MIRA
INFORM REPORT
|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAIRN INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
CAIRN ENERGY INDIA PTY LIMITED |
|
|
|
|
Registered
Office : |
101, West View, Veer
Savarkar Marg, Prabhadevi, Mumbai - 400025, |
|
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Country : |
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|
Financials (as
on) : |
31.03.2014 |
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|
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Date of
Incorporation : |
21.08.2006 |
|
|
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|
Com. Reg. No.: |
11-163934 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.19076.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L11101MH2006PLC163934 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC01025D MUMC1453E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC3097L AACCC8799D |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of surveying, prospecting,
drilling, exploring, acquiring, developing, producing, maintaining, refining,
storing, trading, supplying, transporting, marketing, distributing,
importing, exporting and generally dealing in minerals, oils, petroleum, gas
and related by-products and other activities incidental to the above. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
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 1551100000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s strong financial risk profile marked by strong
liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Issuer Rating = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk |
|
Date |
March 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.
LOCATIONS
|
Registered Office : |
101, West View,
Veer Savarkar Marg, Prabhadevi, Mumbai-400 025, Maharashtra, India |
|
Tel. No.: |
91-22-24376136/ 24338306/ 93/ 23696248 |
|
Fax No.: |
91-22-24311160 |
|
E-Mail : |
|
|
Website : |
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|
|
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|
Corporate Office : |
3rd and 4th
Floor, Vipul Plaza, Suncity, Sector 54, Gurgaon-122 002, Haryana, India |
|
|
|
|
Principal Business Office : |
3rd and 4th
Floor, Orchid Plaza, Suncity Sector 54, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-4141360 / 2703456 |
|
Fax No.: |
91-124-2889320 / 2889320 |
|
|
|
|
Head Office : |
Cairn Energy Plc., 50, Lothian Road, Edinburgh, EH3 9BY, Scotland,U. K. |
|
Tel. No.: |
91-131- 2475 3000 |
|
Fax No.: |
91-131- 2475 3030 |
|
E-Mail : |
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|
Website : |
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|
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Branch Office 1 : |
3, Rajdoot Marg, Chanakyapuri, New Delhi – 110021, India |
|
Tel. No.: |
91-11-24670207 |
|
Fax No.: |
91-11-24673595 |
|
|
|
|
Branch Office 2 : |
12, Bhanwani House,Old Residency Road, Jodhpur - 342011, Rajasthan, India |
|
|
|
|
Oil and Gas Fields : |
Located at:
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Navin Agarwal |
|
Designation : |
Chairman and Non-Executive Director |
|
|
|
|
|
|
|
Name : |
Mr. Tarun Jain |
|
Designation : |
Non-Executive Director |
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|
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|
Name : |
Ms. Priya Agarwal |
|
Designation : |
Non-Executive Director |
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|
|
|
|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
|
|
|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Non-Executive Independent Director |
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|
|
|
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|
|
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|
Name : |
Edward T Story |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. P. Elango |
|
Designation : |
Interim Chief Executive Officer and Whole Tome Director |
KEY EXECUTIVES
|
Audit Committee: |
Mr. Aman Mehta
(Chairman) Mr. Naresh
Chandra Dr. Omkar
Goswami Edward T Story Mr. Tarun Jain |
|
|
|
|
Remuneration Committee : |
Mr. Naresh
Chandra (Chairman) Mr. Aman Mehta Dr. Omkar
Goswami Mr. Navin
Agarwal Mr. Tarun Jain |
|
|
|
|
Nomination Committee : |
Mr. Navin
Agarwal (Chairman) Mr. Tarun Jain Edward T Story |
|
|
|
|
Shareholders’\Investors’ Grievance
Committee : |
Dr. Omkar Goswami (Chairman) Edward T Story Mr. Tarun Jain |
|
|
|
|
Name : |
Ms. Neerja Sharma |
|
Designation : |
Director Risk Assurance and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
383840413 |
20.48 |
|
|
383840413 |
20.48 |
|
|
|
|
|
|
738873586 |
39.42 |
|
|
738873586 |
39.42 |
|
Total shareholding of Promoter and Promoter Group (A) |
1122713999 |
59.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9599053 |
0.51 |
|
|
170237627 |
9.08 |
|
|
325612 |
0.02 |
|
|
2232625 |
0.12 |
|
|
316642575 |
16.89 |
|
|
499037492 |
26.63 |
|
|
|
|
|
|
19709925 |
1.05 |
|
|
|
|
|
|
