Business
information report
1.
Summary Information
|
|
|
Country |
|
|
Company Name |
GAIL
( |
Principal Name 1 |
Mr. B C Tripathi |
|
Status |
Good |
Principal Name 2 |
Mr. R. D. Goyal |
|
|
|
Registration # |
55-018976 |
|
Street Address |
16, Bhikaji Cama Place, R. K. Puram, Ring Road, New Delhi
– 110 066 |
||
|
Established Date |
16.08.1984 |
SIC Code |
-- |
|
Telephone# |
91-11-26182955 |
Business Style 1 |
Processor |
|
Fax # |
91-11-26185941 |
Business Style 2 |
Distributors |
|
Homepage |
Product Name 1 |
Natural
Gas |
|
|
# of employees |
3544
(Approximately) |
Product Name 2 |
LPG |
|
Paid up capital |
Rs.12,684,800,000/- |
Product Name 3 |
Polyethelene |
|
Shareholders |
Promoter and
Promoter Group – 57.95% Public
Shareholding – 42.05% |
Banking |
State Bank of
India |
|
Public Limited Corp. |
Yes |
Business Period |
29 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (68) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
|
India |
GAIL Gas Limited |
-- |
|
Note |
- |
||
2.
Summary Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
103,159,400,000 |
Current Liabilities |
64,427,000,000 |
|
Inventories |
14,197,400,000 |
Long-term Liabilities |
48,893,500,000 |
|
Fixed Assets |
158,576,200,000 |
Other Liabilities |
61,281,500,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
174,602,000,000 |
|
Invest& other Assets |
114,913,800,000 |
Retained Earnings |
203,560,000,000 |
|
|
|
Net Worth |
216,244,800,000 |
|
Total Assets |
390,846,800,000 |
Total Liab. & Equity |
390,846,800,000 |
|
Total Assets (Previous Year) |
408,591,300,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
403,979,500,000 |
Net Profit |
36,538,400,000 |
|
Sales(Previous yr) |
325,365,200,000 |
Net Profit(Prev.yr) |
35,611,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
GAIL
( |
|
|
|
|
Registered Office : |
16, Bhikaji Cama Place, R. K. Puram, Ring Road, New Delhi
– 110 066 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
16.08.1984 |
|
|
|
|
Com. Reg. No.: |
55-018976 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.12684.800
Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
L40200DL1984GOI018976 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
DELG00179E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG1209J |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business : |
Processor
and Distributors of Natural Gas. |
|
|
|
|
No. of Employees
: |
3544
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 864900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a well established and reputed company of Government of
India having good track record. It has been awarded a Maharatna Status. There appears increase in the sales turnover during 2012. Financial
position of the company appears to be sound. Liquidity position is strong. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
11.06.2013 |
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.
LOCATIONS
|
Registered Office / Corporate
Office : |
16, Bhikaji
Cama Place, R. K. Puram, Ring Road, New Delhi – 110 066, India |
|
Tel. No.: |
91-11-26182955
/ 26172580 |
|
Fax No.: |
91-11-26185941 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
·
U P
Petrochemical Complex, Pata, P.O. Pata – 206 241, District
Auraiya, ·
LPG
Recovery Plant, Usar, P.O. Malyan – 402 203 Taluka Alibagh
District Raigad, ·
LPG Recovery
Plant, Vijaipur, GAIL Complex Vijaipur – 473 112, District Guna, ·
LPG
Recovery Plant, Vaghodia, GIDC Industrial Estate Vaghodia –
391 760 District ·
LPG
Recovery Project, Gandhar, Village Rozantankaria, Taluka AMOD
Disyrict Bharuch – 392 140, |
|
|
|
|
Zonal Office: |
Located at: ·
·
·
Jaipur ·
Mumbai ·
·
·
·
·
Chennai ·
Kolkata ·
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. B C Tripathi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. R. D. Goyal |
|
Designation : |
Director (Projects) |
|
|
|
|
Name : |
Mr. S. L. Raina |
|
Designation : |
Director (HR) |
|
|
|
|
Name : |
Mr. Prabhat Singh |
|
Designation : |
Director (Marketing) |
|
|
|
|
Name : |
Mr. S. Venkatraman |
|
Designation : |
Director (Business Development) |
|
|
|
|
Name : |
Mr. P. K. Jain |
|
Designation : |
Director (Finance) |
|
|
|
|
Name : |
Mr. Sudhir Bhargava |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Neeraj Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Shyamala Gopinath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahesh Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. M. Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Vinayshil Gautam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R P Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. A K Khandelwal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N. K. Nagpal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
Central Government / State Government(s) |
727405675 |
57.95 |
|
|
Sub Total |
727405675 |
57.95 |
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
727405675 |
57.95 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
|
24789924 |
1.98 |
|
|
|
28139850 |
2.24 |
|
|
Central Government / State Government(s) |
91888984 |
7.32 |
|
|
Insurance Companies |
145565203 |
11.6 |
|
|
|
200293192 |
15.96 |
|
|
|
490677153 |
39.09 |
|
|
(2) Non-Institutions |
|
|
|
|
Bodies Corporate |
10029166 |
0.8 |
|
|
|
|
|
|
|
|
23261912 |
1.85 |
|
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
1769705 |
0.14 |
|
|
Any Others (Specify) |
2035167 |
0.16 |
|
|
|
950071 |
0.08 |
|
|
|
1085096 |
0.09 |
|
|
Sub Total |
37095950 |
2.96 |
|
|
Total Public shareholding (B) |
527773103 |
42.05 |
|
|
Total (A)+(B) |
1255178778 |
100 |
|
|
|
0 |
0 |
|
|
(1) Promoter and Promoter Group |
0 |
0 |
|
|
|
13298622 |
0 |
|
|
Sub Total |
13298622 |
0 |
|
|
Total (A)+(B)+(C) |
1268477400 |
0 |
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BUSINESS DETAILS
|
Line of Business : |
Processor
and Distributors of Natural Gas. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Licensed Capacity |
Installed Capacity |
Gas Throughput |
Actual Production |
|
i) Natural Gas including RLNG (MMSCMD) |
|
|
|
|
|
a) HVJ, DVPL, SG and DUPL-DPPL |
77.20 |
77.20 |
57.32 |
-- |
|
b) Others |
74.65 |
74.65 |
20.83 |
-- |
|
c)RLNG Shipper |
-- |
-- |
39.76 |
-- |
|
ii) LPG (M /T) |
1112376 |
1112376 |
-- |
1068156 |
|
iii) Propane (M/T) |
201085 |
201085 |
-- |
155152 |
|
iv) Ethylene (M/T) |
400000 |
400000 |
-- |
428444 |
|
v) HDPE/LLDPE (M/T) |
410000 |
410000 |
-- |
416396 |
|
vi) Pentane |
82454 |
82454 |
-- |
34523 |
|
vii) SBP Solvent/Naptha |
110743 |
110743 |
-- |
111140 |
|
viii)CNG (000’KG) |
-- |
-- |
-- |
6334 |
|
ix) C2/C3** |
-- |
400000 |
-- |
594372 |
|
x) Butene-1*** |
10000 |
10000 |
-- |
8432 |
Notes:
·
* As Certified by the company and relied upon by
auditors
·
** Internally consumed
·
*** Internally consumed
GENERAL INFORMATION
|
No. of Employees : |
3544 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Corporate
Accounts Group, Branch Jawahar Vyapar Bhavan, 11th and 12th Floors, Tolstoy
Marg, New Delhi – 110 001, India ·
ICICI Bank Limited, 9A, Phelps
Building, ·
HDFC Bank Limited, 1st Floor, |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
·
Rasool Singhal and Company Chartered Accountants, ·
M. L. Puri Chartered Accountant, |
|
|
|
|
Cost Auditors : |
·
Rohit J Vora Cost Accountant, Vadodara ·
R. Nanabhoy and Company Cost Accountants, Mumbai ·
M. Goyal and Company Cost Accountant, Jaipur ·
Chandra Wadhwa and Company Cost Accountants, ·
Dhananjay V. Joshi and Associates Cost Accountant, Pune ·
DGM and Associates Cost Accountants, Guwahati ·
Mani and Company Cost Accountants, Kolkata ·
K. L. Jaisingh and Company Cost Accountants, Noida |
|
|
|
|
Subsidiaries : |
·
GAIL Global ( Wangz Business Centre,
#44-01, Suntec Tower One, 7, Temasek Boulevard, Singapore-038987 ·
Hotel
Brahmaputra Ashok, ·
GAIL Gas Limited 16, ·
GAIL Global (USA) Inc. 333 Clay Street,
