MIRA
INFORM REPORT
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Report Date : |
03.12.2013 |
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 : |
India |
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Financials (as
on) : |
31.03.2013 |
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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 Exchanges. |
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Line of Business
: |
Subject is engaged in business of Sale of Petroleum Products, Sale of Petrochemicals
and Other Businesses, which comprises Sale of Gas, Explosives and Cryogenics,
Wind Mill and Solar Power Generation and Oil and Gas Exploration Activities. |
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No. of Employees
: |
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 2444000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and a reputed company having fine track
record. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
AAA- (Long Term Bonds Programme) |
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Rating Explanation |
Highest degree of safety and lowest credit risk. |
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Date |
September 2013 |
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Rating Agency Name |
ICRA |
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Rating |
A1+(Commercial Paper Programme) |
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Rating Explanation |
Strong degree of safety lowest credit risk. |
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Date |
September 2013 |
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
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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, New Delhi – 110049, India |
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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 · Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New Delhi - 110016, India
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Research And Development Division : |
Sector 13, |
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IBP Division : |
34-A, |
DIRECTORS
As on: 31.03.2013
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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 : |
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. Rajive Kumar |
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Designation : |
Government Nominee Director (W.e.f.02.07.2013) |
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Name : |
Mr. Devang Khakhar |
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Designation : |
Independent Director (w.e.f. 14.09.2012) |
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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 : |
Dr. S C Khuntia |
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Designation : |
Government Nominee Director (W.e.f. 09.08.2012) |
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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
|
Name : |
Mr. Raju Ranganathan |
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Designation : |
Company Secretary |
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SENIOR MANAGEMENT TEAM |
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·
Mr. Vipin Kumar - Adviser (Security) ·
Mr. S K Singh - Chief Vigilance Officer ·
Mr. N K Bansal - Executive Director (Corporate Planning and Economic Studies),
Corporate Office ·
Mr. Amitava Chatterjee - Executive Director (I/c) (Co-ordination, Planning
and Quality Control), Marketing ·
Mr. Ravinder Sareen - Executive Director (Aviation), Marketing ·
Mr. S Ramasamy - Executive Director (Information System), Corporate Office ·
Mr. N Srikumar - Executive Director I/c (Corporate Communication and Branding),
Marketing ·
Mr. V K Jaychandran - Executive Director (I/c) (Tamil Nadu State
Office) ·
Mr. Satwant Singh - Executive Director (Cryogenics) ·
Mr. Debasis Sen - Executive Director (I/c) (Lubes), Marketing ·
Mr. S C Meshram - Executive Director (Consumer Sales), Marketing ·
Mr. Prithwiraj Sur - Executive Director (Petrochemicals), Refineries ·
Mr. H S Bedi - Executive Director (Human Resource), Marketing ·
Mr. Anshumali Saran - Executive Director (Bongaigaon Refinery) ·
Mr. N Sethurathinam - Executive Director (Maintenance and Inspection),
Refineries ·
Mr. V K Bansal - Executive Director (I/c) (Finance), Refineries ·
Mr. M Vijaywargiya - Executive Director (I/c) (Paradip Refinery
Project) ·
Mr. A K Marchanda - Executive Director (I/c) (Gas), Corporate Office ·
Mr. Ashwani Sharma - Executive Director (Business Development),
Corporate Office ·
Mr. M K Padia - Executive Director (ENCON and Efficiency Improvement), Refineries ·
Mr. N K Gupta - Executive Director (Optimisation), Corporate Office ·
Mr. S K Sarangi - Executive Director (Alternate Energy), R and D ·
Mr. K R Suresh Kumar - Executive Director (Regional Services, Southern
Region), Marketing ·
Mr. S S Bapat - Executive Director (Corporate Communication and Branding), Marketing ·
Mr. S Krishna Prasad - Executive Director (Finance), Marketing ·
Mr. G Tiwari - Executive Director (Maharashtra State Office) ·
Mr. Anjan Banerjee - Executive Director (Lube-Operations), Marketing ·
Mr. S K Diwan - Executive Director (I/c) (Anti Adulteration Cell), Corporate Office ·
Mr. Suneel Sethi - Executive Director (Human Resource), Pipelines ·
Dr. B Basu - Executive
Director (Lube Technology), R and D ·
Mr. V K Gupta - Executive Director (Corporate Affairs) ·
Mr. Ashis Nag - Executive Director (Process, Design and Engg. Cell), Refineries ·
Mr. B P Baliga - Executive Director (Health, Safety and Environment), Refineries ·
Mr. S Ganguli - Executive Director (I/c) (Mathura Refinery) ·
Mr. S Rajagopal - Executive Director (I/c) (Refining Technology), R and D ·
Mr. A K Digar - Executive Director (Health, Safety and Environment), Marketing ·
Mr. M B Nangia (Ms.) - Executive Director (Finance, Information System
and Materials), R and D ·
Mr. S Balasubramanian - Executive Director (Operations), Marketing ·
Mr. J P Ojha - Executive Director (Operations), Pipelines ·
Mr. A N Jha - Executive Director (LPG), Marketing ·
Mr. S Mitra - Executive Director (Petrochemicals), Corporate Office ·
Mr. P M Nazirudeen - Executive Director (Regional Services, Western
Region), Marketing ·
Mr. S S Samant - Executive Director I/c (Projects and Engineering), Marketing ·
Mr. S K Ghosh - Executive Director (Operations), Refineries ·
Mr. Anish Aggarwal - Executive Director (Western Region Pipelines) ·
Mr. B Ashok - Executive Director (Retail Sales), Marketing ·
Mr. V Damodaran - Executive Director (Ennore LNG Project) ·
Mr. Barun Barpujari - Executive Director (Assam Oil Division) ·
Mr. Alok Misra - Executive Director (Anti Adulteration Cell), Corporate Office ·
Projjal Chakrabarty - Executive
Director (Information System), Marketing ·
Mr. T K Basak - Executive Director (I/c) (Panipat Refinery) ·
Mr. Rajiv Khanna - Executive Director (Pricing), Marketing ·
Mr. B B Choudhary - Executive Director (Exploration and Production,
RE and SD) ·
Mr. S K Jha - Executive Director (Barauni Refinery) ·
Mr. V K Khurana - Executive Director I/c (Projects), Pipelines ·
Mr. V K Mithal - Executive Director (Projects - PDRP), Refineries ·
Mr. Sudeb Gupta - Executive Director (Punjab State Office) ·
Mr. A K Garg - Executive Director (Internal Audit), Corporate Office ·
Mr. H S Pati - Executive Director (Eastern Region Pipelines) ·
Mr. R K Bhan - Executive Director (Health, Safety and Environment), Corporate Office ·
Mr. R K Arora - Executive
Director (Karnataka State Office) ·
