MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIV VANI OIL AND GAS EXPLORATION SERVICES LIMITED |
|
|
|
|
Registered
Office : |
Tower-1, Fifth Floor, NBCC Plaza, Sector V, Pushp Vihar, New Delhi – 110017 |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
05.12.1989 |
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|
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Com. Reg. No.: |
55-038542 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 463.605 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1989PLC038542 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACS2523H |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
Line of Business
: |
Subject is
engaged in Exploration of Oil and Natural Resources. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 39900000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record. Financially
company appears to be strong. Performance capability seems to be high. Trade relations are reported to be fair. Business is active. Payment
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities : (CARE) BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
|
Date |
February 211 |
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 : |
Tower- 1, Fifth Floor, NBCC Plaza, Sector V, Pushp Vihar, New Delhi – 110017, India |
|
Tel. No.: |
91-11 29564592 |
|
Mobile No.: |
91-9957338181 (Mr. Deepak) |
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Fax No.: |
91-11-29565082 |
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E-Mail : |
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|
Website : |
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|
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Mumbai Office : |
302, Jai Krishna Complex, Fun Republic Lane, Opposite New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-42636500 |
|
Fax No.: |
91-22-42636521/ 42636511 |
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|
|
|
Haryana Office : |
12/1, Mathura Road, Faridabad - 121003, Haryana, India |
|
Tel. No.: |
91-129-4283300 |
|
Fax No.: |
91-129-4136975 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Prem Chimanlal Singhee |
|
Designation : |
Chairman and Managing Director |
|
Address : |
House No.4A, Street C-1, Sainik Farm, Delhi – 110062, India |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
B.Com |
|
Experience : |
26 Years |
|
Date of Appointment : |
05.12.1989 |
|
DIN No.: |
00021962 |
|
|
|
|
Name : |
Mr. Padam Chimanlal Singhee |
|
Designation : |
Joint Managing Director |
|
Address : |
House No.4A, Street C-1, Sainik Farm, Delhi – 110062, India |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.Com |
|
Experience : |
22 Years |
|
Date of Appointment : |
11.01.1990 |
|
DIN No.: |
00021995 |
|
|
|
|
Name : |
Mr. Prateep Kumar Lahiri |
|
Designation : |
Director |
|
Address : |
B-8, 2nd Floor, Green Park, Exim, New Delhi, India |
|
Date of Birth/Age : |
28.04.1937 |
|
Qualification : |
M.A. (History) and IAS Retd. |
|
Date of Appointment : |
30.03.1996 |
|
DIN No.: |
00039653 |
|
|
|
|
Name : |
Mr. Om Prakash Garg |
|
Designation : |
Director |
|
Date of Birth/Age : |
63 years |
|
Qualification : |
Bachelor of Commerce |
|
Date of Appointment : |
04.05.1992 |
|
DIN No.: |
00039625 |
|
|
|
|
Name : |
Capt. Hiteshi Chander Malik |
|
Designation : |
Director |
|
Address : |
F-22, 2nd Floor, Greater Kailash, Masjid Moth, New Delhi, India |
|
Date of Birth/Age : |
62 years |
|
Qualification : |
Advance Air
Traffic Control Course from CATC, Allahabad. |
|
Date of Appointment : |
30.10.2007 |
|
DIN No.: |
01942311 |
|
|
|
|
Name : |
Mr. Dwarka Das Daga |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.11.1941 |
|
Qualification : |
B.Com, LLB |
|
Date of Appointment : |
10.07.1990 |
|
DIN No.: |
00039664 |
|
|
|
|
Name : |
Mr. Rajnish Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.04.1948 |
|
Qualification : |
B.Sc., BE (Elec) Hons. |
|
Date of Appointment : |
30.01.2009 |
|
DIN No.: |
02530213 |
|
|
|
|
Name : |
Mr. Sachikanta Mishra |
|
Designation : |
Nominee- IFCI Limited |
KEY EXECUTIVES
|
Name : |
Mr. Deepak |
|
Designation : |
Project Manager |
|
|
|
|
Name : |
Mr. Vimal Chadha |
|
Designation : |
Company Secretary and Compliance Officer |
|
Date of Appointment : |
01.04.1994 |
|
PAN No.: |
ABTPC1565C |
|
|
|
|
Name : |
Mr. Rajan Gupta |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5095795 |
10.99 |
|
|
18482245 |
39.87 |
|
|
23578040 |
50.86 |
|
|
|
|
|
|
1793400 |
3.87 |
|
|
1793400 |
3.87 |
|
Total shareholding of Promoter and Promoter Group (A) |
25371440 |
54.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1718082 |
3.71 |
|
|
2660 |
0.01 |
|
|
2072893 |
4.47 |
|
|
4238348 |
9.14 |
|
|
1780453 |
3.84 |
|
|
2457895 |
5.30 |
|
|
8031983 |
17.33 |
|
|
|
|
|
|
7160277 |
15.44 |
|
|
|
|
|
|
2352499 |
5.07 |
|
|
476642 |
1.03 |
|
|
2967660 |
6.40 |
|
|
150759 |
0.33 |
|
|
2718934 |
5.86 |
|
|
400 |
0.00 |
|
|
299 |
0.00 |
|
|
