MIRA INFORM REPORT
|
Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT STATE PETROLEUM CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
GSPC Bhavan, Behind Udyog Bhavan, Sector-11, Gandhinagar - 382011,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.01.1979 |
|
|
|
|
Com. Reg. No.: |
04-003281 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 2296.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23209GJ1979SGC003281 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Exploration and Production Activities and Gas Trading and also Wind Power Generation. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 193300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a State Government Company. It is a well established company having a good track record. Financially
company seems to be strong. Liquidity position is good. The company gets strong support from the Government. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : (CARE) AA+ |
|
Rating Explanation |
Having high degree of safety regarding timely
servicing of financial obligation it carry low credit risk. |
|
Date |
September 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 [91-79-66701001]
LOCATIONS
|
Registered/ Corporate Office : |
GSPC Bhavan, Behind Udyog Bhavan, Sector-11, Gandhinagar - 382011,
Gujarat, India |
|
Tel. No.: |
91-79-55701532/ 28501001/ 55701005/ 66701001 |
|
Fax No.: |
91-79-23236375/ 55701331 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Project Office 1 : |
GSPC, Transit House/ Office, Near Light House, Village
Hazira, District |
|
Tel. No.: |
91-261-2870311/ 2870314/ 2870669/ 2870670 |
|
Fax No.: |
91-261-2870668 |
|
|
|
|
Project Office 2 : |
STC Ware House Complex, Near MMTC, Ware House New Port Godown Area, Kakinada – 533007, Andhra Pradesh, India |
|
Tel. No.: |
91-884-2346887/ 2346997 |
|
Fax No.: |
91-884-2346447 |
|
|
|
|
Delhi Office : |
Room No. 339/ 340, A Wing, 2nd Floor, August Kranti Bhavan, Bhikaji Kama Palace, New Delhi - 110066, India |
|
Tel. No.: |
91-11-26711001/ 26711004 |
|
Fax No.: |
91-11-26711003 |
DIRECTORS
AS ON 25.09.2012
|
Name : |
Achalkumar Kishor Chand Joti, IAS |
|
Designation : |
Chairman |
|
Address : |
Government Bunglow No. 26, Dafnala, Sahibaug, Ahmedabad, Gujarat,
India |
|
Date of Birth/Age : |
23.01.1953 |
|
Date of Appointment : |
08.03.2010 |
|
Din No.: |
01468434 |
|
|
|
|
Name : |
Mr. Tapan Ray, IAS |
|
Designation : |
Managing Director |
|
Address : |
K-16, Sector 20, Gandhinagar, Gujarat, India |
|
Date of Birth/Age : |
09.09.1957 |
|
Date of Appointment : |
26.12.2006 |
|
Din No.: |
00728682 |
|
|
|
|
Name : |
Dr. Varesh Sinha, IAS |
|
Designation : |
Director (w.e.f. 24.08.2012) |
|
|
|
|
Name : |
Mr. Kuniyil Kailashnathan, IAS |
|
Designation : |
Director |
|
Address : |
Principal Secretary to Hon’ble CM, Block No. 1, Fifth Floor,
Sachivalaya, Gandhinagar, Gujarat, India |
|
Date of Birth/Age : |
25.05.1953 |
|
Date of Appointment : |
26.12.2006 |
|
Din No.: |
00587901 |
|
|
|
|
Name : |
Mr. D. J Pandian, IAS |
|
Designation : |
Director |
|
Address : |
KH-214, Sector 19, Gandhinagar-382019, Gujarat, India |
|
Date of Birth/Age : |
11.05.1955 |
|
Date of Appointment : |
30.10.2001 |
|
Din No.: |
00015443 |
|
|
|
|
Name : |
Mr. Urjit Ravindra Patel |
|
Designation : |
Director |
|
Address : |
B-1, Harbour Heights, Flats 3 F, NA, Sawant Road, Collaba, Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
28.10.1963 |
|
Date of Appointment : |
26.12.2006 |
|
Din No.: |
00175210 |
|
|
|
|
Name : |
Mr. Yogesh Behari Sinha |
|
Designation : |
Director |
|
Address : |
707, Skytech Magadh, GH-7, Sector 3, Vaishali, Ghaziabad-201010, Uttar
Pradesh, India |
|
Date of Birth/Age : |
25.04.1946 |
|
Date of Appointment : |
21.12.2009 |
|
Din No.: |
02902722 |
|
|
|
|
Name : |
Mr. Narasimhan Ravichandran |
|
Designation : |
Director |
|
Address : |
Director’s Bunglow, IIM Indore Campus, Prabandh Shikhar, Rau-Pithampura
Road, Indore-453331, Madhya Pradesh, India |
|
Date of Birth/Age : |
24.09.1953 |
|
Date of Appointment : |
21.12.2009 |
|
Din No.: |
02065298 |
|
|
|
|
Name : |
Mr. Tirumalachetty Harinarayana
|
|
Designation : |
Director |
|
Address : |
P. No. 125, Suryanagar, RR District, Uppal-500039, Andhra Pradesh,
India |
|
Date of Birth/Age : |
10.06.1954 |
|
Date of Appointment : |
21.12.2009 |
|
Din No.: |
02902872 |
|
|
|
|
Name : |
Mr. M.M. Shrivastava, IAS |
|
Designation : |
Director |
|
Address : |
K-503, Sector 20, Gandhinagar, Gujarat, India |
|
Date of Birth/Age : |
23.07.1952 |
|
Date of Appointment : |
20.12.2008 |
|
Din No.: |
02190050 |
|
|
|
|
Name : |
Mr. Suresh Mathur |
|
Designation : |
Director |
|
Address : |
F-41, Green Park, New Delhi, India |
|
Date of Birth/Age : |
25.07.1940 |
|
Date of Appointment : |
26.12.2006 |
|
Din No.: |
00075227 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Dave |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 666/2, Panchvati Park, Sector-23, Gandhinagar-382023,
Gujarat, India |
|
Date of Birth/Age : |
13.02.1975 |
|
Date of Appointment : |
01.11.2008 |
|
Pan No.: |
AEHPD3040G |
|
|
|
|
Name : |
Mr. Samir Biswal |
|
Designation : |
Director (Exploration) |
|
|
|
|
Name : |
Mr. Padam Singh |
|
Designation : |
Director (Operations) |
|
|
|
|
Name : |
Mr. Manish Verma |
|
Designation : |
ED (F & A) |
|
|
|
|
Name : |
Mr. A K Vijay Kumar |
|
Designation : |
ED (CA) |
|
|
|
|
Name : |
Mr. D. P. Bansal |
|
Designation : |
Advisor (E&P) |
|
|
|
|
Name : |
Mr. Alok Chaudhuri |
|
Designation : |
SEVP (E & C) |
|
|
|
|
Name : |
Mr. Vijay Vir Singh |
|
Designation : |
EVP (KG Operations) |
|
|
|
|
Name : |
Mr. Rakesh Johari |
|
Designation : |
President (Field Services) |
|
|
|
|
Name : |
Mr. M Y Farooqui |
|
