MIRA INFORM REPORT
|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ESSAR OIL LIMITED |
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Registered
Office : |
Khambhalia, Post Box No - 24, District |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.09.1989 |
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Com. Reg. No.: |
04-032116 |
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Capital
Investment / Paid-up Capital : |
Rs. 13822.700 Millions |
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CIN No.: [Company Identification
No.] |
L11100GJ1989PLC032116 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTE00150D |
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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
: |
Manufacturer and Exporter of Petrol, Diesel,
Kerosene and Service Provider of Thermal Power Generation. |
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No. of Employees
: |
1697 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 87220000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Essar Group”. It is a well established company
having a moderate track record. There appears huge loss recorded by the company
during 2013. The external borrowing seems to be huge which act as a threat to
the liquidity position. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealing with great caution. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
FITCH RATING |
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Rating |
Long Term Issuer (FITCH) BBB+ |
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Rating Explanation |
The default risk is currently low. The capacity for payment of financial
commitments is considered adequate. |
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Date |
March 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 1 : |
Khambhalia Post,
Post Box No. 24, District |
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Tel. No.: |
91-2833-241444 |
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Fax No.: |
91-2833-662929 |
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E-Mail : |
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Website : |
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Corporate
Office 1 : |
Essar House, P.
O. Box No. 7945, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400 034,
Maharashtra, India |
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Tel. No.: |
91-22-24950606/
66601100/ 50011100 |
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Fax No.: |
91-22-23544281/
23540450 |
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E-Mail : |
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Area : |
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Factory 2 : |
The company’s Oil
fields are located at Mehsana, |
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Corporate
Office 2 : |
Located at:
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Overseas
Office : |
Located at: |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Shashi Ruia |
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Designation : |
Chairman and
Promoter Director |
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Name : |
Mr. Prashant Ruia |
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Designation : |
Promoter Director |
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Name : |
Mr. Naresh K.
Nayyar |
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Designation : |
Deputy Chairman |
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Name : |
Mr. Lalit Kumar
Gupta |
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Designation : |
Managing Director
and Chief Executive Officer |
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Name : |
Mr. Chakrapany
Manoharan |
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Designation : |
Director
(Refinery) |
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Name : |
Mr. Philip S.
Aiken |
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Designation : |
Director |
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Name : |
Mr. P. Sampath |
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Designation : |
Director Finance |
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Name : |
Mr. Dilip J.
Thakkar |
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Designation : |
Director and
Independent |
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Name : |
Mr. K. N. Venkatasubramanian
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Designation : |
Director |
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Name : |
Mr. K.V.
Krishnamurthy |
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Designation : |
Independent
Director |
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Name : |
Mr. Melwyn Rego |
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Designation : |
Nominee of IDBI
Limited |
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Name : |
Mr. V. K. Sinha |
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Designation : |
Nominee of LIC of
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Name : |
Mr. Suneet Shukla |
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Designation : |
Nominee of IFCI Limited |
KEY EXECUTIVES
|
Name : |
Mr. Sheikh S
Shaffi |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on ; 31.03.2013
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(1) Indian |
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|
39162217 |
11.03 |
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|
39162217 |
11.03 |
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178858724 |
50.36 |
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|
178858724 |
50.36 |
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Total shareholding of
Promoter and Promoter Group (A) |
218020941 |
61.39 |
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(B) Public
Shareholding |
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|
10014245 |
2.82 |
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|
11270352 |
3.17 |
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33984653 |
9.57 |
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55269250 |
15.56 |
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|
16464705 |
4.64 |
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|
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|
58782286 |
4.30 |
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|
4311626 |
1.21 |
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|
2295506 |
0.65 |
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|
2295506 |
0.65 |
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|
81854123 |
23.05 |
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Total Public
shareholding (B) |
137123373 |
38.61 |
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Total (A)+(B) |
355144314 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
1010522772 |
0.00 |
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|
0 |
0.00 |
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|
1010522772 |
0.00 |
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Total (A)+(B)+(C) |
1365667086 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Petrol, Diesel,
Kerosene and Service Provider of Thermal Power Generation. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Licensed Capacity |
Not applicable since Delicensed |
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Installed Capacity
(Million MT per annum) |
10.50 |
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Actual Throughput
(Million MT per annum) |
14.76 |
GENERAL INFORMATION
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No. of Employees : |
1697 (Approximately) |
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Bankers : |
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Facilities : |
Rs in Millions
Notes : Security For Term Loans And Funded Interest Facilities From Banks And Financial
Institutions And Debentures a) Term loans and funded
interest facilities of Rs.9362.060 Millions (Previous year Rs. 9029.480 Millions) and debentures of Rs.184.210 Millions (Previous yearRs. 184.210 Millions) are secured / to be secured by first
ranking security interests (pari passu with loans for refinery expansion) on
all immovable assets (except certain leased out assets), all movable assets
other than current assets and second ranking security in-terests on current
assets, present and future, secu-rity interest onrights, title and interests
under project documents, trust and retention accounts , insurance policies
all in relation to the refinery including refinery expansion , by pledge of
certain shares of the Com-pany held by promoters /associates of promoters or
of the Company, by personal guarantees of promot-ers of the Company together
with collateral securi-ties. A term loan of Rs.1098.200 Millions (Previous
year Rs.134.450 Millions) {(including
funded interest facilities of Rs.58.200 Millions) (Previous year Rs.30.45
Millions)} is also secured by a corporate guarantee and certain assets of a
Group Company. b) Corporate term loan from a
bank of Rs.5000.000 Millions (Previous
year Rs. Nil) are secured / to be secured by first charge on all current
assets (ranking pari passu with working capital facility) excluding that of
exploration and production division, second charge by way of mortgage of land
and building and plant and machinery and other assets excluding certain
category of assets, personal guarantees of some of the promoters and
corporate guarantee by a Group Company and other collaterals being second
charge on pledge of certain shares of the Company and that of a Group Company
held by promoters and second charge by
way of mortgage over a property of Group Company. c) Term loans of
Rs.45620.300 Millions (Previous year
Rs.27132.600 Millions) for the
Refinery expansion are secured / to be secured by first ranking security
interests (pari passu with loans for Refinery) on all immovable assets, all
movable assets other than current assets and second ranking security
interests on current assets, present and future, charge over immovable
properties leased to entities implementing the terminal utility, power
utility and township utility (subject to prior charge in favour of the
lenders financing the said utilities), security interest on rights, title and
interests under project documents, trust and retention accounts , insurance
policies in relation to the Refinery, including Refinery expansion and
further by pledge and non disposal undertaking of certain shares/global
depository shares of the Company held by promoters / associates of promoters
or of the Company, personal guarantees of promoters of the Company together
with collateral securitiesand certain undertakings from holding and Group
Companies and residual charge on the company’s participating interest and
cash flows related to upstream oil and gas, coal bed methane fields and
related assets subject to certain approvals. d) Term loans of
Rs.3062.100 Millions (Previous year
Rs.931.900 Millions) is secured / to
be secured by first charge on immovable assets and movable assets (present
and future), first charge over book debts, operational cash flows,
receivables, trust and retention accounts, Debt Service Reserve account,
participating interest under CBM contract, security interest on rights, title
and interests under the project documents, insurance policies, clearances,
rights under letter of credit, guarantee, performance bond, corporate
guarantee and bank guarantees, all in relation a CBM Project. e) Term loan from a bank of Rs.
