MIRA
INFORM REPORT
|
Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABAN OFFSHORE LIMITED |
|
|
|
|
Registered
Office : |
“Janpriya Crest”, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.09.1986 |
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|
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Com. Reg. No.: |
18-013473 |
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Capital
Investment / Paid-up Capital : |
Rs. 2897.040 Millions |
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|
|
CIN No.: [Company Identification
No.] |
L01119TN1986PLC013473 |
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
The Company is Engaged in The Business of Providing Offshore
Drilling and Production Services to Companies Engaged in Exploration,
Development and Production of Oil and Gas Both in Domestic and International
Markets. The Company is also Engaged in The Ownership and Operation of Wind
Turbines for Generation of Wind Power in |
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|
|
|
No. of Employees
: |
1415 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. The rating takes into consideration delay in debt servicing in the
recent past on account of stressed liquidity position of the company. However, business is active. Payment terms are reported to be slow and
delayed. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE Rating |
|
Rating |
Long term bank facilities |
|
Rating Explanation |
Expected to be in default |
|
Date |
05.03.2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Periyal |
|
Designation : |
Account Manager |
|
Contact No.: |
91-44-49192226 |
|
Date : |
09.08.2014 |
LOCATIONS
|
Registered Office : |
“Janpriya Crest”, 113 Pantheon Road, Egmore, Chennai 600 008, Tamilnadu, India |
|
Tel. No.: |
91-44 – 49060606 |
|
Mobile No.: |
91-44 – 28195527 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. P. Murari |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Reji Abraham |
|
Designation : |
Managing Director |
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|
Name : |
Mr. K. Bharathan |
|
Designation : |
Director |
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|
Name : |
Mr. Ashok Kumar Rout |
|
Designation : |
Director |
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Name : |
Mr. P. Venkateswaran |
|
Designation : |
Deputy Managing Director |
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|
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|
Name : |
Mr. C.P. Gopalkrishnan |
|
Designation : |
Deputy Managing Director, Chief Financial Officer and Secretary |
KEY EXECUTIVES
|
Audit Committee : |
· P. Murari - Chairman · K. Bharathan - Member · Mr. P. Venkateswaran - Membe |
|
|
·
|
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Stakeholders
Relationship Committee : |
· K. Bharathan - Chairman · P. Venkateswaran - Member · C. P. Gopalkrishnan - Member |
|
|
·
|
|
Compensation Committee
: |
· P. Murari - Chairman · K. Bharathan - Member · Reji Abraham - Member |
|
|
·
|
|
Nomination and
Remuneration Committee : |
· K. Bharathan - Chairman · P. Murari - Member · Ashok Kumar Rout - Member |
|
|
·
|
|
Corporate Social
Responsibility Committee : |
· Ashok Kumar Rout - Chairman · Reji Abraham - Member · C.P. Gopalkrishnan - Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8484721 |
19.50 |
|
|
6693070 |
15.38 |
|
|
15177791 |
34.88 |
|
|
|
|
|
|
8328750 |
19.14 |
|
|
8328750 |
19.14 |
|
Total shareholding of Promoter and Promoter Group (A) |
23506541 |
54.02 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
89054 |
0.20 |
|
|
1699919 |
3.91 |
|
|
4197269 |
9.65 |
|
|
5986242 |
13.76 |
|
|
|
|
|
|
3241680 |
7.45 |
|
|
|
|
|
|
9492312 |
21.81 |
|
|
54000 |
0.12 |
|
|
