1. Summary Information
|
|
|
Country |
|
|
Company Name |
HINDUSTAN PETROLEUM CORPORATION LIMITED |
Principal Name 1 |
Mr. S. Roy Choudhury |
|
Status |
Excellent |
Principal Name 2 |
Mr. S. Roy Choudhury |
|
|
|
Registration # |
11-8858 |
|
Street Address |
Petroleum House, |
||
|
Established Date |
05.07.1952 |
SIC Code |
-- |
|
Telephone# |
91-22-22026151 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-22872992/ 22841573/ 22872992 |
Business Style 2 |
Marketer |
|
Homepage |
Product Name 1 |
Petroleum Fuel and Lube Products |
|
|
# of employees |
11291(Approximately) |
Product Name 2 |
Lubricating Oils |
|
Paid up capital |
3,390,100,000/- |
Product Name 3 |
Textile Auxiliaries |
|
Shareholders |
Promoter and
Promoter Group – 51.11% Total Non Promoter 48.89% |
Banking |
State
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
59 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Aa (78) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
-- |
HPCL Biofuels Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
80,627,200,000 |
Current Liabilities |
144,499,000,000 |
|
Inventories |
125,792,200,000 |
Long-term Liabilities |
213,023,700,000 |
|
Fixed Assets |
153,066,700,000 |
Other Liabilities |
39,131,800,000 |
|
Deferred Assets |
000 |
Total Liabilities |
396,654,500,000 |
|
Invest& other Assets |
152,748,100,000 |
Retained Earnings |
112,189,600,000 |
|
|
|
Net Worth |
115,579,700,000 |
|
Total Assets |
512,234,200,000 |
Total Liab. & Equity |
512,234,200,000 |
|
Total Assets (Previous Year) |
468,566,400,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
101,3475,100,000 |
Net Profit |
13,013,700,000 |
|
Sales(Previous yr) |
1,093,776,000,000 |
Net Profit(Prev.yr) |
5,749,800,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN PETROLEUM CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Petroleum House, 17, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.07.1952 |
|
|
|
|
Com. Reg. No.: |
11-8858 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3390.100 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23201MH1952GOI008858 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM07045D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH11118B |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the stock exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Petroleum Fuel and Lube
Products, Lubricating Oils, Textile Auxiliaries, Hydraulic Brake Fluid,
Insecticides and Greases. |
|
|
|
|
No. of Employees
: |
11291 (Approximatrely) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
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 |
|
Maximum Credit Limit : |
USD 460000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a fortune 500 company, owned by the government of The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Petroleum House, |
|
Tel. No.: |
91-22-22026151 |
|
Fax No.: |
91-22-22872992/ 22841573/ 22872992 |
|
E-Mail : |
|
|
Website : |
|
|
Telex : |
82414 / 85096 |
|
|
|
|
Marketing
Office : |
Hindustan Bhavan, 8, Shoorji Vallabhdas Marg, P. B. No. 155, Ballard Estate, Mumbai – 400 038, Maharashtra, India |
|
Tel. No.: |
91-22-22618031 |
|
Fax No.: |
91-22-22611822 |
|
|
|
|
Refinery : |
Mumbai
B.D. Patil Marg, Chembur, Mumbai – 400 074,
|
|
|
|
|
Zonal Offices
: |
East Zone 6, North Zone 6th
and 7th Floor, Core 1 and 2, North Tower, Scope Minar, Laxmi
Nagar, Delhi – 110 092, India North Central
Retail Zone C/o. Lucknow
Retail R.O.4, Shanajaf Road, 1, Nehru Enclave, Besides Vishwas Khand, Gomti
Nagar, Lucknow – 226 001, Uttar Pradesh, India North West
Retail Zone C/o. Auto Care
Centre, South Zone Thalamuthu
Natarajan Building, 4th Floor, 8, Gandhi Irwin Road, Post Box No.3045,
Egmore, Chennai – 600 008, Tamilnadu, India South Central
Retail Zone 111, Chandralok
Complex, First Floor, West Zone R and C
Building, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S. Roy Choudhury |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
|
Functional Directors |
|
Name : |
Mr. S. Roy Choudhury |
|
Designation : |
Additional Charge Director- Marketing |
|
|
|
|
Name : |
Dr. V. Vizia Saradhi |
|
Designation : |
Director- Human Resources |
|
|
|
|
Name : |
Mr. B. Mukherjee |
|
Designation : |
Director- Finance |
|
|
|
|
Name : |
Mr. K. Murali |
|
Designation : |
Director- Refineries |
|
|
|
|
Name : |
Mr. Arun Balkrishnan |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
|
Part-time ex-officio Directors |
|
Name : |
Mr. P.K. Sinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. L.N. Gupta |
|
Designation : |
Director |
|
|
|
|
|
Part-time non-official Directors |
|
Name : |
Dr. Gitesh K Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. V. Rajaraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. Prakash G. Apte |
|
Designation : |
Director |
|
|
|
KEY EXECUTIVES
|
Senior Management Team : |
|
|
Name : |
Mr. Suneet Mohan
Misra |
|
Designation : |
Chief Vigilance Officer (From 16/12/2009) |
|
|
|
|
Name : |
Mr. G.A.
Shirwaikar |
|
Designation : |
ED - |
|
|
|
|
Name : |
Mr. S.V. Sahni |
|
Designation : |
ED - Central Engineering (Refineries) |
|
|
|
|
Name : |
Mr. D.K.
Deshpande |
|
Designation : |
ED - HRD |
|
|
|
|
Name : |
Mr. K.S. R.
Prasad |
|
Designation : |
ED - Joint Ventures |
|
|
|
|
Name : |
Ms. Nishi
Vasudeva |
|
Designation : |
ED – LPG |
|
|
|
|
Name : |
Mr. O.P. Pradhan
|
|
Designation : |
ED - Corporate Planning and Strategy |
|
|
|
|
Name : |
Mr. P.A.B. Raju |
|
Designation : |
ED - Visakh Refinery |
|
|
|
|
Name : |
Mr. K.V. Rao |
|
Designation : |
ED - Corporate Finance |
|
|
|
|
Name : |
Mr. R. Sudhakara
Rao |
|
Designation : |
ED - Direct Sales |
|
|
|
|
Name : |
Mr. A.B. Thosar |
|
Designation : |
ED - Projects and Pipelines |
|
|
|
|
Name : |
Mr. S.P. Gupta |
|
Designation : |
ED* |
|
|
|
|
Name : |
Mr. M.S. Damle |
|
Designation : |
ED – Retail |
|
|
|
|
Name : |
Mr. Y.K. Gawali |
|
Designation : |
ED – O and D |
|
|
|
|
Name : |
Mr. Rajan K. Pillai
|
|
Designation : |
ED* |
|
|
|
|
Name : |
Mr. B.K. Namdeo |
|
Designation : |
ED - IT and S |
|
|
|
|
Name : |
|
|
Designation : |
ED - Mumbai Refinery |
|
|
|
|
Name : |
Mr. Sandeep
Joseph |
|
Designation : |
General Manager - Industrial Relations |
|
|
|
|
Name : |
Mr. C.S.
