MIRA
INFORM REPORT
|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OIL CORPORATION
LIMITED |
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Registered
Office : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.06.1959 |
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Com. Reg. No.: |
11-011388 |
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Capital
Investment / Paid-up Capital : |
Rs.
24279.500 Millions |
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CIN No.: [Company Identification
No.] |
L23201MH1959GOI011388 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in business of Sale of Petroleum Products,
Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives
and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas
Exploration Activities. |
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No. of Employees
: |
33793 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and a reputed company having fine track
record. Financial position of the company appears to be sound and healthy.
Directors are reported to be experienced respectable and resourceful
businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
08.04.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
08.04.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-26447000/ 26447616]
LOCATIONS
|
Registered Office/ Marketing Division : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
|
Tel. No.: |
91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/
26441825/ 30/ 31 |
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Fax No.: |
91–22–26443880/ 26425903/ 26400606 |
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E-Mail : |
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Website : |
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Corporate Office : |
3079/3, J B Tito Marg, Sadik Nagar, New Delhi – 110049, India |
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Tel. No.: |
91-11-26260000 |
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Refineries Division : |
Head Office - SCOPE Complex, Core 2, 7, Institutional Area, Lodhi Road, New Delhi - 110003, India Tel. 91-11-24361247/ 24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in
· P.O. Barauni Oil Refinery, District Begusarai - 861114, Bihar, India P.O.
Jawahar Nagar, District Vadodara - 391320, Gujarat, India P.O.
Noonmati, Guwahati - 781020, Assam, India P.O.
Haldia Refinery, District Midnapur - 721606, West Bengal, India P.O.
Mathura Refinery, Mathura - 281005, Uttar Pradesh, India P.O.
Panipat Refinery, Panipat – 132140, Haryana, India P.O.
Dhaligaon 783385, District Chirang Assam, India P.O.
Jhimil, District Jagatsinghpur – 754141, Odisha, India |
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Pipelines Division : |
Head Office - A-1, Udyog Marg, Sector 1, Noida – 201301, Uttar Pradesh, India · 14, Lee Rrado, Kolkata - 700020, West Bengal, India · P. O. Box 1007, Bedipara, Morvi Road, Gauridad, Rajkot - 360003, Rajasthan, India · P. O. Panipat Refinery, Panipat – 132140, Haryana, India · Indian Oil Bhavan, 139 Nungambakkam High Road, Chennai - 600034, Tamil Nadu, India |
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Marketing Division : |
Head Office - Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New Delhi - 110016, India · Indian Oil Bhavan, 2 Gariahat Road, South(Dhakuria), Kolkata - 700068, West Bengal, India · IndianOil Bhavan-BKC, Plot C-33, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan 139, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India |
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P.O. Digboi - 786171, Assam, India |
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Research and Development Centre : |
Sector 13, |
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IBP Division : |
34-A, |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. B. Ashok |
|
Designation : |
Chairman |
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Name : |
Mr. A.M.K. Sinha |
|
Designation : |
Director (Planning and Business and Development) and Chairman
from 01.07.2014 to 15.07.2014 |
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|
Name : |
Mr. P.K. Goyal |
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Designation : |
Director (Finance) |
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Name : |
Mr. M. Nene |
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Designation : |
Director (Marketing) |
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Name : |
Mr. V. S. Okhde |
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Designation : |
Director (Pipelines) |
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Name : |
Mr. Sanjiv Singh |
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Designation : |
Director (Refineries) [w.e.f. 01.07.2014] |
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Name : |
Dr. S C Khuntia |
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Designation : |
Government Nominee Director |
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Name : |
Mr. Rajive Kumar |
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Designation : |
Government Nominee Director |
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Name : |
Mrs. Shyamala Gopinath |
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Designation : |
Independent Director |
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Name : |
Mr. Shyam Saran |
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Designation : |
Independent Director |
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Name : |
Mr. Devang Khakhar |
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Designation : |
Independent Director |
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Name : |
Mr. K. Jairaj |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
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Name : |
Mr. Nesar Ahmad |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
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Name : |
Mr. Sunil Krishna |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
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Name : |
Mr. Sayan Chatterjee |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
KEY EXECUTIVES
|
Name : |
Mr. Raju
Ranganathan |
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Designation : |
Company Secretary |
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Name : |
Ms. Sanjeevanee Kutty |
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Designation : |
Chief Vigilance Officer |
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Name : |
Satwant Singh |
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Designation : |
Executive Director (Cryogenics) |
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Name : |
H S Bedi |
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Designation : |
Executive Director I/C (Human Resource), Marketing |
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Name : |
S Krishna Prasad |
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Designation : |
Executive Director I/C (Finance), Marketing |
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Name : |
S Ganguli |
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Designation : |
Executive Director I/C (Mathura Refinery) |
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Name : |
A N Jha |
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Designation : |
Executive Director (LPG), Marketing |
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Name : |
Anish Aggarwal |
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Designation : |
Executive Director (Operations), Pipelines |
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Name : |
T K Basak |
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Designation : |
Executive Director (I/C) (Panipat Refinery) |
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Name : |
Rajiv Bahl |
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Designation : |
Executive Director (Finance & Treasury), Corporate Office |
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Name : |
S S Mishra |
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Designation : |
Executive Director (Delhi State Office) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1664965562 |
68.57 |
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|
1664965562 |
68.57 |
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|
Total shareholding of Promoter and Promoter Group (A) |
1664965562 |
68.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20369016 |
0.84 |
|
|
5692966 |
0.23 |
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|
85115681 |
3.51 |
|
|
58453804 |
2.41 |
|
|
169631467 |
6.99 |
|
|
|
|
|
|
466616494 |
19.22 |
|
|
|
|
|
|
61023815 |
2.51 |
|
|
2878513 |
0.12 |
|
|
62836631 |
2.59 |
|
|
899900 |
0.04 |
|
|
58840537 |
2.42 |
|
|
355242 |
0.01 |
|
|
506 |
0.00 |
|
|
2700000 |
0.11 |
|
|
40446 |
0.00 |
|
|
593355453 |
24.44 |
|
Total Public shareholding (B) |
762986920 |
31.43 |
|
Total (A)+(B) |
2427952482 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2427952482 |
100.00 |
(1) Indian
Central Government / State Government(s)
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
President of India |
1,66,49,65,562 |
68.57 |
|
|
Total |
1,66,49,65,562 |
68.57 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Oil & Natural Gas
Corporation Limited |
334303814 |
13.77 |
|
|
2 |
Life Insurance Corporation of
India |
69544401 |
2.86 |
|
|
3 |
IOC Shares Trust |
58279614 |
2.40 |
|
|
4 |
Oil India Limited |
121397624 |
5.00 |
|
|
|
Total |
583525453 |
24.03 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % |
|
|
1 |
Oil & Natural Gas Corporation Limited |
334303814 |
13.77 |
|
|
|
Total |
334303814 |
13.77 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Sale of Petroleum Products,
Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives
and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas
Exploration Activities. |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Crude Processing |
MTs |
518.50 |
542.00 |
472.47 |
|
Lubricating Oil |
MTs Note D |
4.71 |
4.64 |
4.39 |
|
|
Note E |
1.46 |
0.34 |
0.35 |
|
Wax/Bitumen/Asphalt Lube Oil Drums |
Nos. |
15.00 |
15.00 |
4.12 |
|
Propylene Recovery Unit |
MTs |
0.24 |
0.24 |
0.10 |
|
MTBE Unit |
MTs |
0.37 |
0.37 |
0.31 |
|
Naptha Cracker plant |
MTs |
14.60 |
14.60 |
15.52 |
|
LAB Plant |
MTs |
1.20 |
1.20 |
1.03 |
|
PX/PTA Plant |
MTs |
5.53 |
5.53 |
3.88 |
|
Cryocontainer and Accessories |
Nos. |
0.13 |
0.17 |
0.24 |
|
Site Mixed Slurry Explosives |
MTs |
1.37 |
1.37 |
0.85 |
NOTES:
A.
