MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	INDIAN OIL CORPORATION LIMITED
Registered Office :	Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra
Country:	India
Financials (as on):	31.03.2011
Date of Incorporation :	30.06.1959
Com. Reg. No.:	11-011388
Capital Investment / Paid-up Capital :	Rs.24279.500 millions
CIN No.: [Company Identification No.]	L23201MH1959GOI011388
TAN No.: [Tax Deduction & Collection Account No.]	MUM105274D DELI00132G DELI04214A
PAN No.: [Permanent Account No.]	AAACI1681G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Selling of Petroleum Products.
No. of Employees :	31945 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

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 220000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced respectable and resourceful businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	1) Fund Based Facilities = CRISIL AAA – 2) Short Term Debt Programme =CRISIL A+
Rating Explanation	1) CRISIL AAA – = Highest degree of safety and lowest credit risk 2) CRISIL A+ = Adequate degree of safety and low credit risk.
Date	07.10.2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Marketing Division :	Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/ 26441825/ 30/ 31
Fax No.:	91–22–26443880/ 26425903/ 26400606
E-Mail :	srikumar@indianoil.co.in rajurang@indianoil.co.in
Website :	http://www.iocl.com
Head Office :	SCOPE Complex, Core 2, 7, Institutional Area, Lodhi Road, New Delhi - 110003, India Tel. 91-11-24361247/24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in pkc@iocl.co.in govindarajank@iocl.co.in P.O. Barauni Oil Refinery, District Begusarai - 861 114, Bihar, India P.O. Jawahar Nagar, District Vadodara - 391 320, Gujarat, India P.O. Noonmati, Guwahati - 781 020, Assam, India P.O. Haldia Refinery, District Midnapur - 721 606, West Bengal, India P.O. Mathura Refinery, Mathura - 281 005, Uttar Pradesh, India P.O. Panipat Refinery, Panipat – 132140, Haryana, India P.O. Dhaligaon 783385, District Chirang Assam, India
Corporate Office :	3079/3, J B Tito Marg, Sadiq Nagar, New Delhi – 110049, Delhi, India
Tel. No.:	91-11-26260000
Pipelines Division / Head Office:	A-1, Udyog Marg, Sector 1, Noida – 201301, Uttar Pradesh, India 14, Lee Rrado, Kolkata - 700 020, West Bengal, India P. O. Box 1007, Bedipara, Morvi Road, Gauridad, Rajkot - 360003, Rajasthan, India P. O. Panipat Refinery, Panipat – 132140, Haryana, India Indian Oil Bhavan, 139 Nungambakkam High Road, Chennai - 600034, Tamil Nadu, India
Assam Oil Division :	P.O. Digboi - 786 171, Assam, India
Marketing Division :	HEAD OFFICE G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New Delhi - 110016, India Indian Oil Bhavan, 2 Gariahat Road, South(Dhakuria), Kolkata - 700068, West Bengal, India 254-C, Dr. Annie Besant Road, Prabhadevi, Mumbai – 400025, Maharashtra, India Indian Oil Bhavan 139, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India
Research And Development Division :	Sector 13, Faridabad – 121007, Haryana, India
IBP Division :	34-A, Nirmal Chandra Street, Kolkata – 700013, West Bengal, India
Overseas Offices :	Mr. K. R Suresh Kumar, Managing Director Lanka IOC Limited 20th Floor, West Tower, World Trade Centre, Colombo, Sri Lanka Tel: 00 94 1 475720, 00 94 1 475700 Fax: 00 9411 2391490 Email: lankaioc@lankaioc.com Mr. Shailendra Mital, Managing Director Indian Oil (Mauritius) Limited Mer Rouge, Port Louis, Mauritius Tel: (230) 217 2710 Fax: (230) 217 2712 Email: indianoil@intnet.mu Mr. Rakesh Jain, Managing Director IOC Middle East FZE Indian Oil Corporation Limited Office: LOB 14209, Jebel Ali Free Zone, P. O. Box : 261338, Dubai, UAE Tel :+971-4-8871397 Fax: +971-4-8871035 Email: imefdxb@eim.ae

DIRECTORS

As On 31.03.2011

Name :	Mr. R.S. Butola
Designation :	Chairman (w.e.f. 28.02.2011)
Name :	Mr. Brij Mohan Bansal
Designation :	Director [Planning and Business Development] (upto 31.01.2011)
Name :	Mr. Serangulam Varadarajan Narasimhan
Designation :	Director [Finance] (upto 30.04.2011)
Name :	Mr. Vishan Chandra Agrawal (upto 31.07.2010)
Designation :	Director [Human Resources]
Name :	Mr. Gyan Chand Daga
Designation :	Director [Marketing]
Name :	Mr. Basavaraj Ningappa Bankapur
Designation :	Director [Refineries]
Name :	Dr. R.K. Malhotra
Designation :	Director (Research and Development w.e.f. 05.08.2010)
Name :	Mr. Sudhir Bhalla
Designation :	Director (Human Research w.e.f. 27.10.2010)
Name :	Mr. A.M.K. Sinha
Designation :	Director (Plng and Business and Development w.e.f. 16.03.2011)
Name :	Mr. Pradeep Kumar Sinha
Designation :	Government Director
Name :	Mrs. Indira Parikh, Prof. (Dr.)
Designation :	Independent Director
Name :	Mr. Anees Yusuf Noorani
Designation :	Independent Director [w.e.f. 01.06.2008)
Name :	Dr. Indu Shahani
Designation :	Independent Director [w.e.f. 01.06.2008)
Name :	Mr. Gautam Barua
Designation :	Independent Director [w.e.f. 01.06.2008)
Name :	Mr. Michael John Bastian
Designation :	Independent Director [w.e.f. 01.06.2008)
Name :	Mr. Nirmal Kumar Poddar
Designation :	Independent Director [w.e.f. 01.06.2008)
Name :	Mr. Kiran Kumar Jha
Designation :	Director (Pipelines) [w.e.f 01.09.2009]
Name :	Mr. P.K. Goyal
Designation :	Director (Finance w.e.f. 02.05.2011)
Name :	Mr. Sudhir Bhargava
Designation :	Government Director
Name :	Sudhakar Rao
Designation :	Independent Director (w.e.f. 30.05.2011)

KEY EXECUTIVES

Name :	Mr. Raju Ranganathan
Designation :	Company Secretary
Name :	Mr. D K Samantaray
Designation :	Chief Vigilance Officer
Name :	Mr. Vipin Kumar
Designation :	Advisor (Security)
Name :	Mr. C Dasgupta
Designation :	Executive Director (Gas)
Name :	Mr. V P Sharma
Designation :	Executive Director (Internal Audit)
Name :	Mr. S S Soni
Designation :	Executive Director (Information Systems)
Name :	Mr. P K Goyal
Designation :	Executive Director (Finance), Refineries
Name :	Mr. V K Sood
Designation :	Executive Director (Corporate Finance)
Name :	Mr. S C Jain
Designation :	Executive Director (Finance-Business Development)
Name :	Mr. J P Guharay
Designation :	Executive Director, Mathura Refinery
Name :	Mr. R Narayanan
Designation :	Executive Director (Corporate Affairs)
Name :	Mr. A K Guha
Designation :	Executive Director (Business Development -R and PL)
Name :	Mr. K K Gupta
Designation :	Executive Director, Indian Oil Institute of Petroleum Management
Name :	Mr. T Vasudevan
Designation :	Executive Director (Finance), Pipelines
Name :	Mr. Gautam Dutta
Designation :	Executive Director (Finance), Marketing
Name :	Mr. S K Garg
Designation :	Executive Director, Barauni Refinery
Name :	Mr. A K Roy
Designation :	Executive Director, Haldia Refinery
Name :	Mr. Thomas Antony
Designation :	Executive Director (Human Resources Development)
Name :	Mr. K K Jha
Designation :	Executive Director (Projects), Pipelines
Name :	Mr. A M K Sinha
Designation :	Executive Director (Corporate Planning and Economic Studies)
Name :	Mr. A K Rauniar
Designation :	Executive Director (Human Resources), Pipelines
Name :	Mr. K G Gupta
Designation :	Executive Director (Safety, Health and Environment)
Name :	Mr. Satish Kumar
Designation :	Executive Director (Human Resources)
Name :	Mr. G Bhanumurthy
Designation :	Executive Director, Guwahati Refinery
Name :	Mr. R K Puri
Designation :	Executive Director (Coordination), Marketing
Name :	Ms. D Lilly
Designation :	Executive Director (Pricing and Taxation)
Name :	Mr. H V Singh
Designation :	Executive Director (Projects-PDRP), Refineries
Name :	Mr. V S Okhde
Designation :	Executive Director (Exploration and Production)
Name :	Mr. R K Ghosh
Designation :	Executive Director, Incharge-Panipat Refinery
Name :	Mr. N K Bansal
Designation :	Executive Director (Shipping), Refineries
Name :	Mr. N K Khosla
Designation :	Executive Director (Projects - PNCP), Refineries
Name :	Mr. Sudhir Bhalla
Designation :	Executive Director (Human Resources), Refineries
Name :	Mr. Gautam Datta
Designation :	Executive Director (Human Resources), Marketing
Name :	Mr. R K Malhotra (Dr)
Designation :	Executive Director, R and D
Name :	Mr. Amitava Chatterjee
Designation :	Executive Director (Lubes), Marketing
Name :	Mr. R Sareen
Designation :	Executive Director (Aviation), Marketing
Name :	Mr. M Nene
Designation :	Executive Director (Supplies), Marketing
Name :	Ms. Mrinal Roy
Designation :	Executive Director (LPG), Marketing
Name :	Mr. A S Ujwal
Designation :	Executive Director (International Trade)
Name :	Mr. S Ramasamy
Designation :	Executive Director (Information Systems)
Name :	Mr. N Srikumar
Designation :	Executive Director (Corporate Communications, Branding and Planning), Marketing
Name :	Mr. Anil Tandon
Designation :	Executive Director (Operations), Pipelines
Name :	Mr. A S Basu
Designation :	Executive Director, Gujarat Refinery
Name :	Mr. S K Gupta
Designation :	Executive Director (Consumer Sales), Marketing
Name :	Mr. V K Jeychandran
Designation :	Executive Director, Gujarat State Office
Name :	Mr. Satwant Singh
Designation :	Executive Director (Engineering and Projects), Marketing
Name :	Mr. M Ramana
Designation :	Executive Director, Andhra Pradesh State Office
Name :	Mr. D Sen
Designation :	Executive Director, West Bengal State Office
Name :	Mr. S C Meshram
Designation :	Executive Director (Petrochemicals)
Name :	Mr. S K Roy
Designation :	Executive Director (Cryogenics), IBP Division
Name :	Mr. R S Solanki
Designation :	Executive Director (CEO, IndianOil Foundation)
Name :	Mr. Jai Gopal
Designation :	Executive Director, Anti Adulteration Cell
Name :	Mr. V Ramaswamy
Designation :	Executive Director (Finance), IBP Division
Name :	Mr. A Panda
Designation :	Executive Director (Safety and Environment), Refineries
Name :	Mr. C S Das
Designation :	Executive Director (Maintenance and Inspection), Refineries
Name :	Mr. Prithviraj Sur
Designation :	Executive Director (Operations), Refineries
Name :	Mr. Deepak Pandya
Designation :	Executive Director, Maharashtra State Office
Name :	Mr. DSL Prasad
Designation :	Executive Director, Tamil Nadu State Office
Name :	Mr. E Unnikrishnan
Designation :	Executive Director (Pricing), Marketing
Name :	Mr. S K Sinha
Designation :	Executive Director, Western Region Pipelines
Name :	Mr. U L Dohare
Designation :	Executive Director (Projects), Refineries
Name :	Mr. S N Choudhary
Designation :	Executive Director (Projects-PNCP), Panipat
Name :	Mr. Subrato Ghosh
Designation :	Executive Director, Assam Oil Division
Name :	Mr. H S Bedi
Designation :	Executive Director (Retail Sales), Marketing
Name :	Mr. A Saran
Designation :	Executive Director, Bongaigaon Refinery

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1,916,155,710	78.92
Sub Total	1,916,155,710	78.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,916,155,710	78.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	24,820,604	1.02
Financial Institutions / Banks	9,950,062	0.41
Insurance Companies	84,220,951	3.47
Foreign Institutional Investors	23,958,910	0.99
Sub Total	142,950,527	5.89
(2) Non-Institutions
Bodies Corporate	234,431,073	9.66
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	68,140,114	2.81
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3,155,482	0.13
Any Others (Specify)	63,119,576	2.60
Non Resident Indians	1,059,939	0.04
Trusts	58,484,687	2.41
Clearing Members	834,048	0.03
Foreign Nationals	456	--
Governor of Gujarat	2,700,000	0.11
Custodian	40,446	--
Sub Total	368,846,245	15.19
Total Public shareholding (B)	511,796,772	21.08
Total (A)+(B)	2,427,952,482	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	2,427,952,482	-

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Petroleum Products.

