MIRA INFORM REPORT
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Report No. : |
354146 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE INDUSTRIES LIMITED |
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Registered
Office : |
3rd Floor, Maker Chamber IV, 222, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-30325000/ 30327000/ 22785000/ 22785185 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
08.05.1973 |
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Com. Reg. No.: |
11-019786 |
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Capital Investment
/ Paid-up Capital : |
Rs.32360.000 Million |
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CIN No.: [Company Identification
No.] |
L17110MH1973PLC019786 |
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IEC No.: |
0388066415 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACR5055K |
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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
: |
Exploration and Production of Oil and Gas, Refining, Petrochemicals
(Polymers, Polyester and fibre intermediates) and Textiles. (Registered Activity) |
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No. of Employees
: |
24930 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa (86) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Status : |
Excellent |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is one of India’s largest private sector companies, with
diverse interests including petrochemicals, oil refining, and upstream oil
and gas E&P. oil refining is company’s largest activity, accounting for
around 71 percent of the company’s revenues in 2014-15, followed by
petrochemicals at 20 percent. In the recent past, company has diversified
into newer businesses which includes organised retail and telecommunications. The company is among the top 10 global petrochemical manufacturers,
and commands a share of more than 50 percent in most product segments in the
Indian petrochemicals market for 2014-15. Rating continue to reflect company’s leadership in the petrochemicals
industry in India, strong competitiveness in the global oil refining
business, and exceptional financial flexibility. However, rating strength is partially offset by company’s exposure to
risks relating to reducing gas volumes at its largest gas production field,
the Krishna-Godavari D6 (KG-D-6) and
project execution and implementation risks associated with the telecom
business. Trade relations are reported as fair. Payment are reported to be slow
but correct. 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating : AAA |
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Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
28.10.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Commercial Paper : A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
28.10.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
Management non co-operative (91-22-30325000)
LOCATIONS
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Registered/ Corporate Office : |
3rd
Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-30325000/ 30327000/ 22785000/ 22785185 |
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Fax No.: |
91-22-22785111/
30322268/ 22785185 |
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E-Mail : |
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Website : |
http://www.ril.com |
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Head Office 1
: |
Reliance Corporate Park, Building No. 7, C-Wing, 2nd Floor, 5, TTC Industrial Area, Thane-Belapur Road, Ghansoli, Navi Mumbai – 400701, Maharashtra, India |
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Tel. No.: |
91-22-44780912 |
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Fax No.: |
91-22-44779050 |
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E-Mail : |
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Head Office 2
: |
Building No 11, 'A' Wing, Second Floor, Reliance Corporate Park (RCP), Thane-Belapur Road, Ghansoli, Navi Mumbai - 400701, Maharashtra, India |
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Unit : |
Reliance Jamnagar
SEZ Relaince Corporate Park Polymer Export Division 8A, Ground Floor Thane Belapur Road, Ghansoli, Navi Mumbai , Maharashtra, India |
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Factories : |
·
Allahabad A/10-A/27,
UPSIDC Industrial Area, P. O. T.S.L., Allahabad - 211010, Uttar Pradesh,
India ·
Barabanki Dewa Road, P.O.
Somaiya Nagar, Barabanki - 225 123, Uttar Pradesh, India ·
Dahej P. O. Dahej,
Vagra, Bharuch - 392 130, Gujarat, India ·
Hazira Village Mora,
Bhatha P.O. Surat-Hazira Road, Surat 394 510, Gujarat, India ·
Nagothane P. O.
Petrochemicals Township, Nagothane, Raigad - 402 125, Maharashtra, India ·
Patalganga B-1 to B-5 and A3,
MIDC Industrial Area, P.O. Rasauani, Patalganga, Near Panvel, District Raigad
- 410207, Maharashtra, India ·
Vadodara P. O.
Petrochemicals, Vadodara - 391 346, Gujarat, India ·
Gadimoga Tallarevu
Mandal, East Godavari District, Gadimoga – 533463, Andhra Pradesh, India ·
Jamnagar Village Meghpar
/ Padana, Taluka Lalpur, Jamnagar – 361280, Gujarat, India ·
Hoshiarpur Dharmshala Road,
V.P.O. Chohal District Hoshiarpur - 146 024, Punjab, India ·
Nagpur Village Dahali,
Mouda Ramtek Road Tehsil Mouda – 441 104, District Nagpur Maharashtra, India. ·
Naroda 103/106, Naroda
Industrial Estate Naroda, Ahmedabad - 382 330, Gujarat, India. ·
Silvassa 342, Kharadpada,
Naroli, Near Silvassa Union Territory of Dadra and Nagar Haveli – 396235,
India |
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Corporate Communication
Center : |
Maker Chambers
IV, 1st Floor, Nariman Point, Mumbai – 400021, |
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Tel No. : |
91-22-22785568/
22785585/ 22785000 |
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Fax No. : |
91-22-22785185 |
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Email : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mukesh D.
Ambani |
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Designation : |
Chairman and Managing Director |
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Qualification: |
Chemical Engineer from Mumbai University and MBA from Stanford
University, Unites States of America |
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Name : |
Mr. Nikhil R.
Meswani |
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Designation : |
Executive Director |
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Qualification: |
Chemical Engineer |
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Name : |
Mr. Hital R.
Meswani |
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Designation : |
Executive Director |
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Name : |
Mr. P.M.S.
Prasad |
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Designation : |
Executive Director |
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Name : |
Mr. Pawan Kumar Kapil |
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Designation : |
Executive Director |
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Name : |
Mr. Ramiklal H.