i) Licensed Capacity of 6.50 lakh MT for Digboi Refinery
is not specified and there is variance vis –a- vis installed capacity of 12.00
lakh MT and 5.00 lakh MT for Gujarat & Mathura Refinery respectively.
ii) Capacity for projects under construction not considered.
B.
As certified by the Management.
C.
i) Represents finished petroleum products.
ii) Excludes crude processed in secondary units for other
companies/refiners
D.
Per year operating in single shift.
E.
Per year operating in two shifts.
GENERAL INFORMATION
|
No. of Employees : |
33793 [Approximately] |
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Bankers : |
· State Bank of India HDFC
Bank Limited United
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
· Oil Industry Development Board 301, World Trade Centre, Babar Road, New Delhi - 110001, India · Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
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Statutory Auditors : |
· Parakh and Company, Jaipur Dass
Gupta and Associates, New Delhi J
Gupta and Associates, Kolkata G
M Kapadia and Company, Mumbai |
|
|
|
|
Branch Auditors : |
· Mr. S. Jaykishan, Kolkata H
D S G and Associates, New Delhi M.
Thomas and Company, Chennai S.K.
Naredi and Company, Kolkata S.
Lall and Company, Panipat |
|
|
|
|
Cost Auditors : |
· DGM and Associates, Kolkata Shome
and Banerjee, Kolkata B.
M. Sharma and Company, Pune Jugal
K. Puri and Associates, New Delhi K.
G. Goyal and Associates, New Delhi Narasimha
Murthy and Company, Hyderabad R.
M. Bansal and Company, Kanpur Thakur
and Company, Kolkata ABK
and Associates, Mumbai Vivekanandan
Unni and Associates, Chennai Narasimha
Murthy and Company, Hyderabad is the Central Cost Auditor |
|
|
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|
Group Companies : |
Indian Subsidiaries · Chennai Petroleum Corporation Limited IndianOil
- CREDA Biofuels Limited Indo
Cat Private Limited Foreign Subsidiaries · IndianOil (Mauritius) Limited, Mauritius Lanka
IOC PLC, Sri Lanka IOC
Middle East FZE, UAE IOC
Sweden AB, Sweden IOCL
(USA) Inc., USA IndOil
Global B.V., Netherlands |
|
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|
Associate : |
Petroleum India International - AOP |
|
|
|
|
Joint Ventures : |
·
Avi-Oil
India Private Limited Delhi Aviation Fuel Facility Private Limited Green Gas Limited GSPL India Gasnet Limited IOT Infrastructure & Energy Services
Limited IndianOil Petronas Private Limited IndianOil Ruchi Bio Fuels LLP IndianOil Skytanking Limited Indian Synthetic Rubber Limited Lubrizol India Private Limited NPCIL – IndianOil Nuclear Energy Corporation
Limited Petronet LNG Limited Suntera Nigeria 205 Limited IndianOil Adani Gas Private Limited Petronet VK Limited
Petronet India
Limited IndianOil Panipat
Power Consortium Limited Petronet CI Limited Indo Cat Private
Limited (Upto 26.03.2014) Suntera Nigeria 205
Limited GSPL India Transco
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2427952482 |
Equity Shares |
Rs. 10/- each |
Rs.
24279.500 Millions |
|
|
|
|
|
A. Reconciliation of No. of Equity Shares
|
Opening Balance |
2427952482 |
|
Shares Issued |
-- |
|
Shares bought back |
-- |
|
Closing Balance |
2427952482 |
B. Terms/Rights
attached to equity shares
The company has
only one class of equity shares having par value of ` 10 each and is entitled to
one vote per share. The dividend proposed by Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting. 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.
C. Details of shareholders holdings more than 5% shares
|
Name of Shareholders |
March-14 |
|
|
|
Number of shares
held |
Percentage of
Holding |
|
President of India |
1664965562 |
68.57 |
|
Oil and Natural Gas Corporation Limited |
334303814 |
13.77 |
During March 2014,
President of India, has disinvested 10.35% of paid up equity capital of IndianOil
to ONGC Limited (5%), Oil India Limited (5%) and CPSE ETF -an Exchange Traded
Fund (0.35%).
