MIRA INFORM REPORT
|
Report
Date : |
10.02.2007 |
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,
Maharashtra |
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Country: |
India |
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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,
Maharashtra, India |
|
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, Lodhi Road, New Delhi - 110 003,
India 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, Bihar, India Y
P.O.
Jawahar Nagar, District Vadodara - 391 320, Gujarat, India Y
P.O.
Noonmati, Guwahati - 781 020, Assam, India Y
P.O.
Haldia Refinery, District Midnapur - 721 606, West Bengal, India Y
P.O.
Mathura Refinery, Mathura - 281 005, Uttar Pradesh, India Y
P.O.
Panipat Refinery, Panipat – 132140, Haryana, India |
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Corporate
Office : |
3079/3, J
B Tito Marg, Sadiq Nagar, New Delhi – 110049, India |
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Pipelines
Division : |
Y
A-1,
Udyog Marg, Sector 1, Noida – 201 301, Uttar Pradesh, India Y
14,
Lee Rrado, Kolkata - 700 020, West Bengal, India Y
P. O.
Box 1007, Bedipara, Morvi Road,
Gauridad, Rajkot - 360 003, Rajasthan, India Y
P.
O. Panipat Refinery, Panipat – 132 140, Haryana, India |
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Assam
Oil Division : |
Digboi - 786 171, Assam, India |
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Marketing
Division : |
HEAD OFFICE
Y
Indian
Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400 051,
Maharashtra, India Tel. No. : 91-22-26426249 / 26400655 / 26408623 E-mail : mrinalroy@indianoil.co.in
/ rajivshastri@indianoil.co.in
/ amksinha@indianoil.co.in / amitavac@indianoil.co.in / mnene@indianoil.co.in /
rsareen@indianoil.co.in 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, New Delhi - 110 016, India Y
Indian
Oil Bhavan, 2 Gariahat Road, South(Dhakuria), Kolkata - 700 068, West Bengal,
India Y
254-C,
Dr. Annie Besant Road, Prabhadevi, Mumbai - 400 025, Maharashtra, India Y
Indian
Oil Bhavan, 139 Nungambakkam High Road, Chennai - 600 034, Tamil Nadu, India |
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Research
And Development Division : |
Sector 13, Faridabad-121 007, Haryana, India |
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Overseas
Offices : |
Mr. K. Ramakrishnan, Managing Director Lanka IOC
Limited 20th
Floor, West Tower, World Trade Centre, Colombo, Sri Lanka Mr. Rajesh Ahuja, Managing Director Indian
Oil (Mauritius) Limited Mer
Rouge, Port Louis, Mauritius Mr. D V Ramana Rao, Managing Director IOCL
Middle East FZE Office:
LOB 14209, Jebel Ali Free Zone, P. O. Box : 261338, Dubai, UAE 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, Assam Oil Division |
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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 |
|
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 , Mathura Refinery |
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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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|
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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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|
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|
Name : |
Mr. U. K.