Designation : |
GM (Overseas Operation) |
|
|
|
|
Name : |
Mr. R N Pandey |
|
Designation : |
GM ( R & D) |
|
|
|
|
Name : |
Mr. Jayesh Dave |
|
Designation : |
GM ( Accounts) |
|
|
|
|
Name : |
Mr. Vinay Kumar |
|
Designation : |
ED (HR) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2012
|
Name of Shareholders |
No. of Shares |
|
Government of Gujarat |
2007221400 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Exploration and Production Activities and Gas Trading and also Wind Power Generation. |
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|
Products : |
|
GENERAL INFORMATION
|
Customers : |
Ø Adani Energy (Gujarat) Limited Ø Arvind Mills Limited Ø Essar Steel Limited Ø GSPC Gas Company Limited Ø Gujarat Alkalies and Chemicals Limited Ø Gujarat Gas Company Limited Ø Gujarat Industries Power Corporation Ø Gujarat Paguthan Energy Corporation Ø Gujarat State Electricity Corporation Ø Gujarat State Energy Generation Limited Ø Indian Farmers Federation Company Ø Indian Oil Corporation Limited Ø National Thermal Power Corporation Ø Sabarmati Gas Limited Ø Alok Industries Limited Ø Reliance
Industries Limited |
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|
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|
No. of Employees : |
Information declined by the management |
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|
Bankers : |
Ø Bank of India Ø Indian Overseas
Bank Ø Bank of Baroda Ø Bank of
Maharashtra Ø Canara Bank Ø State Bank of
India Ø Corporation Bank
Ø Allahabad Bank Ø Dena Bank Ø Punjab and Sind
Bank Ø ICICI Bank
Limited Ø Exim Bank Ø IDBI Bank
Limited Ø Union Bank Ø Indian Bank Ø Vijaya Bank Ø Axis Bank Ø Indusind Bank
Limited Ø UCO Bank Ø Yes Bank Ø Syndicate Bank |
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Statutory
Auditors : |
|
|
Name : |
Talati and Talati Chartered Accountants |
|
Address : |
Ambica Chambers, Near Old High Court, Navrangpura, Ahmedabad, Gujarat,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT4520A |
|
|
|
|
Associate
Companies : |
Ø Gujarat State
Energy Generation Limited Ø Sabarmati Gas
Company Limited |
|
|
|
|
Joint Ventures : |
Ø Niko Resources
Limited Ø Oilex NL
Holdings (India) Limited Ø Oilex NL Ø Hindustan Oil
and Exploration Company Limited Ø Oil and Natural
Gas Corporation Limited Ø Heramec Limited Ø Indian Oil
Corporation Limited Ø GAIL (India)
Limited Ø Oil India
Limited Ø Jubilant Oil and
Gas Private Limited Ø Geo Global
Resources (Barbados) Inc. Ø Jubilant
Securities Private Limited Ø Videocon
Industries Limited Ø Great Artesian
Oil and Gas Limited Ø Oilex Limited Ø Oilex (JPDA
06/103) Limited Ø Global Energy Ø Bharat Petro Resources
JPDA Limited Ø Japan Energy
Corporation Ø Pan Pacific
Petroleum NL Ø Apache Energy
Limited Ø Oilex Ø BPCL Ø HPCL Ø Sasol Petroleum Ø Hindustan
Petroleum Corporation Limited Ø Petrogas E&P
LLC Ø Ensearch
Petroleum Private Limited Ø Hallworthy
Shipping Limited SA Ø Nitin Fire
Protection Industries Limited Ø HPCL – Mittal
Energy Limited Ø Bengal Energy
Inc Ø NTPC Limited Ø Adani Welspun
Exploration Limited Ø Jubilant Enpro
Limited Ø Jubilant Enpro
Private Limited Ø Alkor Petro
Limited Ø Western Drilling
Contractors Private Limited Ø Oil India
Limited Ø Essar Oil
Limited |
|
|
|
|
Subsidiaries : |
Ø Gujarat State
Petronet Limited [L40200GJ1998SGC035188] Ø GSPC Pipavav
Power Company Limited [U40100GJ2006SGC047783] Ø GSPC LNG Limited
[U23203GJ2007SGC050115] Ø Guj Info Petro
Limited [U72900GJ2001PLC039162] Ø GSPC Gas Company
Limited [U23100GJ1999SGC035573] Ø GSPC (JPDA)
Limited [U23201GJ2006SGC049229] Ø GSPC Marginal
Fields Limited Ø GSPL India
Gasnet Limited Ø GSPL India
Transco Limited Ø GSPC
Distribution Networks Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Re. 1/- each |
Rs. 3000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2296091425 |
Equity Shares |
Re. 1/- each |
Rs. 2296.100
Millions |
|
|
|
|
|
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
EQUITY SHARE |
31.03.2012 |
|
|
|
No of shares |
Rs. in Millions |
|
At the beginning of the period |
2234363030 |
2234.400 |
|
Add: Issued during the period by converting compulsory convertible
Debenture |
-- |
-- |
|
Add: Shares Issued during the year |
61728395 |
61.700 |
|
Outstanding at the end of the period |
2296091425 |
2296.100 |
Aggregate number of bonus shares issued, shares
issued for consideration other than cash and shares bought back during the five
years immediately preceding the reporting date:
|
Particulars |
31.03.2012 |
|
|
|
No of shares |
Rs. in Millions |
|
Equity shares allotted as fully paid bonus shares by capitalization of
securities premium (during 2008-09) |
1056110700 |
1056.100 |
Details of share
holders holding more than 5% share in the company.
|
Name of Shareholders |
31.03.2012 |
|
|
|
No of shares
held |
% of Holding |
|
Equity shares of
Rs 1 each fully paid Government of Gujarat |
2007221400 |
87.42% |
As per of the
company, including its registers of shareholders/members and other declaration received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of share
Terms /Rights attached to equity shares.
The company has
only one class of equity shares having a face value or Rs 1 per share. Each
holder of equity shares is entitled to one vote per share. The company declared
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuring Annual
General Meeting.
During the year
ended 31 March 2012 the amount of per share dividend recognized as
distributions to equity shareholders is 0.20 (P.Y 0.20)
In the events of
liquidation of the company, the holders of equity shares will be entitled to
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportions to the number of equity share
held by the shareholders.