D. Aggregate
shares allotted as fully paid up Bonus Shares by Capitalization of General
Reserve / Securities Premium during preceding five years (in November 2009) are
1213976241 no. of equity shares of Rs.10 each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
(b) Reserves & Surplus |
635641.300 |
586963.600 |
554487.500 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
659920.800 |
611243.100 |
578767.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
316835.800 |
214142.000 |
168267.600 |
|
(b) Deferred tax liabilities (Net) |
56161.800 |
55126.600 |
52418.800 |
|
(c) Other long
term liabilities |
134115.800 |
114351.800 |
98303.000 |
|
(d) long-term
provisions |
3901.200 |
3752.500 |
2581.800 |
|
Total Non-current
Liabilities (3) |
511014.600 |
387372.900 |
321571.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
489155.400 |
569110.000 |
534971.700 |
|
(b)
Trade payables |
356972.900 |
296679.300 |
275207.500 |
|
(c) Other
current liabilities |
243191.500 |
199140.800 |
239176.500 |
|
(d) Short-term
provisions |
263882.600 |
216647.100 |
148903.600 |
|
Total Current
Liabilities (4) |
1353202.400 |
1281577.200 |
1198259.300 |
|
|
|
|
|
|
TOTAL |
2524137.800 |
2280193.200 |
2098597.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
622566.200 |
598234.500 |
589322.900 |
|
(ii)
Intangible Assets |
6921.700 |
8092.800 |
9145.100 |
|
(iii)
Capital work-in-progress |
331506.400 |
256462.100 |
134153.600 |
|
(iv)
Intangible assets under development |
7285.900 |
5841.100 |
2725.300 |
|
(b) Non-current Investments |
163114.900 |
50326.200 |
49180.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46264.800 |
48762.300 |
103885.800 |
|
(e) Other
Non-current assets |
700.200 |
138.600 |
170.100 |
|
Total Non-Current
Assets |
1178360.100 |
967857.600 |
888582.900 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
72827.000 |
136386.000 |
137604.500 |
|
(b)
Inventories |
646973.700 |
593143.900 |
568292.000 |
|
(c)
Trade receivables |
110231.000 |
112573.200 |
97254.700 |
|
(d) Cash
and cash equivalents |
26085.300 |
5032.900 |
3070.100 |
|
(e)
Short-term loans and advances |
415743.300 |
397569.400 |
325251.000 |
|
(f)
Other current assets |
73917.400 |
67630.200 |
78542.300 |
|
Total
Current Assets |
1345777.700 |
1312335.600 |
1210014.600 |
|
|
|
|
|
|
TOTAL |
2524137.800 |
2280193.200 |
2098597.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4732100.900 |
4470962.500 |
3984766.300 |
|
|
|
Other Income |
34172.900 |
35147.900 |
31990.500 |
|
|
|
TOTAL |
4766273.800 |
4506110.400 |
4016756.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2270120.100 |
2197440.500 |
2022804.900 |
|
|
|
Purchases of Stock-in-Trade |
1962371.500 |
1881822.000 |
1547935.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(11530.000) |
(52200.300) |
(28521.300) |
|
|
|
Employees benefits expense |
66189.700 |
72712.700 |
49769.600 |
|
|
|
Other expenses |
287927.300 |
233557.900 |
208351.900 |
|
|
|
TOTAL |
4575078.600 |
4333332.800 |
3800340.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
191195.200 |
172777.600 |
216416.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
50844.200 |
64352.700 |
55905.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
140351.000 |
108424.900 |
160511.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
57600.900 |
52009.900 |
48677.900 |
|
|
|
|
|
|
|
|
|
|
INCOME / (EXPENSES) PERTAINING TO PRIOR YEARS (NET) |
(9630.000) |
63.000 |
2787.900 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
17468.000 |
0.000 |
(77078.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
99255.100 |
56478.000 |
37543.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
29064.200 |
6426.300 |
(2003.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
70190.900 |
50051.700 |
39546.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports |
215246.700 |
185491.900 |
196181.000 |
|
|
|
Income from Royalty |
2.800 |
3.200 |
3.200 |
|
|
|
Income from Consultancy Services |
0.000 |
25.700 |
45.200 |
|
|
|
Commodity Hedging |
486.200 |
2.700 |
1827.000 |
|
|
|
Others |
345.600 |
62.600 |
53.600 |
|
|
TOTAL EARNINGS |
216081.300 |
185586.100 |
198110.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
2024924.700 |
1845586.500 |
1733232.700 |
|
|
|
Base Oil |
93.700 |
1.500 |
72.600 |
|
|
|
Additives |
887.600 |
597.100 |
1126.500 |
|
|
|
Capital Goods |
4293.100 |
11021.500 |
12745.200 |
|
|
|
Other Raw Materials |
16.300 |
253.400 |
172.800 |
|
|
|
Revenue Stores, Component, Spare and Chemicals |
8124.900 |
6795.200 |
5517.500 |
|
|
TOTAL IMPORTS |
2038340.300 |
1864255.200 |
1752867.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
28.91 |
20.61 |
16.29 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
1249566.900 |
|
Total Expenditure |
1212601.100 |
|
PBIDT (Excl OI) |
36965.800 |
|
Other Income |
18172.200 |
|
Operating Profit |
55138.000 |
|
Interest |
9139.400 |
|
Exceptional Items |
4456.100 |
|
PBDT |
50454.700 |
|
Depreciation |
14948.800 |
|
Profit Before Tax |
35505.900 |
|
Tax |
10276.500 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
25229.400 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
25229.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.47 |
1.11 |
0.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.10 |
1.26 |
0.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.91 |
2.87 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.22 |
1.28 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
1.02 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
Reserves & Surplus |
554487.500 |
586963.600 |
635641.300 |
|
Net
worth |
578767.000 |
611243.100 |
659920.800 |
|
|
|
|
|
|
long-term borrowings |
168267.600 |
214142.000 |
316835.800 |
|
Short term borrowings |
534971.700 |
569110.000 |
489155.400 |
|
Total
borrowings |
703239.300 |
783252.000 |
805991.200 |
|
Debt/Equity ratio |
1.215 |
1.281 |
1.221 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3984766.300 |
4470962.500 |
4732100.900 |
|
|
|
12.201 |
5.841 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3984766.300 |
4470962.500 |
4732100.900 |
|
Profit |
39546.200 |
50051.700 |
70190.900 |
|
|
0.99% |
1.12% |
1.48% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bonds: Non-Convertible Redeemable Bonds-Series-XIII |
17000.000 |
0.000 |
0.000 |
|
Non-Convertible Redeemable Bonds-Series-XI |
0.000 |
14150.000 |
0.000 |
|
Non-Convertible Redeemable Bonds-Series-X |
0.000 |
0.000 |
20000.000 |
|
Non-Convertible Redeemable Bonds-Series-VI |
0.000 |
0.000 |
7681.000 |
|
Non-Convertible Redeemable Bonds-Series-V |
316.000 |
316.000 |
316.000 |
|
Term Loans: From other parties Oil Industry Development Board (OIDB) |
5975.000 |
7725.000 |
18475.000 |
|
Finance Lease Obligation |
896.100 |
0.000 |
0.000 |
|
Bonds Foreign Currency Bonds US $ 1,825.58 million (2013: US $ 1,325.58 million) |
29960.000 |
0.000 |
0.000 |
|
Term Loans: From Banks In Foreign Currency Loans US $ 2,178.52 million (2013: US $ 1,184.19 million) |
340.200 |
308.200 |
288.800 |
|
From Others In Rupees |
1697.500 |
2592.500 |
4002.300 |
|
|
|
|
|
|
Total |
56184.800 |
25091.700 |
50763.100 |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 18.01.2014 |
|
Stamp No: WPST/1632/2014 Filing Date:
18.01.2014 |
|
Petitioner: M/S. CHANDGAD INDANE, THROUGH PROP. Respondent: INDIAN OIL
CORPORATION LTD, THROUGH Petn. Adv : VIRAJ RAVINDRA PATIL (I5207) District: PUNE |
|
Bench: SINGLE Status: Pre-Admission
Last Date: 27.01.2014
Stage: Last Coram: REGISTRAR (JUDICIAL) |
|
Act: Arbitration and Conciliation Act 1996 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10481123 |
07/02/2014 |
5,720,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
B97843098 |
|
2 |
10439786 |
29/07/2013 |
17,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B80695364 |
|
3 |
10409821 |
11/02/2013 |
