MIRA
INFORM REPORT
|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHIV VANI OIL AND GAS EXPLORATION SERVICES LIMITED |
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Registered
Office : |
Tower- 1, Fifth Floor, NBCC Plaza, Sector V, Pushp Vihar, New Delhi – 110017 |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.12.1989 |
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Com. Reg. No.: |
55-038542 |
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Capital Investment
/ Paid-up Capital : |
Rs.463.605 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1989PLC038542 |
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PAN No.: [Permanent Account No.] |
AAACS2523H |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The company engaged in Exploration of Oil. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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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Maximum Credit Limit : |
USD 38000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There
appears dip in the profitability. However, Networth of the company is strong.
Trade relations are reported to be fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
LONG TERM RATING : CARE BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry low credit risk |
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Date |
February, 2011 |
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Rating Agency Name |
CARE |
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Rating |
SHORT TERM RATING : CARE A2 |
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Rating Explanation |
Having strong degree of safety regarding timely payment of financial
obligation it carry low credit risk |
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Date |
February, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Deepak |
|
Designation : |
Project Manager |
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Contact No.: |
91-9957338181 |
|
Date : |
09.08.2012 |
LOCATIONS
|
Registered Office : |
Tower- 1, Fifth Floor, NBCC Plaza, Sector V, Pushp Vihar, New Delhi – 110017, India |
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Tel. No.: |
91-11 29564592 |
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Mobile No.: |
91-9957338181 (Mr. Deepak) |
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Fax No.: |
91-11-29565082 |
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E-Mail : |
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Website : |
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Head Office : |
302, Jai Krishna Complex, Fun Republic Lane, Opposite New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-42636500 |
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Fax No.: |
91-22-42636521/42636511 |
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Branch Office : |
12/1, Mathura Road Faridabad - 121003 , Haryana , India |
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Tel. No.: |
91-129-4283300 |
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Fax No.: |
91-129-4136975 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Prem Chimanlal Singhee |
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Designation : |
Managing Director |
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Address : |
House No.4A, Street C-1, Sainik Farm, Delhi – 110062, India |
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Date of Birth/Age : |
10.11.1957 |
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Qualification : |
B.Com |
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Date of Appointment : |
05.12.1989 |
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DIN No.: |
00021962 |
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Name : |
Mr. Padam Chimanlal Singhee |
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Designation : |
Managing Director |
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Address : |
House No.4A, Street C-1, Sainik Farm, Delhi – 110062, India |
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Date of Birth/Age : |
21.07.1964 |
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Qualification : |
B.Com |
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Date of Appointment : |
11.01.1990 |
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DIN No.: |
00021995 |
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Name : |
Mr. Om Prakash Garg |
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Designation : |
Director |
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Date of Birth/Age : |
29.01.1948 |
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Qualification : |
B.Com |
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Date of Appointment : |
04.05.1992 |
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DIN No.: |
00039625 |
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Name : |
Mr. Prateep Kumar Lahiri |
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Designation : |
Director |
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Address : |
B-8, 2nd Floor, Green Park, Exim, New Delhi, India |
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Date of Birth/Age : |
28.04.1937 |
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Qualification : |
M.A.(History) and IAS Retd. |
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Date of Appointment : |
30.03.1996 |
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DIN No.: |
00039653 |
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Name : |
