MIRA
INFORM REPORT
|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOL OFFSHORE LIMITED (w.e.f. 20.11.2012) |
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|
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Formerly Known
As : |
GREAT OFFSHORE LIMITED |
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Registered
Office : |
Energy House, 81, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
14.07.2005 |
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Com. Reg. No.: |
11-154793 |
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Capital Investment
/ Paid-up Capital : |
Rs.372.300
millions |
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CIN No.: [Company Identification
No.] |
L11200MH2005PLC154793 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11095A |
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PAN No.: [Permanent Account No.] |
AACCG4380N |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Providing Offshore Support Solutions to the Exploration and Production
Industry. |
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|
No. of Employees
: |
1722 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 37718000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The company
has recorded delay in its debt payment due to weak liquidity position. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great caution.
|
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 |
CRISIL |
|
Rating |
Long Term Rating: D (This rating is in default or is expected to be in
default soon. |
|
Date |
May, 2012 |
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 DECLINED
Management non-cooperative
(Tel. No.: 91-22-66352229)
LOCATIONS
|
Registered Office : |
Energy House, 81, Dr. D.N. Road, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-66352222/ 22677373/
7474/ 66352229 |
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Fax No.: |
91-22-22673993/ 22673639 |
|
E-Mail : |
For business
development queries: bdmoff@greatoffshore.com For careers: jobs@greatoffshore.com |
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Website : |
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International Office 1 : |
United Arab Emirate Representative Office, P.O. Box 2756, Al Khaleej Centre, Office No.613, Mankhool Road, Bur Dubai, Dubai, U.A.E. |
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E-Mail : |
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International Office 2 : |
Malaysia Level 36, Menara Citibank, 165, Jalan Ampang, 50450 Kuala Lumpur, Malaysia |
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Tel. No.: |
+603 2169 6256 |
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Fax No.: |
+603 2169 6258 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Prakash Chandra Kapoor |
|
Designation : |
Chairman and Executive Director |
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Name : |
Mr. Kaushal Raj Sachar |
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Designation : |
Deputy Chairman |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Executive Director |
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Name : |
Mr. Soli C. Engineer |
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Designation : |
Director |
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Name : |
Dr. Ram Nath Sharma |
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Designation : |
Director |
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Name : |
Mr. Chandan Bhattacharya |
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Designation : |
Director |
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Name : |
Lt. Gen. Deepak Summanwar |
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Designation : |
Director |
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Name : |
Mr. Vinesh Davda |
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Designation : |
Director |
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Name : |
Mr. Prabhakar Dalal |
|
Designation : |
Director (EXIM Bank Nominee) |
KEY EXECUTIVES
|
Name : |
Mr. Navin Joshi |
|
Designation : |
Company Secretary and Chief Compliance
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18514352 |
49.73 |
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|
18514352 |
49.73 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
18514352 |
49.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4099 |
0.01 |
|
|
431096 |
1.16 |
|
|
531296 |
1.43 |
|
|
2285093 |
6.14 |
|
|
3251584 |
8.73 |
|
|
|
|
|
|
2347583 |
6.31 |
|
|
|
|
|
|
10773121 |
28.94 |
|
|
2317935 |
6.23 |
|
|
25496 |
0.07 |
|
|
25190 |
0.07 |
|
|
306 |
0.00 |
|
|
15464135 |
41.54 |
|
Total Public shareholding (B) |
18715719 |
50.27 |
|
Total (A)+(B) |
37230071 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
9990 |
0.00 |
|
|
9990 |
0.00 |
|
Total (A)+(B)+(C) |
37240061 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionShareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
|
No. of Shares held |
As a % of grand total |
|
||
|
1 |
Dhanshree Properties Private Limited |
4828167 |
12.96 |
11.94 |
|
2 |
Natural Power Ventures Private Limited |
13686185 |
36.75 |
33.85 |
|
|
Total |
18514352 |
49.72 |
45.80 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number 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 |
First Carlyle Ventures Mauritius |
1902000 |
5.11 |
4.70 |
|
|
2 |
Tejal Ketan Kamdar |
573000 |
1.54 |
1.42 |
|
|
3 |
Vince Trading and Investment Co Private Limited |
503500 |
1.35 |
1.25 |
|
|
|
Total |
2978500 |
8.00 |
7.37 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. 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 |
First Carlyle Ventures Mauritius |
1902000 |
5.11 |
4.70 |
|
|
|
Total |
1902000 |
5.11 |
4.70 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of Total
No. of Shares |
|
1 |
GDR |
1890 |
9990 |
0.03 |
|
|
Total |
1890 |
9990 |
0.03 |
BUSINESS DETAILS
|
Line of Business : |
Providing Offshore Support Solutions to the Exploration and Production
Industry. |
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|
|
|
Products/ Services : |
Offshore |
GENERAL INFORMATION
|
No. of Employees : |
1722 (Approximately) |
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Bankers : |
·
ABN AMRO Bank, London ·
Bank of Baroda, Dubai ·
State Bank of India, London ·
ABN AMRO Bank, Dubai ·
ABN AMRO Bank, Malaysia |
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Facilities : |
Notes: LONG TERM BORROWINGS Notes : (i) The company has
availed foreign currency loans from banks which carry interest rate of LIBOR
plus 60 to 800 bps for USD loans and INR loans from banks are at 14% to
14.90%. These loans are secured by mortgage of specified ships. The principal
payments are due monthly / quarterly / half yearly. (ii) Rupee loan
availed from a Financial Institution during the year carried interest rate of
13%. The loan is secured by mortgage of a ship and second charge on a rig.
The principal payment is due monthly / quarterly. (iii) The company
has also availed general purpose loans in Foreign currency from banks which
carry interest rate of LIBOR plus 190 to 500 bps and INR loans from banks at
the rate of 12.50% to 16.25%. The loans are secured by mortgage of ships,
first / second charge / subservient charge on ships / rigs / fixed assets of
the company. The principal payments / interest thereon are due monthly
/quarterly / half yearly. (iv) The loans
availed from banks on mortgage of rig ‘Amarnath’ was repaid during the year
on sale of the rig. (v) The loans
and advances availed from related parties are unsecured and carry interest
rate of 6% to 9.50%. (vi) Repayments
are as under:
The Company has made certain defaults in repayment of loans and
interest. The details of continuing defaults as at March 31, 2012 are as follow (Rs.
