MIRA INFORM REPORT
|
Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT STATE PETRONET LIMITED |
|
|
|
|
Registered
Office : |
GSPC Bhavan, Behind Udyog Bhavan, Sector-11, Gandhinagar – 382011,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
23.12.1998 |
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|
|
|
Com. Reg. No.: |
04-035188 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.5627.387 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40200GJ1998SGC035188 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Company is primarily engaged in transmission of natural gas through pipeline on an open access basis from supply points to demand centres and also sells electricity generated through Windmills. |
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|
|
|
No. of Employees
: |
239 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects GSPL’s stable business profile supported by a
well-established market position in Gujarat, strong financial base and
adequate liquidity position 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non-convertible debenture=AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
18.10.2013 |
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. Manish Seth |
|
Designation : |
General Manager in Finance |
|
Contact No.: |
91-79-23268500 |
|
Date : |
29.12.2014 |
LOCATIONS
|
Registered Office : |
GSPC Bhavan, Behind Udyog Bhavan, Sector-11, Gandhinagar – 382011,
Gujarat, India |
|
Tel. No.: |
91-79-23268500 / 600 |
|
Fax No.: |
91-79-23268506 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Shri M M Srivastava, IAS (Retd.) |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shri Tapan Ray, IAS |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Dr. Hasmukh Adhia, IAS |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri D J Pandian, IAS |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. R Vaidyanathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. Yogesh Singh (w.e.f. 20th May, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Yogesh B Sinha (w.e.f. 27th May, 2013) |
|
Designation : |
Director |
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|
|
|
Name : |
Shri N K Mitra (upto 7th May, 2013) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Reena Desai |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Manish Seth |
|
Designation : |
General Manager in Finance |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
212305270 |
37.73 |
|
|
212305270 |
37.73 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
212305270 |
37.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
84154134 |
14.95 |
|
|
41363762 |
7.35 |
|
|
61938000 |
11.01 |
|
|
43005745 |
7.64 |
|
|
230461641 |
40.95 |
|
|
|
|
|
|
48159867 |
8.56 |
|
|
|
|
|
|
47473540 |
8.44 |
|
|
7470011 |
1.33 |
|
|
16895384 |
3.00 |
|
|
1362737 |
0.24 |
|
|
6876 |
0.00 |
|
|
521971 |
0.09 |
|
|
800 |
0.00 |
|
|
14998000 |
2.67 |
|
|
5000 |
0.00 |
|
|
119998802 |
21.32 |
|
Total Public shareholding (B) |
350460443 |
62.27 |
|
Total (A)+(B) |
562765713 |
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) |
562765713 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in transmission of natural gas through pipeline on an open access basis from supply points to demand centres and also sells electricity generated through Windmills. |
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Products / Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
239 (Approximately) |
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Bankers : |
· Allahabad Bank · The Karur Vysya Bank Limited · Axis Bank Limited · State Bank of Travancore · Bank of Baroda · Corporation Bank · The South Indian Bank Limited · Dena Bank · Union Bank of India · HDFC Bank Limited · UCO Bank · ICICI Bank Limited · Vijaya Bank · IDBI Bank Limited · Yes Bank Limited |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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Statutory Auditors
: |
|
|
Name : |
RMA and Associates Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
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|
|
|
Internal Auditors : |
|
|
Name : |
KPMG Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
R K Patel and Company Cost Accountants |
|
Address : |
Vadodara, Gujarat, India |
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|
|
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Membership : |
-- |
|
|
|
|
Holding Company : |
· Gujarat State Petroleum Corporation Limited |
|
|
|
|
Associates : |
· GSPC Distribution Network Limited · GSPC Gas Company Limited · Sabarmati Gas Limited (associate of Holding Company) · Gujarat State Energy Generation Limited (associate of Holding Company) |
|
|
|
|
Subsidiary
Companies : |
· GSPL India Gasnet Limited · GSPL India Transco Limited |
|
|
|
|
Fellow Subsidiary : |
· Guj Info Petro Limited · GSPC Pipavav Power Company Limited · GSPC LNG Limited · Gujarat Gas Company Limited |
|
|
|
|
Co-Promoter of
Subsidiaries : |
· Indian Oil Corporation Limited · Bharat Petroleum Corporation Limited · Hindustan Petroleum Corporation Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Equity Shares |
Rs. 10/- each |
Rs.7000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
562738695 |
Equity Shares |
Rs. 10/- each |
Rs.5627.387 Millions |
|
|
|
|
|
Ø
Reconciliation
of number of Shares Outstanding at the beginning and at the end of the Year
|
Equity Shares |
Number of Shares |
Rs. In Millions |
|
Equity Shares at the beginning of the Year |
562708833 |
5627.088 |
|
Add: Equity Shares allotted pursuant to Employee Stock Option Plan |
29862 |
0.299 |
|
Equity Shares at the end of the Year |
562738695 |
5627.387 |
Ø Terms/Rights attached
to Equity Shares
The Company has
only one class of Equity Shares having a Face value of Rs.10 per Share. Each
holder of Equity Share is entitled to one vote per Share. The Company declares
and pays Dividend in Indian Rupees. The Dividend proposed by the Board of
Directors is subject to the approval of Shareholders in the ensuing Annual
General Meeting.
