|
|
|
MIRA INFORM REPORT
|
Report No. : |
517033 |
|
Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT STATE PETROLEUM CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
GSPC Bhavan, Behind Udyog Bhawan, Sector-11, Gandhinagar-382011,
Gujarat |
|
Tel. No.: |
91-79-66701005 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
29.01.1979 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23209GJ1979SGC003281 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2579.300 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG4502F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company 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. (Registered Activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a state owned entity under Government of Gujarat. The company was incorporated in the year 1979.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term – BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk |
|
Date |
26.04.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 28.06.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-79-66701005/28501001)
LOCATIONS
|
Registered Office : |
GSPC Bhavan, Behind Udyog Bhavan, Sector-11, Gandhinagar - 382011,
Gujarat, India |
|
Tel. No.: |
91-79-66701005 |
|
Fax No.: |
91-79-23236375 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Jagadip Narayan Jagadish Narayan Singh |
|
Designation : |
Managing Director |
|
Address : |
D-1/46, Rabindra Nagar, Near Khan Market, New Delhi - 110003, India |
|
Date of Birth/Age : |
02.05.1959 |
|
Qualification : |
I
A S , M.A(International Studies, JNU), MDM(AIM, Manila) |
|
Date of Appointment : |
11.04.2016 |
|
DIN No.: |
00955107 |
|
|
|
|
Name : |
T Natarajan |
|
Designation : |
Managing Director |
|
Address : |
37, Kh-Type Quaters, Sector-9 Gandhinagar- 382009, Gujarat, India |
|
Date of Appointment : |
01.08.2016 |
|
DIN No.: |
00396367 |
|
|
|
|
Name : |
Dr. Manjula Subramaniam |
|
Designation : |
Director |
|
Address : |
K-504, Sector 20, Gandhinagar, Gandhinagar - 382020, Gujarat, India |
|
Date of Birth/Age : |
18.09.1948 |
|
Date of Appointment : |
09.11.2015 |
|
DIN No.: |
00085783 |
|
|
|
|
Name : |
Mr. Ravichandran Narasimhan |
|
Designation : |
Director |
|
Address : |
406, Indian Institute of Management Campus, Vastrapur, Ahmedabad -
380015, Gujarat, India |
|
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,
MSC(Physics) & MBA |
|
Date of Appointment : |
12.11.2013 |
|
DIN No.: |
02190050 |
|
|
|
|
Name : |
Mr. Yogesh Singh |
|
Designation : |
Director |
|
Address : |
Dhanvantari, Prof. C.C. Mehta Road, Pratapgunj, Vadodara - 390002,
Gujarat, India |
|
Date of Appointment : |
09.11.2015 |
|
DIN No.: |
06600055 |
|
|
|
|
Name : |
Mr. Kuniyil Kailashnathan |
|
Designation : |
Nominee Director |
|
Address : |
Government Bunglow 6, Dufnala Shahibag, Ahmedabad - 380003, Gujarat,
India |
|
Date of Birth/Age : |
25.05.1953 |
|
Qualification : |
IAS,
MSC, M.A |
|
Date of Appointment : |
31.08.2006 |
|
DIN No.: |
00587901 |
|
|
|
|
Name : |
Mr. Sujit Gulati |
|
Designation : |
Director |
|
Address : |
A-301, Suryaketu Tower, Near Judges Bungalow Road, Near Sumbhav Press, Bodakdev, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
09.09.2016 |
|
DIN No.: |
00177274 |
|
|
|
|
Name : |
Mr. Ravindra Harshadrai Dholakia |
|
Designation : |
Director |
|
Address : |
313, Indian Institute Of Management (IIM), Vastrapur, Ahmedabad- 380015, Gujarat, India |
|
Date of Appointment : |
02.03.2015 |
|
DIN No.: |
00069396 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Vishnuprasad Dave |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 666/2, Panchvati Park, Sector-23, Gandhinagar -
382023, Gujarat, India |
|
Date of Birth/Age : |
13.02.1975 |
|
Date of Appointment : |
01.11.2008 |
|
PAN No.: |
AEHPD3040G |
|
|
|
|
Name : |
Mr. Rajesh Narayanan Sivadasan |
|
Designation : |
Chief finance officer |
|
Address : |
44 Vrundavan Bunglow, Nr. Info City, Village Kudasan Gandhinagar 382421, Gujarat, India |
|
Date of Appointment : |
10.11.2017 |
|
PAN No.: |
AMKPS0682A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Gujarat Alkalies and Chemicals Limited |
|
21543200 |
|
Gujarat Industrial Development Corporation |
|
12345600 |
|
Gujarat Industrial Investment Corporation Limited |
|
20555500 |
|
Gujarat Mineral Development Corporation Limited |
|
26172800 |
|
Gujarat Narmada Valley Fertilizers Company Limited |
|
21543200 |
|
Gujarat State Fertilizer Company Limited |
|
23500000 |
|
Gujarat State Investment Limited |
|
192592441 |
|
Governor of Gujarat (Promoters) |
|
2241008779 |
|
Gujarat Gas Limited |
|
20000000 |
|
*GOG Nominees |
|
0.000 |
|
K H Chorera |
|
200 |
|
P M Dodiya |
|
200 |
|
P L Panchal |
|
200 |
|
R P Ghoghari |
|
200 |
|
H F Gandharv |
|
200 |
|
P R Panchal |
|
200 |