Mr. Dwarka Das Daga |
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Designation : |
Director |
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Date of Birth/Age : |
02.11.1941 |
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Qualification : |
B.Com, LLB |
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Date of Appointment : |
10.07.1990 |
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DIN No.: |
00039664 |
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Name : |
Capt. Hiteshi Chander Malik |
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Designation : |
Director |
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Address : |
F-22, 2nd Floor, Greater Kailash, Masjid Moth, New Delhi, India |
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Date of Birth/Age : |
22.11.1949 |
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Qualification : |
Pilot |
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Date of Appointment : |
30.10.2007 |
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DIN No.: |
01942311 |
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Name : |
Mr. Rajnish Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
15.04.1948 |
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Qualification : |
B.Sc., BE (Elec) Hons. |
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Date of Appointment : |
30.01.2009 |
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DIN No.: |
02530213 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
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Designation : |
Project Manager |
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Name : |
Mr. Vimal Chadha |
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Designation : |
Company Secretary and Compliance Officer |
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Date of Appointment : |
01.04.1994 |
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PAN No.: |
ABTPC1565C |
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Name : |
Mr. Rajan Gupta |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of total No. of Shares |
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|
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(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
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|
5,095,795 |
10.99 |
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|
18,572,245 |
40.06 |
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|
23,668,040 |
51.05 |
|
|
|
|
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|
1,793,400 |
3.87 |
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|
1,793,400 |
3.87 |
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Total shareholding of Promoter and Promoter Group (A) |
25,461,440 |
54.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
1,734,902 |
3.74 |
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|
5,300 |
0.01 |
|
|
2,153,095 |
4.64 |
|
|
1,780,453 |
3.84 |
|
|
1,780,453 |
3.84 |
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|
5,673,750 |
12.24 |
|
|
|
|
|
|
7,415,825 |
16.00 |
|
|
|
|
|
|
2,051,853 |
4.43 |
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|
395,751 |
0.85 |
|
|
5,361,882 |
11.57 |
|
|
142,107 |
0.31 |
|
|
2,718,934 |
5.86 |
|
|
400 |
-- |
|
|
299 |
-- |
|
|
2,457,895 |
5.30 |
|
|
42,247 |
0.09 |
|
|
15,225,311 |
32.84 |
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Total Public shareholding (B) |
20,899,061 |
45.08 |
|
Total (A)+(B) |
46,360,501 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
- |
-- |
|
|
- |
-- |
|
|
- |
-- |
|
|
- |
-- |
|
Total (A)+(B)+(C) |
46,360,501 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial Institutions / BanksShareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Templeton Strategic Emerging Markets Fund III LDC |
3,707,895 |
8.00 |
6.39 |
|
2 |
ICICI Bank Canada |
1,780,453 |
3.84 |
3.07 |
|
3 |
CVCIGP II Client Rosehill Limited |
1,742,837 |
3.76 |
3.00 |
|
4 |
Reliance Capital Trustee Company Ltd A/c Reliance Growth
Fund |
1,562,602 |
3.37 |
2.83 |
|
5 |
Winsoem Finance Private Limited |
1,314,752 |
2.84 |
2.2 |
|
6 |
CVCIGP II Employee Rosehill Limited |
976,097 |
2.11 |
1.68 |
|
7 |
Secure Traders Private Limited |
713,658 |
1.54 |
1.68 |
|
8 |
Real Agro Tech Seeds Private Limited |
514,942 |
1.11 |
0.89 |
|
9 |
Dual Friends Engineering Entreprene Urs Private Limited |
1,074,471 |
2.32 |
1.32 |
|
10 |
Zee Securities Private Limited |
1,006,630 |
2.17 |
1.22 |
|
11 |
Aviva Life Insurance Company India Limited |
607,072 |
1.31 |
0.98 |
|
12 |
Srei Equipment Finance Private Limited |
1,700,000 |
3.67 |
2.93 |
|
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Total |
16,701,409 |
36.03 |
28.27 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
Number of shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Templeton Strategic Emerging Markets Fund III LDC |
3,707,895 |
8.00 |
6.39 |
|
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Total |
3,707,895 |
8.00 |
6.39 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in Exploration of Oil. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers and Financial Institutions : |
· State Bank of India · ICICI Bank Limited, Landmark, Race Course Circle, Vadodra, Vadodra - 390007, Gujarat, India · Punjab National Bank · Standard Chartered Bank · DBS Bank Limited · Life Insurance Corporation of India Limited · State Bank of Hyderabad · Yes Bank Limited · Bank of India · Union Bank of India · State Bank of Patiala · Corporation Bank Limited · United Bank of India ·
