MIRA
INFORM REPORT
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Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
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Name : |
INDIAN OIL CORPORATION LIMITED |
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Registered Office : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
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Country: |
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Financials (as on): |
31.03.2012 |
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Date of Incorporation : |
30.06.1959 |
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Com. Reg. No.: |
11-011388 |
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Capital
Investment / Paid-up Capital : |
Rs.24279.500
millions |
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CIN No.: [Company
Identification No.] |
L23201MH1959GOI011388 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUM105274D DELI00132G DELI04214A |
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PAN No.: [Permanent
Account No.] |
AAACI1681G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business : |
Manufacturing and Selling of Petroleum Products. |
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No. of Employees
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34233 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 2300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be experienced respectable and resourceful businessmen. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
FITCH |
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Rating |
LONG TERM RATING : AAA (NATIONAL) |
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Rating Explanation |
The rating denote the lowest expectation of
default risk. They are assigned only in cases of exceptionally strong capacity
for payment of financial commitments. This capacity is highly unlikely to be
adversely affected by foreseeable events.
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Date |
April, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
LOCATIONS
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Registered Office/ Marketing Division : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
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Tel. No.: |
91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/
26441825/ 30/ 31 |
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Fax No.: |
91–22–26443880/ 26425903/ 26400606 |
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E-Mail : |
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Website : |
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Head Office : |
SCOPE Complex, Core 2, 7, Institutional Area, Tel. 91-11-24361247/24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in
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Corporate Office : |
3079/3, J B Tito Marg, Sadiq Nagar, |
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Tel. No.: |
91-11-26260000 |
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Pipelines Division / Head Office: |
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P.O. Digboi - 786 171, |
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Marketing Division : |
HEAD OFFICE G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051,
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Research And Development Division : |
Sector 13, |
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IBP Division : |
34-A, |
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Overseas Offices : |
Mr. K. R Suresh Kumar, Managing
Director Lanka IOC Limited 20th Floor, Tel: 00 94 1 475720, 00 94 1 475700 Fax: 00 9411 2391490 Email: lankaioc@lankaioc.com
Mr. Shailendra Mital, Managing
Director Indian Oil ( Mer Rouge, Tel: (230) 217 2710 Fax: (230) 217 2712 Email: indianoil@intnet.mu Mr. Rakesh Jain, Managing
Director IOC Middle Indian Oil Corporation Limited Office: LOB 14209, Jebel Ali Free Zone, P. O. Box : 261338, Tel :+971-4-8871397 Fax: +971-4-8871035 Email: imefdxb@eim.ae |
DIRECTORS
As On 31.03.2012
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Name : |
Mr. R.S. Butola |
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Designation : |
Chairman (w.e.f. 28.02.2011) |
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Name : |
Mr. Gyan Chand Daga |
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Designation : |
Director [Marketing] |
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Name : |
Mr. Basavaraj Ningappa Bankapur |
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Designation : |
Director [Refineries] upto 31.08.2011 |
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Name : |
Dr. R.K. Malhotra |
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Designation : |
Director (Research and Development) |
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Name : |
Mr. Sudhir Bhalla |
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Designation : |
Director (Human Research) |
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Name : |
Mr. A.M.K. Sinha |
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Designation : |
Director (Planning and Business and Development) |
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Name : |
Mr. Pradeep Kumar Sinha |
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Designation : |
Government Director (upto 29.02.2012) |
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Name : |
Mrs. Indira Parikh, Prof. (Dr.) |
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Designation : |
Independent Director (upto 29.03.2012) |
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Name : |
Mr. Anees Yusuf Noorani |
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Designation : |
Independent Director |
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Name : |
Dr. Indu Shahani |
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Designation : |
Independent Director |
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Name : |
Mr. Gautam Barua |
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Designation : |
Independent Director |
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Name : |
Mr. Michael John Bastian |
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Designation : |
Independent Director |
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Name : |
Mr. Nirmal Kumar Poddar |
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Designation : |
Independent Director |
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Name : |
Mr. Kiran Kumar Jha |
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Designation : |
Director (Pipelines) |
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Name : |
Mr. P.K. Goyal |
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Designation : |
Director (Finance) |
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Name : |
Mr. Sudhir Bhargava |
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Designation : |
Government Nominee Director |
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Name : |
Mr. Sudhakar Rao |
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Designation : |
Independent Director |
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Name : |
Mr. Rajkumar Ghosh |
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Designation : |
Director (Refineries) w.e.f. 01.09.2011 |
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Name : |
Mr. M. Nene |
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Designation : |
Director (Marketing) w.e.f. 05.10.2011 |
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Name : |
Mr. V. S. Okhde |
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Designation : |
Director (Pipelines) w.e.f. 01.02.2012 |
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Name : |
Prof. (Dr.) V. K. Bhalla |
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Designation : |
Independent Director, w.e.f. 30.01.2012 |
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Name : |
Mrs. Shyamala Gopinath |
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Designation : |
Independent Director, w.e.f. 29.03.2012 |
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Name : |
Mrs. Sushama Nath |
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Designation : |
Independent Director, w.e.f. 29.03.2012 |
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Name : |
Mr. Shyam Saran |
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Designation : |
Independent Director, w.e.f. 29.03.2012 |
KEY EXECUTIVES
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Name : |
Mr. Vipin Kumar |
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Designation : |
Adviser Security |
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Name : |
Mr. S K Singh |
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Designation : |
Chief Vigilance Officer |
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Name : |
Mr. V K Sood |
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Designation : |
Executive Director(Corporate Finance) |
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Name : |
Mr. S K Garg |
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Designation : |
Chief Executive Officer (IndianOil Foundation |
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Name : |
Mr. A K Roy |
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Designation : |
Executive Director (Corporate Planning & Economic Studies), Corporate Office |
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Name : |
Mr. Satish Kumar |
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Designation : |
Executive Director (Human Resources), Corporate Office |
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Name : |
Mr. N K Bansal |
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Designation : |
Executive Director (IndianOil Institute of Petroleum Management) |
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Name : |
Mr. Amitava Chatterjee |
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Designation : |
Executive Director (Corporate Planning & Quality Control), Marketing |
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Name : |
Mr. Ravinder Sareen |
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Designation : |
Executive Director (Aviation), Marketing |
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Name : |
Mr. S Ramasamy |
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Designation : |
Executive Director (Information System), Corporate Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
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Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1916155710 |
78.92 |
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1916155710 |
78.92 |
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Total shareholding of Promoter and Promoter Group (A) |
1916155710 |
78.92 |
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(B) Public Shareholding |
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23874089 |
0.98 |
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10406400 |
0.43 |
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84666988 |
3.49 |
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25316487 |
1.04 |
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144263964 |
5.94 |
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233653628 |
9.62 |
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67854598 |
2.79 |
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3143448 |
0.13 |
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62881134 |
2.59 |
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1045362 |
0.04 |
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58484887 |
2.41 |
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609983 |
0.03 |
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456 |
0.00 |
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2700000 |
0.11 |
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40446 |
0.00 |
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367532808 |
15.14 |
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Total Public shareholding (B) |
511796772 |
21.08 |
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Total (A)+(B) |
2427952482 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
2427952482 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Petroleum Products. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2012)
(Figures in lakh)
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Crude Processing |
MTs |
518.50 |
542.00 |
497.73(Refer D) |
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Lubricating Oil
Note C
Note E |
MTs |
4.69 1.46 |
3.94 1.47 |
3.81 1.03 |
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Wax/Bitumen/Asphalt Lube Oil Drums |
Nos. |
15.00 |
15.00 |
3.96 |
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Oxygen Plant |
CU.M. |
Not
specified |
0.84 |
0.00 |
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Propylene Recovery Unit |
MTs |
0.24 |
0.24 |
0.16 |
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MTBE Unit |
MTs |
0.37 |
0.37 |
0.25 |
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Naptha Cracker plant |
MTs |
14.60 |
14.60 |
9.84 |
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Lab Plant |
MTs |
1.20 |
1.20 |
1.02 |
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PX /PTA Plant |
MTs |
5.53 |
5.53 |
5.55 |
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Cryocontainer and Accessories |
Nos. |
0.13 |
0.17 |
0.13 |
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Site Mixed Slurry Explosives |
MTs |
0.94 |
0.66 |
0.71 |
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. i) Per year
operating in two shifts.
ii) Installed Capacity at Taloja, LBP has been augmented by 9695 MT during the year 2011-12.