10,500,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
B70013008 |
|
4 |
10365060 |
11/07/2012 |
12,950,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B43325463 |
|
5 |
10213149 |
31/03/2010 |
2,170,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83548719 |
|
6 |
10215688 |
31/03/2010 |
7,160,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83552661 |
|
7 |
10213153 |
25/03/2010 |
1,270,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE CENTRE,
BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83550038 |
|
8 |
10213154 |
25/03/2010 |
2,800,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83551713 |
|
9 |
10153713 |
30/03/2009 |
5,270,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A60420684 |
|
10 |
10153612 |
30/03/2009 |
14,230,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
A60420031 |
|
11 |
10153614 |
30/03/2009 |
17,000,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
A60421989 |
|
12 |
10144856 |
11/03/2013 * |
16,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71757058 |
|
13 |
10131502 |
11/03/2013 * |
15,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71759336 |
|
14 |
10094961 |
19/03/2013 * |
62,000,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B72293244 |
|
15 |
80027343 |
11/03/2013 * |
12,250,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71758601 |
|
16 |
80018522 |
11/03/2013 * |
4,108,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71757959 |
|
17 |
80043525 |
03/09/2013 * |
223,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP, MUMBAI, NEVILLE HOUSE, |
B84800960 |
|
18 |
90244027 |
29/09/1997 |
10,000,000,000.00 |
STATE BANK OF
INDIA |
SWECURITIES AND
SERVICES DIVISION; MUMBAI MAIN BRA, MUMBAI SANACHAR MARG, MUMBAI, MAHARASHTRA
- 400023, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Bonds Foreign Currency Bonds US $ 1,825.58 million (2013: US $ 1,325.58 million) |
79428.400 |
71965.400 |
|
Senior Notes (Bank of America) US $ 300 million (2013: US $ 300 million) |
17976.000 |
16287.000 |
|
Term Loans: From Banks In Foreign Currency Loans US $ 2,178.52 million (2013: US $ 1,184.19 million) |
130196.500 |
63981.600 |
|
From Others In Rupees |
762.500 |
2460.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans Repayable
on Demand From Banks In Foreign Currency US $ 4,899.87 million (2013: US $ 5,651 million) |
293600.200 |
306792.800 |
|
In Rupee |
96250.000 |
161400.000 |
|
From Others Commercial Papers |
6750.000 |
15800.000 |
|
Inter-Corporate
Deposits |
2367.700 |
0.000 |
|
|
|
|
|
Total |
627331.300 |
638686.800 |
OPERATIONAL PERFORMANCE
REFINERIES
The year 2013-14 was a significant year for the Corporation’s Refineries
Division in terms of many initiatives taken for improving plant reliability and
consolidation of operations in pursuit of excellence. The refineries achieved
the combined distillate yield of 78.1 wt% during the year, which is the same as
that achieved in the previous year. The eight refineries of the Corporation
achieved a combined crude oil throughput of 53.13 million tonnes during the
year, with an overall capacity utilisation of 98%, as against a throughput of
54.65 million tonnes and capacity utilisation of 100.8% in the previous year.
The marginal fall in the throughput and capacity utilisation is mainly due to
the shutdown of Mathura Refinery for a period of 45 days for project related
activities. The refineries also recorded the lowest ever specific energy
consumption of 55.8 MBTU/BBL/NRGF (MBN*) during the year. Nine new crude oil
grades (including high-TAN crudes such as Marlim and Dalia) were processed by
the Corporation’s refineries for the first time during the year in order to
widen the crude basket for derisking supply sources and to improve the margins.
*MBN–Thousand British Thermal Unit / Barrel / Energy Factor (MBTU/BBL/NRGF)
PIPELINES
The Corporation’s pipelines network achieved a throughput of 73.07
million tonnes in 2013-14 as against a throughput of 75.17 million tonnes
achieved in the previous year. The marginal drop in the throughput was due to
reduction in throughput of the refineries. The product pipelines achieved a
throughput of 27.21 million tonnes during the year as against 27.77 million
tonnes in the previous year. Similarly, the crude oil pipelines registered a
throughput of 45.86 million tonnes during the year as against 47.40 million
tonnes in the previous year. The gas pipeline recorded the highest ever
throughput of 1168 MMSCM, surpassing the previous highest throughput of 960
MMSCM achieved during the previous year. The combined length of the
Corporation’s network of crude oil, product and gas pipelines as on 31.03.2014
was 11,214 km.
MARKETING
IndianOil maintained its position as the market leader for the year
2013-14 with domestic sales of 67.14 million tonnes of petroleum products.
However, the overall volumes registered a drop of 1.5 million tonnes as
compared to the previous year on account of the prevailing dual-pricing policy
in diesel resulting in decline in bulk sales of diesel. However, the
Corporation performed well in retail sales of diesel.
To keep pace with the high growth in the retail business, 1,717 retail
outlets (including 764 Kisan Seva Kendra Outlets) were commissioned during the year, raising
their total number to 23,993. The contribution of KSK outlets to total sales
during the year reached a new high of 11.6% in Petrol(Retail) and 11.7% in
Diesel(Retail). 1,700 ROs were brought under automation during the year, taking
the total number of automated retail outlets to 6,077. The concept of NANF (No
Automation, No Fuelling) was extended to over 1,150 more retail outlets during
the year. The concept of city specific automation was implemented in all retail
outlets of 4 cities viz. Chandigarh, Mangalore, Jamnagar and Vadodara.
IndianOil increased its market share in the LPG segment during the year
and released a record number of new connections, besides augmenting its
bottling and storage capacities and expanding its distributorship network,
especially in the rural areas. New initiatives were launched to enhance product
availability and customer convenience, such as portability of LPG connection
within and across companies and sale of 5-kg free-trade LPG cylinders through
select ROs and kirana stores. A record 80.3 lakh new domestic LPG
connections were released, raising the Indane customer strength to 817.9
lakh. 106 regular LPG distributorships and 478 RGGLV distributorships were
commissioned during the year to further expand the retail network.
Between June 2013 and January 2014, the Aadhaar based DBTL (Direct
Benefit Transfer in LPG) Scheme for subsidy transfer directly to the
beneficiaries was introduced in 6 phases, covering 3,732 distributors and 4.24
crore Indane consumers of IndianOil. Under this unique scheme, 12.1 million
consumers were benefited and more than ` 2,230 crore was transferred to the
Aadhaar linked bank account of individual consumers. At present, the scheme has
been kept in abeyance and a committee has been constituted to review the scheme
for better implementation.
IndianOil’s finished lube sales registered a decline of 1.7% over the
previous year. Constraints in availability of base oil from Chennai Petroleum
Corporation (CPCL) Refinery and non-availability of rubber process oil over a
four-month period affected the overall sales volumes for the year 2013-14.
Besides launch of a new lubricant for gearless scooters during the year,
long-term tie-ups were concluded with major customer groups for marketing a
wide range of products and approvals obtained for the SERVO range products
from leading Equipment Builder Approver (EBA) / Original Equipment
Manufacturers (OEMs) in India and abroad. A breakthrough was achieved in
overseas marketing with export of 165 kl of marine engine oils to Madagascar,
Yemen and Nigeria.
