MIRA INFORM REPORT
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Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ESSAR OIL LIMITED |
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Registered
Office : |
Khambhalia, Post Box No - 24, District Jamnagar - 361 305, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.09.1989 |
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Com. Reg. No.: |
04-032116 |
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Capital
Investment / Paid-up Capital : |
Rs.13822.700 Millions |
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CIN No.: [Company Identification
No.] |
L11100GJ1989PLC032116 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTE00150D |
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Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is primarily engaged in the business of refining and marketing
of petroleum products in domestic and overseas markets and also engaged in
the business of Exploration and Production. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 87220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of ESSAR GLOBAL FUND LIMITED. It is an
established company having satisfactory track record. The company has recovered its accumulated losses and it has achieved
some profit during financial year 2014. Further company gets good financial
and managerial support from its parent company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong holding support, the company can be considered for
business dealing 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = BBB+ |
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Rating Explanation |
Have moderate degree of safety and carry moderate
credit risk. |
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Date |
31.03.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3+ |
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Rating Explanation |
Have moderate degree of safety and carry
high credit risk. |
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Date |
31.03.2014 |
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-Co-operative. (Tel No.91-22-66601100)
LOCATIONS
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Registered Office / Factory 1 : |
Khambhalia Post,
Post Box No. 24, District Jamnagar – 361 305, Gujarat, India. |
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Tel. No.: |
91-2833-241444 |
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Fax No.: |
91-2833-662929 |
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E-Mail : |
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Website : |
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Corporate
Office 1 : |
Essar House, P.
O. Box No. 7945, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400 034,
Maharashtra, India |
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Tel. No.: |
91-22-24950606/66601100/ |
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Fax No.: |
91-22-23544281/
23540450 |
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E-Mail : |
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Website: |
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Factory 2 : |
The company’s Oil
fields are located at Mehsana, Gujarat, India |
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Corporate
Office 2 : |
Located at:
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Overseas
Office : |
Located at:
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DIRECTORS
As on 31.03.2013
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Name : |
Mr. Prashant Ruia |
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Designation : |
Chairman |
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Name : |
Mr. Naresh K.
Nayyar |
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Designation : |
Deputy Chairman |
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Name : |
Mr. Lalit Kumar
Gupta |
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Designation : |
Managing Director
and Chief Executive Officer |
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Name : |
Mr. Chakrapany
Manoharan |
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Designation : |
Director
(Refinery) |
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Name : |
Mr. Philip S.
Aiken |
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Designation : |
Director |
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Name : |
Mr. Dilip J.
Thakkar |
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Designation : |
Director and Independent
Director |
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Name : |
Mr. K. N.
Venkatasubramanian |
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Designation : |
Director |
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Name : |
Mr. V.S. Jain |
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Designation : |
Director |
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Name : |
Mr. Rajiv Pal Singh |
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Designation : |
Nominee of State Bank of India |
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Name : |
Mr. Melwyn Rego |
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Designation : |
Nominee of IDBI
Limited |
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Name : |
Mr. Suneet Shukla |
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Designation : |
Nominee of IFCI
Limited |
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Name : |
Mr. R. Sudarsan |
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Designation : |
Nominee of LIC of India |
KEY EXECUTIVES
|
Name : |
Mr. Sheikh S
Shaffi |
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Designation : |
Company Secretary
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SHAREHOLDING PATTERN
As on 31.03.2014
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Names of Shareholders |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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6215026 |
1.25 |
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6215026 |
1.25 |
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354714647 |
71.22 |
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354714647 |
71.22 |
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Total shareholding of Promoter and Promoter Group (A) |
360929673 |
72.47 |
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(B) Public Shareholding |
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10010800 |
2.01 |
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11270152 |
2.26 |
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22648076 |
4.55 |
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43929028 |
8.82 |
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21399539 |
4.30 |
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62938445 |
12.64 |
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6512193 |
1.31 |
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2344168 |
0.47 |
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2344168 |
0.47 |
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93194345 |
18.71 |
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Total Public shareholding (B) |
137123373 |
27.53 |
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Total (A)+(B) |
498053046 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
951463854 |
0.00 |
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0 |
0.00 |
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951463854 |
0.00 |
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Total (A)+(B)+(C) |
1449516900 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is primarily engaged in the business of refining and marketing
of petroleum products in domestic and overseas markets and also engaged in
the business of Exploration and Production. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Long term
borrowings: The
classification of loans between current liabilities and non-current liabilities
continues based on repayment schedule under respective agreements as no loans
have been recalled due to non-compliance of conditions under any of the loan
agreements. The non-compliance of conditions under the loan agreements are
primarily arising out of the order of the Hon’ble Supreme Court dated January
17, 2012 (refer note 36). This is in accordance with the guidance issued by
the Institute of Chartered Accountants of India on Revised Schedule VI to the
Companies Act, 1956. Security for term
loans and funded interest facilities from banks and financial institutions
and debentures: a)
Term loans and funded interest facilities of
Rs.6996.080 Millions (Previous year Rs.93620.600 Millions) and debentures of
Rs.1521.800 Millions (Previous year Rs.1842.100 Millions) are secured / to be
secured by first ranking security interests (pari passu with loans for
refinery expansion, refinery optimisation, refinanced ECB Loan and Sales tax
/ General purpose term loan) on all immovable assets (except certain leased
out assets), all movable assets other than current assets and second ranking
security interests on current assets, present and future, security interest
on rights, title and interests under project documents, trust and retention
accounts, insurance policies all in relation to the refinery including
refinery expansion and refinery optimisation, by pledge of certain shares of
the Company held by promoters, personal guarantees of some of the promoters
and other collaterals being charge on pledge of certain shares of the Group
Company and charge by way of mortgage over a property of Group Company. Term
Lenders have agreed to release personal guarantees and collaterals thereto
and majority of the lenders have already released the same and other are in
process of releasing. A term loan of Rs.607.800 Millions (Previous year
Rs.1098.200 Millions) {(including funded interest facilities of Rs.213.700
Millions) (Previous year Rs.441.200 Millions)} is also secured by a corporate
guarantee and certain assets of a Group Company. b)
Corporate term loan from a bank of Rs.10000.000
Millions (Previous year Rs.5000.00 Millions) is secured by first charge on