UCO Bank ·
IFCI Limited, IFCI Tower, 61,Nehru Place, New
Delhi - 110019, India |
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Facilities : |
Notes: SECURED LOANS a) Debentures - During the year the company had issued Optional Convertible Debentures of Rs. 2500.000 millions (Previous Year - Rs. Nil) at a coupon rate of 6%. Each Debenture will be converted into equity shares of Rs. 10 each at fixed conversion rate of Rs. 575/- per share at the end of 18 months from the date of allotment of debentures. In case of non conversion of debentures the company will have to make the redemption to enable the subscriber to get yield to maturity of 11.57%. These debentures were fully subscribed and are secured by 1st Pari Passu charge over movable fixed assets of the company. These debentures shall be redeemed after 18 months from the date of allotment out of the proceeds of sanctioned loan amount of Rs. 2500.000 millions from ICICI Bank Limited still to be disbursed. b) Term Loans /
Working Capital Loans – a. Rupee Term Loan from Union Bank of India of Rs. 455.440 millions (Previous year Rs. 606.790 millions) is secured by first pari passu charge on movable fixed assets and further collateral secured by way of pledge of 1,00,000 shares of the company being part of promoters stake. b. Foreign Currency Term Loan ICICI Bank Limited of Rs.1592.940 millions (Previous year - Rs. 1769.900 millions) is secured by first charge over respective present and future fixed assets acquired from such loans and receivables of the contracts for which the loans have been obtained. c. All other term loans from Financial Institutions / Banks except above are secured by way of 1st charge on pari passu basis on all movable and immovable assets of the company (save and except book debts) machinery, machinery spares, tools and accessories present and future except on which another bank is having an exclusive first charge for loan granted to the company. d. All working capital loans from banks are secured by way of hypothecation of stocks of consumable stores and spares and book debts of the company, both present and future and also IInd charge on Plant and Machinery except on specific plant and machinery of Rs. 20.900 millions exclusively charged to State Bank of India. Further These Working Capital Loans are further secured against pledge of 2,759,400 equity shares of the company (being part of promoters stake) respectively. e. Secured loans amounting to Rs. 2292.500 millions respectively are further secured by way of pledge of 10,270,000 equity shares of the Company being part of promoters state. f. All Term loans and Working capital loans are also personally guaranteed by Shri Prem Singhee, Chairman and Managing Director and Shri Padam Singhee, Joint Managing Director. g. Amount repayable (term loans) within one year Rs. 2432.300 millions (previous year Rs. 1768.700 millions). UNSECURED LOANS Foreign Currency
Convertible Bonds (FCCB) a) The Company has issued 5% Foreign Currency Convertible Bonds (FCCB) of US $ 1000 each aggregating to US $ 80 million during the year. These bonds are convertible at the option of the Bond Holders into equity shares of Rs.10 each fully paid up at the conversion price of Rs. 515.60 per share calculated at a fixed rate of exchange of Rs. 47.08 for US $ 1 prior to the close of the business hours on 07th July 2015. As on the date of balance sheet FCCB for US $ 80 Million were outstanding. Upon conversion of all the bonds into equity shares, the share capital of the company will increase by 73,04,888 shares. Unless previously converted, the bonds shall be redeemable on or before 07th July 2015 at 104.22% of their principal amount. The redemption value of these bonds as on 31st March, 2011 was 100.53%. However in view of uncertainty, no provision has been made for redemption premium of Rs.18.807 Millions payable for the period from 16th August 2010 to 31st March 2011. b) Pending utilization of the issue proceeds of Foreign Currency Convertible Bonds (FCCB), an amount of Rs.1720.499 Millions is lying in Foreign Currency Current and Deposit Accounts. During the current year out of issue proceeds Rs.1049.275 Millions have been utilized for financing capital expenditure and Rs.572.987 Millions have been utilized for loans to subsidiary companies for repayment of foreign currency loans availed by the subsidiary companies. c) Unsecured loans amounting to Rs.1010.650 millions are
against pledge of 5,146,000 equity shares of the Company being part of
promoters’ stake. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay Prakash Gupta and Associates Chartered Accountants |
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Address : |
E-2/16, White House, IIIrd Floor, Anshri Road, Dariyagang, New Delhi-110002, India |
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PAN No.: |
AADFV1493P |
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Subsidiaries : |
· Shiv-Vani Oil and Gas Co. LLC, Oman · Oriental Oil and Gas Services Limited, Mauritius · Shiv-Vani Oil Services Limited, India · TNG Shiv Geo Services Limited, India · Shiv-Vani Singapore PTE. Limited, Singapore · Natural Oil and Gas Services Limited, Mauritius ·
Shiv-Vani Energy Limited, India |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,000,000 |
Equity Shares |
Rs.10/- each |
Rs.700.000 Millions |
|
500,000 |
11% Redeemable Non-Convertible Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46,360,501 |
Equity Shares |
Rs.10/- each |