Basu |
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Designation
: |
Executive Director – Officiating, Gujarat
Refinery |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Shareholding of Promoter and Promoter Group2 |
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|
|
Indian |
|
|
|
Central Government/ State Government(s)(President of India) |
958077855 |
82.03 |
|
Sub-Total |
958077855 |
82.03 |
|
Foreign |
|
|
|
Total Shareholding of
Promoter and Promoter Group |
958077855 |
82.03 |
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|
|
|
|
Public shareholding |
|
|
|
Institutions |
|
|
|
Mutual Funds/ UTI |
8361788 |
0.72 |
|
Financial Institutions/ Banks |
488716 |
0.04 |
|
Insurance Companies |
35646341 |
3.05 |
|
Foreign Institutional Investors |
21528334 |
1.84 |
|
Sub-Total |
66025179 |
5.77 |
|
Non-institutions |
|
|
|
Bodies Corporate |
110100017 |
9.43 |
|
Individual- |
|
|
|
Any Other (specify) |
140145 |
0.01 |
|
Sub-Total |
133349975 |
12.21 |
|
Total Public
Shareholding |
199375154 |
17.97 |
|
TOTAL |
199375154 |
100.00 |
|
GRAND TOTAL |
199375154 |
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 India United Bank of India |
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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, RPL,
IL&FS, ICICI, SBI, EOL : 10% 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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|
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|
Associates
: |
Ø
Indo
Mobil Limited Ø
Petronet
CTM Limited Ø
Petronet
CIPL Limited Ø
Indian
Oil TCG Petrochem Limited |
|
|
|
|
Subsidiaries
: |
Ø
Indian
Oil Blending Limited, Pir Pau, Trombay, Mumbai – 400074, Maharashtra, India Ø
Indian
Oil Mauritius Limited, Suite 619, Level 6, St. James Court Denis Street, Port
Louis, Mauritius Ø
Chennai
Petroleum Corporation Limited, 536, Anna Salai, Teynampet, Chennai – 600018,
Tamil Nadu, India Ø
Bongaigaon
Refinery and Petrochemicals Limited, P.O. Dhaligaon, District Bongaigaon,
Assam – 783385, India Ø
IBP
Company Limited, IBP House, 34-A, Nirmal Chandra Street, Kolkata – 700013,
West Bengal, India Ø
Lanka
IOC Limited, World Trade Centre, 20th Floor, West Tower, Colombo,
Sri Lanka 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 |
|
|
|
|
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. 11680.100 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 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2006 [1st Qtr.] |
30.09.2006 [2nd Qtr.] |
30.12.2006 (3rd Quarter) |
|
Sales Turnover |
486883.900 |
577664.900 |
544377.500 |
|
Other Income |
35400.300 |
6176.300 |
7806.700 |
|
Total Income |
522284.200 |
583841.200 |
552184.200 |
|
Total Expenditure |
495329.100 |
537305.600 |
526465.400 |
|
Operating Profit |
26955.100 |
46535.600 |
25718.800 |
|
Interest |
3344.200 |
3618.500 |
3831.300 |
|
Gross Profit |
23610.900 |
42917.100 |
21887.500 |
|
Depreciation |
5749.700 |
6649.900 |
6770.300 |
|
Tax |
56.000 |
5764.500 |
(3533.100) |
|
Reported PAT |
17805.200 |
30502.700 |
10590.100 |
Notes
200606 Quarter 1
Expenditure Includes (Increase)/Decrease in stock in Trade Rs
2020.20 million Purchase of Products & Crude for resale Rs 262154.80
million Consumption of Raw Material Rs 200298.00 million Staff Cost Rs 4892.90
million Other expenditure Rs 25963.20 million Tax indicates Provision for
Fringe Benefit Tax EPS is Basic & Diluted Status of Investor Complaints for
the quarter ended June 30, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 102 Complaints disposed off
during the quarter 102 Complaints unresolved at the end of the quarter Nil 1.
The above results have been reviewed and recommended by the Audit Committee on
July 30, 2006 and taken on record by the Board of Directors at its meeting held
on July 31, 2006. 2. Average Gross Refining Margins during the quarter ended
June 30, 2006 was US $ 6.70 per bbl, which is after considering the impact of
discount given on MS, HSD, SKO and LPG as against US $ 6.16 per bbl during the
corresponding quarter of previous year where no such discount was given. 3.
