MIRA
INFORM REPORT
|
Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANGALORE REFINERY AND PETROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030,
Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.03.1988 |
|
|
|
|
Com. Reg. No.: |
08-008959 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.17618.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1988GOI008959 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM00218B |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of refining crude oil. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 280000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of Oil and Natural Gas Corporation Limited (ONGC). It is an
established company having fine track. Financial position of the company appears
to be sound. Directors are reported to be well experienced and knowledgeable.
Trade relations
are reported to be praiseworthy. Business is active. Payments are reported to
be regular and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Corporate Credit Rating = AAA |
|
Rating Explanation |
This rating are considered to have highest degree of safety regarding
timely servicing of financial obligation such instruments carry lowest credit
risk. |
|
Date |
Sep 2011 |
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 is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory / Investor
Service Centre 1 : |
Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575 030, |
|
Tel. No.: |
91-824-2270400 |
|
Fax No.: |
91-824-2271404/ 2270013/ 2271200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
|
|
Tel. No.: |
91-22-22173000 |
|
Fax No.: |
91-22-22173233 |
|
E-Mail : |
|
|
|
|
|
Delhi Office /
Investor Service Centre 2 : |
LGF, Mercantile House, 15 K G Marg, |
|
Tel. No.: |
91-11-23463100 |
|
Fax No.: |
91-11-23352317/ 23463201 |
|
E-Mail : |
|
|
|
|
|
Marketing Office
: |
Opposite |
|
Tel. No.: |
91-80-22642200 |
|
Fax No.: |
91-80-23505501 (Sales Department) |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Sudhir Vasudeva |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
25.02.1954 |
|
Qualification : |
·
Chemical Engineer ·
Management Graduate |
|
Expertise in
specific functional areas : |
Mr. Sudhir
Vasudeva is also a director (offshore) in ONGC. He is a Chemical Engineer and
a Management Graduate. He joined ONGC as a executive trainee in the first
batch, 1976, and after topping in the batch he staidly worked his way up,
with majority of his assignments in offshore oil field. Known across ONGC for
his team management capabilities, Mr. Vasudeva was steering the offshore
joint venture segment of ONGC’s operation before taking over as a director
offshore. |
|
Date of
Appointment/ Reappointment : |
26.02.2009 |
|
List of outside
Directorships held : |
|
|
|
|
|
Name : |
Mr. P.P. Upadhya |
|
Designation : |
Managing Director and Director (Technical) |
|
Qualification : |
·
Chemical Engineer ·
Masters in Engineering in Chemical Plant
Design |
|
Expertise in
specific functional areas : |
Mr. P.P. Upadhya started his professional career in India’s
foremost Fortune Global 200 Oil Company – Indian Oil Corporation Limited in
1978 and served for nearly 15 years before he joined Subjectin 1993 and
played vital role in steering MRPL to unprecedented heights in the refinery
performance. Mr. P.P. Upadhya carries with him over 3 decades of professional
experience in Refinery Operation and Management. |
|
List of outside
Directorships held : |
Petronet MHB Limited |
|
|
|
|
Name : |
Mr. Vishnu Agrawal |
|
Designation : |
Director (Finance |
|
Qualification : |
Chartered Accountants of India and has over 30 years of functional |
|
Expertise in
specific functional areas : |
experience in Finance and Accounts, Commercial, International
Trade, Treasury, Corporate Finance, Marketing, Management Information Systems
– Primarily in Oil Sector (both in down stream and upstream sector). He was
instrumental in achieving many mile-stones in IOCL and ONGC. He has got
credit to his account in contributing development of various systems and
procedures and various system software for upgraded computerization |
|
List of outside
Directorships held : |
1. Shell MRPL Aviation Fuels and Services Private Limited. 2.
Mangalore SEZ Limited. |
|
|
|
|
Name : |
Mr. Vivek Kumar |
|
Designation : |
Director |
|
Expertise in
specific functional areas : |
Mr. Vivek Kumar is an I.A.S Officer and Joint Secretary
(MOP and NG) and has over 17 years experience in Public Affairs having held different
administrative posts in West Bengal. He has worked with West Bengal Rural
Energy Development Corporation Limited as Executive Director. He has designed
and implemented innovative schemes for power distribution in the countryside
as a part of Power Sector reforms in the country. |
|
List of outside
Directorships held : |
ONGC Videsh Limited |
|
|
|
|
Name : |
Mr. K. Murali |
|
Designation : |
Director |
|
Expertise in
specific functional areas : |
Mr. K Murali is Director (Refineries) HPCL. He is a Chemical
Engineer having wide experience in refinery operations. During his long
career spanning more than 30 years, he has handled various critical positions
including as head of both the refineries of HPCL at Mumbai and Visakhapatnam |
|
List of outside Directorships
held : |
1. Hindustan Petroleum Corporation Limited 2. HPCL - Mittal Energy Limited 3. HPCL - Bio Fuels Limited 4. Creda - HPCL Bio Fuels Limited 5. Prize Petroleum Company Limited |
|
|
|
|
Name : |
Dr. A.K.Rath |
|
Designation : |
Independent Director |
|
Expertise in
specific functional areas : |
Presently, Dr. A.K. Rath is Chairman and Professor of
Centre for CG and SR at IMI, New Delhi. He was an IAS Officer has put in over
35 years of service in the Government of India. He has served as a Director
in SAIL, RINL, NMDC, KIOCL and MECON during his tenure as Additional
Secretary and Financial Advisor in the Ministry of Steel, Secretary Ministry
of HRD GOI. He was the architect of the land mark bill “Right of Children to
Free and Compulsory Education Bill, 2008 |
|
Date of
Appointment/ Reappointment : |
|
|
List of outside
Directorships held : |
1. Coal India Limited. 2. Mahanadi Coalfield Limited. |
|
|
|
|
Name : |
Mr. B Ravindranath |
|
Designation : |
Independent Director |
|
Qualification : |
Mechanical Engineer |
|
Expertise in
specific functional areas : |
Mr. B. Ravindranath, a Mechanical Engineer, is the nominee director of IDBI Bank Ltd. (IDBI), one of the sponsors of Arcil. Mr. B. Ravindranath presently holds the position of Executive Director of IDBI. He joined IDBI in 1982 as Industrial Finance Officer. His significant contribution in the Corporate Finance Department and in the Project Appraisal Department at Head Office handling various industrial / infrastructure projects on his portfolio saw him rapidly climbing the corporate ladder .He headed the Southern Regional Office of IDBI, His leadership of the Southern Zone ensured phenomenal business growth in that zone. |
|
List of outside
Directorships held : |
1. IDBI Infrafin Limited. 2. Stock Holding Corporation of India Limited 3. Asset Reconstruction Company (India) Limited |
|
|
|
|
Name : |
Dr. D. Chandrasekharam |
|
Designation : |
Independent Director |
|
Date of Birth/ Age : |
14.03.1948 |
|
Expertise in
specific functional areas : |
Dr. D. Chandrasekharam is a Professor in the Department of
Earth Sciences, Indian Institute of Technology Bombay. He obtained his M.Sc.