Products :

Product Description	Item Code No.
Bulk Petroleum Products	27.10
Crude Oil	27.09
Lubricants	2710.90

• Auto Gas
• Indian Oil Aviation Service
• Bitumen
• High Speed Diesel
• Bulk/Infustrial Fuels
• Indane Gas
• SERVO lubricants and greases
• Agricultural Spray Oils
• Automotive Greases
• Automotive Lubricating Oils
• Automotive Speciality Oils
• Industrial Greases
• Industrial Lubricating Oils
• Industrial Speciality Oils
• Metal Working Oils

PRODUCTION STATUS (As on 31.03.2011)

(Figures in lakh)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Crude Processing	MTs	518.50	542.000	472.380
Lubricating Oil Note C Note E	MTs	4.69 1.46	1.83 1.46	3.65 1.09
Wax/Bitumen/Asphalt Lube Oil Drums	Nos.	15.00	15.00	4.63
Oxygen Plant	CU.M.	Not Specified	0.84	0.00
Propylene Recovery Unit	MTs	0.54	0.48	0.15
MTBE Unit	MTs	0.37	0.37	0.34
Butene Plant	MTs	14.60	0.00	4.97
Lab Plant	MTs	1.20	1.20	1.26
PX /PTA Plant	MTs	5.53	5.53	4.31
Cryocontainer and Accessories	Nos.	0.13	0.17	0.15
Industrial Explosive (Cartridge)	MTs	0.00	0.00	0.00
Site Mixed Slurry Explosives	MTs	0.89	0.63	0.71
Xylene	MTs	0.00	0.00	0.00
PSF	MTs	0.30	0.30	0.00

NOTE:

A. i) Licensed Capacity of Refinery is not specified for Assam Oil Division.

ii) Capacity for projects under construction not considered.

B. As certified by the Management and relied upon by the auditors.

C. Per year operating in single shift.

D. i) Represents finished petroleum products.

ii) Excludes crude processed in secondary units for other companies/refiners.

E. Per year operating in two shifts.

F. This does not have licensed capacity

F. Capacity continued to carry impairment loss of Rs. 359.700 millions in respects of PSF plant at Bonagaigaon Refinery.

GENERAL INFORMATION

No. of Employees :

31945 (Approximately)

Bankers :

• State Bank of India, Madame Cama Road, Mumbai – 400021, Maharashtra, India
• United Bank of India, Bandra Branch, Mumbai – 400050, Maharashtra, India
• HDFC Bank Limited

Facilities :

Secured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Bonds: Non-Convertible Redeemable Bonds - Series - V A	1896.000	2212.000
Non-Convertible Redeemable Bonds - Series - VI B	7681.000	10000.000
Non-Convertible Redeemable Bonds - Series - VII B C	5000.000	5000.000
Non-Convertible Redeemable Bonds - Series - VIII A D	4300.000	4300.000
Non-Convertible Redeemable Bonds - Series - VIII B E	10700.000	10700.000
Non-Convertible Redeemable Bonds - Series - IX F	16000.000	16000.000
Non-Convertible Redeemable Bonds - Series – IX G	20000.000	20000.000
Loans and Advances from Banks: G Working Capital Demand Loan	71750.000	47500.000
Interest accrued and due on above	144.500	62.500
Foreign Currency Loans US $ Nil (2009 : US $ 16.55 million)	0.000	0.000
Loans and Advances from Others: Loan through Collateralized Borrowings and Lending Obligation (CBLO) of Clearing Corporation of India Limited (CCIL)H	26300.000	20000.000
Oil Industry Development Board (OIDB)	40025.000	47150.000
Total	203796.500	182924.500

Amount repayable within one year

NOTES:

A. 158 Bonds of face value of Rs.26.000 millions each allotted on 18th July, 2001, are redeemable in 13 equal installments from the end of the 3rd year upto the end of 15th year from the date of allotment. Accordingly, the 7th installment (STRPP G) was paid in July 2010. The Bonds carry a coupon rate of 10.25% p.a. payable annually on 30th September. These are secured by way of registered mortgage over the Company's premises no. 301 situated in Bandra Anita Premises Co-operative Housing Society Limited at Bandra, Mumbai together with 5 shares of Bandra Anita Premises Co-operative Housing Society Limited. These bonds are also secured by way of charge on immovable properties at Panipat Refinery in the state of Haryana ranking pari passu with Bond Series VI, VIII A-B and IX holders.

B. 10,000 Bonds of face value of Rs.1.000 millions each allotted on 10th June, 2005, are redeemable at par on 10th June 2012. As per the terms of the issue, the bondholders holding 2319 bonds exercised put option available on 10th June 2010. The Principal amount along with interest due was paid to the Bondholders on due date. Remaining 7681 bonds are outstanding and will be redeemed on maturity. The Bonds carry a coupon rate of 7.15% p.a. payable annually on 30th June. These are secured by way of registered mortgage over Company's premises No. 1343 situated at MIG Adarsh Nagar Co-operative Housing Society Limited at Worli, Mumbai together with 5 shares issued by MIG Adarsh Nagar Co-operative Housing Society Limited These Bonds are also secured by way of charge on immovable properties of the company at Panipat Refinery in the state of Haryana ranking pari passu with Bond Series V, VIII A-B and IX holders.

C. 5,000 Bonds of face value of Rs.1.000 million each, allotted on 15th September 2005, are redeemable at par on 15th September 2015. The Bonds carry a coupon rate of 7.40% p.a. payable annually on 15th September. These are secured by way of registered mortgage over the immovable properties of the Company at Gujarat Refinery situated at Vadodara in the state of Gujarat.

D. 4,300 Bonds of face value of Rs.1.000 million each, allotted on 10th September 2008, are redeemable at par on 10th September 2011. The bonds carry a Coupon rate of 11.15 % p.a. payable annually on 15th September. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat No. 3/62 Nanik Niwas of Shyam Co-operative Housing Society Limited. situated at Bhulabhai Desai Road at Mumbai, together with 5 shares of the said society and immovable properties of the company at Panipat Refinery situated at Panipat in the state of Haryana, ranking pari passu with Bond Series V, VI, VIII B and IX holders.

E. 10,700 Bonds of face value of Rs.1.000 million each, allotted on 10th September 2008, are redeemable at par on 10th September 2018. The bonds carry a coupon rate of 11.00 % p.a. payable annually on 15th September. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat No. 3/62 Nanik Niwas of Shyam Co-operative Housing Society Limited situated at Bhulabhai Desai Road at Mumbai, together with 5 shares of the said society and immovable properties of the company at Panipat Refinery situated at Panipat in the state of Haryana ranking pari passu with Bond Series V, VI, VIII A and IX holders.

F. 16,000 Bonds of face value of Rs. 1.000 million each, allotted on 11th December 2008, are redeemable at par on 11th December 2016.The bonds carry a coupon rate of 10.70 % p.a. payable annually on 30th June each year. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat No. 3/62 Nanik Niwas of Shyam Co-operative Housing Society Limited situated at Bhulabhai Desai Road at Mumbai, together with 5 shares of the said society and immovable properties of the company at Panipat Refinery situated at Panipat in the state of Haryana ranking pari passu with Bonds Series V, VI and VIII A-B holders.

G. 20,000 Bonds of face value of Rs. 1.000 million each, allotted on 24th July 2009, are redeemable at par on 24th July 2012. The bonds carry a coupon rate of 7.00 % p.a. payable annually on 30th June each year. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat No. 34, Makani Manor Co-op. Housing Society Ltd. situated at Peddar Road, at Mumbai, together with 10 shares of the said society and immovable properties of the company at Mathura Refinery situated at Mathura in the state of Uttar Pradesh.

H. Against hypothecation by way of first pari passu charge on Raw Materials, Stock-in Trade, Sundry Debtors, Outstanding monies, Receivables, Claims, Contracts, Engagements, Etc.

I. Against pledging of Oil Marketing Companies Government of India Special Bonds amounting to Rs.41650.000 millions and Bank Guarantees of Rs. 16500.000 millions in favour of CCIL

J. Security Details for OIDB Loans:

A) Rs. 2170.000 millions - First Charge on the facilities of Motor Spirit Quality Improvement Project at Barauni Refinery in Bihar

B) Rs. 7627.500 millions - First charge on facilities for improvement of Diesel quality and Distillate yield (Hydrocracker) and expanded capacity for Haldia Refinery (from 6 MMTPA to 7.5 MMTPA) which includes Once through Hydrocracking Unit (OHCU), Hydrogen Unit, Sulphur Recovery Unit, revamped Crude Distillation Unit and related utilities and off-site facilities pertaining to Haldia Refinery in the state of West Bengal.

C) Rs. 19010.000 millions - Second pari-passu charge on facilities for Naphtha Cracker with associated units viz. hydrogenation, butadiene extraction, benzene extraction, etc and downstream polymer units like swing unit (LLDPE / HDPE), dedicated HDPE unit, Polypropylene unit and MEG unit and units like CDU/VDU, OHCU, DCU, , DHDT relating to expansion of Panipat Refinery from 12MMTPA to 15 MMTPA in the state of Haryana.

D) Rs. 9947.500 millions - Second pari-passu charge on facilities for Residue upgradation and MS-HSD Quality improvement including units like VGO-HDT, ATF-Merox FCC-Merox, LPG-Merox, ISOM, Coker, DHDT, HGU (PDS) and SRU in respect of Gujarat Refinery in the state of Gujarat.

E) Rs.1270.000 millions - First Charge on the facilities of Motor Spirit Quality Improvement Project which includes installation of light Naptha isomerisation along with Benzene Saturation Unit and other Units like Feed Preparation Unit, Reaction Section etc. and Diesel Hydro Teatment project at Bongaigaon Refinery, Dhaligaon, Assam.

Unsecured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Public Deposits	0.000	0.000
Short Term Loans and Advances: From Banks and Financial Institutions: In Foreign Currency US $ 2095 Million (2009 : US $ 1136 Million)	138361.200	94059.300
Interest accrued and due on above	12.000	10.900
Rupee Loans	94258.400	65780.000
Interest accrued and due	4.700	3.600
From others
Redeemable (NC) debentures / Commercial Papers	10000.000	33750.000
Inter corporate deposits	0.000	0.000
Interest accrued and due on above	0.000	0.000
Other Loans and Advances: From Banks/Financial Institutions: Foreign Currency Loans US $ 331 Million (2009 : US $ 536.90 Million)	29014.400	14871.900
Senior Notes (Bank of America) US $ 300 Million (2009: US $ 300 Million)	13380.000	13470.000
Rupee Loans	5000.000	5000.000
From Others:
Foreign Currency Bonds US $500 Million (2009: US $ Nil)	22300.000	22450.000
Rupee Loans	11223.500	13342.300
Total	323542.200	262738.000

Banking Relations :

--

Auditors :

Statutory Auditors

· P.K.F. Sridhar and Santhanam, Mumbai

· B.M Chatrath and Company, Kolkata

· V.K. Dhingra and Company, New Delhi.