Ms. Lee Bee Sen - Executive
Director (Human Resource and CSR), Corporate Office ·
Mr. Indrajit Bose - Executive
Director (West Bengal State Office) ·
Mr. B P Das - Executive
Director (Refining Technology), R and D ·
Mr. B D Yadav - Executive
Director (Northern Region Pipelines) ·
Mr. Rajiv Chawla - Executive
Director (Information Systems), Refineries ·
Mr. Gautam Roy - Executive
Director (Gujarat Refinery) ·
Mr. Sanjiv Singh - Executive Director
(Paradip Refinery Project) ·
Mr. Amresh Kapoor - Executive
Director (I/c) (Regional Services, Northern Region), Marketing ·
Mr. Supriyo Dhar - Executive
Director (Panipat Refinery) ·
Mr. Priobhash Dey - Executive Director
(North-East Integrated State Office) ·
Mr. P Rajendran - Executive
Director (Trombay Lube Complex) ·
Mr. C Shankar - Executive
Director (Technical) (Mathura Refinery) ·
Mr. Narinder Kumar - Executive
Director (Projects), Refineries ·
Mr. G Ramkumar - Executive
Director (Automation), Marketing ·
Mr. A K Chowdhury - Executive
Director (Human Resource), Refineries ·
Mr. Rajiv Bahl - Executive
Director (Finance and Treasury), Corporate Office ·
Mr. Ramjee Ram - Executive
Director (Paradip Refinery Project) ·
Mr. Verghese Cherian - Executive
Director (Indian Oil Institute of Petroleum Management) ·
Mr. A C Mishra - Executive
Director (Haldia Refinery) ·
Mr. Vijay Prakash - Executive
Director, (Paradip Refinery Project) ·
Mr. A K Tyagi - Executive
Director (Materials and Contracts), Pipelines ·
Mr. A S Malik - Executive
Director (Construction), Pipelines, Bhubaneswar ·
Mr. S S Mishra - Executive
Director (Uttar Pradesh State Office II) ·
Mr. U V Mannur - Executive
Director (Tamil Nadu State Office) ·
Mr. A K Sharma - Executive
Director (Finance), Refineries ·
Mr. B S Canth - Executive
Director (Andhra Pradesh State Office) ·
Mr. G K Satish - Executive
Director (International Trade), Corporate Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(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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|
14182312 |
0.58 |
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|
8325613 |
0.34 |
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|
84766061 |
3.49 |
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|
51930962 |
2.14 |
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|
159204948 |
6.56 |
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|
221987111 |
9.14 |
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|
64644820 |
2.66 |
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|
3341628 |
0.14 |
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|
62618265 |
2.58 |
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|
909924 |
0.04 |
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|
58744886 |
2.42 |
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|
222503 |
0.01 |
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|
506 |
0.00 |
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2700000 |
0.11 |
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|
40446 |
0.00 |
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|
352591824 |
14.52 |
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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 |
|
|
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 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Sale of Petroleum Products, Sale of
Petrochemicals and Other Businesses, which comprises Sale of Gas, Explosives and
Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas Exploration
Activities. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2013)
(Figures in lakh)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Crude Processing |
MTs |
518.50 |
542.00 |
485.61 |
|
Lubricating Oil
|
MTs |
4.71 1.46 |
4.64 0.34 |
4.20 0.31 |
|
Wax/Bitumen/Asphalt Lube Oil Drums |
Nos. |
15.00 |
15.00 |
3.61 |
|
Oxygen Plant |
CU.M. |
Not specified |
0.84 |
0.00 |
|
Propylene Recovery Unit |
MTs |
0.24 |
0.24 |
0.18 |
|
MTBE Unit |
MTs |
0.37 |
0.37 |
0.24 |
|
Naptha Cracker plant |
MTs |
14.60 |
14.60 |
14.40 |
|
Lab Plant |
MTs |
1.20 |
1.20 |
1.19 |
|
PX /PTA Plant |
MTs |
5.53 |
5.53 |
5.67 |
|
Cryocontainer and Accessories |
Nos. |
0.13 |
0.17 |
0.17 |
|
Site Mixed Slurry Explosives |
MTs |
0.94 |
0.68 |
0.80 |
NOTE:
A.
i) Licensed Capacity of 6.50 lakh MT for Digboi
Refinery is not specified and there is variance vis-a-vis installed capacity of
12.00 lakh MT and 5.00 lakh MT for Gujarat and Mathura Refinery respectively.
ii) Capacity for projects under construction not considered.
B.
As certified by the Management
C.
i) Represents finished petroleum products.
ii) Excludes crude processed in secondary units for other
companies/refiners
D.
Per year operating in single shifts.
E.
Per year operating in two shifts.
GENERAL INFORMATION
|
No. of Employees : |
34233 (Approximately) |
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Bankers : |
·
State Bank of India ·
HDFC Bank Limited ·
United Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
·
M/s. B. M. Chatrath and Company, Kolkata ·
M/s Parakh and Company, Jaipur ·
M/s Dass Gupta and Associates, New Delhi |
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Branch Auditors : |
·
Shri S. Jaykishan, Kolkata ·
M/s. H D S G and Associates, New Delhi ·
M/s M. Thomas and Company, Chennai ·
M/s S. K. Naredi and Company, Kolkata ·
M/s. S. Lall and Company, Panipat |
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Cost Auditors : |
·
M/s. Chandra Wadhwa and Company, New Delhi
(Central Cost Auditor) ·
M/s. R. M. Bansal and Company, Kanpur ·
M/s. Thakur and Company, Kolkata ·
M/s. ABK and Associates, Mumbai ·
M/s. Vivekanandan Unni and Associates, Chennai ·
M/s. Mani and Company, Kolkata ·
M/s. Sanjay Gupta and Associates, New Delhi ·
M/s. A. C. Dutta and Company, Kolkata ·
M/s. Chandra Wadhwa and Company, New Delhi ·
M/s. R. J. Goel and Company, New Delhi ·
M/s. Subhadra Dutta and Associates, Guwahati ·
M/s. Bandopadhyay Bhaumik and Company, Kolkata |
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Joint Venture / Associates : |
·
IOT Infrastructure and Energy Services Limited ·
Lubrizol India Private Limited ·
Petronet VK Limited ·
Indian Oil Petronas Private Limited ·
Avi-Oil India Private Limited ·
Petronet India Limited ·
Petronet LNG Limited ·
Green Gas Limited ·
Indian Oil Panipat Power Consortium Limited ·
Petronet CI Limited ·
Indo Cat Private Limited ·
Indian Oil Sky Tanking Limited ·
Suntera Nigeria 205 Limited ·
Delhi Aviation Fuel Facility Private Limited ·
Indian Synthetic Rubber Limited ·
Indian Oil Ruchi Biofuels LLP ·
NPCIL- Indian Oil Nuclear Energy Corporation
Limited ·
GSPL India Transco Limited ·
GSPL India Gasnet Limited ·
Petroleum India International - AOP (An
Associate) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000000 |
Equity Shares |
Rs.10/- each |
Rs. 60000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2427952482 |
Equity Shares |
Rs.10/- each |
Rs.
24279.500 Millions |
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NOTES
A.
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 shareholders of erstwhile IBP
Company Limited as per the Scheme of amalgamation.
d)
2,16,01,935 no. of equity shares of Rs. 10 each
issued in May 2009 as fully paid up to be shareholders 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 during preceding five years (in November
2009).
B.
Reconciliation of No. of Equity Shares
|
Opening Balance |
2427952482 |
|
Shares Issued |
-- |
|
Shares bought back |
-- |
|
Closing Balance |
2427952482 |
C.
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.
D.
