MIRA INFORM REPORT

 

 

Report Date :

25.07.2014

                                                         

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) :

31.03.2014

 

 

Date of Incorporation :

03.11.1952

 

 

Com. Reg. No.:

11-008931

 

 

Capital Investment / Paid-up Capital :

Rs.7230.800 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 Exchanges.

 

 

Line of Business :

Subject is engaged refining crude oil and markets petroleum products, as well as explores and produces hydrocarbons.

 

 

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 779000000

 

 

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 .Payment terms 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

 

N E W S

 

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

 

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

 

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

 

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

 

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

 

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

 

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

 

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

 

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

 

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

LONG TERM RATING : AAA

Rating Explanation

Highest degree of safety and lowest credit risk

Date

04.04.2014

 

Rating Agency Name

CRISIL

Rating

SHORT TERM RATING : 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

 

Management Non-Cooperative

 

Contact No.: 91-22-22713000

 

 

LOCATIONS

 

Registered Office / LPG Business Head Quarters / Industrial and Commercial Business Head Quarters :

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 / 22832646

E-Mail :

okesy@bharatpetroleum.com

dixitns@bharatpetroleum.in

balasubramanian@bharatpetroleum.in

Website :

http://www.bharatpetroleum.com

www.bharatpetroleum.co.in

http://www.bharatpetroleum.in

 

 

Factory  :

Lubricant Plant

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

 

24, Parganas, Budge-Budge 743319

 

 

 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

 

 

 

 

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 30.06.2014

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Central Government / State Government(s)

397200120

54.93

Sub Total

397200120

54.93

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

397200120

54.93

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

60920256

8.43

Financial Institutions / Banks

1096512

0.15

Central Government / State Government(s)

6222222

0.86

Insurance Companies

46695097

6.46

Foreign Institutional Investors

88438475

12.23

Sub Total

203372562

28.13

(2) Non-Institutions

 

 

Bodies Corporate

35939108

4.97

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

15588114

2.16

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

2102785

0.29

Any Others (Specify)

68881559

9.53

Non Resident Indians

624124

0.09

Clearing Members

799961

0.11

Trusts

67457474

9.33

Sub Total

122511566

16.94

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

 

 

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

 

 

 

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

723084248

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged refining crude oil and markets petroleum products, as well as explores and produces hydrocarbons.

 

 

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 31.03.2014

(Rs. In Millions)

As on 31.03.2013

(Rs. In Millions)

Long term Borrowing

 

 

Debentures

 

 

8.65% Secured Non-Convertible Debentures*

NA

7000.000

7.73% Secured Non-Convertible Debenture 2012**

NA

0.000

 

 

 

Short term Borrowing

 

 

Loans repayable on demand Form Bank

 

 

Working Capital Loans / Cash Credit*

 

NA

6604.700

Collateralized Borrowing and Lending Obligation **

 

NA

6220.000

Total

NA

19824.700

 

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 :

--

 

 

Financial Institutions :

SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

 

 

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 31.03.2014

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs.7230.800 Millions

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,50,00,00,000

Equity Shares

Rs.10/- each

Rs.25000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

72,30,84,248

Equity Shares

Rs.10/- each

Rs.7230.800 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. 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.

 

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  Rs.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 shareholders

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

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

7230.800

7,230.800

3,615.400

(b) Reserves & Surplus

187356.800

159,109.400

145,523.200

(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)

194587.600

166,340.200

149,138.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

118083.600

55,083.700

21,590.900

(b) Deferred tax liabilities (Net)

13609.000

16,557.200

14,005.600

(c) Other long term liabilities

607.400

608.200

559.600

(d) long-term provisions

11573.100

4,350.600

4,099.600

Total Non-current Liabilities (3)

143873.100

76,599.700

40,255.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

81837.000

180,584.200

190,873.500

(b) Trade payables

120349.600

87,831.100

128,664.000

(c) Other current liabilities

156940.900

135,336.200

133,661.000

(d) Short-term provisions

26685.900

23,182.500

13,477.000

Total Current Liabilities (4)

385813.400

426,934.000

466,675.500

 

 

 

 

TOTAL

724274.100

669,873.900

656,069.800

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

221046.100

166,240.300

165,362.400

(ii) Intangible Assets

0.000

663.800

761.400

(iii) Capital work-in-progress

0.000

25.300

25.300

(iv) Intangible assets under development

0.000

24,172.100

11,165.300

(b) Non-current Investments

72381.000

69,421.000

49,702.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

32666.600

25,284.000

34,589.700

(e) Other Non-current assets

1661.400

169.300

9.500

Total Non-Current Assets

327755.100

285,975.800

261,616.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

46087.900

51,609.000

59,471.300

(b) Inventories

190711.300

166,903.700

159,480.600

(c) Trade receivables

40801.600

40,251.300

63,783.400

(d) Cash and cash equivalents

2037.600

23,288.600

9,788.500

(e) Short-term loans and advances

9413.500

12,449.800

7,925.800

(f) Other current assets

107467.100

89,395.700

94,003.700

Total Current Assets

396519.000

383,898.100

394,453.300

 

 

 

 

TOTAL

724274.100

669,873.900

656,069.800

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue  From Operations

2599334.900

2401157.500

2119729.700

 

 

Other Income

15957.000

16802.300

17017.800

 