Ambani |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Mansingh L.
Bhakta |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Yogendra P.
Trivedi |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Dharam Vir
Kapur |
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Designation : |
Non-Executive Director |
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Name : |
Mrs. Nita M. Ambani |
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Designation : |
Non-Executive Director |
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Name : |
Prof. Ashok Mishra |
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Designation : |
Non-Executive Director |
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Name : |
Prof. Dipak C. Jain |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Raghunath A. Mashelkar |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Adil Zainulbhai |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Alok Agarwal |
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Designation : |
Chief Financial Officer |
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Name : |
Srikanth Venkatachari |
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Designation : |
Joint Chief Financial Officer |
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Name : |
Mr. K. Sethuraman |
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Designation : |
Group Company Secretary and Chief Compliance Officer |
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Name : |
Mr. Kanga and Company |
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Designation : |
Solicitors and Advocates |
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Audit Committee
: |
Yogendra P. Trivedi (Chairman) Dr. Raghunath A. Mashelkar Mr. Adil Zainulbhai |
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Corporate Governance and Stakeholders' Interface
Committee : |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Nikhil R.
Meswani Dr. Dharam Vir
Kapur Dr. Raghunath A. Mashelkar |
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Finance
Committee : |
Mr. Mukesh D.
Ambani (Chairman) Mr. Nikhil R.
Meswani Mr. Hital R.
Meswani |
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Health, Safety
and Environment
Committee : |
Mr. Hital R.
Meswani (Chairman) Dr. Dharam Vir
Kapur Mr. P.M.S.
Prasad Mr. Pawan Kumar
Kapil |
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Stakeholders Relationship
Committee: |
Mr. Yogendra P.
Trivedi (Chairman) Mr. Nikhil R.
Meswani Mr. Hital R. Meswani Prof. Ashok Misra |
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Human Resources, Nomination and
Remuneration Committee : |
Mr. Adil Zainulbhai Mr. Yogendra P. Trivedi Dr. Dharam Vir
Kapur Dr. Raghunath A. Mashelkar |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
21172646 |
0.68 |
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|
1322318328 |
42.17 |
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|
120471003 |
3.84 |
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|
120471003 |
3.84 |
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|
1463961977 |
46.68 |
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Total shareholding of Promoter and Promoter Group (A) |
1463961977 |
46.68 |
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(B) Public Shareholding |
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|
93781633 |
2.99 |
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|
4087494 |
0.13 |
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|
4082929 |
0.13 |
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|
322119201 |
10.27 |
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|
604871089 |
19.29 |
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|
1028942346 |
32.81 |
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|
105770835 |
3.37 |
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|
304795784 |
9.72 |
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|
27173766 |
0.87 |
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|
205220180 |
6.54 |
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|
19775262 |
0.63 |
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|
2590807 |
0.08 |
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|
177979957 |
5.68 |
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|
4874154 |
0.16 |
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|
642960565 |
20.50 |
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Total Public shareholding (B) |
1671902911 |
53.32 |
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Total (A)+(B) |
3135864888 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
102563712 |
0.00 |
|
|
102563712 |
0.00 |
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Total (A)+(B)+(C) |
3238428600 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Exploration and Production of Oil and Gas, Refining,
Petrochemicals (Polymers, Polyester and fibre intermediates) and Textiles. (Registered Activity) |
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Products : |
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Brand Names : |
· Reliance Gas · Reliance Aviation · Repol · Relene · Reon · Relpipe · Relpipe PP-R · Relflex™ Elastomers · Relflex™ Cisamer PBR · Relflex™ Stylamer SBR · Relab · Recron® · Recron® IDY · Recron® SHT · Recron® Fancyy · Recron® · Stretch · Recron® · Cotluk · Recron® · Dyefast · Recron® · Superblack · Recron® · Superdye · Recron® · Kooltex · Recron® · Fibrefill etc. |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
24930 (Approximately) |
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Bankers : |
· Allahabad Bank · Andhra Bank · Bank of America · Bank of Baroda · Bank of India · Bank of Maharashtra · Canara Bank Central · Bank of India · Citibank N.A · Credit Agricole Corporate and Investment Bank · Corporation Bank · Deutsche Bank · The Hong Kong and Shanghai Banking Corporation Limited · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Bank Indian · Overseas Bank · Oriental Bank of Commerce · Punjab National Bank · Standard Chartered Bank · State Bank of Hyderabad · State Bank of India · State Bank of Patiala · Syndicate Bank ·
The Royal Bank of Scotland Union Bank of India
Vijaya Bank |
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Facilities : |
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Auditors 1 : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Auditors 2 : |
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Name : |
Rajendra and Company Chartered Accountants |
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Auditors 3 : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Solicitors &
Advocates : |
Kanga and Company |
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Subsidiary Companies : |
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Associates : |
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Enterprises over which Key Managerial Personnel are able to exercise
significant influence : |
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# Control by Independent Media Trust of which RIL is the sole beneficiary.
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs. 50000.000 Million |
|
1000000000 |
Preference Shares |
Rs.10/- each |
Rs. 10000.000 Million |
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Total |
|
Rs. 60000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3235688765 |
Equity Shares |
Rs.10/- each |
Rs. 32360.000 Million |
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- 450427345 Shares were allotted on conversion / surrender of Debentures and Bonds, conversion of Term Loans, exercise of Warrants, against Global Depository Shares (GDS) and re-issue of Forfeited Equity Shares, since inception.
