MIRA INFORM REPORT

Report No. :	336204
Report Date :	12.08.2015

IDENTIFICATION DETAILS

Name :	MANGALORE REFINERY AND PETROCHEMICALS LIMITED
Registered Office :	Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030, Karnataka
Tel. No.:	91-824-2270400
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.03.1988
Com. Reg. No.:	08-008959
Capital Investment / Paid-up Capital :	Rs.17526.600 Million
CIN No.: [Company Identification No.]	L85110KA1988GOI008959
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRM00218B
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 :	The Company Is Engaged in the Business of Refining Crude Oil.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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 150000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of Oil and Natural Gas Corporation (ONGC). It is a well-established company having fine track record. For the financial year ended 2015, company possesses moderate operational performance and it has incurred loss from its operational activities. However, rating takes into account of MRPL’s adequate financial risk profile along with strong financial and managerial support risk that company receives from its holding company. Moreover, rating takes into account of recently acquired controlling stake in OMPL (ONG Mangalore Petrochemicals Limited), increasing its equity from 3% to 51% by subscribing to shares offered ad part of right issue. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong holding company support, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating : AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	July, 2015

Rating Agency Name	ICRA
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	July, 2015

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 31-03-2013.

LOCATIONS

Registered Office/ Factory :	Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030, Karnataka, India
Tel. No.:	91-824-2270400
Fax No.:	91-824-2271404/ 2270013/ 2271200
E-Mail :	mrplmlr@mrplindia.com investor@mrplindia.com mrpl@mrplindia.com
Website :	http://www.mrpl.co.in
Mumbai Office :	Maker Towers "F" Wing, 16^th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Tel. No.:	91-22-22173000
Fax No.:	91-22-22173233
E-Mail :	investor@mrplindia.com
Delhi Office :	LGF, Mercantile House, 15 K G Marg, New Delhi - 110001, India
Tel. No.:	91-11-23463100
Fax No.:	91-11-23352317/ 23463201
E-Mail :	investor@mrplindia.com
Marketing Office :	Opposite KSSIDC A O Building, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560010, Karnataka, India
Tel. No.:	91-80-22642200
Fax No.:	91-80-23505501 (Sales Department)

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Sudhir Vasudeva
Designation :	Chairman (Upto 28/02/2014)
Date of Birth/ Age :	25.02.1954
Qualification:	Chemical Engineer - Gold Medalist with an Advanced Diploma in Management.
Date of Appointment :	29.02.2009
Other Directorship :	Oil and Natural Gas Corporation Limited. Balmer Lawrie Investment Limited ONGC Videsh Limited. ONGC Petro- additions Limited. Mangalore SEZ Limited. ONGC Tripura Power Company Limited. Petronet LNG Limited. ONGC Mangalore Petrochemicals Limited. ONGC Mittal Energy Limited
Name :	Mr. P.P. Upadhya
Designation :	Managing Director (Upto 31/07/2014)
Name :	Mr. Vishnu Agrawal
Designation :	Director (Finance)
Name :	Mr. V. G. Joshi
Designation :	Director (Refinery) (From 04/04/2013)
Name :	Mr. P. Kalyanasundaram
Designation :	Director (From 15/04/2013)
Date of Birth/ Age :	25.12.1954
Qualification:	M.Sc (Geology); LLB;MBA, M. Phil (Commerce); M.A (Economics); M. Phil (Social Science); Masters’ Diploma in Public Administration; (Ph. D) in International Business.
Date of Appointment :	15-04-2013
Other Directorship :	Balmer Lawrie Investment Limited
Name :	Mr. B. K. Namdeo
Designation :	Director
Date of Appointment :	01.07.2013
Name :	Mr. B. Ravindranath
Designation :	Independent Director (Upto 06/01/2014)
Name :	Dr. D. Chandrasekharam
Designation :	Independent Director (Upto 11/03/2014)
Name :	Mr. K.S. Jamestin
Designation :	Special invitee (Upto 31/07/2014)
Name :	Mr. K. Murali
Designation :	Director (Upto 30/06/2013)
Name :	Mr. P.K. Singh
Designation :	Director (Upto 11/04/2013)
Name :	Dr. A.K. Rath
Designation :	Director (Upto 15/02/2013)
Name :	Mr. Vivek Kumar
Designation :	Director (Upto 06/08/2012)
Name :	Mr. U.K. Basu
Designation :	Managing Director (Upto 30/06/2012)
Name :	D. K. Sarraf
Designation :	Chairman (From 01/03/2014)
Name :	Shri Vishnu Agrawal
Designation :	I/c Managing Director (From 01/08/2014)
Name :	V. G. Joshi
Designation :	Director (Refinery) (From 04/04/2013)
Name :	C. L. Shah
Designation :	Independent Director (From 22/10/2013)
Name :	Neela Gangadharan
Designation :	Independent Director (From 22/10/2013)
Name :	Prof. Jayant M. Modak
Designation :	Independent Director (From 22/10/2013)
Name :	Prof. Usha Kiran Rai
Designation :	Independent Director (From 22/10/2013)
Name :	Capt. John Prasad Menezes
Designation :	Independent Director (From 22/10/2013)
Name :	A. K. Banerjee
Designation :	Special Invitee (From 05/08/2013)