Suite-3300, Houston, Texas 77002 |
|
|
|
|
Joint Venture Companies / Associates : |
·
Bhagyanagar Gas Limited ·
Tripura Natural Gas Limited ·
Green Gas Limited ·
Avantika Gas Limited ·
Ratnagiri Gas and Power Private Limited ·
ONGC Petro Additions Limited ·
Maharashtra Gas Limited ·
Indraprastha Gas Limited ·
Petronet LNG Limited ·
Central UP Gas Limited ·
Maharashtra Natural Gas Limited ·
GAIL China Gas Global Energy Holding Limited ·
Shell Compressed Natural Gas ·
Gujarat State Energy Generation Limited ·
National Gas Company ·
Fayum Gas Company ·
China Gas Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1268477400 |
Equity Shares |
Rs.10/- each |
Rs. 12684.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
12684.800 |
12684.800 |
|
(b) Reserves & Surplus |
|
203560.000 |
179848.600 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
48893.500 |
19730.000 |
|
(b) Deferred tax liabilities (Net) |
|
17686.400 |
16332.400 |
|
(c) Other long term liabilities |
|
2779.800 |
149.400 |
|
(d) long-term provisions |
|
3377.700 |
2892.500 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
25099.300 |
20898.100 |
|
(c) Other current
liabilities |
|
36547.900 |
29866.200 |
|
(d) Short-term provisions |
|
40217.400 |
37712.500 |
|
TOTAL |
|
390846.800 |
320114.500 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
155612.800 |
121907.200 |
|
(ii) Intangible Assets |
|
2963.400 |
2128.500 |
|
(iii) Capital
work-in-progress |
|
79424.500 |
58461.500 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
35489.300 |
25813.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
19955.800 |
16871.000 |
|
(e) Other Non-current assets |
|
2721.100 |
730.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
11.700 |
|
(b) Inventories |
|
14197.400 |
8551.100 |
|
(c) Trade receivables |
|
19044.800 |
18330.000 |
|
(d) Cash and cash
equivalents |
|
9313.300 |
21313.500 |
|
(e) Short-term loans
and advances |
|
52112.200 |
45959.700 |
|
(f) Other current
assets |
|
12.200 |
35.900 |
|
TOTAL |
|
390846.800 |
320114.500 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12684.800 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
155305.200 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
167990.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
14460.000 |
|
|
2] Unsecured Loans |
|
|
343.800 |
|
|
TOTAL BORROWING |
|
|
14803.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
13895.600 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
196689.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
119311.000 |
|
|
Capital work-in-progress |
|
|
23304.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
17630.100 |
|
|
Advances for Investments (Pending Allotment) |
|
|
3100.200 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6317.000
|
|
|
Sundry Debtors |
|
|
12950.400
|
|
|
Cash & Bank Balances |
|
|
41715.100
|
|
|
Other Current Assets |
|
|
82.600
|
|
|
Loans & Advances |
|
|
76061.800
|
|
Total
Current Assets |
|
|
137126.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
20317.700
|
|
|
Other Current Liabilities |
|
|
34165.400
|
|
|
Provisions |
|
|
49300.600
|
|
Total
Current Liabilities |
|
|
103783.700 |
|
|
Net Current Assets |
|
|
33343.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
196689.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
403979.500 |
325365.200 |
250169.900 |
|
|
|
Other Income |
4318.800 |
4407.000 |
5411.000 |
|
|
|
TOTAL (A) |
408298.300 |
329772.200 |
255580.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
24941.000 |
21787.800 |
49387.600 |
|
|
|
Employees Benefits Expenses |
6074.800 |
7212.300 |
0.000 |
|
|
|
Other Expenses |
35383.600 |
26596.300 |
0.000 |
|
|
|
Purchase of Gas for Trading |
284404.600 |
215769.700 |
144618.500 |
|
|
|
Gas Pool |
0.000 |
0.000 |
9681.800 |
|
|
|
Prior Period Adjustment |
0.000 |
0.000 |
(3.500) |
|
|
|
Expenditure during construction period transferred to Capital Work in
progress |
0.000 |
0.000 |
(206.400) |
|
|
|
(Increase) / Decrease in Inventories of
Finished Goods, Work in Progress and Stock in Trade |
(4977.500) |
(1324.900) |
0.000 |
|
|
|
TOTAL (B) |
345826.500 |
270041.200 |
203478.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62471.800 |
59731.000 |
52102.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1164.600 |
828.600 |
700.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
61307.200 |
58902.400 |
51402.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7907.100 |
6502.500 |
5618.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
53400.100 |
52399.900 |
45784.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16861.700 |
16788.600 |
14386.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
36538.400 |
35611.300 |
31398.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
3805.400 |
2537.000 |
2537.000 |
|
|
|
Proposed Final Dividend |
7230.300 |
6976.600 |
6976.600 |
|
|
|
Corporate Dividend Tax |
1790.200 |
1553.200 |
1589.900 |
|
|
|
Transfer from Bond Redemption Reserve |
(550.000) |
(300.000) |
(300.000) |
|
|
|
Transfer to Bond Redemption Reserve |
309.300 |
378.100 |
271.300 |
|
|
|
General Reserve |
3650.000 |
3560.000 |
3140.000 |
|
|
BALANCE CARRIED
TO THE B/S |
20303.200 |
20906.400 |
17183.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
88.500 |
47.200 |
56.700 |
|
|
TOTAL EARNINGS |
88.500 |
47.200 |
56.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
32390.300 |
5957.400 |
902.000 |
|
|
|
Stores & Spares |
1779.700 |
1108.700 |
856.800 |
|
|
|
Capital Goods |
5551.800 |
9716.700 |
740.100 |
|
|
TOTAL IMPORTS |
39721.800 |
16782.800 |
2498.900 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
28.80 |
28.07 |
24.75 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
111120.000 |
113929.300 |
125041.900 |
124707.000 |
|
Total Expenditure |
91895.100 |
99809.000 |
105021.000 |
112719.300 |
|
PBIDT (Excl OI) |
19224.900 |
14120.300 |
20020.900 |
11987.700 |
|
Other Income |
378.000 |
2367.800 |
1541.800 |
2695.900 |
|
Operating Profit |
19602.900 |
16488.100 |
21562.700 |
14683.600 |
|
Interest |
587.800 |
261.200 |
551.800 |
549.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
19015.100 |
16226.900 |
21010.900 |
14134.200 |
|
Depreciation |
2169.200 |
2490.700 |
2423.900 |
2725.600 |
|
Profit Before Tax |
16845.900 |
13736.200 |
18587.000 |
11408.600 |
|
Tax |
5508.100 |
3882.400 |
5738.400 |
5226.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
11337.800 |
9853.800 |
12848.600 |
6181.800 |
|
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 |
11337.800 |
9853.800 |
12848.600 |
6181.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.95
|
10.80 |
12.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.22
|
16.10 |
18.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.35
|
22.22 |
17.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.27 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.23
|
0.10 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
1.06 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
|
COURT CASE IN THE HIGH COURT OF DELHI AT NEW DELHI
Through None Through None
HON'BLE MR. JUSTICE MANMOHAN SINGH ORDER
Exemption allowed, subject to just exceptions. The application is disposed of. Arb.P.No.225/2013 Re-notify on 4th July, 2013. MANMOHAN SINGH, J. $ 53 |
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Banks |
|
|
|
-
Bank of Tokyo Mitsubishi UFJ Limited (1/3
rd repayment at the end of the 4th, 5th and 6th year from the last date of
drawl i.e December 2015, Dec 2016 and December 2017) Loan carries floating
rate of interest linked to 6 Months LIBOR plus spread. |
5163.000 |
0.000 |
|
-
Bank of Tokyo Mitsubishi UFJ Limited (Bullet
repayment at the end of the 5th year from the last date of ‘drawl i.e
Aug’2016. Loan carries floating rate of interest linked to 6 Months LIBOR.