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 |
2296.100 |
2234.400 |
2197.300 |
|
|
2] Share Application Money |
0.000 |
5000.000 |
0.000 |
|
|
3] Reserves & Surplus |
46031.100 |
34994.000 |
29387.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.0000 |
0.000 |
|
|
NETWORTH |
48327.200 |
42228.400 |
31584.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
45167.100 |
40144.800 |
32044.500 |
|
|
2] Unsecured Loans |
47900.100 |
29803.200 |
31793.800 |
|
|
TOTAL BORROWING |
93067.200 |
69948.000 |
63838.300 |
|
|
DEFERRED TAX LIABILITIES |
919.000 |
613.500 |
640.800 |
|
|
|
|
|
|
|
|
TOTAL |
142313.400 |
112789.900 |
96063.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8884.900 |
7837.000 |
8727.400 |
|
|
Capital work-in-progress |
123800.200 |
94341.700 |
76901.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
4592.500 |
4509.600 |
4235.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2300.500
|
1528.600
|
32.400 |
|
|
Sundry Debtors |
5833.700
|
3184.300
|
2244.600 |
|
|
Cash & Bank Balances |
2579.800
|
384.700
|
1037.800 |
|
|
Other Current Assets |
796.100
|
716.100
|
6.800 |
|
|
Loans & Advances |
15346.900
|
12402.500
|
11435.400 |
|
Total
Current Assets |
26857.000
|
18216.200
|
14757.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9424.100
|
6677.700
|
4759.900 |
|
|
Other Current Liabilities |
10698.000
|
4116.700
|
2951.700 |
|
|
Provisions |
1699.100
|
1320.200
|
906.700 |
|
Total
Current Liabilities |
21821.200
|
12114.600
|
8618.300 |
|
|
Net Current Assets |
5035.800
|
6101.600
|
6138.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
60.500 |
|
|
|
|
|
|
|
|
TOTAL |
142313.400 |
112789.900 |
96063.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
84897.200 |
47702.400 |
38685.500 |
|
|
|
Other Income |
450.800 |
357.500 |
269.800 |
|
|
|
TOTAL |
85348.000 |
48059.900 |
38955.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock in Trade |
67356.000 |
39700.800 |
|
|
|
|
Changes in inventories of Finished Goods, Stock in process and Stock
in Trade |
(771.800) |
(1497.800) |
|
|
|
|
Employee Benefits Expense |
84.200 |
85.000 |
|
|
|
|
Other Expenses |
4141.400 |
3388.300 |
|
|
|
|
Exploration cost written off |
3393.500 |
629.600 |
|
|
|
|
TOTAL |
74203.300 |
42305.900 |
33113.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
11144.700 |
5754.000 |
5842.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
629.700 |
417.400 |
271.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
10515.000 |
5336.600 |
5570.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1097.900 |
1301.500 |
1540.700 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ADJUSTMENTS |
1.600 |
2.900 |
19.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9415.500 |
4032.200 |
4010.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3338.100 |
802.700 |
834.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6077.400 |
3229.500 |
3176.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2945.900 |
3234.500 |
3553.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5000.000 |
3000.000 |
3000.000 |
|
|
|
Dividend |
459.200 |
445.800 |
424.900 |
|
|
|
Tax on Dividend |
74.500 |
72.300 |
70.600 |
|
|
|
|
5533.7 |
3518.1 |
3495.5 |
|
|
BALANCE CARRIED
TO THE B/S |
3489.600 |
2945.900 |
3234.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Take or Pay (Cargo Cancellation Charges) |
282.200 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2.700 |
0.000 |
|
|
|
|
Traded Goods |
15877.300 |
10790.200 |
|
|
|
|
Incurred by Joint Ventures |
0.500 |
0.000 |
|
|
|
TOTAL IMPORTS |
15880.500 |
10790.200 |
N.A. |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.72 |
1.45 |
1.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.12
|
6.72
|
8.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.09
|
8.45
|
10.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.34
|
15.48
|
17.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.10
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.93
|
1.66
|
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.50
|
1.71 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Trade payables |
|
|
|
|
- Micro, small and medium Enterprises |
0.000 |
0.000 |
0.000 |
|
- Others |
9423.900 |
6677.500 |
4759.900 |
|
- Due to Others |
0.200 |
0.200 |
0.000 |
|
Total |
9424.100 |
6677.700 |
4759.900 |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
LITIGATION
DETAILS:
|
HIGH COURT OF
GUJARAT CAVEAT No. 3984 of
2012 |
|||||||
|
Status: PENDING
CCIN No: 001025201203984 Last Listing Date: Coram: - |
|||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||
|
1 |
GAIL (INDIA) LIMITED |
MR VISHWAS K SHAH for: Caveator(s) |
|||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|||||
|
1 |
GUJARAT STATE PETROLEUM CORPORATION |
|
|||||
|
Presented On : 29/11/2012 Registered On : 29/11/2012 Bench Category : -- District : GANDHINAGAR Case Originated From: THROUGH ADVOCATE Listed : 0 times Stage Name : -- Office Details |
|||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||
|
1 |
29/11/2012 |
CAVEAT |
MR VISHWAS K SHAH ADVOCATE |
-- |
-- |
||
|
HIGH COURT OF
GUJARAT SPECIAL CIVIL APPLICATION No. 5159 of
2010 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Status:
PENDING
CCIN No: 001021201005159 Next Listing Date: 18/02/2011
|
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|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
B G EXPLORATION AND PRODUCTION INDIA LIMITED ALLEN ANDRADE, INDIAN INHABITANT, GENERAL MANAGER FINANCE, |
MR SUDHIR M MEHTA for: Petitioner(s) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
STATE OF GUJARAT THROUGH SECRETARY GAIL INDIA LIMITED RELIANCE INDUSTRIES LIMITED INDIAN PETROCHEMICALS CORPORATION LIMITED GUJARAT GAS COMPANY LIMITED GUJARAT STATE PETROLEUM CORPORATION LIMITED UNION OF INDIA, NOTICE THROUGHTHE SECRETARY GOVT. OF INDIA |
GOVERNMENT PLEADER for :Respondent(s) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Details
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
From Others |
|
|
|
GSFS |
15000.000 |
11450.000 |
|
From Banks (Loans Repayable on demand) |
32900.100 |
18353.200 |
|
Total |
47900.100 |
29803.200 |
FINANCIAL PERFORMANCE
The Company has
excelled on all performance parameters. Highlights of financial performance of
the Company for the current financial year are summarized below :
Ø Total Income increased
from 48059.900 Millions in previous year to 8,534.80 Millions recording
increase of 77.59%
Ø PBT increased from
4032.200 Millions in previous year to 9415.500 Millions, recording an increase
of 133.50%
Ø PAT increased from
3229.500 Millions in previous year to 6077.400 Millions, recording an increase
of 88.18%
BUSINESS:
The Company along
with its subsidiaries and associates has evolved strategically as an with
significant presence across the entire energy value chain spanning wide range
of oil and gas activities comprising oil and gas exploration, development and
production, gas trading, gas transmission, gas distribution and power
generation. The Company has played a proactive role in the development of
entire gas value chain in the State of Gujarat through its initiative of
participation in the midstream and downstream segments as well as gas based
power generation and initiating activities for setting up of LNG Terminal.
Segment wise performance highlights are summarized below:
UPSTREAM BUSINESS ACTIVITIES
The Company has
grown from operatorship of small onshore fields in Gujarat to an expansive oil
and gas exploration entity across India and overseas. The Company has
significant growth potential with a diversified portfolio of onshore and offshore
blocks, both within India and overseas, along with combination of matured
blocks and blocks under development and exploration. The company holds
participating interest in 64 onshore and offshore exploration and production
blocks of which 53 blocks are located in India and 11 located Overseas covering
a total area of more than 257, 810 square kilometers. The Company is an
operator in 9 blocks overseas and 10 blocks in India.
The exploration
and development portfolio in India includes 9 blocks in the KG basin, 24 blocks
in the Cambay basin, 8 blocks in the Cauvery basin, 5 blocks in the Mumbai
basin, 2 blocks in the Rajasthan basin, 1 block each in the Kerala-Konkan and
Assam-Arakan basin, 2 block in the Andaman basin and 1 block in the Gujarat- Kutch
offshore basin. The overseas exploration and development portfolio includes 2
bocks in Australia, 5 blocks in Egypt (out of which Concession Agreement for 2
blocks is yet to be executed), 3 blocks in Yemen and 1 block in Indonesia.
Technology plays
an important role in E&P sector. The Company has inducted best in class
technology in all spheres of its exploration, development and production
activities. In addition, the Company has also entered into strategic service
agreements with reputed service providers like Schlumberger, Halliburton, Baker
Hughes, M I Overseas, B J Services, Weatherford, ITS, Aban Offshore, Nabors,
Precision Drilling, Fugro, Blade energy, EIL, L&T, Punj Loyd etc. to have
cutting edge in E&P operations.