F. Capacity
continued to carry impairment loss of Rs. 359.700 millions in respects of PSF
plant at Bonagaigaon Refinery.
GENERAL INFORMATION
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No. of Employees : |
34233 (Approximately) |
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Bankers : |
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Facilities : |
Notes: A. 10,700 Bonds of face value of Rs.1.000 Million each, allotted on 10th September 2008, are redeemable at par on 10th September 2018. The bonds carry a coupon rate of 11.00 % p.a. payable annually on 15th September. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat no. 3/62 Nanik Niwas of Shyam Co-op. 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, and IX holders. B. 14,150 Bonds of face value of Rs.1.000 Million each, allotted on 21st December 2011, are redeemable at par on 21st December 2016 with put/call option after 18 months from the date of allottment. The bonds carry a coupon rate of 9.28 % p.a. annually on 21st June each year. These are secured by way of registered mortgage over the immovable properties of the Company at Gujarat Refinery in the state of Gujarat ranking pari passu with Bond Series VII B holders.
C. 16,000 Bonds of face value of Rs.1.000 Million each, allotted on 11th December 2008, are redeemable at par on 11th December 2016. The bonds carry a coupon rate of 10.70 % p.a. payable annually on 30th June each year. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat no. 3/62 Nanik Niwas of Shyam Co-op. 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 B holders. D. 5,000 Bonds of face value of Rs.1.000 Million each, allotted on 15th September 2005, are redeemable at par on 15th September 2015. The Bonds carry a coupon rate of 7.40% p.a. payable annually on 15th September. These are secured by way of registered mortgage over the immovable properties of the Company at Gujarat Refinery situated at Vadodara in the state of Gujarat ranking pari passu with Bond Series XI holders. E. 20,000 Bonds of face value of Rs. 1.000 Million each, allotted on 24th July 2009, are redeemable at par on 24th July 2012. The bonds carry a coupon rate of 7.00 % p.a. payable annually on 30th June each year. These are secured by way of registered mortgage over the immovable properties of the Company i.e. Flat no. 34, Makani Manor Co-op. Housing Society Limited 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. F. 10,000 Bonds of face value of Rs. 1.000 Million 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 alongwith interest due was paid to the Bondholders on due date. The remaining 7681 bonds are outstanding and will be redeemed on the maturity date i.e. on 10th June 2012. 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-op. Housing Society Limited at Worli, Mumbai together with 5 shares issued by MIG Adarsh Nagar Co-op. 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, VI, VIII B and IX holders. G. 4,300 Bonds of face value of Rs. 1.000 Million each, allotted on 10th September 2008, were redeemable at par on 10th September 2011. The bonds carry a coupon rate of 11.15 % p.a. payable annually on 15th September. These were secured by way of registered mortgage over the immovable properties of the Company i.e. Flat no. 3/62 Nanik Niwas of Shyam Co-op. 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. The principal amount alongwith interest due was paid to the bondholders on 10th September 2011. H. 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, 8th installment (STRPP H) was paid in July 2011. 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-op. Housing Society Limited at Bandra, Mumbai together with 5 shares of Bandra Anita Premises Co-op. 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 B and IX holders. I. Security Details for OIDB Loans: a) First Charge on the facilities of Motor Spirit Quality Improvement Project at Barauni Refinery in Bihar. b) First charge on facilities for improvement of Diesel quality and Distillate yield (Hydrocracker) and expanded capacity for Haldia Refinery (from 6 MMTPA to 7.5 MMTPA) which includes Once through Hydrocracking Unit (OHCU), Hydrogen Unit, Sulphur Recovery Unit, revamped Crude Distillation Unit and related utilities and off-site facilities pertaining to Haldia Refinery in the state of West Bengal. c) Second pari-passu charge on facilities for Naphtha Cracker with associated units viz. hydrogenation, butadiene extraction, benzene extraction, etc and downstream polymer units like swing unit (LLDPE / HDPE), dedicated HDPE unit, Polypropylene unit and MEG unit and units like CDU/VDU, OHCU, DCU, DHDT relating to expansion of Panipat Refinery from 12MMTPA to 15 MMTPA in the state of Haryana. d) 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) 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. |
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Banking Relations : |
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Auditors : |
Statutory
Auditors ·
P.K.F. Sridhar and Santhanam, Mumbai ·
Parakh and Company, Jaipur ·
Dass Gupta and Associates, New Delhi Branch Auditors · S. Lall and Company, Panipat · S. Jaykishan, Kolkata · H D S G and Associates, New Delhi · M. Thomas and Company, Chennai · S. K. Naredi and Company, Kolkata Cost Auditors · Bandyopadhyaya Bhaumik and Company, Kolkata · Mani and Company, Kolkata · Musib and Company, Kolkata · Sanjay Gupta and Associates, New Delhi · A. C. Dutta and Company, Kolkata · Chandra Wadhwa and Company, Delhi · R. J. Goel and Company, New Delhi · R. M. Bansal and Company, Kanpur · Thakur and Company, Kolkata · ABK and Associates, Mumbai · Vivekanandan Unni and Associates, Chennai ·
Subhadra Dutta and Associates, Dibrugarh |
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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 Rubber Limited ·
IndianOil Ruchi Bio Fules LLP ·
Delhi Aviation Fuel facility Private Limited ·
IndianOil Panipat Power Consortium Limited ·
Petronet CI Limited ·
Indo Cat Private Limited |
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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 31.03.2012
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 |
|
|
|
|
|
Note :
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 be shareholers of erstwhile IBP Co. Ltd 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 be shareholers of erstwhile BRPL as per the Scheme of amalgamation.
e) Aggregate 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, out of these 1,21,39,76,241 no. of equity shares of Rs.10 each were issued in November 2009.
Reconciliation of No.