plus spread) |
7744.500 |
0.000 |
|
-
Mizuho Corporate Bank (1/3
rd repayment at the end of the 4th, 5th and 6th year from the last date of
drawl i.e Jan 2016, Jan 2017 and January 2018) Loan carries floating rate of
interest linked to 6 Months LIBOR plus spread). |
5163.000 |
0.000 |
|
-
Sumitomo Mitsui Banking Corporations (1/3
rd repayment at the end of the 4th, 5th and 6th year from the last date of
drawl i.e Feb 2016, Feb 2017 and February 2018) Loan carries floating rate of
interest linked to 6 Months LIBOR plus spread). |
5163.000 |
0.000 |
|
|
|
|
|
TOTAL |
23233.500 |
0.000 |
BUSINESS STRATEGY
Natural
gas industry is poised to grow in future, which calls for an effective strategy
to reap maximum out of such potential. To pave the way for future, the Company
has developed strategy for the period 2011-2020 and the same has been approved
by the Board of Directors. The Company aspires to become an integrated
hydrocarbon major with significant upstream, midstream and downstream interests
by 2020. To realize this ambition, the Company has identified several key
growth areas and initiatives, in all segments of hydrocarbon value chain.
In
the Upstream segment, the Company plans for Merger and Acquisition (M&A) to
acquire equity stakes in gas producing assets/ liquefaction facilities to
source equity linked LNG at favorable terms for Indian market. In addition,
conventional long-term LNG sourcing will continue to remain the focus area for
the Company, particularly in wake of constrained domestic supplies. In order to
support increased LNG imports, the Company plans to set up new LNG terminal(s)
and tie-up additional re-gasification capacities in existing and upcoming LNG
terminals.
Moving
on to the Midstream segment, which has been the core area of the Company,
several gas pipelines are being laid to maintain leadership in gas
transmission. While ongoing pipeline projects such as Dhabol-Bengaluru,
Kochi-Mangalore/ Bengaluru pipeline, etc. which are at different phases of
execution, new projects like Jagdhishpur-Haldia pipeline and Surat-Pradip
pipeline will further add to the strength of the Company's core business of
transmission. The Company plans to give additional focus on strong market development
efforts and strengthen marketing capability to remain the leading marketer of
gas. Further, considering growing demand of natural gas and India's energy
security, the Company will continue to actively participate in transnational
pipeline projects like TAPI. The Company has also started international trading
desk at Singapore and plans to establish it fully in the coming years. The
trading desk shall explore multiple trading plays in LNG and petrochemicals in
India and abroad to accelerate marketing revenues.
Moving
further on towards the natural gas retail segment, large Indian cities will be
the focus for city gas business expansion. The Company is strengthening its
retail presence by setting up new city gas projects in Kota, Dewas, Meerut and
Sonepat through its wholly-owned subsidiary, GAIL Gas Limited, which is also
participating in PNGRB's upcoming bidding rounds for other city gas projects.
GAIL Gas is targeting additional40-50 cities/Geographical Areas (GAs) in the
coming few years.
In
the Downstream segment, the Company aims to be amongst the top two
petrochemicals marketers in the country and for this, the Company plans to set
up new capacities and further increase marketing volumes through trading. The
Company is currently doubling existing capacity at Rata besides setting up two
green field crackers, one in Assam through its subsidiary, Brahmaputra Cracker
and Polymer Limited (BCPL) and another at Dahej through its Joint Venture
Company, ONGC Petro-additions Limited (OPaL). By the year 2014-15, the Company
will have 1.7 MMTPA marketing volumes of polymers. For handling such a large
product portfolio, the Company plans to strengthen its petrochemical trading
capability as well as scale up its distribution network.
The
Company plans to give significant thrust on Diversification in areas like gas
based power and renewable energy. Gas based power projects at various locations
are being explored and various business models are for setting up such
projects. On renewable energy front, the Company plans to set up 500 MW wind
power capacity in the next 3-4 years. Further, the Company is targeting to set
up over 300 MW of solar based power generation capacity in a phased manner.
The
above initiatives call for strengthening of human capital in tune with the
Vision and Goals set-out. Therefore, the Company plans to grow capabilities in
priority areas – global sourcing and acquisitions, market development and
trading, joint venture/subsidiary management, capital productivity, E and
P/shale, power generation, risk management, regulatory management,
international operations and so on.
BUSINESS SEGMENT ANALYSIS
SEGMENTAL REVIEW
During
the year, the segment wise business performance of the Company is as under:
1. NATURAL GAS MARKETING
Natural
gas continues to constitute the core business of the Company. During the year
2011-12, Gas sales clocked 84.17 MMSCMD compared to 83.23 MMSCMD in the
previous financial year. Major supplies of natural gas include fuel to power
plants, feedstock for gas based fertilizer plants and LPG extraction. The
Company holds around 50% market share in gas marketing in India.
2. NATURAL GAS TRANSMISSION
The
Company owns and operates a network of about 9,500 km of natural gas high
pressure trunk pipeline with a capacity of approx. 172 MMSCMD of natural gas
across the country. Gas transmission during the year was 117.62 MMSCMD compared
to 117.91 MMSCMD in the previous financial year. The Company's share of gas
transmission business is around 74% in the country.
3. LPG TRANSMISSION
The
Company is the only Company in India which owns and operates exclusive
pipelines for LPG transmission for third party usage. The Company owns and
operates two LPG Pipeline transmission systems with a total length of 2,038 km.
Out of this, 1,415 km of pipeline network transports LPG from Western to
Northern part of India (Jamnagar-Loni Pipeline) and the balance 623 km of
pipeline network transports LPG in the Southern part of the country
(Vizag-Secunderabad Pipeline). The LPG transmission system has a capacity to
transport up to 3.8 MMTPA of LPG. In the year 2011-12, the LPG transmission
throughput achieved was about 3.36 million MT.
4. PETROCHEMICALS
During
FY 2011-12, the Company has produced 441 TMT of polymers and sold 448 TMT of
polymers.
5. LPG AND OTHER LIQUID HYDROCARBON PRODUCTION
The
Company has 7 LPG plants in the country. In the year 2011-12, total Liquid
Hydrocarbon production was about 1.44 million MT which mainly included 1.124
million MT of LPG, 0.146 million MT of Propane and 0.146 million MT of SBP
solvent and Naphtha.