Details of shareholders holdings more than 5%
shares
|
Name of
Shareholder |
March-13 |
|
|
Number of shares
held |
Percentage of
Holding |
|
|
President Of India |
1,91,61,55,710 |
78.92 |
|
Oil And Natural Gas Corporation Limited |
21,29,06,190 |
8.77 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
(b) Reserves & Surplus |
586963.600 |
554487.500 |
529043.700 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
611243.100 |
578767.000 |
553323.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
214142.000 |
168267.600 |
162432.000 |
|
(b) Deferred tax liabilities (Net) |
55126.600 |
52418.800 |
63365.900 |
|
(c) Other long term liabilities |
114351.800 |
98303.000 |
3648.000 |
|
(d) long-term provisions |
3752.500 |
2581.800 |
1792.700 |
|
Total Non-current Liabilities (3) |
387372.900 |
321571.200 |
231238.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
569110.000 |
534971.700 |
340657.600 |
|
(b) Trade payables |
297299.100 |
275207.500 |
296617.600 |
|
(c) Other current
liabilities |
198520.800 |
239176.500 |
249117.900 |
|
(d) Short-term provisions |
176406.800 |
148903.600 |
65841.900 |
|
Total Current Liabilities (4) |
1241336.700 |
1198259.300 |
952235.000 |
|
|
|
|
|
|
TOTAL |
2239952.700 |
2098597.500 |
1736796.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
598234.500 |
589322.900 |
571890.200 |
|
(ii)
Intangible Assets |
8092.800 |
9145.100 |
9983.800 |
|
(iii) Dismantled Capital Assets |
0.000 |
0.000 |
272.500 |
|
(iv) Capital
work-in-progress |
179871.300 |
134153.600 |
89393.000 |
|
(v)
Intangible assets under development |
2859.900 |
2725.300 |
3140.500 |
|
(b) Non-current Investments |
50326.200 |
49180.100 |
47034.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
117443.700 |
103885.800 |
49363.500 |
|
(e) Other Non-current assets |
138.600 |
170.100 |
39.900 |
|
Total Non-Current Assets |
956967.000 |
888582.900 |
771118.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
136386.000 |
137604.500 |
148412.700 |
|
(b) Inventories |
593143.900 |
568292.000 |
492845.200 |
|
(c) Trade receivables |
112547.800 |
97254.700 |
88636.900 |
|
(d) Cash and cash
equivalents |
5032.900 |
3070.100 |
12944.200 |
|
(e) Short-term loans and
advances |
368244.900 |
325251.000 |
210608.000 |
|
(f) Other current assets |
67630.200 |
78542.300 |
12231.500 |
|
Total Current Assets |
1282985.700 |
1210014.600 |
965678.500 |
|
|
|
|
|
|
TOTAL |
2239952.700 |
2098597.500 |
1736796.800 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4470964.100 |
3984766.300 |
3280923.000 |
|
|
|
Other Income |
35147.900 |
31990.500 |
34345.700 |
|
|
|
TOTAL (A) |
4506112.000 |
4016756.800 |
3315268.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2197440.500 |
2022804.900 |
|
|
|
|
Purchase of Stock-in-Trade |
1881822.000 |
1547935.000 |
|
|
|
|
Employee benefit expenses |
72712.700 |
49769.600 |
|
|
|
|
Other Expenses |
233820.700 |
208351.900 |
|
|
|
|
Exceptional Items |
0.000 |
77078.200 |
|
|
|
|
Changes in Inventory |
(52200.300) |
(28521.300) |
|
|
|
|
Income / (Expenses) pertaining to Prior Years (Net) |
(63.000) |
(2787.900) |
|
|
|
|
TOTAL (B) |
4333532.600 |
3874630.400 |
3152118.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172579.400 |
142126.400 |
163150.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
64091.500 |
55905.400 |
26725.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
108487.900 |
86221.000 |
136425.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52009.900 |
48677.900 |
45466.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
56478.000 |
37543.100 |
90958.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6426.300 |
(2003.100) |
16503.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
50051.700 |
39546.200 |
74454.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Insurance reserve utilized |
0.000 |
0.000 |
(138.000) |
|
|
|
Proposed Dividend |
15053.300 |
12139.800 |
23065.500 |
|
|
|
Corporate dividend tax on proposed
dividend |
2558.300 |
1944.300 |
3587.000 |
|
|
|
Insurance reserve account |
197.000 |
200.000 |
200.000 |
|
|
|
Bond redemption reserve |
5280.700 |
6265.200 |
1010.200 |
|
|
|
Corporate Social Responsibility Reserve |
219.200 |
0.000 |
0.000 |
|
|
|
General Reserve |
5005.200 |
18996.900 |
46730.100 |
|
|
BALANCE CARRIED
TO THE B/S |
21738.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Crude
Oil, LAB and Petroleum Products |
185491.900 |
196181.000 |
167810.700 |
|
|
|
Income from Royalty |
3.200 |
3.200 |
2.200 |
|
|
|
Income from
Consultancy Services |
25.700 |
45.200 |
29.600 |
|
|
|
Commodity Hedging |
2.700 |
1827.000 |
1787.000 |
|
|
|
Others |
62.600 |
53.600 |
46.000 |
|
|
TOTAL EARNINGS |
185586.100 |
198110.000 |
169675.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
1845586.500 |
1733232.700 |
1459826.400 |
|
|
|
Base Oil |
1.500 |
72.600 |
0.000 |
|
|
|
Additives |
597.100 |
1126.500 |
799.200 |
|
|
|
Capital Goods |
11021.500 |
12745.200 |
2310.500 |
|
|
|
Other Raw Materials |
253.400 |
172.800 |
238.700 |
|
|
|
Revenue Stores, Component, Spare and Chemicals |
6795.200 |
5517.500 |
4463.400 |
|
|
TOTAL IMPORTS |
1864255.200 |
1752867.300 |
1467638.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
20.61 |
16.29 |
30.67 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
1104666.100 |
1103902.400 |
|
Total Expenditure |
1116325.800 |
1067371.100 |
|
PBIDT (Excl OI) |
(11659.700) |
36531.300 |
|
Other Income |
4923.900 |
4582.700 |
|
Operating Profit |
(6735.800) |
41114.000 |
|
Interest |
14701.900 |
13542.000 |
|
Exceptional Items |
4362.900 |
3609.500 |
|
PBDT |
(17074.800) |
31181.500 |
|
Depreciation |
13857.500 |
14342.300 |
|
Profit Before Tax |
(30932.300) |
16839.200 |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(30932.300) |
16839.200 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(30932.300) |
16839.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.11
|
0.98 |
2.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.26
|
0.94 |
2.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81
|
1.96 |
5.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.06 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.28
|
1.22 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.01 |
1.01 |
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 |
Yes |
|
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 |
LITIGATION
DETAILS:
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
ITXAL/804/2013 |
Failing Date:- |
29.05.2013 |
Reg. No.:- |
ITXA/1372/2013 |
Reg. Date:- |
22.07.2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 10- |
Respondent:- |
INDIAN OIL CORPORATION LIMITED |
||||
|
Petn.Adv:- |
ARVIND PITO (0) |
||||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|
||||
|
Next Date:- |
09/12/2013 |
|
|||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Bonds |
|
|
|
Foreign Currency Bonds US $ 1,325.57 million (2012: US $ 1,000.00
million) |
71965.400 |
50880.000 |
|
Term Loans: |
|
|
|
i) From Banks/Financial Institutions: |
|
|
|
In Foreign Currency Loans US $
1,184.19 million (2012: US $ 769.87 million) |
63981.600 |
38882.100 |
|
Senior Notes (Bank of America) US $ 300.00 million (2012: US $ 300.00 million) |
16287.000 |
15264.000 |
|
ii) From Others |
|
|
|
In Rupees |
2460.000 |
5052.500 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans Repayable on Demand |
|
|
|
From Banks/Financial Institutions: |
|
|
|
In Foreign Currency US $ 5,651
million (2012: US $ 4,092 million) |
306792.800 |
208201.000 |
|
In Rupee |
161400.000 |
190400.000 |
|
From Others |
|
|
|
Commercial Papers |
15800.000 |
44100.000 |
|
Inter-Corporate Deposits |
0.000 |
20000.000 |
|
|
|
|
|
TOTAL |
638686.800 |
572779.600 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10439786 |
29/07/2013 |
17,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202, MAKER TOWER, 'E', CUFFE
PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B80695364 |
|
2 |
10409821 |
11/02/2013 |
10,500,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301, WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, |
B70013008 |
|
3 |
10365060 |
11/07/2012 |
12,950,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202, MAKER TOWER, 'E', CUFFE
PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B43325463 |
|
4 |
10213149 |
31/03/2010 |
2,170,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301 WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83548719 |
|
5 |
10215688 |
31/03/2010 |
7,160,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301 WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83552661 |
|
6 |
10213153 |
25/03/2010 |
1,270,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301 WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83550038 |
|
7 |
10213154 |
25/03/2010 |
2,800,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301 WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83551713 |
|
8 |
10153713 |
30/03/2009 |
5,270,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301, WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A60420684 |
|
9 |
10153612 |
30/03/2009 |
14,230,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301, WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A60420031 |
|
10 |
10153614 |
30/03/2009 |
17,000,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD
|
301, WORLD TRADE CENTRE, BABAR
ROAD, NEW DELHI, DELHI - 110001, INDIA |
A60421989 |
|
11 |
10144856 |
11/03/2013 * |
16,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202, MAKER TOWER, 'E', CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71757058 |
|
12 |
10131502 |
11/03/2013 * |
15,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202, MAKER TOWER, 'E', CUFFE PARADE,
COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71759336 |
|
13 |
10094961 |
19/03/2013 * |
62,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B72293244 |
|
14 |
80027343 |
11/03/2013 * |
12,250,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202, MAKER TOWER, 'E', CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71758601 |
|
15 |
80018522 |
11/03/2013 * |
4,108,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED
|
202, MAKER TOWER, 'E', CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71757959 |
|
16 |
80043525 |
29/09/2008 * |
183,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH,
VOLTAS HOUSE, 23, J. N. HEREDIA MARG,, MUMBAI, MAHARASHTRA - 40000 |
A46832192 |
|
17 |
90244027 |
29/09/1997 |
10,000,000,000.00 |
STATE BANK OF INDIA |
SWECURITIES AND SERVICES
DIVISION; MUMBAI MAIN BRA, MUMBAI SANACHAR MARG, MUMBAI, MAHARASHTRA - 400
023, INDIA |
- |
OPERATIONAL PERFORMANCE
REFINERIES
The Corporation’s
refineries achieved a brilliant performance during the year. The eight refineries
of the Corporation achieved a combined crude oil throughput of 54.65 million
tonnes during the year, with an overall capacity utilisation of 100.8%, as
against a throughput of 55.62 million tonnes and capacity utilisation of 102.6%
in the previous year. The refineries have been consistently registering an
overall capacity utilisation of over 100% for the last six years. The
refineries achieved the highest combined distillate yield of 78.1 wt% during
the year, surpassing the previous best of 77.8 wt% in the previous year. They
also recorded the lowest ever specific energy consumption of 56.3 MBN during
the year. High-sulphur crude processing was maximized and the highest ever
percentage of high-sulphur crude (53.3% of the total crude) was processed
during the year.