KEY EXECUTIVES

Name :	Dinesh Mishra
Designation :	Company Secretaries
Name :	Ullas Kumar Melinamogaru & Associates
Designation :	Company Secretaries

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

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
Bodies Corporate	1552507615	88.58
Sub Total	1552507615	88.58
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1552507615	88.58
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	28067396	1.60
Financial Institutions / Banks	36834368	2.10
Central Government / State Government(s)	2700	0.00
Insurance Companies	239505	0.01
Foreign Institutional Investors	13502244	0.77
Sub Total	78646213	4.49
(2) Non-Institutions
Bodies Corporate	12758336	0.73
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	95305106	5.44
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5584312	0.32
Any Others (Specify)	7797195	0.44
Trusts	17825	0.00
Non Resident Indians	7614592	0.43
Hindu Undivided Families	100	0.00
Others	1900	0.00
Others	8500	0.00
Others	154278	0.01
Sub Total	121444949	6.93
Total Public shareholding (B)	200091162	11.42
Total (A)+(B)	1752598777	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1752598777	100.00

BUSINESS DETAILS

Line of Business :	The Company Is Engaged in the Business of Refining Crude Oil.
Products :	Refining Crude Oil
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Not Available
Branch	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

• State Bank of India
• Bank of Baroda
• Punjab National Bank
• United Bank of India
• Canara Bank
• IDBI Bank Limited
• Corporation Bank
• Citibank N.A.

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
External Commercial Borrowing (ECB) (Secured by first pari passu Charge over immovable fixed assets and first ranking pari passu charge over movable fixed assets both present and future). Terms of Repayment: During 2015-16 : Rs. 1,348.20 Million During 2016-17 : Rs. 2,471.70 Million During 2017-18 : Rs. 9,287.60 Million During 2018-19 : Rs. 24,492.30 Million During 2019-20 : Rs. 898.80 Million During 2020-21 : Rs. 449.40 Million	NA	38948.000
Short-term borrowings
Short term Loan From Banks : Working Capital (Secured by way of hypothecation of Company’s stocks of raw materials, finished goods, stock-in-process, stores, spares, components, book debts, outstanding moneys receivable, claim, bills, contracts, engagements, securities, both present and future and further secured by second ranking pari passu charge against Company's immovable and movable Fixed Assets both present and future.)	NA	0.000
Total	NA	38948.000

Note :

a The interest rate for ECB are based on 6 month LIBOR plus spread. Effective Interest rates are 3.26%, 3.63%, 2.82%, 2.44% and 2.79% on Rs. 5992.000 Million, Rs. 8988.000 Million, Rs. 17976.00 Million, Rs. 2996.000 Million and Rs. 2996.000 Million respectively.

b The interest rate for OIDB term loan are 8.89 %,9.04%, 8.73%, 8.98%, 8.94%, 9.27%, 9.06%, 9.15% and 9.27% on Rs. 2,737.50 Million, Rs. 262.500 Million, Rs. 1250.000 Million, Rs. 2750.000 Million, Rs. 87.900 Million, Rs. 1537.500 Million, Rs. 399.600 Million, Rs. 282.500 Million and Rs. 692.500 Million respectively.

c Deferred Payment liability representing Sales Tax deferment is with Nil Interest rate .

d The interest rate on Term loan from related Parties i.e ONGC is 10.70 % (SBAR minus 3.85%) on Rs. 46285.700 Million .

e Rs. 9391.540 Million (Previous year Rs. 5778.600 Million) is repayable within 1 year and the same has been shown as "Current Maturities of Long Term Debts".