Rs.463.605
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
463.605 |
463.605 |
439.026 |
|
|
2] Share Application Money |
0.000 |
0.000 |
396.000 |
|
|
3] Reserves & Surplus |
9081.402 |
8782.649 |
6611.231 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9545.007 |
9246.254 |
7446.257 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18684.610 |
16777.021 |
13175.253 |
|
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2] Unsecured Loans |
4582.647 |
510.727 |
590.629 |
|
|
TOTAL BORROWING |
23267.257 |
17287.748 |
13765.882 |
|
|
DEFERRED TAX LIABILITIES |
1338.007 |
974.448 |
532.689 |
|
|
|
|
|
|
|
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TOTAL |
34150.271 |
27508.450 |
21744.828 |
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
19697.637 |
18404.922 |
14802.567 |
|
|
Capital work-in-progress |
1382.527 |
2243.307 |
491.061 |
|
|
|
|
|
|
|
|
INVESTMENT |
568.267 |
567.767 |
567.267 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1990.752
|
730.037 |
850.985 |
|
|
Sundry Debtors |
6410.465
|
2689.619 |
2029.128 |
|
|
Cash & Bank Balances |
2454.193
|
430.192 |
809.609 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5916.981
|
6299.700 |
4534.870 |
|
Total
Current Assets |
16772.391
|
10149.548 |
8224.592 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2524.956 |
2393.331 |
1206.864 |
|
|
Other Current Liabilities |
1179.719
|
1055.371 |
750.712 |
|
|
Provisions |
754.868
|
575.307 |
491.727 |
|
Total
Current Liabilities |
4459.543
|
4024.009 |
2449.303 |
|
|
Net Current Assets |
12312.848
|
6125.539 |
5775.289 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
188.992 |
166.915 |
108.644 |
|
|
|
|
|
|
|
|
TOTAL |
34150.271 |
27508.450 |
21744.828 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12221.262 |
10718.028 |
6803.898 |
|
|
|
Other Income |
114.926 |
169.966 |
61.696 |
|
|
|
TOTAL (A) |
12336.188 |
10887.994 |
6865.594 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational & Other Direct Expenses |
6833.244 |
5533.727 |
3277.741 |
|
|
|
Personnel Expenses |
680.273 |
541.908 |
324.678 |
|
|
|
Administrative & Other Expenses |
686.122 |
733.276 |
541.723 |
|
|
|
TOTAL (B) |
8199.639 |
6808.911 |
4144.142 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4136.549 |
4079.083 |
2721.452 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2226.012 |
1757.254 |
813.516 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1910.537 |
2321.829 |
1907.936 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1063.987 |
817.196 |
411.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
846.550 |
1504.633 |
1496.437 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
440.035 |
584.575 |
548.278 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
406.515 |
920.058 |
948.159 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3446.417 |
2630.419 |
1745.520 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
50.000 |
11.896 |
|
|
|
Proposed Dividend on Equity Shares |
92.721 |
46.360 |
43.903 |
|
|
|
Dividend Distribution Tax on Proposed Dividend |
15.042 |
7.700 |
7.461 |
|
|
BALANCE CARRIED
TO THE B/S |
3645.169 |
3446.417 |
2630.419 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Revenue |
502.310 |
848.201 |
1046.188 |
|
|
|
Interest on FDR (Capital nature) |
31.081 |
0.000 |
0.000 |
|
|
|
Other |
0.000 |
0.024 |
0.133 |
|
|
TOTAL EARNINGS |
533.391 |
848.225 |
1046.321 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
1588.117 |
414.179 |
92.175 |
|
|
|
Capital Goods |
692.558 |
337.026 |
3431.281 |
|
|
TOTAL IMPORTS |
2280.675 |
751.205 |
3523.456 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) -
Basic -
Diluted |
8.77 7.89 |
20.93 20.93 |
21.60 19.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
|
Unaudited |
||||
|
|
|
|
|
|
|
Net Sales |
3495.360 |
2889.550 |
3221.310 |
2947.490 |
|
Total Expenditure |
2276.710 |
2231.910 |
2689.710 |
1449.760 |
|
PBIDT (Excl OI) |
1218.650 |
657.640 |
531.600 |
1497.730 |
|
Other Income |
9.680 |
101.160 |
35.690 |
659.170 |
|
Operating Profit |
1228.330 |
758.800 |
567.290 |
2156.900 |
|
Interest |
607.930 |
729.390 |
608.760 |
597.780 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
620.400 |
29.410 |
-41.480 |
1559.120 |
|
Depreciation |
274.200 |
280.300 |
280.650 |
264.850 |
|
Profit Before Tax |
346.200 |
-250.890 |
-322.130 |
1294.270 |
|
Tax |
119.790 |
-169.720 |
-102.990 |
533.370 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
226.410 |
-81.170 |
-219.140 |
760.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
226.410 |
-81.170 |
-219.140 |
760.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.30
|
8.45 |
13.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.93
|
14.04 |
21.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.32
|
5.27 |
6.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
2.30 |
2.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.76
|
2.52 |
3.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR
DETAILS
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditor |
|
|
|
|
- Micro, Small & Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
- Others |
2524.956 |
2393.331 |
1206.864 |
|
Total |
2524.956 |
2393.331 |
1206.864 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Director, if available |
Yes |
|
32] |
PAN of Director, if
available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered office address of the company has been shifted from “F
213/C, 3rd Floor, Lado Sarai, M B Road,
Delhi – 110030, India” to the present address w.e.f. 05.09.2008.