40447153 |
2.16 |
|
|
4845185 |
0.26 |
|
|
187442827 |
10.00 |
|
|
1649478 |
0.09 |
|
|
957262 |
0.05 |
|
|
710323 |
0.04 |
|
|
184125764 |
9.82 |
|
|
252445090 |
13.47 |
|
Total Public shareholding (B) |
751482582 |
40.10 |
|
Total (A)+(B) |
1874196581 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
14.78 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
20.25 |
|
Total (A)+(B)+(C) |
1874196581 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of surveying,
prospecting, drilling, exploring, acquiring, developing, producing,
maintaining, refining, storing, trading, supplying, transporting, marketing,
distributing, importing, exporting and generally dealing in minerals, oils,
petroleum, gas and related by-products and other activities incidental to the
above. |
||||||
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||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
¨ State Bank of
India ¨ Deutsche Bank ¨ Citibank ¨ JP Morgan Chase
Bank N.A. ¨ HDFC Bank ¨ ICICI Bank |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi
and Company Chartered Accountants |
|
Address : |
Golf View,
Corporate Tower B, Sector 42, Sector Road, Gurgaon-122 002, Haryana, India |
|
|
|
|
Holding / Ultimate
holding company : |
¨ Vedanta Resources Plc. ¨ Vedanta Resources Holdings Limited ¨ Volcan Investments Limited ¨ Sesa Sterlite Limited (formerly Sesa Goa Limited) * * With effect from 26 August 2013 Sesa Sterlite Limited became the Company’s holding company. Prior to that date, it was a fellow subsidiary and also had Significant influence over the Company. |
|
|
|
|
Fellow subsidiaries
: |
¨ Twin Star Mauritius Holdings Limited ** ¨ Sterlite Industries (India) Limited (merged into Sesa Sterlite Limited on 17, August 2013 ¨ Sesa Resources Limited ** Also has Significant influence over the Company. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000000 |
Equity Shares |
Rs.10/- each |
Rs.22500.00 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1907600000 |
Equity Shares |
Rs.10/- each |
Rs.19076.300 Millions |
|
|
|
|
|
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 |
19076.300 |
19102.400 |
19074.000 |
|
(b) Reserves & Surplus |
368705.300 |
321071.200 |
300122.200 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
387781.600 |
340173.600 |
319196.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
4229.400 |
2508.300 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16946.500 |
13197.000 |
12.400 |
|
Total Non-current Liabilities (3) |
21175.900 |
15705.300 |
12.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
5016.900 |
4355.700 |
132.100 |
|
(c) Other current
liabilities |
12017.300 |
5265.100 |
13309.900 |
|
(d) Short-term provisions |
16062.600 |
16916.200 |
6.000 |
|
Total Current Liabilities (4) |
33096.800 |
26537.000 |
13448.000 |
|
|
|
|
|
|
TOTAL |
442054.300 |
382415.900 |
332656.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
49668.300 |
47760.200 |
25.700 |
|
(ii) Intangible Assets |
391.800 |
359.600 |
0.000 |
|
(iii) Capital
work-in-progress |
17691.000 |
15217.300 |
540.300 |
|
(iv)
Intangible assets under development |
10222.600 |
3795.100 |
0.000 |
|
(b) Non-current Investments |
160382.500 |
160382.500 |
308534.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37380.300 |
23932.100 |
1.600 |
|
(e) Other Non-current assets |
3473.500 |
2235.600 |
35.400 |
|
Total Non-Current Assets |
279210.000 |
253682.400 |
309137.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
135361.700 |
103720.200 |
18213.400 |
|
(b) Inventories |
1632.600 |
1070.400 |
0.000 |
|
(c) Trade receivables |
14993.000 |
11695.400 |
4.700 |
|
(d) Cash and cash
equivalents |
1708.500 |
1510.500 |
4600.000 |
|
(e) Short-term loans and
advances |
8492.100 |
8862.600 |
588.600 |
|
(f) Other current assets |
656.400 |
1874.400 |
112.300 |
|
Total Current Assets |
162844.300 |
128733.500 |
23519.000 |
|
|
|
|
|
|
TOTAL |
442054.300 |
382415.900 |
332656.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
99275.300 |
92009.800 |
88.000 |
|
|
|
Other Income |
19016.400 |
8996.700 |
2401.300 |
|
|
|
TOTAL |
118291.700 |
101006.500 |
2489.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cess on crude oil |
14595.700 |
14157.500 |
0.000 |
|
|
|
Share of expenses from producing oil and gas blocks |
6584.100 |
4855.900 |
0.000 |
|
|
|
Change in inventories of finished goods |
(98.700) |
(140.600) |
0.000 |
|
|
|
Employees benefits expense |
2728.100 |
960.400 |
153.800 |
|
|
|
Other expenses |
3031.000 |
2757.400 |
566.900 |
|
|
|
Exploration costs written off |
1814.900 |
682.800 |
178.800 |
|
|
|
TOTAL |
28655.100 |
23273.400 |
899.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
89636.600 |
77733.100 |
1589.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
64.500 |
664.100 |
1114.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
89572.100 |
77069.000 |
475.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11817.600 |
9618.000 |