- 171883624 Shares held by subsidiaries, which were allotted pursuant to the Schemes of Amalgamation sanctioned by the Hon’ble High Courts in the previous years, do not have voting rights and are not eligible for Bonus Share.
- 46246280 Shares were bought back and extinguished in the last five years.
The details of
Shareholders holding more than 5% shares:
|
Name of the Shareholder |
31st
March, 2015 |
|
|
|
No.
of Shares |
%
held |
|
Life Insurance Corporation of India |
29,69,44,782 |
9.18 |
The reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
31st
March, 2015 No.
of Shares |
|
Equity Shares at the beginning of the year |
323,19,01,858 |
|
Add : Shares issued on exercise of Employee Stock Options |
37,86,907 |
|
Equity Shares at the end of the year |
323,56,88,765 |
The Company has reserved issuance of 12,67,18,207 (Previous year 13,05,05,114) Equity Shares of Rs. 10 each for offering to Eligible Employees of the Company and its subsidiaries under Employees Stock Option Scheme (ESOS). During the year the Company has granted 45,419 options which includes 21,367 options at a price Rs. 936 per option, 13,052 options at a price of Rs. 961 per option and 11,000 options at a price of Rs. 843 per option plus all applicable taxes, as may be levied in this regard on the Company (Previous year 71, 866 options which includes 60,866 options at a price of Rs. 860 per option and 11,000 options at a price of Rs. 880 per option plus all applicable taxes, as may be levied in this regard on the Company) to the Eligible Employees. The options would vest over a maximum period of 7 years or such other period as may be decided by the Human Resources, Nomination and Remuneration Committee from the date of grant based on specified criteria.
LISTING DETAILS:
|
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BSE : 500325 NSE : RELIANCE |
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Stock Exchange Place : |
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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 |
32360.000 |
32320.000 |
32290.000 |
|
(b) Reserves & Surplus |
2129230.000 |
1938420.000 |
1767660.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
170.000 |
170.000 |
250.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2161760.000 |
1970910.000 |
1800200.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
762270.000 |
627080.000 |
430120.000 |
|
(b) Deferred tax liabilities (Net) |
126770.000 |
122150.000 |
121930.000 |
|
(c)
Other long term liabilities |
0.000 |
30.000 |
0.000 |
|
(d)
long-term provisions |
14040.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
903080.000 |
749260.000 |
552050.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
129140.000 |
227700.000 |
115110.000 |
|
(b)
Trade payables |
544700.000 |
578620.000 |
457870.000 |
|
(c)
Other current liabilities |
190630.000 |
107670.000 |
216400.000 |
|
(d)
Short-term provisions |
48540.000 |
41670.000 |
43480.000 |
|
Total
Current Liabilities (4) |
913010.000 |
955660.000 |
832860.000 |
|
|
|
|
|
|
TOTAL |
3977850.000 |
3675830.000 |
3185110.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
797780.000 |
803680.000 |
829620.000 |
|
(ii)
Intangible Assets |
347850.000 |
290380.000 |
267860.000 |
|
(iii)
Capital work-in-progress |
651780.000 |
326730.000 |
135250.000 |
|
(iv) Intangible assets under development |
105750.000 |
90430.000 |
55910.000 |
|
(b) Non-current
Investments |
620580.000 |
526920.000 |
241430.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
292590.000 |
284360.000 |
215280.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2816330.000 |
2322500.000 |
1745350.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
505150.000 |
333700.000 |
283660.000 |
|
(b)
Inventories |
365510.000 |
429320.000 |
427290.000 |
|
(c)
Trade receivables |
46610.000 |
106640.000 |
118800.000 |
|
(d)
Cash and cash equivalents |
115710.000 |
366240.000 |
495470.000 |
|
(e)
Short-term loans and advances |
123070.000 |
112770.000 |
109740.000 |
|
(f)
Other current assets |
5470.000 |
4660.000 |
4800.000 |
|
Total
Current Assets |
1161520.000 |
1353330.000 |
1439760.000 |
|
|
|
|
|
|
TOTAL |
3977850.000 |
3675830.000 |
3185110.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3290760.000 |
3901170.000 |
3602970.000 |
|
|
|
Other Income |
87210.000 |
89360.000 |
79980.000 |
|
|
|
TOTAL (A) |
3377970.000 |
3990530.000 |
3682950.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2559980.000 |
3293130.000 |
3061270.000 |
|
|
|
Purchases of Stock-in-Trade |
71340.000 |
5240.000 |
5020.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
19430.000 |
4120.000 |
(33170.000) |
|
|
|
Employees benefits expense |
36860.000 |
33700.000 |
33540.000 |
|
|
|
Other expenses |
287130.000 |
256210.000 |
228440.000 |
|
|
|
TOTAL (B) |
2974740.000 |
3592400.000 |
3295100.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
403230.000 |
398130.000 |
387850.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23670.000 |
32060.000 |
30360.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
379560.000 |
366070.000 |
357490.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
84880.000 |
87890.000 |
94650.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
294680.000 |
278180.000 |
262840.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67490.000 |
58340.000 |
52810.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
227190.000 |
219840.000 |
210030.000 |
|
|
|
|
|
|
|
|
|
Add |
On Amalgamation |
0.000 |
0.000 |
11160.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
93260.000 |
86100.000 |
76090.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
180000.000 |
180000.000 |
180000.000 |
|
|
|
Dividend |
3180.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
6150.000 |
4750.000 |
4470.000 |
|
|
|
Proposed dividend on Equity Shares** |
29440.000 |
27930.000 |
26280.000 |
|
|
|
Transferred to Capital redemption reserve on buy back of Equity Shares |
0.000 |
0.000 |
430.000 |
|
|
BALANCE CARRIED
TO THE B/S |
101680.000 |
93260.000 |
