MIRA INFORM
REPORT
|
Report
Date : |
11.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN
OIL CORPORATION LIMITED |
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Registered
Office : |
Indian
Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400 051, |
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Country: |
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Financials
(as on): |
31.03.2006 |
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Date
of Incorporation : |
30.06.1959 |
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Com.
Reg. No.: |
11-11388 |
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CIN
No.: |
L23201MH1959G01011388 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUM105274D |
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PAN
No.: [Permanent
Account No.] |
AAAC11681G |
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Legal
Form : |
Public Limited Liability Company The company’s shares are listed on the Stock Exchanges |
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Line
of Business : |
Manufacturing
and Selling of petroleum products. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum
Credit Limit : |
USD
1000000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established and reputed company in its
field. Available information indicates
high financial responsibility of the company. Financial position of the
company is good. Trade relations are fair. Payments are usually correct and
as per commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a
long run. |
LOCATIONS
|
Registered
Office : |
Indian
Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400 051, |
|
Tel.
No.: |
91–22–26423272
/ 26443880 / 26400926 / 26427363 Extn. 7616 / 7528 |
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Fax
No.: |
91–22–26443880 |
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E-Mail
: |
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Website
: |
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Head
Office : |
Y
SCOPE Complex, Core 2, 7, Institutional Area, Tel. 91-11-24361247/24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in
/ pkc@iocl.co.in /
govindarajank@iocl.co.in Website. http://www.iocl.com Contact Person : Mr. Chandan Dasgupta – Executive
Director – Business
Development [Gas] Mr. P. K. Chakraborti – Executive
Director – Business Development Mr. K. Govindarajan – Executive
Director – Petrochemicals Y
P.O. Barauni Oil Refinery, District Begusarai - 861 114, Y
P.O. Jawahar Nagar, District Vadodara - 391 320, Y
P.O. Noonmati, Guwahati - 781 020, Y
P.O. Haldia Refinery, District Midnapur - 721 606, West Y
P.O. Mathura Refinery, Y
P.O. Panipat Refinery, Panipat – 132140, |
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Corporate
Office : |
3079/3, J
B Tito Marg, Sadiq Nagar, |
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Pipelines
Division : |
Y
A-1, Udyog Marg, Sector 1, Noida – 201 301, Y
14, Lee Rrado, Kolkata - 700 020, West Y
Y
P. O. Panipat Refinery, Panipat – 132 140, |
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Digboi - 786 171, |
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Marketing
Division : |
HEAD OFFICE
P O Panipat Refinery Baholi, District Panipat, Panipat, Tel. No. : 91-180-2578948/ 2578875 Contact Person : Ms. Mrinal Roy – General Manager – LPG Mr. Rajiv Shastri – General Manager [Incharge – Consumer
Sales] Mr. A. M. K. Sinha – Executive Director [Retail Sales] Ms. Amitava Chatterjee – General Manager [Lubes] Mr. M. Nene – General Manager [Supplies] Mr. R. Sareen – General Manager [Aviation] Y
Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, Y
Indian Oil Bhavan, Y
254-C, Y
Indian Oil Bhavan, |
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Research
And Development Division : |
Sector 13, Faridabad-121 007, |
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Overseas
Offices : |
Mr. K.
Ramakrishnan, Managing Director Lanka IOC
Limited 20th
Floor, Mr. Rajesh Ahuja, Managing Director Indian
Oil ( Mer
Rouge, Mr. D V Ramana Rao,
Managing
Director IOCL
Middle East FZE Office:
LOB 14209, Jebel Ali Free Zone, P. O. Box : 261338, Tel
:+971-4-8871397 |
DIRECTORS
|
Name : |
Mr. Sarthak Behuria |
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Designation
: |
Chairman |
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Name : |
Mr.
Arvind Murlidhar Uplenchwar |
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Designation
: |
Director
[Pipelines] |
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Name : |
Mr.
Jaspal Singh |
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Designation
: |
Director
[Refineries] |
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Name : |
Mr. Brij
Mohan Bansal |
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Designation
: |
Director
[Planning & Business Development] |
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Name : |
Mr.
Serangulam Varadarajan Narasimhan |
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Designation
: |
Director
[Finance] |
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Name : |
Mr. Anil
Razdan |
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Designation
: |
Director
[w.e.f. 27.02.2006] |
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Name : |
Mr.
Pradeep Kumar Sinha |
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Designation
: |
Director |
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Name : |
Prof.
Samir Kumar Barua |
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Designation
: |
Director |
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Name : |
Mr.
Vineet Nayyar |
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Designation
: |
Director |
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Name : |
Mr. Vijai
Kumar Agarwal |
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Designation
: |
Director |
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Name : |
Mr.
Veeraraghava Ranganathan |
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Designation
: |
Director |
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Name : |
Ms. Priya
Mohan Sinha |
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Designation
: |
Director |
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Name : |
Mr.
Radhey Shyam Sharma |
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Designation
: |
Director |
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Name : |
Mr.
Naresh Kumar Nayyar |
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Designation
: |
Director
[Planning & Business Development ] [up to 28.10.2005] |
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Name : |
Mr.
Milagiripattu Sundaravaradan Srinivasan |
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Designation
: |
Director
[up to 02.01.2006] |
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Name : |
Mr. Prabh
Das |
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Designation
: |
Director
[up to 27.02.2006] |
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Name : |
Dr. Narasimha
Gopaladesikachariar Kannan |
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Designation
: |
Director
[Marketing] [up to 30.06.2006] |
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Other Personnel :- |
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Name : |
Mr. Raju
Ranganathan |
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Designation
: |
Company
Secretary |
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Name : |
Mr. A. S.
Lamba, IAS |
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Designation
: |
Chief Vigilance Officer |
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Name : |
Mr. M. B.
L. Agarwal |
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Designation
: |
Executive Director [Internal Audit], Corporate
Office |
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Name : |
Mr. S. C.
