MIRA INFORM REPORT

Report No. :	331266
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	INDIAN OIL CORPORATION LIMITED
Registered Office :	Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91–22–26423272
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.06.1959
Com. Reg. No.:	11-011388
Capital Investment / Paid-up Capital :	Rs. 24279.500 Million
CIN No.: [Company Identification No.]	L23201MH1959GOI011388
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in business of Sale of Petroleum Products, Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas Exploration Activities.
No. of Employees :	33793 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (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

Maximum Credit Limit :	USD 1942000000
Status :	Excellent company
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Indian Oil Corporation Limited, a Maharatna PSU, was incorporated on 30^th June 1959 as Indian Oil Company Limited. The name of the company was changed to Indian Oil Corporation Limited on 1^st September 1964 upon merger of India 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 commitment. 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
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 31-03-2013.

LOCATIONS

Registered Office/ Marketing Division :	Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/ 26441825/ 30/ 31
Fax No.:	91–22–26443880/ 26425903/ 26400606
E-Mail :	srikumar@indianoil.co.in rajurang@indianoil.co.in
Website :	http://www.iocl.com
Corporate Office :	3079/3, J B Tito Marg, Sadik Nagar, New Delhi – 110049, India
Tel. No.:	91-11-26260000
Refineries Division :	Head Office - SCOPE Complex, Core 2, 7, Institutional Area, Lodhi Road, New Delhi - 110003, India Tel. 91-11-24361247/ 24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in pkc@iocl.co.in govindarajank@iocl.co.in · P.O. Barauni Oil Refinery, District Begusarai - 861114, Bihar, India · P.O. Jawahar Nagar, District Vadodara - 391320, Gujarat, India · P.O. Noonmati, Guwahati - 781020, Assam, India · P.O. Haldia Refinery, District Midnapur - 721606, West Bengal, India · P.O. Mathura Refinery, Mathura - 281005, Uttar Pradesh, India · P.O. Panipat Refinery, Panipat – 132140, Haryana, India · P.O. Dhaligaon 783385, District Chirang Assam, India · P.O. Jhimil, District Jagatsinghpur – 754141, Odisha, India
Pipelines Division :	Head Office - A-1, Udyog Marg, Sector 1, Noida – 201301, Uttar Pradesh, India · 14, Lee Rrado, Kolkata - 700020, West Bengal, India · P. O. Box 1007, Bedipara, Morvi Road, Gauridad, Rajkot - 360003, Rajasthan, India · P. O. Panipat Refinery, Panipat – 132140, Haryana, India · Indian Oil Bhavan, 139 Nungambakkam High Road, Chennai - 600034, Tamil Nadu, India
Marketing Division :	Head Office - Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New Delhi - 110016, India · Indian Oil Bhavan, 2 Gariahat Road, South(Dhakuria), Kolkata - 700068, West Bengal, India · IndianOil Bhavan-BKC, Plot C-33, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan 139, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India
Assam Oil Division :	P.O. Digboi - 786171, Assam, India
Research and Development Centre :	Sector 13, Faridabad – 121007, Haryana, India
IBP Division :	34-A, Nirmal Chandra Street, Kolkata – 700013, West Bengal, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. B. Ashok
Designation :	Chairman
Name :	Mr. A.M.K. Sinha
Designation :	Director (Planning and Business and Development) and Chairman from 01.07.2014 to 15.07.2014
Name :	Mr. P.K. Goyal
Designation :	Director (Finance)
Name :	Mr. M. Nene
Designation :	Director (Marketing)
Name :	Mr. V. S. Okhde
Designation :	Director (Pipelines)
Name :	Mr. Sanjiv Singh
Designation :	Director (Refineries) [w.e.f. 01.07.2014]
Name :	Dr. S C Khuntia
Designation :	Government Nominee Director
Name :	Mr. Rajive Kumar
Designation :	Government Nominee Director
Name :	Mrs. Shyamala Gopinath
Designation :	Independent Director
Name :	Mr. Shyam Saran
Designation :	Independent Director
Name :	Mr. Devang Khakhar
Designation :	Independent Director
Name :	Mr. K. Jairaj
Designation :	Independent Director [w.e.f. 20.03.2014]
Name :	Mr. Nesar Ahmad
Designation :	Independent Director [w.e.f. 20.03.2014]
Name :	Mr. Sunil Krishna
Designation :	Independent Director [w.e.f. 20.03.2014]
Name :	Mr. Sayan Chatterjee
Designation :	Independent Director [w.e.f. 20.03.2014]