60.000 Millions (Previous year
Rs.108.000 Millions) is secured by
hypothecation of current assets of an oilfield, bank escrow accounts for certain
receivables and corporate guarantee by a Group Company. (i)Buyers’
Credits And Bills Discounting: a) Rs.32866.500 Millions (Previous year Rs.23045.500 Millions) are secured by first charge on
all current assets (ranking pari passu with Corporate Term Loan) excluding
that of Exploration and Production division, second charge by way of mortgage
of land and building and plant and machinery and other assets excluding
certain category of assets, personal guarantees of promoters, corporate
guarantee by a Group Company, other collaterals being second charge on pledge
of certain shares of the Company and that of a Group Company held by
promoters and second charge by way of mortgage over a property of Group
Company. b) Rs. 3276.500 Millions (Previous year Rs. Nil) are
secured by first charge on all goods procured under the LCs opened by the
banks and guarantee by an ultimate holding Company. c) Rs. Nil Millions (Previous year Rs.65.300 Millions) are secured/to be secured by
first charge on immovable assets and movable assets (present and future),
first charge over book debts, operational cash flows, receivables, trust and
retention account, Debt Service Reserve account, participating interest under
CBM contract, security interest on rights, title and interests, insurance
policies, clearances, rights under letter of credit, guarantee, performance
bond, corporate guarantee and bank guarantees all in relation to a CBM
project. d) Rs. 59.800 Millions
(Previous year Rs. Nil) are secured by fixed deposits maintained with a bank. (ii) Bank overdraft from bank
of Rs.198.09 (Previous year Rs. Nil) is secured by fixed deposits maintained
with the bank. (iii) Term loan from bank Rs.
Nil (Previous year Rs.201.700) is secured by fixed deposits maintained with the
bank |
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Auditors : |
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Name : |
Deloitte Haskins
and Sells Chartered Accountants |
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Address : |
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Holding Companies: |
·
Essar Global Limited - Caymen (Ultimate Holding
Company) (EGL) ·
Essar Energy Plc - U.K (Holding Company of
Vadinar Oil - ·
Essar Oil and Gas Limited (Formerly known as
Vadinar Oil), |
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Subsidiaries: |
Essar Oil Mauritius Limited (Subsidiary Company) – (formerly known as
Pitney Mauritius Holdings Limited) (EOML) |
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Associate: |
Vadinar Power Company Limited (VPCL) |
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Fellow Subsidiaries |
·
Aegis Limited (Merger of Essar Engineering
Services Limited ·
Aegis BPO Services (GURGAON) Limited ·
with Aegis Limited) (AEGIS), Aegis Aspire
Consultancy Services Limited (AACSL) ·
AGC Networks Limited (AGCNET) ·
Bhandar Power Limited (BPOL) ·
Essar Bulk Terminal Limited (EBTL) ·
Essar Bulk Terminal (Salaya) Limited (EBTSL) ·
Essar Electrical Power Development Corporation
Limited (EEPDCL) ·
Essar Energy Overseas Limited (EEOL) ·
Essar Exploration
and Production India Limited (EEXPIL) ·
Essar Exploration
and Production Limited (EEXPL) ·
Essar Exploration
and Production Southeast Asia Limited (EEXPSEAL) ·
Essar Energy Holdings LImited - ·
Energy Transportation International (ETIL) ·
Essar Gujarat Petrochemicals Limited (EGPL) ·
Essar Logistics Limited (ELL), Essar Offshore
Subsea Limited (EOSL) ·
Essar Oilfield Services India Limited (EOFSIL) ·
Essar Oilfield Services Limited (EOFSL) ·
Essar Oil UK Limited (EOLUK) ·
Essar Power Gujarat Limited (EPGL) ·
Essar Projects ( ·
Essar Power Limited (EPOL) ·
Equinox Reality
and Infrastructure Private Limited (ERIPL) ·
Essar Steel Limited (Merger of Essar Steel Orissa
Limited ·
Essar Steel Hazira Limited ·
Hazira Pipe Mills Limited and Hazira Plates
Limited w.e.f 1st Apr 2009) (ESTL) ·
Essar Shipping
and Logistics Limited (ESLL) ·
·
Vadinar Oil Terminal Limited (VOTL) ·
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companies in which promoters have significant influence/ control: |
·
Arkay Holdings Limited (ARKAYHPL) ·
Essar Agrotech Limited (EATL) ·
Essar Education Limited (EEL) ·
Essar Energy Services Limited (EESL) ·
Essar Heavy Engineering Services Limited (EHESL) ·
Essar House Limited (EHL), ·
Essar Investments Limited (EIL) ·
Imperial Consultants and Securities Private
Limited (ICSPL) ·
Essar Information Technology Limited (EITL) ·
Essar Infrastructure Services Limited (EISL) ·
Essar Properties Limited (EPL) ·
Essar Steel (Jharkhand) Limited (ESTLR) ·
Essar SEZ Hazira Limited (ESHL SEZ) ·
Futura Travels Limited (FUTURA) ·
Ibrox Estates Private Limited (IBROX), India
Securities Limited (ISL) ·
Kanak Communications Limited (KANAKCL) ·
Kartik Estates Private Limited (KEPL) ·
Neelkamal Traders Private Limited (NEELKAMAL), ·
New Ambi Trading & Investments Private
Limited (NEWAMBITPL) ·
Paprika Media Limited, Sinter-Keramos and
Composites Private Limited (SKCPL) The Mobile Stores Limited (TMSL) ·
Vadinar Properties Limited (VPL) ·
S G Chemicals and Dyes Trading Limited (SGCHEMTL) |
CAPITAL STRUCTURE
As on : 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs. 50000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1365667086 |
Equity Shares |
Rs.10/- each |
Rs. 13656.670 Millions |
|
61926000 |
Add : Forfeited shares - Equity shares of Rs.10/- each |
|
Rs. 1660.000 Millions |
|
|
Total |
|
Rs. 13822.700
Millions |
Reconciliation of the number of shares outstanding at the beginning and
at the end of the reporting period :
As on : 31.03.2012
|
Equity Shares |
No.