1235740 |
2.84 |
|
|
370223 |
0.85 |
|
|
261583 |
0.60 |
|
|
534002 |
1.23 |
|
|
1905 |
0.00 |
|
|
47255 |
0.11 |
|
|
90 |
0.00 |
|
|
20682 |
0.05 |
|
|
14023732 |
32.23 |
|
Total Public shareholding (B) |
20009974 |
45.98 |
|
Total (A)+(B) |
43516515 |
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) |
43516515 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is Engaged in The Business of Providing Offshore Drilling and Production Services to Companies Engaged in Exploration, Development and Production of Oil and Gas Both in Domestic and International Markets. The Company is also Engaged in The Ownership and Operation of Wind Turbines for Generation of Wind Power in India. |
GENERAL INFORMATION
|
No. of Employees : |
1415 (Approximately) |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Bankers : |
· Axis Bank Limited · Bank of Baroda · Bank of India · Canara Bank · Central Bank of India · Corporation Bank · DBS Bank Limited · Export Import Bank of India · ICICI Bank Limited · IDBI Bank Limited · Indian Bank · Indian Overseas Bank · Kotak Mahindra Bank Limited · Life Insurance Corporation of India · Oriental Bank of Commerce · Punjab National Bank · State Bank of Hyderabad · State Bank of India · State Bank of Mysore · State Bank of Travancore · Syndicate Bank · The Lakshmi Vilas Bank Limited · Union Bank of India |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
|
Address : |
Paruvatham, No.2, 56th Street, Off: 7th Avenue, Ashok Nagar, Chennai – 600 083, Tamilnadu |
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|
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Subsidiary
companies : |
Aban Energies Limited, India (Wholly owned subsidiary) Aban Holdings Pte Limited, Singapore (Wholly owned subsidiary) Radhapuram Wintech Private Limited |
|
|
|
|
Subsidiaries of
Aban Holdings Pte Limited, Singapore : |
Aban Singapore Pte Limited, Singapore Aban 7 Pte Limited, Singapore Aban 8 Pte Limited, Singapore Aban Abraham Pte Limited, Singapore Aban Pearl Pte Limited, Singapore Aban International Norway AS in Norway DDI Holding AS, Norway Deep Drilling Invest Pte Limited, Singapore Deep Drilling 1 Pte Limited, Singapore Deep Drilling 2 Pte Limited, Singapore Deep Drilling 3 Pte Limited, Singapore Deep Drilling 4 Pte Limited, Singapore Deep Drilling 5 Pte Limited, Singapore Deep Drilling 6 Pte Limited, Singapore Deep Drilling 7 Pte Limited, Singapore Deep Drilling 8 Pte Limited, Singapore Deep Driller Mexico S de RL de CV, Mexico Aban Labuan Private Limited, Labuan,Malaysia |
|
|
|
|
Associate Company: |
Belati Oilfield SdnBhd, Malaysia |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500 |
Equity Shares |
Rs.02/- each |
Rs. 0.005 Million |
|
1000 |
Equity Shares |
Rs.10/- each |
Rs. 0.010 Million |
|
|
TOTAL |
|
Rs.
0.015 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36880000 |
Equity Shares |
Rs. 02/- each |
Rs. 73.750 Millions |
|
850000 |
Equity Shares |
Rs. 02/- each |
Rs. 1.700 Millions |
|
90000 |
Equity Shares |
Rs. 02/- each |
Rs. 0.190 Million |
|
5690000 |
Equity Shares |
Rs. 02/- each |
Rs. 11.390 Millions |
|
10000 |
Equity Shares |
Rs. 01/- each |
Rs. 0.010 Million |
|
|
TOTAL
A |
|
Rs. 87.040 Millions |
|
|
|
|
|
|
60000000 |
Preference Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
45000000 |
Preference Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
61000000 |
Preference Shares |
Rs.10/- each |
Rs. 610.000 Millions |
|
95000000 |
Preference Shares |
Rs.10/- each |
Rs. 950.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
TOTAL
B |
|
Rs. 2810.000 Millions |
|
|
TOTAL
A+ B |
|
Rs. 2897.040 Millions |
B. Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
|
31st March 2014 |
|
|
|
No. Millions Rs.