Krishnaswamy |
|
Designation : |
General Manager – R and D and QC |
|
|
|
|
Name : |
Mr. D.M. Sabale |
|
Designation : |
General Manager - SHE (Marketing) |
|
|
|
|
Name : |
Mr. P. Rajendran |
|
Designation : |
General Manager - Marketing Projects |
|
|
|
|
Name : |
Mr. K. Srinivasan |
|
Designation : |
General Manager - Technical, MR |
|
|
|
|
Name : |
Mr. R. Ganesan |
|
Designation : |
General Manager - Internal Audit |
|
|
|
|
Name : |
Mr. Rakesh Kumar |
|
Designation : |
General Manager - HR (CM) |
|
|
|
|
Name : |
Mr. A.V. Sarma |
|
Designation : |
General Manager - Natural Gas |
|
|
|
|
Name : |
Mr. S.T. Sathiavageeswaran |
|
Designation : |
General Manager - Information Systems |
|
|
|
|
Name : |
Mr. G. Sriganesh |
|
Designation : |
General Manager – R and D, Corporate |
|
|
|
|
Name : |
Mr. D.K. Hota |
|
Designation : |
General Manager - MRA and P |
|
|
|
|
Name : |
Mr. K.C. Agarwal |
|
Designation : |
General Manager - Maintenance, MR |
|
|
|
|
Name : |
Mr. V.V. Nagada |
|
Designation : |
General Manager - Projects, MR |
|
|
|
|
Name : |
Mr. Y.K. Rao |
|
Designation : |
General Manager - Materials, VR |
|
|
|
|
Name : |
Mr. Ramanuj Roy |
|
Designation : |
General Manager - Finance, MR |
|
|
|
|
Name : |
Mr. S.P. Singh |
|
Designation : |
General Manager - Exploration and
Production |
|
|
|
|
Name : |
Mr. N.S.J. Rao |
|
Designation : |
General Manager - Operations, MR |
|
|
|
|
Name : |
Mr. S. Babu Ganesan |
|
Designation : |
General Manager - Engineering and Projects |
|
|
|
|
Name : |
Ms. Sonal Desai |
|
Designation : |
General Manager - CSR |
|
|
|
|
Name : |
Mr. M. Naveen Kumar |
|
Designation : |
General Manager - Finance, VR |
|
|
|
|
Name : |
Mr. P.P. Nadkarni |
|
Designation : |
General Manager* |
|
|
|
|
Name : |
Mr. H. Kumar |
|
Designation : |
General Manager - Retail Upgradation |
|
|
|
|
Name : |
Mr. S. Jeyakrishnan |
|
Designation : |
General Manager - East Zone |
|
|
|
|
Name : |
Mr. H.R. Wate |
|
Designation : |
General Manager - Retail |
|
|
|
|
Name : |
Mr. A. Pande |
|
Designation : |
General Manager - West Zone |
|
|
|
|
Name : |
Mr. J. Ramaswamy |
|
Designation : |
General Manager - Commercial, Direct Sales |
|
|
|
|
Name : |
Mr. R. Radhakrishnan |
|
Designation : |
General Manager - Aviation |
|
|
|
|
Name : |
Mr. V.K. Jain |
|
Designation : |
General Manager - Tax |
|
|
|
|
Name : |
Mr. V.V.R. Narasimham |
|
Designation : |
General Manager - Technical, VR |
|
|
|
|
Name : |
Mr. M.K. Surana |
|
Designation : |
General Manager - Operations, VR |
|
|
|
|
Name : |
Mr. Ajit Singh |
|
Designation : |
General Manager - |
|
|
|
|
Name : |
Mr. Rakesh Misri |
|
Designation : |
General Manager - North Zone |
|
|
|
|
Name : |
Mr. Pushp Joshi |
|
Designation : |
General Manager - HR (Marketing) |
|
|
|
|
Name : |
Mr. L.M. Motwani |
|
Designation : |
General Manager - PR and CC |
|
|
|
|
Name : |
Mr. A.K. Bhan |
|
Designation : |
General Manager - South Zone |
|
|
|
|
Name : |
Ms. Geeta Jerajani |
|
Designation : |
General Manager - Corporate Planning and
Strategy |
|
|
|
|
Name : |
Mr. S.P. Nair |
|
Designation : |
General Manager - Legal |
|
|
|
|
Name : |
Mr. B. Ravindran |
|
Designation : |
General Manager - Commercial, LPG |
|
|
|
|
Name : |
Mr. M. Rambabu |
|
Designation : |
General Manager - CEC |
|
|
|
|
Name : |
Mr. MVR Krishna Swamy |
|
Designation : |
General Manager* |
|
|
|
|
Name : |
Mr. R. Kesavan |
|
Designation : |
General Manager - Commercial, Retail |
|
|
|
|
Name : |
Mr. H.C. Mehta |
|
Designation : |
General Manager - O and D |
|
|
|
|
Name : |
Mr. Shrikant M. Bhosekar |
|
Designation : |
Company Secretary |
|
|
|
*: on deputation
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
173,076,750 |
51.11 |
|
|
|
|
|
|
173,076,750 |
51.11 |
|
Total
shareholding of Promoter and Promoter Group (A) |
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
43,641,335 |
12.89 |
|
|
55,510,673 |
16.39 |
|
|
28,526,191 |
8.42 |
|
|
127,678,199 |
37.70 |
|
|
|
|
|
|
16,352,171 |
4.83 |
|
Individuals |
|
|
|
NRIs/OCBs |
1,196,827 |
0.35 |
|
Others |
20,323,303 |
0.06 |
|
|
|
|
|
Total
Non-Institution |
37,872,302 |
11.18 |
|
Total
Non Promoter |
165,550,500 |
48.89 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
338,627,250 |
100.00 |
(1) Indian Promoter
Mutual Funds / UTIBUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Petroleum Fuel and Lube
Products, Lubricating Oils, Textile Auxiliaries, Hydraulic Brake Fluid,
Insecticides and Greases. |
||||||||||||||||
|
|
|
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|
Products: |
|
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|
|
|
||||||||||||||||
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Exports : |
|
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|
Countries : |
|
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|
||||||||||||||||
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Imports : |
|
||||||||||||||||
|
Countries : |
|
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||||||||||||||||
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Terms : |
|
||||||||||||||||
|
Selling : |
L/C, Cash or Credit (30 days) |
||||||||||||||||
|
|
|
||||||||||||||||
|
Purchasing : |
L/C or Credit (30 days) |
PRODUCTION STATUS (As on 31.03.2010)
Installed capacity at year end in Metric Tonnes per annum
|
Particulars |
|
|
|
Installed
Capacity |
|
(a) Petroleum fuel and lube products |
|
|
|
14,000,000 |
|
(b) Lubricating Oils, Greases and Textile Auxiliaries * |
|
|
|
319,779 |
|
(c) Hydraulic Brake Fluid and Insecticides |
|
|
|
4,062 |
|
|
|
|
|
|
* Product manufacturing facilities are interchangeable
Production in Metric
Tonnes:
|
Particulars |
|
|
|
Actual
Production |
|
(a) Petroleum fuel and lube products |
|
|
|
|
|
i. Bulk Petroluem Products |
|
|
|
14,261,604 |
|
ii. Lubricating Oil Base Stocks(including Transformer Oil Base Stocks) |
|
|
|
346,858 |
|
iii. Carbon Black Feed Stock |
|
|
|
39,928 |
|
iv. Axle Oil |
|
|
|
12 |
|
v. Rubber Processing oil |
|
|
|
63,355 |
|
(b) Lubricating Oils |
|
|
|
358,224 |
|
(c) Textile Auxiliaries |
|
|
|
12 |
|
(d) Insecticides |
|
|
|
154 |
|
(e) Greases |
|
|
|
2,329 |
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
11291 (Approximatrely) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Union Bank of ·
Punjab National Bank, Mumbai, ·
Bank of ·
Standard Chartered Bank, Mumbai, ·
Bank of ·
Citibank N.A., Mumbai, ·
Corporation Bank, Mumbai, ·
ICICI
Bank ·
HDFC
Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
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|
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Facilities : |
|
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|
|
|
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|
Banking
Relations : |
Good |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
Auditors : |
Statutory Auditors V. Sankar Aiyar and Company Chartered Accountants, Mumbai Om Agarwal and Company Chartered Accountants, Jaipur Branch Auditors Grandhy and Company Chartered Accountants, Cost Auditors R. Nanabhoy and Company
CMA Rohit J. Vora 1103 Raj Sunflower, Royal Complex, |
|||||||||||||||||||||||||||||||||||||||||||||
|
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|
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Subsidiaries : |
|
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|
|
|
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Joint Ventures : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
349250000 |
Equity Shares |
Rs.10/- each |
Rs.3492.500 millions |
|
75000 |
Cumulative Redeemable Preference shares |
Rs.100/- each |
Rs.7.500 millions |
|
|
|
|
|
|
|
Total |
|
Rs.3500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
339330000 |
Equity Shares |
Rs.10/- each |
Rs.3393.300
millions |
|
|
Less: 702750 Shares Forfeited |
|
Rs.7.000
Millions |
|
338627250 |
Equity Shares |
Rs.10/- each |
Rs.3386.300
Millions |
|
|
Add: Shares Forfeited (money received) |
|
Rs.3.900
millions |
|
|
|
|
|
|
|
Total |
|
Rs.3390.100 millions |
Notes:-
(1) 77,50,000
fully paid up equity shares of Rs. 10/- each were allotted to the shareholders
of Lube India Limited on the amalgamation of that company for consideration
other than cash.
(2) 52,00,000 fully
paid up equity shares of Rs. 10/- each were allotted to the President of India,
for consideration other than cash, on the amalgamation of Caltex Oil Refining
India Limited with the Corporation.
(3) 26,44,30,000
equity shares of Rs. 10/- each were allotted as fully paid bonus shares by
capitalisation of Capital Reserve, Capital Redemption Reserve and accumulated
profits.