Subsidy for SKO (PDS) and LPG (Domestic) for the current quarter has been
accounted at 1/3rd of the subsidy rates approved by the Government of India for
2002-03. 4. Raw Material cost and Purchase of Products for resale' includes Rs
29870 million for the period April- June 2006 (April-June 2005: Rs 16740
million) towards discount receivable from ONGC/GAIL/OIL, reckoned on
'Provisional Basis' as per Government of India's advice. 5. Consequent to
non-revision of retail selling prices in line with international prices, the
Company has suffered net under-realization of Rs 48980 million during April -
June 2006 (April-June 2005: Rs 31940 million) on sale of MS, HSD, SKO(PDS) and
LPG (Domestic). 6. Exceptional items, net of tax, for the period April-June
2006, represents profit of Rs 32247.80 million, being long term capital gains,
on sale of 20% of IOC's shareholding in ONGC Limited during April 2006 which is
exempt from tax. The Corresponding amount of, Rs 4384.60 million for financial
year 2005-06 represents long term capital gains on sale of 50% of IOC's
shareholding in GAIL during March 2006. 7. Consequent to merger of IOBL with
IOCL on May 12, 2006, which is effective from April 01, 2004, the figures for
the previous quarter April-June 2005 have been recast accordingly. 8. No provision
for current tax and deferred tax has been made for the quarter ended June 30,
2006 considering the estimated loss likely to be incurred for the financial
year 2006-07, based on current profit estimates. 9. The Shareholders of Indian
Oil and IBP Company Limited, have accorded approval to the Scheme of
Amalgamation for merger of IBP Company Limited with Indian Oil Corporation
Limited including swap ratio of 110 equity shares of Indian Oil Corporation
Limited for every 100 equity shares of IBP Company Limited at the meeting of
the Shareholders' held on May 29, 2006 and June 29, 2006 respectively. The
matter is now being heard before the Ministry of Company Affairs for final
orders. 10. The Board of Directors has accorded 'in principle' approval to the
Scheme of Amalgamation of Bongaigaon Refinery & Petrochemicals Limited with
Indian Oil Corporation Limited. The process of valuation and preparation of
Scheme of Amalgamation is in progress. 11. Impact, if any, on account of
impairment of assets will be reviewed at the year-end. 12. The future profit is
subject to variation on account of fluctuations in the prices of crude and
petroleum products in the international market and Government policies. 13. The
audited accounts for the year ended March 31, 2006 are subject to review by The
Comptroller and Auditor General of India under section 619(4) of the Companies
Act, 1956. 14. The unaudited financial results for the quarter ended June 30,
2006 are subject to Limited Review by the Auditors. 15. Figures have been regrouped
wherever necessary.
2006-09
Quarter 2
Other Income Includes Grant from Government of
India (Special Oil Bonds) Rs 71680.00 million Other Income Rs 6176.30 million
Expenditure Includes (Increase)/Decrease in stock in Trade Rs (12877.80) million
Purchase of Products & Crude for resale Rs 271401.80 million Consumption of
Raw Material Rs 249670.60 million Staff Cost Rs 6187.80 million Other
expenditure Rs 22923.20 million Tax includes Current Tax Rs 5696.50 million
Fringe Benefit Tax Rs 68.00 million EPS is Basic & Diluted Status of
Investor Complaints for the quarter ended September 30, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 96
Complaints disposed off during the quarter 96 Complaints unresolved at the end
of the quarter Nil 1. The above results have been reviewed and recommended by
the Audit Committee on October 27, 2006 and taken on record by the Board of
Directors at its meeting held on October 28, 2006. 2. Average Gross Refining Margins
during the half year ended September 30, 2006 was US $ 3.13 per bbl
(April-September 2005 US $ 6.05 per bbl). Refining margins during the current
period is lower mainly due to negative impact of US $ 3.15 per bbl on account
of inventory valuation as against US $ 0.20 per bbl during April-September
2005. 3. Subsidy for SKO (PDS) and LPG (Domestic) for the current period has
been accounted at 1/3rd of the subsidy rates approved by the Government of
India for 2002-03. 4. Raw Material cost and 'Purchase of Products for resale'
includes Rs 60710.00 million for the period April-September 2006
(April-September 2005 Rs 33560.00 million) towards discount receivable from
ONGC/GAIL/OIL, reckoned on 'Provisional Basis as per Government of India's
advice. 5. An amount of Rs 71680.00 million has been accounted for in the
current period (April-September 2005 NIL) as per approval received from
Government of India for issuance of Special Oil Bonds in lieu of under
realization suffered by the Company. 6. Consequent to non-revision of retail
selling prices in line with international prices, the Company has suffered net
under-realization of Rs 24620.00 million during April-September 2006
(April-September 2005 Rs 56270.00 million) on sale of MS, HSD, SKO(PDS) and LPG
(Domestic) 7. Exceptional items for the period April-September 2006, represents
profit of Rs 32247.80 million, being long term capital gains, on sale of 20% of
IOC's shareholding in ONGC Limited during April 2006. The corresponding amount
of Rs 4384.60 million for financial year 2005-06 represents long term capital
gains on sale of 50% of IOC's shareholding in GAIL during March 2006. 8.