Millions |
No. Millions Rs. Millions |
|
Equity shares of Rs
2 each |
|
|
|
At the beginning of the period |
43.510 |
87.040 |
|
Issued during the period |
--- |
--- |
|
Outstanding at the
end of the period (A) |
43.510 |
87.040 |
|
|
|
|
|
|
31st March 2014 |
|
|
|
No. Millions Rs. Millions |
No. Millions Rs. Millions |
|
Preference shares
of Rs 10 each |
|
|
|
At the beginning of the period |
281.000 |
2,810.000 |
|
Issued during the period |
--- |
--- |
|
Redeemed during the period |
|
|
|
Outstanding at the end of the period (A) |
281.000 |
2,810.000 |
|
|
|
|
|
Total Value of
Outstanding Shares (A) +(B) |
|
2,897.04 |
B. Terms/ rights
attached to equity shares
The Parent Company has only one class of equity shares having a face value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The Parent Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2014, the amount of per share dividend recognized as distributions to equity shareholders is Rs 3.60(31st March 2013: Rs.3.60).
C. Terms of
redemption of Non-convertible Cumulative Redeemable Preference shares
The terms and conditions of the Non-Convertible Cumulative redeemable preference shares are as under:
• 55 million 10% non-convertible cumulative redeemable preference shares will be redeemed at par on 29-12-2014
• 40 million 10 % non-convertible cumulative redeemable preference shares will be redeemed at par on 28-02-2015
• 61million 10 % non-convertible cumulative redeemable preference shares will be redeemed at par on 30-03-2015
• 45 million 10% non- convertible cumulative redeemable preference shares will be redeemed at par on 16-06-2015
• 60 million 10% non-convertible cumulative redeemable preference shares will be redeemed at par on 16-06-2016
• 20 million 10 % non-convertible cumulative redeemable preference shares will be redeemed at par on 03-08-2016
D. The company has reserved 1.84 million equity shares of Rs.2 each for offering to employees under the Employee Stock OptionScheme (ESOS) (31st March 2013:1.84 million equity shares of Rs.2 each ) out of which 0.095 million equity shares of Rs.2 eachhave been already allotted upto the balance sheet date under the scheme and included under the paid up capital (31st March 2013: 0.095 million equity shares of Rs.2 each)(Refer note 28 for details)
E. Details of
shareholders holding more than 5% shares in the company
|
|
31st March 2014 |
|
|
|
No. Millions |
% Holding In The Class |
|
Equity shares of
Rs.2 each fully paid |
|
|
|
Reji Abraham |
5.130 |
11.78% |
|
India Offshore Inc |
8.330 |
19.14% |
|
Aban Investments Private Limited |
5.650 |
12.99% |
|
|
19.110 |
43.91% |
|
|
|
|
|
|
31st March 2014 |
|
|
|
No. Millions |
% Holding In The Class |
|
Preference shares
of Rs.10 each fully paid 10% Non-Convertible
Cumulative Redeemable Preference
Shares of Rs.10 Each |
|
|
|
Syndicate Bank |
10.500 |
10.00% |
|
Canara Bank |
17.500 |
16.67% |
|
Indian Overseas Bank |
14.000 |
13.33% |
|
Vijaya Bank |
17.500 |
16.67% |
|
Axis Bank Limited |
42.000 |
40.00% |
|
Total Value of Outstanding Shares (A) +(B) |
101.500 |
96.67% |
|
|
|
|
|
10% Non Convertible
Cumulative Redeemable
Preference Shares of Rs.10 Each |
|
|
|
Indian Bank |
10.000 |
16.39% |
|
Vijaya Bank |
5.000 |
8.20% |
|
UCO Bank |
10.000 |
16.39% |
|
Indusind Bank Limited |
30.000 |
49.18% |
|
Yes Bank Limited |
5.000 |
8.20% |
|
|
60.000 |
98.36% |
|
|
|
|
|
10% Non Convertible
Cumulative Redeemable
Preference Shares of Rs.10 Each |
|
|
|
Punjab National Bank |
20.000 |
50.00% |
|
Canara Bank |
10.000 |
25.00% |
|
Indian Overseas Bank |
10.000 |
25.00% |
|
|
40.000 |
100.00% |
|
|
|
|
|
10% Non Convertible
Cumulative Redeemable
Preference Shares of Rs.10 Each |
|
|
|
Syndicate Bank |
15.000 |
27.27% |
|
Bank of India |
15.000 |
27.27% |
|
Central Bank of India |
5.000 |
9.10% |
|
Bank of Baroda |
10.000 |
18.18% |
|
Oriental Bank of Commerce |
10.000 |
18.18% |
|
|
55.000 |
100.00% |
|
|
|
|
|
10% Non Convertible
Cumulative Redeemable Preference Shares of Rs.10 Each |
|
|
|
Bank of India |
20.000 |
100.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2897.040 |
2897.040 |
2897.040 |
|
(b) Reserves & Surplus |
18510.430 |
17218.220 |
17849.590 |
|
(c) Money
received against share warrants |