Branch Auditors

· Price Patt and Company, Chennai

· Saha Ganguli and Associates, Kolkata

· Nandy Halder and Ganguli, Kolkata

· O.P. Bagla and Company, New Delhi

· S. Lall and Company, Panipat

Cost Auditors

· V. J. Talati and Company, Thane

· Madhavan, Chennai

· L. Narayan and Company, Delhi.

· Bandyopadhyaya Bhaumik and Company, Kolkata

· Mani and Company, Kolkata

· Musib and Company, Kolkata

· Sanjay Gupta and Associates, New Delhi

· C. Dutta and Company, Kolkata

· Chandra Wadhwa and Company, Delhi

· R. J. Goel and Company, New Delhi

· Shome and Banerjee, Kolkata

Joint Ventures :

· IOT Infrastructure Energy Services Limited.

· Lubrizol India Private Limited

· Petronet V.K. Limited.

· IndianOil Petronas Private Limited

· Avi-Oil India Private Limited

· Petronet India Limited.

· Petronet LNG Limited.

· Green Gas Limited.

· IndianOil SkyTanking Limited

· Suntera Nigeria 205 Limited

· NPCIL IndianOil Nuclear Energy Corporation Limited

· Indian Synthetic Nuclear Limited

· IndianOil Ruchi Bio Fules LLP

· Delhi Aviation Fuel facility Private Limited

· IndianOil Panipat Power Consortium Limited

· Petronet CL Limited

Related Parties :

· BPCL- Bharat Petroleum Corporation Limited

· HPCL - Hindustan Petroleum Corporation Limited

· ONGC - Oil and Natural Gas Corporation Limited

· GAIL - GAIL (India) Limited

· RPL – Reliance Petroleum Limited

· IL&FS - Infrastructure Leasing and Financial Services Limited

· ICICI - ICICI Bank

· SBI - State Bank of India

· EOL - Essar Oil Limited

· PIL - Petronet India Limited

· KPT – Kandla Port Trust

· GIIC - Gujarat Industrial Investment Corporation Limited

· CB - Canara Bank

· DIAL - Delhi International Airport Private Limited

· TSRC - TSRC Corporation, Taiwan

· ADB – Asian Development Bank

Membership :

Confederation of Indian Industry

Group Companies :

· Chennai Petroleum Corporation Limited

· IndianOil (Mauritius) Limited

· Lanka IOC PLC.

· IOC Middle East FZE

· IndianOil - CREDA Biofuels Limited

· IOC Sweden AB

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000000	Equity Shares	Rs.10/- each	Rs.60000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2427952482	Equity Shares	Rs.10/- each	Rs.24279.500 millions

Out of which:

Above includes, shares allotted as fully paid without payment being received in cash:

a) Pursuant to the Petroleum Companies Amalgamation Order, 1964: 3,76,49,700 Shares of Rs. 10 each

b) Pursuant to Gujarat Refinery Project Undertaking (Transfer) (Amendment) Order 1965: 1,00,00,000 Shares of

Rs. 10 each

c) 2,43,62,106 no. of Equity Shares of Rs. 10 each issued in June 2007 as fully paid up to the shareholders of erstwhile IBP Co. Limited. as per the Scheme of amalgamation.

d) 2,16.01,935 no. of Equity Shares of Rs. 10 each issued in May 2009 as fully paid up to the shareholders of erstwhile BRPL as per the Scheme of amalgamation.

e) Shares allotted as fully paid up Bonus Shares by Capitalisation of General Reserve/ Securities Premium: 2,28,02,71,241 shares of Rs. 10 each.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		24279.500	24279.500	11923.700
2] Share Application Money		0.000	0.000	216.000
3] Reserves & Surplus		529043.700	481249.800	427842.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		553323.200	505529.300	439981.800
LOAN FUNDS
1] Secured Loans		203796.500	182924.500	175651.300
2] Unsecured Loans		323542.200	262738.000	274069.300
TOTAL BORROWING		527338.700	445662.500	449720.600
DEFERRED TAX LIABILITIES		63365.900	47561.100	54736.300
Foreign Currency Monetary Item Translation Difference Account		0.000	0.000	50.800
TOTAL		1144027.800	998752.900	944489.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		581874.000	415810.700	347784.500
Dismantled Capital Stores		272.500	417.800	259.100
Capital work-in-progress		126204.400	212268.500	181140.500
INVESTMENT		195447.600	223702.500	322321.300
Advances for Investments		0.000	0.000	0.000
Foreign Currency Monetary Item Translation Difference Account		0.000	1.000	0.000
Finance Lease Receivables		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	492845.200	364040.800	251496.000
	Sundry Debtors	88696.500	57992.800	59378.600
	Cash & Bank Balances	12944.200	13151.100	7980.200
	Other Current Assets	12060.300	11415.000	10515.800
	Loans & Advances	226665.600	147288.300	118751.100
Total Current Assets		833211.800	593888.000	448121.700
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	344531.600	197666.800	199747.900
	Other Current Liabilities	180967.800	147134.900	129673.800
	Provisions	67634.600	102715.600	26095.500
Total Current Liabilities		593134.000	447517.300	355517.200
Net Current Assets		240077.800	146370.700	92604.500
MISCELLANEOUS EXPENSES		151.500	181.700	379.600
TOTAL		1144027.800	998752.900	944489.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3029543.700	2492927.900	2627153.100
		Other Income	289394.100	234190.300	463722.800
		TOTAL (A)	3318937.800	2727118.200	3090875.900
Less	EXPENSES
		Purchases of Products and Crude for resale	1556481.000	1220841.500	1362457.100
		Manufacturing, Administrative, Selling and Other Expenses	1644076.900	1366742.800	1602956.600
		Duties	3511.400	324.900	906.100
		Increase/(Decrease) in Finished Goods	(49729.300)	(50442.500)	16745.600
		Income/ (Expenses) pertaining to prior years	737.100	835.900	(3813.900)
		TOTAL (B)	3155077.100	2538301.600	2979251.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		163860.700	188597.900	11624.400
Less	FINANCIAL EXPENSES (D)		26698.300	15264.600	39521.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		137162.400	173333.300	72103.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45466.700	32271.400	28817.100
	PROFIT BEFORE TAX (E-F) (G)		91695.700	141061.900	43285.900
Less	TAX (H)		17240.900	38856.400	13790.400
	PROFIT AFTER TAX (G-H) (I)		74454.800	102205.500	29495.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	53050.800	53050.800
Less	APPROPRIATIONS
		Insurance reserve utilized	(138.000)	(218.000)	0.000
		Proposed Dividend	23065.500	31563.400	9104.800
		Corporate dividend tax on proposed dividend	3587.000	5088.300	1547.400
		Insurance reserve account	200.000	200.000	100.000
		Bond redemption reserve	1010.200	(2691.000)	5395.300
		General Reserve	46730.100	121313.600	13348.000
	BALANCE CARRIED TO THE B/S		0.000	0.000	53050.800
	EARNINGS IN FOREIGN CURRENCY
		Export of Crude Oil, LAB and Petroleum Products	167810.700	136710.800	147855.700
		Income from Royalty	2.200	1.900	2.200
		Income from Consultancy Services	29.600	77.100	52.400
		Interest	0.000	5.800	93.300
		Commodity Hedging	1787.000	587.500	1602.900
		Others	46.000	51.400	19.800
	TOTAL EARNINGS		169675.500	137434.500	149626.300
	IMPORTS
		Crude Oil	1459826.400	1167672.600	1311505.000
		Base Oil	--	-	65.800
		Additives	799.200	445.000	655.300
		Capital Goods	2310.500	6884.400	10310.900
		Other Raw Materials	238.700	179.000	140.500
		Revenue Stores, Component, Spare and Chemicals	4463.400	4291.800	3259.000
	TOTAL IMPORTS		1467638.200	11800.200	1325937.000
	Earnings Per Share (Rs.)		30.67	42.10	12.15

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	1012845.100	891851.300	1156418.700	1284439.600
Total Expenditure	1031463.500	945073.400	1044836.100	1136953.000
PBIDT (Excl OI)	(18618.400)	(53222.100)	111582.600	147486.600
Other Income	4042.200	5844.700	3475.100	18613.900
Operating Profit	(14576.200)	(47377.400)	115057.700	166100.500
Interest	10375.900	14840.000	15652.000	15037.500
Exceptional Items	0.000	0.000	(61681.900)	(15396.300)
PBDT	(24952.100)	(62217.400)	37723.8000	135666.700
Depreciation	12234.900	12638.100	12839.400	10965.500
Profit Before Tax	(37187.000)	(74855.500)	24884.400	124701.200
Tax	0.000	0.000	0.000	(2003.100)
Profit After Tax	(37187.000)	(74855.500)	24884.400	126704.300
Net Profit	(37187.000)	(74855.500)	24884.400	126704.300

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.24	3.75	0.95
Net Profit Margin (PBT/Sales)	(%)	3.02	5.66	1.65
Return on Total Assets (PBT/Total Assets}	(%)	6.47	13.97	5.44
Return on Investment (ROI) (PBT/Networth)		0.16	0.28	0.10
Debt Equity Ratio (Total Liability/Networth)		0.63	1.77	1.83
Current Ratio (Current Asset/Current Liability)		14.09	1.33	1.26

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

HISTORY:

Subject, India's largest commercial ISO-9002 certified enterprise and as a leading public sector enterprise of India, is the highest ranked Indian company in the prestigious Fortune 'Global 500' listing. IOCL is the 20th largest petroleum company in the world. Established in 1959 as Indian Oil Company Limited, Subject was formed in 1964 with the merger of Indian Refineries Limited (Estd. 1958). It was originally incorporated as IOCL in the year 1964. IndianOil and its subsidiaries account for 47% petroleum products market share, 40.4% refining capacity and 67% downstream sector pipelines capacity in India. IOCL a traditional manufacturer of refined petroleum products, the new building blocks for global ambition of the corporation are the Petrochemicals, Natural Gas, Exploration and Production, Overseas Business, Consultancy, Biofuels and Hydrogen, etc., The IndianOil Group of companies owns and operates 10 of India's 19 refineries with a combined refining capacity of 60.2 million metric tonnes per annum (MMTPA, i.e., 1.2 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation Limited (CPCL) and one of Bongaigaon Refinery and Petrochemicals Limited (BRPL). IndianOil reaches precious petroleum products to millions of people everyday through a countrywide network of about 32,500 sales points. They are backed for supplies by 170 bulk storage terminals and depots, 101 aviation fuel stations and 89 Indane LPG bottling plants. The 10 refineries are located at Guwahati, Barauni, Koyali, Haldia, Mathura, Digboi, Panipat, Chennai, Narimanam, and Bongaigaon. Indian Oil Blending Limited a wholly owned subsidiary was merged with IndianOil on May 2006. IndianOil 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 and Natural Gas. Consequently, ISPRL ceased to be a wholly owned subsidiary on May 2006. Formed another one 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 Middle East, Africa and CIS regions. A joint venture company Indo-Cat Private Limited was incorporated in June 2006. The company is a 50:50 venture between IndianOil and Intercat.Inc of USA for manufacture and marketing of FCC catalysts and additives. In 2007, the corporation received plenty of awards, Oil Industry Safety Directorate Awards, 'Most Admired Retailer of the Year' award, `CIO 100 Award 2007', SAP ACE - Awards for Customer Excellence and the only petroleum company as `The Most Trusted Brand' in ET's Brand Equity's annual survey. The SERVO acquires prestigious MAN Global approvals, Indian Oil's RandD Centre gets special recognition for Bioremediation and also SERVO secures entry into NSF White Book - H1 Category during the period. As of November 2007, IndianOil, India's leading Fortune Global 500 Company has taken a significant step in promoting Bio-Diesel as a green fuel by entering into a Memorandum of Understanding (MoU) with the Government of Chattisgarh. Indian Oil- RandD Centre Awarded the coveted WIPO GOLD MEDAL in 2008, Indian Oil wins Retailer of the Year - Rural Impact Award and Indian Oil's XtraPower wins Loyalty Summit Award in the same year 2008. As on January 2008, IndianOil and Hindustan Unilever Limited (HUL) signed an MoU here today for setting up Kwality Walls Kiosks at select IndianOil petrol stations across the country and also during the same month and year the corporation entered into a Memorandum of Understanding (MoU) with Transparency International India (TII) for implementing an Integrity Pact Programme focused on enhancing transparency in its business transactions, contracts and procurement processes. As of March 2008, a step towards ensuring the energy security and sustained economic growth of the nation, Indian Oil, in its growth-oriented Memorandum of Understanding (MoU) with the Government of India for the year 2008-09, has focused its efforts on ushering in cleaner and sustainable energy resources. Indian Oil's `LNG at Doorstep' facility launched in April 2008 at the Pen unit of Hand R Johnson, the facility, first of its kind in the country, is primarily aimed at catering to the needs of Liquefied Natural Gas (LNG) customers who are not located on the main natural gas pipelines, the project covers Rs 290 millions. IndianOil has ambitious investment plans of Rs. 432500 millions in the next five years. Further new project of the corporation are as Panipat-Jalandhar LPG Pipeline cost of Rs.1867.200 millions, which will be commissioning on August 2008, Project consists of laying a 10" diameter 275 KM long LPG pipeline from Kohand (near Panipat refinery) in Haryana to Jalandhar via Nabha in Punjab. Another one new project namely Koyali -Ratlam Product Pipeline with cost of Rs. 3229.200 millions expected to be commissioning on October 2008. The pipeline will facilitate effective evacuation of products from Koyali refinery and ensure cost-effective and reliable transportation of products to Central India and northwest UP and the project consists of laying 16-inch diameter 274 km long product pipeline from Koyali refinery to Ratlam, where a new terminal is to be constructed on re-sitement basis. The corporation plans to expand its Panipat Refinery from 12 Mmtpa To 15 Mmtpa costing Rs. 806 millions on December 2008 and also in the same period plans to augmentation of Mundra - Panipat Crude Oil Pipeline with project cost of Rs. 2047.400 millions. Apart from the above said, some long term projects are awaiting to begin in future. All are under schemes for improvement and increased profitability through de bottlenecking / modifications / introduction of value added products are being taken up in addition to grassroots facilities. Project systems have been streamlined in line with ISO standards. IOCL, the flagship national oil company in the downstream sector is currently implementing a master plan envisaging by the year 2011-12 in petrochemicals, which covers Rs.300000 millions (US$ 6.8 billion) of investment. Through the world-scale Linear Alkyl Benzene (LAB) plant set up at its Gujarat Refinery, the corporation has already captured a significant market share in India besides exporting the product to Indonesia, Turkey, Thailand, Vietnam, Norway and Oman. IndianOil is also committed to the Global Compact Programme of the United Nations and endeavours to abide by the 10 principles of the programme initiative under CSR.

PROFILE

Subject is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to natural gas and petrochemicals. It is the leading Indian corporate in the Fortune 'Global 500' th listing, ranked at 98 by sales turnover for the year 2011. Subject and its subsidiaries have a dominant share of the petroleum products market, national refining capacity and downstream sector pipelines capacity in India. With over a 34,000-strong workforce, Subject has been helping meet India’s energy demands for over five decades now. At Indian Oil, operations are strategically structured along business verticals - Refineries, Pipelines, Marketing, R and D and Business Development – E and P, Petrochemicals and Natural Gas. Subject controls 10 of India’s 20 refineries with a group refining capacity of 65.7 MMTPA. Its cross-country network of crude oil, product and gas pipelines, spanning 10,899 km with a capacity of 75.2 MMTPA, is the largest in the country. With a throughput of 68.5 million tonnes, it meets the vital energy needs of the consumers in an efficient and environment-friendly manner. IndianOil has a formidable network of customer touch-points dotting the landscape across urban and rural India. With a countrywide network of sales points, backed for supplies by bulk storage terminals and depots, aviation fuel stations and LPGas bottling plants, Subject services every nook and corner of the country, every hour of the day. Indane LPGas is present in almost all markets through a vast network of distributors. A large network of consumer pumps is also in operation for the convenience of bulk consumers, ensuring products and inventory at their doorstep.

Subject has a portfolio of powerful and much-loved energy brands that include Indane LP Gas, SERVO lubricants, Xtra Premium petrol, Xtra Mile diesel, Propel petrochemicals etc. Validating the trust of millions of motorists, Subject has been voted the Most Trusted petrol station brand in the country for the year 2010-11. Indian Oil's ISO-9002 certified Aviation Service commands the largest market share in the aviation fuel business, successfully servicing the demands of domestic and international flag carriers, private airlines and the Indian Defence Services. The Corporation also enjoys a dominant share of the bulk consumer, industrial, agricultural and marine sectors.

With a steady aim of maintaining its position as a market leader and providing best quality products and services, IndianOil is investing over Rs. 470000.000 millions in a host of projects for augmentation of refining and pipeline capacities, expansion of marketing infrastructure and product quality upgradation. Subject has a world-class R and D Centre that is the finest in Asia. It conducts pioneering work in lubricants formulation, refinery processes, pipeline transportation and alternative fuels. The Centre holds 212 active patents, with over 100 international patents.

Some of the in-house technologies and catalysts developed by IndianOil include the INDMAX technology (for maximising LPGas yield), Oilivorous–S bio-remediation technology (extended to marine applications), Diesel Hydro Desulphurisation (DHDS) catalyst, a special Indicat catalyst for Bharat Stage-IV compliant Diesel, IndVi catalyst for improved distillate yield and FCC throughput, and adsorbent based deep desulphurisation process for gasoline and diesel streams.

Having set up subsidiaries in Sri Lanka, Mauritius and the United Arab Emirates (UAE), Subject is simultaneously scouting for new business opportunities in the energy markets of Asia and Africa. Indian Oil's business development initiatives continue to be guided by its corporate vision of becoming a diversified, transnational and integrated energy company. Its business strategy focuses primarily on expansion across the hydrocarbon value chain, both within and outside the country.

To enhance upstream integration, Subject has been pursuing exploration and production activities in collaboration with consortium partners. In Exploration and Production, IndianOil’s domestic portfolio includes 11 oil and gas blocks and 2 Coal Bed Methane blocks while the overseas portfolio consists of 10 blocks spread across Libya, Iran, Gabon, Nigeria, Timor Leste, Yemen and Venezuela.

Over the years, natural gas has emerged as the 'fuel of choice' across the world. Natural gas marketing is another thrust area for IndianOil with special focus on City Gas Distribution (CGD) business. The Corporation has entered into franchise agreements with several CGD players to market Compressed Natural Gas through its retail outlets. Green Gas Limited, Indian Oil's joint venture with GAIL (India) Limited, is already operational in

Agra and Lucknow in the state of Uttar Pradesh and is further expanding to cater to the increased demand in various sectors. IndianOil is setting up a LNG import, storage and re-gassification terminal at Ennore (outskirts of Chennai). This LNG Terminal would be the first of its kind on the East coast of India. Furthermore, in consortium with GSPC, HPCL and BPCL, Subject has won gas pipeline bids for Mallavaram to Bhilwara and Vijaypur via Bhopal, Mehsana to Bhatinda and Bhatinda to Jammu and Srinagar. IndianOiI has forayed into alternative energy options such as wind, solar, bio-fuels and nuclear power. A wind power project is operational in the Kutch district of Gujarat. A solar power initiative is being spearheaded on a pilot basis in Orissa, Karnataka and the Northeast and a pan-India phased roll-out is underway. Subject has one of the largest captive plantations for bio-fuel production, in the States of Chattisgarh and Madhya Pradesh.

Subject has a concerted social responsibility programme to partner communities for health, family welfare, education, environment protection, providing potable water, sanitation, and empowerment of women and other marginalised groups. IndianOil has always been at the forefront in times of national emergencies. Subject People have time and again rallied to help victims of natural calamities, maintaining uninterrupted supply of petroleum products and contributing to relief and rehabilitation measures. Subject has successfully combined its corporate social responsibility agenda with its business offerings, meeting the energy needs of millions of people everyday, across the length and breadth of the country.

CHANGE IN AUTHORISED SHARE CAPITAL

During the year, the Authorized Share Capital of the Corporation was increased from Rs. 25000.000 millions to Rs. 60000.000 millions with the approval of members by a Postal Ballot Process to enable the Corporation to raise finance through the issuance of shares in the future.

OPERATIONAL PERFORMANCE

REFINERIES

During the year, Subject became the number one refiner in the country after the capacity expansion at Panipat Refinery (from 12 to 15 MMTPA), taking the group refining capacity to 65.7 MMTPA.

Indian Oil’s refineries achieved the highest ever crude throughput of 52.96 million tonnes during the year, surpassing the previous best of 51.37 million tones achieved in 2008-09. With an overall capacity utilisation of 102% for the year, TheCorporation has been consistently maintaining a capacity utilisation of over 100%. This has come in the wake of planned revamp shutdowns for implementation of quality upgradation project in all the refineries. The optimal operation of secondary units at all refineries, as well as minimizing downtime, has enabled refineries in achieving the highest combined distillate yield of 75.4 wt%.

PIPELINES

Indian Oil’s pipelines, the largest of its kind in Asia, registered an excellent performance during the year, recording a quantum leap in its operations with the highest ever throughput of 68.52 million tonnes of crude oil and petroleum products as against 65.00 million tonnes in the previous year. With the commissioning of new pipelines, the total network of product, crude and gas pipelines increased to 10,899 km during the year.

MARKETING

They continue to leverage their distribution infrastructure to ensure that their leadership is maintained. During the year, Indian Oil sold over 64.1 million tones of petroleum products, which is an increase of 2.2 million tonnes over the previous year, registering a 4% growth. IndianOil completed the switchover to BS-III and IV compliant transportation fuels across the country well before the deadline of 1^st Oct. 2010. The Corporation commissioned 900 new retail outlets, including 575 Kisan Seva Kendra (KSK) outlets during the year, taking the total tally to 19,463 Retail Outlets.

During the year, the Corporation enrolled about 4.680 millions new Indane LPG customers and commissioned 245 new Indane distributors taking their total to 618.3 lakh and 5,311 respectively. The LPG Bottling capacity was enhanced to 5,518 TMTPA with capacity addition of 326 TMT during the year. In order to provide LPG to rural India, The Corporation commissioned 145 distributors under the Rajiv Gandhi Gramin LPG Vitaran Yojana under the auspices of Ministry of Petroleum and Natural Gas. As a part of their CSR activity, 10,052 new connections were released to BPL families.

The Corporation achieved 4.2% growth (17 TMT) of finished lubes during the year 2010-11 with a growth of 6.9% in Retail lube and 2.8% in Institutional lube business over the previous year. IndianOil continues to be the market leader in the aviation fuel business with a market share of 61.7% and enjoys leadership in all segments like Domestic airlines, International Airlines and Defence services.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW AND OUTLOOK

THE RETURN OF GROWTH

The year was marked by a significant improvement in the overall global business environment, as growth returned to the advanced economies and accelerated in the emerging economies. India and other emerging economies registered high growth rates and have been the front runners in the recovery, particularly led by Asian emerging economies.