of Shares |
Amount
|
|
Shares outstanding at the beginning of the
year |
1365667086 |
13656.700 |
|
1,072,794 GDS* are represented by
164,137,482 equity share0073 |
-- |
-- |
|
Shares outstanding at the end of the year |
1365667086 |
13656.700 |
Each GDS represents 153 equity shares\
Terms / rights attached to the equity shares / global depository shares (gdss)
:
The company has only one class of equity
shares having a par value of Rs.10 per share. Each holder of equity share is
entitled to one vote per share.
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.
Holders of GDS will be entitled to receive
dividends, subject to the terms of the Deposit Agreement, to the same extent as
the holders of shares, less the fees and expenses payable under such Deposit
Agreement and any Indian tax applicable to such dividends. Holders of GDSs will
not have voting rights with respect to the Deposited Shares.
Shares held by holding / ultimate holding company and / or their
subsidiaries / associates:
As on : 31.03.2012
|
Particulars |
No.
of Shares |
Amount
|
|
4,761,000 GDSs (Previous year 4,761,000 GDSs) held by Essar Oil and Gas
Limited (formerly known as Vadinar Oil), |
72843300 |
7284.300 |
|
1,843,724 GDSs (Previous year 1,843,724
GDSs ) held by Essar Energy Holdings Limted., |
282089772 |
2820.900 |
|
|
178858624 |
1788.600 |
|
Equity Shares held by Essar Power Hazira Holdings Limted (formerly known
as Hazira Steel 2), subsidiary of ultimate holding company, Essar Global
Limted |
100 |
0.000 |
Stock Options :
On December 02, 2011, Company approved grant
of 32,11,391 options (convertible into equivalent number of equity shares of
Rs.10/- each of the Company, in three equal installments i.e. at the end of 3rd
/ 4th / 5th years from the grant date) to the eligible employees and Executive
Directors of the Company pursuant to Essar Oil Employee Stock Option Scheme
2011 approved by the members at the 21st Annual General Meeting held on August
12, 2011. The exercise period for the options is 7 years from the date of
vesting.
These stock options have been granted at an
option value of Rs.69.05 per equity share of face value of Rs.10/- each (i.e.
the closing price of the equity shares of the Company on December 01, 2011 at
the National Stock Exchange of India
Limited, being the exchange having the higher quantity of trading of Company’s
shares). Out of above, 29,10,749 options were outstanding as on March 31, 2012.
The Remuneration Committee of the Board of Directors has noted the
cancellation/forfeiture of 3,00,642 stock options on May 12, 2012.
As on : 31.03.2012
|
Particulars |
No. of Shares |
%
of Shares |
|
4,761,000 GDSs (Previous year 4,761,000 GDSs) held by Essar Oil and
Gas Limited (formerly known as Vadinar Oil) |
728433000 |
53.34 |
|
1,843,724 GDSs (Previous year 1,843,724 GDSs) held by Essar Energy
Holdings Limited., |
282089772 |
20.66 |
|
Equity shares held by Essar Energy Holdings Limited., |
178858624 |
13.10 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
13822.700 |
13822.700 |
|
(b) Reserves &
Surplus |
|
7984.700 |
21494.600 |
|
(c) Money received against share
warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
(3)
Foreign currency compulsory convertible bonds |
|
13400.000 |
0.000 |
|
|
|
|
|
|
(4) Non-current liabilities |
|
|
|
|
(a)
long-term borrowings |
|
122028.000 |
116183.300 |
|
(b)
Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other
long term liabilities |
|
47955.500 |
64269.900 |
|
(d)
long-term provisions |
|
10.000 |
10.000 |
|
|
|
|
|
|
(5) Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
38183.700 |
23312.500 |
|
(b) Trade
payables |
|
108100.400 |
64948.500 |
|
(c) Other
current liabilities |
|
49105.000 |
33556.400 |
|
(d)
Short-term provisions |
|
306.300 |
295.800 |
|
TOTAL |
|
400896.300 |
337893.700 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
212999.000 |
117299.600 |
|
(ii)
Intangible Assets |
|
200.200 |
141.300 |
|
(iii)
Capital work-in-progress |
|
17604.700 |
81766.700 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
1030.000 |
1030.000 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4109.300 |
4860.100 |
|
(e) Other
Non-current assets |
|
18096.400 |
17033.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
76816.700 |
57491.400 |
|
(c) Trade
receivables |
|
39969.300 |
24236.400 |
|
(d) Cash
and cash equivalents |
|
20609.400 |
29379.900 |
|
(e)
Short-term loans and advances |
|
2280.200 |
3211.700 |
|
(f) Other
current assets |
|
7181.100 |
1442.800 |
|
TOTAL |
|
400896.300 |
337893.700 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12181.300 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
28365.700 |
|
|
4] (Accumulated Losses) |
|
|
(5342.600) |
|
|
NETWORTH |
|
|
35204.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
94705.900 |
|
|
2] Unsecured Loans |
|
|
8831.400 |
|
|
TOTAL BORROWING |
|
|
103537.300 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
Advance towards issue of global depository shares |
|
|
11532.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
150273.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
123093.500 |
|
|
Capital work-in-progress |
|
|
43187.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2030.000 |
|
|
DEFERRED TAX ASSETS |
|
|
5.700 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
39694.400 |
|
|
Sundry Debtors |
|
|
19574.200 |
|
|
Cash & Bank Balances |
|
|
13507.500 |
|
|
Other Current Assets |
|
|
4065.400 |
|
|
Loans & Advances |
|
|
7283.700 |
|
Total
Current Assets |
|
|
84125.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
84096.800 |
|
|
Other Current Liabilities |
|
|
17508.900 |
|
|
Provisions |
|
|
562.400 |
|
Total
Current Liabilities |
|
|
102168.100 |
|
|
Net Current Assets |
|
|
(18042.900) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
150273.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
583366.300 |
470609.200 |
365046.100 |
|
|
|
Other Income |
4247.600 |
2812.900 |
8719.300 |
|
|
|
TOTAL |
587613.900 |
473422.100 |
373765.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
528948.100 |
421292.700 |
|
|
|
|