Auditors :
Joint Statutory Auditors :
Name :	Gopalaiyer and Subramanian Chartered Accountants
Name :	A. Raghavendra Rao and Associates Chartered Accountants
Cost Auditor :	Musib and Associates Cost Accountants
Solicitors & Advocates:
	Mulla and Mulla and Craigie Blunt and Caroe, Solicitors
	Alaya Legal, Advocates
Memberships :	--
Collaborators :	---
Associate [AS ON 31.03.2014] :	ONGC Mangalore Petrochemicals Limited Mangalam Retail Services Limited
Joint Venture [AS ON 31.03.2014] :	Shell MRPL Aviation Fuel and Services Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 17526.600 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,900,000,000	Equity Shares	Rs.10/- each	Rs. 19000.000 Million
100,000,000	Redeemable Preference Shares @ 0.01% Non-Cumulative, Rs. 10 each	Rs.10/- each	Rs. 1000.000 Million
	Total		Rs. 20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,752,598,777	Equity Shares	Rs.10/- each	Rs. 17525.990 Million
	Forfeited Shares		Rs. 0.650 Million
	Total		Rs. 17526.640 Million

NOTE:

Reconciliation of shares

Equity Shares

Particular	31.03.2014
Shares outstanding at the beginning of the year	1,752,598,777
Shares outstanding at the end of the year	1,752,598,777

Preference Shares

Particular	31.03.2014
Shares outstanding at the beginning of the year	--
Shares redeemed during the year	--
Shares outstanding at the end of the year	--

Rights, preferences and restrictions attached

Particulars	Equity Shares	Preference Shares
Distribution of Dividend	As approved by Shareholders in AGM	Fixed @ 0.01% on Face Value
Repayment of Capital	Not Applicable	Redemption in two Equal Installment (1st July 2011 and 1st July 2012)

Shares held by holding or ultimate holding company or its subsidiaries or associates

1,255,354,097 Equity Shares (1,255,354,097 Equity Shares) are held by ONGC Limited, the holding company.

Details of shareholders holding more than 5% of total shares

Equity Shares

Name of Shareholder	No. of Shares held	% of Holding
Oil and Natural Gas Corporation Limited	1,255,354,097	71.63%
Hindustan Petroleum Corporation Limited	297,153,518	16.96%

Forfeited Shares

No. of Shares Forfeited	Amount paid up in Rs. in Million
--	0.650

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17526.600	17526.640	17526.640
(b) Reserves & Surplus	35523.000	53162.080	47150.260
(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)	53049.600	70688.720	64676.900
(3) Non-Current Liabilities
(a) long-term borrowings	78646.500	88535.670	57807.910
(b) Deferred tax liabilities (Net)	0.000	4702.690	7343.280
(c) Other long term liabilities	0.100	19.030	0.310
(d) long-term provisions	346.300	466.950	451.430
Total Non-current Liabilities (3)	78992.900	93724.340	65602.930
(4) Current Liabilities
(a) Short term borrowings	108.700	0.000	11990.030
(b) Trade payables	183369.500	210311.710	109607.640
(c) Other current liabilities	25739.100	19237.630	14130.920
(d) Short-term provisions	2097.400	1214.350	1003.760
Total Current Liabilities (4)	211314.700	230763.690	136732.350
TOTAL	343357.200	395176.750	267012.180
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	154867.600	59896.130	57768.520
(ii) Intangible Assets	0.000	18.080	37.800
(iii) Capital work-in-progress	0.000	85515.470	75544.810
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13496.700	150.020	150.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3583.200	2736.570	4831.520
(e) Other Non-current assets	2614.200	2694.840	974.350
Total Non-Current Assets	174561.700	151011.110	139307.020
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33996.000	84489.610	67152.610
(c) Trade receivables	23588.200	44811.450	39726.970
(d) Cash and cash equivalents	102687.100	106723.290	16058.550
(e) Short-term loans and advances	6900.000	7231.360	4616.570
(f) Other current assets	1624.200	909.930	150.460
Total Current Assets	168795.500	244165.640	127705.160
TOTAL	343357.200	395176.750	267012.180