Agarwal |
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Designation
: |
Executive Director [Operations], Pipelines HO |
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Name : |
Mr. C.
Dasgupta |
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Designation
: |
Executive Director [Gas], Corporate Office |
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Name : |
Dr. R. P.
Verma |
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Designation
: |
Executive Director, R & D Centre |
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Name : |
Mr. B. R.
Choudhary |
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Designation
: |
Executive Director , Haldia Refinery |
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Name : |
Mr. V. P.
Sharma |
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Designation
: |
Executive Director [Projects], Refineries HO |
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Name : |
Mr. S. S.
Soni |
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Designation
: |
Executive Director [Optimisation], Corporate
Office |
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Name : |
Mr. B. K.
Sharma |
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Designation
: |
Executive Director, |
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Name : |
Mr. P. K.
Chakraborti |
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Designation
: |
Executive Director, [Business Development –
Refineries & Pipelines], Corporate Office |
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Name : |
Mr. Anand
Kumar |
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Designation
: |
Executive Director [Indian Oil Institute of
Petroleum Management] |
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Name : |
Mr. B. N.
Bankapur |
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Designation
: |
Executive Director [Operatoins], Refineries HO |
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Name : |
Mr. P. K.
Goyal |
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Designation
: |
Executive Director [Corporate Finance], Corporate
Office |
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Name : |
Mr. V. K.
Sood |
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Designation
: |
Executive Director [Regional Services &
Marketing Coordination], Northern Region, Marketing Division |
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Name : |
Mr. R. P.
Pandey |
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Designation
: |
Executive Director [Strategic Storage], Corporate
Office |
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Name : |
Mr. S. C.
Jain |
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Designation
: |
Executive Director [Finance], Refineries HO |
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Name : |
Mr. J. P.
Guharay |
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Designation
: |
Executive Director , |
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Name : |
Mr. D. S.
Gadhvi |
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Designation
: |
Executive Director [Projects], Pipelines HO |
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Name : |
Mr. R.
Narayanan |
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Designation
: |
Executive Director [Corporate Affairs], Corporate
Office |
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Name : |
Mr. A. K.
Malhotra |
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Designation
: |
Executive Director [HR], Refineries HO |
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Name : |
Mr. A. K.
Guha |
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Designation
: |
Executive Director [Operations], Pipelines HO |
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Name : |
Mr. K.
Govindarajan |
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Designation
: |
Executive Director [Petrochemicals], Corporate
Office |
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Name : |
Mr. K. K.
Gupta |
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Designation
: |
Executive Director [Safety, Health &
Environment], Corporate Office |
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Name : |
Mr. T.
Vasudevan |
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Designation
: |
Executive Director [Business Development –
Finance], Corporate Office |
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Name : |
Mr.
Gautam Datta |
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Designation
: |
Executive Director [Finance], Marketing HO |
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Name : |
Mr. S. K.
Garg |
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Designation
: |
Executive Director [Paradip Refinery Project],
Refineries HO |
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Name : |
Mr. A. K.
Roy |
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Designation
: |
Executive Director [Corporate Planning &
Economic Studies], Corporate Office |
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Name : |
Mr.
Thomas Antony |
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Designation
: |
Executive Director [HR], Corporate Office |
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Name : |
Mr. K. K.
Jha |
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Designation
: |
Executive Director [Eastern Region Pipelines] |
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Name : |
Mr. Aloke
Roy |
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Designation
: |
Executive Director [Exploration &
Production], Corporate Office |
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Name : |
Mr. C.
Manoharan |
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Designation
: |
Executive Director [Panipat Refinery] |
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Name : |
Mr. A. M.
K. Sinha |
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Designation
: |
Executive Director [Retail Sales], Marketing HO |
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Name : |
Mr. A. K.
Rauniar |
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Designation
: |
Executive Director [HR[, Marketing HO |
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|
Name : |
Mr. U. K.
Basu |
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Designation
: |
Executive Director – Officiating, |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Shareholding of Promoter and Promoter Group2 |
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|
Indian |
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|
Central Government/ State Government(s)(President of |
958077855 |
80.35 |
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Sub-Total |
958077855 |
80.35 |
|
Foreign |
|
|
|
Total Shareholding of
Promoter and Promoter Group |
958077855 |
80.35 |
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|
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Public shareholding |
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Institutions |
|
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|
Mutual Funds/ UTI |
12013910 |
1.01 |
|
Financial Institutions/ Banks |
681020 |
0.06 |
|
Central Government / State Government(s) |
1350000 |
0.11 |
|
Insurance Companies |
37889100 |
3.18 |
|
Foreign Institutional Investors |
24992588 |
2.10 |
|
Sub-Total |
76944618 |
6.45 |
|
Non-institutions |
|
|
|
Bodies Corporate |
110158296 |
9.24 |
|
Individual- |
33253577 383438 |
383438 0.03 |
|
Any Other (specify) Custodian of Enemy Property |
200566 13083007 253413 19536 |
0.02 1.10 0.02 0.00 |
|
Sub-Total |
157351833 |
13.20 |
|
Total Public
Shareholding |
234296451 |
19.65 |
|
TOTAL |
1192374306 |
100.00 |
|
GRAND TOTAL |
1192374306 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
and Selling of petroleum products. |
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Products
: |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Crude Processing |
MTs |
39.000 |
41.350 |
35.655 |
|
Lubricating Oil Note C Note E |
MTs |
0.258 0.375 |
0.218 0.307 |
0.286 0.158 |
|
Wax/Bitumen/Asphalt Lube Oil Drums |
Nos. |
1.558 |
1.500 |
1.500 |
|
Oxygen Plant |
CU.M. |
Not
specified |
0.084 |
0.084 |
|
Propylene Recovery Unit |
MTs |
0.054 |
0.048 |
0.048 |
|
MTBE Unit |
MTs |
0.048 |
0.037 |
0.037 |
|
Butene Plant |
MTs |
0.017 |
0.017 |
0.017 |
|
Lab Plant |
MTs |
0.120 |
0.120 |
0.120 |
GENERAL INFORMATION
|
No. of
Employees : |
30048 |
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Bankers
: |
State
Bank of United Bank of |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
Statutory Auditors Suresh Chandra & Associates Chartered Accountants M. M. Nissim & Company Chartered Accountants K. K. S. & Company Chartered Accountants Branch Auditors S. K. Kapoor & Company Chartered Accountants Sarma & Company Chartered Accountants Mehra Goel & Company Chartered Accountants M. R. Narain & Company Chartered Accountants Guha Nandi & Company Chartered Accountants De Chakraborty & Sen Chartered Accountants Deoki Bijay & Company Chartered Accountants Shah Merchant & Associates Chartered Accountants |
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Joint
Ventures : |
Indian
Oiltanking Limited Date of
Incorporation : 28.08.1996 Promoters
& Equity : IOC: 50% Lubrizol
India Private Limited Date of
Incorporation : Existing Company restructured w. e.
