MIRA INFORM REPORT

Report No. :	332460
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	GUJARAT STATE PETROLEUM CORPORATION LIMITED (w.e.f. 10.11.1994)
Formerly Known As:	GUJARAT STATE PETROCHEMICALS CORPORATION LIMITED
Registered Office :	GSPC Bhawan, Behind Udyog Bhawan, Sector – 11, Gandhinagar – 382011, Gujarat
Tel. No.:	91-79-66701005
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.01.1979
Com. Reg. No.:	04-003281
Capital Investment / Paid-up Capital :	Rs. 2486.200 Million
CIN No.: [Company Identification No.]	U23209GJ1979SGC003281
IEC No.:	0894014391
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG4502F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Exploration and Production Activities and Gas Trading and also Wind Power Generation.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (70)

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
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a State Government Company. It is a well-established company having a good track record. Rating takes into consideration strong position of the company in natural gas trading business. However, rating constraints on account of significant decrease in its profit and leveraged capital structure in FY14. However, Subject being a government company, creditors and investors can feel confident of their exposure. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong support from state government, the Company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long term bank facilities = (AA)
Rating Explanation	High degree of safety and very low credit risk
Date	24.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	24.03.2015

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(TEL. NO.: 91-79-66701005/ 66701001)

LOCATIONS

Registered Office :	GSPC Bhawan, Behind Udyog Bhawan, Sector – 11, Gandhinagar – 382011, Gujarat, India
Tel. No.:	91-79-66701005/ 66701001
Fax No.:	91-79-23236375/ 55701331
E-Mail :	gspc@gujaratpetro.com sandeepdave@gspc.in info@gspc.in
Website :	http://www.gspcgroup.com

DIRECTORS

AS ON 30.12.2014

Name :	Lalnunmawia Chuaungo
Designation :	Director
Address :	Gipcl House, Near Amar Complex, Sama Road, Vadodara - 390008, Gujarat, India
Date of Birth/Age :	01.03.1962
Date of Appointment :	12.11.2014
DIN No.:	00032867
Name :	Mr. Ravindra Harshadrai Dholakia
Designation :	Additional Director
Address :	313, Indian Institute Of Management (IIM), Vastrapur, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	02.04.1953
Date of Appointment :	02.03.2015
DIN No.:	00069396
Name :	Dr. Manjula Subramaniam
Designation :	Additional Director
Address :	K-504, Sector 20, Gandhinagar, Gandhinagar - 382020, Gujarat, India
Date of Birth/Age :	18.09.1948
Date of Appointment :	30.03.2015
DIN No.:	00085783
Name :	Kuniyil Kailashnathan
Designation :	Nominee director
Address :	Government Bunglow 6, Dufnala Shahibag, Ahmedabad -380003, Gujarat, India
Date of Birth/Age :	25.05.1953
Date of Appointment :	31.08.2006
DIN No.:	00587901
Name :	Mr. Jagadip Narayan Jagadish Narayan Singh
Designation :	Director
Address :	D-1/46, Rabindra Nagar Near Khan Market, New Delhi -110003, Delhi, India
Date of Birth/Age :	02.05.1959
Date of Appointment :	12.11.2014
DIN No.:	00955107
Name :	Mr. Atanu Chakraborty
Designation :	Managing Director
Address :	K 11, Sector 19, Gandhinagar - 382019, Gujarat, India
Date of Birth/Age :	0.5.04.1960
Date of Appointment :	01.11.2014
DIN No.:	01469375
Name :	Mr. Ravichandran Narasimhan
Designation :	Director
Address :	406, Indian Institute Of Management Campus, Vastrapur, Ahmedabad -380015, Gujarat, India
Date of Birth/Age :	24.09.1953
Qualification :	Phd in Mathematics
Date of Appointment :	21.12.2009
DIN No.:	02065298
Name :	Mr. Manmohan Srivastava
Designation :	Director
Address :	K 503, Sector 20, Gandhinagar - 382020, Gujarat, India
Date of Birth/Age :	23.07.1952
Qualification :	IAS, MBA, PG in Physics
Date of Appointment :	18.10.2012
DIN No.:	02190050
Name :	Mr. Harinarayana Tirumalachetty
Designation :	Director
Address :	P.No.125, Suryanagar, Rr Dist, Uppal - 500039, Andhra Pradesh, India
Date of Birth/Age :	10.06.1954
Qualification :	Phd in Electromagnetic
Date of Appointment :
DIN No.:	02902872
Name :	Mr. Yogesh Singh
Designation :	Additional Director
Address :	Dhanvantari, Prof. C.C. Mehta Road, Pratapgunj, Vadodara - 390002, Gujarat, India
Date of Birth/Age :	13.04.1966
Qualification :	MSC Geology
Date of Appointment :	30.03.2015
DIN No.:	06600055