 

TOTAL                                     (A)

2615291.900

2417959.800

2136747.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase stock in trade

1308978.700

1258196.000

1121591.500

 

 

Raw materials consumed

1091974.300

974894.900

855629.700

 

 

Increase/(Decrease)/ Changes  in Inventory

(20303.000)

(14717.900)

(6016.000)

 

 

Employee Benefits Expenses 

28963.500

27688.700

22610.700

 

 

Other Expenses

110129.600

94027.800

87245.300

 

 

Prior Period Income/ (Expenses) net

0.000

0.000

0.000

 

 

TOTAL                                     (B)

2519743.100

2340089.500

2081061.200

 

 

 

 

 

 

Less

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

95548.800

77870.300

55686.300

 

 

 

 

 

Less

INTEREST                                                         (D)

13590.800

18252.400

17995.900

 

 

 

 

 

 

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

81958.000

59617.900

37690.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

22468.200

19261.000

18848.700

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

59489.800

40356.900

18841.700

 

 

 

 

 

Less

TAX                                                                  (H)

18881.000

13927.900

5729.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

40608.800

26429.000

13112.700

 

 

 

 

 

 

Transfer from / (to) Debenture Redemption Reserve

NA

0.000

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5000.000

5000.000

5000.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed dividend

NA

7953.900

3977.000

 

 

Corporate Dividend Tax on proposed dividend

NA

1274.700

571.600

 

 

Transfer to General Reserve

NA

17200.400

8564.100

 

BALANCE CARRIED TO THE B/S

NA

5000.000

5000.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports on FOB basis

NA

184556.100

193156.100

 

TOTAL EARNINGS

NA

184556.100

193156.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials (including Crude Oil)

NA

763913.300

687842.900

 

 

Capital goods

NA

2667.200

1482.900

 

 

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

NA

1523.500

539.500

 

TOTAL IMPORTS

NA

768104.000

689865.300

 

 

 

 

 

 

Earnings Per Share (Rs.)

56.16

36.55

36.27

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

 

31.03.2012

 

PAT / Total Income

(%)

2.29

1.09

0.61

 

 

 

 

 

Net Profit Margin

 (PBT/Sales)

(%)

1.55

1.67

0.88

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.13

 

7.00

3.17

 

 

 

 

 

Return on Investment

(ROI) (PBT/Networth)

 

0.31

 
0.24
0.13

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.03

 
1.42
1.42

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.55

 

0.90

0.85

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT/EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(INR in Mlns.)

(INR in Mlns.)

(INR in Mlns.)

Share Capital

3615.400

7230.800

7230.800

Reserves & Surplus

145523.200

159109.400

187356.800

Share Application money pending allotment

0.000

0.000

0.000

Net worth

149,138.600

166,340.200

194,587.600

 

 

 

 

long-term borrowings

21590.900

55083.700

118083.600

Short term borrowings

190873.500

180584.200

81837.000

Total borrowings

212,464.400

235,667.900

199,920.600

Debt/Equity ratio

1.425

1.417

1.027

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Revenue from operations

2119729.700

2401157.500

2599334.900

 

 

13.277

8.253

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Revenue from operations

2119729.700

2401157.500

2599334.900

Profit After Tax

13112.700

26429.000

40608.800

 

0.62%

1.10%

1.56%

 

 

 

 

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

 

VIEW INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10493295

11/04/2014

8,880,000,000.00

OIL INDUSTRY DEVELOPMENT BOARD

301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI- 110001, INDIA

C04233615

2

10400513

05/01/2013

7,000,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA

B67010710

3

10079177

03/08/2009 *

100,000,000.00

STATE BANK OF INDIA

STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI 400021, MAHARASHTRA , INDIA

A66875428

4

90164106

30/01/2001

4,000,000,000.00

STATE BANK OF INDIA

VOLTAS HOUSE; 23; J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

-

5

90165239

03/10/1997

2,468,000,000.00

STATE BANK OF INDIA

SERCURITIES AND SERVICES DIVISION, MUMBAI MAIN BR 
ANCH; STATE BANK BUILDING; M.S. MARG, MUMBAI - 400023, MAHARASHTRA, INDIA

-

6

90162015

27/02/2009 *

100,000,000,000.00

STATE BANK OF INDIA

STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA

A58670241

 

* Date of charge modification

 

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

 

Presentation Date :- 24.09.2013

 

Lodging No:-

ITXAL/1554/2013

Failing Date:-

24.09.2013

Reg. No.:-

ITXA/353/2014

Reg. Date:-

20.02.2014

 

Petitioner:-

COMMISSIONER OF INCOME TAX - 2

Respondent:-

BHARAT PETROLEUM CORPORATION LIMITED

 

Petn.Adv:-

SURESH KUMAR

 

District:-

MUMBAI

 

Bench:-

DIVISION

Category:-

TAX APPEALS

Status:-

Pre – Admission

Stage:-

FOR REJECTION [ ORIGINAL SIDE MATTERS

 

 

 

 

Next Date:-

25.06.2014

 

Coram:-

ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

 

 

 

 

Act:-

Income Tax Act, 1961

Under Section:-

260 A

 

 

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.60.00

UK Pound

1

Rs.102.19

Euro

1

Rs.80.68

 

 

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

 

 

 

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.