IndianOil’s Aviation Service maintained its leadership position during
the year by improving its market share to an all-time high of 64.5%. Against
the Industry growth of 4.4%, IndianOil aviation fuel sales registered a volume
growth of 6% during the year. The improvement in market share was largely aided
by aggressive bidding in the international sector and strong tie-ups with major
players in the domestic sector.
ASSAM OIL AND IBP DIVISIONS
The Assam Oil Division (AOD) continued to play a vital role in ensuring
supply of petroleum products in the north-east region. The Digboi Refinery
processed 0.65 million tonnes of crude oil during the year.
During the year, the Explosives and Cryogenics businesses of IBP
Division continued with its robust performance and recorded the highest ever
production and sales of explosives and cryocans. The Explosives group
manufactured and sold 85,264 MT of explosives during the year, recording growth
of 6.16% over previous year’s volume of 80,313 MT. The Cryogenics group sold
23,747 units of cryocans during 2013-14, recording 28.83% growth over the
previous year’s sale of 18,433 units. The Cryogenics group designed and
manufactured a liquid oxygen storage tank and delivery system alongwith PLC
controls for the Naval Materials Research Laboratory (NMRL), DRDO, Ministry of
Defence, Government of India. This was the country’s first indigenous land
based prototype for fuel cell powered submarines.
EXPANDING BUSINESS
Beyond the core business of refining, transportation and marketing of
petroleum products, the Corporation has been working towards strengthening its
presence in the oil and gas value chain. The Corporation’s endeavours in
diversified businesses such as Petrochemicals, EandP, Gas and Alternative
Energy sources have over the years consolidated, establishing it as a major
player in some of these new areas. These diversified businesses have made the
Corporation’s portfolio more vibrant and have also begun contributing to its
bottomline.
PETROCHEMICALS
The Corporation has emerged as the second largest petrochemicals player
in the country. During the year, the Corporation’s petrochemicals business
scaled new heights and achieved the highest ever sales since its inception. The
Corporation sold 2.12 million tonnes of petrochemicals (including exports)
against 2.08 million tonnes during the previous year. New overseas markets,
covering 16 countries in Africa, Latin America and Europe, were added to the
export list during the year.
During the year, the Corporation developed six new polyethylene and
polypropylene grades with a view to increase its customer base. Besides this,
nine Original Equipment Manufacturer (OEM) approvals were obtained during the
year for the Corporation’s polymer products.
During the year, the Corporation’s persistent endeavours in the
petrochemicals space helped it extend its frontiers with the commissioning of
138 kta Butadiene Extraction Unit (BDEU) and 120 kta Styrene Butadiene Rubber
(SBR) plant at Panipat. This SBR plant, set up as a joint venture, is India’s
first for import substitution.
GAS
Gas business presents a major opportunity for the Corporation to
maximize its prospects across the gas value chain. During the year, the
Corporation’s gas sales grew by 5.7%, reaching 1.94 million tonnes against
sales of 1.83 million tonnes achieved in the previous year. LNG sales through
‘LNG at the Doorstep’ business model increased to 30,036 MT, registering a
growth of 16%.
The Corporation’s endeavours in strengthening its presence in the gas
infrastructure and delivery capability in the country received a major boost as
its consortium with other partners was awarded authorisation for city gas
distribution projects in the cities of Chandigarh and Allahabad. The
Corporation has also booked 1.5 million tonnes per annum additional LNG
capacity at Dahej Terminal of Petronet LNG Limited. The Corporation is also
currently setting up its maiden 5-million tonnes per annum LNG import, storage
and regasification terminal at Ennore, which is targeted for completion in
2016-17. The work is progressing in three pipeline projects being implemented
through two joint ventures (GSPL India Gasnet Limited and GSPL India Transco
Limited) in which IndianOil has 26% of equity participation.
EXPLORATION AND PRODUCTION (E&P)
The Corporation has a portfolio of 13 domestic and 11 overseas blocks
currently. Among the domestic blocks, the Corporation is the operator with 100%
participating interest in 2 onshore exploration blocks in Cambay basin and
holds non-operating participating interest in the range of 20% to 44% in the
remaining blocks. In the overseas blocks located across eight countries, the
Corporation holds non-operating participating interest in the range of 3.5% to
50%. The Corporation had acquired 10% working interest in the producing Niobrara
Shale Oil Asset in the State of Colorado, USA, in October, 2012.
During the year, the Corporation expanded its overseas portfolio with
the acquisition of 10% interest in new integrated upstream and LNG project- the
Pacific North West LNG, based on unconventional gas, in British Columbia,
Canada. This interest was acquired through a wholly owned subsidiary of the
Corporation incorporated in Netherlands, which in turn incorporated a wholly
owned subsidiary in Canada. This is a producing asset with total gross 2P
reserves of 8.35 tcfe and has generated a gross revenue of CAD 1.56 million
during the year. The Corporation will have access to assured LNG supply of 1.2
million tonnes per annum from this project for a minimum period of 20 years.
AWARDS AND RECOGNITIONS
·
Gold
Trophy “SCOPE Meritorious Award” for Corporate Social Responsibility and
Responsiveness for the year 2012-13
IndianOil became the highest ranked
Indian company (96th) in the prestigious Fortune
‘Global 500’ listing.
Topped the Financial Express 500,
Business Standard 1000, Economic Times 500 and Fortune ‘India 500’ listings.
PetroFed awards received in four
categories - Leading Oil and Gas Corporate of the Year, Oil and Gas Marketing
Company of the Year, Special Commendation Award - Environment
Sustainability-Company of the Year and Innovator of the Year- Team special
commendation.
Best CFO award by Institute of
Chartered Accountants of India (ICAI) to Director (Finance).
Featured in Business India Super 100
companies (Rank 11), BT 500 India’s Most Valuable companies (Rank 18), BW 500
(2nd biggest company) and Forbes Global 2000 (Rank 6 among Indian companies).
IndianOil won the ‘Global Human
Resources Development Awards 2014’ in the category ‘Improved Quality of Working
Life’ instituted by International Federation of Training and Development
Organisation (IFTDO). IndianOil emerged as overall winner and winner in its
category.
IndianOil was awarded Best CSR
Project (Women Empowerment) for Assam Oil School of Nursing by Think Media
Inc., Bhubaneshwar and World CSR Congress, Mumbai.
Bongaigaon Refinery, Gauridad Pump
Station of Western Region Pipelines (WRPL), Rajkot, Ennore BP, Mayiladuthurai
BP, Vijayawada BP, Coimbatore BP, Bhopal BP, Rajbandh Terminal bagged National
Safety Award from Ministry of Labour and Employment, Government of India.
Bongaigaon Refinery won the National
Energy Conservation Award 2013 constituted by Ministry of Power, Govt. of
India.
IOML was presented the ‘Africa
Sustainability Leadership Award- 2013’ under the category ‘Best Community
Action’ under the aegis of World CSR Congress. The Sustainability Awards is a
leading industry event for recognising and rewarding outstanding achievement in
sustainability in the built environment, with participation from nearly 30
countries.
