MIRA INFORM REPORT

Report No. :	326511
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	HINDUSTAN PETROLEUM CORPORATION LIMITED

Registered Office :	Petroleum House, 17, Jamshedji Tata Road, Churchgate, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-22863900

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.07.1992

Com. Reg. No.:	11-008858

Capital Investment / Paid-up Capital :	Rs. 3390.100 Million

CIN No.: [Company Identification No.]	L23201MH1952GOI008858

TAN No.: [Tax Deduction & Collection Account No.]	MUMH07165E

PAN No.: [Permanent Account No.]	AAACH1118B

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Refining and Marketing of Petroleum Products and Exploration and Production of Hydrocarbons.

No. of Employees :	10858 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (77)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is a well-established and reputed company owned by the government of India having a good track record. Financial position of the company seems to be strong. Overall fundamentals of the company seems to be sound and healthy. Trade relations are reported to be decent. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: “AAA”
Rating Explanation	Have highest degree of safety and carry lowest credit risk.
Date	16.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: “A1+”
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	16.12.2014

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.

INFORMATION DENIED

MANAGEMENT NON – COOPERATIVE (91-22-22863900)

LOCATIONS

Registered / Headquarters Office :	Petroleum House, 17 Jamshedji Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22026151/ 22863900
Fax No.:	91-22-22872992/ 22841573/ 22872992
E-Mail :	corphqo@hpcl.co.in nrnarayanan@hpcl.co.in shrikantb@hpcl.co.in
Website :	www.hindpetro.com www.hindustanpetroleum.com

Marketing Headquarters Offices :	Hindustan Bhavan, 8, Shoorji Vallabhdas Marg, P. B. No. 155, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22618031/ 22637000/ 2263
Fax No.:	91-22-22611822

Aviation Office :	2^nd Floor, Gresham Assurance Building, Sir P.M. Road, Po Box N 198, Fort, Mumbai – 400001, Maharashtra, India

Regional Office (HP Gas) :	LPG Bottling Plant, P.B. No : 11, Jatni , Kusumati,Jatni, Khurda - 752050, Orissa, India
Tel. No.:	91-674-2492912/ 2492505/ 2492912

Refinery :	Mumbai Refinery B.D. Patil Marg, Chembur, Mumbai – 400074, Maharashtra, India Visakh Refinery Post Box No. 15, Siripuram Opposite A U Outgate, Vishakhapatnam – 530001, Andhra Pradesh, India

Zonal Offices :	Located at · Kolkata · Delhi · Visakhapatnam · Ahmedabad · Chennai · Mumbai · Lucknow · Secundarabad

DIRECTORS

As on : 31.03.2014

WHOLE TIME DIRECTORS :

Name :	Ms. Nishi Vasudeva
Designation :	Managing Director, (From 01.03.2014)
Date of Birth/Age :	30.03.1956
Qualification :	B.A., PGDBM (IIM Kolkata)
Date of Appointment :	01.03.2014
DIN No.:	03016991

Name :	Mr. Pushp Kumar Joshi
Designation :	Whole Time Director
Date of Birth/Age :	08.08.1964
Qualification :	B.A., LLB PG (PM & IR), XLRI, Jamshedpur
Date of Appointment :	18.09.2012
DIN No.:	05323634

Name :	Mr. K.V. Rao
Designation :	Whole Time Director (From 01.06.2013)
Date of Birth/Age :	03.09.1955
Qualification :	B.Com, FCA.
Date of Appointment :	05.09.2013
DIN No.:	05340626

Name :	Mr. B.K. Namdeo
Designation :	Whole Time Director (From 01.07.2013)
Date of Birth/Age :	17.10.1956
Qualification :	B.E. (Mech) M.Tech (IIT, Mumbai)
Date of Appointment :	05.09.2013
DIN No.:	06620620

EX – OFFICIO PART- TIME DIRECTORS

Name :	Dr. S C Khuntia
Designation :	Director
Date of Birth/Age :	21.11.1957
Qualification :	IAS Post Graduate in Physics, Economics, Sociology and Ph.D in Art Economics
Date of Appointment :	18.09.2012
DIN No.:	05344972

Name :	Mr. R.K. Singh
Designation :	Director (From 26.06.2013)
Date of Birth/Age :	24.11.1964
Qualification :	B.A. (Eco), IAS
Date of Appointment :	05.09.2013
DIN No.:	05193269

NON OFFICIAL PART TIME DIRECTOR

Name :	Dr. Gitesh K Shah
Designation :	Director
Date of Birth/Age :	20.10.1961
Qualification :	D.Sc. (Organic Chemistry) USA Ph.D. (Organic Chemistry) Gujarat University M.Sc. (Organic Chemistry) Gujarat University
Date of Appointment :	07.12.2009
DIN No.:	02330569