|
A.J. Mavani |
|
200 |
|
|
|
|
|
Total |
|
2579262920 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
0.00005428 |
|
Promoters (Government -State Government) |
86.88562774 |
|
Public/Other than promoters (Government –Companies) |
10.53271223 |
|
Public/Other than promoters (Body corporate) |
2.58160575 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company 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. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
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 |
|
|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
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Subsidiaries : |
|
|
|
|
|
Associates |
|
CAPITAL STRUCTURE
As on 09.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
INR 1/- each |
INR 3000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2579262920 |
Equity Shares |
INR 1/- each |
INR 2579.263 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2579.300 |
2524.500 |
2486.200 |
|
(b) Reserves & Surplus |
67973.100 |
71650.700 |
68623.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
600.000 |
|
Total
Shareholders’ Funds (1) + (2) |
70552.400 |
74175.200 |
71709.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
170389.700 |
133969.600 |
114333.800 |
|
(b) Deferred tax liabilities (Net) |
991.600 |
1697.400 |
1635.900 |
|
(c) Other long term
liabilities |
132.900 |
127.700 |
126.800 |
|
(d) long-term
provisions |
901.300 |
520.900 |
520.900 |
|
Total Non-current Liabilities
(3) |
172415.500 |
136315.600 |
116617.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
39943.800 |
53654.000 |
37040.600 |
|
(b) Trade
payables |
2633.900 |
4106.600 |
5377.300 |
|
(c) Other current
liabilities |
15448.100 |
23327.500 |
17280.700 |
|
(d) Short-term
provisions |
634.700 |
637.500 |
718.000 |
|
Total Current
Liabilities (4) |
58660.500 |
81725.600 |
60416.600 |
|
|
|
|
|
|
TOTAL |
301628.400 |
292216.400 |
248743.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7421.400 |
9770.400 |
8233.400 |
|
(ii)
Intangible Assets |
36.500 |
49.500 |
62.800 |
|
(iii)
Capital work-in-progress |
128134.400 |
107128.700 |
94412.800 |
|
(iv)
Intangible assets under development |
111143.100 |
111753.000 |
101556.500 |
|
(b) Non-current Investments |
13362.200 |
13878.700 |
9217.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20457.700 |
19973.700 |
18210.100 |
|
(e) Other
Non-current assets |
1398.400 |
1328.200 |
1322.100 |
|
Total Non-Current
Assets |
281953.700 |
263882.200 |
233015.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
465.300 |
675.500 |
55.300 |
|
(c) Trade
receivables |
4811.500 |
6998.200 |
6084.500 |
|
(d) Cash
and cash equivalents |
847.300 |
4165.100 |
2622.400 |
|
(e)
Short-term loans and advances |
13481.100 |
11323.700 |
6871.700 |
|
(f) Other
current assets |
69.500 |
5171.700 |
94.000 |
|
Total
Current Assets |
19674.700 |
28334.200 |
15727.900 |
|
|
|
|
|
|
TOTAL |
301628.400 |
292216.400 |
248743.200 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
106131.900 |
109565.900 |
119272.000 |
|
|
Other Income |
1117.800 |
813.100 |
1106.200 |
|
|
TOTAL |
107249.700 |
110379.000 |
120378.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
100625.700 |
102300.300 |
99593.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
213.600 |
(619.800) |
15.000 |
|
|
Employees benefits expense |
157.800 |
146.100 |
156.100 |
|
|
Other expenses |
586.100 |
420.800 |
17251.600 |
|
|
Prior Period Item |
-0.800 |
1.100 |
0.000 |
|
|
Exceptional Item |
11816.200 |
5130.300 |
0.000 |
|
|
Expenditure on production, transportation and other expenditure pertaining to exploration and production activities |
771.700 |
1162.900 |
1025.700 |
|
|
TOTAL |
114170.300 |
108541.700 |
118041.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(6920.600) |
1837.300 |
2336.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
164.000 |
510.300 |
338.200 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(7084.600) |
1327.000 |
1998.400 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1665.400 |
1009.900 |
1028.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(8750.000) |
317.100 |
970.100 |
|
|
|
|
|
|
|
Less |
TAX |
(705.800) |
80.100 |
615.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(8044.200) |
237.000 |
354.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
2.000 |
1.600 |
161.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
64413.900 |
52152.800 |
6275.700 |
|
|
TOTAL
IMPORTS |
64413.900 |
52152.800 |
6275.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic |
3.16 |
0.09 |
0.15 |
|
|
Diluted |
3.07 |
0.09 |
0.14 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
6286.500 |
9539.100 |
8605.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
5703.500 |
(669.600) |
16044.500 |
