1. Summary Information

Country

India

Company Name

BHARAT PETROLEUM CORPORATION LIMITED

Principal Name 1

Mr. R. K. Singh

Status

Excellent

Principal Name 2

Mr. K. K. Gupta

Registration #

11-008931

Street Address

Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400 001, Maharashtra

Established Date

03.11.1952

SIC Code

--

Telephone#

91-22-22642112/ 22713000/ 004/ 22714000

Business Style 1

Manufacturing

Fax #

91-22-22642112/ 22616793/ 22713874

Business Style 2

--

Homepage

http://www.bharatpetroleum.com

Product Name 1

Petroleum Products

# of employees

Not Divulged

Product Name 2

Benzene

Paid up capital

Rs. 3,615,400,000/-

Product Name 3

Lubricants

Shareholders

Promoter and Promoter Group - 54.93%

Public shareholding - 45.07%

Banking

State Bank of India

 

Public Limited Corp.

Yes

Business Period

62 Years

IPO

Yes

International Ins.

---

Public Enterprise

Yes

Rating

Aa (81)

Related Company

Relation

Country

Company Name

CEO

Subsidiaries

--

Bharat Petrol Resources Limited (BPRL)

--

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2013

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

190,838,700,000

Current Liabilities

223775,500,000

Inventories

166,903,700,000

Long-term Liabilities

235,667,900,000

Fixed Assets

166,904,100,000

Other Liabilities

44,090,300,000

Deferred Assets

000

Total Liabilities

503,533,700,000

Invest& other Assets

145,227,400,000

Retained Earnings

159,109,400,000

 

 

Net Worth

166,340,200,000

Total Assets

669,873,900,000

Total Liab. & Equity

669,873,900,000

 Total Assets

(Previous Year)

656,069,800,000

 

 

P/L Statement as of

31.03.2013

(Unit: Indian Rs.)

Sales

2401157,500,000

Net Profit

26,429,000,000

Sales(Previous yr)

2,119,729,700,000

Net Profit(Prev.yr)

13,112,700,000

 

 

MIRA INFORM REPORT

 

 

Report Date :

22.04.2014

 

IDENTIFICATION DETAILS

 

Name :

BHARAT PETROLEUM CORPORATION LIMITED

 

 

Registered Office :

Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400 001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.11.1952

 

 

Com. Reg. No.:

11-008931

 

 

Capital Investment / Paid-up Capital :

Rs.7230.842 Millions

 

 

CIN No.:

[Company Identification No.]

L23220MH1952GOI008931

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB00573G

MUMB12464E

 

 

PAN No.:

[Permanent Account No.]

AAACB2902M

 

 

Legal Form :

A Public Limited Liability company. The Company’s shares are Listed on The Stock Exchange.

 

 

Line of Business :

Manufacturing of Petroleum Products, Benzene and Lubricants.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (81)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 6653670000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established and a reputed company of the Government of India. It is having a fine track.

 

Financial position of the company seems to be sound.

 

Trade relations are reported as trustworthy. Business is active .Payments are reported to be regular and as per commitments.

 

The company can be considered excellent 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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

 

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

 

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

 

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

 

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

 

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

 

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

 

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

 

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

 

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

LONG TERM RATING : CRISIL AAA

Rating Explanation

Highest degree of safety and lowest credit risk

Date

04.04.2014

 

Rating Agency Name

CRISIL

Rating

SHORT TERM RATING : CRISIL A1+

Rating Explanation

Have very strong degree of safety and carry lowest credit risk

Date

04.04.2014

 

 

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.

 

 

INFORMATION DENIED BY

 

Name :

Mrs. Trupti Adivarkar

Contact No.:

91-22-22642112

Date :

09.04.2014

 

 

 

LOCATIONS

 

Registered Office :

Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-22642112/ 22713000/ 004/ 22714000

Fax No.:

91-22-22642112/ 22616793/ 22713874

E-Mail :

okesy@bharatpetroleum.com

dixitns@bharatpetroleum.in

balasubramanian@bharatpetroleum.in

Website :

http://www.bharatpetroleum.com

 

 

Factory  :

Lubricant Plant

Wadilube Installation, Mallet Road, Mumbai – 400009, Maharashtra, India

 

24, Parganas, Budge-Budge 743 319

 

 

 Refinery :

Bharat Petroleum Refinery, Mahul, Chembur, Mumbai - 400074, Maharashtra, India

Tel. No.:

91-22-25543151

Fax No.:

91-22-25542970

 

 

Delhi Co-ordination Office:

ECE House, Post Box No.7, Connaught Circus, New Delhi 110001, India

Tel. No.:

91-11-23316891

Fax No.:

91-11-23316894

 

 

Retail Business Head Quarters : 

Maker Towers E and F, 12th Floor, Cuffe Parade, Mumbai 400005, Maharashtra, India

Tel. No.:

91-22-22189172

Fax No.:

91-22-22182304

 

 

Lubricants Business Head Quarters :

Bharat Bhavan-II,  Ballard Estate,  Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22713000/ 22714000

Fax No.:

91-22-22713801/ 25542970

 

 

Aviation Business Head Quarters : 

Plot Nos. A 5 and 6, Sector 1, Noida 201301, District Gautam Budh Nagar, Uttar Pradesh, India

Tel. No.:

91-120-24539155/ 24744820

 

 

LPG Business Head Quarters:  

Bharat Bhavan, 4 and 6 Currimbhoy Road, Ballard Estate, Mumbai - 400001, Maharashtra, India

Tel. No.:

91-22-22713000
91-22-22714000

Fax No.:

91-22-22832646

 

 

Industrial and Commercial Business Head Quarters : 

Bharat Bhavan, 4 and 6 Currimbhoy Road, Ballard Estate, Mumbai 400001,Maharashtra, India

Tel. No.:

91-22-22713000
91-22-22714000

Fax No.:

91-22-22713671

 

 

Chief Vigilance Officer:

Bharat Bhavan-1, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai-400074, Maharashtra, India

Tel. No.:

91-22-22713610

Fax No.:

91-22-22713611

 

 

DIRECTORS

 

As on 31.03.2013

 

Name :

Mr. R. K. Singh

Designation :

Chairman and Managing Director

 

 