Purchases of traded goods |
19571.600 |
19642.000 |
|
|
|
|
Increase)/Decrease in stock |
(9881.000) |
(11576.400) |
|
|
|
|
Employee Benefits Expenses |
1345.600 |
1196.700 |
|
|
|
|
Other expenses |
26622.000 |
15072.200 |
|
|
|
|
TOTAL |
566606.300 |
445627.200 |
354387.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
21007.600 |
27794.900 |
19378.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
13868.400 |
12202.400 |
11809.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7139.200 |
15592.500 |
7568.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7619.400 |
7308.600 |
7283.100 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
12374.600 |
10834.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(12854.800) |
(2550.400) |
285.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(33.500) |
(8.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
(12854.800) |
(2516.900) |
294.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(28793.400) |
(26276.500) |
(5569.600) |
|
|
|
|
|
|
|
|
|
Add: |
Amount transferred
from foreign projects reserve |
0.000 |
0.000 |
4.500 |
|
|
|
|
|
|
|
|
|
Less: |
Amount transferred
to debenture redemption reserve |
0.000 |
0.000 |
294.600 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(41648.200) |
(28793.400) |
(5565.100) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest |
0.000 |
0.400 |
0.000 |
|
|
|
FOB value of exports |
199153.300 |
150060.200 |
87695.100 |
|
|
|
Overseas trading of crude / Petroleum
products |
12555.100 |
5513.400 |
0.000 |
|
|
|
On commodity hedging |
3435.100 |
1829.400 |
0.000 |
|
|
|
Income from technical services |
147.300 |
117.800 |
0.000 |
|
|
|
Income from sale of participating interest
in an E&P block |
0.000 |
51.300 |
0.000 |
|
|
|
Others |
72.00 |
0.900 |
0.000 |
|
|
TOTAL EARNINGS |
215362.800 |
157573.400 |
87695.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
473612.200 |
374753.900 |
337504.700 |
|
|
|
Stores & Spares |
1128.100 |
1508.100 |
790.000 |
|
|
|
Capital Goods |
6624.600 |
19509.200 |
3239.200 |
|
|
TOTAL IMPORTS |
481364.900 |
395771.200 |
341533.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(9.41) |
(1.87) |
0.25 |
|
|
|
Diluted |
(9.41) |
(1.91) |
0.24 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3rd
Quarter |
31.03.2013 4th
Quarter |
|
Net Sales |
200230.000 |
210230.000 |
238820.000 |
236500.000 |
|
Total Expenditure |
204330.000 |
204250.000 |
228150.000 |
223280.000 |
|
PBIDT (Excl OI) |
(4100.000) |
5980.000 |
10670.000 |
13220.000 |
|
Other Income |
940.000 |
5710.000 |
1740.000 |
2340.000 |
|
Operating Profit |
(3160.000) |
11690.000 |
12410.000 |
15560.000 |
|
Interest |
7660.000 |
7380.000 |
8820.000 |
9200.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(1110.000) |
|
PBDT |
(10820.000) |
4310.000 |
3590.000 |
5250.000 |
|
Depreciation |
3180.000 |
3260.000 |
3270.000 |
3250.000 |
|
Profit Before Tax |
(14000.000) |
1050.000 |
320.000 |
2000.000 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(14000.000) |
1050.000 |
320.000 |
2000.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(14000.000) |
1050.000 |
320.000 |
2000.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.19)
|
(0.53) |
(0.08) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.20)
|
(0.54) |
0.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.36)
|
(0.100) |
0.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.59)
|
(0.07) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
7.35
|
3.95 |
2.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.75
|
0.95 |
0.82 |
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 |
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 |
CASE DETAILS :
|
HIGH COURT OF |
|
TAX APPEALNo. 123 of2012 |
|
Status : PENDING |
( Converted
from : ST/309/2012 ) |
CCIN No : 001092201200123 |
|
|
|||||
|
|
||||
|
|
||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|
1 |
COMMISSIONER - CENTRAL
EXCISE AND CUSTOMS |
MR YN RAVANI for:
Appellant(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
|
1 |
ESSAR OIL LIMITED |
RULE UNSERVED for
:Opponent(s) |
|
|
|||
|
Presented On |
: 15/02/2012 |
Registered On |
: 17/02/2012 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 3 times |
|
Stage Name |
: ADJOURNED
MATTERS |
||
|
Classification |
|
|
Act |
|
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
15/02/2012 |
CERTIFIED COPY |
MR YN RAVANI
ADVOCATE |
4 |
MR YN RAVANI:1 |
|
2 |
15/02/2012 |
MEMO OF
APPEAL/PETITION/SUIT |
MR YN RAVANI
ADVOCATE |
50 |
MR YN RAVANI:1 |
|
3 |
15/08/2012 |
DOCUMENT |
RULE UNSERVED |
- |
RULE UNSERVED:1 |
|
Court Proceedings |
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
24/07/2012 |
3 |
- |
ADJOURNED MATTERS |
FIXED RULE /
ADMIT |
·
HONOURABLE
THE ACTING CHIEF JUSTICE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE
MR.JUSTICE N.V.ANJARIA |
|
Available Orders |
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
View |
Download |
|
1 |
TAX
APPEAL/123/2012 |
·
HONOURABLE
THE ACTING CHIEF JUSTICE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE
MR.JUSTICE N.V.ANJARIA |
24/07/2012 |
N |
N |
View |
Downl |
UNSECURED LOAN :
Rs.
in Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Foreign currency
convertible bonds (Fccbs) |
|
11705.100 |
|
Finance lease
obligation |
|
|
|
--From related parties |
451.100 |
505.200 |
|
--From others |
12.300 |
14.500 |
|
Other loans |
|
|
|
Conditional grant from a bank |
68.500 |
62.800 |
|
From related parties |
11512.800 |
10383.000 |
|
Amount disclosed under the head "Trade Payables / Others" |
0.000 |
0.000 |
|
Total |
12044.700 |
22670.600
|
Note :
Unsecured loans from related parties includes
Rs. 11090.000 Millions (previous year Rs. 9688.000 Millions) carrying interest
rate 9.5% is repayable by 2015. Rupee loan amounting to Rs. 702.000
Millions(Previous year Rs. 892.600 Millions) carrying interest rate 10.25%
repayable by April 25, 2014 in various installments.
MANAGEMENT DISCUSSION AND ANALYSIS :
Energy is essential for economic growth and in
the absence of viable alternatives in the foreseeable future; demand for
petroleum products is expected to rise.