KEY EXECUTIVES

Name :	Mr. Sandeep Vishnuprasad Dave
Designation :	Secretary
Address :	Plot No. 666/2, Panchvati Park, Sector-23, Gandhinagar - 382023, Gujarat, India
Date of Birth/Age :	13.02.1975
Date of Appointment :	01.11.2008
PAN No.:	AEHPD3040G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.12.2014

Names of Shareholders	No. of Shares
A J Mavani and Governor of Gujarat	200
Gujarat Alkalies and Chemicals Limited, India	21543200
Gujarat Industrial Investment Corporation Limited, India	20555500
Gujarat Industrial Development Corporation	12345600
Gujarat Mineral Development Corporation Limited, India	26172800
Gujarat Narmada Development Corporation Limited, India	21543200
Gujarat State Fertilizers Company Limited, India	23500000
Gujarat Gas Company Limited, India	20000000
Govemor of Gujarat	2155368148
R.P. Ghoghari and Govermor of Gujarat	200
K H Chorera and Govermor of Gujarat	200
P. M. Dodiya and Govermor of Gujarat	200
P. L. Panchal and Govermor of Gujarat	200
P. R. Panchal and Govermor of Gujarat	200
H. F. Gandharv and Govermor of Gujarat	200
Gujarat State Investment Limited	192592441
Total	2493622289

AS ON 30.12.2014

Equity Share Breakup	Percentage of Holding
Category
Government (Central and State)	86.44
Government Companies	13.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Exploration and Production Activities and Gas Trading and also Wind Power Generation.

Products :

Item Code No. (ITC Code)	Product Description
27111100	Oil and Gas

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ICICI Bank Limited, 9^th Floor, JMC House, Ambawadi, Ahmedabad – 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Debentures	5500.000	0.000
Term loans from banks	44458.800	0.000
Rupee Term Loans from Banks	0.000	30000.000
Foreign Currency Term Loans from Banks	0.000	16789.200
SHORT TERM BORROWINGS
Loans repayable on demand from banks	16567.600	7853.400
Total	66526.400	54642.600

Banking Relations :	--
Auditors :
Name :	P. Singhvi and Associates Chartered Accountants
Address :	112, University Plaza, Vijay Char Rasta, Navrangpura, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor’s firm :	AAEFP4419L
Cost Auditor:	N. D. Birla Cost Accountant
Memberships :	--
Collaborators :	--
Associate Companies :	· Gujarat State Energy Generation Limited (U40200GJ2006PLC048397) · Sabarmati Gas Limited (U40200GJ2006PLC048397) · Gujarat State Energy Generation Limited (U40100GJ1998SGC035212) · Alcock Ashdown (Gujarat) Limited (U74999GJ1994SGC022952)
Subsidiaries :	· Gujarat State Petronet Limited (L40200GJ1998SGC035188) · Gujarat Gas Company Limited (L23203GJ1980PLC003623) · Guj Info Petro Limited (U72900GJ2001PLC039162) · GSPC Pipavav Power Company Limited (U40100GJ2006SGC047783) · GSPC Marginal Fields Limited (U11101GJ2012SGC069119) · GSPC Lng Limited (U23203GJ2007SGC050115) · GSPC Gas Company Limited (U23100GJ1999SGC035573) · GSPC (Jpda) Limited (U23201GJ2006SGC049229)