Name :

Mr. K. K. Gupta

Designation :

Director (Marketing)

 

 

Name :

Mr. B. K. Datta

Designation :

Director (Refineries)

  

 

Name:

Mr. S. Varadarajan

Designation:

Director (Finance) (w.e.f. 1.9.2011)

 

 

Name :

R. N. Choubey

Designation :

Director General DGH, MOP & NG (up to 09.04.2013)

 

 

Name:

J. R. Varma

Designation:

Director (w.e.f. 10.8.2012)

  

 

Name:

B. Chakrabarti

Designation:

Director (w.e.f. 10.8.2012)

  

 

Name:

S. P. Gathoo

Designation:

Director (Human Resources) (w.e.f 3.11.2011)

 

 

Name:

Mr. T. Jose

Designation:

Managing Director KSIDC (w.e.f. 24.01.2013)

 

Name:

Mr. N. Mittal 

Designation:

Joint Secretory, MOP&NG (w.e.f. 11.04.2013)

 

 

KEY EXECUTIVES

 

Name :

Mr. Manoj Pant

Designation :

Chief Vigilance Officer

 

 

Name :

Mr. Anurag Deepak

Designation :

Executive Director (Pipelines)

 

 

Name :

Mr. Arjun Hira

Designation :

Executive Director (Marketing Corporate)

 

 

Name:

Ms. Dipti Sanzgiri

Designation:

Executive Director (Human Resources Development)

 

 

Name:

Mr. George Paul

Designation:

Executive Director (LPG)

 

 

Name:

Mr. G.S. Wankhede

Designation:

Executive Director (Logistics) Retail

 

 

Name:

Mr. I. Srinivas Rao

Designation:

Executive Director (Gas)

 

 

Name :

Mr. J. Dinaker

Designation :

Executive Director (Corporate Treasury)

 

 

Name :

Mr. K. B. Narayanan

Designation :

Executive Director (IIS)

 

 

Name :

Mr. K. P. Chandy

Designation :

Executive Director (Lubes)

 

 

Name :

Mr. K. V. Shenoy

Designation :

Executive Director (Engineering Services), Marketing

 

 

Name :

Mr. Manmohan Singh

Designation :

Executive Director (Engineering Services), Marketing

 

 

Name :

Mr. M. M. Chawla

Designation :

Executive Director (Engineering & Projects)

 

 

Name :

Ms. Monica Widhan

Designation :

Executive Director (Coordination)

 

 

Name :

Mr. P. Balasubramanian

Designation :

Executive Director (Corporate Finance)

 

 

Name :

Mr. P. C. Srivastava

Designation :

Executive Director (Lubes)

 

 

Name :

Mr. P.S. Bhargava

Designation :

Executive Director (Planning)

 

 

Name :

Mr. P. Padmanabhan

Designation :

Executive Director (Refineries Coordination)

 

 

Name :

Mr. Pramod Sharma

Designation :

Executive Director (Aviation)

 

 

Name :

Mr. Prasad K. Panicker

Designation :

Executive Director (Kochi Refinery)

 

 

Name :

Mr. R.K. Mehra

Designation :

Executive Director (International Trade)

 

 

Name :

Mr. R P Natkar

Designation :

Executive Director (I and C)

 

 

Name :

Ms. Carmen D’ Costa

Designation :

Executive Director ()

 

 

Name :

Mr. S.B. Bhattacharya

Designation :

General Manager (Brand & ARB) Retail HQ

 

 

Name :

Mr. C J Iyer

Designation :

Executive Director ( (Technical) Mumbai Refinery

 

 

Name :

Mr. C. K. Soman 

Designation :

Executive Director (Engineering and Projects)

 

 

Name :

Mr. S. Ramesh

Designation :

Executive Director (Lubes)

 

 

Name :

Ms. Sumita Bose Roy

Designation :

Executive Director (Audit)

 

 

Name :

Mr. C K Soman

Designation :

General Manager (Operation), KochiRefinery

 

 

Name :

Mr. H S Pranjape

Designation :

General Manager (Finance), Mumbai Refinery

 

 

Name :

Mr. K Padmakar

Designation :

General Manager ()

 

 

Name :

Mr. A.K. Kaushik

Designation :

General Manager (Corporate HRS)

 

 

 

 

Name :

Mr. B.C. Roy

Designation :

General Manager (Audit)

 

 

Name :

Mr. Brij Pal Singh

Designation :

General Manager (Marketing Corporate)

 

 

Name :

Mr. G. Kalaiselvan

Designation :

General Manager (Internal Coaching)

 

 

Name :

Mr. Gautam Mukerji

Designation :

General Manager (Coordination)

 

 

Name :

Mr. E.A. Vimalnathan

Designation :

General Manager (Supplies & Distribution) Retail HQ

 

 

Name :

Mr. P. Anandasundaresan

Designation :

General Manager (Quality Control Cell)

 

 

Name :

Mr. J.R. Akut

Designation :

General Manager (IIS Technology)

 

 

Name :

Mr. K. H. Subramanian

Designation :

General Manager (Retail) West

 

 

Name :

Mr. P. S. Ramachandran

Designation :

General Manager (Projects-Units), Kochi Refinery

 

 

Name :

Mr. R. R. Nair

Designation :

(HR), Mumbai Refinery

 

 

Name :

Mr. S. Rath

Designation :

Marketing Manager (Lubes), HQ

 

 

Name :

Mr. K. Sivakumar

Designation :

General Manager (Corporate Finance)

 

 

Name :

Mr. S. Banerjee

Designation :

General Manager (Retail) East

 

 

Name :

Mr. M.D. Agrawal

Designation :

General Manager (IS), Mumbai Refinery

 

 

Name :

Mr. M.M. Somaya

Designation :

General Manager (Brand and Public Relations)

 

 

Name :

Mr. M.P. Govindarajan

Designation :

General Manager (Human Resources), Kochi Refinery

 

 

Name :

Mr. M. Prasanna Kumar

Designation :

General Manager (Planning & Project Coordination)

 

 

Name :

Ms. Madhu Sagar

Designation :

General Manager (Employee Satisfaction Enhancement)

 

 

Name :

Mr. N Manohar Rao

Designation :

General Manager (Retail Operation), HQ

 