In the past few years, we have observed the
progressive shift in oil demand away from OECD (Organisation for Economic
Co-operation and Development) countries towards non-OECD countries led by Asian
countries. As per IEA, OECD oil demand has remained more or less stagnant at
45.5 million barrels/day since 2009, whereas non-OECD demand has risen from 40
mbd in 2009 to 43 mbd in 2011 and could touch 45 mbd in 2012. During 2013, it
is expected that non-OECD oil demand will overtake OECD demand led by strong
demand growth of petroleum products from Chinese, Middle Eastern and Indian
economies.
On the supply side, OECD has been registering
steady growth with increase in Canadian and
The Refining sector in the world is going
through tumultuous times and large scale closures are being witnessed. As per
BOA-ML report dated June 13, 2012, during the last year, over 0.9 mbd of
refining capacity had closed in
Markets have observed shifting trends in
product usages wherein naphtha and fuel oil are being replaced by cheaper
natural gas for petrochemical and fertilizer feedstock and for heating usage.
Further, tightening sulphur limit in marine fuels reduced the demand for fuel
oil. However, 2011-12 saw rather unusual high demand for high sulphur fuel oil
from
The fragile economic recovery, sovereign debt
crisis of Eurozone and recurring differences in ways to resolve the crisis
continued to weigh on the global economic sentiment. The global energy markets
witnessed some major events during last year – the annual average oil prices
recorded historic highs; the political events in the Middle East and North
African region led to production disruptions highlighting the instability in
oil producing countries; the disastrous impact of the combined earth quake and
tsunami leading to a nuclear incident in Fukushima and closure of all nuclear
plants. Consequently,
Going forward, the refining margin is expected
to remain strong with some degree of fluctuation due to volatility inherent to
international oil prices. The rationale for the strong refining margins is
global oil demand growth of 1 mmb/d which is close to normal, resilience of the
Asian and Middle East economies in the face of decline in
FINANCIAL RESULTS :
This financial year has been a year of
significant importance since the refinery was able to increase its capacity
from 10.5 MMTPA to 18 MMTPA with improved complexity from 6.1 to 11.8.
Subsequent to financial year ending March 31, 2012, the Company has added
another 2 MMTPA capacity by undertaking certain optimization activities taking
the total refining capacity to 20 MMTPA. During the year, the Company recorded
a strong revenue growth of 19% at Rs.634280.000 Millions, up fromRs.53,192
Millions in the previous financial year before reversal of sales tax benefit. This
growth is primarily driven by increased product prices, partly offset by
reduction in the sales quantity on account of the planned refinery shut down
undertaken during September-October 2011 for tie-in of new units to expand the
refining capacity to 18 MMTPA and to carry out routine maintenance activities.
The Current Price Gross Refinery Margin (CP GRM) (excluding sales tax benefit)
for the refinery business is US$4.23 per barrel compared to US$4.53 per barrel
for the previous financial year. The EBIDTA for the current financial year has
decreased to Rs. 21010.000 Millions from Rs. 27790.000 Millions for last
financial year. This is mainly on account of decrease in refinery throughput
due to the planned shutdown, decline in gross refinery margin, MTM provision
for forex losses, shutdown expenditures and reduction in income on account of
non defeasement of sales tax incentive post passing of order of Hon’ble Supreme
Court. For the financial year ended March 31, 2012, the loss before and after
tax is due to lower EBIDTA as explained above, exceptional items on account of
reversal of assignment income arising out of defeasement of sales tax incentive
benefits of Rs. 7780.000 Millions for the period from April 2011 to December
2011 subsequent to the Honible Supreme Court order dated January 17, 2012
denying the Gujarat Sales tax incentive benefit to the Company, creation of
provision of sales tax interest of Rs. 830.000 Millions for the period from
January 17, 2012 to March 31, 2012 and creation of a provision of Rs. 3760.000
Millions in accordance with Corporate Debt Restructuring (CDR) Exit proposal
approved by CDR Core Group. The Company reported negative PAT (after
exceptional items) for current financial year at Rs. (12850.000) Millions as
against previous year figure of Rs. (2520.000) Millions.
During the financial year, the Company has
modified the terms of the outstanding Foreign Currency Convertible Bonds
aggregating to US$262 million making them compulsorily convertible into equity
shares or Global Depository Shares. The Bonds were originally convertible at
the option of the Bond holders.
Due to absence of profits during the financial
year, the Board has not recommended any dividend for the year. Information on
the operational performance, etc. of the Company for the financial year is
given in the Management Discussion and Analysis which is annexed to the
Directors’ Report.
A statement containing salient features of the
audited Balance Sheet as at March 31, 2012, Statement of Profit and Loss and
Cash flow Statement for the year ending on that date and Auditors Report on the
Abridged Financial Statements along with Auditors Report on the full financial
statements forms part of the
Annual Report.
With reopening of accounts of proceeding three
financial years, as explained in subsequent paras, the financial statements for
financial year 2011-12 approved by the Board of Directors on May 12, 2012 have
consequently been revised and approved by the Board of Directors on November 9,
2012.
CONTINGENT LIABILITIES (As on 31.03.2012)
Rs in Millions
|
Particulars |
Year Ended |
|
a. Income tax / sales tax / VAT and other
demands of various years against which appeals have been filed by department /
Company. |
747.100 |
|
b. Claims against the Company not acknowledged as debts : |
|
|
In respect of custom duty / excise duty |
760.400 |
|
In respect of encashment of performance
guarantee |
79.800 |
|
c. Others The above includes counter claims on the Company
in certain arbitration matters Rs.
