MIRA INFORM REPORT
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Report No. : |
337369 |
|
Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
OIL AND NATURAL
GAS CORPORATION LIMITED |
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|
|
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Registered
Office : |
Jeewan Bharti Building, Tower-II, 124, Indira Chowk, New Delhi – 110
001 |
|
Tel. No.: |
91-11-23721756/ 23310156-58/ 23301000/ 23301211/ 23737973 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
23.06.1993 |
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Com. Reg. No.: |
55-054155 |
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Capital
Investment / Paid-up Capital : |
Rs.42777.600 Million |
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CIN No.: [Company Identification
No.] |
L74899DL1993GOI054155 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO00241D |
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PAN No.: [Permanent Account No.] |
AAACO1598A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in exploration, development and production of crude
oil and natural gas. |
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No. of Employees
: |
33185 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is India’s largest Exploration and Production Company and is
present across the hydrocarbon value chain. The company undertakes exploration
and production activities in 16 other countries through its wholly-owned
subsidiary ONGC Videsh Limited (OVL). Subject is old and well established
company having excellent track record. For the financial year ended 2015, company possesses healthy
operational performance it has maintained profitability margins at 20% during
a year under a review. Rating takes into consideration the majority ownership by the
Government of India (GOI) and strategic importance of the company to GOI
along with experienced and professional management, long track record of
operations in the Exploration and Production (E and P) Industry with dominant
position in the domestic industry and presence across the hydrocarbon value
chain. Moreover, rating also takes into account of company’s strong financial
risk profile marked by robust infrastructure and proven technical
capabilities of the company. Trade relations are reported as trustworthy. Payments are reported to
be regular and as per commitment. In view of aforesaid, 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Bank Facilities=AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
01.10.2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
01.10.2014 |
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
31-03-2013.
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2014.
INFORMATION DENIED
Management Non Co-operative (Tel No.:91-11-23721756)
LOCATIONS
|
Registered Office : |
Jeewan Bharti Building, Tower-II, 124, Indira Chowk, New Delhi – 110
001, India |
|
Tel. No.: |
91-11-23721756/ 23310156-58/ 23301000/ 23301211/ 23737973 |
|
Fax No.: |
91-11-23316413/ 23766541 |
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E-Mail : |
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Website : |
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Corporate Office : |
Tel Bhavan, Dehradun – 248003, Uttarakhand, India |
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Plants: |
Located at:
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Onshore: |
Located at:
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Basins: |
Located at:
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Institute: |
Located at:
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DIRECTORS
As on 31.03.2015
|
Name : |
Mr. V P Mahawar |
|
Designation : |
Director (Onshore) |
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|
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|
Name : |
Mr. A K Dwivedi |
|
Designation : |
Director (Exploration) |
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Name : |
Mr. T K Sengupta |
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Designation : |
Director (Offshore) |
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Name : |
Mr. K N Murthy |
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Designation : |
Independent Director |
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Name : |
Mr. D K Sarraf |
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Designation : |
Chairman and Managing Director |
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|
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Name : |
Mr. U P Singh |