degree in Applied Geology in 1972 and Ph.D. (Thesis: Tectonism and Volcanism
of the Decan Traps) in 1979. He is working in the fields of volcanology,
groundwater pollution and geothermics over the past 30 years. With his vast
experience in geothermics, Indian Institute of Technology Bombay encouraged
him to incubate M/s GeoSyndicate Power Private Ltd., the only geothermal
company in India. He is currently the Chairman of M/s GeoSyndicate Power
Private Ltd, India. He is also a member of the Advisory committee of the ONGC
Energy Centre. |
|
Date of
Appointment/ Reappointment : |
10.01.2012 |
|
List of outside
Directorships held : |
1. Geosyndicate Power Private Limited 2. Indian Rare Earths Limited 3. Western Coalfields Limited 4. Oil and Natural Gas Corporation Limited |
|
|
|
|
Name : |
Mr. A.K. Hazarika |
|
Designation : |
Special Invitee |
|
|
|
|
Name : |
Mr. K.S. Jamestin |
|
Designation : |
Special invitee |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Mishra |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,346,730 |
27.68 |
|
|
1,661,234 |
34.15 |
|
|
463,296 |
9.52 |
|
|
463,296 |
9.52 |
|
|
3,471,260 |
71.35 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3,471,260 |
71.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1,382,300 |
28.41 |
|
|
|
|
|
|
11,440 |
0.24 |
|
|
1,393,740 |
28.65 |
|
Total Public shareholding (B) |
1,393,740 |
28.65 |
|
Total (A)+(B) |
4,865,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
4,865,000 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of refining crude oil. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-2011 Qty. (M.T) |
|
Licensed Capacity |
Delicensed |
|
Installed Capacity |
11,820,000 |
|
Actual production of Petroleum products * |
11,772,855 |
*Excludes own consumption: 823,187 MT
GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Bank of Baroda · Punjab National Bank · United Bank of India · Canara Bank · Corporation Bank · IDBI Bank Limited ·
Citibank N.A |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
|
|
|
|
Advocates : |
Alaya Legal |
|
|
|
|
Joint Statutory
Auditors : |
Maharaj N.R. Suresh and Company Chartered Accountants Gopalaiyer and Subramanian, Chartered Accountants |
|
|
|
|
Cost Auditor : |
Musib and Associates Cost Accountants |
|
|
|
|
Holding Company
: |
ONGC Limited |
|
|
|
|
Associates : |
|
|
|
|
|
Joint Ventures :
|
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1900000000 |
Equity Shares |
Rs.10/- each |
Rs.19000.000 millions |
|
100000000 |
Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.20000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1752598777 |
Equity Shares (out of the above
1255354097 numbers held by ONGC Limited, the Holding Company) |
Rs.10/- each
|
Rs.17525.990
millions |
|
|
Add: Forfeited Shares (amount originally paid-up) |
|
Rs.0.650
million |
|
9186242 |
0.01%
Non-Cumulative Redeemable Preference Shares |
Rs.5/- each |
Rs.45.930
millions |
|
|
Total |
|
Rs.17572.570 millions |
Note:
Reconciliation of
shares
Equity Shares
|
Particular |
31.03.2012 |
|
Shares outstanding at the beginning of the year |
1,752,598,777 |
|
Shares outstanding at the end of the year |
1,752,598,777 |
Preference Shares
|
Particular |
31.03.2012 |
|
Shares outstanding at the beginning of the year |
9,186,242 |
|
Shares redeemed during the year |
-- |
|
Shares outstanding at the end of the year |
9,186,242 |
Rights, preferences
and restrictions attached
|
Particulars |
Equity Shares |
Preference Shares |
|
Distribution of Dividend |
As approved by Shareholders in AGM |
Fixed @ 0.01% on Face Value |
|
Repayment of Capital |
Not Fixed |
Redemption in two Equal Installment (1st July 2011 and 1st July 2012) |
Shares held by
holding or ultimate holding company or its subsidiaries or associates
1,255,354,097 Equity Shares (1,255,354,097 Equity Shares) are held by ONGC Limited, the holding company.