in millions)
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Banking
Relations : |
-- |
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Statutory
Auditors : |
Kalyaniwalla and Mistry Chartered Accountants |
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Internal Auditors
: |
Ashok Kapadia and Company Chartered Accountants |
|
|
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Subsidiary Companies : |
·
Deep Water Services (India) Limited ·
KEI - RSOS Maritime Limited ·
Great Offshore Salvage Services Limited ·
Great Offshore Ship Repairs Limited ·
Great Offshore Fujairah L.L.C. - FZC ·
Great Offshore ( International) Limited ·
Glory Shipping Private Limited ·
Great Offshore Germany GmbH ·
SBG Emssun GmbH and Co. ·
SGB EMMSKY GmbH and Co. KG. ·
SGB EMSSTAR GmbH and Co. KG. ·
Norwegian Shipping I Limited ·
Norwegian Shipping II Limited ·
Great Offshore International (Malaysia) Limited ·
Great Offshore International Manning and Shipping
Management (Labuan) Limited (Malaysia) |
|
|
|
|
Joint Venture : |
·
United Helicharters Private Limited |
|
|
|
|
Enterprises over
which Key Management Personnel Exercise Significant Influence : |
·
Bharati Shipyard Limited ·
Pinky Shipyard Private Limited ·
Weizman Forex Limited ·
Bharati Maritime Services Private Limited ·
Harsha Infrastructure Private Limited ·
Sea Splice Shipping Private Limited ·
Port Side Shipping Private Limited ·
Dhanshree Properties Private Limited ·
Natural Power Ventures Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
1000000 |
10% Cumulative
Redeemable Preference Shares |
Rs.1000/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.2000.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37313594 |
Equity Shares |
Rs.10/- each |
Rs.373.100
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37231961 |
Equity Shares 38068481 Equity Shares
are allotted as fully paid up pursuant to a scheme of arrangement without
payment being received in cash. Paid-up Equity
Share Capital is net of Calls in Arrears of Rs.0.008 million. |
Rs.10/- each |
Rs.372.300
millions |
|
|
|
|
|
Reconciliation of
the number of Equity Shares outstanding at the beginning and at the end of the
year
As at March 31,
2012
|
Particulars |
Authorised |
Issued |
Subscribed and Paid- up |
|||
|
|
No. of Shares |
Rs. in millions |
No. of Shares |
Rs. in millions |
No. of Shares |
Rs. in millions |
|
At 1st
April, 2011 |
100000000 |
1000.000 |
37313594 |
373.100 |
37231961 |
372.300 |
|
Changes during
the year |
-- |
-- |
-- |
-- |
-- |
-- |
|
At 31st
March, 2012 |
100000000 |
1000.000 |
37313594 |
373.100 |
37231961 |
372.300 |
Terms/ Rights
attached to equity shares
The company has
one class of equity shares having a par value of Rs.10/- per share. Each
shareholder is eligible for one vote per share held. The company declares and pays
dividends in Indian Rupees. The dividend recommended by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
List of
shareholders having holding more than 5% along with number of shares held.
|
Name of
shareholder |
As at 31st March, 2012 |
|
|
No. of Shares |
% of Holding |
|
|
Equity Share
Capital |
|
|
|
Natural Power
Ventures Private Limited |
13686185 |
36.76 |
|
Dhanshree
Properties Private Limited |
4828167 |
12.97 |
|
First Carlyle Ventures
Mauritius |
1902000 |
5.11 |
Aggregate number
and class of shares bought back.
|
|
No of shares as at March 31, 2009 |
|
Shares bought
back |
978977 Equity
Shares bought back at an amount aggregating to Rs.552.400 millions |
1) The company has
issued and allotted 1500000, 10% Optionally Convertible Redeemable Cumulative
Preference shares (OCRCPS) of Rs.1000 each during the year 2007-08.
2) The company has
redeemed 1500000, 10% Optionally Convertible Redeemable Cumulative Preference
shares (OCRCPS) of Rs.1000 each during the year 2008-09.
3) The company had
allotted 91017 Equity Shares for part conversion of 7.25% Foreign Currency
Convertible Bonds @ 875/- per share aggregating to USD 2 Million in the year
2009-10.
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 |
|
372.300 |
372.300 |
|
(b) Reserves & Surplus |
|
9057.300 |
10998.700 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9429.600 |
11371.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
19645.400 |
17532.500 |
|
(b) Deferred tax liabilities (Net) |
|
276.500 |
90.500 |
|
(c) Other long
term liabilities |
|
68.100 |
75.800 |
|
(d) Long-term
provisions |
|
42.700 |
40.900 |
|
Total Non-current
Liabilities (3) |
|
20032.700 |
17739.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1987.000 |
5879.400 |
|
(b) Trade
payables |
|
1253.300 |
720.000 |
|
(c)
Other current liabilities |
|
8880.900 |
8822.100 |
|
(d) Short-term
provisions |
|
1245.000 |
230.800 |
|
Total Current
Liabilities (4) |
|
13366.200 |
15652.300 |
|
|
|
|
|
|
TOTAL |
|
42828.500 |
44763.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
13899.800 |
17620.200 |
|
(ii)
Intangible Assets |
|
17.400 |
23.200 |
|
(iii) Capital
work-in-progress |
|
14743.700 |
12187.300 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1965.200 |
1465.200 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
8538.200 |
8300.500 |
|
(e) Other
Non-current assets |
|
7.200 |
153.800 |
|
Total Non-Current
Assets |
|
39171.500 |
39750.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
532.100 |
642.100 |
|
(c)
Trade receivables |
|
1642.500 |
2140.400 |
|
(d) Cash
and cash equivalents |
|
744.400 |
1526.000 |
|
(e)
Short-term loans and advances |
|
582.100 |
476.300 |
|
(f)
Other current assets |
|
155.900 |
228.000 |
|
Total
Current Assets |
|
3657.000 |
5012.800 |
|
|
|
|
|
|
TOTAL |
|
42828.500 |
44763.000 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
372.300 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9922.800 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10295.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
20238.000 |
|
|
2] Unsecured Loans |
|
|
2916.700 |
|
|
TOTAL BORROWING |
|
|
23154.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
24.900 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
33474.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
17834.600 |
|
|
Capital work-in-progress |
|
|
11629.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1464.700 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
96.100 |
|
|
Sundry Debtors |
|
|
2502.100 |
|
|
Cash & Bank Balances |
|
|
461.900 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1622.400 |
|
Total
Current Assets |
|
|
4682.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1455.900 |
|
|
Other Current Liabilities |
|
|
588.000 |
|
|
Provisions |
|
|
93.100 |
|
Total
Current Liabilities |
|
|
2137.000 |
|
|
Net Current Assets |
|
|
2545.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
33474.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8002.300 |
8455.300 |
10074.000 |
|
|
|
Profit on Sale of Vessel |
670.100 |
0.000 |
0.000 |
|
|
|
Other Income |
272.100 |
171.400 |
60.900 |
|
|
|
TOTAL
(A) |
8944.500 |
8626.700 |