Consequent to merger of IOBL with IOCL on May 12, 2006, which is effective from
April 01, 2004, the figures for the previous period April-September 2005 have
been recast accordingly. 9. No provision for deferred tax has been made for the
half year ended September 30, 2006 based on current profit estimates. 10. The
revised accounting standard AS-15 Employee Benefits effective from April 01,
2006 is being reviewed by the Company and the impact if any, will be considered
at the year end. 11. Amalgamation of IBP Company Limited with Indian Oil
Corporation Limited is pending for final orders from Ministry of Company
Affairs. 12. The Scheme of Amalgamation for merger of Bongaigaon Refinery &
Petrochemicals Limited with Indian Oil Corporation is under finalization for
consideration by the Board of Directors: 13. Impact if any on account of
impairment of assets will be reviewed at the year-end. 14. The future profit is
subject to variation on account of fluctuations in the prices of crude and
petroleum products in the international market and Government policies. 15. The
unaudited financial results for the half year ended September 30, 2006 are
subject to Limited Review by the Auditors 16. Figures have been regrouped
wherever necessary.
200612
Quarter 3
Other Income Includes Grant from Government of India
(Special Oil Bonds) Rs 25330.00 million Other Income Rs 7806.70 million
Expenditure Includes (Increase)/Decrease in stock in Trade Rs 7656.00 million
Purchase of Products & Crude for resale Rs 260066.50 million Consumption of
Raw Material Rs 233701.00 million Staff Cost Rs 5051.40 million Other
expenditure Rs 19990.50 million Tax includes Current Tax Rs (3659.70)million
Deferred Tax Rs 8060.20 million Fringe Benefit Tax Rs 126.60 million EPS is
Basic & Diluted Status of Investor Complaints for the quarter ended
December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter 312 Complaints disposed off during the quarter 312
Complaints unresolved at the end of the quarter Nil 1. The above results have
been reviewed and recommended by the Audit Committee on January 27, 2007 and
taken on record by the Board of Directors at its meeting held on January 29,
2007. 2. Average Gross Refining Margins during the nine months ended December
31, 2006 was US$ 3.64 per bbl (April-December 2005: US $ 5.16 per bbl). 3.
Subsidy for SKO (PDS) and LPG (Domestic) for the current period has been
accounted at l/3rd of the subsidy rates approved by the Government of India for
2002-03. 4. Raw Material cost and Purchase of Products for resale' includes Rs
76400 million for the period April-December 2006 (April 2005: Rs 50710 million)
towards discount receivable from ONGC/GAIL/OIL, reckoned on 'Provisional Basis'
as per Government of India's advice. 5. During the quarter October ' December
2006 Rs 25330 million (October ' December 2005: Nil) has been accounted as per
approval received from Government of India for issuance of Oil Bonds in lieu of
under-realisation suffered by the Company. The total amount accounted on this
account for the period April-December 2006 is Rs 97010 million (April-December
2005: Nil). 6. Consequent to non-revision of retail selling prices in line with
international prices, the Company has suffered net under-realisation of Rs
35240 million during April ' December 2006 (April-December 2005: Rs 8106
million) on sale of MS, HSD, SKO(PDS) and LPG (Domestic). 7. Exceptional items
for the period April-December 2006 represents profit of Rs 32247.80 million,
being long term capital gains, on sale of 20% of IOC's shareholding in ONGC
Limited during April 2006. The corresponding amount of Rs 4384.60 million for
financial year 2005-06 represents long term capital gains on sale of 50% of
IOC's shareholding in GAIL during March 2006. 8. The Board of Directors in its
meeting held on December 22, 2006 has declared interim dividend of Rs 6/- per
equity share of Rs 10/- each amounting to Rs 7008.10 million for the year
2006-07 and the same has been paid accordingly. 9. Consequent to merger of IOBL
with IOCL on May 12, 2006, which is effective from April 01, 2004, the figures
for the previous period April-December 2005 have been recast accordingly. 10.