Details of
shareholders holding more than 5% of total shares
Equity Shares
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Oil and Natural Gas Corporation Limited |
1,255,354,097 |
71.63% |
|
Hindustan Petroleum Corporation Limited |
297,153,518 |
16.96% |
Preference Shares
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
IFCI Limited |
7,148,949 |
77.82% |
|
State Bank of Hyderabad |
2,037,293 |
22.18% |
Convertible securities
to equity or preference shares
|
Name of the
security |
No. of securities |
Terms of conversion |
No of Shares |
|
Zero Coupon Bond |
142,809,235 |
Convertible into Equity Shares of Rs.10 each at par upon default in repaymant of principle or interest |
71,404,618 |
Forfeited Shares
|
No. of Shares
Forfeited |
Amount paid up in
Rs. in Million |
|
-- |
0.650 |
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 |
17572.570 |
17618.500 |
17618.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
54719.370 |
47670.510 |
38347.020 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
72291.940 |
65289.010 |
55965.520 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2623.630 |
1313.080 |
3421.350 |
|
|
2] Unsecured Loans |
54893.420 |
9942.620 |
13542.620 |
|
|
TOTAL BORROWING |
57517.050 |
11255.700 |
16963.970 |
|
|
DEFERRED TAX LIABILITIES |
4531.400 |
3471.640 |
6602.220 |
|
|
|
|
|
|
|
|
TOTAL |
134340.390 |
80016.350 |
79531.710 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
40598.430 |
30896.170 |
32923.570 |
|
|
Capital work-in-progress |
70891.740 |
39953.350 |
18602.850 |
|
|
|
|
|
|
|
|
INVESTMENT |
422.800 |
422.800 |
16236.620 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
78175.76
|
40973.840 |
31143.550 |
|
|
Sundry Debtors |
34592.660
|
25300.800 |
16572.200 |
|
|
Cash & Bank Balances |
22347.160
|
24676.480 |
23440.080 |
|
|
Other Current Assets |
1240.660
|
592.200 |
1059.620 |
|
|
Loans & Advances |
13291.710
|
22195.680 |
5849.780 |
|
Total
Current Assets |
149647.950
|
113739.000 |
78065.230 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111046.60
|
88922.120 |
50464.440 |
|
|
Other Current Liabilities |
12839.640
|
11045.640 |
12634.380 |
|
|
Provisions |
3334.290
|
5027.210 |
3197.740 |
|
Total
Current Liabilities |
127220.530
|
104994.970 |
66296.560 |
|
|
Net Current Assets |
22427.420
|
8744.030 |
11768.670 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
134340.390 |
80016.350 |
79531.710 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from Operations |
537702.760 |
388868.910 |
319452.060 |
|
|
|
Other Income |
3473.760 |
2103.830 |
6712.150 |
|
|
|
TOTAL (A) |
541176.520 |
390972.740 |
326164.210 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
512367.500 |
372193.370 |
|
|
|
|
Increase (-) / decrease In stock |
(1502.050) |
(8152.710) |
304197.510 |
|
|
|
Employee benefits expense |
1606.420 |
1845.350 |
|
|
|
|
Other expenses |
9097.120 |
2755.180 |
|
|
|
|
TOTAL (B) |
521568.990 |
368641.190 |
304197.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19607.530 |
22331.550 |
21966.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2066.770 |
1046.540 |
1154.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17540.760 |
21285.010 |
20811.720 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4338.730 |
3914.190 |
3893.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13202.030 |
17370.820 |
16918.450 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4116.250 |
5604.490 |
5794.680 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9085.780 |
11766.330 |
11123.770 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42987.980 |
33959.490 |
25567.150 |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision for Dividend in earlier Years |
0.000 |
1.470 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
0.010 |
0.010 |
|
|
|
Proposed Dividend on Equity Shares |
1753.000 |
2103.120 |
2103.120 |
|
|
|
Corporate Dividend Tax |
284.000 |
341.180 |
349.300 |
|
|
|
|
46.000 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
0.000 |
295.000 |
279.00 |
|
|
BALANCE CARRIED
TO THE B/S |
49990.760 |
42987.980 |
33959.490 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB Value) |
234183.240 |
146024.710 |
110413.410 |
|
|
|
Deputation of Specialists |
0.000 |
6.870 |
5.510 |
|
|
TOTAL EARNINGS |
234183.24 |
146031.580 |
110418.920 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1396.910 |
0.760 |
3.800 |
|
|
|
Raw Materials |
476189.500 |
306596.890 |
262124.500 |
|
|
|
Stores, Spares and Chemicals |
316.250 |
659.350 |
836.120 |
|
|
TOTAL IMPORTS |
477902.660 |
307257.000 |
262964.420 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
5.18 |
6.71 |
6.35 |
|
|
|
- Diluted |
4.94 |
6.21 |
5.87 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2012 (1st
Quarter) |
|
Net Sales |
|
|
128135.300 |
|
Total Expenditure |
|
|
141064.900 |
|
PBIDT (Excl OI) |
|
|
(12929.600) |
|
Other Income |
|
|
458.000 |
|
Operating Profit |
|
|
(12471.600) |
|
Interest |
|
|
1101.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(13573.300) |
|
Depreciation |
|
|
1375.100 |
|
Profit Before Tax |
|
|
(14948.400) |
|
Tax |
|
|
257.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(15205.500) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(15205.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.68
|
3.01 |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.46
|
4.47 |
5.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.94
|
12.01 |
15.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
1.78 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.08 |
1.18 |
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
OPERATIONAL
PERFORMANCE
The Highest ever Refinery thruput was 12.82 MMTPA for the year 2011-12 compared to 12.64 MMTPA during the previous year. During the last fiscal, the Company has completed the revamp of its CDU/ VDU –I unit as well as Hydro Cracker Unit-II. The company, keeping in view the process requirement and to maintain high utilization of its assets, has planned these revamps along with the turnaround shutdowns during the year 2011-12. During the year 2011-12, the company has processed three new crudes i.e., Agbami, COCO, Mellitah and continues to expand its crude basket.
EXPORTS
The company has achieved highest ever export turnover of Rs.234,183 Millions during the year 2011-12 by exporting products like Motor Spirit (MS), Naphtha, Mixed Xylene, High Speed Diesel (HSD), Jet fuel and Fuel Oil (FO).
The Company continues to have the Term export contract for the supply of petroleum products to Mauritius with the State Trading Corporation (STC), Mauritius.
In the global competitive market, the company has secured its place by exporting the petroleum products and continues to explore opportunities for its growth.
