MIRA INFORM REPORT

 

 

Report No. :

347990

Report Date :

05.11.2015

 

IDENTIFICATION DETAILS

 

Name :

ESSAR OIL LIMITED

 

 

Registered Office :

Khambhalia, Post Box No - 24, District Jamnagar - 361305, Gujarat

Tel. No.:

91-2833-241444

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

12.09.1989

 

 

Com. Reg. No.:

04-032116

 

 

Capital Investment / Paid-up Capital :

Rs.14661.200 Million

 

 

CIN No.:

[Company Identification No.]

L11100GJ1989PLC032116

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RKTE00150D

 

 

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 primarily engaged in the business of refining and marketing of petroleum products in domestic and overseas markets, is also engaged in the business of Exploration and Production activities.

 

 

No. of Employees :

2077 (Approximately)=(1889-Regular)+( 188 fixed-term contract)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (41)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 153418000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but delayed

 

 

Litigation :

Exists

 

 

Comments :

Subject was incorporated in the year 1989 and it is part of the Essar Group. The company is a fully-integrated oil and gas company with a strong presence across the hydrocarbon value chain from exploration and production to refining and oil retail.

 

The company has reported a PAT of Rs.15214.700 Million on a total operating income of Rs.84232.200.000 Million as compared with a PAT of Rs.1258.000 Million on a total operating income of Rs.995506.200 Million during FY14.

 

Rating takes into consideration company’s well established track record of business operations backed by its well experience management team along with improved operational performance and above average profitability indicators during FY 2015.

 

However, rating strength is partially offset by weak existing financial profile of the company reflected by high gearing levels along with reliance on short-term funds leading and exposure to volatility in the crude prices and foreign exchange fluctuations.

 

Rating also takes into account of weak financial profile of one Essar group entity ‘Essar Steel Limited’. Essar Steel has been classified as an NPA (non-performing asset) by HDFC Bank Limited and Bank of India.

 

Moreover, Essar Group has raised external commercial borrowings amounting to USD 1500 Million, of which USD 1000 Million has been used for refinanciang of existing loans.

 

Payments are reported to be slow and delayed.

 

In view of aforesaid, the company can be considered for business dealings with some cautions.

 

Note: As per our sources and investigation, the company was found under RBI defaulter but data related to defaulter is quit and updated data is not available from any sources.

 

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 Bank Facilities = A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

03.09.2015

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

03.09.2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

 

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

 

Suit-fled accounts (Willful Defaulters) of Rs.2.500 Million and above as on 02.11.2015

 

Bank

Branch

Quarter

Borrower Name

Director Name

Outstanding Amount (Rs. in Million)

UNIT TRUST INDIA LIMITED

MAIN BRANCH

30.09.2004

ESSAR OIL LIMITED

R J IYER, M V MUTHU. P S TECKCHANDANI

14927.000

 

MUMBAI

31.03.2005

ESSAR OIL LIMITED

P S TECKCHANDANI, R J IYER, M V MUTHU

16517.083

 

Suit-fled accounts of Rs.10.000 Million and above as on 02.11.2015

 

Bank

Branch

Quarter

Borrower Name

Director Name

Outstanding Amount (Rs. in Million)

BANK OF BARODA

NARIMAN POINT MUMBAI

30.06.2002

ESSAR OIL LIMITED

A.S. RUIA, R.N. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.09.2002

ESSAR OIL LIMITED

A.S. RUIA, R.N. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.12.2002

ESSAR OIL LIMITED

A.S. RUIA, R.N. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.03.2003

ESSAR OIL LIMITED

S.HVFL VENKARESAN, A.S. RUIA, S.N. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.06.2003

ESSAR OIL LIMITED

R.N.RUIA, A.S. RUIA, S.N. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.09.2003

ESSAR OIL LIMITED

S.N. RUIA, S.HVFL VENKARESAN, A.S. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.12.2003

ESSAR OIL LIMITED

S.HVFL VENKARESAN, A.S. RUIA, S.N. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.03.2004