 

Name :

Mr. P. Anandasundaresan

Designation :

General Manager (Sales) I and C, Mumbai

 

 

Name :

Mr. P.K. Bhatnagar

Designation :

General Manager (Finance) LPG HQ

 

 

Name :

Mr. M. N. Neelakanton

Designation :

General Manger (Advisoring Engineering) Kochi Refinery

 

 

Name :

Mr. S. K. Kudaisya

Designation :

General Manager (Gas)

Name :

Mr. P.V. Kumar

Designation :

General Manager (International Trade)

 

 

Name :

Mr. R. Chaturvedi

Designation :

General Manager (Retail) East

 

 

Name :

Mr. R. Rajamani

Designation :

Executive Assistant to C&MD

 

 

Name :

Mr. S.K. Agrawal

Designation :

General Manager (Legal)

 

 

Name :

Mr. S.K. Goel

Designation :

General Manager (Technical), Mumbai Refinery

 

 

Name :

Mr. Sharad K. Sharma

Designation :

General Manager Sales (Retail) HQ

 

 

Name :

Mr. Sudhir K. Malik

Designation :

General Manager (Sales) I&C, Mumbai

 

 

Name :

Ms. Sujata N. Chogle

Designation :

General Manager (Human Resources) Retail

 

 

Name :

Mr. S.S. Sunderajan

Designation :

General Manager (Operations), Mumbai Refinery

 

 

Name :

Mr. Suresh P. K.

Designation :

General Manger (Finance) Kochi Refinery

 

 

Name :

Mr. S. Vijayakumar

Designation :

General Manager (Human Resources), Mumbai Refinery

 

 

Name :

Mr. S.V. Kulkarni

Designation :

Company Secretary

 

 

Name :

Mr. Tapan Datta

Designation :

General Manager (Vigilance), CO

 

 

Name :

Mr. Thomas Chacko

Designation :

General Manger (Engineering and Advisor Services) Kochi Refinery

 

 

Name :

Mr. Thomas Zachariah

Designation :

General Manger (Engineering and Advisor Services) Kochi Refinery

 

 

Name :

Mr. Tomy Mathews

Designation :

General Manager (Pertochemicals), Kochi Refinery

 

 

Name :

Dr. U.V. Girish Kumar

Designation :

General Manager (IT and BI), Retail HQ

 

 

Name :

Mr. V. Anand

Designation :

General Manager (Sales Strategy), Retail HQ

 

Name :

Mr. A. Krishnaswamy 

Designation :

General Manager (Strategy

 

Name :

Mr. A. K. Gupta 

Designation :

General Manager (HSSE)

 

Name :

Mr. P Kumarswamy 

Designation :

General Manager I/C (Project),  Kochi Refinery

 

Name :

Mr. S Banerjee  

Designation :

General Manager (Retail),  East

 

Name :

Mr. Sudip Mallick  

Designation :

General Manager Logistic (LPG),  HQ

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2013

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

397200120

54.93

http://www.bseindia.com/include/images/clear.gifSub Total

397200120

54.93

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

397200120

54.93

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

66080756

9.14

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

797525

0.11

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

6222222

0.86

http://www.bseindia.com/include/images/clear.gifInsurance Companies

54388286

7.52

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

73302985

10.14

http://www.bseindia.com/include/images/clear.gifSub Total

200791774

27.77

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

38048678

5.26

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 million

16146575

2.23

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 million

2211370

0.31

http://www.bseindia.com/include/images/clear.gifQualified Foreign Investor

99755

0.01

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

68585976

9.49

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

603577

0.08

http://www.bseindia.com/include/images/clear.gifClearing Members

524925

0.07

http://www.bseindia.com/include/images/clear.gifTrusts

67457474

9.33

http://www.bseindia.com/include/images/clear.gifSub Total

125092354

17.30

Total Public shareholding (B)

325884128

45.07

Total (A)+(B)

723084248

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

723084248

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Petroleum Products, Benzene and Lubricants.

 

 

Products :

PRODUCT DESCRIPTION

ITEM CODE NO.

Petroleum Products

2710

Benzene

2902

Lubricants

2710

 

 

PRODUCTION STATUS AS ON 31.03.2011

 

Particulars

Licensed Capacity

Installed Capacity

Actual Production

(a) Fuel refinery

 

 

 

(i) In million metric tonnes p.a.

NA

21.50

21.78

(ii) Production in kilolitres (KL)

--

--

8668482

Light distillates

--

--

13781044

Middle distillates

--

--

3046601

Others

 

 

 

(b) Aromatics (in MT)

 

 

 

(i) Benzene *

185500

192900

75156

(ii) Toluene *

67600

73100

20282

(iii) Mixed Aromatic Solvent

15000

15000

--

(c) MTBE in M.T. #

NA

30000

27584

(d) New Solvent Unit

 

 

 

(i) Solvent (SBP 55-115) in M.T.

NA

40000

9992

(ii) Solvent (Food Grade Hexane) in M.T.

NA

25000

29257

(e) Poly Proplyene Feedstock in M.T.

NA

60000

58127

(f) Lubricants in M.T.

NA

153400

220387

(g) Lube Oil Base Stock (LOBS) in M.T.

NA

180000

205373

(h) Sulphur in M.T.

NA

117667

70228

(i) Natural Rubber Modified Bitumen in M.T.

NA

65000

7598

(j) Bitumen Emulsion (Single Shift) in M.T.

50000

27600

5310

(k) Diesel Additive (Single Shift) in M.T.

5000

1500

--

(l) Propylene in M.T.

65000

50000

16067

(m) Petroleum Hydrocarbon Solvent in M.T.

10000

8820

7261

(n) Poly Iso Butene in M.T.

5000

5000

1074

(o) Cable Jelly (Poly Isobutene Unit) in M.T.

6500

2500

--

(p) Others (Poly Isobutene Unit) in M.T.

14000

1000

--

 

Note :

* For Kochi Refinery, the combined capacity of Benzene and Toluene is 99200 MT as against the individual capacity of 87200 MT and 50000 MT respectively

@ The blending capacities have been reviewed during the year and have been reworked in line with current usage pattern which is depending on the market requirement.

# MTBE is used for own manufacture of Motor Spirit

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management.