all current assets (ranking pari passu with working capital facility)
excluding that of exploration and production division, second charge by way
of mortgage of land and building and plant and machinery and other assets
excluding certain category of assets, personal guarantees of some of the
promoters and corporate guarantee by a Group Company and other collaterals
being second charge on pledge of certain shares of the Company and that of a
Group Company held by promoters and second charge by way of mortgage over a
property of Group Company. c)
Sales tax / General purpose term loan from a bank
of Rs.31430.000 Millions (Previous year Rs. Nil) is secured / to be secured
by first ranking security interests
(pari passu with loans for refinery, refinery expansion, Refinanced ECB Loan
and refinery optimisation) on all immovable assets (except certain leased out
assets), all movable assets other than current assets and second ranking
security interests on current assets, present and future, personal guarantees
of some of the promoters and certain undertakings provided from holding
companies. d)
Refinanced ECB Loan from bank of Rs.14669.300
Millions (Previous year Rs. Nil) is secured/to be secured by first ranking
security interests (pari passu with loans for refinery, refinery expansion,
refinery optimisation and Sales tax / General purpose term loan) on all
immovable assets of Refinery Division, all movable assets of refinery
division other than current assets and second ranking security interests on
current assets, present and future, pledge of certain shares of the Company
held by promoters. e)
Term loans of Rs.39904.300 Millions (Previous
year Rs.45620.300 Millions) for the Refinery expansion are secured / to be
secured by first ranking security interests (pari passu with loans for
refinery, refinery optimisation, Refinanced ECB and Sales tax / General
purpose term loan) on all immovable assets, all movable assets other than
current assets and second ranking security interests on current assets,
present and future, charge over immovable properties leased to entities
implementing the terminal utility, power utility and township utility (subject
to prior charge in favour of the lenders financing the said utilities),
security interest on rights, title and interests under project documents,
trust and retention accounts, insurance policies in relation to the refinery,
including refinery expansion and further by pledge and non-disposal
undertaking of certain shares/global depository shares of the Company held by
promoters / associates of promoters or of the Company, personal guarantees of
promoters of the Company together with collateral securities and certain
undertakings from holding and group companies and residual charge on the
company’s participating interest and cash flows related to upstream oil and
gas, coal bed methane fields and related assets subject to certain approvals. f)
Term loans of Rs.10134.500 Millions (Previous
year Rs. Nil) for the refinery optimisation are secured by first ranking
security interests (pari passu with loans for refinery, refinery expansion,
Refinanced ECB Loan and Sales tax / General purpose term loan) on all
immovable assets (except certain leased out assets), all movable assets other
than current assets and second ranking security interests on current assets,
present and future, security interest on rights, title and interests under
project documents, trust and retention accounts, insurance policies in
relation to the refinery, refinery expansion and refinery optimisation and
pledge of shares of the Company. g)
Term loans of Rs.5340.700 Millions (Previous year
Rs.3062.100 Millions) is secured by first charge on immovable assets and
movable assets (present and future), first charge over book debts,
operational cash flows, receivables, trust and retention account, Debt
Service Reserve account, participating interest under CBM contract, security
interest on rights, title and interests under the project documents,
insurance policies, clearances, rights under letter of credit, guarantee,
performance bond, corporate guarantee and bank guarantees, all in relation to
a CBM Project. h)
Term loan from a Bank of Rs.12.000 Millions
(Previous year Rs.60.000 Millions) is secured by hypothecation of current
assets of an oilfield, bank escrow accounts for certain receivables and
corporate guarantee by a Group Company. (ii) Repayment and other terms: a)
Secured redeemable non – convertible debentures
(“NCDs”) of Rs.105/- each consists of: 13868,050 (Previous year 16918250) –
12.50% NCDs of Rs.105/- each amounting to Rs.1456.100 Millions (Previous year
Rs.1776.400 Millions). 700000 (Previous year 700000) – 12.50% NCDs, of Rs.100 each on private
placement basis partly paid up at Rs.93.86 per debenture amounting to
Rs.65.700 Millions (Previous year Rs.65.700 Millions). During the year, the Company refinanced its rupee borrowings with one
of its existing lenders into an External Commercial Borrowing (ECB). This
resulted in conversion of debentures having face value of Rs.320.300 Millions
also into the ECB loan. Further, as per the Common Loan Agreement (“the CLA”)
entered with lenders post exit from the Corporate Debt Restructuring (CDR)
Scheme, the Company has agreed to pay interest on a monthly/quarterly basis,
on debentures held by the erstwhile CDR lenders at a floating rate linked to
the base rate of the respective bank prevailing on August 8, 2012, with
effect from January 1, 2012, resulting in the interest rates ranging from
12.32% p.a. to 12.75% p.a. The Company is also in the process of sending
offer letters to the remaining debenture holders (i.e. other than lenders)
giving them, inter alia, an option for prepayment of debentures along with
accumulated interest in full. The principal amount of debentures is otherwise
payable from December 2014 to June 2018 and accumulated interest from
December 2014 to March 2027, with an option to prepay certain portion of
interest at a discounted rate. As an alternative, these debenture holders can
opt for revising the terms and conditions applicable to debentures in line
with the terms contained in the CLA93 The Hon’ble High Court of Gujarat has, in response to the Company’s
petition, ruled vide its orders dated August 04, 2006 and August 11, 2006
that the interest on certain categories of debentures should be accounted on
cash basis. In accordance with the said petition / order, funded / accrued
interest liabilities amounting to Rs.4177.200 Millions (Previous year
Rs.4282.400Millions) as at March 31, 2013 have not been accounted for. This
amount carries interest rate ranging from fixed rate of 5% to a floating rate
of 12.75% and is repayable from December 2014 to March 2027. b)
The Interest rates for Common Loan Agreement
(“the CLA”) (earlier Master Restructuring Agreement (“the MRA”)) loans from
Banks and Financial institutions amounting to Rs.54592.000 Millions (Previous
year Rs.70700.400 Millions) will based on their prime lending rate / base
rate LIBOR plus margin (margin ranges from 2.12% to 3.00%) with different
repayment installments starting from December 2009 to March 2026. c)
During the year, the Company exited Corporate
Debt Restructuring Scheme resulting in termination of the MRA dated December
17, 2004 and entered into a CLA dated March 25, 2013 with the lenders for the
loan facilities which were hitherto being governed by the MRA. The MRA gave
an option, subject to consent of lenders, to the Company to prepay certain
funded interest loans (the FS loans) of Rs.24716.300 Millions on or before
April 24, 2012 without interest. The FS loan has not been prepaid before
April 24, 2012 and is now governed by the CLA. In order to give accounting effect to reflect substance of the
transaction, the FS loan was, since inception, measured by the Company in
accordance with the principles of IAS 39, Financial Instruments, Recognition
and Measurement, in absence of specific guidance in Indian GAAP to cover the
specific situation. In continuance of the above said principle and applying
the principle of Accounting Standard AS 30, Financial Instruments,
Recognition and Measurement, the FS loan has, upon signing of the CLA, been
re-measured since inception, considering present value of cash flows inclusive
of interest. Accordingly, the gross liability of Rs.31638.400 Millions of the
FS loans and funded interest thereon as at March 31, 2013 (comprising of
Rs.21263.600 Millions to the banks and Rs.1037.48 Millions to the financial
institutions) have been measured at Rs.18338.400 Millions (comprising of
Rs.12343.400 Millions to the banks and Rs.5995.000 Millions to the financial
institutions). Consequently, borrowing cost of Rs.5367.100 Millions
attributable to construction of the Refinery Project based on such
re-measurement has been capitalised as part of cost of Fixed Assets and
balance borrowing cost of Rs.1109.400 has been recognised in the statement of
profit and loss. The FS Loans of Rs.24716.300 Millions is repayable in various installments
from March 2021 to March 2026 and the Funded Interest thereon as at March 31,
2013 amounting to Rs.6921.900 Millions is repayable in 40 equal quarterly
installments beginning June 30, 2015. A funded interest loan of Rs.2068.800
Millions (Previous year Rs.2068.800 Millions) is payable in a single bullet
payment in 2031 and is continued to be measured in accordance with the
aforementioned principles at Rs.349.500 Millions (Previous year Rs.316.700
Millions). d)
Terms Loans amounting to Rs.45639.700 Millions
(Previous year Rs.40719.000 Millions) carry interest rate linked with
respective banks’ prime lending rate / base rate / LIBOR plus margin /
liquidity premium and are repayable in installments starting from December
2012 ending in March 2020. Out of above Rs.9484.500 Millions (Previous year
Rs.17076.100 Millions) pertains to Buyers’ Credit which will be ultimately
converted into Term Loan. e)
Term loans amounting to Rs.5340.700 Millions
(Previous year Rs.3062.100 Millions) carry interest rate linked with
respective banks prime lending rate/ base rate/LIBOR plus margin and are
repayable in installments starting from March 2014 and ending in June 2021.
Out of above Rs.676.200Millions (Previous year Rs.324.700 Millions) pertains
to Buyers’ credit which will be ultimately converted into term loan. f)
Term loans amounting to Rs.12.000 Millions
(Previous year Rs.60.000 Millions) carry 12.80% interest rate with repayments
ending in April 2013. g)
ECB Loan amounting to Rs.4399.000 Millions
(Previous year Rs.4901.300 Millions) carry interest rate of LIBOR + 2.75% are
repayable in installments ending in October 2018. h)
ECB Loan
amounting to Rs.14669.300 Millions (Previous year Rs.Nil) carry interest rate
of 6 months LIBOR + 5.00% are repayable in installments starting from March
2015 ending in March 2023. i)
Corporate term loan amounting to Rs.10000.000
Millions (Previous year Rs.5000.00 Millions) carry interest rate at banks’
prime lending rate / base rate plus 3.75% (margin / liquidity premium) and is
repayable in installments from June 2014 to March 2017. j)
General purpose term loan amounting to
Rs.31430.000 Millions (Previous year Rs.Nil) carry interest rate at banks’
prime lending rate / base rate plus 3.00% (margin / liquidity premium) and is
repayable in installments from December 2012 to September 2018. k)
The pilot project for coal bed methane gas was
partially financed by a conditional grant of USD 0.89 million (Previous year
USD 0.89 million) and Rs.23.100 Millions (Previous year Rs.23.100 Millions)
received from a bank. The conditional grant, in terms of the agreement, will
be repayable in the event the Company puts the project to commercial use, and
repayments to the bank will be based on gross annual sales derived from the
commercial exploitation of the project, subject to a maximum repayment of
200% of the conditional grant. Commercial exploitation of the project is
dependent upon getting necessary approvals from the Government of India. l)
Unsecured loans from related parties includes Rs.
Nil (Previous year Rs.11090.000 Millions) carrying interest rate 9.5% and
Rupee loan amounting to Rs.457.500 Millions (Previous year Rs.702.000
Millions) carrying interest rate 10.25% repayable by April 25, 2014 in
various installments. Security for short term borrowing:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins
and Sells Chartered Accountants |
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Address : |
Ahmadabad, Gujarat, India |
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Holding
Companies: |
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Subsidiaries: |
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Associate: |
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Fellow Subsidiaries |
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Companies in which promoters have significant
influence/control : |
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CAPITAL STRUCTURE
After 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
1449516900 |
Equity Shares |
Rs.10/- each |
Rs.14495.169 Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1427593086 |
Equity Shares |
Rs.10/- each |
Rs.14275.900 Millions |
Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
1365667086 |
Equity Shares |
Rs.10/- each |
Rs.13656.700 Millions |
|
61926000 |
Add : Forfeited shares - Equity shares of Rs.10/- each |
|
Rs.166.000 Millions |
|
|
Total |
|
Rs.13822.700
Millions |
a)
Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period
|
Equity Shares |
No.
of Shares |
Rs.In
Millions |
|
Shares outstanding at the beginning of the year |
1365667086 |
13656.700 |
|
Add : Equity Shares issued during the year |
- |
- |
|
Shares outstanding at the end of the year |
1365667086 |
13656.700 |
b)
Terms / rights
attached to the equity Shares / Global depository shares (GDS)
The company has only
one class of equity shares having a par value of Rs.10 per share. Each holder
of equity share is entitled to one vote per share.
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Holders of GDS
will be entitled to receive dividends, subject to the terms of the Deposit
Agreement, to the same extent as the holders of shares, less the fees and
expenses payable under such Deposit Agreement and any Indian tax applicable to
such dividends. Holders of GDS will not have voting rights with respect to the
Deposited Shares.
c)
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
Particulars |
No.
of Shares |
Rs.
In Millions |
|
4,761,000 GDS
(Previous year 4,761,000 GDS) held by Essar Oil and Gas Limited (formerly
known as Vadinar Oil), Mauritius, the holding Company pursuant to section
4(6) of the Companies Act, 1956 |
728433000 |
7284.300 |
|
1,843,724 GDS
(Previous year 1,843,724 GDS) held by Essar Energy Holdings Limited,
Mauritius, subsidiary of the holding company |
282089772 |
2820.900 |
|
Equity shares
held by Essar Energy Holdings Limited, Mauritius, subsidiary of the holding
company |
178858624 |
1788.600 |
|
Equity Shares
held by Essar Power Hazira Holdings Limited (name changed from Hazira Steel 2),
subsidiary of ultimate holding company, Essar Global Fund Limited |
100 |
0.000* |
* Amount less than Rs.0.100 Million
d)
Stock Options
On December 2,
2011, the Company approved grant of 3211391 options (convertible at the option of
the eligible employees into equivalent number of equity shares of Rs.10/- each
of the Company, in three equal installments i.e. at the end of 3rd / 4th / 5th
year from the grant date) to the eligible employees and Executive Directors of
the Company pursuant to Essar Oil Employee Stock Option Scheme 2011 approved by
the members at the 21st Annual General Meeting held on August 12, 2011. The
exercise period for the options is 7 years from the date of vesting.
These stock
options have been granted at an option value of Rs.69.05 per equity share of
face value of Rs.10/- each (i.e. the closing price of the equity shares of the
Company on December 01, 2011 at the National Stock Exchange of India Limited,
being the exchange having the higher quantity of trading of Company’s shares).
2,519,058 options
(Previous year 2,910,749) were outstanding as on March 31, 2013. The
Remuneration Committee of the Board of Directors has noted the forfeiture of
391,691 stock options on May 10, 2013.
e)
Details of
shareholders (including GDS holders) holding more than 5% shares in the Company
|
Particulars |
No.
of Shares |
%
of Shares |
|
4761000 held by Essar Oil and Gas Limited (formerly known as Vadinar Oil)
Mauritius, the holding Company pursuant to section 4(6) of the Companies Act,
1956 |
728433000 |
53.34 |
|
1,843,724 GDSs held by Essar Energy Holdings Limited, Mauritius,
subsidiary of the holding company. |
282089772 |
20.66 |
|
Equity shares held by Essar Energy Holdings Limited, Mauritius,
subsidiary of the Holding Company. |
178858624 |
13.10 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
13822.700 |
13822.700 |
|
(b) Reserves & Surplus |
|
(2754.400) |
7984.700 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
11068.300 |
21807.400 |
|
|
|
|
|
|
Foreign
Currency Compulsory Convertible Bonds |
|
13400.000 |
13400.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
145387.300 |
122028.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
22160.700 |
47955.500 |
|
(d) long-term
provisions |
|
51.400 |
10.000 |
|
Total Non-current
Liabilities (3) |
|
167599.400 |
169993.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
78402.100 |
38183.700 |
|
(b) Trade
payables |
|
113561.000 |
108100.400 |
|
(c) Other
current liabilities |
|
91227.100 |
49124.900 |
|
(d) Short-term
provisions |
|
400.600 |
306.300 |
|
Total Current
Liabilities (4) |
|
283590.800 |
195715.300 |
|
|
|
|
|
|
TOTAL |
|
475658.500 |
400916.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
212561.300 |
212999.000 |
|
(ii)
Intangible Assets |
|
180.200 |
200.200 |
|
(iii)
Capital work-in-progress |
|
26103.800 |
17604.700 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1030.000 |
1030.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
11381.400 |
4109.300 |
|
(e) Other
Non-current assets |
|
13345.300 |
18096.400 |
|
Total Non-Current
Assets |
|
264602.000 |
254039.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
105883.700 |
76816.700 |
|
(c) Trade
receivables |
|
47164.900 |
39969.300 |
|
(d) Cash
and cash equivalents |
|
24306.600 |
20609.400 |
|
(e)
Short-term loans and advances |
|
12762.900 |
2280.200 |
|
(f) Other
current assets |
|
20938.400 |
7201.000 |
|
Total
Current Assets |
|
211056.500 |
146876.600 |
|
|
|
|
|
|
TOTAL |
|
475658.500 |
400916.200 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13822.700 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
51556.300 |
|
|
4] (Accumulated Losses) |
|
|
0.0000 |
|
|
NETWORTH |
|
|
65379.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
122744.200 |
|
|
2] Unsecured Loans |
|
|
22725.100 |
|
|
TOTAL BORROWING |
|
|
145469.300 |
|
|
DEFERRED TAX LIABILITIES |
|
|
114.500 |
|
|
Advance towards issue of global depository shares |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
210962.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
117440.900 |
|
|
Capital work-in-progress |
|
|
84230.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1030.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
57491.400
|
|
|
Sundry Debtors |
|
|
23673.000
|
|
|
Cash & Bank Balances |
|
|
29586.600
|
|
|
Other Current Assets |
|
|
4978.400
|
|
|
Loans & Advances |
|
|
7378.800
|
|
Total
Current Assets |
|
|
123108.200
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
73616.900
|
|
|
Other Current Liabilities |
|
|
39260.000
|
|
|
Provisions |
|
|
1969.800
|
|
Total
Current Liabilities |
|
|
114846.700
|
|
|
Net Current Assets |
|
|
8261.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
210962.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
885781.200 |
583366.300 |
|
|
|
Other Income |
|
6087.800 |
4247.600 |
|
|
|
TOTAL |
|
891869.000 |
587613.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
813339.800 |
528948.500 |
|
|
|
Purchases of traded goods |
|
8667.200 |
19571.600 |
|
|
|
Changes in inventory of finished goods and work-in-progress |
|
(2368.800) |
-9881.000 |
|
|
|
Employee Benefits Expenses |
|
1856.600 |
1345.600 |
|
|
|
Other expenses |
|
33867.400 |
26621.600 |
|
|
|
TOTAL |
|
855362.200 |
566606.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
36506.800 |
21007.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
34235.800 |
13868.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2271.000 |
7139.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
12960.600 |
7619.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE EXCEPTIONAL ITEMS AND TAX |
|
(10689.600) |
(480.200) |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
|
1114.800 |
12374.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
|
(11804.400) |
(12854.800) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
|
(11804.400) |
(12854.800) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(41648.200) |
(28793.400) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(53452.600) |
(41648.200) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest |
|
6.800 |
0.000 |
|
|
|
FOB value of exports |
|
306402.900 |
199153.300 |
|
|
|
Overseas trading of crude / Petroleum
products |
|
0.000 |
12555.100 |
|
|
|
On commodity hedging |
|
12520.100 |
3435.100 |
|
|
|
Income from technical services |
|
222.900 |
147.300 |
|
|
|
Income from sale of participating interest
in an E&P block |
|
0.000 |
0.000 |
|
|
|
Others |
|
65.300 |
72.00 |
|
|
TOTAL EARNINGS |
|
319218.000 |
215362.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
681393.600 |
473612.200 |
|
|
|
Stores & Spares |
|
4591.900 |
1128.100 |
|
|
|
Capital Goods |
|
1123.200 |
6624.600 |
|
|
TOTAL IMPORTS |
|
687108.700 |
481364.900 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
|
(8.64) |
(9.41) |
|
|
|
Diluted |
|
(8.64) |
(9.41) |
|
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
469882.100 |
|
|
|
Other Income |
|
|
3540.000 |
|
|
|
TOTAL (A) |
|
|
473422.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of traded petroleum products |
|
|
19642.000 |
|
|
|
Consumption of raw materials |
|
|
421292.700 |
|
|
|
Increase)/Decrease in stock |
|
|
(11576.400) |
|
|
|
Operating expenses |
|
|
7356.600 |
|
|
|
Employee costs |
|
|
1196.700 |
|
|
|
Selling and marketing expenses |
|
|
4091.400 |
|
|
|
General and administrative expenses |
|
|
3624.200 |
|
|
|
TOTAL (B) |
|
|
445627.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
27794.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
12202.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
15592.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
7308.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
8283.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
|
1745.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
|
6538.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
(5565.100) |
|
|
|
|
|
|
|
|
|
Add: |
Amount transferred
from foreign projects reserve |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less: |
Amount transferred
to debenture redemption reserve |
|
|
603.300 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
370.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
155573.600 |
|
|
TOTAL EARNINGS |
|
|
155573.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
374753.900 |
|
|
|
Stores & Spares |
|
|
1508.100 |
|
|
|
Capital Goods |
|
|
19509.200 |
|
|
TOTAL IMPORTS |
|
|
395771.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
|
|
4.85 |
|
|
|
Diluted |
|
|
4.47 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd
Quarter |
|
Net Sales |
224610.000 |
257360.000 |
251310.000 |
|
Total Expenditure |
222770.000 |
249140.000 |
242990.000 |
|
PBIDT (Excl OI) |
1840.000 |
8220.000 |
8320.000 |
|
Other Income |
2310.000 |
2110.000 |
3700.000 |
|
Operating Profit |
4150.000 |
10330.000 |
12020.000 |
|
Interest |
9460.000 |
7660.000 |
8120.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(5310.000) |
2670.000 |
3900.000 |
|
Depreciation |
3320.000 |
3380.000 |
3380.000 |
|
Profit Before Tax |
(8630.000) |
(710.000) |
520.000 |
|
Tax |
0.000 |
0.000 |
0..000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(8630.000) |
(710.000) |
520.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
0Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(8630.000) |
(710.000) |
520.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.32)
|
(2.19)
|
1.38
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.33)
|
(2.20)
|
1.76
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.01)
|
(7.60)
|
3.44
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.06)
|
(0.59)
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
20.22
|
7.35
|
2.22
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74
|
0.45
|
0.93
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
13822.700 |
13822.700 |
|
Reserves & Surplus |
|
7984.700 |
(2754.400) |
|
Net
worth |
|
21807.400 |
11068.300 |
|
|
|
|
|
|
long-term borrowings |
|
122028.000 |
145387.300 |
|
Short term borrowings |
|
38183.700 |
78402.100 |
|
Total
borrowings |
|
160211.700 |
223789.400 |
|
Debt/Equity
ratio |
|
7.347 |
20.219 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
469882.100 |
583366.300 |
885781.200 |
|
|
|
24.152 |
51.840 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
469882.100 |
583366.300 |
885781.200 |
|
Profit |
6538.800 |
-12854.800 |
-11804.400 |
|
|
1.39% |
-2.20% |
-1.33% |
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 |
LITIGATION
DETAILS:
HIGH COURT OF GUJARAT
COMPANY PETITION No. 251 of 2013
|
Status : PENDING |
( Converted from : O/ST/2497/2013 ) |
CCIN No : 001058201300251 |
|
Last Listing Date: |
29/08/2013 |
|
Coram |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
Not Before : |
HONOURABLE MR.JUSTICE KSHITIJ R.VYAS HONOURABLE MR.JUSTICE N.G.NANDI HONOURABLE MR.JUSTICE P.B.MAJMUDAR HONOURABLE MR.JUSTICE Y.B.BHATT |
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
C.A.T. GEODATA GMBH |
M/S THAKKAR ASSOC. for: Petitioner(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
ESSAR OIL LIMITED |
NANAVATI ASSOCIATES for :Respondent(s) |
|
Presented On |
: 19/09/2013 |
Registered On |
: 19/09/2013 |
|
Bench Category |
: - |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 12 times |
|
StageName |
: NOTICE RETURNABLE MATTERS |
||
|
Classification |
SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434 |
|
Act |
COMPANIES ACT, 1956 |
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
19/09/2013 |
VAKALATNAMA |
M/S THAKKAR ASSOC. ADVOCATE |
5 |
M/S THAKKAR ASSOC.(1357) for P:1 |
|
2 |
19/09/2013 |
MEMO OF APPEAL/PETITION/SUIT |
M/S THAKKAR ASSOC. ADVOCATE |
100 |
M/S THAKKAR ASSOC.(1357), for P:1 |
|
3 |
24/10/2013 |
VAKALATNAMA |
NANAVATI ASSOCIATES ADVOCATE |
5 |
NANAVATIASSOCIATES(1375) for R:1 |
|
4 |
27/03/2014 |
AFFIDAVIT IN RE-JOINDER |
M/S THAKKAR ASSOC. ADVOCATE |
0 |
M/S THAKKAR ASSOC.(1357) for P:1 |
COURT PROCEEDINGS
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
20/09/2013 |
13 |
1 |
ADMISSION (FRESH MATTERS) |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
2 |
21/10/2013 |
13 |
29 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
3 |
22/11/2013 |
15 |
19 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
4 |
12/12/2013 |
15 |
27 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
5 |
16/01/2014 |
15 |
22 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
6 |
30/01/2014 |
15 |
21 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
7 |
20/02/2014 |
15 |
30 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
8 |
11/03/2014 |
9 |
30 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
9 |
27/03/2014 |
9 |
43 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
|
10 |
10/04/2014 |
9 |
35 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
|
11 |
20/06/2014 |
9 |
35 |
NOTICE RETURNABLE MATTERS |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
AAVAILABLE ORDERS
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
Download |
|
|
1 |
COMPANY PETITION/251/2013 |
HONOURABLE MR.JUSTICE K.M.THAKER |
20/09/2013 |
N |
ORDER |
- |
Y |
Download |
|
|
2 |
COMPANY PETITION/251/2013 |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
20/02/2014 |
N |
ORDER |
- |
Y |
Download |
|
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term
Borrowings |
|
|
|
Finance lease
obligation |
|
|
|
From related parties |
446.900 |
451.100 |
|
From others |
11.900 |
12.300 |
|
Other loans |
|
|
|
Conditional grant from a bank |
71.400 |
68.500 |
|
From related parties |
131.700 |
11512.800 |
|
Total |
661.900 |
12044.700 |
CORPORATE
INFORMATION:
The Company is a public
limited company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. It is primarily engaged in the business of refining and
marketing of petroleum products in domestic and overseas markets. It is also
engaged in the business of Exploration and Production.
MANAGEMENT
DISCUSSION AND ANALYSIS
Global Economic and Market Overview
The global economy
is expected to improve gradually with improvement in US economic environment,
moderate growth of other emerging market economies like India, China and Brazil
and revival in Euro zone and Japan. As per the International Monetary Fund’s
(IMF) ‘World Economic Outlook’ published in April 2013, global economic growth
is progressing to 3.3% in 2013 compared to 3% in 2012. However, the stability
and growth prospectus of US economy resulted in flow of money from emerging
markets to US and other developed markets which led to sharp depreciation of
emerging market’s currencies against USD particularly India which largely
depends on import of crude. This has made managing current account deficit a
challenge for policy makers.
The global
economic environment and delay in implementation of key policy decisions by the
Government of India (Government) moderated Indian economic growth to 5% during
FY 2012-13 from 6.2% in the previous year. While India continues to be one of
the fastest growing major economies in the world, in order to sustain a healthy
growth rate in the future, the Government needs to quickly address key
infrastructural bottlenecks, huge current account deficit and uncertainty with
regard to policy and regulatory matters. The economy growth is expected to be
back on track in coming year on account of new reforms announced and measures
undertaken by the Government to contain current account deficit, high inflation
and bring about overall improvement in fiscal consolidation.
Oil and natural
gas will remain key sources of fuel in the global energy basket in the
foreseeable future in spite of global thrust on increasing the share of renewal
energy. There will be gradual increase of green / renewal energy and bio-fuels
in overall basket of energy mix. However, this is not expected to significantly
impact the oil demand. As per International Energy Agency (IEA), oil &
natural gas is expected to be around 53% of total energy consumption by year
2030. Hence, the global strategic focus on hydrocarbon fuels will be a key
issue for policy makers across the world.
World oil demand
is expected to grow at around 1 million barrel of oil equivalent per year
between 2013 and 2017 with Asia accounting for 55% of the incremental demand
growth. The focus of global energy
demand growth has decisively shifted from developed markets to Asian region.
Global markets continue to witness closures of refining capacities due to high
operating cost, declining growth due to tough economic environment, high
maintenance cost to maintain high quality products (Euro V), inability to
process heavy and ultra-heavy crudes due to environmental restrictions etc. In the
last 4 years an average o\f more than 1 mmbbl of refining capacities have been
shut down each year. New refinery capacities are being added in Asia and Middle
East where demand is expected to grow at a healthy rate; the refineries in this
region also have structural cost competitiveness compared to their west
counterparts. On net basis, refinery capacity additions in next 2-3 years are
expected to be more or less equal to incremental demand which is expected to
support the refinery margins.
OPERATIONAL PERFORMANCE
The Refinery
registered an impressive 46% growth in crude processing at 19.77 million metric
tones (MMT) compared to 13.50 MMT during the previous financial year. All the
new units completed under Train I expansion project were fully stabilized
within two to three months of commissioning and the Optimisation project which
took there refining capacity from 18 million metric tones per annum (MMTPA) to
20 MMTPA was also completed four months ahead of schedule in June 2012. The
Refinery has operated successfully at the enhanced capacity of 20 MMTPA from
July 2012 onwards. Detailed information on the operational performance for the
financial year is given in the Management Discussion and Analysis which is
annexed to the Directors’ Report.
FINANCIAL PERFORMANCE
During the year,
with increase in refining capacity, the Company recorded a strong revenue
growth of 53% at ` 970680.000 Millions up from Rs.634280.000 Millions in the
previous financial year. The Current Price Gross Refining Margin (CPGRM) for
the refinery business also registered a quantum jump at USD7.96 per barrel
compared to USD4.23 per barrel for the previous financial year. The Earning
before Interest, Depreciation, Tax and Amortization (EBIDTA) for the current
financial year increased by 74% to Rs.36510.000 Millions From Rs.21010.000
Millions for previous financial year. This is mainly on account of increase in
the sales volume arising due to expansion of Refining capacity from 10.5 MMTPA
to 20 MMTPA, higher gross refining margins, increase in other operating income
which is partially offset by MTM provision on commodity hedging. Further in the
previous year, even though the income arising out of defeasement of sales tax
incentive amounting to Rs.778.25 was part of EBITDA, this was reversed and
shown as exceptional item. For the financial year ended March 31, 2013, the
loss after tax decreased marginally due to higher EBITDA as explained above
offset by increase in interest and depreciation expenses post completion of
Refinery expansion, which was treated as part of expenditure during
construction in the previous year. Exceptional items for the previous year
mainly represents reversal of sales tax incentive income post litigation of
this matter and provision for impact towards exit from Corporate Debt
Restructuring mechanism (CDR exit) whereas in the current year it only
represents the additional impact on CDR exit. The Company reported net loss
after tax (after exceptional items) for current financial year at Rs.11800.000
Millions as against previous year figure of Rs.12850.000 Millions. In the
absence of profits during the financial year, the Board has not recommended any
dividend for the year.
The Sales tax
matter has been resolved and concluded with the final judgment of Supreme Court
on September 13, 2012. The Company is required to pay balance sales tax
liability in two years with 10% interest. The Company has successfully tied up
for term loan facility with a Bank to mitigate the liquidity risk of payment of
sales tax liability.
The Company’s exit
from CDR mechanism is another crucial landmark achieved by the Company towards
the end of the financial year.
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND year ENDED 31 March
2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended (Audited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
252110.000 |
250890.000 |
983530.000 |
|
b) Other operating income |
630.000 |
420.000 |
2490.000 |
|
Total
income from Operations(net) |
252740.000 |
251310.000 |
986020.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of raw materials consumed |
226460.000 |
222170.000 |
888240.000 |
|
b) Purchase of traded goods |
3430.000 |
3350.000 |
12760.000 |
|
c) (Increase) / Decrease in stock of finished goods and work-in-progress |
(420.000) |
9260.000 |
1480.000 |
|
d)
Consumption of fuel |
1820.000 |
1620.000 |
7560.000 |
|
e) Employee benefits expenses |
510.000 |
580.000 |
2250.000 |
|
f) Selling and marketing expenses |
1390.000 |
1850.000 |
6870.000 |
|
g) Depreciation / Amortisation |
3470.000 |
3380.000 |
13550.000 |
|
h) Other expenses |
4220.000 |
4160.000 |
16290.000 |
|
Total expenses |
240880.000 |
246370.000 |
949000.000 |
|
3. Profit from operations before other income and
financial costs |
11860.000 |
4940.000 |
37020.000 |
|
4. Other income |
2050.000 |
2240.000 |
8710.000 |
|
5. Profit from ordinary activities before finance costs |
13910.000 |
7180.000 |
45730.000 |
|
6. Finance costs |
6940.000 |
8120.000 |
32180.000 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
6970.000 |
(940.000) |
13550.000 |
|
8. Foreign exchange loss / (gain) |
(3140.000) |
(1460.000) |
12260.000 |
|
9. Exceptional
items |
0.000 |
0.000 |
-- |
|
10. Profit /
(Loss) from ordinary activities before tax |
10110.000 |
520.000 |
1290.000 |
|
11.Tax expenses |
30.000 |
0.000 |
30.000 |
|
12.Net
Profit / (Loss) from ordinary activities after tax |
10080.000 |
520.000 |
1260.000 |
|
13.Paid-up equity share capital (Nominal value Re. 1/- per share) |
14500.000 |
14500.000 |
14500.000 |
|
14. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
15. Earnings
per share before and after extraordinary items |
|
|
|
|
-Basic (Not Annualised)* |
6.95 |
0.38 |
0.90 |
|
- Diluted (Not Annualised) |
6.95 |
0.38 |
0.87 |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended (Audited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
137123373 |
137123373 |
137123373 |
|
- Percentage of shareholding excluding depositary
share |
27.53% |
27.53% |
27.53% |
|
- Percentage of shareholding including depositary share |
9.46% |
9.46% |
9.46% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
258222080 |
185338627 |
258222080 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
19.68 |
14.12% |
19.68 |
|
Percentage of shares (as a % of total share capital of the
company) |
17.81 |
12.79% |
17.81 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1054171447 |
1127054900 |
1054171447 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
80.32% |
85.88% |
80.32% |
|
Percentage of shares (as a % of total share capital of the
company) |
72.73% |
77.75% |
72.73% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
23 |
||
|
Disposed of during the quarter |
23 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (Audited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Segment Revenue |
|
|
|
|
Refining including
expansion and marketing |
253230.000 |
251820.000 |
988230.000 |
|
Exploration and production activities |
30.000 |
30.000 |
120.000 |
|
Unallocated |
(30.000) |
100.000 |
240.000 |
|
Total |
253230.000 |
251950.000 |
988590.000 |
|
Less : Inter-segment revenue |
0.000 |
0.000 |
0.000 |
|
Total
Segment revenue |
253230.000 |
251950.000 |
988590.000 |
|
|
|
|
|
|
2. Segment Results Profit / (Loss) before
interest and tax |
|
|
|
|
Refining including expansion and marketing |
14380.000 |
5540.000 |
22110.000 |
|
Exploration and production activities |
(20.000) |
30.000 |
(10.000) |
|
Unallocated |
(890.000) |
(630.000) |
(2440.000) |
|
Total |
13470.000 |
4940.000 |
19660.000 |
|
Less:
Interest expenses |
4920.000 |
6020.000 |
24510.000 |
|
Add :
Interest income |
1520.000 |
1570.000 |
6030.000 |
|
Add :
Profit on sale of Investments |
20.000 |
30.000 |
90.000 |
|
Add : Credit balances written back |
20.000 |
0.000 |
20.000 |
|
Total Profit
/ (Loss) before Income tax |
10110.000 |
520.000 |
1290.000 |
|
|
|
|
|
|
3. Capital employed (Segment assets - Segment
liabilities) |
|
|
|
|
Refining including expansion and marketing |
228990.000 |
224870.000 |
228990.000 |
|
Exploration and production activities |
29450.000 |
27190.000 |
29450.000 |
|
Unallocated |
4160.000 |
5340.000 |
4160.000 |
|
Total Capital employed |
26260.000 |
257400.000 |
262600.000 |
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
Particulars |
As at 31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
14660.000 |
|
|
b) Reserves & Surplus |
9650.000 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
24310.000 |
|
2 |
Share application money pending allotment |
-- |
|
3 |
Minority Interest |
-- |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
142850.000 |
|
|
(b) Deferred tax liabilities (net) |
-- |
|
|
(c) Other long term liabilities |
2390.000 |
|
|
(d) Long term provisions |
50.000 |
|
|
Sub Total- Non Current Liabilities |
145290.000 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
67570.000 |
|
|
(b) Trade Payables |
198150.000 |
|
|
(c) Other current liabilities |
84890.000 |
|
|
(d) Short term provisions |
440.000 |
|
|
Sub Total- Current Liabilities |
351050.000 |
|
|
TOTAL-EQUITY AND LIABILITIES |
520650.000 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
243720.000 |
|
|
(b) Non-current investments |
1030.000 |
|
|
(c) Long term loans and advances |
9800.000 |
|
|
(d) Other non-current assets |
16600.000 |
|
|
Sub-Total- Non current assets |
271150.000 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
4950.000 |
|
|
b) Inventories |
93100.000 |
|
|
c) Trade Receivables |
71000.000 |
|
|
d) Cash and cash equivalents |
36320.000 |
|
|
(e) Short term loans and advances |
28150.000 |
|
|
(f) Other current assets |
15980.000 |
|
|
Sub-Total- current assets |
249500.000 |
|
|
TOTAL ASSETS |
520650.000 |
Notes:-
1. The above results have been reviewed by the Audit and Governance Committee and approved by the Board of Directors at their meetings held on May 19, 2014 and May 20, 2014 respectively at Mumbai.
2. Total income from operations (net) for the year comprises of Gross income
from operations Rs. 1074390.000 Millions (previous year Rs. 970680.000
Millions) less Excise duty and Sales Tax / VAT Rs. 88370.00 Millions (previous
year Rs. 84900.000 Millions).
3. The Refinery achieved highest ever annual throughput of 20.23 MMT during the
current year.
Rs. In Millions
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (Audited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
|
|
|
Throughput (in
MMT) |
5.05 |
4.86 |
20.23 |
4. The figures of last quarters of the standalone results are the balancing figures between audited figures in respect of the full financial years and the published year to date figures upto the third quarters of the respective financial years.
5. The company acquired Essar Oil Trading Mauritius Limited, Mauritius
(formally known as Steel Trading Mauritius Limited) as a wholly owned
subsidiary company on March 11, 2014. The company was not required to prepare Consolidated
Financial Statements for the previous year ending March 31, 2013 and hence no
comparative figures have been given in the consolidated financial results.
6 . The consolidated accounts have been prepared as per Accounting Standard
(AS) 21 - Consolidated Financial Statements and Accounting Standard (AS) 23 -
Accounting for Investments in Associates in Consolidated Financial Statements
notified under the Companies (Accounting Standards) Rules, 2006.
7. The audited financial statements of subsidiary and unaudited financial
statements of the Associate considered for consolidation have been prepared in
accordance with International Financial Reporting Standards and Indian
Generally Accepted Accounting Principles, respectively.
8. The Company has not recognised Deferred Tax Assets (net) of Rs. 19200.000
Millions as on March 31, 2014 on unabsorbed depreciation / loss in view of the
concept of "Virtual Certainty Supported by Convincing Evidence" as
required under Accounting Standard (AS) 22 -Accounting for Taxes on Income for
both standalone and consolidated results.
9. Previous periods' figures have been regrouped / rearranged, wherever
considered necessary.
INDEX OF CHARGES:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10433008 |
10/06/2013 |
5,400,000,000.00
|
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Building, Ground
Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B77947000
|
|
2 |
10423132 |
01/04/2013 * |
50,000,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg., Ground
Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001,
India |
B74604042
|
|
3 |
10420270 |
26/03/2013 |
14,893,725,000.00
|
IDBI Bank
Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B73342115
|
|
4 |
10419333 |
20/03/2013 |
5,000,000,000.00
|
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra
- 400018, INDIA |
B73062960
|
|
5 |
10402887 |
31/01/2013 |
2,000,000,000.00
|
Central Bank of
India |
1st Floor, MMO
Building, Fort, Mumbai, Mumbai, Ma |
B68038629
|
|
6 |
10393843 |
06/12/2012 |
1,550,000,000.00
|
IDBI Bank
Limited |
IDBI TOWER WTC COMPLEX,
CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B64825672
|
|
7 |
10374025 |
21/03/2013 * |
5,733,300,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001,
India |
B73119083
|
|
8 |
10372403 |
31/07/2012 |
11,330,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
B56340177
|
|
9 |
10273767 |
30/07/2012 * |
10,000,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
B44704351
|
|
10 |
10267235 |
20/01/2011 |
5,000,000,000.00
|
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B05111711 |
|
11 |
10220168
|
15/03/2011
* |
42,000,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg., Ground
Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001,
India |
B10003192
|
|
12 |
10197118
|
06/01/2010
|
16,000,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg., Ground
Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001,
India |
A77489946
|
|
13 |
10176888
|
24/09/2009
|
6,000,000,000.00
|
IDBI
Bank Limited |
IDBI
Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A70241781
|
|
14 |
10117341
|
25/11/2010
* |
20,000,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
B01631753
|
|
15 |
10114844
|
11/06/2008
|
20,000,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
A42864298
|
|
16 |
10108571
|
14/03/2008
|
4,250,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
A40755902
|
|
17 |
10108573
|
14/03/2008
|
4,250,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg., Ground
Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001,
India |
A40756892
|
|
18 |
10078490
|
26/10/2007
|
4,590,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A28514198
|
|
19 |
10101924
|
26/10/2007
|
187,400,000.00
|
UNITED
INDIA INSURANCE CO LIMITED(01.01.73) |
24,
WHITE ROAD, P.B.NO.676,MADRAS-14., MADRAS-14., Tamil Nadu - 600014, INDIA |
A34140442
|
|
20 |
10058990
|
07/05/2013
* |
150,150,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
B75789222
|
|
21 |
10042313
|
15/02/2007
|
2,390,000,000.00
|
Punjab
National Bank |
1st Floor,
Raheja Chambers, Free Press Marg, Nariman Point, Mumbai, Maharashtra -
400021, INDIA |
A12555579
|
|
22 |
10042330
|
15/02/2007
|
1,500,000,000.00
|
Indian
Bank |
Mittal
Tower, B - Wing, GF 210, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
A12596672
|
|
23 |
10043193
|
15/02/2007
|
500,000,000.00
|
Oriental
Bank of Commerce |
Corporate
Group Finance Branch, 18th Floor, Maker Tower 'E', Cuffe Parade, Mumbai,
Maharashtra - 400005, INDIA |
A12239208
|
|
24 |
10046037
|
15/02/2007
|
2,000,000,000.00
|
Bank
of Baroda |
Corporate
Finance Services Branch, 1st floor, Bank of Baroda Bldg, Ballard Pier,
Mumbai, Maharashtra - 400001, INDIA |
A13213434
|
|
25 |
10029557
|
21/12/2006
|
800,000,000.00
|
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169 BACKBAY RECLAMATION, HT PAREKH MARG, MUMBAI, Maharashtra - 400020,
INDIA |
A08375420
|
|
26 |
10021874
|
25/09/2006
|
4,000,000,000.00
|
Housing
and Urban Development Corpn Limited |
Hudco
Bhawan, India, Habitat Center,, Lodhi Road, New Delhi, Delhi - 110003, India |
A05552021
|
|
27 |
10022317
|
25/09/2006
|
1,500,000,000.00
|
ORIENTAL
BANK OF COMMERCE LIMITED |
E-Block,
Harsha Bhavan, Connaught Place, New Delhi, Delhi - 110001, INDIA |
A05722830
|
|
28 |
10023083
|
18/07/2013
* |
20,518,500,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra
- 400001, INDIA |
B80457096
|
|
29 |
10023320
|
25/09/2006
|
2,000,000,000.00
|
INDIAN
OVERSEAS BANK |
Veer
Nariman Road, Fort, Mumbai, Maharashtra - 400023, INDIA |
A05939236
|
|
30 |
10023738
|
25/09/2006
|
2,000,000,000.00
|
Syndicate
Bank |
Industrial
Finance Branch, Finance Branch, 3rd floor, 10, Homji Street, Mumbai,
Maharashtra - 400023, INDIA |
A06053326
|
|
31 |
90103891
|
29/05/2006
* |
846,600,000.00
|
CENTRAL
BANK OF INDIA |
Corporate
Finance Branch, 1st Floor, Mumbai Main Office, Fort, Mumbai, Maharashtra -
400023, India |
- |
|
32 |
90103376
|
18/01/2005
* |
2,000,000,000.00
|
Industrial
Devlopment Bank of India Limited |
IDBI
Tower; Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
33 |
90103888
|
18/01/2005
* |
3,261,100,000.00
|
Life
Indsurance Corportion of India |
Jeevan
Bima Marg, Mumbai, Maharashtra - 400021, India |
- |
|
34 |
80003137
|
18/01/2005
|
12,576,600,000.00
|
ICICI
BANK LIMITED |
BKC,
Mumbai, Maharashtra - 400051, India |
- |
|
35 |
80003138
|
18/01/2005
|
804,300,000.00
|
IFCI
LIMITED |
Nehru
Place, New Delhi, Delhi - 110019, India |
- |
|
36 |
80003139
|
18/01/2005
|
7,694,300,000.00
|
IDBI
BANK LIMITED |
Cuff
Parade, Mumbai, Maharashtra - 400005, India |
- |
|