6. EXPLORATION AND PRODUCTION (E AND P)
Hydrocarbon
discoveries are in place in 7 E and P blocks (5 domestic blocks and 2 overseas
blocks).
Crude
oil production is in progress from one of the on land blocks in Cambay basin
and during the year 2011-12, revenue of Rs. 811.900 Millions was generated.
Development
activities are in progress in the blocks A-1 and A-3, Myanmar offshore and
production of gas is expected to start from 2013.
Declaration
of commerciality has been approved in the Mahanadi Offshore block
(MN-OSN-2000/2). In other blocks with hydrocarbon discovery (Cambay
Onland-Ankleshwar, Cauvery Offshore and Tripura Onland), appraisal activities
are under progress.
During
the year, one CBM block (TR-CBM-2005/III-Tatapani Ramkola, Chattisgarh) was
relinquished as the gas content within the coal seams was found to be
non-commercial.
The
Company has operatorship in 3 domestic E and P blocks. During the year 2011-12,
3 exploratory wells were drilled in Rajasthan onland block (RJ-ONN-2004/1)
where the Company is the Operator. Seismic data acquisition is in progress in
Cauvery onland block (CY-ONN-2005/1), which is the second block where the
Company is the Operator. One Cambay onland block (CB-ONN-2010/11) has been
awarded, where the Company is the Operator, during NELP-IX bidding round.
SUBSIDIARIES AND JOINT VENTURES
The
Company has formed Subsidiaries and Joint Venture companies for Power
Generation, Gas Trading, Shale Gas, LNG, City Gas Distribution and
Petrochemicals. The Company is one of the pioneers to introduce City Gas
Projects in India for natural gas supplies to households, commercial and
transport sector through its subsidiaries and joint venture companies.
The
details of Subsidiary and Joint Venture Companies are mentioned hereunder:
NATURAL GAS, LNG AND POWER
GAIL GLOBAL (SINGAPORE) PTE LIMITED (WHOLLY OWNED SUBSIDIARY)
GAIL
Global (Singapore) Pte Limited is as an overseas investment arm of the Company.
The Company is looking for LNG trading and Petrochemical trading through this
wholly owned subsidiary company in Singapore.
Total
revenue of the Company for FY 2011-12 was USD 2,290,763 and Profit After Tax
was USD 2,033,075.
GAIL Global (USA) Inc (Wholly owned Subsidiary)
GAIL
Global (USA) Inc., a wholly owned subsidiary of the Company was formed during
the year 2011-12 to acquire 20% working interest in an unincorporated joint
venture with Carrizo Oil amd Gas Inc. in the Eagle Ford shale acreage in the
state of Texas. The subsidiary is operational at Houston and going forward,
would explore other business opportunities in North America.
Total
revenue of the Company for the year ended 31st December, 2011 was USD 2.36 Mn
and Profit After Tax was USD 0.26 Mn.
GAIL CHINA GAS GLOBAL ENERGY HOLDINGS LIMITED
The
joint venture company was formed with an objective to pursue gas sector
opportunities, mainly in China. Potential gas sector projects are being identified
for implementation by the company. The Company has 50% equity interest in the
company along with China Gas Holdings Limited as equal partner.
PETRONET LNG LIMITED (PLL)
PLL,
formed for setting up of LNG import and re-gasification facilities, currently
owns and operates LNG re-gasification terminal of 10 MMTPA capacity located at
Dahej, Gujarat. PLL has a long term LNG supply contract with RasGas, Qatar for
import of 7.5 MMTPA of LNG. Further, PLL is constructing a LNG re-gasification
terminal at Kochi, Kerala with a capacity of 5 MMTPA and is scheduled for
commissioning in fourth quarter of 2012. PLL has entered into long term LNG
supply contract with Exxon Mobil for the supply of 1.5 MMTPA of LNG for the
Kochi terminal, PLL. The Company has 12.5% equity stake in PLL along with BPCL,
ONGC and lOCL as equal partners.
Total
revenue of the Company for FY 2011-12 was Rs. 227807.400 Millions. and Profit
After Tax was 10575.400 Millions.
RATNAGIRI GAS AND POWER PRIVATE LIMITED (RGPPL)
The
capacity of the Ratnagiri Gas and Power Station is 1,967.08 MW which is the
largest gas based power generation facility in the country and during the year
2011-12, the Company produced 11619 MUs (Gross) of power. RGPPL is in the
process of commissioning LNG Terminal of 5 MMTPA capacity. The Company has
31.52% stake in the Company along with NTPC as equal partner. RGPPL is a joint
venture company between the Company, NTPC and other shareholders are MSEB
Holding Company Limited and Indian Financial lnstitutions.
Total
revenue of the Company for FY 2011-12 was Rs. 52238.300 Millions and Profit
After Tax was Rs. 10892.400 Millions.
CITY GAS DISTRIBUTION
GAIL GAS LIMITED (WHOLLY OWNED SUBSIDIARY)
GAIL
Gas was incorporated with an objective of focused implementation of City Gas
Distribution (CGD) projects in the Country. GAIL Gas has already laid 215.15 Km
steel pipeline and 370.05 Km MDPE pipeline in these cities. GAIL Gas is
operating 1 CNG station each at Dewas, Kota, Meerut and Sonepat. It has also
established CNG stations at Panvel, Vijaipur and three stations at Vadodara. It
is supplying natural gas to 67 industrial units in Kota, Dewas, Sonepat and
Meerut. It has also commenced gas supplies to 1,891 domestic customers
progressively. To encourage the conversion of vehicles on CNG and make CNG
refueling available at highways, GAIL Gas has commissioned 2 CNG stations and 3
stations are scheduled to be commissioned in 2012-13. Effective from
16.11.2011, the Company transferred the entire distribution network and business
in the Agra-Firozabad area to GAIL Gas Limited. Accordingly, GAIL Gas is now
handling 347 customers in the region for daily sales amounting to more than 1.3
MMSCMD.
Total
revenue of the Company for FY 2011-12 was Rs. 2890.100 Millions and
Profit After Tax was Rs. 83.400 Millions.
AAVANTIKA GAS LIMITED (AGL)
AGL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) projects in the state of Madhya Pradesh. As on date, AGL is present in
three cities viz. Indore, Ujjain and Gwalior. AGL now operates 11 CNG
stations-7 daughter stations (5 at Indore and 2 at Ujjain), 3 online stations
(2 at lndore and 1 at Gwalior) and I mother station at Indore.
AGL
also started supplying PNG to Domestic customers from December 2011. With this,
AGL is now present in all the 4 business segments viz. CNG for Transportation
sector and PNG for industrial, Commercial and Domestic sectors. The Company has
22.5% stake in the Company along with HPCL as equal partner.
Total
revenue of the Company for FY 2011-12 was Rs. 504.700 Millions and loss
was Rs. 1.900 Millions.
BHAGYANAGAR GAS LIMITED (BGL)
BGL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) projects in the state of Andhra Pradesh. BGL is currently operating 13
CNG stations in Hyderabad, 8 in Vijayawada, 2 at Kakinada and 1 at Rajahmundry.
Further, Project work in respect of three CGD Projects, namely Hyderabad,
Vijayawada and Kakinada are in progress. During FY 2011-12, it completed 2,872
PNG registrations in Hyderabad, 150 registrations in Vijayawada and 1,014
registrations in Kakinada. The Company has 22.5% stake in the Company along
with HPCL as equal partner.
Total
revenue of the Company for FY 2011-12 was Rs. 420.200 Millions and loss was Rs.