391.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
21798.470 |
20115.260 |
20746.630 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6047.280 |
10310.610 |
19086.270 |
|
(b) Deferred tax liabilities (Net) |
608.450 |
387.560 |
268.610 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
33.230 |
14.930 |
18.180 |
|
Total Non-current Liabilities (3) |
6688.960 |
10713.100 |
19373.060 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3896.040 |
5083.390 |
5570.690 |
|
(b) Trade payables |
4519.160 |
3561.220 |
3308.250 |
|
(c) Other current
liabilities |
1970.100 |
2202.910 |
2438.250 |
|
(d) Short-term provisions |
521.800 |
511.730 |
480.720 |
|
Total Current Liabilities (4) |
10907.100 |
11359.250 |
11797.910 |
|
|
|
|
|
|
TOTAL |
39394.530 |
42187.610 |
51917.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8359.330 |
5837.250 |
5738.650 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
202.680 |
245.110 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25492.610 |
27301.710 |
39471.290 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
439.950 |
40.830 |
32.270 |
|
(e) Other Non-current assets |
69.510 |
77.840 |
0.000 |
|
Total Non-Current Assets |
34361.400 |
33460.310 |
45487.320 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
993.590 |
906.400 |
814.920 |
|
(c) Trade receivables |
2920.040 |
2251.960 |
2209.620 |
|
(d) Cash and cash
equivalents |
759.050 |
479.600 |
279.280 |
|
(e) Short-term loans and
advances |
360.420 |
727.010 |
3116.240 |
|
(f) Other current assets |
0.030 |
4362.330 |
10.220 |
|
Total Current Assets |
5033.130 |
8727.300 |
6430.280 |
|
|
|
|
|
|
TOTAL |
39394.530 |
42187.610 |
51917.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8199.440 |
7968.650 |
6385.280 |
|
|
|
Other Income |
443.650 |
490.850 |
758.850 |
|
|
|
TOTAL (A) |
8643.090 |
8459.500 |
7144.130 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
582.130 |
677.180 |
474.330 |
|
|
|
Employees benefits expense |
1036.070 |
862.820 |
739.180 |
|
|
|
Other expenses |
2744.060 |
3276.050 |
2512.680 |
|
|
|
TOTAL (B) |
4362.260 |
4816.050 |
3726.190 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4280.830 |
3643.450 |
3417.940 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1784.670 |
3296.290 |
3662.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2496.160 |
347.160 |
(244.590) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
417.900 |
491.310 |
986.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2078.260 |
(144.150) |
(1230.690) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
274.010 |
(17.880) |
(23.380) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1804.250 |
(126.270) |
(1207.310) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5046.99 |
5678.360 |
10810.05 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
270.000 |
--- |
--- |
|
|
|
Transfer to General Reserve |
180.430 |
--- |
--- |
|
|
|
Proposed Dividend- Preference |
281.000 |
25.070 |
252.240 |
|
|
|
Proposed Dividend – Equity |
156.660 |
156.66 |
156.660 |
|
|
|
Tax on Dividend – Preference |
47.760 |
46.750 |
40.920 |
|
|
|
Tax on Dividend - Equity |
26.620 |
26.620 |
25.410 |
|
|
BALANCE CARRIED
TO THE B/S |
962.47 |
5046.990 |
5678.36 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Drilling and production services |
8077.230 |
5813.090 |
4156.790 |
|
|
|
Interest from foreign subsidiary |
92.910 |
228.000 |
226.370 |
|
|
|
Other Earnings |
267.810 |
233.440 |
208.940 |
|
|
TOTAL EARNINGS |
8437.95 |
6274.530 |
4592.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spare parts |
2947.050 |
439.750 |
334.080 |
|
|
|
Capital Investment |
317.860 |
195.240 |
415.190 |
|
|
TOTAL IMPORTS |
3264.91 |
634.990 |
749.270 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.91 |
(10.30) |
(34.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
20.88 |
(1.49) |
(16.90) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.35 |
(1.81) |
(19.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.95 |
(0.98) |
(10.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
(0.01) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.46 |
0.77 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46 |
0.77 |
0.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2897.040 |