f. 01.04.2000 Promoters
& Equity : IOC: 50% Petronet
VK Limited Date of
Incorporation : 21.05.1998 Promoters
& Equity : IOC, PIL : 26% each, Petronet
CI Limited Date of
Incorporation : 07.12.2000 Promoters
& Equity : IOC, PIL, RPL : 26% each Indian
Oil Petronas Private Limited Date of
Incorporation : 03.12.1998 Promoters
& Equity : IOC: 50% Indian
Oil Panipat Power Consortium Limited Date of
Incorporation : 06.10.1999 Promoters
& Equity : IOC: 50% Avi-Oil
India Private Limited Date of
Incorporation : 04.11.1993 Promoters
& Equity : IOC: 25% Petronet
India Limited Date of
Incorporation : 26.05.1997 Promoters
& Equity : IOC, BPC, HPC : 16% each, Petronet
LNG Limited Date of
Incorporation : 02.04.1998 Promoters
& Equity : IOC, BPC, GAIL,ONGC : 12.5% each, Green Gas
Limited |
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Associates
: |
Ø
Indo Mobil Limited Ø
Petronet CTM Limited Ø
Petronet CIPL Limited Ø
Indian Oil TCG Petrochem Limited |
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Subsidiaries
: |
Ø
Indian Oil Blending Limited, Pir Pau, Trombay, Mumbai – 400074, Ø
Indian Oil Mauritius Limited, Ø
Chennai Petroleum Corporation Limited, 536, Anna Salai, Teynampet,
Chennai – 600018, Tamil Ø
Bongaigaon Refinery and Petrochemicals Limited, P.O. Dhaligaon,
District Ø
IBP Company Limited, IBP House, 34-A, Ø
Lanka IOC Limited, World Trade Centre, 20th Floor, Ø
Indian Oil Tanking Limited Ø
Indian Strategic Petroleum Reserves Limited Ø
IOC Middle East FZE, LOB 14209, Jebel Ali Free Zone, P. O. Box 261338,
Dubai, UAE |
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|
|
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Membership
: |
Ø
Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2500000000 |
Equity
Shares |
Rs. 10/- |
Rs. 25000.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1168012200 |
Equity
Shares |
Rs. 10/- |
Rs. 11680.122 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
11680.100 |
11680.100 |
11680.100 |
|
2] Reserves & Surplus |
281346.600 |
248163.500 |
218794.000 |
NETWORTH
|
293026.700 |
259843.600 |
230474.100 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
77935.400 |
24912.300 |
31752.100 |
|
2] Unsecured Loans |
186107.700 |
148290.100 |
90033.500 |
TOTAL BORROWING
|
264043.100 |
173202.400 |
121785.600 |
|
Deferred Tax Liability (Net) |
44229.400 |
43053.400 |
0.000 |
|
|
|
|
|
TOTAL
|
601299.200 |
476099.400 |
252259.700 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
250234.200 |
233807.900 |
220466.100 |
|
Dismantled Capital Stores |
252.700 |
144.400 |
0.000 |
|
Capital work-in-progress |
96200.300 |
87194.700 |
52865.700 |
|
|
|
|
|
|
INVESTMENTS |
145213.900 |
55549.300 |
55959.300 |
|
Advances for Investments |
50.00 |
1500.000 |
0.000 |
|
Finance Lease Receivables |
705.700 |
954.900 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
242777.900 |
195048.200 |
149510.800 |
|
Sundry Debtors |
66994.800 |
56898.700 |
39731.200 |
|
Cash & Bank Balances |
7441.700 |
4463.200 |
6980.700 |
|
Other Current Assets |
315.500 |
0.000 |
0.000 |
|
Loans & Advances |
47301.000 |
60457.900 |
114102.900 |
|
Total Current Assets |
364830.900 |
316868.000 |
310325.600 |
|
Less: CURRENT LIABILITIES & PROVISION |
|
|
|
|
Current
Liabilities |
236978.500 |
200750.700 |
288089.900 |
|
Provisions |
19785.100 |
19500.000 |
0.000 |
|
Total Current Liabilities |
256763.600 |
220250.700 |
288089.900 |
Net
Current Assets
|
108067.300 |
96617.300 |
22235.700 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
575.100 |
330.900 |
732.900 |
|
|
|
|
|
TOTAL
|
601299.200 |
476099.400 |
352259.700 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
1789202.600 |
1414323.500 |
1365291.400 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
67059.900 |
59551.800 |
96908.400 |
Provision for Taxation
|
17908.700 |
10638.000 |
26860.200 |
Profit/(Loss) After Tax
|
49151.200 |
48913.800 |
70048.200 |
|
|
|
|
|
Export Value
|
56175.600 |
35489.000 |
N.A. |
|
|
|
|
|
Import Value
|
681959.900 |
464944.400 |
N.A. |
|
|
|
|
|
Total Expenditure
|
1722310.600 |
1353647.300 |
2610227.900 |
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 FULL YEAR |
|
Sales Turnover |
|
|
2148663.000 |
|
Other Income |
|
|
58923.000 |
|
Total Income |
|
|
2207586.000 |
|
Total Expenditure |
|
|
2061778.400 |
|
Operating Profit |
|
|
145807.600 |
|
Interest |
|
|
15054.500 |
|
Gross Profit |
|
|
130753.100 |
|
Depreciation |
|
|
25903.100 |
|
Tax |
|
|
21504.400 |
|
Reported PAT |
|
|
74994.700 |
|
Dividend (%) |
|
|
190.000 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2007 [1st Quarter] |
|
