MIRA
INFORM REPORT
|
Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OIL INDIA LIMITED |
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Registered Office : |
Allahabad Bank Building, 17, Parliament Street, New Delhi
- 110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.02.1959 |
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Com. Reg. No.: |
55-1148 |
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CIN No.: [Company
Identification No.] |
U11101AS1959GOI001148 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELO00502F |
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Legal Form : |
A Public Limited Liability Company having Limited Liability of Members. Subject is Government of India Undertaking |
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Line of Business : |
Exploration and Production of Crude Oil and Natural Gas, extraction
and bottling of LPG and transportation of crude oil. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
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 274000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established Government of India
Company. The company has been
consistently showing excellent financial performance over the years. The
company has also been able to maintain consistently a fairly healthy return on
its capital employed. Its trade relations are fair. Payments are correct and
as per commitments. The company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
P. O. Duliajan, District Dibrugarh, Assam 786 602, India |
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E-Mail : |
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Website : |
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Administrative Office : |
Sr Geotechnical Advisor's Office No. 1, Community Centre, New Friends Colony, New Delhi - 110 065, India |
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Tel. No.: |
91-11-26911567/26839465 |
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Fax No.: |
91-11-26889461 |
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Head Office : |
Allahabad Bank Building, 17, Parliament Street, New Delhi - 110 001, India |
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Tel. No.: |
91-11-23360841/23340844/23360678 |
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Fax No.: |
91-11-23340962 |
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E-Mail : |
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Website : |
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Telex : |
31-62024 |
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Corporate Office : |
5, Sikandra Road, Opp. Lady Irwin Collage, New Delhi 110 001, India |
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Project Offices : |
v P. O. Duliajan, Dist, Dibrugarh - 786 601, Assam Key Person: Mr. P. G. Goswami (Group General Manager) Tel. No. 91-37536-6522/5547 Fax No. 91-37536-5522/5538 Telex: 288-249DULOIN Grams: OILINDIA, DULIAJAN v
Bay
Exploration Project IDCO Towers Janpath, Bhubaneswar - 751 007, Orissa Key Person: Mr. S. S. Z. Haque (Incharge BEP) Tel. No. 91-674-5043473, Res.541876 Fax No. 91-674-506926 Telex: 675-6247/6309 OBEP IN Grams: OILINDIA, BHUBANESWAR v Pipeline Head Quarters, P.O. Noonmati - 781 020, Guwahati, Assam Key Person: Mr. M. Bhandari (Dy. General Manager) Tel. No. 91-361-640685/540 688 Fax No. 91-361-540686 Telex: 236-2323 OLGH IN Gram: OILINDIA, GUWAHATI v
Rajasthan
Project 8, Residency Road, Jodhpur - 342 001, Rajasthan Key Person: Mr. D. K. Dutta (Dy. General Manager) Tel. No. 91-291-432771/433642/431930/430871/431683 Fax No. 91-291-431689 Email: oilrpacct@yahoo.com v
Saurashtra
Exploration Project Sahajanand House, Bhakti Nagar Circle, Rajkot - 380 002, Gujarat Key Person: Mr. P. Kataky (Dy. General Manager) Tel. No. 91-281-2368023/2363022/2363031 Fax No. 91-281-2363022 Telex: 169-266 KAKA IN v
Ganga Valley
Project A-5, Sector-19, Noida (Uttar Pradesh) Key Person: Mr. M. M. Hazarika (Incharge GVP) Tel No. 91-11-91-2524784/2526561 Fax No. 91-11-91-2528649 Email: oilgvp@zeenext.com v
Brahmputra
Valley Exploration Project Rangpur, R. G. Baruah Road, Guwahati - 781 005, Assam Key Person: Mr. A. N. Saikia (Dy. General Manager) Tel. No. 91-361-567689/564904/563339/562352 Fax No. 91-361-565380 Email: oilbvep@gw1.dot.net.in v Kolkata Branch, 4, India Exchange Place, Kolkata - 700 001, West Bengal Key Person: Mr. B. K. Borah (Chief Manager- Calcutta Branch) Tel No. 91-33-226 1678 / 220 2596 Gram: OILCAL, CALCUTTA |
DIRECTORS
|
Name : |
Mr. M R Pasrija |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. S K Patra |
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Designation : |
Director (E and D) |
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Name : |
Mr. N M Borah |
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Designation : |
Director (Operations) |
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Name : |
Mr. J k Talukdar |
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Designation : |
Director (HR and BD) |
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Name : |
Mr. T K Ananth Kumar |
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Designation : |
Director (Finance) |
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Name : |
Mr. A K Jain |
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Designation : |
Director (Government Nominee) |
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Name : |
Mrs. Aditi S Ray |
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Designation : |
Director (Government Nominee) |
KEY EXECUTIVES
|
Name : |
Mr. S K Senapati |
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Designation : |
Company Secretary |
SHAREHOLDING
PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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|
|
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President of India |
210000000 |
98.13 |
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Employees and Others |
4004400 |
1.87 |
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Total |
214004400 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exploration and Production of Crude Oil and Natural Gas,
extraction and bottling of LPG and transportation of crude oil. |
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Products with ITC Code : |
* Crude Oil – 27090000 * Natural Gas – 2711-2100 * LPG
– 27111900 |
PRODUCTION STATUS
|
Particulars |
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Unit |
Actual
Production |
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Crude Oil (Assan and Andhra Pradesh ) |
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Kilo Litres |
3484515 |
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JVC (India) |
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Kilo Litres |
28182 |
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Natural Gas |
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Million Standard
C. Mtr. |
2118 |
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LPG |
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Metric Tonnes |
43718 |
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Condensate |
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Kilo Litres |
35143 |
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Electricity |
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Million Kilowatt
Hours |
100.47 |
GENERAL
INFORMATION
|
No. of Employees : |
Around 1933 (In-House – 1065, In-County – 717, Overseas – 151) Women Empowerment : Around 8476 |
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Bankers : |
* State bank of
India * Allahabad Bank * United Bank of
India * Vijaya Bank * United
Commercial Bank * Punjab National
Bank * Corporation Bank
* Indian Overseas
Bank * ICICI Bank
Limited * Canara Bank * Union Bank of
India * Standard
Chartered Bank |
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Facilities : |
Secured Loan (Rs.