ESSAR OIL LIMITED

S.N. RUIA, S.HVFL VENKARESAN, A.S. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.06.2004

ESSAR OIL LIMITED

S.HVFL VENKARESAN, A.S. RUIA, S.N. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.09.2004

ESSAR OIL LIMITED

R.N.RUIA, A.S. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.12.2004

ESSAR OIL LIMITED

S.N. RUIA, S.HVFL VENKARESAN, R.N.RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.03.2005

ESSAR OIL LIMITED

S.N. RUIA, A.S. RUIA, R.N.RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.06.2005

ESSAR OIL LIMITED

R.N.RUIA, A.S. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.09.2005

ESSAR OIL LIMITED

S.N. RUIA, S.HVFL VENKARESAN, A.S. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.12.2005

ESSAR OIL LIMITED

R.N.RUIA, A.S. RUIA, S.HVFL VENKARESAN

31.700

 

Suit-fled accounts of Rs.10.000 Million and above as on 02.11.2015

 

Bank

Branch

Quarter

Borrower Name

Director Name

Outstanding Amount (Rs. in Million)

BANK OF BARODA

NARIMAN POINT MUMBAI

31.03.2006

ESSAR OIL LIMITED

R.N.RUIA, A.S. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.06.2002

ESSAR OIL LIMITED

S.N. RUIA, S.HVFL VENKARESAN, A.S. RUIA

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

30.09.2002

ESSAR OIL LIMITED

R.N.RUIA, A.S. RUIA, S.HVFL VENKARESAN

31.700

BANK OF BARODA

NARIMAN POINT MUMBAI

31.12.2002

ESSAR OIL LIMITED

.N.RUIA, A.S. RUIA, S.N. RUIA, S.HVFL VENKARESAN

31.700

INDUSIND BANK LIMITED

MUMBAI MAIN

30.06.2006

ESSAR OIL LIMITED

DILIP THAKKAR, SANJOY CHOWDHURY, HARI MUNDRA

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

30.09.2006

ESSAR OIL LIMITED

PRASHANT RUIA, K N VENKATASUBRAMAINUM

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

31.12.2006

ESSAR OIL LIMITED

AWADESH SINHA, HARI MUNDRA, K N VENKATASUBRAMAINUM

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

31.03.2007

ESSAR OIL LIMITED

R JAYARAM IYER, PRASHANT RUIA, R KANAN

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

30.06.2007

ESSAR OIL LIMITED

SRIRAM GOGATE, SANJOY CHOWDHURY, HARI MUNDRA

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

30.09.2007

ESSAR OIL LIMITED

RAVI RUIA, SHASHI RUIA, DILIP THAKKAR, SANJOY CHOWDHURY

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

31.12.2007

ESSAR OIL LIMITED

R JAYARAM IYER, PRASHANT RUIA, R KANAN

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

31.03.2008

ESSAR OIL LIMITED

PRASHANT RUIA, K N VENKATASUBRAMAINUM

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

30.06.2008

ESSAR OIL LIMITED

R KANAN, HARI MUNDRA, SRIRAM GOGATE

1738.200

INDUSIND BANK LIMITED

MUMBAI MAIN

30.09.2008

ESSAR OIL LIMITED

DILIP THAKKAR, RAVI RUIA, SHASHI RUIA, SANJOY CHOWDHURY

1738.200

SPECIFIED UNDERTAKING OF MUMBAI

MUMBAI

31.03.2006

ESSAR OIL LIMITED

S N GOGATE, KAMAL KISHORE, JAGD

959.500

 

 

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 DENIED

 

MANAGEMENT NON-COOPERATIVE (Tel No.: 91-22-67335000)

 

 

LOCATIONS

 

Registered Office / Factory 1 :

Khambhalia Post, Post Box No. 24, District Jamnagar – 361305, Gujarat, India.