of Equity Shares
|
Opening Balance |
2,42,79,52,482 |
|
Shares Issued |
-- |
|
Shares bought back |
-- |
|
Closing Balance |
2,42,79,52,482 |
Terms/Rights attached
to equity shares
The company has only one class of equity shares having par value of Rs.10 each and is entitled to one vote per share. The dividend proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting
Details of
shareholders holdings more than 5% shares
|
Name of Shareholder |
As at 31st March, 2012 |
|
|
Number of shares held |
Percentage of Holding |
|
|
President of India |
1916155710 |
78.92 |
|
Oil and Natural Gas Corporation Limited |
212906190 |
8.77 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
554487.500 |
529043.700 |
481249.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
578767.000 |
553323.200 |
505529.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
130459.700 |
188561.000 |
182924.500 |
|
|
2] Unsecured Loans |
572779.600 |
314528.600 |
262738.000 |
|
|
TOTAL BORROWING |
703239.300 |
503089.600 |
445662.500 |
|
|
DEFERRED TAX LIABILITIES |
52418.800 |
63365.900 |
47561.100 |
|
|
|
|
|
|
|
|
TOTAL |
1334425.100 |
1119778.700 |
998752.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
601193.300 |
585014.500 |
415810.700 |
|
|
Dismantled Capital Stores |
194.100 |
272.500 |
417.800 |
|
|
Capital work-in-progress |
134153.600 |
89393.000 |
212268.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
186784.600 |
195447.600 |
223702.500 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
|
0.000 |
1.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Other non-current assets |
170.100 |
39.900 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
568292.000
|
492845.200
|
364040.800
|
|
|
Sundry Debtors |
155028.700
|
88636.900
|
57992.800
|
|
|
Cash & Bank Balances |
3070.100
|
12944.200
|
13151.100
|
|
|
Other Current Assets |
20573.500
|
12231.500
|
11415.000
|
|
|
Loans & Advances |
429137.500
|
259971.500
|
147288.300
|
|
Total
Current Assets |
1176101.800
|
866629.300
|
593888.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
332354.500
|
296617.600
|
197666.800
|
|
|
Other Current Liabilities |
280332.500
|
252765.900
|
147134.900
|
|
|
Provisions |
151485.400
|
67634.600
|
102715.600
|
|
Total
Current Liabilities |
764172.400
|
617018.100
|
447517.300
|
|
|
Net Current Assets |
411929.400
|
249611.200
|
146370.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
181.700 |
|
|
|
|
|
|
|
|
TOTAL |
1334425.100 |
1119778.700 |
998752.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4345085.700 |
3280923.000 |
2492927.900 |
|
|
|
Other Income |
31980.200 |
34345.700 |
234190.300 |
|
|
|
TOTAL (A) |
4377065.900 |
3315268.700 |
2727118.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2022831.000 |
1429163.400 |
|
|
|
|
Purchase of Stock-in-Trade [Net of Duty Draw Back Rs.1460.800 Millions (2011: Rs.154.900 Millions)] |
1908244.100 |
1557108.500 |
|
|
|
|
Employee benefit expenses |
49800.600 |
64355.500 |
|
|
|
|
Other Expenses |
208294.800 |
150483.000 |
|
|
|
|
Exceptional Items |
77078.200 |
0.000 |
|
|
|
|
Changes in Inventory |
(28521.300) |
(49729.300) |
|
|
|
|
Income / (Expenses) pertaining to Prior Years (Net) |
(2787.900) |
737.100 |
|
|
|
|
TOTAL (B) |
4234939.500 |
3152118.200 |
2538301.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
142126.400 |
163150.500 |
188597.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55905.400 |
26725.200 |
15264.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86221.000 |
136425.300 |
173333.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48677.900 |
45466.700 |
32271.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
37543.100 |
90958.600 |
141061.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2003.100 |
16503.800 |
38856.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
39546.200 |
74454.800 |
102205.500 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
53050.800 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Insurance reserve utilized |
0.000 |
(140.000) |
(218.000) |
|
|
|
Proposed Dividend |
12140.000 |
23070.000 |
31563.400 |
|
|
|
Corporate dividend tax on proposed
dividend |
1940.000 |
3590.000 |
5088.300 |
|
|
|
Insurance reserve account |
200.000 |
200.000 |
200.000 |
|
|
|
Bond redemption reserve |
6270.000 |
1010.000 |
(2691.000) |
|
|
|
General Reserve |
19000.000 |
46730.000 |
121313.600 |
|
|
BALANCE CARRIED
TO THE B/S |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Crude
Oil, LAB and Petroleum Products |
196358.400 |
167810.700 |
136710.800 |
|
|
|
Income from Royalty |
3.200 |
2.200 |
1.900 |
|
|
|
Income from
Consultancy Services |
45.200 |
29.600 |
77.100 |
|
|
|
Interest |
0.000 |
0.000 |
5.800 |
|
|
|
Commodity Hedging |
1827.000 |
1787.000 |
587.500 |
|
|
|
Others |
53.600 |
46.000 |
51.400 |
|
|
TOTAL EARNINGS |
198287.400 |
169675.500 |
137434.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
2097151.100 |
1459826.400 |
1167672.600 |
|
|
|
Base Oil |
72.600 |
0.000 |
0.000 |
|
|
|
Additives |
1126.500 |
799.200 |
445.000 |
|
|
|
Capital Goods |
12745.200 |
2310.500 |
6884.400 |
|
|
|
Other Raw Materials |
172.800 |
238.700 |
179.000 |
|
|
|
Revenue Stores, Component, Spare and Chemicals |
5517.500 |
4463.400 |
4291.800 |
|
|
TOTAL IMPORTS |
2116785.700 |
1467638.200 |
1179472.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.29 |
30.67 |
42.10 |
|
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
30.09.2012 |
|
Type |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
|
968966.600 |
1060012.100 |
|
Total Expenditure |
|
|
1168387.900 |
944396.300 |
|
PBIDT (Excl OI) |
|
|
(199421.300) |
115615.800 |
|
Other Income |
|
|
6177.800 |
8470.400 |
|
Operating Profit |
|
|
(193243.500) |
124086.200 |
|
Interest |
|
|
18491.000 |
15108.100 |
|
Exceptional Items |
|
|
0.000 |
0.000 |
|
PBDT |
|
|
(211734.500) |
108978.100 |
|
Depreciation |
|
|
12775.000 |
12864.600 |
|
Profit Before Tax |
|
|
(224509.500) |
96113.500 |
|
Tax |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
(224509.500) |
96113.500 |
|
Net Profit |
|
|
(224509.500) |
96113.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.90
|
2.25
|
3.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.86
|
2.77
|
5.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.11
|
6.27
|
13.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.16
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.54
|
2.02
|
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.40
|
1.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CONTRIBUTION TO EXCHEQUER
The Corporation is the largest contributor to the National Exchequer by way of duties and taxes. During the year, Rs.789140.000 Millions was paid to the Exchequer as against Rs.776220.000 Millions in the previous year comprising of Rs.298640.000 Millions paid to the Central Exchequer and Rs.49050.000 Millions paid to the States Exchequer as against Rs.396580.000 Millions and Rs.379640.000 Millions paid in the previous year to Central and State Exchequer respectively.
OPERATIONAL
PERFORMANCE
Refineries
IndianOil's refineries achieved the highest ever crude throughput of 55.62 million tonnes during the year, surpassing the previous best of 52.96 million tonnes achieved in 2010-11. With an overall capacity utilisation of 102.6% for the year, the Corporation has consistently attained a capacity utilisation of over 100% since last five years. The optimum operation of secondary units at all refineries, as well as minimised downtime, has enabled the refineries in achieving the highest combined distillate yield of 77.8 wt%. During the year, high sulphur crude processing was maximised at 49.2% of total crude processed as compared to 45.1% of total crude processed in 2010-11.
IndianOil's pipelines recorded excellent operational performance during the financial year 2011-12, surpassing all previous. The pipelines achieved highest ever throughput of 75.55 million tonnes of crude oil and petroleum products as against 68.51 million tonnes in the previous year. The gas pipelines achieved a throughput of 671 MMSCM in 2011-12
Pipelines
vis-a-vis 344 MMSCM in 2010-11. The total network of product, crude and gas pipelines under operation as on 31st March, 2012 is 10,909 KMs.
Marketing
IndianOil continued to retain its market leadership during the year and achieved domestic sales of 68.10 million tonnes of petroleum products (including 1.30 million tonnes sold by AOD) vis-a-vis 65.31 million tonnes in 2010-11 (including 1.22 million tonnes sold by AOD) registering a growth of 4.3%. The retail outlet network crossed the 20,000 mark with the commissioning of 1,205 retail outlets during the year including 731 Kisan Seva Kendra (KSK) outlets totalling 20,575 retail outlets including 4,225 KSKs. Sales through the KSK network registered a growth of 33% in Petrol and 28% in Diesel during the year.
During the year, the Corporation enrolled 57.55 lakh new Indane LPG customers and commissioned 128 new regular LPG distributorships taking their total to 668.2 lakh customers and 5,412 distributors. The Corporation's focus on reaching out to rural customers gained momentum with the commissioning of 377 RGGLV (Rajiv Gandhi Gramin LPG Vitaran) distributorships during the year. LPG bottling plant capacity too was augmented by 667 TMTPA from 5,511 TMTPA in 2010-11 to 6,178 TMTPA in 2011-12.