10134.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Changes in
Inventories of Spares & Stores |
98.000 |
0.000 |
|
|
|
|
Employee
Benefits Expense |
1985.800 |
2000.300 |
|
|
|
|
Repairs &
Maintenance - Fleet and Rigs |
625.800 |
616.100 |
|
|
|
|
Project Expenses |
78.400 |
656.000 |
|
|
|
|
Other Expenses |
1526.700 |
1677.300 |
|
|
|
|
Exceptional Item |
0.000 |
(558.000) |
|
|
|
|
TOTAL (B) |
4314.700 |
4391.700 |
5802.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4629.800 |
4235.000 |
4332.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1765.700 |
1308.100 |
1087.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2864.100 |
2926.900 |
3244.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1721.500 |
1834.800 |
1322.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1142.600 |
1092.100 |
1922.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
399.200 |
75.100 |
176.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
743.400 |
1017.000 |
1746.200 |
|
|
|
|
|
|
|
|
|
Less |
Transfer to
Tonnage Tax Reserve Account under section 115VT of the Income-tax Act,1961 |
50.000 |
250.000 |
400.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2992.900 |
2429.100 |
1376.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
110.000 |
200.000 |
|
|
|
Proposed Dividend on Equity Shares |
93.100 |
93.100 |
93.100 |
|
|
|
Corporate Dividend Tax |
3.700 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3489.500 |
2993.000 |
2429.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Charter Hire |
7461.100 |
6559.200 |
8135.900 |
|
|
|
Interest Income |
516.400 |
|
|
|
|
TOTAL EARNINGS |
7977.500 |
6559.200 |
8135.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods - Special Survey |
396.800 |
NA |
NA |
|
|
TOTAL IMPORTS |
396.800 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic earnings per share before
exceptional items (in Rs.) |
19.97 |
12.33 |
46.97 |
|
|
|
- Basic earnings per share after exceptional
items (in Rs.) |
19.97 |
27.32 |
46.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1874.700 |
1908.100 |
2201.200 |
2267.600 |
|
Total Expenditure |
1214.500 |
1070.700 |
1090.400 |
1723.100 |
|
PBIDT (Excl OI) |
660.200 |
837.400 |
1110.800 |
544.500 |
|
Other Income |
826.200 |
123.400 |
261.200 |
592.600 |
|
Operating Profit |
1486.400 |
960.800 |
1372.000 |
1137.100 |
|
Interest |
497.600 |
448.500 |
488.200 |
653.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
988.800 |
512.300 |
883.800 |
483.700 |
|
Depreciation |
436.100 |
449.700 |
457.800 |
450.500 |
|
Profit Before Tax |
552.700 |
62.600 |
426.000 |
33.200 |
|
Tax |
72.900 |
24.800 |
235.200 |
134.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
479.800 |
37.800 |
190.800 |
(101.700) |
|
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 |
479.800 |
37.800 |
190.800 |
(101.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.311
|
11.79
|
17.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.28
|
12.92
|
19.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.37
|
3.51
|
8.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.10
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.29
|
2.06
|
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.27
|
3.20
|
2.19 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Due to micro and small enterprises |
0.000 |
0.000 |
0.000 |
|
- Due to others |
1253.300 |
720.000 |
1455.900 |
|
Total |
1253.300 |
720.000 |
1455.900 |
|
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) |
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 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 Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Bonds |
0.000 |
1783.600 |
|
SHORT TERM BORROWINGS |
|
|
|
From Financial Institutions |
0.000 |
2000.000 |
|
Inter Corporate Deposits |
0.000 |
500.000 |
|
Loans from Subsidiaries |
0.000 |
829.400 |
|
Inter Corporate Deposits from related parties |
279.800 |
0.000 |
|
Loan from others |
52.200 |
0.000 |
|
Total
|
332.000 |
5113.000 |
CORPORATE
INFORMATION
Subject is public
Limited Company whose equity shares are listed on Bombay Stock Exchange Limited
and National Stock Exchange of India Limited. The Foreign Currency Convertible
Bonds (FCCBs) issued by the company are listed on Singapore Exchange Securities
Trading Limited (SGX - ST). The Company is India’s prominent integrated
offshore oilfield services provider offering a broad spectrum of services to
upstream oil and gas producers to carry out offshore exploration and production
(E&P) activities. The Company operates Drilling Rigs, Offshore Support
Vessels and undertakes Marine Construction Projects and Services.
FINANCIAL
HIGHLIGHTS
During the
financial year 2011-12, the Company, on a standalone basis, recorded a total
income of Rs.8944.500 millions (Previous Year 8626.700 millions), and earned a
PBIDT of Rs.4629.800 millions as compared to PBIDT of Rs.4235.000 millions
during the previous year.
OPERATIONS
During the year,
the business environment remained challenging. The uncertainty of oil prices forced
many E & P companies to put their new projects on hold thereby affecting
the revenues of Engineering Services of the Company.
The Company
remained focused on the renovation and upgradation of its existing fleet.
Keeping this in view the Company phased out its old vessels Malaviya-6,
Malaviya-12 and Malaviya-34. Company had purchased a Jack up Rig Amarnath,
converted the same in to drilling mode and, during the year, sold the same at a
profit of forty percent.
Three assets of
the Company were under modification / up gradation for long term charter with
ONGC and Petrobras, Brazil. This resulted in a certain liquidity stress in the
Company. In Q1 of 2012-13 Badrinath has gone on 3 year charter with ONGC at
contract value of USD 80 million. The Company has also made its first foray
into the Brazilian market with Malaviya-29 going on contract with Petrobras for
4 years for a contract value of USD 38 million. Malaviya-9 is also likely to
follow suit in June 2012 with a charter of 4 years and contract value of USD 51
million.
During the year
the company successfully completed two challenging and complex salvage
operations. One that of re-floating capsized Naval Frigate “INS Vindhyagiri”
and the other being refloating of the broadly beached 999 tonne product tanker
“MT PAVIT” stranded on Mumbai’s Juhu beach.
Great Offshore
Salvage Team received high level commendation from the “Chief Staff Officer –
Western Naval Command” for successful re-floating of Indian Navy Warship - INS
Vindhyagiri.
PERFORMANCE OF SUBSIDIARY
COMPANIES
DOMESTIC
SUBSIDIARIES
Deep Water
Services (India) Limited
During the
financial year 2011-12, Rig “Badrinath” completed the ONGC Contract. The Rig
was then towed to Sembawang Shipyard, Singapore for carrying out special survey
and upgradation job to meet the contractual requirements. The special survey
concluded on 14th March, 2012 to the satisfaction of American Bureau of
Shipping and Indian Register of Shipping. Badrinath has now commenced
operations on ONGC’s new three year Contract.