KEY DOWNSIDE RISKS

The weak sovereign balance sheets in the Euro area and a fragile financial system in the advanced economies pose a risk to growth, with widespread repercussions across the world.

The rising crude oil prices and other commodity prices pose a major downside risk and rising inflation is one of the major threats, especially in India and other emerging economies. In fact, in the last few months, with a prominence of these risks, global economic activity has exhibited signs of a slowdown.

GROWTH INFLATION TRADE OFF

In India, the policy dilemmas increased as repeated attempts to rein in inflation failed. The successive rounds of monetary tightening will trade off growth for inflation control which assumed the priority of the monetary authorities. Interest rates continue to harden in the country as the monetary policy tightens. In the last quarter of 2010-11, GDP growth decelerated to 7.8% from 8.3% in the third quarter and from 9.4% in the corresponding quarter of 2009-10. While most agencies are in agreement that a slowdown is imminent, growth is still expected to be above 8% per annum in the next 2-3 years.

INDUSTRY STRUCTURE AND DEVELOPMENTS

REBOUND IN DEMAND

Driven by economic recovery, global energy consumption recorded the strongest growth since 1973. In 2010, world oil consumption rebounded at around 88 million barrels per day exceeding its pre-crisis peak, growing by 3.3% on a year-on-year basis. While the growth was broad-based across OECD and Non-OECD country groups, it was the emerging economies, which led the demand. Oil consumption in the BRIC country group grew by 9.3% in 2010, with China leading the group at 12.5%. The supply side registered higher production, but the market remained tight as the rise in production did not fully match the rise in consumption, resulting in intermittent draw down of inventories and pressure on the prices. Towards the end of 2010-11, the upward movement of crude oil prices steepened as the political turmoil in Middle East & North Africa (MENA) region, accompanied by supply outages from Libya, hit the oil market.

RETURN OF HIGH CRUDE OIL PRICES

In less than two years, oil prices are back to the US$100/bbl range and are again reshaping energy policy and business. With high oil prices, the focus is once again turning to Bio-fuels, Shale gas, Oil sands and other unconventional Oil sources and Renewables.

BUOYANT INDIAN TRANSPORTATION FUEL MARKET

Propelled by the continuing growth of the economy, petroleum products consumption grew by around 2.9 per cent during the year. It was the transportation fuels segment comprising MS, HSD and ATF that led the growth in consumption. The accelerated growth in demand for petrol, despite deregulation of prices during the year, highlights the capacity of the market to absorb higher prices. Industrial fuels witnessed a decline in demand mainly on account of substitution by natural gas. However, Naphtha recorded a robust growth due to naphtha feedstock based Petrochemicals units in the country. LPG recorded significant growth, helped by a policy thrust aimed at LPG penetration in rural areas through the Rajiv Gandhi Gramin LPG Vitaran Yojana (RGGLVY).

DOMESTIC PRICING POLICIES: GRADUAL CHANGE

Price control is still applicable on three major products viz. HSD, SKO (PDS) and LPG(Dom). In this context, with the return of high crude oil prices, underrecoveries for PSU Oil Marketing Companies (OMCs) have continued to soar. However, there is a gradual shift in the Government policy from the present system of indirect subsidies to direct subsidies. The Government is considering direct subsidization of LPG and SKO through cash transfers. Should the policy change materialise, it may bring relief to the PSU OMCs from the financial burden of underrecoveries in the near future.

STRENGTHENING OF INDIA AS A REFINED PRODUCTS EXPORTER

With international oil demand rising during the year, the export market for Indian POL exports expanded further. POL exports from the country grew rapidly and have emerged as the highest foreign exchange earner for the country. The Refining sector in the country has been growing at a fast pace and Indian refineries clocked a capacity utilization of over 100 per cent to meet the rising domestic and export demand. While, quite a few capacity expansions in the refinery sector came on stream during the year, other major expansions are underway. During the year, a landmark achievement was the successful countrywide launch of upgraded BS-IV (13 cities) and BS-III Petrol and Diesel (in rest of the country) in line with the Auto Fuel Policy road map.

RISING DOMESTIC OIL PRODUCTION

The country moved away from the scenario of stagnating domestic oil production. During the year, with new crude oil discoveries, production went up by 11.9 per cent to reach 37.7MMT during the year.

GROWING NATURAL GAS SECTOR

Global natural gas consumption grew at a record 7.4% in 2010 and with shale gas coming on stream, the United States remained the largest producer of gas. This has considerably enhanced prospects for LNG imports for countries like India. Further, looking at the abundance of gas in the US, the conversion of LNG import facilities there into export points is also being seen as a possibility in the future, which would add to the buoyancy of the international gas market. During the year, domestic production of Natural Gas in India rose by 10 % to 52.2 BCM. From the point of view of the long term supply scenario, two positive developments on the energy diplomacy front were India’s signing of Intergovernmental Agreement and Gas Pipeline Framework Agreement for the Turkmenistan- Afghanistan-Pakistan-India (TAPI) pipeline and a MoU between US & India for technical co-operation in Shale gas.

FINANCIAL RESULTS

The quarterly unaudited financial results / audited financial results of the Company are announced within the time limits prescribed by the listing agreement. The results are published in leading newspaper like The Times of India, Maharashtra Times (Marathi Newspaper), etc. and are also hosted on company’s website www.iocl.com. The Company also issues news releases on significant corporate decisions / activities and posts them on its website as well as notifies stock exchange as and when deemed necessary.

CONTINGENT LIABILITIES:

Contingent Liabilities amounting to Rs. 78208.600 millions (2010: Rs. 69658.800 millions) are as under :

i) Rs. 2380.200 millions (2010: Rs. 2880.200 millions) being the demands raised by the Central Excise /Customs authorities.

ii) Rs. 50455.200 millions (2010: Rs. 49835.100 millions) in respect of Sales Tax demands.

iii) Rs. 7367.900 millions (2010: Rs. 6304.100 millions) including Rs.5039.800 millions (2010: Rs.4465.700 millions) on account of Projects for which suits have been filed in the Courts or cases are lying with Arbitrator.

iv) Rs. 11677.500 millions (2010: Rs. 6689.400 millions) in respect of Income Tax demands.

v) Rs. 6327.800 millions (2010: Rs. 3950.000 millions) in respect of other claims.

The Company has not considered those disputed demands/claims as contingent liabilities, the outflow of resources for which would be remote.

FIXES ASSETS

· Land-Freehold

· Land-Leasehold

· Buildings, Roads etc

· Plant and Machinery

· Transport Equipments

· Furniture and Fixtures

· Railway Sidings

· Drainage, Sewage and

· Water Supply System

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE YEAR ENDED 31^ST MARCH, 2012

Rs. In Millions

PARTICULAR	THREE MONTHS ENDED		YEAR ENDED
	UNAUDITED	UNAUDITED	AUDITED
	31.12.2011	31.03.2012	31.03.2012
(a) Net Sales / Income from operations	1152136.400	1277355.000	4328239.800
(b) Other Operating Income	4079.800	7084.600	16845.900
Total Income	1156216.200	1284439.600	4345085.700
Expenditure
Cost of material consumed	498055.300	548422.200	2022831.000
Purchases of stock in trade	451758.200	562105.100	1908244.100
Changes in inventories of finished goods, work in progress and stock in trade	16624.000	(18675.200)	(28521.300)
Employee benefits expenses	11704.600	14645.600	49800.600
Depreciation and amortization expenses	12839.400	10965.500	48677.900
Other expenses	66694.000	30455.300	205506.900
Total	1057675.500	1147918.500	4206539.200
Profit from operations before other income, interest and exceptional Items	98540.700	136521.100	138546.500
Other income	3677.600	18613.900	31980.200
Profit before interest and exceptional Items	102218.300	155135.000	170526.700
Interest	15652.000	15037.500	55905.400
Profit after Interest but before Exceptional Items	86566.300	140097.500	114621.300
Exceptional Items	(61631.900)	(15396.300)	(77078.200)
Profit (+)/Loss(-) from Oridinary Activities before tax	24884.400	124701.200	37543.100
Tax expense
Current tax	0.000	8944.000	8944.000
Mat credit entitlement	0.000	0.000	0.000
Deferred tax	0.000	(10947.100)	(10947.100)
Total (Tax Expenses)	0.000	(2003.100)	(2003.100)
Net Profit (+)/Loss(-) from Ordinary Activities after tax	24884.400	126704.300	39546.200
Minority interest	0.000	0.000	0.000
Net Profit (+) / Loss (-) for the year period	24884.400	126704.300	39546.200
Paid up equity share capital (Face value of Rs.10/- per share)	24279.500	24279.500	24279.500
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--	554487.500
Earnings per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	10.25	52.19	16.29
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	10.25	52.19	16.29
Debt service coverage ratio (DSCR) (No. of times)*	--	--	1.61
Interest service coverage ratio (ISCR) (No. of times)**	--	--	2.34
Physical (In MMT)
Product Sales
Domestic	18.355	18.360	71.370
Export	0.932	1.062	4.291
Refineries Throughput	14.166	14.103	55.621
Pipelines Throughput	18.346	19.788	75.549
Public shareholding
Number of shares	511796772	511796772	511796772
Percentage of shareholding	21.08	21.08	21.08
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	1916155710	1916155710	1916155710
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	78.92	78.92	78.92

INVESTOR COMPLAINTS:

Pending at the beginning of the quarter	Nil
Received during the quarter	485
Disposed off during the quarter	485
Remaining unresolved at the end of the quarter	Nil

NOTE:

* DSCR = (Profit After Tax + Interest + Depreciation) / (Interest + Principal Repayment Long Term)

** ISCR = (Profit Before Tax + Interest + Depreciation) / (Interest)

NOTE:

1. The above results have been reviewed and recommended by the Audit Committee in its meeting held on 27^th May 2012 and approved by the Board of Directors at its meeting held on 28^th May 2012.

2. The audited accounts are subject to review by the Comptroller and Auditor General of India under Section 619 (4) of The Companies Act, 1956.

3. The Board of Directors has recommended dividend of t 5.00 per share.

4. Average Gross Refining Margins for the quarter January-March 2012 was $ 4.25 per bbl (January- March 2011: $ 7.56 per bbl) and for the year April-March 2012 was $3.63 per bbl (April-March 2011: $ 5.72 per bbl).

5. a) In line with the scheme formulated by Petroleum Planning and Analysis Cell (PPAC), the Company has received during the year, discounts of Rs.262394.300 millions (2011: Rs.158793.400 millions) on Crude Oil Products purchased from ONGC/GAIL/Oil and Rs.33798.000 millions (2011: Rs.8243.900 millions) from CPCL, through sale of HSD to IOC, out of their purchase of crude oil from ONGC, towards part of the under recovery suffered on sale of HSD, SKO (PDS) and LPG (Domestic) [2011: under recovery suffered on sale of MS (upto 25th June 2010),HSD, SKO (PDS) and LPG (Domestic)] and the same has been adjusted against the purchase cost. In addition an amount of Rs.3415.000 millions (2011: NIL crow) received from OIL has been accounted as other Operating Revenue.

b) The company has accounted for Budgetary Support of Rs.454858.400 millions towards under-recovery on sale of HSD, SKO (PDS) and LPG (Domestic) for 2011-12 [2010-11: Rs.226048.400 millions towards under recovery on sale of MS (upto 25th June 2010). HSD, SKO (PDS) and LPG (Domestic)] in the Profit and Loss Account as Revenue Grants

c) Consequent to non-revision of retail selling prices in line with international prices, the Company has suffered net under-realization o f Rs.223.700 millions on sale of HSD, SKO (PDS) and LPG (Domestic) during April to March 2012 [April-March 2011: Rs.38031.800 millions on sale of MS (April to 25th June 2010), HSD. SKO (PDS) and LPG (Domestic)].