PIPELINES
The Corporation’s
pipelines continued to deliver significant performance and achieved a
throughput of 75.50 million tonnes during the year as against 75.55 million tonnes
last year. The product pipelines achieved the highest ever throughput of 28.09
million tonnes and the crude oil pipelines registered a throughput of 47.40
million tonnes as against throughputs of 27.96 million tonnes and 47.59 million
tonnes respectively during the previous year. The throughput of the gas
pipeline increased by 43%, from 671 MMSCM in the previous year to 960 MMSCM in
2012-13 The total length of the Corporation’s network of crude oil, product and
gas pipelines as on 31.03.2013 was 11,214 km.
MARKETING
Despite the many
challenges faced during the year, the Corporation performed with aplomb,
exploiting opportunities with passion, with focus on offering customers better
value for money and added benefits through its products and services. The
Corporation continued to maintain its leadership in the market with domestic
sales of 68.76 million tonnes of petroleum products during the year vis-a-vis
68.10 million tonnes in 2011-12. During the year, the highest ever number of
1910 retail outlets were commissioned, out of which 1050 were Kisan Seva Kendra
(KSK) outlets. The KSK outlets contributed about 10% of the total sales of MS
and HSD in the retail segment. During the year, 1600 retail outlets were
automated, taking the total number of automated retail outlets to 4377.
During the year,
the Corporation enrolled 68.9 lakh new Indane
LPG customers and commissioned 142 regular LPG distributorships, taking
their total to 734.2 lakh customers and 5523 distributors. The Corporation’s
focus on reaching out to rural customers continued with the commissioning of
422 Rajiv Gandhi Gramin LPG Vitarak distributorships
during the year, taking their total strength to 944. LPG bottling capacity was
augmented during the year by 615 thousand metric tonnes per annum raising the
total bottling capacity as on 31.03.2013 to 6793 TMTPA. The market share in
Auto-LPG sales increased by 2% during the year, with sales of 110.6 TMT
The Corporation
sold 408.5 TMT of finished lubes during the year 2012-13 as compared to 435 TMT
in the previous year. The decline in sales is mainly due to unprecedented
impact of economic recession during the year resulting in negative growth of
3.4% in the industry compared to average of 2% industry growth during the
previous years. Export of SERVO to
three new destinations Madagascar, Maldives and Kenya was commenced during the
year, expanding the coverage of the brand to 24 overseas markets. During the
year, SERVO Futura Synth,
a 100% synthetic engine oil, was launched for top-end cars and SUVs.
The Corporation
continues to be the market leader in the aviation fuel business with a market
share of 63.5% and enjoys leadership in all major segments, such as domestic
airlines, international airlines and defence services and scheduled airlines, through
its 97 Aviation Fuel Stations across the country.
ASSAM OIL AND IBP DIVISIONS
The Assam Oil
Division (AOD) continued to play a vital role in ensuring supply of petroleum
products in the north-east region. The Digboi Refinery processed 0.66 million
tonnes of crude oil during the year as against 0.62 million tones of crude oil
processed last year.
The IBP Division,
which comprises Explosives and Cryogenic businesses, earned revenue of Rs.
2610.000 Millions during the year, registering a growth of 31% over the
previous year. The highest ever sales of 18,453 cryocans was registered during
the year.
EXPANDING BUSINESS
In line with the
Corporation’s Vision of being the ‘Energy of India’ and becoming ‘a globally
admired company’, the Corporation continues to endeavour to extend its business
frontiers beyond core refining, transportation and marketing business to
related segments across the entire energy spectrum. The investments and
monetisation of opportunities in petrochemicals, gas and upstream sectors is
part of these efforts.
PETROCHEMICALS
The Corporation is
now the second largest player in the domestic petrochemicals market. It is also
the market leader in Linear Alkyl Benzene(LAB) used in detergent manufacture,
and in Mono Ethylene Glycol (MEG) used in the polyester industry. Polymer sales
too recorded a growth of 41.6%. During the year, the Corporation retained its
position as the preferred supplier of Purified Terephthalic Acid (PTA) and
achieved the highest ever annual sales of 557 TMT.
The Corporation’s
domestic petrochemical sales recorded a growth of 23.9% and reached the highest
ever level of 1.8 MMT during the year. Petrochemical exports reached a new
milestone of 108.6 TMT, recording a growth of 42.5%, with Corporation’s reach
extending to new markets in Latin America, CIS countries and Europe. Five new
grades of Poly-ethylene / Polypropylene were developed in-house for niche
application segments to deliver more value to customers.
GAS
The gas business of
the Corporation is intent upon leveraging the sizeable opportunities being
presented by the country’s growing demand for gas and the increased
international gas sourcing opportunities brought on by the international
unconventional gas revolution and the Liquefied Natural Gas (LNG) boom. During
the year, the Corporation’s gas sales grew by 6.2%, reaching the level of 1.83
MMT. LNG sales through ‘LNG at the Doorstep’ model, has been highly successful.
During the year, the sales volumes of ‘LNG at Doorstep’ increased to 25835 MT,
registering a growth of 77%.
The Corporation is
currently implementing its first 5-MMTPA LNG import and re-gasification
terminal at Ennore near Chennai, which will be the gateway for entry of natural
gas into the Southern Indian market. The Corporation is a part of two joint
ventures (GSPL India Gasnet Limited and GSPL India Transco Limited) with 26%
equity participation for building of Mehsana-Bhatinda and
Bhatinda-Jammu-Srinagar gas pipelines and Mallavaram-Bhopal-Bhilwara-Vijaypur
gas pipeline respectively.
EXPLORATION AND PRODUCTION (E AND P)
The E and P
portfolio of the Corporation consists of 13 domestic and 10 overseas blocks,
which include 2 producing assets. The Corporation’s share in the 2P reserves of
the producing assets is estimated to be 119 MMBoe of oil and gas. Further,
there are 7 blocks with oil and gas discoveries, 2 CBM blocks and 8 other
blocks under various stages of exploration. The Corporation is also sole
operator in two on-land exploration blocks in Cambay basin, Gujarat where
exploration activities are in progress.
During the year,
the Corporation acquired 10% working interest from Carrizo Oil and Gas Inc.
(USA) in the Niobrara shale oil producing asset in the State of Colorado, USA
with effect from 1st October, 2012. In another overseas asset, Carabobo
Project-1 in Venezuela, production of First Oil from the project commenced on
27th December 2012. As of 31st March, 2013, the total production
achieved from Carabobo Project-1 is 28,315 barrels, wherein the Corporation’s
share is 991 barrels. The total production during 2013 is expected to be about
2 to 3 million barrels, wherein the Corporation’s share would be about 95,000
barrels. Further, in Area 95-96 Libya, where the Corporation has a
participating interest of 25%, oil and gas discovery has been reported from the
first exploratory well drilled in February, 2013 and further exploratory
drilling is in progress.
ALTERNATIVE ENERGY
During the year,
the Corporation successfully commissioned five wind energy generators (10.5 MW)
at Vajrakarur in Andhra Pradesh. This takes the Corporation’s installed wind
power capacity in Andhra Pradesh to 27.3 MW and its total installed wind power
capacity across India to 48.3 MW. The grid-connected renewable energy
generation during the year crossed the 100 GWh mark.