During the year
ended 31st March, 2014, the amount of Dividend per Share recognised as
distributions to Equity Shareholders is Re.1 per Share. (31st March 2013: Re.1
per Share.)
In the event of
liquidation of the Company, the holders of Equity Shares will be entitled to
receive remaining assets of the Company. The distribution will be in proportion
to the number of Equity Shares held by the Shareholders.
Ø Details of Shares
held by Holding Company and ultimate Holding Company and their Subsidiaries /
Associates
|
Equity Shares |
Number of Shares |
Rs. In Millions |
|
Equity Shares held by Holding Company - Gujarat State Petroleum Corporation Limited having face value of Rs.10/- each |
212305270 |
2123.053 |
Ø
Details
of Equity Shareholder(s) holding more than 5% Equity Shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Gujarat State Petroleum Corporation Limited |
212305270 |
37.73% |
|
Gujarat Maritime Board |
37088000 |
6.59% |
Ø Detail of Shares reserved for issue under
ESOP
For details of Shares reserved for issue under the Employees Stock Option Plan (ESOP) 2005 and 2010 of GSPL.
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 |
5627.387 |
5627.088 |
5626.891 |
|
(b) Reserves & Surplus |
27320.917 |
23778.690 |
19039.892 |
|
(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) |
32948.304 |
29405.778 |
24666.783 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10365.063 |
13388.699 |
10950.961 |
|
(b) Deferred tax liabilities (Net) |
4202.466 |
3866.895 |
3243.715 |
|
(c) Other long term
liabilities |
239.567 |
178.521 |
132.903 |
|
(d) long-term
provisions |
41.687 |
41.651 |
29.791 |
|
Total Non-current
Liabilities (3) |
14848.783 |
17475.766 |
14357.370 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
151.520 |
109.633 |
70.163 |
|
(c) Other
current liabilities |
5406.183 |
4873.755 |
4934.126 |
|
(d) Short-term
provisions |
673.048 |
669.389 |
659.469 |
|
Total Current Liabilities
(4) |
6230.751 |
5652.777 |
5663.758 |
|
|
|
|
|
|
TOTAL |
54027.838 |
52534.321 |
44687.911 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
30217.215 |
31237.395 |
30290.120 |
|
(ii)
Intangible Assets |
1376.188 |
1277.626 |
1112.135 |
|
(iii)
Capital work-in-progress |
6561.045 |
5260.209 |
4182.149 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5849.707 |
1740.208 |
1164.164 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1354.893 |
726.914 |
847.081 |
|
(e) Other
Non-current assets |
7.316 |
89.490 |
78.602 |
|
Total Non-Current
Assets |
45366.364 |
40331.842 |
37674.251 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
694.129 |
771.511 |
661.837 |
|
(c) Trade
receivables |
2490.131 |
2541.001 |
814.359 |
|
(d) Cash and
cash equivalents |
4992.185 |
8530.560 |
5147.647 |
|
(e)
Short-term loans and advances |
339.234 |
203.582 |
259.661 |
|
(f) Other
current assets |
145.795 |
155.825 |
130.156 |
|
Total
Current Assets |
8661.474 |
12202.479 |
7013.660 |
|
|
|
|
|
|
TOTAL |
54027.838 |
52534.321 |
44687.911 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
10506.923 |
11732.005 |
11232.775 |
|
|
|
|
Other Income |
551.851 |
660.446 |
513.498 |
|
|
|
|
TOTAL (A) |
11058.774 |
12392.451 |
11746.273 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Employee Benefits Expenses |
287.117 |
247.101 |
196.909 |
|
|
|
|
Other Expenses |
931.019 |
765.173 |
703.673 |
|
|
|
|
Prior Period Adjustments |
0.509 |
(0.520) |
32.086 |
|
|
|
|
Preliminary Expenses Written-Off |
0.000 |
0.000 |
2.469 |
|
|
|
|
TOTAL (B) |
1218.645 |
1011.754 |
935.137 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9840.129 |
11380.697 |
10811.136 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
1418.477 |
1262.560 |
1301.948 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
8421.652 |
10118.137 |
9509.188 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1838.702 |
1861.084 |
1819.036 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) BEFORE
TAX (E-F) (G) |
6582.950 |
8257.053 |
7690.152 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
2391.472 |
2875.827 |
2469.540 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
4191.478 |
5381.226 |
5220.612 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19675.124 |
14952.251 |