FUTURE PLANS:
· Utilization of Liquified Natural Gas (LNG) as alternative fuel in the Refinery.
· Vapour recovery System for light hydrocarbon storage tanks in Phase – III Refinery Project.
· VOC Recovery system in Waste Water Treatment Plant (WWTP) of Phase- III.
NEW PRODUCTS
MARKETING PLAN
The company is setting up a Polypropylene (PP) plant with the capacity of 440 KTPA, integrated with Phase- III expansion of refinery complex with an investment of Rs.18037.800 Millions for supplying to downstream processing industry. Detailed business plan for sale of Polypropylene in domestic market is being finalized. Storage infrastructure for Polypropylene is being developed at Hassan in the State of Karnataka
The company is also setting up a Delayed Coker Unit (DCU) in its Phase- III expansion project, which will produce Petcoke, a new product in the product basket. Detailed business plan is being finalized for sale of Petcoke to major Industrial consumers in Southern India.
AWARDS AND
RECOGNITION:
The company has been recognized for its excellence in all of its operational areas and received following awards during the year:
· Won the “Unnatha Suraksha Puraskara” award – 2011 conferred by National Safety Council –Karnataka Chapter for Outstanding Performance in Safety Management Systems.
· “Excellent” MoU rating received from Department of Public Enterprise, Government of India for the year 2010-11.
· Secured second prize for outstanding performance in the area of Hindi implementation for the year 2010-2011 by the Town Official Language Committee (TOLIC), Mangalore.
· Won BT- STAR PSU Excellence award 2012 for Excellence in Market Capitalization.
· Won OISD ‘Most Consistant Performer (Refineries)’ Award for 2009-10
PROJECTS
Phase-III Refinery
Expansion and Up gradation Project
The company is implementing Phase-III refinery expansion and up gradation project at an estimated cost of Rs.121,600 Millions, which will drive the future growth of the company.
Major highlights of Phase-III refinery expansion and up gradation project are as under:
· With the increased capacity of 15 MMTPA the company is well placed in the market vis-e-vis its peers in the Industry.
· The company is the second refinery in the country, capable of processing high TAN crudes.
· The ‘Nelson Complexity Index’ of the refinery of the company enhanced to approximately 9.0 from 6.0.
· The Distillate yield of the refinery will be increased by approximately 80%.
· The company will produce value added products like Propylene from the low value black oil.
· The Diesel Hydro Treater (DHDT) of the refinery of the company will convert the High Speed Diesel (HSD) into Euro –III, IV and V grade for domestic and global market.
The Phase-III project is being executed in hybrid mode consisting of various modes of execution viz., Engineering, Procurement and Construction Management (EPCM), Open Book Execution (OBE) and Lump Sum Turn Key (LSTK). M/S Engineers India Limited (EIL) is the Project Management Consultant. M/S Jacob is the EPCM Contractor for the CDU/VDU and M/S EIL is the contractor for Petro Fluidized Catalytic Cracking Unit (PFCCU) and Sulphur Recovery Unit (SRU) which are executed under OBE and LSTK.
The company has achieved an overall progress of 95.7% against scheduled target of 100% as of 15.07.2012 in Phase-III project and is in the process of progressive commissioning of the following major units:-
(i) Hydrogen Generation Unit (HGU)
(ii) Diesel Hydro Treater Unit (DHDT)
(iii) Sulphur Recovery Unit (SRU)
(iv) Captive Power Plant (CPP)
(v) Petro Fluidized Catalytic Cracking Unit (PFCCU)
(vi) Delayed Coker Unit ( DCU)
(vii) Coker Gas Oil Hydro Treater Unit (CHTU)
The crude was cut into CDU and VDU of Phase-III on 25.03.2012 after mechanical completion of necessary fire water network, flare network, utilities control systems and various finished products were routed to respective storage tanks on 29.03.2012.
Hydrogen Generation Unit (HGU) was successfully commissioned on 18.07.2012 Two crude storage tanks each having 60,000 m3 capacity were commissioned on 30.03.2012 to enhance the crude storage capacity of the refinery of the company.
Wet Air Oxidation unit, a part of the auxiliary units/facilities was commissioned on 13.12.2011.
The Phase-III project has Hydrocarbon streams interconnections with the existing Phase- I and II of the refinery of the company. Revamp of the existing Hydro Cracker Units (HCU-1 and HCU-2) has been successfully completed and commissioned during May, 2012.
The company is pleased to inform that the Government of Karnataka has given an attractive incentive package consisting of following fiscal benefits for Phase- III project:
· Exemption from payment of Entry Tax on plant and machinery and capital goods during the initial period of 4 years from the date of commencement of project implementation.
· Exemption from payment of Entry Tax on the crude oil thruput in Phase-III for 15 years from the start of commercial production of the Phase-III.
· Exemption from Central Sale Tax for 15 years from the date of commencement of commercial production for all the interstate sales.
· Interest free soft loan at the rate of 100% of eligible gross VAT for first 3 years and 60% of eligible gross VAT on the sale of Polypropylene, Petroleum Coke, LSHS, Naphtha, LPG (incremental production), Mixed Xylenes and reformate to non SEZ units for next 12 years to be repaid after 15 years by 15 equal annual installments limited to Rs.5000.000 Millions per annum.
The Phase-III project of the company is now eligible for Income Tax benefit under Section 80(IB) of the Income Tax Act, 1962 as it has successfully commissioned CDU and VDU of Phase-III project on 29.03.2012 before the sunset deadline of 31.03.2012 .This benefit will place the company in a better position for competing with its peers in the market.
Hydrogen Generation (HG), Diesel Hydro Treater (DHDT), and Coker Gas Oil Hydro Treater (CHT) units along with related utilities were also mechanically completed before March 2012. The pre-commissioning activities of these units are nearing completion by extending steam and power from the existing facilities of Phase-I and Phase-II due to delay in commissioning of Captive Power Plant (CPP) of Phase -III by its LSTK contractor ( M/s BHEL). It is expected that M/s BHEL will be able to commission CPP of Phase-III by the end of September 2012 as assured by it.