 

 

Bankers :
  • State Bank of India
  • Union Bank of India
  • Corporation Bank
  • Bank of India
  • State Bank of Patiala
  • Central Bank of India
  • Deutsche Bank
  • Standard Chartered Bank
  • Royal Bank of Scotland
  • ICICI Bank Limited
  • HDFC Bank Limited.
  • State Bank of Travancore
  • IDBI Bank Limited.
  • BNP Paribas
  • Calyon Bank

 

 

Facilities :

 

Secured Loan

As on 31.03.2013

(Rs. In Millions)

As on 31.03.2012

(Rs. In Millions)

Long term Borrowing

 

 

Debentures

 

 

8.65% Secured Non-Convertible Debentures*

7000.000

0.000

7.73% Secured Non-Convertible Debenture 2012**

0.000

0.000

 

 

 

Short term Borrowing

 

 

Loans repayable on demand Form Bank

 

 

Working Capital Loans / Cash Credit*

6604.700

2101.100

Collateralized Borrowing and Lending Obligation **

 

6220.000

0.000

Total

19824.700

2101.100

 

Note :

 

Long term borrowing

 

* The Corporation had allotted redeemable non-convertible 8.65% Debentures of face value of Rs.7000.000 millions on 8th October 2012 reedemable on 8th October 2017 with a put call option on 8thOctober 2015. These are secured by first  legal mortgage in English form by way of a Registered Debenture Trust Deed over the fixed assets of the Company,  mainly Plant and Machinery at Mumbai Refinery.

 

** The Corporation had allotted redeemable non-convertible 7.73% Debentures of face value of Rs.1,0000.000 millions on 12th October 2009. These are secured by first legal mortgage in English form by way of a Registered Debenture Trust  Deed over the fixed assets of the Company, mainly Plant and Machinery at Mumbai Refinery. The same have been repaid in October 2012.

 

Short term borrowing

 

*Secured in favour of the participating banks ranking pari passu inter-alia by hypothecation of raw materials, finished goods, stock- in- process, book debts, stores, components and spares and all movables both present and future.

 

** Secured by Oil Marketing Companies GOI Special Bonds 2026 of Rs. 24500.000 Millions and a bank guarantee of Rs.5000.000 Millions issued in favour of Clearing Corporation of India Limited.

 

 

 

 

 

Banking Relations :

--

 

 

Auditor 1 :

 

Name :

B. K. Khare and Company

Chartered Accountants

 

 

Auditor 2 :

 

Name :

K. Varghese and Company

Chartered Accountants

 

 

Joint Venture Companies :

·         Indraprastha Gas Limited

·         Petronet India Limited

·         Petronet CCK Limited

·         Petronet CI Limited

·         Petronet LNG Limited

·         Bharat Oman Refineries Limited

·         Maharashtra Natural Gas Limited

·         Central UP Gas Limited

·         Sabarmati Gas Limited

·         Bharat Stars Services Private Limited

·         Bharat Renewable Energy Limited

·         Matrix Bharat Private Limited.

·         Delhi Aviation Fuel Facility Private Limited

·         Kannur International Airport Limited

·         GSPC India Gasnet Limited

·         GSPC India Transco Limited

·         IBV (Brazil) Petroleo Private Limited.

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,50,00,00,000

Equity Shares

Rs.10/- each

Rs.2500.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

72,30,84,248

Equity Shares

Rs.10/- each

Rs.7230.842 Millions

 

 

 

 

 

Notes:

 

The Corporation has only one class of shares namely equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Corporation, the holders of equity shares will be entitled to receive the remaining assets of the Corporation in proportion to the number of equity shares held.

 

 The Corporation declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

During the year ended 31st March 2012, the amount of dividend per share is Rs. 11 (previous year Rs. 11). The total dividend appropriation for the year ended 31st March 2013 amounted to Rs. 9228.600 millions (previous year Rs. 4548.600 millions) including Corporate Dividend Tax of Rs. 1274.700 millions (previous year Rs. 571.600 millions)

 

During the period, the Corporation has issued Bonus Shares in the ratio of 1:1 by capitalisation of General Reserve. The total number of Bonus Shares issued is 36,15,42,124 equity shares having face value of ` 10 each.

 

Reconciliation of No. of Equity Shares

 

Particulars

31.03.2013

Opening Balance

36,15,42,124

Shares Issued

 

--Bonus Shares

36,15,42,124

Shares Bought Back

--

Closing Balance

72,30,84,248

 

 

Name of shareholder

31.03.2013

 

% Holding

No. of shares

Government of India

54.93

39,72,00,120

BPCL Trust for Investment in shares

9.33

6,74,57,474

Life Insurance Corporation of India

5.14

3,71,73,606

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

7,230.800

(b) Reserves & Surplus

 

 

159,109.400

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

166,340.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

55,083.700

(b) Deferred tax liabilities (Net)

 

 

16,557.200

(c) Other long term liabilities

 

 

608.200

(d) long-term provisions

 

 

4,350.600

Total Non-current Liabilities (3)

 

 

76,599.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

180,584.200

(b) Trade payables

 

 

87,831.100

(c) Other current liabilities

 

 

135,336.200

(d) Short-term provisions

 

 

23,182.500

Total Current Liabilities (4)

 

 

426,934.000

 

 

 

 

TOTAL

 

 

669,873.900

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

166,240.300

(ii) Intangible Assets

 

 

663.800

(iii) Capital work-in-progress

 

 

24,172.100

(iv) Intangible assets under development

 

 

25.300

(b) Non-current Investments

 

 

69,421.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

25,284.000

(e) Other Non-current assets

 

 

169.300

Total Non-Current Assets

 

 

285,975.800

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

51,609.000

(b) Inventories

 

 

166,903.700

(c) Trade receivables

 

 

40,251.300

(d) Cash and cash equivalents

 

 

23,288.600

(e) Short-term loans and advances

 

 

12,449.800

(f) Other current assets

 

 

89,395.700

Total Current Assets

 

 

383,898.100

 

 

 

 

TOTAL

 

 

669,873.900

 

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

3615.400

3615.400

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

145523.200

136960.800

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

149138.600

140576.200

LOAN FUNDS

 