Current Tax (net of credit under MAT provisions) and Deferred Tax have been
provided for the current period ended December 31, 2006 based on the estimated
profit for the current financial year. 11. The revised accounting standard
AS-15 'Employee Benefits' effective from April 01, 2006 is being reviewed by
the Company and the impact, if any, will be considered at the year end. 12.
Amalgamation of IBP Company Limited with Indian Oil Corporation Limited is
pending for final orders from Ministry of Company Affairs. 13. The scheme of
Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Limited
with Indian Oil Corporation with a swap ratio of 4:37 has been approved by the
Board of Directors at its meeting held on November 29, 2006. The Scheme has
been forwarded to Government of India for its approval. 14. Impact, if any, on
account of impairment of assets will be reviewed at the year-end. 15. The
future profit is subject to variation on account of fluctuations in the prices
of crude and petroleum products in the international market and Government
policies. 16. The unaudited financial results for the period nine months ended
December 31, 2006 are subject to Limited Review by the Auditors. 17. 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.441.00/- |
|
Low |
Rs.429.00/- |
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 Indian Oil Corporation. It is the largest and most dominant
player in the downstream petroleum sector.
IOCL controls 10 of India's 18 refineries with a
combined refining capacity of 54.20 million tones per annum. These includes two
refineries of subsidiary Chennai Petroleum Corporation Limited and one of
Bongaigaon Refinery and Petrochemicals Limited. IOCL and its subsidiaries
account for 47% petroleum products market share among public sector companies,
41% national refining capacity and 51% downstream product pipeline capacity. It
also owns and operates crude oil and product pipelines of over 9000 Km across
the country. IOCL also has the largest marketing network in the country, comprising
over 30000 sales points backed for supplies by 183 bulk storage points and
depots, 88 Indane bottling plants and 97 Aviation Fuel Station to cater the
Aviation, Defence as well as Civil industry. Indian oil together with IBP
operates the largest and the widest network of petrol and diesel stations in
the country numbering over 15,000. In the overseas business, the company
continues to explore new opportunities and coordinate business activities
between its various overseas offices at Dubai, Kuwait, Kuala Lumpur, Sri Lanka
and Mauritius.
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 Iran. The main
operator will be ONGC Videsh in which IOCL will have 40% equity
participation.
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 Assam and
Arunachal Pradesh region. The company has now finalized an import deal for1.75
Millions tones of LNG per annum with Iran for supplies from the year2009
onwards. The company has proposed to develop gas blocks in the North Pars
fields of Iran jointly with Petropars, a subsidiary of National Iranian Oil
Company. IOCL is first Indian and 6th Global Company to develop marine Oils and
also obtained global approvals for shipboard applications in the entire family
of vessels of MAN B&W, Denmark and Wartsila, Finland.
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, Raipur and Vasai. The new projects of the company during this
period are Chennai- Bangalore product pipeline, LPG Bottling plant at Mathura
etc.,
During 2005-06, Indian oil entered into South India with the commissioning of
the 681-km Chennai-Trichy-Madurai product pipeline. With the commissioning of
several other key projects, including the Sidhpur-Sanganer product pipeline and
branch line to Ajmer and the Mundra-Churwa crude oil pipeline, the pipeline
network was expanded to 9024 km during the year. A section of the
Kandla-Bhatinda pipeline from Sidhpur to Sanganer was also converted to crude
oil service to ensure enhanced crude oil availability to Mathura and Panipat
refineries.
