Wednesday, December 22, 2010

IPO NEWS - CRISIL GARDE 4/5 FOR GREATSHIP

The company which is planning an IPO got 4/5 grade from CRISIL.

Greatship (India) Limited, a wholly owned subsidiary of GESCO.     
 
The company is in to providing marine logistics and drilling services  for offshore oil and gas explorations activities. Recently, it ventured into offshore construction services. The  company  owns  and  operates  a  fleet  of  jack-up  rigs  and offshore support vessels. 

The  consolidated  revenues  of  the  company  have  grown  at  a  two-year CAGR  of  282%  to Rs  3,159 mn  in FY09 and profits have grown at a two-year CAGR of 377% to Rs 475 mn. The strong growth in revenues is primarily  on  account  of  higher  operating  fleet  and  a  smaller  base.  Revenues for nine months ending December 2009 were Rs 5,374 mn and profits were Rs 656 mn. The consolidated net worth of the companywas Rs 13,160 mn.

The proceeds of  the  issue would  be utilised  to fund  acquisition  of  certain  vessels,  early  redemption  of  part  of  preference  share  issued  to  promoters, repayment of portion of debt availed by the company and to meet general corporate purposes.

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