961 GSPC Pipavav Power Company Limited CIN No. : U40100GJ2006PLC047783 Pipavav Power Development Company Limited CIN No. : U40105DL2001GOI113508 Gujarat Industries Power Company Limited CIN No. : L99999GJ1985PLC007868 Gujarat State Energy Generation Limited CIN No. : U40100GJ1998SGC035212 Mahaguj Collieries Limited CIN No. : U10102MH2006SGC165327 Gujarat Alkalies And Chemicals Limited CIN No. : L24110GJ1973PLC002247 Torrent Power Limited CIN No. : L31200GJ2004PLC044068 Gujarat Urja Vikas Nigam Limited CIN No. : U40109GJ2004SGC045195 Gujarat State Electricity Corporation Limited CIN No. : U40100GJ1993SGC019988 Gujarat Energy Transmission Corporation Limited CIN No. : U40100GJ1999SGC036018 GVFL Trustee Company Private Limited CIN No. : U74990GJ2000PTC037367 Uttar Gujarat VIJ Company Limited CIN No. : U40102GJ2003SGC042906 Gujarat Power Corporation Limited CIN No. : U40100GJ1990SGC013961 Gspc Pipavav Power Company Limited CIN No. : U40100GJ2006PLC047783 Pipavav Power Development Company Limited CIN No. : U40105DL2001GOI113508 Gujarat Industries Power Company Limited CIN No. : L99999GJ1985PLC007868 Gujarat State Energy Generation Limited CIN No. : U40100GJ1998SGC035212 Mahaguj Collieries Limited CIN No. : U10102MH2006SGC165327 Gujarat Alkalies And Chemicals Limited CIN No. : L24110GJ1973PLC002247 Torrent Power Limited CIN No. : L31200GJ2004PLC044068 GSPC [JVDA] Limited CIN No. : U23201GJ2006SGC049229 GSPC LNG Limited CIN No. : U23203GJ2007SGC050115 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105611070 |
Equity Shares |
Rs. 10/- Each |
Rs. 1056.110 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
1056.100 |
1056.100 |
1056.110 |
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2] Share Application Money |
0.000 |
0.000 |
85.000 |
|
|
3] Reserves & Surplus |
13784.200 |
11757.000 |
9643.179 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
14840.300 |
12813.100 |
10784.289 |
|
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
8397.900 |
2700.000 |
0.000 |
|
|
TOTAL BORROWING |
8397.900 |
2700.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
1.300 |
21.700 |
25.760 |
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|
|
|
|
|
|
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TOTAL |
23239.500 |
15534.800 |
10810.049 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
4653.200 |
4915.100 |
4566.281 |
|
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Capital work-in-progress |
15680.900 |
8948.100 |
2905.141 |
|
|
|
|
|
|
|
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INVESTMENT |
2855.200 |
2868.300 |
2817.755 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.719 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.500
|
6.000
|
2.228
|
|
|
Sundry Debtors |
1509.800
|
987.100
|
733.645
|
|
|
Cash & Bank Balances |
305.600
|
187.400
|
191.139
|
|
|
Other Current Assets |
8.400
|
8.300
|
412.344
|
|
|
Loans & Advances |
3216.100
|
1337.600
|
1002.816
|
|
Total
Current Assets |
5051.400
|
2526.400 |
2342.172 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4293.400
|
3137.700 |
798.166
|
|
|
Provisions |
707.800
|
585.400 |
1052.372
|
|
Total
Current Liabilities |
5001.200
|
3723.100 |
1850.538 |
|
|
Net Current Assets |
50.200
|
[1196.700] |
491.634
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
27.519 |
|
|
|
|
|
|
|
|
TOTAL |
23239.500 |
15534.800 |
10810.049 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
26321.300 |
17664.000 |
12867.635 |
|
|
Other Income |
190.400 |
87.600 |
92.935 |
|
|
Total Income |
26511.700 |
17751.600 |
12960.570 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3038.300 |
3230.500 |
3051.698 |
|
|
Provision for Taxation |
759.700 |
207.800 |
242.999 |
|
|
Profit/(Loss) After Tax |
2278.600 |
3022.700 |
2808.699 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
20557.900 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
[7.700] |
[7.100] |
|
|
|
Salaries, Wages, Bonus, etc. |
19.200 |
21.900 |
|
|
|
Payment to Auditors |
0.800 |
0.800 |
|
|
|
Interest |
6.300 |
0.400 |
9908.872 |
|
|
Insurance Expenses |
2.300 |
1.100 |
|
|
|
Power & Fuel |
3.900 |
1.600 |
|
|
|
Depreciation & Amortization |
1041.700 |
971.100 |
|
|
|
Other Expenditure |
1849.000 |
2080.900 |
|
|
Total Expenditure |
23473.400 |
14521.100 |
9908.872 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.59