Sales Turnover |
|
|
528619.600 |
|
Other Income |
|
|
16943.900 |
|
Total Income |
|
|
545563.500 |
|
Total Expenditure |
|
|
514433.100 |
|
Operating Profit |
|
|
31130.400 |
|
Interest |
|
|
3374.100 |
|
Gross Profit |
|
|
27756.300 |
|
Depreciation |
|
|
6747.800 |
|
Tax |
|
|
6068.100 |
|
Reported PAT |
|
|
14684.100 |
Notes
200706 Quarter 1 --------------- Notes
Expenditure Includes (Increase)/Decrease in stock in Trade Rs (7107.30) million
Purchase of Products & Crude for resale Rs 260352.80 million Consumption of
Raw Material Rs 230737.80 million Staff Cost Rs 6838.40 million Other
expenditure Rs 23611.40 million Tax includes Current Tax Rs 6016.80 million
Fringe Benefit Tax Rs 51.30 million Deferred Tax Rs 256.30 million Prior Period
Items indicates Prior year income /(Expenses) Net EPS is Basic & Diluted
Status of Investor Complaints for the quarter ended June 30, 2007 Complaints
Pending at the beginning of the quarter Nil Complaints Received during the
quarter 119 Complaints disposed off during the quarter 119 Complaints
unresolved at the end of the quarter Nil Note : Consequent upon merger of IBP Company
Limited with Indian oil; 24,362,106 equity shares were allotted to shareholders
of erstwhile IBP Company Limited on June 16, 2007 resulting in increase in the
paid up share capital to Rs 11923.70 million. 1. The above results have been
reviewed and recommended by the Audit Committee and adopted by the Board of
Directors at its meeting held on July 30, 2007. 2. Average Gross Refining
Margins during the quarter ended June 30, 2007 was US $ 10.70 per bbl
(April-June O6: US $ 6.70 per bbl). 3. Raw Material cost and purchase of
Products for resale' includes Rs 24400.10 million for the period April-June
2007 (April-June 2006: Rs 33804.40 million) towards discount receivable from
ONGC/GAIL/OIL, reckoned on provisional Basis' as per Government of India's
advice. 4. Due to non-revision of retail selling prices in line with
international prices, the Company has suffered net under-realisation of Rs
48794.90 million during April - June 2007 (April-June 2006: Rs 55041.60
million) on sale of MS HSD, SKO (PDS) and LPG (Domestic). 5. Other Income for
the period April-June'07 includes Rs 11344.70 million towards gain on foreign
exchange variation. During April-June'06 there was foreign exchange variation
loss of Rs 4983.40 million that was accounted as Other Expenditure. 6. No
liability has been provided for in respect of pay revision for officers and
staff which is pending for finalisation from January 01, 2007, as the amount
thereof is unascertainable. 7. Consequent to merger of IBP Co Limited with IOCL
effective May 02, 2007 with appointed date being April 01, 2004, the figures
for the previous quarter April-June 2006 have been recast accordingly. 8. The
Scheme of Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Limited
with Indian Oil Corporation Limited with a swap ratio of 4:37 has been approved
by the Board of Directors at its meeting held November 29, 2006 and is awaiting
Government's approval. 9. The unaudited financial results for the quarter ended
June 30, 2007 are subject to Limited Review by the Auditors. 10. Figures have
been regrouped wherever necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.79 |
0.60 |
0.64 |
|
Long Term Debt-Equity Ratio |
0.38 |
0.29 |
0.36 |
|
Current Ratio |
0.88 |
0.90 |
0.90 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
4.62 |
4.03 |
3.80 |
|
Inventory |
8.83 |
8.92 |
9.26 |
|
Debtors |
31.19 |
31.79 |
33.60 |
|
Interest Cover Ratio |
7.37 |
10.86 |
21.58 |
|
Operating Profit Margin(%) |
5.15 |
5.62 |
8.98 |
|
Profit Before Interest And Tax Margin(%) |
4.02 |
4.27 |
7.58 |
|
Cash Profit Margin(%) |
3.68 |
4.53 |
6.62 |
|
Adjusted Net Profit Margin(%) |
2.54 |
3.18 |
5.22 |
|
Return On Capital Employed(%) |
15.69 |
16.73 |
29.68 |
|
Return On Net Worth(%) |
17.78 |
19.95 |
33.38 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.399.00/- |
|
Low |
Rs.392.00/- |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
Indian Refineries and Indian Oil Company were set up in 1958
and 1959 respectively, to build national competence in the oil refining and
marketing business. In 1964, these two
companies merged to form the subject. It is the largest and most dominant
player in the downstream petroleum sector.
IOCL controls 10 of
IOC has it subsidiaries namely Chennai Petroleum Limited, Bongaigaon Refinery
and Petrochemicals Limited, IBP Company
Limited, Lanka IOC Limited, Indian Oil Mauritius Limited, Indian Oil
Technologies Limited, Indian Strategic Petroleum Reserve Limited.