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Designation : |
Government Nominee Director |
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Name : |
Ms. Atreyee Das |
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Designation : |
Government Nominee Director |
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Name : |
Mr. Shashi Shankar |
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Designation : |
Director (T and FS) |
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Name : |
Mr. D D Misra |
|
Designation : |
Director (Human Resources) |
KEY EXECUTIVES
|
Name : |
Mr. D K Sarraf |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. D D Misra |
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Designation : |
Director (Human Resources) |
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Name : |
Mr. Vajjahala Narasimha Murthy |
|
Designation : |
Secretary |
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Name : |
Mr. Adapa Krishnarao Srinivasan |
|
Designation : |
Chief Executive Officer |
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|
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|
Name : |
Mr. N.K Sinha |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
5897676260 |
68.93 |
|
|
5897676260 |
68.93 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5897676260 |
68.93 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
78342766 |
0.92 |
|
|
103313133 |
1.21 |
|
|
710330157 |
8.30 |
|
|
618168225 |
7.23 |
|
|
1510154281 |
17.65 |
|
|
|
|
|
|
993190974 |
11.61 |
|
|
|
|
|
|
136871376 |
1.60 |
|
|
6010066 |
0.07 |
|
|
11587163 |
0.14 |
|
|
4149141 |
0.05 |
|
|
850424 |
0.01 |
|
|
6584812 |
0.08 |
|
|
2786 |
0.00 |
|
|
1147659579 |
13.41 |
|
Total Public shareholding (B) |
2657813860 |
31.07 |
|
Total (A)+(B) |
8555490120 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8555490120 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in exploration, development and production of crude
oil and natural gas. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS (AN ON 31.03.2015)
|
Particulars |
Unit |
Actual
Production |
|
Crude Oil |
MT |
25,942,770 |
|
Natural Gas |
000 M3 |
23,523,675 |
|
Liquefied Petroleum Gas |
MT |
1,095,081 |
|
Ethane/Propane |
MT |
339,319 |
|
Naphtha |
MT |
1,154,660 |
|
Superior Kerosene Oil |
MT |
72,189 |
|
Aviation Turbine Fuel |
MT |
11,448 |
|
Low Sulphur Heavy Stock |
MT |
18,841 |
|
High Speed Diesel |
MT |
28,703 |
|
Mineral Turpentine Oil |
MT |
852 |
Notes:
1. Production includes internal consumption
and intermediary losses.
2. Crude oil production includes condensate of
1.448 MMT (Previous year 1.819 MMT).
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
33185 (Approximately) |
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Bankers : |
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Facilities : |
Note: Secured against Rs.17,340 million of principal amount
of Term deposit receipt. |
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Statutory Auditors: |
Varma and Varma, Chennai Khandelwal Jain and Company, Mumbai Lodha and Company, Kolkata Mehra Goel and Company, New Delhi G D Apte and Company, Mumbai |
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Secretarial
Auditor: |
P P Agarwal and Company, New Delhi |
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Cost Auditors: |
Rao Murthy and Associates, Bangalore R Nanabhoy and Company, Mumbai R J Goel and Company, Delhi Shome and Banerjee, Kolkata Rohit and Associates, Mumbai Dhananjay V. Joshi and Associates, Pune |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
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Depositories : |
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Jointly
Controlled Entity : |
(U23209GJ2006PLC060282)
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Associates including joint ventures |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000000 |
Equity Shares |
Rs.5/- each |
Rs.150000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8555528064 |
Equity Shares |
Rs.5/- each |
Rs.42777.640
Million |
|
|
|
|
|
Reconciliation of the equity shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.03.2015 |
|
|
No.
in million |
Amount (Rs. in Million) |
|
|
Outstanding at the beginning of the year |
8555.49 |
42777.450 |
|
Changes during the year |
-- |
-- |
|
Outstanding at the
end of the year |
8555.49 |
42777.450 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of Rs.5 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of shareholders holding more
than 5% shares in the company are as under
|
Particulars |
31.03.2015 |
|
|
No.