Tel. No.:

91-2833-241444

Fax No.:

91-2833-662929

E-Mail :

shaffi.essaroil@wiprobtgw.wiprobt.ems.vsnl.net.in

info@essar.com

webmaster@essar.com

eolinvestors@essar.com

eolcompanysec@essar.com

Website :

http://www.essar.com

 

 

Corporate Office 1 :

Essar House, P. O. Box No. 7945, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India

Tel. No.:

91-22-24950606/66601100

Fax No.:

91-22-23544281/ 23540450

E-Mail :

scorporatecommunications@essar.com

 

 

Corporate Office 2 :

Equinox Business Park, 4th floor, Tower-2, Off Bandra Kurla Complex, L.B.S.  Marg, Kurla (West), Mumbai – 400070, Maharashtra, India

Tel. No.:

91-22-67335000

Fax No.:

91-22-23544281

 

 

Refinery Projects site :

Head Post Office, Post Box No 24, Khambhalia, District Jamnagar – 361305, Gujarat, India

Tel. No.:

91-2833-241444 

Fax No.:

91-2833-241414 

 

 

Factory 2 :

The company’s Oil fields are located at Mehsana, Gujarat, India

 

 

Marketing - Divisional Offices :

Located at:

 

  • Mumbai
  • Pune
  • Nagpur
  • Surat
  • Jaipur 
  • Ahmedabad 
  • Rajkot 
  • Indore 
  • Bhopal 
  • West Bengal
  • Sikkim
  • Assam
  • Orissa 
  • Chattisgarh
  • Bihar 
  • Chennai 
  • Bangalore 
  • Cochin 
  • Hyderabad 
  • Noida (Uttar Pradesh) 

 

 

 Zonal Offices :

Located At:

 

  • Nagpur
  • Ahmedabad 
  • Chennai 
  • Uttar Pradesh 
  • West Bengal

 

 

Overseas Offices :

Located at:

 

  • Indonesia
  • China
  • United Kingdom
  • Canada
  • United Arab Emirates - Dubai
  • USA – New York
  • Vietnam
  • Qatar
  • Mauritius
  • Korea
  • Kenya
  • Indonesia
  • Czech Republic
  • Africa   
  • Madagascar

 

 

DIRECTORS

 

As on 24.08.2015

 

Name :

Mr. Prashant Ruia

Designation :

Chairman

 

 

Name :

Mr. Naresh K. Nayyar

Designation :

Deputy Chairman

 

 

Name :

Mr. Lalit Kumar Gupta

Designation :

Managing Director and Chief Executive Officer

 

 

Name :

Mr. Chakrapany Manoharan

Designation :

Director (Refinery)

 

 

Name :

Mr. Dilip J. Thakkar

Designation :

Independent Director

 

 

Name :

Mr. K. N. Venkatasubramanian

Designation :

Independent Director

 

 

Name :

Mr. Virendra Singh Jain

Designation :

Independent Director

 

 

Name :

Mr. Deepak Kumar Varma

Designation :

Independent Director

 

 

Name :

Dr. Sabyasachi Sen

Designation :

Independent Director

 

 

Name :

Mr. Rugmani Shankar

Designation :

Independent Director

 

 

Name :

Mr. R. Sudarsan

Designation :

Nominee of LIC of India

 

 

Name :

Mr. Sudhir Garg

Designation :

Nominee of IFCI Limited

 

KEY EXECUTIVES

 

Name :

Mr. Sheikh S Shaffi

Designation :

Company Secretary

 

 

Name :

Mr. Suresh Jain

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2015

 

Category of Shareholders

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

6215026

1.25

http://www.bseindia.com/include/images/clear.gifSub Total

6215026

1.25

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

354714647

71.13

http://www.bseindia.com/include/images/clear.gifSub Total

354714647

71.13

Total shareholding of Promoter and Promoter Group (A)

360929673

72.38

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

9142323

1.83

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

10769432

2.16

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

27095910

5.43

http://www.bseindia.com/include/images/clear.gifSub Total

47007665

9.43

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

38094141

7.64

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

39354890

7.89

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

10197752

2.05

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

3076423

0.62

http://www.bseindia.com/include/images/clear.gifOthers

2628148

0.53

http://www.bseindia.com/include/images/clear.gifESOP/ESOS/ESPS

448275

0.09

http://www.bseindia.com/include/images/clear.gifSub Total

90723206

18.19

Total Public shareholding (B)

137730871

27.62

Total (A)+(B)

498660544

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

951463854

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

951463854

0.00

Total (A)+(B)+(C)

1450124398

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily engaged in the business of refining and marketing of petroleum products in domestic and overseas markets, is also engaged in the business of Exploration and Production activities.