The
Corporation sold 435 TMT of finished lubes during the year 2011-12 as compared
to 424 TMT in 2010-11, registering a growth of 2.6% over the previous year. The
growth in lubes market share was 0.5% amongst the Industry. SERVO Lubes reached
20th global destination with its launch in Bahrain in September 2011.
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, defence services and scheduled airlines.
Assam Oil and IBP Divisions
The Assam Oil
Division (AOD) continued to play vital role in ensuring the supply of petroleum
products in Assam. The Digboi refinery processed 0.62 million tonnes of crude
oil during the year and sold about 1.30 million tonnes of products in
comparison to 0.65 million tonnes of crude processed and 1.22 million tonnes of
product sales in 2010-11.
The IBP
Division, which comprises explosives and cryogenic business, earned revenue of
` 215.14 crore during the year registering a growth of 18% over the previous
year.
OVERVIEW AND OUTLOOK
During the year, global economy was hit by the deterioration of the sovereign debt conditions in Europe and the turbulence in the oil market. In particular, it was the European Union (EU) region, which experienced significant weakening of economic activity, with a fall in output in the last quarter of 2011. The emerging economies, which had been leading the recovery, also experienced deceleration in growth. As of now the overall economic environment continues to be fragile.
While India
continues to be among the fastest growing economies, there was a marked
slowdown in its growth momentum. In 2011-12 India's GDP growth rate slowed down
to 6.5 per cent from 8.4 per cent in 2010-11.
For the Indian economy, both external and domestic channels worked adversely. Lower external demand and the slump in capital flows emanating from the weak global financial conditions resulted in the widening of the economy's current account deficit and depreciation of Rupee vis-a-vis the US Dollar. Forex reserves took a more than US$10 bn hit, falling from US$ 305 bn at the beginning of 2011-12 to US$ 294.4 bn at the end of it.
On the domestic front, the persistence of the high inflation rate and the tight monetary stance to curb inflation had a dampening impact on demand, especially the investment demand. Sectorally, it was the industrial sector, especially the manufacturing sector that experienced a slowdown in the growth momentum. The deteriorating fiscal situation during the year due to overshooting of the subsidies leading to a higher deficit than the target fixed by the Government also added to the dampening of investments in the country.
Looking ahead, how effectively India tackles its twin (Current Account and Fiscal) deficit problem will be critical to the macroeconomic stability and growth of the economy.
EXPANDING BUSINESSES
Exploration and
Production
The
Corporation has not only been increasing it's presence in the upstream sector,
but has also been enhancing its capability in E and P field. Presently, the Corporation has participating interest
(PI) in 13 domestic and 9 overseas blocks.
In some of these blocks discoveries have been made and in many others
geological and geophysical (G and G) studies are in progress. Under NELP-IX, the Corporation, in consortium with ONGC Limited, as operator, has been awarded one
Cambay on-land exploration block. In line with the Corporation's endeavour to establish
itself as an upstream operator in its two Cambay on-land blocks with 100%
participating interest, the first ever IndianOil's own EandP data interpretation centre
"ANWESHAN" has been set up.
Gas
During the
year, gas sales registered a significant growth of 27% with sales of 2.90 MMT (includes 1.18 MMT for
internal consumption) as against 2.28 MMT (includes 0.64 MMT for internal consumption) in the previous year.
Ownership of gas receiving
terminal, storage and transportation infrastructure is critical to gas business. Consequently, a major
milestone was achieved by signing of Heads of Agreement with Tamil Nadu Industrial Development Corporation
Limited (TIDCO) for the
formation of a JV for IndianOil's first LNG Terminal at Ennore in Tamil Nadu with 5 MMTPA capacity. The Corporation is also one of the participants in a consortium alongwith
GSPL, BPCL and HPCL to
build three cross-country
gas pipelines through a joint venture for which Joint Venture Agreements have been executed. The gas
pipelines will have initial gross capacity of 96 MMSCMD and will have a combined length of 4,150 KMs.
LNG Sales through 'LNG at
Doorstep' model, pioneered by the Corporation, has recorded
encouraging performance and during the year, the sales volumes increased to 14.6 TMT, registering a
year-on-year growth of 82%. Petrochemicals
India is amongst the fastest
growing petrochemicals markets in the world and the Corporation views Petrochemicals as a
prime driver of future growth. The Corporation has already established world scale mega petrochemicals
plants - LAB, PX/PTA and Naphtha Cracker at its Refineries. During the year,
IndianOil sold 1.473 MMT of petrochemical products in the domestic market, registering
a 62% growth. During the year,
four new grades of polymers were launched and 15 OEM approvals were obtained for Polymer products. IndianOil's
petrochemicals export witnessed
record sales of 76 TMT in 2011-12 against 30 TMT during 2010-11. IndianOil's petrochemical products like LAB,
Polymers and PTA were
exported to various countries. The export of Polymer to Pakistan by road during the year was the first
movement of Polymer export consignment to Pakistan from any Indian supplier. A robust logistics model
and various customer-centric
marketing initiatives have resulted into the Corporation's growing
market presence in the Petrochemicals sector. During the year, a world class Product Application and Development Centre (PADC) became fully
functional. The 120 KTA Styrene
Butadiene Rubber (SBR) plant at Panipat in Joint Venture with TSRC of Taiwan and Marubeni of Japan is in advance stage
of implementation
Consultancy
The
Corporation continues to provide expertise to Emirates National Oil Company (ENOC) under the Manpower
Secondment Agreement (MSA) with ENOC and has also been awarded a consultancy
assignment from Kuwait National
Petroleum Company (KNPC). Through International bidding process, the Corporation bagged order to conduct
training programmes at Kuwait Petroleum
Corporation (KPC), Kuwait on downstream hydrocarbon sector.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Energy Scene
During 2011, global energy consumption grew by 2.5 per cent, decelerating from 5.1 per cent recorded in 2010 on account of weakened economic activity. On the supply side, disruptions in oil supply and high crude oil prices on one hand constrained the market, while high growth in production of natural gas in North America contributed to buoyancy in the energy supplies. Emerging economies continued to account for all of the net growth in energy consumption, while demand in the advanced economies fell for the third time in the last four years. Fossil fuels dominate the global energy mix and within the fossil fuels group it is oil with overall share of 33 per cent in the energy basket that dominates as world's largest energy source. Renewable energy's share in the global energy is small at about 2 per cent, but the sector is expected to continue growing at high rates through the long term.
Oil
Market-International
Prices: The year 2011-12 began with Brent above the US$120/bbl mark. Moderation was witnessed in crude oil prices during the year. However, by January 2012, prices again started rising steeply, resulting in Brent prices above US$ 120/bbl at the end of the year. Consequently, the average price of Brent in 2011-12 remained high at US$115/bbl as compared to US$87/bbl in 2010-11.
Supply-Demand Balance: It was the supply-demand mismatch witnessed during the year that, among other things, manifested in the high crude oil prices. Crude oil production rose marginally to 88.4 mb/d in 2011 from 87.3 mb/d in 2010. While oil demand growth was weak, it rose to 89.1 mb/d in 2011 from 88.3 mb/d in 2010. With growth rate plummeting to 0.9 per cent in 2011 from 3.2 per cent in 2010, production still fell short of demand.
Stocks: The draw down on the stocks including drawdown in government held stocks in countries belonging to the Organization for Economic Cooperation and Development (OECD) last summer, resulted in lowering of OECD stocks at the end of 2011 to an all time low since 2008.
