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MIRA
INFORM REPORT
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Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
OMV (PAKISTAN)
EXPLORATION GMBH |
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Registered Office : |
UBL Building, 10th Floor, Jinnah Avenue, Blue Area, Islamabad |
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Country : |
Pakistan |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
57/19910701 |
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Legal Form : |
limited liability Company |
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Line of Business : |
Oil and Gas Exploration and Production in Pakistan |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Business Name
OMV (PAKISTAN)
EXPLORATION GMBH
Full Address
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Branch Office |
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UBL Building, 10th Floor, Jinnah Avenue, Blue Area, Islamabad,
Pakistan |
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Tel |
92 (51) 2273620, 31 (11 Lines) |
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Fax |
92 (51) 2273643, 2273644 (2 Lines) |
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Website |
Short Description Of Business
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Nature of Business |
Engaged in Oil and Gas Exploration and
Production in Pakistan |
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Year Established |
1991 |
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Registration # |
57/19910701 |
Registered Office
OMV
AKTIENGESELLSCHAFT
Otto Wagner, Platz 5, 1090,
Vienna, Austria
Auditors
KPMG Taseer Hadi & Co.
(Chartered
Accountants)
6th Floor,
State Life Building # 5, Jinnah Avenue, Islamabad, Pakistan
Legal Status
OMV (Pakistan) Exploration GMBH was incorporated with limited liability
in Vienna, Austria and is a wholly owned subsidiary of OMV Aktiengesellschaft,
Vienna.
Details of Management
|
Names |
Designation |
|
Mr. George Wachtel Mr. Helmut Langanger Mr. Ara Carapetian Mr. Peter Guschelbauer Mr. Khubaib Saqib |
Managing
Director Director Director Director Manager
(Finance) |
Shareholders
|
Names |
Percentage of Shareholding (%) |
|
OMV
AKTIENGESELLSCHAFT Otto Wagner, Platz 5, 1090, Vienna, Austria |
100 |
Associated Companies
(1) OMV Group of Companies, Austria.
Number of Employees
316
Operational Overview
The company is participating in the following concessions:
Operating
Concessions: Working
Interest (%)
Miano D & P Lease (Block 20) 17.68
Sawan D & P Lease (Block 2668-3) 19.74
Gambat (Block 2668-4) 35.00
South West Miano-II (Block 2668-5) 33.40
Latif (Block 2669-3) 33.34
Guddu Block 65.00
Non-Operated
Concessions:
Nawabshah (Block 2568-II) 30.00
Block G (2265-1) 15.00
Block H (2165-1) 15.00
Zamurdan (Block 2689-12) 30.00
Government Holdings Private Limited (GHPL),
a partner in the Gambat Joint Venture, is holding a share of 5% that is being carried
by the other joint venture partners up to a commercial discovery. The Company’s
financial interest accordingly increases to 36.84%. The branch has entered into
a farm-in agreement for obtaining a 65% working interest in Guddu Block. The
effective date of take over of operatorship is January 1, 2004.
The Company has also entered into a farm-out
agreement with OGDCL for its share in offshore Indus Blocks G & H, pursuant
to which the entire working interest of the company has been transferred to
OGDCL with effect from December 31, 2004
Annual Sales Volume
|
Year |
In Pak Rupees |
|
2003 2004 |
2,009,429,594/- 4,579,704,575/- |
Trade Suppliers (Foreign)
Various International
Capacity
& Production
Considering the nature of the Company’s business, it is impracticable to
provide the information regarding capacity.
Customers
(1) Sui Northern Gas Company Limited, Pakistan.
(2) Sui Southern Gas Company Limited, Pakistan.
(3) Pakistan State Oil Company, Pakistan.
(4) Mari Gas Company Limited, Pakistan.
Bankers
(1) Union Bank Limited, Pakistan.
(2) Faysal Bank Limited, Pakistan.
(3) PICIC Commercial Bank Limited, Pakistan.
(4) Bank of Punjab, Pakistan.
(5) Habib Bank Limited, Pakistan.
Memberships
All Pakistan
Petroleum Exploration and Production Companies Association.(PPEPCA)
Company’s Contribution In Oil
& Gas Exploration In Pakistan
OMV, Austria's leading Oil and Gas Company,
has been operating in Pakistan through its subsidiary OMV (Pakistan) Exploration
GMBH in different joint ventures since 1990. To date, this has resulted in the
discovery of two gas fields in the Middle Indus Basin. Miano Gas field in the
Thar Desert, 62 kilometer southeast of Sukkur, was discovered in 1993 where OMV
(Pakistan) operates a joint venture with Oil and Gas Development Corporation
Limited (OGDCL) Hardy (now AGIP) and Pakistan Petroleum Ltd. The first
exploratory well was spudded at Miano in June, 1993, and a declaration of
commercial viability filed in 1996. OMV (Pakistan) and the Joint Venture hold a
Development and Production Lease for the field. The development plan was
approved in 1996 and gas production started at the end of 2001. Gas from the
field is processed at the nearby Kadanwari Plant, 35 km south of Miano, and
supplied to Sui Southern Gas Company Ltd. Since January 2003 OMV (Pakistan) is
the Operator of the Kadanwari Plant. The second gas field, Sawan in Sindh's
Khairpur district, was discovered by OMV (Pakistan) in 1998 in a joint venture
with PPL, AGIP, Government Holdings (Private) Ltd and Moravske Naftave Doly.
