MIRA INFORM REPORT

Report Date :

02.07.2012

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.:	11-11388

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

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 31.12.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1916155710	78.92
Sub Total	1916155710	78.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1916155710	78.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	43181578	1.78
Financial Institutions / Banks	1306912	0.05
Insurance Companies	81081411	3.34
Foreign Institutional Investors	16678042	0.69
Sub Total	142247943	5.86
(2) Non-Institutions
Bodies Corporate
Individuals	234651545	9.66
Individual shareholders holding nominal share capital up to Rs. 0.100 million	69166587	2.85
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	2816253	0.12
Any Others (Specify)
Non Resident Indians	1270227	0.05
Trusts	58482895	2.41
Clearing Members	470420	0.02
Foreign Nationals	456	0.00
Custodian	2700000	0.11
Governor of Gujarat	40446	0.00
Sub Total	369548829	15.22
Total Public shareholding (B)	511796772	21.08
Total (A)+(B)	2,427,952,482	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-

Total (A)+(B)+(C)	2,427,952,482	100.00

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
United Bank of 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 millions 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 millions 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 millions 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 millions 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 millions 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 & 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 & 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

(Rs. In Millions)

PARTICULARS	30.06.2011	30.09.2011
	1^st Quarter	2^ndQuarter
Net Sales	1021845.100	891851.300
Total Expenditure	1031463.500	945073.400
PBIDT (Excl OI)	(18618.400)	(53222.100)
Other Income	4042.200	5844.700
Operating Profit	(14576.200)	(47377.400)
Interest	10375.900	14840.000
Exceptional Items	0.000	0.000
PBDT	(24952.100)	(62217.400)
Depreciation	12234.900	12638.100
Profit Before Tax	(37187.000)	(74855.500)
Tax	0.000	0.000
Provisions and Contingencies	0.000	0.000
Profit After Tax	(37187.000)	(74855.500)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustment	0.000	0.000
Net Profit	(37187.000)	(74855.500)

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

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.

DIVIDEND

The Board of Directors of The Corporation is pleased to recommend a dividend of Rs. 9.50 per equity share of Rs. 10/- each on the Paid-up Share Capital as against Rs. 13/- per share in the previous year due to lower profits. So far, The Corporation has paid a cumulative dividend of Rs. 185750.000 millions, excluding a dividend of Rs. 2307 millions payable for the current year, subject to the approval by shareholders.

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.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011 AND SIX MONTHS ENDED 30.09.2011

Rs in millions

Particulars	30.09.2011 Quarter Ended	30.09.2011 Six Month Ended
	UNAUDITED
Operating Income
Gross Turnover	938677.500	1936251.400
Less : Excise Duty	51423.900	127996.100
Net Sales	887253.600	1808255.300

Subsidy from Central / Sale Government	4201.900	8430.200

a) Net Sales / Income from Operations	891455.500	1816685.500
Grant from Government of India	0.000	82008.500
b) Other Operating Income	395.800	6002.400
Total Operating Income
Expenditure
(a) (Increase)/decrease in Stock in Trade	(2769.100)	(26470.100)
(b) Purchase of Products and Crude for resale	403738.200	894380.800
(b) Consumption of Raw Materials	463449.000	976353.500
(c) Employees Cost	11800.100	23450.400
(d) Depreciation	12638.100	24873.000
(e) Other Expenditure	68855.200	108822.300
Total Expenditure	957711.500	2001709.900
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	(65860.200)	(96713.500)
Other Income	5844.700	9886.900
Profit/(Loss) before Interest and Exceptional items	(60015.500)	(86826.600)
Interest	14840.00	25215.900
Net Profit/(Loss) after exceptional item	(74855.500)	(112042.500)
Tax Expenses	0.000	0.000
Net Profit/(Loss) after tax	(74855.500)	(112042.500)
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	24279.500	24279.500

Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--

Earnings Per Share (EPS) Basic (Rs.)/ -Diluted (Rs.)	(30.83)	(46.15)

Promoter and promoter Group Shareholding
Number of Shares	511792772	511792772
Percentage of Shareholding	21.08%	21.08%

Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	--	--
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	--	--
- Percentage of shares(as a % of the total share capital of the company)	--	--
b) Non-encumbered
- Number of Shares	1916155710	1916155710
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100.00	100.00
- Percentage of Share (as a % of the total share capital of the company)	78.92	78.92

Notes:

1. The above results have been reviewed and recommended by the Audit Committee in Its meeting held on 8th November 2011 and approved by the Board of Directors at its meeting held on 9th November 2011.