(4) During the
financial year 2007-08, Company has forfeited 7,02,750 shares issued as a part
of the public issue in 1994-95, due to non receipt of allotment and/or call
money from shareholders. Accordingly, the paid up share capital has been
reduced from Rs. 3393.300 millions to Rs. 3386.300 millions.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3390.100 |
3390.100 |
3390.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
112189.600 |
103916.200 |
102242.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
115579.700 |
107306.300 |
105632.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13758.800 |
6988.300 |
11184.800 |
|
|
2] Unsecured Loans |
199264.900 |
220566.800 |
156682.200 |
|
|
TOTAL BORROWING |
213023.700 |
227555.100 |
167867.000 |
|
|
DEFERRED TAX LIABILITIES |
18079.700 |
16033.700 |
15959.800 |
|
|
|
|
|
|
|
|
TOTAL |
346683.100 |
350895.100 |
289459.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
153066.700 |
116547.500 |
119292.900 |
|
|
Capital work-in-progress |
38875.900 |
50010.700 |
33159.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
113872.200 |
141964.700 |
68370.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
125792.200
|
87930.300
|
120202.800
|
|
|
Sundry Debtors |
24373.400
|
22409.100
|
17106.600
|
|
|
Cash & Bank Balances |
2431.700
|
6086.400
|
2940.100
|
|
|
Other Current Assets |
1237.400
|
1811.500
|
494.600
|
|
|
Loans & Advances |
52584.700
|
41806.200
|
52229.600
|
|
Total
Current Assets |
206419.400
|
160043.500
|
192973.700
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
73931.300
|
|
118933.700
|
|
|
Other Current Liabilities |
70567.700
|
48648.500
|
|
|
|
Provisions |
21052.100
|
12568.700
|
5403.200
|
|
Total
Current Liabilities |
165551.100
|
117671.300
|
124336.900
|
|
|
Net Current Assets |
40868.300
|
42372.200
|
68636.800
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
346683.100 |
350895.100 |
289459.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
1013475.100 |
1093776.000 |
964429.200 |
|
|
|
Recovery under Subsidy Schemes |
62899.500 |
153748.200 |
82608.400 |
|
|
|
Other Income |
16461.600 |
9057.900 |
11752.000 |
|
|
|
TOTAL |
1092836.200 |
1256582.100 |
1058789.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Products for resale |
626778.200 |
733946.100 |
622059.400 |
|
|
|
Raw Material Consumed |
377275.900 |
409952.200 |
380246.500 |
|
|
|
Packages Consumed |
1363.900 |
1271.200 |
1119.100 |
|
|
|
Excise duty on inventory differential |
3370.800 |
(1824.000) |
3907.700 |
|
|
|
Transshipping expenses |
26535.600 |
24371.500 |
21055.200 |
|
|
|
Payments to and provisions for Employees |
16173.200 |
11355.300 |
8712.600 |
|
|
|
Exploration expenses |
2556.200 |
717.000 |
165.100 |
|
|
|
Other operating expenses |
29388.600 |
20661.500 |
17647.500 |
|
|
|
Borrowing cost |
9037.500 |
20828.400 |
7661.000 |
|
|
|
Increase/ Decrease in Inventory |
(32499.600) |
18367.800 |
(23595.900) |
|
|
|
Prior Period Adjustments Debits / (Credits) (Net) |
(38.400) |
(0.100) |
216.500 |
|
|
|
TOTAL |
1059941.900 |
1239646.900 |
1039194.700 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
32894.300 |
16935.200 |
19594.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11644.000 |
9812.900 |
8508.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
21250.300 |
7122.300 |
11086.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8236.600 |
1372.500 |
(262.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
13013.700 |
5749.800 |
11348.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81041.600 |
77946.700 |
68921.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1301.400 |
575.000 |
1134.900 |
|
|
|
Debenture Redemption Reserve |
864.000 |
0.000 |
0.000 |
|
|
|
Proposed Final Dividend |
4063.500 |
1777.800 |
1015.900 |
|
|
|
Tax on Distributed Profits |
674.900 |
302.100 |
172.600 |
|
|
BALANCE CARRIED
TO THE B/S |
87151.500 |
81041.600 |
77946.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
63822.600 |
60212.600 |
69301.700 |
|
|
TOTAL EARNINGS |
63822.600 |
60212.600 |
69301.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
291579.600 |
325872.000 |
293435.300 |
|
|
|
Stores, Spares and Chemicals |
1276.800 |
780.500 |
627.600 |
|
|
|
Capital Goods, Components and Spares |
890.700 |
552.600 |
1808.900 |
|
|
TOTAL IMPORTS |
293747.100 |
327205.100 |
295871.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.43 |
16.98 |
33.51 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
293015.000 |
308702.300 |
340559.900 |
|
Total Expenditure |
308354.000 |
283872.900 |
332757.600 |
|
PBIDT (Excl
OI) |
(15339.000) |
24829.400 |
7802.300 |
|
Other Income |
1652.500 |
2213.300 |
1448.900 |
|
Operating
Profit |
(13686.500) |
27042.700 |
9251.200 |
|
Interest |
1968.300 |
2199.700 |
2416.600 |
|
Exceptional
Items |
(14.000) |
(1.700) |
0.000 |
|
PBDT |
(15668.800) |
24841.300 |
6834.600 |
|
Depreciation |
3174.100 |
3233.500 |
3646.700 |
|
Profit
Before Tax |
(18842.900) |
21607.800 |
3187.900 |
|
Tax |
0.000 |
711.700 |
1077.600 |
|
Reported PAT |
(18842.900) |
20896.100 |
2110.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(18842.900) |
20896.100 |
2110.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.19
|
0.46 |
1.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.10
|
0.65 |
1.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.91
|
2.58 |
3.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.28
|
3.22 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.36 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
A corporation, relating with the business of oil refining
and marketing is known as Subject from the year 1974. Before it was called as
Standard Vacuum Refining Company, then it was ESSO India, When ESSO and Lube
SALES/INCOME FROM
OPERATIONS
The Company has
achieved sales/income from operations of Rs.1148886.300 millions as compared to
Rs.1318026.500 millions in 2008-09.
PROFIT
The Company has
earned gross profit of Rs. 41931.800 millions as against Rs. 37763.600 millions in 2008-09 and
profit after tax of Rs. 13013.700 millions as compared to Rs. 5749.800 millions in 2008-09.
REFINERY
PERFORMANCE
Subject refineries
processed a combined thruput of 15.76 MMT (15.81 MMT in 2008-09) against
combined installed capacity of 14.0 MMT by achieving 113% capacity utilization.
Subject refineries
achieved overall MOU Excellent Rating with respect to production parameters
viz. Crude thruput, Distillate Yields and Specific Energy Consumption.
Subject Refineries
commissioned Clean Fuels Projects and Euro-IV MS production started prior to
January 2010 as per Auto Fuels Policy.
Gross refining
margins of Mumbai Refinery averaged at US$ 2.80 per barrel as against US$ 6.11
per barrel for the year 2008-09.
Gross refining
margins of Visakh Refinery averaged at US$ 2.59 per barrel as against US$ 2.42
per barrel for the year 2008-09.
Mumbai Refinery :
During the year,
Mumbai Refinery achieved crude thruput of 6.96 million tonnes as against 6.65
million tonnes achieved for the year 2008-09. This crude thruput was higher
than MOU target of 6.5 MMT. The capacity utilisation was 107%. The Fuel and
Loss at Mumbai Refinery was 7.64% during the year which is higher than last
year of 6.64% on account of commissioning new Green Fuel Emission Control
Project.
Total Distillate
yield (Adjusted for crude mix and Bitumen) at 71.8% was higher than MOU
Excellent target of 68.6%. Mumbai Refinery achieved the lowest ever Specific
Energy Consumption (MBN) of 88.7 against MOU target of 98.0 for the current
year.
Naphtha was
replaced with eco-friendly RLNG in Captive power plant to reduce own power
generation cost to the tune of Rs.2600.000 millions/annum. Mumbai Refinery was
the First Indian PSU refinery to commence BS-IV MS production facilities and first
batch of BS-IV MS was rolled out in January, 2010. In its continual effort to
widen the crude basket, Mumbai Refinery processed 2 new crudes, namely Iran Mix
and Ravva crude.
During 2009-10,
total 555 TMT
In its endeavor to
maximize profitability, Mumbai Refinery has processed more of heavier crudes
like Basrah and
Visakh Refinery:
During the year,
Visakh Refinery achieved crude thruput of 8.80 million tonnes as against 9.16
million tonnes achieved for the year 2008-09. This crude thruput was lower than
MOU target of 9.1 MMT. The capacity utilisation was 117.3%.
The Fuel and Loss
at Visakh Refinery was 6.77% during the year which is higher than last year of
5.69% on account of commissioning new Clean Fuels Project.
Total Distillate
yield (Adjusted for crude mix and Bitumen) at 73.5% is in line with MOU
Excellent target. Visakh Refinery achieved Specific Energy Consumption (MBN) of
91 against MOU target of 93 during the year. In order to maximize
profitability, Visakh Refinery processed high viscous and high resid yielding
new crude called Sooroosh Crude blended with IRAN Light. The refinery also
processed high TAN Escravos blended crude. Bitumen coastal loading facility was
commissioned and 17 TMT was exported during the year.
MARKETING
PERFORMANCE
The market sales (including exports) were 26.27 million tonnes as against
25.39 million tonnes recorded in 2008-09.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
DEVELOPMENTS IN
THE ECONOMY AND THE OIL SECTOR
Indian economy is
in a recovery mode.
Inflation
increased sharply in the second half of the financial year. The WPI remained
subdued in the first half of the financial year due to a high base of the
previous year. As the base effect waned in the second half of the year,
inflation as indicated by the WPI increased sharply across all categories.
Exports and
imports started turning around in October-November 2009 after contracting
sharply due to global recession. However, for the full year 2009-10, exports
and imports declined by 3.6% and 5.6% respectively. Capital flows have resumed
on the back of global recovery and relatively buoyant economic prospects in the
country. The Rupee appreciated by about 13% against USD in 2009-10. India’s
foreign exchange reserves increased by USD 27 billion during 2009-10 to reach
USD 279 billion at March end 2010.
The consumption of
petroleum products in the country increased by 3.4% in 2009-10 compared to 3.6%
in 2008-09. The consumption of transportation fuels was quite robust. Petrol
and diesel consumption increased by 14% and 9% respectively. Turnaround in the
aviation sector was reflected in the revival of ATF sales. ATF consumption
increased by 4.6% in 2009-10 compared to a decline of 2.6% in 2008-09. Naphtha
consumption declined by 26% reflecting greater availability of natural gas.
FO/LSHS sales also declined due to price/substitution effect.
The recovery in the
global economy has been stronger than expected. Recovery is rather tepid in
many of the advanced countries but quite strong in most developing economies.
IMF expects the Indian economy to grow by 8.8% in 2010 and 8.4% in 2011.
Inflation remains a major source of concern in
PERFORMANCE
PROFILE
Turnover of the
Company for the year 2009-10 is Rs.1085990.000 millions. The petroleum
product sales (including exports) by the Company increased by 3.5% during the
year 2009-10 to reach 26.3 million tonnes. The Mumbai and Visakh refineries
processed 15.76 million tonnes of crude during the year. The combined GRM of
the refineries was US $ 2.68 /bbl. The pipeline thruput increased to 11.95
million tonnes in 2009- 10 from 10.58 million tonnes in 2008-09.