Won Bronze at the fifth edition of
the Rural Marketing Association of India Flame Awards-2013 in the Category
‘Channel Marketing/Retailer Incentive of the year’ for its Kisan Seva Kendra
brand of retail outlets set up in the rural hinterland.
For the sixth consecutive year,
IndianOil was conferred the coveted Oil and Gas Supply Chain Excellence Award
at the 7th Express, Logistics and Supply Chain Conclave held in Mumbai.
Conferred the SKOCH Platinum Award
under the category of innovative mobile applications for Mobile applications M-Power and X-Sparsh.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW AND OUTLOOK
GLOBAL
During the year, expansion of global trade and services moved at a
moderate pace. GDP growth, however decelerated further in 2013 to 3.0 percent
from 3.2 percent in 2012 and 4.0 percent in 2011. While growth plunged in
advanced economies and emerging economies, some green-shoots were observed in
the advanced economies group that came in as a boost for the overall global
prospects. After six consecutive quarters of contraction, recession ended in
the Euro Area in second quarter of 2013 with growth turning positive. In the
US, as well, growth strengthened in 2013. Moreover, unemployment rate fell in
the US and in the Euro Area. The improving economic situation in the US,
prompted the Federal Reserve to consider tapering the Quantitative Easing (QE),
which finally began in January 2014. The improving economic conditions in the
advanced economies augur well for the overall global outlook and would be a
major factor leading to the expected acceleration in the global growth in 2014.
In emerging economies, the year was marked by episodes of financial
turbulence caused by developments relating to the tapering of QE. During late
May to late September 2013, many emerging economies faced sharp depreciation of
their currencies resulting from capital outflows triggered by the expectation
of withdrawal of QE and later in January 2014 when the Federal Reserve
announced a further cut in QE for February 2014, which was not factored in by
the markets. On the growth front, supply-side constraints and structural
weaknesses continued to affect growth in many emerging economies and many
struggled with high inflation rates as well. There was a slight pickup in
growth in the later half of 2013 mainly on account of stronger export demand
from advanced economies and depreciation of emerging economies’ currencies.
Another worrying feature that emerged was the slowing of growth in China in fourth
quarter 2013, which until now had been the anchor for the emerging economies
group.
Looking ahead, a significant acceleration in global growth is expected
in 2014, with advanced economies, especially the US expected to lead the
growth. However, a number of risks, such as continuing deflation in the Euro
Area, emergence of new geo-political risks such as Russia-Ukraine stand-off and
turmoil at Iraq, weakening growth and financial fragilities in China and the
risk of volatility in the financial markets in response to the phasing out of
QE will continue to be major concerns.
ECONOMIC OUTLOOK
A stable government at the Centre is now a major morale booster in the
current fiscal year. On the other hand, risks in the form of weaker agriculture
growth due to below normal monsoon could affect overall growth and also
add to inflationary pressures. The economy is expected to recover
gradually with the GDP at factor cost at constant price at 5.4 to 5.9 percent
in 2014-15. This considers the revival of growth in the industrial sector with
stable current account and steady capital inflows, improved fiscal situation
and, on the supply side, improved electricity generation and recovery in
manufacturing and private services sectors. Turning around the investment and
consumer sentiment in the country is a priority area and pivotal to bringing
back accelerated growth of the economy.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2014
[RS.
IN MILLIONS]
|
|
PART I |
Three Months
ended |
|
Sr. No. |
Particulars |
30.06.2014 |
|
1. |
Income from
Operations |
|
|
|
Net Sales |
1246662.000 |
|
|
Other Operating Income |
2904.900 |
|
|
Net Sales/Income
from Operations |
1249566.900 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Material Consumed
|
572024.200 |
|
|
Purchase of Stock in Trade |
500241.300 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
62774.400 |
|
|
Employee Benefits Expenses |
14783.800 |
|
|
Depreciation and Amortization Expenses |
14948.800 |
|
|
Other Expenses |
62777.400 |
|
|
Total |
1227549.900 |
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
22017.000 |
|
4. |
Other Income |
18172.200 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
40189.200 |
|
6. |
Finance Cost |
9139.400 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
31049.800 |
|
8. |
Exceptional Items |
4456.100 |
|
9. |
Profit
/ (loss) before Tax (7+8) |
35505.900 |
|
10. |
Tax Expenses |
|
|
|
-Current tax |
6391.900 |
|
|
-Mat credit entitlement |
0.000 |
|
|
-Deferred tax |
3884.600 |
|
|
|
10276.500 |
|
11. |
Net
Profit for the period (09-10) |
25229.400 |
|
12. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
24279.500 |
|
13. |
Reserves Excluding Revaluation Reserve |
|
|
14. |
Basic and Diluted Earnings Per Share (EPS) (Rs. 10 each)
Not Annualised |
10.39 |
|
|
|
|
|
|
PHYSICAL |
|
|
|
Product Sales |
|
|
|
- Domestic |
18.768 |
|
|
- Export |
1.004 |
|
|
Refineries Throughput |
12.866 |
|
|
Pipelines Throughput |
18.890 |
|
|
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
Public
Shareholding |
|
|
|
-Number of Shares |
762986920 |
|
|
- Percentage of Shareholding |
31.43 |
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
1664965562 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
68.57 |
|
Particulars
|
3 Months ended 30.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
407 |
|
Disposed of during the quarter |
407 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above results
have been reviewed and recommended by the Audit Committee in its meeting held
on August 11, 2014 and approved by the Board of Directors at its meeting held
on August 12, 2014.
2)
The Financial
Results have been reviewed by the Statutory Auditors as required under clause
41 of the listing agreement.
3)
Average Gross
Refining Margin for the period April - June 2014 is $ 2.25 per bbl (April -
June 2013: $ 2.66 per bbl).
4)
a)
In line with the
scheme formulated by Petroleum Planning and Analysis Cell (PPAC), the Company
has received during the period April - June 2014, discounts of Rs. 81072.100
Millions (April - June 2013: Rs. 81517.700 Millions) on Crude Oil/Products
purchased from ONGC/GAIL/OIL/CPCL towards part of the under recovery suffered
on sale of regulated products viz. HSD, SKO (PDS) and LPG (Domestic), and the
same has been adjusted against the purchase cost.
b)
The company has
accounted for Budgetary Support of Rs. 60756.300 Millions during the period
April - June 2014 (April - June 2013: Rs. 42612.900 Millions) towards
under-recovery on sale of regulated products viz. HSD, SKO (PDS) and LPG
(Domestic) in Statement of Profit and Loss as Revenue Grants.
c)
Consequent to
non-revision of retail selling prices in line with international prices and pending
crystallization of compensation from Government of India at the year end, the
Company has suffered net under-realization of Rs. 11455.000 Millions (April -
June 2013: Rs. 12116.700 Millions) on sale of regulated products viz. HSD, SKO
(PDS) and LPG (Domestic).
