MIRA INFORM
REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MANGALORE REFINERY AND PETROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030,
Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.03.1988 |
|
|
|
|
Com. Reg. No.: |
08-008959 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.17526.640
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. |
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|
|
|
Line of Business
: |
The Company Is Engaged in the Business of Refining Crude Oil. |
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|
|
|
No. of Employees
: |
1625 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 260000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exists |
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|
|
Comments : |
Subject is a subsidiary of Oil and Natural Gas Corporation (ONGC). It
is a well-established company having fine track record. There appears losses recorded by the company during the financial year
2013. However, the company gets good financial support from its holding
company. Over all fundamentals of the company appear to be sound and healthy.
Directors are reported to be experienced and respectable 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 for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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 |
|
Rating |
Commercial Paper Programme: A1+ |
|
Rating Explanation |
Very strange degree of safety and lowest credit risk. |
|
Date |
July 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
|
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 : |
|
|
|
|
|
|
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 31.03.2013
|
Name : |
Mr. Sudhir Vasudeva |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P.P. Upadhya |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Vishnu Agrawal |
|
Designation : |
Director (Finance) |
|
|
|
|
Name : |
Mr. V. G. Joshi |
|
Designation : |
Director (Refinery) (From 04/04/2013) |
|
|
|
|
Name : |
Mr. P. Kalyanasundaram |
|
Designation : |
Director (From 15/04/2013) |
|
|
|
|
Name : |
Mr. B. K. Namdeo |
|
Designation : |
Director (From 01/07/2013) |
|
|
|
|
Name : |
Mr. B. Ravindranath |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. D. Chandrasekharam |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. K.S. Jamestin |
|
Designation : |
Special invitee |
|
|
|
|
Name : |
Mr. K. Murali |
|
Designation : |
Director (Upto 30/06/2013) |
|
|
|
|
Name : |
Mr. P.K. Singh |
|
Designation : |
Director (Upto 11/04/2013) |
|
|
|
|
Name : |
Dr. A.K. Rath |
|
Designation : |
Director (Upto 15/02/2013) |
|
|
|
|
Name : |
Mr. Vivek Kumar |
|
Designation : |
Director (Upto 06/08/2012) |
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|
|
|
Name : |
Mr. U.K. Basu |
|
Designation : |
Managing Director (Upto 30/06/2012) |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Mishra (upto 13/02/2013) |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. B. Sukumar
(from 14/02/2013) |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
|
As a % of |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1552507615 |
88.58 |
|
|
1552507615 |
88.58 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1552507615 |
88.58 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2936902 |
0.17 |
|
|
44912030 |
2.56 |
|
|
2700 |
0.00 |
|
|
448453 |
0.03 |
|
|
8738274 |
0.50 |
|
|
57038359 |
3.25 |
|
|
|
|
|
|
18814571 |
1.07 |
|
|
|
|
|
|
108205090 |
6.17 |
|
|
7484044 |
0.43 |
|
|
8549098 |
0.49 |
|
|
1900 |
0.00 |
|
|
17055 |
0.00 |
|
|
8521543 |
0.49 |
|
|
8600 |
0.00 |
|
|
143052803 |
8.16 |
|
Total Public shareholding (B) |
200091162 |
11.42 |
|
Total (A)+(B) |
1752598777 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1752598777 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company Is Engaged in the Business of Refining Crude Oil. |
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|
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 : |
1625 (Approximately) |
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Bankers : |
·
State Bank of India ·
Bank of Baroda ·
Punjab National Bank ·
United Bank of India ·
Canara Bank ·
IDBI Bank Limited ·
Corporation Bank |
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|||||||||||||||||||||
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Facilities : |
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|||||||||||||||||||||
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Banking
Relations : |
|
|
|
|
|
Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
|
|
|
|
Advocates : |
Alaya Legal |
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|
|
|
Joint Statutory
Auditors : |
Maharaj N.R. Suresh and Company Chartered Accountants Gopalaiyer and Subramanian, Chartered Accountants |
|
|
|
|
Cost Auditor : |
Musib and Associates Cost Accountants |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1900000000 |
Equity Shares |
Rs.10/- each |
Rs. 19000.000 Millions |
|
100000000 |
Redeemable Preference Shares @ 0.01% Non-Cumulative, Rs. 10 each |
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 |
Rs.10/- each |
Rs.
