MIRA INFORM REPORT
|
Report No. : |
350520 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OIL CORPORATION LIMITED |
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Registered Office : |
Indian Oil Bhavan, G-9, Ali Yavar Jung
Marg, Bandra (East), Mumbai – 400051,Maharashtra |
|
Tel. No.: |
91–22–26423272 |
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|
Country : |
India |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
30.06.1959 |
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Com. Reg. No.: |
11-011388 |
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Capital Investment / Paid-up
Capital : |
Rs.
24279.500 Million |
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CIN No.: [Company Identification No.] |
L23201MH1959GOI011388 |
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IEC No.: |
0389022390 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEI06846A |
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PAN No.: [Permanent Account No.] |
AAACI1681G |
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Legal Form : |
A Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Subject is engaged in business of Sale
of Petroleum Products, Petrochemicals and Other Businesses which comprises
Sale of Gas, Explosives and Cryogenics, Wind Mill and Solar Power Generation
and Oil and Gas Exploration Activities. |
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|
|
|
No. of Employees : |
33793 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating
: |
Aa (75) |
|
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 |
|
Status : |
Excellent Company |
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Payment
Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Maharatna PSU, and it
was incorporated on 30th June 1959 as Indian Oil Company Limited. The name of the
company was changed to Indian Oil Corporation Limited on 1st September
1964 upon merger of Refineries Limited with the company. Subject is a well-established and
a reputed company having excellent track record. The rating factors in the majority
ownership by the GoI (Government of India), experienced and professional
management and long track record of operations with wide presence. The rating also derives strength from
strategic nature of operations with IOCL being the largest player in refining
and marketing of petroleum products in India with a pan-India presence and a
large retail distribution network. 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, 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 |
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 31-03-2015.
INFORMATION DECLINED
Management
Non-Cooperative (Tel No.: 91-22-26447000 / 265/2237121)
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 |
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Fax No.: |
91–22–26443880/ 26425903/ 26400606 |
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E-Mail : |
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Website : |
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Corporate
Office : |
3079/3, J B Tito Marg, Sadik
Nagar, New Delhi – 110049, India |
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Tel. No.: |
91-11-26260000 |
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|
|
Refineries
Division : |
Head Office - SCOPE Complex, Core 2, 7,
Institutional Area, Lodhi Road, New Delhi - 110003, India Tel. 91-11-24361247/ 24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in ·
· P.O. Barauni Oil Refinery, District Begusarai - 861114,
Bihar, India ·
· P.O. Jawahar Nagar, District Vadodara - 391320, Gujarat,
India ·
· P.O. Noonmati, Guwahati - 781020, Assam, India ·
· P.O. Haldia Refinery, District Midnapur - 721606, West
Bengal, India ·
· P.O. Mathura Refinery, Mathura - 281005, Uttar Pradesh,
India ·
· P.O. Panipat Refinery, Panipat – 132140, Haryana, India ·
· P.O. Dhaligaon 783385, District Chirang Assam, India ·
· P.O. Jhimil, District Jagatsinghpur – 754141, Odisha,
India |
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Pipelines
Division : |
Head Office - A-1, Udyog Marg, Sector 1, Noida –
201301, Uttar Pradesh, India ·
· 14, Lee Rrado, Kolkata - 700020, West Bengal, India · P. O. Box 1007, Bedipara, Morvi Road, Gauridad, Rajkot -
360003, Rajasthan, India · P. O. Panipat Refinery, Panipat – 132140, Haryana, India · Indian Oil Bhavan, 139 Nungambakkam High Road, Chennai -
600034, Tamil Nadu, India |
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Marketing
Division : |
Head Office - Indian Oil Bhavan, G-9, Ali Yavar
Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New
Delhi - 110016, India · Indian Oil Bhavan, 2 Gariahat Road, South(Dhakuria),
Kolkata - 700068, West Bengal, India ·
· IndianOil Bhavan-BKC, Plot C-33, “G” Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan 139, Nungambakkam High Road, Chennai –
600034, Tamilnadu, India |
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Assam Oil
Division : |
P.O. Digboi - 786171, Assam, India |
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Research and Development
Centre : |
Sector 13, Faridabad – 121007, Haryana, India |
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IBP Division
: |
34-A, Nirmal
Chandra Street, Kolkata – 700013, West Bengal, India |
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Area office : |
Akabshau Busiplex, 26, C N T Bazar
Road, Ram.DP Speth Nagpur – 440 010, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Balasubramanian Ashok |
|
Designation : |
Chairman / Whole-Time Director |
|
Address : |
Flat No. 42, Casa Grande C.H.S.L.,
Little Gibbs Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of
Appointment : |
16.07.2014 |
|
DIN No.: |
06861345 |
|
|
|
|
Name : |
Mr. A.M.K. Sinha |
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Designation : |
Director (Planning and Business
and Development) and Chairman from 01.07.2014 to 15.07.2014 |
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|
|
Name : |
Mr. Arun Kumar Sharma |
|
Designation : |
Director (Finance) |
|
Address : |
F-501, Plot C-58/23, Indian Oil
Apartments, Sector 62, Noida - 201301, Uttar Pradesh, INDIA |
|
Date of
Appointment : |
27.10.2014 |
|
DIN No.: |
06665266 |
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|
|
|
Name : |
Verghese Cherian |
|
Designation : |
Directo (Human Resources) |
|
Address : |
Flat No.207, Indian Oil Apartment,
Near Eicher School, Sector 46, Faridabad - 121001, Haryana, India |
|
Date of
Appointment : |
06.01.2015 |
|
DIN No.: |
07001243 |
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Name : |
Shri Debasis Sen |
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Designation : |
Director (Planning and Business
Development) |
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Address : |
Flat No. 601, A-1/1 - IOC Nagar, Suchidham,
Gen A. K. Vaidya Marg, Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of
Appointment : |
15.09.2014 |
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DIN No.: |
06862079 |
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|
Name : |
Mr. Anish Aggarwal |
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Designation : |
Whole-Time Director |
|
Address : |
32 A, Mansarovar Apartments,
Sector 61, Noida Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India |
|
Date of
Appointment : |
01.02.2015 |
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DIN No.: |
06993471 |
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Name : |
Mr. P.K. Goyal |
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Designation : |
Director (Finance) |
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Name : |
Mr. Ajay Prakash Sawhney |
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Designation : |
Government Nominee Director |
|
Address : |
B-5/134, Paschim Vihar, New Delhi
- 110063, India |
|
Date of
Appointment : |
22.07.2015 |
|
DIN No.: |
03359323 |
|
|
|
|
Name : |
Mrs. Archana Saharya Mathur |
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Designation : |
Government Nominee Director |
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Address : |
A-20, 2nd Floor, Hudco Place, A
Block, Andrews Ganj, New Delhi - 110049, India |
|
Date of
Appointment : |
29.05.2015 |
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DIN No.: |
02555904 |
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Name : |
Mr. M. Nene |
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Designation : |
Director (Marketing) |
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Name : |
Mr. V. S. Okhde |
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Designation : |
Director (Pipelines) |
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|
Name : |
Mr. Sanjiv Singh |
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Designation : |
Director (Refineries) [w.e.f.