 

 

1] Secured Loans

 

2101.100

40331.00

2] Unsecured Loans

 

210363.300

149387.700

TOTAL BORROWING

 

212464.400

189718.700

DEFERRED TAX LIABILITIES

 

14005.600

10075.400

 

 

 

 

TOTAL

 

375608.600

340370.300

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

166149.100

159993.300

Capital work-in-progress

 

11165.300

10122.300

 

 

 

 

INVESTMENT

 

109174.200

113779.600

ADVANCE FOR INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
159480.600
153750.800

 

Sundry Debtors
 
63783.400
26644.200

 

Cash & Bank Balances
 
9788.500
3799.700

 

Other Current Assets
 
94065.600
55510.700

 

Loans & Advances
 
42463.100
36352.900

Total Current Assets
 
369581.200
276058.300

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors

 
127899.100
109394.700

 

Other Current Liabilities
 
134985.500
78488.200

 

Provisions
 
17576.600
31700.300

Total Current Liabilities
 
280461.200
219583.200

Net Current Assets
 
89120.000
56475.100

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

375608.600

340370.300

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

2401157.500

2119729.700

1515450.600

 

 

Other Income

16802.300

17017.800

17549.700

 

 

TOTAL                                     (A)

2417959.800

2136747.500

1533000.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase of products and crude oil for resale

1258196.000

1121591.500

781051.000

 

 

Raw materials consumed

974894.900

855629.700

627304.000

 

 

Packages consumed

---

--

1392.800

 

 

Excise Duty on Inventory differential

--

--

626.700

 

 

Taxes and Other Levis

--

--

6442.100

 

 

Transportation

--

--

28548.000

 

 

Consumption of stores, spares and materials

--

--

532.500

 

 

Power & Fuel Cost

--

--

4758.900

 

 

Employees' remuneration and other benefits

--

--

28028.500

 

 

Other operating and administration expenses

--

--

23087.100

 

 

Increase/(Decrease)/ Changes  in Inventory

(14717.900)

(6016.000)

(20560.500)

 

 

Employee Benefits Expenses 

27688.700

22610.700

--

 

 

Other Expenses

94027.800

87245.300

--

 

 

Prior Period Income/ (Expenses) net

0.000

0.000

100.900

 

 

TOTAL                                     (B)

2340089.500

2081061.200

1481312.000

 

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

77870.300

55686.300

51688.300

 

 

 

 

 

Less

INTEREST                                                         (D)

18252.400

17995.900

11007.800

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

59617.900

37690.400

40680.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

19261.000

18848.700

16554.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

40356.900

18841.700

24126.500

 

 

 

 

 

Less

TAX                                                                  (H)

13927.900

5729.000

8659.700

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

26429.000

13112.700

15466.800

 

 

 

 

 

 

Transfer from / (to) Debenture Redemption Reserve

0.000

0.000

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5000.000

5000.000

1810.600

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed dividend

7953.900

3977.000

5061.600

 

 

Corporate Dividend Tax on proposed dividend

1274.700

571.600

710.800

 

 

Transfer to General Reserve

17200.400

8564.100

6505.000

 

BALANCE CARRIED TO THE B/S

5000.000

5000.000

5000.000

 

# Rs. 10,000.00

 

 

 

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports on FOB basis

184556.100

193156.100

123803.700

 

TOTAL EARNINGS

184556.100

193156.100

123803.700

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials (including Crude Oil)

763913.300

687842.900

443216.100

 

 

Capital goods

2667.200

1482.900

1239.800

 

 

Components and spare parts (including packages, chemicals and catalysts)

1523.500

539.500

441.800

 

TOTAL IMPORTS

768104.000

689865.300

444897.700

 

 

 

 

 

 

Earnings Per Share (Rs.)

36.55

36.27

42.78

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
1.09
0.61
1.01

 

 
 
 
 

Net Profit Margin

(PBT/Sales)

(%)
1.68
0.89
1.59

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
7.00
3.52
5.53

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.24
0.13
0.17

 

 
 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 
1.42
1.42
1.35

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.34
1.32
1.26

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Sales

1515450.600

2119729.700

2401157.500

 

 

39.875

13.277

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Sales

1515450.600

2119729.700

2401157.500

Profit After Tax

15466.800

13112.700

26429.000

 

1.02%

0.62%

1.10%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

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

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

DETAILS OF UNSECURED LOANS

(Rs. In Millions)

Particulars

31.03.2013

31.03.2012

Long term borrowing

 

 

Loan from Oil Industry Development Board

3212.500

4965.000

External Commercial Borrowings 

17676.500

16625.900

4.625% International Bonds

27194.700

0.000

Inter-corporate deposit

0.000

0.000

From banks

 

 

Rupee Loans

700.000

2000.000

Foreign Currency Loans

162759.500

186772.400

Commercial Papers

4300.000

0.000

Total

215843.200

210363.300

 

 

LITIGATION DETAILS

 

LITIGATION DETAILS

                                                        Bench:- Bombay

Lodging No:-

ARBPL/37/2013

Failing Date:-

07.01.2013

Reg. No.:-

ARBPL/793/2013

Reg. Date:-

27.08.2013

Petitioner:-

VIDHYA CYCLINDERS PRIVATE LIMITED

Respondent:-

Bharat Petroleum Corporation Limited

 

Petn.Adv:-

AMIT SHROFF

ResAdv.:-

KULKARNI AND ASSOCIATES (877)

District:-

MUMBAI

Bench:-

SINGLE

Category:-

ARBITRATION ACT.

Status:-

ADMITTED (UNREADY)

Stage:-

ARBP FOR HEARING AND FINAL DISPOSAL U/S 34

 

 

 

 

Next Date:-

22.04.2014

Stage:-

ARBP FOR HEARING AND FINAL DISPOSAL U/S 34

Coram:-

HON’BLE SHRI JUSTICE S. C. GUPTA

 

Last Date:-

04.03.2014

Last Coram:-

HON’BLE SHRI JUSTICE S. C. GUPTA

Act:-

ARBITRATION AND Conciliation Act 1996

Under Section:-

34

 

 

COMPANY PERFORMANCE

 

BPCL’s Revenue from operations for 2012-13 amounted to Rs.2506492.600 millions, reflecting an increase of 12.65 % over the previous year’s revenues of` Rs. 2225004.700 millions. The profit before tax for the year was` Rs. 4,0356.900 millions, as compared to Rs.1,8841.700 millions in2011-12. After providing for tax, (including deferred tax) of` Rs.1,3927.900 millions, as against Rs.5729.000 millions in2011-12, the profit after tax for the year stood at Rs.2,6429.000 millions, as against Rs.1,3112.700 millions in the previous year. This is the highest level of profit after tax achieved by the Company in a single financial year.