Review of Operations
Their business consists of wide range of integrated services including onshore E and P services ranging from seismic services, well drilling, work over operation, extraction of methane gas out of coal beds (CBM) to integrated well services with projects spread across over 36 sites in India and Oman (Middle East) providing cost and time advantage.
Their total drilling / workover fleet consists of 40 Drilling Rigs, out of which 15 Rigs (14 brand new state of the art equipments) have capacity to drill wells up to a depth of 6000 meters, while one Rig of 3000 HP can drill up to 8000 meters. They also have 8 sets of Seismic equipments to carry out operations in varied terrains ranging from mountains to dense forests. Other than oil and gas service activities in Oman, substantially all of their revenues are derived from their business activities in India. As on 31st March, 2011, they have 33 operative sites throughout India.
During the year the Company has secured one contract from ONGC for engineering, construction and pre/post installation of Gas Gathering Station and Pipeline (10.50 KM of 10" diameter and 30 KM of 20" diameter) at Sonamura, Tripura. The work on the project has commenced during the current year.
In addition, during the year the Company has also started operations on its Seismic Contract in Transit Zone at KG Basin, Andhra Pradesh - a new line of operation. They are the only company in India, which is doing Seismic Data acquisition activity in Transit Zone by using own Marine Energy Source (Air Gun).
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Scenario in
India
The overall growth of gross domestic product (GDP) was 8.5 per cent in 2010-11, representing an increase from the revised growth of 8 per cent during 2009-10, according to the monthly economic report released for the month of July 2011 by the Ministry of Finance. The index of industrial production (IIP) rose to 8.8 per cent in June 2011, year-on year (y-o-y), on back of manufacturing and within that, the capital goods sub-segment. During April-June 2011-12, the
IIP growth was registered at 6.8 per cent as compared to 9.6 per cent during 2010-11.
The inflation situation in the economy continues to be a cause for concern. Despite large scale tightening of the monetary policy by the RBI and other steps taken by the Government, inflation continues to remain close to the double digit mark.
In May 2011, Whole sale Price Index (WPI) inflation stood at 9.1%. This is higher than 8.7% inflation recorded in April 2011. Core inflation too has moved up from 8% in April 2011 to 8.6% in May, 2011. High international oil prices, likely decontrol of diesel prices, high global food prices and hike in minimum support prices for the upcoming agriculture season are some of the factors that constitute the upside risks to inflation. Foreign Investments in 2010-2011 flows into India saw a dip of about 17% over the previous year. Further this dip is largely on account of a slowdown seen in case of FDI.
In 2009-10, the FDI inflows into India was US$ 37.7 billion, in 2010-11 this figure came down to US$ 27 billion. Sectors like services, construction, housing and real estate, telecommunication and agricultural services are the ones where investment flow have slowed down considerably.
In the fourth quarter of fiscal 2010-11, corporate India turned out a good performance both in terms of sales and profits. Such a performance is particularly noteworthy as it came at a time when overall expenses are going up at a fast slip.
Industry Scenario in
India
Over the last decade (2000-09) oil and gas consumption in India grew at a 5% CAGR to reach to 184 million metric tonnes. This is projected to reach 368 mmt by 2025. To meet supply gaps, the Government of India is adopting new strategies for the resource characterization of varied energy inputs, and provides the best possible technological infrastructure to the industry involved in exploration and exploitation of conventional and non-conventional fossil fuels. Accordingly, the Government of India has enacted various policies (such as New Exploration Licensing Policy (NELP) and Coal-Bed Methane (CBM) Policy) to encourage investment across the industry's value chain. India's natural gas production is likely to increase to 63.23 BCM by 2011-12.