97268 |
0.21 |
|
|
12957078 |
27.95 |
|
Total Public shareholding (B) |
20989061 |
45.27 |
|
Total (A)+(B) |
46360501 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
46360501 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial Institutions / BanksBUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Exploration of Oil and Natural Resources. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ř
State Bank of India Ř
ICICI Bank Limited Ř
Punjab National Bank Ř
State Bank of Hyderabad Ř
State Bank of Travancore Ř
Yes Bank Limited Ř
Bank of India Ř
Central Bank of India Ř
Indusind Bank Limited Ř
IFCI Limited Ř
Exim Bank Ř
Union Bank of India Ř
State Bank of Patiala Ř
Corporation Bank Ř
United Bank of India Ř
UCO Bank Ř
Andhra Bank Ř
Indian Overseas Bank Ř
Oriental Bank of Commerce Ř
Standard Chartered Bank Ř DBS Bank Limited |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Ř Life Insurance
Corporation of India Limited Ř
L&T Infrastructure Finance Company Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Vijay Prakash Gupta and Associates Chartered Accountants |
|
Address : |
E-2/16, White House, IIIrd Floor, Anshri Road, Dariyagang, New Delhi-110002, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFV1493P |
|
|
|
|
Subsidiaries : |
Ř
Shiv-Vani Oil and Gas Company LLC, Oman Ř
Oriental Oil and Gas Services Limited, Mauritius Ř
Shiv-Vani Oil Services Limited, India Ř
TNG Shiv Geo Services Limited, India Ř
Shiv-Vani Singapore PTE. Limited, Singapore Ř
Natural Oil and Gas Services Limited, Mauritius Ř
Shiv-Vani Energy Limited, India Ř Shiv-Vani Infra
Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 700.000 Millions |
|
5,00,000 |
Redeemable Non Convertible Preference shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,63,60,501 |
Equity Shares |
Rs. 10/- each |
Rs. 463.605
Millions |
|
|
|
|
|
(c) Terms / Rights attached to shares
The company has
only one class of Equity Shares having face value of Rs. 10/- per share. Each shareholder
is eligible for one vote per share. The dividend proposed by the board of
Directors is subject to the approval of shareholders. In the event of
liquidation, the Equity Shareholders are eligible to receive the remaining
assets of the Company, after distribution of all preferential amount in
proportion to their shareholding.
(d) Reconciliation
of the Shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
2011
- 12 |
2010
- 11 |
|
Shares as on 1st April |
46,360,501 |
46,360,501 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : Shares forfeited/bought back during the year |
-- |
-- |
|
Shares as on 31st March |
46,360,501 |
46,360,501 |
(e) 4,29,000 (Previous
Year - 4,29,000) Equity shares of Rs. 10/- each are held by Shiv Vani Oil
Services Limited (a wholly owned subsidiary company). This forms part of
promoters holding.
(f) Details of shares
held by share holders holding more than 5% of the aggregate shares in the
company
|
Name of share
holder |
2011
- 12 |
2010
- 11 |
|
|
No
of shares held & % of holding |
No
of shares held & % of holding |
|
Templeton Strategic Emerging Markets Fund III LDC |
37,07,895 8% holding |
24,57,895 5.30% holding |
|
ICICI Securities Limited Constituents Beneficiary Account |
-- |
23,65,453 5.10% holding |
(g) Information regarding
issue of shares in the last five years
(a) The Company
has not issued any shares without payment received in cash
(b) The Company
has not issued any bonus shares
(c) The Company has not undertaken any buy back of shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
463.605 |
463.605 |
463.605 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9514.006 |
9081.402 |
8782.649 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9977.611 |
9545.007 |
9246.254 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13732.180 |
17087.591 |
16777.021 |
|
|
2] Unsecured Loans |
4375.415 |
3572.000 |
510.727 |
|
|
TOTAL BORROWING |
18107.595 |
20659.591 |
17287.748 |
|
|
DEFERRED TAX LIABILITIES |
1676.658 |
1338.007 |
974.448 |
|
|
|
|
|
|
|
|
TOTAL |
29761.864 |
31542.605 |
27508.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19138.442 |
19697.637 |
18404.922 |
|
|
Capital work-in-progress |
3777.148 |
333.252 |
2243.307 |
|
|
|
|
|
|
|
|
INVESTMENT |
568.793 |
568.267 |
567.767 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2197.049
|
1990.752 |
730.037 |
|
|
Sundry Debtors |
5873.594
|
6410.465 |
2689.619 |
|
|
Cash & Bank Balances |
898.511
|
2454.193 |
430.192 |
|
|
Other Current Assets |
2530.994
|
1825.269 |
0.000 |
|
|
Loans & Advances |
6094.005
|
4863.472 |
6299.700 |
|
Total
Current Assets |
17594.153
|
17544.151 |
10149.548 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1927.403
|
2189.685 |
2393.331 |
|
|
Other Current Liabilities |
8236.339
|
3630.781 |
1055.371 |
|
|
Provisions |
1152.930
|
780.236 |
575.307 |
|
Total
Current Liabilities |
11316.672
|
6600.702 |
4024.009 |
|
|
Net Current Assets |
6277.481
|
10943.449 |