in million |
%
holding |
|
|
President of India |
5897.76 |
68.94 |
|
Life Insurance Corporation of India |
677.18 |
7.92 |
|
Indian Oil Corporation Limited |
657.92 |
7.69 |
Pursuant to the approval of the members dated 28.01.2011, during the financial year 2010-11, one equity share having face value of Rs.10/- each had been sub-divided into two equity shares of Rs.5/- each and bonus shares in proportion of one new equity bonus share of Rs.5/- each for every one fully paid up equity share of Rs.5/- each held on 09.02.2011 (record date) had been allotted. The company has issued total 4,277.750 million equity shares of face value of `5 each issued as fully paid up by way of bonus shares during the period of five years immediately preceding the reporting date. 3.5 Shares reserved for issue under option: Nil (previous year nil)
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 |
42777.600 |
42777.600 |
42777.600 |
|
(b) Reserves & Surplus |
1403232.150 |
1324472.450 |
1201754.640 |
|
(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) |
1446009.750 |
1367250.050 |
1244532.240 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
177331.540 |
165786.780 |
128879.810 |
|
(c) Other long term
liabilities |
11288.850 |
11779.090 |
11241.670 |
|
(d) long-term provisions |
254433.790 |
257270.720 |
221874.450 |
|
Total
Non-current Liabilities (3) |
443054.180 |
434836.590 |
361995.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
13930.000 |
0.000 |
0.000 |
|
(b) Trade payables |
54891.030 |
63724.810 |
53410.060 |
|
(c) Other current liabilities |
102938.070 |
119257.450 |
112226.560 |
|
(d) Short-term provisions |
19975.780 |
7815.390 |
9101.880 |
|
Total
Current Liabilities (4) |
191734.880 |
190797.650 |
174738.500 |
|
|
|
|
|
|
TOTAL |
2080798.810 |
1992884.290 |
1781266.670 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
314211.240 |
302291.890 |
274036.800 |
|
(ii) Intangible Assets |
696.040 |
500.610 |
797.950 |
|
(iii) Capital work-in-progress |
126906.580 |
116450.340 |
144153.690 |
|
(iv) Producing Properties |
667110.290 |
657832.640 |
524407.110 |
|
(v) Exploratory |
158885.290 |
139127.590 |
104758.750 |
|
(b) Non-current Investments |
181242.830 |
172043.060 |
91730.540 |
|
(c) Deposit under site
Restoration Fund Scheme |
125443.800 |
113101.590 |
101331.210 |
|
(d) Long-term Loan and Advances |
194708.200 |
181783.610 |
221728.460 |
|
(e) Other Non-current assets |
9962.000 |
11319.960 |
14053.530 |
|
Total
Non-Current Assets |
1779166.270 |
1694451.290 |
1476998.040 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
59635.270 |
58825.410 |
57043.940 |
|
(c) Trade receivables |
135782.740 |
81656.700 |
68637.210 |
|
(d) Cash and cash equivalents |
27600.680 |
107988.770 |
132185.860 |
|
(e) Short-term loans and
advances |
69476.770 |
43669.600 |
37021.240 |
|
(f) Other current assets |
9137.080 |
6292.520 |
9380.380 |
|
Total
Current Assets |
301632.540 |
298433.000 |
304268.630 |
|
|
|
|
|
|
TOTAL |
2080798.810 |
1992884.290 |
1781266.670 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
828709.610 |
838902.710 |
830053.330 |
|
|
Other Income |
53665.670 |
67131.990 |
54367.420 |
|
|
TOTAL
(A) |
882375.280 |
906034.700 |
884420.750 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
(Increase)/ Decrease in inventories |
(1674.290) |
1042.800 |
(230.220) |
|
|
Purchases of Stock-in-Trade |
44.110 |
31.800 |
31.040 |
|
|
Production, Transportation, Selling and Distribution Expenditure |
392662.800 |
393334.900 |
375338.890 |
|
|
Exploration Costs
written of f |
|
|
|
|
|
Survey Costs |
19146.470 |
15911.620 |
15667.710 |
|
|
Exploratory well Costs |
86078.160 |
62445.150 |
84763.240 |
|
|
Provisions and Write-offs |
2115.600 |
2188.500 |
18863.200 |
|
|
Adjustments relating to Prior Period (Net) |
3839.090 |
(2501.860) |
531.490 |
|
|
TOTAL
(B) |
502211.940 |
472452.910 |
494965.350 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
380163.340 |
433581.790 |
389455.400 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.870 |
3.570 |
276.360 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
380135.470 |
433578.220 |
389179.040 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
114583.120 |
109258.900 |
83735.710 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