in millions)
Unsecured Loan (Rs.
in millions)
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Banking
Relations : |
Good |
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Auditors 1: |
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Name : |
P K Mitra and Company Chartered Accountants |
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Address : |
18, R N Mukherjee Road, Kolkata 700 001, West Bengal, India |
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Auditors 2: |
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Name : |
A K Sabat and Company Chartered Accountants |
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Address : |
A-348, Sahid Nagar, Bhubaneswar 751 007, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21,40,04,400 |
Equity Shares |
Rs. 10/- each |
Rs. 2140.044 millions |
Note : The above includes 184669600 (Previous year 184669600) Shares of Rs.
10/- each issued as fully paid up
bonus shares by capitalisation
of Share Premium & General Reserve
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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1] Share Capital |
2140.044 |
2140.044 |
2140.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
66350.671 |
56342.957 |
45274.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
68490.715 |
58483.001 |
47414.600 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
7090.076 |
1550.237 |
950.000 |
|
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2] Unsecured Loans |
1050.000 |
1790.765 |
2232.700 |
|
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TOTAL BORROWING |
8140.076 |
3341.002 |
3182.700 |
|
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DEFERRED TAX LIABILITIES |
8033.318 |
7013.135 |
0.000 |
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|
Well Abandonment Sinking Fund |
10.723 |
10.001 |
0.000 |
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|
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TOTAL |
84674.832 |
68847.139 |
50597.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6367.704 |
6122.453 |
26753.800 |
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Capital work-in-progress |
5301.182 |
3118.445 |
2377.700 |
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|
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INVESTMENT |
4075.451 |
4301.533 |
1819.400 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
4080.239
|
3989.455 |
2607.800 |
|
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Sundry Debtors |
4086.776
|
5340.764 |
5543.300 |
|
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Cash & Bank Balances |
32756.964
|
31015.023 |
18640.400 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12610.726
|
4115.373 |
14159.200 |
|
|
Interest accrued on Term Deposit
|
1571.905
|
1094.071 |
0.000 |
|
|
Interest accrued on Investment |
0.055
|
0.054 |
0.000 |
|
Total
Current Assets |
55106.665
|
45554.740 |
40950.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
7818.071
|
9181.779 |
13173.300 |
|
|
Provisions |
2501.781
|
2485.800 |
8430.600 |
|
Total
Current Liabilities |
10319.852
|
11667.579 |
21603.900 |
|
|
Net Current Assets |
44786.813
|
33887.161 |
19346.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
299.600 |
|
|
|
|
|
|
|
|
PRODUCING PROPERTIES |
20257.721 |
19157.388 |
0.000 |
|
|
PRE-PRODUCING PROPERTIES |
3885.961 |
2260.159 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84674.832 |
68847.139 |
50597.300 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
52850.890 |
54705.790 |
39158.400 |
|
|
Other Income |
7226.879 |
5659.775 |
2242.300 |
|
|
Total Income |
60077.769 |
60365.565 |
41400.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
24826.271 |
26743.977 |
16231.000 |
|
|
Provision for Taxation |
8426.408 |
9844.670 |
5614.200 |
|
|
Profit/(Loss) After Tax |
16399.863 |
16899.307 |
10616.800 |
|
|
|
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.035 |
1.346 |
NA |
|
|
Commission Earnings |
0.000 |
0.000 |
NA |
|
|
Other Earnings |
0.000 |
0.000 |
NA |
|
Total Earnings |
0.035 |
1.346 |
NA |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
NA |
|
|
Stores & Spares |
711.435 |
1161.034 |
NA |
|
|
Capital Goods |
462.831 |
516.382 |
NA |
|
|
Others |
0.000 |
0.000 |
NA |
|
Total Imports |
1174.266 |
1677.416 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Provision against debts, advances &
other provisions/write-offs |
1927.045 |
1121.732 |
0.000 |
|
|
Depletion |
1776.522 |
1881.229 |
0.000 |
|
|
Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
8926.700 |
|
|
Administrative Expenses |
0.000 |
0.000 |
13855.400 |
|
|
Raw Material Consumed |
0.000 |
0.000 |
52.300 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
|
|
Consumption of stores and spares parts |
0.000 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
299.619 |
0.000 |
|
|
Managerial Remuneration |
0.000 |
0.000 |
0.000 |
|
|
Payment to Auditors |
0.000 |
0.000 |
0.000 |
|
|
Interest |
139.553 |
161.867 |
166.500 |
|
|
Exchange Loss/ Gain |
11.237 |
(9.722) |
0.000 |
|
|
Insurance Expenses |
0.000 |
0.000 |
0.000 |
|
|
Power & Fuel |
0.000 |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
818.344 |
1432.378 |
561.600 |
|
|
Other Expenditure |
30439.296 |
27048.697 |
1607.200 |
|
|
Other Adjustments |
84.940 |
1701.949 |
0.000 |
|
Total Expenditure |
35196.937 |
30183.024 |
25169.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
27.29
|
27.99 |
25.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
41.32
|
44.30 |
39.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.04
|
45.25 |
22.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.45 |
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
1.37 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.34
|
3.90 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
SIGNIFICANT
HIGHLIGHTS
During the year Company has been conferred “Performance Excellence Award, 2005-06” by the Indian Institution of Industrial Engineering (IIIE) and “Best PSU Award for the year 2005-06” under Public Enterprise Survey by the Department of Public Enterprises.