6125.539 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
166.915 |
|
|
|
|
|
|
|
|
TOTAL |
29761.864 |
31542.605 |
27508.450 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
12593.176 |
12221.262 |
10718.028 |
|
|
|
Other Income |
289.539 |
114.440 |
169.966 |
|
|
|
TOTAL (A) |
12882.715 |
12335.702 |
10887.994 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2183.885 |
|
|
|
|
|
Operational Expenses |
4511.065 |
4852.029 |
|
|
|
|
Employee Benefit Expense |
735.475 |
680.273 |
|
|
|
|
Other Expenses |
593.099 |
670.664 |
|
|
|
|
TOTAL (B) |
8023.524 |
8125.976 |
6808.911 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4859.191 |
4209.726 |
4079.083 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2689.853 |
2241.509 |
1757.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2169.338 |
1968.217 |
2321.829 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1122.777 |
1121.667 |
817.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1046.561 |
846.550 |
1504.633 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
354.895 |
440.035 |
584.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
691.666 |
406.515 |
920.058 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3645.169 |
3446.417 |
2630.419 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
100.000 |
50.000 |
|
|
|
Transferred to Debenture Redemption
Reserve |
2500.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
46.360 |
92.721 |
46.360 |
|
|
|
Dividend Distribution Tax on Proposed Dividend |
7.521 |
15.042 |
7.700 |
|
|
BALANCE CARRIED TO
THE B/S |
1732.954 |
3645.169 |
3446.417 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Revenue |
364.968 |
523.196 |
848.201 |
|
|
|
Interest on FDR (Capital nature) |
0.000 |
0.000 |
0.000 |
|
|
|
Other |
0.000 |
0.000 |
0.024 |
|
|
TOTAL EARNINGS |
364.968 |
523.196 |
848.225 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores, Spares and Chemicals |
619.512 |
639.765 |
414.179 |
|
|
|
Capital Goods |
44.110 |
692.558 |
337.026 |
|
|
|
Transit Goods |
14.699 |
67.361 |
0.000 |
|
|
TOTAL IMPORTS |
678.321 |
1399.684 |
751.205 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
14.92 |
8.77 |
20.93 |
|
|
|
Diluted
|
13.67 |
7.89 |
20.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2954.800 |
2764.000 |
2367.800 |
|
Total Expenditure |
1729.800 |
1595.900 |
1332.200 |
|
PBIDT (Excl
OI) |
1225.000 |
1168.100 |
1035.600 |
|
Other Income |
(82.700) |
105.600 |
47.900 |
|
Operating
Profit |
1142.300 |
1273.800 |
1083.500 |
|
Interest |
600.600 |
610.100 |
742.200 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
541.700 |
663.700 |
341.300 |
|
Depreciation |
269.800 |
321.600 |
284.500 |
|
Profit
Before Tax |
272.000 |
342.100 |
56.900 |
|
Tax |
90.000 |
111.900 |
21.400 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
182.000 |
230.100 |
35.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
182.000 |
230.100 |
35.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.37
|
3.30 |
8.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.31
|
6.93 |
14.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.85
|
2.27 |
5.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.09 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.81
|
2.16 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.66 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
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
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Bonds 80,000 Bonds
(P.Y. 80,000 Bonds ) 5% Foreign Currency Convertible Bonds of USD 1000 each |
3728.743 |
3728.743 |
|
Add : Currency Translation |
363.777 |
(156.743) |
|
From Banks repayable on demand (Rate of Interest - 14.45% ) |
282.895 |
0.000 |
|
Total |
4375.415 |
3572.000 |
|
Disclosure of
Security on Secured borrowings Working capital loans
from banks are secured by way of hypothecation of stocks of consumable stores
and spares and book debts of the company, both present and future and also
IInd charge on Plant and Machinery except on specific Plant & Machinery
of Rs. 20.900 Millions exclusively charged to State Bank of India. These
working Capital Loans are further secured against pledge of 2,759,400 Equity
share of the Company being part of Promoters Stake. |
||
REVIEW OF
OPERATIONS
Recently the company
has started its foray into the area of offshore drilling by obtaining its
maiden contract from Gulf of Suez Petroleum Company (GUPCO) for deployment of
an offshore jack up drilling rig in Gulf of Suez, Egypt for an initial period
of 2+1 year. GUPCO is a 50 -50 joint venture owned by British Petroleum (“BP”)
and The Egyptian General Petroleum Company (“EGPC”). This contract will be
executed under their Singapore based 100% subsidiary viz. Shiv-Vani Singapore
Pte Limited. They have acquired offshore jack up drilling rig “Ocean Heritage”
now renamed as “Shiv-Vani Heritage” from Diamond Offshore LLC, an offshore
drilling company, of Delaware, USA.