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 Paradip, MS quality upgradation projects
at Panipat, Mathura, Barauni, Digboi and Guwahati refineries and Residue
upgradation and MS/HSD quality improvement projects at Gujarat Refinery during
2005-2006.
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, Dubai, with the objective of marketing
lubricants and other petroleum products in the Middle East, Africa and CIS
regions.
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 (India) Limited for city gas distribution in Agra and Lucknow.
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
Bend, Kolkata, West Bengal, India
Ø
Econo
Walves Private Limited
Ø
IGP
Engineering Limited
Ø
Commercial
Supply Agency
Ø
Fixfit
Fasterners Limited
Ø
Nireka
Engineering
Ø
Precision
Auto Engineers, Ludhiana, Punjab, India
Overseas offices were opened at Dubai, Kuwait, Mauritius and
Kuala Lumpur in line with the Corporate Vision of transitional role for the
company.
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 India. The combined throughput of the network during the
year was 45.35 million metric tones, which is the highest ever.
The year 2005-06 saw Indian Oil's maiden foray into South India with the
commissioning of the 681 km Chennai-Trichy-Madurai product pipeline. With the
commissioning of several other key projects, including the Sidhpur-Sanganer
product pipeline and branch line to Ajmer, and the Mundra-Churwa crude oil
pipeline, the pipeline network was expanded to 9,024 km during the year. A
section of the Kandla-Bhatinda pipeline from Sidhpur to Sanganer was also
converted to crude oil service to ensure enhanced crude oil availability to
Mathura and Panipat refineries.
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 Bangalore
International Airport. Foreign exchange earning from ATF sales to international
airlines during the year was US$ 438 million, i.e., Rs.19703.700 millions.
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 India’s largest company by sales with a turnover
of Rs. 1832040 millions (US $ 41 billion) and profits of Rs. 49150 millions (US
$ 1.10 billion) for fiscal 2005.
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
India’s 18 refineries with a combined refining capacity of 54.20 million tones
per annum (1.1 million barrels per day). These include two refineries of
subsidiary Chennai Petroleum Corporation Limited
(CPCL) and one of Bongaigaon Refinery and Petrochemicals Limited (BRPL).
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 Asia’s finest. Besides
pioneering work in lubricants formulation, refinery processes, pipeline
transportation and alternative fuels such as bio-diesel, the Centre is also the
nodal agency of the Indian hydrocarbon sector for ushering in Hydrogen fuel in
the country.
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 India, in consortium with other companies. It
has also acquired participating interest in on-shore blocks in Assam and
Arunachal Pradesh region. Overseas ventures include two gas blocks in Sirte
Basin of Libya, the Farsi Exploration Block in Iran and onshore farm-in
arrangements in Gabon. The Corporation is also exploring opportunities to
acquire a suitable medium-sized E&P company to quickly consolidate its
upstream portfolio.
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 Iran for
supplies from the year 2009 onwards. The Corporation has also proposed
partnering Petropars, a subsidiary of National Iranian Oil Company, in jointly
developing gas blocks in the North Pars fields of Iran.
To emerge as a transnational energy major, Indian Oil has
set up subsidiaries in Sri Lanka, Mauritius and UAE and is simultaneously
scouting new opportunities in energy markets in Asia and Africa.
Indian Oil subsidiary, Lanka IOC Limited, operates 160 retail outlets
commanding a 22% market share. Its oil terminal at Trincomalee is also Sri
Lanka’s largest petroleum storage facility. Lanka IOC occupies the No. 2 spot
among the top 50 listed companies operating in Sri Lanka and is ranked No. 5
among the leading brands in the island nation.