5)
The company has
recovered Rs. 4456.100 Millions during the period April - June 2014 (April -
June 2013: Rs. 4362.900 Millions) from the sale of petroleum products in the
state of Uttar Pradesh as additional state specific surcharge towards recovery
of Entry Tax paid in earlier years in line with MOPandNG order dated March 30,
2013.
6)
On August 2,
2013, RBI announced a forex swap window for public sector oil companies for
meeting its daily US dollar requirements. Income of Rs. 6805.600 Millions has
been accounted as Premium on Forward Contracts and Rs. 648.400 Millions as
Exchange Gain (Net) on transactions settled during the quarter.
7)
The Corporation
is in process of technically evaluating useful lives of its fixed assets and
componentization thereof vis-a-vis the useful lives stated under Schedule-II to
the Companies Act, 2013. Pending such evaluation, the Corporation has provided
depreciation for the quarter by applying the rates that were applicable for the
previous financial year. Its impact is unascertainable at this stage and
adjustments shall be carried out in subsequent quarters after finalization of
technical evaluation / componentization.
8)
Impact, if any,
on account of impairment of assets will be reviewed at the year end.
9)
Figures for the
previous periods have been regrouped wherever necessary.
SEGMENT
WISE RESULTS
|
|
3 Months Ended |
|
|
Particulars |
30.06.2014 |
|
|
1. |
SEGMENT REVENUE |
|
|
|
a) Sale of Petroleum Products |
1206134.300 |
|
|
b) Sate of Petrochemicals |
50174.700 |
|
|
c] Other Business Activities |
45735.400 |
|
|
Sub-total |
1302044.400 |
|
|
Less: Inter-segment Revenue |
52477.500 |
|
|
TOTAL REVENUE |
1249566.900 |
|
|
|
|
|
2. |
SEGMENT RESULTS: |
|
|
|
a) Profit Before Tax, Interest income. Interest
expense, Dividend and Exceptional Items from each segment |
|
|
|
i) Sale of Petroleum Products |
19700.600 |
|
|
ii) Sale of Petrochemicals |
2194.400 |
|
|
iii) Other Business Activities |
278.100 |
|
|
Sub-total of (a) |
22173.100 |
|
|
b) Finance Cost |
9139.400 |
|
|
c) Other un-allocable expenditure (Net of
un-allocable income) |
(18016.100) |
|
|
d) Exceptional Items |
4456.100 |
|
|
PROFIT BEFORE TAX
(a-b-c+d) |
35505.900 |
|
|
|
|
|
3. |
CAPITAL EMPLOYED: |
|
|
|
(Segment
Assets - Segment Liabilities) |
|
|
|
a) Sale of
Petroleum Products |
1049451.200 |
|
|
b) Sale of Petrochemicals |
155489.200 |
|
|
c) Other Business Activities |
6832.700 |
|
|
d) Unallocable - Corporate |
(527227.800) |
|
|
TOTAL |
684545.300 |
NOTES:
a)
Segment Revenue comprises Net sales/income from operations
(Net of excise duty) and Other Operating Income.
b)
Other Business segment of the Corporation comprises; Sale of Gas, Oil
and Gas Exploration Activities, Explosives and Cryogenic Business and Wind Mill
S Solar Power Generation.
c) Figures for the previous periods
have been re-arranged wherever necessary.
CONTINGENT
LIABILITIES [AS ON 31.03.2014]:
1)
Contingent Liabilities amounting to Rs.116766.500
Millions (2013: Rs.116196.800 Millions) are as under :
· Rs.2104.300 Millions (2013: Rs.2257.000 Millions) being the demands raised by the Central Excise /Customs/ Service Tax authorities including interest of Rs.491.500 Millions (2013 : Rs.438.200 Millions).
Rs.11732.000
Millions (2013: Rs.12948.000 Millions) in respect of demands for Entry Tax
from State Governments including interest of Rs.461.000 Millions (2013 :
Rs.449.400 Millions).
Rs.45818.400
Millions (2013: Rs.46319.300 Millions) in respect of VAT/ Sales Tax demands
including interest of Rs.14959.300 Millions (2013: Rs.16105.000
Millions).
Rs.29041.600
Millions (2013: Rs.29622.500 Millions) in respect of Income Tax demands
including interest of Rs.2339.000 Millions (2013 : Rs.2682.200
Millions).
Rs.21138.400
Millions (2013: Rs.19172.600 Millions) including Rs.16016.500 Millions (2013:
Rs.16004.900 Millions) on account of Projects for which suits have been filed
in the Courts or cases are lying with Arbitrator. This includes interest of Rs.654.200
Millions (2013: Rs.378.100 Millions).
Rs.6931.800
Millions (2013: Rs.5877.400 Millions) in respect of other claims
including interest of Rs.1195.100 Millions (2013 : Rs.987.300 Millions).
The Company has not considered those disputed demands/
claims as contingent liabilities, for which, the outflow of resources has been
considered as remote.
2)
Pending decision of the Government, no liability
could be determined and provided for in respect of additional compensation, if
any, payable to the land owners and the Government for certain lands acquired.
3)
The Company has issued Corporate Guarantee in
favour of three beneficiaries i.e. Bolivarian Republic of Venezuela (Republic),
The Corporacion Venezolana del Petroleo S.A. and PeTroCarabobo S.A., on behalf
of Indoil Netherlands B.V., Netherlands (an associate company) to fulfill the
associate company’s future obligations
4)
of payment of signature bonus / equity contribution
/ loan to the beneficiaries. The total amount sanctioned by the Board of
Directors is USD 424 million. The estimated amount of such obligation (net of
amount paid) is Rs.22365.800 Millions - USD 373.26 million (2013:
Rs.20542.300 Millions – USD 378.38 million).
5)
The company has issued Corporate Guarantee on
behalf of ‘Indian Synthetic Rubber Limited (ISRL), Joint venture company to the
extent of obligations of later company under loans (principal and interest
both) made to ISRL by ‘Japan Bank for International Cooperation (JBIC)’ and
‘Mizuho Corporate Bank (MHCB)’. The Company’s share of such obligation is
estimated at Rs.3334.400 Millions - USD 55.65 million (2013: Rs.3025.700
Millions – USD 55.73 million).
6)
The company has entered into Master Guarantee
Agreement, on behalf of its subsidiaries viz. Indoil Global B.V. and Indoil
Montney Limited for all of its payments and performance obligations under the
various Project Agreements entered by the subsidiaries with PETRONAS Carigali
Canada B.V. and Progress Energy Canada Limited. The total amount sanctioned by
the Board of Directors is CAD 3907 million. The estimated amount of such
obligation (net of amount paid) is Rs.151816.300 Millions - CAD 2,791.07
million (2013: NIL).
FIXED ASSETS:
Tangible assets
· Land
Buildings,
Roads etc.