The major
achievement are summarized below:
DDW DEVELOPMENT PROJECT
The KG-OSN-2001/3
offshore block was awarded to GSPC under a production sharing contract with
Government of India in February, 2003. The Company since then drilled total of
18 exploratory / appraisal wells, some of these wells were drilled to 6000m
depth, which are among the deepest HPHT wells globally. The Company has carried
out detailed G&G studies and deployed internationally renowned technical
consultants i.e. Schlumberger, Fugro Robertson and Blade Energy. These
technical studies have helped in developing better understanding about the
geological system and development philosophy.
The overall
strategy for development of KG Offshore block is one involving an integrated
development of Deen Dayal Area. The basis of development is to initiate the
development of Deen Dayal field by building production facility in the DDW area
which is currently being undertaken through several projects outlined below. It
is envisaged that an integrated field development strategy allows for a phased
development and early monetization of the reserve in the Deen Dayal Field. DDW
area is accordingly being developed as the first phase of development along
with development of additional mining lease area of 20.5 sq.km granted by GoI
in January 2012, an area associated with extension of DDW area. The second
phase would involve integrated DOC and development of other discovery areas,
among them are DDE, DDN, DDW-DT and DD NE. The integrated DOC is currently
under preparation for submission to DGH / MOPNG. After approval of DOC, the
development plan is envisaged to be submitted.
The Company is
fully geared up and committed to proceed ahead with the successful execution
and implementation of the Deen Dayal West Field Development Project which is
hailed as the first offshore HPHT (High Pressure High Temperature) field
development in India.
WELL HEAD PLATFORM
The Company has
successfully installed 6 legged Well Head Platform (WHP) Jacket in 57 mtr water
depth with Deck Facilities and it is ready for drilling. The weight of WHP is
6000 MT and it has 3 Levels of Decks namely Subcellar, Deck, Cellar Deck and
Main Deck.
PROCESS CUM LIVING
QUARTER PLATFORM (PLQP)
The Company has
awarded contract to M/s L&T for 4 Legged PLQP Jacked in 57 mtr water Depth
with Deck, TG Module, LQ Module, Flare Tripod and Bridges. The PLQP is
scheduled for completion in beginning of first quarter of FY 2013-14.
SUBMARINE PIPELINE
The Company has awarded
contract to M/s Punj Lloyd for 20” Dia, 25 Km Multi Phase Pipeline (22 km.
Offshore + 3 km. Onshore) and Slug Catcher and 10” Dia, 15 k.m, OGT effluent
Flow Line (12 k.m. Offshore + 3 k.m. Onshore). The Submarine Pipeline is
scheduled for completion in beginning of first quarter of FY 2013-14.
ONSHORE GAS
TERMINAL
The Company has
awarded the Contract for development of Onshore Gas Terminal to EIL, which will
be operational by mid of 2013.
INSTALLATION OF
PLATFORM RIG :
The Company has
successfully completed installation of 3000 HP Platform rig capable of drilling
up to 7000 mtrs, on 14 March, 2012. As compared to the conventional Cantilever
Jack Up rig this type of Rig is a highly economic solution. The Company has
started development drilling operations in DDW field.
The first gas flow
from this field is expected by mid 2013 which will add significantly to the
domestic gas production in India.
OTHER E&P BLOCK
OVERSEAS BLOCKS
In the overseas
portfolio, comprising the company is currently focusing major effort in Egypt
in Block No.6 (North Hap'y), deepwater block. After successful acquisition,
processing and interpretation of 3D seismic data completed by international
agencies M/s FRL, UK and M/s Spectrum Geopex, several drillable prospects were
identified. A semi-submersible floater rig, namely, Noble Paul Romano was
mobilized for undertaking the ambitious deepwater drilling campaign in the
North Hap'y block. The company has drilled two exploratory wells. In
exploration block 8 (South Diyur), located onshore in the western desert, 2D
seismic data is being acquired and processed. The work is being carried out by
Geophyzika Torun of Poland. The Drillable prospects are identified. Suitable
rig is being identified to drill the prospects.
In other overseas
blocks, the first phase of exploration involving activity of seismic
acquisition, processing and interpretation is being initiated.
CAMBAY BASIN –
OPERATED BLOCKS
The Company has successfully
drilled two wells in Ingoli field of Ahmedabad Block and increased oil
production by order of 300-350 BOPB – the field is currently producing close to
1,050 BOPD FROM 4 wells. The field is now taken up for studies on secondary oil
recovery to arrest decline of reservoir pressure and to maximize the
incremental recovery of oil. As a fulfillment of extended exploration campaign,
the Company along with partner GAIL has signed Ring-fence PSC for a part of
Ahmadabad Block with Government of India. Under this contract, the Company will
now be able to carry out appraisal / development of GSAH-5 oil discovery.
Tarapur field is
currently producing 120 barrels of oil per day along with 8,000 cubic meter of
gas per day. The Company has embarked on various plans for improved oil
recovery, which includes installation of artificial lift and drilling of
horizontal well with multi-stage hydraulic fracturing.
During the year,
the Company has progressively matured various plan as a part of implementation
of Field development strategies for enhancement of onshore hydrocarbon
production. Field development plans for Tarapur-G gas discovery, Sanand East
oil discovery, Miroli oil discoveries and Ankleshwar-21 oil discovery are
presently lined up for Management Committee approval ahead of commencement of
commercial production.
Oilex, the
Operator of Cambay Field wherein Company holds 55% participating interest has
successfully drilled 610 m horizontal pilot well with eight-stage hydraulic
fracturing. The results from drilling, logging and initial flow-back operation
are all encouraging with elevated presence of gas and condensate. As the well
could not be flowed back due to operational constraints of milling and fishing,
the fractured reservoir will now be re-entered with an offset well for
conventional testing. Being part of tight hydrocarbon development, the field
has been independently certified by international reserves auditor to hold best
care contingent resources of 493 billion cubic feet of natural gas and 84 million
barrels of oil and condensate.
NON OPERATED BLOCKS – DOMESTIC
In domestic
non-operated blocks portfolio, some discoveries have been made by company's
partner ONGC, pursuant to drilling campaign carried out. In block CBONN-
2004/3, the discovery well located near Dabka, was gas bearing and flowed at
the rate of 33,086 SCMD through 6mm bean size. In block CB-ONN-2004/2, oil well
Vadtal-5, two zones were tested and confirmed presence of hydrocarbons. The
discovery is being evaluated for potential commercial interest. In block
MB-OSN-2005/1, during drilling of first well in the Mahuwa formation, total gas
45.4% was observed. The well is under drilling
MIDSTREAM BUSINESS
ACTIVITIES:
GAS TRADING
The Company has
viewed LNG as a critical source to meet the demand-supply Deficit and played an
important role of demand aggregator to meet the demand of various Independent
Power Producers (IPPs), gas distribution companies, fertilizer plants and
industrial units in the State. Today, the Company is one of the leading gas
marketing companies in the country and has also been instrumental in developing
gas markets, by marketing gas at market determined prices.
The major
achievement in Gas trading business for the current financial year 2011-12 are
summarized below,
The Company has
imported 9 LNG cargoes (8 at Dahej and 1 at Hazira) from global markets
including Australia, Egypt, Nigeria, Qatar and United States of America.
In May 2011, the
Company and Gazpron Marketing and Trading Singapore (GMTS), have signed a
Memorandum of Understanding (MOU) for supply of up to 2.5 MMTPA of LNG starting
from the year 2016/2018.
In September 2011,
the Company has entered into a Heads of Agreement (HoA) with BG India,
subsidiary of the BG Group, for the long-term supply of up to 2.5 MMTPA LNG for
20 years starting from 2014 / 15.