During the year the company has made considerable addition to Oil and Gas reserves as under :
|
Area of
Operation |
Crude Oil Additions / Revisions / Revisions
(MMKL) |
Natural Gas
Additions / Revisions (MMKL-OE) |
|
Proved
Developed Reserves Assam Arunachal
Pradesh (Kumchai) Rajasthan JVC-India |
6.1726 0.3969 0.0000 0.1396 |
7.8826 0.0000 0.0046 0.0000 |
|
Total |
6.7091 |
7.8872 |
(c) The Company also bagged 8 blocks {6 nos. as operator and 2 as
non-operator} under NELP-VI Round of bidding, the highest ever blocks awarded to
OIL in a single round of bidding.
(d) The Company has been rated “Excellent” against MoU: 2005-06 with a
composite score of 1.47 on the basis of audited data. It is also expected to
retain the same level of Excellence for the year 2006-07 on the basis of
preliminary in-house evaluation.
(e) Three installations namely two Fire Service Stations, one at
Duliajan and other at Moran and the R & D Laboratory at OIL’s Field Head
Quarter, Duliajan, Assam was accredited with ISO certification during the year.
The ISO/IEC 17025: 2005 awarded to OIL’s R&D laboratory is the first
amongst the laboratories of E&P companies to get this accreditation.
(f) Contribution to Indian Economy: OIL contributes approximately:
● 9.14 % of overall domestic crude oil production.
● 2.38 % of India’s overall crude oil consumption
● 3.12 % of India’s total import value of POL (Crude oil +
Petroleum Product)
● 0.21 % of India’s GDP
PERFORMANCE
PHYSICAL
The performance of the Company for the year ended on 31.03.2007
in comparison with the previous year is
furnished below:
|
Item |
Unit |
2005-06 |
2006-07 |
|
Crude Oil Production |
MMT |
3.2327 |
3.1067 |
|
Natural Gas Production |
MMSCUM |
2269.54 |
2264.57 |
|
Natural Gas Sale |
MMSCUM |
1743.95 |
1767.504 |
|
LPG Production |
TONNES |
48320 |
43750 |
The Company could achieve the above despite adverse environmental
problems in some of its major operational areas and the Company is making continuous
efforts for improvement of oil production through the following measures:
* Augmenting drilling for increased number of exploratory and development
wells.
* Prioritization of workover effort for quick revival of sick wells for
on-stream production.
* Implementation of recommendations of various reservoir management
studies for optimization of field
production.
* Prioritization of high potential drilling locations for early completion.
* Enhancement of water injection through conversion of three additional
water injection wells.
* Enhanced workover effort.
* Optimization of new and old wells.
* Intensification of Horizontal drilling.
* Additional facilities for crude handling and infrastructure for
production.
* New wells to be brought on stream without any downtime.
* Induction of ESP (Electric Submersible Pump) for artificial lift
assistance.
* Application of Gravel Packs for sand ingression in selected
wells.
* Indirect heaters relocated, installed & commissioned in strategic
locations.
* Frequent flow line heating jobs through Mobile Steam Generator to stop
flow line gelling.
TECHNOLOGY INDUCTION,
UP-GRADATION AND INNOVATION:
* Capability of the Integrated Enterprise Application (SAP-ERP) has been expanded
across the organization through e-networking to cover business and information
related to personnel, administration and organizational management, financial
accounting, costing, budgeting, JV-accounting, production revenue accounting,
project management, materials management, E-procurement, sales accounting etc.
* Successfully established radio connectivity of the Mud Logging Units (MLU)
deployed in scattered drilling locations in field with the campus network for
facilitating real time monitoring of vital data while drilling and for
extending guidance from the campus with this. It is envisaged that monitoring
of drilling well will be improved considerably and quickly and important
decisions can be made with greater accuracy.
* In order to augment the capability of preparing integrated survey database
through cartographic digital format, new software named Geoscientific
Interpretation System (GIS) has been commissioned during the year. Another
software named AFI & EMERGE for fluid inversion (add and AVO) and reservoir
property prediction using seismic attributes and well log data has been
inducted during the year.
* Installed four (4) Mass Flow Meters at Tengakhat ITF for accurate measurement
of volume of crude oil flow and water content in crude and action for
procurement has been initiated for additional eight (8) such meters for
installation in other areas.
* Burner Management System & Remote Ignition System for safe and efficient
operation of heaters in OCSs have been introduced.