Geo-Politics: During the year, the spread of the 'Arab Spring' -wave of protests against the political establishment in the hydrocarbon rich Middle East and North Africa (MENA) region and the resultant potential and actual supply outages that rocked the oil market increased uncertainties and added pressure on price. Further, the imposition of sanctions on Iran by the US and EU and Iran's retaliatory indications of blocking the Strait of Hormuz increased supply-side fragility.
Oil Market-Domestic
The Indian market witnessed strong demand growth despite weakening economic activity. Deceleration in domestic crude oil production, rising international crude oil prices, depreciating Rupee and continuation of price control on major products to insulate consumers from the full impact of high International crude prices affected the financials of the sector.
Crude Oil Production: Domestic crude production witnessed marginal increase during the year. After growing at 11.9 per cent in 2010-11, crude oil production rose by meagre 1 per cent during 2011-12.
Crude Oil Imports: During the year, India imported around 172 MMT of crude oil representing a rise of 5.2 per cent from the previous year. In value terms, the rise was much more dramatic; India imported crude oil worth US$ 141.1 bn as against the value of US$100.1 bn in 2010-11.
Refineries Throughput: Indian Refineries recorded a throughput growth of 3.7 per cent. During the year, the sector's refining capacity expanded by around 20 MMTPA, making the total installed capacity reach the level of 213.2 MMTPA.
Product Consumption: Petroleum products consumption (inclusive of imports) growth accelerated to 4.9 per cent from 2.3 per cent in the previous year. Transportation fuels were the front runners, with diesel growth outpacing petrol growth thereby breaking the trend of former trailing the latter. Consequent upon deregulation of MS and the rising crude oil prices, price differential between the two major transportation fuels widened significantly. Further, over the years the proportion of diesel passenger cars has increased and this trend is expected to continue, reinforced by the fuel price differentials. In addition, the widening power requirement-availability gap in the country also explains a sizeable chunk of the growth in diesel consumption used for running power gensets.
Product Imports and Exports: During the year, product imports fell to 14.9 MMT from 17.4 MMT in 2010-11, in value terms product imports fell to US$10.2 bn from US$ 12.1bn. Since 2001-02, India has been a net exporter of petroleum products. During the year, India exported 60.5 MMT as compared to 59.1 MMT of refined products with foreign exchange contribution of US$ 58.2 bn.
Financials:
For the downstream oil sector, while the physical production numbers were upbeat, the financials turned adverse.
On the cost side, the Oil Marketing Companies (OMCs) had to bear the double burden of rising international crude oil prices and sharp Rupee depreciation. Overall during 2011-12, Rupee depreciated from X 44.60/ US$ on 31.03.2011 to X 50.88/ US$ on 30.03.2012. Rupee experienced a sharp depreciation against the US Dollar between July-December 2011, while the international crude oil prices were sobering from their July peaks, thereby offset the prospects of easing of cost pressures. Between January-February 2012, the Rupee appreciated while international crude prices firmed up.
Natural Gas Sector
The dynamics of natural gas sector have changed significantly with the wave of shale gas in the US. During 2011, total marketed production of natural gas in the US grew by an estimated 7.9 per cent, registering the largest year-over-year volumetric increase in the history of US gas production. Henry Hub prices fell by 9 per cent from an average US$4.39/million Btu in 2010 to US$4.01/ million Btu in 2011.
In India, however, production from the country's gas bounty- KG Basin fell below the projections. During 2011-12, total natural gas production fell by 8.9 per cent on year-on-year basis, declining to 47.5 bcm from 52.2 bcm in 2010-11.
The improving global gas supply, however allowed the importing countries to access increased supplies of gas. In 2011, India emerged as Asia's third largest LNG buyer, with spot cargoes driving the market. The sector is set to witness sizeable investments in development of LNG import infrastructure. Development of domestic gas pipeline infrastructure both cross-country and city gas distribution is in full vigour in the country.
Key Policy Issues in
Oil and Gas Sector
Direct Cash Transfers: The extant Government policy of subsidization of petroleum products continues to be major area of concern not only from the point of view of sustainability of the sector but also for the macroeconomic stability of the economy. The growing petroleum subsidy bill has contributed to the widening of fiscal deficit. Subsidization not only promotes excessive and inefficient consumption patterns, but also leads to the growing oil import bill of the country. Oil imports account for more than a third of India's total import bill and are a major reason behind the widened current account deficit, with which the country is grappling. Need for reform is paramount and while there is a growing appreciation of this fact concrete actions have yet to take shape. The Aadhaar-Unique Identification (UID) Scheme is being considered by the Government to provide the basic enabling fabric for rationalization of subsidization by moving from indirect subsidies to direct cash transfers to target beneficiaries.
Auto Fuel Policy: The Government through the Auto Fuel Policy of 2003 had laid down the roadmap for implementation of environmentally compliant fuels.
In 2010, 13 cities went on BS IV petrol and diesel and the rest of the country on BS III. The Government plans to introduce BS IV fuels in 50 more cities by 2015. In line with that, during the year, OMCs added 7 more cities to the BS IV group with introduction of BS IV fuels.
Natural Gas Pricing: The natural gas pricing policy is also one of the vexed issues to which an answer is to be found to enable balanced and diversified investments. One of the issues debated was whether price pooling would serve the purpose. However, during the year the Inter Ministerial Committee set up by the Government on Policy for Pooling of Natural Gas Prices and Pool Operating Guidelines did not recommend pooling mechanism for natural gas at the overall level or on sectoral basis. The subject of appropriate natural gas pricing policy, therefore still hinges in various debates but perhaps time to decide on the same is running out.
Petrochemicals Sector
During the year, global petrochemicals sector was affected by high feedstock prices and slower growth in demand. Global Polyolefin's demand grew by 5 per cent in 2011-12 compared to 8.4 per cent the previous year. China continues to be the biggest consumer of Polyolefin products (about 40 per cent of global demand) and Middle East is the major supplier.
In the Indian Market, during 2011-12, the production of Poly Ethylene (PE) and Poly-Propylene (PP) grew by 7 per cent and 12 per cent while demand grew by 5.1 per cent and 2.9 per cent respectively thereby leading to increased exports. As a result petrochemical products registered a growth of 47 per cent during the year.
Sizeable capacity addition is lined up for the sector over the next few years. The high demand potential, given the low per capita petrochemicals consumption in India relative to other countries, even in the BRIC group is the driving force behind these investments.
AWARDS AND
RECOGNITIONS
IndianOil has been ranked 285 in the Forbes Global list of 2000 biggest public companies and is in the top 10 of the India list.
At the 83rd
rank, IndianOil is the country’s highest ranked enterprise in the Fortune
Global 500 list
IndianOil won the
prestigious Asia's Best Employer Brand Awards 2011 in two categories -
Excellence in Training and Excellence in HR through Technology at Singapore in recognition of its efforts to build
a strong employer brand.
The
Corporation has bagged the third South-East CEO Awards 2011 in the category of
Liquid Storage Company of the Year (Bunker) in recognition of IndianOil's efforts, innovations and excellence in improving product and
service offerings as a major player in marine fuels. For the third time in a row, IndianOil
was accorded the prestigious 'Business Superbrand' status by the Superbrands
Council of India.
The
Corporation was also recognized as Asia's Most Preferred Brand (Petroleum, Oil and Gas) at the Asian Leadership Award
hosted by the Asian Confederation of Business at Dubai.
Acknowledging
its excellent performance on several key parameters, IndianOil has been
honoured with the India Pride Gold Award in Oil and Gas category, instituted by the Dainik Bhaskar Group to recognise
excellent performance by the Public Sector UndertakingSs in their area of activities.
IndianOil has
been honoured with the SCOPE Award for Excellence and Outstanding Contribution
to the Public Sector Management in the Institutional (Maharatna and Navratna ) PSE category for the year
2009-10.
At the World
HRD Congress, IndianOil was awarded for Excellence in Training, Talent
Management and Excellence in HR through Technology.