CAPITAL STRUCTURE

AFTER 30.12.2014

Authorised Capital : Rs. 3000.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2524.486 Million

AS ON 30.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000,000	Equity Shares	Re. 1/- each	Rs. 3000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,493,622,289	Equity Shares	Re. 1/- each	Rs. 2493.622 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000,000	Equity Shares	Re. 1/- each	Rs. 3000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
248,62,14,881	Equity Shares	Re. 1/- each	Rs. 2486.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2486.200	2357.800	2296.100
(b) Reserves & Surplus	68623.000	58366.500	46031.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	600.000	4000.000	0.000
Total Shareholders’ Funds (1) + (2)	71709.200	64724.300	48327.200
(3) Non-Current Liabilities
(a) Long-term borrowings	114333.800	106789.200	55167.100
(b) Deferred tax liabilities (Net)	1635.900	1170.700	919.000
(c) Other long term liabilities	126.800	132.100	235.900
(d) long-term provisions	520.900	520.900	520.900
Total Non-current Liabilities (3)	116617.400	108612.900	56842.900
(4) Current Liabilities
(a) Short term borrowings	37040.600	27488.200	37900.100
(b) Trade payables	5377.300	6469.500	9423.900
(c) Other current liabilities	15142.400	11053.300	10462.300
(d) Short-term provisions	2856.300	1927.500	1178.200
Total Current Liabilities (4)	60416.600	46938.500	58964.500
TOTAL	248743.200	220275.700	164134.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8233.400	7961.300	8807.700
(ii) Intangible Assets	62.800	71.000	76.000
(iii) Capital work-in-progress	71912.800	51615.600	123800.200
(iv) Intangible assets under development	124056.500	120825.000	1.200
(b) Non-current Investments	9217.600	5067.000	4592.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18210.100	15144.500	13062.900
(e) Other Non-current assets	1322.100	1509.900	778.900
Total Non-Current Assets	233015.300	202194.300	151119.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.300	65.200	2300.500
(c) Trade receivables	6084.500	7338.600	5833.700
(d) Cash and cash equivalents	2622.400	6310.500	2579.800
(e) Short-term loans and advances	6871.700	4280.900	2284.000
(f) Other current assets	94.000	86.200	17.200
Total Current Assets	15727.900	18081.400	13015.200
TOTAL	248743.200	220275.700	164134.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	119272.000	102459.100	84897.200
		Other Income	1106.200	536.400	450.800
		TOTAL (A)	120378.200	102995.500	85348.000
Less	EXPENSES
		Purchases of Stock-in-Trade	99283.200	80483.400	67356.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	15.000	2244.000	(771.800)
		Employees benefits expense	156.100	127.700	84.200
		Prior Period	0.000	6.000	1.600
		Expenditure on Production, Transportation and Other Expenditure Pertaining to E & P Activities	1025.700	1136.900	927.900
		Other expenses	17561.600	4410.600	6607.000
		TOTAL (B)	118041.600	88408.600	74204.900
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2336.600	14586.900	11143.100
Less	FINANCIAL EXPENSES (D)		338.200	933.700	629.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1998.400	13653.200	10513.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1028.300	1181.800	1097.900
	PROFIT BEFORE TAX (E-F) (G)		970.100	12471.400	9415.500
Less	TAX (H)		615.200	4005.700	3338.100
	PROFIT AFTER TAX (G-H) (I)		354.900	8465.700	6077.400
	EARNINGS IN FOREIGN CURRENCY
		Take or Pay (Cargo Cancellation Charges)	0.000	0.000	282.200
	IMPORTS
		Capital Goods	0.000	0.00	2.700
		Traded Goods	859.100	20293.700	15877.300
		Incurred by Joint Ventures	0.000	11.100	0.500
	TOTAL IMPORTS		859.100	20304.800	15880.500
	Earnings Per Share (Rs.)		0.15	3.69	2.72