8.800 Millions.
CENTRAL U.P. GAS LIMITED (CUGL)
CUGL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) CUGL projects in the state of Uttar Pradesh. CUGL is presently operating
one Mother CNG station each at Kanpur and Bareilly and 10 more online stations
in Kanpur. Presently, CUGL is supplying CNG to 20,000 CNG vehicles in Kanpur
and 5,000 CNG vehicles in Bareilly. As on date, CUGL is supplying PNG to 24
industrial, 26 commercial and 8 customers using PNG for power generation through
gas generator. Presently, CUGL is supplying 0.175 MMSCMD of gas in form of CNG
and PNG in both the cities. The company has 25% stake in the Company along with
BPCL as equal partner.
Total
revenue of the Company for FY 2011-12 was Rs. 1150.200 Millions. and
Profit After Tax was Rs. 211.100 Millions.
GREEN GAS LIMITED (GGL)
GGL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) projects in the state of UP. GGL is currently operating 7 CNG stations in
Lucknow and 4 CNG stations in Agra. GGL is supplying CNG to almost 18,000
vehicles. GGL has also commenced the domestic gas supply in both Lucknow and
Agra city and industrial gas supply in Lucknow. Mo PNG has authorized GGL for
CGD in Lucknow and Agra. The Company has 22.5% stake in the Company along with
IOCL as equal partner.
Total
revenue of the Company for FY 2011-12 was Rs. 1014.800 Millions. and
Profit After Tax was Rs. 23.17 Cr.
INDRAPRASTHA GAS LIMITED (IGL)
IGL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) projects in Delhi and adjoining cities of Noida, Greater Noida,
Ghaziabad, Gurgaon and Faridabad. IGL is supplying piped gas to over 3.32 lac
domestic consumers, 223 industrial and 639 commercial consumers in Delhi,
Noida, Greater Noida and Ghaziabad. A total of 308 CNG stations have been set
up by IGL in the region out of which 245 CNG stations are currently in
operation. IGL is catering to CNG requirements of over 5 lac vehicles operating
in the region which also includes the entire public transport of national
capital and also world's largest bus fleet on CNG. The Company has 22.5% stake
in the Company along with BPCL as equal partner.
Total
revenue of the Company for FY 2011-12 was Rs. 25253.400 Millions and Profit
After Tax was Rs. 3064.300 Millions.
MAHANAGAR GAS LIMITED (MGL)
MGL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) projects in the city of Mumbai and adjoining areas. MGL has presently set
up 151 CNG stations catering to about 2.4 lac vehicles spread over Mumbai,
Thane, Mira-Bhayander and Navi-Mumbai area besides supplying PNG to about 5.6
lac domestic customers and about 1,540 small industrial and commercial
consumers. Accepting the Central Government authorization, the PNGRB has
granted authorization and exclusivity for the existing areas of Mumbai, Thane,
Navi Mumbai and Mira-Bhayander and expansion areas of Kalyan, Dombivali,
Ambernath, Badlapur, Ulhasnagar, Bhiwandi, Taloja, Kharghar and Panvel. The
Company has 49.75% stake in the Company along with British Gas as equal
partner.
Total
revenue of the Company for FY 2011-12 was Rs. 13280.000 Millions and Profit
After Tax was Rs. 3085.800 Millions.
MAHARASHTRA NATURAL GAS LIMITED (MNGL)
MNGL
was formed for implementation of City Gas Projects in and around Pune city.
MNGL
has received authorization from MoPNG for CGD in Pune including Pimpri, Chinch
wad, Talegaon, Hinjewadi SChakan areas. At the close of the FY 2011-12, MNGL is
supplying CNG to more than 27,000 vehicles which is comprising of 21,000 autos,
370 buses, 4,800 private cars and 950 taxis which are plying in Pune and Pimpri
- Chinchwad. CNG is being sold through 17 CNG stations spread across the city.
MNGL is also supplying PNG (Piped Natural Gas) to around 2,400 domestic, 20
industrial and 5 commercial customers. The Company has 22.5% stake in the
Company along with BPCL as equal partner. Government of Maharashtra
(provisional), IDFC (PE), IL and FS and Axis Bank are other Equity partners in
MNGL.
Total
revenue of the Company for FY 2011-12 was Rs. 768.900 Millions and Profit After
Tax was Rs. 122.300 Millions.
TRIPURA NATURAL GAS COMPANY LIMITED (TNGCL)
TNGCL
was incorporated with an objective of implementation of City Gas Distribution
(CGD) projects in Agartala. Presently, there are about 10,000 Domestic, 205
Commercial and 8 Industrial Consumers and 2 CNG Stations (one Mother Station
and one Daughter Booster Station). The Company has 29% stake in the Company.
Total
revenue of the Company for FY 2011-12 was Rs. 249.000 Millions and Profit After
Tax was Rs. 35.000 Millions.
PETROCHEMICALS
BRAHMAPUTRA CRACKER AND POLYMER LIMITED (BCPL) (SUBSIDIARY)
BCPL
is setting up a 2,80,000 TPA polymer plant and project execution is in progress.
The Company has 70% equity share in BCPL with OIL, NRL and Government of Assam
each having 10% equity share. The total revised project cost as approved by
CCEA in November 2011 is Rs. 8,920 Crores. Gas Supply agreements with Oil lndia
Limited and ONGC and the term sheet agreement for Naphtha with NRL is in place,
thereby making the feedstock secured for the plant. Entire land for the project
has been acquired by BCPL. Civil and structural works for all the process units
is at the final stage of completion. Mechanicals Piping works is going on full
swing. The mechanical completion of the project is scheduled on July 2013 and
commissioning on December 2013.
ONGC PETRO-ADDITIONS LIMITED (OPAL)
OPaL
is implementing a green field petrochemical complex of 1.1 MMTPA Ethylene
capacity at Dahej in the State of Gujarat. The Company is a co-promoter with
17% equity stake in ONGC Petro-additions Limited (OPaL). Oil and Natural Gas
Corporation (ONGC) and Gujarat State Petroleum Corporation Limited (GSPC) are
the other promoters of the company.
AWARDS AND ACCREDITATIONS
The
Company has consistently been ranked "Excellent' by the Department of
Public Enterprise (DPE), Government of India, ever since the introduction of
the Memorandum of Understanding (Moll) based performance review system by the
DPE. The Company has been recognized for its performance in various areas, some
of them are mentioned below:
CORPORATE AWARDS
i. 11th ICSI
National Award for Excellence in Corporate Governance, 2011
ii.
Corporate Governance Award 2012 by Indian Chamber of Commerce
iii.
Commendation Certificate from SCOPE for Corporate Governance in 2010-11
iv. Platts
Global Energy Award, 2011 for 'World's No. 1 Company in Downstream Operations'
v. GAIL's
Jamnagar - Loni and Vizag secunderabad LPG pipeline unit won the first and
second National Award for Excellence in Cost Management 2011 respectively under
the category of Public Sector Service Unit.
vi. MoU
Excellence Award for Best Performing CPSE in the Petroleum Sector consecutively
for second year for the year 2009-10.
HSE AWARDS
i.
International Safety Award from British Safety Council, United Kingdom for Gas
Processing Unit and Natural Gas Compressor Station, Vaghodia; Gas Processing
Unit, Gandhar; Jamnagar-Loni LPG Pipeline; Regional Natural Gas Pipeline
Network, National Capital Region, Delhi and Agra.
ii. Shrestha
Suraksha Puraskar for Gas Processing Unit and Suraksha Puraskar for Natural Gas
Compressor Station, Vijaipur from National Safety Council, Mumbai.
iii.