265552.350 |
324319.320 |
305443.330 |
|
|
|
|
|
|
|
Less |
TAX (H) |
88222.810 |
103371.250 |
96186.370 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
177329.540 |
220948.070 |
209256.960 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Interest |
0.000 |
0.000 |
58.920 |
|
|
F.O.B. Value of Exports |
2.430 |
53.460 |
74121.510 |
|
|
Services |
50153.480 |
74818.300 |
2.140 |
|
|
Others |
72.080 |
18.080 |
540.810 |
|
|
TOTAL
EARNINGS |
50227.990 |
74889.840 |
74723.380 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Items |
1508.630 |
3850.750 |
177094.610 |
|
|
Store and Spares Parts |
12268.400 |
13152.260 |
16768.580 |
|
|
Capital Goods |
|
|
|
|
|
TOTAL
IMPORTS |
13777.030 |
17003.010 |
193863.190 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
20.73 |
25.83 |
24.46 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
326326.590 |
456794.060 |
417117.350 |
|
Net cash flow from operating activity |
249721.180 |
378880.190 |
322012.250 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
|
Unaudited |
|
Net Sales |
228252.500 |
|
Total Expenditure |
122424.90 |
|
PBIDT (Excl OI) |
105827.60 |
|
Other Income |
8062.100 |
|
Operating Profit |
113889.700 |
|
Interest |
30.800 |
|
Exceptional Items |
0.000 |
|
PBDT |
113858.900 |
|
Depreciation |
30349.600 |
|
Profit Before Tax |
83509.300 |
|
Tax |
28910.300 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
54599.000 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
54599.000 |
|
Equity Capital |
42777.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
21.40 |
26.34 |
25.21 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
45.87 |
51.68 |
46.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.34 |
40.83 |
37.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.24 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.56 |
1.74 |
STOCK
PRICES
|
Face Value |
Rs.5.00 |
|
Market Value |
Rs.263.00 |
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 |
42777.600 |
42777.600 |
42777.600 |
|
Reserves & Surplus |
1201754.640 |
1324472.450 |
1403232.150 |
|
Net
worth |
1244532.240 |
1367250.050 |
1446009.750 |
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
13930.000 |
|
Total
borrowings |
0.000 |
0.000 |
13930.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.010 |
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 |
830053.330 |
838902.710 |
828709.610 |
|
|
|
1.066 |
(1.215) |
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 |
830053.330 |
838902.710 |
828709.610 |
|
Profit |
209256.960 |
220948.070 |
177329.540 |
|
|
25.21% |
26.34% |
21.40% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
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 |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Oil and Natural Gas Corporation Limited (‘ONGC’ or ‘the Company’) is a public limited company domiciled and incorporated in India. The Company’s shares are listed and traded on Stock Exchanges in India. The Company is engaged in exploration, development and production of crude oil and natural gas.
Performance 2014-15
Exploration
During the year 2014-15, ONGC has made 22 Oil and gas discoveries in domestic acreages (operated by ONGC). Out of 22, 10 discoveries are in Offshore and 12 in Onshore; 10 discoveries were made in the new prospects whereas 12 were new pool discoveries. 7 discoveries were made in NELP blocks and 15 in nomination blocks.
Reserve accretion
& Reserve Replacement Ratio (RRR)
Continuing exploration in challenging and frontier areas, the company has accreted 215.650 million metric tonnes of oil equivalent (MMtoe) of In-place volume of hydrocarbon in the domestic basins (operated by ONGC). As on
01.04.2015, in-place hydrocarbon volume of ONGC as a group stands at 9,283.84 MMtoe; up 4.2% from FY’2013-14 figure of 8,912.81 MMtoe. The ultimate reserves (3P) accretion in domestic area (ONGC operated) during FY’2014-15 has been 70.98 MMtoe and 2P reserve accretion has been 61.06 MMtoe. Total reserve accretion during 2014-15 in domestic basins including ONGC’s share in PSC JVs stands at 60.03 MMtoe. Voluntary disclosures in respect of Oil & Gas Reserves, conforming to SPE classification 1994 and US Financial Accounting Standards Board (FASB-69) have been made by the Company.