86100.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value for Exports |
2091690.000 |
2611180.000 |
2278830.000 |
|
|
|
Interest Earnings |
240.000 |
50.000 |
20.000 |
|
|
|
Other Earnings |
2050.000 |
2430.000 |
2070.000 |
|
|
TOTAL EARNINGS |
2093980.000 |
2613660.000 |
2280920.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-Trade |
2414560.000 |
3026300.000 |
2817190.000 |
|
|
|
Stores, Chemicals and Packing Materials |
32170.000 |
37190.000 |
32600.000 |
|
|
|
Capital goods |
97880.000 |
42180.000 |
22040.000 |
|
|
TOTAL IMPORTS |
2544610.000 |
3105670.000 |
2871830.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
70.25 |
68.05 |
64.82 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
84490.000 |
44590.000 |
178820.000 |
|
Cash generated from operations |
413670.000 |
482250.000 |
376630.000 |
|
Net Cash from Operating Activities |
352850.000 |
421600.000 |
329950.000 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 |
30.09.2015 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
658170.000 |
608170.000 |
|
Total Expenditure |
|
565100.000 |
509840.000 |
|
PBIDT (Excl OI) |
|
93070.000 |
98330.000 |
|
Other Income |
|
18180.000 |
16170.000 |
|
Operating Profit |
|
111250.000 |
114500.000 |
|
Interest |
|
5970.000 |
6940.000 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
105280.000 |
107560.000 |
|
Depreciation |
|
22650.000 |
23720.000 |
|
Profit Before Tax |
|
82630.000 |
83840.000 |
|
Tax |
|
19450.000 |
18230.000 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
63180.000 |
65610.000 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
63180.000 |
65610.000 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.945.00 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.90 |
5.64 |
5.83 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.25 |
10.21 |
10.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.33 |
10.18 |
9.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.14 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41 |
0.43 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.42 |
1.73 |
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 |
32290.000 |
32320.000 |
32360.000 |
|
Reserves & Surplus |
1767660.000 |
1938420.000 |
2129230.000 |
|
Share Application money
pending allotment |
250.000 |
170.000 |
170.000 |
|
Net
worth |
1800200.000 |
1970910.000 |
2161760.000 |
|
|
|
|
|
|
long-term borrowings |
430120.000 |
627110.000 |
762270.000 |
|
Short term borrowings |
115110.000 |
227700.000 |
129140.000 |
|
Current maturities of
long-term debts |
178820.000 |
44590.000 |
84490.000 |
|
Total
borrowings |
724050.000 |
899400.000 |
975900.000 |
|
Debt/Equity
ratio |
0.402 |
0.456 |
0.451 |
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 |
3602970.000 |
3901170.000 |
3290760.000 |
|
|
|
8.277 |
(15.647) |
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 |
3602970.000 |
3901170.000 |
3290760.000 |
|
Profit |
210030.000 |
219840.000 |
227190.000 |
|
|
5.83% |
5.64% |
6.90% |
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 |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
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:- |
06.10.2015 |
||||
|
Lodging
No.: ITXAL/1466/2015 Filing Date: 06.10.2015 |
|||||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX LTU |
Respondent:- |
RELIANCE INDUSTRIES LIMITED |
||
|
Petn.Adv:- |
TEJVEER SINGH MASTAN SINGH (I3678) |
Resp. Adv.:- |
RAJ BANSALI DARAK (I5522) |
||
|
District:- |
MUMBAI |
||||
|
Bench:- |
DIVISION |
|
|
||
|
Status:- |
Pre-Admission |
Category : |
TAX APPEALS |
||
|
Last Date:- |
13.10.2015 |
Stage : |
-– |
||
|
Last
Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
||||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10233708 |
18/08/2010 |
5,000,000,000.00 |
Axis Trustee Services Limited |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI,
Maharashtra - 400005, INDIA |
A91847947 |
|
2 |
10143216 |
21/11/2014 * |
5,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C36770154 |
|
3 |
10082527 |
30/12/2010 * |
126,500,000,000.00 |
STATE BANK OF INDIA |
MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B03977386 |
|
4 |
10070753 |
10/06/2006 |
12,900,000,000.00 |
State Bank of India - Lead Charge Holder |
58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, INDIA |
A23544760 |
|
5 |
10069788 |
18/05/2004 |
60,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A23455819 |
|
6 |
80033335 |
20/11/2014 * |
8,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C36771624 |
|
7 |
80012912 |
30/12/2008 * |
264,000,000,000.00 |
Syndicate Bank |
3rd Floor, 10 Homji Street, Fort, Mumbai, Maharashtra - 400023, INDIA |
A54800883 |
* Date of charge modification
GENERAL INFORMATION
ABOUT THE COMPANY
Refining, Petrochemicals (Polymers, Polyester and Fibre Intermediates), Exploration and Production of Oil & Gas and Textiles.
|
Industrial Group |
Description |
|
061 |
Extraction of crude petroleum |
|
192 |
Manufacture of refined petroleum products |
|
201 |
Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastic and synthetic rubber in primary forms |
|
203 |
Manufacture of man-made fibres |
|
062 |
Extraction of natural gas |
|
131 |
Spinning, weaving and finishing of textile |
|
139 |
Manufacture of other textiles |
BUSINESS PERFORMANCE
REFINING AND
MARKETING
Refining and Marketing (R&M) business segment sources crude and feedstock from the international markets, processes it at Jamnagar refinery complex and sells high value petroleum products globally. RIL generates value by processing the most advantaged crudes, optimally utilising refinery assets and placing products in the highest net-back markets. RIL manages high quality refining assets with advantaged design capacity for processing 1.24 million barrels per day (MMBPD) of crude, fully utilising the range of options and flexibility that is built into them. Reliance’s global footprint includes international trading locations (in US, London and Singapore), international tankages and presence in East Africa through GAPCO.