* The J-Bend drilling technology has been adopted for the first time in OIL
during the year. Three Horizontal wells drilled during the year resulted in
significant increase of crude oil production rate. Introduction of Aphron
Invasion Control System in two sub-hydrostatic wells during work over
operations led to encouraging results in control of loss of fluid into
formations. Based on the satisfactory results of the field trial of Sodium
Format Brine in three workover wells, it has now been proposed to switch over to
sodium format system over a period of next 2 to 3 years from the existing
calcium chloride system which is associated with the problem of
corrosion.
* Pre-cast, pre-stressed RCC slabs have been successfully used in place
of costly, perishable, scared timber skids in seven drilling locations. The
result has been found to be effective especially during rainy season and the
skids are reusable, long lasting and expected to be economic in the long run.
As an alternative to the traditional use of huge volume of costly timber skids,
rubber mats have been utilized for the first time in almost all drilling
locations as a cheap and environmental friendly measure for maintenance and
hard standing of drilling plinth area with satisfactory result.
* Voice communication system has been established through SCADA Radio
Communication System in NEEPCO and LPG off take point.
* A collaborative geo-scientific study project has been completed with the help
of Rice University, USA for Velocity-Depth Modelling on thrust-belt areas of
the North-East. This project has led to new hydrocarbon leads and International
exposure to oil geo-scientists.
* The Company inducted sophisticated Micro Tunnelling Technology (first time in
Indian Petroleum Industry) for difficult river crossings in the
Numaligarh-Siliguri Product Pipeline project.
The Company is continuously striving for enhancement of technological
capabilities to bring about an improved and efficient performance in its
infrastructure and field operations. A Technology Management Team (TMT) was
formed in January 2006 which is scouting and evaluating suitable technologies
for production enhancement and cost reduction. Certain technologies have been
short listed and examined for possibility of pilot implementation. Successful
induction of the technologies in the identified areas as mentioned below is
expected to provide an enhanced technological capability besides economy in
production cost:
* Real time well monitoring for production optimization through remote monitoring
of well head pressure & real time BHP monitoring in some gas lift
wells.
* Down hole oil-water separator.
* Smart drilling through remote monitoring and use of Mud Volume
Totaliser.
* 2D-3C / 4D Seismic Survey.
* Technology for effective surveillance of crude transportation trunk pipeline
and flow pipeline in fields.
* Casing while drilling.
DISCOVERY OF OIL / GAS FIELDS:
The following oil and gas discoveries were made during the year in Assam:
BAGHJAN (Tinsukia district in Upper Assam):
Baghjan structure was discovered during 2002-03. Baghjan - 1 was the first well
drilled in the structure for Paleocene-lower Eocene prospects. On testing the
well produced mainly gas. During the year the following wells have been drilled
in the said structure and established presence of hydrocarbon:
Baghjan-3 (TO) was drilled in the Baghjan-1 fault block to delineate the
downdip extension of hydrocarbon reservoirs encountered in Baghjan-1. On
testing, well gave inflow of gas with condensate from the Paleocenelower Eocene
reservoir.
Baghjan-4 (TQ) was drilled in a separate fault block to delineate the extent of
hydrocarbon reservoirs encountered in Baghjan-1 and 2 blocks towards the
eastern part of Baghjan structure. On testing, this well produced oil and
established the presence of oil reserves in another block after the success of
Baghjan-2(TP).
Baghjan-5 (TN) was drilled in Baghjan-1 block towards west of well Baghjan-1.
The well has encountered few hydrocarbon bearing sand ranges within Paleocene-lower
Eocene formation and established significant presence of gas, on testing,
within Lang par formation.
BAREKURI (Tinsukia district in Upper
Assam):
Barekuri (North Chandmari) structure was
discovered in the year 2003.
The well Barekuri-6 (DFU) was drilled during the year after extensive review
and interpretation of the additional 2D & 3D data acquired during the
interim period in the said area. This exploratory location is in the western
flank of the adjacent fault block of well Barekuri-1 block which is the down
dip extension of Barekuri structure.
The well encountered significant pay of hydrocarbon within the Paleocene-lower
Eocene formations. On testing the well produced commercial oil.
SANTI AREA (Tinsukia district in Upper
Assam):
This well NHK-556 was drilled as an exploratory well for Paleocene-lower Eocene
prospect in Santi structure which is located in the South-East of Naharkatiya
structure. The well has encountered few hydrocarbon bearing sand ranges in
Kopili and Lakadong+Therria formation and established presence of oil within
the Lakadong+Therria formation.
PROJECTS (IN-COUNTRY):
RAJASTHAN:
JAISALMER PML AREA:
Gas fields of Tanot, Dandewala & Bagi Tibba are lying within this PML. The
gas produced at an enhanced rate of approx. 0.7 MMSCMD from this area during
the year has been supplied to RRUVNL through GAIL (India) Limited for
generation of electricity. New gas supply agreement has been entered with
RRUVNL with enhanced price of gas for supply @ 0.90 MMSCMD for next three (3)
years period.
BAGHEWALA PML AREA:
Heavy Oil field of Baghewala is located in this PML area. Baghewala field being
studied jointly in two phases by OIL and M/s Petroleos de Venezuela SA (PDVSA)
of Venezuela under a technological tie up for thermal recovery by Cyclic Steam
Stimulation.