Certificate of Appreciation from Gujarat Safety Council, Vadodara for GAIL,
Gandhar, Vadodara and Vaghodia.
iv. Golden
Peacock Occupational Health and Safety Award- 2011 for GAIL, Khera from
Institute of Directors, New Delhi.
v. Safety
Innovation Award from Institution of Engineers, New Delhi for Gas Processing
Unit and Natural Gas Compressor Station at Vijaipur and Vaghodia; Gas
Processing Unit, Lakwa; Natural Gas Compressor Station, Khera; Regional Natural
Gas Pipeline Network, Mumbai; LPG Booster Station, Abu road and Mansarampura.
vi. GAIL,
Usar bagged the Confederation of Indian Industry (Cll) -Shohrab Godrej Green
Business Centre (GBC) Environmental Best Practices Awards for 2012 under
"Most Innovative Project of the Year' Category.
OTHERS
i. The Company
scrip was included by Bombay Stock Exchange in BSE-Sensex on the basis of
average free float market capitalization for 3 months.
ii. GTI has
received the prestigious Golden Peacock Quality Award for Training System and
'GreenTech Gold HR award for outstanding achievement in Training Excellence'
for the year 2011.
MANAGEMENT DISCUSSION AND ANALYSIS
INDIAN ECONOMY AND OUTLOOK
Indian economy has witnessed impact of the
turbulent global economic environment, particularly headwinds faced in the Euro
zone and a sovereign crisis being faced by Portugal, Italy, Ireland, Greece,
and Spain (PIIGS) countries. Worries are abound of Chinese economy slow down as
well as swings of the US economy growth. Indian economy is projected to grow in
FY 2012-13 below the 8.5% GDP growth witnessed in XIth five year plan. Decline
in the investment cycle coupled with a stubbornly high inflation, the first
half of the current fiscal may as well show signs of stagflation. With the
cooling of global oil prices, easing of the monetary policy and the interest
rate cycle by the Central Bank and of course a projected 'normal monsoon'
spell, the economy is expected to look up from the second half of the current
fiscal. Notwithstanding the widening trade deficit as well as the high fiscal
deficit, the global factors leading to the strengthening of the US Dollar
against major currencies has been a major contributor to a depreciation of the
Indian currency as well.
With a slew of fiscal and monetary policy
measures and initiatives by Government of India and RBI respectively, the
trajectory of over 8 % GDP growth may be attainable in the medium term.
INDIAN ENERGY SECTOR
India is expected to be the 3rd largest
energy consumer by 2025 after USA and China with favorable economic and social
developments. Currently, India stands as the 4thlargest energy consumer with
over 4% of the world's total annual energy consumption.
|
Projected
Primary Energy Consumption in 2025 |
|||
|
Rank |
Country |
Energy Consumption (Mtoe) |
Percentage of World Consumption |
|
1 |
China |
4055 |
24% |
|
2 |
U.S |
2722 |
16% |
|
3 |
India |
980 |
6% |
|
4 |
Russia |
814 |
5% |
|
5 |
Japan |
597 |
4%
|
|
TOTAL WORLD CONSUMPTION:16922 Mtoe |
|||
India's per capita energy consumption is significantly lower at 500 Kgoe
compared to the current world average hovering in the range of 1,800 Kgoe. At a
GDP growth rate over 8% by 2031-32, it is expected that India's per capita
energy consumption to be over 1,100 Kgoe.
The share of natural gas in India's energy
mix is around 11% against a world average of around 24%. Given the growth plans
in the power, fertilizer and the Industrial segments, there exists huge
potential for increased consumption of natural gas in India. India's
consumption of natural gas has grown faster than any other fossil fuel in
recent years. Natural gas consumption in the country has witnessed an
impressive CAGR of about 11.5% in the last few years. Power, Fertilizer, LPG,
Steel and Petrochemicals have been the key consumption drivers of natural gas.
NATURAL GAS DEMAND-SUPPLY OUTLOOK
The demand for natural gas is largely met
through domestic production with imports contributing around 30% of the total
gas consumption as compared to over 75% imports incase of oil.
Going forward, given the advantages of natural gas in terms of efficiency, price and environmental impact, the demand for natural gas in the country may reach up to 600 MMSCMD by the end of XIIIth five year plan (2022) offering several opportunities for the development of the gas industry in India. In this scenario, India will have to augment its domestic production as well as create sufficient infrastructure for LNG imports during this period.
NATURAL GAS
INFRASTRUCTURE
Gas transmission
infrastructure plays a crucial role in the gas industry for efficient delivery
of gas to end consumers. The Company's major strength has been development of
gas transmission infrastructure in the country and several new pipelines are at
different stages of execution in various parts of the country, which will lead
to doubling of the existing pipeline length in the next five years.
OPERATIONAL
PERFORMANCE
|
|
2011-12 |
2010-11 |
|
Natural Gas |
|
|
|
Throughput (MMSCMD) |
117.62 |
117.91 |
|
Natural Gas Trading |
84.17 |
83.23 |
|
Liquid Hydrocarbon |
1441 |
1373 |
|
Sales (TMT) |
|
|
|
Polymers Sales (TMT) |
448 |
420 |
|
LPG Transported (TMT) |
3362 |
3337
|
• Natural Gas
Throughput has decreased due to significant decrease in the RIL throughput.
Although, largely the negative impact has been set off with the increase in
RLNG and Spot volumes traded during the year.
• The Liquid
Hydrocarbon sales increased by 5% from 1,373 TMT to 1,441 TMT during FY 2011-12.
Similarly, Petrochemical sales showed a growth of 7% during the period
FINANCIAL
PERFORMANCE
• Sales (net of
ED) increased by 24% from Rs 325490.000 Millions during FY 2010-11 to
Rs.402810.000 Millions in FY 2011-12. Profit after Tax has increased by 3% from
Rs 35610.000 Millions during FY 2010-11 to Rs 36540.000 Millions in FY 2011-12
• The revenue from
Natural Gas Trading has registered a growth of 29% and this is primarily due to
sale of Spot LNG cargoes and the full year affect of the upward revision of gas
price for APM customer from USD 1.8/MMBTU to USD 4.2/MMBTU w.e.f. June 2010 and
applicability of Marketing Margin @ Rs 200/ MSCM on sale of APM Gas w.e.f. June
2010.
• During FY
2011-12, tariff revisions on Natural Gas pipeline networks of KG Basin, South
Gujarat, Chainsa - Jhajjar Pipeline and Mumbai had a negative impact to the
tune of Rs 2550.000 Millions during FY 2011-12.
• In terms of the
decision of the Government of India to share the under recoveries on account of
LPG sales by OMCs, the Company has provided discount of Rs 31830.000 Millions
for FY 2011-12 (Previous year: Rs 21110.000 Millions) on the sale of Domestic
LPG.
• The revenue from
LPG transmission has a negative impact of Rs 210.000 Millions for FY2011-12 due
to downward revision of PNGRB tariff w.e.f 20.12.2010
• Dividend Income
earned during FY 2011-12 was Rs 2520.000 Millions against Rs 3010.000 Millions
during FY 2010-11 from ONGC and other JVs.
• Survey Expenses
and write off of Dry well Expenditure in Exploration and Production (E and P)
were Rs 2770.000 Millions for the FY 2011-12 (Previous year: Rs 1360.000
Millions).Further, E and P Segment generated revenue of Rs 810.000 Millions
during FY 2011-12 on account of rising crude oil prices (Previous year: Rs
410.000 Millions)
• With increase in
Borrowings during the year for financing the Capex, interest expense increased
to Rs 1160.000 Millions for FY 2011-12.