Polypropylene Project
As you are aware that the company is setting up a Polypropylene (PP) unit integrated with the Phase-III project at an estimated Capex of Rs.18037.800 Millions. M/s. Engineers India Limited (EIL) has been engaged to implement this project under OBE convertable to LSTK methodology and M/s. Novolen Technology, Germany has been selected as the licensor for the same.
Project Displaced Families (PDF) problems had delayed the site work which resulted in shifting the location of this project. Fresh environmental clearance has been obtained from the Ministry of Environment and Forest (MoEF) due to shifting of the location.
Polypropylene Project has achieved an overall progress of 82.2% against scheduled target of 97.7% as of 15.07.2012. Cost commitment made for this project was Rs.12976.600 Millions and the cumulative expenditure incurred was Rs.5492.100 Millions as of 31.03.2012.
Single Point Mooring
(SPM) Project
The company is setting up Single Point Mooring (SPM) project along with coastal booster pumping station within the port limits at a location of 16 kilometers inside the sea (High-Seas) having draft availability of 30 meters for handling Very Large Crude Carrier (VLCC) at an estimated cost of Rs.10440.000 Millions.
SPM facility will have following advantages:
a. Use of VLCC will reduce the average freight cost of crude.
b. Flexibility to receive opportunity crudes from West African and Latin American countries.
c. De-congestion of existing jetties at New Mangalore Port Trust (NMPT) will result in handling more petroleum products.
d. Crude will be pumped to the Indian Strategic Petroleum Reserve Limited (ISPRL) underground cavern for storage of Crude oil at Mangalore and Padur. Single Point Mooring (SPM) project has achieved an overall progress of 95.6% against the scheduled target of 100% as of 15.07.2012 and is expected to commence trial operation by the end of September, 2012.
Future Projects for
Growth
During Global Investors Meet on 7th and 8th June, 2012 at Bengaluru, the company has signed a Memorandum of Understanding with the Government of Karnataka for setting up a Linear Alkyl Benzene Plant (a raw material to manufacture Detergents) and to expand its refining capacity to 21 MMTPA subject to techno- economic viability and availability of required infrastructure at Mangalore with an approximate investment of Rs.85000.000 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMY OVERVIEW
According to the International Monetary Fund (IMF), the global economy may continue to remain on the lower side with the expected growth to the tune of 3.5% during 2012.
Global oil demand will grow by less than 1 % in 2012 as per International Energy Agency (IEA). It is expected that global energy consumption growth will remain approximately 1.6% per annum in the near future due to slow growth of the global economy.
The growth constraints in the wake of slow pace of fiscal consolidation, worsening external sector situation, inflationary pressures and tremendous macroeconomic fundamental and structural pressures has made India’s economic growth lower than projected growth. The Gross Domestic Product (GDP) growth is projected at 6.9 % in 2012 lower than as against the 7.1 % in 2011.
INDUSTRY OVERVIEW
Global uncertainties coupled with falling Rupee value against USD and the volatile crude oil prices pose unprecedented challenges to the Indian refining industry. The emergence of new epicenters of economic growth, stricter environmental norms and availability of improved fuel technologies, have compelled the Indian refining industry to evolve a long term sustainable strategy.
The significant additional refining capacity in India, China and the Middle East has resulted in increased demand for heavier crude oil and increased product availability.
Increasing availability of natural gas has resulted in naphtha/fuel oil being replaced by natural gas for petrochemical, fertilizer feedstock and for heating. Subsidized diesel availability in the country has increased its consumption compared to motor spirit. These changes in consumption pattern of the petroleum products shifts demand from light distillates to middle distillates. Amid these shifting trends, Indian Refiners are expected to be benefited in the long run and are better positioned to adapt to the changing trends in product usage due to proximity to high growth market, relatively complex plants and increasing vertical integration.
The company has achieved highest ever refinery thruput of 12.82 MMT during the year 2011-12 compared to 12.64 MMT during the previous year and likely to increase its thruput in view of enhanced capacity of 15 MMTPA India is a net exporter of petroleum products. Indian refiners have been venturing into capital investment in downstream to convert Negative/low margin products like naphtha, to produce higher value added products.
STRATEGIC BUSINESS
PURSUITS AND FUTURE OUTLOOK
The company is implementing Phase-III refinery expansion and up gradation project and has achieved an overall progress of 95.7% as of 15.07.2012. The nameplate capacity of the refinery has been enhanced to 15 MMTPA on
29.03.2012 by successful commissioning of 3 MMTPA Crude and Vaccum Distillation Unit during the year 2011 2012.
The other units of Phase-III project viz. Hydrogen Generation unit (HGU), Diesel Hydro Treater Unit (DHDTU), Sulphur Recovery Unit (SRU), Captive Power Plant (CPP), Petro Fluidized Catalytic Cracking Unit (PFCCU), Delayed Coker Unit (DCU), and Coker Gas Oil Hydro Treater Unit (CHTU) are being progressively commissioned. The company will be benefited with the commissioning of these units by producing value added products like
Propylene from the low value black oil, producing Euro –III, IV and V grade of High Speed Diesel (HSD) and distillate yield of the refinery will go beyond 80%.
The Company is setting up a Polypropylene plant integrated with Phase- III project for ready availability of raw material to downstream processing industry and has achieved an overall progress of 82.2% as of 15.07.2012. The company is setting up a Polypropylene (PP) plant with the capacity of 440 KTPA, integrated with Phase- III expansion of refinery complex with an investment of Rs.18037.800 Millions for supplying to downstream processing industry. Detailed business plan for sale of Polypropylene in domestic market is being finalized. Storage Infrastructure for Polypropylene is being developed at Hassan in the State of Karnataka.