 

 

Products :

Petroleum Products

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

2077 (Approximately)=(1889-Regular)+( 188 fixed-term contract)

 

 

Bankers :
  • IDBI
  • State Bank of India
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Punjab National Bank
  • Axis Bank Limited
  • Indian Overseas Bank
  • HDFC Bank Limited
  • Bank of India
  • Central Bank of India
  • State Bank of Patiala
  • Oriental Bank of Commerce
  • Allahabad Bank
  • State Bank of Mysore
  • Yes Bank Limited
  • Indian Bank

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Debentures

 

 

Non-convertible debentures

1179.700

1403.300

Term loans

 

 

From banks

95603.800

110761.900

From financial institutions

7628.000

9272.400

Funded interest facilities

 

 

From banks

11965.500

14690.800

From financial institutions

6377.200

6268.300

Export advances from customers

28788.000

0.000

 

 

 

Short-term borrowings

 

 

Buyers’ credits and bills discounting

100695.500

67563.300

Bank overdraft / Cash credit

3.700

6.500

 

 

 

Total

252241.400

209966.500

 

 

 

Financial Institution:

IDBI TRUSTEESHIP SERVICES LIMITED, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Ahmadabad, Gujarat, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:

Essar Global Fund Limited, Cayman (Ultimate Holding Company) (EGFL)

 

 

Intermediate holding

Companies:
  • Essar Energy Limited, UK (Formerly Known as Essar Energy Plc)(EEL)
  • Essar Oil and Gas Limited, Mauritius (EOGL)

 

 

Subsidiaries:
  • Essar Oil Trading Mauritius Limited(EOTML)
  • Vadinar Properties Limited (VPL) (w.e.f. February 18, 2015)

 

 

Associates:
  • Vadinar Power Company Limited (VPCL)
  • Vadinar Liquid Terminals Limited (VLTL) (w.e.f. March 27, 2015)

 

 

Fellow Subsidiaries:
  • Aegis Aspire Consultancy Services Limited (AACSL)
  • Aegis Limited (AEGIS)
  • AGC Networks Limited (AGCNET)
  • AGC Networks Pte. Limited (AGCNETPTE)
  • Equinox Business Parks Private Limited (EBPPL)
  • Essar Bulk Terminal Limited (EBTL),
  • Essar Bulk Terminal Paradip Limited (EBTPL),
  • Essar Bulk Terminal (Salaya) Limited (EBTSL)
  • Essar Energy Holdings Limited (EEHL)
  • Essar Energy Overseas Limited (EEOL)
  • Essar Electric Power Development Corporation Limited (EEPDCL),
  • Essar Exploration and Production Limited (EEPL)
  • Essar Exploration and Production Limited, Nigeria (EEPLN)
  • Essar Energy Services (Mauritius) Limited (EESML
  • Essar Exploration and Production (India) Limited (EEXPIL)
  • Essar Gujarat Petrochemicals Limited (EGPL
  • Essar Logistics Limited (ELL)
  • Essar Oil (UK) Limited (EOLUK)
  • Essar Oilfields Services India Limited (EOSIL)
  • Essar Power Gujarat Limited (EPGL)
  • Essar Project (India) Limited (EPIL)
  • Essar Ports Limited (EPL), Essar Power MP Limited (EPMPL)
  • Essar Power Limited (EPoL)
  • Equinox Realty and Infrastructure Private Limited (ERIPL)
  • Essar Shipping Limited (ESL)
  • Essar Steel Logistics Limited (ESTLL)
  • Essar Steel India Limited (ESTL),
  • Energy Transportation International Limited (ETIL)
  • Navbharat Power Private Limited (NPPL)
  • Peak Trading Overseas Limited (PTOL)
  • Vadinar Oil Terminal Limited (VOTL)
  • Vadinar Ports and Terminal Limited (VPTL)
  • Essar Refinery Projects Limited,
  • India (FKA Essar Road Projects Limited) upto February 26, 2015 (ERPL)
  • Essar Power Hazira Holdings Limited (EPHHL)