10385.698 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed Final Equity Dividend |
562.739 |
562.709 |
562.689 |
|
|
|
|
Difference in Final Dividend for Equity Share |
0.020 |
0.010 |
0.076 |
|
|
|
|
Tax on Proposed Final Equity Dividend |
95.637 |
95.632 |
91.282 |
|
|
|
|
Difference in Tax on Final Dividend for Equity Share |
0.003 |
0.002 |
0.012 |
|
|
|
BALANCE CARRIED
TO THE B/S |
23208.203 |
19675.124 |
14952.251 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
7.45 |
9.56 |
9.28 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2309.100 |
3518.800 |
|
Total Expenditure |
|
305.100 |
279.300 |
|
PBIDT (Excluding Other
Income) |
|
2004.000 |
3239.500 |
|
Other Income |
|
130.200 |
143.300 |
|
Operating Profit |
|
2134.200 |
3382.800 |
|
Interest |
|
320.600 |
307.200 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1813.600 |
3075.600 |
|
Depreciation |
|
469.400 |
465.700 |
|
Profit Before Tax |
|
1344.300 |
2609.900 |
|
Tax |
|
494.300 |
915.200 |
|
Profit After Tax |
|
850.000 |
1694.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
39.89 |
45.87 |
46.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
93.65 |
97.01 |
96.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.82 |
18.13 |
19.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.28 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31 |
0.46 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
2.16 |
1.24 |
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 |
5626.891 |
5627.088 |
5627.387 |
|
Reserves & Surplus |
19039.892 |
23778.690 |
27320.917 |
|
Net
worth |
24666.783 |
29405.778 |
32948.304 |
|
|
|
|
|
|
long-term borrowings |
10950.961 |
13388.699 |
10365.063 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
10950.961 |
13388.699 |
10365.063 |
|
Debt/Equity
ratio |
0.444 |
0.455 |
0.315 |
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 |
11232.775 |
11732.005 |
10506.923 |
|
|
|
4.444 |
(10.442) |
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
|
11232.775 |
11732.005 |
10506.923 |
|
Profit |
5220.612 |
5381.226 |
4191.478 |
|
|
46.48% |
45.87% |
39.89% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
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 |
LITIGATION
DETAILS:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Term loan from Financial Institutions |
1900.000 |
0.000 |
|
|
|
|
|
Total |
1900.000 |
0.000 |
CORPORATE INFORMATION
Subject (GSPL) is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. GSPL is a Government Company u/s 617 of Companies Act. Its Shares are listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited in India. The Company is primarily engaged in transmission of natural gas through pipeline on an open access basis from supply points to demand centres. The Company also sells electricity generated through Windmills.
MANAGEMENT’S
DISCUSSION & ANALYSIS
INDUSTRY
OVERVIEW
Energy is essential for economic growth, for improving the quality of life and for increasing developmental opportunities. Further, natural gas has become increasingly crucial for India’s energy security, driven by increased demand due to a growing economy, need to diversify from traditional sources of energy and compliance to stringent environmental norms.
The economic growth of the Country has slowed down over the previous years. Having crossed a peak of over 9 per cent GDP growth prior to the 2008, Indian economy stood at 5 per cent last year and going forward is expected to settle at 6 per cent levels this fiscal as per analysts.
Being hugely import dependent for energy resources, India is battling with high costs. Energy pricing needs to be critically examined, without which India would not be able to achieve its projected growth rate. Energy efficiency and transportation infrastructure are other key areas that require greater attention.
As per the “Vision 2030: Natural Gas Infrastructure in India” report published by the Industry Group for PNGRB, the Indian economy is expected to grow going forward and in turn lead to increase in energy consumption. This increase in consumption is expected to be supplemented by an alteration in the primary energy mix of India on account of the substitution of oil by natural gas.