Coal bed methane, an unconventional source of natural gas from the coal beds is now considered as an alternative source for supplementing the country's energy resources. Earlier, in the absence of proper administrative, fiscal and legal regime, CBM Exploration and Production activities were confined to research and development only. The characteristic environmental, technical and economic advantages have made Coal Bed Methane not only an opportunity fuel in Combined Heat and Power (CHP) technology but also a global fuel of choice. India being the 4th largest proven coal reserves and being the third largest coal producer in the world holds significant prospects for commercial recovery of CBM.
The increasing energy 'demand vs supply' gap has also increased the focus on developing all other possible sources of energy. Unconventional gas resources, including shale gas has the potential to contribute significantly in reducing the gap between the demand and supply of energy. In terms of its chemical composition, shale gas is typically a dry gas primarily composed of methane. In January 2011, the Oil and Natural Gas Corporation (ONGC) has discovered the country's first shale gas reserve at Durgapur in Burdwan district of West Bengal. The gas reserve spread over 12,000 square km in the Durgapur-Ranigunj area - is the world's third shale gas find. As per the initial studies, many shale sequences in well explored basins are found to be promising like Damodar, Cambay, and Krishna Godavari and Cauvery basins. The potentiality of these basins was also vetted by international expert. As a part of the plan to bridge the energy deficit, India is ready to begin its foray into shale gas. India plans to open up the shale gas exploration acreages by the end of 2011. The recent MoU with USA on shale gas is likely to help in reserve assessment of certain shale basins in India. Shiv-Vani being the leading private sector company in oil and gas field may look for the opportunity in shale gas exploration relating services.
OUTLOOK
The present scenario of rapidly increasing demand of CBM is highly encouraging. For the year 2006-2007 the demand was of 231 MMSCMD while the supply was only of 95 MMSCMD. During the year 2011-12 the supply of CBM is of 168 MMSCMD against the demand of 313 MMSCMD only and in the year 2024-25 supply would be 170 MMSCMD while demand is expected to grow upto 391 MMSCMD (DGH,2006).
NELP IX licensing round was announced in October 2010 which was closed in March 2011 with most blocks being awarded to local firms, particularly ONGC. With an increased exploration activity in India post NELP, they are likely to witness increased demand for oil and gas allied services in India, particularly given the focus on deep water blocksb and frontier basins. As a result Indian service providers will be scaling up their activities and capabilities, enhancing their fleet size and widen their portfolio by offering different specialized services and developing their manpower.
Some of the local players might also aim to offer their services to other E and P firm across the world. On the other hand, few overseas players are likely to find the market for their services in India continues to grow.
With the commencement of production from RIL's KG basin fields and the potential development of the discoveries announced by GSPC and ONGC, E and P sector is poised to see considerable activity in near future. This would mean an increased interest in exploring India's hydrocarbon potential by foreign players. However, the recent economic downturn as well as perceived government intervention on freedom to market gas could serve as a dampener. On the other hand, the promise offered by certain acreages, particularly off India's east coast, means that the prospects for the growth of the upstream sector remains bright with an expected positive spin-off effect on the provision of off-shore services. The Government has also shown positive intent in terms of monetizing.