During the
financial year 2011-12, the Company earned a total income of Rs.444.904
millions (previous year: Rs.1125.249 millions) and profit after tax of
Rs.104.085 millions (previous year: Profit Rs.273.276 millions).
KEI-RSOS Maritime
Limited
During the
financial year 2011-12, the Company has introduced service offerings for many
new segments viz. Port Operations, Towing Jobs, Offshore Security, Survey
support, Diving support etc. apart from consolidating its expertise in Single
Point Mooring (SPM) operations and maintenance. In addition to the on-going
contracts, the Company has added eight new customers during the year 2011-12.
The company has, during the year, entered into a new contract with Kolkata Port
Trust for a period of five years for their port operations / services at
Kolkata.
During the
financial year 2011-12, the Company earned a total revenue of Rs.544.191
millions (previous year: Rs.566.817 millions) and incurred a loss of Rs.296.873
millions (previous year: Loss Rs.349.744 millions). The loss was mainly on
account of financial and administrative costs.
Great Offshore
Salvage Services Limited (formerly known as Rajamahendri Shipping and Oil Field
Services Limited)
The Company’s name
was changed with effect from 21st September 2011 to Great Offshore
Salvage Services Limited (formerly Rajamahendri Shipping and Oil Field Services
Limited). The financial year 2011-12 was the first year of the company as a
salvage outfit. The company has become full member of International Salvage
Union (ISU) w.e.f 1st March 2012. Tug “JOSH” was
operated for the Floating Production, Storage and Offloading operations of
Reliance Industries Limited assisting the pull back tug. Tug “NOOR” was
operated for Cairn Energy India Pty Limited for their SPM Operations at Ravva
field as a line boat. The company has also entered into a new contract with
Cairn Energy Pty Limited for Blasting and Painting of Two offshore platforms at
Ravva Field. During the year, the company has been conferred with “Salvage
Company of the Year” award.
During the
financial year 2011-12, the Company earned a total revenue of Rs.32.621
millions (previous year: Rs.7.904 millions) and incurred a loss of Rs.17.092
millions (previous year: Loss Rs.13.525 millions). The loss is on account of
ship hire charges and other operational expenses.
Great Offshore
Ship Repairs Limited
During the
financial year 2011-12, the Company has carried out repairs for vessels of
Subject as well as third party (external) vessels. A total of 56 Vessels were
attended. Out of the total vessels attended, six were attended out of Mumbai
and one vessel was attended out of India. During the year the Company undertook
specialized work related with Major Steel Renewals and fabrications, piping,
motor overhauls, engine overhauls, thruster overhauls, shafting and other
mechanical repairs. A total of five emergencies were attended successfully
without any of the attended vessels going off-hire.
During the
financial year 2011-12, the Company earned a total revenue of Rs.81.181
millions (previous year: Rs. NIL) and earned a profit of Rs.10.278 millions
(previous year: Loss Rs.7.358 millions).
FOREIGN
SUBSIDIARIES
Great Offshore
(International) Limited
During the
financial year 2011-12, Great Offshore (International) Limited acquired 100%
equity interest in two companies in Cyprus i.e. Norwegian Shipping I Limited
and Norwegian Shipping II Limited. These companies were acquired to facilitate
carrying out of business operations in the international markets and also in
furtherance of the Company’s objective of investing in assets / companies
globally.
During the
financial year 2011-12, Great Offshore (International) Limited incurred a loss
of USD 1,549,485 as against the loss of USD 1,959,706 of the previous year. The
loss is mainly on account of financial costs.
Great Offshore
Fujairah LLC – FZC
During the
financial year 2011-12 the Company incurred a loss of USD 14,305 as against
loss of USD 14,123 of previous year. The Company has not commenced operations
during the year. The loss is mainly on account of office rental charges.
ACCOLADES, AWARDS
and RECOGNITIONS
At the 40th
Chemtech Foundation - Shipping Marine and Ports Valedictory Awards Function
2012, held at Mumbai, The Company has been bestowed with the SMP 2012 -
“Leadership and Excellence Award” for the category “Outstanding Achievement
in Innovation” “Salvage” in recognition of the emphasis the company lays on
new innovations in maritime industry.
Shri Soli
Engineer, Director of the Company, received the “Lifetime Achievement Award”
at Samudra Manthan Awards 2011, for excellent contribution to the offshore
industry.
The Company has
been bestowed with the “Most Diversified Offshore Company” award at the
International Maritime and Offshore Logistics conference held at Mumbai on 7th
Dec’2011.
Great Offshore
Salvage Services Limited (GOSSL) - A wholly owned subsidiary of subject was
conferred with “Salvage Company of the Year” award at the International
Maritime and Offshore Logistics conference held at Mumbai on 7th Dec’2011.
GOSSL became “Full
member of International Salvage Union” in March 2012 which will make the
Company eligible to bid for Salvage tenders worldwide.
MANAGEMENT
DISCUSSION AND ANALYSIS
The burgeoning need
for energy has seen no respite and after a brief lull globally, the demand is
forecast to increase further in the CY 2012. India’s growing current account
deficit is chiefly on account of oil imports which has also been a major factor
for the depreciation of the Indian rupee. These overall negative perceived
connotations however are the very opportunities that beckon the Company. The
company’s earnings come from the oil exploration and energy sectors and these
being mostly in US dollars protect it from the exchange risk to a very large
extent.
Acceleration in
global oil demand
The International
Energy Agency (IEA) in its latest monthly report has forecast that oil demand
after stagnating in Q4 of 2011, is set to increase gradually in 2012 and
peaking to an increase by 1.2 million barrels per day by the end of CY
2012.
Global oil
consumption is set to rise by 800,000 b/d this year to 90 million b/d, a
figure, reiterated by the agency. Developing countries’ demand will more than
offset the declining demand within countries of the Organization for Economic
Cooperation and Development.
The world economy
is forecast to grow by 3.5 per cent in 2012 and 4.1 per cent in 2013 as per the
IMF. This growth would naturally attract energy demand, majority of it to be
supplemented by the oil and gas sectors.
Going forward, by
2012 end, market envisages crude prices in the US to be in the range of $100
/bbl range. High oil prices makes it more economically feasible to drill for
deposits in deeper and more remote waters.