727.500 Millions (Previous year Rs.1006.700
Millions), rupee term loan interest and bank charges Rs.79.900
Millions (Previous year
Rs.Nil), stamp duty on import of crude
Rs.174.94 Millions (Previous
year Rs.1264.700 Millions), demand of road tax on certain
heavy equipment Rs.8.900 Millions (Previous year Rs.105.600
Millions), Gujarat entry tax
Rs.32.800 Millions (Previous
year Rs.53.800 Millions), litigation for additional
compensation in land acquisition matter
Rs.19.200 Millions (Previous
year Rs.19.600 Millions), other miscellaneous claims
of Rs.49.900 Millions (Previous year Rs.41.000
Millions) |
2667.800 |
|
d. Interest not payable, if certain funded
interest facilities are prepaid |
-- |
|
e. In respect of custom duty / FEMA matter,
where the department has gone in appeal |
325.900 |
|
f. Guarantees given by the Company on behalf
of others The claims by parties in respect of which
the management has been legally advised that the same are frivolous and not
tenable, have not been considered as contingent liabilities as the
possibility of an outflow of resources embodying economic benefits is highly
remote. |
1610.600 |
PRESS
RELEASE :
Essar Oil inaugurates its world-class E andP office at Durgapur
May 20, 2013
Essar Oil Limited,
amongst leaders in Indian non-conventional energy sector and a subsidiary of
Essar Energy Plc, today announced the inauguration of its E andP office at
The world-class
workplace infrastructure created by Essar Oil at Webel IT Park will be used by
its team and house technologically advanced instruments to run its CBM
operations in CBM gas fields in Raniganj block in the state. The best-in-class
infrastructure includes a resource centre for Coal Bed Methane interests and
all other unconventional energy resource ventures including shale gas. The excellence
centre is spread over 32,000 sq ft. and will be equipped with data gathering
and processing facilities for geo-modeling, control rooms, board room equipped
with audio and video conferencing facilities, library and a food court.
The other dignitaries present at the
inaugural event were Shri Moloy Ghatak, Shri Swapan Debnath, Shri Apurba
Mukherjee, Shri Nikhil Banerjee, Shri Sushanto Majumdar, Shri PK Das and Shri
OS Meena.
Delivering the vote
of thanks, the Project Director Mr Apoorva Ranjan, Essar, thanked the people
and the government of the state for their support and said, “It is Essar Oil’s
resolve to bring energy security to the state and the country while we ensure
the participation and upliftment of our immediate neighbours. Essar Oil has
invested about Rs 1,500 Millions in the block over the last four years.”
Over the years, Essar
Oil is actively engaged in bringing development to the region through its
various neighbourhood engagement initiatives and long-term programs. These
public-centric programs have touched thousands of lives through activities in
the fields of education, healthcare, community development, training and skill
development and various others.
The company was recently granted
Phase-III environment clearance that allows full field development of the
Raniganj block and enables the company to increase production to around 3
MSCMD.
Essar Oil has 100%
interest in Raniganj block, which is a 500 sq km block with total proven and
probable reserves (2P), independently evaluated by consultants Netherland,
Sewell and Associates Inc, of 113 billion cubic feet (bcf) gross (3.2 billion
cubic metres), or 18.8 million barrels of oil equivalent. There are also best
estimate contingent resources (2C) of 445 bcf gross, or 74.1 mmboe and 297 bcf
gross, or 49 mmboe, of current best estimate prospective resources.
About Essar Oil
Essar Oil is a fully
integrated oil and gas company of international scale with strong presence
across the hydrocarbon value chain from exploration and production to refining and
oil retail. Essar Oil owns
About Essar Group
The Essar Group is a multinational
conglomerate and a leading player in the sectors of Steel, Energy,
Infrastructure and Services. With operations in more than 25 countries across
five continents, the Group employs 75,000 people, with revenues of US$ 27
billion.
Essar Oil reports
strong financials
May 10, 2013
Key highlights for Q4FY13
- Throughput up 26% to 5.08 MMT, vs 4.03 MMT in
Q4FY13
- Gross revenues up 34% to Rs 257570.000
Millions from Rs 191600.000 Millions in Q4FY12
- Current Price Gross Refining Margin doubles to
$9.06 /bbl Vs $4.60/bbl in Q4FY12
- EBITDA up 254% to Rs 15560.000 Millions, from
Rs 4390.000 Millions in Q4FY12
- PAT at Rs 2000.000 Millions Vs loss of Rs
6080.000 Millions in Q4FY12
- $481 million worth of rupee loan dollarised
- Production at Raniganj CBM block at 60,000 scmd;
block development program put on fast track; approximately 150 wells
drilled
Key highlights for FY13
- Highest ever revenue at Rs 967970.000
Millions, vs Rs 633400.000 Millions in FY12, up 53%
- Highest ever EBIDTA at Rs 36510.000 Millions,
vs Rs 11670.000 Millions in FY12, up 213%
- CP GRM at $7.96/ bbl vs $4.23/bbl in
FY12, up 88%
- Expanded capacity of 20 MMTPA fully
operationalized; FY13 throughput up 46% to 19.76 MMT, vs 13.50 MMT in FY12
- Refinery continues its high safety track
record with 1,825 LTI free man days and 1,410 days of major fire free days
Mumbai:
Gross revenues for
the January-March 2013 quarter (Q4FY13) stood at Rs 257570.000 Millions, up 34%
over Rs 191600.000 Millions reported in Q4FY12; EBITDA was up 254% at Rs
15560.000 Millions compared to Rs 4390.000 Millions in Q4 FY12. Profit After
Tax for the quarter was at Rs 2000.000 Millions versus a loss of Rs 6080.000
Millions in the same period last year. Current Price Gross Refining Margin of
$9.06/bbl for Q4FY13 was almost double of $4.60/bbl reported in Q4FY12,
reflecting the higher complexity benefits post completion of expansion and
optimization projects.
During the quarter,
Vadinar Refinery processed 5.08 MMT of crude, up 26% over Q4FY12. The refinery
continues to function at over its nameplate capacity of 20 MMTPA with all units
stabilized.
Share of Ultra Heavy
Crude in refinery's crude diet rose to 62% from 24% in the corresponding
quarter in FY12. Overall, the refinery processed 88% of heavy and ultra heavy
crude in Q4FY13. Production of valuable Middle and Light distillates improved
to 84% of the refinery's product slate from 69% over the same period last year.
For the full financial year ended March 31, 2013 (FY13), gross revenue was up
53% at Rs 967970.000 Millions compared with Rs 633400.000 Millions in FY12.
EBITDA for full year was up over three times at Rs 36510.000 Millions compared
to Rs 11670.000 Millions in FY12. The Current Price Gross Refining Margin for
the year was $7.96/bbl against $4.23 per barrel in FY12. Profit after tax for
the year stood at negative Rs 11800.000 Millions compared to negative Rs.
12850.000 Millions in FY12.
Talking on the results, Mr. L.K. Gupta, Managing Director and CEO, Essar Oil,
said: "We had a very eventful year in FY13 during which we have achieved a
number of milestones. Our Vadinar Refinery, at 20 MMTPA capacity and 11.8
complexity is
Mr. Suresh Jain, CFO, Essar Oil said, "Benefit of expanded capacity and
complexity was available for only three quarters of the year and the
performance of the refinery post completion of expansion has been consistent.