* On completion of its Integrated Reservoir Study under phase-I, M/s PDVSA
Intevep (Venezuela), the collaborator indicated the presence of a total of 78
MMT of contingent resource category, out of which 53 MMT (Indicated Category)
of Bitumen in the upper carbonate reservoirs and 25 MMT proved category
oilin-place in the lower Bilara + Jodhpur sand stone. Based on this study,
Company decided to carry out implementation of pilot project in Baghewala field,
which includes drilling of two pilot wells, cyclic steam injection and
production of heavy oil and bitumen for about one year under technical guidance
of PDVSA Intevep.
* In phase-II, drilling of the first pilot test well completed during 2005.
Trial steam injection carried out for a few days during July' 2006. Steam
injection temporarily suspended to attend the teething problem encountered in
surface facilities. M/s Engineers India Limited was engaged to provide
necessary rectification in surface facilities. After rectification, steam
injection will be resumed to produce the bitumen from the upper carbonate
reservoirs of Baghewala field.
GANGA VALLEY PROJECT:
It has been planned to drill two exploratory wells in the identified structures
in Kashipur PELs. Pre-drill prospect assessment in respect of the identified
prospects particularly in the logistically difficult Himalayan foothill region
which was carried out with the help of expert M/s PRS Energy, UK. Based on the
final evaluation report, a third opinion from another consultant M/s Geoglobal
Resources, Canada has been sought.
NORTH EAST FRONTIER PROJECT:
MANABUM:
OIL acquired around 554 GLKM of seismic data in the logistically difficult
areas of Manabum in Arunachal Pradesh during 2003-2006. Based on the
interpretation of the data acquired so far, three drillable prospects were
identified. One exploratory drilling location (NMA) has been released and
preparatory surface work is in progress. Exploratory drilling is expected during
2009-2010.
PASIGHAT:
OIL acquired around 357 GLKM seismic data during the period 2004-06. Based on
the interpretation, a few leads/prospects identified. To confirm these leads,
additional in-fill 2D seismic of 350 GLKM is planned. The validity of PEL
expired on 31.03.2007. OIL applied for another two years extension of PEL.
Further exploration activity is dependent on extension of PEL by the
Government.
JAIRAMPUR (THRUST BELT):
OIL acquired around 75 GLKM seismic data during 2004-05. Based on the in-house
interpretation and a second party opinion, one location (JRA) for exploratory
drilling has been released and civil work already commenced. Actual drilling is
expected by March, 2009.
RIVER BED OF BRAHMAPUTRA (BRB):
The proposed BRB survey work is kept in abeyance, in view of pending
Environmental Clearance from Pollution Control Board, Assam. The matter is
pending before the Hon'ble Guwahati High Court. Meanwhile, Ministry of
Environment and Forests (MOE&F) has advised Wildlife Institute of India
(WII) to examine the matter and submit their comments. MOE&F has also
suggested constituting a committee with representatives from WII, OIL &
other Dolphin Experts to look into the issues and suggest measures to be taken
by OIL.
STATUS OF EXPLORATION BLOCKS:
NELP:
OIL has participated in all the past six NELP bidding rounds concluded so far
and acquired total 22 blocks. Out of these 14 are onshore and rest 8 are
offshore blocks. OIL is operator in respect of 12 onshore blocks. The work is
in progress in all these blocks as per the committed Minimum Work Program
(MWP).
OIL bagged 8 (eight) Blocks {6 nos. as operator and 2 nos. as non-operator}
under NELP-VI Round of bidding, the highest ever blocks awarded to OIL in a
single round of bidding.
OIL OPERATED BLOCKS:
Out of the 12 OIL's operated blocks, five blocks are in the North Eastern (NE)
states of Assam and Mizoram (AA-ONN-2002/3, AA-ONN-2003/3, AA-ONN-2004/1,
AA-ONN-2004/2 and MZ-ONN-2004/1), five blocks are in Rajasthan (RJ-ONN-2000/1, RJ-ONN-2002/1,
RJ-ONN-2004/2 and RJ-ONN-2004/3), one block is in Mahanadi basin
(MN-ONN-2000/1) and one block is in the Krishna-Godavari basin (KG-ONN-2004/1).
The work is progressing in all these blocks as per schedule and is being
closely monitored.
NON OIL OPERATED BLOCKS:
OIL has participating interest in respect of 10 remaining NELP blocks with
other consortium partners. Out of these, two blocks (AA-ONN-2001/3,
AA-ONN-2002/4) are in onshore areas in Assam, one block (MN-OSN-2000/2) in
shallow water in the Mahanadi offshore, Orissa and the remaining seven blocks
are spread over a vast tract of deepwater acreages within the country. One
block (MN-DWN-2002/1) in the deep water of Mahanadi offshore, one block
(MB-DWN-2000/2) in Mumbai deep water, one block (CY-DWN-2001/1) in Cauvery deep
water and four blocks (KG-DWN-98/4, KG-DWN-2002/1, KG-DWN-2004/5,
KG-DWN-2004/6) in Krishna-Godavari deep water. Out of the two onshore blocks in
Assam, one location has been so far released in Koraghat Block (AA-ONN-2001/3,
NELP-III) in Golaghat District and land acquisition has been initiated. Data
acquisition in the other block (AA-ONN-2002/4, NELP-IV) near Assam-Nagaland
border is in progress. In the shallow water block in Mahanadi offshore
(MN-OSN-2000/2, NELP-II), drilling has been completed in two wells. Similarly,
out of the remaining deep water blocks, drilling of two wells has been
completed in Krishna Godavari basin (KG-DWN-98/ 4, NELP-I), one in Mumbai
deepwater (MB-DWN-2000/2, NELP-II). The PSC of the block has come to an end
w.e.f. 15th August, 2005. Activities in respect of the remaining blocks are in
progress as per the committed minimum work programme.