Indian Oil (Mauritius) Limited has also garnered a 14% market share, which
include aviation fuelling and bunkering business. It operates a modern
petroleum bulk storage terminal at Mer Rouge port, besides five petrol &
diesel stations. Besides expansion of retail network, a modern product-testing
laboratory is being set up in Mauritius. It has grown to occupy the 25th place
among the top 100 companies in Mauritius in less than 30 months after
commencement of operations there.
The Corporation’s UAE subsidiary, IOC Middle East FZE,
oversees business expansion in the Middle East.
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 USSR. M.V:
"Uzhgorod" carrying the first parcel of 11390 tonnes of HSD docked at
Pir Pau Jetty in Mumbai on 17th August 1960.
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
Indian Oil Corporation Limited 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 Faridabad.
SERVO, the first indigenous lubricant was
launched.
1973
Foundation-stone of Mathura Refinery was laid by Mrs. Indira Gandhi, the then
Prime Minister of India.
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 Assam agitation.
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
New Delhi, October 10, 2006
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 India. Indian Oil,
as India's flagship national oil company, operates 10 of India's 18 refineries
and a 9000 km network of cross-country pipelines to feed its countrywide
marketing network. IFP, France, is a company specializing in R & D,
training and information for sustainable development in the fields of energy,
transport and environment.
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 Paris recently. Mr. V. C. Agrawal,
Director (HR), Indian Oil, and key executives of IFP were present on the
occasion.
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 greenfield refineries is
highly capital-intensive and involves a minimum of three to four years' time.
On the other hand, improving efficiencies and augmenting capacities at existing
refineries through revamp, de-bottlenecking, etc., is a cost-effective
proposition in the short-term.
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 Faridabad also has a long association with IFP.
In fact, many of Indian Oil's engineers have undergone training at IFP School.
The synergy created between IFP and Indian Oil through their association of
over four decades provides an excellent foundation for conducting select
programmes of IFP Training at IIPM for the downstream companies of India.
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
New Delhi, October 12, 2006
Indian Oil Corporation Limited (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 Indian Oil Corporation Limited and Gabriel India Limited at New Delhi.
The agreement was for a period of three years.
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 our 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, Japan
in the areas of refining, petrochemicals, power and pipelines.
Ø MOC with Petronas, Malaysia for
petrochemicals, refining, blending, LNG, training, R&D opportunities and
LPG import.
Ø MoU with Premier Oil Pacific Limited
for development and production projects in Northeastern states of India.
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 Pertamina, Indonesia for
collaboration in hydrocarbon sector.
Ø MoU between Government of India and
Government of Mauritius for Indian Oil entry into downstream petroleum sector
in Mauritius.
Ø MoU with Ceylon Petroleum
Corporation for Indian Oil entry into downstream petroleum sector in Sri Lanka.
In India
Ø MoU with GAIL for marketing tie-up
for transfer of LPG through pipeline from Kandla / Jamnagar to Loni
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 Gujarat
refinery.
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 Agra, Lucknow & Barielly in May 2004.
Ø MOC between Indian Oil and EIL for
“Products upgrading project in Tehran & Tabriz refineries of NIOEC, Iran”.
OVERSEAS OPERATIONS
Ø Export of bulk petroleum products to
Sri Lanka & Bangladesh.
Ø SERVO marketing in Nepal, Malaysia,
Bangladesh, Mauritius, Sri Lanka, Dubai, etc.
Ø Lube blending and marketing in
Middle East and East Africa.
Ø Export of Bitumen to Bangladesh,
Myanmar and China.
Ø Management of oil terminal at Ndola,
Zambia and aviation stations in Bhutan and Maldives.
Ø Specialized training imparted to
international oil companies like Petronas of Malaysia, Qatar General Oil
Ø Company, KNPC of Kenya and CPC of
Sri Lanka.
Ø Secondment of manpower for
commissioning of ENOC’s refinery at Dubai.
Ø Technical Services help provided to
countries like Dubai and Trinidad.
Ø Consultancy Services in Algeria.
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the
subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.06 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
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 |