 

During the year 2012-13, the Company has issued Bonus Shares in the ratio of 1:1. Accordingly, the paid-up equity capital stands increased to Rs.7230.800 millions from the pre-bonus level of Rs.3615.400 millions. BPCL’s net worth as on31st March, 2013 stands at Rs.16,6340.200 millions, as compared to Rs.14,9138.600 crores as at the end of the previous year.

 

The earnings per share in 2012-13 stood at Rs.365.500 millions in 2012-13 as compared to Rs.181.300 millions (adjusted for 1:1 bonus issue in July 2012) in 2011-12. Internal cash generation during the year was higher at ` 4,001.68 crores, as compared to Rs.3,1349.900 millions in 2011-12. BPCL’s contribution to the exchequer by way of taxes and duties during 2012-13 amounted to ` 38,028.20 crores, as against Rs.35,9943.000 millions in 2011-12.

 

 

REFINERIES

 

During the year 2012-13, Mumbai Refinery recorded a throughput of 13.10 MMT of feedstock (crude oil and other feedstock), as against 13.35 MMT achieved in 2011-12.This represents capacity utilization of 109% as compared to111% in the previous year. The throughput was marginally lower as compared to the previous year due to the planned shutdown of two crude processing units during the year. For the year under review, refinery achieved its highest ever production of Propylene (C3), Motor Spirit (EuroIII MS), High Speed Diesel (HSD), Bitumen, Linear Alkyl Benzene Feedstock (LABFS) and Lube Base Oils.

 

The Gross Refining Margin (GRM) for the year stood at USD 4.67 per barrel, as compared to USD 1.73 per barrel realized in 2011-12. The overall gross margin for the refinery in 2012-13 amounted to Rs.24990.000 millions, as compared to Rs.8310.000 millions in 2011-12. The higher GRM in Mumbai Refinery for the year 2012-13 can beat tribute to higher distillate yield, favorable crude mix and better product cracks, coupled with reduction in octroi under-recovery on account of implementation of the State Surcharge (SSC) Recovery Scheme.

 

KOCHI REFINERY

 

Kochi Refinery achieved a throughput of 10.1 MMT in2012-13, as compared to 9.56 MMT in 2011-12. This was the first year that the throughput at the refinery has crossed the 10 MMT mark. The capacity utilization of there finery during the year was 106.3%, as against 100.6% in the previous year. During the year, Kochi Refinery recorded its highest ever production of Propylene, Euro III MS, EuroIII HSD, Euro IV HSD and Aviation Turbine Fuel (ATF).

 

The GRM for the year was USD 5.36 per barrel amounting to Rs.22110.000 millions, which is the highest ever achieved by Kochi Refinery in a single financial year. The refinery had earned a GRM of USD 3.09 per barrel in 2011-12 amounting to Rs.10610.000 millions. The reasons for the higher GRM achieved in 2012-13, include better product cracks (realisation),improved reliability of major units and improved steam management leading to lower fuel and loss. The details of the performance of the Refineries, their activities and future plans are discussed in the Management Discussion and Analysis Report (MD&A).

 

 

MERGER OF KRL WITH BPCL

 

As informed in the last year’s Report, merger of theerstwhile Kochi Refineries Limited (KRL) with BPCLunder Sections 391 to 394 of the Companies Act 1956had been completed, following receipt of the Order dated18th August, 2006 issued by the Ministry of CorporateAffairs, New Delhi. One of the Shareholders of the erstwhileKRL had filed a Writ Petition in the Delhi High Courtchallenging the merger, and the same is pending as on date.

 

MARKETING

 

During the year, 2012-13, BPCL’s market sales volume touched a level of 33.30 MMT, as compared to 31.14 MMT achieved in the previous year. This represented a growth rate of 6.94% over the previous year. BPCL’s market share amongst the public sector oil companies stood at 23.14%as at 31st March, 2013, as compared to 22.30% as at the end of the previous year. A detailed discussion of the performance of the Marketing function is given in the MD&A.

 

 

PROJECTS

 

Integrated Refinery Expansion Project at Kochi

 

The Board of Directors, at their meeting held on30th March, 2012, approved the proposal for undertaking the Integrated Refinery Expansion Project (IREP) at Kochi.

 

The project will involve a capital outlay of Rs. 142250.000 millions. The environment clearance for the project from the Ministry of Environment & Forests has been received on 22nd November, 2012. The project is expected to be mechanically completed within 42 months from this date. The project envisages capacity expansion of Koch refinery by 6 Million Metric Tonnes Per Annum (MMTPA),taking it to 15.5 MMTPA and modernisation of processing facilities to produce auto fuels conforming to Euro IV/ Euro V specifications. It also envisages refinery residue stream up gradation to value added products.

 

The process packages of all new units viz. Crude and Vacuum Unit, VGO Hydro Treater Unit, Petro FCC Unit, Diesel Hydro Treater Unit, Delayed Coker Unit, Sulphur Unit & Tail Gas Treater Unit have been received. Detailed engineering of these units is currently in progress. Revamp of the existing Semi Regenerative Reformer into an Isomerization Unit is also being done as part of the IREP project. Civil work at the site is currently underway. Major long lead items like CDU/VDU columns, DHDT reactors &VGO HDT reactor have been ordered. Major contracts like the Heater package of CDU/VDU, civil/structural jobs of CDU/VDU, DCU & Offsite have been awarded. Tendering and ordering of other equipment and contracts are in progress. The Industrial Entrepreneur Memorandum and Essentiality Certificate has been received from Ministry of Industry and Ministry of Petroleum & Natural Gas, which would enable import of capital goods for the project at concessional duty rates. As on 30th June, 2013, the project has achieved physical progress of 8.8% and the cumulative expenditure stood at ` 410 crores.