JOINT VENTURE BLOCKS (PRE-NELP):
EXPLORATION BLOCKS:
The Company is also carrying out exploration activities in 3 pre-NELP JV blocks
i.e. one Saurastra offshore (SR-OS-94/1), one in Gujrat-Kutch Offshore
(GK-OSJ-3) with RIL as the operator and the remaining one is in onshore block
(CR-ON-90/1) where M/s Premier Oil is the operator in Assam-Arakan Basin.
Drilling of the first exploratory well, Masimpur-3 is in progress.
PRODUCTION BLOCK:
The Company with a Participating Interest of 40%, entered into a PSC for
Kharsang Oilfield (Arunachal Pradesh) with Government of India in consortium
with M/s Geo Petrol International Inc, France (25%), M/s Jubilant Enpro
Limited., India (25%) and M/s Geo Enpro Petroleum Limited, India (10%) on
16.06.1995. The field produced 62,598 Tonnes during 2006-07 (previous year
57,919 Tonnes) of Crude Oil during the year and Company's share was 25,039
Tonnes (Previous year 23,167 Tonnes).
PROJECTS (OVERSEAS):
Exploration Service Contract: Farsi Offshore Block, Iran [OVL-40%PI (operator),
IOCL-40% PI & OIL-20% PI] The consortium has completed drilling of four (4)
wells as per the commitment and discovered presence of oil in 2 wells and gas
in 1 well. Assessment of the commerciality of the discoveries are in progress
by international consultants.
Product Pipeline, Sudan: [OVL-90% PI
& OIL-10% PI]:
The construction of the product pipeline has been completed and the same was
handed over to the Ministry of Energy and Mines (MEM), Sudan. This pipeline has
already started generating revenue. Three installments towards repayment from
the MEM have been received.
Block 86, Libya: [OIL-50% PI (operator)
& IOCL-50% PI]:
The block is in first phase of exploration. Acquisition of 2D seismic has
started from 28/12/2006 and the same is in progress.
Block-102(4), Libya: [OIL-50% PI
(operator) & IOCL-50 % PI]:
Acquisition of 2D seismic has started from 28/12/2006 and the same is in
progress. Cumulative achievement for both blocks till date is about 1700 LKM.
Block - Shakthi, Gabon: [OIL-45% PI
(operator), IOCL-45% PI & Marvis Pte.-10% PI]:
First phase of exploration in the block is in progress. Aeromagnetic survey has
been completed (36,400 LKM). Tendering process of 2D seismic Acquisition,
Aeromagnetic Survey Processing and Interpretation is in progress.
Block OPL 205, Nigeria: [OIL-17.5% PI,
IOCL-17.5% PI & Suntera Resources 35% PI in JV Suntera Nigeria OPL 205 (70%
interest of Block)]:
The Company has acquired 25% equity (from M/s Suntera Energy) in a Nigerian
Company (Suntera Nigeria 205 Limited.), which in turn has acquired interest in
a prospective onshore Block OPL-205. OIL's partner for overseas ventures,
Indian Oil Corporation Limited (IOCL) also has acquired 25% equity in Suntera
Nigeria 205 Limited. Drilling of the first well is expected to commence by
October/November, 2007.
Block 82 & 83, Yemen: [MEDCOENERGI-45%
PI (operator.), Kuwait Energy-25% PI, OIL-15% PI & IOCL-15% PI]:
The consortium was awarded Onland Blocks 82 & 83 in the 3rd International
Bidding Round. Production Sharing Agreement (PSA) has been initialed on 20th
May, 2007. Government approval for signing of PSA is awaited.
Besides looking for acquisition of producing/discovered E&P blocks, the
Company is also actively pursuing acquisition of companies having a good
portfolio of exploration acreages and producing assets.
Bangladesh Gas Fields Company Limited,
Bangladesh:
In December '2005, OIL entered into a contract with M/s Bangladesh Gas Fields
Company Limited, to provide wire line operator services in two of their work
over wells in Titas Gas Field, Bangladesh. Accordingly, the two jobs (well 15
& 16) were successfully completed in December'2005 and May `2006,
respectively. The scope of the contract was subsequently extended for three
more wells on 06.12.2006 and the first job under the extended scope of service
at well no. Narsingdi-2 was successfully completed on 16.02.2007.
OIL entered into another contract with M/s Bangladesh Gas Fields Company
Limited in December'2006, to provide expert wire line service in one (1)
drilling well and four (4) work over wells. The service is yet to start and the
contract will remain effective up to 31.03.2009.
Sylhet Gas Field Limited,
Bangladesh:
Contract was signed in December '2005 with M/s Sylhet Gas Field Limited, a
subsidiary of Petro-Bangla for providing wire line operator services for their
work over operation in Kailashtilla Gas Field in well no. 3 & 4. The jobs
in these wells were successfully completed during July and December '2006,
respectively.
OTHER BUSINESSES:
Patenting of i-Cap Technology: The Company has entered into a Joint Venture
Partnership Agreement with M/s ICSA (India) Limited., Hyderabad towards
development of i-CAP technology (used in pipeline surveillance) and transfer of
the patent in the joint name of the Company and ICSA on a 50:50 cost sharing
basis including initial cost of Research & Development incurred by them.