Oil and Gas production
During FY ’15, the Company retained its position as the largest producer of oil and gas in the country and contributed 69 per cent of oil and 70 per cent of natural gas production of the country from its domestic operations. On standalone basis, in FY’15 ONGC’s domestic crude oil production registered 22.26 MMt against 22.25 MMt in FY’14, reversing the production decline in domestic fields. The major contribution came from Western Offshore, which produced 4.3 per cent more than the production during last year.
Production from
overseas assets
ONGC Videsh, has thirteen (13) producing assets in ten countries – Venezuela (1), Brazil (1), Colombia (1), Sudan (1), South Sudan (2), Syria (1), Vietnam (1), Mayanmar (2), Russia (2) and Azerbaijan (1).
Total production from these overseas assets during FY’15 has been 8.87 MMtoe of O+OEG (Crude oil: 5.53
MMT & Gas: 3.34 BCM).
Performance
Highlights FY 2014-15
MRPL achieved the highest-ever thru’put of 14.65 MMT in FY 14-15 against 14.55 MMT in FY 13-14 . MRPL exported 4.98 MMT of products against 6.72 MMT in the previous year. The exports were low compared to the previous year due to the commissioning of Delayed Coker Unit and increased domestic sale of Kerosene and HSD . Crude sourcing (Receipts): 14.35 MMT; Iran (34.83 percent), Saudi Arabia (19.67 per cent), ADNOC (12.12 percent), Kuwait (15.12 per cent), Basrah Light (0.8 percent) Mumbai High (5.03 per cent), Ravva and KG basin (3.50 percent) Sonangol (3.81 percent) Spot (5.12 percent).
Marketing and Retail
Operations
Sales segment of petroleum products in the state of Karnataka and its adjoining states. MRPL has significant market share and direct customer relations for products such as Bitumen, Fuel Oil, Sulphur, Diesel, Petcoke and Mixed Xylene in its refinery zone. The total sales volume of direct marketing products during the FY 2014-15 was 820 TMT with a sales value of Rs.22,970 million compared to volume of 507 TMT and sales value of Rs.25,890 million in the previous FY 2013-14.
Management Discussion
and Analysis Report
The global economic landscape in 2014 continued to portray a picture of cautious optimism, occasionally disturbed by bouts of uncertainty and conservatism. Growth did not pick up in a manner that justified the gradual and definite progress made by advanced economies in 2013 which was assumed to have provided a strong foundation for a pickup in the momentum of economic recovery globally. Legacies of both the financial and euro area crises are still a matter of substantial concern for many countries as they attempt to put in place a more robust and resilient economic framework with an eye on a sustainable and more predictable grow the outlook.
Operational
Performance
FY’15 saw yet again the improved performance in bringing the planned and anticipated oil and gas volume on the surface. Oil and Gas production of ONGC Group, including PSC-JVs and from overseas Assets for FY’15 has been 58.33MMtoe (against 59.21 MMtoe during FY’14). The major upside came from the Western Offshore fields which registered a growth of 7.5%. Overseas assets also registered a growth of 6% in production.
Out of the total crude oil production of 31.47 MMT, 71 percent production came from the ONGC operated domestic fields, 17 percent from the overseas assets and balance 12 percent from domestic joint ventures. As far as natural gas production is concerned majority of production (82per cent) came from ONGC operated domestic fields and of the remaining, 12per cent came from overseas assets and 6 percent from domestic joint ventures.