01.07.2014] |
|
Address : |
H No 1205, Refiney Township,
Panipat - 132140, Haryana, India |
|
Date of
Appointment : |
01.07.2014 |
|
DIN No.: |
05280701 |
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Name : |
Mr. Balwinder Singh Canth |
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Designation : |
Additional Director |
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Address : |
702, Indian Oil Residential Complex,
Plot No. R - 7 and 8, Block-E, Bandra Kurla Complex, Mumbai - 400051,
Maharashtra, India |
|
Date of
Appointment : |
08.10.2015 |
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DIN No.: |
07239321 |
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Name : |
Dr. S C Khuntia |
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Designation : |
Government Nominee Director |
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Name : |
Mr. Rajive Kumar |
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Designation : |
Government Nominee Director |
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Name : |
Mrs. Shyamala Gopinath |
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Designation : |
Independent Director |
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Name : |
Mr. Shyam Saran |
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Designation : |
Independent Director |
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Name : |
Mr. Devang Khakhar |
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Designation : |
Independent Director |
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Name : |
Mr. K. Jairaj |
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Designation : |
Independent Director [w.e.f.
20.03.2014] |
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|
Name : |
Mr. Nesar Ahmad |
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Designation : |
Independent Director [w.e.f.
20.03.2014] |
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|
Name : |
Mr. Sunil Krishna |
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Designation : |
Independent Director [w.e.f.
20.03.2014] |
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|
Name : |
Mr. Sayan Chatterjee |
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Designation : |
Independent Director [w.e.f.
20.03.2014] |
KEY EXECUTIVES
|
Name : |
Mr. Raju Ranganathan |
|
Designation : |
Company Secretary |
|
Address : |
101 Bajaj Onyx 36 Union Park Pali
Hills, Khar West, Mumbai - 400052, Maharashtra, India |
|
Date of
Appointment : |
12.12.2005 |
|
PAN No.: |
AACPR7602M |
|
|
|
|
Name : |
Mr. Arun Kumar Sharma |
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Designation : |
Chief Executive Officer |
|
Address : |
F-501, Plot C-58/23, Indian Oil
Apartments, Sector 62, Noida - 201301, Uttar Pradesh, India |
|
Date of
Appointment : |
27.10.2014 |
|
PAN No.: |
ABDPS3281K |
|
|
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|
Name : |
Ms. Sanjeevanee Kutty |
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Designation : |
Chief Vigilance Officer |
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|
Name : |
Satwant Singh |
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Designation : |
Executive Director (Cryogenics) |
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|
Name : |
H S Bedi |
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Designation : |
Executive Director I/C (Human
Resource), Marketing |
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|
Name : |
S Krishna Prasad |
|
Designation : |
Executive Director I/C (Finance),
Marketing |
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|
Name : |
S Ganguli |
|
Designation : |
Executive Director I/C (Mathura
Refinery) |
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|
Name : |
A N Jha |
|
Designation : |
Executive Director (LPG),
Marketing |
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|
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 |
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|
|
|
Name : |
S S Mishra |
|
Designation : |
Executive Director (Delhi State
Office) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
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 |
||
|
|
|
|
|
|
1422150047 |
58.57 |
|
|
1422150047 |
58.57 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1422150047 |
58.57 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
31461742 |
1.30 |
|
|
28351909 |
1.17 |
|
|
270796663 |
11.15 |
|
|
79280090 |
3.27 |
|
|
409890404 |
16.88 |
|
|
|
|
|
|
472956188 |
19.48 |
|
|
|
|
|
|
56554836 |
2.33 |
|
|
2920866 |
0.12 |
|
|
63480141 |
2.61 |
|
|
659049 |
0.03 |
|
|
879669 |
0.04 |
|
|
59200371 |
2.44 |
|
|
2700000 |
0.11 |
|
|
606 |
0.00 |
|
|
40446 |
0.00 |
|
|
595912031 |
24.54 |
|
Total Public
shareholding (B) |
1005802435 |
41.43 |
|
Total (A)+(B) |
2427952482 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2427952482 |
0.00 |
(1)
Indian
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. |
|
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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 : |
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Selling
: |
Not Available |
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Purchasing
: |
Not Available |
PRODUCTION
STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of
Employees : |
33793 [Approximately] |
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Bankers : |
·
· State Bank of India ·
· HDFC Bank Limited |
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Facilities
: |
LONG
TERM BORROWINGS A. These are secured by way of registered mortgage over the
immovable, properties of the Company i.e. Flat no. 3/62 Nanik Niwas of Shyam
Co-op. Housing Society Ltd. situated at Bhulabhai Desai Road at Mumbai,
together with 5 shares of the said society and
immovable properties of the company at Panipat Refinery situated at Panipat in
the state of Haryana ranking pari passu with Bond Series V and IX holders and OIDB. B. These are secured by way of
registered mortgage over the immovable properties of the Company at Gujarat
Refinery situated at Vadodara in the State of Gujarat ranking pari passu with
Bond Series VIIB and XII holders and OIDB. SHORT TERM
BORROWING 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 to SBI and HDFC banks. B. Against pledging of Oil
Marketing Companies Government of India Special Bonds amounting to Rs.