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	1664945295	68.57
Sub Total	1664945295	68.57
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1664945295	68.57
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	27823826	1.15
Financial Institutions / Banks	2761768	0.11
Insurance Companies	84233574	3.47
Foreign Institutional Investors	59188360	2.44
Sub Total	174007528	7.17
(2) Non-Institutions
Bodies Corporate	466353413	19.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	56606507	2.33
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2242691	0.09
Any Others (Specify)	63797048	2.63
Clearing Members	978829	0.04
Non Resident Indians	887026	0.04
Trusts	59190241	2.44
Others	2740952	0.11
Sub Total	588999659	24.26
Total Public shareholding (B)	763007187	31.43
Total (A)+(B)	2427952482	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2427952482	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in business of Sale of Petroleum Products, Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas Exploration Activities.
Products :	Petroleum Products Petrochemicals Gas Explosives and Cryogenics Wind Mill Solar Power Generation Oil and Gas Exploration Activities
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Crude Processing	MTs	518.50	542.00	472.47
Lubricating Oil	MTs Note D	4.71	4.64	4.39
	Note E	1.46	0.34	0.35
Wax/Bitumen/Asphalt Lube Oil Drums	Nos.	15.00	15.00	4.12
Propylene Recovery Unit	MTs	0.24	0.24	0.10
MTBE Unit	MTs	0.37	0.37	0.31
Naptha Cracker plant	MTs	14.60	14.60	15.52
LAB Plant	MTs	1.20	1.20	1.03
PX/PTA Plant	MTs	5.53	5.53	3.88
Cryocontainer and Accessories	Nos.	0.13	0.17	0.24
Site Mixed Slurry Explosives	MTs	1.37	1.37	0.85

NOTES:

A. i) Licensed Capacity of 6.50 lakh MT for Digboi Refinery is not specified and there is variance vis –a- vis installed capacity of 12.00 lakh MT and 5.00 lakh MT for Gujarat & Mathura Refinery respectively.

ii) Capacity for projects under construction not considered.

B. As certified by the Management.

C. i) Represents finished petroleum products.

ii) Excludes crude processed in secondary units for other companies/refiners

D. Per year operating in single shift.

E. Per year operating in two shifts.

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

33793 [Approximately]

Bankers :

· State Bank of India

· HDFC Bank Limited

· United Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Bonds: Non-Convertible Redeemable Bonds-Series-VIII B	NA	10700.000
Non-Convertible Redeemable Bonds-Series-XII	NA	12950.000
Non-Convertible Redeemable Bonds-Series-IX	NA	16000.000
Non-Convertible Redeemable Bonds-Series-VII B	NA	5000.000
Non-Convertible Redeemable Bonds-Series-V	NA	632.000
Term Loans: From other parties Oil Industry Development Board (OIDB)	NA	13595.000
Finance Lease Obligation	NA	29595.400
SHORT TERM BORROWINGS
Loans Repayable on Demand From Banks: Working Capital Demand Loan	NA	90000.000
Cash Credit	NA	0.000
From Others: Loans through Collaterised Borrowings and Lending Obligation (CBLO) of Clearing Corporation of India Limited (CCIL)	NA	187.500
Total	NA	178659.900

SHORT TERM BORROWINGS

A. Against hypothecation by way of first pari passu charge on Raw Materials, Finished Goods, Stock-in Trade, Sundry Debtors, Outstanding monies, Receivables, Claims, Contracts, Engagements, etc.