|
17.03 |
21.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.54
|
18.29 |
23.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.31
|
43.41 |
44.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.25 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.50 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.68 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 2nd
Floor, B/h Udyog Bhavan, Sector-11, Gandhinagar - 382 011, Gujarat to
the present address w.e.f. 14.05.2004
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U23209GJ1979SGC003281 |
|
Name of the
company |
GUJARAT STATE PETROLEUM CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
GSPC Bhavan, B/h Udyog Bhavan, Sector-11, Gandhinagar - 382
011, Gujarat |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
ICICI Bank Limited 9th Floor, JMC House, Ambawadi, Ahmedabad – 380006,
Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation dated 31.08.2007 |
|
Date of
instrument Creating the charge |
31.08.2007 |
|
Amount secured by
the charge |
Rs. 8650.000
Millions |
|
Short particulars
of the property charged |
The receivables
have been hypothecated as and by way of second charge and shall rank subsequent
to the charge crated in favour of SBI, BOB, BOI, IDBI Bank, Corporation Bank,
PNB, Axis Bank and more. |
FIXED ASSETS
- Land
- Building
- Office Equipment
- Computer Equipment
- Vehicle
- Furniture and Fixture
- Plant
and Machinery
AS PER
WEBSITE
History:
·
The upstream petroleum industry in India is over a century
old. Yet, it was only in 1961 that India's oil production figures exceeded One
million tonnes per annum mark
·
More than 25 years ago, the Government of Gujarat conceived
of the formation of a petrochemical company, that has today metamorphosed into
a large-scale energy organization, excelling in a wide gamut of hydrocarbon
activities.
·
Drawing inspiration from the exciting opportunities that the
hydrocarbon sector offered in the wake of liberalization of Indian economy,
GSPC refocused its Vision in 1992, widened the scope of its activities and
rechristened itself as Gujarat State Petroleum Corporation in 1994, to enable a
smoother journey towards its proactive vision.
·
With the Government of India’s decision to privatize the
hydrocarbon sector, GSPC acquired several discovered fields in the first and
second rounds of bidding process initiated by the Government of India during
1994 and 1995.
·
In 1997, the Government announced the New Exploration
Licensing Policy (NELP) to facilitate huge investments in the hydrocarbon
sector, specifically exploration activities.
·
GSPC was again among the first companies in India to take
the lead by actively participating in NELP bidding processes and acquiring
exploration fields and blocks across the country.
·
The amazing combination of technology and enterprise opened
a wide spectrum of opportunities for GSPC. After the first ever credible
breakthrough in the form of gas discovery at Hazira in 1994, GSPC went on to
attain many more breathtaking milestones in the energy sector.
·
Today, GSPC is India's only State Government-owned company,
in the Oil and Gas Exploration & Production (E&P) business. The
Government of Gujarat holds approximately 95% equity stake in the company.
·
Portfolio of oil and gas fields/blocks expanded to 50. The
company has emerged as a Global Player in E&P. GSPC has participated in
bidding rounds for acquiring oil/gas acreages in Yemen, Egypt, Oman, Syria,
Indonesia and Australia. The company has acquired exploration blocks in
Australia, Egypt and Yemen. GSPC has also been awarded a block in Indonesia on
a direct negotiation basis.
Profile:
More than 25 years ago, the Government of Gujarat conceived of
the formation of a petrochemical company, that has today metamorphosed into a
large-scale Rs. 39000.000 Millions energy organization, excelling in a wide
gamut of hydrocarbon activities. Notwithstanding its limited role and the low
key infrastructure, the organization drew inspiration from the exciting
opportunities that the hydrocarbon sector offered in the wake of liberalization
of Indian economy. It gradually began to expand its vision, widened the scope
of its activities and rechristened itself as Gujarat State Petroleum
Corporation in 1994, to enable a smoother journey towards its proactive vision.