IndianOil's
XtraPower Easy Fuel Card was adjudged the Best Prepaid Gift Programme at the
Prepaid Awards India 2012.
For the fourth
successive year, IndianOil bagged the Asia Retail Congress Award for Retail
Excellence for the 'Rural Impact' category for its innovative rural initiative,
Kisan Seva Kendra (KSK), special
format petrol/diesel stations in rural areas.
At the
Employer Branding Awards 2012, IndianOil was felicitated as one of the top five
Best Employer Brands. IndianOil
bagged the coveted Corporate Sustainability Vision Award 2012, instituted by
the Indian Chamber of Commerce.
Fortune India
has ranked IndianOil in the top 20 in 'India's 50 Most Admired Companies.'
IndianOil won
the prestigious Hart Energy Award for its contributions towards a cleaner
environment. The Corporation was announced as the winner in the Refining
and Energy Company of the Year
awards category at the World Refining and FUEL conference held in San Diego.
IndianOil has
been conferred the SCOPE Meritorious Award 2010-11 for RandD, Technology Development and Innovation by Her Excellency Smt. Pratibha
Devisingh Patil, Hon'ble
President of India.
At the
PetroFed awards 2011, IndianOil was declared as the Leading Oil and Gas Corporate of the Year, Oil and Gas Marketing Company of the Year and
Project Management (above
`2000 crore) - Company of the Year.
I
ndianOil
showed exemplary performance in the annual corporate listings of
Businessworld(BW500), Business Today (BT 500), Financial Express (FE 500) and
Economic Times (ET 500).
IndianOil has been
ranked third in the Refining and Marketing category globally and ninth in
overall performance in Asia in the Platts 250 Global Energy Company rankings for the year 2010. In the
overall global rankings, the Corporation has improved its position, from 78th
last year to being in the top 50 this year, at the 42nd place.
IndianOil
retained its position as the nation's largest corporate, according to the list
of 500 Indian companies released by Fortune India.
CONTINGENT
LIABILITIES (AS ON 31.03.2012) :
· Contingent Liabilities amounting to Rs.85689.100 Millions (2011: Rs.78208.600 Millions) are as under :
o Rs.2199.500 Millions (2011: Rs.2380.200 Millions) being the demands raised by the Central Excise/Customs authorities
o Rs.46560.000 Millions (2011: Rs.50455.200 Millions) in respect of Sales Tax demands.
o Rs.8842.800 Millions (2011: Rs.7367.900 Millions) including Rs.5849.200 Millions (2011: Rs.5039.800 Millions) on account of Projects for which suits have been filed in the Courts or cases are lying with Arbitrator.
o Rs.20580.200 Millions (2011: Rs.11677.500 Millions) in respect of Income Tax demands
o Rs.7506.600 Millions (2011: Rs.6327.800 Millions) in respect of other claims.
o The Company has not considered those disputed demands/ claims as contingent liabilities, for which, the outflow of resources has been considered as remote.
· Interest/Penalty, if any, on some of the above claims is unascertainable.
· Pending decision of the Government, no liability could be determined and provided for in respect of additional compensation, if any, payable to the land owners and the Government for certain lands acquired.
· The Company has issued Corporate Guarantee in favor of three beneficiaries i.e. Bolivarian Republic of Venezuela (Republic), The Corporacion Venezolana del Petroleo S.A. and the Mixed Company Venezuela (PeTroCarabobo S.A.), on behalf of Indoil Netherlands B.V. Netherlands (an associate company) to fulfill the associate company’s future obligations for payment of signature bonus/equity contribution/ loan to the beneficiaries. The estimated amount of such obligation is Rs.19697.100 Millions – USD 38.71 crore (2011 : Rs.18129.500 Millions – USD 40.65 crore)
· The Company has issued corporate guarantee in favor of Standard Chartered Bank, on behalf of Lanka IOC PLC, a subsidiary of the company, for raising a loan of Rs.NIL (2011 : Rs.1338.000 Millions – USD 3.00 crore).
FIXES ASSETS
· Land-Freehold
· Land-Leasehold
· Buildings, Roads etc
· Plant and Machinery
· Transport Equipments
· Furniture and Fixtures
· Railway Sidings
· Drainage, Sewage and
· Water Supply System
STATEMENT OF STANDALONE
AUDITED RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER, 2012
Rs. In Millions
|
PARTICULAR |
THREE MONTHS
ENDED |
|
|
|
UNAUDITED |
UNAUDITED |
|
|
30.09.2012 |
30.06.2012 |
|
(a)
Net Sales / Income from operations |
10579.129 |
9660.277 |
|
(b)
Other Operating Income |
20.992 |
29.389 |
|
Total
Income |
10600.121 |
9689.666 |
|
Expenditure |
|
|
|
Cost
of material consumed |
5005.454 |
5724.122 |
|
Purchases
of stock in trade |
4600.758 |
4902.313 |
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(667.929) |
105.942 |
|
Employee
benefits expenses |
120.744 |
133.156 |
|
Depreciation
and amortization expenses |
128.646 |
127.750 |
|
Other
expenses |
384.936 |
818.346 |
|
Total |
9572.609 |
11811.629 |
|
Profit
from operations before other income, interest and exceptional Items |
1027.512 |
(2121.963) |
|
Other
income |
84.704 |
61.778 |
|
Profit
before interest and exceptional Items |
1112.216 |
(2060.185) |
|
Interest |
151.081 |
184.910 |
|
Profit after Interest but
before Exceptional Items |
961.135 |
(2245.095) |
|
Exceptional
Items |
-- |
-- |
|
Profit (+)/Loss(-) from
Ordinary Activities before tax |
961.135 |
(2245.095) |
|
Tax
expense |
|
|
|
Current
tax |
-- |
-- |
|
Mat
credit entitlement |
-- |
-- |
|
Deferred
tax |
-- |
-- |
|
Total
(Tax Expenses) |
-- |
-- |
|
Net Profit
(+) / Loss (-) for the year period |
961.135 |
(2245.095) |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
242.795 |
242.795 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
-- |
|
Earnings
per share (EPS) |
|
|
|
(a) Basic and diluted
(face Value Rs.10/- each) |
39.59 |
(92.47) |
|
Physical (In MMT) |
|
|
|
Product Sales |
|
|
|
Domestic |
17.079 |
18.588 |
|
Export |
0.766 |
0.855 |
|
Refineries Throughput |
13.118 |
13.579 |
|
Pipelines Throughput |
18.440 |
18.583 |
|
|
|
|
|
Particulars of shareholding |
|
|
|
Aggregate
of Public shareholding |
|
|
|
Number
of shares |
511796772 |
511796772 |
|
Percentage
of shareholding |
21.08 |
21.08 |
|
Promoters
and Promoters group Shareholding- |
|
|
|
a)
Pledged /Encumbered |
|
|
|
Number
of shares |
-- |
-- |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
|
Percentage
of shares (as a % of total share capital of the company) |
-- |
-- |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
Number
of shares |
1916155710 |
1916155710 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
|
Percentage
of shares (as a % of total share capital of the company) |
78.92 |
78.92 |
INVESTOR COMPLAINTS:
|
Pending at the
beginning of the quarter |
NilS |
|
Received during
the quarter |
368 |
|
Disposed off
during the quarter |
368 |
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE:
* DSCR = (Profit
After Tax + Interest + Depreciation) / (Interest + Principal Repayment Long
Term)
** ISCR = (Profit Before
Tax + Interest + Depreciation) / (Interest)
NOTES:
· The above results have been reviewed and recommended by the Audit Committee in its meeting held on 8th November 2012 and approved by the Board of Directors at its meeting held on 9th November 2012.
· The Financial Results have been reviewed by the Statutory Auditors as required under Clause 41 of the Listing Agreement.
· Average Gross Refining Margin for the period April- September 2012 is S 0.14 per bbl (April- September 2011: $3.77 per bbl).