During FY 2014-15, R&M business posted record earnings,
despite volatile market conditions, driven primarily by good product price
realisations, lower energy costs, superior configuration, asset optimisation
and trading capabilities.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
OVERVIEW
The global economy in FY 2014-15 witnessed divergent trends among major economies and stress on major oil producing countries as a direct result of sharp decline in energy prices, especially in the second half of the year.
Strong growth in oil output from non-OPEC (Organisation of the Petroleum Exporting Countries) producers, coupled with weak demand in some key consumption economies led to an oversupplied oil market, precipitating a sharp decline in oil prices, during the year. The decline in oil prices was further accentuated by OPEC’s decision not to cut back production in their respective countries. A sustained lower oil price environment will benefit commodity importing countries, such as India. Falling energy prices have significantly improved India’s overall fiscal landscape, and augur well for growth in domestic consumption.
Despite unpredictable headwinds, the global economic recovery is gaining momentum. These winds of positive change have masked the growth divergence among major economies.
Specifically, the recovery in United States was stronger than expected, while performance in Japan and Eurozone has fallen short of expectations. This has resulted in the dollar appreciating vis-à-vis other G7 currencies. The currencies of commodity exporting countries weakened due to fiscal and trade imbalances.
India’s economy is poised to return to its high-growth path, thanks to lower fiscal and current account deficits, falling inflation, benign commodity prices, and structural reforms to boost investments. Monetary policy is also likely to be supportive with the Reserve Bank of India (RBI) having moved to flexible inflation targeting. The manufacturing sector is likely to benefit from lower interest rates. The share of investments in Gross Domestic Product (GDP) is at 29% (compared to 33% in 2007) and is expected to pick up. However, productivity and capital efficiency improvement are likely to drive near-term growth.
Despite the significant decline in commodity prices, Reliance Industries Limited (RIL) delivered a robust financial performance, led by record earnings from the refining business. The dramatic fall in crude oil prices impacted RIL’s upstream business, and resulted in lower revenues and stock values for the refining and petrochemical businesses. However, the benefits from demand revival, strong product margins and lower energy costs outweighed inventory effects, and both refining and petrochemical businesses ended the year on a strong note. In FY 2014-15, Reliance (consolidated RIL) achieved:
Highest ever consolidated net profit of Rs. 235660.000 Million ($ 3.8 billion)
Record Refining EBIT of Rs. 158270.000 Million ($ 2.5 billion),
Gross Refining Margins (GRM) of $ 8.6/barrel (bbl) Dividend
of 100%, payout of Rs. 35590.000 Million ($ 569 million)
Operationally, RIL continues to optimally utilise its bestin-class downstream assets, with near full utilisation levels in most petrochemical units. RIL processed 67.9 million metric tonnes (MMT) of crude oil at its Jamnagar refinery complex, achieving 110% operating rate. Continuing its emphasis on processing challenging and most advantageous crudes, RIL processed 13 new crudes during the year. The crude sourcing strategy was driven by continuous adjustment of sourcing pattern based on relative economics. The ability to operate at high utilisation levels and switch product slate to suit market conditions enable RIL to capture margin optimisation opportunities in the market.
RIL ranked 114th in the Fortune Global 500 list of the World’s Largest Corporations in terms of revenues, and was ranked 155th in terms of profits. This is the 11th consecutive year that RIL has featured in the Fortune Global 500 list.
HIGHLIGHTS AND KEY
EVENTS
Reliance delivered an industry-leading performance across its refining and petrochemicals business, despite a challenging crude market environment. Its international upstream business demonstrated strong volume growth, whilst domestic Exploration and Production (E&P) business witnessed lower production due to geological complexities and natural decline in the fields. Reliance also made substantial progress on various projects in the refining and petrochemicals business during the year. These initiatives are expected to create significant value for its stakeholders. Furthermore, strong growth momentum was maintained in its consumer-facing retail business
Refining and
Marketing – Record earnings
The refining business delivered record earnings, driven by strong underlying business performance. Refining margins were robust on the back of healthy product cracks and lower energy costs. The year’s key highlight was the dramatic decline in crude prices. Continuous non-OPEC crude oil production growth, led by the US, partial return of Libyan barrels, muted oil demand growth resulted in an oversupplied crude market, leading to a sharp decline in crude oil prices. The fall of oil price was further accentuated by OPEC’s decision not to cut back production in their respective countries. RIL’s refining margins at $ 8.6/bbl significantly outperformed regional benchmarks as the superior configuration of its refineries enabled it to benefit from strong light product cracks, favourable crude differentials and stable middle distillate cracks.
Petrochemicals –
Focus on capacity creation
Petrochemical business EBIT margins improved to 8.6% from 8.1% in the previous year. The improvement in EBIT margins were aided by firm polymer and polyester deltas, partly offset by weak fibre intermediates deltas.