17525.990 Millions |
|
|
Forfeited Shares |
|
Rs. 0.650
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 17526.640 Millions |
NOTE:
Reconciliation of
shares
Equity Shares
|
Particular |
31.03.2013 |
|
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 |
31.03.2013 |
|
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 Applicable |
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 |
-- |
-- |
|
State Bank of Hyderabad |
-- |
-- |
2.6 No shares are reserved for issue under options and
contracts/commitments for the sale of shares/disinvestment
Convertible
securities to equity or preference shares
|
Name of the
security |
No. of
securities |
Terms of
conversion |
No of Shares |
|
Zero Coupon Bond |
-- |
Convertible into Equity Shares of Rs.10 each at par upon default in
repaymant of principle or interest |
-- |
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
17526.640 |
17572.570 |
17618.500 |
|
(b) Reserves & Surplus |
47150.260 |
54719.370 |
47670.510 |
|
(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) |
64676.900 |
72291.940 |
65289.010 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
57807.910 |
38919.120 |
10656.670 |
|
(b) Deferred tax liabilities (Net) |
7343.280 |
4531.400 |
3471.640 |
|
(c) Other long term liabilities |
0.310 |
20.290 |
33.590 |
|
(d) long-term provisions |
451.430 |
543.220 |
234.790 |
|
Total Non-current Liabilities (3) |
65602.930 |
44014.030 |
14396.690 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11990.030 |
18597.930 |
599.030 |
|
(b) Trade payables |
109607.640 |
111046.600 |
88922.120 |
|
(c) Other current liabilities |
14130.920 |
12816.650 |
11012.05 |
|
(d) Short-term provisions |
1003.760 |
2778.520 |
4792.420 |
|
Total Current Liabilities (4) |
136732.350 |
145239.700 |
105325.620 |
|
|
|
|
|
|
TOTAL |
267012.180 |
261545.670 |
185011.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
57768.520 |
40442.950 |
30818.540 |
|
(ii) Intangible Assets |
37.800 |
73.390 |
77.630 |
|
(iii) Capital
work-in-progress |
75544.810 |
70891.740 |
39953.350 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
150.020 |
150.020 |
150.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4699.210 |
7909.220 |
15613.060 |
|
(e) Other Non-current assets |
974.350 |
1022.320 |
13.040 |
|
Total Non-Current Assets |
139174.710 |
120489.640 |
86625.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
272.780 |
272.780 |
|
(b) Inventories |
67152.610 |
78175.760 |
40973.840 |
|
(c) Trade receivables |
39726.970 |
34592.660 |
25300.800 |
|
(d) Cash and cash
equivalents |
16058.550 |
22347.160 |
24676.480 |
|
(e) Short-term loans and
advances |
4748.880 |
5367.250 |
6582.620 |
|
(f) Other current assets |
150.460 |
300.420 |
579.160 |
|
Total Current Assets |
127837.470 |
141056.030 |
98385.680 |
|
|
|
|
|
|
TOTAL |
267012.180 |
261545.670 |
185011.320 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from Operations |
656962.180 |
537702.760 |
388868.910 |
|
|
|
Other Income |
1113.340 |
3473.760 |
2103.830 |
|
|
|
TOTAL (A) |
658075.520 |
541176.520 |
390972.740 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
654001.820 |
512367.500 |
372193.370 |
|
|
|
Increase (-) / decrease In stock |
(11161.530) |
(1502.050) |
(8152.710) |
|
|
|
Employee benefits expense |
1845.600 |
1608.830 |
1845.350 |
|
|
|
Other expenses |
9273.000 |
9094.710 |
2755.180 |
|
|
|
Exceptional Items |
(444.540) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
653514.350 |
521568.990 |
368641.190 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4561.170 |
19607.530 |
22331.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3285.530 |
2066.770 |
1046.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1275.640 |
17540.760 |
21285.010 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6044.100 |
4338.730 |
3914.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(4768.460) |
13202.030 |
17370.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2800.650 |
4116.250 |
5604.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(7569.110) |
9085.780 |
11766.330 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49990.000 |
42980.000 |
33959.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
0.000 |
1750.000 |
2103.120 |
|
|
|
Tax on Dividend |
0.000 |
280.000 |
341.180 |
|
|
|
Transfer to Capital Redemption Reserve |
50.000 |
50.000 |
295.000 |
|
|
BALANCE CARRIED
TO THE B/S |
42370.000 |
49990.000 |
42988.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB Value) |
321798.450 |
234183.240 |
146024.710 |
|
|
|
Deputation of Specialists |
0.000 |
0.000 |
6.870 |
|
|
TOTAL EARNINGS |
321798.450 |
234183.24 |
146031.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
119.260 |
1396.910 |
0.760 |
|
|
|
Raw Materials |
558690.880 |
476189.500 |
306596.890 |
|
|
|
Stores, Spares and Chemicals |