Indian Oil Tanking Limited (IOTL)-Oil Consortium: The Company entered into a
Consortium Agreement with IOTL for jointly bidding for and securing a contract
for laying a part of the Numaligarh-Siliguri product pipeline for the Company
on 50:50 sharing basis. The consortium has been awarded with the contract for
laying 115 km of pipeline at a total contract value of Rs.500.100 million.
OIL's Business Development Cell participated in the International Competitive
bidding to provide charter hire service of one drilling rig package with crew
for drilling of three (3) wells to OIL-ONGC JV Project under NELP-III at
Rajasthan. OIL was successful in the bidding round and rendered the desired
services and drilled three wells during 2006-07.
OIL extended services to Canoro Resources Limited and Geo Enpro Petroleum
Limited, by providing various equipment on rental, laboratory testing of well
bore crude oil, gas & water samples and BHP with PVT analysis jobs during
the year 2006-07.
Future
Initiatives:
To meet the challenges of the fast changing competitive market of the HR,
especially the demand for experienced knowledge workers worldwide, Company has
initiated long term strategy. The Company has engaged Hay Group Consultants, a
premier global company to map the competency requirement and suggest future
actions to develop leadership competencies of key executives at managerial and
leadership level. In order to check the attrition of in-house talents, Company
is planning a suitable strategy not only to retain scarce talent but also to
attract others for making a long term career in the Company. Scientific method
of screening during recruitment of talent is another area being explored to
introduce psychometric tests, group discussion etc. to strengthen the existing
system and to ensure induction of quality people at all levels.
Fixed Assets:
*
Freehold Land
*
Leasehold Land
*
Building (including Roads and Bridges)
*
Railway Sidings
*
Plant and Machinery
*
Furniture and Fittings
*
Motor Vehicles
AS PER WEB:
Profile
The story of Oil India Limited (OIL) traces and symbolises the
development and growth of the Indian petroleum industry. From the discovery of
crude oil in the far east of India at Digboi, Assam in 1889 to its present
status as a fully integrated upstream petroleum company, OIL has come far,
crossing many milestones.
On February 18, 1959, Oil India Private Limited was incorporated to
expand and develop the newly discovered oil fields of Naharkatiya and Moran in
the Indian North East. In 1961, it became a joint venture company between the
Indian Government and Burmah Oil Company Limited, UK.
In 1981, Oil India Limited (OIL) became a wholly-owned Government of India
enterprise. Today, OIL is a premier Indian National Oil Company engaged in the
business of exploration, development and production of crude oil and natural
gas, transportation of crude oil and production of LPG. OIL also provides
various E&P related services and holds 26% equity in Numaligarh Refinery
Limited.
The authorised and paid up capital of the company as on March 31, 2007
are Rs. 5000 million and Rs. 2140 million respectively, with 98.13 per cent
holding by the Government of India and 1.87 per cent by others. The net worth
of the company as on March 31, 2007 is Rs. 68490.700 million.
Oil India Limited (OIL) has over 1 lakh sq km of PEL/ML areas for its
exploration and production activities, most of it in the Indian North East,
which accounts for its entire crude oil production and majority of gas
production. Rajasthan is the other producing area of OIL, contributing 10 per
cent of its total gas production.
Additionally, Oil India Limited (OIL) exploration activities are spread over
onshore areas of Ganga Valley and Mahanadi. OIL also has participating interest
in NELP exploration blocks in Mahanadi Offshore, Mumbai Deepwater, Krishna
Godavari Deepwater, etc. as well as various overseas projects in Libya, Gabon,
Iran, Nigeria and Sudan.
In a recent CRISIL-India Today survey, OIL was adjudged as one of the five best
major PSUs and one of three best energy sector PSUs in the country.
Business
Oil India Limited (OIL) systematic and scientific approach to exploration
has been rewarded with a high success ratio of 65% of exploratory wells
drilled. OIL also possesses 2D and 3D seismic data acquisition capabilities,
with excellent support services ranging from satellite navigation systems to
remote blasting units.
Oil India Limited (OIL) owns a vast array of advanced computing systems
and experienced personnel to process and interpret geo-scientific data through
integrated exploration applications such as Remote Sensing, Structural and
Stratigraphic Interpretation, Seismic Attribute Analysis, Source Rock
Evaluation, Biostratigraphy, Petrophysics, Sequence Stratigraphy, Basin
Analysis, Techno-economic Evaluation, etc.
Formation evaluation through an integrated approach of geological,
geophysical, geo-chemical and reservoir engineering studies has allowed OIL to
develop and exploit deep (3500-4700 m) thin sand prospects. Today, these
reservoirs contribute over 50% of OIL’s production. It is envisaged that the
current introduction of extensive 3D seismic will assist in reservoir
management in both new as well as ageing fields, heralding a new chapter in
reservoir engineering studies.
Oil India Limited (OIL) has so far acquired, processed and interpreted over
70,000 line km of 2D and 5,000 sq km of 3D seismic data in a variety of
terrains, including hills, deserts, rivers, marshes, etc.
Reservoir Management
Oil India Limited (OIL) has pioneered the implementation of the concepts
of modern reservoir management in the Indian oil industry. Numerical reservoir
simulation, introduced by OIL in India for the first time in the early
seventies, has remained its forte since inception. Simulation has been used as
an important tool for management planning, production forecasting and decision
making. Based on numerical simulation studies, gas and water injection, and
water and polymer flooding projects have been successfully implemented in OIL’s
fields, yielding recoveries averaging over 20% in excess of the recoverable
solely by primary depletion.