GSPC has grown from operatorship of small fields in Gujarat into an expansive
oil and gas exploration and production company across India and overseas within
just a decade. The company has recently drilled its 50th onshore well, which is
a landmark considering the fact that GSPC has been an Operator only since
Aprill 2000. Its rise in the hydrocarbon sector was helped in no small measure
by the Central Government's opening of the sector to private participation in
the early 1990s.
GSPC
AT A GLANCE
Exploration and Production
GSPC has grown from a small oil and gas producing company in Gujarat into a vertically
integrated energy company across India and overseas within just a decade. GSPC
is rapidly developing a multi-dimensional operational framework that fulfils
India's energy needs by exploring, developing and harnessing newer energy
sources. It is leading through action towards a hydrocarbon economy in India
with sustainable environmental activities, with the vision of becoming 'the
Complete Energy Company'. Incorporated in 1979 as a petrochemical company, GSPC
has today metamorphosed into a large-scale Rs. 39000.000 Millions energy
organization, excelling in a wide gamut of hydrocarbon activities. With the
Government of India’s decision to privatize the hydrocarbon sector, GSPC
acquired several discovered fields in the first and second rounds of bidding
process initiated by the Government of India during 1994 and 1995. In 1997, the
Government announced the New Exploration Licensing Policy (NELP) to facilitate
huge investments in the hydrocarbon sector, specifically exploration
activities.
GSPC was again among the first companies in India to take the lead by actively
participating in NELP bidding processes and acquiring exploration fields and
blocks across the country. GSPC’s well conceived strategic alliances with some
of the most acclaimed energy companies globally, gave GSPC a massive thrust in
technological advancement. The key input of entrepreneurial approach was never
an issue, as Gujarati populace is well-known as one of the most enterprising
communities in the world. The amazing combination of technology and enterprise
opened a wide spectrum of opportunities for GSPC. After the first ever credible
breakthrough in the form of gas discovery at Hazira in 1994, GSPC went on to
attain many more breathtaking milestones in the energy sector.
Among the many feathers in its cap, GSPC is especially proud of two - the
company earned the distinction of giving India one of the country’s largest gas
finds in the Krishna Godavari (KG) basin and also built the country’s first and
only land-based drilling platform, Ratnakar, at Hazira. GSPC also is equipped
with an enviable international portfolio with exploration acreage in Egypt,
Yemen and Australia.
Today, the organization is an embodiment of a complete energy company whose
remarkable feats are often discussed in almost every energy forum all over
India.
Management
Shri D
Rajagopalan, IAS
Chairman
Shri D Rajagopalan holds a Masters Degree in Science. He is a senior IAS
officer having administrative and corporate experience spanning 25 years. He
was Vice Chairman and Managing Director of Gujarat Industrial Development
Corporation, Gandhinagar as well as of State Transport Corporation of Gujarat.
During his tenure with the Central Government, he has served as the Import and
Export Secretary with the Commerce and Industry Ministry, Govt of India.
Presently he is Additional Chief Secretary, Industry and Mines Department,
Government of Gujarat.
Shri K
Kailashnathan, IAS
Non-Executive Director
Shri Kailashnathan is a Post Graduate in M.Sc. (Chem.) and M.A. [Economics
(U.K.)] and is a senior IAS officer having wide administrative and corporate
experience. In his earlier assignments, he was closely associated with
industrial development and privatization of ports in Gujarat. He has also wide
experience in urban sector, in his capacity as Municipal Commissioner of
Ahmedabad and Principal Secretary, Urban Development. He has played an
important role in establishing a Drinking Water Pipeline Grid in Gujarat. At
present, he is working as Principal Secretary to the Chief Minister of Gujarat.
In addition to this assignment, he is also Managing Director of Gujarat State
Financial Services Limited
Shri M M Srivastava, IAS,
Director
Shri M M Srivastava holds degree of Bachelor of Science, Post Graduate in
Physics and M.B.A. Marketing. He is a senior IAS officer having wide
administrative and corporate experience. He has held important
positions like Member (Finance) GEB, Managing Director of Gujarat
Agro Industries Corporation, Secretary in Finance Dept and commissioner of
commercial Tax Dept etc in various Govt. Depts. At present he is working as
Principal Secretary of Energy & Petrochemicals Dept, Govt. of
Gujarat.