6. (Other Expenditure for the year includes foreign exchange loss of Rs.27689.200 millions (2011: Foreign exchange gain of Rs.6956.000 millions was included in 'Other income').

7. a) Pursuant to orders pronounced by the Honorable Supreme Court I various High Courts in the matter of Entry Tax on Crude Oil, HSD and Lubricants and as advised, the Company has not provided for Entry Tax amounting to Rs.8948.900 millions in respect of Panipat Refinery, Mundra-Panipat and Salaya Mathura Pipelines and Asaouti Lube Blending Plant (2011: Rs.51064.300 millions in respect of Mathura and Panipat Refineries, Mundra-Panipat and Salaya Mathura Pipelines and Asaouti Lube Blending Plant) including Rs. 2071.700 millions for the year in respect of Panipat Refinery, Mundra-Panipat and Saiaya Mathura Pipelines and Asaouti Lube 8lending Plant (2011: Rs.13632.400 millions in respect of Mathura and Panipat Refineries, Mundra-Panipat and Salaya Mathura Pipelines and Asaouti Lube Blending Plant).

b) Consequent to the recent order pronounced by Hon'ble High Court of Allahabad in December, 2011, upholding the Constitutional Validity of retrospective application of Entry Tax Law in the State of UP, the Company had filed a Special Leave Petition before Hon'ble Supreme Court of India. Although the Apex Court has granted the stay order, the Company has been directed by the Court to deposit 50% of arrears towards the Entry Tax prospectively vide its order of January, 2012 in respect of crude imported in the State of UP. Accordingly, pending final disposal of the matter, an amount of Rs.81565.600 millions (including interest of Rs.21650.200 millions) has been provided in the books during 2011-12. Out of this, an amount of Rs.77078.200 millions comprising of entry Tax and interest thereon upto December, 2011 has been shown as Exceptional Item.

8. Figures for the previous periods have been regrouped wherever necessary.

STATEMENT ASSETS AND LIABILITIES

Particular	As on 31.03.2012 [Rs. in Millions]
EQUITY AND LIABILITIES
SHAREHOLDERS FUND
Share capital	24279.500
Reserves and surplus	554487.500
Total	578767.000
NON-CURRENT LIABILITIES
Long-term borrowings	168267.600
Deferred tax liabilities (Net)	52418.800
Other long-term liabilities	3328.100
Long-term provisions	2581.800
Total	226596.300
CURRENT LIABILITIES
Short-term borrowings	534971.700
Trade payables	332354.500
Other current liabilities	277004.400
Short-term provisions	148903.600
Total	1293234.200
TOTAL CURRENT LIABILITIES	2098597.500
ASSETS
NON-CURRENT ASSETS
Fixed assets	735541.100
Non-current investment	49180.100
Long-term loans and advances	96438.000
Other non-current assets	170.100
Total	881329.300
CURRENT ASSETS
Current investment	137604.500
Inventories	568292.000
Trade receivables	155028.700
Cash and cash equivalents	3070.100
Short-term loans and advances	332699.500
Other current assets	20573.500
Total	1217268.300
TOTAL CURRENT ASSETS	2098597.500

SEGMENT WISE RESULTS

Rs. In Millions

PARTICULAR	THREE MONTHS ENDED		YEAR ENDED
	UNAUDITED	UNAUDITED	AUDITED
	31.12.2011	31.03.2012	31.03.2012
SEGMENT REVENUE
Sale of Petroleum Products	1055750.200	1146781.800	3904722.900
Sale of Petrochemicals	27117.000	36728.700	112228.100
Other Business Activities	102542.300	135716.900	439863.700
Total	1185409.500	1319227.400	4456814.700
Less: Inter-segment revenue	29193.300	34787.800	111729.000
Total Revenue	1156216.200	1284439.600	4345085.700
SEGMENT RESULTS
Profit before tax, interest income, interest expenses, dividend and exceptional item form each segment
Sale of Petroleum Products	121939.800	114029.400	169180.500
Sale of Petrochemicals	(847.300)	1677.500	(2099.400)
Other Business Activities	650.200	167.300	758.600
Total	121742.700	115874.200	167839.700
Interest Expenditure	15652.000	15037.500	55905.400
Other un-allocable expenditure (net of un-allocable income)	19524.400	(39260.800)	(2687.000)
Exceptional Items	(61681.900)	(15396.300)	(77078.200)
PROFIT BEFORE TAX	24884.400	124701.200	37543.100
CAPITAL EMPLOYED
(SEGMENT ASSETS - SEGMENT LIABILITIES)
Sale of Petroleum Products	927287.100	1001708.400	1001708.400
Sale of Petrochemicals	169865.400	172735.300	172735.300
Other Business Activities	15045.600	26674.600	26674.600
Unallocable-Corporate	(646041.700)	(622351.300)	(622351.300)
Total	466156.400	578767.000	578767.000

NOTE:

1. Segment revenue comprises net sale / income from operation (net of excise duty) and other operating income.

2. Other business segment of the corporation comprises, sale of imported Crude Oil, Sale of Gas, Oil and Gas Exploration Activities, Explosives and Cryogenic Business.

3. Figures for the previous period have been re-arranged wherever necessary.

WEBSITE DETAILS

BUSINESS DESCRIPTION

Subject (IndianOil) is an oil company. The Company’s operations include refineries, pipelines and marketing. Its portfolio of brands includes Indane LPGas, SERVO lubricants, XTRAPREMIUM petrol and XTRAMILE diesel and Propel Petrochemicals. In exploration and production, Indian Oil domestic portfolio includes 11 oil and gas blocks and two coal bed methane blocks while the overseas portfolio consists of 10 blocks spread across Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela. The Digboi Refinery of Assam Oil Division (AOD) processed 0.65 million tons during the fiscal year ended March 31, 2011 (fiscal 2011). Indian Oil refineries produced 52.96 million metric tons of crude during fiscal 2011. During fiscal 2011, the Company marketing division sold 72.92 million metric tons of petroleum products. For the fiscal year ended 31 March 2011, Subject revenues increased 22% to RS3.136T. Net income decreased 27% to RS78.31B. Revenues reflect an increase in income from sale of petroleum products and higher income from other business activities segment. Net income was offset by higher consumption of raw materials, increased interest expense and a rise in depreciation expense

R. S. Butola - Executive Chairman of the Board – Chairman

Shri. R.S. Butola serves as the Executive Chairman of the Board of Indian Oil Corporation He is an MBA from the Faculty of Management Studies, Delhi and is a Certified Associate of the Indian Institute of Bankers (CAIIB). Before joining IndianOil, Shri Butola was the Managing Director of ONGC Videsh Limited (OVL). In a career spanning about three decades out of which two decades was in the hydrocarbon industry, Shri Butola has shouldered various responsibilities prominent among which is the appraisal and evaluation of the Mumbai High Redevelopment Scheme. Under his stewardship, OVL built a formidable E and P portfolio comprising both discovered and producing assets in over 15 countries

Gautam Barua - Part-time Non-Executive Independent Director - Director/Board Member

Prof. Gautam Barua is Part-Time Non-Executive Independent Director of Indian Oil Corporation Limited. He is a B.Tech and M.Tech from IIT Bombay and has a Ph.D. from the University of California, Santa Barbara, U.S.A. He is currently Director of lIT, Guwahati and also Heads the Deptt. of Computer Science and Engineering. Before joining lIT Guwahati in 1995, he was a faculty Member of the CSE Department of lIT Kanpur. He has many publications to his credit. His other Directorships include North Eastern Electric Power Corporation Limited (NEEPCO), Dredging Corporation of India Limited and Assam Hospitals Limited.

Michael Bastian - Part-time Non-Executive Independent Director - Director/Board Member

Shri. Michael Bastian is Part-time Non-Executive Independent Director of Subject He is a Chartered Accountant by profession with over three decades of banking experience in various managerial capacities and culminating as Chairman and Managing Director of Syndicate Bank from 2002 to 2004. Prior positions held include - Executive Director of Vijaya Bank from February 2000 to 2002. He started his career as an officer in Union Bank of India and rose to the level of General Manager in 1995. He has handled various key assignments including international operations, treasury and investment, merchant banking and HR management

Sudhir Bhalla - Whole Time Director, Director - Human Resources - Director/Board Member

Shri. Sudhir Bhalla serves as the Whole Time Director, Director - Human Resources of Indian Oil Corporation He is an Honours Graduate from Delhi University and Law Graduate with specialization in Labour Laws. He also did his post graduation in Social Work. Shri Bhalla has a experience of over three decades in HR function and has handled the entire gamut of activities of HR function in IndianOil. Prior to his elevation as Director (HR), Shri Bhalla was the Executive Director (HR) of the Refineries Division

Sudhir Bhargava - Part-time Non-Executive Director - Govt. Nominee - Director/Board Member

Shri. Sudhir Bhargava is a Part-time Non-Executive Director - Govt. Nominee of Subject He is Additional Secretary, MoP and NG, is a Post-Graduate in International Economics, Finance and Physics and an IAS Officer of Rajasthan cadre. Before joining Petroleum Ministry as Additional Secretary, he was Jt. Secretary in the Ministry of Chemicals and Fertilizers. Shri Rhargava has handled various key assignments including District Administration, Urban Development, Personnel Management in the Rajasthan State Govt. as well as in the Ministries of Finance, Textiles, Chemicals and Fertilizers in the Central Govt. He holds the directorship on Oil and Natural Gas Corporation Limited and GAIL (India) Limited

P. K. Goyal - Finance Director, Whole Time Director - Director/Board Member

Shri P. K. Goyal serves as the Finance Director, Whole Time Director of Indian Oil Corp Limited He is a Chartered Accountant. In a career spanning over three decades in IndianOil, he has handled the entire gamut of activities in the Finance function which includes treasury operations, policy formulation, statutory compliances, project appraisal, raising finances through International Financial Institutions etc. Prior to his elevation as Director (F), Shri Goyal was Executive Director (Finance) of the Refineries Division and also handled the International Trade and Optimisation functions of the Company

Makarand Nene - Director - Marketing, Director - Director/Board Member

Shri. Makarand Nene has been appointed as Director - Marketing, Director of Indian Oil Corporation Limited, with effect from October 05, 2011. Prior to his appointment as Director (Marketing), Mr. Nene was Executive Director (Supplies) at IOC"s Marketing headquarters in Mumbai. A mechanical engineer, Mr. Nene has over 33 years experience in the downstream petroleum business. Joining IOC in 1978, he held several key portfolios and handled varied assignments in core business functions such as LPG, Supply and Distribution (S and D), Operations, Shipping, Commercial etc. He was also responsible for supplies of all petroleum products to the neighbouring state of Nepal. As head of Operations and S and D, Mr. Nene piloted the introduction of Euro-III and Euro-IV green fuels through IOC"s countrywide marketing network, which despite complex logistics was executed ahead of schedule. He was also instrumental in rationalizing the Corporation"s supply and distribution zones, paving the way for IOC to emerge as the least-cost supplier in the industry. Mr. Nene has presented several papers in both domestic and international forums on diverse topics related to downstream business and management

Anees Yusuf Noorani - Part-time Non-Executive Independent Director - Director/Board Member

Shri. Anees Noorani is Part-time Non-Executive Independent Director of Subject He is a Commerce Graduate and has completed the Advanced Business Programme from Harvard Business School, Boston, U.S.A. He joined the House of ZODIAC in 1969 and after developing its export business and scaling up its overall operations became Managing Director of the organisation in 1980. Currently, he is responsible for overseeing the management of the organisation, Corporate Affairs and Finance functions. His other Directorships are Zodiac Clothing Company Limited, Multiplex Collapsible Tubes Limited

Indira J. Parikh - Part-Time Non-Executive Independent Director - Director/Board Member

Prof. Dr. Indira J. Parikh is Part-time Non-Executive Independent Director of Subject She is a Post Graduate from University of Rochester, USA and Ph.D from Gujarat University. She has over 30 years of academic experience in Organisational Behaviour and Management, in IIM Ahmedabad. She is also a visiting Professor in various Management Institutes in India and abroad. She has been consultant to various Corporates on management programmes and has handled international assignments. She is also credited with publication of management books, papers, articles etc. Presently, she is the President of Foundation for Liberal and Management Education in Pune.