4,3650.000 Million and Bank Guarantees of Rs. 16500.000 Million in favour of
CCIL. |
|
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 |
|
|
|
|
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. Mohan and Company, Panipat ·
· Sri Associates, Kolkat |
|
|
|
|
Cost Auditors
: |
·
· Narasimha Murthy and Company, Hyderabad ·
· A.C. Dutta and Company, Chennai ·
· B. M. Sharma and Company, Pune ·
· DGM and Associates, Kolkata ·
· G.R. Kulkarni and Associates, Mumbai ·
· Goyal, Goyal and Associates, New Delhi ·
· Jugal K. Puri and Associates, New Delhi ·
· K. G. Goyal and Associates, New Delhi ·
· P. Raju Lyer, M. Pandurang and Associates, Chennai ·
· Narasimha Murthy and Company, Hyderabad is the Central
Cost Auditor |
|
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Memberships : |
Not Available |
|
|
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Collaborators
: |
Not Available |
|
|
|
|
Group
Companies |
Indian
Subsidiaries ·
· Chennai Petroleum Corporation Limited ·
L40101TN1965GOI005389 ·
· IndianOil - CREDA Biofuels Limited ·
U01119CT2009GOI021044 ·
·
· Indian Catalyst Private Limited ·
U11201GJ2006PTC048372 ·
·
· Lanka IOC PLC 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 ·
U23201DL1993PTC190652 ·
·
· Delhi Aviation Fuel Facility Private Limited ·
U74999DL2009PTC193079 ·
·
· Green Gas Limited ·
U23201UP2005PLC030834 ·
·
· GSPL India Transco Limited ·
U40200GJ2011SGC067450 ·
·
· GSPL India Gasnet Limited ·
U40200GJ2011SG067449 ·
·
· IOT Infrastructure & Energy Services Limited ·
U23200mh1996plc02222 ·
·
· IndianOil Adani Gas Private Limited ·
U40300DL2013PTC258690 ·
·
· IndianOil Petronas Private Limited ·
U74899DL1998PTC097297 ·
·
· IndianOil Ruchi Bio Fuels LLP ·
LLP IN :
AAA-1445 ·
·
· IndianOil Skytanking Limited ·
U11202KA2006PTC040251 ·
·
· Indian Synthetic Rubber Limited ·
U25190DL2010PTC205324 ·
·
· Lubrizol India Private Limited ·
U23201MH1966PTC013538 ·
·
· Kochi Salem Pipelines Private Limited ·
U40300KL2015PTC037849 ·
·
· Mumbai Aviation Fuel Farm Facility Private Limited ·
U63000MH2010PTC200463 ·
·
· NPCIL – IndianOil Nuclear Energy Corporation Limited ·
U40104MH2011GOI215870 ·
·
· Petronet LNG Limited ·
U23200GJ1998PLC034144 ·
·
· Suntera Nigeria 205 Limited ·
·
· IndiaOil Panipat Power Consortium Limited ·
U74899DL1999PLC101853 ·
·
· Petronet CI Limited ·
U23201GJ2000PLC039031 |
CAPITAL STRUCTURE
AS ON 31.03.2015
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 Rs. 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-15 |
|
|
|
Number
of shares held |
Percentage
of Holding |
|
President of India |
1664965562 |
68.57 |
|
Oil and Natural Gas Corporation
Limited |
334303814 |
13.77 |
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 |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
(b) Reserves &
Surplus |
655420.200 |
635641.300 |
586963.600 |
|
(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) |
679699.700 |
659920.800 |
611243.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
327312.600 |
316835.800 |
214142.000 |
|
(b) Deferred tax
liabilities (Net) |
67202.100 |
56161.800 |
55126.600 |
|
(c) Other long term
liabilities |
152164.800 |
134115.800 |
114351.800 |
|
(d) long-term
provisions |
4102.000 |
3901.200 |
3752.500 |
|
Total Non-current
Liabilities (3) |
550781.500 |
511014.600 |
387372.900 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term
borrowings |
169793.100 |
489155.400 |
569110.000 |
|
(b) Trade payables |
291997.700 |
356973.000 |
296679.300 |
|
(c) Other current
liabilities |
233106.800 |
243191.500 |
199140.800 |
|
(d) Short-term provisions |
273115.900 |
255291.200 |
216647.100 |
|
Total Current
Liabilities (4) |
968013.500 |
1344611.100 |
1281577.200 |
|
|
|
|
|
|
TOTAL |
2198494.700 |
2515546.500 |
2280193.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
656247.700 |
622566.200 |
598234.500 |
|
(ii) Intangible Assets |
6267.000 |
6921.700 |
8092.800 |
|
(iii) Capital
work-in-progress |
355639.800 |
331506.500 |
256462.100 |
|
(iv) Intangible assets
under development |
7595.200 |
7285.900 |
5841.100 |
|
(b) Non-current
Investments |
166285.800 |
163114.900 |
50326.200 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46203.400 |
46405.500 |
48762.300 |
|
(e) Other Non-current
assets |
945.600 |
700.200 |
138.600 |
|
Total Non-Current
Assets |
1239184.500 |
1178500.900 |
967857.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
72709.100 |
72827.000 |
136386.000 |
|
(b) Inventories |
455438.500 |
646973.700 |
593143.900 |
|
(c) Trade receivables |
67581.700 |
110229.200 |
112573.200 |
|
(d) Cash and cash
equivalents |
1119.000 |
26085.300 |
5032.900 |
|
(e) Short-term loans
and advances |
314516.900 |
407011.200 |
397569.400 |
|
(f) Other current
assets |
47945.000 |
73919.200 |
67630.200 |
|
Total Current Assets |
959310.200 |
1337045.600 |
1312335.600 |
|
|
|
|
|
|
TOTAL |
2198494.700 |
2515546.500 |
2280193.200 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4375261.300 |
4732100.900 |
4470962.500 |
|
|
|
Other Income |
41440.500 |
34172.900 |
35147.900 |
|
|
|
TOTAL |
4416701.800 |
4766273.800 |