 

 

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

 

Issued and Subscribed Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1511442900

Equity Shares

Rs.10/- each

Rs.15114.429 Million

 

Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1449516900

Equity Shares

Rs.10/- each

Rs.14495.200 Million

62926000

Add : Forfeited shares - Equity shares of Rs. 10 each

 

Rs.166.000 Million

 

 

 

Rs.14661.200 Million

 

a)     Reconciliation of the number of shares outstanding at the beginning and at the end of the year :

 

Particulars

As at March 31, 2015

 

Number of shares

Rs. In Million

Shares outstanding at the beginning of the year

1,449,516,900

14495.200

Add : Equity shares issued

--

--

Shares outstanding at the end of the year

1,449,516,900

14495.200

 

The above includes 951,463,854 equity shares underlying 6,218,718 outstanding global depository shares (GDS). Each GDS represents 153 underlying equity shares.

 

b) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital

 

The company has only one class of equity shares having a par value of ` 10 per share. Each holder of an equity share is entitled to one vote per share.

 

In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Holders of GDS are entitled to receive dividends, subject to the terms of the Deposit Agreement, to the same extent as the holders of shares, less the fees and expenses payable under the Deposit Agreement and any Indian tax applicable to such dividends. Holders of GDS have no direct voting rights in respect of Shares, which underlie the GDS.

 

c) Shares held by holding / ultimate holding company and / or their subsidiaries / associates and shareholders holding more than 5% shares (including GDS) in the company:

Particulars

As at March 31, 2015

 

Number of shares

Rs. In Million

% of Shares

4,761,000 GDS held by Essar Oil & Gas Limited, Mauritius, the holding company

728433000

7284.300

50.25%

1,457,718 GDS held by Essar Energy Holdings Limited, Mauritius, a fellow subsidiary and an entity having significant influence over the Company

223030854

2230.300

15.39%

Equity shares held by Essar Energy Holdings Limited, Mauritius, a fellow subsidiary and an entity having significant influence over the Company

354714547

3547.100

24.47%

Equity Shares held by Essar Power Hazira Holdings Limited, a fellow subsidiary

100

0.00

0.00%

 

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

14661.200

14661.200

13822.700

(b) Reserves & Surplus

24029.700

9645.100

-2754.400

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Advance towards issue of global depository shares

15005.300

0.000

0.000

(3) Foreign Currency Compulsory Convertible Bonds

0.000

0.000

13400.000

Total Shareholders’ Funds (1) + (2)

53696.200

24306.300

24468.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

151893.500

142845.500

145387.300

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

4789.100

2737.900

22160.700

(d) long-term provisions

51.400

51.400

51.400

Total Non-current Liabilities (3)

156734.000

145634.800

167599.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

100699.200

67569.800

78402.100

(b) Trade payables

188333.300

198150.500

113645.400

(c) Other current liabilities

78656.200

84526.900

91142.700

(d) Short-term provisions

303.100

439.800

400.600

Total Current Liabilities (4)

367991.800

350687.000

283590.800

 

 

 

 