B. Against pledging of Oil Marketing Companies Government of India Special Bonds amounting to Rs. 43650.000 Million and Bank Guarantees of Rs. 16500.000 Million in favour of CCIL.

Financial Institutions :	· Oil Industry Development Board 301, World Trade Centre, Babar Road, New Delhi - 110001, India · Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Statutory Auditors :	· Parakh and Company, Jaipur · Dass Gupta and Associates, New Delhi · J Gupta and Associates, Kolkata · G M Kapadia and Company, Mumbai
Branch Auditors :	· Mr. S. Jaykishan, Kolkata · H D S G and Associates, New Delhi · M. Thomas and Company, Chennai · S.K. Naredi and Company, Kolkata · S. Lall and Company, Panipat
Cost Auditors :	· DGM and Associates, Kolkata · Shome and Banerjee, Kolkata · B. M. Sharma and Company, Pune · Jugal K. Puri and Associates, New Delhi · K. G. Goyal and Associates, New Delhi · Narasimha Murthy and Company, Hyderabad · R. M. Bansal and Company, Kanpur · Thakur and Company, Kolkata · ABK and Associates, Mumbai · Vivekanandan Unni and Associates, Chennai · Narasimha Murthy and Company, Hyderabad is the Central Cost Auditor
Memberships :	Not Available
Collaborators :	Not Available
Group Companies [AS ON 31.03.2014] :	Indian Subsidiaries · Chennai Petroleum Corporation Limited · IndianOil - CREDA Biofuels Limited · Indo Cat Private Limited Foreign Subsidiaries · IndianOil (Mauritius) Limited, Mauritius · Lanka IOC PLC, Sri Lanka · IOC Middle East FZE, UAE · IOC Sweden AB, Sweden · IOCL (USA) Inc., USA · IndOil Global B.V., Netherlands
Associate [AS ON 31.03.2014]:	Petroleum India International - AOP
Joint Ventures [AS ON 31.03.2014]:	· Avi-Oil India Private Limited · Delhi Aviation Fuel Facility Private Limited · Green Gas Limited · GSPL India Gasnet Limited · IOT Infrastructure & Energy Services Limited · IndianOil Petronas Private Limited · IndianOil Ruchi Bio Fuels LLP · IndianOil Skytanking Limited · Indian Synthetic Rubber Limited · Lubrizol India Private Limited · NPCIL – IndianOil Nuclear Energy Corporation Limited · Petronet LNG Limited · Suntera Nigeria 205 Limited · IndianOil Adani Gas Private Limited · Petronet VK Limited · Petronet India Limited · IndianOil Panipat Power Consortium Limited · Petronet CI Limited · Indo Cat Private Limited (Upto 26.03.2014) · Suntera Nigeria 205 Limited · GSPL India Transco Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :Not Available

Issued, Subscribed & Paid-up Capital :Rs.24279.500 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000000	Equity Shares	Rs. 10/- each	Rs. 60000.000 Million

Issued, Subscribed & Paid-up Capital :

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

A. Reconciliation of No. of Equity Shares

Opening Balance	2427952482
Shares Issued	--
Shares bought back	--
Closing Balance	2427952482

B. Terms/Rights attached to equity shares

The company has only one class of equity shares having par value of ` 10 each and is entitled to one vote per share. The dividend proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the corporation, the holders of equity shares will be entitled to receive the remaining assets of the corporation in proportion to the number of equity shares held.

C. Details of shareholders holdings more than 5% shares

Name of Shareholders	March-14
	Number of shares held	Percentage of Holding
President of India	1664965562	68.57
Oil and Natural Gas Corporation Limited	334303814	13.77

During March 2014, President of India, has disinvested 10.35% of paid up equity capital of IndianOil to ONGC Limited (5%), Oil India Limited (5%) and CPSE ETF -an Exchange Traded Fund (0.35%).