Our primary focus is now to align our asset liability mismatch by dollarizing
our debt, which will also lower our interest cost, and in turn improve our free
cash flows significantly."
Quarterly and annual
highlights:
|
|
Q4F Y13 |
Q4F Y12 |
% Change |
FY13 |
FY12 |
% change |
|
Throughput (in MMT) |
5.08 |
4.03 |
26 |
19.77 |
13.50 |
46 |
|
|
||||||
|
Gross Revenue (in Rs Millions) |
257570.000 |
191600.000 |
34 |
967970.000 |
633400.000 |
53 |
|
|
||||||
|
EBIDTA (in Rs Millions) |
15560.000 |
4390.000 |
254 |
36510.000 |
11670.000 |
213 |
|
|
||||||
|
Profit After Tax (in Rs Millions) |
2000.000 |
(6080.000) |
- |
(11800.000) |
(12850.000) |
- |
|
|
||||||
|
CP GRM (in $/bbl) |
9.06 |
4.60 |
97 |
7.96 |
4.23 |
88 |
|
|
||||||
Marketing operations
Essar Oil continues to focus on the domestic market, with domestic sales contributing over 60% to its revenues during the quarter. Bulk sales, consisting of fuel oil, sulphur, petcoke, bitumen, and VGO, contributed 10% to the total sales during the quarter, against 4% in Q4FY12. Company has re-entered the bulk diesel market, which recently was deregulated.
Essar Oil has over
1,400 retail outlets across the nation, with another 200 more in various stages
of commissioning. The recent move of government towards full deregulation of
auto fuels will create great value for our retail business.
With three ALPG and
CNG pumps opened during the quarter, 30 Essar Oil pumps now offer multi fuel
options to customers.
|
For
further information, download: |
|
Analyst presentation Q4 FY 2012-13 results |
|
Financial results 31 March 2013 |
Exploration and Production
At Essar Oil's flagship Raniganj CBM block, current gas production is around
60,000 standard cubic metres per day (scm/d). The company has completed
drilling 148 wells. Environment Clearance III approvals for 618 wells
has been received. Production is expected to reach 3 million scm/d
by next year.
About Essar Oil
Essar Oil is a fully integrated oil and gas
company of international scale with strong presence across the hydrocarbon
value chain from exploration and production to refining and oil retail. Essar
Oil owns
About Essar
Essar is a multinational conglomerate and a leading player in the sectors of
Steel, Energy, Infrastructure and Services. With operations in more than 25
countries across five continents, the Group employs 75,000 people, with
revenues of US$ 27 billion.
Statement of Audited financial
results for the Quarter and
Nine
Months Ended on 31st March 2013
(Rs in Millions)
|
Sr. No |
Particulars |
Standalone |
||
|
Audited |
Audited |
Audited |
||
|
Quarter Ended |
Year
to date |
|||
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
1. |
Income from operations |
|
|
|
|
|
a) Net sales / income from
operations (Net of excise duty and
VAT) |
235340.000 |
238170.000 |
883070.000 |
|
|
b) Other operating
income |
1160.000 |
650.000 |
2710.000 |
|
|
Total income from operation (net) |
236500.000 |
238820.000 |
885780.000 |
|
2. |
Expenses |
|
|
|
|
|
a) Cost of raw
materials consumed |
208950.000 |
207040.000 |
813340.000 |
|
|
b) Purchase of traded goods |
2990.000 |
2630.000 |
8670.000 |
|
|
c) (Increase) / Decrease
in stock of finished goods and work-in-progress |
2340.000 |
8260.000 |
(2370.000) |
|
|
d) Consumption of fuel |
2150.000 |
1790.000 |
8000.000 |
|
|
e) Employee benefits
expenses |
460.000 |
480.000 |
1860.000 |
|
|
f) Selling and marketing
expenses |
1810.000 |
1560.000 |
5820.000 |
|
|
g) Depreciation /
Amortisation |
3250.000 |
3270.000 |
12960.000 |
|
|
h) Foreign exchange loss /
(gain) |
(250.000) |
3450.000 |
6510.000 |
|
|
i) Other expenses |
4580.000 |
2940.000 |
13530.000 |
|
|
Total expenses |
226280.000 |
231420.000 |
868320.000 |
|
3. |
Profit from operations before other income,
finance cost and |
10220.000 |
7400.000 |
17460.000 |
|
|
exceptional items (1-2) |
|
|
|
|
4. |
Other income |
2090.000 |
1740.000 |
6090.000 |
|
5. |
Profit from ordinary activities before finance
cost and exceptional items (3+4) |
12310.000 |
9140.000 |
23550.000 |
|
6. |
Finance cost |
9200.000 |
8820.000 |
34240.000 |
|
7. |
Profit / (Loss) from ordinary activities after
finance cost but before exceptional items (5-6) |
3110.000 |
320.000 |
(10690.000) |
|
8. |
Exceptional items |
1110.000 |
- |
1110.000 |
|
9. |
Profit / (Loss) from ordinary activities before
tax (7-8) |
2000.000 |
320.000 |
(11800.000) |
|
10. |
Tax expense |
- |
- |
- |
|
11. |
Net profit / (Loss) from ordinary activities after
tax (9-10) |
2000.000 |
320.000 |
(11800.000) |
|
12. |
Paid up equity share capital (Face value : ? 10/-
per share) |
13660.000 |
13660.000 |
13660.000 |
|
13. |
Reserves excluding
revaluation reserves as per Balance Sheet of previous accounting year |
|
|
|
|
14. |
Earnings per share
before and after extraordinary items (in |
|
|
|
|
|
-Basic (Not Annualised)* |
1.47 |
0.23 |
(8.64) |
|
|
- Diluted (Not Annualised)* |
1.38 |
0.22 |
(8.64) |
|
Sr. No |
Particulars |
Quarter Ended |
Year
to date ended |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. |
Public shareholding |
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
Number of shares |
137123373 |
137123373 |
137123373 |
|
|
Percentage of shareholding |
10.04% |
10.04% |
10.04% |
|
2. |
Promoters and promoter group shareholding |
|
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
|
-
Number of shares |
187338627 |
187338627 |
187338627 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoters and promoter group) |
15.25% |
15.25% |
15.25% |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
13.72% |
13.72% |
13.72% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
1041205086 |
1041205086 |
1041205086 |
|
|
- Percentage of shares (as a % of the total
shareholding of |
|
|
|
|
|
promoters
and promoter group) |
84.75% |
84.75% |
84.75% |
|
|