TOTAL

578422.000

520628.100

475658.500

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

210871.500

204522.100

210915.300

(ii) Intangible Assets

1821.000

1810.100

1826.200

(iii) Capital work-in-progress

33215.000

34676.800

24098.800

(iv) Intangible assets under development

2800.900

2706.800

2005.000

(b) Non-current Investments

11297.500

1030.000

1030.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

32627.900

9842.400

11381.400

(e) Other Non-current assets

8090.900

16602.700

13345.300

Total Non-Current Assets

300724.700

271190.900

264602.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

11950.000

4950.000

0.000

(b) Inventories

51309.000

93099.600

105883.700

(c) Trade receivables

124114.700

71001.000

47164.900

(d) Cash and cash equivalents

20447.400

36300.800

24306.600

(e) Short-term loans and advances

30519.200

28105.500

12762.900

(f) Other current assets

39357.000

15980.300

20938.400

Total Current Assets

277697.300

249437.200

211056.500

 

 

 

 

TOTAL

578422.000

520628.100

475658.500

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Revenue from Operations

832058.100

986018.700

885781.200

 

Other Income

10264.100

9487.500

6087.800

 

TOTAL (A)

842322.200

995506.200

891869.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

704979.100

888241.200

813339.800

 

Purchases of Stock-in-Trade

29217.700

12762.300

8667.200

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

14790.100

1483.800

(2368.800)

 

Employees benefits expense

2292.100

2246.100

1856.600

 

Exceptional Items

9180.000

0.000

1114.800

 

Other expenses

33429.700

42965.900

33867.400

 

TOTAL (B)

793888.700

947699.300

856477.000

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

48433.500

47806.900

35392.000

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

25647.600

32963.900

34235.800

 

 

 

 

 

 

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

22785.900

14843.000

1156.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

7571.200

13552.100

12960.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

15214.700

1290.900

(11804.400)

 

 

 

 

 

Less

TAX (H)

0.000

32.900

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

15214.700

1258.000

(11804.400)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

(52195.800)

(53452.600)

(41648.200)

 

 

 

 

 

Less

Transfer to debenture redemption reserve

0.000

1.200

 0.000

 

Depreciation as per transitional provisions specified in Schedule II of the Companies Act, 2013

336.300

0.000

 0.000

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

(37317.400)

(52195.800)

(53452.600)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Interest

967.900

199.600

6.800

 

FOB value of exports

369819.900

406986.800

306402.900

 

On commodity hedging

23878.300

7158.100

12520.100

 

Income from technical services

248.000

81.100

222.900

 

Overseas Trading of Crude

2481.200

0.000

0.000

 

Others

25.100

6.400

65.300

 

TOTAL EARNINGS

397420.400

414432.000

319218.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

581117.400

712871.200

681393.600

 

Components and Stores parts

7516.800

6843.700

4591.900

 

Capital Goods

1570.700

904.700

1123.200

 

TOTAL IMPORTS

590204.900

720619.600

687108.700

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

 

Basic

10.50

0.90

(8.64)

 

Diluted

10.48

0.87

(8.64)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

18158.100

28038.900

0.000

Cash generated from operations

29364.600

100078.600

(4277.400)

Net cash flow from operating activity

29889.600

101743.500

(4131.600)

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2015

Unaudited

 

1st Quarter

Net Sales

 

163400.000

Total Expenditure

 

146030.000

PBIDT (Excl OI)

 

17370.000

Other Income

 

3240.000

Operating Profit

 

20610.000

Interest

 

7560.000

Exceptional Items

 

NA

PBDT

 

13050.000

Depreciation

 

2420.000

Profit Before Tax

 

10630.000

Tax

 

NA

Provisions and contingencies

 

NA

Profit After Tax

 

10630.000

Extraordinary Items

 

NA

Prior Period Expenses

 

NA

Other Adjustments

 

NA

Net Profit

 

10630.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.83

0.13

(1.33)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

5.82

4.85

4.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.86

0.27

(2.63)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.05

-0.48

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

5.04

9.81

9.15

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.75

0.71

0.74

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.186.65/-

 

 

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

13822.700

14661.200

14661.200

Reserves & Surplus

(2754.400)

9645.100

24029.700

Money received against share warrants

0.000

0.000

0.000

 

 Share Application money pending allotment

13400.000

0.000

0.000

Net worth

24468.300

24306.300

38690.900

 

 

 