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	574770.700	718147.920	656956.700
	Other Income	7904.500	3201.710	1118.820
	TOTAL	582675.200	721349.630	658075.520
Less	EXPENSES
	Cost of Materials Consumed	559615.100	708525.170	654001.820
	Exceptional Items	(334.500)	(1118.850)	(444.540)
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	18861.300	(6740.750)	(11161.530)
	Employees benefits expense	2407.400	2154.740	1845.600
	Other expenses	14627.800	4153.780	9273.000
	TOTAL	595177.100	706974.090	653514.350
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(12501.900)	14375.540	4561.170
Less	FINANCIAL EXPENSES	4070.900	3214.410	3285.530
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(16572.800)	11161.130	1275.640
Less/ Add	DEPRECIATION/ AMORTISATION	4986.100	7064.170	6044.100
	PROFIT/ (LOSS) BEFORE TAX	(21558.900)	4096.960	(4768.460)
Less	TAX	(4436.600)	(1914.860)	2800.650
	PROFIT/ (LOSS) AFTER TAX	(17122.300)	6011.820	(7569.110)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	339523.810	321798.450
	TOTAL EARNINGS	NA	339523.810	321798.450
	IMPORTS
	Raw Materials	NA	653951.570	558690.880
	Components and Stores parts	NA	856.450	534.180
	Capital Goods	NA	56.570	119.260
	TOTAL IMPORTS	NA	654864.590	559344.320
	Earnings / (Loss) Per Share (Rs.)	(9.77)	3.43	(4.32)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	9391.540	5778.600
Cash generated from operations	NA	90911.000	9965.920
Net Cash flow from Operating Activities	NA	89634.540	8818.620

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(2.98)	0.84	(1.15)
Operating Profit Margin (PBIDT/Sales)	(%)	(2.18)	2.00	0.69
Return on Total Assets (PBT/Total Assets}	(%)	(6.54)	1.32	(2.49)
Return on Investment (ROI) (PBT/Networth)		(0.41)	0.06	(0.07)
Debt Equity Ratio (Total Debt /Networth)		1.48	1.25	1.08
Current Ratio (Current Asset/Current Liability)		0.80	1.06	0.93

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.82.10/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	17526.640	17526.640	17526.600
Reserves & Surplus	47150.260	53162.080	35523.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	64676.900	70688.720	53049.600
long-term borrowings	57807.910	88535.670	78646.500
Short term borrowings	11990.030	0.000	108.700
Total borrowings	69797.940	88535.670	78755.200
Debt/Equity ratio	1.079	1.252	1.485

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	656956.700	718147.920	574770.700
		9.314	(19.965)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	656956.700	718147.920	574770.700
Profit/Loss	(7569.110)	6011.820	(17122.300)
	(1.15%)	0.84%	(2.98%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From Others : Term Loan from OIDB Terms of Repayment During 2014-15 : Rs. 2,000.00 Million During 2015-16 : Rs. 2,750.00 Million During 2016-17 : Rs. 2,750.00 Million During 2017-18 : Rs. 1,750.00 Million During 2018-19 : Rs. 750.00 Million	NA	8000.000
Deferred payment liabilities Terms of Repayment: During 2014-15 : Rs. 534.34 Million During 2015-16 : Rs. 555.83 Million During 2016-17 : Rs. 458.17 Million During 2017-18 : Rs. 526.54 Million During 2018-19 : Rs. 400.00 Million During 2019-20 : Rs. 218.63 Million	NA	2159.170
Loans and advances from related parties Terms of Repayment: During 2014-15 : Rs. 6,857.20 Million During 2015-16 : Rs. 6,857.20 Million During 2016-17 : Rs. 6,857.20 Million During 2017-18 : Rs. 6,857.20 Million During 2018-19 : Rs. 6,857.20 Million During 2019-20 : Rs. 6,857.20 Million During 2020-21 : Rs. 5,142.50 Million	NA	39428.500
Total	NA	49587.670