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	8605.000	4729.100	4171.200
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	16364.500	6131.000	13702.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.30	8.26	7.16
Operating Profit Margin (PBDIT/Sales)	(%)	1.96	14.24	13.13
Return on Total Assets (PBT/Total Assets}	(%)	2.23	29.16	26.34
Return on Investment (ROI) (PBT/Networth)		0.01	0.19	0.19
Debt Equity Ratio (Total Liability/Networth)		2.23	2.15	2.01
Current Ratio (Current Asset/Current Liability)		0.26	0.39	0.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2296.100	2357.800	2486.200
Reserves & Surplus	46031.100	58366.500	68623.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	4000.000	600.000
Net worth	48327.200	64724.300	71709.200
Long-term borrowings	55167.100	106789.200	114333.800
Short term borrowings	37900.100	27488.200	37040.600
CURRENT MATURITIES OF LONG-TERM DEBTS	4171.200	4729.100	8605.000
Total borrowings	97238.400	139006.500	159979.400
Debt/Equity ratio	2.012	2.148	2.231

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	84897.200	102459.100	119272.000
		20.686	16.409

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	84897.200	102459.100	119272.000
Profit	6077.400	8465.700	354.900
	7.16%	8.26%	0.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

COMPANY PETITION NO. 201 OF2015

STATUS : PENDING ( CONVERTED FROM : O/ST/1333/2015 ) CCIN NO : 001058201500201

NEXT LISTING DATE: 22.07.2015

CORAM: HONOURABLE MS.JUSTICE VIPUL M. PANCHOLI

S.NO.	NAME OF THE PETITIONER	ADVOCATE ON RECORD
1	GUJARAT STATE PETROLEUM CORPORATION LIMITED	MS VIDHI J BHATT FOR: PETITIONER(S)  1

S.NO.	NAME OF THE RESPONDANT	ADVOCATE ON RECORD
1	SUMANGAL GLASS PRIVATE LIMITED	DS AFF.NOT FILED (N) FOR :RESPONDENT(S)  1

PRESENTED ON : 02.05.2015 REGISTERED ON : 21.05.2015

BENCH CATEGORY : -- DISTRICT : AHMEDABAD

CASE ORIGINATED FROM : THROUGH

HIS/HER/ THEIR ADVOCATE LISTED : 2 TIMES

STAGE NAME : NOTICE RETURNABLE MATTERS

CLASSIFICATION : SJ-OJ-COMPANY APPLICATION-COMPANIES ACT, 1956-WINDING UP – 433 AND 434

ACT : COMPANIES ACT, 1956

OFFICE DETAILS

S. NO.	FILING DATE	DOCUMENT NAME	ADVOCATE NAME	COURT FEE ON DOCUMENT	DOCUMENT DETAILS
1	02/05/2015	VAKALATNAMA	MS VIDHI J BHATT ADVOCATE FOR PETITIONER(S)  1	5	MS VIDHI J BHATT(6155) for P:1
2	02/05/2015	MEMO OF PETITION/APPEAL/SUIT	MS VIDHI J BHATT ADVOCATE FOR PETITIONER(S)  1	100	MS VIDHI J BHATT(6155), for P:1
3	01/07/2015	AFFIDAVIT OF DS	MS VIDHI J BHATT ADVOCATE For PETITIONER(s)  1	0	MS VIDHI J BHATT(6155) for P:1

COURT PROCEEDINGS

S. NO.	NOTIFIED DATE	COURTCODE	BOARD SR. NO.	STAGE	ACTION	CORAM
1	08/06/2015	22	6	ADMISSION (FRESH MATTERS)	FIXED NOTICE	HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI
2	29/06/2015	22	41	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI
3	03/07/2015	22	35	NOTICE RETURNABLE MATTERS	FRESH NOTICE	HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI
4	22/07/2015	22	-	NOTICE RETURNABLE MATTERS		HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