RIL successfully stabilised the production at its new Polyester Filament Yarn (PFY) facility at Silvassa, which had started production towards the end of the last financial year. This expansion has further strengthened RIL’s position among the world’s largest producers of polyester fibre and yarn. The new PFY plant at Silvassa is the most automated and one of the most environment-friendly plants globally.
During the year, RIL also started production at its new 150 kilo tonnes per annum (KTPA) capacity Styrene Butadiene Rubber (SBR) plant at Hazira, which is also India’s largest plant. The plant has capability to produce an entire range of dry as well as oil extended grades of emulsion SBR. With this, RIL has reaffirmed its leadership in synthetic rubbers in the Indian market.
During FY 2014-15, RIL also expanded its Poly-Butadiene Rubber (PBR) capacity. With the start-up of new PBR capacity at Hazira, RIL is expected to increase its domestic market share as substantial portion of production from new line will be placed in the domestic market.
RIL has also started new Polyethylene Terephthalate (PET) resin facility at Dahej, Gujarat. The plant consists of two lines with a combined manufacturing capacity of 650 KTPA. This is one of the largest bottle-grade PET resin capacity at a single location globally. This will consolidate RIL’s position as a leading PET resin producer with a global capacity of 1.15 million metric tonnes per annum (MMTPA).
RIL also started new Purified Terepthalic Acid (PTA) plant at Dahej, Gujarat. The plant with a capacity of 1150 KTPA is built with ‘Invista technology’. This state-of-the-art facility is highly energy efficient and environment friendly. With this facility, RIL’s total PTA capacity will increase to 3.2 MMTPA and global capacity share to 4%.
RIL announced a project to source 1.5 MMTPA of ethane from the US to feed its crackers in India. RIL executed storage and capacity agreements for liquefaction and export of ethane with a North American terminal, which is expected to commence operations in the second half of 2016. RIL also placed orders for building of Very Large Ethane Carriers (VLECs) in a Korean yard and entered into a shipping management agreement to ensure end-toend integration. RIL has initiated discussions with major ethane suppliers in North America for long term sourcing arrangements. The project is expected to significantly improve the long term competitiveness of its cracker portfolio through dedicated feedstock, enhanced margins and higher capacity.
Oil and Gas
Exploration and Production - Sustained performance
International -
Growth in Shale gas business
The US shale gas business witnessed macro headwinds, with a sharp downturn in commodity prices, especially in the case of oil. But operationally, the business continued its strong performance, with production at record levels. During the Calendar Year (CY) 2014, gross JV production averaged at ~1.2 Billion Cubic Feet equivalent per day (BCFe/d), reflecting 26% y-o-y growth. The US shale business delivered EBIT of $ 402 million, an increase of 36.3% on y-o-y basis.
During the year, RIL and Myanma Oil and Gas Enterprise (MOGE), an enterprise of the Government of Myanmar signed a production sharing contract for two offshore blocks (M17 and M18) in the Tanintharyi basin of Myanmar. RIL will be the operator of the blocks with a 96% participating interest. The United National Resources Development Services Co. Limited (UNRD), a Myanmar company, will hold the remaining interest in the block.
Domestic
Gas production from the KG-D6 field declined by 12% to 157.6 Billion Cubic Feet (BCF) in FY 2014-15. Efforts by RIL and its JV partners to augment production from the field through interventions like side-track wells and onshore terminal booster compressor helped partly offset the natural decline in the field.
During the year, RIL made significant progress towards development of two Coal Bed Methane (CBM) blocks, Sohagpur East and Sohagpur West. Detailed engineering and construction activities have been completed. RIL expects first gas production from these blocks during FY 2015-16.
In October 2014, Government of India (GoI) notified the New
Domestic Natural Gas Guidelines, 2014. Based on the new guidelines, domestic
gas prices in the period from November 2014 to March 2015 were set at $ 5.05/
Million British Thermal Units (MMBTU) on Gross Calorific Value basis.