Shiv-Vani Heritage
is a self elevating drilling unit registered and flagged in the Marshall
Islands. Shiv-Vani Heritage has an outfitted maximum water depth capability of
300ft and a drilling depth capability of 20,000ft. The rig is acquired with all
certification including the ABS certificate.
It is a new
beginning for the company and has set a strong offshore drilling platform for
Shiv-Vani. Acquisition of offshore rig should be considered as an addition to
the gamut of services provided by Shiv-Vani.
Shiv-Vani
currently owns and operates 40 on-land rigs and 8 seismic crews. They provide
onshore E&P services ranging from seismic services, well drilling, work
over operations, extraction of methane gas out of coal beds (CBM) to integrated
well services with projects all over the country.
While continuing
with the contracts of the last year with respect to E and P Services ranging
from seismic to well drilling related
integrated services, extraction of Methane from coal beds (CBM) they also got
the EPC contract for the erection of Coal Handling Plant (CHP) and setting of
Solar Power project as per the following:
OTHER BUSINESS
ACTIVITIES
SEISMIC SERVICES:
They provide
services in the collection and interpretation of seismic data. They are capable
of acquiring both two-dimensional and three-dimensional seismic data, and have
entered into a collaborative agreement with a third-party which gives them the
capability to provide shallow water transit zone data services. Seismic data is
collected by causing an explosion in the area beneath a shot-hole and then
capturing the resulting resonance by a geophone and a telemetry system.
Interpretation of the seismic data collected helps in identifying the precise
points for well drilling.
During the year
they have added two new clients for 3-D Seismic data acquisition for an area of
144 square KM in Gujrat for Sintax Oil and Gas Limited and they are continuing
with their services with SNG Russia for GAIL (India) Limited for an area of 605
square KM.
DRILLING
OPERATIONS:
Deep drilling
services consist generally of well drilling, well workover and directional
drilling services. The company on consolidated basis has fleet of 40 onshore
rigs with drilling capacity up to a maximum depth of 8,000 metres. Out of 40
rigs 80% are brand new in terms of drilling capacity and value with an average
age of 3-4 years and residual life of about 35 years.
The company is
successfully running all the contracts with their esteemed clients viz. ONGC,
OIL India Limited etc and also obtaining repeat contracts from existing
employers.
CBM OPERATIONS:
Coal bed methane
development exploration and exploitation is gradually gaining importance as it
reduces the greenhouse effect and earns carbon credits by further preventing
the direct emission of methane gas from operating mines to the rd atmosphere.
India has 247 Billions tonnes of Coal Reserves – 3 largest in the world. Total
Sedimentary area for CBM Exploration in India is 26,000 Sq Km, 36% of which is
still unexplored. The DGH expects CBM production to grow to more than 7mmscmd
over the next few years from present production of over 2mmscmd. Out of this
exploration has been initiated in about 60% area by way of CBM rounds Following
are the CBM bidding states:
CBM I : 7 Offered
and 5 awarded
CBM II : 9 Offered
and 8 awarded
CBM III : 10
offered and 10 awarded
CBM IV : 10
offered and 7 awarded
Shiv-Vani is
pioneer and leading provider of integrated CBM development services in India
with ability to provide multilateral inseam, horizontal directional drilling,
resulting in significant increase in flow rates and optimises CBM production.
The Company has got an integrated contract of CBM for development, drilling and
production testing of 14 horizontal Wells and putting them under production
with requisite surface facilities for delivering the Gas at delivery point and
Drilling, Completion and Testing of Pilot Wells in four CBM Blocks of
Jharkhand.
They have drilled
a total of 20 numbers of wells for CBM Project at Bokaro as 3 Horizontal and 17
Vertical with the deployment of five no. of rigs of different capacities as per
the requirement of the project.
EPC PROJECTS:
Apart from the
existing contracts from ONGC for engineering, construction and pre / post
installation of gas gathering station, they have got 2 contracts of Coal
handling Plant of about Rs. 200 Cr. each from Mahanadi Coalfileds Limited
(MCL), a subsidiary of Coal India Limited for Ananta siding Vand VI, Jgannath
Area of Talcher Coalfields Near Talcher, Orissa. The project is a
pre-engineered turnkey assignment for design, supply, construction, erection,
commissioning, trial run and handing over of all the structures, equipment and
other sub-systems of the proposed coal transportation and silo loading
arrangement at Ananta OCP siding , Talcher coalfields of MCL. The first
contract for Rs.198.50 is executable over a period of 2 years and another LOI
of about Rs.2000.000 Millions (executable over a period of 2 years) is expected
shortly.
This is an E.P.C.
contract. This does not need any capital expenditure. Working capital limits plus
mobilization advance from Coal India will be sufficient to execute the project.