2 The Financial Results have .been reviewed by the Statutory Auditors as required under clause 41 of the listing agreement.

3 Average Gross Refining Margins for the period April-September 2011 was $ 2.42 per bbi (April. September 2010: $ 4.71 per bbL)

4 a) MOP&NG has approved discount of 11853.23 crore for the period April-September 2011 on crude oil I petroleum products purchased from ONGC/GAIL/OIL/CPCL, towards part of the under recovery suffered by bC on sale of 1150, 51(0 (P05) and LPG (Domestic). (April- September 2010; Rs.58068.000 millions on sale of MS (upto 25th June 2010), 1150, 51(0 (PDS) and LPG (Domestic)

b) The company has accounted for Budgetary Support of 8200.85 crete for the period April-September 2011 (April- September 2010; 7219.95) towards under-recovery on sale of lISO, SKO (PDS) and LPG (Domestic) in the Profit and Loss Account as Revenue Grants, This amount has been accounted for based on the advice from Government of India, pending receipt of compensation.

c) Consequent to non-revision of retail selling prices in line with international prices, the Company has suffered net under- realization of Rs.155092.500 millions on sale of HSD, 51(0 (P06) and LPG (Domestic) for the period April-September 2011 [April- September 2010: Z Rs.43937.400 millions on sale of MS (upto 25th June 2010), HSD, SKO (POS) and IPG (Domestic)].

5 ‘Other Expenditure’ for the period April-September 2011 includes 2309.59 crete towards foreign exchange loss (Rs.12312.400 millions on crude oil liabilities and Rs.10183.500 millions on other Items). [April-September 2010: Foreign exchange gain of Rs.17576.800 millions (Rs.681.900 millions on crude oil liabilities and Rs.1073.900 millions on other items) was included in Other Operating Income].

6 Impact, if any, on account of impairment of assets will be reviewed at the year end.

7 in view of loss for the period April-September 2011 and due to uncertainty in estimation of profit for the year pending clarity on the extent of compensation for the under recoveries suffered on sale of 1150, SKO (P05) & LPG (Domestic), no provision has been made for Current Tax and Deferred Tax for the current period.

8 Company has received 325 complaints from investors during the quarter which were all resolved. No complaint was pending at the beginning or end of the quarter.

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

STATEMENT OF ASSETS AND LIABILITIES

Rs in millions

Particulars	30.09.2011
Shareholder funds
a) Share Capital	24279.500
b) Reserve and Surplus	416995.600

LOAN FUNDS	732957.400
DEFERRED TAX LIABILITIES	63365.900
TOTAL	1237598.400

FIXED ASSETS AND INTENGIBLE ASSETS	748578.700
INVESTMENTS	189449.400

CURRENT ASSETS, LOANS & ADVANCES
Inventories	548642.400
Sundry Debtors	119769.900
Cash & Bank Balances	17520.300
Other Current Assets	11509.600
Loans & Advances	186582.400
	884024.600
Less : CURRENT LIABILITIES & PROVISIONS
Current Liabilities	549397.500
Provisions	35298.900
	584696.400
Net Current Assets	299328.200
MISCELLANEOUS EXPENSES	242.100
TOTAL	1237598.400

SEGMENT WISE RESULTS

Rs in millions

Particulars	30.09.2011 Quarter Ended	30.09.2011 Six Month Ended
	UNAUDITED
1. Segment Revenue
a) Sale of Petroleum Products	791279.900	1702954.100
b) Sale of Petrochemicals	30401.600	47885.700
C) other Business activities	95359.800	201604.500
Sub Total	917041.300	1952444.300
Less: Inter Segments Revenue	25190.000	47747.900
TOTAL REVENUE	891851.300	1904696.400