Oil and gas
constitutes about 65 per cent of the global and 40 per cent of the Indian
primary energy consumption
Global Hydrocarbon
Scenario
In the background
of the aforesaid facts, it is an accepted reality that the Resource availability
is very finite, alternate source(s) of adequate and abundant energy are still
not on the horizon.
Reserve accretion
will continue to be an intrinsic business objective of every sovereign which
gets translated to the level of individual exploration and production (E &
P) Companies. Therefore search for hydrocarbon in unexplored areas and tapping
of unconventional energy continues as priority.
Considering the
complexities of new discoveries and technologies involved, the capital needed
to be committed for development and acquisition of newer and more rugged
vessels is very much there.
Oil prices which
have shown some sort of a declining trend in the recent past may suddenly shoot
up once the world economy starts looking up. The uncertainties of Europe, once
cleared would certainly push up oil prices, as demand will increase even more.
Oil and Natural
Gas – Indian Scenario
The Indian oil and
gas sector is one of the six core industries in India and has very significant
forward linkages with the entire economy. India has been growing at a decent
rate annually and is committed to accelerate the growth momentum. This would
translate into India’s energy needs growing many fold in the years to come.
Hence, there is a need for wider and more intensive exploration for new finds,
more efficient and effective recovery, a more rational and optimally balanced
global price regime - as against the rather wide upward fluctuations of recent
times- and a spirit of equitable common benefit in global energy cooperation.
The Indian oil and
gas sector is of strategic importance and plays a pivotal role in influencing
decisions in all other spheres of the economy. This has necessitated the need
for a wider intensified search for new fields, evolving better methods of extraction,
refining and distribution.
In the Indian
context, the primary energy consumption over the last five years has increased
by over 6.5 per cent compounded annual growth rate (CAGR) as compared to global
increase of about 1.7 per cent CAGR. The overall growth in consumption and
spurt in prices has impacted the nation’s oil import bill which has grown
six-fold in the past decade to more than US $100 billion, equivalent to over 7
per cent of the country’s Gross Domestic Product (GDP). The Government realized
the need to explore more areas and introduced New Exploration Licensing Policy
(NELP) to encourage the private sector to invest in exploration of oil.
Exploration and
Production (E&P)
The gap between
supply and availability of crude oil, petroleum products as well as gas from
indigenous sources is likely to increase over the years. The growing demand and
supply gap would require increasing emphasis on the exploration and production
sector.
Policy initiatives
of Government of India towards increased E&P activity have given a great
impetus to the Indian E&P industry raising hopes of increased exploration.
Oil and Natural
Gas Corporation Limited (ONGC) and Oil India Limited (OIL), the two National
Oil Companies (NOCs) and other private and joint-venture companies are engaged
in the exploration and production (E&P) of oil and natural gas in the
country.
In the nine rounds
of NELP since 1999, 248 Production Sharing Contracts have been signed till
date. This has resulted in enhancement of exploration coverage from 11 per cent
to about 58 per cent of the Indian sedimentary basins. The discoveries made
under NELP have resulted in in-place hydrocarbon reserves accretion of a
staggering 642 million tonnes of oil and oil equivalent gas. A total of 87 oil
and gas discoveries have been made in 26 blocks under NELP during this period.
In the first eight rounds of NELP, a $11.1 billion investment was committed,
but the actual investment so far has been $16 billion. In the ninth round of
NELP introduced in 2011, there were 34 oil and gas blocks on offer; Oil major
ONGC has bagged the major share of the blocks.
While it looks
unlikely that India will be able to reverse the trend of increasing dependence
on crude oil imports, there would be greater thrust by national oil companies
led by ONGC towards the Energy Security perspective with selective investments
by private oil companies too. The Upstream oil and gas companies are seeking
new frontiers offshore, and this includes the pursuit of the nation’s deepwater
oil and gas potential that strives to meet rapidly growing hydrocarbons demand.
In view of the above, the demand for offshore oil and gas exploration assets
such as rigs is likely to be buoyant in the near future.
Natural Gas
Natural Gas has
emerged as one of the most preferred fuel due to its environmentally benign
nature, greater efficiency and cost effectiveness. At present, the main
producers of natural gas are ONGC, OIL and the Joint Ventures of Panna Mukta
and Tapti, and Ravva.
Gas produced by
ONGC and OIL from the existing nominated blocks is sold at administered prices
fixed by
the Government. As
against a total allocation of 150 MMSCMD of gas, actual supply under APM is
presently
around 53 MMSCMD.
Recent Initiati
ves by the Government of India
The year 2011 has
been marked by significant developments in the Oil and Gas sector as the
Ministry of Petroleum and Natural Gas took several important initiatives for
the growth of the sector. Some of them are mentioned below:
Production of oil
and gas
• Implementation
of New Exploration Licensing Policy (NELP)– Eight rounds of NELP have already
been completed. Through these rounds, 235 exploration blocks have been awarded
and 103 oil and gas discoveries have been made. The bidding of 9th round of
NELP has also been completed in which 74 bids have been received for 33
exploration blocks against the 34 blocks offered.
• Coal Bed Methane
(CBM)- Coal Bed Methane is an environment friendly clean fuel similar to
Natural Gas. 33 contracts have been signed for exploration of CBM. As of now,
250 CBM reserves have been established in 5 CBM blocks. At present CBM gas
production is about 2.3 lakh cubic meters per day.
• Implementation
of Oil Recovery Scheme- To increase the oil and gas production in the country, the
oil companies are implementing Improved Oil Recovery (IOR) and Enhanced Oil
Recovery (EOR) Schemes.
Exploration and
Production (E&P) Sector
The link between
GDP growth and energy consumption is quite well established. Oil still forms
the major raw material source for energy production in the world. In fact oil
prices are also directly proportional to the demand. Consequently one has a
catch 22 situation where if energy consumption is curbed, oil prices would be
subdued but simultaneously GDP growth gets stunted and that gives rise to a
host of other problems including low growth, which all governments across the
world wish to avoid. One can safely assume that the overall scenario is one of
a market where oil exploration and production would be a key to economic growth
and that bodes well for the company.
Business Overview
The Company
continues to be India’s premier integrated offshore oil field services Company
owning and operating it’s assets under the Indian flag.
The company
continues its activities both in the international and domestic markets with a
heavier tilt on the Indian market where they are a well established name. The
brand is highly visible and respected. The current fleet of the Company enables
undertaking a whole range of offshore business activities, as mentioned below.
• Offshore
Drilling
• Offshore
logistics
• Support Offshore
engineering and marine construction
• Port and
Terminal support
• Repair and
maintenance of vessels
• Salvage
Like any other
company in this sector, the Company’s earnings depend on the level of offshore
activity in the oil and gas exploration, development and production areas. The
company’s USP lies in diverse portfolio of activities it can offer as well as
the versatility of assets it owns. The ability to maintain the fleet with a
high degree of competence resulting in maximum utilization is the Company’s
basic strength.