2897.040 |
2897.040 |
|
Reserves & Surplus |
17849.590 |
17218.220 |
18510.430 |
|
Money received against share
warrants |
0.000 |
0.000 |
391.000 |
|
Net
worth |
20746.630 |
20115.260 |
21798.470 |
|
|
|
|
|
|
long-term borrowings |
19086.270 |
10310.610 |
6047.280 |
|
Short term borrowings |
5570.690 |
5083.390 |
3896.040 |
|
Total
borrowings |
24656.960 |
15394.000 |
9943.320 |
|
Debt/Equity
ratio |
1.188 |
0.765 |
0.456 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6385.280 |
7968.650 |
8199.440 |
|
|
|
24.797 |
2.896 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6385.280 |
7968.650 |
8199.440 |
|
Profit |
(1207.310) |
(126.270) |
1804.250 |
|
|
(18.91%) |
(1.58%) |
22.00% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
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 |
No |
LATIGATION DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
TAX CASE APPEAL |
|
Case No.: |
144 |
|
Year : |
2014 |
|
Petitioner : |
THE COMMISSIONER OF INCOME TAX |
|
Respondent : |
M/S ABAN OFFSHORE LIMITED |
|
Pet's Advocate : |
M/S.T.RAVI KUMAR |
|
Res's Advocate : |
CHENNAI |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Jul 7 2014 |
(Rs.
In Millions)
|
Unsecured Loan |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWINGS |
|
|
|
Short term borrowings |
12.060 |
122.990 |
|
Deposits |
|
0 |
|
Interoperate deposits repayable on demand |
588.140 |
429.500 |
|
Total |
600.200 |
552.490 |
COMPLIANCE
CERTIFICATE
A Certificate from the Auditors of the company has been attached to this report which testifies that the requirements of a sound Corporate Governance process as stipulated under Clause 49 of the listing agreement with the stock exchanges, was met.
CORPORATE INFORMATION
Aban Offshore Limited (AOL) (the Parent Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. Its shares are listed on three stock exchanges in India. The Parent Company and its 21 subsidiaries are referred to as “Group” for the purpose of this Consolidated Financial Statements. The Parent Company has two Indian subsidiary companies –Aban Energies Limited (wholly owned subsidiary), Radhapuram Wintech Private Limited and a wholly owned foreign subsidiary Aban Holdings Pte. Limited, Singapore. The Parent Company, the wholly owned foreign subsidiary and it’s step-down subsidiaries are engaged in the business of providing offshore drilling and production services to companies engaged in exploration, development and production of oil and gas both in domestic and international markets. The Parent Company and its Indian subsidiaries are engaged in the ownership, operation and maintenance of wind turbines for generation of electricity through wind power in India
MANAGEMENT DISCUSSION
ANALYSIS
GLOBAL ECONOMY
After a relatively weak fi rst quarter 2013, the global economy gained momentum. The eurozone gradually moved out of recession while the US economy expanded despite fi scal adjustments. Global GDP growth was estimated at a modest 2.9% in 2013, strengthening to 3.5% in 2014 mainly as a result of growing momentum in OECD economies. However, challenges included postponed fi scal negotiations in the US, the future monetary policy of major central banks, longevity of the eurozone recovery and continued reforms in emerging economies. As a result, recovery signs are visible thanks to rising global industrial production
OUTLOOK FOR INDIA
India will become the largest single source of global oil demand growth after 2020. The centre of gravity of energy demand is switching decisively in favour of emerging economies, particularly China, India and the Middle East, which will drive global energy use by 33%. China dominates the picture within Asia, before India takes over from 2020 onwards as the principal engine of growth. The shift in demand is further underlined by India becoming the largest single source of global oil demand growth after 2020. However, India’s energy demand will double by 2035 on back of economic growth and rise in population. While the energy demand will double, per capita consumption in India will still be one-fourth of the OECD average. The global oil demand is expected to reach 101 mbpd by year 2035 from today’s level of around 87 mbpd. India’s oil consumption will exceed 8 mbpd by 2035.