The Profit after
Tax increased by 126% to Rs.13010.000 millions in 2009-10 from Rs.5750.000 millions in the previous
year. The higher PAT was achieved after absorbing an under-recovery of
Rs.12250.000 millions on sales of sensitive petroleum products during the year. The
depreciation charge was Rs.11640.000 millions vis-à-vis Rs.9810.000 millions in 2008-09
largely due to commissioning of the Euro IV fuel projects at Mumbai and Visakh
refineries.
Interest cost in
2009-10 was reduced considerably to Rs.9040.000 millions from Rs.20830.000
millions in 2008-09 through judicious treasury management. High cost debts were
retired and replaced with low cost debt. Borrowings during the year were mainly
through short term foreign currency loans and commercial paper. Long term loans
were borrowed at competitive rates. The Corporation was also able to sell Oil
Bonds amounting to Rs.52700.000 millions at optimal levels to reduce the borrowings.
For the year
2009-10, HPCL has proposed a dividend of Rs. 12.00 per share, compared to Rs.
5.25 per share in 2008-09. The dividend would result in a total payout of
Rs.4730.000 millions including dividend distribution tax. The 2009-10 performance of the
Corporation has qualified for ‘Excellent’ rating in terms of the Memorandum of
Understanding (MOU) signed with the Government of India.
REFINERIES
Mumbai Refinery
Mumbai Refinery
(MR) achieved a crude throughput of 6.965 MMT in 2009-10 compared to 6.651 MMT
in the 2008-09. Capacity utilization during the year was 107%.
Performance Profile of MR
|
Parameter |
|
|
Crude Processed - MMTPA |
6.965 |
|
Capacity Utilisation - % |
107 |
|
Fuel & Loss - wt% |
7.64 |
|
Distillate Yields - wt% |
71.8 |
|
Specific Energy Consumption -MBTU/BBL/NRGF |
88.7 |
The refinery
increased its distillate yields to 71.8% from 69.9% achieved in the previous
year through effective management of the crude mix and optimization of the operational
parameters to enhance the total distillate.
MR became the
first Indian PSU refinery to commence production of BS IV specification MS in
January 2010 following the commissioning of its Green Fuels Emissions Control
Project (GFEC). The refinery also enhanced its capability to produce HSD to
Euro-III specifications. The Refinery also commissioned Integrated Effluent
Treatment Plant (IETP) to comply with the stringent statutory environment
guidelines. The Refinery switched over to Re-liquified Natural Gas (RLNG)
firing in furnaces and captive power plant, reducing the emissions as well as
internal fuel costs. MR also started production of Viscosity grade (VG-10 and
VG-30) asphalt and environment friendly Rubber Processing Oil (RPO) for export
to
The Refinery
signed agreement with US Trade Development Agency (USTDA) for Technical assistance
grant for developing a Feasibility Report for the Refinery Bottoms Upgradation
Project and to train the personnel on Asset Integrity Management.
A world class
modern Quality control laboratory, fully equipped with state-of-the-art
technology and modern analytical equipment was commissioned this year,
enhancing the quality control efforts of the Refinery. MR is in the process of
installing a new FCCU unit of 1.45 Million Metric Tonne per Annum (MMTPA)
capacity to augment the production of value added products like LPG, MS and
HSD. The project is expected to be completed mechanically during second quarter
of the current year. A Lube Oil Upgradation Project is also being implemented
in the Refinery to upgrade the 200 TMTPA Lube Oil Base stock (LOBS) quality to
Group-II/III specifications. The Project is expected to be commissioned in the
second quarter of the current year at a cost of Rs.10300.000 millions.
Visakh Refinery
Visakh Refinery
(VR) processed 8.797 MMT of crude in 2009-10, achieving a capacity utilization
of 117%. The crude throughput of the Refinery in 2008-09 was 9.155 MMT. The
lower throughput in 2009-10 was mainly on account of planned turnaround,
inspection of one of the key units and interconnection of new and old cooling
water system.
Performance Profile of VR
|
Parameter |
|
|
Crude Processed
- MMTPA |
8.797 |
|
Capacity
Utilisation - % |
117 |
|
Fuel & Loss
- wt% |
6.77 |
|
Distillate
Yields - wt% |
73.5 |
|
Specific Energy
Consumption - MBTU/BBL/NRGF |
91.0 |
VR commissioned a
new additional Pre Fractionating Drum (PFD) in October 2009. The project has
been developed in-house and has increased throughput by 200 TMTPA.
VR commissioned
Euro-III/IV MS production facilities under Clean Fuel Project and started supplying
Euro III MS by September 2009 and Euro IV MS by January 2010. On the energy
conservation front, VR carried out online furnace cleaning using new technology
of solid chemical spray resulting in stack temperatures sustaining crude
thruput and increased heater efficiencies. The Refinery successfully
commissioned Mounded bullet storage facilities in September 2009 to facilitate
safe storage of LPG/ Propylene. VR also commissioned Bitumen Coastal Loading
Facility and the first parcel of bitumen was exported in September 2009. The
Refinery started producing VG 10 bitumen grade from February 2010.
The Integrated
Refinery Business Improvement Program initiated with the help of M/s. Shell
Global Solutions International and Centre for High Technology is under implementation
in the Refinery and till date has provided benefits to the tune of US $13.89
million (20.14 cents/bbl).
Installation of
Single Point Mooring (SPM) facilities to facilitate unloading of crude from
VLCCs is underway at VR. The SPM will give an advantage in freight cost and
reduce wharfage charges thereby improving the refinery economics. The project
facilities include a buoy in the sea for mooring the VLCC, a 48"
diameter.4.2 Km sub-sea offshore pipeline and and 48" diameter, 1.5 Km
onshore Pipeline. This onshore pipeline is proposed to be connected to the
crude cavern storage intended to be installed by Indian Strategic Petroleum
Reserves Limited (ISPRL) from where it will be pumped to the refinery crude
tanks using the existing 36" crude unloading line. Such an arrangement
would obviate the need for additional crude storage tanks in the Refinery. The
estimated cost of the project is Rs. 6434.600 millions. The project has been
mechanically completed in May 2010 and will be commissioned by September, 2010.
Other Projects
With the greater
availability of natural gas and subsequent substitution of naphtha with gas,
disposal of naphtha is a major challenge for both the refineries. With
commissioning of mega Green Fuel Emissio Control (GFEC) and Clean Fuel Project
(CFP) at MR and VR respectively, the refineries are able to convert naphtha
into MS production. Thus, the MS production capability has been increased
significantly.
New Diesel
Hydrotreater (DHT) Units are being installed in both the refineries, at a cost
of about 70000.000 millions to increase the capacity to produce Euro-IV grades
of HSD. The projects are expected to be completed by August-September 2011.
HPCL has ventured
into the Wind farm project to bridge the power demand and supply gap in an
environmentally clean and affordable manner. The project commits to generate
100 MW in different phases. Under the first phase, a total of 25 MW capacity
wind farms have been commissioned in Rajasthan and
HPCL Refineries
corporate R and D centre has initiated new collaborative projects with IITs at
Chennai and
The Company is
assessing the option of a new grassroots refinery on the West Coast of India,
especially in view of various constraints being experienced in the expansion
/modernization of the Mumbai Refinery. A feasibility study has been
commissioned for the project and land is being identified.
Imports and
Exports
The Company
purchased 15.71 MMT of crude oil during the year, of this about 11.59 MMT was
imported. The Arab/Persian gulf region continued to be the major source of
imported crude accounting for nearly 80% of the imports. The balance crude
imports were from the West African and the
The Company
increased product procurement from domestic sources during the year. As a
result, product imports during 2009-10 were 987 TMT, significantly less than
2204 TMT imported in 2008-09. The resultant foreign currency savings were about
US$ 699 Million (Rs.33340.000 millions). Major products imported were Diesel
(44%), LPG (40%) and MS (12 %). During the year, 1827 TMT of products valued at
Rs.48890.000 millions were exported registering a growth of around 18% in volume terms.
Ship chartering
activities picked up steam in the second year after commencement of independent
chartering activities. During the year twenty seven fixtures were finalized at
competitive rates for spot crude oil, term LPG and coastal movement of Lube
Base Oils. Address Commission of approximately Rs.50.000 millions were earned
during the year from this activity.
MARKETING
Market sales
(excluding exports and PSU sales) for the year 2009-10 were 24.39 MMT compared with
23.83 MMT in 2008-09, a growth of 2.3 %.
Retail
Retail sales of MS
by the Company increased by 13.3% in the year 2009-10 compared to Industry
(PSU) growth of 12.9%. HSD sales grew by 7.9% against Industry (PSU) growth of
8.1%. HPCL retained its market share in MS and HSD (combined) during the year
2009-10. Auto LPG sales increased by about 30% for the year with addition of 34
Auto LPG Dispensing stations. Compressed Natural Gas (CNG) sales increased by
19.6% achieving a volume of 146.2 TMT. ARB activities recorded a growth of 27%
during the year. Use of technology to ensure the operation of automated outlets
under NANO (NO AUTOMATION NO OPERATION) program will be a focus area in the
coming year. Marketing participation of HPCL is proposed to be increased with
network expansion and efforts will be directed at becoming a market leader at
the district level.
Aviation
The full service
domestic airlines continued to reel under financial crisis. The low cost
carriers, though, have been faring well. The sector witnessed signs of recovery
during Q4FY10 with increasing passenger and cargo traffic, stabilization of
airfares and increased load factors due to route rationalization by the
airlines. The ATF sales by the Company increased by 9.1% compared to industry
growth of 3.9%. The Company commands a market share of 16.1% in the aviation
sales.