534.180 |
316.250 |
659.350 |
|
|
TOTAL IMPORTS |
559344.320 |
477902.660 |
307257.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(4.32) |
5.18 |
6.71 |
|
|
|
- Diluted |
-- |
4.94 |
6.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.15
|
1.68 |
3.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.73
|
2.46 |
4.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.49
|
6.93 |
11.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.18 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.08
|
0.80 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.97 |
0.93 |
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 |
No |
|
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 |
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 |
LITIGATION DETAILS
|
High Court of Karnataka Query on Case Number Select Bench CATA Customs Appeal Case No.: 1 Case Year : 2013 High Court Karnataka – Principal Bench at Bangalore CSTA 1/2013 Case Pending Petitioner/Appnt. Name : Commissioner of Customs Respondent/Defnt. Name: M/S Managalore Refinery and Petnr./ Appnt. Advocate: Jeevan J Neeralgi Date filed: 20.02.2013 District: Mangalore Stage : Pending for Admission Admission Last Action Taken: Adjourned Last Date of Action: 04.06.2013 Next hearing date Last Order: Call N/W Before Hon’ble Judge/s: D V Shylendra Kumar B S
Indrakala
|
OPERATIONAL
PERFORMANCE
The Company with increased capacity
addition had processed the highest ever crude of 14.4 MMT during 2012-13
against 12.82 MMT in 2011-12 despite shutdown of the refinery from 19th April
to 27th April, 2012 due to water shortage. Fuel and Loss for the year 2012-13
was 7% against 6.75% in 2011-12. Higher fuel and loss was mainly on account of
commissioning activities of Phase-III units and force majeure shutdown of the
refinery during the first quarter of the year due to water crisis. The energy
index for the year 2012-13 was 61.01 (MBTU / BBL / NRGF) against 57.92 in
2011-12 and MBN was higher during the year due to higher fuel and loss and
lower complexity operations. The Company processed some new crudes namely
Zafiro, Rabi, Aseng and Hungo for the first time during the year 2012-13.
EXPORTS
The Company have achieved highest
ever export turnover of Rs.333400.000 Millions during the year 2012-13 by
exporting petroleum products viz., Motor Spirit, Naphtha, Mixed Xylene, High Speed
Diesel, Jet fuel and Fuel Oil. The three year term export contract for the
supply of petroleum products to State Trading Corporation, Mauritius to meet
the demands of Republic of Mauritius continued during the year. The Company has
successfully finalised a new 3 year contract with STC, Mauritius for supply of
petroleum products which will be valid till 31/07/2016.
In the global competitive market, the Company have secured its place by exporting the petroleum products and is continuing to explore opportunities for its growth.
New Products
Marketing Plan
The Company is setting up a
polypropylene (PP) plant of 440 KTPA capacity for bulk supplies to downstream
processing industry. Detailed Business Plan for sale of PP has been finalized
and selection of channel partners for sale in domestic market is in progress.
In addition, the Company is also developing storage infrastructure for PP in
Karnataka.
The Company is also putting up a Delayed Coker Unit, which will produce pet coke, a new product in the product basket of MRPL. The Company shall undertake sale of pet coke to major industrial consumers in South India.
AWARDS AND
RECOGNITION:
·
MRPL has been upgraded
from Schedule ‘B’ to Schedule ‘A’ company with effect from 4/7/2013.
·
MRPL has bagged the
coveted Petrofed Award, 2012 “Refinery of the Year” for the commendable
performance in production and operational efficiencies while meeting the norms
of health, safety and environment protection.
·
MRPL has won “Export
Excellence Award, 2013” in Best Manufacturer – Exporter - large category- Gold
by Federation of Karnataka Chamber of Commerce and Industry.
·
MRPL was conferred
“State Export Excellence Award” for 2010-11 and 2009- 10 Medium/Large category
– Gold by Government of Karnataka.
·
MRPL has been rated
“Excellent” in performance as per the MoU signed with ONGC for the year 2011-12
and 2012-13 (provisional).
·
Managing Director,
MRPL has won the “CEO with HR Orientation Award” in the Global HR Excellence
Awards presented by Institute of Public Enterprise, Hyderabad.
·
MRPL was conferred
with “BT-Star PSU Excellence Award, 2013” in Human Resource Management category
(Mini ratna /others).
·
MRPL was awarded First
Prize for outstanding performance in the area on Hindi Implementation for two
consecutive years 2011-12 and 2012-13 by the Town Official Language
Implementation Committee, Mangalore.
PROJECTS
Ongoing Projects
Phase III Refinery
Upgradation and Expansion Project.