MANAGEMENT DISCUSSION AND ANALYSIS
INDIAN ECONOMY
Indian economy was
estimated to grow by 6.9% in 2011-12 mainly due to weakening industrial growth,
which finally declined to 6.5%, a three-year low as compared to an impressive
8.4% in the previous fiscal. The GDP growth in the January- March quarter,
2011-12, was just 5.3% compared to 9.2%t in the same period in 2010-11. The GDP
of last quarter of 2011-12 was expected to be around 6.1% on a
quarter-on-quarter basis. Fiscal deficit was estimated at 5.9%.
Reflecting
slowdown in the economy, the growth rate of eight infrastructure sectors slowed
down to 2.2% in April because of poor performance of crude oil, natural gas,
petroleum refinery products and fertilizers. The eight core sectors that also
include coal, electricity, cement and finished steel, and have a weightage of
37.9% in the Index of Industrial Production (IIP), had grown by 4.2 % in April
2011.
The cumulative
growth rate of infrastructure industries during 2011-12 also slowed down to
4.4%, from 6.6% in 2010-11, according to the data released by the commerce and
industry ministry.
This indicates a
slowdown compared not just to the previous two years, when the economy grew by
8.4%, but also from 2003-2011, except 2008-09 economic downturn, when the
growth rate was 6.7%. However, the Economic Survey 2011-12 predicts 7.6% GDP
growth in 2012-13 and 8.6% in 2013-14.
With agriculture
and services continuing to perform well, the slowdown can be attributed almost
entirely to weakening industrial growth.
The year witnessed
a sharp increase in interest rates that resulted in higher costs of borrowings,
and other rising costs affecting profitability and, thereby, internal accruals
that could be used to finance investment.
But despite the
low growth figures, India remains one of the fastest growing economies of the
world as all major countries including the fast growing emerging economies are
seeing a significant slowdown. The global economic environment which was
tenuous at best throughout the year, turned sharply adverse in September, 2011,
owing to the turmoil in the euro-zone countries and question about others,
reflected in sharp ratings downgrades of sovereign debt in most major advanced
countries.
SOCIO-ECONOMIC
ENVIRONMENT
The world economy
is passing through a very difficult phase and is expected to grow by 3.5% in
2012. Despite a better than expected recovery shaping in the US, the key
reasons for the subdued growth forecast of 1.4% in the Advanced Economies
remain the sovereign debt crisis in the euro zone, focus on fiscal
consolidation and continued bank deleveraging. Growth in the developing world
is forecast to slow down further to 5.7% with the key economies of China,
India, Brazil and Russia – all expected to record lower rates of growth.
INDUSTRY SCENARIO
IN INDIA
Energy is one of
the major inputs for the economic development of any country. In the case of the
developing countries, the energy sector assumes a critical importance in view
of the ever-increasing energy needs requiring huge investments to meet them.
The Indian economy
is a net importer of almost all forms of energy. The government is actively seeking
private participation in the energy chain and is also promoting acquisition of
oil and gas reserves overseas. Back home, the rapidly growing Indian economy
requires an investment of around USD 120 to 150 billion over the next five
years in the energy sector. Strong private sector participation is required to
complement public sector and bring in the required capabilities and
technologies. Policies have increasingly recognized the need to promote private
investment. Private interest in captive coal mining, oil and gas exploration
and power sector has increased significantly and is also envisaged in nuclear
sector, after the Indo-US nuclear deal has been concluded.
OIL AND GAS
The implementation
of the New Exploration Licensing Policy (NELP) in 1999 has not only increased
the exploration scenario significantly, but also helped in bringing in the
much-needed risk capital and state-of-the-art technology to this sector.
The Hydrocarbon
exploration initiatives in India have increased manifold after implementation
of NELP. India’s conventional Hydrocarbon resources are estimated to be more
than 28,000 MMT of which Initial In-Place reserves of more than 10,000 MMT of
Oil and Oil Equivalent Gas have been established so far. Since India ranks
fourth in the world in Total Primary Energy consumption, there is an urgent
need to accelerate the development of this sector to meet its growth
aspirations.
A total of 291
exploration Blocks/ Fields have been awarded, of hich 228 are in operation. So
far, eight rounds of biddings have been completed under NELP and during the
IXth round of bidding, 33 bids have been received out of 34 blocks offered. The
whole sedimentary basinal area of India is likely to be covered for exploration
activities by 2015. The New Exploration Licensing Policy provides for
attracting investments in this important sector of the economy and has
significantly boosted the development of E and P sector.
The production of
oil is estimated at 38.19 million metric tonnes (MMT) which is an increase of
1.33 per cent, whereas natural gas production during April to December, 2011-12
was 38.19 billion cubic metre (BCM) as compared to 39.68 BCM for the same
period in previous year. In vision 2015 it is envisaged to provide piped gas to
more than 200 cities across country to cover 75 per cent population with LPG
usage. The government is encouraging national oil companies to aggressively
pursue oil and gas opportunities overseas. Demand for oil, comprising of 36 per
cent of India’s primary energy consumption, is expected to grow both in
absolute and percentage terms to 196 MMT in 2011-12 and 250 MMT in 2024-25. To
address the growing demand supply gap, the government has stepped up
exploration and production efforts through private participation under the NELP,
and has also developed a more holistic strategy for acquisition of equity in
oil abroad, Other Indian companies like Reliance Industries Limited.(RIL),
Gujarat State Petroleum Corp. Limited. (GSPC) and Videocon are actively seeking
oil and gas blocks across the globe.