In view of the
recovery in the sector, the Company plans to continue its focus on gaining
market share while balancing top-line and bottom-line. As substantial market coverage
has been achieved by aggressive network expansion during the past two years,
the SBU plans to sustain the image of being the most preferred supplier in the
market.
Industrial and
Consumer
Industrial and
Consumer business line of the Company was adversely affected by loss of
Naphtha/FO/LSHS volumes to natural gas due to considerable improvement in the
availability of the latter. Naphtha sales declined substantially while FO/LSHS
sales were affected marginally. However, sales of other major products such as
Bitumen, HSD, etc increased.
HPC has identified
“Bunkering” as potential area to make up for the drop in sales especially of
Furnace Oil in inland trade. During the year, the Corporation doubled storage
Capacity of FO-380 CST and HFHSD at Sewree terminal (Mumbai) from 7900 Kl to
15800 Kl and dedicated the same for exclusive bunkering purpose. A 4.2 km bulk
bitumen pipeline was commissioned from Visakh refinery to jetty and exports of
bulk bitumen were commenced with a consignment of 8.2 TMT to TIPCO Bangkok.
Lubes
The present size
of the Indian Lubricant market is approx. 1500 TMTPA, comprising the automotive
segment of about 870 TMTPA and 630 TMTPA of the industrial and direct segment.
The core and large sector industries like Railways, Collieries, State Transport
Undertakings (STUs), Steel, Cement,
The trend of continuously upgrading product range in line with evolving
consumer needs and specific customer requirements was continued during the year
with support from R and D group. Notable product additions during the year are:
_ HP SAO (UG) for
Gabriel with expected volume of 800 KL per annum
_ Supreme Elasto
710 – low PAH rubber processing oil for use in
_ Coning Oil for
textile industry
As a part of
Efforts for
increasing revenue contribution from International Markets continued. A
Technology and Marketing tie-up was made with Idemitsu Kosan of
LPG
HPCL surpassed its
nearest competitor in overall LPG market share and achieved 26.1% market share
during 2009-10. Total LPG Sales during the year were 3.26 MMT achieving a growth
of 9.4%. In the domestic segment, HPCL registered highest growth in the
Industry. Market leadership was maintained in Non- Domestic (ND) Segment with
35% market share and yet another milestone of 400 TMT sales was crossed. HPCL
commissioned highest ever 147 New HP Gas Distributors and enrolled 25 lakhs new
domestic customer equal to about 30% of total industry enrolment. With a view
to developing infrastructure, HPCL commissioned a 44 TMTPA bottling plant at
Irumpanam, 3 x 500 MT mounded storage at Khapri and 2x1000 MT mounded storage
at Bahadurgarh. A total of 3144 TMT LPG was bottled during the year with a
growth of 9% over historical. The Company achieved a thruput of 1.8 MMTPA at
MLIF against historical of 1.7 MMTPA.
To meet the future
demand of LPG, work is in progress for new LPG Bottling Plants at Bhatinda
(Punjab), Hazira (
HPCL introduced
SMS/IVRS based refill booking service in
To further
increase penetration in rural areas as well as enhance availability of LPG in
rural pockets, HPCL shall be aggressively taking up rural schemes “HP Gas Rasoi
Ghar” and “Rajiv Gandhi Gramin LPG Vitarak” in line with MOP and NG Vision
2015.
Operations and
Distribution
During the year
2009-10, HPCL product storage and distribution facilities at depots and
terminals handled a record volume of white oil, black oil and lube products for
supporting the highest ever sales of 11.3 MMT of HSD, 3.22 MMT of MS and 5.019
MMT of other products including SKO, ATF, FO, Naphtha etc. A number of key
initiatives were undertaken for achieving and sustaining the operational
excellence in critical areas viz. safety and security, logistics, customer
delight, etc.
_ Availability of
BS-IV grade fuels was ensured at 13 cities across
_ To enhance
customer delight differentiated services such as assured product deliveries
within 2 hrs of reporting of trucks, prompt treatment on account
reconciliation, etc. were implemented
_ Closing
inventories of white oils were optimized to only 9.5 days cover against the
norm of 12.5 days, reducing significant inventory holding costs.
_ Procurement from
domestic sources was increased thereby achieving a substantial cost reduction.
_ Improved
operational efficiency across all locations ensured several landmark
achievements, such as handling of 167 ocean tankers at Mundra terminal and
loading of 109 tank wagon rakes during a single month at Bahadurgarh terminal.
_ Significant
reduction of coastal losses in ocean tankers from (–0.31 %) to (– 0.26 %)
during the year has resulted in a savings of Rs.109.000 millions.
_ Tank Farm
Management System of product tanks was integrated with the ERP system at 24
depots and terminals for reliable and seamless inventory management, Indent
Management System module for improved handling and execution of customer
indents was rolled out for all 95 locations, CCTV for enhanced security vigil
have been installed at 21 locations, Vehicle Monitoring System were installed
in additional 4900 tank trucks, a critical tool in their Q and Q effort.
_ Enhanced
performance and monitoring on Safety and Security of POL installations will be
the prime focus area for operations and distribution. In addition, aim will be
to optimize inventory levels, reduce logistics costs, economize on operating
cost with higher productivity and efficiency and develop new infrastructure at
strategic locations to ensure better service to their end customers.
Projects and
Pipelines
Guru Gobind Singh
Refinery Product Evacuation Project (GGSRPEP): HPCL Mittal Energy Limited a JV
company of HPCL is in the process of setting up a 9 MMTPA capacity grass root refinery
near Bathinda,
Following cross country
pipelines are proposed to facilitate product evacuation:
_ 30 km long,
10" diameter pipeline from Raman Mandi-Bathinda
_ 250 kms long,
18" diameter pipeline from Raman Mandi – Bahadurgarh
Board approval for
Rs. 6054.000 millions has been obtained for implementation of this pipeline
project and the mechanical completion of pipelines are expected by December
2010. Additional Product Tankages were commissioned during the year at Hazira
Depot (2x 1200 KL AG storage tanks), Devangunthi Terminal (4x5000 KL AG storage
tanks) and Mathura depot (1x5000 KL AG storage tank) at a combined of about
Rs.240.000 millions.
Pipelines
Pipeline
department achieved the highest ever total combined thruput of 11.95 MMT in
VVSPL, MPSPL and MDPL against the target thruput of 10.0 MMT during the
financial year 2009-10. MDPL achieved record pipeline thruput of 4.79 MMT
against the design capacity of 5 MMT in the 2nd full year of operation itself.
Lube Oil Pipeline achieved record thruput of 363.08 TMT during the year.
New projects/Future
plans
A number of
projects are envisaged / are under construction to expand distribution
infrastructure in line with growing demand. Some of the said projects are as
under:
Bahadurgarh-Tikrikalan
Pipeline: Laying of 2 nos. product pipelines for MS, HSD and SKO of 12
km long with 8"/10" diameter from Bahadurgarh Terminal to Tikrikalan
Terminal at an estimated cost of Rs.600.000 millions. Tikrikalan
Terminal: Construction of a new grass root Terminal with receipt facilities
from Bahadurgarh- Tikrikalan Pipeline for handling MS, HSD, SKO and Ethanol at
an estimated cost of Rs.787.500 millions.
New Terminal at Bihta (Near Patna): Construction of a new grass root
Depot for handling White Oil (MS, HSD and SKO) and Black Oil (FO and Bitumen)
including Wagon Unloading Siding at an estimated cost of Rs.1425.000 millions.
Additional Tankage
at MDPL Locations: Construction of additional tankages for MS, HSD and SKO with
total tankage capacity of 99745 KL at Mundra, Ajmer, Jaipur, Rewari and
Bahadurgarh to meet increasing demand/ flexibility of pipeline operations at an
estimated cost of Rs.544.000 millions.
Resitement of
Marketing Terminals at Vizag: HPCL has taken up the re-sitement of marketing
terminals at Visakh to augment existing marketing infrastructure as well as to
create additional space for Visakh refinery expansion projects. The marketing
terminals i.e. White Oil Terminal, Black Oil terminal and LPG Bottling and
Marketing Plant are being resited to an ideally suited location within VPT area
at an estimated cost of about Rs.7500.000 millions. Tankages in the
White oil and Black Oil terminals are being more than doubled- from current
43,000KL to 94,000KL in the Black Oil terminal and from current 63,000KL to
1,68,000 KL in the White Oil terminal. Black Oil terminal is scheduled to be
commissioned in July 2010, White Oil terminal by June 2011 and LPG terminal and
Bottling Plant by February 2011.
Ennore Terminal
Project: Allotment of 108 acres of land was obtained from the Ministry of
Industry and Commerce in March 2009. Major portion of the compound wall, land
development and stone column foundation works has been completed. Other
activities such as construction of tankages and buildings, railway siding works
and external pipeline laying works have been awarded and are in progress. All
important tenders have been floated and procurement has been finalized for
major items. The construction works are expected to be completed by Feb. 2011.
AWARDS RECEIVED
_ Petrofed Project
Management Award in recognition of completing Mundra-Delhi Pipeline Project.
_ Reader’s Digest
“TRUSTED BRAND AWARD”
_ Greentech
Foundation Safety Silver/Gold Award for excellence in Safety/Environment
Standards to Hassan Terminal, Loni Terminal, Raiput LPG Plant, Patna LPG Plant
and MLIF.
_ Golden Peacock
Environment Management Award by World Environment Foundation to Mumbai
Refinery, Loni LPG, TOP, Chakan LPG Plant, Salawas Depot for environmental
excellence.
_ Leading HR
Leader Award, by Singapore HR Institute received for the Best HR Practices.
_ Sail HR
Excellence Award for best HR Practices.