In bio-fuels, the
Corporation’s joint venture company, IndianOil-CREDA Biofuels Limited supplied
demetaled and degummed Jatropha oil
to Chennai Petroleum Corporation
Limited for pilot studies on co-processing of vegetable oils for
production of green diesel, which was successfully co-processed during the year
using the R and D technology developed by the Corporation’s R and D Centre.
SUSTAINABLE DEVELOPMENT
The ecological
footprint of the Corporation’s operations is currently being assessed as a
first step towards minimising it. During the year, eco-foot printing exercise
was completed at 48 locations, wherein mapping of green house gas emissions,
water consumption and waste generation was done on ‘as is’ basis. Additionally,
during the year, energy audit of office buildings was carried out in 28
locations.
A number of
mitigation actions, such as commissioning of rainwater harvesting systems,
solarisation of retail outlets, installation of organic waste converters,
organising carbon-neutral events, sustainability seminar and conducting
awareness generation programmes were initiated during the year. The
Corporation’s Sustainability Report 2011-12 with A+ rating certified by M/s.DNV
was also released during the year.
CONSULTANCY SERVICES
The Corporation
has been providing consultancy services especially in Africa and the Middle
East. Emirates National Oil Company, Dubai extended the technical services
agreement and manpower secondment agreement with the Corporation for the 15th
consecutive year. During the year, the Corporation through competitive bidding,
secured and successfully executed a consultancy assignment for Kuwait National
Petroleum Company undertaking Pilot Plant test run of diesel samples aiming at
Sulphur reduction to stipulated levels.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW AND OUTLOOK
GLOBAL
During the year,
the overall global activity was subdued. Global economic growth decelerated to 3.1%
in 2012 from 3.9% recorded in 2011.
The situation in
advanced economies was mixed, while US and Japan experienced acceleration in
growth of output, albeit meagre, the EU witnessed a decline in output by an
estimated 0.6%. Unemployment rate in EU continued to be high and rose to 10.5%
while in the US, there was a rebound in job creation with unemployment rate
falling to 8.1% from 9% in 2011. Risks of a financial shock from the EU
Sovereign Debt Crisis and a fiscal shock from the US ‘fiscal cliff’ were imminent
during the year. Fortunately, these risks were contained with the last minute
resolution in the US and the large-scale rescue efforts by EU Authorities and
IMF. As regards, emerging economies, broad-based deceleration was experienced
for a second year in a row.
Looking ahead,
consolidation is expected in the advanced economies and in the emerging
economies the trend of deceleration is projected to be arrested. As per IMF,
World output growth is forecasted to remain unchanged at 3.1% in 2013 and accelerate
to 3.8% in 2014. During the first quarter of 2013, while growth in US and Japan
accelerated, in EU output continued to contract. Moreover, many major Emerging
Economies have underperformed on account of domestic issues and weak external
demand. Matters such as the US fiscal issues, the EU periphery still being
stuck in the crisis coupled with the weakening of growth in Core economies and
the timing and pace of the anticipated unwinding of Quantitative Easing in the
US need to be tackled pragmatically.
INDIA
During the year,
in the backdrop of a fragile external environment, structural weaknesses of the
Indian economy accentuated, and resulted in dropping of the GDP growth rate to
a decade low of 5%. Key macroeconomic indicators, like inflation and fiscal
deficit remained elevated and current account deficit traversed beyond the
comfort zone, considerably raising concerns about the country’s macro-economic
stability.
During the year,
while the performance of the slump-hit investment and industry continued to be
worrisome, the ambit of the slowdown enlarged, as it took in its grip
consumption, services and exports sectors. Investment growth rate further slid
to 1.7% from 4.4% in the previous year. Infrastructural bottlenecks suppressed
investment, inadequate fuel supply linkages, especially for coal in case of
power plants, delays in clearances (defence, environment, land), slow growth of
government capital expenditure and high interest rates, all curtailed
investment growth. By the end of the year, it is estimated, the country had 444
projects worth Rs. 3.98 trillion stalled. In such a scenario, FDI flows also
took a hit by declining by 38% during the year. Power deficit has continued to
be high at discomforting level of 8-9%. All these factors weighed down the
performance of the industrial sector, with mining and manufacturing being the
worst affected. In mining, output declined by 0.6% and manufacturing witnessed
a tardy growth of 1.0%. In addition to this, services and private consumption
expenditure which had been the bellwethers of the economy, also plummeted as
consumer confidence dipped, inflation and interest rates remained elevated, and
gave a major blow to the Indian growth story. The dip in Agricultural growth
rate to 1.9% on account of inadequate monsoons acted as a further drag on the
waning economic momentum.
On the external
account, despite a weak Rupee, exports witnessed a decline of around 2% on
account of the weak global demand. Imports, on the other hand, did not witness
a similar decline. High oil, coal and gold imports were responsible for keeping
the import bill perched high at around US$492 billion, rising by a notch 0.44%
from the previous year and a resultant high trade deficit of the tune of 10% of
GDP. The meagre performance on the invisible account, mainly due to the slump
in global demand and high interest payments outgo (emanating from rising
foreign borrowings driven by lower interest rates abroad), limited its
cushioning effect and led to the Current Account Deficit (CAD) touching
distressing level of 4.8% of GDP. Moreover, with CAD being largely financed by
FII flows, and External Commercial Borrowings (ECBs) concerns about the
vulnerability of India’s external position have aggravated.
Inflation did show
signs of moderation though it continued to be elevated. During the year, WPI
inflation stood at 6% as compared to 8% in the previous year. Consumer Price
Inflation continued to reign high led by food inflation. A positive development
was the reining in of the non-food manufactured inflation. While this did give
the monetary policy some headroom to go in for monetary easing during the year
for invigorating growth, it has been limited and constrained by the still high
overall inflation.
Fiscal deficit
during the year provisionally estimated at 4.9% of GDP was lower than the
Budget Estimate of 5.1% of GDP. But, admittedly it could have been worse but
for steps taken by the Government to rein the deficit. A discomforting aspect
of the fiscal situation was that the Revenue Deficit at 3.6% of GDP, exceeded
the target of 3.4%, mainly on account of subsidy bill escalating to 2.5% of GDP
way above the target of 2%.
With the concerns
becoming overbearing, remedial steps were taken by the Government. Setting up
of the Cabinet Committee on Infrastructure (CCI) to monitor investment
proposals and projects is one such development
and in the recent
months they have seen fast track action by CCI. On fiscal reforms, Government
has been expressive by announcing a new path of fiscal consolidation. A slew of
reform measures were initiated in the areas of foreign investment, fuel pricing
etc. The progressive plan being made towards shifting from the inefficient
system of indirect subsidies to direct cash through the UID is a welcome
change. The weakening of global commodity prices being witnessed, along with
good monsoon should positively impact the prospects of the economy. In this
backdrop, acceleration in GDP growth in 2013-14 is being projected by various
agencies. Proactive policy action, to tackle the sharp depreciation in Rupee
being witnessed lately, and action in areas of infrastructure projects, energy
pricing, controlling imports and fiscal consolidation remain critical to the
prospects of the economy.
FINANCIALS
During the year, gross
under-recoveries of the PSU oil marketing companies (OMCs) were to the tune of
Rs. 1610290.000 Millions of which 55% was on account of diesel. On the cost
side, while Indian Crude Basket (ICB) price fell during the year on an average
by 3.5%, the weakening of the Rupee by 6.7% meant that the decline in crude
costs was eroded. On the revenue front, a number of steps in the form of policy
action on capping Domestic LPG and hike in diesel prices made their
contribution in restraining the under-recovery build-up. After accounting for
compensation granted under the burden sharing mechanism of the Government, net
under-recoveries stood at Rs. 10290.000 Millions for the OMCs during the year.
Besides this, a
number of factors weighed down the financials of the PSU OMCs. Foremost being
the delay in compensation by the Government of the under-recoveries incurred,
which forces OMCs to resort to borrowings for
maintaining their
cash flow. Growing borrowing levels along with the high interest rates in the
country escalated the debt servicing burden of the OMCs and made a major dent
on the financial health of OMCs.