The Company has
also entered into short term LNG sales and purchase contract with leading
global companies for supplies during financial Year 2011-12. In its endeavor to
source long term LNG, the Company has carried out negotiation with several
Global LNG suppliers and has made progress during this year in this direction.
GAS TRANSMISSION
In the midstream
section of the integrated value chain, GSPL the listed subsidiary of the
Company has emerged as the leading player in the State of Gujarat which
provides connectivity to major demand centers and supply sources in the State
of Gujarat. GSPL owns and operates more than 2000 kilometers of gas pipelines.
GSPL has transported 12430 mmscm of gas during the financial year 2011-12
(Previous year : 13010 mmscm).
GSPL has recorded
increase in turnover from Rs. 10681.500 Millions in 2010-11 to Rs. 11746.300
Millions in 2011-12 recording increase of 10% as compared to last financial
year.
The Petroleum and
Natural Gas Regulatory Board awarded the three major cross-country gas pipeline
projects to GSPL consortium. GSPL has a majority stake of 52% along with IOCL
(26%), BPCL (11%) and HPCL (11%). GSPL along with its consortium partners IOCL,
BPCL and HPCL is all set to develop about 4000 kms of cross country interstate
natural gas pipelines network which will be connected to the existing Gujarat
grid covering a distance of more than 2000 kms, thereby creating an integrated
network covering approximately 1/3 of the country's geographical area. This
will enable flow of gas from multiple gas source to principal demand centers.
The said three
cross country natural gas pipeline projects will be implemented through two
SPVs. Accordingly following SPVs have been incorporated to carry out the
aforesaid projects:
GSPL INDIA TRANSCO LIMITED (GITL)
The pipeline will
traverse through the State of Andhra Pradesh, Maharashtra, Rajasthan and Madhya
Pradesh.
GSPL INDIA GASNET LIMITED (GIGL)
The pipeline will
traverse through the State of Gujarat, Rajasthan, Punjab, Haryana and
Jammu-Kashmir.
GSPL along with
its consortium partners have achieved financial closure for the said three
pipeline projects. Further, GIGL and GITL are fully geared up and committed to
proceed ahead with the successful execution of the aforesaid pipeline projects
of national importance.
LNG TERMINAL
The Company has
incorporated GSPC LNG Limited for developing LNG Receiving, Storage and Regasification
Terminal in the State of Gujarat with an initial capacity of 5 MMTPA of ensure
energy security. The LNG terminal is designed to have two LNG storage tanks.
FEED has been completed.
DOWNSTREAM BUSINESS ACTIVITIES
CITY GAS DISTRIBUTION
In the downstream
section of integrated value chain, GSPC gas Company Limited (GSPC GAS) and
Sabarmati Gas Limited (SGL) have scaled following milestones by developing
pipeline infrastructure and supplying piped natural gas.
GSPC gas has
customer base of 3,55,101 domestic customers, 1647 industrial customers and
1292 commercial establishments as well as 137 CNG stations in various areas in
the State of Gujarat. GSPC Gas has achieved remarkable sale of 4 MMSCMD of gas,
which make it India's largest City Gas Distribution Company in terms of volume
of gas sales.
GSPC Gas has also
recorded increase in turnover from 19005.800 Millions in 2010-11 to 32374.600
Millions in 2011-12 recording increase of 70.34% as compared to last financial
year.
SGL has customer
base of 61414 domestic customers, 223 industrial customers and 304 commercial
establishment as well as 23 CNG stations in three Districts of North Gujarat.
The average daily gas sale from all the segments is approx 0.774752 MMSCMD.
CGD business is
growing very rapidly and CGD companies of GSPC Group are expected to grow by
leaps and bounds in the year to come.
POWER GENERATION:
GAS BASED POWER
GENERATION:
The existing and
new power projects scheduled to commission projects scheduled to commission in
the financial year 2012-13 will increase the gas based power generation
capacity to approx 1200 MW.
Gujarat State
Energy Generation Limited. (GSEG), the associate of the Company, has
successfully commissioned its 351.43 MW combined cycle power plant at Hazira in
FY 2011-12. With addition of new capacity, total power generation capacity of
GSEG is approx. 500 MW.
GSPC Pipavav Power
Company Limited (GPPC), a subsidiary of the Company, is scheduled to commission
702 MW combined cycle power plant at Pipavav during FY 2012-13.
ALTERNATE SOURCES
OF POWER GENERATION :
The Company being
committed to promote clean and green energy has also set up alternate sources
of power generation as follows :
The Company had set
up a 52.5 MW wind farm in Gujarat in FY 2009-10. GSPL had set up a 52.5 MW wind
farm in Gujarat in FY 2010-11. During the current FY, the Company has
commissioned wind power project of 18.9 MW, thereby achieving total wind power
generation capacity of 123.9 MW for GSPC Group.
GSPC Pipavav Power
Company Limited, a subsidiary of the Company, has successfully commissioned 5
MW Solar Power Plant at Gujarat Solar Park.
OTHER OPERATIONS
IT INFRASTRUCTURE
The Company has
promoted GIPL (Guj Info Petro Limited) for providing IT related services with
specific focus on energy sector. GIPL is an IT arm of GSPC which has always
remained in the vanguard of taking initiatives which transforms the lives of
people in Gujarat. GIPL currently holds a category “A” internet service
provider license from the Department of Telecom, Government of India for
operations across India.
MANAGEMENT DISCUSSION AND ANALYSIS
The year 2011
witnessed some significant developments which hampered growth prospects,
including several events in the gas industry as well, like spiraling LNG prices
on account of natural disasters hitting Japan, drastic reduction in the gas
production from one of India's biggest gas finds – RIL's KG D6 fields and
significant depreciation of India Rupee against US Dollar.
Accordingly, the
Indian economy also suffered a slowdown compared not just to the previous two
years but 2003 to 2011 (except 2008-9). As per Economic Survey 2011-12, the
Indian economy is estimated to grow by 6.9% in 2011-12, after having grown at
the rate of 8.4% in each of the 2 preceding years. The Economic Survey 2011-12,
goes on to mention that one of the foremost challenges in the coming years is
to meet the energy requirement and the 12 Plan projections made by the Planning
Commission indicate that for a GDP growth rate of 9% p.a., energy supply has to
grow at around 6.5% p.a.
As per data
published by the Petroleum Planning and Analysis Cell (PPAC), in 2011-12
natural gas production from Domestic fields reduced by about 10% y-o-y, while
the LNG Imports in to India increased from 8.86 MMT in 2010-11 to 10.13 MMT in
2011-12 (i.e. an increase by 14% on y-o-y basis).
Moreover, with
only GSPC'S DDW field set for commercial production in the near future and
burgeoning demand of gas in the country, LNG is set to play a pivotal role in
bridging the demand-supply gap in India. Though India has recently finalized
import of Gas through Turkmenistan-Afghanistan- Pakistan-India (TAPI) Pipeline,
the increase in availability of supplies through such transnational pipeline
shall take a few years to materialize.
Gujarat State
Petronet Limited (GSPL), a subsidiary of GSPCL, was awarded Letter of
Authorization (LoA) for development of three cross country pipelines namely,
Mehsana-Bhatinda pipeline, Bhatinda-Jammu-Srinagar pipelines and
Mallavaram–Bhilwara pipelines traversing across more than 100 cities. With fall
in domestic gas production and no major discovery expected soon, such cross
country pipelines proposed to be developed by companies like GSPL can be
optimally utilized by imported natural gas. Hence, import of LNG is the only
feasible option to meet gas burgeoning demand of natural gas in the country.