Prospective
– present and Future
Exploration activity started in India way back in 1866 in the North Eastern
state of Assam with the drilling of Digboi well, just seven years after
drilling of the first oil well in Pennsylvania, USA. For about a century the
E&P activity was restricted to the North Eastern part of the country and
till early 1960s the total crude production in India was only about 10,000 bpd.
Burmah Oil was the only company engaged in E&P. With the demand growing,
the government recognized the need to explore hydrocarbon resources and
accordingly set up Oil & Natural Gas Commission (ONGC) in 1956. Burmah Oil
was also merged with Oil India Limited (OIL), this was however taken over by
GOI in 1981. ONGC was converted into a public limited company in 1993. ONGC and
OIL enjoy the status of National Oil Companies (NOCs) and have a duopoly with about
90% and 10% share respectively. The NOCs market their produce directly except
natural gas, which is distributed through Gas Authority of India Limited
(GAIL). Thus, the upstream petroleum industry in India is over a century old,
the Digboi field of Assam Oil Company having been put on production as early as
in the year 1890. However, oil production in India exceeded the figure of One
million tonnes per year only in the year 1961, when ONGC put the Ankleshwar
field on production.
The production of crude oil increased to over 35 million
tonnes per year in year 1997-98. This represents only less than 50% of
country's requirement of petroleum. The balance has to be made good by imports
putting the foreign exchange exchequer to a great strain. Considering the
ever-growing demand of petroleum at the rate of about 7% per annum, and the
dwindling reliance on indigenous production of oil and natural gas, the
Government of India, in 1991, decided to open up the exploration and production
of oil and natural gas to the private sector.
In its first version – NELP I, the state governments were
consulted for terms and conditions that now have become part of NELP.
Concurrence of respective state governments was sought before any block was
offered for E&P activities. In the sixth round of NELP, held on February
23, 2006, 165 bids were received for 52 of the 55 exploration blocks covering,
3.52 lakh square km, on offer. This was the highest number of bids that NELP
got ever since the NELP I, held in January 1999. In NELP V 69 bids were
received.In NELP VI, the government had taken special, intensive promotional
efforts and had also created a special website for online data accessibility
and also bid documents complete with terms and conditions for NELP VI.
Promotional road shows in Delhi, Houston, Dubai, Kuala Lumpur,Perth and London
were held. The efforts seem to have been rewarded as NELP VI has proved to be
the most successful round with a total of 66 companies – 35 foreign companies
and 31 Indian companies – bidding, either on their own or as consortia. Of the
foreign companies that took part in the bidding process, 20 are new entrants.
The renewed interest of multinationals, namely, BG, BP, Petronas, ENI and the
entry of the French multinational, TOTAL, augurs well for the oil and gas
exploration activity in India. NELP-VI could well take India to a select band
of nations to have extensive deep sea exploration programmes undertaken by some
of the leading deep sea exploration companies of the world.
The Ministry of Petroleum invited bids from private parties / consortiums, in a
number of bidding rounds. Consequently, as many as 30 small oil-gas fields and
around 50 exploration blocks were awarded to private parties, for exploration
and production work. It was also decided by government to import Liquefied
Natural Gas, to meet the ever-growing requirement of natural gas in the
country. The government also decided to open up oil exploration in the deeper
continental shelf by private parties.
Production of oil and gas by the private parties / consortium has continued
since 1994, although success has been limited due to various factors.
Considering the above factor and the growing demand of hydrocarbons in India,
the government announced the New Exploration Licensing Policy (NELP) during
1997, which has envisaged a number of incentives for the prospective bidders,
in order to attract more foreign participation and accelerate the growth of
petroleum production in India.
Milestones:
·
Discovery of hydrocarbons for the first time in Cretaceous
and older sediments in India (KG-OSN-2001/3 block)
·
First deepest well in Indian Offshore Basin
·
First offshore HP/HT well in India which were successfully
drilled to 5700m in more than 400F° temperature and 12000psi pressure
·
Conducted cased hole DST test successfully in such HP/HT
conditions.
·
Discovery of hydrocarbons in fractured basement rocks in
onshore block (CB-ONN-2000/1 block).