During 2000-2001, the company acquired the entire holding of Government of
India (GOI) in Chennai Petroleum Corporation (CPCL) (51.81%) for Rs. 5093.3 millions
and Bongaigaon Refinery & Petrochemicals (BRPL) (74.46%) for Rs. 1488.000
millions, thereby making these companies subsidiaries of it. It has also
acquired IBP & Company Limited by purchasing 33.58% equity capital at a
price of Rs. 11540 millions.
As a vertical integration through E&P initiatives, the company along with ONGC
Videsh Limited was awarded the Farsi Exploration Block in
The company is investing Rs. 244000 millions during the X Plan period from
2002to 2007, in integration and diversification projects apart from refining
and pipeline capacity augmentation, product quality upgradation and retail expansion.
As part of expansion, the company commissioned the world largest single train
Linear Alkyl Benzene plant at Koyali Refinery in August 2004and the on-going
integrated Paxaxylene/Purified Terephthalic Acid plant &World-Scale Naphtha
Cracker with downstream polymer projects are part of this expansion. The
company is also planning to convert the Paradip Refinery into a
refinery-cum-petrochemicals complex.
IOCL in association with other companies was awarded 11 exploration blocks in
NELP and acquired participating interest in on-shore blocks in
During 2005 the new Panipat-Rewari product pipeline was commissioned and this
network was expanded to 7,730 km. Also the company has completed LAB plant at
Gujarat Refinery, MS quality improvement project & Diesel hydro treating
plant at Mathura Refinery, Sidhpur-Sanganer products pipeline. Some of the
ongoing projects of the company are Panipat Refinery expansion from 6 to 12
million tones per annum, crude oil blending facilities at Mundra, bottling
Plants at Ilayangudi,
During 2005-06, Indian oil entered into
During the year under report, IOC completed projects for Doubling of capacity
at Panipat Refinery from 6 to 12 million tonnes per annum , Paraxylene/Purified
Terephthalic Acid (PX/PTA) unit at Panipat., MS quality improvement projects at
Mathura and Haldia refineries, Diesel hydro-treatment facilities at Mathura
Refinery, Chennai-Trichy-Madurai and Sidhpur-Sanganer product pipelines -
Mundra-Churwa (Kandla) crude oil pipeline and conversion of Kandla-Panipat
section of Kandla-Bhatinda pipeline to crude oil service.
Subject also has many projects which is under implementation like capacity
expansion of Panipat Refinery from 12 to 15 million metric tones per annum,
Naphtha Cracker with downstream polymer units at Panipat, Hydrocracker for
improvement in diesel quality and distillates yield at Haldia Refinery, MS
quality improvement project at Gujarat Refinery, Paradip-Haldia crude oil
pipeline project, capacity augmentation of Mundra-Panipat crude oil pipeline
from 6 to 9 million tones per annum, Koyali-Ratlam product pipeline project,
Dadri-Panipat R-LNG spur pipeline project, New depots/terminals at Chittorgarh,
Trichy, Jasidih, Ratlam, Mandir Hasud, Zewan and Lalkuan, Indane (LPG) bottling
plants at Raipur and Mathura.
Subject is undertaking projects like 15 million tones per annum integrated
refinerycum-petrochemicals complex at
Subject's production capacity of Lubricating Oil was expanded from 286000 MTs
to 525000 MTs.
Indian oil Blending Company Limited, a wholly owned subsidiary of the company
was merged with the company w. e. f. 12th May 2006.
The merger of IBP Company Limited with Indian Oil is at an advanced stage with the
shareholders of both the companies approving the Scheme of Amalgamation with a
swap ratio of 110 equity shares of Indian Oil for 100 equity shares of IBP Company
Limited.
The valuation process for the merger of Bongaigaon Refinery &
Petrochemicals Limited. (BRPL) with Indian Oil is in progress after the Boards
of both the companies accorded 'in-principle' approval for the merger.
In accordance with the decision of the Government of India, Indian Oil has
transferred its entire equity holding in Indian Strategic Petroleum Reserves Limited
(ISPRL) to the Oil Industry Development Board, a Government body functioning
under the Ministry of Petroleum & Natural Gas. Consequently, ISPRL ceased
to be a wholly-owned subsidiary of Indian Oil effective 9th May, 2006. Indian Oil
has formed a wholly-owned subsidiary company, viz., IOC Middle East FZE, in
Jebel Ali Free Trade Zone,
A joint venture company, viz., Indo-Cat Private Limited, was incorporated in
June 2006. The Company is a 50:50 venture between Indian Oil and Intercat. Inc.
of USA for manufacture and marketing of FCC catalysts and additives. Green Gas Limited,
was incorporated in October 2005 as a joint venture between Indian Oil and GAIL
(
The company
has been accredited with the ISO certification.
It is in
trade terms with :
Ø
AEP
Company
Ø
Isspat
Engineering
Ø
Jaishree
Udhyog
Ø
Yamuna
Gasses and Chemicals
Ø
Associated
Industries
Ø
Tractel
Trifor
Ø
Brijbasi
Udyog-Mathura
Ø
Tube
Ø
Econo
Walves Private Limited
Ø
IGP
Engineering Limited
Ø
Commercial
Supply Agency
Ø
Fixfit
Fasterners Limited
Ø
Nireka
Engineering
Ø
Precision
Auto Engineers,
Overseas offices were opened at
The company’s fixed assets of important value include Land
(Freehold, Leasehold and Right of way), Buildings, Roads, Plant &
Machinery, Transport Equipments, Furniture and Fixtures, Railways Sidings,
Drainage, Sewage and Water Supply System.
OPERATIONS
Refineries
The year 2005-06
closed with Indian Oil refineries clocking a record crude oil throughput of
38.52 million tones, surpassing the previous best of 37.66 million tones during
2003-04. The seven refineries together achieved a capacity utilization of 93.1%
- the highest in the last six years - and an overall distillate yield of 72%
wt.
During the year, Indian Oil became the first public sector organization in the
country to have its own Ship Chartering Cell, which started functioning from
15th June 2005 under the Refineries Division.