Oil India Limited (OIL) has also developed special expertise in reservoir
management of ageing fields. Today, OIL has state-of-the-art numerical
reservoir simulators with dedicated workstations and a valuable knowledge-base
to handle cost-effective reservoir evaluation, development and management in
all demanding environments.
An integrated database management system designed and developed in-house has
been extremely efficient in processing / analysing reservoir monitoring data.
Apart from routine activities for reservoir surveillance, many other operations
such as transient well tests, nodal analysis, collection of crude / condensate
/ gas samples for PVT analysis, analysis of side-wall and conventional cores,
etc. are carried out as an integral part of reservoir management.
Press Releases
Oil India
re-launches its corporate website
New Delhi, January 22, 2008
Oil India Limited (OIL), a premier National oil company, has re-launched
its corporate website http://www.oil-india.com in a function held at the
Corporate Office in Noida on Tuesday.
Mr. MR Pasrija, Chairman & Managing Director, OIL relaunched the website,
available both in Hindi and English, in the presence of Mr. NM Borah, director
(Operations), Mr. JK Talukdar, director (HR & BD), Mr. TK Ananth Kumar,
director (Finance) and other senior officials of the company.
Speaking on the occasion, Mr. MR Pasrija, CMD, OIL said: The website
traces the history and evolution of the company and showcases OILs corporate
image to the world. Moreover, the technology upgradation will help the user to
surf the website at a faster pace. After a makeover, they now need to stress on
daily and continuous upgradation of the data and other valuable information, he
added.
The OIL corporate website has been developed using the dot.net technology. The
bilingual site supports Unicode characters and has been developed in an
optimised way so that a single code base can be used for both the languages.
The website features OILs corporate profile, vision & mission, corporate
spread, alliances, heritage, business, financial reports, OIL in News, R&D,
RTI Act and other important information related to the company.
About Oil India Limited
Oil India Limited (OIL) is engaged in the business of Exploration, Production
and Transportation of Crude Oil and Natural Gas. Oil India Limited is a
"Schedule A" company under the Ministry of Petroleum and Natural Gas,
Government of India.
The authorised and paid up capital of the company as on 31st March 2006 are
Rs.2500 millions and Rs. 2140 millions respectively with 98.13% holding by the
Government of India and 1.87% by the employees and others. The net worth of the
company as on 31st March 2006 is 58483.000 millions.
In a recent CRISIL-India Today survey, OIL was adjudged as one of the five best
major PSUs and one of three best energy sector PSUs in the country.
OIL has been a consistent and superior performer in various core
business areas over the years. Its feats have been recognised in India as well
as internationally by world-renowned institutions and agencies. Some of the
major awards and accreditations earned by OIL are listed below.
Awards & Accolades
*
Rated No. 1 Public Sector Company, 2006 by the Department of Public
Enterprises, Government of India based on performance
*
"Excellent" performance rating by Government of India for past
4 years
*
Performance Excellence Award, 2005-06 by the Indian Institution of
Industrial Engineering (IIIE)
*
Counted among the 5 Best Public Sector Undertakings and the 3 Best in
the Energy Category by the India Today-CRISIL Survey in 2005
*
Best Project Award for Corporate Social Responsibility, 2005 by TERI,
among 130 participating companies
*
Corporate Social Responsibility Award, 2003-04, by TERI for good
corporate citizenship and sustainable initiatives among comapnies with turnover
above Rs 500 crore
*
Green Tech Award for Environment Management, 2002
*
Golden Peacock Award for Corporate Social Responsibility, 2002
*
Special Commendation Award for Human Resource Management, 2001-2002 by
National Petroleum Management Programme - for OIL’s continuously evolving
technology and business environment and the Company’s initiatives to enhance
safety in operations and quality of work life via good practices
*
Excellent Performing Public Sector Enterprise Award, 1998-99
*
"Excellent" performance rating by Government of India for
1997-98, 1998-99 and 1999-2000
*
Longest Accident Free Period - 1997-98, 1998-99
*
Excellent Performing Public Sector Enterprise Award, 1998-99
*
Excellence in Riverbed Survey Award, 1998-99
*
Best Oil & Gas Processing Unit Award, 1997-98
*
International Green Land Society National Award, 1997-98 for best energy
conservation and implementation
*
Corporate Performance Award 1985 from Harvard Business School Association
of India and Economic Times
*
Ranked 1 fir Profitability in terms of paid-up capital, net assets and
sales from 1981-82 to 1983-84 by the Indian Institute of Public Opinion, among
100 largest corporate enterprises in India
Accreditations
*
ISO-9000:2000 Certification (Quality Management System) : LPG Plant
*
ISO-9001:2000 Certification : Gas Based Power Plant
*
ISO-9000:2000 (Quality Management System) : Trunk Pipeline
*
ISO:9001:2000 : OIL Hospital at Duliajan
*
ISO-14001 (Environment Management) : Trunk Pipeline
*
OHSAS 18001 (Occupational Health and Safety Assessment Series) : Trunk
Pipeline
*
ISO/IEC 17025 : 2005 accreditation by NABL, Government of India for
OIL’s R&D Department, the first among E&P company laboratories to get
this accreditation
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.40.15 |
|
UK Pound |
1 |
Rs.78.26 |
|
Euro |
1 |
Rs.59.06 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|