LITIGATION DETAILS

CASE PENDING

High Court of Karnataka -Bengaluru Bench

CEA 12/2010

Petitioner/Appnt. Name	THE COMMISSIOENR OF CENTRAL EXCISE		Respondent/Defnt. Name	M/S MANGALORE REFINERY
Petnr./Appnt. Advocate	N R BHASKAR		Respnt./Defnt. Advocate
Date Filed	02/02/2010	Classification	District	MANGALURU

Stage	PENDING FOR ADMISSON	Last Posted For	FINAL HEARING
Last Action Taken	Restored	Last Date of Action	14/10/2011	Next Hearing Date
Latest Order
Before Hon'ble Judge/s	N.KUMAR RAVI MALIMATH

Lower Court Details [Appeal from below case.]

Case No	Court Name	Order Dt
APPEAL 496/2008	CESTAT, BANGALORE
FO 928/2009	CESTAT, BANGALORE	03/04/2009

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10448674	26/09/2013 *	23,504,200,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, MAHARASHTRA - 400005, INDIA	B85841849
2	10378342	29/10/2012 *	13,325,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, MAHARASHTRA - 400005, INDIA	B61353405
3	80005571	23/08/2013 *	37,078,000,000.00	STATE BANK OF INDIA-	CORPORATE CORPORATE ACCOUNT GROUP, CAG BRANCH,12  TH FLOOR ,JAWAHAR VYAPAR BHAWAN, NEW DELHI, DELHI  - 110001, INDIA	B84354893

* Date of charge modification

CONTINGENT LIABILITIES:

Corporate Guarantee given by the Company towards loan of Rs. 3372.300Million (Previous Year Rs. 3372.300 Million) sanctioned by certain bankers / financial institutions to New Mangalore Port Trust (NMPT) for construction of Jetties. Amount outstanding as at the close of the year ended 31st March, 2014, after adjusting the repayment made by NMPT is Rs. Nil (Previous Year Rs. Nil).

Sr. No.	Particulars	31.03.2014
1	Claims of Contractors / vendors in Arbitration / Court
	Some of the contractors for supply and installation of equipment have lodged claims on the Company seeking revision of time of completion without liquidated damages, extended stay compensation and extra claims etc., which are contested by the Company as not admissible in terms of the provisions of the respective contracts. In case of unfavourable awards the amount payable would be capitalised ` 334.330 million / Revenue account ` 37.63 million [Previous year ` 327.390 million and ` 37.630 million respectively]	371.960
	One of the overseas customers has lodged damage claim for supply of off-spec cargo during 2008-09.The Company has disputed the claim and the issue is before the arbitrator.	365.720
2	Claims / counter claims of Customers
	One of the customer has lodged a claim for damages for pre-closure of the contract. The Company has disputed the claim based on Force Majure condition. In case of non acceptance of the stand taken by the Company the amount will be debited to the Profit & Loss account.	85.200
3	Others
	The New Mangalore Port Trust (NMPT) has claimed from the Company notified wharfage charges for handling cargo at oil berths for the period beyond MOU (berth No 10 from 16.10.2009 to 31st March,2014 & for berth no 11 from 01.04.2011 to 31st March,2014). The company has claimed that Memorandum of understanding, provides for arriving at a mutually agreeable rate subject to Government approval /TAMP (Tariff Authority for Major Ports) . The issue is now before Ministry of Shipping. The differential wharfage amount if any arising out of such decision will be debited / credited to the Profit & Loss Account in the year of such settlement.	1897.820
	This represents the potential liability which the company has undertaken for reimbursement to lessors, in case of any liability in their respective tax assessments. In case of any claim by lessors the same will be debited to Profit & Loss Account.	133.670
	The claim of Mangalore SEZ Ltd. over and above the advance paid for land and rehabilitation & resettlement work.	37.430
	Charges for delay in creation of security for ECB Borrowings	Nil
	Total	2891.800

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED

30.06.2015

(Rs. in million)