0.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
77754.500 |
67451.000 |
475.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3211.200 |
2644.500 |
35.400 |
|
|
|
|
|
|
|
|
|
|
Profit
for the year before impact of scheme of arrangement relating to earlier
periods |
74543.300 |
64806.500 |
439.600 |
|
|
|
|
|
|
|
|
|
Add |
Impact of scheme of
arrangement relating to earlier periods |
0.000 |
82661.200 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
74543.300 |
147467.700 |
439.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
89530.800 |
(3354.300) |
(3354.300) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final equity dividend [amount per share Rs.6.50] |
12399.600 |
12416.500 |
0.000 |
|
|
|
Tax on proposed equity dividend |
2203.300 |
2014.300 |
0.000 |
|
|
|
Interim equity dividend [amount per share Rs.5 |
11463.900 |
9548.800 |
0.000 |
|
|
|
Tax on interim dividend |
1948.200 |
1549.100 |
0.000 |
|
|
|
Transfer from/(to) debenture redemption reserve |
0.000 |
(439.600) |
439.600 |
|
|
|
Transfer to general reserve |
7454.300 |
29493.500 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
128604.800 |
89530.800 |
(3354.300) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from operations |
99275.300 |
92009.800 |
88.000 |
|
|
|
Interest income on bank deposits |
0.000 |
605.100 |
0.000 |
|
|
TOTAL EARNINGS |
99275.300 |
92614.900 |
88.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
830.400 |
454.200 |
50.600 |
|
|
TOTAL IMPORTS |
830.400 |
454.200 |
50.600 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
39.03 |
33.95 |
0.23 |
|
|
|
Diluted |
38.95 |
33.90 |
0.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
63.02 |
146.00 |
17.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
78.32 |
73.31 |
539.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.64 |
33.22 |
2.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.20 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.92 |
4.85 |
1.75 |
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 |
19074.000 |
19102.400 |
19076.300 |
|
Reserves & Surplus |
300122.200 |
321071.200 |
368705.300 |
|
Net
worth |
319196.200 |
340173.600 |
387781.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
88.000 |
92009.800 |
99275.300 |
|
|
|
104,456.591 |
7.896 |
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 |
88.000 |
92009.800 |
99275.300 |
|
Profit |
439.600 |
147467.700 |
74543.300 |
|
|
499.55% |
160.27% |
75.09% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
No Charges Exist for Company
NATURE OF OPERATIONS
The Company was incorporated in India on August 21, 2006. The equity shares of the Company are listed in India on the Bombay stock exchange and the National stock exchange.
The Company is primarily engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products and other activities incidental to the above. As part of its business activities, the Company also holds interests in its subsidiary companies which have been granted rights to explore and develop oil exploration blocks.
The Company is a participant in various Oil and Gas blocks/fields, which are in the nature of jointly controlled assets, granted by the Government of India through Production Sharing Contracts (‘PSC’) entered into between the Company and Government of India and other venture partners.
COMPANY’S
PERFORMANCE
During the year,
Cairn India delivered highest revenue of INR 187617.000 millions. This was
driven by robust production growth of 6% year on year, with gross operated average
production at 218,651 barrels of oil equivalent for the fiscal. During the
year, the Rajasthan block achieved a landmark oil production of 200 million
barrels and a 200,000 boepd production milestone in March 2014 by combining a
world class asset with proven technical expertise and disciplined approach to
execution. The production increase has helped to reduce the India’s crude oil
import dependence and strengthen the energy security of the country. Currently,
Cairn contributes about 30% to India’s domestic crude oil production as per
MoPNG’s March 2014 statistics. The Company continues to be one of the low cost
producers in the world resulting in EBITDA margin of 74% and strong cash flow
from operations of INR 110927.600 millions for the year.
Since resumption
of exploration in 2013, Cairn India has established over 1 billion boe in-place
resources by delivering a rapid exploration and appraisal drilling program. The
Company continues to focus on exploration in prolific Rajasthan block, execute
multiple projects including one of the world’s largest polymer flood EOR
programme at Mangala for future growth.
AWARDS AND
RECOGNITIONS
During the year,
the Company earned a number of awards and honours from different bodies and
trade organisation, the summary of which is as under:
Ř FICCI Corporate
Social Responsibility Award – 2013 under ‘Category: Private Sector Companies
with INR 3,001 crore per annum and above turnover’.