KEY EXECUTIVES

Name :	Mr. Shrikant M Bhosekar
Designation :	Company Secretary

Senior Management Team :	Shri Manoj Pant - Chief Vigilance Officer Shri D.K. Deshpande - ED – (HSE Corporate) Shri R.S. Rao ED – IT&S Shri A.B. Thosar ED – Rajasthan Refinery Limited Shri S.P. Gupta ED – Finance (Refineries) Shri M.S. Damle ED – Retail Shri Y.K. Gawali ED – LPG Shri S.C. Mehta ED – Refineries Project Process Shri S.P. Singh ED – Centralized Procurement Project Shri H. Kumar ED - Corporate Strategy & Planning Shri S.T. Sathiavageeswaran ED – Information Systems Shri S. Jeyakrishnan ED – Direct Sales Shri A. Pande ED – Projects & Pipelines Shri G. Sriganesh ED – Refineries, Corporate R Shri Ajit Singh ED – Coordination, DCO Shri Rakesh Misri ED – Human Resources Shri S.I. Joseph ED – Employee Relations Shri Rakesh Kumar ED – Compensation Management Shri N.S.J. Rao ED – Mumbai Refinery Shri J. Ramaswamy ED - Corporate Finance Shri H.R. Wate ED – Gas, Renewables & BD Shri V.V. R. Narasimham ED – Viskah Refinery Shri M.K. Surana ED* Shri H.C. Mehta ED – Operations & Distribution Shri R. Ganesan GM – Finance, Mumbai Refinery Shri A.V. Sarma Chief Finance Officer cum CS- Rajasthan Refinery Project Shri S. Babu Ganesan GM – Engineering & Projects Shri M. Naveen Kumar GM- Finance, IT&S Ms. Sonal Desai GM – CSR Shri P.P. Nadkarni GM – Pipeline Operations Shri R. Radhakrishnan GM – IS (Functional) Shri V.K. Jain GM – Tax Ms. Geeta M. Jerajani GM – Finance, CS&P Shri S.P. Nair GM – Legal Shri S.K. Kulkarni GM – Materials, Mumbai Refinery Shri B. Ravindran GM – Finance (Marketing) Shri M. Rambabu GM – Maintenance, Mumbai Refinery Shri M.V.R Krishna Swamy GM* Shri R. Kesavan GM – Integrated Margin Management, CS&P Shri Anil Khurana GM* Shri M.D. Pawde GM – Operations, Mumbai Refinery Shri GSVSS Sarma GM – Operations, Visakh Refinery Shri Rajnish Mehta GM – Aviation Shri S.P. Gaikwad GM – Rajasthan Refinery Project Shri J.S. Prasad GM – Pipeline Projects Shri S. Paul GM – Internal Audit Shri V.S. Shenoy GM – DHT Commissioning, Visakh Refinery Shri N.V. Choudary GM – Process Technologies, Corporate R&D Shri L. Venugopal GM – Projects, Visakh Refinery Shri S. Raja GM – Maintenance, Visakh Refinery Shri S. Bhattacharjee GM – Joint Ventures Shri G. Chiranjeevi GM – Special Projects, O&D Shri K. Daniel Santosh GM – Finance, Visakh Refinery Shri D.K. Pattanaik GM – Retail, East Zone Shri A.S.V. Ramanan GM – HR, Visakh Refinery Shri G.S.V. Prasad GM – Retail, South Central Zone Shri K. Ananda Rao GM – Refinery Co-ordination Shri S. Biswas GM – LPG Shri A. V. Narayana Rao GM – Commercial, LPG SBU Shri C. Rama Krishnan GM – Retail, West Zone Shri T.S. Sawhney GM* Shri Vikram Gulati GM – Treasury & Pricing Shri K. Radhakrishnan GM – I&C, Direct Sales, West Zone Shri R. Sudheendranath GM – Lubes Shri S. K. Suri GM – Retail, North Zone Shri Rajiv Chandra GM – IS (Technical) Shri K. Abhishek Datta Dy. Chief Vigilance Officer Shri Shyam Mustyalwar GM* Shri K. Srinivas GM – Retail, South Zone Shri V.S. Agashe GM - Project Process, Mumbai Refinery Shri Rajneesh Narang Executive Assistant to C&MD Shri Shrikant M. Bhosekar - Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2015

Category of Shareholders	No. of Shares	Percentage of Holding
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	173076750	51.11
Sub Total	173076750	51.11
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	173076750	51.11
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	30927733	9.13
Financial Institutions / Banks	24436126	7.22
Foreign Institutional Investors	62589455	18.48
Any Others (Specify)	293520	0.09
Foreign Bank	293520	0.09
Sub Total	118246834	34.92
(2) Non-Institutions
Bodies Corporate	18421563	5.44
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	16206258	4.79
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10363650	3.06
Any Others (Specify)	2312195	0.68
Directors & their Relatives & Friends	2830	0.00
Hindu Undivided Families	146840	0.04
Trust & Foundation	53614	0.02
Non Resident Indians	1093114	0.32
Office Bearer	237230	0.07
Overseas Corporate Bodies	100	0.00
Clearing Members	756430	0.22
Market Maker	22037	0.01
Sub Total	47303666	13.97
Total Public shareholding (B)	165550500	48.89
Total (A)+(B)	338627250	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)	338627250	100.00

BUSINESS DETAILS

Line of Business :

Refining and Marketing of Petroleum Products and Exploration and Production of Hydrocarbons.

Products :

Item Code No.	Product Description
2710	Bulk Petroleum Products
271000.41/61	Lubricants
290122.00	Propylene

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

10858 (Approximately)

Bankers :

· Bank of Baroda

· Bank of India

· Citibank N.A.