4506110.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
2050499.400 |
2270120.100 |
2197440.500 |
|
|
|
Purchases of
Stock-in-Trade |
1775339.000 |
1959710.400 |
1881822.000 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and Stock-in-Trade |
82160.700 |
(11530.000) |
(52200.300) |
|
|
|
Employees benefits
expense |
71047.800 |
66189.700 |
72712.700 |
|
|
|
Income / (Expenses)
pertaining to prior Periods (Net) |
75.600 |
963.000 |
(63.000) |
|
|
|
Exceptional Items |
(16680.900) |
(17468.000) |
0.000 |
|
|
|
Other expenses |
294668.000 |
290588.400 |
233557.9 |
|
|
|
TOTAL |
4257109.6 |
4558573.6 |
4333332.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
159592.200 |
207700.200 |
172840.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
34352.700 |
50844.200 |
64352.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION
AND AMORTISATION |
125239.500 |
156856.000 |
108487.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
45286.600 |
57600.900 |
52009.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
79952.900 |
99255.100 |
56478.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
27222.600 |
29064.200 |
6426.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER
TAX |
52730.300 |
70190.900 |
50051.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports |
156675.600 |
215246.700 |
185491.900 |
|
|
|
Income from Royalty |
4.000 |
2.800 |
3.200 |
|
|
|
Income from Consultancy Services |
0.000 |
0.000 |
25.700 |
|
|
|
Commodity Hedging |
2965.400 |
486.200 |
2.700 |
|
|
|
Others |
454.900 |
345.600 |
62.600 |
|
|
TOTAL
EARNINGS |
160099.900 |
216081.300 |
185586.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
1650654.200 |
2024924.700 |
1845586.500 |
|
|
|
Natural Gas |
5233.100 |
0.000 |
0.000 |
|
|
|
Base Oil |
0.000 |
93.700 |
1.500 |
|
|
|
Additives |
911.600 |
887.600 |
597.100 |
|
|
|
Capital Goods |
2948.800 |
4293.100 |
11021.500 |
|
|
|
Other Raw Materials |
10.500 |
16.300 |
253.400 |
|
|
|
Revenue Stores, Component, Spare
and Chemicals |
9443.200 |
8124.900 |
6795.200 |
|
|
TOTAL IMPORTS |
1669201.400 |
2038340.300 |
1864255.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.72 |
28.91 |
20.61 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term
debt |
55344.400 |
56184.800 |
25091.700 |
|
Cash generated from operations |
467370.900 |
237765.300 |
126153.100 |
|
Net Cash Flow from Operating
Activities |
444874.200 |
220498.900 |
116106.000 |
QUARTERLY RESULTS
|
Particulars |
June
2015 |
September
2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
1013068.200 |
853848.100 |
|
Total Expenditure |
912062.200 |
846899.400 |
|
PBIDT (Excl OI) |
101006.000 |
6948.700 |
|
Other Income |
3624.100 |
5765.400 |
|
Operating Profit |
104630.100 |
12714.100 |
|
Interest |
5922.000 |
7293.200 |
|
Exceptional Items |
4725.400 |
4261.100 |
|
PBDT |
103433.500 |
9682.000 |
|
Depreciation |
11434.700 |
11285.800 |
|
Profit Before Tax |
91998.800 |
(1603.800) |
|
Tax |
27641.800 |
1687.900 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
64357.000 |
(3291.700) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other
Adjustments |
NA |
NA |
|
Net Profit |
64357.000 |
(3291.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.21 |
1.48 |
1.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.65 |
4.39 |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79 |
4.93 |
2.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.15 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81 |
1.31 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
0.99 |
1.02 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.411.35/- |
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 |
24279.500 |
24279.500 |
24279.500 |
|
Reserves & Surplus |
586963.600 |
635641.300 |
655420.200 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
611243.100 |
659920.800 |
679699.700 |
|
|
|
|
|
|
long-term borrowings |
214142.000 |
316835.800 |
327312.600 |
|
Short term borrowings |
569110.000 |
489155.400 |
169793.100 |
|
Current Maturities Of
Long-Term Debts |
25091.700 |
56184.800 |
55344.400 |
|
Total borrowings |
808343.700 |
862176.000 |
552450.100 |
|
Debt/Equity ratio |
1.322 |
1.306 |
0.813 |
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 |
4470962.500 |
4732100.900 |
4375261.300 |
|
|
|
5.841 |
(7.541) |
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 |
4470962.500 |
4732100.900 |
4375261.300 |
|
Profit |
50051.700 |
70190.900 |
52730.300 |
|
|
1.12% |
1.48% |
1.21% |
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 |
No |
|
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 |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in
the Annual Report |
No |
LITIGATION DETAILS:
|
LITIGATION
DETAILS |
|||||||
|
Bench:-
Bombay |
|||||||
|
Presentation
Date:- 08.10.2015 |
|||||||
|
Stamp No.: |
ARBPL/1922/2015 |
Failing
Date:- |
08.10.2015 |
Reg. No.:- |
-- |
Reg. Date:- |
-- |
|
Petitioner:- |
TIRUMALA ROADWAYS |
Respondent:- |
INDIAN OIL
CORPORATION LIMITED AND ODRS |
||||
|
Petn.Adv:- |
SUSHRUT JADHWAR (I2903) |
Resp. Adv.: |
--- |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Stage:- |