- Percentage of shares (as a % of the total share
capital of the company) |
76.24% |
76.24% |
76.24% |
|
|
Particulars |
Quarter ended 31-03-2013 |
|
(B) |
INVESTOR
COMPLAINTS |
|
|
|
Pending at
the beginning of the Quarter |
7 |
|
|
Add: Received
during the Quarter |
74 |
|
|
Less:
Disposed of during the Quarter |
81 |
|
|
Remaining
unresolved at the end of the Quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs in Millions)
|
Sr. No |
Particulars |
Standalone |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Quarter Ended |
Year
to date |
|||
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
1. |
Segment
Revenue |
|
|
|
|
|
Refining including
expansion and marketing |
236980.000 |
239210.000 |
887140.000 |
|
|
Exploration and
production activities |
50.000 |
30.000 |
160.000 |
|
|
Unallocated |
70.000 |
100.000 |
300.000 |
|
|
Total |
237100.000 |
239340.000 |
887600.000 |
|
|
Less : Inter-segment revenue |
- |
- |
- |
|
|
Net Sales /
Income from operations |
237100.000 |
239340.000 |
887600.000 |
|
2. |
Segment
Results Profit / (Loss) before interest and tax |
|
|
|
|
|
Refining including expansion and
marketing |
9300.000 |
6550.000 |
13630.000 |
|
|
Exploration and production
activities |
30.000 |
(10.000) |
(10.000) |
|
|
Unallocated |
(740.000) |
(80.000) |
(1540.000) |
|
|
Total |
8590.000 |
6460.000 |
12080.000 |
|
|
Less: Interest expenses |
8080.000 |
7360.000 |
28150.000 |
|
|
Add : Interest income |
1460.000 |
1220.000 |
4190.000 |
|
|
Add : Profit on sale of Investments |
10.000 |
0.000 |
40.000 |
|
|
Add : Reversal of old liabilities / excess accrual / Credit
balances written back |
20.000 |
0.000 |
40.000 |
|
|
Total
Profit / (Loss) before Income tax |
2000.000 |
320.000 |
(11800.000) |
|
3. |
Capital
employed (Segment assets - Segment liabilities) |
|
|
|
|
|
Refining including expansion and
marketing |
269820.000 |
267840.000 |
269820.000 |
|
|
Exploration and production activities |
21660.000 |
19640.000 |
21660.000 |
|
|
Unallocated |
5660.000 |
6850.000 |
5660.000 |
|
|
Total Capital employed |
297140.000 |
294330.000 |
297140.000 |
STATEMENT OF
ASSETS AND LIABILITIES AS ON 31.03.2013
|
Particulars |
Rs
in Millions |
|
Quarter ended |
|
|
As on 31.03.2013 |
|
|
(Audited) |
|
|
1. EQUITY AND LIABILITIES |
|
|
Shareholders' funds |
|
|
a) Share capital |
13820.000 |
|
b) Reserves and surplus |
(2750.000) |
|
Sub-total - Shareholders' funds |
11070.000 |
|
|
|
|
2. Foreign Currency Convertible Bonds
(Compulsorily convertible) |
13400.000 |
|
|
|
|
3. Non-current liabilities |
|
|
a) Long-term borrowings |
145390.000 |
|
b) Deferred tax liabilities (Net) |
-- |
|
c) Other Long term liabilities |
22160.000 |
|
d) Long-term provisions |
50.000 |
|
Sub-total - Non-current liabilities |
167600.000 |
|
|
|
|
4. Current liabilities |
|
|
a) Short-term borrowings |
78400.000 |
|
b) Trade payables |
113560.000 |
|
c) Other current liabilities |
91230.000 |
|
d) Short-term provisions |
400.000 |
|
Sub-total - Current liabilities |
283590.000 |
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
475660.000 |
|
ASSETS |
|
|
1. Non-current assets |
|
|
a) Fixed assets |
238850.000 |
|
b) Non-current investments |
1030.000 |
|
c) Long-term loans and advances |
11380.000 |
|
d) Other non-current assets |
13350.000 |
|
Sub-total - Non-current assets |
26461.000 |
|
|
|
|
2. Current assets |
|
|
a) Current investments |
-- |
|
b) Inventories |
105880.000 |
|
c) Trade
receivables |
47160.000 |
|
d) Cash and
bank balances |
24310.000 |
|
e) Short-term
loans and advances |
12760.000 |
|
f ) Other
current assets |
20940.000 |
|
Sub-total - Current assets |
211050.000 |
|
|
|
|
TOTAL - ASSETS |
475660.000 |
Note :
1.
The
above results have been reviewed by the Audit and Governance Committee and
approved by the Board of of Directors at their respective meetings held on May
10, 2013 at Mumbai.
2.
The company achieved a throughput of 5.08 MMT (Million Metric Tonnes) during
the quarter. The throughput for various
periods are as under:
|
Particulars |
Quarter Ended |
Year
to date |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
Throughput (in MMT) |
5.08 |
5.14 |
19.77 |
3. During the quarter
the company exited from Corporate Debt Restructuring (CDR) Scheme resulting in
termination of Master Restructuring Agreement dated December 17, 2004 and
entered into a Common Loan Agreement dated March 25, 2013.
4
Exceptional items include:
(i) Rs. 1110.000 Millions for the quarter and year ended
March 31, 2013 (Rs. 3480.000 Millions for corresponding previous year quarter
and t 376 Millions for year ended March 31, 2012 towards CDR Exit) being the
additional impact of CDR Exit on finalisation of detailed terms and conditions
with CDR lenders.
(i)
Rs. Nil during the quarter and year
ended March 31, 2013 (Rs. 530.000 Millions income on account of defeasement of
sales tax for quarter ended March 31, 2012 and Rs. 8610.000 Millions for year
ended March 31, 2012 being reversal of defeased income due to non availibility
of sales tax incentive scheme pursuant to the order of Supreme Court dated
January 17, 2012).
5
Results for the quarter ended March 31,
2013 are the balancing figures between the audited figures for the year ended
March 31, 2013 and corresponding published year to date figures upto third
quarter ended December 31, 2012 .
Results for
the quarter ended March 31, 2012 above are as published pursuant to Clause 41
of the listing agreement.
6
Previous periods' figures have been
regrouped / rearranged, wherever considered necessary.
FIXED ASSETS:
- Land
- Building
- Plant and machinery
- Producing properties
- Furniture and fixtures
- Office equipment
- Vehicles
- Aircraft
- Softwares and licenses
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. 58.41 |
|
|
1 |
Rs. 91.62 |
|
Euro |
1 |
Rs. 78.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.