• During FY
2011-12, an amount of Rs 23970.000 Millions towards Dahej – Vijaipur Pipeline
(DVPL – II), Rs 5920.000 Millions towards Wind Power Projects and Rs 4730.000
Millions towards new compressors at Jhabua was capitalized.
SEGMENT-WISE
PERFORMANCE
SEGMENT WISE
TURNOVER (NET OF ED)
|
S. No. |
PARTICULARS |
2011-12 |
2010-11 |
|
1 |
Transmission Services |
|
|
|
|
a) Natural Gas |
35640.000 |
35440.000 |
|
|
b) LPG Transmission |
4540.000 |
4750.000 |
|
2 |
Gas Trading |
296710.000 |
226540.000 |
|
3 |
Petrochemicals |
33780.000 |
29390.000 |
|
4 |
LPG and Other Liquid Hydrocarbons |
30900.000 |
27860.000 |
|
5 |
Unallocated |
1240.000 |
610.000 |
|
|
TOTAL SALES |
402810.000 |
324590.000
|
CAPEX AND
BORROWINGS
During FY 2011-12,
the capital expenditure was Rs 67528.400 Millions mainly towards pipeline
projects such as Dabhol-Bengaluru pipeline, Kochi-Koottanad Pipeline,
Bengaluru/Mangalore pipeline, Bawana-Nangal pipeline Project, Dahej-Vijaipur
Ph-II pipeline Project etc., E and P, equity investment in BCPL and
Petrochemical Expansion. This Capex was funded with a mix of Internal
generation and Borrowings during the year. During FY2011-12, the Company has
drawn a loan from OIDB (Rs 6750.00 Millions), HDFC (Rs 3750.000 Millions) and
ECB(USD 450 mn). As on 31 March 2012, the total long-term borrowings of the
Company were Rs. 53468.500 Millions (including current maturities on long term
loans of Rs 4575.000 Millions).
SEGEMENTAL OUTLOOK
The entire value
chain in the Natural Gas sector has a huge investment potential to the tune of
approximately Rs 27.000 Millions and Rs. 24.000 Millions in 12 and 13 Five Year
Plan respectively. But this will only be possible with supportive policy
initiatives. With the enabling policies in place, it is expected that Natural
Gas will play a very important role in India's energy security and its share in
their energy basket will grow beyond the 11% given the potential opportunity to
support India's Green growth.
• NATURAL GAS
BUSINESS
Major focus for
the Company is to maintain its dominant position in the gas transmission
segment, support exisiting customer relationships and add more customers.
Therefore, the Company is constantly expanding its transmission network to
transport and supply natural gas to various sectoral customers in Power,
Fertilizer, Refinery, Industries, CGD projects etc. The network augmentation
comprises of adding trunk pipelines, spur lines and inter-connecting pipelines
between trunck lines to facilitate agrid. The pipelines being laid by the
Company would help in achieving the objective of an Integrated National Gas
Grid.
• GAS SOURCING
Considering the
challenges being faced by the domestic sources to boost gas production, the
Company is increasing focus on import of LNG as well as natural gas through
transnational pipeline. The Company has imported about 1 MMTPA of LNG in this
financial year from various international sellers on spot basis to supplement
the shortfall indomestic production during the year. Further, the Company is
also receiving gas under the medium term deal with Marubeni Corporation to
source 0.5 MMTPA gas for three years. The Company also sourced around 80 MMSCM
of Spot RLNG in 2011-12 from its Joint Venture Petronet LNG Limited (PLL).
Further, agreements for procurement of spot LNG have been executed with 23
international sellers. In addition, discussions are on with various prospective
suppliers for long term tie-up of LNG.
It is expected
that production of gas from Krishna-Godavari basin D6 block of Reliance
Industries Limited (RIL) may further fall in the FY 2012-13. The fall in
production is a big challenge as it directly impacts the Company's transmission
business. Considering the challenges being faced by the domestic sources to
boost gas production, the Company is increasingly focused on import of gas. The
Company is playing lead role in the discussions on cross border Turkmenistan -
Afganistan - Pakistan - India (TAPI) natural gas pipeline project and has
recently executed the Gas sales and Purchase Agreement(GSPA).
FIXED ASSETS
·
Land: Freehold / Leasehold
·
Building: Office/Others/ Residential
·
Bunk Houses
·
Plant and Machinery
·
Railway Lines and Sidings
·
Electrical Equipments
·
Furniture, Fixtures and Other Equipments
·
Transport Equipments
AUDITED FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED ON 31st MARCH, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
124085.800 |
124742.500 |
473326.700 |
|
|
Other Operating Income |
621.200 |
472.900 |
1900.200 |
|
|
Net Sales/Income
from Operations |
124707.000 |
125215.400 |
475226.900 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Consumption of Raw Materials |
8861.600 |
7852.300 |
29686.800 |
|
|
Purchase of Stock In Trade |
87910.000 |
86556.700 |
333968.900 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(1698.700) |
384.500 |
(569.800) |
|
|
Employee Benefits Expenses |
2370.500 |
1856.100 |
7854.500 |
|
|
Depreciation and Amortization Expenses |
2725.600 |
2423.900 |
9809.400 |
|
|
Other Expenses |
15275.900 |
8830.000 |
39594.300 |
|
|
f) Total |
115444.900 |
107903.500 |
420344.100 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
9262.100 |
17311.900 |
54882.800 |
|
|
|
|
|
|
|
4. |
Other Income |
2695.900 |
1826.900 |
7645.100 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
11958.000 |
19138.800 |
62527.900 |
|
|
|
|
|
|
|
6. |
Interest |
549.400 |
551.800 |
1950.200 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
11408.600 |
18587.000 |
60577.700 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
11408.600 |
18587.000 |
60577.700 |
|
|
|
|
|
|
|
10. |
Tax Expense |
5226.800 |
5738.400 |
20355.700 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
6181.800 |
12848.600 |
40222.000 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
6181.800 |
12848.600 |
40222.000 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
12684.800 |
12684.800 |
12684.800 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
229593.200 |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
4.87 |
10.13 |
31.71 |
|
|
b) Basic and diluted EPS after extraordinary items |
4.87 |
10.13 |
31.71 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
541071725 |
541071725 |
541071725 |
|
|
- Percentage of Shareholding |
42.65 |
42.65 |
42.65 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
727405675 |
727405675 |
727405675 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
57.35 |
57.35 |
57.35 |
|
Particulars
|
3
Months ended on March 31, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
23 |
|
Disposed of during the quarter |
23 |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission
Services |
|
|
|
|
|
|
Natural Gas |
4581.400 |
9893.600 |
33472.700 |
|
|
|
LPG |
1034.700 |
808.000 |
2939.200 |
|
|
|
Natural Gas Trading |
105523.000 |
101180.000 |
396094.000 |
|
|
|
Petrochemicals |
12039.000 |
11069.800 |
37648.600 |
|
|
|
LPG and Liquid Hydrocarbons |
13147.300 |
12772.000 |
44337.100 |
|
|
|
Other Segment |
422.500 |
434.500 |
2175.400 |
|
|
|
|
|
|
|
|
|
|
Total |
136747.900 |
136157.900 |
516667.000 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
12662.100 |
11415.400 |
43340.300 |
|
|
|
|
|
|
|
|
|
|
Sales / Income from
Operations |
124085.800 |
124742.500 |
473326.700 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transmission
Services |
|
|
|
|
|
|
Natural Gas |
405.700 |
6195.300 |
18323.100 |
|
|
|
LPG |
620.100 |