AWARDS AND
RECOGNITIONS
LEADERSHIP
· IL’s Chairman and Managing Director Shri Mukesh D. Ambani was conferred the Honorary Doctor of Science degree by the Institute of Chemical Technology (ICT), Mumbai
· Excellent Energy Efficient Unit Award
·
Golden Europe Award for Quality and Commercial
Prestige 2014
ENERGY AND WATER
CONSERVATION/EFFICIENCY
·
Awarded ‘Excellent Energy Efficient Unit Award’
at the CII National Energy Efficiency Summit
HEALTH, SAFETY AND
ENVIRONMENT
- Awarded as the ‘HSE Company of the Year’ at the Asia Oil and Gas Awards 2015, organised by Oliver Kinross
- Awarded the ‘Golden Peacock Environment Management Award’ for the year 2014
- Won the 15th annual ‘Greentech Environment Award’ 2014
CSR
- Awarded the ‘Corporate Social Responsibility Company of the Year’ for the second consecutive year in the Asia Oil and Gas Awards 2015, organised by Oliver Kinross
- Won the ‘Best Corporate Social Responsibility Practices’ Award and the ‘Best use of Corporate Social Responsibility practices in Manufacturing’ Award at the 3rd Global CSR Excellence and Leadership Conference of the World CSR Congress
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds |
203030.000 |
99410.000 |
|
Term Loans- from banks |
545600.000 |
512110.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Other Loans and
Advances |
|
|
|
From Banks |
|
|
|
Foreign Currency Loans - Buyers/Packing credit |
122420.000 |
135820.000 |
|
Rupee Loans |
0.000 |
0.000 |
|
|
|
|
|
Total |
871050.000 |
747340.000 |
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs. In Million) |
|
Claims against the company
/ disputed liabilities not acknowledged as debts |
|
|
|
In respect of Joint Ventures |
7980.000 |
4140.000 |
|
In respect of others |
17700.000 |
14330.000 |
|
Guarantees |
|
|
|
Guarantees to Banks
and Financial Institutions against credit facilities extended to third
parties |
|
|
|
In respect of others |
354180.000 |
323080.000 |
|
Performance
Guarantees |
|
|
|
In respect of others |
2740.000 |
2900.000 |
|
Outstanding guarantees
furnished to Banks and Financial Institutions including in respect of Letters
of Credits |
|
|
|
In respect of joint ventures |
200.000 |
7000.000 |
|
In respect of others |
177040.000 |
48430.000 |
|
Other Money for which
the company is contingently liable |
|
|
|
Liability in respect of bills discounted with Banks (Including third party bills discounting) |
|
|
|
In respect of others |
11210.000 |
49700.000 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
SIX MONTHS ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
|
Particulars |
Quarter Ended |
||||||
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|||||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||
|
1 |
Income from
Operations |
|
|
|
||||
|
|
a. Net Sales (Net of excise duty) |
608170.000 |
658170.000 |
1266340.000 |
||||
|
|
b. Other Operating Income |
-- |
-- |
-- |
||||
|
|
Total Income from Operations (Net) |
608170.000 |
658170.000 |
1266340.000 |
||||
|
2 |
Expenditure |
|
|
|
||||
|
|
a. Cost of Materials Consumed |
399760.000 |
489760.000 |
889520.000 |
||||
|
|
b. Purchase of Stock-in-Trade |
11340.000 |
13000.000 |
24340.000 |
||||
|
|
c. Changes in Inventories of Finished Goods & Stock in trade |
19570.000 |
(19030.000) |
540.000 |
||||
|
|
d. Employee Benefits Expenses |
9390.000 |
12170.000 |
21560.000 |
||||
|
|
e. Depreciation and amortisation Expense |
23720.000 |
22650.000 |
46370.000 |
||||
|
|
f. Other Expenses |
69780.000 |
69200.000 |
138980.000 |
||||
|
|
Total Expenses |
533560.000 |
587750.000 |
1121310.000 |
||||
|
3 |
Profit from
operations before other income and finance costs |
74610.000 |
70420.000 |
145030.000 |
||||
|
4 |
Other Income |
16170.000 |
18180.000 |
34350.000 |
||||
|
5 |
Profit from
ordinary activities before finance costs |
90780.000 |
88600.000 |
179380.000 |
||||
|
6 |
Finance Costs |
6940.000 |
5970.000 |
12910.000 |
||||
|
7 |
Profit from ordinary activities before tax |
83840.000 |
82630.000 |
166470.000 |
||||
|
8 |
Tax Expense |
18230.000 |
19450.000 |
37680.000 |
||||
|
9 |
Net Profit for the period (9-10) |
65610.000 |
63180.000 |
128790.000 |
||||
|
10 |
Paid up Equity Share Capital (Face Value of Re.1/- Each) |
32380.000 |
32360.000 |
32380.000 |
||||
|
11 |
Reserves excluding Revaluation Reserves |
-- |
-- |
-- |
||||
|
12 |
Basic and Diluted Earnings Per Share (Rs.) (Not Annualised) |
20.30 |
19.50 |
39.80 |
||||
|
|
|
|
|
|
||||
|
13 |
Debt Service Coverage Ratio |
7.13 |
3.24 |
4.47 |
||||
|
|
Interest Service Coverage Ratio |
13.08 |
14.84 |
13.89 |
||||
|
|
|
|
|
|
||||
|
PART - II SELECT INFORMATION FOR THE QUARTER AND SIX
MONTHS ENDED 30TH SEPTEMBER 2015 |
||||||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|||
|
1 |
Public shareholding |
|
|
|
|||
|
|
a. |
Number of shares |
177.44 |
177.25 |
177.44 |
||
|
|
b. |
Percentage of shareholding |
54.79 |
54.77 |
54.79 |
||
|
2 |
Promoters and promoter group shareholding |
|
|
|
|||
|
|
a. |
Pledged/Encumbered |
|
|
|
||
|
|
Number of shares (in Crore) |
-- |
-- |
-- |
|||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
||
|
|
b. |
Non-encumbered |
|
|
|
||
|
|
Number of shares (in Crore) |
146.40 |
146.40 |
146.40 |
|||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
45.21 |
45.23 |
45.21 |
||
Notes :
1. The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable
2. The Government of India (GoI), by its letters dated 2nd May, 2012, 14th November, 2013 and 10th July, 2014 has communicated that it proposes to disallow certain costs which the Production Sharing Contract (PSC), relating to Block KG-DWN-98/3 entitles the Company to recover. Based on legal advice received, the Company continues to maintain that a Contractor is entitled to recover all of its costs under the terms of the PSC and there are no provisions that entitle the Government to disallow the recovery of any Contract Cost as defined in the PSC. The Company has already referred the issue to arbitration and already communicated the same to GoI for resolution of disputes. Pending decision of the arbitration, the demand from the GOI of $ 117 million (for ` 767 crore) being the company’s share (total demand $ 195 million) towards additional Profit Petroleum has been considered as contingent liability.