NATURAL GAS SECTOR
INTERNATIONAL
In the US, the
shale gas revolution continued to keep the supplies buoyant. After recording
7.9% growth in 2011, total marketed production of natural gas in the US grew by
an estimated 5.7% in 2012. Natural gas prices in the US (Henry Hub) fell to an
average of US$2.75/mmbtu in 2012 from US$5.08/mmbtu in 2011. On the other hand,
the trend of rising natural gas prices elsewhere continued, with prices in
Europe and JCC-LNG increasing to US$ 11.47/mmbtu and US$ 16.55/mmbtu in 2012
from US$10.52/mmbtu and US$14.66/mmbtu, respectively in 2012.
In addition to
unconventional gas boon, large gas discoveries in East Africa (Mozambique,
Tanzania and others) have come in as another boon for the market. The fillip in
the global natural gas supplies have ushered in a boom
in the LNG sector.
Currently LNG accounts for about one-third of the global natural gas trade and
by 2035, it is projected to account for more than 40% of the projected growth
in inter-regional gas traded. Between 2012 and the end of 2015 more than 50
MMTPA (Million Metric Tonnes per Annum) of LNG export capacity is set to be
added to the current global capacity of over 280MMTPA. Asia Pacific is today
the largest market for LNG and Asian majors like Japan, China and India are set
to drive global LNG demand. However, prices faced by Asian buyers are
significantly higher than that of European Gas and of Henry Hub spot prices.
JCC-LNG (oil-indexed) prices applicable to Asian buyers’ long term contracts
rose from US$14.66/mmbtu in 2011 to US$16.55/mmbtu in 2012. Asian buyers have
increasingly been calling for move towards hub based pricing.
DOMESTIC
At home, the
downward trend in production of domestic gas led by the falling production in
the KG Basin depressed the market. During the year, natural gas production
declined to 112 mmscmd from 131.5 mmscmd in 2011-12. Further, the rate of
decline accelerated to 14.5% from 8.9% in the previous year. Apart from
resolution of technical issues, which have been limiting gas production,
providing the right price incentives to the producers is stated to be one of
the critical issues for scaling up of gas production in the country.
LNG imports rose
to 10.9 MMT from 10.1 MMT in the previous year. Despite LNG imports, market
remained supply constrained and consumption fell to 132 mmscmd from 154 mmscmd
in the previous year. Looking ahead, capacity addition in existing and coming
up of new LNG import terminals, increased utilisation of existing capacity and
new short term contracts are expected to spur significant growth in LNG
imports. IEA forecasts, India’s LNG imports to increase by 72% by 2017 over
their 2011 levels. However, affordability of LNG imports by Indian Industries
has emerged as a major area of concern in the context of the rising LNG prices
in Asia.
KEY POLICY ISSUES IN OIL AND GAS SECTOR
Development and
performance of the Indian oil and gas sector depends critically on reform and
policy action by the Government in some of the areas discussed below.
DIRECT BENEFIT TRANSFER SCHEME
The Government’s
Direct Benefit Transfer Scheme (DBTS) is seen as a game-changer that presents a
way out of the limitations and inefficiencies of present subsidy regime.
According to IMF, the potential total savings at national level from direct
cash transfer based on Unique Identification Number (Aadhaar) is estimated to
be the tune of 0.5 percent of GDP in addition to the gains from the better
targeting of spending on the poor
In June 2013,
Government launched DBT for LPG in 18 districts. These districts are located
across 8 States and 2 Union Territories. The road map envisages that LPG
cylinders will be sold at non subsidised rate and the subsidy will be credited
to the bank account of the customer after he/she draws cylinder.
NATURAL GAS PRICING
The Government’s
policy of keeping low prices for domestically produced natural gas though
addresses the woes of key consumers like fertilizers and power sectors, the
producers do not find it to be adequately remunerative and thus the overall
development of natural gas sector is affected in the country. During the year,
Rangarajan Committee proposed a new pricing formula for gas. As per the
formula, the average of the price of imported gas across sectors over a
12-month period and that of prices in the three major international gas trading
hubs are to be taken to arrive at the price of the domestic gas. The price
based on this formula will be more than current prices which domestic producers
are getting in the country, but will still continue to be lower than the
international spot price of LNG. Subsequently, Government has given its
approval to this pricing formula, which will become applicable from April 2014.
PETROCHEMICALS SECTOR
During the year,
global petrochemicals margins improved as demand remained stable and feedstock
prices fell. In US especially, lower gas prices supported by the shale gas revolution
have given fillip to profitability of North American Crackers.
The global
polyethylene market has been witnessing structural shifts. On one hand,
investments are getting increasingly concentrated in Middle East and the Asia
Pacific which have low cost feedstock and high demand growth rates. On the
other, in Western Europe there is trend towards consolidation, operations
optimization, and moves toward the production of higher value, performance
products. In North America the low cost shale gas has given a boost to the
polyethylene (PE) business, making PE exports highly competitive, globally.
Accordingly, several regional producers have announced capacity expansion
through capacity additions and green-field projects.
As regards, the
global Polypropylene(PP) market, China will continue to serve as the driving
force, with growth rates estimated at over 7 percent per year for the next five
years. The abundance of raw materials like propane in North America or coal in
China is causing producers to turn into these materials as feedstocks for
propylene production. However, in the interim PP products are likely to enjoy
differential margins. Further, naphtha based cracker are likely to enjoy
further advantage over ethane based producers in terms of value addition
obtained from production of other molecules like Butadiene, Acrylates,
Oxo-alcohols, etc.
The petrochemical
industry in India is one of the fastest growing industries in the country. It
plays an important role in the growth of the economy and the country’s
development of the manufacturing industry; providing a foundation for
manufacturing industries like construction, packaging, pharmaceuticals,
agriculture, textiles, etc. With a per capita plastic consumption of 6-7 Kg as
against 66 Kg in developed countries like the US, the industry has a huge
untapped potential to be explored. The rapidly expanding domestic market and
the availability of skilled manpower at competitive costs have been supporting
high growth rates for the sector.
In 2012-13,
overall petrochemicals demand in the country grew by 10% accelerating from 8%
recorded in 2011-12. With domestic detergent industry growing by 5% the demand
for LAB was buoyant and grew by 8%. A major
chunk of the
demand was met through low cost imports from Middle East as there continues to
be a supply deficit in the country. PTA and MEG demand was propelled by
increase in downstream Polyester capacity. A general shortfall in domestic
availability was seen for most part of the year and would continue for some time
till new capacities come on stream.
Polymer
consumption grew by 10% in 2012-13, accelerating from 8% recorded in 2011-12,
with good growth coming in from PP Raffia, PP Films, Molding and Blow Moulding
sectors. Within Polymers, segments such as Pipes, and automotive grades
witnessed sluggish demand on account of slow pace of activity in
Infrastructure, Telecom and Automotive sectors. Supply outage during the second
half of the year siphoned off a major chuck of domestic supply. Overall Polymer
imports grew by 22% during 2012-13, wide fluctuations in global Polymer prices
along with a depreciating and volatile Rupee affected domestic availability.
Looking ahead,
overall demand of Polymers is expected to grow at double-digit rates riding on
the initiatives taken by the Government to boost economic growth. Further, the
relaxations announced in Jute Packaging Materials Act are expected to give
sharp increase in PP and HD Raffia demand. Also, major infrastructure and
telecom projects are likely to witness good growth bringing momentum to pipes,
geotextiles and other plastic products. Policy support to entry of FDI in
retail will bring significant increase in demand of various packaging films,
mainly HM and BOPP films.
On the supply
side, capacity additions between 2013 and 2017 are expected to add about 1.5
million metric tons of polypropylene and 2.2 million metric tons of
polyethylene in the country. The resultant increase in supply is expected be
absorbed significantly by the growing domestic demand. The recent increase in
Customs duty applicable on Polymers from 5% to 7.5% is a welcome development
for domestic suppliers and is expected to sustain net margins for producers.