India's gas market
creates / offers a lot of opportunities for LNG trading, as LNG constitutes
almost 30% of the natural gas being consumed in the country. Further, with PLL
and HLPL in the process of expanding their LNG import and regassification
capacities at Dahej and Hazira respectively and new terminals being set up /
proposed to be set up at Kochi, Dabhol, Ennore, Mundra, Pipavav, Gangavaram and
Kakinada are set to add significant LNG Import capacity of India shall grow
from existing 13.7 MMTPA to more than 50 MMTPA, thereby corroborating the fact
that LNG imports and LNG trading are set to increase substantially and on a
macro level gas availability may improve significantly.
The Company's
various initiatives in promotion and participation of business activities which
provide synergistic value, complement well with the growing opportunities in
LNG trading. GSPC in its role as a demand aggregator has been making
significant efforts towards building a LNG import terminal.
E&P BUSINESS : PRODUCING ASSETS
Oil and gas production
volumes, which depend on the yield from the company's producing fields, have a
significant impact on the Company's results of operations. Currently, all of
their producing fields are within the Cambay basin, where company holds
participating interests in 15 producing fields. The Cambay basin is a maturing
resource province with declining production levels, especially of gas. The
volume of production from oil and gas fields generally declines as reserves are
depleted with ongoing production.
The Company also
intends to continue exploration activities in its existing exploration blocks
to discover new oil and gas reserves for development. The company's future
production will be significantly dependent upon success in finding and
developing reserves in a timely and cost effective manner.
ASSETS UNDER DEVELOPMENT
The company's
primary asset is its KG- OSN-2001/3 block, located offshore in the KG basin,
off the east coast of Andhra Pradesh, India, which includes the Deen Dayal
field. The Deen Dayal Field is a high temperature, high pressure (HTHP) tight
and deep gas field with a complex structural / stratigraphic trap involving
several separate fault blocks associated with rift geology. One fault block
(DDW) has been approved for development, while another discovery area DDE has
recently been appraised with drilling and testing of two appraised with
drilling and testing of two appraisal wells and confirmed as a gas bearing
area. Several discoveries in other areas require further appraisal and study before
becoming part of a long term plan for developing the greater field. The
development strategy for Deen Dayal West consists of a Well head Platform (WHP)
bridge-linked to a Processing and Living Quarter Platform (PLQP). The Company
has appointed reputed project management consultants, to co-ordinate the
overall construction and development work for DDW Development Project.
The company's
future production will be significantly dependent upon its success and timely
execution of the FDP for DDW. Moreover, GOI has granted additional 20.5 sq. km
area towards south of DDW Field beyond the block boundary, associated with
extension of DDW area for development (under extended Mining Lease area).
Following GOI approval of this extension area, the total development area for
DDW is in the order of 37.5 sq. km, for which an additional development, plan
is being submitted to DGH/GOI.
Alongside
development of DDW area, an appraisal plan is concurrently being undertaken
involving drilling and testing of appraisal wells in other discovery areas in
DDE, DDW Downthrown etc. The outcome of the campaign would enable the company
to ascertain commerciality potential of these areas, based on which an
integrated declaration of commerciality for these fields is being prepared and
submitted to DGH/GOI. Subsequent to GoI approval, an FDP formulated for these
fields will be submitted.
FORWARD LOOKING STATEMENTS
This report
contains forward looking statements which address expectations or projections
about the future, including but not limited to statements about the company's
strategy for growth, product development, market position, expectations and
financial results. The company cannot guarantee that these assumptions and
expectations are accurate or will be realized.
CONTINGENT
LIABILITIES:
I) Claims against the company not acknowledged as
debts which in the opinion of the Management are not tenable/under appeal at
various stages:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Income Tax |
6591.300 |
5705.100 |
|
Joint Ventures |
7745.700 |
4626.000 |
ii) Bank
Guarantees, Letter of Credit and performance guarantees given by the company
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Letter of Credits |
10574.100 |
4741.700 |
|
Financial Guarantees to Ministry of Petroleum and Natural Gas (MOPNG) |
1971.900 |
1551.600 |
|
Other Bank Guarantees * |
13335.800 |
12632.100 |
*This also includes the counter guarantee given by GSPC to the Banks and
bank guarantees given for overseas blocks
iii) The company
has provided Corporate Guarantee for the payments to the Fuel Supplier and to
the O&M Contractors of GSEG, an associate company. In case of any default
by GEB in making payments, the amount paid to the Fuel Supplier and the O&M
Contractor, would be recovered from the Government of Gujarat Guarantee
provided to GSEG. In addition GSEG has provided Bank Guarantee to the Fuel
Supplier to mitigate the risk to that extent.
FIXED ASSETS:
Ø
Leasehold Land
Ø
Freehold Land
Ø
Buildings
Ø
Office Equipments
Ø
Computer Equipments
Ø
Vehicles
Ø
Furniture and Fixtures
Ø
Plant and Machinery
Ø
Intangibles (Software)
WEBSITE DETAILS
BOARD OF DIRECTORS
Dr. Varesh Sinha, IAS
Chairman
Dr. Varesh Sinha, IAS is Chairman of the Company. He is a senior IAS officer
having wide administrative and corporate experience. Dr. Varesh Sinha, IAS has
graduated in Science [Physics and Maths.] and has completed his Masters in
“Mathematical Statistics”. He has also done Master of Business Administration
[MBA] and Ph.D. [Stat.] During his career, He has hold key positions at the
State Government level. He has held several important positions with Government
of Gujarat having worked in various sectors like Tourism, Agri-business,
Energy, Education, Panchayat, Urban, Labour, Home, Finance etc. Previosly he
has worked as Additional Chief Secretary, Finance Department of Govt. of
Gujarat. At present, he is the Chief Secretary, Govt. of Gujarat.
Mr. Kuniyil Kailashnathan, IAS
Non-Executive Director
Shri Kuniyil Kailashnathan, IAS is non-executive Director of the Company. He is
a senior IAS officer having wide administrative and corporate experience. Shri
Kuniyil Kailashnathan, IAS is a Post Graduate in M.Sc. (Chemistry) and M.A.
(Economics (U.K.)) from Madras University and University of Wales (U.K),
respectively. In his earlier assignments, he was closely associated with
industrial development and privatisation of Ports in Gujarat, in his capacity
as industries commissionner, vice chairman and chief executive officer of
Gujarat Maritime Board. Shri Kuniyil Kailashnathan has worked in the urban
sector, as municipal commissioner of Ahmedabad and Principal Secretary, Urban
Development. At present, he is the Principal Secretary to the Chief Minister of
Gujarat. In addition to this assignment, he is also Chairman of Gujarat State
Financial Services Limited.
Dr. Hasmukh Adhia, IAS
Non-Executive Director
Dr. Hasmukh Adhia, IAS is non-executive Director of the Company. He is a senior
IAS officer having wide administrative and corporate experience. Dr. Hasmukh
Adhia has got a basic degree in Accountancy. He has the distinction of being a
Gold medalist from Indian Institute of Management and he holds a Ph.D in Yoga
from Swami Vivekanand Yoga Univercity Bangalore. Prior to the present posting
Dr. Hasmukh Adhia, IAS was Principal Secretary Education Department from April,
2008 to January, 2013, Principle Secretary to Chief Minister, Gujarat from May,
2003 to June, 2006. He was also Director General of Sardar Patel Institute of
Public Administration (SPIPA) and Managing Director, Gujarat State Financial
Services Limited (GSFSL). Prior to this he has worked as Director in the
Ministry of Industry, New Delhi, and Secretary finance Department, Government
of Gujarat and Industries Commissioner, Gujarat as well as Vice Chairman and
Managing Director, Gujarat Industrial Development Corporation. He has travelled
widely around the World for promotion of Industrial and Infrastructure Investment
in India. At present, he is the Principal Secretary, Finance Department, and
Government of Gujarat.