Keeping in view the under recoveries in retail marketing of auto-fuels, the company continues to adopt a non aggressive approach with its miniscule presence in the retail marketing.
The company is also setting up a Single Point Mooring (SPM) facility along Coastal Booster pumping station within New Mangalore Port limits at a location of 16 kilometers inside the sea, which would receive bigger vessels (VLCC) for availing benefit of freight on transportation of crude oil. With SPM, the company can source opportunity crudes from West African and Latin American countries. De-congestion of existing jetties at New Mangalore Port Trust (NMPT) will be utilized for handling more petroleum products. Through the SPM facility, crude will be pumped to the Indian Strategic Petroleum Reserve Limited (ISPRL) underground cavern for storage of Crude oil, is likely to be operational only by 2013-14. Full benefit of SPM facility will be available only after ISPRL is operational.
The company’s margins are expected to increase significantly with operation of all the above facilities. Government of Karnataka has also given attractive incentive package like entry tax exemption, sales tax exemption; waiver of VAT on Phase-III which will increase the profit margins.
During Global Investors Meet on 7th and 8th June, 2012 at Bengaluru, the company has signed a Memorandum of Understanding with the Government of Karnataka for setting up a Linear Alkyl Benzene Plant, a raw material to manufacture Detergents and to expand its Refining capacity to 21 MMTPA subject to techno- economic viability and availability of required infrastructure at Mangalore with an approximate investment of Rs.85000.000 Millions.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF : (AS ON 31.03.2012)
a Corporate Guarantee given by the Company towards loan of Rs.3372.300 Millions sanctioned by certain bankers / financial institutions to New Mangalore Port Trust (NMPT) for construction of Jetties. Amount outstanding as at the close of the year ended 31st March, 2012, after adjusting the repayment made by NMPT is Rs. Nil (Previous Year Rs. Nil).
b Claims against the
Company not acknowledged as debt :
Rs. In Millions
|
Sr. No. |
Particulars |
31.03.2012 |
31.03.2011 |
|
1 |
Claims of
Contractors / vendors in Arbitration / Court |
|
|
|
|
Some of the contractors for supply and installation of equipment have lodged claims on the company seeking revision of time of completion without liquidated damages, extended stay compensation and extra claims etc., which are contested by the company as not admissible in terms of the provisions of the respective contracts. In case of unfavourable awards the amount payable would be capitalised Rs.306.730 millions / Reimbursable Rs.37.630 millions [Previous year Rs.314.740 millions and Rs.37.730 millions respectively] |
344.360 |
352.470 |
|
2 |
Claims / counter claims
of Customers |
|
|
|
(a) |
The company had gone into an international arbitration at London against one of its export customers. The arbitration Tribunal has dismissed the company‘s claims relating to throughput loss and non-full fillment of contractual obligations and has ordered the company to bear the customer’s advocate cost along with refund of part of adhoc amount paid by the customer along with interest. The company has preferred an appeal in the Mumbai High Court against this arbitral award. In case of unfavourable award the amount payable would be debited to Profit and Loss Account. |
18.850 |
16.170 |
|
(b) |
One of the customers has lodged a claim for damages for pre-closure of the contract. The company has disputed the claim basis Force Majure condition. In case of non acceptance of the stand taken by the company the amount will be debited to the Profit and Loss account. |
85.200 |
85.200 |
|
3 |
Others |
|
|
|
(a) |
The New Mangalore Port Trust (NMPT) has claimed from the company notified wharfage charges for handling cargo at oil berths. The company has claimed that Memorandum of understanding, on completion provides for mutually agreeable rate subject to Ministry of Shipping approval. The issue is before the Minister of Shipping. The differential amount between the notified wharfage rate and the wharfage rate being paid by the company, if any, will be debited / credited to the Profit and Loss Account in the year of such settlement. |
1,288.070 |
606.420 |
|
(b) |
This represents the potential liability which the company has undertaken towards reimbursement to lessors in case of any liability in their respective tax assessments. In case of any claim by lessors the same will be debited to Profit and Loss Account |
133.670 |
133.670 |
|
(c) |
The claim of Mangalore SEZ Limited over and above the advance paid for land and rehabilitation and resettlement work. |
37.430 |
|
|
|
Total |
1907.580 |
193.930 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30.06.2012
Rs. in Millions
|
Sr.No |
Particulars |
|
Quarter ended 30.06.2012 |
|
|
|
|
|
Unaudited |
|
|
1 |
Gross Sales /
Income from Operations |
|
134650.900 |
|
|
|
Less: Excise Duty |
|
6552.300 |
|
|
|
a) Net Sates/ Income from Operations |
|
12,8098.600 |
|
|
|
b) Other operating Income (Refer note no.2 (a)) |
|
36.700 |
|
|
|
Total Income from
Operations (a + b) |
|
128135.300 |
|