OUTLOOK
The scope for this renewable business is signifi cant; the potential for wind energy is 20 times the global population requirement considering that wind turbines are space-effi cient, account for about 2.5% of worldwide electricity production but growing at 25% annually, are increasingly affordable (as prices have declined 80% since 1980) and enjoy low operational costs. The biggest advantage with wind energy is that the fuel is free and does not generate emissions and is considered as the most cost-effective of all energy resources. Overall the future for wind energy is bright and is expected to boost India’s as energy security and self-suffi ciency.
CONTINGENT
LIABILITIES
|
CONTINGENT
LIABILITIES |
As At 31st March
2014 Rs. Millions |
As At 31st March
2013 Rs. Millions |
|
Guarantees given by banks on behalf of the company |
1,893.91 |
957.15 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10491173 |
20/05/2014 |
500,000,000.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA- 700046, WEST BENGAL, INDIA |
C04021580 |
|
2 |
10504152 |
14/03/2014 |
26,797,385,090.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER "E", CUFFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA |
C07291917 |
|
3 |
10484298 |
10/03/2014 |
7,861,724,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER "E", CUFFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA |
C00250258 |
|
4 |
10473836 |
27/12/2013 |
12,963,394,000.00 |
SBI CAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER "E", CUFFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA |
B94803160 |
|
5 |
10452760 |
26/09/2013 |
900,100,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 139 BROADWAY, CHENNAI- 600108, TAMIL NADU, INDIA |
B86538923 |
|
6 |
10479886 |
28/03/2013 |
550,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNT BRANCH C- WING MITTAL COURT, 22 |
B91107581 |
|
7 |
10422292 |
25/03/2013 |
2,617,200,000.00 |
INDIAN OVERSEAS BANK |
COMMERCIAL & INSTITUTIONAL BRANCH, 98-A DR.
RADHA |
B73903569 |
|
8 |
10416206 |
04/03/2013 |
2,845,300,000.00 |
ORIENTAL BANK OF COMMERCE |
63 DR. RADHAKRISHNAN SALAI, MYLAPORE, CHENNAI- 600004,
TA |
B71929897 |
|
9 |
10390348 |
16/11/2012 |
1,660,000,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH, NO.45 II LINE BEACH, CHENNAI- 600001, TAMILNADU , INDIA |
B63455687 |
|
10 |
10381851 |
25/09/2012 |
900,000,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH, NO:45 II LINE BEACH, CHENNAI-600001, TAMILNADU, INDIA |
B60201332 |
* Date of charge modification
FIXED ASSETS
· Buildings
· Drilling Rigs
· Drillship
· Office Equipment
· Computers
· Windmills
· Furniture and fixtures
· Vehicles
STATEMENT OF UNAUDITED
STAND ALONE FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30TH JUNE
2014
Rs.