Mr. D. Jagatheesa Pandian, IAS
Non-Executive Director
Shri D. J. Pandian, IAS is non-executive Director of the Company. He is a
senior IAS officer having wide administrative and corporate experience. Shri D.
J. Pandian, IAS holds MBA from Madras University. He was the Managing Director
of their Company from October 16, 2001 to November 9, 2009. He has also worked
on deputation with the World Bank in Washington, D.C. From 1995 to 1997, he was
Director, external commercial borrowing, Ministry of Finance, Government of
India. At present, he is the Principal Secretary, Energy and Petrochemicals
Department, GoG.
Mr. Manmohan Srivastava, IAS (Retd.)
Non Executive Director
Shri M M Srivastava, IAS, (Retd.) is non-executive Director of the Company. He
is a retired IAS officer having wide administrative and corporate experience.
Shri M M Srivastava, IAS, (Retd.) has graduated in Science from Delhi University
and has completed his Masters in Physics from Delhi University. He has also
done MBA (Marketing) from University of Ljubljana, Slovenia. He has wide
administrative and corporate experience. He has held various positions in
Government Departments prior to his retirement including Member (Finance),
Gujarat Electricity Board, Managing Director of Gujarat Agro Industries
Corporation, Commissioner of Commercial Tax Department, Principal Secretary of
Energy and Petrochemicals Department and Additional Chief Secretary of Finance
Department, Government of Gujarat. At present, he is the Chairman of Gujarat
State Petronet Limited (GSPL).
Mr. Yogesh B. Sinha
Independent Director
Shri Yogesh B. Sinha is an Independent Director of their Company and holds M.Sc
(Geology) degree from Lucknow University. He has over 40 years of experience in
oil and gas exploration and development and LNG business. Shri Yogesh Sinha was
Director (Exploration) of ONGC. He has also worked as Board member of Petronet
LNG Limited and ONGC Videsh Limited from the year 2000 to 2005. Currently, he
is an independent exploration and production consultant. He is also a member of
the Board of Energy Institute, India and Energy Think Tank, India.
Dr. N. Ravichandran
Independent Director
Dr. N. Ravichandran is an Independent Director of their Company and holds a
Masters degree in Science with specialisation in mathematics from Annamalai
University, Tamil Nadu. He is also a Ph.D in Mathematics from Indian Institute
of Technology, Madras. Dr. N. Ravichandran was a professor, production and
qualitative methods area, Indian Institute of Management, Ahmedabad. He is
currently Director of Indian Institute of Management, Indore.
Dr. T. Harinarayana
Independent Director
Dr. T. Harinarayana is an Independent Director of their Company and holds a
Ph.D in electromagnetic from Edinburgh University, UK and Ph.D in
electromagnetic from Indian School of Mines, Dhanbad. He also holds a Masters
degree in Science (Tech.) Geophysics from Andhra University. He was a fellow
member of Indian Geophysical Union, Geological Society of India, Andhra Pradesh
Academy of Sciences. He was also an executive member, Association of
Exploration Geophysicists. He is a member of various international associations
including American Geophysical Union. Currently, he is executive member of
International Association of Geomagnetism and Aeronomy. Dr. T. Harinarayana has
over 29 years of experience of working with National Geophysical Research
Institute as Scientist “G”. Dr. T. Harinarayana is presently Director, GERMI
Mr. Tapan Ray, IAS
Managing Director
Shri Tapan Ray, IAS is the Managing Director of their Company He is a senior
IAS officer having wide administrative and corporate experience. Shri Tapan
Ray, IAS holds degree in engineering from the Indian Institute of Technology,
Delhi, post graduate in public policy from Princeton University, USA and a
master in public administration from Syracuse University, USA. He also holds a
degree in LLB (general) from MS University, Baroda and LLB (special) from
Gujarat University, Ahmedabad, and diploma in International Law and Diplomacy
from Indian Academy of International Law. Shri Tapan Ray, IAS was Principal
Secretary (Economic Affairs), Finance Department in GoG from June 2006 to November
2009. He was a non-executive director of their Company from the year 2006 to
2009. Shri Tapan Ray, IAS was appointed as the Managing Director of their
Company on November 9, 2009.
PRESS RELEASE:
GUJARAT STATE PETRO - POST OPEN OFFER STATUS TO THE SHAREHOLDERS OF
GUJARAT GAS COMPANY
4th-Mar-2013
JM Financial Institutional Securities Private Limited ("Manager to the Offer" or "Manager"), for and on behalf of the GSPC Distribution Networks Limited ("Acquirer") along with Gujarat State Petroleum Corporation Limited ("PAC 1"), Gujarat State Petronet Limited ("PAC 2"), and GSPC Gas Company Limited ("PAC 3") as the persons acting in concert (together the "PAC") has informed this Post Offer Announcement to the equity shareholders of the Gujarat Gas Company Limited ("Target Company"), in compliance with Regulation 18(12) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ("SAST Regulations") in respect of the open offer ("Offer") to acquire upto 33,345,000 fully paid up equity shares of Rs. 2 each ("Equity Shares") of the Target Company. The detailed public statement ("DPS") with respect to the Offer was published on October 10, 2012.
PETRONET EYES 25%
STAKE IN TERMINAL OF GUJARAT STATE PETROLEUM CORPORATION
NEW DELHI: Petronet LNG Limited, a private company promoted by state-run oil firms for sourcing liquid gas in ships, is looking at picking up a 25% stake in a new gas import terminal being planned by Gujarat State Petroleum Corporation.
Company MD A K Balyan said Petronet has put in an expression of interest for
the stake in the terminal being envisaged with a capacity to import five
million tonne of liquid gas in a year.
"As leading LNG (liquefied natural gas) player in the country, we find
synergies in taking stake in the planned terminal," Balyan said adding the
final investment decision would depend on due diligence and other details.
GSPC is planning to build the terminal at Mundra in the state and would hold 50% in the project. Edible oils and power-to-infrastructure conglomerate Adani Group would take the remaining 25%.
Petronet reported almost flat net profit at Rs 2451.000 Millions in the March
quarter against Rs 2451.000 Millions in the previous corresponding period. The
profits were down because of lower volumes of tolling gas cargoes imported by
others such as GAIL and GSPC at its Dahej terminal, Balyan said.
Dahej terminal output at 122 trillion British thermal units was lower than 135
Trillion BTUs in the last quarter as state-owned GAIL and GSPC imported lesser
gas because of international prices shooting up to $18-19 per unit, company
director (finance)
R K Garg said.
For the 2012-13 fiscal, Petronet reported highest-ever net profit of Rs
11493.000 Millions, up 8. 7% over Rs 10575.000 Millions in the previous fiscal.
Balyan said its Dahej terminal operated at more than 100% capacity throughout
the year.
Petronet, he said, has mechanically completed construction of the five million tonne LNG import terminal at Kochi in Kerala and plans to commission it "sometime in July".
The Kochi terminal, however, will operate at just 12% of its capacity in the
current fiscal as pipelines taking gas to customers are not ready, he said
adding the company plans to import 4-5 shiploads of LNG at the terminal in
2013-14.