AVAILABLE ORDERS

S. NO.	CASE DETAILS	JUDGE NAME	ORDER DATE	CAV	JUDGEMENT	QUESTIONS	TRANSFERRED
1	COMPANY PETITION/201/2015	HONOURABLEMR.JUSTICE VIPUL M. PANCHOLI	08/06/2015	N	ORDER	-	Y
2	COMPANY PETITION/201/2015	HONOURAE MR.JUSTICE VIPUL M. PANCHOLI	03/07/2015	N	ORDER	-	Y

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10579259	09/07/2015	6,350,650,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER 'E', CUFFE PARADE, MUMBAI - 400005, MAHA RASHTRA, INDIA	C58575341
2	10566177	07/04/2015	30,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, 58, SHRIMALI SOCI  ETY, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA	C52055928
3	10532282	17/11/2014	20,080,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER 'E', CUFFE PARADE, MUMBAI - 400005, MAHA  RASHTRA, INDIA	C34265140
4	10481057	28/01/2014	2,999,999,430.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B96918362
5	10428386	28/03/2013	2,499,992,100.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,  BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B73633794
6	10369337	17/08/2012 *	11,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B55810717
7	10120280	21/05/2012 *	13,807,625,000.00	STATE BANK OF INDIA AS SECURITY TRUSTEE REPRESENTI  NG SIX BENEFICIARY LENDERS-AS PER ANNEXURE-E	CORPORATE ACCOUNTS GROUP, 58, SHRIMALI SOCIETY, N  AVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA	B40310401
8	80006012	12/08/2014 *	45,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNT GROUP BRANCH, 58, SHRIMALI SOCI  ETY, NAVRANGPURA, AHMEDABAD - 380009, GUJARAT, INDIA	C19726793

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Non-convertible debenture	60000.000	60000.000
Term loans from others	4375.000	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from others	20473.000	19634.800
Total	84848.000	79634.800

BUSINESS:

The Company along with its subsidiaries and associates has evolved strategically as an 'integrated Energy Company" with significant presence across the entire energy value chain spanning wide range of oil and gas activities comprising oil and gas exploration, development and production, gas trading, gas transmission, gas distribution and power generation. The Company has played a proactive role in the development of entire gas value chain in the State of Gujarat through its initiative of participation in the midstream and downstream segments as well as gas based power generation and initiating activities for setting up of LNG Terminal.

Segment wise performance highlights are summarized below:

Upstream Business Activities:

The Company has significant growth potential with a diversified portfolio of onland / offshore blocks along with combination of matured blocks and blocks under development and exploration.

Technology plays an important role in EandP sector. The Company has inducted best in class technology in all spheres of its exploration, development and production activities. In addition, the Company has also entered into strategic service agreements with reputed service providers like Schlumberger, Halliburton, Baker Hughes, M I Overseas, B J Services, Weatherford, ITS, Precision Drilling, Fugro, Blade energy , EIL, LandT, Punj Loyd etc. to have cutting edge in EandP operations.

The major achievements are summarized below:

KG BLOCK

The KG-OSN-2001/3 offshore block was awarded to GSPC under a production sharing contract with Government of India in February, 2003. The Company since then drilled total of 18 exploratory/ appraisal wells, some of these wells were drilled to 6000m depth, which are among the deepest High Pressure High Temperature (HPHT) wells globally.

The Company has carried out detailed G and G studies and deployed internationally renowned technical consultants i.e. Schlumberger, Fugro Robertson and Blade Energy These technical studies have helped in developing better understanding about the geological system and development philosophy.

The overall strategy for development of KG Offshore block is one involving an integrated development of Deen Dayal Area. The basis of development is to complete the development of Deen Dayal field by building production facility in the DDW area. The second phase would involve integrated Declaration of Commerciality (DOC) and development of other discovery areas, among them are DDE, DDN, DDWDT and DD NE. The integrated DOC was submitted to DGH/MOPNG in February 2013 and the same was reviewed/ approved by DGH/MOPNG. The integrated development plan is envisaged to be submitted by the end of 2014.

It is envisaged that an integrated field development strategy allows for a phased development and early monetization of the reserve in the Deen Dayal Field. DDW area has been developed as the first phase of development. The Company has also received grant of additional mining lease area of 20.5 sq.km from GoI in January 2012, an area associated with extension of DDW area.