· MOP & NG has approved discount of Rs.61849.100 Millions (April-September 2011: Rs.118532.300 Millions) on Crude Oil/Products purchased from ONGC/GAIL/OIL/CPCL towards part of the under recovery suffered by IOC on sale of HSD, SKO (PDS) and LPG (Domestic) and the same has been adjusted against the purchase cost.
· The company has accounted for Budgetary Support of Rs.160939.700 Millions for the period April- September 2012 (April- September 2011, Rs.82008.500 Millions) towards under-recovery on sale of HSD, SKO (PDS) and LPG (Domestic) in Statement of Profit and Loss as Revenue Grants.
· Consequent to non-revision of retail selling prices in line with international prices, the Company has suffered net under-realization of Rs.136351.600 Millions (April-September 2011: Rs.155092.500 Millions) on sale of HSD, SKO (PDS) & LPG (Domestic).
· 'Other Expenditure' for the period includes foreign exchange loss (net) of Rs.8980.200 Millions (April- September 2011: Rs.23095.900 Millions).
· During the current period ended 30th September 2012, Crude oil imports on behalf of Chennai Petroleum Corporation Limited (CPCL), a Subsidiary Company, and back-to-back sales to them, hitherto accounted for as Purchase/ Sales, have been treated on agency basis against canalizing commission and would, henceforth, be accounted for accordingly. In order to make previous period figures comparative, such transactions relating to quarter ended 30th September 2011 (Rs.77387.600 Millions), six months ended 30,h September 2011 (Rs.167597.600 Millions) and year ended 31st March 2012 (Rs.360309.100 Millions) have been recast accordingly.
· Impact, if any, on account of impairment of assets will be reviewed at the year end.
· In view of loss for the period 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 HSD, SKO (PDS) & LPG (Domestic), no provision has been made for Current Tax and Deferred Tax for the current period.
· Figures for the previous periods have been regrouped wherever necessary.
STATEMENT ASSETS AND
LIABILITIES
|
Particular |
As on 30.09.2012 [Rs. in
Millions] |
|
EQUITY AND LIABILITIES |
|
|
SHAREHOLDERS FUND |
|
|
Share capital |
242.795 |
|
Reserves and surplus |
4261.265 |
|
Total |
4504.060 |
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
Long-term borrowings |
2043.356 |
|
Deferred tax liabilities (Net) |
524.188 |
|
Other long-term liabilities |
36.149 |
|
Long-term provisions |
26.000 |
|
Total |
2629.693 |
|
|
|
|
CURRENT LIABILITIES |
|
|
Short-term borrowings |
6852.614 |
|
Trade payables |
3031.795 |
|
Other current liabilities |
2598.079 |
|
Short-term provisions |
1476.216 |
|
Total |
13958.704 |
|
|
|
|
TOTAL CURRENT LIABILITIES |
21092.457 |
|
|
|
|
ASSETS |
|
|
NON-CURRENT ASSETS |
|
|
Fixed assets |
7554.167 |
|
Non-current investment |
495.316 |
|
Long-term loans and advances |
1060.660 |
|
Other non-current assets |
1.543 |
|
Total |
9111.686 |
|
|
|
|
CURRENT ASSETS |
|
|
Current investment |
1379.227 |
|
Inventories |
6142.741 |
|
Trade receivables |
868.792 |
|
Cash and cash equivalents |
107.514 |
|
Short-term loans and advances |
2956.288 |
|
Other current assets |
526.209 |
|
Total |
11980.771 |
|
|
|
|
TOTAL CURRENT ASSETS |
21092.457 |
SEGMENT WISE RESULTS
Rs.
In Millions
|
PARTICULAR |
THREE MONTHS ENDED |
|
|
|
UNAUDITED |
UNAUDITED |
|
|
30.09.2012 |
30.06.2012 |
|
SEGMENT REVENUE |
|
|
|
Sale of Petroleum Products |
10311.345 |
9445.359 |
|
Sale of Petrochemicals |
393.603 |
320.722 |
|
Other Business Activities |
284.423 |
269.717 |
|
Total |
10989.371 |
10035.798 |
|
Less: Inter-segment revenue |
389.250 |
346.132 |
|
Total Revenue |
10600.121 |
9689.666 |
|
|
|
|
|
SEGMENT RESULTS |
|
|
|
Profit before tax,
interest income, interest expenses, dividend and exceptional item form each
segment |
|
|
|
Sale of Petroleum Products |
787.250 |
(1782.149) |
|
Sale of Petrochemicals |
20.493 |
(17.893) |
|
Other Business Activities |
(6.438) |
2.774 |
|
Total |
801.305 |
(1797.268) |
|
|
|
|
|
Interest Expenditure |
151.081 |
184.910 |
|
Other un-allocable expenditure (net of un-allocable income) |
(310.911) |
262.917 |
|
Exceptional Items |
0.000 |
0.000 |
|
|
|
|
|
PROFIT BEFORE
TAX |
961.135 |
(2245.095) |
|
|
|
|
|
CAPITAL EMPLOYED |
|
|
|
(SEGMENT ASSETS
- SEGMENT LIABILITIES) |
|
|
|
Sale of Petroleum Products |
10260.786 |
9192.221 |
|
Sale of Petrochemicals |
1729.382 |
1720.729 |
|
Other Business Activities |
33.325 |
23.047 |
|
Unallocable-Corporate |
(7519.433) |
(7693.039) |
|
Total |
4504.060 |
3542.958 |
NOTE:
1.
Segment revenue comprises net sale / income from
operation (net of excise duty) and other operating income.
2.
Other business segment of the corporation
comprises, sale of imported Crude Oil, Sale of Gas, Oil and Gas Exploration
Activities, Explosives and Cryogenic Business.
3.
Figures for the previous period have been
re-arranged wherever necessary.
PRESS RELEASE
INDIANOIL’S PARADIP
REFINERY TO OWN WORLD’S LARGEST COKE DRUM
BUSINESS LINE NEW
DELHI, NOVEMBER 17, 2012
Indian Oil Corporation’s 15-million-tonne Paradip refinery project on the Bay of Bengal coast now has the distinction of possessing the world’s largest coke drum.
The coking unit will produce raw petroleum coke, which is termed as ‘bottom of the barrel’ product of any refinery. This is a solid product. There are two distinctive grades of this product — calcination or green raw petroleum coke and fuel grade or petcoke.
Calcination grade is used for producing anodes for the aluminium industry and fuel grade petcoke is used primarily by cement plants.
IndianOil produces calcination grade raw petroleum coke at its Barauni, BRPL, Digboi and Guwahati refineries. Fuel grade petcoke is produced at Panipat refinery.
In a statement, IndianOil said the coke drum was installed on November 15 at the Paradip refinery site. The drum weighs 630 MT and is 45.52 metre in height and 10.67 meter diameter.
The company is looking at second half of 2013 for the refinery to get running. Once commissioned, the Paradip refinery will take IndianOil’s refining capacity to over 80 million tonnes annually.
Manufactured by Larsen & Toubro, Hazira, this coke drum along with saddles was loaded on SPMT (Self Propelled Modular Transporter) and was transported by J M Baxi from the lay down area to the site, IndianOil said.
IndianOil Director (Refineries), RajKumar Ghosh, said the Rs 30,000-crore project is one of the largest projects undertaken in India in terms of investment as well as scale of construction involving a large number of equipment, piping, huge quantity of steel, cement, electrical and electronic machinery and other construction material.
The construction will use up over 10,00,600 cubic meters of concrete. The structural steel used will be over 2.9 lakh MT in weight. Over 2,200 km of pipes will be used in this project and electrical and instrumentation cables will run into over 20,000 km.
Four coke drums will be erected on a 35 metre high concrete foundation, he said.