· Corporation Bank

· HDFC Bank Limited

· ICICI Bank Limited

· Punjab National Bank

· Standard Chartered Bank

· State Bank of India

· Union Bank of India

8Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
8.77% Non-Convertible Debentures (a) (i)	9750.000	9750.000
8.75% Non-Convertible Debentures (a) (ii)	5450.000	5450.000
Total	15200.000	15200.000
SHORT-TERM BORROWINGS
Loans repayble on demand from Banks
Collateral Borrowing and Lending Obligation (CBLO) (Secured by Pledge of 6.90 % Oil Marketing Companies’ GOI Special Bonds, 2026 of Rs. 275.000 Million)	8250.000	9750.000
Overdrafts from Banks (Secured by hypothecation of Inventories)	19175.700	13792.700
Total	42625.700	38742.700


Banking Relations :	--

Statutory Auditors Name :	B. K. Khare and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India

Cost Auditors Name :	R. Nanabhoy and Company Cost Accountant
Address :	Jer Mansion, 1st Floor, 70, August Kranti Marg, Mumbai - 400036, Maharashtra, India

Cost Auditors Name :	CMA Rohit J. Vora Cost Accountant
Address :	1103, Raj Sunflower, Royal Complex, Eksar Road, Borivali West, Mumbai - 400092, Maharashtra, India
Statutory Auditors Name :	B. K. Khare and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India

Auditors Name :	CVK Associates Chartered Accountant

Branch Auditor :	Sriramamurthy and Company Chartered Accountant
Address :	Vishakhapatnam, India

Memberships :	Not Available

Collaborators :	Not Available

Joint Venture Companies:	· Mangalore Refinery and Petrochemicals Limited · Petronet MHB Limited · Bhagyanagar Gas Limited · GSPL India Gasnet Limited (w.e.f 04-07-2012) · GSPL India Transco Limited (w.e.f 04-07-2012) · HPCL-Mittal Energy Limited · Hindustan Colas Limited · South Asia LPG Company Private Limited. · Petronet India Limited · Aavantika Gas Limited · HPCL Shapoorji Energy Limited (w.e.f 27-03-2014)

Subsidiaries:	· CREDA-HPCL Biofuels Limited · HPCL Biofuels Limited · Prize Petroleum Company Limited (w.e.f. 19-12-2011) · HPCL Rajasthan Refinery Limited (w.e.f.25.03.2014)

CAPITAL STRUCTURE

After 05.09.2014

Authorised Capital : Rs. 3500.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 3386.272 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

75000	Cumulative Redeemable Preference Shares of Rs 100 each	Rs.100/- each	Rs. 7.500 Million
349250000	Equity Shares of Rs 10 each	Rs.10/- each	Rs. 3492.500 Million
	Total		Rs. 3500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

339330000	Equity Shares of Rs 10 each	Rs.10/- each	Rs. 3393.300 Million
Less : 702750	Shares Forfeited		Rs. 7.000 Million
338627250	Equity Shares of Rs 10 each	Rs.10/- each	Rs. 3386.300 Million
Add :	Shares Forfeited (money received)		Rs. 3.900 Million
	Total		Rs. 3390.100 Million

Details of shares held by each shareholder holding more than 5% shares in the Company

	31.03.2014
Name of shareholder	% Holding	No. of Shares
President of India	51.11	173076750
Life Insurance Corporation of India	9.85	33359022

Right and Restrictions on Equity Shares

The Company has only one class of Equity Shares having a face value of Rs 10/- per share which are issued and subscribed. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the winding up of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number of equity shares held by the shareholders and the amount paid up thereon. The Company also has 75,000 6% cumulative Redeemable Non-convertible Preference Shares of Rs 100 /- each as a part of the Authorised Capital , which were issued earlier by the erstwhile ESRC. Presently the said Preference Shares stand redeemed.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3390.100	3390.100	3390.100
(b) Reserves & Surplus	146731.500	133873.900	127835.100
(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)	150121.600	137264.000	131225.200

(3) Non-Current Liabilities
(a) long-term borrowings	155548.800	89471.800	62913.700
(b) Deferred tax liabilities (Net)	39084.300	35983.500	30852.800
(c) Other long term liabilities	72077.000	62111.900	54712.700
(d) long-term provisions	5876.600	4989.600	4365.500
Total Non-current Liabilities (3)	272586.700	192556.800	152844.700

(4) Current Liabilities
(a) Short term borrowings	163751.700	235105.400	211878.800
(b) Trade payables	106513.900	110719.800	125611.200
(c) Other current liabilities	65387.200	68795.900	74065.200
(d) Short-term provisions	17419.800	18005.400	15470.400
Total Current Liabilities (4)	353072.600	432626.500	427025.600

TOTAL	775780.900	762447.300	711095.500

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	257971.900	224416.700	207355.600
(ii) Intangible Assets	1150.500	1070.300	1140.900
(iii) Capital work-in-progress	45855.600	51728.700	44444.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	57358.300	82660.700	74834.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14614.200	19377.000	14992.800
(e) Other Non-current assets	1462.600	887.500	674.600
Total Non-Current Assets	378413.100	380140.900	343442.900

(2) Current assets
(a) Current investments	51240.400	23608.600	28870.700
(b) Inventories	187754.100	164387.000	194545.300
(c) Trade receivables	54659.500	49350.400	35651.600
(d) Cash and cash equivalents	347.100	1471.300	2263.800
(e) Short-term loans and advances	100079.000	140829.100	101513.100
(f) Other current assets	3287.700	2660.000	4808.100
Total Current Assets	397367.800	382306.400	367652.600

TOTAL	775780.900	762447.300	711095.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2230366.700	2065203.000	1781392.300
	Other Operating Revenue	2346.600	2019.200	1965.900
	Other Income	9744.500	11023.600	10255.900
	TOTAL (A)	2242457.800	2078245.800	1793614.100