·
Use of state-of-the-art seismic processing like p-impedance,
rho-lamada, etc for discovering hydrocarbons.
·
Acquisition of around 3,000 sq. km. of 3D seismic data
during the last 3 years.
·
Drilling of more than 22 exploratory wells.
·
Drilling of more than 50 development wells of which 17 wells
were drilled inclined between 45-60 degrees.
·
Workover of more than 50 wells featuring state-of-the-art
well completions like gravel pack, frac-pack, stack-pack, SRP and PCP
installation.
·
Construction of unique Land Based Drilling Platform (LBDP)
and Offshore Platform at Hazira.
·
Installation of state-of-the-art Gas Plant featuring SCADA,
high & low pressure separators, Compressors, DPCU, etc
·
Drilling of offshore wells up to depth of more than 5 kms in
temperatures exceeding 400 deg F and 12,000 psi pressure.
·
GSPC participates in NELP-II bids with GAIL, ONGC, IOC, OIL
and is awarded three Exploration blocks of which GSPC is nominated Operator for
Ahmedabad block.
·
In 2002-2003, GSPC has drilled 16 wells from the LBDP and
had established gas reserves of 20 BCM at Hazira.
·
Acquired 190 sq. kms. of of 3D Seismic data in the onland
exploration block in Gujarat in December-January 2002. CGG, France is awarded
the 3D data acquisition contract.
·
GSPC is awarded an offshore exploration block in
Krishna-Godavari basin in NELP-III. GSPC is the operator for this block.
·
Acquired approximately 1300 sq. km of 3D seismic data in the
KG offshore exploration block during April-June, 2003.
·
First CNG station near Ichchapore, Surat has been
commissioned in June 2003.
·
In June 2003, GSPC as an operator drills the first
exploratory well PK-1 in the Ahmedabad exploration block. Sixth well PK#2
produces 120 cubic metres per day of oil in the initial testing in early August
2004.
·
GSPC awarded the Krishna-Godavari offshore block in NELP-III
for which seismic surveys have been completed and drilling of first well has
started from 31st July 2004.
·
GSPC has also bagged 3 blocks in the NELP IV round of
bidding held in September 2003, two in Gujarat and the other in Tamil Nadu. It
also has been awarded a CBM exploration block in North Gujarat in association
with ONGC.
·
Inks agreements with GAIL, IOC and BPCL for purchase of
1.00, 0.250 and 0.125 MM TPA LNG, in February 2004.
·
Acquisition of exploration blocks in Australia, Egypt and
Yemen. GSPC has also been awarded a block in Indonesia on a direct negotiation
basis.
·
Discovery of Hydrocarbons in Sanand-Miroli block.
·
Discovery of Hydrocarbons in Tarapur block.
·
Signed Concession agreement in Egypt for 2 blocks on
09-03-2008.
·
Signed profit sharing agreement in Yemen for 3 blocks on
13-04-2008.
Plant and Projects:
GSPC strives to achieve excellence in every component of
energy chain; be it exploration, production, transmission or generation. At
GSPC, every success nurtures hope for the next higher feat. Every success
consolidates faith in science. Every success provides impetus to diligence.
Every success exemplifies the value of enterprise, management, technology and
stakeholders. And so, GSPC maintains its unflinching trust in the highest
ideals of business- unparalleled enterprising spirit, effective management
practices, modern technology and concern for its stakeholders. These ideals are
the foundation of GSPC's success and in years to come, the foundation would
only grow better and stronger towards building an energy secure society in
perfect harmony with the society and industries.
GSPC plans to actively participate in the upstream hydrocarbon industry both
within India and outside, both onshore and offshore.
It is an aggressive participant in the New Exploration Licensing Policy rounds
of bidding.
GSPC proposes to effectively diversify into downstream petroleum projects
including handling and distribution of LNG and pursuing Coal Bed Methane
projects.
GSPC is revamping its organizational set up for handling operatorship of more
and more fields and blocks in the future.
It is also examining extending its operations outside the country with
strategic alliances with overseas petroleum companies.
GSPC is also gearing itself to set up a databank on behalf of the state
government and other private operators on the pattern of Director General
Hydrocarbon, to facilitate dissemination of valuable technical data.
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 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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|