In Millions
|
PARTICULARS |
Quarter Ended
30.06.2014 (Unaudited) |
|
1. Income From
Operations |
|
|
Income From Operations |
2094.490 |
|
Other Operating Income |
- |
|
Total Income
-(A) |
2094.490 |
|
2. Expenditure |
|
|
Cost Of Materials Consumed |
122.030 |
|
Employee Benefits Expense |
293.610 |
|
Depreciation And Amortisation Expenses |
189.700 |
|
Rental Charges For Machinery |
23.710 |
|
Insurance |
81.560 |
|
Other Expenditure |
405.450 |
|
Total
Expenditure-(B) |
1116.060 |
|
|
|
|
3. Profit From
Operations Before Other Income, Finance Costs And Exceptional Items (A-B) |
978.430 |
|
4. Other Income |
79.390 |
|
5. Profit From Ordinary
Activities Before Finance Costs And Exceptional Items (3 +4) |
1057.820 |
|
6.Finance Costs |
264.270 |
|
7. Profit/(Loss) From
Ordinary Activities After Finance Costs But Before Exceptional Items
(5-6) |
793.550 |
|
8. Exceptional Items |
- |
|
9. Profit/(Loss)
From Ordinary Activities Before Tax (7-8) |
793.550 |
|
10. Tax Expenses |
|
|
-Currenttax |
165.920 |
|
-Minimum Alternate Tax (Mat) Credit Entitlement |
(52.600) |
|
-Deferred Tax (Net) |
14.990 |
|
11. Net Profit/(Loss)
From Ordinary Activities After Tax (9-10) |
665.240 |
|
12. Extraordinary Items (Net Of Tax Expense) |
- |
|
13. Net Profit (Loss) For The Period (11-12) |
665.240 |
|
14. Paid Up Equity Share Capital (Equity Share of Rs.2-Each) |
87.040 |
|
15. Reserves excluding revaluation reserves as per Balance Sheet of
Previous accounting year |
|
|
16 (i) Earning per share (before extraordinary items) (of Rs. 2/-each)
(not annualised) |
|
|
(a) Basic (b) Diluted |
15.29 14.81 |
|
(ii) Earning per share (after extraordinary Items) (of Rs. 2/-each)
(not annualised) |
|
|
(a) Basic (b) Diluted |
15.29 14.81 |
|
1. Public Shareholding |
|
|
- Number of Shares |
20009974 |
|
- Percentage of Shareholding |
45.98% |
|
2. Promoters and Promoter group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
6193500 |
|
-Percentage of Shares (as a % of the total shareholding of promoter
and promoter group) |
26.35% |
|
-Percentage of shares (as a % of the total share capital of the
Company) |
14.24% |
|
b) Non – encumbered |
|
|
- Number of Shares |
17313041 |
|
- Percentage of shares (as a % of the total share holding of promoter
and promoter group) |
73.65% |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
39.78% |
|
|
|
|
(B) Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
6 |
|
Disposed of during the quarter |
6 |
|
Remaining unresolved at the end of the quarter |
Nil |
Segment wise Revenue,
Results and Capital Employed under clause 41 of the Listing Agreement for the
quarter ended 30th June 2014
Rs. In Millions
|
PARTICULARS |
Quarter Ended 30.06.2014 (Unaudited) |
|
1. Segment Revenue |
|
|
a) Drilling |
2088.030 |
|
b) Wind Energy |
6.460 |
|
Income from Operations |
2094.490 |
|
2. Segment Results |
|
|
a) Drilling |
1057.870 |
|
b) Wind Energy |
(0.050) |
|
TOTAL |
1057.820 |
|
Less: Finance cost |
264.270 |
|
Total Profit/(Loss) Before Tax |
793.550 |
|
3. Segment Capital Employed |
|
|
a) Drilling |
22272.690 |
|
b) Wind Energy |
280.120 |
|
Total Capital Employed |
22552.810 |
1. The Board of Directors took on record the unaudited financial results at its meeting held on 31st July 2014.
2. The Board of Directors took on record the unaudited financial results at its meeting held on 31st July 2014.
3. Effective 1st April 2014, the depreciation and amortisation expenses have been calculated in accordance with Schedule II of the Companies Act, 2013. Consequently depreciation and amortisation expenses for the quarter ended 30th June 2014, is higher and the profit before tax is lower to the extent of Rs 76.57 Million.
4. Figures of the previous periods/year have been reclassified/rearranged/regrouped, wherever necessary to conform to the current period presentation,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.05 |
|
|
1 |
Rs. 101.83 |
|
Euro |
1 |
Rs. 81.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
HEN |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.