|
Net cash flows from (used in) operating activities |
5556.500 |
(1238.400) |
15587.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
16.55 |
23.31 |
18.62 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
22.06 |
15.66 |
19.60 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
9.55 |
14.65 |
19.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(14.87) |
2.72 |
42.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.03) |
0.01 |
0.01 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.78 |
0.77 |
0.74 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
3.07 |
2.66 |
2.23 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.83 |
1.10 |
0.84 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
3.50 |
3.08 |
2.85 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(42.20) |
3.60 |
6.91 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(8.24) |
0.29 |
0.81 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(2.90) |
0.11 |
0.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(12.40) |
0.43 |
1.35 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.34 |
0.35 |
0.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.33 |
0.34 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.23 |
0.25 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
83.98 |
78.10 |
64.35 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.34 |
0.35 |
0.26 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
2486.200 |
2524.500 |
2579.300 |
|
Reserves & Surplus |
68623.000 |
71650.700 |
67973.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
600.000 |
0.000 |
0.000 |
|
Net
worth |
71709.200 |
74175.200 |
70552.400 |
|
|
|
|
|
|
long-term borrowings |
114333.800 |
133969.600 |
170389.700 |
|
Short term borrowings |
37040.600 |
53654.000 |
39943.800 |
|
Current maturities of
long-term debts |
8605.000 |
9539.100 |
6286.500 |
|
Total
borrowings |
159979.400 |
197162.700 |
216620.000 |
|
Debt/Equity
ratio |
2.231 |
2.658 |
3.070 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
119272.000 |
109565.900 |
106131.900 |
|
|
|
(8.138) |
(3.134) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
119272.000 |
109565.900 |
106131.900 |
|
Profit/(Loss) |
354.900 |
237.000 |
(8044.200) |
|
|
0.30% |
0.22% |
(7.58)% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2559.300 |
2504.500 |
|
(b) Reserves & Surplus |
|
80740.200 |
83500.700 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(3) Minority interest |
|
38334.900 |
35154.600 |
|
Total
Shareholders’ Funds (1) + (2) |
|
121634.400 |
121159.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
208261.800 |
172286.200 |
|
(b) Deferred tax liabilities
(Net) |
|
10275.200 |
9585.700 |
|
(c) Other long term
liabilities |
|
6506.600 |
6200.200 |
|
(d) long-term provisions |
|
1265.400 |
763.600 |
|
Total
Non-current Liabilities (3) |
|
226309.000 |
188835.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
40038.800 |
53654.100 |
|
(b) Trade payables |
|
5410.500 |
5131.700 |
|
(c) Other current liabilities |
|
34242.300 |
54047.300 |
|
(d) Short-term provisions |
|
2211.500 |
1402.500 |
|
Total
Current Liabilities (4) |
|
81903.100 |
114235.600 |
|
|
|
|
|
|
TOTAL |
|
429846.500 |
424231.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
106336.200 |
87240.600 |
|
(ii) Intangible Assets |
|
5410.300 |
25693.400 |
|
(iii) Capital work-in-progress |
|
142525.500 |
121967.700 |
|
(iv) Intangible assets under
development |
|
111145.100 |
111753.000 |
|
(b) Non-current Investments |
|
1819.900 |
1382.100 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
27716.900 |
23515.400 |
|
(e) Other Non-current assets |
|
1543.700 |
1519.000 |
|
Total
Non-Current Assets |
|
396497.600 |
373071.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
200.000 |
9369.900 |
|
(b) Inventories |
|
1940.200 |
2069.300 |
|
(c) Trade receivables |
|
8572.800 |
9843.400 |
|
(d) Cash and cash equivalents |
|
7326.700 |
11673.500 |
|
(e) Short-term loans and
advances |
|
14241.900 |
11949.600 |
|
(f) Other current assets |
|
1067.300 |
6254.200 |
|
Total
Current Assets |
|
33348.900 |
51159.900 |
|
|
|
|
|
|
TOTAL |
|
429846.500 |
424231.100 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
141556.000 |
147675.500 |
|
|
Other Income |
|
1685.100 |
2131.300 |
|
|
TOTAL |
|
143241.100 |
149806.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
9712.600 |
8896.300 |
|
|
Purchases of Stock-in-Trade |
|
100282.800 |
102057.500 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
216.600 |
(636.200) |
|
|
Employees benefits expense |
|
1956.100 |
1867.800 |
|
|
Other expenses |
|
5261.900 |
4693.900 |
|
|
Prior period items |
|
0.600 |
127.800 |
|
|
Expenditure on production, transportation and other expenditure pertaining to exploration and production activities |