Less	EXPENSES
	Cost of Materials Consumed	619624.900	631826.100	569432.300
	Purchases of Stock-in-Trade	1451379.500	1281639.400	1093707.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5744.300)	8094.500	(8242.900)
	Employees benefits expense	20303.000	25255.600	15831.000
	Packages Consumed	2132.000	1831.200	1816.700
	Excise Duty on Inventory Differential	265.600	(2275.400)	(3996.800)
	Transshipping Expenses	46393.100	37854.300	32545.000
	Exploration Expenses	2039.700	548.100	963.900
	Prior Period Expenses	583.700	(1133.900)	4.900
	Other expenses	43942.500	45897.100	39988.300
	TOTAL (B)	2180919.700	2029537.000	1742049.700

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	61538.100	48708.800	51564.400

Less	FINANCIAL EXPENSES (D)	13363.600	14128.000	22242.700

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	48174.500	34580.800	29321.700

Less/ Add	DEPRECIATION/ AMORTISATION (F)	22019.400	19835.200	17129.300

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	26155.100	14745.600	12192.400

Less	TAX (H)	8817.400	5698.500	3078.100

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	17337.700	9047.100	9114.300

	EARNINGS IN FOREIGN CURRENCY	42310.300	64168.200	0.000

	IMPORTS
	Raw Materials	62681.800	90740.800	0.000
	Components and Stores parts	1486.400	1714.700	0.000
	TOTAL IMPORTS	64168.200	92455.500	0.000

	Earnings / (Loss) Per Share (Rs.)	51.20	26.72	26.92

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

6879.500

25444.500

25697.300

Cash generated from operations

80968.600

10027.200

7983.500

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.78	0.44	0.51

Operating Profit Margin (PBIDT/Sales)	(%)	2.76	2.36	2.89

Return on Total Assets (PBT/Total Assets}	(%)	3.89	2.35	2.06

Return on Investment (ROI) (PBT/Networth)		0.17	0.11	0.09

Debt Equity Ratio (Total Debt /Networth)		2.17	2.55	2.29

Current Ratio (Current Asset/Current Liability)		1.13	0.88	0.86

STOCK PRICES

Face Value	Rs. 10/-
Market Value	Rs. 673.40/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3390.100	3390.100	3390.100
Reserves & Surplus	127835.100	133873.900	146731.500
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	131225.200	137264.000	150121.600

long-term borrowings	62913.700	89471.800	155548.800
Short term borrowings	211878.800	235105.400	163751.700
Current maturities of long-term debts	25697.300	25444.500	6879.500
Total borrowings	300489.800	350021.700	326180.000
Debt/Equity ratio	2.290	2.550	2.173

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1781392.300	2065203.000	2230366.700
		15.932	7.997

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1781392.300	2065203.000	2230366.700
Profit	9114.300	9047.100	17337.700
	0.51%	0.44%	0.78%

LOCAL AGENCY FURTHER INFORMATION

	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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	No
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

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE :- 03/04/2014

Lodging No: NMSL/763/2014 Filing Date: 03/04/2014 Reg. No.: NMS/492/2014 Reg. Date: 07/04/2014

MAIN MATTER

Lodging No.: ARBPL/598/2014

Petitioner: M/S. NORTH INDIA WIRES LTD - Respondent: M/S. HINDUSTAN PETROLEUM

CORPORATION LIMITED

Petn. Adv : M/S. MANSUKHLAL HIRALAL HIRALAL & CO

District: OUTSIDE MAHARASHTRA Resp. Adv.:- SHIVPRASAD RAMCHANDRA PAGE (R-1)

(0)

Bench: SINGLE

Status: Pre-Admission Category: NOTICE OF MOTION

Last Date: 17/04/2014 Stage:

Last Coram: ACCORDING TO SITTING LIST

Act: Arbitration and Conciliation Act 1996

REFINERY PERFORMANCE

During the year, the refineries processed a combined crude thruput of 15.51 MMT (15.78 MMT in 2012-13) with a capacity utilization of 105% of the installed capacity of 14.80 MMT.

The Combined distillate yield of 74.2% was realized by processing High Sulphur / Low Sulphur crude in the ratio of 59:41. The Overall MOU Rating for the refineries for parameters Viz. Crude throughput, Distillate yields, Specific Energy Consumption, Projects, Sustainable development, HSE and R&D stands at “Very Good” level.

Refineries have achieved best ever production in MS (2,676 TMT) and LOBS (386 TMT).

Gross refining margins of Mumbai Refinery averaged at US $ 5.38 per barrel as against US $ 2.08 per barrel for the year 2012-13. Gross refining margins of Visakh Refinery averaged at US $ 1.50 per barrel as against US $ 2.08 per barrel for the year 2012-13.

The Refineries strive to utilize every opportunity to effectively address capacity augmentation/yield improvement. Accordingly, Mumbai refinery has augmented Propane DeAsphalting (PDA) unit capacity resulting in enhanced Lube Base oil production and thereby improving distillate yields. Visakh Refinery has carried out augmentation jobs for Propylene Recovery Unit (PRU), commissioned chiller package and started using bottom cracker additive Fluidized Catalyst Cracking (FCC) unit, which resulted in reduced production of heavy ends. These efforts have resulted in the yield improvement at Visakh Refinery

Mumbai Refinery

The year 2013-14 has been remarkable for Mumbai Refinery with the crude throughput of 7.74 MMT as against installed capacity of 6.50 MMT with capacity utilization of 119%. It has achieved 73.5% Distillate yields and the corresponding Fuel & loss was 6.9% for the year.