Pipelines
The Corporation owns and operates the largest network of crude oil and
product pipelines in
The year 2005-06 saw Indian Oil's maiden foray into
Marketing
The year 2005-06 was another performance-driven year for the Corporation, with
customers as the single focus of all activities. The year 2006 is being
observed as Customer Service Excellence Year' to further strengthen the
employee-customer bonds. The Corporation sold 49.61 million tones of petroleum
products during the year (including exports of 2.09 million tones) as against
50.82 million tones (including exports of 1.96 million tones) in the previous
year. About 1530 new petrol/diesel stations (retail outlets) were commissioned
during the year, taking their total to 11754. Reinforced efforts for growth in
rural markets saw the commissioning of 558 specially formatted Kisan Seva
Kendras (KSKs) across the country during the year, taking their total to 580.
These outlets meet the diverse needs of the rural populace, offering a variety
of products and services, besides auto fuels and kerosene. The first mover
advantage gained through KSK’s is expected to drive volumes in both fuels and lubricants
from the rural segment that has been largely untapped so far.
The Corporation's premium fuels, XTRAPREMIUM petrol and XTRAMILE diesel,
bettered their performance during the year. An improved version of XTRAPREMIUM
petrol launched during the year provides better mileage, more power, greater
acceleration and enhanced level of engine cleanliness.
Availability of XTRAPREMIUM petrol was extended to 2452 retail outlets, with an
average daily sale of over 1500 kl. Similarly, XTRAMILE diesel is now available
from 5480 retail outlets, which helped achieve an average daily sale of over
4,000 kl.
The XTRAPOWER fleet card program for the benefit of fleet owners crossed the
one million mark in January 2006. The total enrollment for the card during the
year was 0.650 million.
To further consolidate its leadership in the bulk consumers segment, the
Corporation commissioned 318 new consumer pumps during the year, bringing their
total to 6284. The Corporation also introduced SMS service to customers through
mobile phones, conveying product dispatch and customer balance details.
During the year, the Corporation enrolled 2.27 millions Indane (LPG) customers
and the cumulative Indane population reached 43.38 millions. About 24 millions
among them enjoy additional cylinder facility. About 175 new Indane
distributorships were commissioned, raising their total number to 4856. With
capacity augmentation of 125 thousand metric tones (TMT) during the year, the
Corporation's LPG bottling capacity now stands at 3925 TMT per annum. New
Indane bottling plants were commissioned at Illayangudi (Tamil Nadu) and
Maulkhang (Mizoram) during the year. Auto Gas, Indian Oil's auto LPG brand, is
now available at 71 outlets in 22 cities across the country.
The Corporation achieved 5.5% growth in finished lubricants and 8% growth in
overall lube sales during the year. Over 7,500 kl of SERVO lubricants were sold
in 10 countries, earning foreign exchange worth US$ 5.4 million, i.e., Rs. 240
millions, during the year.
The Corporation continues to lead the aviation fuel supply business with a
market share of 64%, meeting the aviation fuel requirements of the defense
services, national carriers, scheduled private airlines and international
airlines. During the year, a consortium led by Indian Oil bagged the tender for
setting up a modern aviation fuelling facility at the new
WEBSITE DETAILS
Subject was formed in 1964 through the merger of Indian Oil
Company Limited
(Established 1959) and Indian Refineries Limited (Established 1958).
It is currently
Subject is also the highest ranked Indian company in the
prestigious Fortune ‘Global 500’ listing, having moved up 17 places to the153rd
position this year based on fiscal 2005 performance. It is also the 21st
largest petroleum company in the world and the # 1 petroleum trading company
among the National Oil Companies in the Asia-Pacific region.
India’s Downstream Major
Indian Oil and its subsidiaries account for 47% petroleum
products market share among public sector oil companies, 41% national refining
capacity and 51% downstream product pipeline capacity.
For the year 2005-06, the Indian Oil group sold 54.6 million
tones of petroleum products, including 2.09 million tones through exports.
The Indian Oil Group of companies owns and operates 10 of
The Company’s cross-country crude oil and product pipelines
network spanning over 9000 km meets the vital energy needs of the country.
To maintain its competitive edge and leadership status,
Indian Oil is investing Rs. 244000 millions (US $ 5.5 billion) during the X
Plan period (2002-07) in integration and diversification projects, besides
refining and pipeline capacity augmentation, product quality upgradation and
expansion of marketing infrastructure.
Network Beyond Compare
As the flagship national oil company in the downstream
sector, Indian Oil, together with its marketing subsidiary, IBP Company Limited reaches
precious petroleum products to millions of people everyday through a
countrywide network of over 30000 sales points. They are backed for supplies by
183 bulk storage terminals and depots, 97 aviation fuel stations and 88 Indane LPG bottling plants.
Indian Oil, together with IBP, operates the largest and the
widest network of petrol & diesel stations in the country, numbering over
15000. It reaches Indane cooking gas to the doorsteps of 43.4 million customers
in 2,546 markets through a network of 4,856 Indane distributors.
Indian Oil’s ISO-9002 certified Aviation Service commands a
64% market share in aviation fuel business, meeting the fuel needs of domestic
and international flag carriers, private airlines and the Indian Defense
Services. Indian Oil also enjoys a dominant share of the bulk consumer
business, encoding that of railways, state transport undertakings, industrial,
agricultural and marine sectors.
Indian Oil’s world class R&D Centre is perhaps
Customer First
At subject, customers always get the first priority. New
initiatives are launched round- the-year for the convenience of the various
customer segments.
Exclusive XTRACARE petrol & diesel stations unveiled in
select urban and semi-urban markets offer a range of value-added services to
enhance customer delight and loyalty. Similarly, large format Swagat brand
outlets cater to highway motorists, with multiple facilities such as food
courts, first aid, rest rooms and dormitories, spare parts shops, etc.