Ř With a three-year
CAGR of 121%, Cairn India Ltd was named as the world’s fastest growing energy
company, for the second year in a row, in the Platts Top 250 Global Energy
Company Rankings 2013.
Ř Government of
Gujarat awarded the certificate of recognition in honour of Project Shrishti
(Green initiative by plantation, gardening and park for public) at Nalsarovar
Bird Sanctuary, Ramsar Site in the year 2013.
Ř Cairn India was
conferred the ET Now Talent Leadership Conference and Awards 2013 under two
categories for the most ‘Innovative HR practices’ and for ‘Best Talent
Management Strategy’.
Ř Cairn India’s
Mangala Oil and Gas Field unit won the Second prize in the large scale
manufacturer category at the 3rd FICCI Safety Systems Excellence Awards for
Manufacturing, 2013.
RAJASTHAN UPSTREAM
OPERATIONS
Ř They currently use
the associated gas at Mangala Processing Terminal (MPT) to generate power for
their operational facilities and the excess associated gas is ared.
An initiative to compress and condition the excess gas and to make it saleable
is currently underway. Post-conditioning, this gas will be commingled and
exported with the Raageshwari gas for sale to their gas customers.
Ř They are in the
process of installing solar-powered lighting at their facilities. In the
2013-14, 46 solar powered lights were installed at their Raageshwari Gas Terminal
(RGT). Another 41 solar powered lights were installed at their Bhagyam facility
in Rajasthan. This has resulted in sourcing 6,130 KWH during the reporting
period from renewables.
Ř They have also installed
32 light-controlled timers at the Bhagyam facility to save electricity. This
initiative has resulted in electricity savings of 48,162 KWH during the
reporting period.
Ř They have
completed a feasibility study for the installation of a Solar PV based captive
power plant at Saraswati S1 well pad area. A statement of work has been
initiated for a power plant that will generate about 235,000 KWH of electricity
per annum.
Ř They have also
completed a feasibility study for the installation of a solar energy based drip
irrigation system for use in their greenbelt area. They have partially replaced conventional
transport vehicles within the processing plant facilities in MPT and RGT with
battery operated vehicles and bicycles. Golf carts have been deployed in MPT
and bicycles are in use at their Bhagyam facility for internal plant movement
of personnel.
RAVVA OPERATIONS
Ř Each unmanned
offshore platform has solar panels and a wind turbine that provides power for
instrumentation, telemetry system and navigation lights. Hot water for laundry
at living quarters is generated from solar water heater. The estimated value of
renewable energy used at Ravva in the year 2013-14 is 43.48 MWH. Re-injection of produced water separated at
the Ravva terminal, back into the reservoir helps reduce discharge of waste
water to sea and abstraction of ground water for injection purposes.
Ř Fuel gas flow
meters installed in gas turbines and gas engines which are major fuel consuming
equipment’s for performance monitoring.
MIDSTREAM
OPERATIONS
The energy
requirement for heating the crude oil pipeline and powering their sites is met
by the gas they produce from Raageshwari fields in Rajasthan. This year they
are committed to reduce this fuel gas consumption by energy audit/ management
and target setting. Rooftop solar panels at their Above Ground Installations
(AGIs) were trialled on pilot basis in the year 2013-14.
SUVALI (CB/OS-2)
OPERATIONS
Ř Approximately
13,709 KWH/ year of power is generated by the solar power system installed at
the offshore platforms.
Ř The gas condensate
produced at the onshore processing facility was being transferred to the
storage tanks, resulting in flash vapours which could not be recovered. The
condensate has been therefore re-routed to the oil processing system, wherein
the flash vapours were recovered by the gas ejectors (45.0 to 50 scm/hr) and
injected back into the sales gas stream.
Ř Air-conditioning
system of the control room building has been replaced with non-ODS (Ozone
Depleting Substance) type refrigerant (R-407C). With the new system they were
able to achieve reduction in refrigerant usage by 13 % and save electrical
energy up to 14%.
Ř Natural Gas has
been now substituted with nitrogen system for blanketing of storage tanks to
minimize the natural gas consumption. Post usage of Nitrogen as a blanketing
gas, GHG emission has reduced and has also reduced the operational hazards.
Further, vapor balancing was introduced to utilize the vapour generated from
tank in receipt to tank under dispatch mode which further reduces emission to
atmosphere. This has helped in reducing the fuel gas consumption by 1200 to
1500 scm/day.
FIXED ASSETS
œ
Freehold Land
œ
Buildings
œ
Office Equipment’s
œ
Furniture and Fittings
œ
Vehicles
œ
Computer Software
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.60.00 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.