Refinery recorded best ever production of HSD EURO III (2166 TMT), RPO (146 TMT) and LOBS (386 TMT) production through effective utilization of assets during 2013-14.

Visakh Refinery

Visakh Refinery achieved crude thruput of 7.77 MMT as against installed capacity of 8.30 MMT with capacity utilization of 85%. It has achieved 74.8 % Distillate yields and the corresponding Fuel & loss was 7.6% for the year.

The refinery recorded best ever production of LPG (423 TMT) and BS III MS (1100 TMT) during 2013-14.

The particulars with respect to Conservation of Energy, Technology Absorption, Foreign Exchange Earning & Outgo are detailed in Annexure I.

The particulars relating to control of Pollution and other initiatives by Refineries are listed in Annexure II of Directors’ Report.

MARKETING PERFORMANCE

During the year 2013-14 the Corporation has achieved sales volume (including exports) of 30.96 Million Tonnes as against 30.32 Million Tonnes recorded in 2012-13. HPCL recorded a growth of 4.1% in domestic Sales over the sales volume of the previous year, and amongst public sector oil companies increased its market share to 20.90% as on 31st March, 2014 from 20.19% recorded in the previous year.

During the year, the Corporation commissioned 723 new Retail Outlets, which include 223 retail outlets in the rural areas taking the total tally to 12,869 Retail Outlets. The Corporation achieved a sales volume of 21.3 Million Tonnes and increased its market share in MS and HSD (combined) by 0.15%.

In the LPG business line, the Corporation achieved a sales volume of 4.205 Million Tonnes and enrolled 39.15 Lakhs new HP Gas customers taking their total to 432 lakhs as on 31st March, 2014. In order to provide LPG to rural India, the Corporation commissioned 219 distributors under the Rajiv Gandhi Gramin LPG Vitaran Yojana. The Corporation also commissioned 95 Regular LPG distributors.

The Direct Sales Business line comprises of Industrial & Commercial (I & C) and Lubes & Greases. The Corporation achieved a sales volume of 3.866 Million Tonnes in the I and C segment recording a market share gain of 1.79% (among PSUs). In the Lubes and Greases segment the sales recorded was 485 TMT with a growth of 15.3% and market share gain of 4.15%. In the Aviation Business line, the Corporation achieved sales volume of 445 TMT during the year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

DEVELOPMENTS IN THE ECONOMY AND THE OIL SECTOR

Indian economy fared marginally better in 2013-14. The Gross Domestic Product (GDP) increased by 4.7% in 2013-14 compared to 4.5% in 2012-13. As against 1.4% in 2012-13, agriculture sector growth in 2013-14 was very good at 4.7%. Industrial growth remained stagnant. For the second consecutive year, GDP growth in the industry sector was less than 1%. Manufacturing and mining GDP respectively declined by 0.7% and 1.4%. Services sector growth in 2013-14 was 6.8%, marginally less than last year’s growth of 7%. The growth in GDP for the trade, hotels and transport and communication sectors during 2013-14 was 3% as against 5.1% in the previous year. As compared to 2012-13, growth in other services sector was better in 2013-14.

At around United States Dollar (US$) 107 per barrel, average crude price in 2013-14 was slightly lower than 2012-13 average of US$ 110 per barrel. However, benchmark prices were higher when denominated in Indian Rupee due to depreciation of rupee. With the United States (US) Fed signaling tapering of Quantitative Easing (QE) in May 2013, money rushed out of emerging economies, including India. Capital outflows amid a large Current Account Deficit (CAD) caused rupee to depreciate sharply against US dollar, from 55 per US$ on May 22, 2013 to 68 per US$ on August 28, 2013. A slew of measures by Reserve Bank of India (RBI) with respect to the policy rate, liquidity and forex swap facilities helped build up reserves during September to November 2013. Depreciation of rupee helped exports while moderation of imports lowered trade deficit. India’s trade deficit at US$ 147.6 billion during 2013-14 was about 25% lower than that of US$ 195.7 billion during 2012-13. CAD to GDP ratio, which had reached 4.8% in 2012-13, narrowed to 1.7% in 2013-14. With revival of capital flows and lower CAD, concerns about the financing of CAD eased during second half of 2013-14. The Rupee stabilized and moved in a narrow range of 60-63 per US$ between November 2013 and March 2014.

In January 2013, Oil Marketing Companies (OMCs) were authorized to increase diesel prices in small increments at regular intervals. Periodic increase in fuel prices did lead to some decline in under-recoveries of OMCs. Under-recoveries on diesel sales at Rs. 6283.700 Million were lower in 2013-14 compared to Rs. 9206.100 Million in 2012-13. Under-recoveries on Superior Kerosene Oil (SKO) and Liquid Petroleum Gas (LPG) sales in 2013-14 were higher than that of 2012-13. As against Rs. 16102.900 Million under-recoveries incurred by OMCs in 2012-13, total under-recoveries on sales of diesel, kerosene and LPG in 2013-14 were Rs. 13986.900 Million.