Their major
customer, ONGC has the third largest fleet of contracted offshore rigs in the
world. Currently ONGC is looking forward to renewing its old jack up fleet with
new generation rigs for redevelopment of its existing oil fields. The new rigs
shall feature improved safety, more automation and greater capacities to delve
in to greater depths. In view of this requirement for new generation jack ups
along with conventional jack ups may arise in recent future. Also a requirement
for a shallow water drillship is expected later this year.
Great Offshore
strengths:
1. Pre-qualified
for Deep water drilling with Indian Operators. Great Offshore was the first
Indian company to operate a floater drilling rig in Indian Waters.
2. Highly
experienced staff.
3. No dependence
on external parties for Operations, Maintenance and Manning of Drilling Rigs.
4. Distinctive
experience of managing Drilling Rig Repair Projects in-house.
5. Experience of
operating in the Arabian Gulf.
6. Good
relationship with ONGC.
7. Highly Cost
efficient.
Global demand for
Offshore Supply Vessels is expected to grow and the main region propelling the demand
further will be Brazil. As vessels per unit serviced in Brazil tends to be
relatively high compared to other regions combined with longer distances
offshore, demand for offshore supply vessels is expected to receive an
additional boost. Looking at the market trend the company has successfully
secured two contracts, one for an Anchor Handling Tug cum Supply Vessel and the
other for a Platform Supply Vessel from Petrobras, Brazil, both for a period of
four plus four years each.
Flet Profile
The company’s
endeavor to constantly maintain its fleet of vessels including 2 Rigs and 1
Floating Dry Dock in an up-to-date condition has been reaping dividends. The
company had placed orders for several new vessels which would start getting
delivered from the current financial year, thereby improving the marketing and
consequently the earning capacity, keeping in view the demand for newer vessels
in the market. The newer vessels also fetch relatively higher charter rates.
Some of the old
vessels have been sold and the remaining aged vessels above 25 years will be
either sold or scrapped.
The company is
continuously striving to reduce the downtime of vessels. The health of the
vessels including tugs has generally been maintained at high levels throughout
the year.
Some of the
customers, on getting consistent performance, had requested for continuation of
the charter even though the mandatory surveys/dry docking was due. The company
approached the concerned authorities for extensions, which were granted in the
light of their excellently maintained vessels. This speaks highly of the
abilities of the personnel involved.
One of the
Platform Supply Vehicles (PSV) of the Company was successfully upgraded to
conform to the requirements of the prevailing market scenario. The conversion
was from DP1 to DP2 and the vessel was fitted with the most modern fire
fighting systems to conform to class FiFi 1.
One Anchor Handler
and one PSV was successfully converted to meet the demands of a very lucrative
and long term charter.
COMPANY
PERFORMANCE
Drilling
The Company owned
2 drilling units – a Jack Up - Kedarnath and a drill barge – Badrinath.
Kedarnath continues with its 5 year charter with ONGC. Badrinath, post its dry
dock and refurbishment, has commenced its firm charter in Q1 FY 2012-13.
Globally, the
market has currently witnessing a rise in demand for high-specification Jack-up
rigs, and this demand is expected to increase further. Production of oil
through Enhanced Oil Recovery and Increased Oil Recovery enables exploitation
of the hydrocarbons more cost effectively. The drive for intensifying
exploration of India’s sedimentary reserves would generate opportunities not
only for drilling assets but also for offshore logistic support service
providers as well.
Offshore logistics
In order to
enhance the capacity as well as increasing the customer base the Floating dry
dock length has been increased by approx 30 meters which helped in increasing
its lifting capacity to 2400 Tonnes. The Company’s dry dock facility is now top
class.
The offshore
sector has a long activity life span commencing from seismic activity into
exploration, marine construction, development, production and maintenance and
finally upgradation thereby providing opportunities for asset employment
throughout the activity chain. The assets used for each of these distinctive
activities vary and hence there lies ample opportunities with asset deployment
potential. Moreover with oil availability moving farther from the shore the
increased turnaround time enables in absorbing excess tonnage.
Inspection,
Maintenance and Repairs
One of the
company’s vessels Malaviya 36 is on charter with ONGC Inspection, Maintenance
and Repair department on 24/7 X 365 days basis work schedule. Apart from field safety
by way of fire fighting, rescue services, pollution monitoring and control of
Bombay High field, the ship is carrying out saturation + air diving on
platforms under water maintenance, NDT inspection, PLEM repairs etc. Two other
vessels Malaviya 25 and Malaviya 27 are chartered with SCI on long term basis.
Engineering
Services
The Company
completed the “Top Side Modification Project” and “Condensate Spiking System
Project” at Neelam Platform on 12th May 2011 and 28th May 2011 respectively.
The Company also bagged the SBHT Remedial measures project contract, which
entailed carrying out remedial measures of 42” South Bassein Hazira Trunk line
at Umbhrat, Hazira. The project completion, spreads over two financial years.
In India,
increased exploration and production is carried out in shallow waters. Apart
from this there is continuous requirement of repairs, maintenance,
refurbishment and upgradation of existing well head platforms, process and
production platforms and diverse sub sea work including replacement of existing
pipeline and its related topside modification. ONGC floats global tenders for
lump sum turnkey jobs under Engineering Procurement Installation Commissioning
(EPIC) contracts. The assignment involves design and engineering, precision fabrication,
installation and commissioning on offshore platforms.
The Company
undertakes lump sum turnkey contracts with the scope of work including
pre-engineering survey, detailed design and engineering, procurement, onshore
fabrication, transportation and offshore installation. This is expected to be a
growth area with high potential.
Port and Terminal
Support
The Company’s
current fleet of 12 harbour tugs cater to the requirements of private sector
and public sector ports in India both on the East and West coast. The average
utilization of the fleet has been in excess of 90 % as in previous years. This
segment is considered a very large thrust area as the government has set its
sight on expanding port handling capacities substantially.
Insurance
The Company has
continuously evaluated the market value of its assets and taken corrective
actions, if any, on an ongoing basis in maintaining adequate insurance coverage
at commensurate premium. The Company follows a process of operational risks
analysis and secures a comprehensive range of insurances to protect against
risks.