India is fast
emerging as a sourcing hub for the petrochemicals products for Indian sub-continent
region. Indian Oil has played an important role in integrating neighbouring
markets viz. Nepal and Pakistan with the Indian economy becoming the leading
supplier in both the markets and displacing the traditional Middle East/ South
East Asian suppliers. Indian Oil has taken a lead in diversifying the exports
portfolio thus aligning with the various provisions of the India’s Foreign
Trade Policy 2009-14.
FIXED ASSETS
· Land-Freehold
· Land-Leasehold
· Buildings, Roads etc
· Plant and Machinery
· Transport Equipments
· Furniture and Fixtures
· Railway Sidings
· Drainage, Sewage and
· Water Supply System
UNAUDITED
RESULTS FOR THREE MONTHS ENDED
(Rs. in millions)
|
|
|
3
Months Ended |
6 Months Ended |
|
|
Sr. No. |
Particular |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
1098594.900 |
1102331.800 |
2200926.700 |
|
|
Other Operating Income |
5307.500 |
2334.300 |
7641.800 |
|
|
Net Sales/Income
from Operations |
1103902.400 |
1104666.100 |
2208568.500 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
564815.800 |
490923.800 |
105739.600 |
|
|
Purchase of Stock in Trade |
453294.400 |
464834.500 |
918128.900 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(64184.800) |
43911.300 |
(20273.500) |
|
|
Employee Benefits Expenses |
16098.000 |
17309.300 |
33407.300 |
|
|
Depreciation and Amortization Expenses |
14342.300 |
13857.500 |
28199.800 |
|
|
Other Expenses |
97347.700 |
99346.900 |
196694.600 |
|
|
f) Total |
1081713.400 |
1130183.300 |
2211896.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
22189.000 |
(25517.200) |
(3328.200) |
|
|
|
|
|
|
|
4. |
Other Income |
4582.700 |
4923.900 |
9506.600 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
26771.700 |
(20593.300) |
6178.400 |
|
|
|
|
|
|
|
6. |
Interest |
13542.000 |
14701.900 |
28243.900 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
13229.700 |
(35295.200) |
(22065.500) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
3609.500 |
4362.900 |
7972.400 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
16839.200 |
(30932.300) |
(14093.100) |
|
|
|
|
|
|
|
10. |
Tax Expense |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
16839.200 |
(30932.300) |
(14093.100) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
16839.200 |
(30932.300) |
(14093.100) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
24279.500 |
24279.500 |
24279.500 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
574186.800 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
6.94 |
(12.74) |
(5.80) |
|
|
|
|
|
|
|
|
Debt Services Coverage Ratio (DSCR) (No. of times)* |
0.00 |
0.00 |
0.87 |
|
|
|
|
|
|
|
|
Interest Services Coverage Ratio (ISCR) (No. of times)** |
0.00 |
0.00 |
1.42 |
|
|
|
|
|
|
|
|
PHYSICAL |
|
|
|
|
|
Product Sales |
|
|
|
|
|
Domestic |
16.396 |
185.430 |
34.939 |
|
|
Export |
1.231 |
12.980 |
2.529 |
|
|
Refineries Throughput |
13.344 |
131.300 |
26.474 |
|
|
Pipelines Throughput |
18.064 |
1857.700 |
36.641 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
511796772 |
511796772 |
511796772 |
|
|
- Percentage of Shareholding |
21.08 |
21.08 |
21.08 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
1916155710 |
1916155710 |
1916155710 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
78.92 |
78.92 |
78.92 |
|
Particulars
|
3
Months ended on 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
537 |
|
Disposed of during the quarter |
537 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
1. The above results have been reviewed and recommended by the Audit Committee in its meeting held on 7th November 2013 and approved by the Board of Directors at its meeting held on 8th November 2013.
2. The Financial Results have been reviewed by the Statutory Auditors as required under clause 41 of the listing agreement.
3. Average Gross Refining Margin for the period April - September 2013 is $ 5.19 per bbl {April - September 2012: $ (1.04) per bbl).
4.
a) In line with the scheme formulated by Petroleum Planning and Analysis Cell (PPAC), the Company has
b) received during the period April - September 2013, discounts of Rs. 167859.100 Millions (April – September 2012: Rs. 161849.100 Millions) on Crude Oil/Products purchased from ONGC/GAIL/OIL/CPCL towards part of the under recovery suffered on sale of regulated products viz. HSD, SKO (PDS) and LPG (Domestic), and the same has been adjusted against the purchase cost.
c) The company has accounted for Budgetary Support of Rs. 135047.800 Millions during the period April - September 2013 (April - September 2012, Rs. Nil) towards under-recovery on sale of regulated products viz. HSD, SKO (PDS) and LPG (Domestic) in Statement of Profit and Loss as Revenue Grants.
d) Consequent to non-revision of retail selling prices in line with international prices and pending crystallization of compensation from Government of India at the year end, the Company has suffered net under-realization of Rs. 16252.000 Millions (April - September 2012: Rs. 136351.600 Millions) on sale of regulated products viz. HSD, SKO (PDS) and LPG (Domestic).
5. 'Other Expenditure' for the period April - September 2013 includes foreign exchange loss of Rs. 61823.900 Millions (April - September 2012: Rs. 8980.200 Millions).
6. The company has recovered Rs. 7972.400 Millions during the period April - September 2013 from the sale of petroleum products in the state of Uttar Pradesh as additional state specific surcharge towards recovery of Entry Tax paid in earlier years in line with MOP and NG order dated 30th March 2013.
7. Impact, if any, on account of impairment of assets will be reviewed at the year end.
8. In view of loss for the quarter 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) and LPG (Domestic), no provision has been made for Current Tax and Deferred Tax for the current quarter.
9. Figures for the previous periods have been regrouped wherever
ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2013 |
|
|
Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
24279.500 |
|
(b) Reserves & Surplus |
574186.800 |
|
Total
Shareholders’ Funds (1) + (2) |
598466.300 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
310892.000 |
|
(b) Deferred tax liabilities (Net) |
55126.600 |
|
(c) Other long term liabilities |
123937.600 |
|
(d) long-term provisions |
3984.600 |
|
Total Non-current Liabilities (3) |
493940.800 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
487586.500 |
|
(b) Trade payables |
274252.200 |
|
(c) Other current
liabilities |
207810.500 |
|
(d) Short-term provisions |
182522.400 |
|
Total Current Liabilities (4) |
1152171.600 |
|
|
|
|
TOTAL |
2244578.700 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
829670.200 |
|
(b) Non-current Investments |
97727.400 |
|
(c) Long-term Loan and Advances |
128388.000 |
|
(d) Other Non-current assets |
454.400 |
|
Total Non-Current Assets |
1056240.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
77473.900 |
|
(b) Inventories |
670463.400 |
|
(c) Trade receivables |
95343.900 |
|
(d) Cash and cash
equivalents |
24870.300 |
|
(e) Short-term loans and
advances |
276199.000 |
|
(f) Other current assets |
43988.200 |
|
Total Current Assets |
1188338.700 |
|
|
|
|
TOTAL |
2244578.700 |
SEGMENT
WISE RESULTS
|
|
3 Months Ended |
6 Months Ended |
||
|
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
1. |
SEGMENT REVENUE |
|
|
|
|
|
a) Sale of Petroleum Products |
1073052.000 |
1063604.600 |
2136656.600 |
|
|
b) Sate of Petrochemicals |
38747.300 |
43039.300 |
81786.600 |
|
|
c] Other Business Activities |
37859.900 |
35235.200 |
73095.100 |
|
|
Sub-total |
1149659.200 |
1141879.100 |
2291538.300 |
|
|
Less: Inter-segment Revenue |
45756.800 |
37213.000 |
82969.800 |
|
|
TOTAL REVENUE |
1103902.400 |
1104666.100 |
2208568.500 |
|
|
|
|
|
|
|
2. |
SEGMENT RESULTS: |
|
|
|
|
|
3) Profit Before Tax, Interest income. Interest
expense, |
|
|
|
|
|
Dividend and Exceptional Items
from each segment |
|
|
|
|
|
i) Sale of Petroleum Products |
49154.200 |
15661.000 |
6843.000 |
|
|
ii) Sale of Petrochemicals |
3035.100 |
2425.400 |
5460.500 |
|
|
iii) Other Business Activities |
(1192.000) |
(561.500) |
(1753.500) |
|
|
Sub-total of (a) |
50997.300 |
17524.900 |
68550.000 |
|
|
b) Finance Cost |
13542.000 |
14701.900 |
28243.900 |
|
|
c) Other un-allocable expenditure (Net of
un-allocable income) |
24225.600 |
38118.200 |
62371.600 |
|
|
d) Exceptional Items (Refer Note 6) |
3609.500 |
4362.900 |
7972.400 |
|
|
PROFIT BEFORE TAX
(a-b-c+d) |
16839.200 |
(30932.300) |
(14093.100) |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED: |
|
|
|
|
|
(Segment
Assets - Segment Liabilities) |
|
|
|
|
|
a) Sale of Petroleum Products |
1083996.100 |
992942.200 |
1083996.100 |
|
|
b) Sale of Petrochemicals |
171650.100 |
164936.800 |
171650.100 |
|
|
c) Other Business Activities |
3746.400 |
3608.600 |
3746.400 |
|
|
d) Unallocable - Corporate |
(660926.300) |
(581121.400) |
(660926.300) |
|
|
TOTAL |
598466.300 |
580366.200 |
598466.300 |
NOTES
A.