Sluggish economic activity coupled with sector specific factors led to only a marginal increase in the consumption of petroleum products in 2013-14. Total petroleum product consumption was about 160 million metric tonnes (MMT) in 2013-14 compared to 157 MMT in 2012-13. Major increase was in the consumption of petrol, LPG and petcoke. Petrol consumption increased by about 1.4 MMT in 2013-14, recording an increase of about 9% over 2012-13 level. Year-on-Year (y-o-y) growth in LPG consumption was about 5% in 2013-14 translating into incremental volume of 0.7 MMT. With y-o-y growth of 15%, incremental consumption of petcoke in 2013-14 was about 1.5 MMT. Increase in consumption of these products was offset by decline in consumption of fuel oil, naphtha and diesel. Fuel oil consumption declined by about 1.5 MMT in 2013-14, a y-o-y fall of about 19%. Naphtha consumption fell by about 0.8 MMT, declining by about 7% over 2012-13 level. Switchover to natural gas by major consumers accounts for most of the decline in consumption of both products. Diesel consumption declined for the first time since 2001-02 and recorded a drop of 0.7 MMT with y-o-y fall of 1%.

PERFORMANCE PROFILE

The Corporation has secured ‘Excellent’ rating in terms of the Memorandum of Understanding (MOU) signed with the Government of India for the year 2012-13 with an MOU score of 1.034. This is the best score amongst all the Public Sector Undertakings (PSUs) under Ministry of Petroleum & Natural Gas (MOP&NG) for the second consecutive year. The performance for the year 2013-14 is discussed below:

Gross Sales

The Gross Sales of the Corporation (inclusive of excise duty) for the year ended 31st March, 2014 was Rs. 2321880.000 Million as compared to Rs. 2156660.000 Million in the previous year. The total sale of products (including exports) for 2013-14 was 30.96 MMT as against 30.32 MMT during 2012-13.

Profit before Tax

The Corporation has earned a Profit before Tax of Rs. 26160.000 Million in 2013-14 as compared to Rs. 14750.000 Million in 2012-13.

CORPORATE GOVERNANCE

A separate segment on Corporate Governance forms part of this Annual Report. However, it would be relevant to point out here that the Corporation is giving utmost importance to compliance with Corporate Governance requirements including compliance of regulations, transparent management processes, and adherence to both internal and external value norms and has implemented a robust grievance redressal mechanism.

OUTLOOK

The economic growth is expected to improve in the year 2014-15. While structural impediments to growth are being addressed, the impact will be gradual. Reduction in CAD and fiscal deficit has reduced the risk of stress in the Indian economy. External demand is expected to improve as global economic prospects have brightened and are expected to improve further during

2014-15. The growth in the world economy is likely to be led by the advanced economies, especially the US. Emerging markets, however, are facing slower medium term growth prospects. In this environment, the GDP growth in the country is expected to be in the range of 5.4% to 5.9% during 2014-15. Downside risks emanate from scanty monsoon and its impact on agriculture growth. CPI inflation in recent past has tended to be high due to high and volatile food prices. Any adverse outcome on monsoon will, therefore, increase inflationary pressures and reduce monetary policy options to revive growth.

Slower growth prospects in emerging markets and Europe could also drag recovery by impacting exports. Oil prices have averaged more than US$ 100 per barrel for last three years. Rising US oil supply and slowing emerging market growth suggest slightly declining to flat oil prices this year. However, loss of supply due to turmoil in the Middle East and North Africa could lead

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan from Oil Industry Development Board (b)	4630.000	5595.000
Syndicated Loans from Foreign Banks (repayable in foreign currency) (c)	75798.800	68676.800
Syndicated Working Capital Loans from Foreign Banks (repayable in foreign currency) (c)	59920.000	0.000

Short-term borrowings
Short Term Loans from Banks (repayable in foreign currency)	130326.000	197072.700
Clean Loans from Banks	0.000	14490.00
Commercial Papers	6000.000	0.000
Total	276674.800	285834.500

UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 31ST DECEMBER, 2014

PART I

(Rs. in Million)

Particulars	(Unaudited)		(Audited)
	Quarter Ended		Nine Months Ended
	31.12.2014	30.09.2014	31.12.2014
PART 1 A FINANCIAL PERFORMANCE 1 Income from Operations Sales/Income from Operations	534567.900	537824.300	1684222.900
Less: Excise Duty Paid	24115.500	21492.500	65921.600
(a) Net Sales/Income from Operations	510452.400	516331.800	1618301.300
(b) Other Operating Income	609.100	555.400	1805.200
Total Income from operations (net)	511061.500	516887.200	1620106.500
2 Expenditure
(a) Cost of materials consumed	131505.300	183425.800	454369.000
(b) Purchases of stock-in-trade	299014.800	323588.700	1038653.600
(c) Changes In inventories of finished goods, work-in-progress and stock-in-trade	51558.100	(37355.100)	23332.800
(d) Employee benefits expense	5723.500	5698.500	18066.300
(e) Depreciation and amortisation expense	4385.500	3880.100	14162.200
(f) Other Expenditure	23666.000	25528.800	64192.100
Total Expenses
3 Profit/loss) from Operations before Other Income, Finance Costa Exceptional Items (1-2)	(4791.700)	12120.400	7330.500
4 Other Income	2174.300	2752.800	6906.00
5 Profit/(Loss) from ordinary activities before Finance Cost & Exceptional Items (3+4)	(2617.400)	14873.200	14236.500
6 Finance Cost	2369.700	1868.900	5534.100
7 Profit/(Loss) from ordinary activities after Finance Cost but before Exceptional Items (5-6)	(4987.100)	13004.300	8702.400
8 Exceptional Items - Expenses/ (Income)	---	---	---
9 Profit/(Loss) from Ordinary Activities before tax	(4987.100)	13004.300	8702.400
10 Tax Expense	(1733.300)	4502.2000	2993.700
11 Net Profit/Loss) from Ordinary Activities after tax (9-10)	(3253.800)	8502.100	5708.700
12 Extraordinary Items (net of tax expenses)	---	---	---
13 Net Profit/(Loss) for the period (11-12)	(3253.800)	8502.100	5708.700
14 Paid up Equity Share Capital (Face value Rs.10/- each)	3386.300	3386.300	3386.300
15 Reserves excluding Revaluation Reserves as per Balance Sheet
18 Earnings Per Share:
(1) Basic and Diluted before extraordinary Item (Rs.)	(9.61)	25.11	16.86
(II) Basic and Diluted after extraordinary item (Rs.)	(9.61)	25.11	16.86
B PHYSICAL PERFORMANCE (in MMT )
Crude Thruput	3.96	4.49	11.73
Market Sales (Including Exports)	8.06	7.36	23.76
Pipeline Thruput	3.76	3.32	11.08