2. Segment Results
a) Profit Before tax, Interest income, Interest Expense and Dividend from each segments
Sale of Petroleum Products	(65306.000)	(86260.200)
Sale of Petrochemicals	634.500	(3454.500)
other Business activities	(108.900)	53.400
Sub Total of A	(64780.400)	(92768.100)
b) Interest Expenditure	14840.000	25215.900
c) Other un allocable expenditure (net of um allocable income)	(4764.900)	(5941.500)
PROFIT/ (LOSS) BEFORE TAX (A-B-C)	(74855.500)	(112042.500)

3. Capital Employed
(Segment Assets – Segment Liabilities )

A. Sale of Petroleum Products	878157.800	878157.800
B. Sale of Petrochemicals	168498.200	168498.200
C. other Business activities	11329.500	11329.500
D. Unallocable – corporate	(616710.400)	(616710.400)

TOTAL	441275.100	441275.100

Notes:

Segment revenue comprise turnover (net excise duties) subsidy and grants received from central/state government and other operating income
Other business segment of the corporation comprise sale of imported crude oil, sale of gas, oil and gas exploration activities explosives
Figures for the previous periods have been re arranged wherever necessary.

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

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 â€“ 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

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.

AIR INDIA ENTER SEMI-FINAL TROUNCING ARMY XI

PRESS TRUST OF INDIA: 09 NOVEMBER 2011

Kolkata, November 09, 2011 (PTI) -- Defending champions Air India set up a semifinal clash with Indian Oil with a 2-0 win over Army XI in their group B quarterfinal league of the Coal India 116th Beighton Cup Hockey Tournament at SAI artificial turf here today.

Air India struck one in each half through Ajmer Singh (22') and Shivander Singh (67') to emerge group B toppers with seven points.

Punjab National Bank rode on an Arjun Tirkey goal to hold South Central Railway 2-2 and finish second behind Air India with five points.

Punjab National Bank will face ONGC in the semifinal.

Jalwinder Singh put their team ahead in the 3rd minute while South Central Railway brought on the equaliser when Asish Minz converted a penalty corner in the 24th minute.

But Arjun struck in the 69th minute to hold the Railmen that guaranted a last four passage.

Last year's runners-up Indian Oil held ONGC 3-3 that helped them top group A and set up a last four clash against Air India.

Deepak Thakur struck twice (9', 32') but ONGC drew level with Roshan Minz's back-to-back goals in the 57th and 59th minutes respectively.

Bharat took Indian Oil ahead in the 60th minute but ONGC equalised through Diwakar Ram in the 68th minute.

Indian Oil and ONGC finished with seven points each but the former emerged group A toppers by goal difference.

THE SEMIFINAL LINE-UP Air India v Indian Oil; ONGC v Punjab National Bank (both matches on November 10). PTI TAP CR KHS SSC 11081

ONGC BOARD NODS FOR ADB STAKE IN PETRONET

BUREAUCRACY TODAY (INDIA): 08 NOVEMBER 2011

New Delhi, Nov. 8 -- After GAIL, IOC and BPCL, the board of state-owned Oil and Natural Gas Corp (ONGC) has approved acquisition of Asian Development Bank's (ADB) stake in Petronet LNG Limited.

ADB had on August 23 offered to sell its 5.2 per cent stake in Petronet, in which the four state-owned oil and gas companies hold 12.5 per cent stake each, sources privy to the development said.

Gas utility GAIL and refiners Indian Oil Corp (IOC) and Bharat Petroleum have already informed ADB of their decision to exercise their Right of First Purchase/Refusal on the multilateral lending agencies stake.

ONGC board on November 4 approved the share acquisition, the sources said, adding that the four the state-owned firms would need government approval for buying ADB stake.

Gaz de France International (GDFI) holds 10 per cent in PLL and also has first right over ADB stake. In case the French energy giants too decides to exercise its right, ADB's 5.2 per cent stake will split between the five in proportion to their current shareholding.

While Indian state firms would get 1.08 per cent or 8.125 millions shares each, GDFI would be eligible to 0.867 per cent.

Sources said GDFI is unlikely to exercise its rights and if that happens, ADB's 5.2 per cent stake will be split equally among the four promoters.

The price payable to ADB would the lower of either the average of the weekly high and low of the closing price of PLL during six months preceding the date of purchase, or the average of the weekly high and low of the closing price of PLL during the last two weeks preceding the date of purchase.