The implementation of ongoing Company’s
Phase III Refinery Project to increase complexity and profitability by
increasing the refining capacity to 15 MMTPA, to process high TAN and heavy
crude, increasing the distillate yield by upgrading low value naphtha and black
oils and to produce value added products like Propylene and upgrade its total
diesel pool to superior (Euro III/IV) grade HSD is nearing completion. The
estimated cost of the project continues to be Rs.121600.000 Millions despite
some delay in completion.
The implementation of the project
though delayed is now progressing satisfactorily. As of 15/07/2013, the overall
physical progress is 99 % against scheduled target of 100%. Due to the delay in
completion of the CPP, the Company had taken up alternate measures to commission
some of the units in Phase III with the utilities (power and steam) sourced
from existing Refinery CPP. All the process units and the downstream units have
achieved Mechanical Completion which includes major units like Petro Fluidized
Catalytic Cracking Unit (PFCCU), Delayed Coker Unit (DCU), Sulphur Recovery
Unit (SRU). The Units are awaiting the availability of uninterrupted Steam and
Power for carrying out the pre-commissioning and commissioning activities from
CPP which is being executed by M/s BHEL. CPP is anticipated to be completed
progressively by September / October, 2013. However, GTG 1 / HRSG 1 / GTG 2
have been commissioned.
HGU and DHDT units have been
successfully commissioned. The other associate Utilities and offsite facilities
like Cooling Water System, DM Water System, Air and Nitrogen System, Waste
Water Treatment System and Fire Water System have also been commissioned.
The cost commitment for Phase III
project was Rs.109350.000 Millions while the cumulative expenditure incurred
was Rs.104580.000 Millions as on 31/07/2013. The project having reached the
completion stage of 99% and cost commitment nearing completion, it is
anticipated that there will not be any cost overrun despite the delay in
project completion.
Polypropylene Project
The setting up a Polypropylene
unit integrated with the Phase III Project at an estimated capex of
Rs.18040.000 Millions by the company with M/s. Novolen Technology, Germany is
moderately delayed due to PDF problems. The non-vacating of site by PDF has resulted
in shifting the location of the unit and delayed commencement of site work and
delayed receipt of environmental clearance. Site grading work has now been
carried out in the new location and civil and structural works and equipment
erection are in progress.
This Project has achieved a
progress of 90 % as against target of 93 % as of 15/07/2013. The Cost
Commitment made for Polypropylene Project was Rs.12980.000 Millions while the
cumulative expenditure incurred was Rs.7250.000 Millions as of 31/07/2013.
Single Point Mooring
(SPM) Project
The Company have set up SPM
project along with coastal booster pumping station within the port limits at a
location of 16 kilometers from the shore (High-Seas) having draft availability
of 30 meters for handling upto Very Large Crude Carrier (VLCC) at an estimated
cost of Rs.10440.000 Millions. This facility will enable the company to receive
crude in suez max / VLCC vessels, which in turn will give freight economics and
also allow access to West African and Latin American countries crudes. This
facility will also de-congest existing berth facility at NMPT port and reduce
the incidence of demurrage. The facility can also be deployed for crude receipt
by the Indian Strategic Petroleum Reserve Limited (ISPRL) underground cavern
for storage of Crude oil at Mangalore.
The project activity has achieved
an overall progress of 98.64% against the revised scheduled target of 99.12 %
as of 15/07/2013. The testing of the facility was started on 03/01/2013.
However, due to technical issues, it was taken up for repairs. This repair
activity has since been completed. Cost Commitment made for SPM project was
Rs.6880.000 Millions while the cumulative expenditure incurred was Rs.6510.000
Millions as of 31/07/2013.
Refinery Performance Improvement
Programme
The Company have taken up Refinery
Performance Improvement Programme (RPIP) through M/s Shell Global Solutions
International B.V. (SGSI) under the auspices of Center for High Technology,
Ministry of Petroleum and Natural Gas. The RPIP is aimed at identifying
opportunities for improvement by adopting best operating practices in the areas
having a bearing on profit margin including optimizing operation, energy and
utilities consumption, minimizing hydrocarbon loss and improving maintenance
and inspection practices. The first part of Assessment phase has been completed
and is presently under development for implementation.
Future Projects
The Company have signed an MoU
with Government of Karnataka for setting up a Linear Alkyl Benzene (LAB) Plant
(for producing raw materials to manufacture detergent) 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. Besides these, Company has been planning
to put up a Pet Coke gasification plant and an Olefin Complex (Naphtha Dual
Feed Cracker) at an estimated cost of Rs.23000.000 Millions. The preliminary
feasibility report is under finalization for this project.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMY OVERVIEW
The aftershocks of the 2008-09
global financial crises continued all through 2012-13. Consequently,
investments declined, demand became sluggish, and employment rates stayed low. The
cumulative effect of all these pulled down the global GDP growth from 4% in
2011 to almost 3% in 2012 and understandably the growth rate of emerging and
developing economies dropped to 5.5% in 2012 vis a vis 6.4% in 2011.