_ “PRIDE OF HR
PROFESSIONAL AWARD” by
_ “ORGANISATION
WITH INNOVATIVE HR PRACTICES” Award by
_ CIO 100 Award by
International Data Group for recognizing CIO’s and organizations who in tough
global conditions found ingenious business solutions with use of IT.
_ OISD AWARD –
First Rank awarded by MOP and NG for excellence in Safety at POL / Terminal
_ NDTV PROFIT –
Business Leadership Award awarded by NDTV Profit for excellence in business.
_ Marketing
Professional of The Year Award awarded by The World Brand Congress for Brand
Excellence and for contributing towards the growth of the organization.
_ The CMO Council
Market Leadership Award awarded by CMO Council for excellence in the Indian
Retail Industry.
_ Corporate
Governance And Csr Award by
_ Corporate
Governance National Quality Award For Safety by
_ BEST GARDEN
AWARD awarded by BMC and Tree Authority, Mumbai for excellent garden at HPNE
Housing Complex.
_ BEST GARDEN
AWARD awarded by Department of Horticulture, Government of Karnataka for
excellent garden at Hassan Terminal.
_ RATNA AWARD
awarded by NIPM for Best HR Practices.
_ Nipm National
Award For Best Hr Practices, by NIPM
_ Business Today – Best CFO Award.
OUTLOOK
As per the
Economic Advisory Council to the Prime Minister the Indian economy would grow
at 8.5 per cent in 2010/11 and 9.0 per cent in 2011/12. Higher growth would
mean greater demand for petroleum products. Inflation, however, remains a
source of concern. This would influence the policy stance on oil pricing in the
country. Global economic outlook is highly uncertain given concerns about the
sovereign debt risks and its implications. This would have implications for
capital inflows in the country. Economic Advisory Council does not see any
problem in financing the current account deficit given the expected level of
capital inflows. Further, capital flows are not expected to pose any problem to
the management of the exchange rate. Exchange rate variations will remain
within an acceptable range.
Oil market outlook
also remains uncertain in view of concerns about the strength of global
economic recovery. There is ample spare capacity along the oil supply chain and
barring unforeseen shocks, prices are expected to remain relatively stable.
JOINT VENTURES
HPCL-Mittal Energy
Limited (HMEL)
HMEL is a joint
venture between Subject and Mittal Energy Investments Pte Limited (MEI),
Singapore, a L.N Mittal Group Company, for implementation of 9 MMTPA Guru
Gobind Singh Refinery, a greenfield refinery project located at Bathinda,
Punjab. Both partners hold 49% equity stake in HMEL and balance 2% is held
between IFCI Limited and State Bank of
Guru Gobind Singh
Reifnery will be a zero bottoms, energy efficient, environmental friendly, high
distillate yielding complex refinery that will produce clean fuels meeting Euro
IV specifications. The configuration comprising of primary and secondary
process units viz. CDU/VDU, VGO/HDT, FCC, NCU/ISOM, HGU, DHDT, SRU, DCU and
Polypropylene manufacturing facilities translates into a high Nelson Complexity
index which is one of the highest amongst all the present and proposed
refineries in
HPCL-Mittal
Pipelines Limited (HMPL) is wholly owned subsidiary company of HMEL, for
construction and operation of cross country crude pipeline and crude oil
terminal facility at Mundra.
The performance of
the project during the year 2009-10 has been very encouraging with significant
progress and surge in project activities. Both HMEL and HMPL, implementing the
refinery and pipeline component of the project respectively have achieved
cumulative actual progress of about 76% as of March 2010.
HPCL Biofuels
Limited (HBL)
In line with
Government’s policy on ethanol blending, a new wholly owned subsidiary company
HPCL Biofuels Limited (HBL) has been incorporated on October 16, 2009 to
produce ethanol for blending into petrol. HBL is in the process of setting up
an integrated sugar plant (3500 TCPD capacity), ethanol plant (60 KLPD
capacity) and co-gen power plant (20 MW capacity), one each at Sugauli (in East
Champaran District) and Lauriya (in West Champaran District) in the State of
CREDA-HPCL Biofuel
Limited (CHBL)
In pursuit of
promoting alternate fuels, CREDA-HPCL Biofuel Limited (CHBL) was incorporated
on October 14, 2008 as a subsidiary company with equity shareholding of 74% by
HPCL and 26% by Chhattisgarh State Renewable Energy Development Agency (CREDA).
CHBL is to undertake cultivation of Jatropha plant, an energy crop used for
production of bio-diesel, on 15,000 hectares of land leased by the Government
of Chhattisgarh. Production of bio-diesel and its blending with normal diesel
will help in meeting the domestic demand. HPCL will have the exclusive rights
over production and marketing of biodiesel and bi-products from the produce.
CHBL has started
acquisition of land for cultivation of jatropha and as of March 2010 had
acquired 2,507 hectares of land. The first produce of jatropha seeds is expected
during 2011 season. Acquisition of balance land is in progress and the
plantation on the same will be undertaken in a phased manner over the next
three to four years.
South Asia LPG
Company Private Limited (SALPG)
SALPG, a Joint
Venture Company with M/s.Total Gas and Power India (a wholly owned subsidiary
of
During the Year
2009-10, SALPG received 620,502 MT of LPG into the Cavern through 65 Vessels
including 25 VLGCs (Very Large Gas Carriers). The Cavern cum Marine Terminal
achieved 520,846 Safe Man hours since the commencement of commercial operations
in January 2008 without a Lost Time Accident. On a cumulative basis, 1.32
Million MT of LPG has been received into the Cavern. This eased the product
movement constraints across the East coast and ensured smooth availability of
LPG in the surrounding supply zones. SALPG achieved a turnover of Rs.1039.100 millions and profits (PAT)
of Rs. 428.100 millions during 2009-10, an increase of 19% and 44%
respectively over the previous year. SALPG implemented ERP system during the
year.
The company
declared a maiden dividend of 50% for the year 2009-10.
Hindustan Colas
Limited (HINCOL)
HINCOL is a joint venture
company promoted by HPCL and Colas S.A. of
Bitumen handling
facility at Haldia was established during the year. Allotment of land has been
obtained from Haldia Development Authority for setting up Emulsion and Modified
Bitumen Plant. The company declared 40% dividend for 2009-10 against 15% for 2008-09.
Mangalore Refinery
and Petrochemicals Limited (MRPL)
MRPL, with a
capacity of 3 MMTPA, was commissioned in March 1996. The capacity of the
refinery was enhanced to 9 MMTPA during 1999-2000. ONGC acquired the entire
equity stake of IRIL in MRPL on 03.03.2003 and also infused Rs.6000.000 millions into MRPL as
additional equity on 30.03.2003. The FIs/Lenders of MRPL converted Rs.3650.000 millions of debt into
equity and Rs.1600.000 millions debt into Zero Coupon Bonds. Consequent to the
above, HPC’s equity stands at 16.95% after which a fresh Shareholder Agreement
dated March 3, 2003 was signed by HPCL with ONGC to take care of the interest
of HPCL. HPCL and MRPL have been exchanging intermediate process streams
between their refineries to supplement efforts to meet new environmental norms
in respect of products like MS and HSD on mutually agreed terms.
The company
maintained the dividend of 12% for the year 2009-10.
Prize Petroleum
Company Limited (PPCL)
HPCL, in
partnership with ICICI and HDFC, had formed this Joint Venture E and P Company
for participating in exploration and production of hydrocarbons. Prize
Petroleum Company Limited (PPCL) was incorporated on October 28, 1998. PPCL is
also providing consultancy services related to E and P.
PPCL had signed
Service Contract with ONGC for development of Hirapur Marginal Field in
In respect of
onshore block SR-ONN-2004/1 awarded under NELP-VI at
During the year,
PPCL received Rs.35.000 millions from HPCL towards call money of Rs. 0.70 per
cumulative convertible preference share on 5,00,00,000 8% cumulative
convertible preference shares.
Petronet India
Limited (PIL)
PIL was
incorporated on May 26, 1997 as a joint venture company with 50% equity by oil
PSUs and balance 50% taken by private companies/financial institutions. Special
Purpose Vehicles (SPVs) were floated by PIL with oil companies for implementing
individual pipeline projects, viz, Petronet MHB, Petronet CCK and Petronet VK
which are operating companies.
Since oil
companies have independent pipelines now, PIL has initiated action to disinvest
its equity holding in individual JVs.
Petronet MHB
Limited (PMHBL)
HPCL, along with
Petronet India Limited (PIL) promoted Petronet MHB Limited (PMHBL) for
construction of Mangalore-Hassan- Bangalore Pipeline at a cost of Rs. 6670.000 millions with debt equity
ratio of 3:1. The joint venture company was incorporated on July 31, 1998.
Initially PIL and HPCL each contributed 26% towards equity. ONGC joined as a
strategic partner in PMHBL by taking 23% equity in April 2003. Post debt
restructuring of the company, the equity holding of HPCL and ONGC increased to
28.766% each. The Pipeline is meeting the transportation needs between
Mangalore-Hassan-Bangalore.
During 2009-10,
PMHBL achieved 3% higher throughput at 2.527 MMT as compared to 2.452 MMT in
2008-09. Revenue generated during 2009-10 was higher by 7% at Rs. 691.800
millions as compared to Rs. 648.700 millions in the previous year.
Bhagyanagar Gas
Limited (BGL)
BGL was
incorporated on August 22, 2003 as a Joint Venture Company by GAIL and HPCL for
distribution and marketing of environmental friendly fuels (green fuels) viz.