Nirmal Kumar Poddar - Part-time Non-Executive Independent Director - Director/Board Member

Shri. Nirmal Kumar Poddar is Part-time Non-Executive Independent Director of Subject He is a Fellow Member of The Institute of Chartered Accountants. He is also a Law Graduate from the University of Calcutta. He is currently a Senior Advocate practicing in Kolkata and specializes in Direct Taxes, Corporate Laws and Foreign Exchange Regulations.

Sudhakar Rao - Independent Director - Director/Board Member

Dr. Sudhakar Rao serves as the Independent Director of Indian Oil Corp Limited He is an M.A. (Economics) from Delhi University and has done Masters of Public Administration from Kennedy and has also attended School of Government, Harvard University, U.S.A. He is a member of Indian Administrative Services (IAS – 1973). As a former Chief Secretary to the Govt. of Karnataka, Dr. Rao was responsible for all administrative, personnel, law & order and development matters. He was also a member of Public Enterprises Selection Board (PESB), Govt. of India, a body entrusted with the selection of Board level posts in PSUs.

Indu Shahani - Part-time Non-Executive Independent Director - Director/Board Member

Dr. Indu Shahani is Part-time Non-Executive Independent Director of Subject She has a Ph.D. in Commerce. She is the Principal of the reputed H.R.College of Commerce and Economics in South Mumbai since 2000. She is also currently the Sheriff of Mumbai. She has a teaching experience of 31 years. Her other Directorships include Bajaj Electricals Limited and Eureka Forbes Limited

P K Sinha - Petroleum and Natural Gas - Company Secretary

Shri. Pradeep Kumar Sinha is Part-Time Non-Executive Director of Subject He is a post graduate from Delhi School (University of Delhi) of Economics and an lAS officer of U.P. cadre. Shri. Sinha also holds M.Phil in Social Sciences and a 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. Shri Sinha has also served in the Ministry of Power, Department of Youth Affairs and Sports in the Central Government before joining the Ministry of Petroleum and Natural Gas. His other Directorships are Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited

P. K. Goyal - Finance Director, Whole Time Director - Finance Executive

Shri P. K. Goyal serves as the Finance Director, Whole Time Director of Subject He is a Chartered Accountant. In a career spanning over three decades in IndianOil, he has handled the entire gamut of activities in the Finance function which includes treasury operations, policy formulation, statutory compliances, project appraisal, raising finances through International Financial Institutions etc. Prior to his elevation as Director (F), Shri Goyal was Executive Director (Finance) of the Refineries Division and also handled the International Trade and Optimisation functions of the Company

Sudhir Bhalla - Whole Time Director, Director - Human Resources - Human Resources Executive

Shri. Sudhir Bhalla serves as the Whole Time Director, Director - Human Resources of Indian Oil Corporation He is an Honours Graduate from Delhi University and Law Graduate with specialization in Labour Laws. He also did his post graduation in Social Work. Shri Bhalla has a experience of over three decades in HR function and has handled the entire gamut of activities of HR function in IndianOil. Prior to his elevation as Director (HR), Shri Bhalla was the Executive Director (HR) of the Refineries Division.

Makarand Nene - Director - Marketing, Director - Marketing Executive

Shri. Makarand Nene has been appointed as Director - Marketing, Director of Indian Oil Corporation Limited, with effect from October 05, 2011. Prior to his appointment as Director (Marketing), Mr. Nene was Executive Director (Supplies) at IOC"s Marketing headquarters in Mumbai. A mechanical engineer, Mr. Nene has over 33 years experience in the downstream petroleum business. Joining IOC in 1978, he held several key portfolios and handled varied assignments in core business functions such as LPG, Supply and Distribution (S and D), Operations, Shipping, Commercial etc. He was also responsible for supplies of all petroleum products to the neighbouring state of Nepal. As head of Operations and S&D, Mr. Nene piloted the introduction of Euro-III and Euro-IV green fuels through IOC"s countrywide marketing network, which despite complex logistics was executed ahead of schedule. He was also instrumental in rationalizing the Corporation"s supply and distribution zones, paving the way for IOC to emerge as the least-cost supplier in the industry. Mr. Nene has presented several papers in both domestic and international forums on diverse topics related to downstream business and management.

A.M.K Sinha - Director - Planning and Business Development - Business Development Executive

Shri. Ashok M.K. Sinha serves as the Whole Time Director, Director - Planning and Business Development of Indian Oil Corp Limited. He is a Mechnical Engineer from the Bihar College of Engineering and has attended the prestigious Advance Management Programme of the Management Development Institute, Gurgaon. He has over three decades of diverse experience in the Oil Industry. Prior to his elevation as Director (P and BD), Shri Sinha was the Executive Director (Corporate Planning and Economic Studies) wherein he was instrumental in formulating the far reaching Perspective Plan 2022 for IndianOil. Earlier as Executive Director (Retail Sales), Shri Sinha drove the branding efforts of IndianOil and was at the forefront of the changing face of petroleum retailing

Gujarat State Petronet Limited's Consortium With Subject And Others Recieves Letter of Authorization From Petroleum and Natural Gas Regulatory Board - Jul 08, 2011

Gujarat State Petronet Limited (GSPL) announced that GSPL led consortium has been awarded the Letters of Authorisation dated July 07, 2011 by Petroleum and Natural Gas Regulatory Board for developing three Cross Country Natural Gas Transmission Pipelines, namely: Mallavaram - Bhilwara (1585 Kms) pipeline, Mehsana - Bhatinda (1670 Kms) pipeline and Bhatinda-Jammu-Srinagar (740 Kms) pipeline. Earlier GSPL (with 52% stake) in consortium with Subject (26%), BPCL (11%) & HPCL (11%) had participated in the aforesaid three bids where in the bid submitted by the said consortium has emerged as the most favorable bid in all the three Pipeline Projects. The route map of these three Natural Gas Transmission Pipelines cover the states like Andhra Pradesh, Madhya Pradesh, Maharashtra, Haryana, Punjab, Rajasthan and Jammu on its network for transmission of gas to various districts and area of these states of India. The total Investment in the Project shall he approx INR125000.000 millions (INR125 billion). The said three projects shall be required to be completed within a period of 36 months from the date of award of the letter of authorization to GSPL led Consortium

Gujarat State Petronet Limited's Consortium With Subject And Others Wins Three Pipeline Projects-DJ - Jan 18, 2011

Dow Jones reported that a consortium of four state run companies led by Gujarat State Petronet Limited (GSPL) has received contracts for the construction of three major pipeline projects in the country. The consortium has received contracts for the 1,530 kilometer pipeline from Mallavaram in the southern state of Andhra Pradesh to Bhilwara in the northern state of Rajasthan. The Mallavaram-Bhilwara pipeline will have an initial capacity of 53 million metric standard cubic meters of gas a day. GSPL has also received contracts for the 1,650 km Mehsana-Bhatinda pipeline from western to northern India and the 750 km pipeline to Jammu and Kashmir from Bhatinda. The Mehsana-Bhatinda pipeline will have an initial capacity to transport 42 MMSCMD of gas, the publication said, while the Jammu-Bhatinda pipeline will have capacity for 15 MMSCMD of gas. GSPL, which is focused on setting up gas infrastructure within the western Gujarat state, has a 52% interest in the consortium, while Subject has 26%, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited each have an 11% share in the consortium.

PRESS RELEASE

HSD AND MS PRICES

NEW DELHI, JULY 25, 2012

The Government of India vide its notification No.P-20029/18/2001-PP dated 16th January , 2003, notified "The Irrecoverable Taxes Compensation Scheme", 2002 to compensate the oil companies for irrecoverable state taxes to facilitate smooth transition from the administered pricing regime to the market determined pricing scheme.

The scheme provided for compensation to Oil marketing and Refining companies in respect of irrecoverable state taxes levied by the States/ local authorities such as Entry Tax on Crude, Surcharge on sales tax, CST/Purchase tax on inter company sales of petroleum products and any other irrecoverable taxes. The compensation was set off with the amount being collected by OMCs through the consumer selling price under the head 'State Surcharge' for the period 2002-03. The 'state surcharge' element in the price build up ensured that the incidence of any irrecoverable tax of the particular state was recovered from the respective state. The rate of 'State Surcharge' has remained unchanged since then.

Over the last several years, oil companies have been suffering increasing level of under-recoveries on account of irrecoverable taxes because of following reasons :

a) New irrecoverable levies by State Governments

b) Changes in State tax structures etc

c) Steep increase in the prices of crude oil and petroleum products in the international markets and consequential increase on the taxes

d) Increase in Retail Selling Prices of the petroleum Products and consequential increase of the taxes

As a result of the above mentioned factors, the irrecoverable taxes have undergone reduction in some states and increase in others. Thus, there was a need to review the said scheme to make the levy rational on a state-to-state basis to reflect reduction in prices in states where the irrecoverable taxes have undergone decrease and effect increase in prices in states where the said taxes have been increased as well as to reduce the burden of the OMCs on account of irrecoverable taxes. Accordingly it has been decided to implement the revised structure of 'state specific cost (SSC)' to cover the irrecoverable taxes w.e.f midnight of 24/25 July, 2012.

As a result of the said revision, HSD prices shall stand reduced in 11 states. SKO(PDS) prices shall stand reduced in 9 states, LPG(Dom) prices shall stand reduced in 12 states and MS Prices shall stand reduced in 11 States. Similarly, HSD Prices shall stand increased in 7 states, SKO(PDS) prices shall stand increased in 8 States, LPG(Dom) prices shall stand increased in 6 States and MS Prices shall stand increased in 7 States.

The Impact of the revision (excluding state levies) in some of the states is given in the table below :

Price Decrease:

State	HSD	SKO(PDS)	LPG (Dom)	MS
	Rs./litre	Rs./litre	Rs./Cyl	Rs/ litre
Karnataka	0.62	-	-	1.06
Goa	0.40	-	-	0.82
Gujarat	0.40	0.16	10.18	0.81
Jharkhand	-	0.14	-	0.55
Tamil Nadu	-	-	7.01	0.76
West Bengal	-	0.06	3.86	-
Odisha	0.32	0.07	4.15	0.52

Price Increase:

State	HSD	SKO(PDS)	LPG (Dom)	MS
	Rs./litre	Rs./litre	Rs./Cyl	Rs/ litre
Assam	1.95	0.80	19.43	2.13
Bihar	1.45	0.75	9.16	0.80
West Bengal	0.78	-	-	2.02
Maharashtra	0.72	0.32	8.72	0.72

The said scheme shall be reviewed on quarterly basis by the industry and required changes will be made in the State Specific Cost.