ARBITRATION APPLICATION |
||||
|
Status:- |
Pre-Admission |
Stage:- |
APPLICATIONS FOR HEARING [ORIGINAL
SIDE MATTERS] |
||||
|
Last Date:- |
23.10.2015 |
||||||
|
Coram:- |
HON’BLE SHRI JUSTICE R.D. DHANUKA |
||||||
|
Act. : |
Arbitration and Conciliation Act
1996 |
||||||
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW AND
OUTLOOK
Global Economic
Situation
During the period, the international
landscape was marked by many critical political, geo-political, business,
policy and diplomatic developments and these affected the performance of the
global economy considerably. The Ukraine-Russia stand-off, followed by
sanctions on Russia; ISIS crisis in Iraq; tensions in many other MENA
countries; progress on Iran's nuclear deal with global powers; escalation of
Greece debt crisis and its implications on the future of Euro Area; OPEC's
decision to abandon price targeting; phasing out and ending of US Federal
Reserve's Quantitative Easing(QE); expansion of Bank of Japan's QE programme
and beginning of QE by the European Central Bank were some of the major
developments.
During the period,
global economy's performance as a whole was modest and growth was uneven across
groups. In 2014, global output expanded by 3.4 per cent, which was the same as
the growth recorded in 2013. However, growth in the advanced economies group
picked up to 1.8 per cent from 1.4 per cent, while that in the emerging markets
and developing economies group fell to 4.6 per cent from 5 per cent in 2013.
The US economy posted an
accelerated GDP growth of 2.4 per cent and industrial production growth of 4.1
per cent, up from 2.2 per cent and 2.9 per cent recorded in 2013, respectively.
There was a sizeable drop in the unemployment rate, which fell from 7.4 per
cent in 2013 to 6.2 per cent in 2014, which is the lowest since the 5.8 per
cent recorded in 2008. However, inthe first quarter of 2015, GDP contracted in
the US by 0.2 per cent due to harsh winter.
In the Euro Area, the
pickup in growth continued albeit at a slow pace, GDP grew by 0.8 per cent in
2014 after declining by 0.4 per cent in 2013. Moderation in unemployment rate
was witnessed too. Industrial production also picked up in the Euro Area; after
declining by 0.7 per cent in 2013, it rose by 0.8 per cent in 2014.
Within the emerging
markets and developing economies group, growth slowed down in most of the emerging
markets, India being an exception. The slowdown in China's growth being
witnessed since the last quarter of 2013, furthered and during the year Chinese
GDP growth slipped to 7.4 per cent, the lowest since 1991. This was mainly on
account of a slowdown in investment, particularly in the real estate sector.
This had a sobering effect on the overall global growth.
During the year, there
was a moderation in commodity prices, a continuation of the fall in prices
being witnessed since 2012. However, what differentiated this year from the
previous one was the dramatic decline in international crude oil price in the
latter half of 2014. Brent prices fell by 55 per cent between July 2014 and
January 2015. The decline was seen to be primarily driven by surplus supply in
the face of weak demand.
During the year, the US
Federal Reserve ended the Quantitative Easing in view of improvements in the
performance of the US economy. On the other hand, Bank of Japan (BoJ) scaled up
its Quantitative and Qualitative Easing programme to a total of ¥ 80 trillion
per year to counter the downward pressure on price and achieve the target of 2
per cent inflation rate. Similarly, European Central Bank (ECB) in March 2015
commenced its sovereign debt purchase programme of 60 billion per month (till
September 2016). In many emerging economies, central banks went in for rate
cuts as inflationary pressures eased.
Portfolio capital flows
to emerging markets economies were robust in 2014 despite weakening of economic
activity in these economies. Portfolio flows rose to US$ 216 billion from US$
196 billion in 2013. Looking ahead, global growth in 2015 is expected to be
more or less the same as that of 2014 and pick up in 2016. Weak growth in the
first quarter of 2015 in the US, a more than expected rise in oil prices in the
second quarter of 2015 and risk related to the uncertainty around the future of
Greece are expected to affect recovery in 2015. However, generally low oil
prices and accommodative monetary policies are expected to provide support to
growth in 2016.
Indian Economic
Situation
The year began with the
coming in of a new Government at the Centre, after a decisive electoral
mandate. Along with this came in a new reforms agenda and major thrust on
infrastructure development. The year witnessed a rise in the confidence of the
international investors in the Indian growth story. Indian stock markets
touched new highs and rating agencies upgraded the Indian economy. The
Government introduced several policy initiatives as well, 'Make in India' being
one such, to transform India into a manufacturing hub. The year was marked by
the return of growth and macroeconomic stability in the economy.