Outlook
Exploration acreage
& mining Lease
The Company holds the largest exploration acreage in India as an operator. Despite deregulation and increasing private participation, the company holds54% of PELs and 81% of ML (Reference: DGH, Hydrocarbon E&P Activities Report 2013-14). So far, the Company has established7,644 MMtoE of In place volume of hydrocarbon in domestic basins. As on 01.04.2015, ONGC is holding a total of 338 PMLs with total area of 56,335 Km2. ONGC added 1,671.60 Km2 areas to PML. ONGC has 10 nomination PELs with approximate area of 37,818 Km2.As the validity of these 10 PELs is going to expire soon, ONGC has accelerated exploratory efforts in these blocks with focus on drilling of maximum identified potential prospects before the PEL expiry so that the maximum PML conversion can be achieved.
Exploration
During the year 2014-15, ONGC has made 22 Oil and gas discoveries in domestic fields (operated by ONGC). Out of 22, 10 discoveries are in Offshore and 12 in Onshore; 10 discoveries were made in the new prospects whereas 12 were new pool discoveries. 7 discoveries were made in NELP blocks and 15 in nomination blocks. Two discoveries (Rudrasagar-184 and Gandhar-699) of Nomination blocks have already been put on production and efforts are on for bringing the other discoveries on production as early as possible. Seven discoveries in NELP blocks (5 on land, 2 offshore) are governed by the PSC guidelines and appraisal/development activities will be taken up keeping in view the timelines of the respective blocks. In addition to these discoveries, exploratory wells conclusively tested and proved to be hydrocarbon bearing will help in field growth of existing fields.
NELP Blocks
The company was awarded 114 NELP blocks as operator (including KG-DWN-98/2, KG-ONN-2003/1 and VN-ONN-2003/1) and at present (as on 1st June 2015) is operating in 41 blocks. In addition ONGC had participative interest (PI) in 10 NELP blocks, where it is not operator. Out of these 10 blocks 3 blocks have been surrendered; as such it has PI in 7 active blocks. A total of 53 discoveries (21 in deep-water, 10 in shallow water and 22 in on-land) has been made in 22 of these NELP blocks (6 deep-water, 6 shallow water & 10 on-land) as on 1st June 2015. Commencement of production from these discoveries is governed by stipulations laid down in the respective PSCs and is to be taken up after successful completion of appraisal programme followed by submission of DOC and approval of Field Development Plan.
Redevelopment of
existing matured fields
The company is striving hard to improve the production volumes because the majority of the fields have become aged and matured. 14 of ONGC’s major producing assets are of the vintage of 25-50 years and contribute around 68% of total domestic productions. Despite being of such a long vintage, silver lining is that those matured assets are still left with significant recoverable volume with recovery factory hovering around the figure of 30-35%. ONGC is pursuing larger objectives of enhancing productions from these matured fields through capital and technology intensive drive through Improved Oil Recovery (IOR) mechanism like Redevelopment and Enhanced Oil Recovery (EOR). Facilities are getting revamped and upgraded to ensure that the new volumes which are coming from the changed reservoir parameters are getting adequately processed to meet the requisite quality standards and dispatch parameters.
Development of new
fields
39 new/marginal fields with an investment of Rs.386,024 million. Out of these 15 projects, 11 projects have already been completed. Production from development of G-1 & GS-15 fields has already commenced. Rest three projects, Development of WO-16 Cluster, C-26 Cluster and B-127 Cluster, are under implementation and are expected to be completed in FY’17. These new/marginal fields have yielded very positive results and contributed close to 14% of domestic crude oil and 15% of gas output in FY’15. Their contribution is expected to go up further during the fiscal FY’16, as current production streams peak and new projects get completed.
Infrastructure
Projects
In order to comply with the international standards on safety, health, environment, sustainability, process, etc., and also to comply with the technical, statutory and production linked requirement of the fields, the Company is pursuing a number of re-engineering/ old infrastructure and creation of new facilities for smooth operations. As of 31st March’ 2015, the company is pursuing 17 such infrastructure project; 10 in onshore at an investment of Rs.64,070 million and 7 in offshore with an investment of Rs.92,520million.