|
771.700 |
1162.900 |
|
|
Exceptional items |
|
12124.000 |
5124.900 |
|
|
TOTAL |
|
130326.300 |
123294.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
12914.800 |
26511.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
4919.600 |
7182.900 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7995.200 |
19329.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
7398.500 |
6253.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
596.700 |
13075.300 |
|
|
|
|
|
|
|
Less |
TAX |
|
2946.900 |
5803.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(2350.200) |
7271.500 |
|
|
|
|
|
|
|
Add |
PROFIT
(LOSS) OF MINORITY INTEREST |
|
(3915.200) |
(5041.800) |
|
|
|
|
|
|
|
Add |
SHARE
OF PROFIT (LOSS) OF ASSOCIATES |
|
106.800 |
213.800 |
|
|
|
|
|
|
|
Less |
TOTAL
PROFIT (LOSS) FOR PERIOD |
|
(6158.600) |
2015.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic |
|
(2.44) |
0.81 |
|
|
Diluted |
|
2.37 |
0.79 |
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 |
No |
|
8] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from 2nd Floor, Udyog Bhavan, Sector-11, Gandhinagar-382011, Gujarat, India to the present address w.e.f. 14.05.2004
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 & 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.
INTRODUCTION:
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 & gas activities comprising oil and gas exploration, development and production, gas trading, gas transmission, gas distribution and power generation.
The company has always emphasized on the objective of energy security, promoting fuel efficiency and conservation of natural resources.
The Company undertakes the Corporate Social responsibility as a genuine expression of goodwill and gratitude towards society. The Company being a state sector entity is fully recognizing its social responsibilities and is keen to make significant contributions towards development of social infrastructure, economic, environmental and social upliftment of communities in and around the work centers in the major thrust areas such as community development, infrastructure, literacy enhancement, education aids and healthcare.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Non-convertible debentures others |
60000.000 |
60000.000 |
|
Term loans |
10500.000 |
3750.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
6950.000 |
30717.200 |
|
|
|
|
|
Total |
77450.000 |
94467.200 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G00654095 |
100017025 |
SBICAP TRUSTEE COMPANY LIMITED |
28/03/2016 |
- |
- |
45000000000.0 |
202, MARKER TOWER 'E', CUFFE PARADE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
2 |
C74384579 |
10609940 |
EXPORT IMPORT BANK OF INDIA |
10/12/2015 |
- |
- |
6244562500.0 |
21ST FLOOR, CENTER-1 BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI-400005, MAHARASHTRA, INDIA |
|
3 |
C58575341 |
10579259 |
SBICAP TRUSTEE COMPANY LIMITED |
09/07/2015 |
- |
- |
6350650000.0 |
202, MARKER TOWER 'E', CUFFE PARADE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
4 |
C52055928 |
10566177 |
State Bank of India |
07/04/2015 |
- |
- |
30000000000.0 |
CORPORATE ACCOUNT GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD-380009, GUJARAT, INDIA |
|
5 |
C34265140 |
10532282 |
SBICAP TRUSTEE COMPANY LIMITED |
17/11/2014 |
- |
- |
20080000000.0 |
202, MARKER TOWER 'E', CUFFE PARADE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
6 |
B96918362 |
10481057 |
SBICAP TRUSTEE COMPANY LIMITED |
28/01/2014 |
- |
- |
2999999430.0 |
202, MARKER TOWER 'E', CUFFE PARADE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
7 |
B73633794 |
10428386 |
IDBI TRUSTEESHIP SERVICES LIMITED |
28/03/2013 |
- |
- |
2499992100.0 |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI-400001, MAHARASHTRA, INDIA |
|
8 |
B55810717 |
10369337 |
SBICAP TRUSTEE COMPANY LIMITED |
10/07/2012 |
17/08/2012 |
- |
11000000000.0 |
202, MARKER TOWER 'E', CUFFE PARADE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
9 |
G15331465 |
80006012 |
State Bank of India |
30/07/2003 |
20/09/2016 |
- |
45000000000.0 |
CORPORATE ACCOUNT GROUP BRANCH58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD-380009, GUJARAT, INDIA |
|
10 |
C72280068 |
10120280 |
STATE BANK OF INDIA AS SECURITY TRUSTEE REPRESENTING SIX BENEFICIARY LENDERS-AS PER ANNEXURE-E |
01/08/2008 |
21/05/2012 |
05/12/2015 |
13807625000.0 |
CORPORATE ACCOUNT GROUP BRANCH58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD-380009, GUJARAT, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Claims against company not acknowledged as debt |
22270.700 |
29339.200 |
|
|
|
|
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
WEBSITE DETAILS:
NEWS / PRESS RELEASE
DATE: 21.03.2018
GSPL TO ACQUIRE
ADDITIONAL STAKE IN GUJARAT GAS – PAIN OR GAIN?