 

BPCL also plans to enter the Petrochemicals segment by using the feedstock to be produced at the refinery after commissioning of the IREP. BPCL is examining several options in this regard including implementing the petrochemicals initiative as a joint venture or by direct sourcing of technology from Licensors. This venture is estimated to involve an outlayof approximately Rs. 50000.000 millions.

 

Capacity Augmentation of Kota-Piyala Section of MMBPL Pipeline

 

The project envisages enhancement of capacity ofthe Kota-Piyala Section of the Mumbai-Manmad-Manglia-Piyala–Bijwasan pipeline from 2.54 MMTPA to4.4 MMTPA, to evacuate products from Bina Refinery and also meet the growing demand for petroleum products inthe Northern region. The approved project cost is Rs. 1528.900 millions. The project is mechanically complete and commissioning activities are currently in progress. As on 30th June, 2013, the cumulative expenditure on the project was Rs. 1154.800 millions.

 

Kota Jobner Pipeline Project

 

The project envisages laying of a 210 km long and14”(35.6 cms) dia. cross-country pipeline from Kota to Jobner (near Jaipur) for economic transportation of MS/SKO/HSD from BPCL’s Mumbai Refinery as well as BORL’s refinery at Bina. The estimated as-built project cost is Rs. 2762.700 millions. Petroleum and Natural Gas Regulatory Board (PNGRB) authorization for laying the pipeline and environmental clearance has been received. The project has achieved an overall physical progress of 19% with cumulative expenditure of Rs.122.800 millions as on 30th June, 2013. The project is scheduled for completion in December 2014.

 

Continuous Catalytic Regeneration Reformer (CCR)

 

Facilities and Hydrocracker Revamp at Mumbai Refinery

 

The project has been undertaken to increase the production of Euro IV grade MS and HSD at Mumbai Refinery. This involves revamping of the Hydrocracker Unit to increase its capacity from 1.75 MMTPA to 2.0 MMTPA and setting up a new Continuous Catalytic Regeneration Reformer Unit (CCR) of 1.2 MMTPA capacity with matching new Naphtha Hydro Treater Unit (NHT) and new Pressure Swing Adsorber (PSA) Units and other utilities/offsite facilities at an approved cost of Rs.18270.000 millions.

 

Hydrocracker revamp has been completed. As regards the CCR facilities, all site development activities, erection of Hydrogen rich gas compressor, Recycle gas compressor and PSA Compressor and Catalyst loading PSA have been completed. Piping works for the compressors and work on cooling towers are in progress. As on 30th June, 2013, the project has achieved an overall progress of 92.47% with accumulative expenditure of Rs. 14392.100 millions.

 

Replacement of CDU /VDU at Mumbai Refinery

 

The project envisages installation of a state-of-the-art integrated Crude and Vacuum Distillation Unit of 6 MMTPA capacity to improve mechanical integrity and enhance safety and environment in place of existing old standalone Crude and Vacuum Units. The approved cost of the project is Rs.14190.000 millions. Petroleum and Explosive Safety Organisation (PESO) clearance and environment clearance have been obtained.

 

The basic design and engineering package has been completed. Orders have been placed for the Crude and Vacuum Column, LGO Stripper Column and CS Column. Structural fabrication of the new shop complex is completed. Dismantling of the old shop complex is in progress. The project has achieved an overall physical progress of 28.75% with cumulative expenditure of Rs.966.400 millions as on 30th June, 2013. The project is scheduled for completion in December 2014.

.

Pipeline for Transfer of LPG from BPCR / HPCR Mumbaito Uran

 

The project envisages laying a 28 km pipeline(12 kms offshore and 16 kms onshore) and provision of3 x 900 MT Mounded Storage Vessels (MSVs) at BPCL’s Uran LPG Plant. 10" dia (25.4 cms) pipeline is being laid to transfer LPG from BPCL’s Mumbai refinery and the Mumbai refinery of Hindustan Petroleum Corporation Limited (HPCL). The pipeline portion of the project costing Rs.2295.900 millions will be shared equally with HPCL. The MSVs are expected to cost around Rs.472.400 millions and will be on BPCL’s account.

 

The onshore pipeline laying and 10 km of offshore pipeline laying has been completed. The balance offshore pipeline laying will be taken up after the monsoon. The forest clearance and permission for cutting mangroves from the Bombay High Court has been received. The project has achieved an overall physical progress of97% with cumulative expenditure of Rs. 2284.700 millions as on 30th June, 2013. The project is expected to be completed by September 2013.

 

RISKS, CONCERNS AND OUTLOOK

 

The public sector oil marketing companies are currently being compensated for the under-recoveries caused bythe sale of HSD, LPG (Domestic) and SKO (Domestic)at controlled prices which are lower than costs. The Government of India has been looking at introducing changes in the method of computing the under-recoveries on these products. An expert committee has been appointed to study the issue. Any change carries the risk of adversely affecting the refining margins. This is a major risk for the refineries at Mumbai and Kochi. Changes in the methodology of computing under recoveries on sale of sensitive petroleum products could also impact the viability of the capital projects that are currently underway at the two refineries. This is a key risk, considering the quantum of investments that have been committed at Kochi and Mumbai Refineries.

 

There is also a risk of non-availability of product from product refiners, if there are changes in the methodology of computing the refinery transfer prices, as such refineries may opt to export their production instead of making the same available to the public sector oil marketing companies. In such a situation, costly imports may have to be resorted to, in order to avoid product availability issues. The Indian rupee has sharply depreciated against the US dollar in recent months. The country’s economic growth could be affected, which in turn can lead to reduction in the energy demand and in particular for oil and gas. The price of crude oil in the international market also remains volatile. Although oil prices had reduced in the international markets, the weakening rupee has eroded these gains. In this situation, any slowdown in key sectors of the economy can have a major impact on companies like BPCL.