132.800 |
973.100 |
|
|
|
Natural Gas Trading |
3468.500 |
2986.200 |
13858.200 |
|
|
|
Petrochemicals |
4716.100 |
4394.800 |
15250.400 |
|
|
|
LPG and Liquid Hydrocarbons |
4926.900 |
5920.400 |
15884.600 |
|
|
|
Other Segment |
(338.000) |
(834.000) |
(1021.700) |
|
|
|
|
|
|
|
|
|
|
Total |
13799.300 |
18795.500 |
63267.700 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
549.400 |
551.800 |
1950.200 |
|
|
|
Less : Other Un-allocable Expenditure |
3859.000 |
1355.000 |
7509.700 |
|
|
|
Less : Other Un-allocable Income |
(2017.700) |
(1698.300) |
(6769.900) |
|
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
11408.600 |
18587.000 |
60577.700 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Transmission / Trading |
166872.200 |
149639.200 |
166872.200 |
|
|
|
LPG Transmission |
7897.200 |
7421.300 |
7897.200 |
|
|
|
Petrochemicals |
15300.500 |
16093.300 |
15300.500 |
|
|
|
LPG and Liquid Hydrocarbons |
9919.000 |
10376.900 |
9919.000 |
|
|
|
Other Segment |
4155.000 |
4706.700 |
4155.000 |
|
|
|
Un-allocable |
151769.700 |
171826.700 |
151769.700 |
|
|
|
|
|
|
|
|
|
|
Total |
355913.600 |
360064.100 |
355913.600 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
31.03.2013
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
12684.800 |
|
Reserve &
surplus |
229593.200 |
|
Sub-total - Shareholders' funds |
242278.000 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
81407.800 |
|
Deferred tax
liability (net) |
23000.600 |
|
Other long term
liabilities |
6850.700 |
|
Long term
provisions |
3595.800 |
|
Sub-total - Non-current liabilities |
114854.900 |
|
Current
liabilities |
|
|
Short term
borrowings |
2237.400 |
|
Trade payables |
31037.600 |
|
Other current
liabilities |
42081.200 |
|
Short term provisions |
14352.800 |
|
Sub-total - Current liabilities |
89709.000 |
|
Total - Equity & Liabilities |
446841.900 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
286852.700 |
|
Non-current
investment |
36800.500 |
|
Long term loans
& advances |
25914.900 |
|
Other
non-current assets |
6731.900 |
|
Sub-total - Non-current Assets |
356300.000 |
|
Current assets |
|
|
Current
investments |
389.500 |
|
Inventories |
15353.300 |
|
Trade
receivables |
25513.400 |
|
Cash & bank
balances |
23579.400 |
|
Short term loans
& advances |
25558.600 |
|
Other current
assets |
147.700 |
|
Sub-total - Current Assets |
90541.900 |
|
Total – Assets |
446841.900 |
NOTES
1.
The audited financial results were reviewed by the
Audit Committee and approved by the Board of Directors at its meetings held on
28th May 2013.
2.
In terms of the decision of the Government of India
to share the under recoveries on LPG, the company has provided discount of Rs. 5871.800
Millions for the quarter ended 31st March, 2013 (Previous year
corresponding quarter : Rs. 13979.800 Millions) and Rs. 26871.800
Millions for the year ended 31st March, 2013 (Previous year : Rs.31826.200
Millions).
3.
Final Dividend @ Rs. 5.601- per Equity
Share of Rs.
101- each amounting to Rs. 7103.500 Millions (excluding dividend Tax)
during 2012-13 has been recommended subject to approval by shareholders in the
Annual General Meeting. In addition, the Interim Dividend @ Rs. 41-
per Equity Share amounting to Rs. 5073.900 Millions has already
been paid. The total of Interim and recommended final dividend for the year is Rs. 9.601-
per Equity share amounting to Rs. 12177.400 Millions (excluding
dividend tax).
4.
The statement of assets and liabilities has been
disclosed along with audited financial results as per requirement of Listing
Agreement.
5.
Figures of last quarter are the balancing figures
between audited figures in respect of the full financial year and the published
year to date figures up to the third quarter of the current financial year.
6.
Previous period / year figures have been regrouped
/ reclassified, wherever required.
7.
The Audited results for the year ended 31st March
2013 are subject to review by the Comptroller and Auditor General of India u/s
619 (4) of the Companies Act,1956.
WEBSITE DETAILS
NEWS
PRESS RELEASE
GAIL AND SHIPPING CORPORATION JOIN
HANDS FOR LNG SHIPPING
New Delhi, June 6, 2013. GAIL (India) Limited and the
Shipping of Corporation India Limited (SCI) today signed a Memorandum of
Understanding (MOU) to cooperate for transportation of LNG sourced by GAIL from
USA. The MoU was signed in the presence of Shri B.C. Tripathi, Chairman
and Managing Director, GAIL and Shri B.K. Mandal, Chairman and Managing
Director and Director (Finance), SCI. Other senior officials of GAIL and SCI
were present on the occasion.
Under the MoU, both GAIL and SCI
shall cooperate for transportation of 5.8 MTPA of LNG being sourced by
GAIL from Sabine Pass and Cove Point terminals in USA. The cooperation would
include SCI assisting GAIL in the charter hiring of LNG ships and GAIL
assigning step-in right to SCI in the ownership of LNG Ships.
GAIL has signed a LNG Sales and
Purchase Agreement with Cheniere Energy Partners, LP (Cheniere) to
procure 3.5 MMTPA of LNG from the latter's Sabine Pass Terminal in Louisiana,
USA for a period of 20 years. GAIL has also signed a Terminal Service Agreement
with Dominion through GAIL Global (USA) LNG LLC for booking 2.3 MMTPA
liquefaction capacity in the Cove Point LNG liquefaction terminal project
located at Lusby in the state of Maryland. As the agreements are on FOB basis,
GAIL is required to make its own arrangements for transportation of LNG from
these terminals. The transportation of LNG is expected to begin from mid-2017.
Speaking on the occasion Shri B.C.
Tripathi, CMD, GAIL said "LNG has become important business vertical of
GAIL and the experience of SCI in the shipping business will bring huge
synergetic advantage for both the companies. We expect that this partnership
will enable faster development of in-house fleet operations capabilities for
the Company."
Shri B.K. Mandal, CMD and Director
(Finance), SCI said that "With several LNG import projects being conceived
in the country, LNG is seen as a key growth area for Shipping Corporation of
India. SCI is planning to develop separate vertical within the Company to
manage LNG shipping."
About Shipping Corporation of India
SCI is the only Indian Company
having experience in LNG shipping. Currently, the Company is managing 03 ships
which are on long term charter hire with Petronet LNG Limited. SCI is the
largest Indian Shipping Company with substantial interest in various segments
of the shipping trade. SCI's owned fleet includes Bulk carriers, Crude oil
tankers, Product tankers, Container vessels, passenger-cum- cargo vessels,
phosphoric Acid/Chemical carriers, LPG/Ammonia carriers and offshore Supply
vessels. As the Country's premier shipping line, the SCI owns and operates
around 38% of the Indian tonnage, and has operating interests in practically
all areas of the shipping business, servicing both national and international
trades.
About GAIL (India) Limited
GAIL (India) Limited, is India's principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications. The Company has extended its presence in Power, Liquefied Natural Gas (LNG) re-gasification, City Gas Distribution and Exploration and Production through equity and joint venture participations.
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 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. 59.70 |
|
|
1 |
Rs. 92.21 |
|
Euro |
1 |
Rs. 79.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.