|
2 |
Expenses |
|
134979.500 |
|
|
a |
Consumption of materials consumed |
|
|
|
|
b |
(increase)/decrease in Stock in trade and work In progress |
|
(1873.200) |
|
|
c |
Employees benefit expenses |
|
420.900 |
|
|
d |
Depreciation / Amortisation |
|
1375.100 |
|
|
e |
Other Expenditure {Refer note no.2 (b) |
|
7537.700 |
|
|
|
Total (a to e) |
|
142440.000 |
|
|
3 |
Profit from
operations before other Income, Interest & Exceptional Items (1-2) |
|
(14304.700) |
|
|
4 |
Other Income |
|
458.000 |
|
|
5 |
Profit before
interest & Exceptional items{3+4) |
|
(13846.700) |
|
|
6 |
Finance Cost |
|
1101.700 |
|
|
7 |
Profit after
Interest but before Exceptional Items (5-6) |
|
(14948.400) |
|
|
8 |
Exceptional Items/ Prior Period Items |
|
- |
|
|
9 |
Profit/ (loss) from ordinary activities before tax (7-8) |
|
(14948.400) |
|
|
10 |
Tax Expense |
|
257.100 |
|
|
11 |
Net Profit from
Ordinary Activities after tax { 9-10) |
|
(1,5205.500) |
|
|
12 |
Extraordinary Items (net of tax expense) |
|
- |
|
|
13 |
Net Profit for the
period (11-12) |
|
(1,5205.500) |
|
|
14 |
Paid up Equity Share capital (Face value Rs.10 each) |
|
17526.000 |
|
|
15 |
Reserves excluding Revaluation reserves as per Balance sheet |
|
|
|
|
16 |
Earnings per Share
(EPS) |
|
|
|
|
|
Basic Earnings per Share (Rs.) (Not Annuallsed) |
|
(8.68) |
|
|
|
Diluted Earnings per Share (Rs.) (Not Annuallsed) (Refer Note no 3) (considering potential equity shares on convertible portion of loans) |
|
-- |
|
|
|
|
|
|
|
|
1 |
Public Shareholding |
|
200,091,162 |
|
|
|
- Number of Shares |
|
|
|
|
|
- Percentage of Shareholding |
|
11.42% |
|
|
2 |
Promoters and
Promoter group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
|
NIL |
|
|
|
- Percentage of Shares (as a % of the total Shareholding of promoter and promoter group) |
|
NIL |
|
|
|
- Percentage of Shares (as a % of the total share capital of the company) |
|
NIL |
|
|
|
b) Non-encumbored |
|
|
|
|
|
- Number of Shares |
|
1,552,507,616 |
|
|
|
- Percentage of Shares (as a % of the total Shareholding of promoter and promoler group) |
|
100% |
|
|
|
• Percentage of Shares (as a % of the total share capital of the company) |
|
88.58% |
|
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of Ine quarter |
|
Nil |
|
|
|
Received during the & quarter |
|
17 |
|
|
|
Disposed of during the quarter |
|
17 |
|
|
|
Remaining unresolved at the end of the quarter |
|
Nil |
|
|
|
|
|
|
|
|
C |
PHYSICAL PERFORMANCE
(In Million Tons) |
|
|
|
|
|
Crude Throughput |
|
2.89 |
|
|
|
Product Sales (including exports) |
|
2.65 |
|
SEGMENT WLSO REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
|
|
|
Quarter ended |
|
SI. No. |
Particulars |
|
30.06.2012 Unaudited |
|
1 |
Segment Revenue |
|
68702.200 |
|
|
A. Domestic Sale |
|
|
|
|
B. Export Sale |
|
59396.400 |
|
|
Net Sales / Income from
Operations |
|
12898.600 |
|
|
|
|
|
|
2 |
Segment Result Profit / (Loss)
before tax and Interest from each segment |
|
|
|
|
A. Domestic Sale |
|
(7601.200) |
|
|
B. Export Sale |
|
(28.900) |
|
|
Total |
|
(7630.100) |
|
|
Less: I. Interest Payment |
|
1101.700 |
|
|
Il. Other unallocable expenditure net of unallocable income |
|
6216.600 |
|
|
Profit / (loss) before Tax and Extraordinary Items |
|
(14948.400) |
|
|
Extraordinary Items |
|
-- |
|
|
Total Profit / (loss)
before Tax |
|
(14948.400) |
|
|
|
|
|
|
3 |
Capital Employed
(Segments Assefs- Segment Liabilities) |
|
|
|
|
A, Domestic Sale |
|
23493.900 |
|
|
B. Export Sale |
|
10051.800 |
|
|
Total |
|
33545.700 |
|
|
Unallocated |
|
23494.800 |
|
|
Grand Total |
|
57040.400 |
NOTES;
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meetings held on 27th July 2012.
2. a) Other operating income for the threemonths ended 31st March 2012 include net exchange fluctuation gain of Rs.2264.900 Millions.
b) Other Expenditure for the three months ended 30lh Juns,2012. three months ended 30th June,2011 and year ended 31st March,2012 Includes net exchange fluctuation loss of Rs.8486.800 Millions, Rs.829.100 Millions Rs.6482.200 Millions respectively.
3. Diluted EPS for the quarter ended 30th June 2012 is not given because Potential Equity Shares are anti-dilutlve.
4. Figures for the previous year/period are regrouped / rearranged wherever considered necessary.
5. Figures (or the three months ended 30th June 2012 have been subjected to 'Limited Review by the Statutory auditors as per listing agreement.
6. The Comptroller and Auditor General of India has compleled the supplementary audit on the audited accounts for the Financial year 2011-12 under Section 619(4) of the Companies Act, 1956 and has Issued Nil Comments certificate.
FIXED ASSETS:
Tangible Assets
v
Land - Freehold
v
Land - Leasehold
v
Buildings
v
Plant and Machinery
v
Furniture and Fittings
v
Vehicles
Intangible Assets
v
Goodwill
v Software
AS PER WEBSITE
PROFILE
Subject, located in a beautiful hilly terrain north of Mangalore city,
is a State of
Subject has a design capacity to process 11.82 million metric tonnes per
annum and is the only Refinery in
Subject has high standards in refining and environment protection
matched by its commitments to society. Subject has also developed a Green Belt
around the entire Refinery with plant species specially selected to blend with
the local flora.