Indian economy was not insulated
from this global slowdown and its ill effects. Inflationary pressures and
subdued investment climate led to a sharp decline in the country’s GDP from
6.2% in 2011-12 to around 5% in 2012-13.
It is a matter of deep concern
that the value of the Indian Rupee has been depreciating over the past three
years from Rs.45 to a dollar to Rs.60 a dollar. The Rupee hit an all-time low
against the dollar, seriously impacting the Indian economy already riddled with
multiple problems including balance of payment position.
The fall in Rupee value continues
to loom ominously over the recent gains in inflation and badly needed capital
flows. Weaker Rupee causes capital imports to be almost prohibitively
expensive, forcing Corporates to delay investments. Besides the spiraling fuel
price and inflation dampens consumer sentiment. Therefore, it is surmised that
the outlook of Indian economy may continue to be under stress in near future.
INDUSTRY OVERVIEW
The Total Refining Capacity of
India has grown from 187 MMT in 2011 to 215 MMT in 2013 and is expected to
touch 240 MMT by 2014. The GRMs of most domestic refineries were subdued in
2012-13 in line with the depressed international refining margins due to lower
crack spreads, light/ sweet and heavy/sour crude differentials remaining weak
and high inventory losses resulting from sharp fall in crude oil prices. The
GRMs improved in the second quarter of FY 2012-13 with cracks improving in line
with rising in crude oil and product prices caused by unanticipated temporary outages
in international refineries. The price differential between ‘light-sweet’ and
‘heavy-sour’ crude oil ruled below historical levels in 2012-13 which further
exerted a downward pressureon the GRMs of complex refineries.
The forecast is that the global supply
of petroleum products is likely to outstrip demand growth. Going forward, the
outlook on international refining margins remain weak due to the scale at which
planned capacity additions are underway which in turn will exceed demand growth
for petroleum products. Following an outlook of low international refining
margins and moderate import-duty differentials between petroleum products and
crude oil, GRMs of domestic refineries are also expected to remain weak over
the medium term. The operational results will continue to be impacted by the
volatility in Indian Rupee Value and Crude prices determining inventory
gains/losses.
Crude Imports by India:
Over the years, crude oil import
has been growing due to increased refining capacities. This upward trend is
expected to continue as there is stagnation in the domestic production and new
discoveries.
India imported 185 MMT crude
during the year 2012-2013 compared to 172 MMT in 2011-12.
International crude oil prices have been on a roller-coaster ride over the past few years owing to geo-political turmoil in Middle East and African countries. Brent and Dubai crude oil average price in 2010-11 were $87 and $84 per barrel, respectively which climbed by more than 30% to $115 and $110 per barrel, respectively in 2011- 12. During 2012-13, oil prices fell by 3-4% with Brent Crude oil at $110 per barrel and Dubai at $ 107 per barrel. Presently, Brent and Dubai crude oil prices are hovering at around $108 and $104 per barrel, respectively. India’s consumption and production pattern of petroleum products during 2012-13.
The consumption of diesel in their country has been on the increase due to availability of subsidy as compared to motor spirit. Such changes in consumption pattern shifts demand from light distillates to middle distillates. Consumption and Production of petroleum products during 2012-13.