Unconventional Source
of Energy
ONGC plans to continue its endeavour for exploration and development of Unconventional & other resources like Shale Gas, CBM, HP/HT, Fractured Basement plays etc. The Company has prioritized suitable actions for exploration and exploitation of Non-conventional and Alternate sources of energy which has the potential to change the energy business landscape in the country, as it is happening in the other parts of the world. The initiatives by ONGC in these areas are summarized below
Exploration of Shale
Plays
The company has the distinction of establishing the first flow of shale gas in the country on 25thJanuary, 2011.Government of India during October, 2013 brought out shale gas policy which allows National Oil Companies Viz. ONGC and OIL to initiate the shale gas and oil exploration activities in their allocated nomination blocks in phased manner. Shale Gas exploration was initiated in 2013-14 keeping in view the YTF (Yet-to-Find) hydrocarbons envisaged from Shale Gas play. As per the new Policy, 50 nomination PML blocks have been identified in four Basins, including 28 PMLs in Cambay Basin, 3 PMLs in A&AA, 10 PMLs in KG and 9 PMLs in Cauvery basins for Shale Gas assessment within three year period of Phase-I. A total of 57 pilot/assessment wells are to be drilled by April 2017.
Coal Bed Methane
Of the total thirty-three CBM Blocks awarded by GOI to various operators through four rounds of bidding and nomination, The Company was awarded nine CBM blocks. Due to poor potential, concluded on the basis of the data generated in the exploratory activities, five Blocks viz. Satpura (Madhya Pradesh), Wardha (Maharashtra), Barmer-Sanchor (Rajasthan), North Karanpura (West) and South Karanpura (Jharkhand) have been relinquished.
Underground Coal
Gasification
The company in collaboration with GIPCL selected Vastan Mine block site in Gujarat as an R and D project to establish UCG technology. All the ground work and inputs for construction and implementation of UCG Pilot Project at Vastan, has been completed and further development is awaiting award of Mining Lease from MoC, GoI.
Alternate sources of
energy
The Company is also pursuing green energy options. Though the Company is already generating wind power of 51 MW, another 102 MW wind farm at Rajasthan is likely to be commissioned by Sept-2015. ONGC Energy Centre (OEC), a trust set up by your Company, has contemplated a Geothermal Pilot Project in association with technology partner M/s. Talboom, Belgium in Cambay Basin, which has a high geothermal gradient. Thirteen Parametric wells in Suket-Jhalawar area of Rajasthan & three wells in Kaikalur area of Tamil Nadu taken up during FY’15 for Uranium exploration. OEC is also pursuing the Thermo-Chemical Reactor project for Hydrogen Generation; a collaborative projects with IIT-D & ICT, Mumbai. Three of these reactors are under installation. It is pertinent to mention that US Patent & Trademark Office has issued a Patent to ONGC Energy Centre (OEC) and Institute of Chemical Technology (ICT), Mumbai for the innovative research work on
INDEX
OF CHARGES
No Charges Exist for Company
UNAUDITED FINANCIAL
RESULTS FOR THE UQARTER ENDED 30TH JUNE 2015
|
Particulars
|
Three Month
Ended |
|
|
30.06.2015 |
|
1.