37 |
80003140
|
18/01/2005
|
1,207,000,000.00
|
IDBI |
CUFFE
PARADE, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
38 |
80003141
|
18/01/2005
|
254,100,000.00
|
GIC |
Churchgate,
Mumbai, Maharashtra - 400020, India |
- |
|
39 |
80003142
|
18/01/2005
|
266,000,000.00
|
NEW
INDIA ASSURANCE CO LIMITED |
M G
Road, Mumbai, Maharashtra - 400023, India |
- |
|
40 |
80003143
|
18/01/2005
|
153,900,000.00
|
NATIONAL
INS CO LIMITED |
Middleton
St, Kolkata, West Bengal - 700001, India |
- |
|
41 |
80003144
|
18/01/2005
|
158,400,000.00
|
THE
ORIENTAL INS CO LIMITED |
ASAF
ALI ROAD, NEW DELHI, Delhi - 110002, INDIA |
- |
|
42 |
80003145
|
07/05/2013
* |
68,714,100,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra
- 400001, India |
B76378769
|
|
43 |
90103373
|
13/12/2004
* |
22,473,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
10th
Floor Nariman Bhavan; 227 Vinay K Shah Marg, Nariman Point, Mumbai,
Maharashtra - 400021, India |
- |
|
44 |
90103881
|
18/01/2005
* |
490,000,000.00
|
LIFE
INDSURANCE CORPORTION OF INDIA |
Jeevan
Bima Marg, Mumbai, Maharashtra - 400021, India |
- |
|
45 |
90103242
|
18/01/2005
* |
2,460,000,000.00
|
LIFE
INSURANCE CORPORTION OF INDIA |
Yagakshema
; Jeevan Bima Marg, Mumbai, Maharashtra - 400021, India |
- |
|
46 |
80003135
|
31/03/2001
|
8,570,000,000.00
|
ICICI
LIMITED |
Bkc,
Mumbai, Maharashtra - 400051, India |
- |
|
47 |
90103235
|
29/05/2006
* |
56,500,000.00
|
CENTRAL
BANK OF INDIA |
Corporate
Finance Branch, 1st Floor,, Mumbai Main Office, Fort, Mumbai, Maharashtra - 400023,
India |
- |
|
48 |
90103198
|
18/01/2005
* |
70,000,000.00
|
BANK
OF MAHARASHTRA |
Lokmangal
; 1501 Shivajinagar, Pune, Maharashtra - 411005, India |
- |
|
49 |
90103197
|
18/01/2005
* |
2,400,000,000.00
|
IFCI
LIMITED |
IFCI
Tower; 61; Nehru Place, New Delhi, Delhi - 110019, India |
- |
|
50 |
80003134
|
31/12/1999
|
70,000,000.00
|
ICICI
Limited |
BKC,
Mumbai, Maharashtra - 400051, India |
- |
|
51 |
80003133
|
31/03/1999
|
5,860,000,000.00
|
ICICI
Limited |
BKC,
Mumbai, Maharashtra - 400051, India |
- |
|
52 |
90102807
|
29/05/2006
* |
250,000,000.00
|
CENTRAL
BANK OF INDIA |
Corporate
Finance Branch, 1st Floor,, Mumbai Main |
- |
|
53 |
90103477
|
09/08/2005
* |
250,000,000.00
|
CENTRAL
BANK OF INDIA |
Corporate
Finance Branch, Mumbai, Maharashtra - 400023, India |
- |
|
54 |
80003131
|
26/02/1998
|
1,485,000,000.00
|
PNB |
Nariman
Point, Mumbai, Maharashtra - 400021, India |
- |
|
55 |
80003130
|
10/02/1998
|
500,000,000.00
|
CENTRAL
BANK OF INDIA |
Fort,
Mumbai, Maharashtra - 400023, India |
- |
|
56 |
90103111
|
26/09/2005
* |
2,128,260,000.00
|
Industrial
Credit and Investment Corportion of India |
163;
Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
57 |
90103108
|
18/01/2005
* |
1,850,000,000.00
|
Industrial
Credit and Investment Corportion of India |
IFCI
TOWER;61 NEHRU PLACE, NEW DELHI, Delhi - 1100 19, INDIA |
- |
|
58 |
90103103
|
18/01/2005
* |
2,175,000,000.00
|
INDUSTRIAL
DEVLOPMENT BANK OF INDIA LIMITED |
IDBI
Tower; Cuffe Parade, Mumbai, Maharashtra - 40 0005, India |
- |
|
59 |
90103098
|
18/01/2005
* |
1,000,000,000.00
|
INDUSTRIAL
DEVLOPMENT BANK OF INDIA |
IDBI
Tower; Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
60 |
90103096
|
18/01/2005
* |
600,000,000.00
|
IFCI
LIMITED |
IFCI
Tower; 61; Nehru Place, New Delhi, Delhi - 11 0019, India |
- |
|
61 |
90103094
|
09/08/2005
* |
700,000,000.00
|
ALLAHABAD
BANK |
Industrial
Finance Branch, Apeejay House, Mumbai, |
- |
|
62 |
90103063
|
18/01/2005
* |
500,000,000.00
|
National
Insurance Corportion pf India |
3; Middleton
Street, Kolkata, West Bengal - 700001, India |
- |
|
63 |
90102791
|
28/12/2004
* |
2,000,000,000.00
|
Life
Insurance Corportion of India |
Jeevan
Bima Marg, Mumbai, Maharashtra - 400021, India |
- |
|
64 |
90103049
|
18/01/2005
* |
2,000,000,000.00
|
Life
Insurance Corportion of India |
Jeevan
Bima Marg, Mumbai, Maharashtra - 400021, India |
- |
|
65 |
90103046
|
18/01/2005
* |
750,000,000.00
|
Industrial
Credit and Investment Corportion of India |
IFCI
Tower;61 Nehru Place, New Delhi, Delhi - 110019, India |
- |
|
67 |
90102789
|
18/01/2005
* |
200,000,000.00
|
Industrial
Credit and Investment Corportion of India |
163;
Backway Reclation, Mumbai, Maharashtra - 4000 20, India |
- |
|
68 |
90103041
|
26/09/2005
* |
500,000,000.00
|
Industrial
Credit and Investment Corportion of India |
163;
Backway Reclation, Mumbai, Maharashtra - 4000 20, India |
- |
|
69 |
90103038
|
26/09/2005
* |
2,500,000,000.00
|
Industrial
Credit and Investment Corportion of India |
163;
Backway Reclation, Mumbai, Maharashtra - 4000 20, India |
- |
|
70 |
90103012
|
17/04/2007
* |
500,000,000.00
|
General
Insurance Corporation of India |
Suraksha170
J Tata Road, Churchgate, Mumbai, Maharashtra - 400020, India |
- |
|
71 |
80003116
|
30/06/2010
* |
5,682,000,000.00
|
IDBI Trusteeship
Services Limited |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001,
India |
A90058231
|
* Date of charge modification
FIXED ASSETS:
- Land
- Building
- Plant and machinery
- Producing properties
- Furniture and fixtures
- Office equipment
- Vehicles
- Aircraft
- Software and licenses
AS PER WEBSITE
PRESS RELEASE
ESSAR OIL DELISTING
FLOOR PRICE AT RS 108.18; STOCK UP 5%
JUN 26, 2014
MUMBAI: Shares of Essar Oil were locked at 5 per cent upper circuit after the company fixed the floor price of Rs 108.15 for proposed voluntary delisting of shares.
The board, on Monday, had approved delisting of shares from the BSE and NSE.
After taking Essar Energy Plc private from the London Stock Exchange (LSE), the Essar group has proposed to delist Essar Oil.
Promoters Essar Energy Holdings (EEHL) wants to buy back from the public about 13.7 crore shares (27.5 per cent) that it doesn't own in Essar Oil.
"Full ownership of the company will provide EEHL with increased operational/financial flexibility to support the company's businesses and strategic needs," the notice said. EEHL is the holding firm of the Ruais which is incorporated in Mauritius.
At 10:50 a.m.; the stock was at Rs 112, up 5 per cent, on the BSE. Over 4.69 lakh shares were traded in the counter against two-week average of 4.7 lakh shares.
There were 7,59,977 buy orders and no sellers in the counter.
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 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.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
42 |
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.