PART II

SELECTED INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2014

Particulars	(Unaudited)		(Audited)
	Quarter Ended		Nine Months Ended
	31.12.2014	30.09.2014	31.12.2014
a particulars of shareholding
1 Public Shareholding
Number of Shares	165550500	165550500	165550500
Percentage of Shareholding [%)	48.89	48.89	48.89
1 Promoters and Promoter Group Shareholding
(a) Pledged/Encumbered
- Number of Shares	NIL	NIL	NIL
- Percentage of Shares	NIL	NIL	NIL
(b) Non - encumbered
- Number of Shares	173076750	173076750	173076750
- Percentage of Shares (as a % of total shareholding of
Promoter and Promoter Group)	100	100	100
- Percentage of Shares (as a % of total share capital of the Company)	51.11	51.11	51.11

B INVESTOR COMPLAINTS : (Nos.)	31.03.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	6
Disposed off during the quarter	6
Remaining unresolved at the end of the quarter	Nil

Notes:

Average Gross Refining Margins during the nine months ended December 2014, were US $ 1.04 per BBL as against US $2.94 per BBL during the corresponding period of previous year.

During the period April - December 14, Subsidy on PDS Kerosene and Domestic Subsidized LPG amounting to Rs. 5595.400 Million (April - December 13: Rs. 4654.300 Million) has been accounted.

During the period April - December 14, discount from upstream oil companies viz. ONGC and GAIL amounting to Rs. 98070.200 Million (April - December 13 : Rs. 110996.600 Million) in respect of Crude oil, PDS Kerosene & Domestic LPG purchased from them has been accounted.

Based on the approval received from the Government of India, the Company has accounted for Budgetary Support amounting to Rs. 50579.400 Million for the nine months ended December 2014 (April - December 13: Rs. 82769.900 Million) against under - recoveries on sale of sensitive petroleum products.

Pursuant to the enactment of the Companies Act 2013, the Company has, effective April 1,2014, provisionally worked out the depreciation based on the useful life of fixed assets as given in Part 'C' of Schedule II to the Act. Consequentially (1) charge for depreciation during the period ended December, 2014 is lower by 7 398.43 crores and (If) an amount of Rs. 3002.400 Million (net of deferred tax) has been debited to retained earnings on account of the impact of depreciation on assets where the remaining useful life is nil as on April 1, 2014. The exercise in respect of componentization (mandatory from FY 2015 - 16) is in progress.

Previous period's figures have been regrouped/reclassified wherever necessary

SEGMENT-WISE RESULTS

(Rs. In Million)

Particulars	(Unaudited)		(Audited)
	Quarter Ended			Nine Months Ended
	31.12.2014	30.09.2014		31.12.2014
1 SEGMENT REVENUE
a) Downstream Petroleum	511800.400	517751.000		1622226.700
b) Exploration and Production of Hydrocarbons	--	--		--
Sub-Total	511800.400	517751.000		1622226.700
Less: Inter-Segment Revenue	--	--		--
TOTAL REVENUE	511800.400	517751.000		1622226.700
2 SEGMENT RESULTS
a) Profit/(Loss) before Tax, Interest Income, Interest Expenditure and Dividend from each Segment
i) Downstream Petroleum	(6892.600)	12537.500		4673.600
li) Exploration and Production of Hydrocarbons	78.400	172.100		143.000
Sub-Total of (a)
b) Finance Cost
c) Other Un-allocable Expenditure (Net of Un-allocable Income)	(4196.800)	(2507.800)		(9705.900)
Profit/(Loss) before Tax (a-b-c)	(4987.100)	13004.300		8702.400
3 CAPITAL EMPLOYED
(Segment Assets- Segment Liabilities)
a) Downstream Petroleum	348731.400	335410.200		348731.400
b) Exploration and Production of Hydrocarbons	(8440.200)	(8518.600)		(8440.200)
c) Others (Unallocated-Corporate)	77483.400	73591.800		77483.400
Total	417774.600	400483.400		417774.600

NOTES:

1. The Company is engaged in the following business segments: (a) Downstream i.e. Refining and Marketing of Petroleum Products (b) Exploration and Production of Hydrocarbons. Segments have been identified taking into account the nature of activities and the nature of risks and returns.