Income from operations |
|
|
a) Gross sales/ Income from operation |
227390.200 |
|
Less: Excise Duty recovered |
431.800 |
|
b) Net SALES/Income from Operation (Net of excise duty) |
226958.400 |
|
c) Other operating income |
1294.100 |
|
Total
income from Operations(net) |
228252.500 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
1462.600 |
|
b) Purchases of stock in trade |
18.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1284.800) |
|
d) Employees benefit expenses |
4576.700 |
|
e) Depreciation and amortization expenses |
30349.600 |
|
f) Statutory Levies |
56626.400 |
|
g) Exploration Cost Written off |
15456.900 |
|
h) Other expenditure |
45389.100 |
|
Total expenses |
152774.500 |
|
3. Profit from operations before other income and
financial costs and exceptional items |
75478.000 |
|
4. Other income |
8062.100 |
|
5. Profit from ordinary activities before finance costs
and Exceptional Items |
83540.100 |
|
6. Finance costs |
30.800 |
|
7. From ordinary activities after finance costs
but before exceptional items |
83509.300 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax |
8359.300 |
|
10.Tax expenses |
|
|
a)
For current tax |
27000.000 |
|
b)
For earlier years |
0.000 |
|
c)
Deferred tax liability/(Assets) |
1910.300 |
|
Total tax expenses |
28910.300 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
54599.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
54599.000 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- per share) |
42777.600 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16. Earnings per share (EPS) |
|
|
a) Basic and diluted EPS before Extraordinary
items |
6.38 |
|
b) Basic and
diluted EPS before Extraordinary items |
3.38 |
|
Particulars
|
Three Month
Ended |
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
2657813860 |
|
- Percentage of shareholding |
31.07 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
5897676260 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
68.93 |
|
Particulars |
3 Months ended 30.06.2015 |
||
|
B.
Investor Complaints |
Related to other
offer for sale 2004 |
Related to offer
for sale 2004 |
Total |
|
Pending at the beginning of the quarter |
4 |
07 |
101 |
|
Receiving during the quarter |
446 |
2 |
448 |
|
Disposed of during the quarter |
442 |
Nil |
442 |
|
Remaining unreserved at the end of the quarter |
8 |
99 |
107 |
|
Particulars |
3 Months ended |
|
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Segment Reserve a)Offshore Gross Revenue Less Excise Duty Revenue Net of Excise Duty b)Onshore Gross Revenue Less Excise Duty Revenue Net of
Excise Duty Total Less: Inter Segment Revenue Net Sales/ income from operations |
163720.600 385.200 163335.400 64963.700 46.600 64917.100 228252.500 0.000 228252.500 |
|
2 |
Segment Results Profit(+)/ Loss(-) before tax and
interest from each segment a)Offshore b)Onshore Total i)Interest Payment ii) Other unallocable net of unallocable income. Profit before Tax and Extraordinary Items Extraordinary Items Profit before Tax |
68455.900 13518.600 81974.500 30.800 (1565.600) 63509.300 0.000 83509.000 |
|
3 |
Capital Employed (Segment assets – segment Liabilities) a)Offshore b)Onshore Total Unallocated
Corporate Assets Less Liabilities |
672652.700 422667.900 1095320.600 405287.600 |
|
|
Grand Total |
1500608.200 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
In respect of
Company |
|
|
Income Tax |
80,032.680 |
|
Excise Duty |
8,572.860 |
|
Custom Duty |
190.610 |
|
Royalty |
117,738.830 |
|
Cess |
6.570 |
|
AP Mineral Bearing Lands (Infrastructure) Cess |
2,371.760 |
|
Sales Tax |
24,776.470 |
|
Service Tax |
1,374.570 |
|
Octroi |
205.520 |
|
Specified Land Tax (Assam) |
3,863.050 |
|
Claims of contractors (Incl. LAQ) in Arbitration |
72,750.490 |
|
Employees Provident Fund |
66.350 |
|
Others |
53,578.890 |
|
Sub Total (A) |
365,528.650 |
|
In respect of Joint
Ventures |
|
|
Income Tax |
8.910 |
|
Excise Duty |
4.170 |
|
Custom Duty |
1,473.860 |
|
Sales Tax and Service Ta x |
2,880.480 |
|
Claims of contractors in Arbitration / Court |
5,356.900 |
|
Others |
867.310 |
|
Sub Total (B) |
10,591.630 |
|
TOTAL (A + B) |
376,120.280 |
FIXED ASSETS
- Land Freehold
- Land Leasehold
- Building and Bunk Houses
- Plant and Equipment
- Furniture and Fixtures
- Office Equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.23 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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DEFAULTER |
|
|
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--RBI |
YES/NO |
NO |
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--EPF |
YES/NO |
NO |
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TOTAL |
|
86 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.