Next fiscal, the terminal is expected to operate at 75% capacity when pipeline
connecting Kochi to Mangalore and Bangalore are built, Balyan said adding GAIL
is planning to connect this pipeline to Chennai.
Also, Petronet plans to expand the Dahej terminal to 15 million tonne for which
contracts are expected to be awarded by September. "The company has
completed various pre-project activities and is working towards short-listing
of potential contractors for construction of another five million tonne
terminal at Gangavaram in Andhra Pradesh," Balyan.
GSPC SPENT RS
39239.600 MILLIONS IN LAST TWO YEARS ON EXPLORATION IN KG BASIN
MAR 12, 2013
AHMEDABAD: Gujarat State Petroleum Corporation (GSPC) has spent Rs 39239.600 Millions in last two years on exploration in KG basin. No production has started in the KG basin blocks of the GSPC as yet.
This was stated by energy and petrochemical minister Saurabh Patel in a reply to a question in the state assembly on Monday. The said that expenses were incurred on activities like analysis of information on sea, geographical and scientific analysis, along with exploration and testing of two developed wells.
On the issue of progress of exploration activities in the KG
basin, Patel said that activities like purchase of gas turbines, laying of a
submarine pipeline, production of onshore gas terminal, were being carried out.
A Comptroller and Auditor General of India (CAG) report had slammed Gujarat
government last year for almost ruining the once blue chip state public sector
unit GSPC by numerous faulty investments and destructive administrative
decisions and causing a loss of around Rs 70000.000 Millions of Gujarat's taxpayers.
KG BASIN OPERATIONS:
GSPC ON HUNT FOR FOREIGN PARTNER
NOV 19, 2012
GANDHINAGAR: Top Gujarat government is exploring the possibility of handing over its KG Basin operations to a foreign partner. Just 2 trillion cubic feet (tcf) of gas has been found at the basin as against the initial announcement made by chief minister Narendra Modi of 20 tcf in 2005. A well-placed Gujarat state government bureaucrat closely monitoring the state blue chip company Gujarat State Petroleum Corporation's (GSPC) future plans told TOI that "GSPC has reached the conclusion that it does not have the technical knowhow to extract even 2 tcf gas."
The official said, a proposal is under preparation in the government to begin talks with foreign oil-and-gas exploration companies who have the technology to ensure that the gas found by GSPC is finally recovered. "There are only three companies in the world who have the capacity to work in high temperature high pressure conditions prevailing in the off-shore wells drilled by GSPC. These are Exxon, Shell and British Petroleum. It is possible to hand over anywhere between 30 and 50 per cent of the GSPC's stakes in KG basin, off Andhra Pradesh coast", the official said.
However, the official pointed out, negotiations with these oil-and-gas majors will have to be held "very carefully", as none of the three multinational companies (MNCs) will be ready to take over the GSPC's past liabilities in KG Basin, which has led the company into a deep debt of Rs 80000.000 Millions. "Our preliminary groundwork suggests they may be ready to take over oil-and-gas exploration in KG Basin now onwards, including its commercial production, which is planned to begin next year. Foreign knowhow is badly required for this", the official said.
The official further said, "The Government of India, especially DG Hydrocarbons, the Central body which monitors oil-and-gas explorations in India, has no objection to GSPC willing to hand over its operations to a foreign company. Only, necessary clearances will have to be obtained." Significantly, it is DG Hydrocarbons only which put a stop to GSPC and Gujarat government's tall claim that about 20 tcf gas - valuing about Rs 50 billion dollars in 2005 - had been discovered in the KG Basin by GSPC, declaring the total find is not more than 2 tcf.
The official said that the past hype of 20 tcf was based on estimates by top US consultants, DeGolyer and MacNaughton's (D&M's). "D&M's estimates were of gas explored. There is a difference between how much has been explored and how much is recoverable. We believe 2 tcf is recoverable. This would be equal to 10 billion dollars. With a foreign partner digging more wells, things may improve."
BRITISH GAS SELLS
GUJARAT GAS TO GSPC FOR 2.4K CR
GANDHINAGAR: State-owned Gujarat State Petroleum Corporation (GSPC) on Wednesday signed an agreement to acquire British Gas's (BG) 65.12 % stake in its Indian subsidiary Gujarat Gas Company for Rs 24640.000 Millions.
The agreement was reached after hectic negotiations in Singapore, where BG finally
agreed to sell its stake in GGCL for 295 per share, according to a GSPC
release. GSPC's 100% subsidiary Gujarat Distribution Networks will acquire BG's
stake in GGCL.
GSPC reached the agreement with BG after its consortium partners Oil and
Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation (BPCL), two
central public sector undertakings, decided not to be part of the negotiations.
Both ONGC and BPCL were part of the previous round of negotiations in July this
year. While the central PSUs were not very keen to offer more than Rs 240 per
share, GSPC had shown readiness to make concessions.
"We were in a hurry to seal the deal. In case of our consortium partners ONGC and BPCL, there were procedural delays. We are willing to pass on equity to the central PSUs as and when their respective boards approve it," said minister of state for power Saurabh Patel.
Negotiations between GSPC and BG broke down in July after GSPC, under pressure
from ONGC and BPCL, sought to bring down the price of per share to Rs 270,
while BG executives insisted on a higher valuation.
During the course of the divestment process, two Ahmedabad-based corporates,
Torrent and Adani, were prevented from bidding for BG's stake by senior state
government officials, say sources close to the development.
GUJARAT STATE
PETROLEUM RAISES RS 30000.000 MILLIONS FROM BOND MARKET
GANDHINAGAR,
SEPTEMBER 27:
The State-promoted Gujarat State Petroleum Corporation Limited (GSPC) has raised Rs 30000.000 Millions from the bond market to meet the capital expenditure requirements for the ongoing exploration and production (E&P) activities, and to re-finance the existing higher cost short-term loans.
GSPC has entered the bond market for raising Rs 30000.000 Millions of corporate debt by issuing three different bonds having maturities of 8, 10 and 60 years, respectively. “The issue met with an overwhelming response from the financial market and against the total size of Rs 30000.000 Millions (including green-shoe option of Rs 15000.000 Millions), the total bids were received for Rs 101000.000 Millions,” a company official said here.
The 8-year and 10-year bonds were rated as ‘AA’ by CRISIL and ‘AA+’ by CARE. For the 60-year bonds, the ratings assigned by the two agencies were ‘AA-’ and ‘AA,’ respectively.
Despite the challenges of current financial market conditions, all bonds were raised at “very competitive” interest rates of 9.39 per cent for 8-year bonds, 9.45 per cent for 10-year bonds and 10.45 per cent for 60-year bonds. These are among the lowest rates for this rating category of bonds in the last one year. “In fact, till date, only Tata Power and Tata Steel have been able to raise funds through the perpetual/60-year term bonds and the interest payable by GSPC is lowest-ever in this segment,” the official said.
According to a company statement, this became possible due to a transparent process which involved “very aggressive” bidding response from the top merchant bankers of the debt market in India.
IPO
GSPC had been trying to raise about Rs 40000.000 Millions via the IPO route to fund its activities in the Krishna-Godavari Basin, but had to postpone its efforts in the last five years. In 2010, it tied up for Rs 30000.000 Millions term loans through a consortium of 15 banks led by Bank of Baroda, to finance its Deen Dayal West (DDW) field in the K-G Basin on the coast of Andhra Pradesh, and develop it for commercial production.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.92 |
|
|
1 |
Rs. 84.44 |
|
Euro |
1 |
Rs. 71.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
75 |
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.