With production exceeding consumption, India continues to be an exporter of petroleum products. Indian refiners are also investing in conversion of negative/ low margin products like naphtha to maximize yield of high value products. The company has achieved highest ever refinery throughput of 14.40 MMT during the year 2012-13 as compared to 12.82 MMT during the previous year and is likely to achieve its full throughput during 2013-14 with the enhanced capacity of 15 MMTPA.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Others : Term
Loan from OIDB Terms of Repayment: During 2013-14 : Rs.1000.000 Millions During 2014-15 : Rs.2000.000 Millions During 2015-16 : Rs.2000.000 Millions During 2016-17 : Rs.2000.000 Millions During 2017-18 : Rs.1000.000 Millions |
7000.000 |
4000.000 |
|
Deferred payment liabilities
Terms of Repayment: During 2014-15 : Rs.534.340 Millions During 2015-16 : Rs.555.830 Millions During 2016-17 : Rs.458.170 Millions During 2017-18 : Rs.526.540 Millions During 2018-19 : Rs.400.000 Millions During 2019-20 : Rs.218.630 Millions |
2693.510 |
2742.620 |
|
Loans and advances
from related parties |
|
|
|
Loan 1 During 2013-14 : Rs.3600.000 Millions |
0.000 |
3600.00 |
|
Loan 2 During 2013-14 : Rs. 1178.600 Millions During 2014-15 : Rs.4714.400 Millions During 2015-16 : Rs.4714.400 Millions During 2016-17 : Rs.4714.400 Millions During 2017-18 : Rs. 4714.400 Millions During 2018-19 : Rs. 4714.400 Millions During 2019-20 : Rs. 4714.400 Millions During 2020-21 : Rs.3535.000 Millions |
31821.400 |
26000.000 |
|
Short-term
borrowings |
|
|
|
External borrowing Short term Loan From Banks : Buyers Credit |
11948.200 |
18550.800 |
|
Total |
53463.110 |
54893.420 |
|
NOTE: LONG-TERM
BORROWINGS The interest rate
for OIDB term loan are 8.89 %,9.04%, 8.73% and 8.98% on Rs.3,650.00 Million,
Rs.350.00 Million, Rs.1,250 Million and Rs.2,750 Million respectively. Deferred Payment
liability representing Sales Tax deferment is with Nil Interest rate. The interest rate on Term loan from related Parties i.e ONGC are 9.00
% and 10.65 % (SBAR minus 3.85%) on Rs.3,600.000 Million and Rs.33,000.000
Million respectively. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10448674 |
26/09/2013 * |
23,504,200,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B85841849 |
|
2 |
10378342 |
29/10/2012 * |
13,325,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B61353405 |
|
3 |
80005571 |
23/08/2013 * |
37,078,000,000.00 |
STATE BANK OF INDIA- |
CORPORATE
CORPORATE ACCOUNT GROUP, CAG BRANCH,12 |
B84354893 |
* Date of charge modification
CONTINGENT
LIABILITIES:
Corporate Guarantee
given by the Company towards loan of Rs. 3,372.300 Million 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, 2013, after adjusting the repayment made by NMPT is Rs. Nil
(Previous Year Rs. Nil).
Claims against the Company not acknowledged as debt :
(Rs. in millions)
|
Sr. No. |
Particulars |
31.03.2013 |
31.03.2012 |
|
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. 327.390 million / Reimbursable Rs. 37.63 million [Previous
year Rs. 306.730 million and Rs. 37.630 million respectively] |
365.020 |
344.360 |
|
2 |
Claims / counter
claims of Customers |
|
|
|
(a) |
The company and
the customer had filed a petition before the H’ble High Court ,Mumbai on
16.08.2012 for withdrawal of case on account of amicable settlement |
0.000 |
18.850 |
|
(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 wharf age
charges for handling cargo at oil berths for the period beyond MOU (berth No
10from 16.10.2009 to 31.03.2013 and for berth no 11 from 01.04.2011 to
31.03.2013). The company has claimed that Memorandum of understanding,
provides for arriving at a mutually agreeable rate subject to Government
approval (TAMP (Tariff Authority for Major Ports)). The issue is before the
TAMP. On adjudication by TAMP, the differential wharfage 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. |
1561.360 |
1,288.070 |
|
(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 Ltd. over and above the advance paid for land and rehabilitation and
resettlement work. |
37.430 |
37.430 |
|
(d) |
Charges for
delay in creation of security for ECB borrowings |
2.260 |
0.000 |
|
|
Total |
2184.940 |
1907.580
|
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER HALF YEAR ENDED 30.09.2013
|
Sr. No |
Particulars |
Standalone |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Quarter Ended |
Half Year Ended |
|||