Specially formatted Kisan Seva Kendra outlets meet the diverse needs of rural
populace, offering a variety of products and services such as seeds, fertilizers,
pesticides, farm equipment, medicines, spare parts for trucks and tractors,
tractor engine oils and pump set oils, besides auto fuels and kerosene.
Synergy through Subsidiaries
A wholly-owned subsidiary, Indian Oil Technologies Limited, is
commercializing the innovations and technologies developed by Indian Oil’s
R&D Centre, across the globe.
The merger of the wholly owned subsidiary, Indian Oil Blending
Limited,
is complete. Merger of IBP Company Limited, the marketing subsidiary, with the
parent company is nearing completion. Merger of Bongaigaon Refinery &
Petrochemicals Limited
with the parent company is in process.
Widening Horizons
Indian Oil has set its sight to reach US$ 60 billion
revenues by the year 2011-12 from current earnings of US$ 41 billion. The road
map to attain this milestone has been laid through vertical integration –
forward into petrochemicals and backwards into exploration & production of
oil – and diversification into natural gas business, besides globalization of
its marketing operations.
In petrochemicals, Indian Oil is currently implementing a
master plan envisaging Rs. 300000 millions (US$ 6.8 billion) investment by the
year 2011-12. As part of this, a world-scale Linear Alkyl Benzene plant at
Gujarat Refinery and an integrated Paraxylene/Purified Terephthalic Acid plant
at Panipat are already in operation, while a Naphtha Cracker with downstream
polymer units is coming up at Panipat. Indian Oil also proposes to develop a
similar refinery-cum-petrochemicals complex at Paradip on the east coast to
strengthen its presence in the sector.
In exploration & production (E&P), Indian Oil has
bagged nine blocks in the first three rounds of bids under NELP (New
Exploration Licensing Policy) in
In natural gas business, Indian Oil is already marketing
1.43 million tones of gas per annum. To augment its business in the sector, it
has signed an MOU for import of 1.75 million tones of LNG per annum with
To emerge as a transnational energy major, Indian Oil has
set up subsidiaries in
Indian Oil subsidiary, Lanka IOC Limited, operates
160 retail outlets commanding a 22% market share. Its oil terminal at
Trincomalee is also
Indian Oil (
The Corporation’s UAE subsidiary, IOC Middle East FZE,
oversees business expansion in the
The Path
of Growth
1958
Indian Refineries Limited was formed with Mr. Feroze Gandhi as Chairman.
1959
Indian Oil Company Limited was established on 30th June 1959 with
Mr. S. Nijalingappa as the first Chairman.
1960
Agreement for supply of SKO and HSD was signed with the then
1962
Guwahati Refinery was inaugurated by Pt. Jawaharlal Nehru.
Construction of Barauni Refinery commenced.
1963
Foundation was laid for Gujarat Refinery
Indian Oil Blending Limited (a 50:50 Joint Venture between
Indian Oil and Mobil) was formed.
1964
subject was born on 1st September, 1964 with the merger of Indian
Refineries Limited with Indian Oil Company Limited.
Barauni Refinery was commissioned.
The first petroleum product pipeline from Guwahati to
Siliguri (GSPL) was commissioned.
1965
Gujarat Refinery was inaugurated by Dr. S. Radhakrishnan, the then President of
India.
Barauni-Kanpur Pipeline (BKPL) and Koyali- Ahmedabad product Pipeline (KAPL)
commissioned. Indian Oil People maintained the vital supply of Petroleum
products to Defense in 1965 War.
1966
The first long-term agreement was signed for harmonious employee relations.
1967
Haldia Baraurii Pipeline (HBPL) was commissioned.
Bitumen and Marine Bunker business began.
1968
Techno-economic studies for Haldia-Calcutta, Bombay-Pune and Bombay-Manmad
Pipelines submitted to the Government.
1969
Indian Oil undertook the marketing of Madras Refinery products.
1970
Indian Oil acquired 60% majority shares of IBP.
The same was offloaded in favour of the President of India
under a Directive in 1972.
1971
Dealership/reservation was extended to war widows, disabled Defense personnel,
Freedom Fighters, etc. after 1971 War.
1972
R&D Centre was established at
SERVO, the first indigenous lubricant was
launched.
1973
Foundation-stone of Mathura Refinery was laid by Mrs. Indira Gandhi, the then
Prime Minister of
1974
Indian Oil Blending Limited (IOBL) became the wholly owned subsidiary of Indian
Oil.
Marketing Division attained a new watershed with a market
participation of 64.2%.
1975
Haldia Refinery was commissioned.
Multipurpose Distribution Centres were introduced at 132 Retail
Outlets pioneering rural convenience.
1976
Private petroleum companies nationalized.
Burmah Shell became BPC.
1977
R&D Centre launched Nutan wick stove.
1978
Phase-wise commissioning of Salaya-Mathura Crude Oil Pipeline (SMPL) began.
1979
Barauni Refinery and Bongaigaon Refinery and Petrochemicals Limited (BRPL)
affected by
1980
The second Oil Shock was witnessed as a result of Iranian Revolution. Crude Oil
price flared to a new high of $32 per barrel.
1981
Digboi Refmery and Assam Oil Company's (AOC) marketing operations were vested
in Indian Oil. It became Assam Oil Division (AOD) of Indian Oil.
1982
Mathura Refinery was commissioned.
Mathura-Jalandhar Pipeline (MJPL) was commissioned.
1983
Massive augmentation of LPG storage and distribution facilities were
undertaken.
Proposal for the 6 MMTPA Refinery at Karnal was submitted at
an estimated cost of Rs. 11810 millions.