3. Based on alternate interpretation for calculation of
diluted EPS as per Accounting Standard (AS) 20 the diluted EPS for the quarter
ending Sept’ 15, June’ 15, Sept’ 14, Half year ending Sept 15 and Sept 14 and
Year ended March’ 15 are Rs. 20.2, Rs. 19.5, Rs. 17.7, Rs. 39.7, Rs. 35.1 and
Rs. 70.1 respectively.
4. Formulae for computation of ratios are as follows –
Debt Service Coverage Ratio = Earnings before interest and tax / (Interest Expense + Principal Repayments made during the period for long term loans)
Interest Service Coverage Ratio = Earnings before interest and tax / Interest Expense
5. There were no investor complaints pending as on 1st July 2015. All the 5,941 complaints received during the quarter ended as on 30th September 2015 were resolved and no complaints were outstanding as on 30th September 2015.
6. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results and its release at their respective meetings held on 16th October 2015. The Statutory Auditors of the Company have carried out a Limited Review of the aforesaid results.
UNAUDITED STANDALONE SEGMENT INFORMATION FOR THE QUARTER / HALF YEAR
ENDED
30th SEPTEMBER 2015
(Rs. In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
||
|
|
|
30.09.2015 |
30.09.2015 |
30.09.2015 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
|
Petrochemicals |
198510.000 |
195520.000 |
394030.000 |
|
|
Refining |
512650.000 |
613580.000 |
1126230.000 |
|
|
Oil and Gas |
11660.000 |
12000.000 |
23660.000 |
|
|
Others |
27800.000 |
1960.000 |
4740.000 |
|
|
Gross Turnover
(Turnover and Inter Segment Transfers) |
750620.000 |
823060.000 |
1548660.000 |
|
|
Less: Inter Segment Transfers |
80450.000 |
108940.000 |
189390.00 |
|
|
Turnover |
645150.000 |
714120.000 |
1359270.000 |
|
|
Less: Excise Duty / Service Tax Recovered |
36980.000 |
55950.000 |
92930.000 |
|
|
Net Turnover |
608170.000 |
658170.000 |
1266340.000 |
|
|
|
|
|
|
|
2. |
Segment Results |
|
|
|
|
|
Petrochemicals |
25200.000 |
24580.000 |
49780.000 |
|
|
Refining |
54140.000 |
51410.000 |
105550.000 |
|
|
Oil and Gas |
560.000 |
830.000 |
1390.000 |
|
|
Others |
560.000 |
630.000 |
1190.000 |
|
|
Total Segment
Profit before Interest and Tax |
80460.000 |
77450.000 |
157910.000 |
|
|
(i) Interest Expense |
(6940.000) |
(5970.000) |
(12910.000) |
|
|
(ii) Interest Income |
10340.000 |
9970.000 |
20310.000 |
|
|
(iii) Other Un-allocable Income (Net of Expenditure) |
(20.000) |
1180.000 |
1160.000 |
|
|
Profit before Tax |
83840.000 |
82630.000 |
166470.000 |
|
|
(i) Provision for Current Tax |
(1750.000) |
(17220.000) |
(34720.000) |
|
|
(ii) Provision for Deferred Tax |
(730.000) |
(2230.000) |
(2960.000) |
|
|
Profit after Tax |
65610.000 |
63180.000 |
128790.000 |
|
|
|
|
|
|
|
3. |
Capital Employed |
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
Petrochemicals |
461610.000 |
161430.000 |
461610.000 |
|
|
Refining |
968450.000 |
920590.000 |
968450.000 |
|
|
Oil and Gas |
333710.000 |
324180.000 |
333710.000 |
|
|
Others |
454340.000 |
454370.000 |
454340.000 |
|
|
Unallocated |
1184720.000 |
1217700.000 |
1184720.000 |
|
|
Total Capital Employed |
3402830.000 |
3078270.000 |
3402830.000 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
As on 30.09.2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
32380.000 |
|
(b) Reserves & Surplus |
2259760.000 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
260.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2292400.000 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
725410.000 |
|
(b) Deferred tax liabilities
(Net) |
129730.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
14740.000 |
|
Total
Non-current Liabilities (3) |
869880.000 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
89090.000 |
|
(b) Trade payables |
560010.000 |
|
(c) Other current liabilities |
458690.000 |
|
(d) Short-term provisions |
13450.000 |
|
Total
Current Liabilities (4) |
1121240.000 |
|
|
|
|
TOTAL |
4283520.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
2146190.000 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
667540.000 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
291720.000 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
3105450.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
526510.000 |
|
(b) Inventories |
375580.000 |
|
(c) Trade receivables |
65580.000 |
|
(d) Cash and cash equivalents |
64690.000 |
|
(e) Short-term loans and
advances |
139880.000 |
|
(f) Other current assets |
5830.000 |
|
Total
Current Assets |
1178070.000 |
|
|
|
|
TOTAL |
4283520.000 |
FIXED ASSETS:
Tangible Assets
- Leasehold Land
- Freehold Land
- Buildings
- Plant and Machinery
- Electrical Installations
- Equipments
- Furniture and Fixtures
- Vehicles
- Ships
- Aircrafts and Helicopters
Intangible Assets
- Technical Knowhow fees
- Software
- Development Rights
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. 66.79 |
|
|
1 |
Rs. 100.49 |
|
Euro |
1 |
Rs. 72.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
10 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
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.