Given all the plans for expansion in natural gas supply in the Country with the help of additional LNG terminals, nationwide transmission pipeline network and transnational pipelines expected to materialize by 2025, the report envisages the share of natural gas in the primary energy mix would reach 20% till 2030 if not more.
However, in the previous year, the gas market witnessed reduced availability of domestic gas. Dwindling gas production from domestic gas fields coupled with lack of commercialization of new gas discoveries, led to issues of gas allocation and deficit in supplies.
Such deficit in gas supplies has made LNG critical to overcome the structural gap between gas demand and domestic production.
However, LNG prices varied substantially during the previous year as the global market experienced tightness owing to increased demand from several regions, namely South Korea & China, coupled with delay in commencement of new supply projects.
The same impacted import of LNG in India to some extent leading to no significant increase in imports over the previous year.
OPERATIONS AND FUTURE OUTLOOK
Subject owns and operates the largest gas transmission network in Gujarat totaling to approx 2180 Kms. The gas grid of the Company has reached majority of Districts in Gujarat.
Further, subject through the Special Purpose Vehicles, namely GIGL and GITL is focusing on development of 3 pan- India Pipeline Projects namely Mallavaram - Bhopal – Bhilwara - Vijaipur Pipeline, Mehsana - Bhatinda Pipeline and Bhatinda - Jammu - Srinagar Pipeline.
GIGL & GITL - Project Status:
GIGL and GITL have achieved progress in obtaining various statutory clearances. Both these Companies have initiated process for implementing sections of the Project where statutory clearances, environment approvals and ROU have already been received and floated EPC tenders in respect thereof.
Once commissioned, these Pipelines will be in a position to serve several cities / markets in 9 States of the Country. With significant volume of the supplies coming in from LNG receiving terminals in Gujarat, the utilization of your Company’s Gujarat grid shall also substantially improve.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
3510.322 |
2304.383 |
5814.705 |
|
b) Other operating income |
8.440 |
4.675 |
13.115 |
|
Total
income from Operations(net) |
3518.762 |
2309.058 |
5827.820 |
|
2.Expenditure |
|
|
|
|
a) Employees benefit expenses |
70.421 |
76.098 |
146.519 |
|
b) Depreciation and amortization expenses |
465.656 |
469.376 |
935.032 |
|
c) Operation and Maintenance Expenses |
141.305 |
179.797 |
321.102 |
|
d) Other expenditure |
67.584 |
49.182 |
116.766 |
|
Total expenses |
744.966 |
774.453 |
1519.419 |
|
3. Profit from operations before other income and
financial costs |
2773.796 |
1534.605 |
4308.401 |
|
4. Other income |
143.337 |
130.212 |
273.549 |
|
5. Profit from ordinary activities before finance costs |
2917.133 |
1664.817 |
4581.950 |
|
6. Finance costs |
307.237 |
320.572 |
627.809 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
2609.896 |
1344.245 |
3954.141 |
|
8. Exceptional Items |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
2609.896 |
1344.245 |
3954.141 |
|
10.Tax expenses |
|
|
|
|
-- Income Tax |
856.749 |
445.848 |
1302.597 |
|
-- Deferred Tax |
58.433 |
48.420 |
106.853 |
|
11.Net Profit / (Loss) from
ordinary activities after tax |
1694.714 |
849.977 |
2544.691 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1694.714 |
849.977 |
2544.691 |
|
16. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
17.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
3.01 |
1.51 |
4.52 |
|
|
|||
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
350460443 |
350434682 |
350460443 |
|
- Percentage of shareholding |
62.27 |
62.27 |
62.27 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
212305270 |
212305270 |
350460443 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
37.73 |
37.73 |
37.73 |
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
198 |
|
|
|
Disposed of during the quarter |
198 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE
QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
3
Months Ended |
3
Months Ended |
Half
Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Gas Transpiration |
3396.578 |
2179.289 |
5575.867 |
|
b)
Sale of Electricity |
124.718 |
138.984 |
263.702 |
|
Total segment
revenue |
3521.296 |
2318.273 |
5839.569 |
|
Less: Inter – segment
revenue |
-- |
-- |
-- |
|
Total income
from operations (net sales) |
3521.296 |
2318.273 |
5839.569 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Gas Transpiration |
2822.071 |
1560.394 |
4382.465 |
|
b)
Sale of Electricity |
49.737 |
69.139 |