During the same
period domestic production from existing developed reserves expected to grow at
approximately 2.5%. The gap in demand and output will catapult India to one of
the largest consumers of crude oil along with China. The two countries will
account for 35% of the world’s incremental energy demand.
CRUDE OIL PRICE
The fiscal year
2011-12 has been an eventful year for the oil and gas sector. Crude oil, also
famously know as ‘black gold’, witnessed heavy action amidst rising political
instability in the Middle East and North Africa (MENA) region as well as a
slowdown in the developed economies of the US and Europe. After flagging off
the year at USD 94 per barrel, Brent crude oil (spot prices) shot up sharply in
May 2011 to USD 123 per barrel on the back of rising political tensions in the
Arab nations of Libya, Syria, Bahrain, Egypt, etc.
Crude oil price
stayed strong all through in FY 12 and averaged US$ 114.29 /bbl against the
average of US$ 85.52/bbl during FY 2011. The last quarter of FY 12 has been the
most volatile and oil price averaged US$118.81/bbl with a peak of the
US$126.40/bbl on 16 March, 12. The major reason for the higher prices has been
the perception that US economy is recovering based on the indicator that showed
accelerated pace of job creation in US private sector.
However, benchmark
crude prices continued to soften through most of April, 2012. Crude oil prices
in May, 2012 continued to decline and averaged US$110.70, almost US$14/bbl less
than the peak price in March, 2012.
The crippling
effect of this sharp volatility seen in global crude prices has taken a heavy
toll on the Indian economy which depends on imports to meet around 70 per cent
of its requirements.
Coupled with this were
their very own domestic macro-economic problems like stubbornly high inflation
and rising borrowing costs. Blame it on soaring crude oil prices, the sharp
rupee depreciation or the high inflation high interest cost scenario, the
Indian oil and gas has had a roller-coaster fiscal 2011-12.
While the first
half of fiscal 2011-12 saw upstream companies like ONGC and Oil India emerge
winners, the recently ended December quarter belonged to the domestic refiners
– IOC, BPCL and HPCL. After posting a cumulative loss of around Rs. 140000.000
Millions during the April-September 2011 period, the three oil marketers sprung
right back into action as they witnessed a significant jump in budgetary
support and increased upstream discounts.
However, the
domestic refiners continue to post losses on sale of fuel at subsidized rates.
As per the latest figures from the oil ministry, the combined daily loss
incurred by them on sale of diesel, kerosene and LPG at subsidized rates amount
to Rs. 4710.000 Millions. At this rate they are expected to report an annual
under-recovery in excess of Rs.1 lakh crore.
OUTLOOK
Domestic oil and
gas production dipped 5% year on year to 86 million metric tonnes of oil
equivalent (MMTOE) in FY 2012 on the back of 9% degrowth in gas production to
47.55 billion cubic metres (BCM) and tepid 1% growth in crude oil production to
38 million metric tonnes (MMT). Oil and Natural Gas Corporation Limited (ONGC)
continues to dominate India’s exploration and production (E&P) landscape,
accounting for approximately 55% of total oil and oil equivalent gas (O+OEG)
production while Oil India Limited (OIL) accounts for 8% and various private
companies/joint ventures (JVs) together account for 37% (FY 12). As a result
the growth prospects of the Company are tremendous mainly because of the
expertise it has gained during the last twenty years, state of the art
equipments with an average age of about 3-4 years and low competitions.
The company
recently forayed into the area of offshore drilling by obtaining its maiden
contract from Gulf of Suez Petroleum Company (GUPCO) for deployment of an
offshore jack up drilling rig in Gulf of Suez, Egypt for an initial period of
2+1 year. This contract will be executed under their Singapore based 100%
subsidiary viz. Shiv-Vani Singapore Pte Limited.
STAND ALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
(Rs.