STATE SPECIFIC COST (SSC)

NEW DELHI, JULY 25, 2012

Further to the press release issued on 24.7.12 informing about the revision, w.e.f. 24-25 Jul 2012, in the rates of 'State Specific Cost (SSC)' to cover the irrecoverable levies imposed by States on petroleum products, the full list of state-wise impact of revision in SSC excluding State levies is given in the tables below :

Price Decrease:

Impact on State Specific Cost (SSC)
State/UT	HSD	SKO(PDS)	LPG (Dom)	MS
	Rs./litre	Rs./litre	Rs./Cyl	Rs/ litre
Karnataka	(1.06)	(0.62)		(6.55)
Goa	(0.82)	(0.40)	(0.08)	(5.17)
Gujarat	(0.81)	(0.40)	(0.16)	(10.18)
Tamil Nadu	(0.76)	(0.10)		(7.01)
Jharkhand	(0.55)	(0.24)	(0.14)	(3.66)
Odisha	(0.52)	(0.32)	(0.07)	(4.15)
Andhra Pradesh	(0.30)	(0.14)	(0.03)	(1.78)
Madhya Pradesh	(0.16)	(0.06)	(0.01)	(0.85)
West Bengal			(0.06)	(3.86)
Tripura	0.10)	(0.06)	(0.01)	(0.81)
Punjab	(0.03)	(0.02)	(0.00)	(0.26)
NCT of Delhi	(0.00)	(0.00)	-	(0.03)

Price Increase:

Impact on State surcharge
State/UT	HSD	SKO(PDS)	LPG (Dom)	MS
	Rs./litre	Rs./litre	Rs./Cyl	Rs/ litre
Assam	2.13	1.95	0.80	19.43
West Bengal	2.02	0.78
Tamil Nadu			0.85
Bihar	0.80	1.45	0.75	9.16
Karnataka			0.64
Maharashtra	0.72	0.72	0.33	8.72
Uttar Pradesh	0.56	0.55	0.37	6.01
Haryana	0.05	0.04	0.06	0.78
Rajasthan	0.00	0.02	-	-
Kerala	-	-	0.69	1.14

Consequent to the said revision, the RSPs of main products, namely MS, HSD, SKO and LPG, before and after effecting the revision for the four metro cities are given below:

Product		N.DELHI	CALCUTTA	MUMBAI	CHENNAI
MS (Rs/litre)	REVISED RSP	68.48	76.13	75.14	72.19
	CURRENT RSP	68.48	73.61	74.23	73.16
	DIFFERENCE	0.00	2.52	0.91	(0.97)
HSD (Rs/litre)	REVISED RSP	41.29	44.66	46.17	43.83
	CURRENT RSP	41.29	43.74	45.28	43.95
	DIFFERENCE	0.00	0.92	0.89	(0.12)
SKO PDS (Rs/litre)	REVISED RSP	14.83	14.78	14.73	12.34
	PREVIOUS RSP	14.83	14.84	14.38	11.46
	DIFFERENCE	0.00	(0.06)	0.35	0.88
LPG Dom (Rs/cylinder)	REVISED RSP	399.00	401.00	423.00	386.50
	PREVIOUS RSP	399.00	405.00	414.00	393.50
	DIFFERENCE	0.00	(4.00)	9.00	(7.00)

Henceforth, any future change in the amount of SSC resulting from the incidence of State/ Municipal levy/ tax etc shall be given effect immediately within the respective State/ Municipal Area. Also, the SSC collections and incidence of irrecoverable taxes shall be reviewed on quarterly basis by the industry and required changes will accordingly be made in the State Specific Cost.

MS PRICES

NEW DELHI, JULY 23, 2012

MS prices have been decontrolled by the Govt of India w.e.f 25.06.10 and since then the Oil Marketing Companies (OMCs) are free to fix the selling price of petrol. It has been decided by Indian Oil Corporation to increase MS prices by Rs. 0.70/litre (excluding state levies) w.e.f midnight of 23-24 July, 2012.

The said revision has been necessitated due to increasing international oil prices and movement in INR-USD exchange rate. The average price of Indian basket of crude for the relevant pricing period considered is $101.28/bbl while International MS price is $111.59/bbl. The Rupee-USD exchange rate is around Rs. 55.36/USD. At these levels, IOC is incurring losses of about Rs. 1.41/litre on MS sales in the domestic market. However, as the price movement is quite volatile, it has been decided that an increase of Rs. 0.70/litre (excluding state levies) may be effected at this juncture and the situation watched for some time depending upon which a further view will be taken at an appropriate time.

During current fiscal, the Corporation has already accumulated losses of Rs. 1053 crore (Industry: Rs. 2323 crore) on MS sales during the first two months due to high international oil prices, deterioration in USD-INR exchange rate and inability of OMCs to revise MS selling prices to desired level. In addition, HSD, SKO(PDS) and LPG (Dom) selling prices remain unchanged since June,2011 resulting in current level of under recovery of Rs. 10.01/litre on HSD, Rs. 27.20/litre on SKO(PDS) and Rs. 319/cylinder on LPG(Dom). At these levels, projected under recovery of IOC during 2012-13 for these three products is Rs. 86000 crores (Industry - Rs. 160000 crores). In these circumstances, the Corporation is unable to bear burden of any further losses.

As a consequence of the said revision, increase in selling price shall vary from Rs. 0.70/litre to Rs. 0.91/litre (including State levies) depending upon the State taxes. In the state of Delhi, the price increase will be Rs. 0.70/litre (impact of State tax shall be nil on the increase as per Delhi Govt. VAT exemption order dated 16th June 2012). The price revision in other States will vary depending upon the respective rates of State VAT / Sales Tax.

Existing and Revised selling prices for metros are given below:

		New Delhi	Mumbai	Chennai	Kolkata	Hyderabad	Bengaluru
Proposed RSP	Rs./litre	68.48	74.23	73.16	73.61	75.80	77.30
Current RSP	Rs./litre	67.78	73.35	72.27	72.74	74.89	76.39
Increase	Rs./litre	0.70	0.88	0.89	0.87	0.91	0.91

INDIANOIL TO FLOAT TENDERS FOR RS 43200.000 MILLIONS ENNORE TERMINAL

THE BUSINESS LINE, NEW DELHI, JULY 21, 2012

IndianOil will start work on identifying contractors for the Rs 43200.000 Millions Ennore LNG import terminal from next month.

The company has signed agreements with leading industries in the region to supply the imported Liquefied Natural Gas, according to Mr V. Damodaran, ED, Ennore LNG Project. The terminal coming up 24 km north of Chennai at Ennore Port is to be completed in 2015-16.

Some of the industries that have signed up for LNG include Madras Fertilizers Limited and SPIC, which need the LNG feedstock, over 400 MW of power plants including Tamil Nadu Electricity Board’s Basin Bridge project, and private power generation companies such as Samalpatti Power, Madurai Power and GMR, which are keen on shifting to LNG.

PPN Power hopes to supplement its fuel supply with LNG from the Ennore Terminal. The multinational company Saint-Gobain Glass is also keen on sourcing LNG from the project, he said.

IndianOil is hoping that the Tamil Nadu Government will set up at least 1,000 MW of power generation capacity based on the imported LNG, he said.

The City Gas Distribution projects to provide piped gas to homes will also take off, he said.

The terminal with an initial capacity of 5 million tonnes annually will have provision to double its handling capacity.

The initial capacity is based on the demand estimates of about 6.9 million tonnes in 2016.

Once the project management consultant is finalised next month, the oil company will float the first tender to identify the EPC contractor to set up LNG storage tanks of 2.66 lakh cubic metres storage capacity, the other major packages include the marine facilities, gasification and related facilities and construction of buildings.

The Tamil Nadu Government has granted over 130 acres in the Port area for the project. The Tamil Nadu Industrial Development Corporation is expected to take a five per cent stake in the project.

The joint venture details and the partners in the special purpose vehicle are to be finalised in the next two-three months, he said at a seminar on LNG and LNG-based projects organised by the Chemical Industries Association.

IndianOil hopes to follow the Petronet LNG model in which all the public sector oil and gas companies have a stake.

Meanwhile, IndianOil is concerned about the Petroleum and Natural Gas Regulatory Board cancelling the licence to Reliance Gas Transportation Infrastructure to set up the Chennai-Tuticorin LNG pipeline due to lack of progress.

IndianOil will bid if a new tender is floated as work has to start on the line this year if it is to be in place on time to transport the imported LNG, he said.

CIL TO ACQUIRE 50% OF INDIANOIL'S EXPLOSIVES UNIT TO FORM EQUAL JV

THE ECONOMIC TIMES, NEW DELHI, JULY 16, 2012

Coal India (CIL) will sign a memorandum of understanding with IndianOil to take over 50% in its explosives division, which will be spun off into a different company where CIL and IndianOil will have 50% stake each.

CIL's move comes just after Competition Commission of India (CCI) imposed a penalty of 60 crore on 10 private explosives manufacturers following its complaint that they had formed a cartel. The competition regulator found that Gulf Oil Corporation Limited, Ideal Industrial Explosives Limited, Solar Industries India Limited, Blastec India Private Limited and Indian Explosives Limited, among others, had formed a cartel to supply explosives to Coal India.

"We have decided to take a 50% stake and the MoU to this effect will be signed next week. We intend to infuse funds into the company to bolster its production process," S Narsing Rao, chairman of CIL, told ET.

The financials for stake acquisition will be worked out after the MoU is signed. A consultant will be engaged for valuation of the units, and the amount of money CIL will have to invest for taking a stake in the company. At present, the company procures about 3 lakh tonnes of bulk explosives from these units, which is only about 20-25% of the total requirement.

CIL spends about Rs 15000.000 Millions annually in purchasing explosives and the project is expected to result in significant savings. It will also take care of CIL's essential input supplies in case private players squeeze supplies or are unable to procure ammonium nitrate from the international market to produce these.

8 INDIAN COS IN FORTUNE 500 LIST

THE HINDU, NEW DELHI, JULY 10, 2012

Eight Indian companies have made the cut in the list of the world’s 500 largest companies compiled by Fortune magazine, with Indian Oil and Reliance Industries finding a place in the top 100.

Out of the eight, five are staterun entities. With annual revenue of $86,016 million, IndianOil has cornered the 83rd spot up from 98th place last year.

Mukesh Ambani-led Reliance Industries is the first Indian private firm to made into the top 100 list. With an annual revenue of $76,119 million, RIL., has improved its ranking to 99 from previous year's 134. Besides IndianOil and RIL., the other Indian companies in the list are: Tata Steel, Tata Motors, Bharat Petroleum, Hindustan Petroleum and Oil and Natural Gas Corporation and public sector bank State Bank of India.

The list also features Citi group and Arcelor Mittal, led by people with Indian roots.

Fortune's global list of world's 500 largest companies for 2012 is topped by Royal Dutch Shell ending the retail major Wal-Mart Stores's two-year winning streak.

The energy giant had annual revenues of $484,489 million.

American companies have cornered 132 places in the list, followed by China 73 seats and Japan 68 seats.

INDIANOIL'S FOREIGN CURRENCY LOAN PORTFOLIO BREACHES USD 7 BILLION MARK

NEW DELHI, JULY 04, 2012

Indian Oil Corporation, the largest corporation of India, has built up the foreign currency loan portfolio of USD 7 billion. The portfolio of USD 7 billion consists of funds lent by banks situated in various countries across globe including USA, UK, Norway, Netherlands, Germany, France, Mauritius, South Africa, Middle East, Japan, Taiwan, Singapore, Australia etc.

This portfolio is even more significant under the current scenario when uncertainties are engulfing the global financial system particularly Euro zone, which is passing through unprecedented economic turbulence. Though, foreign currency loans are available at substantially cheaper rates, the availment of any foreign currency loan is preceded by finalization of complex loan agreements and rigorous due diligence by foreign banks. It may be mentioned that due to interest rate differential coupled with scarcity of foreign currency funds, other Indian corporates have been vying hard for more of these funds. However, IndianOil, like ever before, has been able to attract continuous flow of foreign funds due to its strong positioning in the international market.

In spite of uncertainties in global financial markets and tight domestic monetary policy, IOC has been able to garner required funds for its working capital and projects.

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 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.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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		74

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.