NEWS RELEASES
Indian Oil and IFP, France, to collaborate in offering
Petroleum Management programmes in India
Indian Oil Institute of Petroleum Management (IIPM), Indian Oil's apex learning
centre at Gurgaon, and IFP Training, a training arm of IFP, France, have
entered into an agreement to organize and host public courses on Petroleum
Management for executives of the oil & gas companies in
The collaboration agreement was signed by Mr. Anand Kumar, Executive Director,
IIPM, and by Mr. Bernard Lery, Deputy Chief Executive Officer and Director,
International Affairs, IFP Training, at
Petroleum refining offers vast opportunities for growth in the new millennium
on account of narrowing of the gap between global demand for petroleum products
and existing refining capacities. Setting up of new
It is here that IFP Training's expertise in developing capabilities becomes
very useful for those operating refineries and petrochemical plants that intend
to enhance their operating margins in the given situation.
According to Mr. Agrawal, Indian Oil's association with IFP goes back to the
early 70s. Its Haldia refinery was constructed and commissioned in 1971
adopting IFP Technology for the primary and secondary units of its fuel block.
Indian Oil's R&D Centre at
In the long run, the partnership could evolve into joint delivery of the
training courses, and thereafter a franchise agreement whereby IIPM trainers
would deliver IFP Training courses. The first programme on 'Planning &
Economics of Refinery Operations' is scheduled during December 4-8, 2006, he
added.
Indian
Oil successfully liquidates Rs. 9850 millions oil bonds
subject (Indian Oil) has successfully liquidated Rs. 9850 millions worth of oil
bonds maturing in 2015 in the secondary market trade today through the
book-building route.
The issue size was Rs. 2500 millions with a green shoe option and generated a
very good response. The arrangers to the issue were A.K. Capital Services
Limited, Allianz Securities Limited, Centrum Capital Limited, ICICI Securities
Limited and UTI Bank Limited.
During the current fiscal, Indian Oil has liquidated oil bonds worth Rs. 50000
millions of various maturities in the secondary market sale including the
current sale.
It may be recalled that the Government of India had issued oil bonds worth Rs.
65710 millions to Indian Oil in March 2006 in lieu of the under - recoveries
suffered on the sale of LPG for domestic use and Kerosene for public
distribution system. With the liquidation of these bonds, Indian Oil has
successfully disposed of the entire quantum of oil bonds, except oil bonds of
about Rs. 15000 millions that are pledged with the Clearing Corporation of
India Limited (CCIL) for raising short-term funds.
In addition, bonds worth Rs. 23210 millions received by Indian Oil in September
2005 against settlement of pool dues are also pledged with CCIL.
IndianOil Inks agreement with Gabriel India
October 13, 2006
An agreement for marketing of co-branded Garbriel Servo Front Fork Oil was signed
between subject and Gabriel India Limited at
Mr. Amitava Chaterjee, General Manager (Lubes), signed the agreement on behalf
of Indian Oil and Mr. P. N. Bhargava, Vice President (Marketing), signed on
behalf of Gabriel India Limited in the presence of Mr. G. C. Daga, Director
(Marketing), Indian Oil, Mr. Arvind Walia, President & Chief Operating
Officer, Gabriel India and officials from both IndianOil and Gabriel India
Limited.
The Gabriel SERVO Front Fork Oil will be sold through the retail network of
Gabriel India and Indian Oil.
Speaking on the occasion Mr. G.C. Daga, Director (Marketing), Indian Oil, said,
‘the requirement for this product in the market is currently being met by low
quality and sub-standard products which reduce the life of the vehicle.
Providing quality product will lead to enhanced life of the vehicle and provide
better riding comfort.' The lubricant market is witnessing a distinct shift in
customer's preference to purchase their lube requirements approved or
co-branded with equipment manufacturers. Their agreement with Gabriel will
consolidate their presence to cater to these needs for the users of
motorcycles.
Mr. Arvind Walia, President & Chief Operating Officer, Gabriel India said
that Gabriel India through its extensive dealer network and Indian Oil with its
vast infrastructure and marketing network would ensure that quality products
reach customers.
Memorandum of Collaboration (MOC) /
Memorandum of Understanding (MoU)
Overseas
Ø MOC with Marubeni Corporation,
Ø MOC with
Ø MoU with Premier Oil Pacific Limited
for development and production projects in Northeastern states of
Ø MoU with ELF, ANTAR France for
manufacture and marketing of fuel additives and R & D assistance.
Ø MOC with Enbridge International
Inc., Alberta, Canada to explore methods and avenues of cooperation in pipeline
design, construction management, operation & maintenance techniques,
software development, training and consultancy in India and abroad.
Ø MoU with Petronas Carigali for
development / production projects
Ø MoU with
Ø MoU between Government of India and
Government of Mauritius for Indian Oil entry into downstream petroleum sector
in
Ø MoU with Ceylon Petroleum
Corporation for Indian Oil entry into downstream petroleum sector in
In
Ø MoU with GAIL for marketing tie-up
for transfer of LPG through pipeline from Kandla /
Ø MoU with NTPC for petrofuel based
power projects.
Ø MoU with Indo Rama Synthetics Limited
for supply tie-up of PTA from the proposed PX / PTA plant at Panipat.
Ø Joint Statement of Intent with
Hindustan Lever for supply tie-up of LAB from the proposed LAB plant at
Ø MoU entered in May 2003 with
National Iranian Company for cooperation in Hydrocarbon Sector..
Ø MoU with GAIL for development of
City Gas Distribution Project in
Ø MOC between Indian Oil and EIL for
“Products upgrading project in
OVERSEAS OPERATIONS
Ø Export of bulk petroleum products to
Ø SERVO marketing in
Ø Lube blending and marketing in
Middle East and
Ø Export of Bitumen to
Ø Management of oil terminal at
Ø Specialized training imparted to
international oil companies like Petronas of Malaysia,
Ø Company, KNPC of
Ø Secondment of manpower for
commissioning of ENOC’s refinery at
Ø Technical Services help provided to
countries like
Ø Consultancy Services in
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 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.40.67 |
|
|
1 |
Rs.82.12 |
|
Euro |
1 |
Rs.55.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
9 |
|
OPERATING
SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT
LINES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |