MIRA INFORM REPORT

Report No. :	316127
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	INDIAN OIL CORPORATION LIMITED
Registered Office :	Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.06.1959
Com. Reg. No.:	11-011388
Capital Investment / Paid-up Capital :	Rs. 24279.500 Million
CIN No.: [Company Identification No.]	L23201MH1959GOI011388
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
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.
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 1800000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bonds : “AAA”
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	August 06, 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.

LOCATIONS

Registered Office/ Marketing Division :	Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/ 26441825/ 30/ 31
Fax No.:	91–22–26443880/ 26425903/ 26400606
E-Mail :	srikumar@indianoil.co.in rajurang@indianoil.co.in
Website :	http://www.iocl.com
Corporate Office :	3079/3, J B Tito Marg, Sadik Nagar, New Delhi – 110049, India
Tel. No.:	91-11-26260000
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 pkc@iocl.co.in govindarajank@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
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
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
Assam Oil Division :	P.O. Digboi - 786171, Assam, India
Research and Development Centre :	Sector 13, Faridabad – 121007, Haryana, India
IBP Division :	34-A, Nirmal Chandra Street, Kolkata – 700013, West Bengal, India

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)
Name :	Mr. M. Nene
Designation :	Director (Marketing)
Name :	Mr. V. S. Okhde
Designation :	Director (Pipelines)
Name :	Mr. Sanjiv Singh
Designation :	Director (Refineries) [w.e.f. 01.07.2014]
Name :	Dr. S C Khuntia
Designation :	Government Nominee Director
Name :	Mr. Rajive Kumar
Designation :	Government Nominee Director
Name :	Mrs. Shyamala Gopinath
Designation :	Independent Director
Name :	Mr. Shyam Saran
Designation :	Independent Director
Name :	Mr. Devang Khakhar
Designation :	Independent Director
Name :	Mr. K. Jairaj
Designation :	Independent Director [w.e.f. 20.03.2014]
Name :	Mr. Nesar Ahmad
Designation :	Independent Director [w.e.f. 20.03.2014]
Name :	Mr. Sunil Krishna
Designation :	Independent Director [w.e.f. 20.03.2014]
Name :	Mr. Sayan Chatterjee
Designation :	Independent Director [w.e.f. 20.03.2014]

KEY EXECUTIVES

Name :	Mr. Raju Ranganathan
Designation :	Company Secretary
Name :	Ms. Sanjeevanee Kutty
Designation :	Chief Vigilance Officer
Name :	Satwant Singh
Designation :	Executive Director (Cryogenics)
Name :	H S Bedi
Designation :	Executive Director I/C (Human Resource), Marketing
Name :	S Krishna Prasad
Designation :	Executive Director I/C (Finance), Marketing
Name :	S Ganguli
Designation :	Executive Director I/C (Mathura Refinery)
Name :	A N Jha
Designation :	Executive Director (LPG), Marketing
Name :	Anish Aggarwal
Designation :	Executive Director (Operations), Pipelines
Name :	T K Basak
Designation :	Executive Director (I/C) (Panipat Refinery)
Name :	Rajiv Bahl
Designation :	Executive Director (Finance & Treasury), Corporate Office
Name :	S S Mishra
Designation :	Executive Director (Delhi State Office)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1664965562	68.57
Sub Total	1664965562	68.57
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1664965562	68.57
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	21952986	0.90
Financial Institutions / Banks	3396823	0.14
Insurance Companies	81885038	3.37
Foreign Institutional Investors	63427197	2.61
Sub Total	170662044	7.03
(2) Non-Institutions
Bodies Corporate	466436257	19.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	60225487	2.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2446416	0.10
Any Others (Specify)	63216716	2.60
Non Resident Indians	904286	0.04
Trusts	59104701	2.43
Clearing Members	466777	0.02
Foreign Nationals	506	0.00
Governor of Gujarat	2700000	0.11
Custodian	40446	0.00
Sub Total	592324876	24.40
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	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.
Products :	Petroleum Products Petrochemicals Gas Explosives and Cryogenics Wind Mill Solar Power Generation Oil and Gas Exploration Activities
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

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

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

33793 [Approximately]

Bankers :

· State Bank of India

· HDFC Bank Limited

· United Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Bonds: Non-Convertible Redeemable Bonds-Series-VIII B	10700.000	10700.000
Non-Convertible Redeemable Bonds-Series-XII	12950.000	12950.000
Non-Convertible Redeemable Bonds-Series-IX	16000.000	16000.000
Non-Convertible Redeemable Bonds-Series-VII B	5000.000	5000.000
Non-Convertible Redeemable Bonds-Series-V	632.000	948.000
Term Loans: From other parties Oil Industry Development Board (OIDB)	13595.000	13850.000
Finance Lease Obligation	29595.400	0.000
SHORT TERM BORROWINGS
Loans Repayable on Demand From Banks: Working Capital Demand Loan	90000.000	36500.000
Cash Credit	0.000	22317.200
From Others: Loans through Collaterised Borrowings and Lending Obligation (CBLO) of Clearing Corporation of India Limited (CCIL)	187.500	26300.000
Total	178659.900	144565.200
SHORT TERM BORROWINGS A. Against hypothecation by way of first pari passu charge on Raw Materials, Finished Goods, Stock-in Trade, Sundry Debtors, Outstanding monies, Receivables, Claims, Contracts, Engagements, etc. B. Against pledging of Oil Marketing Companies Government of India Special Bonds amounting to Rs. 43650.000 Million and Bank Guarantees of Rs. 16500.000 Million in favour of CCIL.

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
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
Memberships :	Not Available
Collaborators :	Not Available
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
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 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2427952482	Equity Shares	Rs. 10/- each	Rs. 24279.500 Million

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 Million]

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	1^st 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
Net Profit Margin (PAT / Sales)	(%)	1.48	1.12	0.99
Operating Profit Margin (PBDIT/Sales)	(%)	4.04	3.86	5.43
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 Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
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 Million)	(Rs. In Million)	(Rs. In Million)
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 Million)	(Rs. In Million)	(Rs. In Million)
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:

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 03/02/2015
Stamp No.:	WPST/2994/2015	Failing Date:-	03/02/2015	Reg. No.:-	WP/1558/2015	Reg. Date:-	12/02/2015
Petitioner:-	BHAWANI AUTO TRADERS AND ORS. -		Respondent:-	INDIAN OIL CORPORATION LIMITED AND ODRS
Petn.Adv:-	JAYDEEP JAWAHAR THAKKAR (I11424)		Resp. Adv.:	RMG LAW ASSOCIATES (293)
District:-	MUMBAI
Bench:-	SINGLE		Stage:-	PETITIONS FOR ADMISSION - FRESH [CIVIL SIDE MATTERS]
Status:-	Pre-Admission		Stage:-	PETITIONS FOR ADMISSION - FRESH [CIVIL SIDE MATTERS]
Next Date:-	22/06/2015
Coram:-	ACCORDING TO SITTING LIST
Last Date:-	23/02/2015
Coram:-	HON'BLE SHRI JUSTICE M.S. SONAK
Act. :	Legal Metrology Act Standards of Weights & Measures Act-1976

CHARGES:

ENTITY	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER
INDIAN OIL CORPORATION LIMITED	EPFO	EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS. 33.25 LAKHS	AMONG OTHER ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE 30-JUN-2011

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,  Delhi - 110001, INDIA	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, Delhi - 110001, INDIA	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, Delhi - 110001, INDIA	A60420031

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
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 30.012.2014

[RS. IN MILLION]

	PART I	Three Months ended		Nine Months ended
Sr. No.	Particulars	31.12.2014	30.09.2014	31.12.2014
1.	Income from Operations
	Net Sales	1069273.400	1113049.300	3428984.700
	Other Operating Income	1462.600	3588.800	7956.300
	Net Sales/Income from Operations	1070736.000	1116638.100	3436941.000
2.	Expenditure
	Cost of Material Consumed	547774.200	589037.500	1708835.900
	Purchase of Stock in Trade	416241.200	471633.100	1388115.600
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	37141.200	(33905.800)	66009.800
	Employee Benefits Expenses	13246.500	15759.100	43789.400
	Depreciation and Amortization Expenses	12211.700	7300.600	34461.100
	Other Expenses	81102.500	77675.600	221555.500
	Total	1107717.300	1127500.100	3462767.300
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	(36981.300)	(10562.000)	(25826.300)
4.	Other Income	9101.500	4572.000	31845.700
5.	Profit Before Interest and Exceptional Items (3+4)	(27879.800)	(6290.000)	6019.400
6.	Finance Cost	9289.900	10394.600	28823.900
7.	Profit After Interest but before Exceptional Items (5-6)	(37169.700)	(16684.600)	(22804.500)
8.	Exceptional Items	4323.600	3901.600	12681.300
9.	Profit / (loss) before Tax (7+8)	(32846.100)	(12783.000)	(10123.200)
10.	Tax Expenses
	-Current tax	(3846.100)	(2545.800)	--
	-Mat credit entitlement	1141.800	(1141.800)	--
	-Deferred tax	(3773.800)	(110.800)	--
		(6478.100)	(3798.400)	--
11.	Net Profit for the period (09-10)	(26368.000)	(8984.600)	--
12.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	24279.500	24279.500	24279.500
13.	Reserves Excluding Revaluation Reserve
14.	Basic and Diluted Earnings Per Share (EPS) (Rs. 10 each) Not Annualised	(10.86)	(3.70)	(4.17)
	PHYSICAL
	Product Sales
	- Domestic	184.260	171.260	543.200
	- Export	8.170	9.010	27.220
	Refineries Throughput	138.080	134.070	400.810
	Pipelines Throughput	192.940	190.390	672.230
	PARTICULARS OF SHAREHOLDING
	Public Shareholding
	-Number of Shares	762986920	762986920	762986920
	- Percentage of Shareholding	31.43	31.43	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	1664965562	1664965562
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	68.57	68.57	68.57

INVESTOR COMPLAINTS	3 Months ended 30.06.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	479
Disposed of during the quarter	479
Remaining unresolved at the end of the quarter	Nil

NOTES:

The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on February 13, 2015.

The Financial Results have been reviewed by the Statutory Auditors as required under clause 41 of the listing agreement.

Average Gross Refining Margin for the period April - December 2014 is $ (2.66) per bbl (April - December 2013: $ 4.97 per bbl). Gross Refining Margin for the current period is lower mainly on account of Inventory valuation loss of Rs. 150170.000 Million which translates to $ 8.37 per bbl.

a) In line with the scheme formulated by Petroleum Planning and Analysis Cell (PPAC), the Company has received during the period April - December 2014, discounts of Rs. 23,320.76 crore (April - December 2013: Rs. 25,0472.100 Million) on Crude Oil/Products purchased from ONGC/GAIL/OIL/CPCL towards part of the under recovery suffered on sale of regulated products viz. HSD (upto 18.10.2014), 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. 120273.800 Million during the period April - December 2014 (April - December 2013: Rs. 186776.500 Million) towards under-recovery on sale of regulated products viz. HSD (upto 18.10.2014), 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. 11891.900 Million (April - December 2013: Rs. 88181.500 Million) on sale of regulated products viz. HSD (upto 18.10.2014), SKO (PDS) & LPG (Domestic).

The Company has recovered Rs. 12681.300 Million during the period April - December 2014 (April - December 2013: Rs. 12107.800 Million) 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 MOP&NG order dated March 30, 2013.

During the period, corporation has adopted useful lives of fixed assets specified under Schedule-II to the Companies Act, 2013. This has resulted in decrease of depreciation expense for April - December 2014 by Rs. 11488.600 Million. In line with the transitional provisions of Schedule-II to the Companies Act, 2013, an additional depreciation (net of tax) of Rs. 9141.000 Million in respect of the assets for which useful life as specified under that Schedule has already expired upto March 31, 2014 has been adjusted in opening general reserve.

In view of loss for the period and due to uncertainty in estimation of profit for the year pending clarity on the extent of compensation for the under recoveries suffered on sale of regulated products viz.HSD (upto 18.10.2014), SKO (PDS) & LPG (Domestic), no provision has been made for Current Tax and Deferred Tax for the current period.

Impact, if any, on account of impairment of assets will be reviewed at the year end.

Figures for the previous periods have been regrouped wherever necessary.

SEGMENT WISE RESULTS

		Three Months ended		Nine Months ended
Particulars		31.12.2014	30.09.2014	31.12.2014
1.	SEGMENT REVENUE
	a) Sale of Petroleum Products	1020121.200	1074101.400	3300366.900
	b) Sate of Petrochemicals	50980.400	53430.400	154585.500
	c] Other Business Activities	45197.100	48118.400	139050.900
	Sub-total	1116308.700	1175650.200	3594003.300
	Less: Inter-segment Revenue	45572.700	59012.100	157062.300
	TOTAL REVENUE
2.	SEGMENT RESULTS:
	a) Profit Before Tax, Interest income. Interest expense, Dividend and Exceptional Items from each segment
	i) Sale of Petroleum Products	(39160.100)	(10257.600)	(29717.100)
	ii) Sale of Petrochemicals	7142.600	4736.700	14073.700
	iii) Other Business Activities	(1928.300)	615.800	(1034.400)
	Sub-total of (a)	(33945.800)	(4905.100)	(16677.800)
	b) Finance Cost	9289.900	10394.600	28823.900
	c) Other un-allocable expenditure (Net of un-allocable income)	(6066.00)	1384.900	(22697.200)
	d) Exceptional Items	4323.600	3901.600	12681.300
	PROFIT BEFORE TAX (a-b-c+d)	(32846.100)	(12783.000)	(10123.200)
3.	CAPITAL EMPLOYED:
	(Segment Assets - Segment Liabilities)
	a) Sale of Petroleum Products	845223.600	945294.500	845223.600
	b) Sale of Petrochemicals	152525.300	165288.600	152525.300
	c) Other Business Activities	13319.500	9634.500	13319.500
	d) Unallocable - Corporate	(375689.000)	(456324.300)	(375689.000)
	TOTAL	635379.400	663893.300	635379.400

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 Million (2013: Rs.116196.800 Million) are as under :

· Rs.2104.300 Million (2013: Rs.2257.000 Million) being the demands raised by the Central Excise /Customs/ Service Tax authorities including interest of Rs.491.500 Million (2013 : Rs.438.200 Million).

· Rs.11732.000 Million (2013: Rs.12948.000 Million) in respect of demands for Entry Tax from State Governments including interest of Rs.461.000 Million (2013 : Rs.449.400 Million).

· Rs.45818.400 Million (2013: Rs.46319.300 Million) in respect of VAT/ Sales Tax demands including interest of Rs.14959.300 Million (2013: Rs.16105.000 Million).

· Rs.29041.600 Million (2013: Rs.29622.500 Million) in respect of Income Tax demands including interest of Rs.2339.000 Million (2013 : Rs.2682.200 Million).

· Rs.21138.400 Million (2013: Rs.19172.600 Million) including Rs.16016.500 Million (2013: Rs.16004.900 Million) 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 Million (2013: Rs.378.100 Million).

· Rs.6931.800 Million (2013: Rs.5877.400 Million) in respect of other claims including interest of Rs.1195.100 Million (2013 : Rs.987.300 Million).

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 Million - USD 373.26 million (2013: Rs.20542.300 Million – 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 Million - USD 55.65 million (2013: Rs.3025.700 Million – 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 Million - 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 Million 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 MILLION FOR THE QUARTER ENDED 30TH JUNE, 2014

IOC has reported a net profit of Rs. 25230.000 Million on Income from Operations of Rs. 1249570.000 Million 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 Million on Income from Operations of Rs. 1104670.000 Million. 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.

IOC, ONGC, OIL among 5 cos named by US for Iran ties

State-owned ONGC, IOC and OIL are among the five global companies named by the US administration for having energy ties with Iran, for which they can face sanctions by America.

The US Government Accountability Office has named Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and Oil India Ltd (OIL) along with China's CNPC and Sinopec as "foreign firms reported to have engaged in commercial activity in Iran's energy sector between November 8, 2013, and December 1, 2014".

The US Iran Sanctions Act provides for steps against persons, including foreign firms, investing more than USD 20 million in Iran's energy sector in any 12-month period. 

The three firms have been named for their stake in the Farsi offshore block in Iran. US GAO had included only ONGC and OIL in its previous report last year and kept IOC out because of "insufficient information available".

But in the report this year, it said: "The firm's (IOC's) 2013-14 annual report stated that the firm has a 40 per cent participating share in the Farsi Block Project." It cites ONGC's annual report mentioning 40 per cent interest in Farsi block as well as OIL's annual report stating 20 per cent stake in the block for being included in the report.

All the three firms gave similar response to US GAO saying the "exploration contract (for Farsi block) expired in 2009" and that they had "not carried out any activity after 2007 in the Farsi Block". ONGC holds the 40 per cent stake in Farsi through its overseas investment arm, ONGC Videsh Ltd.

After finding its name in on the list of entities engaged with Iran in three consecutive reports between 2010 and 2012, OVL stopped mentioning the Farsi stake in its annual report, resulting in its name being withdrawn in 2014.

Besides OVL, US GAO had also withdrawn Petronet LNG Ltd as well as Hinduja Group firm Ashok Leyland Project Services from the list saying "there were no open-source reports of the firms conducting commercial activity in Iran".

According to GAO, the US has not imposed sanctions on any firm for their Iran energy ties since 1998. The US and its allies have pursued the sanctions route to isolate Iran over its alleged nuclear programme.

OVL, IOC and OIL explored for oil and gas in Iran's Farsi block and proposed investing USD 5.5 billion to produce gas from the 21.68 trillion cubic foot discovery they made in the offshore area located near the Saudi Arabian border.

They however haven't invested in the development due to differences over the contract with the Iranian government.

CCI refuses anti-trust case against IOC, Mahanagar Gas

The Competition Commission has refused charges against Indian Oil Corporation and Mahanagar Gas that they indulged in unfair business practices with respect to distribution of CNG.

In a complaint, Bharat Garage, a partnership firm engaged in distribution of Compressed Natural Gas (CNG), had alleged that an agreement executed between IOC and Mahanagar Gas is anti-competitive and limits the production/supply of CNG and causes an appreciable adverse effect on the competition.

Finding no prima facie case, the Competition Commission of India (CCI) in an order released recently noted that the agreement wherein IOC would be selling the product of the Mahanagar Gas through its outlets "is not exclusive in nature, thus such an agreement does not seem to be anti-competitive in nature".

CCI has also rejected the allegations of cartel-like behaviour levelled against the two firms. With regard to allegations pertaining to charging of commission by IOC, issue regarding the termination of agreement with the complainant, non-supply of CNG directly to it by Mahanagar Gas, among others, CCI said that these "prima facie, do not point to any activities/conduct contravening provisions of...the (Competition) Act".

Mahanagar Gas was charged with the function of ensuring adequate supply of CNG to customers in the state of Maharashtra.

In order to discharge this function, the firm had executed agreements with dealers and oil companies for distribution of CNG.

IOC aims to run Paradip refinery at full capacity by Dec

Indian Oil Corp Ltd , the biggest refiner in Asia's third-largest economy, plans to run its Paradip refinery at full capacity by end of this year, a senior company executive said on Friday.

Crude processing at the 300,000-barrel-per-day (bpd) east coast refinery will begin in two months, Indian Oil's head of refinery Sanjiv Singh told reporters after the company announced its December-quarter results.

Haven't factored in inventory losses yet: IOC

If you are expecting a fuel price cut in the New Year, you may have to temper your expectations. Indian Oil Corporation believes that their inventory losses are huge and they are yet to factor them so far.

Watch video for more....

IOC website hacked by a Turkish group

Website of Indian Oil Corp, the nation's largest company, was today hacked purportedly by a Turkish group.

IOC's website www.iocl.com showed a message from TurkGuvenligi which claimed the site has "HACKED". It said, "hacking is not a crime".

TurkGuvenligi, according to its twitter account, is a hacking group focused on network systems.

An IOC official said they are trying to bring the site back. "We are resolving the issue," he said.

IOC to invest Rs 68000.000 Million on capacity expansion at Guj plant

State-run Indian Oil Corporation (IOC) today said it will be investing Rs 6,800 crore on capacity expansion and improving fuel quality at its Gujarat refinery unit.

The state-run refiner in the country will invest Rs 5,000 crore to increase its overall capacity to 18 million metric tonnes from the present 13.7 million metric tonnes, executive director S K Dhar Gupta said.

Besides, it will invest Rs 1,8000.000 Million to make the end product compliant with the low-sulphur Bharat Stage (BS-IV and BS-V) norms, he said.

The new capacity addition at its plant at Koyali village in the outskirts of the city will also be compliant with the latest fuel norms, he said.

"The Gujarat refinery is gearing up to meet the quality improvement programme in line with the Auto Fuel Vision and Policy-2025, for supply of BS-IV fuels across India from April 1, 2017," he said.

Gupta added the BS-IV norms involve upgradation of diesel quality by reducing the sulphur content in the diesel to 50 part per million (PPM) from the current 350 PPM.

This is aimed at reducing air pollution in the country, he said, adding that the norms first came into force on April 1, 2010 in 13 cities.

The Rs 1,800-crore fuel output quality enhancement project will be completed by April 2017 while the Rs 50000.000 Million fuel enhancement project will be completed by 2020, Gupta said.

He further said the shift to cleaner fuels will also help the company's profitability as the operating costs will go down and hence, lead to an uptick in the gross refining margins (GRMs).

Oil firms face Rs 10K cr inventory loss, depreciating rupee

Indian Oil Corp (IOC) and other state-run fuel retailers have piled up inventory loss of over Rs 100000.000 Million which together with depreciating rupee has severely strained their finances ahead of a revision in petrol and diesel prices.

IOC along with Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) are to decide on revising petrol and diesel prices tomorrow, amidst clamour for a rate cut on falling crude oil prices.

The firms, however, rue that petrol and diesel prices are not set based on trends in crude oil prices. They are benchmarked against internationally traded rates of gasoline (for petrol) and gas oil (for diesel) as well as rupee-dollar exchange rate.

Industry sources said rupee has depreciated against the US dollar since the last revision on December 16, making imports costlier.

Rupee has averaged Rs 63.46 to a US dollar since then as against Rs 61.95 factored in the last price cut.

On top of this, margins, which is differential between raw material (crude oil price) and product rate, has halved to USD 8-9 per barrel, they said.

While the slump in international crude oil prices had resulted in successive cuts in petrol and diesel prices, for oil companies they had meant inventory losses as they would typically buy crude at one rate but by the time it is processed and marketed its market value would have come down.

In April-September, the three state oil firms had an inventory loss of Rs 5,300 crore which has risen by "two to three times" since then, a top source said.

Oil firms feel people should look at the complete picture and not just base their expectations for a cut in retail prices on crude oil rates alone.

A cut in prices as per the fortnightly practice of revising rates on 1st and 16th of every month, can be announced tomorrow evening only at the expense of oil companies, they said.

Petrol and diesel prices were last cut on December 16 by Rs 2 per litre each. This was the eighth straight reduction in petrol prices since August, and fourth in diesel since October.

Petrol in Delhi today costs Rs 61.33 a litre, the lowest in 44 months. Diesel costs Rs 50.51 a litre, the lowest since July 2013.

Since August, petrol price have been cut by Rs 12.27 per litre on a cumulative basis while diesel rates in four downward revisions have been slashed by Rs 8.46 a litre.

The price cuts would have been steeper but for the government deciding to make hay out of the crude oil rate slump to around USD 60 per barrel. It raised excise duty on petrol by Rs 3.75 and by Rs 2.50 a litre on diesel to mop up Rs 106000.000 Million.

Crude oil price in June was USD 115 per barrel.

Why actual fuel de-control still does not exist in India

Moneycontrol Bureau

In October this year, the Narendra Modi-led government announced it had deregulated prices of diesel, India’s largest selling automotive fuel.

The move is expected to partially set free oil-marketing companies that had for years been selling the fuel at government-decided, loss-incurring prices, and followed the UPA government’s decision in 2010 to decontrol petrol prices.

OMCs, however, still continue to sell domestic fuels such as kerosene and LPG at a loss (for which they are reimbursed by the government in a tedious mechanism often involving delayed payments).

Providing OMCs with the freedom to price automotive fuels above cost should come as a respite for the government, investors as well as investors who were long worried about the pernicious impact of high under-recoveries (overall fuel subsidies came in at Rs 0.143 Million crore last fiscal).

But has the government really freed fuel prices? It does not appear so.

As an editorial in the Business Standard points out today, the government’s move to hike excise duty on petrol and diesel twice in the past 15 days and the OMCs’ decision to not pass on the hike to consumer reeks of lack of freedom.

As oil prices dropped over the past few months, OMCs had started making profits (or over-recoveries) on sale of these products for the first time in years and it was this profit that the government took away in the form of the excise duty hikes.

While one could term the government’s decision as an intelligent economic (adds Rs 20,000 crore to the kitty of the government that is struggling to meet its fiscal deficit target for the year) and political move (by not allowing OMCs to pass on the higher cost to consumers), the move clearly defies the spirit of reform the government has been espousing.

As the BS puts it: “After trumpeting its commitment to the deregulation of prices, it has violated the spirit of deregulation, and what that reform was supposed to achieve. The increase in excise duties will not be passed on to consumers, according to the OMCs. These OMCs are, of course, state-owned; and it strains credulity to suppose that this decision, which is clearly not in their commercial interest, was not born of political pressure. If the government is forcing the OMCs to set prices according to the dictates of political masters, then it can hardly claim deregulation has happened.”

The argument that the government is still calling the shots with respect to pricing is further bolstered by the fact that the major fuel retailers, IOC, BPCL and HPCL price the fuel at almost the same price.

For instance, IOC’s current price of petrol in Delhi is Rs 63.33 while it stands at Rs 63.36 and Rs 63.37 for HPCL and BPCL, respectively.

If oil companies are truly allowed deregulated prices, there would be at least some difference in the price of the different companies – in a free market, at least some would have tried to garner more market share by lowering prices.

Compare that to the US, for instance, where gasoline prices could differ from not just company to company or state to state but even at different pumps within a city based on demand and supply.

If that were not the case and if the Indian fuel market was truly deregulated, then as hedge fund manager Samir Arora pointed out in a recent tweet: “How is it free pricing if all oil companies follow exactly the same policy. Someone can accuse them of being a cartel?”

OMCs refraining from passing full benefit to users: Pros

Despite crude prices touching a five-year low on Monday, the stocks of the three oil marketing companies IOC, HPCL and BPCL closed on a mixed note today. Over the weekend, the price of both petrol and diesel was cut by less than one rupee per litre.

Experts say the three OMCs are still refraining from passing on the entire benefit of falling crude prices to consumers, and are retaining a margin or over recovery of 0.90 rupees per litre.

The prices of non-subsidised LPG cylinders and ATF have been slashed to three-year lows. The three OMCs today announced an ATF price cut of 4.1 percent. Since August, ATF prices have been cut by 14.5 percent.

Separately, the price of a non-subsidised LPG cylinder has been slashed by Rs 113. The government says the Indian crude basket had fallen by over 2 dollars on Friday to USD 70.29 per barrel.

IOC to cut diesel, petrol prices from Thursday

REUTERS - Indian Oil Corp will cut retail price of diesel by 2.4 percent and petrol by 0.8 percent from Thursday as global prices of both the fuels have eased since the last revision.

Retail diesel price will be cut by 1.21 rupees a litre and retail petrol price by 0.49 rupees a litre, the company said in a statement on Wednesday.

India's three state-controlled fuel retailers IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd tend to move their prices together.

($1 = 62.3150 rupees)

(Reporting by Ratnajyoti Dutta in NEW DELHI; Editing by Anand Basu)

Indian Oil Corp refineries to process 55 million ton crude in FY16

By PTI | 1 Apr, 2015, 11.05PM IST

NEW DELHI: Indian Oil Corp, the nation's largest oil refiner, plans to process 55 million tons of crude oil into fuel in the 2015-16 fiscal, IOCBSE 0.61 % Director (Refineries) Sanjiv Singh said today.

IOC refineries had turned 53.61 million tons of crude oil into petroleum products like diesel and petrol during 2014-15. The capacity utilisation was 98.9 per cent in spite of a few shutdowns for improvements, a company statement quoted him as saying

"The refineries achieved best ever combined distillate yield of 78.9 per cent during the year," he said. 

IOC will add 15 million tons a year state-of-the-art refinery at Paradip in Odisha this year. The firm already has refineries at Guwahati in Assam, Barauni in Bihar, Koyali in Gujarat, Haldia in West Bengal, Mathura in Uttar Pradesh, Panipat in Haryana, Digboi and Bongaigon. 

Addressing employees of IOC's refinery division, Singh said the company will this year have opportunities to increase gross refining margin (GRM) and overall profitability.

"Refineries have to be ready. IOC will always have advantage of having cluster of refineries to maintain supplies in all times," he said.

With focused efforts towards energy conservation refineries have achieved best ever overall specific energy consumption at 54.5 units per barrel against previous best of 56 achieved during 2013-14 with implementation of various energy saving schemes and close monitoring of energy parameters.

"Shut downs are part of the process but we need to 'Plan well-execute well' in order to strict to our turn around schedule," Singh added. 

Centre may delay oil company share sales

The government may start selling shares in April, maybe in smaller firms.

The Centre is likely to delay share sales in state-run oil firms ONGC and Indian Oil Corporation (IOC) by up to six months as low crude oil prices have hit their value, denting the chances of raising about $11 billion from such sales this financial year, two government sources said.

The government hopes to sell shares in these companies to raise nearly $3.5 billion, roughly one-third of the total annual share-sales target of about $11 billion, which is crucial to meet a fiscal deficit target of 3.9 per cent of GDP in 2015-16 that started on April 1.

The government has missed its target for partial privatisations for the past five years, and now wants to break with the usual practice of bunching up sales towards the year-end.

A shortfall in receipts from stake sales and taxes has led to cuts in public spending of about $48 billion in the past three years, which has slowed economic recovery.

The government had originally intended to sell off part of IOC and oil and gas explorer ONGC in the financial year that ended on Tuesday, but it ran into opposition from the Oil Ministry.

“It is not the right time to divest shares,” said A. K. Sharma, IOC Finance Director.

IOC incurred inventory losses of about $2.5 billion between April and December because it did not hedge against falling crude prices, down by half since June last year.

ONGC is hurting because, to help meet the federal fiscal deficit target, the Finance Ministry is making it pay for a high level of subsidies, despite the low oil price.

The subsidy burden on oil companies has hurt valuations, according to Oil Ministry officials.

IOC share price has rallied about 10 per cent this year following a fall in inventory losses but it is still 7 per cent lower than in September last year.

“Indian Oil Corp is not in a good shape. We will have to wait for at least six months before shares could be sold in the market,” a senior government official with knowledge of the matter told Reuters.

Mr. Sharma said the deregulation of diesel prices and lower borrowing costs had trimmed IOC’s losses in part, and it planned to diversify in other sectors to cushion against volatile prices.

ONGC share price has fallen more than 11 per cent this year, while the benchmark index has risen 3.4 per cent.

Analysts said waiting for a rally in the stock markets before selling big-ticket stakes could be a mistake, since investors were likely to remain cautious for some time about developments in West Asia and worries over U.S. rate rises.

“It might be an uphill task for the domestic stock market to do a replay of the scale of gains seen last year,” said Radhika Rao, an economist with DBS Bank in Singapore.

“In the absence of another strong bull run, achieving the divestment target might prove to be a challenge if more big-ticket sales are not brought forward,” she said.

Merchant bankers engaged by the government said a recent decision to lower domestic gas prices and the slump in crude prices would have a bearing on potential receipts if the government decides to go ahead.

Another official said the government might kick-start the process with the sale of shares in a smaller company such as Power Finance Corp or engineering equipment maker Bharat Heavy Electricals.

“If market conditions remain stable, we may sell a stake in a small company in April,” the official said.

So far, Finance Minister Arun Jaitley has Cabinet approval to sell shares in ten companies, including a 10 per cent stake in IOC and 5 per cent in ONGC.

Other companies on the list include National Minerals Development Corp and National Aluminium Co Ltd (NALCO).

Keywords: Centre, ONGC, Indian Oil Corporation, IOC, crude oil, shares, NALCO, Finance Minister Arun Jaitley

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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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. 62.59
UK Pound	1	Rs. 92.46
Euro	1	Rs. 67.51

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TRU

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%)

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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	--

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