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1 |
Income from operations |
195541.000 |
181340.100 |
356881.100 |
|
|
Less : Excise Duty |
7917.700 |
8681.000 |
18598.700 |
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
187623.300 |
152659.100 |
34028.240 |
|
|
(b) Other Operating Income |
24.200 |
27.600 |
51.800 |
|
|
Total income from operations (net) (a) + (b) |
187647.500 |
152686.700 |
340334.200 |
|
2 |
Expenses (a) Cost of materials consumed |
181988.400 |
144123.200 |
326111.600 |
|
|
(b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(2738.700) |
5275.800 |
2537.100 |
|
|
(c)
Employee benefits expense |
519.300 |
501.900 |
1021.200 |
|
|
(d) Depreciation and amortisation expense |
1760.800 |
1687.900 |
3448.700 |
|
|
(e) Other expenditure |
3044.000 |
6243.200 |
9287.200 |
|
|
Total expenses |
184573.800 |
157832.000 |
342405.800 |
|
3 |
Profit / (Loss) from operations
before other income, finance costs and exceptional items(1-2) |
3073.700 |
(5145.300) |
(2071.600) |
|
4 |
Other Income |
310.300 |
265.400 |
575.700 |
|
5 |
Profit
/ (Loss) from ordinary activities before finance costs and exceptional items(3
+ 4) |
3384.000 |
(4879.900) |
(1495.900) |
|
6 |
Finance costs |
926.000 |
778.500 |
1704.500 |
|
7 |
Profit
/ (Loss) from ordinary activities after finance costs but before exceptional
items(S - 6) |
2458.000 |
(5658.400) |
(3200.400) |
|
8 |
Exceptional items |
0.000 |
(1118.900) |
(1118.900) |
|
9 |
Profit
/ (Loss) from ordinary activities before tax (7 + 8) |
2458.000 |
(4539.500) |
(2081.500) |
|
10 |
Tax Expense |
100.300 |
0.000 |
100.300 |
|
11 |
Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
2357.700 |
(4539.500) |
(2181.800) |
|
12 |
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11 -12) |
2357.700 |
(4539.500) |
(2181.800) |
|
14 |
Paid-up
equity share capital (Nominal value Rs. 10 per share) |
17526.000 |
17526.000 |
17526.000 |
|
15 |
Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16(i) |
Earnings per share (before extraordinary items) |
|
|
|
|
|
(of Rs. 10/- each) (not annualised): |
|
|
|
|
* |
(a) Basic (b) Diluted |
1.35 1.35 |
(2.59) (2.59) |
(1.24) (1.24) |
|
Sr. No |
Particulars |
Unaudited |
Unaudited |
|
|
|
|
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A 1 |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
-
Number of shares |
-- |
-- |
-- |
|
|
- Percentage of
shareholding |
-- |
-- |
-- |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
1552507615 |
1552507615 |
1552507615 |
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100 |
100 |
100 |
|
|
- Percentage
of shares (as a % of the total share capital of the company) |
88.58 |
88.58 |
88.58 |
|
Particulars |
Quarter ended 30.09.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
NIL |
|
Received
during the quarter |
24 |
|
Disposed
of during the quarter |
23 |
|
Remaining
unresolved at the end of the quarter |
1 |
PHYSICAL PERFORMANCE
|
Crude Throughtput |
3.69 |
3.27 |
6.96 |
|
Product Sales (including exports) |
3.36 |
3.19 |
6.55 |
Statement of Assets
and Liabilities
(Rs. In Millions)
|
|
Statement of Assets
and Liabilities |
30.09.2013 |
|
|
|
|
Unaudited |
|
|
A |
|
EQUITY AND
LIABILITIES |
|
|
|
1 |
Shareholders' funds |
|
|
|
|
(a) Share capital |
17526.600 |
|
|
|
(b) Reserves and surplus |
44968.500 |
|
|
|
Sub-total -
Shareholders' funds |
62495.100 |
|
|
2 |
Share application money pending allotment |
0.000 |
|
|
3 |
Non-current
liabilities |
|
|
|
|
(a) Long-term borrowings |
87919.800 |
|
|
|
(b) Deferred tax liabilities (net) |
7443.500 |
|
|
|
(c) Other long-term liabilities |
4.600 |
|
|
|
(d) Long-term provisions |
510.100 |
|
|
|
Sub-total - Non-current liabilities |
96878.000 |
|
|
|
|
|
|
|
4 |
Current liabilities |
|
|
|
|
(a) Short-term borrowings |
18042.800 |
|
|
|
(b) Trade payables |
115293.300 |
|
|
|
(c) Other current liabilities |
21831.800 |
|
|
|
(d) Short-term provisions |
886.600 |
|
|
|
Sub-total - Current
liabilities |
156054.500 |
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
314427.600 |
|
|
|
|
|
|
B |
|
ASSETS |
|
|
|
1 |
Non-current assets |
|
|
|
|
(a) Fixed assets |
141045.300 |
|
|
|
(b) Non-current investments |
150.000 |
|
|
|
(c) Deferred tax assets (net) |
0.000 |
|
|
|
(d) Long-term loans and advances |
3693.900 |
|
|
|
(e) Trade receivables |
0.000 |
|
|
|
(f) Other non-current assets |
1647.800 |
|
|
|
Sub-total -
Non-current assets |
146537.000 |
|
|
2 |
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