The Deen Dayal West Field Development Project is the first of its kind offshore HPHT (High Pressure High Temperature) field development in India. The Deendayal field development plan consists of four major segments- Well Head Platform (WHP), an Offshore Process-cum Living Quarter Platform (PLQP), Subsea Pipeline and Onshore Gas Terminal (OGT).

All the hard work put in by thousands of workers, technicians and engineers at different levels helped us commission several project facilities. In spite of multiple challenges (including agitation by fishermen / local people, delay in statutory clearances, etc), the Company has started trial production from the Deen Dayal West (DDW) field.

GLOBAL LNG SCENARIO

LNG markets remained extremely tight in 2013, demand pull from nuclear closures in Japan and South Korea and the difficulties to ramp-up production of new facilities in Angola and Algeria, bringing LNG price levels in the Far East to record highs in the first quarter. Demand remained strong in Asia, mainly in China and South Korea. In Japan, imports continued to increase, although more moderately in a response to high prices and the yen devaluation, shifting the energy mix towards other sources of energy. Demand also increased in South America, strongly related to weather factors.

Global LNG volumes have stagnated over the past two years reflecting a lull in the completion of new liquefaction capacity. Of the two export terminals slated to come on-stream last year, only the long delayed Angola LNG project commenced operations in Algeria, the start-up of Sonatrach's Skikda liquefaction train shifted from 2013 to Ql 2014.

Limited capacity additions and higher utilization rates at certain facilities were offset by supply disruptions in Nigeria and waning production in Egypt, where an reservoir issues and domestic demand curtailed exports by 44%.

LNG IMPORTS and REGASSIFICATION CAPACITY: INDIA

India's LNG imports were pegged at 13.05 MMT in 2013 as per the GIIGNL report "The LNG Industry". Such static / flat LNG imports on year-on-year basis were juxtaposed with a sharp decline in gas production from domestic fields, RIL's KG D6 fields in specific, supplies from which, stood at approx 13 MMSCMD in 2013- 14.

The regassification capacity currently available in India is approx 16.5 MTPA which is expected to reach approx 45 MTPA by commissioning of the following projects by 2019.

In 2013-14, Petronet LNG Limited completed construction of second jetty at its Dahej facilities and PLL further proposes expansion of its facilities to increase the nameplate capacity to 15 MTPA by end of 2016.

Ratnagiri Gas and Power Private Limited (RGPPL) which commissioned its 2.5 MTPA LNG terminal in 2013 is also in process of awarding EPC contracts for construction of break water at its Dabhol facilities which would take the nameplate capacity of its LNG terminal to 5 MTPA. PLL's Kochi terminal of 5 MTPA which was commissioned in 2013 became the fourth LNG terminal in the country after Dahej, Hazira in Gujarat and Dabhol in Maharashtra.

GSPC LNG Ltd., is advancing with construction of its 5 MTPA LNG project in Mundra, which is expected to be completed by end of 2016. Further, IOCL's 5 MTPA LNG project at Ennore in Tamil Nadu would also be operational by the end of 2016.

In addition to the above, it is expected that either a land based terminal (by PLL at Gangavarm) or FSRU project (by APGDC at Kakinada) in Andhra Pradesh of approx 5 MTPA capacity would be developed to cater to the gas demand in the Eastern region.

Evidently by 2019, while development of LNG infrastructure in the country would make available additional regassification capacity for import of LNG to approx. 45 MTPA, long term contracts for import of LNG by such timeframe, would be 20 MTPA, creating huge opportunity for import of LNG catapulting India in the league of LNG import majors, namely, Japan, Korea and China.

LNG EXPORTS FROM US

Meanwhile, the emergence of the US as a viable LNG exporter has provided various international operators to lock up longer term contracts. Many prospective US liquefaction schemes involve the addition of export capacity to existing import-only facilities, reducing construction costs relative to projects in Australia and offshore East Africa.