AWARDS AND
MILESTONES
v
State Gold award for excellence in exports
(Non-SSI) for 2000-2001
v
Conferred Star Trading House status on September
21, 2001.
v
`Certificate of Merit' for Energy conservation
performance in 2001, by Ministry of Power
v
State Gold award for excellence in exports (Non
-SSI) for 2001-2002
v
IS0 14001:2004 certification by TUV Rheinland.
v
Export award from Kanara Chamber of Commerce for
2002-2003.
v
ISO:9002 certification on December 1999 and was
re-certified ISO 9001:2008.
v
Oil Conservation Award from Ministry of Petroleum
and Natural Gas on January 31, 2003.
v
Accredited Five Star rating by British safety
council,
v
Export award from Kanara Chamber of Commerce for
2003-2004.
v
Certificate of appreciation for outstanding
contribution to Central Excise Revenue - Mangalore commissionerate for
2003-2004.
v
Winner of First Prize of Jawaharlal Nehru Centenary
Award, selected by Centre For High Technology, functioning under the aegis of
MoPandNG, for the Best Performance in Energy consumption, for the year 2003-04.
v
Green Tech Gold award for Environment Excellence in
the year 2004 and 2008.
v
National Safety Award for the year 2004 from
Ministry of Labour, GOI.
v
Second prize in the Oil Conservation Fortnight
awards, selected by Centre for High Technology and PCRA, for Furnace / boiler
efficiency, in 2004.
v
Certificate of Excellence from New Mangalore Port
Trust for Handling highest Quantity of Crude in the year 2004-2005.
v
Winner of First Prize of Jawaharlal Nehru Centenary
Award, selected by Centre For High Technology, functioning under the aegis of
MoP and NG, for the Best Performance in Energy consumption, for the year
2004-05.
v
Green Tech Gold Safety award for Health and Safety
Management Systems in 2005.
v
Golden Peacock Environment Management Award for
2005 .
v
State award for excellence in exports-
2004-2005-Overall -Silver .
v
‘Energy Efficient Unit’ Award in the National Award
for Excellence in Energy Management under Refinery category by CII for the year
2006-07 and 2007-08 .
v
Certificate of Merit from Karnataka Renewable
Energy Development Limited, for 2005-06 and 2006-07 for lowest specific energy
consumption .
v
Oil and Gas Conservation Fortnight Award for
"Furnace and Boiler Insulation Effectiveness and Efficiency"
instituted by Centre for High Technology (CHT), under Ministry of Petroleum and
Natural Gas:
-
1st Prize – OGCF 2010
-
2nd Prize – OGCF 2008
-
2nd Prize – OGCF 2006
v
Jawaharlal Nehru Centenary Award for Energy
Performance among Indian Refineries, instituted by Centre for High Technology
(CHT) - 1st Prize during 2008-09 and 2nd Prize during 2007-08 and 2009-10.
v
Business Excellence award 2006 by Karnataka Chamber
of Commerce 2005-06 on 16th September 2006.
v
Overall Safety performance runner - up award for
the year 2005-06 by Ministry of Labour.
v
MRPL receives NSC - KC Safety Awards.
v
MRPL has bagged the Commendation Certificate for
"Large Scale Manufacturing Industry - Chemical Industry" under the
Rajiv Gandhi National Quality Award 2006
v
MRPL Wins prestigious Jawaharlal Nehru Centenary
Award 2006.
v
MRPL receives "Best Boilers" Award for
the year 2005-06.
v
MRPL wins the best Exporter Award from Kanara
Chamber of Commerce.
v
MRPL has performed exceptionally well during
2009-10, surpassing its own previous bests on several fronts. A few prominent
ones are listed below.
v
Consistent high capacity utilization at 129% of its
design capacity thus changed name plate capacity from 9.69 to 11.82 MMTPA.
v
Highest ever distillate yield of 72.8% at 12.5
MMTPA operating level.
v
Consistent improvement in Energy consumption
pattern, with lowest ever energy index of 58.27 MBTU/BBUNRGF, crossing its own
previous best of 59.07 which was achieved in previous years. MRPL was awarded I
prize successively four times in row in Jawaharlal Nehru Award for Energy
performance, earlier. Performance is successively at improving trend even
thereafter. Consistently lower Fuel and Loss at 6.50 %, which is significantly
lower when compared to the increase in operating complexity, which is at 5.3.
v
MRPL has been adjudged as the 'Most Safe Refinery'
for the three Years (2006-07, 2007-08 and 2008-09) by Oil Industry Safety
Directorate (OISD), MoP and NG after evaluation of all the 17 PSU refineries in
India, and 2nd Prize by OISD in Safe Refinery Category for the year 2008-09.
v
MRPL has been rated 'Excellent' in MOU performance
by ONGC for 2008-09.
v
MRPL has been rated number one company in terms of
turnover per employee on All India basis by Business Today Magazine (BT 500
2009 edition).
v
MRPL received "Certificate of Merit" on
18.02.2010 in the Best HR practices 2009 competition organised by National
Institute of Personnel Management, Kolkatta.
v
MRPL has been conferred Export Excellence Award
2010 (Best Manufacturerr Exporter Award) Large Category - Gold by Federeation
of Karnataka Chambers of Commerce and Industry in June-2010.
v
MRPL was the first Refinery to process the newly
discovered and highly viscous Barmer (Rajasthan) crude in October-2009.
v
GOHDS unit revamp was completed 5 months ahead of
schedule (by the end of March 2010 instead of August 2010, and dedicated to the
Nation by the Secretary, Ministry of Petroleum and Natural Gas, GOI on
30.04.2010) to meet the National requirement of Euro-IV norms.
v
MRPL has been reaffirmed with Issuer rating
"IR AAA" by ICRA Limited, indicating the highest credit quality
rating and carrying lowest credit risk.
v
MRPL has been reaffirmed the "CCR AAA"
rating by CRISIL, indicating highest degree of strength with regard to
honouring debt obligations.
v
The refinery's performance has been exemplary
during 2009-10, on every front. With the limited domestic absorption of
products and considering that MRPL does not have full-fledged marketing network
or a tie-up with a marketing company, MRPL's performance has been excellent and
much superior to other stand-alone refineries in terms of margin capture and
Capacity utilization. The refinery also excelled in Energy performance,
Environment Management, Safety performance, Export performance, Accounting
standards, Industrial Relations, Initiatives in Information technology,
Investor relations and Community development etc. All of this has resulted in
MRPL being adjudged as the "Refinery of the year" award in the
"PETROFED - Oil and Gas Industry Awards 2010".
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.55.52 |
|
|
1 |
Rs.88.49 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.