in millions)
|
S No. |
Particulars |
Quarter Ended (30.06.2012) |
|
|
|
|
Unaudited |
|
|
|
Income from operations |
3 Months |
|
|
1 (a) |
Net sales/income from operations (Net of excise duty) |
2954.772 |
|
|
(b) |
Other Operating Income |
|
|
|
|
Total Income from operations |
2954.772 |
|
|
2 |
Expenses |
|
|
|
a |
Increase/Decrease stock in trade and work in progress |
315.290 |
|
|
b |
Consumption of raw materials |
- |
|
|
c |
Purchase of traded goods |
|
|
|
d |
Employees cost |
157.116 |
|
|
e |
Depreciation |
269.765 |
|
|
f |
Contract Expenses |
575.034 |
|
|
g |
Oil & Lubricants consumed |
145.135 |
|
|
h |
Administrative Expenses |
103.851 |
|
|
i |
Other expenditure |
95.356 |
|
|
|
Total Expenses |
1661.547 |
|
|
3 |
Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2) |
1293.225 |
|
|
4 |
Other Incomes |
(82.647) |
|
|
5 |
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4) |
1210.578 |
|
|
6 (a) |
Interest & Finance Charges |
600.605 |
|
|
6 (b) |
Lease Rentals |
337.995 |
|
|
7 |
Profit after interest but before Exceptional items (5-6) |
271.978 |
|
|
8 |
Exceptional Items (Loss on derivative transactions) |
- |
|
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
271.978 |
|
|
10 |
Tax Expenses |
|
|
|
|
Current |
54.417 |
|
|
|
MAT Credit Entitlement |
(21.257) |
|
|
|
Deferred |
56.815 |
|
|
|
Income Tax related to earlier years |
|
|
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9 - 10) |
182.003 |
|
|
12 |
Extraordinary items (net of tax expenses Rs ) |
- |
|
|
13 |
Net Profit (+)/
Loss (-) for the period (11-12) |
182.003 |
|
|
14 |
Paid-up Equity Share Capital (Face Value of Rs. 10/- each) in Rs. |
|
|
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
463,605,010 |
|
|
16 |
Earnings Per Share (EPS) |
|
|
|
(i) |
Basic and Diluted EPS before Extraordinary items for the Period, for the year to date and for the Previous year (not to be annualized) |
Basic |
3.93 |
|
|
|
Diluted |
3.57 |
|
(ii) |
Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
Basic |
3.93 |
|
|
|
Diluted |
3.57 |
|
|
|
|
|
|
|
PART-II |
|
|
|
2. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
Number of Shares |
20,899,061 |
|
|
|
Percentage of shareholding |
45.08% |
|
|
(a) |
Promoters and promoter group Shareholding |
25,461,440 |
|
|
|
Pledged/ Encumbered |
|
|
|
|
Number of Shares |
20,581,900 |
|
|
|
Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
80.84% |
|
|
|
Percentage of shares (as a % of the total share of Company) |
44.40% |
|
|
(b) |
Non- Encumbered |
|
|
|
|
Number of Shares |
4,879,540 |
|
|
|
Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
19.16% |
|
|
|
Percentage of shares (as a % of the total share of Company) |
10.53% |
|
NOTES:-
1.
The above unaudited Provisional financial results
were reviewed by the Audit Committee and approved by the Board of Directors on
their meeting held on 14th August,2012
2.
The Limited Review Report by statutory auditor of
the Company as per Clause 41 of the Listing Agreement on Unaudited Quarterly
Financial Results for the Quarter ended on 30th June, 2012, was duly placed
before the Board of Directors of the Company.
3.
Pursuant to Clause 41 of the Listing Agreement, the
company has opted to publish only the consolidated results.
4.
There is no reportable segment pursuant to
Accounting Standard – 17 issued by Institute of Chartered Accountants of India
on Segment Reporting.
5.
Figures have been regrouped, reclassified and
restated wherever necessary.
|
6. Key numbers of Standalone financial results : |
Quarter Ended (30.06.2012) |
|
|
3 Months |
|
|
Unaudited |
|
Net sales/income from operations (Net of excise duty) |
2954.772 |
|
Profit from ordinary activity before tax |
271.978 |
|
Profit from ordinary activity after tax |
182.003 |
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
1 Amount unpaid on investment in shares:- - 5,000 Equity Shares of Parasrampuria Synthetics Limited |
0.035 |
0.035 |
|
2 Counter
Guarantees given in respect of Guarantess Issued by the Company’s bankers to
Oil and Natural Gas Corpn. Limited (ONGC), Oil India
Limited (OIL) and others. (Against pledge of 9,02,500 shares of the company
held by director and a third party) |
2615.096 |
2423.805 |
|
3 Un-expired letters of credit |
131.054 |
316.594 |
|
4 Corporate Guarantees given to Financial Institutions / Banks for
securing financial assistance for a Subsidiary Company |
1984.828 |
1791.244 |
|
5 Estimated Value of Capital commitments (Net of advances) |
3441.553 |
3147.825 |
|
6 Disputed claims/levies (excluding interest if any) in respect of: a Sales Tax demands (*) * To be adjusted against refund granted for Rs.13.386 Millions. |
1.241 |
1.241 |
|
b Custom Duty |
1.250 |
1.250 |
|
c Service Tax Demand |
479.531 |
549.531 |
|
7 Other Commitment |
4159.342 |
6395.703 |
|
8 Case Pending in Court |
3.924 |
3.924 |
FIXED ASSETS:
Ř Building
Ř Plant and Machinery
Ř Office Equipments
Ř Computers
Ř Vehicles
Ř Furniture’s and Fixtures
WEBSITE DETAILS
PRESS RELEASE
ONGC BANS BUSINESS DEALINGS WITH SHIV-VANI FOR 2
YEARS
Onshore drilling contractor accused of ‘failure to
commence services’
Kolkata, Feb. 13:
State-owned
exploration and production major ONGC is believed to have blacklisted one of
its largest onshore drilling contractor Shiv-Vani Oil and Gas Exploration
Services Limited for two years.