Whereas majority of existing LNG export facilities exploit a specific basin, US liquefaction sites would draw their volumes from a wide range of producers and basins, reducing exploration and development risks. Reliable supply and the prospect of pricing indexed to Henry Hub natural gas - as opposed to Brent crude or JCC- holds significant appeal to Asian countries relying heavily on LNG to meet their energy needs.

GSPC'S DDW FIELDS

As regards indigenous gas production in India, GSPC's DDW field is set for commercial production and the same shall play an important role in meeting the growing energy demand of the country. The Company has successfully discovered the gas price for supplies from its DDW field through a transparent e- auction mechanism involving customers from all segments and submitted the same for approval of Government of India, as per the terms of Production Sharing Contract.

CROSS COUNTRY PIPELINES

Gujarat State Petronet Ltd. (GSPL), a subsidiary of GSPCL, has incorporated two JVs namely GSPL India Gasnet Limited (GIGL) and GSPL India Transco Ltd. (GITL) which have made significant progress in developing the coveted Mallavaram-Bhilwara-Bhopal-Vijaipur, Mehsana Bhatinda, and Bhatinda Jammu- Srinagar pipeline projects of over 4000 kms with an investment of over Rs. 137000.000 Million, passing through 9 States and around 60 districts, most of which do not have access to natural gas. Moreover, the pipeline projects would not only bring out the untapped gas demand but also curb existing pollution levels, create employment opportunities and facilitate industrial, SME as well as City Gas Distribution network development in these regions.

Commissioning of the said pipelines is in line with the vision of the Government of India to develop additional 15,000 kms of pipelines across the Country with the motive of increasing the usage of gas (domestic as well as imported), which, in the long-term will be beneficial in reducing dependence on any one energy sources.

Creation of infrastructure for incremental regassification capacity in consonance with cross country pipelines being developed by JVs of the Company shall not only ensure effective utilization of the energy infrastructure but also increase overall natural gas consumption of the country, resulting in increase of natural gas share in the overall Energy Mix.

Gas trading will continue to be an important segment for the Company, as India will continue to rely on LNG imports to meet its demand of gas. In its endeavor to source long term LNG, the Company continues to carry out negotiations with several global LNG suppliers and has made satisfactory progress during this year in this direction.

VALUE PROPOSITION IN CGD BUSINESS

In the coming years, CGD segment would be a major driver for growth in natural gas demand of the Country as the same would make natural gas accessible to common man by reducing hassles of subsidized fuels including LPG, Kerosene and Diesel, reduce pollution levels, save substantial subsidy burden to Central Government and promote industrial development.

Owing to the same, recently the Government of India has accorded highest priority to the city gas distribution segment in place of Fertilizer and

Power segments and is in the process of allocating gas from domestic fields to cater to the entire CNG and PNG demand of the Country. With the said motive, the Company continues to participate in bids invited by the PNGRB for development of CGD across various cities and increase its presence in CGD business outside Gujarat as well as within Gujarat (by way of acquisition of Gujarat Gas Co Limited.).

The CGD business is a major Focus area for the Company and its sustained efforts towards participating in CGD business is poised to not only ensure increase in utilization of its existing and upcoming pipeline infrastructure but also leverage the Gas Trading business.

E AND P BUSINESS: PRODUCING ASSETS:

Oil and gas production volumes, which depend on the yield from the company's producing fields, have a significant impact on the Company's results of operations. Currently, all of their producing fields are within the Cambay basin, where company holds participating interests in 16 producing fields. The Cambay basin is a maturing resource province with declining production levels, especially of gas. The volume of production from oil and gas fields generally declines as reserves are depleted with ongoing production. The Company also intends to continue exploration activities in its existing exploration blocks to discover new oil and gas reserves for development. The company's future production will be significantly dependent upon success in finding and developing reserves in a timely and cost effective manner.

FIXED ASSETS:

Tangibles

· Leasehold Land

· Freehold Land

· Buildings

· Office Equipment’s

· Computer Equipment’s

· Vehicles

· Furniture and Fixtures

· Plant and Machinery

Intangibles

· 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.