2. Segment Revenue comprises of the following: (a) Turnover (Net of Excise Duties) (b) Subsidy from Government of India (c) Other income (excluding interest income, dividend income and investment income)

3. There are no geographical segments.

4. Previous period's figures have been regrouped/reclassified wherever necessary. The above results have been reviewed and recommended by the Audit Committee in its meeting held on May 28, 2014 and taken on record by the Board of Directors at its meeting held on May 28, 2014.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10503036	11/04/2014	1,200,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE, 3RD FLOOR, BABAR ROAD, NEW DELHI, Delhi - 110001, INDIA	C06664536
2	10501126	11/10/2013	1,380,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE, 3RD FLOOR, BABAR ROAD, NEW DELHI, Delhi - 110001, INDIA	C05660931
3	10424270	04/05/2013	9,750,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,MUMBAI, Maharashtra - 400001, INDIA	B74594912
4	10401108	01/02/2013	5,450,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA	B67275198
5	90238781	16/01/2008 *	40,000,000,000.00	State Bank of India	Corporate Accounts Group, IIIrd Floor,, Nariman Point,, Mumbai, Maharashtra - 400016, INDIA	A30866602

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2014	31.03.2013
No provision has been made in the accounts in respect of the following disputed demands/claims since they are subject to appeals/ representations filed by the Corporation
Income Tax	758.000	876.00
Sales Tax/Octroi	44198.100	42602.100
Excise/Customs	4245.700	3772.400
Land Rentals & Licence Fees	2244.500	989.000
Others	1341.600	1259.900
	52788.000	49499.400
Contingent Liabilities not provided for in respect of appeals filed against the Corporation
Sales Tax/Octroi	73.300	73.300
Excise/Customs	341.100	259.600
Employee Benefits/Demands (to the extent quantifiable)	3673.400	1834.400
Claims against the Corporation not acknowledged as Debts	2754.900	3168.900
Others	2868.400	2677.800
Guarantees given	792.700	549.100
Total	792.700	549.100

FIXED ASSETS

v Tangible Assets

· Land – Freehold

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Transport Equipment

· Office Equipment

· Roads and Culverts

· Leasehold Property – Land

· Railway Siding and Rolling Stock

· Unallocated Capital Expenditure on Land Development

v Intangible Assets

· Rights of Way

· Technical/ Process Licenses

· Software

Press Release

HPCL Q3 (FY-2014-15) RESULTS

Mumbai, 13th Feb 2015

Hindustan Petroleum Corporation Limited has registered gross sales of Rs. 1684.220 Million for the period April – December, 2014. The market sales of petroleum products have increased to 23.76 million tones registering a growth of about 3.7% over the period April – December, 2013. The sales of Petrol increased by 9.5%, LPG by 12.2% and that of ATF by 15.1%, over the corresponding period of previous year.

The refineries at Mumbai and Visakh processed 11.73 million tones of crude during April - December, 2014 as against 11.17 million tones during April - December, 2013. The combined GRM during April – December, 2014 was $ 1.04 per barrel.

On the financial front, the Corporation reported a profit after tax of Rs. 57.100 Million for the period April – December, 2014 as compared to a loss of Rs. 287.500 Million during the corresponding period last year. For the period October - December, 2014, there was a loss of Rs. 32.500 Million as compared to a loss of Rs. 173.400 Million in the same period last year. During this quarter, there was a significant drop in the international crude and product prices in the international markets (Indian crude basket fell from 94 $/bbl in the beginning of the quarter to 54 $/bbl at the end of the quarter), resulting in inventory losses for the Corporation.

A major milestone during the quarter was the commissioning of DHT unit at Visakh refinery for producing Euro IV specifications Diesel.

During this period, HPCL commissioned a new Depot at Kadapa in Andhra Pradesh with Tankage of 34,000 KL. The new depot having the single spur Tank Wagon siding and 18 bays Road Loading gantry, provides unconstrained Rail/Road facilities making Kadapa depot a good supply Gateway for feeding customers of southern region of country. During the quarter, HPCL has also commissioned additional product tankage of 54000 KL at Ghatkesar in Andhra Pradesh and also commissioned petrol and Diesel tankages at Ajmer to strengthen its supply and distribution infrastructure in various parts of country.

Awa Salawas cross country pipeline project (93 Km long) and modernization project of Jodhpur depot have achieved mechanical completion. Rewari Kanpur cross country (440Km long) pipeline is progressing on schedule.

HPCL has successfully implemented the Phase 1 of Direct Benefit Transfer for LPG (DBTL) Scheme PAHAL (Pratyaksh Hanstantrit Labh) of Government of India in 54 districts on November 15, 2014. As of December 2014, a total of 197 lakh consumers which is 50.34% of total HPGAS consumers were made to come under the PAHAL Scheme. HPCL was the first Oil Company to achieve this feet and we continue to maintain the leadership position in this regard.

HPCL has also received various awards during the current financial year, some of which are listed below –

‘Indira Gandhi Rajbhasha Puraskar’ for official language implementation, for 7th consecutive year. This award was presented by the President of India to our C and MD. >li>National Award for Excellence in Cost Management-2013 under the category of ‘Public Manufacturing : Organisation (Large)’ from the Institute of Cost Accountants of India (ICAI)
OISD award to Vizag-Vijaywada-Secunderabad Pipe line (VVSPL) for Cross Country Pipelines Product Category
OISD Award to Operation & Distribution SBU ,South Zone for Best Safety Practices in POL Marketing
'National Energy Conservation Award (First prize)' to Mumbai Refinery in the Refinery Sector for the year 2014.
2nd prize to Mumbai Refinery for “Furnace/boiler Efficiency” by Ministry of Petroleum and Natural Gas (MoP and NG) and Centre for High Technology (CHT)

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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. 63.89
UK Pound	1	Rs. 97.82
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	RAS

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	9
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		77

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	--

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