MS PRICE CHANGE
NEW DELHI, NOVEMBER
15, 2012
It has been decided to
revise the MS prices downward by Rs. 0.95 per litre (excluding State levies)
w.e.f 16th Nov12.
Presently, the international oil prices are relatively stable. However, there
has been significant volatility in the INR-USD exchange rate and is currently
very weak with uncertainty about its future direction. The trends in the
international oil market and INR-USD exchange rate are being closely monitored
and the same shall be reflected in future price changes.
It may be noted that Oil Marketing Companies are bearing the burden of a loss of over Rs 2000 crore approximately on sale of MS during April-September12 due to inability to change retail selling prices to the desired extent in line with market conditions.
As is known, in addition to loss on sale of MS, OMCs are also suffering
under-recovery on sale of three sensitive petroleum products, namely HSD
(Rs.9.84/litre), SKO(PDS) (Rs.31.30/litre) & LPG (Dom) (Rs.478.50/cyl).
Projected under-recovery on these products is expected to cross Rs.160000 crore
for the current year.
Existing and Revised selling prices for metros are given below:
|
|
|
New Delhi |
Mumbai |
Chennai |
Kolkata |
Hyderabad |
Bangalore |
|
Proposed RSP |
' /litre |
67.24 |
73.53 |
70.57 |
74.55 |
73.73 |
74.22 |
|
Current RSP |
' /litre |
68.19 |
74.73 |
71.77 |
75.74 |
74.98 |
75.47 |
|
Decrease |
' /litre |
0.95 |
1.20 |
1.20 |
1.19 |
1.25 |
1.25 |
INDIANOIL RECORDS NET
PROFIT OF RS. 96113.500 MILLIONS
THE HINDUSTAN TIMES,
NEW DELHI, NOVEMBER 12, 2012
The IndianOil Corporation has reported a net profit of Rs. 96113.500 Millions in the quarter ended September 30 as against a net loss of Rs 74855.500 Millions in the corresponding period of the last financial year. The company's total income rose to Rs. 1068482.500 Millions in the second quarter of the current fiscal. IndianOil said the profit resulted after the government approved a discount of Rs. 161849.100 Millions in the past quarter towards part of the under-recovery on the company's sales of high-speed diesel, kerosene and LPG, compared with a discount of Rs. 118532.300 Millions in the like quarter of 2011.
INDIANOIL’S TURNOVER
UP BY 10% TO RS 946800.000 MILLIONS POSTS PROFIT OF RS 96110.000 MILLIONS FOR
Q2 FY 2012-13
NEW DELHI, NOVEMBER
09, 2012
Indian Oil Corporation Ltd. has registered a profit of Rs
96110.000 Millions for the second quarter of the financial year 2012-13 as
compared to a loss of Rs 74860.000 Millions for the corresponding quarter of
the previous financial year; mainly due to release of Govt. Assistance to the
tune of Rs 160940.000 Millions towards under recoveries on sale of three
sensitive products i.e. Diesel, PDS Kerosene and LPG (Domestic).
The unaudited financial results of the Corporation were taken on record at the
meeting of the Board of Directors here today. IndianOil’s turnover for the
second quarter of the current financial year rose by 10% to Rs 946800.000
Millions from Rs 861010.000 Millions during the corresponding quarter last
year.
For the half year ended September 2012, the Gross Turnover rose by 11.2% to Rs
1966160.000 Millions from Rs 1768150.000 Millions during the corresponding
period of previous Financial Year. However, Corporation has posted a loss of Rs
128400.000 Millions for the first six months of FY 2012-13 as compared to a
loss of Rs 112040.000 Millions for the same period of the previous year mainly
on account of unmet under recoveries on account of non-realisation of
market-related prices for Diesel, PDS Kerosene and LPG (Domestic) which still
stands at Rs 136350.000 Millions for the period April-September 2012.
Mr. R.S. Butola, Chairman, IndianOil, said, “IndianOil’s product sales volumes
including exports rose by 0.152 Million Tonnes to 17.845 Million Tonnes during
the second quarter of FY 2012-13 as compared to the corresponding quarter of
the previous financial year. Our quarterly refining throughput went up
marginally by 0.072 Million Tonnes to 13.118 Million Tonnes as compared to the
corresponding quarter of the previous financial year. The throughput of the
Corporation’s countrywide pipelines network went up by 0.322 Million Tonnes to
18.440 Million Tonnes as compared to the corresponding quarter of the previous
year.”
INDIANOIL AND KOGAS
SIGN MOU FOR LNG AND E&P VENTURES
NEW DELHI, OCTOBER
17, 2012
IndianOil and Korea Gas Corporation(KOGAS) signed an MoU for joint participation in Exploration and Production of Gas and Oil at the global level and developing Natural Gas infrastructure projects and LNG sourcing. The MoU was signed by Mr. A.K.Marchanda, Executive Director i/c(Gas), IndianOil and Mr. Hyun Kun Shin, Exec. VP(LNG Terminal Division), KOGAS in the presence of Mr. A.M.K.Sinha, Director(Planning and BD), IndianOil in the sidelines of the PETROTECH-2012, the 10th International Oil & Gas Conference and Exhibition.
Later on, the KOGAS officials met Mr. R.S. Butola, Chairman, IndianOil at meeting in which Mr. Butola emphasized the need to carry the MoU forward and make progress on areas identified for co-operation in a time bound manner. Mr. V. Damodaran, Executive Director (Ennore LNG project), Mr. Sunil Gupta, General Manager (Gas), IndianOil and Mr. H. S. Lim, Senior Manger (Plant Business Team) from KOGAS were also present during the signing of the MoU.
KOGAS is the national Gas Company of Korea and the world’s largest single importer of LNG clocking about 33 million metric tonnes per annum (MMTPA) in 2011. KOGAS is the developer, owner and operator of three large-scale LNG receiving terminals as well as an extensive nationwide pipeline network in Korea. KOGAS has equity investments in LNG liquefaction projects and 20 overseas E&P projects and has lined up LNG sourcing contracts from several countries.
IndianOil is the largest enterprise in the country and the foremost ranked Fortune Global 500 company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
INDIANOIL ISSUES 10
YEARS BONDS DENOMINATED IN SINGAPORE DOLLAR
NEW DELHI, OCTOBER
05, 2012
IndianOil, the largest commercial enterprise in India, became the first Indian corporate to successfully price long term bonds denominated in Singapore Dollars(SGD). The Company had earlier issued bonds denominated in USD in the international markets and the 10 year SGD 400 million bond issue has become a landmark deal adding diversity to IndianOil's debt portfolio.
Mr. P.K. Goyal Director (Finance), IndianOil, speaking on the successful deal, said that considering the overwhelming response from investors in terms of tight pricing and substantially oversubscribed book, the issue size was increased to SGD 400 million from the originally planned SGD 300 million. This benchmark deal has achieved many milestones, being the largest SGD offering by any foreign corporate issuer this year, the largest ever SGD issuance by an Indian issuer and the longest tenor senior note in SGD market by a foreign issuer this year.
The book building for deal was announced on 4th October 2012 on the back of a highly successful one day road show in Singapore, which was attended by over 50 prospective investors including Private Banks, Fund Managers, Banks etc. The announcement saw orders to the tune of SGD 300 million within half an hour. Based on the overwhelming response at initial stage, investors started pouring in and by 4.00 pm the book had already touched the SGD 3 billion mark i.e. 7.5x of SGD 400 million, the amount finally retained by IndianOil. The book consisted of orders from over 100 investors and the profile included Fund Managers (22%), Banks (18%) and Private Banks (60%). In terms of geography, 75% orders came from Singapore and 25% from rest of Asia.
The overwhelming response to IndianOil's SGD bonds has not only reconfirmed the confidence of international investors in the credit credentials of the company but has also paved the way for other Indian corporates to tap Singapore market for their long term financing needs.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.