CNG and Auto LPG for use in the transportation, domestic, commercial and
industrial sectors in the State of Andhra Pradesh.
During the year, a
new CNG station was commissioned at
BGL is also
operating 4 Auto LPG Outlets-3 in
The company is in
the process of inducting strategic equity investors.
Aavantika Gas
Limited (AGL)
AGL was
incorporated on June 07, 2006 as a Joint Venture Company by GAIL and HPCL for
distribution and marketing of CNG and Auto LPG for use in the transportation,
domestic, commercial and industrial sectors in the State of
AGL has been
authorized by MOP and NG as well as PNGRB to carry City Gas Distribution (CGD)
operations at
AGL is at advanced
stage of implementing a project for laying 40 km long Steel Pipeline grid and
for commencing 10 CNG stations in
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2010
(Rs.
in millions)
|
Particulars |
Quarter Ended 30.06.2010 (Un-audited) |
|
|
|
|
FINANCIAL PERFORMANCE |
|
|
1 Gross Sales |
316445.700 |
|
2 Sales/Income from Operations |
318175.000 |
|
Less : Excise Duty Paid |
25976.300 |
|
Net Sales/Income
from Operations |
292198.700 |
|
3 Other Operating Income |
816.300 |
|
4 Expenditure |
|
|
(Increase) / Decrease in Inventory |
13998.800 |
|
Consumption of Raw Materials |
83952.200 |
|
Purchase of Products for Resale |
197415.800 |
|
Employee Cost |
3662.100 |
|
Depreciation |
3174.100 |
|
Other Expenditure |
9325.100 |
|
Total |
311528.100 |
|
5 Profit/(Loss) from Operations before Other Income, Interest &
Exceptional Items (2+3-4) |
(18513.100) |
|
6 Other Income |
1652.500 |
|
7 Profit/(Loss) before Interest & Exceptional Items (5+6) |
(16860.600) |
|
8 Interest and Other Borrowing Cost |
1968.300 |
|
9 Profit/(Loss) after Interest but before Exceptional Items (7-8) |
(18828.900) |
|
10 Exceptional Items/ Prior Period Items |
14.000 |
|
11 Profit/(Loss) from Ordinary Activities before tax (9-10) |
(18842.900) |
|
12 Tax Expense |
|
|
Provision for Taxation - Current (Net) |
-- |
|
Provision for Earlier Years Provided / (Written Back) |
-- |
|
Provision for Taxation - Deferred Liability/(Asset) |
-- |
|
Fringe Benefit Tax |
-- |
|
Total |
-- |
|
13 Net Profit/(Loss) from Ordinary Activities after tax (11-12) |
(18842.900) |
|
14 Extraordinary Item (net of tax expenses : Rs. NIL) |
-- |
|
15 Net Profit/(Loss) for the period (13-14) |
(18842.900) |
|
16 Paid up Equity Share Capital (Face value Rs.10/- each) |
3386.300 |
|
17 Reserves excluding Revaluation Reserves as per Balance Sheet |
|
|
18 Earnings Per Share: |
|
|
(i) Basic and Diluted before extraordinary item (Rs.) |
(55.64) |
|
(ii) Basic and Diluted after extraordinary item (Rs.) |
(55.64) |
|
19 Cash Earnings Per Share before/after extraordinary items (Rs.) |
(46.27) |
|
20 Public Shareholding |
|
|
Number of Shares |
165550500 |
|
Percentage of Shareholding (%) |
48.89 |
|
21 Promoters and Promoter Group Shareholding |
|
|
(a) Pledged / Encumbered |
|
|
- Number of Shares |
NIL |
|
- Percentage of Shares |
NIL |
|
(b) Non - encumbered |
|
|
- Number of Shares |
173076750 |
|
- Percentage of Shares (as a % of total shareholding of Promoter and
Promoter Group) |
100 |
|
- Percentage of Shares (as a % of total share capital of the Company) |
51.11 |
|
PHYSICAL PERFORMANCE (in MMT) |
|
|
Crude Thruput |
3.29 |
|
Market Sales (Including Exports) |
6.73 |
|
Pipeline Thruput |
3.38 |
Notes:
1 Average Gross
Refining Margins during the quarter was US $ 3.72 per BBL as against US $ 5.71 per
BBL during the corresponding previous quarter.
2 The prices of
LPG (Domestic) and SKO (PDS) are subsidised as per the scheme approved by the
Government of India. Subsidy amounting to Rs.1510.900 millions (April 09 - June
09 : Rs.1412.500 millions) for the current quarter has been accounted at 1/3rd
of the subsidy rates for 2002-03 as approved by the Government.
3 During the
quarter ended June 2010, discount from upstream oil companies, viz., ONGC and
GAIL, amounting to Rs.14698.700 millions (April 09 - June 09: Rs.1737.400
millions) in respect of crude Oil/LPG/SKO purchased from them has been
accounted.
4 The Financial
Results for the quarter have been subjected to a limited review by the
Corporation's Statutory Auditors.
5 The Comptroller and
Auditor General of
6 Investor
Complaints: Balance as on 01-04-2010: Nil, Received during the quarter: 2,
Disposed off during the quarter: 2, Balance as on 30-06-2010: Nil.
7 Previous year's figures have been regrouped/reclassified wherever
necessary.
SEGMENT-WISE RESULTS
(Rs.
in millions)
|
Particulars |
Quarter Ended 30.06.2010 (Un-audited) |
|
|
|
|
1 SEGMENT REVENUE |
|
|
a) Downstream Petroleum |
292883.500 |
|
b) Exploration & Production of Hydrocarbons |
-- |
|
Sub-Total |
292883.500 |
|
Less: Inter-Segment Revenue |
-- |
|
TOTAL REVENUE |
292883.500 |
|
|
|
|
2 SEGMENT RESULTS |
|
|
a) Profit/(Loss)
before Tax, Interest Income, Interest Expenditure and Dividend from each
Segment |
|
|
i) Downstream Petroleum |
(18973.300) |
|
ii) Exploration & Production of Hydrocarbons |
(172.700) |
|
Sub-Total of (a) |
(19146.000) |
|
b) Interest Expenditure |
1968.300 |
|
c) Other Un-allocable Expenditure Net of Un-allocable Income |
(2271.400) |
|
Profit/(Loss) before Tax (a-b-c) |
(18842.900) |
|
3 CAPITAL EMPLOYED |
|
|
(Segment Assets - Segment Liabilities) |
|
|
a) Downstream Petroleum |
220394.300 |
|
b) Exploration & Production of Hydrocarbons |
(3988.000) |
|
c) Others (Unallocated-Corporate) |
96637.700 |
|
Total |
313043.900 |
Notes:
1. The Company is engaged in the following business segments:
a) Downstream i.e. Refining and Marketing of Petroleum Products
b) Exploration and Production of Hydrocarbons
Segments have been identified taking into account the nature of
activities and the nature of risks and returns.
2. Segment Revenue comprises of the following:
a) Turnover (Net of Excise Duties)
b) Subsidy from Government of
c) Other income (excluding interest income, dividend income and
investment income)
3. There are no geographical segments.
4. Previous year's figures have been regrouped/reclassified wherever
necessary.
The above results have been reviewed and recommended by the Audit
Committee in its meeting held on July 22, 2010 and taken on record by the Board
of Directors at its meeting held on July 23, 2010.
Contingent
Liabilities not provided for in respect of appeals filed against the
Corporation*
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
i. Sales Tax/Octroi |
46.800 |
|
ii. Excise/Customs |
361.300 |
|
iii. Employee Benefits/Demands (to the extent
quantifiable) |
1310.900 |
|
iv. Claims against the Corporation not acknowledged as
debts |
1709.800 |
*The Company has not
considered those disputed demands/claims as Contingent Liabilities, the outflow
of resources for which would be remote.
FIXED ASSETS:
- Land
–Freehold
- Roads and
Culverts
- Buildings
- Leasehold
Property – Land
- Railway
Siding and Rolling Stock
- Plant and Machinery
- Furniture,
Fixtures and Office/ Laboratory Equipment
- Transport
Equipment
- Unallocated
Capital Expenditure
- on Land
Development
- Right of Way
- Technical /
Process Licenses
- Software
INTRODUCTION:
HPCL is a Fortune 500 company, with an annual turnover of
Rs.1085990.000 millions and sales/income from operations of Rs 1148890.000
millions (US$ 25,306 Millions) during FY 2009-10, having about 20% Marketing
share in India and a strong market infrastructure.
HPCL operates 2 major refineries producing a wide variety of petroleum fuels
and specialties, one in Mumbai (West Coast) of 6.5 Million Metric Tonnes Per Annum (MMTPA) capacity and the other in Vishakapatnam,
(East Coast) with a capacity of 8.3 MMTPA. HPCL holds an equity stake of
16.95% in Mangalore Refinery and Petrochemicals Limited, a state-of-the-art
refinery at Mangalore with a capacity of 9 MMTPA. In addition, HPCL
is constructing a refinery at Bhatinda, in the state of
HPCL also owns and operates the largest Lube Refinery in the country
producing Lube Base Oils of international standards, with a capacity of 335
TMT. This Lube Refinery accounts for over 40% of the
HPCL's vast marketing network consists of 13 Zonal offices in major
cities and 101 Regional Offices facilitated by a Supply and Distribution
infrastructure comprising Terminals, Aviation Service Stations, LPG Bottling
Plants, and Inland Relay Depots and Retail Outlets, Lube and LPG
Distributorships. HPCL, over the years, has moved from strength to
strength on all fronts. The refining capacity steadily increased from 5.5 MMTPA
in 1984/85 to 14.8 MMTPA presently. On the financial front, the turnover grew
from Rs. 26870.000 millions in 1984-85 to an impressive Rs 1164280.000 millions in FY 2008-09.