		Particulars	Quarter Ended
			30.06.2015 UNAUDITED
1	Income from Operations
		Sales/Income from Operations (Gross)	137055.100
		Less: Excise Duty	2324.000
	a) Net Sales/Income from Operations (net of excise duty)		113131.100
	b) Other Operating Income		35.600
	Total Income from Operations (Net)		113166.700
2	Expenses
	a)	Cost of Materials consumed	110159.100
	b)	Purchase of stock in-trade	0.0000
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12157.300)
	d)	Employee benefit expenses	622.800
	e)	Depreciation and amortization expense	1485.800
	f)	Other expenses	7236.400
	Total Expenses		107436.800
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	5729.900
4	Other Income		2120.800
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	7850.700
6	Finance Costs		1218.100
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	6632.600
8	Exceptional Items		1541.900
9	Profit /(Loss) from ordinary activities before tax		5090.700
10	Tax Expense		1031.700
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		4059.000
12	Extraordinary items (net of tax expense)		---
13	Net Profit /(Loss) for the period (11-12)		4059.000
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		17526.000
15	Reserve excluding revaluation reserves
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic	2.32
		Diluted	2.32
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	200091162
		- Percentage of Shareholding	11.42
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--
		- Percentage of shares (as a % of the total share capital of the Company)	--
		b) Non- encumbered
		- Number of shares	1552507615
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	88.58

	Particulars		Quarter ended 30.06.2015
B		Investor Complaints
		Pending at the beginning of the quarter	1
		Received during the quarter	7
		Disposed during the quarter	6
		Remaining unresolved at the end of the quarter	2

Note:

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED

30.06.2015

	Particulars	Quarter Ended
		30.06.2015 UNAUDITED
	Segment Revenue (Sales and Other Operating Income)
a)	Domestic sales	79615.100
b)	Export sales	33516.000
	Net Sales / Income and interdivisional transfers	113131.100
	Less: Inter-segment transfers	--
	Net Sales / Income from operation	113131.100
	Segment Results:
	[Profit/ (Loss) before tax and interest from each segment]
a)	Domestic sales	5431.50
b)	Export sales	2360.400
	TOTAL	7791.900
	Less: Financial Cost	1218.100
	Other unallocable expenditure, net of unallocable income	1483.100
	Total Profit/ Loss –before tax	5090.700
	Capital Employed:
a)	Domestic sales	31981.300
b)	Export sales	4228.000
c)	Unallocated	20899.300
	TOTAL	57108.600

Note :

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on August 09, 2015.

2. The Comptroller and Auditor General of India upon completion of the supplementary audit under Section 143(6)(b) read with Section 129(4) of the Companies Act, 2013 on the standalone and Consolidated Financial Statements of the Company for the year ended March 31, 2015, have reported that on the basis of their audit, nothing significant has come to their knowledge which would give rise to any comment upon or supplement to statutory Auditors' report.

3. Pursuant to notification of MCA dated August 29, 2014 on Part C, Paragraph 4(a) to (c) in Schedule II of the to the Companies Act 2013 , the Company has depreciated the assets as a whole applying the useful life specified in Part C and the Company is in the process of analysing these assets into major components.

4. a. Other operating Income for the three months ended March 31, 2015 includes net exchange fluctuation gain of Rs. 1683.100 Million.

b. Other Expenses for the three months ended June 30, 2015, three months ended June 30, 2014, and year ended March 31, 2015 includes net exchange fluctuation loss of Rs. 3102.700 Million, Rs. 259.600 Million and Rs. 6835.000 Million respectively.

5. The exceptional items for the quarter ended June 30, 2015 consists of Rs. 1541.900 Million expenses arising out of differential wharfage payable as per order issued by Ministry of Shipping, Government of India.

6. The company has recognised as per section 115JB of Income Tax Act, 1961 Rs. 1031.700 Million as Tax Expenses for the three months ended June 30, 2015.

7. Figures for the previous year/period are regrouped / rearranged wherever considered necessary.

8. Figures for the three months ended June 30, 2015 have been subjected to 'Limited Review' by the Statutory auditors as per listing agreement.

FIXED ASSETS

• Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles

• Intangible Assets

• Goodwill
• Computer software
• Licenses and franchise

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.