The field was declared commercially viable in December 1999. As at Miano, OMV
is leading the development of the field and will operate the plant that
processes gas from it. Development plans have been approved by the Pakistani
authorities and negotiations on gas supply agreements with Sui Southern Gas
Company Limited and Sui Northern Gas Company Limited have been concluded. OMV
(Pakistan) plans to bring the Sawan gas field on stream in 2003. OMV
(Pakistan)'s parent company, OMV-AG, has also become involved in downstream
activities by investing in the shares of Pak-Arab Refinery Company Ltd (PARCO),
which has completed a refinery at Mehmood Kot, Punjab. OMV (Pakistan)'s success
has provided a big boost to Pakistan's energy sector. With gas production at
Miano and construction at Sawan underway, and with further exploration projects
in the pipeline, OMV (Pakistan) Exploration GMBH presence should prove even
more beneficial to the energy sector and to the country's overall success.
Foreign Exchange Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 62.30 |
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UK Pound |
1 |
Rs. 124.40 |
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Euro |
1 |
Rs. 92.85 |
Comments
OMV Pakistan is a multinational company
working in 17 countries worldwide and engaged in the business of exploration
and production. All the directors are reported as resourceful and experienced
businessmen. Payments to creditors etc are reported as normal. The Company can
be considered for normal business dealings at usual trade terms and conditions
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OMV (PAKISTAN)
EXPLORATION GMBH |
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PAKISTAN BRANCH |
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PROFIT &
LOSS ACCOUNT |
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FOR THE YEAR ENDED
31 DECEMBER, 2004 |
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Note |
2004 |
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2003 |
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(Rupees) |
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Sales |
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12 |
4,579,704,575 |
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2,009,429,594 |
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Less : |
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Exploration, appraisal and development expense |
13 |
522613241 |
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174,502,265 |
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Operating cost |
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341206895 |
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135,070,922 |
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Royalty |
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499070575 |
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220,234,773 |
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Depreciation |
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3 |
503960545 |
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280,613,333 |
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Other operating expenses |
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14 |
22657652 |
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114,560,980 |
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Gain on sale of fixed assets |
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-85736 |
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(63,212) |
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1,889,423,172 |
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924,919,061 |
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Operating profit
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2,690,281,403 |
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1,084,510,533 |
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Other income |
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15 |
4,845,067 |
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12,269,723 |
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Interest expense |
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(263,938,350) |
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(154,467,457) |
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Exchange (loss) / gain |
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(232,308,678) |
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114,705,385 |
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Financial result |
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(491,401,961) |
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(27,492,349) |
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Profit before
taxation |
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2,198,879,442 |
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1,057,018,184 |
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Deferred tax |
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(524,173,465) |
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(333,684,750) |
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Profit after
taxation |
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1,674,705,977 |
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723,333,434 |
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Loss brought forward |
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(1,605,634,724) |
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(2,328,968,158) |
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Accumulated profit
/ (loss) carried forward |
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69,071,253 |
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(1,605,634,724) |
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OMV (PAKISTAN)
EXPLORATION GMBH |
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PAKISTAN BRANCH |
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BALANCE SHEET |
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AS AT 31 DECEMBER,
2004 |
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Note |
2004 |
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2003 |
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(Rupees) |
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Fixed assets |
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3 |
4,127,839,158 |
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4,384,144,172 |
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Long term
prepayments |
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4 |
9,780,677 |
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- |
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Deferred tax
asset |
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- |
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336,552,147 |
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Current assets |
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Inventory |
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206,276,378 |
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170,045,269 |
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Trade debts |
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5 |
1,647,079,495 |
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1,106,818,869 |
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Advances and other receivables |
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6 |
40,988,034 |
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38,322,285 |
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Due from joint ventures |
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7 |
106,106,214 |
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187,326,802 |
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Cash and bank balances |
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8 |
408,640,768 |
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511,318,743 |
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2,409,090,889 |
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2,013,831,968 |
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Less: Current
Liabilities |
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Due to joint ventures |
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9 |
366,589,765 |
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139,309,986 |
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Accounts payable |
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10 |
496,585,971 |
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445,117,102 |
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Head office current account |
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62,582,476 |
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83,560,634 |
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925,758,212 |
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667,987,722 |
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Net current
assets |
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1,483,332,677 |
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1,345,844,246 |
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5,620,952,512 |
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6,066,540,565 |
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Less: |
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Provisions |
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11 |
203,114,165 |
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179,992,555 |
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Deferred tax liability |
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187,621,318 |
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- |
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Total net assets |
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5,230,217,029 |
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5,886,548,010 |
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Represented by : |
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Head office loans |
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5,161,145,776 |
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7,492,182,734 |
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Accumulated Profit / (Loss) |
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69,071,253 |
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(1,605,634,724) |
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5,230,217,029 |
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5,886,548,010 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)