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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 346.39 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 40.45 | - | Not Applicable | Withdrawn |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 386.84 | - | - |
| Rating Rationale |
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Acuité has withdrawn the rating on the Rs. 386.84 crore bank facilities of Global Offshore Services Limited (GOSL). The rating has been withdrawn in accordance with Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the No Dues Certificate received from the banker. |
| About the Company |
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GOSL (the erstwhile Garware Offshore Services Limited), incorporated in 1976, was promoted by the Late Mr. B D Garware. The Mumbai-based company, led by Mr. Aditya Ashok Garware (Chairman), is engaged in offshore services and offers shipping vessels to exploration and oil production companies. The company owns and operates six vessels in India in India and one vessel in its subsidiaries'. The company and its subsidiaries cater to Cairn Energy, Oil and Natural Gas Corporation (ONGC) and TOTAL to name a few.
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| Analytical Approach |
| Not Applicable |
Key Rating Drivers
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| All Covenants |
| None |
| Liquidity Position: Not Applicable |
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 29.61 | 47.35 |
| PAT | Rs. Cr. | 172.00 | (62.04) |
| PAT Margin | (%) | 580.88 | (131.03) |
| Total Debt/Tangible Net Worth | Times | 0.18 | 8.58 |
| PBDIT/Interest | Times | 62.07 | (0.79) |
| Status of non-cooperation with previous CRA (if applicable) |
| None |
| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in |
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