Salvage
The company
embarked on salvage operations and was very successful in its maiden year. It
was with humble pride that the company accepted the award as “Salvage company
of the Year” during the year.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 (Rs. in
millions) |
31.03.2011 (Rs. in
millions) |
|
(i) Guarantees
given by banks including performance and bid bonds, counter guaranteed by the
Company. |
688.900 |
916.400 |
|
(ii) Corporate guarantee given to Custom Department |
58.300 |
58.300 |
|
(iii) Corporate guarantee given to bank on behalf of subsidiary |
6807.300 |
3951.100 |
|
(iv) Claims not acknowledged by Company in respect of: |
|
|
|
- Customs Duty on Tug |
30.600 |
7.000 |
|
- Sales tax and Service tax demands on charter hire payments |
27.100 |
27.100 |
|
- Possible obligation in respect of matters under arbitration |
270.000 |
270.000 |
|
(v) Letters of Credit outstanding |
19.500 |
-- |
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED MARCH 31, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter ended on 31.03.2013 |
Quarter ended on 31.12.2012 |
Year ended on 31.03.2013 |
|
|
|
(Reviewed) |
(Reviewed) |
(Audited) |
|
1 |
Income from
operations |
2266.1 |
2190.700 |
8433.600 |
|
2 |
Profit on sale of vessels |
--. |
-- |
822.700 |
|
3 |
Other operating income |
1.500 |
10.500 |
29.200 |
|
4 |
Total
Income (1+2+3) |
2267.600 |
2201.200 |
9285.500 |
|
5 |
Expenditure |
|
|
|
|
|
a) Changes in inventories of
spares & stores |
8.700 |
(19.100) |
25.200 |
|
|
b) Employee benefit expenses |
553.000 |
521.400 |
1991.300 |
|
|
c) Repairs & Maintenance
fleet & rigs |
52.500 |
76.000 |
366.900 |
|
|
d) Engineering project expenses |
153.200 |
100.700 |
424.400 |
|
|
e) Depreciation. amortisation
and impairment |
450.500 |
457.800 |
1794.100 |
|
|
f) Other expenses |
955.700 |
411.400 |
2518.700 |
|
|
(g)
Total |
2173.600 |
1548.200 |
7120.600 |
|
6 |
Profit before Other Income, Finance
costs and |
94.000 |
653.000 |
2164.900 |
|
|
Exceptional Items (4-5) |
-- |
-- |
-- |
|
7 |
Other Income |
592.600 |
261.200 |
997.300 |
|
8 |
Profit before Finance costs and Exceptional Items (6+7) |
686.600 |
914.200 |
3162.200 |
|
9 |
Finance costs |
653.400 |
488.200 |
2087.700 |
|
10 |
Profit after Finance costs but before Exceptional Items (8-9) |
33.200 |
426.000 |
1074.500 |
|
11 |
Exceptional Item |
-- |
-- |
-- |
|
12 |
Profit/(Loss) from Ordinary
Activities before Tax (10+11) |
33.200 |
426.000 |
1074.500 |
|
13 |
Tax Expenses |
|
|
|
|
|
Current |
175.200 |
106.600 |
376.800 |
|
|
Deferred |
(40.300) |
128.600 |
83.000 |
|
|
Prior year taxes |
|
-- |
8.000 |
|
14 |
Profit/(Loss) from Ordinary Activities after Tax (12-13) |
(101.700) |
190.800 |
606.700 |
|
15 |
Extraordinary Items |
-- |
-- |
-- |
|
16 |
Net Profit/(Loss) for the period before Minority Interest (14-15) |
(101.700) |
190.800 |
606.700 |
|
17 |
Minority Interest |
-- |
-- |
-- |
|
18 |
Net Profit / (Loss) for the period
(16-17) |
(101.700) |
190.800 |
606.700 |
|
19 |
Paid up equity share capital (face value Rs. 10 per share) |
372.400 |
372.300 |
372.400 |
|
20 |
Reserve excluding revaluation
reserve as per balance sheet of previous accounting year |
-- |
-- |
9465.300 |
|
21 (A) |
Earning Per Share (EPS) before
Exceptional items (not annualised) |
|
|
|
|
|
Basic (Rs.) |
(2.73) |
5.12 |
16.30 |
|
21 (B) |
Earning Per Share (EPS) after
Exceptional items (not annualised) |
|
|
|
|
|
Basic (Rs.) |
(2.73) |
5.12 |
16.30 |
Part II
|
A |
|
|
|
|
|
22 |
Public
shareholding |
|
|
|
|
|
- Number of shares |
18725709 |
18717609 |
18725709 |
|
|
- Percentage of shareholding |
50.28% |
50.27% |
50.28% |
|
23 |
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 |
18514352 |
18514352 |
18514352 |
|
|
- Percentage of shares (as a % of the total shareholding
of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
49.72% |
49.73% |
49.72% |
|
B |
Investor
Complaints |
Quarter Ended on 31.03.2013 |
|
|
Pending at the beginning of the
quarter |
4 |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
11 |
|
|
Remaining unresolved at the end
of the quarter |
0 |
STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2013
(Rs. in millions)
|
|
Particulars |
As at March 31, 2013 |
|
|
|
Audited |
|
I |
EQUITY
AND LIABILITIES |
|
|
(1) |
Shareholders'
funds: |
|
|
|
(a) Share capital |
372.400 |
|
|
(b) Reserves and
surplus |
9465.300 |
|
|
|
9837.700 |
|
(2) |
Minority
Interest |
|
|
(3) |
Non-current
liabilities: |
|
|
|
(a)
Long-term borrowings |
19258.100 |
|
|
(b)
Deferred tax liabilities (net) |
359.500 |
|
|
(c)
Other long-term liabilities |
3931.600 |
|
|
(d) Long
term provisions |
61.300 |
|
|
|
23610.500 |
|
(4) |
Current
Liabilities: |
|
|
|
(a)
Short-term borrowings |
3242.500 |
|
|
(b)
Trade payables |
2237.600 |
|
|
(c)
Other short term liabilities |
6467.200 |
|
|
(d)
Short-term provisions |
1403.600 |
|
|
|
13350.900 |
|
TOTAL
EQUITY AND LIABILITIES |
46799.100 |
|
|
II |
ASSETS |
|
|
(1) |
Non-current
assets: |
|
|
|
(a)
Fixed assets |
23495.700 |
|
|
(b)
Goodwill on Consolidation |
-- |
|
|
(c) Non
current investments |
1965.300 |
|
|
(d)
Long-term loans and advances |
16479.700 |
|
|
(e) Other
non-current assets |
858.400 |
|
|
|
42799.100 |
|
(2) |
Current
assets: |
|
|
|
(a)
Current investments |
-- |
|
|
(b)
Inventories |
556.900 |
|
|
(c)
Trade receivables |
1648.500 |
|
|
(d) Cash
and cash equivalents |
59.400 |
|
|
(e) Short-term
loans and advances |
427.700 |
|
|
(f)
Other current assets |
1307.500 |
|
|
|
4000.000 |
|
TOTAL
ASSETS |
46799.100 |
|
1.