During the year, GDP
growth accelerated to 7.3 per cent from 6.9 per cent recorded in 2013-14, based
on the new methodology and new base year of 2011-12. Growth in industrial and
services sectors moved up, while agricultural growth, affected by weak
monsoons, took a hit. The services sector recorded double-digit growth of 10.2
per cent, up from 9 per cent recorded in the previous fiscal. Industrial growth
moved up to 6.1 per cent from 4.5 per cent previously and agricultural growth
declined to a mere 0.2 per cent from 3.7 per cent recorded in the previous
fiscal.
High-frequency real sector
indicators broadly exhibited an overall improvement barring a few monthly
fluctuations. The Index of Industrial Production (IIP) grew by 2.8 per cent
during 2014-15. Accelerated growth was seen in all subsectors, viz.,
electricity, mining and manufacturing. Accelerated growth was posted by all
segments of vehicles, with the commercial vehicles segment being the only
exception. The Purchasing Manager's Index for Indian manufacturing was
throughout in the expansion zone in the year. The turnaround in air traffic
growth strengthened further as both passenger and cargo traffic growth scaled
up significantly. Port and railway traffic growth was upbeat as well
In terms of demand side
analysis of growth, private consumption expenditure growth accelerated to 6.3
per cent from 6.2 per cent in the previous fiscal, and Government consumption
expenditure grew at a slower pace this year; at 6.6 per cent, it was lower than
8.2 per cent recorded in 2013-14. Investment growth also received a fillip
during the year, and rose to 5.4 per cent after declining by 2.4 per cent in
the previous year. However, the rate of investment in the country, measured as
a percentage of GDP, has been declining; in 2014- 15, it fell to 33.1 per cent
from 33.7 per cent in the previous year and 36.9 per cent in 2012-13.
On the external sector
front, India's merchandise trade deficit position was comfortable. Trade
deficit in 2014-15 rose slightly to US$ 137.0 billion from US$ 134.0 billion.
Overall, India's exports declined by 1.8 per cent to US$
309.3 billion in
2014-15. The drastic fall in international crude oil prices affected the
petroleum exports realisation. Imports fell for the second year in a row in
2014-15, falling marginally by 0.4 per cent. However, gold and other non-oil
imports exhibited strong growth. It was the fall in oil imports, again owning
to low oil prices, that drove the decline in total imports. As regards services
exports segment, net inflows from service exports rose by 3.7 per cent. As a
result, CAD deficit fell to 1.3 per cent of GDP in 2014-15 from 1.7 per cent of
GDP in 2013-14, the lowest level witnessed since 2008-09.
Foreign investment flows
received a fillip during the year. Net investments from Foreign Institutional
Investors rose to US$ 46 billion in 2014-15 from US$ 9 billion in 2013-14. Net
FDI flows also revived, rising to US$ 33 billion in 2014-15 from US$ 21.6
billion in 2013-14. With flush of funds on the capital account, India's forex
reserves rose to an all-time high of US$ 341 billion at the end of 2014-15.
During the year, the
Rupee-Dollar exchange rate exhibited stability, averaged slightly higher at Rs.
61.16/US$ as compared to Rs. 60.47/US$ in 2013-14. Rupee depreciated on an
average basis by 1 per cent vis-a-vis a 10 per cent depreciation experienced in
2013-14. Looking ahead, international agencies are optimistic about the Indian
economy. As per IMF's projections, India is set to surpass China in 2015 and
emerge as the fastest growing large economy.
E&P Policy Review:
India's exploration acreage
continues to be largely unexplored. It is pertinent to raise the attractiveness
of investment opportunities in the E&P sector in India. During the year a
number of initiatives were taken, viz.-
_
Reforms in
Production-Sharing Contracts to push Investment in
Exploration: The
Government ironed out a number of rigidities in production-sharing contracts.
_
Reassessment of
Hydrocarbon Potential: Plan to reassess hydrocarbon resources in India's
sedimentary basins, which will provide greater clarity to future investors on
the prospects of the basins.
_
National Data Repository
(NDR) being set up in the Directorate General of Hydrocarbons (DGH)
_
Project for Survey of
Un-appraised Sedimentary Basins of India: A project has been undertaken to
appraise about 1.5 million sq. km area in 24 sedimentary basins where scanty
geo-scientific data is available.
Further to this, the
Government is contemplating to replace NELP with a Uniform Licencing Policy
(ULP). The Government is also reviewing the present profitsharing model
vis-a-vis revenue sharing model. Gas Grid: The cross-country gas pipeline
network needs a scale-up. In addition to the existing 15,000-km gas pipeline
network, another 15,000 km has been planned by the Government for completion of
the gas grid.
FINANCIAL REVIEW
Revenue from Operations
The Corporation clocked
net revenue from operations of Rs. 4375260.000 Million in the year 2014-15 as
against Rs. 4732100.000 Million in the previous year. The turnover of the
Corporation (inclusive of excise duty and sale of services) was Rs. 4507560.000
Million as compared to Rs. 4575710.000 Million in the previous year.
Profit Before Tax
The Corporation has
earned a Profit Before Tax of Rs. 79950.00 Million in 2014-15 as compared to
Rs. 99260.000 Million in 2013-14.
Provision for Taxation
An amount of Rs.
27220.000 Million has been provided towards income tax for 2014-15 considering
the applicable income tax rates as against Rs. 29070.000 Million provided
during 2013-14.
Profit After Tax
The Corporation has
earned a Profit After Tax of Rs. 52730.000 Million during the current financial
year as compared to Rs. 70190.000 Million in 2013-14.
Depreciation and
Amortisation
Depreciation and
Amortisation for the year 2014-15 was Rs. 45290.000 Million as against Rs.
57600.000 Million for the year 2013-14. The reduction in depreciation is on
account of adoption of useful life of asset as per Schedule II of the new
Companies Act 2013.