Plant
and Machinery
Office
Equipments
Transport
Equipments
Furniture
and Fixture
Railway
Sidings
Drainage,
Sewage and Water Supply Systems
Intangible assets
· Licenses
Computer
Software
PRESS RELEASES
IOC
TO BEGIN COMMISSIONING PARADIP REFINERY BY DECEMBER
12
Aug, 2014
NEW DELHI: Indian Oil Corporation, the nation's largest
oil firm, today said it will begin commissioning its Rs 300000.000 Millions Paradip refinery in Odisha by the end of the year.
"We are looking at commissioning of various
units in stages beginning December," IOC Director (Refineries) Sanjiv
Singh told reporters here.
Commissioning of the full 15 million tons unit
will take a few months.
Paradip refinery has been delayed by two years.
It was originally to come up in 20.
INDIAN OIL CORPORATION TO SET UP TWO NEW PLANTS IN UTTARAKHAND
Aug
1, 2014
DEHRADUN: To streamline supply of LPG in Uttarakhand,
the Indian Oil Corporation will set up two new plants in the
state besides doubling the capacity of its plants in Haridwar and Haldwani.
The Corporation will double the current capacity of its Haldwani and
Haridwar plants from 5,000 tonnes to 10000 tonnes and will also set up two new
plants in the state, IOCofficials
told Chief Secretary Subhash
Kumar at a meeting here, an official
release said.
The IOC will also set up two new plants in Uttarakhand, one each in
Dehradun and Kotdwar to meet the state's LPG requirements.
IOC has a capacity of only 10,000 tonnes of LPG per month against the
state's total requirement of 16,000 tonnes of LPG per month.
INDIAN OIL REPORTS
NET PROFIT OF RS. 25230.000 MILLIONS FOR THE QUARTER ENDED 30TH JUNE, 2014
IOC has reported a net profit of Rs. 25230.000 Millions on Income from
Operations of Rs. 1249570.000 Millions for the quarter ended 30.6.2014. During
the corresponding period in the previous year, the Corporation reported a net
loss of Rs. 30930.000 Millions on Income from Operations of Rs. 1104670.000
Millions. The increase in net profit during the first quarter of the current
year vis-a-vis the same quarter of the last year is mainly attributable to
exchange variations and lower interest cost.
Mr. B. Ashok, Chairman, Indian Oil, said, “Indian Oil sold 19.772
million tonnes of products, including exports, during April-June 2014. Our refining
throughput for Q1 2014-15 was 12.866 million tonnes and the throughput of the
Corporation’s countrywide pipelines network was 18.890 million tonnes during
the same period.”
PRICE CHANGES W.E.F
MIDNIGHT OF 31ST JULY/1ST AUG'14
New Delhi, July 31, 2014
During the past fortnight, Petrol prices have shown a downward trend while the INR-USD exchange rate has slightly depreciated. The combined impact of the two factors warrants a decrease in RSP of MS by Rs. 1.09/ litre at Delhi (inclusive of VAT) with corresponding decrease in other states. The said decrease is being effected from midnight of 31st July/1st Aug'14.
Further, since price of Diesel in international market has also shown a
downtrend, the selling price of Diesel sold to bulk consumers (Bulk HSD) shall
reduce by Rs 0.72/litre at Delhi (including VAT) with corresponding decrease in
other states.
International prices of LPG also witnessed a downtrend during this period. As a
consequence of which selling price of Domestic Non-Subsidised LPG cylinder
shall reduce by Rs 2.50 for a 14.2 kg cyl and that of LPG Commercial cylinder
by Rs 4.00 for a 19 kg cyl at Delhi (including VAT) with corresponding decrease
in other states.
For Retail Diesel, on 17th Jan’13, GOI authorized PSU OMCs to increase selling
price within a small range every month. Accordingly, an increase of Rs.
0.50/litre (excluding VAT) is being effected in Retail Diesel prices resulting
in increase of Rs. 0.56/ litre in RSP at Delhi (including VAT) with
corresponding increase in other states.
INDIANOIL R&D
WINS NATIONAL AWARDS FOR TECHNOLOGY INNOVATION
New Delhi, July 24,
2014
In a grand event held recently, IndianOil R&D won two national awards for technology innovation. IndianOil’s innovative “REACH Compliant Novel Internal Donors Based Ziegler–Natta Catalysts for Producing Phthalate Free Polypropylene" was adjudged as the winner of the 4th National Awards for Technology Innovation in Petrochemical and Downstream Plastics Processing Industry in the category of Innovation in Green Polymeric Materials and Products.
The award was presented by the Union Minister for Chemicals and Fertilizers,
Shri Ananth Kumar, to Dr. RK Malhotra, former Chairman and Director (R&D)
and Dr. GS Kapur, DGM (Petrochemicals), IndianOil R&D, in the presence of
Shri Nihal Chand, Minister of State for Chemicals and Fertilizers, and the
who’s who of the Indian Plastics Industry at glittering function held on 17
July 2014 in New Delhi.
In addition, the Solar LED Light designed and developed IndianOil
R&D was awarded the Runners-Up award in the category of Innovations in
Polymer Product. The award was presented in the function by the Union Minister
for Chemicals and Fertilizers, Shri Ananth Kumar, to Dr. RK Malhotra, former
Chairman and Director (R&D) and Shri Umish Srivastava, CRM (Alternate
Energy - Solar), IndianOil R&D, in the presence of Shri Nihal Chand,
Minister of State for Chemicals and Fertilizers.
Instituted by the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, Government of India, these National Awards are conferred for Technology Innovation in the fields of Polymeric Material, Polymeric Products, Polymer Processing Machinery and Equipment, Polymer Waste Management and Recycling Technology, Green Polymeric Materials and Products, Polymers in Agriculture and Water Conservation, Polymers in Public Health Care and Research in the field of Polymer Science and Technology. The award consists of a Shield, a Citation and a cash prize of Rs. 2 lakh to the Winners.
With Innovation as one the core Corporate Values, IndianOil has done
path-breaking research and has become the first Indian Company to develop novel
REACH compliant Internal Donors, based on 1,2-pheneylene dioates (Indian Patent
2040/MUM/2012 and PCT published WO 2014/013401 A1). The IndianOil team of
inventors include Dr. Bhaskar Bantu, SRO, Dr. Sukhdeep Kaur, SRO, Dr. KK
Naresh, SRO, Dr. Gurmeet Singh, DMR, Dr. G.S. Kapur, DGM (PC), Dr. Shashikant,
former GM (PC) and Scientists Emeritus; Dr B Basu, former ED (LT) and Dr. RK
Malhotra, former Director (R&D).
REACH is an EU regulation on Registration, Evaluation, Authorisation and
Restriction of Chemicals. It was enforced on 1st June 2007 and streamlines the
former legislative framework on chemicals of European Union (EU). It addresses
the production and use of chemical substances, and their potential impact on
both human health and the environment.
The second award celebrates innovation achieved by IndianOil R&D in
designing the Solar LED light with respect to use of polymeric materials of
construction as well as multi-purpose use of the product as a lamp, lantern,
mobile charger, bulb and torch.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.25 |
|
|
1 |
Rs. 103.02 |
|
Euro |
1 |
Rs. 81.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.