The above
results for the quarter ended March 31, 2013 are the balancing figures between
audited figures in respect of the full financial year and the published year to
date figures upto 31st December 2012. The results for the quarter
ended 31st March 2013 and year ended March 31, 2013 have been
reviewed by the Audit Committee and approved by the Board of Directors at its
meeting held on 23rd May 2013.
2. The Auditors' report on financial statements contains an observation, on
which management wants to explain as below :-
3. As on March 31, 2013, the company has investment in the equity /
redeemable preference shares of its wholly owned subsidiary company KEI - RSOS
Maritime Limited amounting to Rs.1886.300 millions and also a loan outstanding
amounting to Rs.333.100 millions. The company
has also issued bank guarantees to Indian Bank amounting to Rs.1416.800 millions against which outstanding facilities as on March 31, 2013 amount to
Rs.632.700 millions. The said
investment is strategic and long term in nature. The management is confident of
turning around the company and as such, in the opinion of the management, no
provision is considered necessary for depletion, if any, in value of investment
and loans and advances given by the company.
4. The Company has adopted principles set out in the Accounting standard
AS-30- "Financial Instruments: Recognition and Measurement" issued by
ICAI in respect of Hedge Accounting Policy. Accordingly, the unrealized
exchange gain/loss on revaluation of its foreign currency borrowings and
derivative instruments has been recognized in the hedge reserve account.
5. During the Current quarter, the net unrealized exchange gain on foreign
currency borrowings and on rupee loans hedged in USD being derivative
instruments aggregating to Rs.299.300 millions has been
recognized in hedge reserve account. The net realized exchange loss recognized
in profit and loss statement amounts to Rs.564.500 millions. The debit balance in hedge reserve account as on 31st March,
2013 is Rs.2748.500 millions. This is netted
off in Reserves and Surplus.
6. The company has not been able to service some of its foreign currency
bonds and loans on the original due dates. In respect of FCCB, the Board of
Directors had resolved to approach the bond holders for extension of its due
date upto December'13 subject to regulatory approvals as may be applicable. In
respect of other loans the company is in discussions for settlement of the dues
over the next one year. Management has taken effective steps for collection of
certain loans and advances, disposal of some assets including some of which are
operating assets, as in the opinion of the management, their value on sale will
be higher than their carrying value as also to meet the significant current
liabilities. The management is very hopeful of achieving this before the end of
the current financial year (31st March 2014). The company is also able to earn
operating margin by carrying on its business in the normal course. Hence these
accounts have been prepared on going concern assumption which is considered
appropriate.
7. During the year, name of the Company was changed from Great Offshore
Limited to GOL Offshore Limited with effect from 20th November,
2012, duly approved by Registrar of Companies, Mumbai.
8.
Earning per
share (Diluted) is ignored, since the effect of potential equity shares is
anti-dilutive.
9. The Company is mainly engaged in offshore business and there is no
separate reportable segment as per Accounting Standard (AS) 17.
10. Previous period figures have been regrouped/ recast, wherever necessary
to conform to current period classification.
FIXED ASSETS:
Tangible Assets
v
v
Fleet
v
Plant and Machinery
-
Rigs
-
Others
v
Office Premises
v
Furniture and Fixtures
v
Office Equipments
v
Computers
v
Vehicles
v
Assets held for Sale
Intangible Assets
v Computer Software
WEBSITE DETAILS:
PRESS RELEASE/ ARTICLES
DEBT-LADEN GOL OFFSHORE DEFAULTS REPAYMENT OF
RS.2000.000 MILLIONS FCCBS
April 17, 2013
MUMBAI:
Debt-laden GOL Offshore, formerly Great Offshore, has defaulted on the
repayment of its foreign loans worth Rs.2000.000 millions after bondholders
rejected an extension sought by the company. The company has now initiated a
dialogue with bondholders to arrive at a solution regarding the repayment of
the dues, a spokesperson for the company told ET.
"GOL
Offshore is trying to leverage its unencumbered assets to raise funds and repay
the FCCB and work out an amicable solution, acceptable to both the sides,"
a spokesperson for the company said.
Great Offshore
had earlier sought an extension on repayment until April 2013 when it was due
in October, but the bondholders did not approve. While the company had informed
the bourses that it had received approvals from its board to extend the date,
however, the company is yet to inform the bourses about the dismissal by the
bondholders.
Great Offshore
had raised $40 million through FCCBs in 2007 at an interest rate of 7.25%
payable semiannually, which was repayable in October last year.
The company has meanwhile
dismissed rumours of a possible restructuring of its debt by banks while
industry experts point out that the company had made an attempt at entering the
corporate debt restructuring scheme which was rejected by banks.
In a similar case
earlier, pharmaceutical firm Wockhardt had defaulted on its FCCB payments
forcing the bondholders to file a winding up petition in Bombay High Court.
Following court proceedings, the company had got a year's time to repay all
outstanding FCCBs.
"However,
GOL Offshore may find it difficult due to its liquidity crunch and the
bondholders are most likely to take a haircut, since the company does not have
the capacity to refinance it," a financial analyst told ET.
In the nine
months ended December 2012, its interest costs were 58% of its operating
profits and auditors of the company had also made a qualifying opinion on the
loans and advances made to a whole-owned subsidiary. The auditor in their
statement had highlighted that the net worth of the subsidiary has been substantially
eroded and cash flow flows are under stress. GOL Offshore currently have a debt
of Rs.34460.000 millions.
Earlier in
January, ET had reported that the company was selling some of its prime
properties in Mumbai to raise money to fund its FCCB repayment and the company
had said that the move was to liquidate dormant and low-yielding assets and the
funds were to be deployed into the core business.
GOL Offshore was
acquired by Bharati Shipyard in 2009 after a bitter corporate battle with
country's largest private shipbuilder ABG Shipyard after the original promoter
of the company, Vijay Sheth had pledged his shares with Bharati Shipyard.
Sheth eventually
lost his pledged shares and Bharati Shipyard initiated an open offer which was
countered by ABG Shipyard. Bharati, meanwhile had to pay more than Rs.10000.000
millions for the acquisition which created a dent in their balance sheet and
the company is yet to recover from that.
"Great Offshore shares a great relationship with the bondholders and they seem to have reposed faith in the company. They have unofficially allowed the company to bring back the money as they have also realised that there is no point in going to the court to recover the dues," according to a person close to the development.
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.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.