PROFILE:
HPCL, a fortune 500 company, is one of the major integrated oil
refining and marketing companies in
HPCL accounts for about 20% of the market share and about 10% of the nation's
refining capacity with two coastal refineries, one at Mumbai (West Coast)
having a capacity of 6.5 Million Metric Tonnes Per Annum (MMTPA) and the other
in Vishakapatnam (East Coast) with a capacity of 8.3 MMTPA. HPCL also holds an
equity stake of 16.95% in Mangalore Refinery and Petrochemicals Limited (MRPL),
a state-of-the-art refinery at Mangalore with a capacity of 9 MMTPA.
HPCL owns the country's largest Lube Refinery with a capacity of 335,000 Metric
Tonnes which amounts to 40% of the national capacity of Lube Oil production.
HPCL has given
HPCL has earned "Excellent" performance for fifteen
Consecutive years upto 2005-06, since signing of the first MOU with the
Ministry of Petroleum and Natural Gas. HPCL won the prestigious MOU Award for
the year 2007-08 for Excellent Overall Performance, and for being one of the
Top Ten Public Sector Enterprises who fall under the 'Excellent' category.
HPCL's performance for the year 2008-09 also qualifies for
"Excellent" rating.
HPCL, over the years, has moved from strength to strength on all fronts.
The refining thruput has increased three fold between 1984/85 to 2007/08,
rising from 4.47 MMTPA in 1984/85 to 14.80 MMTPA currently.
Consistent excellent performance has been made possible by highly motivated
workforce of over 11,291 employees working all over
HPCL continually invests in innovative technologies to enhance the effectiveness
of employees and bring qualitative changes in service. Business Process
Re-Engineering exercise, creation of Strategic Business Units, ERP
implementation, Organizational Transformation, Balanced Score Card, Competency
Mapping, benchmarking of refineries and terminals for product specifications,
ISO certification of Refineries and Supply Chain Management are some of the
initiatives that broke new grounds.
HPCL has successfully integrated Information Technology in its activities at
different levels. The Enterprise Resource Planning (ERP) system is now
operational on J.D.Edwards, an Oracle product, across the Corporation.
Board of Directors
Chairman and
Managing Director
Mr. S. Roy Choudhury
Chairman and Managing Director
Shri S. Roy Choudhury took charge as Chairman and Managing Director
effective August 2010. Prior to this he was Director, Marketing between
May 2004 and July 2010.
Shri S. Roy Choudhury is a Mechanical Engineer from the
He has held various positions in the company in Refinery, Marketing
(Operations), Projects and Sales Divisions of HPCL. These include positions
such as General Manager (Supply, Operations and Distribution), General Manager
(Pipelines), General Manager - Sales (West Zone). He was holding the position
of Executive Director - Direct Sales prior to his appointment as Director -
Marketing.
He is credited with creating a Pipelines Division in HPCL and
successfully completed several Pipeline Projects and was responsible for smooth
transition from APM to Non-APM era in the area of Product Supplies and
Distribution.
Functional
Directors
Mr. S. Roy Choudhury
Addl Charge. Director- Marketing
Shri S. Roy Choudhury continues to hold additional charge of
Director-Marketing till further advise.
Dr. V. Vizia Saradhi
Director- Human Resources
Dr. V Vizia Saradhi took charge as Director Human Resources effective
August 03, 2007. Prior to this he was Executive Director - Industrial
Relations.
Dr. V. Vizia Saradhi is a post graduate in Industrial Relations and
Personnel Management from the
He has had a wide exposure to the petroleum industry over 28 years in Human
Resources and Industrial Relations in Refineries, Marketing and Corporate
Division of HPCL.
Mr. B. Mukherjee
Director- Finance
Shri Bhaswar Mukherjee took charge as Director Finance effective 1st
February 2008.
He is a fellow member of the Institute of Chartered Accountants of
India. He has a wide exposure to the Petroleum Industry spanning over 30 years
in the areas of Finance, Internal Audit and HR in Hindustan Petroleum
Corporation Limited.
Prior to his taking over as Director (Finance), Shri B. Mukherjee was
Executive Director- Corporate Finance of HPCL. He has driven the major strategy
initiative of Balanced Scorecard. He is also a Director on the Board of
Petronet India Limited, a Joint Venture Company of HPCL.
Mr. K. Murali
Director- Refineries
Shri K Murali took charge as Director – Refineries effective February
02, 2009. Prior to this he was the Executive Director (Refineries) of HPCL.
A Chemical Engineer, Shri Murali started his career with erstwhile
Caltex Oil Company at
During his tenure as Head of Mumbai Refinery, the refinery performnance
registered improvement in all areas of operations. Low cost de-bottlenecking of
units and utilization of indegeneous R and D for commercial applications was
undertaken.
As Head of Corporate R and D Projects for HPCL, he has developed
proposals and strategies which are under implementation. As Director-
Refineries of HPCL, he has several plans to bring in world class
competitiveness to both the refineries.
He was instrumental in strategizing and preparing the initial Detailed
Project Report for HPCL Joint Venture Refinery in Bhatinda,
Part-time
ex-officio Directors
Mr. P.K. Sinha
Director
Shri P.K. Sinha, Additional Secretary and Financial Advisor, Ministry of
Petroleum and Natural Gas, Govt. of India, is a Post Graduate from Delhi School
of Economics and an IAS officer of U.P. Cadre. Shri P.K. Sinha also holds
M.Phil in Social Sciences and Masters Diploma in Public Administration. Shri
Sinha has served both in the Central and State Governments, including as
District Magistrate of Jaunpur and Agra Districts, Commissioner of Varanasi
Division and Principal Secretary, Irrigation, Uttar Pradesh. Shri Sinha has
also served in the Ministry of Power, Department of Youth Affairs and Sports in
the Central Government before joining Ministry of Petroleum and Natural Gas.
Mr. L.N. Gupta
Director
Shri L N Gupta, has been appointed as a Part Time Director on the HPCL
Board effective June 25, 2008
Shri L N Gupta is Joint Secretary (Refineries) in the Ministry of
Petroleum and Natural Gas. He is an IAS officer and has done his M.A
(Economics) and MBA from
Shri Gupta has served the Government of Orissa as Sub Collector-
Deogarh, Project Officer-DRDA - Sundergarh, Managing Director-OSTC/Orissa
Textile Mills Limited, Choudwar. He has also served as Deputy Secretary to the
Government of India - Department of Personnel and Training, Vice Chairman -
Bhubaneswar Development Authority, Administrator - Bhubaneswar Municipal
Corporation, Revenue Development Commissioner (Central) - Cuttack, Chairman and
MD - Orissa Industrial Infrastructure Development Corporation, Commissioner cum
Secretary - Department of Steel and Mines, Chairman and MD - Orissa Hydro Power
Corporation and Resident Commissioner - Government of Orissa, New Delhi.
Part-time
non-official Directors
Dr. Gitesh K Shah
Director
Dr. Gitesh Shah, a Scientist turned Management Expert, was appointed to
the HPCL board effective December 7, 2009.
Dr.Gitesh Shah has done his M.Sc., Ph.D. and D.Sc in Organic Chemistry.
Dr. Shah is a Chartered Scientist, Chartered Chemist and Fellow of the Royal
Society of Chemistry(RSC),
Dr. Gitesh Shah, who is a noted Technocrat and Management Expert, has
rich experience of 20 years in the field of Petrochemical, Chem-informatics,
Bio-informatics and Nano–Technology. He has to his credit 18 research papers in
renowned international journals in the field of Chemistry and Nano–Technology.
He has served as the Chairman of the Gujarat Alkalies and Chemicals Limited
(GACL),
Infrastructure
HPCL's infrastructure is at par with that of the best global
corporations in the hydrocarbons sector. For over a quarter century now, HPCL
has been consistently breaking new grounds in production and marketing.
The strengthening of the marketing network over the years has lead
to dominance in the market reflected in its growth and leading
to best quality of service.
HPCL was one of the first companies to understand the nation's energy
requirements and take necessary measures to fulfill the expectations. Its
increasing infrastructure facilities are due to the successful realization of
set targets and sustained quality of service and customer relations.
HPCL presently owns and operates two coastal refineries at Mumbai and
PRESS RELEASES:
New Delhi, May 20,
2011
HPCL has been
conferred with the “Oil and Gas Marketing Company of the Year”
for the year 2009, during the Prestigious Annual Petrofed Awards held recently at New Delhi and attended by leaders
and Professionals from the P and NG sector in India.
The award was
presented by the Hon’ble Minister of Petroleum and Natural Gas, Shri S Jaipal Reddy and the award was
received by Chairman and Managing
Director of HPCL, Shri S.Roy Choudhury along with Director-Finance of HPCL, Shri B. Mukherjee.
The Petrofed
awards recognize the contributions made by Corporate in the field of Oil and
Gas. HPCL has been recognized for the superlative Marketing Sales performance
in 2009-10
Weightage was
given to the Safety procedures at our Pipeline locations, Terminals, Depots and
Retail outlet operations with minimum loss of man-hours due to accidents and
fatalities, expansion of network both in Retail and Gas distribution, increase
in Number of Customers in LPG and Key Accounts in I and C etc. and Qualitative
assessment for innovative IT measures and Environmental initiatives implemented
during the year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 45.38 |
|
|
1 |
Rs. 73.31 |
|
Euro |
1 |
Rs. 63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
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 |
|
78 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.