D. Aggregate shares allotted as fully paid up Bonus Shares by Capitalization of General Reserve / Securities Premium during preceding five years (in November 2009) are 1213976241 no. of equity shares of Rs.10 each.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	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	356972.900	296679.300
(c) Other current liabilities	233106.800	243191.500	199140.800
(d) Short-term provisions	273115.900	263882.600	216647.100
Total Current Liabilities (4)	968013.500	1353202.400	1281577.200
TOTAL	2198494.700	2524137.800	2280193.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1025749.700	622566.200	598234.500
(ii) Intangible Assets	0.000	6921.700	8092.800
(iii) Capital work-in-progress	0.000	331506.400	256462.100
(iv) Intangible assets under development	0.000	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	46264.800	48762.300
(e) Other Non-current assets	945.600	700.200	138.600
Total Non-Current Assets	1239184.500	1178360.100	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	110231.000	112573.200
(d) Cash and cash equivalents	1119.000	26085.300	5032.900
(e) Short-term loans and advances	314516.900	415743.300	397569.400
(f) Other current assets	47945.000	73917.400	67630.200
Total Current Assets	959310.200	1345777.700	1312335.600
TOTAL	2198494.700	2524137.800	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
		Other expenses	294743.600	291551.400	233557.900
		EXCEPTIONAL ITEMS	(16680.900)	(17468.000)	0.000
		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	NA	215246.700	185491.900
		Income from Royalty	NA	2.800	3.200
		Income from Consultancy Services	NA	0.000	25.700
		Commodity Hedging	NA	486.200	2.700
		Others	NA	345.600	62.600
	TOTAL EARNINGS		NA	216081.300	185586.100
	IMPORTS
		Crude Oil	NA	2024924.700	1845586.500
		Base Oil	NA	93.700	1.500
		Additives	NA	887.600	597.100
		Capital Goods	NA	4293.100	11021.500
		Other Raw Materials	NA	16.300	253.400
		Revenue Stores, Component, Spare and Chemicals	NA	8124.900	6795.200
	TOTAL IMPORTS		NA	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	NA	56184.800	25091.700
Cash generated from operations	NA	237765.300	126153.100
Net Cash Flow from Operating Activities	NA	220498.900	116106.000

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	3.86
Return on Total Assets (PBT/Total Assets}	(%)	3.93	4.91	2.87
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.09
Debt Equity Ratio (Total Debt/Networth)		0.73	1.22	1.28
Current Ratio (Current Asset/Current Liability)		0.99	0.99	1.02

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.435.05/-

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
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
Total borrowings	783252.000	805991.200	497105.700
Debt/Equity ratio	1.281	1.221	0.731

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:- 19.01.2015
Stamp No.:	ARBPL/109/2015	Failing Date:-	19.01.2015	Reg. No.:-	--	Reg. Date:-	--
Petitioner:-	TIRUMALA ROADWAYS		Respondent:-	INDIAN OIL CORPORATION LIMITED AND ODRS
Petn.Adv:-	RAHUL AROTE (I2585)		Resp. Adv.:	---
District:-	MUMBAI
Bench:-	SINGLE		Stage:-	ARBITRATION ACT
Status:-	Pre-Admission		Stage:-	FOR REJECTION [ORIGINAL SIDE MATTERS]
Last Date:-	07.04.2015
Coram:-	REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER
Act. :	Arbitration and Conciliation Act 1996
Under Section	34

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10559206	19/03/2015	4,200,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE,, BABAR ROAD,, NEW DELHI,  DELHI - 110001, INDIA	C49138084
2	10481123	07/02/2014	5,720,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE,, BABAR ROAD,, NEW DELHI,  DELHI - 110001, INDIA	B97843098
3	10439786	29/07/2013	17,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, MAHARASHTRA - 400005, INDIA	B80695364
4	10409821	11/02/2013	10,500,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE,, BABAR ROAD,, NEW DELHI,  DELHI - 110001, INDIA	B70013008
5	10213149	31/03/2010	2,170,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301 WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, DE  LHI - 110001, INDIA	A83548719
6	10215688	31/03/2010	7,160,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301 WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, DE  LHI - 110001, INDIA	A83552661
7	10213153	25/03/2010	1,270,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301 WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, DE  LHI - 110001, INDIA	A83550038
8	10213154	25/03/2010	2,800,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301 WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, DE  LHI - 110001, INDIA	A83551713
9	10153713	30/03/2009	5,270,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE,, BABAR ROAD,, NEW DELHI,  DELHI - 110001, INDIA	A60420684
10	10153612	30/03/2009	14,230,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE,, BABAR ROAD,, NEW DELHI,  DELHI - 110001, INDIA	A60420031