|
|
|
(b) Inventories |
87113.100 |
|
|
|
(c) Trade receivables |
36949.600 |
|
|
|
(d) Cash and cash equivalents |
35751.600 |
|
|
|
(e) Short-term loans and advances |
7763.600 |
|
|
|
(f) Other current assets |
312.700 |
|
|
|
Sub-total - Current
assets |
167890.600 |
|
|
|
TOTAL - ASSETS |
314427.600 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No |
Particulars |
Unaudited |
Unaudited |
|
|
|
|
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1 |
Segment Revenue |
|
|
|
|
|
Domestic
sale |
84741.200 |
83383.900 |
168125.100 |
|
|
Export
Sale |
102882.100 |
69275.200 |
172157.300 |
|
|
Net Sales / Income from operation |
187623.300 |
152659.100 |
340282.400 |
|
|
|
|
|
|
|
2 |
Segment Result Profit / (Loss) before tax and interest from each
segment |
|
|
|
|
|
Domestic
sale |
2004.900 |
681.400 |
2528.100 |
|
|
Export
Sale |
3904.600 |
682.200 |
4798.400 |
|
|
Total |
5909.500 |
1363.600 |
7326.500 |
|
|
Less: |
|
|
|
|
|
Interest Payment |
9260.000 |
778.500 |
1704.500 |
|
|
Other unallocable
expenditure net of unallocable income |
2525.500 |
5124.600 |
7703.500 |
|
|
Profit / (Loss) before tax and Extraordinary Items |
2468.000 |
(4539.500) |
(2081.500) |
|
|
Extraordinary
Items |
-- |
-- |
-- |
|
|
Profit / (Loss) before tax |
2468.000 |
(4539.500) |
(2081.500) |
|
3 |
Capital
Employed (Segment Assets – Segment Liabilities) |
|
|
|
|
|
Domestic
sale |
21781.200 |
23734.500 |
21781.200 |
|
|
Export
Sale |
15168.400 |
15644.800 |
15168.400 |
|
|
Total |
36949.600 |
39379.300 |
36949.600 |
|
|
Unallocable |
25545.500 |
20758.200 |
25545.500 |
|
|
Total Capital Employed |
62495.100 |
60137.500 |
62495.100 |
Note:
·
The above results have been reviewed by the Audit Committee
and approved by the Board of Directors at its meeting held on 29th
October 2013.
·
Other Operating income
for the three months ended 30th September 2012 include net exchange
fluaction gain of Rs. 2836.200 Millions.
·
Other Expenditure for the
three months ended 30th September 2013, three months ended 30th
June 2013, Half year ended 30th September 2013, Half year ended 30th
September 2012 and year ended 31st March 2013 include net exchange
fluctuation loss Rs. 2494.500 Millions, Rs.5166.400 Millions Rs.7660.900
Millions, Rs.3650.400 Millions and Rs. 5364.900 Millions respectively.
·
The company has not recognized deferred tax assets
to in the absence of virtual certainty.
·
Diluted EPS for the quarter ended 30th
September 2012 and year ended 31st March 2013, and Year ended 31st
March 2013 is not given because Potential Equity Shares are anti-dilutive.
·
Figures for the previous year/period are regrouped
/ rearranged wherever considered necessary.
·
Figures for the three months ended 30th September 2013 have been subjected to
‘Limited Review’ by the Statutory auditors as per listing agreement.
FIXED ASSETS
·
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Intangible Assets
·
Goodwill
·
Computer software
·
Licenses and franchise
PRESS RELEASES
MANGALORE REFINERY AND PETROCHEMICALS LIMITED SHOWS OVERALL IMPROVEMENT IN SECOND QUARTER OF CURRENT
FISCAL
MANGALORE: The board of directors of Kuthethur-based Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary company of ONGC on Tuesday approved its un-audited results for the second quarter of current fiscal. MRPL showed all around improvement in performance both physical and financial during Q2 of FY14 despite Rupee devaluation by 5.40% in the quarter as compared to Q1 of FY14.
MRPL posted a gross refining margin (GRM) of 5.04$/bbl in Q2 FY-14. The GRM of
Q2 FY-14 was lower than corresponding Q2 FY-13 mainly on account of reduced
market margins. Keeping with market trend, MRPL has posted a positive financial
results and increased physical performance in the second quarter compared to
its first quarter of FY-14. MRPL has posted profit after tax of Rs 2360.000
Millions, Sudhir Vasudeva, chairman, MRPL said.
MRPL has achieved a turnover of Rs 356880.000 Millions (exports Rs 172160.000
Millions) for the half year ended September 30, 2013 as against Rs 306130.000
Millions (exports Rs 134140.000 Millions) during the earlier period, an
increase of 17% on total turnover and increase of 28% on the export turnover.
The strong financial performance in the Q2 FY-14 has enabled MRPL to recover
substantial portion of losses posted in the Q1 of FY-14.
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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.