MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OIL CORPORATION
LIMITED |
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|
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|
Registered
Office : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.06.1959 |
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Com. Reg. No.: |
11-011388 |
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Capital
Investment / Paid-up Capital : |
Rs.
24279.500 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L23201MH1959GOI011388 |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in business of Sale of Petroleum Products,
Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives
and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas
Exploration Activities. |
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|
|
|
No. of Employees
: |
33793 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 2639680000 |
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|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and a reputed company having excellent
track record. Financial position of the company is sound and healthy. Directors are
reported to be experienced respectable and resourceful businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of Government of India’s support to OMC’s by limiting their
burden of under recoveries, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
10.09.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
10.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-26447000/ 26427363]
LOCATIONS
|
Registered Office/ Marketing Division : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
|
Tel. No.: |
91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/
26441825/ 30/ 31 |
|
Fax No.: |
91–22–26443880/ 26425903/ 26400606 |
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E-Mail : |
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Website : |
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Corporate Office : |
3079/3, J B Tito Marg, Sadik Nagar, New Delhi – 110049, India |
|
Tel. No.: |
91-11-26260000 |
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|
|
|
Refineries Division : |
Head Office - SCOPE Complex, Core 2, 7, Institutional Area, Lodhi Road, New Delhi - 110003, India Tel. 91-11-24361247/ 24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in
· P.O. Barauni Oil Refinery, District Begusarai - 861114, Bihar, India · P.O. Jawahar Nagar, District Vadodara - 391320, Gujarat, India · P.O. Noonmati, Guwahati - 781020, Assam, India · P.O. Haldia Refinery, District Midnapur - 721606, West Bengal, India · P.O. Mathura Refinery, Mathura - 281005, Uttar Pradesh, India · P.O. Panipat Refinery, Panipat – 132140, Haryana, India · P.O. Dhaligaon 783385, District Chirang Assam, India · P.O. Jhimil, District Jagatsinghpur – 754141, Odisha, India |
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Pipelines Division : |
Head Office - A-1, Udyog Marg, Sector 1, Noida – 201301, Uttar Pradesh, India · 14, Lee Rrado, Kolkata - 700020, West Bengal, India · P. O. Box 1007, Bedipara, Morvi Road, Gauridad, Rajkot - 360003, Rajasthan, India · P. O. Panipat Refinery, Panipat – 132140, Haryana, India · Indian Oil Bhavan, 139 Nungambakkam High Road, Chennai - 600034, Tamil Nadu, India |
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Marketing Division : |
Head Office - Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New Delhi - 110016, India · Indian Oil Bhavan, 2 Gariahat Road, South(Dhakuria), Kolkata - 700068, West Bengal, India · IndianOil Bhavan-BKC, Plot C-33, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan 139, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India |
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P.O. Digboi - 786171, Assam, India |
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Research and Development Centre : |
Sector 13, |
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IBP Division : |
34-A, |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. B. Ashok |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. A.M.K. Sinha |
|
Designation : |
Director (Planning and Business and Development) and Chairman
from 01.07.2014 to 15.07.2014 |
|
|
|
|
Name : |
Mr. P.K. Goyal |
|
Designation : |
Director (Finance) |
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|
Name : |
Mr. M. Nene |
|
Designation : |
Director (Marketing) |
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|
Name : |
Mr. V. S. Okhde |
|
Designation : |
Director (Pipelines) |
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|
Name : |
Mr. Sanjiv Singh |
|
Designation : |
Director (Refineries) [w.e.f. 01.07.2014] |
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|
Name : |
Dr. S C Khuntia |
|
Designation : |
Government Nominee Director |
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|
Name : |
Mr. Rajive Kumar |
|
Designation : |
Government Nominee Director |
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|
Name : |
Mrs. Shyamala Gopinath |
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Designation : |
Independent Director |
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Name : |
Mr. Shyam Saran |
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Designation : |
Independent Director |
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Name : |
Mr. Devang Khakhar |
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Designation : |
Independent Director |
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|
Name : |
Mr. K. Jairaj |
|
Designation : |
Independent Director [w.e.f. 20.03.2014] |
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|
Name : |
Mr. Nesar Ahmad |
|
Designation : |
Independent Director [w.e.f. 20.03.2014] |
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|
Name : |
Mr. Sunil Krishna |
|
Designation : |
Independent Director [w.e.f. 20.03.2014] |
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|
Name : |
Mr. Sayan Chatterjee |
|
Designation : |
Independent Director [w.e.f. 20.03.2014] |
KEY EXECUTIVES
|
Name : |
Mr. Raju
Ranganathan |
|
Designation : |
Company Secretary |
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|
Name : |
Ms. Sanjeevanee Kutty |
|
Designation : |
Chief Vigilance Officer |
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|
Name : |
Satwant Singh |
|
Designation : |
Executive Director (Cryogenics) |
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|
Name : |
H S Bedi |
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Designation : |
Executive Director I/C (Human Resource), Marketing |
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|
Name : |
S Krishna Prasad |
|
Designation : |
Executive Director I/C (Finance), Marketing |
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|
Name : |
S Ganguli |
|
Designation : |
Executive Director I/C (Mathura Refinery) |
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|
Name : |
A N Jha |
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Designation : |
Executive Director (LPG), Marketing |
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|
Name : |
Anish Aggarwal |
|
Designation : |
Executive Director (Operations), Pipelines |
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|
Name : |
T K Basak |
|
Designation : |
Executive Director (I/C) (Panipat Refinery) |
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|
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|
Name : |
Rajiv Bahl |
|
Designation : |
Executive Director (Finance & Treasury), Corporate Office |
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|
Name : |
S S Mishra |
|
Designation : |
Executive Director (Delhi State Office) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1664965562 |
68.57 |
|
|
1664965562 |
68.57 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1664965562 |
68.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20369016 |
0.84 |
|
|
5692966 |
0.23 |
|
|
85115681 |
3.51 |
|
|
58453804 |
2.41 |
|
|
169631467 |
6.99 |
|
|
|
|
|
|
466616494 |
19.22 |
|
|
|
|
|
|
61023815 |
2.51 |
|
|
2878513 |
0.12 |
|
|
62836631 |
2.59 |
|
|
899900 |
0.04 |
|
|
58840537 |
2.42 |
|
|
355242 |
0.01 |
|
|
506 |
0.00 |
|
|
2700000 |
0.11 |
|
|
40446 |
0.00 |
|
|
593355453 |
24.44 |
|
Total Public shareholding (B) |
762986920 |
31.43 |
|
Total (A)+(B) |
2427952482 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2427952482 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Sale of Petroleum Products,
Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives
and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas
Exploration Activities. |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Crude Processing |
MTs |
518.50 |
542.00 |
472.47 |
|
Lubricating Oil |
MTs Note D |
4.71 |
4.64 |
4.39 |
|
|
Note E |
1.46 |
0.34 |
0.35 |
|
Wax/Bitumen/Asphalt Lube Oil Drums |
Nos. |
15.00 |
15.00 |
4.12 |
|
Propylene Recovery Unit |
MTs |
0.24 |
0.24 |
0.10 |
|
MTBE Unit |
MTs |
0.37 |
0.37 |
0.31 |
|
Naptha Cracker plant |
MTs |
14.60 |
14.60 |
15.52 |
|
LAB Plant |
MTs |
1.20 |
1.20 |
1.03 |
|
PX/PTA Plant |
MTs |
5.53 |
5.53 |
3.88 |
|
Cryocontainer and Accessories |
Nos. |
0.13 |
0.17 |
0.24 |
|
Site Mixed Slurry Explosives |
MTs |
1.37 |
1.37 |
0.85 |
NOTES:
A.
i) Licensed Capacity of 6.50 lakh MT for Digboi
Refinery is not specified and there is variance vis –a- vis installed capacity of
12.00 lakh MT and 5.00 lakh MT for Gujarat & Mathura Refinery respectively.
ii) Capacity for projects under construction not considered.
B.
As certified by the Management.
C.
i) Represents finished petroleum products.
ii) Excludes crude processed in secondary units for other
companies/refiners
D.
Per year operating in single shift.
E.
Per year operating in two shifts.
GENERAL INFORMATION
|
No. of Employees : |
33793 [Approximately] |
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Bankers : |
· State Bank of India · HDFC Bank Limited ·
United Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
· Oil Industry Development Board 301, World Trade Centre, Babar Road, New Delhi - 110001, India · Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
|
|
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Statutory Auditors : |
· Parakh and Company, Jaipur · Dass Gupta and Associates, New Delhi · J Gupta and Associates, Kolkata ·
G M Kapadia and Company, Mumbai |
|
|
|
|
Branch Auditors : |
· Mr. S. Jaykishan, Kolkata · H D S G and Associates, New Delhi · M. Thomas and Company, Chennai · S.K. Naredi and Company, Kolkata ·
S. Lall and Company, Panipat |
|
|
|
|
Cost Auditors : |
· DGM and Associates, Kolkata · Shome and Banerjee, Kolkata · B. M. Sharma and Company, Pune · Jugal K. Puri and Associates, New Delhi · K. G. Goyal and Associates, New Delhi · Narasimha Murthy and Company, Hyderabad · R. M. Bansal and Company, Kanpur · Thakur and Company, Kolkata · ABK and Associates, Mumbai · Vivekanandan Unni and Associates, Chennai ·
Narasimha Murthy and Company, Hyderabad is the
Central Cost Auditor |
|
|
|
|
Group Companies : |
Indian Subsidiaries · Chennai Petroleum Corporation Limited · IndianOil - CREDA Biofuels Limited · Indo Cat Private Limited Foreign Subsidiaries · IndianOil (Mauritius) Limited, Mauritius · Lanka IOC PLC, Sri Lanka · IOC Middle East FZE, UAE · IOC Sweden AB, Sweden · IOCL (USA) Inc., USA · IndOil Global B.V., Netherlands |
|
|
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|
Associate : |
Petroleum India International - AOP |
|
|
|
|
Joint Ventures : |
·
Avi-Oil
India Private Limited ·
Delhi
Aviation Fuel Facility Private Limited ·
Green
Gas Limited ·
GSPL
India Gasnet Limited ·
IOT
Infrastructure & Energy Services Limited ·
IndianOil
Petronas Private Limited ·
IndianOil
Ruchi Bio Fuels LLP ·
IndianOil
Skytanking Limited ·
Indian
Synthetic Rubber Limited ·
Lubrizol
India Private Limited ·
NPCIL
– IndianOil Nuclear Energy Corporation Limited ·
Petronet
LNG Limited ·
Suntera
Nigeria 205 Limited ·
IndianOil
Adani Gas Private Limited ·
Petronet VK Limited ·
Petronet India Limited ·
IndianOil Panipat Power Consortium Limited ·
Petronet CI Limited ·
Indo Cat Private Limited (Upto 26.03.2014) ·
Suntera Nigeria 205 Limited ·
GSPL India Transco Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2427952482 |
Equity Shares |
Rs. 10/- each |
Rs.
24279.500 Millions |
|
|
|
|
|
A. Reconciliation of No. of Equity Shares
|
Opening Balance |
2427952482 |
|
Shares Issued |
-- |
|
Shares bought back |
-- |
|
Closing Balance |
2427952482 |
B. Terms/Rights
attached to equity shares
The company has
only one class of equity shares having par value of ` 10 each and is entitled
to one vote per share. The dividend proposed by Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting. In
the event of liquidation of the corporation, the holders of equity shares will
be entitled to receive the remaining assets of the corporation in proportion to
the number of equity shares held.
C. Details of shareholders holdings more than 5% shares
|
Name of Shareholders |
March-14 |
|
|
|
Number of shares
held |
Percentage of
Holding |
|
President of India |
1664965562 |
68.57 |
|
Oil and Natural Gas Corporation Limited |
334303814 |
13.77 |
During March 2014,
President of India, has disinvested 10.35% of paid up equity capital of
IndianOil to ONGC Limited (5%), Oil India Limited (5%) and CPSE ETF -an
Exchange Traded Fund (0.35%).
D. Aggregate
shares allotted as fully paid up Bonus Shares by Capitalization of General
Reserve / Securities Premium during preceding five years (in November 2009) are
1213976241 no. of equity shares of Rs.10 each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
(b) Reserves & Surplus |
635641.300 |
586963.600 |
554487.500 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
659920.800 |
611243.100 |
578767.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
316835.800 |
214142.000 |
168267.600 |
|
(b) Deferred tax liabilities (Net) |
56161.800 |
55126.600 |
52418.800 |
|
(c)
Other long term liabilities |
134115.800 |
114351.800 |
98303.000 |
|
(d)
long-term provisions |
3901.200 |
3752.500 |
2581.800 |
|
Total
Non-current Liabilities (3) |
511014.600 |
387372.900 |
321571.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
489155.400 |
569110.000 |
534971.700 |
|
(b)
Trade payables |
356972.900 |
296679.300 |
275207.500 |
|
(c)
Other current liabilities |
243191.500 |
199140.800 |
239176.500 |
|
(d)
Short-term provisions |
263882.600 |
216647.100 |
148903.600 |
|
Total
Current Liabilities (4) |
1353202.400 |
1281577.200 |
1198259.300 |
|
|
|
|
|
|
TOTAL |
2524137.800 |
2280193.200 |
2098597.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
622566.200 |
598234.500 |
589322.900 |
|
(ii)
Intangible Assets |
6921.700 |
8092.800 |
9145.100 |
|
(iii)
Capital work-in-progress |
331506.400 |
256462.100 |
134153.600 |
|
(iv) Intangible assets under development |
7285.900 |
5841.100 |
2725.300 |
|
(b) Non-current
Investments |
163114.900 |
50326.200 |
49180.100 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
46264.800 |
48762.300 |
103885.800 |
|
(e)
Other Non-current assets |
700.200 |
138.600 |
170.100 |
|
Total
Non-Current Assets |
1178360.100 |
967857.600 |
888582.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
72827.000 |
136386.000 |
137604.500 |
|
(b)
Inventories |
646973.700 |
593143.900 |
568292.000 |
|
(c)
Trade receivables |
110231.000 |
112573.200 |
97254.700 |
|
(d)
Cash and cash equivalents |
26085.300 |
5032.900 |
3070.100 |
|
(e)
Short-term loans and advances |
415743.300 |
397569.400 |
325251.000 |
|
(f)
Other current assets |
73917.400 |
67630.200 |
78542.300 |
|
Total
Current Assets |
1345777.700 |
1312335.600 |
1210014.600 |
|
|
|
|
|
|
TOTAL |
2524137.800 |
2280193.200 |
2098597.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4732100.900 |
4470962.500 |
3984766.300 |
|
|
|
Other Income |
34172.900 |
35147.900 |
31990.500 |
|
|
|
TOTAL |
4766273.800 |
4506110.400 |
4016756.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2270120.100 |
2197440.500 |
2022804.900 |
|
|
|
Purchases of Stock-in-Trade |
1962371.500 |
1881822.000 |
1547935.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(11530.000) |
(52200.300) |
(28521.300) |
|
|
|
Employees benefits expense |
66189.700 |
72712.700 |
49769.600 |
|
|
|
Other expenses |
287927.300 |
233557.900 |
208351.900 |
|
|
|
TOTAL |
4575078.600 |
4333332.800 |
3800340.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
191195.200 |
172777.600 |
216416.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
50844.200 |
64352.700 |
55905.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
140351.000 |
108424.900 |
160511.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
57600.900 |
52009.900 |
48677.900 |
|
|
|
|
|
|
|
|
|
|
INCOME / (EXPENSES) PERTAINING TO PRIOR YEARS (NET) |
(9630.000) |
63.000 |
2787.900 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
17468.000 |
0.000 |
(77078.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
99255.100 |
56478.000 |
37543.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
29064.200 |
6426.300 |
(2003.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
70190.900 |
50051.700 |
39546.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports |
215246.700 |
185491.900 |
196181.000 |
|
|
|
Income from Royalty |
2.800 |
3.200 |
3.200 |
|
|
|
Income from Consultancy Services |
0.000 |
25.700 |
45.200 |
|
|
|
Commodity Hedging |
486.200 |
2.700 |
1827.000 |
|
|
|
Others |
345.600 |
62.600 |
53.600 |
|
|
TOTAL EARNINGS |
216081.300 |
185586.100 |
198110.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
2024924.700 |
1845586.500 |
1733232.700 |
|
|
|
Base Oil |
93.700 |
1.500 |
72.600 |
|
|
|
Additives |
887.600 |
597.100 |
1126.500 |
|
|
|
Capital Goods |
4293.100 |
11021.500 |
12745.200 |
|
|
|
Other Raw Materials |
16.300 |
253.400 |
172.800 |
|
|
|
Revenue Stores, Component, Spare and Chemicals |
8124.900 |
6795.200 |
5517.500 |
|
|
TOTAL IMPORTS |
2038340.300 |
1864255.200 |
1752867.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.91 |
20.61 |
16.29 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
1249566.900 |
|
Total Expenditure |
1212601.100 |
|
PBIDT (Excl OI) |
36965.800 |
|
Other Income |
18172.200 |
|
Operating Profit |
55138.000 |
|
Interest |
9139.400 |
|
Exceptional Items |
4456.100 |
|
PBDT |
50454.700 |
|
Depreciation |
14948.800 |
|
Profit Before Tax |
35505.900 |
|
Tax |
10276.500 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
25229.400 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
25229.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.47 |
1.11 |
0.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.10 |
1.26 |
0.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.91 |
2.87 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.22 |
1.28 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
1.02 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
Reserves & Surplus |
554487.500 |
586963.600 |
635641.300 |
|
Net
worth |
578767.000 |
611243.100 |
659920.800 |
|
|
|
|
|
|
long-term borrowings |
168267.600 |
214142.000 |
316835.800 |
|
Short term borrowings |
534971.700 |
569110.000 |
489155.400 |
|
Total
borrowings |
703239.300 |
783252.000 |
805991.200 |
|
Debt/Equity ratio |
1.215 |
1.281 |
1.221 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3984766.300 |
4470962.500 |
4732100.900 |
|
|
|
12.201 |
5.841 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3984766.300 |
4470962.500 |
4732100.900 |
|
Profit |
39546.200 |
50051.700 |
70190.900 |
|
|
0.99% |
1.12% |
1.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 07.10.2014 |
|
Stamp No: WPST/26638/2014 Filing
Date: 07.10.2014 |
|
Petitioner: MAHARASHTRA STATE ELECTRICITY DIST Respondent: INDIAN OIL
CORPORATION AND ANR. Petn. Adv : M. V. KINI & CO. (841) District: RATNAGIRI |
|
Bench: SINGLE Status: Pre-Admission
Last Date: 14.10.2014
Stage: Last Coram: REGISTRAR (JUDICIAL) |
|
Act: Electricity Supplies Act, 1948 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10481123 |
07/02/2014 |
5,720,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
B97843098 |
|
2 |
10439786 |
29/07/2013 |
17,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B80695364 |
|
3 |
10409821 |
11/02/2013 |
10,500,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
B70013008 |
|
4 |
10365060 |
11/07/2012 |
12,950,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B43325463 |
|
5 |
10213149 |
31/03/2010 |
2,170,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83548719 |
|
6 |
10215688 |
31/03/2010 |
7,160,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83552661 |
|
7 |
10213153 |
25/03/2010 |
1,270,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83550038 |
|
8 |
10213154 |
25/03/2010 |
2,800,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301 WORLD TRADE CENTRE,
BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83551713 |
|
9 |
10153713 |
30/03/2009 |
5,270,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, DELHI - 110001, INDIA |
A60420684 |
|
10 |
10153612 |
30/03/2009 |
14,230,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
A60420031 |
|
11 |
10153614 |
30/03/2009 |
17,000,000,000.00 |
OIL INDUSTRY
DEVELOPMENT BOARD |
301, WORLD TRADE
CENTRE, BABAR ROAD, NEW DELHI, |
A60421989 |
|
12 |
10144856 |
11/03/2013 * |
16,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71757058 |
|
13 |
10131502 |
11/03/2013 * |
15,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71759336 |
|
14 |
10094961 |
19/03/2013 * |
62,000,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B72293244 |
|
15 |
80027343 |
11/03/2013 * |
12,250,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71758601 |
|
16 |
80018522 |
11/03/2013 * |
4,108,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71757959 |
|
17 |
80043525 |
03/09/2013 * |
223,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP, MUMBAI, NEVILLE HOUSE, |
B84800960 |
|
18 |
90244027 |
29/09/1997 |
10,000,000,000.00 |
STATE BANK OF
INDIA |
SWECURITIES AND SERVICES
DIVISION; MUMBAI MAIN BRA, MUMBAI SANACHAR MARG, MUMBAI, MAHARASHTRA -
400023, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Bonds Foreign Currency Bonds US $ 1,825.58 million (2013: US $ 1,325.58 million) |
79428.400 |
71965.400 |
|
Senior Notes (Bank of America) US $ 300 million (2013: US $ 300 million) |
17976.000 |
16287.000 |
|
Term Loans: From Banks In Foreign Currency Loans US $ 2,178.52 million (2013: US $ 1,184.19 million) |
130196.500 |
63981.600 |
|
From Others In Rupees |
762.500 |
2460.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans Repayable
on Demand From Banks In Foreign Currency US $ 4,899.87 million (2013: US $ 5,651 million) |
293600.200 |
306792.800 |
|
In Rupee |
96250.000 |
161400.000 |
|
From Others Commercial Papers |
6750.000 |
15800.000 |
|
Inter-Corporate
Deposits |
2367.700 |
0.000 |
|
|
|
|
|
Total |
627331.300 |
638686.800 |
OPERATIONAL PERFORMANCE
REFINERIES
The year 2013-14 was a significant year for the Corporation’s Refineries
Division in terms of many initiatives taken for improving plant reliability and
consolidation of operations in pursuit of excellence. The refineries achieved
the combined distillate yield of 78.1 wt% during the year, which is the same as
that achieved in the previous year. The eight refineries of the Corporation
achieved a combined crude oil throughput of 53.13 million tonnes during the
year, with an overall capacity utilisation of 98%, as against a throughput of
54.65 million tonnes and capacity utilisation of 100.8% in the previous year.
The marginal fall in the throughput and capacity utilisation is mainly due to
the shutdown of Mathura Refinery for a period of 45 days for project related
activities. The refineries also recorded the lowest ever specific energy
consumption of 55.8 MBTU/BBL/NRGF (MBN*) during the year. Nine new crude oil
grades (including high-TAN crudes such as Marlim and Dalia) were processed by
the Corporation’s refineries for the first time during the year in order to
widen the crude basket for derisking supply sources and to improve the margins.
*MBN–Thousand British Thermal Unit / Barrel / Energy Factor (MBTU/BBL/NRGF)
PIPELINES
The Corporation’s pipelines network achieved a throughput of 73.07
million tonnes in 2013-14 as against a throughput of 75.17 million tonnes
achieved in the previous year. The marginal drop in the throughput was due to
reduction in throughput of the refineries. The product pipelines achieved a
throughput of 27.21 million tonnes during the year as against 27.77 million
tonnes in the previous year. Similarly, the crude oil pipelines registered a
throughput of 45.86 million tonnes during the year as against 47.40 million
tonnes in the previous year. The gas pipeline recorded the highest ever
throughput of 1168 MMSCM, surpassing the previous highest throughput of 960
MMSCM achieved during the previous year. The combined length of the
Corporation’s network of crude oil, product and gas pipelines as on 31.03.2014
was 11,214 km.
MARKETING
IndianOil maintained its position as the market leader for the year
2013-14 with domestic sales of 67.14 million tonnes of petroleum products.
However, the overall volumes registered a drop of 1.5 million tonnes as
compared to the previous year on account of the prevailing dual-pricing policy
in diesel resulting in decline in bulk sales of diesel. However, the Corporation
performed well in retail sales of diesel.
To keep pace with the high growth in the retail business, 1,717 retail
outlets (including 764 Kisan Seva Kendra Outlets) were commissioned during the year, raising
their total number to 23,993. The contribution of KSK outlets to total sales
during the year reached a new high of 11.6% in Petrol(Retail) and 11.7% in
Diesel(Retail). 1,700 ROs were brought under automation during the year, taking
the total number of automated retail outlets to 6,077. The concept of NANF (No
Automation, No Fuelling) was extended to over 1,150 more retail outlets during
the year. The concept of city specific automation was implemented in all retail
outlets of 4 cities viz. Chandigarh, Mangalore, Jamnagar and Vadodara.
IndianOil increased its market share in the LPG segment during the year
and released a record number of new connections, besides augmenting its
bottling and storage capacities and expanding its distributorship network,
especially in the rural areas. New initiatives were launched to enhance product
availability and customer convenience, such as portability of LPG connection
within and across companies and sale of 5-kg free-trade LPG cylinders through
select ROs and kirana stores. A record 80.3 lakh new domestic LPG
connections were released, raising the Indane customer strength to 817.9
lakh. 106 regular LPG distributorships and 478 RGGLV distributorships were
commissioned during the year to further expand the retail network.
Between June 2013 and January 2014, the Aadhaar based DBTL (Direct
Benefit Transfer in LPG) Scheme for subsidy transfer directly to the
beneficiaries was introduced in 6 phases, covering 3,732 distributors and 4.24
crore Indane consumers of IndianOil. Under this unique scheme, 12.1 million consumers
were benefited and more than ` 2,230 crore was transferred to the Aadhaar
linked bank account of individual consumers. At present, the scheme has been
kept in abeyance and a committee has been constituted to review the scheme for
better implementation.
IndianOil’s finished lube sales registered a decline of 1.7% over the
previous year. Constraints in availability of base oil from Chennai Petroleum
Corporation (CPCL) Refinery and non-availability of rubber process oil over a
four-month period affected the overall sales volumes for the year 2013-14.
Besides launch of a new lubricant for gearless scooters during the year,
long-term tie-ups were concluded with major customer groups for marketing a
wide range of products and approvals obtained for the SERVO range products
from leading Equipment Builder Approver (EBA) / Original Equipment
Manufacturers (OEMs) in India and abroad. A breakthrough was achieved in
overseas marketing with export of 165 kl of marine engine oils to Madagascar,
Yemen and Nigeria.
IndianOil’s Aviation Service maintained its leadership position during
the year by improving its market share to an all-time high of 64.5%. Against
the Industry growth of 4.4%, IndianOil aviation fuel sales registered a volume
growth of 6% during the year. The improvement in market share was largely aided
by aggressive bidding in the international sector and strong tie-ups with major
players in the domestic sector.
ASSAM OIL AND IBP DIVISIONS
The Assam Oil Division (AOD) continued to play a vital role in ensuring
supply of petroleum products in the north-east region. The Digboi Refinery
processed 0.65 million tonnes of crude oil during the year.
During the year, the Explosives and Cryogenics businesses of IBP
Division continued with its robust performance and recorded the highest ever
production and sales of explosives and cryocans. The Explosives group
manufactured and sold 85,264 MT of explosives during the year, recording growth
of 6.16% over previous year’s volume of 80,313 MT. The Cryogenics group sold
23,747 units of cryocans during 2013-14, recording 28.83% growth over the
previous year’s sale of 18,433 units. The Cryogenics group designed and
manufactured a liquid oxygen storage tank and delivery system alongwith PLC
controls for the Naval Materials Research Laboratory (NMRL), DRDO, Ministry of
Defence, Government of India. This was the country’s first indigenous land
based prototype for fuel cell powered submarines.
EXPANDING BUSINESS
Beyond the core business of refining, transportation and marketing of
petroleum products, the Corporation has been working towards strengthening its
presence in the oil and gas value chain. The Corporation’s endeavours in
diversified businesses such as Petrochemicals, EandP, Gas and Alternative
Energy sources have over the years consolidated, establishing it as a major
player in some of these new areas. These diversified businesses have made the
Corporation’s portfolio more vibrant and have also begun contributing to its
bottomline.
PETROCHEMICALS
The Corporation has emerged as the second largest petrochemicals player
in the country. During the year, the Corporation’s petrochemicals business
scaled new heights and achieved the highest ever sales since its inception. The
Corporation sold 2.12 million tonnes of petrochemicals (including exports)
against 2.08 million tonnes during the previous year. New overseas markets,
covering 16 countries in Africa, Latin America and Europe, were added to the
export list during the year.
During the year, the Corporation developed six new polyethylene and
polypropylene grades with a view to increase its customer base. Besides this,
nine Original Equipment Manufacturer (OEM) approvals were obtained during the
year for the Corporation’s polymer products.
During the year, the Corporation’s persistent endeavours in the
petrochemicals space helped it extend its frontiers with the commissioning of
138 kta Butadiene Extraction Unit (BDEU) and 120 kta Styrene Butadiene Rubber
(SBR) plant at Panipat. This SBR plant, set up as a joint venture, is India’s
first for import substitution.
GAS
Gas business presents a major opportunity for the Corporation to
maximize its prospects across the gas value chain. During the year, the
Corporation’s gas sales grew by 5.7%, reaching 1.94 million tonnes against
sales of 1.83 million tonnes achieved in the previous year. LNG sales through
‘LNG at the Doorstep’ business model increased to 30,036 MT, registering a
growth of 16%.
The Corporation’s endeavours in strengthening its presence in the gas
infrastructure and delivery capability in the country received a major boost as
its consortium with other partners was awarded authorisation for city gas
distribution projects in the cities of Chandigarh and Allahabad. The
Corporation has also booked 1.5 million tonnes per annum additional LNG
capacity at Dahej Terminal of Petronet LNG Limited. The Corporation is also
currently setting up its maiden 5-million tonnes per annum LNG import, storage
and regasification terminal at Ennore, which is targeted for completion in
2016-17. The work is progressing in three pipeline projects being implemented
through two joint ventures (GSPL India Gasnet Limited and GSPL India Transco
Limited) in which IndianOil has 26% of equity participation.
EXPLORATION AND PRODUCTION (E&P)
The Corporation has a portfolio of 13 domestic and 11 overseas blocks
currently. Among the domestic blocks, the Corporation is the operator with 100%
participating interest in 2 onshore exploration blocks in Cambay basin and
holds non-operating participating interest in the range of 20% to 44% in the
remaining blocks. In the overseas blocks located across eight countries, the
Corporation holds non-operating participating interest in the range of 3.5% to
50%. The Corporation had acquired 10% working interest in the producing
Niobrara Shale Oil Asset in the State of Colorado, USA, in October, 2012.
During the year, the Corporation expanded its overseas portfolio with
the acquisition of 10% interest in new integrated upstream and LNG project- the
Pacific North West LNG, based on unconventional gas, in British Columbia,
Canada. This interest was acquired through a wholly owned subsidiary of the
Corporation incorporated in Netherlands, which in turn incorporated a wholly
owned subsidiary in Canada. This is a producing asset with total gross 2P
reserves of 8.35 tcfe and has generated a gross revenue of CAD 1.56 million
during the year. The Corporation will have access to assured LNG supply of 1.2
million tonnes per annum from this project for a minimum period of 20 years.
AWARDS AND RECOGNITIONS
·
Gold
Trophy “SCOPE Meritorious Award” for Corporate Social Responsibility and
Responsiveness for the year 2012-13
·
IndianOil
became the highest ranked Indian company (96th) in the prestigious Fortune ‘Global 500’ listing.
·
Topped
the Financial Express 500, Business Standard 1000, Economic Times 500 and Fortune ‘India 500’ listings.
·
PetroFed
awards received in four categories - Leading Oil and Gas Corporate of the Year,
Oil and Gas Marketing Company of the Year, Special Commendation Award -
Environment Sustainability-Company of the Year and Innovator of the Year- Team
special commendation.
·
Best
CFO award by Institute of Chartered Accountants of India (ICAI) to Director
(Finance).
·
Featured
in Business India Super 100 companies (Rank 11), BT 500 India’s Most Valuable
companies (Rank 18), BW 500 (2nd biggest company) and Forbes Global 2000 (Rank
6 among Indian companies).
·
IndianOil
won the ‘Global Human Resources Development Awards 2014’ in the category
‘Improved Quality of Working Life’ instituted by International Federation of
Training and Development Organisation (IFTDO). IndianOil emerged as overall
winner and winner in its category.
·
IndianOil
was awarded Best CSR Project (Women Empowerment) for Assam Oil School of
Nursing by Think Media Inc., Bhubaneshwar and World CSR Congress, Mumbai.
·
Bongaigaon
Refinery, Gauridad Pump Station of Western Region Pipelines (WRPL), Rajkot,
Ennore BP, Mayiladuthurai BP, Vijayawada BP, Coimbatore BP, Bhopal BP, Rajbandh
Terminal bagged National Safety Award from Ministry of Labour and Employment,
Government of India.
·
Bongaigaon
Refinery won the National Energy Conservation Award 2013 constituted by Ministry
of Power, Govt. of India.
·
IOML
was presented the ‘Africa Sustainability Leadership Award- 2013’ under the
category ‘Best Community Action’ under the aegis of World CSR Congress. The
Sustainability Awards is a leading industry event for recognising and rewarding
outstanding achievement in sustainability in the built environment, with
participation from nearly 30 countries.
·
Won
Bronze at the fifth edition of the Rural Marketing Association of India Flame
Awards-2013 in the Category ‘Channel Marketing/Retailer Incentive of the year’
for its Kisan Seva Kendra brand of retail outlets set up in the rural
hinterland.
·
For
the sixth consecutive year, IndianOil was conferred the coveted Oil and Gas
Supply Chain Excellence Award at the 7th Express, Logistics and Supply Chain
Conclave held in Mumbai.
·
Conferred
the SKOCH Platinum Award under the category of innovative mobile applications
for Mobile applications M-Power and
X-Sparsh.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW AND OUTLOOK
GLOBAL
During the year, expansion of global trade and services moved at a
moderate pace. GDP growth, however decelerated further in 2013 to 3.0 percent
from 3.2 percent in 2012 and 4.0 percent in 2011. While growth plunged in
advanced economies and emerging economies, some green-shoots were observed in
the advanced economies group that came in as a boost for the overall global
prospects. After six consecutive quarters of contraction, recession ended in
the Euro Area in second quarter of 2013 with growth turning positive. In the
US, as well, growth strengthened in 2013. Moreover, unemployment rate fell in
the US and in the Euro Area. The improving economic situation in the US,
prompted the Federal Reserve to consider tapering the Quantitative Easing (QE),
which finally began in January 2014. The improving economic conditions in the
advanced economies augur well for the overall global outlook and would be a
major factor leading to the expected acceleration in the global growth in 2014.
In emerging economies, the year was marked by episodes of financial
turbulence caused by developments relating to the tapering of QE. During late
May to late September 2013, many emerging economies faced sharp depreciation of
their currencies resulting from capital outflows triggered by the expectation
of withdrawal of QE and later in January 2014 when the Federal Reserve
announced a further cut in QE for February 2014, which was not factored in by
the markets. On the growth front, supply-side constraints and structural
weaknesses continued to affect growth in many emerging economies and many
struggled with high inflation rates as well. There was a slight pickup in
growth in the later half of 2013 mainly on account of stronger export demand
from advanced economies and depreciation of emerging economies’ currencies.
Another worrying feature that emerged was the slowing of growth in China in
fourth quarter 2013, which until now had been the anchor for the emerging
economies group.
Looking ahead, a significant acceleration in global growth is expected
in 2014, with advanced economies, especially the US expected to lead the
growth. However, a number of risks, such as continuing deflation in the Euro
Area, emergence of new geo-political risks such as Russia-Ukraine stand-off and
turmoil at Iraq, weakening growth and financial fragilities in China and the
risk of volatility in the financial markets in response to the phasing out of
QE will continue to be major concerns.
ECONOMIC OUTLOOK
A stable government at the Centre is now a major morale booster in the
current fiscal year. On the other hand, risks in the form of weaker agriculture
growth due to below normal monsoon could affect overall growth and also
add to inflationary pressures. The economy is expected to recover
gradually with the GDP at factor cost at constant price at 5.4 to 5.9 percent
in 2014-15. This considers the revival of growth in the industrial sector with
stable current account and steady capital inflows, improved fiscal situation
and, on the supply side, improved electricity generation and recovery in
manufacturing and private services sectors. Turning around the investment and
consumer sentiment in the country is a priority area and pivotal to bringing
back accelerated growth of the economy.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2014
[RS.
IN MILLIONS]
|
|
PART I |
Three Months
ended |
|
Sr. No. |
Particulars |
30.06.2014 |
|
1. |
Income from
Operations |
|
|
|
Net Sales |
1246662.000 |
|
|
Other Operating Income |
2904.900 |
|
|
Net Sales/Income
from Operations |
1249566.900 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Material Consumed
|
572024.200 |
|
|
Purchase of Stock in Trade |
500241.300 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
62774.400 |
|
|
Employee Benefits Expenses |
14783.800 |
|
|
Depreciation and Amortization Expenses |
14948.800 |
|
|
Other Expenses |
62777.400 |
|
|
Total |
1227549.900 |
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
22017.000 |
|
4. |
Other Income |
18172.200 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
40189.200 |
|
6. |
Finance Cost |
9139.400 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
31049.800 |
|
8. |
Exceptional Items |
4456.100 |
|
9. |
Profit
/ (loss) before Tax (7+8) |
35505.900 |
|
10. |
Tax Expenses |
|
|
|
-Current tax |
6391.900 |
|
|
-Mat credit entitlement |
0.000 |
|
|
-Deferred tax |
3884.600 |
|
|
|
10276.500 |
|
11. |
Net
Profit for the period (09-10) |
25229.400 |
|
12. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
24279.500 |
|
13. |
Reserves Excluding Revaluation Reserve |
|
|
14. |
Basic and Diluted Earnings Per Share (EPS) (Rs. 10 each)
Not Annualised |
10.39 |
|
|
|
|
|
|
PHYSICAL |
|
|
|
Product Sales |
|
|
|
- Domestic |
18.768 |
|
|
- Export |
1.004 |
|
|
Refineries Throughput |
12.866 |
|
|
Pipelines Throughput |
18.890 |
|
|
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
Public
Shareholding |
|
|
|
-Number of Shares |
762986920 |
|
|
- Percentage of Shareholding |
31.43 |
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
1664965562 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
68.57 |
|
Particulars
|
3 Months ended 30.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
407 |
|
Disposed of during the quarter |
407 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above results
have been reviewed and recommended by the Audit Committee in its meeting held
on August 11, 2014 and approved by the Board of Directors at its meeting held
on August 12, 2014.
2)
The Financial
Results have been reviewed by the Statutory Auditors as required under clause
41 of the listing agreement.
3)
Average Gross
Refining Margin for the period April - June 2014 is $ 2.25 per bbl (April -
June 2013: $ 2.66 per bbl).
4)
a)
In line with the
scheme formulated by Petroleum Planning and Analysis Cell (PPAC), the Company
has received during the period April - June 2014, discounts of Rs. 81072.100
Millions (April - June 2013: Rs. 81517.700 Millions) on Crude Oil/Products
purchased from ONGC/GAIL/OIL/CPCL towards part of the under recovery suffered
on sale of regulated products viz. HSD, SKO (PDS) and LPG (Domestic), and the
same has been adjusted against the purchase cost.
b)
The company has
accounted for Budgetary Support of Rs. 60756.300 Millions during the period
April - June 2014 (April - June 2013: Rs. 42612.900 Millions) towards
under-recovery on sale of regulated products viz. HSD, SKO (PDS) and LPG
(Domestic) in Statement of Profit and Loss as Revenue Grants.
c)
Consequent to
non-revision of retail selling prices in line with international prices and
pending crystallization of compensation from Government of India at the year
end, the Company has suffered net under-realization of Rs. 11455.000 Millions
(April - June 2013: Rs. 12116.700 Millions) on sale of regulated products viz.
HSD, SKO (PDS) and LPG (Domestic).
5)
The company has
recovered Rs. 4456.100 Millions during the period April - June 2014 (April -
June 2013: Rs. 4362.900 Millions) from the sale of petroleum products in the
state of Uttar Pradesh as additional state specific surcharge towards recovery
of Entry Tax paid in earlier years in line with MOPandNG order dated March 30,
2013.
6)
On August 2,
2013, RBI announced a forex swap window for public sector oil companies for
meeting its daily US dollar requirements. Income of Rs. 6805.600 Millions has
been accounted as Premium on Forward Contracts and Rs. 648.400 Millions as
Exchange Gain (Net) on transactions settled during the quarter.
7)
The Corporation
is in process of technically evaluating useful lives of its fixed assets and
componentization thereof vis-a-vis the useful lives stated under Schedule-II to
the Companies Act, 2013. Pending such evaluation, the Corporation has provided
depreciation for the quarter by applying the rates that were applicable for the
previous financial year. Its impact is unascertainable at this stage and
adjustments shall be carried out in subsequent quarters after finalization of
technical evaluation / componentization.
8)
Impact, if any,
on account of impairment of assets will be reviewed at the year end.
9)
Figures for the previous
periods have been regrouped wherever necessary.
SEGMENT
WISE RESULTS
|
|
3 Months Ended |
|
|
Particulars |
30.06.2014 |
|
|
1. |
SEGMENT
REVENUE |
|
|
|
a) Sale of Petroleum Products |
1206134.300 |
|
|
b) Sate of Petrochemicals |
50174.700 |
|
|
c] Other Business Activities |
45735.400 |
|
|
Sub-total |
1302044.400 |
|
|
Less: Inter-segment Revenue |
52477.500 |
|
|
TOTAL
REVENUE |
1249566.900 |
|
|
|
|
|
2. |
SEGMENT
RESULTS: |
|
|
|
a) Profit Before Tax, Interest income.
Interest expense, Dividend and Exceptional Items from each segment |
|
|
|
i) Sale of Petroleum Products |
19700.600 |
|
|
ii) Sale of Petrochemicals |
2194.400 |
|
|
iii) Other Business Activities |
278.100 |
|
|
Sub-total of (a) |
22173.100 |
|
|
b) Finance Cost |
9139.400 |
|
|
c) Other un-allocable expenditure
(Net of un-allocable income) |
(18016.100) |
|
|
d) Exceptional Items |
4456.100 |
|
|
PROFIT BEFORE
TAX (a-b-c+d) |
35505.900 |
|
|
|
|
|
3. |
CAPITAL
EMPLOYED: |
|
|
|
(Segment
Assets - Segment Liabilities) |
|
|
|
a) Sale of Petroleum
Products |
1049451.200 |
|
|
b) Sale of Petrochemicals |
155489.200 |
|
|
c) Other Business Activities |
6832.700 |
|
|
d) Unallocable - Corporate |
(527227.800) |
|
|
TOTAL |
684545.300 |
NOTES:
a)
Segment Revenue comprises Net sales/income from operations
(Net of excise duty) and Other Operating Income.
b)
Other Business segment of the Corporation comprises; Sale of Gas, Oil and Gas Exploration Activities,
Explosives and Cryogenic Business and Wind Mill S Solar Power Generation.
c) Figures for the
previous periods have been re-arranged wherever necessary.
CONTINGENT
LIABILITIES [AS ON 31.03.2014]:
1)
Contingent Liabilities amounting to Rs.116766.500
Millions (2013: Rs.116196.800 Millions) are as under :
· Rs.2104.300 Millions (2013: Rs.2257.000 Millions) being the demands raised by the Central Excise /Customs/ Service Tax authorities including interest of Rs.491.500 Millions (2013 : Rs.438.200 Millions).
· Rs.11732.000 Millions (2013: Rs.12948.000 Millions) in respect of demands for Entry Tax from State Governments including interest of Rs.461.000 Millions (2013 : Rs.449.400 Millions).
· Rs.45818.400 Millions (2013: Rs.46319.300 Millions) in respect of VAT/ Sales Tax demands including interest of Rs.14959.300 Millions (2013: Rs.16105.000 Millions).
· Rs.29041.600 Millions (2013: Rs.29622.500 Millions) in respect of Income Tax demands including interest of Rs.2339.000 Millions (2013 : Rs.2682.200 Millions).
· Rs.21138.400 Millions (2013: Rs.19172.600 Millions) including Rs.16016.500 Millions (2013: Rs.16004.900 Millions) on account of Projects for which suits have been filed in the Courts or cases are lying with Arbitrator. This includes interest of Rs.654.200 Millions (2013: Rs.378.100 Millions).
· Rs.6931.800 Millions (2013: Rs.5877.400 Millions) in respect of other claims including interest of Rs.1195.100 Millions (2013 : Rs.987.300 Millions).
The Company has not considered those disputed demands/ claims as contingent liabilities, for which, the outflow of resources has been considered as remote.
2)
Pending decision of the Government, no liability
could be determined and provided for in respect of additional compensation, if
any, payable to the land owners and the Government for certain lands acquired.
3)
The Company has issued Corporate Guarantee in
favour of three beneficiaries i.e. Bolivarian Republic of Venezuela (Republic),
The Corporacion Venezolana del Petroleo S.A. and PeTroCarabobo S.A., on behalf
of Indoil Netherlands B.V., Netherlands (an associate company) to fulfill the
associate company’s future obligations
4)
of payment of signature bonus / equity contribution
/ loan to the beneficiaries. The total amount sanctioned by the Board of
Directors is USD 424 million. The estimated amount of such obligation (net of
amount paid) is Rs.22365.800 Millions - USD 373.26 million (2013:
Rs.20542.300 Millions – USD 378.38 million).
5)
The company has issued Corporate Guarantee on
behalf of ‘Indian Synthetic Rubber Limited (ISRL), Joint venture company to the
extent of obligations of later company under loans (principal and interest
both) made to ISRL by ‘Japan Bank for International Cooperation (JBIC)’ and
‘Mizuho Corporate Bank (MHCB)’. The Company’s share of such obligation is
estimated at Rs.3334.400 Millions - USD 55.65 million (2013: Rs.3025.700
Millions – USD 55.73 million).
6)
The company has entered into Master Guarantee
Agreement, on behalf of its subsidiaries viz. Indoil Global B.V. and Indoil
Montney Limited for all of its payments and performance obligations under the
various Project Agreements entered by the subsidiaries with PETRONAS Carigali
Canada B.V. and Progress Energy Canada Limited. The total amount sanctioned by
the Board of Directors is CAD 3907 million. The estimated amount of such
obligation (net of amount paid) is Rs.151816.300 Millions - CAD 2,791.07
million (2013: NIL).
FIXED ASSETS:
Tangible assets
· Land
· Buildings, Roads etc.
· Plant and Machinery
· Office Equipments
· Transport Equipments
· Furniture and Fixture
· Railway Sidings
· Drainage, Sewage and Water Supply Systems
Intangible assets
· Licenses
· Computer Software
PRESS RELEASES
IOCL PLANS TO
AUTOMATE 7,500 RETAIL OUTLETS IN 2014-15
September 12, 2014
Bhubaneswar: State-run Indian
Oil Corporation plans to automate 7,500 outlets by 2014-15, its chairman B
Ashok has said.
Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan on
Friday inaugurated the automation facility simultaneously at all Indian Oil
retail outlets in Bhubaneswar by remote control.
"Indian Oil, which has automated more than 6,200 retail outlets till
August, 2014, also plans to automate 7,500 outlets by 2014-15 fiscal and more
than 10,000 retail outlets by 2015-16," the IOC chairman said.
In Odisha, Indian Oil has automated 192 retail outlets and has planned to
increase it to a total of 230 outlets in the financial year 2014-15, he said.
Stating that the concept of '100 per cent City Retail Outlet Automation' is a
key initiative launched by Indian Oil, Mr Ashok said in the current financial
year, the company plans to automate more than 20 cities in the country.
Friday's automation has made the Odisha state capital the first fully-automated
retail outlet city in Eastern India.
"The automation will dispel the doubts in the minds of the petroleum
consumer and bring benefit to all. The best practices of customer care and
services would be implemented in Odisha," Mr Pradhan said, addressing a
gathering on this occasion at Nuagaon Chowk IOC retail outlet here.
Stating that profit is not the prime motive, but customer satisfaction is the
need of the hour, the minister said the automated system would help quick and
effective customer grievance redressal due to availability of record for each
transaction.
The Union Petroleum Minister announced that a toll free helpline in Odia
language will be launched soon. Any consumer dissatisfied with the services of
a retail outlet or any other petroleum outlet will be able to lodge his
complaint in the Odia language based toll free helpline.
He also urged the consumers and general public to use Facebook and twitter
handle to communicate freely with the state-run oil utilities to vent their
grievances.
Mr Ashok said that the company has launched the initiative of automation of
retail outlets to foster a lifetime relationship with their customers with a
vision to maximize customer satisfaction and transparency in operations.
The automation system will go a long way in bettering the service
standards.
The concept of 100 per cent City Retail Outlet Automation is a key initiative
launched by Indian Oil. In the current financial year, India Oil plans to
automate more than 20 cities in the country, he said.
INDIAN OIL TO
INVEST $4 BILLION IN BRITISH COLUMBIA PROVINCE OF CANADA
October 14, 2014
New Delhi: Indian Oil
Corporation will invest $4 billion in the British Columbia province, Canada, to
source liquefied natural gas from the region.
Premier of British Columbia, Canada Christy Clark said: "Indian Oil
is poised to make its biggest investment in Canada to secure natural gas for
India from BC."
She said the state-run firm will invest $4 billion for securing LNG
supplies from the Canadian province.
IOC, in May, signed a deal to buy 10 per cent stake in shale-gas assets
and a linked liquefied natural gas (LNG) project in British Columbia.
The Canadian asset will produce as much as 19.68 million tonnes of LNG a
year for 25 years starting in 2018.
INDIAN OIL PLANS
TO COMMISSION PARADIP REFINERY SOON
September 02, 2014
Paradip, Odisha: Indian Oil
Corporation Limited (IOCL) expects to commission its oil refinery at Paradip
soon as 96 per cent of the construction work at the project is already
complete.
"Overall 96 per cent construction of the oil refinery project here has
been done so far. We expect it will be commissioned very soon," said
Ramjee Ram, executive director in-charge of the project.
Stating that the Paradip project would contribute significantly towards growth
of the country, the state as well as Indian Oil, Mr Ram said the refinery was
the company's largest investment in a single project and was also the first
zero-residue refinery of the country.
The 15 MMTPA Paradip refineries is Indian Oil's dream project, designed with a
Nelson Complexity Index of 11.3, he said, while addressing a function organised
Odisha on Monday to mark the Indian Oil Day.
The refinery was designed to operate on a broad basket of crude oils, including
cheaper, high sulphur and heavy grades and was configured to perform with high
energy efficiency, Mr Ram said, adding that the processing scheme has
combinations of hydrocracker unit and delayed coker unit to maximise distillate
yield like jet fuel, kerosene and diesel.
According to Mr Ram, major products would be liquefied petroleum gas, naptha,
motor spirit, diesel and sulphur. The latest state-of-art global process
technologies were being employed and entire range of products would be high
value distillates.
Very large crude containers would offload crude directly into the refinery
tanks through the single point mooring facility installed 23 kms inside sea
connected to a pipeline link, he said, adding, the evacuation of products would
be carried out through Paradip port and through pipelines.
The refinery would primarily handle high sulphur, high residue international
crudes to ensure profitability and energy security of the nation, he said.
My Ram further said that immediate potential growth of ancillary and auxiliary
units around the refinery would serve as an economic stimulus for industrial
development.
Environmental protection was being given special attention and more than 600
acres around the refinery has been developed as a greenbelt with five lakh
trees for green cover, he added.
DIESEL (RETAIL)
PRICE CHANGE W.E.F MIDNIGHT OF 18/19 OCT'14
New Delhi, October
18, 2014
On 18.10.14, the Government has decided to make the price of Diesel
market determined at both Retail and Refinery Gate level for all consumers wef
midnight of 18/19th Oct14. Henceforth, Oil Marketing Companies (OMCs) are
free to determine selling prices of the product in the domestic market.
The International oil prices have been on a steady and steep decline in the
last few weeks. The falling international prices of Diesel warrant a decrease
in selling price of Diesel in the domestic market. Thus a downward revision in
selling price of Diesel is being effected w.e.f midnight of 18/19th Oct'14.
With this price revision, RSP at Delhi of Diesel shall decrease by Rs
3.37/litre (including VAT), with corresponding decrease in other States.
The movement of prices in international oil market and INR-USD exchange rate
shall continue to be closely monitored and developing trends of the market will
be reflected in future price changes in Diesel prices.
The existing and proposed selling prices and reduction thereof in prices being
effected for the four metros is given below :
|
RSP (RS.LITRE). |
MUMBAI |
NEW
DELHI |
KOLKATA |
CHENNAI |
|
Proposed RSP |
63.54 |
55.60 |
60.30 |
59.27 |
|
|
|
|
|
|
|
Current RSP |
67.26 |
58.97 |
63.81 |
62.92 |
|
|
|
|
|
|
|
Reduction in Price |
(3.72) |
(3.37) |
(3.51) |
(3.65) |
THIEVES DIG TUNNEL
FROM IOC PIPELINE TO STEAL OIL AND DIESEL
Wednesday,
February 19, 2014
Meerut: Large quantity of
diesel and petrol was stolen by some miscreants by digging a tunnel through the
supply pipeline of Indian Oil Corporation (IOC) here, following which two
persons were today arrested, police said.
The incident came to light three days ago and police have today arrested
two accused -- Narendra Singh and Gyanendra Chaudhary -- in this connection,
OmPrakash, SP, Meerut said.
According to preliminary investigation, more persons are said to be involved in
the crime and efforts are on to nab them, he said.
The tunnel originated underneath a plot owned by Narendra Chaudhary
while the point where the hole was drilled in the pipeline is beneath a plot
owned by Gyandendra Choudhary, Om Prakash said.
A case was then lodged against both plot owners following which police
started the investigations, he said.
FIRE AT GUJARAT
REFINERY PLANT, ONE HURT
Wednesday, July
17, 2013
Vadodara: Fire erupted at a
plant of the Gujarat refinery on the
outskirts of the city in which one person was injured, official sources said on
Wednesday.
"There was a fire near the flare knock out drum (KOD) of FCC
(fluidised catalytic cracking) unit of Gujarat Refinery
yesterday at around midnight. As a precautionary measure, the unit was taken
for safe shutdown," Anjali Bhave, the spokesperson of the refinery, said
here.
"Emergency response personnel extinguished the fire in about 10
minutes and one employee sustained burn injury. No casualty has been
reported," she said.
The injured employee has been admitted to a private hospital for
treatment.
A multi-disciplinary committee has been constituted to investigate the
cause of fire, she said.
The FCC was the only unit involved (in the fire) and it was temporarily
shut down.
From this morning, the unit has been restarted. Gujarat refinery`s other
processing units are operating normally, she said.
Appropriate government agencies have been informed about the mishap, she
added.
Gujarat refinery, with 13.7 million refining capacity, is the largest
refinery owned by the Indian Oil Corporation (IOC).
FCC units are standard installations widely used throughout the world on
oil refineries for converting the heaviest components of crude oil into a range
of useful products such as motor fuels.
IOC
TO BEGIN COMMISSIONING PARADIP REFINERY BY DECEMBER
12
Aug, 2014
NEW DELHI: Indian Oil Corporation, the nation's largest
oil firm, today said it will begin commissioning its Rs 300000.000 Millions Paradip refinery in Odisha by the end of the year.
"We are looking at commissioning of various
units in stages beginning December," IOC Director (Refineries) Sanjiv
Singh told reporters here.
Commissioning of the full 15 million tons unit
will take a few months.
Paradip refinery has been delayed by two years.
It was originally to come up in 20.
INDIAN OIL CORPORATION TO SET UP TWO NEW PLANTS IN UTTARAKHAND
Aug
1, 2014
DEHRADUN: To streamline supply of LPG in Uttarakhand, the Indian Oil Corporation will set up two new plants in the
state besides doubling the capacity of its plants in Haridwar and Haldwani.
The Corporation will double the current capacity of its Haldwani and
Haridwar plants from 5,000 tonnes to 10000 tonnes and will also set up two new
plants in the state, IOCofficials told Chief Secretary Subhash Kumar at a meeting here, an official release
said.
The IOC will also set up two new plants in Uttarakhand, one each in
Dehradun and Kotdwar to meet the state's LPG requirements.
IOC has a capacity of only 10,000 tonnes of LPG per month against the
state's total requirement of 16,000 tonnes of LPG per month.
INDIAN OIL REPORTS NET PROFIT
OF RS. 25230.000 MILLIONS FOR THE QUARTER ENDED 30TH JUNE, 2014
IOC has reported a net profit of Rs. 25230.000 Millions on Income from
Operations of Rs. 1249570.000 Millions for the quarter ended 30.6.2014. During
the corresponding period in the previous year, the Corporation reported a net
loss of Rs. 30930.000 Millions on Income from Operations of Rs. 1104670.000
Millions. The increase in net profit during the first quarter of the current
year vis-a-vis the same quarter of the last year is mainly attributable to
exchange variations and lower interest cost.
Mr. B. Ashok, Chairman, Indian Oil, said, “Indian Oil sold 19.772
million tonnes of products, including exports, during April-June 2014. Our
refining throughput for Q1 2014-15 was 12.866 million tonnes and the throughput
of the Corporation’s countrywide pipelines network was 18.890 million tonnes during
the same period.”
PRICE CHANGES W.E.F
MIDNIGHT OF 31ST JULY/1ST AUG'14
New Delhi, July 31,
2014
During the past fortnight, Petrol prices have shown a downward trend while the INR-USD exchange rate has slightly depreciated. The combined impact of the two factors warrants a decrease in RSP of MS by Rs. 1.09/ litre at Delhi (inclusive of VAT) with corresponding decrease in other states. The said decrease is being effected from midnight of 31st July/1st Aug'14.
Further, since price of Diesel in international market has also shown a
downtrend, the selling price of Diesel sold to bulk consumers (Bulk HSD) shall
reduce by Rs 0.72/litre at Delhi (including VAT) with corresponding decrease in
other states.
International prices of LPG also witnessed a downtrend during this period. As a
consequence of which selling price of Domestic Non-Subsidised LPG cylinder
shall reduce by Rs 2.50 for a 14.2 kg cyl and that of LPG Commercial cylinder
by Rs 4.00 for a 19 kg cyl at Delhi (including VAT) with corresponding decrease
in other states.
For Retail Diesel, on 17th Jan’13, GOI authorized PSU OMCs to increase selling
price within a small range every month. Accordingly, an increase of Rs.
0.50/litre (excluding VAT) is being effected in Retail Diesel prices resulting
in increase of Rs. 0.56/ litre in RSP at Delhi (including VAT) with
corresponding increase in other states.
INDIANOIL R&D
WINS NATIONAL AWARDS FOR TECHNOLOGY INNOVATION
New Delhi, July 24,
2014
In a grand event held recently, IndianOil R&D won two national awards for technology innovation. IndianOil’s innovative “REACH Compliant Novel Internal Donors Based Ziegler–Natta Catalysts for Producing Phthalate Free Polypropylene" was adjudged as the winner of the 4th National Awards for Technology Innovation in Petrochemical and Downstream Plastics Processing Industry in the category of Innovation in Green Polymeric Materials and Products.
The award was presented by the Union Minister for Chemicals and Fertilizers,
Shri Ananth Kumar, to Dr. RK Malhotra, former Chairman and Director (R&D)
and Dr. GS Kapur, DGM (Petrochemicals), IndianOil R&D, in the presence of
Shri Nihal Chand, Minister of State for Chemicals and Fertilizers, and the
who’s who of the Indian Plastics Industry at glittering function held on 17
July 2014 in New Delhi.
In addition, the Solar LED Light designed and developed IndianOil
R&D was awarded the Runners-Up award in the category of Innovations in
Polymer Product. The award was presented in the function by the Union Minister
for Chemicals and Fertilizers, Shri Ananth Kumar, to Dr. RK Malhotra, former
Chairman and Director (R&D) and Shri Umish Srivastava, CRM (Alternate
Energy - Solar), IndianOil R&D, in the presence of Shri Nihal Chand,
Minister of State for Chemicals and Fertilizers.
Instituted by the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, Government of India, these National Awards are conferred for Technology Innovation in the fields of Polymeric Material, Polymeric Products, Polymer Processing Machinery and Equipment, Polymer Waste Management and Recycling Technology, Green Polymeric Materials and Products, Polymers in Agriculture and Water Conservation, Polymers in Public Health Care and Research in the field of Polymer Science and Technology. The award consists of a Shield, a Citation and a cash prize of Rs. 2 lakh to the Winners.
With Innovation as one the core Corporate Values, IndianOil has done
path-breaking research and has become the first Indian Company to develop novel
REACH compliant Internal Donors, based on 1,2-pheneylene dioates (Indian Patent
2040/MUM/2012 and PCT published WO 2014/013401 A1). The IndianOil team of
inventors include Dr. Bhaskar Bantu, SRO, Dr. Sukhdeep Kaur, SRO, Dr. KK
Naresh, SRO, Dr. Gurmeet Singh, DMR, Dr. G.S. Kapur, DGM (PC), Dr. Shashikant,
former GM (PC) and Scientists Emeritus; Dr B Basu, former ED (LT) and Dr. RK
Malhotra, former Director (R&D).
REACH is an EU regulation on Registration, Evaluation, Authorisation and
Restriction of Chemicals. It was enforced on 1st June 2007 and streamlines the
former legislative framework on chemicals of European Union (EU). It addresses
the production and use of chemical substances, and their potential impact on
both human health and the environment.
The second award celebrates innovation achieved by IndianOil R&D in
designing the Solar LED light with respect to use of polymeric materials of
construction as well as multi-purpose use of the product as a lamp, lantern,
mobile charger, bulb and torch.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.23 |
|
|
1 |
Rs. 98.53 |
|
Euro |
1 |
Rs. 77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.