A listed entity,
Shiv-Vani claims to have already been awarded with nearly Rs 30000.000 Millions
worth of tenders, under implementation.
The Delhi-based
company posted a turnover of Rs 2090.000 Millions against Rs 14840.000 Millions
in 2011-12.
The company’s
shares were up by four per cent to Rs 55.50 on Wednesday.
According to
documents in possession with Business
Line, ONGC firmed up its decision for “banning of business dealings with
Shiv-Vani for two years from the date of the order (January 28, 2013)” vide
office memo (file ref EOA/MM/Surface/Compressor/2012).
The action was
taken following Shiv-Vani’s alleged “failure to commence the services”
(installation of compressors at Kankinada processing facility) as per the terms
and conditions stipulated by a tender awarded in August last year.
Prem Singhee,
Chairman and Managing Director, Shiv-Vani, however, denied any black-listing by
ONGC.
“The contract in question
is of very small value of Rs 5.000-6.000 Millions. There was some delay by the
sub-contractor (of Shiv-Vani). I am confident that ONGC will extend the
timeframe for work completion and the issue will be settled,” he said.
“We are the
single largest (on-shore) contractor of ONGC implementing Rs 30000.000 Millions
worth of tenders. And, we share excellent relationship,” Singhee added.
Track record
Interestingly,
this is not the first time Shiv-Vani is accused for delay in tender
implementation.
In 2008, the
company was awarded a Rs 16100.000 Millions order for supply of eight onshore
rigs in ONGC assets across the country by January 2009.
However, as in
June 2009, ONGC imposed five per cent penalty on Shiv-Vani for its failure to
meet even the extended timeline for rig mobilisation.
Shiv-Vani was
also the contractor for the Rs 9000.000 Millions integrated CBM development
project of ONGC in Jharia.
The project was
abandoned midway.
While Singhee
blamed ONGC for the failure of the Jharia CBM project, he admitted the delay in
rig deployment against the 2008 contract of ONGC.
Entry in coal
Apart from oil
sector, Shiv-Vani also has a presence in coal handling sector.
The company is
currently implementing a Rs 2000.000 Millions contract to set up mechanised
coal loading solutions at Talcher coal mines of Sambalpur-based Mahanadi
Coalfields Limited (MCL).
According to
sources, Shiv-Vani was also short-listed for another similar contract by MCL.
However, the
tender was finally cancelled due to alleged discrepancies in Shiv-Vani’s bid
proposal.
SHIV
VANI WINS AN OFFSHORE DRILLING CONTRACT FROM GVPCO AND COMPLETES ACQUISITION OF OFFSHORE JACK UP RIG
New Delhi,
India - May 3rd, 2012:
Shiv-Vani Oil
and Gas Exploration Services Limited (the "Company or "Shiv Vani),
announced winning of an Offshore Drilling contract from Gulf of Suez Petroleum
Company ("GUPCO"),- a 50 -50 joint venture owned by British Petroleum
("BP") and The Egyptian General Petroleum Company ("EGPC").
The drilling contract is for a duration of two years extendable by one year, in
Gulf of Suez, Egypt.
The
Company has acquired "Ocean Heritage" a jack up offshore drilling
rig, through its 100% wholly owned subsidiary based in Singapore, from Diamond
Offshore Heritage LLC ("Diamond Offshore"), an offshore drilling
company, of Delaware, United States of America to deploy with GUPCO to execute
the contract.
Ocean
Heritage - is a self elevating drilling unit registered and flagged in the
Marshall Islands. Ocean Heritage has an outfitted maximum water depth
capability of 300ft and a drilling depth capability of 20,000ft. The rig is
acquired with all certification including the ABS certificate. The rig is fully
refurbished and is ready for deployment.
Prem
Singhee, CMD, Shiv Vani said, "This is a key breakthrough for the company from the strategic
perspective. We are very delighted on this acquisition as it is a new beginning
for the company and has set a strong offshore drilling platform for Shiv Vani.
Having developed our competencies in onshore drilling, this acquisition shall
complement our onshore drilling expertise and provides an entry into
offshore". Mr.
Singhee also added "after winning a contract from BP, the company has added an elite
customer to the list which already includes prestigious clients as ONGC, OIL,
and Petroleum Development Oman (a Shell operated company)"
Acquisition of the offshore rig should be considered as an addition to the gamut of services provided by Shiv Vani. Shiv Vani currently owns and operates 40 on-land rigs and 8 seismic crews. Shiv Vani shall now cater to a group of elite customs as BP, ONGC, OIL and Petroleum Development Oman with a strong presence in India in addition to Egypt, Oman, Dubai, and Singapore.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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. 54.48 |
|
|
1 |
Rs. 82.72 |
|
Euro |
1 |
Rs. 71.27 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.