CONTINGENT LIABILITY
(NOT PROVIDED FOR IN RESPECT OF)
(Rs. In Millions)
|
Particular |
31.03.2011 |
31.03.2010 |
|
Amount unpaid on
investment in shares: - 5,000 Equity Shares of Parasrampuria Synthetics
Limited |
0.035 |
0.035 |
|
Counter
Guarantees given in respect of Guarantees Issued by the company's bankers to
Oil and Natural Gas Corpn. Limited (ONGC) and Oil India Limited (OIL) (Includes
Rs.470.000 Millions for guarantees issued against pledge of 9,02,500 shares
of the company held by directors and a third party). |
2423.805 |
2542.112 |
|
Un -expired letters of credit |
316.594 |
251.265 |
|
Corporate
Guarantees given to Financial Institutions/ Banks for securing financial
assistance for a subsidiary Company and other Company. |
2557.870 |
2344.037 |
|
Estimated Value of capital commitments (Net of advances) |
3147.825 |
313.000 |
|
Sales Tax demands (*) *To be adjusted against refund granted for Rs.13.386 Millions. |
1.241 |
1.241 |
|
Customs Duty |
1.250 |
1.250 |
|
Service Tax Demand |
549.531 |
549.531 |
|
Premium against Redemption of – -
Optional Convertible debenture (OCD) -
Foreign Currency Convertible Bonds (FCCB) |
18.694 18.806 |
0.000 0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
L74899DL1989PLC038542 |
|
Name of the company |
SHIV VANI OIL AND GAS EXPLORATION SERVICES LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Tower- 1, Fifth Floor, NBCC Plaza, Sector V, Pushp Vihar, New Delhi –
110017, India E-mail id : vimal.chadha@shiv-vani.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Others (Pledge over Shares) |
|
Particular of charge holder |
ICICI Bank Limited, Landmark, Race Course Circle, Vadodra, 390007,
Gujarat, India E-mail id : abhishek.singhal@icicibank.com
|
|
Nature of instrument creating charge |
Charge Over Shares Agreement dated 31st May, 2012. |
|
Date of instrument Creating the charge |
31/05/2012 |
|
Amount secured by the charge |
Rs.2860.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Rate of Interest for Tranche A (USD 39.34 million) - USD 3 Month LIBOR
+ 8.0% Rate of Interest for Tranche B (USD 15.06 million) - USD 3 Month LIBOR
+ 9.33% Terms of Repayment The borrower shall repay the drawn down amount Margin 4.04% Extent and Operation of the charge Till the repayment of principal and interest. Others Pledge of 100 shares of Shiv-Vani Sinagpore Pte Limited, wholly owned
overseas subsidiary of the Company. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Pledge of 100 shares of Shiv-Vani Sinagpore Pte Limited, wholly owned
overseas subsidiary of the Company. |
|
STAND ALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST MARCH, 2012 |
|||||
|
PART I |
|||||
|
S NO. |
Particulars |
Quarter Ended |
Accounting Year Ended |
||
|
|
|
31.03.2012 |
31.03.2012 |
||
|
|
|
Unaudited |
Unaudited |
||
|
|
Income from operations |
3 Months |
12 Months |
||
|
1 (a) |
Net sales/income from operations (Net of excise duty) |
2947.487 |
12553.7.00 |
||
|
(b) |
Other Operating Income |
- |
|
||
|
2 |
Expenses |
|
|
||
|
a |
Increase/Decrease stock in trade and work in progress |
|
|
||
|
b |
Consumption of raw materials |
194.253 |
1409.374 |
||
|
c |
Purchase of traded goods |
|
|
||
|
d |
Employees cost |
179.927 |
731.756 |
||
|
e |
Depreciation |
264.852 |
1100.000 |
||
|
f |
Contract Expenses |
437.548 |
2339.313 |
||
|
g |
Oil & Lubricants consumed |
150.261 |
778.473 |
||
|
h |
Administrative Expenses |
107.962 |
627.282 |
||
|
i |
Other expenditure |
90.793 |
440.824 |
||
|
|
(Any item exceeding 10% of the total expenditures are shown separately) |
- |
|
||
|
3 |
Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2) |
1521.891 |
5126.678 |
||
|
4 |
Other Incomes |
659.170 |
252.725 |
||
|
5 |
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4) |
2181.061 |
5379.403 |
||
|
6 (a) |
Interest & Finance Charges |
597.782 |
2543.861 |
||
|
6 (b) |
Lease Rentals | |
289.006 |
1768.088 |
||
|
7 |
Profit after interest but before Exceptional items (5-6) |
1294.273 |
1067.454 |
||
|
8 |
Exceptional Items (Loss on derivative transactions) |
- |
- |
||
|
9 |
Profit / (Loss) from ordinary activities before tax (7 + 8) |
1294.273 |
1067.454 |
||
|
10 |
Tax Expenses |
|
|
||
|
|
Current |
217.294 |
217.294 |
||
|
|
MAT Credit Entitlement |
(197.294) |
(197.294) |
||
|
|
Deferred |
513.372 |
360.000 |
||
|
|
Income Tax related to earlier years |
|
0.457 |
||
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9 - 10) |
760.901 |
686.997 |
||
|
12 |
Extraordinary items (net of tax expenses Rs ) |
- |
- |
||
|
13 |
Net Profit (+)/ Loss (-) for the period (11-12) |
760.901 |
686.997 |
||
|
14 |
Paid-up Equity Share Capital (Face Value of Rs. 10/- each) in Rs. |
463.605 |
463.605 |
||
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
||
|
16 |
Earnings Per Share (EPS) |
|
|
||
|
(i) |
Basic and Diluted EPS before Extraordinary items for the Period, for the year to date and for the Previous year (not to be annualized) |
Basic |
16.41 |
14.82 |
|
|
|
|
Diluted |
13.55 |
13.59 |
|
|
(ii) |
Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
Basic |
16.41 |
14.82 |
|
|
|
|
Diluted |
13.55 |
13.59 |
|
NOTES:-
1 The above unaudited Provisional financial
results were reviewed by the Audit Committee and approved by the Board of
Directors on their meeting held on
15th May, 2012.