 

Although there are risks and concerns in the operating environment, there have been a number of mitigating factors. The phased increase in the selling prices of HSD is well on course. The Government of India has been prompt in disbursing the cash towards its share of the compensation towards under-recoveries. This will have a favourable impact on the cash flows and thereby, on the interest cost. Implementation of major projects is progressing well. The upstream initiative continues to hold immense potential for BPCL in the coming years. The marketing businesses have held their own in the marketplace and are focussing their attention on getting ready for the inevitable increase in the level of competition from the private players. BPCL is therefore, fully geared up to meet the challenges in the market and is confident of growing at a fast pace.

 

 

AVIATION

 

The Indian Aviation sector continued to operate in a tough environment, with one of the leading private players having to cease operations. Also, the Government owned carrier had to deal with cash flow constraints which was affecting operations. Some of the foreign airlines were also cutting down on their flights to the country. These issues had an impact on the sale of ATF during the year. In fact, the sales volume of ATF for public sector oil marketing companies’ in2012-13 was lower than the volumes in the previous year by around 5.3%. Although BPCL also saw its ATF volumes decline, the fall was the lowest amongst the oil marketing companies. The Aviation business ended the year with total sales volume of 1172 TMT, which was 1.5% lower than the volumes achieved in 2011-12. BPCL’s market share amongst the oil marketing companies stood at 23%at the end of the year.

 

 

During the year, BPCL was able to enter into a long term contract with two new foreign airlines for meeting their fuel requirements. BPCL was also able to increase the contracted quantity with a leading domestic player. The year also saw the commencement of operations of the pipeline connecting Mumbai Refinery to the Fuel Farm at Mumbai Airport. The pipeline connecting Kochi Refinery to the Fuel Farm at Kochi Airport has also been commissioned recently. Besides operational convenience, these two projects have saving potential of approximately ` 8 crores annually and would help achieve supply chain efficiency.

 

During 2012-13, the business has entered into hospitality arrangements with other oil companies for sharing facilities with each other at specific airports. This will help BPCL to have a presence at more airports. BPCL has also signed a MOU with Kannur International Airport Limited for taking up an equity stake in the upcoming Greenfield airport in Kannur in Kerala. BPCL has signed an agreement with Bengal Aerotropolis Projects Limited for setting up the Fuel Farmat the Greenfield airport at Durgapur in West Bengal. Fuelling operations at the new airport have commenced recently.

 

The Aviation business remains a challenging one. However, the sector is expected to grow significantly in the coming years. The Government of India has been making major policy announcements with a view to promote investments in this sector. The construction of new airports is being put on the fast track. Foreign investments in domestic airlines are being allowed. These steps have already seensomekey international players evincing interest in the country. With a new low cost airline about to commence operations,there will be opportunities for growth. BPCL is well placed to take advantage of the emerging situation and sustain its growth in the market.

 

 

AWARDS AND RECOGNITION

 

For its outstanding global, financial and industry performance, BPCL has been ranked among the top 20 Oiland Gas Refining and Marketing companies in the Platts Top 250 Global Energy Company Rankings for 2012.BPCL ranks 12th in Oil & Gas Refining and Marketing in the Asia / Pacific Rim, 18th in Oil & Gas Refining and Marketing globally and 54th in overall performance in the Asia / Pacific Rim.In the list of the top 500 global companies released by Fortune magazine for 2013, BPCL was ranked at 229.BPCL was placed in third position amongst the eight Indian companies which have made it to the prestigious list.For the seventh year in succession, the BPCL brand has featured among the top ten companies, ranking ninth, according to the valuation of India’s Top 50 Most Valuable Brands performed by M/s. Brand Finance. This year, the Bharat Petroleum Brand has been valued at USD 2.46billion.

 

BPCL has been conferred with the prestigious Oil Industry Safety Awards for Best Overall Safety Performance amongst LPG Marketing Organisations for the years

2009-10 and 2010-11.

 

BPCL has bagged the prestigious National Institute of Personnel Management (NIPM) Gold Award for Best HR Practices – 2012 in recognition of the various HR initiatives in the past year and the performance continuum that makes Bharat Petroleum a great place to work. BPCL was awarded the Confederation of Indian Industry(CII) HR Excellence Award in the category “Strong Commitment to HR Excellence.” BPCL Corporate R&D team received the Special Commendation Award for “Innovator of the year- Team” from Petro Fed.

 

BPCL won the Best Loyalty Program Award at the 3rd CMOASIA Awards conducted for excellence in Branding Pan Asia held at Singapore. BPCL walked away with two prestigious Communication Awards at the Annual Association of Business Communicators of India (ABCI) Awards, lifting the Bronze

Awards for the corporate film, “Energizing a billion lives” and Mumbai Refinery’s in-house magazine, ‘Atit Bharati.’

 

 

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars

31.03.2013

31.03.2012

(a) In respect of taxation

1128.700

 

1226.300

(b) Other Matters :

 

 

ii) Claims against the Corporation not acknowledged as debts :

 

 

(a) Excise and customs matters

8231.400

 

6453.400

(b) Sales tax matters

2,8631.400

 

28022.200

(c) Land Acquisition cases for higher compensation

1560.200

 

915.600

(d) Others *

3399.600

 

2962.100

These include Rs. 7255.400 millions (previous year Rs. 12340.000 millions) against which the Corporation has a recourse for recovery and Rs. 283.500 millions (previous year Rs.283.100 millions) on capital account.

 

 

iii) Claims on account of wages, bonus/ex-gratia payments in respect of pending court cases.

153.600

 

134.400

iv) Guarantees given on behalf of Subsidiaries/JV's

4,6944.400

 

4618.300

 

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Building
  • Railway Sidings
  • Plant and Machinery
  • Tanks and Pipelines
  • Furniture and Fittings
  • Vehicles
  • Dispensing Pumps
  • LPG Cylinders and Allied Equipment
  • Sundries
  • Intangible Assets

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.27

UK Pound

1

Rs.101.10

Euro

1

Rs.83.74

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SNT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

---=

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

Yes

--LITIGATION

YES/NO

Yes

--OTHER ADVERSE INFORMATION

YES/NO

No

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

No

--EXPORT ACTIVITIES

YES/NO

No

--AFFILIATION

YES/NO

Yes

--LISTED

YES/NO

Yes

--OTHER MERIT FACTORS

YES/NO

Yes

DEFAULTER

 

 

--RBI

YES/NO

No

--EPF

YES/NO

No

TOTAL

 

81

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.