Finance Cost
Finance Cost of the
Corporation for the current year was Rs. 34350.000 Million as against Rs.
50840.000 Million during 2013-14. The reduction is mainly due to reduction in
working capital owing to low oil prices and reduction in dues from Government.
Borrowings
The borrowings of the
Corporation were Rs. 552480.000 Million as on 31st March, 2015, as compared to
Rs. 862630.000 Million as on 31st March, 2014. The Total Debt to Equity ratio
as on 31st March, 2015, works out to 0.81:1 as against 1.31:1 as on 31st March,
2014, and the Long Term Debt to Equity ratio stands at 0.56:1 as on 31st March,
2015, as against 0.57:1 as on 31st March, 2014.
Capital Expenditure
Gross Fixed Assets
(including Capital Works in Progress) increased from Rs. 1464880.000 Million as
on 31St March, 2014, to Rs. 1579660.000 Million as on 31st March, 2015. Capital advances for LSTK projects have gone down
from Rs. 9920.000 Million in 2013-14 to Rs. 9550.000 Million in 2014-15.
Investments
Investments as on 31st March, 2015, were Rs. 238990.000 Million as compared to Rs.
235940.000 Million as on 31st March, 2014. The
increase in investments during the year is mainly due to investment in
subsidiaries and joint ventures. The aggregate market value of quoted
investments as on 31st March, 2015, i.e., investments made in ONGC Limited.,
GAIL (India) Limited., Oil India Limited., Chennai Petroleum Corporation
Limited., Petronet LNG Limited. and Lanka IOC PLC., is Rs. 254540.000 Million
(as against the acquisition price of Rs. 38280.000 Million).
Earnings Per Share
Earnings Per Share works
out to Rs. 217.200 for the current year as compared to Rs.289.100 in the
previous year.
Earnings in Foreign
Currency
During the year, the
Corporation earned Rs. 160100.000 Million in foreign currency as against Rs.
216080.000 Million in 2013-14, which is mainly on account of export of
petroleum/petrochemical products.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10578927 |
22/06/2015 |
7,112,500,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
C58417601 |
|
2 |
10559206 |
19/03/2015 |
4,200,000,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
C49138084 |
|
3 |
10481123 |
07/02/2014 |
5,720,000,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
B97843098 |
|
4 |
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 |
|
5 |
10409821 |
11/02/2013 |
10,500,000,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
B70013008 |
|
6 |
10153612 |
30/03/2009 |
14,230,000,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
A60420031 |
|
7 |
10153713 |
30/03/2009 |
5,270,000,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
A60420684 |
|
8 |
10153614 |
30/03/2009 |
17,000,000,000.00 |
OIL
INDUSTRY DEVELOPMENT BOARD |
301,
WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
A60421989 |
|
9 |
10144856 |
11/03/2013
* |
16,000,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B71757058 |
|
10 |
10131502 |
11/03/2013
* |
15,000,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B71759336 |
* Date of charge
modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Bonds Foreign Currency Bonds US $ 1,825.58 million (2013: US $ 1,325.58 million) |
82855.000 |
79428.400 |
|
Senior Notes (Bank of America) US $ 300 million (2013: US $ 300 million) |
18751.500 |
17976.000 |
|
Term Loans: From Banks In Foreign Currency Loans US $ 2,178.52 million (2013: US $ 1,184.19 million) |
145011.600 |
130196.500 |
|
From Others In Rupees |
250.000 |
762.500 |
|
SHORT
TERM BORROWINGS |
|
|
|
Loans
Repayable on Demand From Banks In Foreign Currency US $ 4,899.87 million (2013: US $ 5,651 million) |
78047.800 |
293600.200 |
|
In Rupee |
10000.000 |
96250.000 |
|
From Others Commercial Papers |
0.000 |
6750.000 |
|
Inter-Corporate Deposits |
0.000 |
2367.700 |
|
|
|
|
|
Total |
334915.900 |
627330.800 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED ON 30.06.2015
(Rs. in million)
|
|
|
Particulars |
|
QuarterEnded |
|
|
|
|
|
|
|
30.06.2015 (Unaudited) |
|
1 |
Income from Operations |
|
|
|
|
|
|
|
Sales/Income from Operations
(Gross) |
|
|
1010088.700 |
|
|
|
Less: Excise Duty |
|
|
-- |
|
|
a) Net Sales/Income from Operations
(net of excise duty) |
|
|
1010088.700 |
|
|
|
b) Other Operating Income |
|
|
2979.500 |
|
|
|
Total Income from Operations (Net) |
|
|
1013068.200 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
|
|
383847.200 |
|
|
b) |
Purchase of stock in-trade |
|
|
457894.700 |
|
|
c) |
Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
|
|
(22851.500) |
|
|
d) |
Employee benefit expenses |
|
|
23616.200 |
|
|
e) |
Depreciation and amortization
expense |
|
|
11434.700 |
|
|
f) |
Other expenses |
|
|
69555.600 |
|
|
Total Expenses |
|
|
923496.900 |
|
|
3 |
|
Profit /(Loss) from operations before other income, finance
costs and exceptional items (1-2) |
|
|
89571.300 |
|
4 |
Other Income |
|
|
3624.100 |
|
|
5 |
|
Profit /(Loss) from ordinary activities before finance costs and
exceptional items (3+4) |
|
|
93195.400 |
|
6 |
Finance Costs |
|
|
5922.000 |
|
|
7 |
|
Profit /(Loss) from ordinary activities after finance costs but
before exceptional items (5-6) |
|
|
87273.400 |
|
8 |
Exceptional Items |
|
|
4725.400 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
|
|
91998.800 |
|
|
10 |
Tax Expense |
|
|
27641.800 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax (9-10) |
|
|
64357.000 |
|
|
12 |
Extraordinary items (net of tax expense) |
|
|
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