GSPL HAS APPROVED THE
PURCHASE OF ANOTHER 28.4 PER CENT STAKE IN GUJARAT GAS FROM ITS PARENT COMPANY
GSPC.
The board at Gujarat State Petronet Ltd (GSPL) has approved plans to buy 3.91 million share or a 28.4 per cent stake in GGL (Gujarat Gas Ltd) from its parent GSPC (Gujarat State Petroleum Corporation). While Gujarat Gas saw some positive movement, post the announcement, the GSPL stock saw a rocky day on the bourses, tumbling nearly 6 per cent intraday. Here, we analyse the synergies of the deal and what it holds for the various stakeholders.
The deal
GSPL has approved the purchase of another 28.4 per cent stake in Gujarat Gas from its parent company GSPC. The purchase would push up GSPL's stake in Gujarat Gas to around 54 per cent from the current 26 per cent. Though the exact deal price has not been confirmed yet, at Tuesday's close price of INR 832, the value of the 28.4 per cent stake comes to around INR 32440.000 million.
The transaction will be completed through inter-se transfer between group companies and thus may not trigger an open offer. Being a related party transaction between two government companies, there would not be any mandatory requirement of regulatory approvals. With a 54 per cent stake post the deal, Gujarat Gas would become a subsidiary of GSPL. There are no talks of a merger and both companies would continue to be listed separately.
Synergies for the
companies
Gujarat Gas is one of the largest downstream gas company and with its vast network of city gas distribution (CGD), strong standing in industrial supply and the last mile connectivity it has a dominant presence in West India, especially Gujarat.
GSPL, on the other hand, is a leading player in developing energy transportation infrastructure and connecting natural gas supply basins and LNG terminals with a pipeline network of around 2,600 km.
City gas distribution is one of the largest segment which GSPL caters to currently. Thus, GGL's business is complimentary to GSPL and the transaction would facilitate better synchronisation of GSPL's gas transmission business and GGL's downstream gas connectivity.
With the governments increasing thrust on promoting the use of cleaner fuels, natural gas and city gas distribution has been receiving a strong push and is poised to grow in the future. The 9th round of bidding for CGD projects is currently on and the combined entity would be in a better position to bid.
The GSPC side
Speculated by many as one of the core purpose of the deal, GSPC would see some relief by offloading a substantial portion of the nearly INR 165000.000 million debt on the balance sheet. With almost a 3200 crore repayment, the transaction would enable a better capital structure and reduced finance costs for GSPC.
Deal financials and
impact
The deal value at Tuesdays close price of INR 832 comes at around INR 32440.000 million. Although the exact price and contours of the deal are not yet finalised, but assuming the deal is wholly financed through debt, it would mean an additional debt of INR 32440.000 million for GSPL.
GSPL currently has minimal debt on its balance sheet with a debt equity ratio of 0.1x. Borrowing of INR 32440.000 million would take the debt equity profile to almost 0.9x pushing up the leverage thereby limiting any big inorganic growth prospects for GSPL.
Higher debt would mean an uptick in the finance cost to an extent of around INR 2500.000 million. This increase in costs would dilute earnings and impact return ratios of GSPL.
Overall, the deal although synergistic comes at a significant cost for GSPL. Though in the long run it would be beneficial for both companies.
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 records 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 |
INR 68.08 |
|
|
1 |
INR 89.59 |
|
Euro |
1 |
INR 78.83 |
INFORMATION DETAILS
|
Information Gathered
by : |
SHW |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.