For 812.500 millions shares, the consideration works out to about Rs 1200.000 millions, sources said adding the promoters, as per the new takeover code, would have to make an open offer for acquiring a further 26 per cent stake from minority shareholders if they buy the shares in one transaction.

A staggered purchase may not trigger the open offer requirement.

Sources said the PLL's constitution states that participation of PSUs would be to the extent of 50 per cent and the joint venture company would not be a government company.

However, legal opinion taken by the promoters states that PLL would not be considered as a government company, following an acquisition of additional equity by the PSUs from ADB.

This is because neither of the conditions specified in Section 617 of the Companies Act would be met in case of PLL. The conditions are at least 50 per cent of the paid up capital of PLL should be held by central government or by one or more state governments; or PLL should be a subsidiary of a government company.

The immediate fallout of the acquisition would be that PLL would come under purview of government agencies like CAG, they said. Published by HT Syndication with permission from Bureaucracy Today.

BACKLOG IN LPG SUPPLIES BOUND TO INCREASE

NEW INDIAN EXPRESS (INDIA): 08 NOVEMBER 2011

THIRUVANANATHAPURAM, Nov. 8 -- LPG supplies in the state are poised to come under further strain for a minimum two weeks in the state, as the three bottling plants of the Indian Oil Corporation are struggling to overcome the loss in production owing to the continuous holidays.

The delay in supplies is bound to be experienced in a worst manner by consumers of the southern districts, where there is already a backlog of 30-40 days for delivery against bookings. Three days in production have already been lost in its plant at Parippally in Kollam district, which is catering to the needs of Kollam and Thiruvananthapuram districts. Around 60 truckloads of cylinders are bottled and despatched from this plant every day.

The Kochi main plant of IOC is credited with a daily despatch of 150 loads and the one at Chelari (Kozhikode) with 45 truckloads. Though Bharat Petroleum Corporation (BPC) has also bottling plants at Kazhakoottam and Kochi, IOC holds the lion's share of production and domestic customer base in the state. "Compared to other states, IOC is facing problems in LPG bottling and despatch from the trade union sector,'' said P N Gjana Sandanam, senior area manager,IOC, Kerala. ''We're augmenting LPG tanker supplies and making all efforts to bring down the backlog,'' he maintained saying that many of the bookings for cylinders are not genuinely demand-based."Most of the bookings from consumers is on the very next day of receiving a full cylinder,'' he pointed out.

While Sundays are usually non-operational in IOC bottling plants, authorities are concerned about the loss of additional work days in one form or the other. The problem is acute ever since transportation contract was awarded to outside , doing away with a system of dealers themselves lifting the stocks in their own vehicles. In the Parippally plant ,for instance, drivers of transporting companies struck work more than once during Onam season.

"It is on flimsy grounds that drivers protested ,like the suspension and entry ban imposed on a drunken driver, and went on strike,'' said an LPG dealer. "It is true that the backlog may increase. They are used to compensating the loss in production by operating even on holidays. But unscheduled blocks like the one on last Saturday leaves the whole system in crisis,''said A Rajendran, General Manager,IOC, Kerala. ''The problem is severe in the Parippally plant. Once the second plant is commissioned at Parippally, which is expected in two months time, the pressure will ease,'' he hoped.

However, a few IOC dealers are skeptical of the version of the corporation higher-ups. ''Even when admitting that the fleet contractors and their staff are creating hurdles for LPG cylinder movement, the fact remains that the IOC is indifferent to address issues as they save around Rs 400 per cylinder in the form of subsidy,if production is held back,'' said M Vishnu (name changed),a dealer. ''They are least bothered about the grassroots level issues while consumers are holding dealers guilty for delayed supplies,'' he charged. ''Political parties are not keen to exempt LPG supplies during hartals, though it is listed as essential supplies.

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.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Report Prepared by :

SDA

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.

MIRA INFORM REPORT

492845.200

364040.800

88696.500

57992.800

12944.200

13151.100

12060.300

11415.000

226665.600

147288.300

833211.800

593888.000

344531.600

197666.800

180967.800

147134.900

67634.600

102715.600

593134.000

447517.300

240077.800

146370.700

2.24

3.02

6.47

0.16

0.63

14.09

Unit