118.876 |
|
Total segment
results |
2871.808 |
1629.533 |
4501.341 |
|
Less: Finance
Costs |
307.237 |
320.572 |
627.809 |
|
Less: Other
un-allocable expenditure |
95.476 |
85.713 |
181.189 |
|
Add:
un-allocable other operating income |
140.801 |
120.997 |
261.798 |
|
Total Profit
Before Tax |
2609.896 |
1344.245 |
3954.141 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
a)
Gas Transpiration |
38738.336 |
38514.451 |
38738.336 |
|
b)
Sale of Electricity |
1721.012 |
1830.193 |
1721.012 |
|
Add
: Unallocable |
13192.113 |
12072.758 |
13192.113 |
|
|
|
|
|
|
Total
|
53651.461 |
52417.402 |
53651.461 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF
FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
5627.657 |
|
(b) Reserves & Surplus |
|
|
29849.044 |
|
|
|
|
|
|
Share Application money pending allotment |
|
|
1.223 |
|
Sub-total Shareholders’ |
|
|
35477.924 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
8386.704 |
|
(b) Deferred tax liabilities (Net) |
|
|
4309.317 |
|
(c) Other long term liabilities |
|
|
230.179 |
|
(d) long-term provisions |
|
|
54.280 |
|
Sub-total of
Non-Current liabilities |
|
|
12980.480 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
0.000 |
|
(b) Trade
payables |
|
|
101.217 |
|
(c) Other
current liabilities |
|
|
7431.805 |
|
(d) Short-term
provisions |
|
|
361.652 |
|
Sub-total of Current liabilities |
|
|
7894.674 |
|
|
|
|
|
|
TOTAL |
|
|
56353.078 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
38249.770 |
|
(b)
Non-Current investments |
|
|
6356.545 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
2262.068 |
|
(e) Other
non-current assets |
|
|
89.073 |
|
Sub-total of
Non-Current Assets |
|
|
46957.454 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
932.595 |
|
(c) Trade
receivables |
|
|
2045.190 |
|
(d) Cash
and cash equivalents |
|
|
6067.847 |
|
(e)
Short-term loans and advances |
|
|
262.639 |
|
(f) Other
current assets |
|
|
87.353 |
|
Sub-total of
Current Assets |
|
|
9395.624 |
|
|
|
|
|
|
TOTAL |
|
|
56353.078 |
NOTES:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on November 07, 2014.
2.
Segment Revenue includes Other Income which is
directly attributable to each segment.
3. The statutory auditors have carried out a limited review of above results.
4. During the quarter, the Company has allotted 17,975 equity shares of Rs. 10 each to the eligible employees pursuant to GSPL ESOP Plan 2005 and 7.786 equity shares of Rs. 10 each to the eligible employees pursuant to GSPL ESOP Plan 2010.
5. During the quarter, PNGRB has issued revised zonal tariff order. The same has been implemented w.e.f. July 27, 2012 as per terms of Order.
6. The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10386585 |
31/12/2013 * |
3,500,000,000.00 |
IDFC LIMITED |
KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA |
B94525151 |
|
2 |
10223772 |
28/01/2011 * |
1,146,200,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B06225320 |
|
3 |
10221452 |
28/01/2011 * |
1,100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B06142715 |
|
4 |
10173273 |
19/03/2010 * |
5,560,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A84020080 |
|
5 |
10166550 |
19/03/2010 * |
1,000,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
ITC
CENTRE, 3RD FLOOR760, ANNA SALAI,, CHENNAI - |
A82307356 |
|
6 |
10109869 |
04/07/2008 |
3,375,000,000.00 |
INTERNATIONAL FINANCE CORPORATION LIMITED |
2121,
PENNSYLVANIA AVENUE, N.W., WASHINGTON D.C., |
A41137571 |
|
7 |
10066018 |
13/02/2014 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER,, WTC COMPLEX, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B96918834 |
|
8 |
10048759 |
22/08/2014 * |
1,000,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BR, DENA LAXMI BUILDING, 2ND FLOOR, PLOT NO 188/A, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
C20781944 |
|
9 |
10003204 |
11/10/2006 * |
750,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A00658427 |
|
10 |
80001783 |
13/11/2014 * |
1,290,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH,1ST FLOOR,, BANK OF BARODA TOWERS, NR LAW GARDEN,
ELLISBRIDGE, |
C35015270 |
*Date of modification Charges
FIXED ASSETS:
·
Land Free Hold
·
Land Lease Hold
·
Building
·
Plant and Machinery
·
Communication Equipments
·
Computers
·
Furniture and Fittings
·
Office Equipments
·
Vehicles
·
Ship / Boat
·
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, India Prisons Service, Interpol, etc.
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 exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
UK Pound |
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.76.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
68 |
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.