2 The Limited Review Report by statutory
auditor of the Company as per Clause 41 of the Listing Agreement on Unaudited
Quarterly Financial Results for the Quarter ended on 31st March, 2012, was duly
placed before the Board of Directors of the Company.
3 Pursuant to clause 41 of the listing
agreement the company has opted to publish only the consolidated results.
4 There is no reportable segment pursuant to
Accounting Standard - 17 issued by Institute of Chartered Accountants of India on
Segment Reporting.
5 Figures have been regrouped, reclassified
and restated wherever necessary.
|
6. |
Key numbers of
Standalone financial results : |
Quarter Ended |
Accounting Year Ended |
|
|
|
31.03.2012 |
31.03.2012 |
|
|
|
Unaudited |
Unaudited |
|
|
Net Sales/ income from operation |
2947.487 |
12553.7.00 |
|
|
Profit from ordinary activity before tax |
1294.273 |
1067.4.54 |
|
|
Profit from ordinary activity after tax |
760.901 |
686.9.97 |
FIXED ASSETS:
· Building
· Plant and Machinery
· Office Equipments
· Computers
· Vehicles
· Furniture’s and Fixtures
· Tent
PRESS RELEASE:
SHIV VANI WINS AN OFFSHORE DRILLING CONTRACT FROM GVPCO AND COMPLETES
ACQUISITION OF OFFSHORE JACK UPRIG
New Delhi, India - May 3rd, 2012: Shiv-Vani Oil and Gas Exploration Services Limited (the "Company or "Shiv Vani), announced winning of an Offshore Drilling contract from Gulf of Suez Petroleum Company ("GUPCO"),- a 50 -50 joint venture owned by British Petroleum ("BP") and The Egyptian General Petroleum Company ("EGPC"). The drilling contract is for a duration of two years extendable by one year, in Gulf of Suez, Egypt.
The Company has acquired "Ocean Heritage" a jack up offshore drilling rig, through its 100% wholly owned subsidiary based in Singapore, from Diamond Offshore Heritage LLC ("Diamond Offshore"), an offshore drilling company, of Delaware, United States of America to deploy with GUPCO to execute the contract.
Ocean Heritage - is a self elevating drilling unit registered and flagged in the Marshall Islands. Ocean Heritage has an outfitted maximum water depth capability of 300ft and a drilling depth capability of 20,000ft. The rig is acquired with all certification including the ABS certificate. The rig is fully refurbished and is ready for deployment
Prem Singhee, CMD, Shiv Vani said, "This is a key breakthrough for the company from the strategic perspective. We are very delighted on this acquisition as it is a new beginning for the company and has set a strong offshore drilling platform for Shiv Vani. Having developed our competencies in onshore drilling, this acquisition shall complement our onshore drilling expertise and provides an entry into offshore". Mr. Singhee also added "after winning a contract from BP, the company has added an elite customer to the list which already includes prestigious clients as ONGC, OIL, and Petroleum Development Oman (a Shell operated company)"
Acquisition of the offshore rig should be considered as an addition to the gamut of services provided by Shiv Vani. Shiv Vani currently owns and operates 40 on-land rigs and 8 seismic crews. Shiv Vani shall now cater to a group of elite customs as BP, ONGC, OIL and Petroleum Development Oman with a strong presence in India in addition to Egypt, Oman, Dubai, and Singapore
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.17 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.