|
|
64357.000 |
|
|
14 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
|
|
24279.500 |
|
|
15 |
Reserve excluding revaluation reserves |
|
|
-- |
|
|
16 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
|
|
26.51 |
|
|
|
Diluted |
|
|
26.51 |
|
|
|
|
|
|
|
|
|
|
Physical MMT |
|
|
|
|
|
|
Product sale |
|
|
|
|
|
|
Domestic |
|
|
19.372 |
|
|
|
Export |
|
|
1.106 |
|
|
|
Refineries throughput |
|
|
13.568 |
|
|
|
Pipelines throughput |
|
|
18.955 |
|
|
|
|
|
|
|
|
|
|||||
|
A |
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
|
|
762986920 |
|
|
|
- Percentage of Shareholding |
|
|
31.43 |
|
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 |
|
|
1664965562 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the
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 |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
191 |
|
|
|
Disposed during the quarter |
191 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
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) |
Sale of Petroleum Products |
|
|
963421.200 |
|
b) |
Sales
of Petrochemicals |
|
|
43914.000 |
|
c) |
Other Business Activities |
|
|
38533.500 |
|
|
Net Sales /
Income and interdivisional transfers |
|
|
1045868.700 |
|
|
Less: Inter-segment
transfers |
|
|
32800.500 |
|
|
Net Sales /
Income from operation |
|
|
1013068.200 |
|
|
Segment
Results: |
|
|
|
|
|
[Profit/ (Loss) before tax and
interest from each segment] |
|
|
|
|
a) |
Sale of Petroleum Products |
|
|
79802.400 |
|
b) |
Sales
of Petrochemicals |
|
|
13963.200 |
|
c) |
Other Business Activities |
|
|
55.600 |
|
|
TOTAL |
|
|
93821.200 |
|
|
Less: Financial
Cost |
|
|
5922.000 |
|
|
Other
unallocable expenditure, net of unallocable income |
|
|
625.800 |
|
|
Exceptional
Items |
|
|
4725.400 |
|
|
Total Profit/
Loss –before tax |
|
|
91998.800 |
|
|
Capital
Employed: |
|
|
|
|
a) |
Sale of Petroleum Products |
|
|
959393.900 |
|
b) |
Sales
of Petrochemicals |
|
|
148364.300 |
|
c) |
Other Business Activities |
|
|
12198.500 |
|
d) |
Unallocable Corporate |
|
|
(377983.200) |
|
|
TOTAL |
|
|
741973.500 |
NOTE :
1. The
above results have been reviewed and recommended by the Audit Committee in its
meeting held on August 12, 2015 and approved by the Board of Directors at its
meeting held on August 13, 2015.
2. The Financial
Results have been reviewed by the Statutory Auditors as required under clause
41 of the listing agreement.
3.
Average Gross Refining Margin for the quarter April - June 2015 is $ 10.77 per
bbl (April - June 2014: $ 2.25 per bbl).
4. a)
In line with the scheme formulated by Petroleum Planning and Analysis Cell
(PPAC), the Company has received during the quarter April - June 2015,
discounts of Rs. 878.84 crore on Crude Oil/Products purchased from
ONGC/OIL/CPCL towards under recovery suffered on sale of SKO (PDS) [April -
June 2014: Rs. 8107.21 crore on sale of HSD, SKO (PDS) and LPG (Domestic)] and
the same has been adjusted against the purchase cost.
b) The Company has accounted for Budgetary
Support of Rs. 1732.95 crore during the quarter April - June 2015 towards
under-recovery on sale of SKO (PDS) [April - June 2014: Rs. 6075.63 crore on
sale of HSD, SKO (PDS) and LPG (Domestic)] as Revenue Grants and included in
Net sales/income from operations.
c) The
Company has suffered net under-realization of Rs. 1.51 crore during the quarter
April - June 2015 on sale of LPG (Domestic) [April - June 2014: Rs. 1145.50
crore on sale of HSD, SKO (PDS) & LPG (Domestic)].
5.
Employee benefit expenses for the quarter April - June 2015 includes Rs. 709.40
crore towards additional provision for Post Retirement Medical Benefit Scheme
based on actuarial certificate.
6.
Pursuant to the requirements prescribed under Schedule II to the Companies Act,
2013 the Company has, effective April 01, 2015, reviewed and identified the
components (significant parts) of the main asset haying different useful lives
as compared to the main asset and depreciation has been charged accordingly.
Due to this, the depreciation for the quarter April - June 2015 is higher by
Rs. 713.700 Million (including depreciation capitalized of Rs. 9.200 Million).
In addition, as per the transitional provisions, the Company has charged Rs.
438.400 Million (net of deferred tax of Rs. 232.100 Million) to the opening
balance of General reserve as at April 01, 2015.
7.
Other income for April - June 2014 includes Rs. 7454.000 Million as Income on
forward contract transactions under RBI forex swap window for public sector oil
companies.
8.
Exceptional income for April - June 2015 represents income of Rs. 4725.400
Million (April - June 2014: Rs. 4456.100 Million) arising out of additional
state specific surcharge (SSC) towards U.P. entry tax paid in earlier years, in
pursuance with MOP&NG order dated March 30, 2013.
9.
Impact, if any, on account of impairment of assets will be reviewed at the year
end.
10.
Figures for the previous periods have been regrouped wherever necessary.
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
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 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] 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.
66.34 |
|
UK Pound |
1 |
Rs.
100.66 |
|
Euro |
1 |
Rs.
70.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done
by : |
KAS |
|
|
|
|
Report
Prepared by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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
|