Segment Revenue comprises Net
sales/income from operations (Net of excise duty) and Other Operating Income.
B.
Other Business segment of the Corporation
comprises; Sale of Gas, Oil and Gas Exploration Activities, Explosives and Cryogenic
Business and Wind Mill S Solar Power Generation,
C.
Figures for the previous periods
have been re-arranged wherever necessary.
WEBSITE DETAILS
NEWS
INDIAN OIL REPORTS NET PROFIT OF RS. 16840.000 MILLIONS IN Q2, 2013-14
New Delhi, November 08, 2013
Indian Oil has reported a net profit of Rs. 16840.000 Millions on Income from Operations of Rs. 1103900.000 Millions for the quarter ended 30.9.2013. During the corresponding period in the previous year, the Corporation reported a net profit of Rs. 96110.000 Millions on Income from Operations of Rs. 1060010.000 Millions. The decrease in profit is mainly on account of:
· Exchange loss of Rs 21580.000 Millions in the current quarter as against the exchange gain of Rs 22890.000 Millions in the corresponding quarter of the previous year
· Net under realization of Rs 4130.000 Millions in current quarter as compared to over recovery of Rs 38500.000 Millions received during Jul-Sept’12 for earlier quarters.
For the half year ended September 2013, IndianOil has reported a net loss of
Rs. 14090.000 Millions on Income from Operations of Rs. 2208570.000 Millions as
compared to a net loss of Rs. 128400.000 Millions on Income from Operations of
Rs. 2028620.000 Millions during the corresponding period in the previous year
which is mainly due to lower unmet under recoveries in the current period on
regulated products as compared to corresponding period of previous year.
Mr. R.S. Butola, Chairman, IndianOil, said, "IndianOil's product sales volumes including exports was 17.627 Million Tonnes during the second quarter of FY 2013-14. Our quarterly refining throughput went up by 0.226 Million Tonnes to 13.344 Million Tonnes as compared to the corresponding quarter of the previous financial year. The throughput of the Corporation's countrywide pipelines network was 18.064 Million Tonnes during the current quarter."
IOC
TO INVEST RS 80000.000 MILLIONS IN KOYALI REFINERY EXPANSION
State-owned Indian Oil Corp (IOC) will invest about Rs 80000.000
Millions to expand capacity at its Koyali oil refinery in Gujarat to 18 million
tonnes per annum by 2016-17.
The expansion from 13.7 million tonnes will "lead to improvement in
distillate yield thereby enabling production of more value added products from
the refinery," a company statement quoted Gujarat Refinery Executive
Director Gautam Roy as saying.
Also, the increase in the high sulphur crude processing capability will
lead to improvement in refinery margins and profitability, he said.
IOC commissioned a 3 million tonne a year refinery at Koyali in Gujarat
in 1965. Over the years, the capacity of the refinery, which later came to be
known as Gujarat refinery, has gradually been increased to 13.7 million tons
per annum.
To augment the operational reliability, the refinery is setting up a new
gas turbine that will provide ensured power to the unit.
The expansion will help the unit raise its processing of high sulphur
crude, which are cheaper. High sulphur crude oil made up for 51.5% of the crude
the refiner processed in 2012-13 and in first quarter (Q1) of current fiscal
this has already gone up to 54.4%.
The statement said Gujarat refinery has engaged DuPont - the global
leader in employee safety, to sensitise employees about safe operation and
bring about a cultural change in their behaviour towards safety.
"The Rs 20 crore Indian Oil-DuPont Safety Partnership for safety
improvement is being implemented in IOC for the first time in Gujarat Refinery,"
it said.
Gujarat refinery is IOC's second biggest refinery behind Panipat unit
which has a capacity of 15 million tonnes. The company owns 9 refineries with a
total capacity of 54.2 million tonnes per annum. It also owns Chennai Petroleum
Corp Ltd (CPCL) which has a 11.50 million tonne unit near Chennai.
Besides Koyali, IOC is also looking at expanding its Haldia refinery
capacity to 8 million tonnes from 7.5 million tonnes currently while also
raising Chennai refinery capacity by 0.6 million tonnes.
It is also building a 15 million tonne new refinery at Paradip in Orissa
by 2015-16.
IOC TO RAISE $500M VIA SYNDICATED LOAN BY END-AUG
Aug 13, 2013, 06.24 PM IST
State refiner Indian Oil Corp < IOC.NS>will raise USD 500 million through
a syndicated loan by the end of August, a senior company official said on
Tuesday. The proceeds will be used for working capital requirements.
Also read: Indian Oil's Q1 loss narrows to Rs 30932.300 Millions
"As
per Reserve Bank of India guidelines, we can raise USD 750 million for capital
expenditure, and USD 1 billion for working capital requirements," PK
Goyal, director finance, told reporters.
IOC,
India's largest refiner and which accounts for nearly a third of the country's
refining capacity, earlier raised USD 500 million in July by way of senior
unsecured notes.
Earlier
on Tuesday, IOC reported a net loss of 30.93 billion rupees for the June
quarter
FINMIN TO GIVE RS 80000.000 MILLIONS CASH SUBSIDY TO OMCS IN Q1
Aug 08, 2013, 08.19 PM IST
Finance Ministry today agreed to give Rs 80000.000 Millions cash subsidy
to fuel retailers IOC, BPCL and HPCL to make up for less than a third of
losses they incur on selling diesel and cooking fuel below cost.
Indian
Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp
(HPCL) lost Rs 255790.000 Millions on selling diesel, domestic LPG and kerosene
below cost in the April-June quarter.
Of
this, the finance ministry issued a letter sanctioning Rs 80000.000 Millions,
officials said. The subsidy support sanctioned is way short of Rs 114510.000
Millions that the Oil Ministry has sought for the first quarter of the fiscal.
Upstream oil firms like Oil and Natural Gas Corp (ONGC), Oil India Ltd (OIL)
and GAIL India Limited will bear Rs 153038.400 Millions and the rest would be
borne by fuel retailers.
Officials
said IOC will get cash subsidy of Rs 42612.900 Millions, BPCL Rs 19165.700
Millions and HPCL Rs 18221.400 Millions for the April-June quarter. Government
bears a third of the revenue losses or under recoveries that retailers incur on
selling fuel at government controlled rates. Upstream firms chip in a
substantial portion by way of discount on crude oil and LPG they sell to
retailers.
Depreciating
rupee has resulted in widening losses on fuel sales and oil firms are currently
losing Rs 9.29 per litre on diesel, Rs 33.54 a litre on kerosene and Rs 412 per
14.2-kg LPG cylinder. ONGC, they said, will chip in Rs 126217.800 Millions, OIL
Rs 19820.600 Millions and GAIL Rs 7000.000 Millions to make up for bulk of fuel
losses in the April-June period.
From
upstream share, IOC would get Rs 81517.700 Millions, BPCL Rs 36663.600 Millions
and HPCL Rs 34857.100 Millions. Without the cash subsidy, fuel retailers were
set to report losses in Q1. HPCL announce first quarter numbers on August 12
while IOC and BPCL are schedule to declare results the next day.
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 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 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.62.23 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.