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2015 (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)	NA	79428.400
Senior Notes (Bank of America) US $ 300 million (2013: US $ 300 million)	NA	17976.000
Term Loans: From Banks In Foreign Currency Loans US $ 2,178.52 million (2013: US $ 1,184.19 million)	NA	130196.500
From Others In Rupees	NA	762.500
SHORT TERM BORROWINGS
Loans Repayable on Demand From Banks In Foreign Currency US $ 4,899.87 million (2013: US $ 5,651 million)	NA	293600.200
In Rupee	NA	96250.000
From Others Commercial Papers	NA	6750.000
Inter-Corporate Deposits	NA	2367.700
Total	NA	627331.300

CONTINGENT LIABILITIES [AS ON 31.03.2014]:

1) Contingent Liabilities amounting to Rs.116766.500 Million (2013: Rs.116196.800 Million) are as under :

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

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

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

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

· Rs.21138.400 Million (2013: Rs.19172.600 Million) including Rs.16016.500 Million (2013: Rs.16004.900 Million) on account of Projects for which suits have been filed in the Courts or cases are lying with Arbitrator. This includes interest of Rs.654.200 Million (2013: Rs.378.100 Million).

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

The Company has not considered those disputed demands/ claims as contingent liabilities, for which, the outflow of resources has been considered as remote.

2) Pending decision of the Government, no liability could be determined and provided for in respect of additional compensation, if any, payable to the land owners and the Government for certain lands acquired.

3) The Company has issued Corporate Guarantee in favour of three beneficiaries i.e. Bolivarian Republic of Venezuela (Republic), The Corporacion Venezolana del Petroleo S.A. and PeTroCarabobo S.A., on behalf of Indoil Netherlands B.V., Netherlands (an associate company) to fulfill the associate company’s future obligations

4) of payment of signature bonus / equity contribution / loan to the beneficiaries. The total amount sanctioned by the Board of Directors is USD 424 million. The estimated amount of such obligation (net of amount paid) is Rs.22365.800 Million - USD 373.26 million (2013: Rs.20542.300 Million – USD 378.38 million).

5) The company has issued Corporate Guarantee on behalf of ‘Indian Synthetic Rubber Limited (ISRL), Joint venture company to the extent of obligations of later company under loans (principal and interest both) made to ISRL by ‘Japan Bank for International Cooperation (JBIC)’ and ‘Mizuho Corporate Bank (MHCB)’. The Company’s share of such obligation is estimated at Rs.3334.400 Million - USD 55.65 million (2013: Rs.3025.700 Million – USD 55.73 million).

6) The company has entered into Master Guarantee Agreement, on behalf of its subsidiaries viz. Indoil Global B.V. and Indoil Montney Limited for all of its payments and performance obligations under the various Project Agreements entered by the subsidiaries with PETRONAS Carigali Canada B.V. and Progress Energy Canada Limited. The total amount sanctioned by the Board of Directors is CAD 3907 million. The estimated amount of such obligation (net of amount paid) is Rs.151816.300 Million - CAD 2,791.07 million (2013: NIL).

FIXED ASSETS:

Tangible assets

· Land

· Buildings, Roads etc.

· Plant and Machinery

· Office Equipments

· Transport Equipments

· Furniture and Fixture

· Railway Sidings

· Drainage, Sewage and Water Supply Systems

Intangible assets

· Licenses

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.57
UK Pound	1	Rs. 98.22
Euro	1	Rs. 69.93

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
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		75

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

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

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

RATING EXPLANATIONS

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

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

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