 

long-term borrowings

145387.300

142845.500

151893.500

Short term borrowings

78402.100

67569.800

100699.200

Current Maturities of Long-Term Debts

0.000

28038.900

18158.100

Total borrowings

223789.400

238454.200

270750.800

Debt/Equity ratio

9.146

9.810

6.998

 

 

 

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

885781.200

986018.700

832058.100

 

 

11.316

(15.614)

 

 

 

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

885781.200

986018.700

832058.100

Profit

(11804.400)

1258.000

15214.700

 

(1.33%)

0.13%

1.83%

 

 

 

 

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

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

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

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 806 of 2011

 

Status : PENDING

 

CCIN No : 001092201100806

 

Last Listing Date: 07/01/2016

 

 

Coram HONOURABLE MR.JUSTICE HARSHA                                    DEVANI

HONOURABLE MS JUSTICE A.G. URAIZEE

Not Before: HONOURABLE MR.JUSTICE AKIL KURESHI

                   HONOURABLE MR.JUSTICE RAJESH H.                                SHUKLA

 

 

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER, CENTRAL EXCISE AND CUSTOMS

MR RJ OZA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

                                                                                                     

 

S.NO.

Name of the Respondant

Advocate On Record

1

M/S ESSAR OIL LIMITED

NANAVATI ASSOCIATES for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

18.04.2011

Registered On

18.04.2011

Bench Category

DIVISION BENCH

District

RAJKOT

Case Originated From

THROUGH HIS/HER/THEIR ADVOCATE

Listed

54 times

 

Stage Name

FOR FINAL HEARING

Classification

DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act

CENTRAL EXCISE AND SALT ACT, 1944

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

18.04.2011

CERTIFIED COPY

MR DARSHAN M PARIKH ADVOVATE

8

MR DARSHAN M PARIKH:1

2

18.04.2011

MEMO OF PETITION/SUIT

MR DARSHAN M PARIKH ADVOVATE

for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR DARSHAN M PARIKH:1

3

21.02.2012

VAKALATNAMA

NANAVATI ASSOCIATES ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

NANAVATI ASSOCIATES:1

4

10.12.2013

APPEARANCE NOTE

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR RJ OZA(520) for P:1

5

24.07.2014

PAPER BOOK

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR RJ OZA(520) for P:1

 

 

Court Proceedings

 

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

1

03.05.2011

3

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

ADDITIONAL REGISTRAR (JUDICIAL)

2

29.12.2011

3

-

FOR REGULAR ADMISSION

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI 

 

HONOURABLE MS JUSTICE SONIA GOKANI

3

20.01.2012

3

-

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI 

 

HONOURABLE MS JUSTICE SONIA GOKANI

4

17.02.2012

10

-

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI 

 

HONOURABLE MS JUSTICE SONIA GOKANI

 

 

CORPORATE INFORMATION

 

The company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The equity shares of the Company are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is primarily engaged in the business of refining and marketing of petroleum products in domestic and overseas markets. It is also engaged in oil and gas exploration and production activities.

 

 

OPERATIONS

 

Operational Performance

 

During the year, the Refinery continued to operate at more than 100% capacity and achieved a throughput of 20.49 Million Metric Tonnes (MMT) as against a throughput of 20.23 MMT during the last year. This is the highest ever annual throughput of the Company. Further, at the Company’s flagship Raniganj Coalbed Methane (CBM) field in West Bengal, the Company achieved gas production of 0.55 million standard cubic meters per day as on March 31, 2015 making the Company the largest CBM gas producer in India.

 

Financial Performance

 

The gross revenue from operations for the financial year ended March 31, 2015 stood at Rs.932060.000 Million compared to Rs.1074390.000 Million for the financial year ended March 31 2014. The decrease in revenues was mainly due to decline in oil prices. The Earnings before Interest, Tax, Depreciation and Amortisation (EBIDTA) and exceptional items stood at Rs.57610.000 Million registering an increase of 20% as against EBIDTA of Rs.47810.000 Million for the previous financial year.

 

The net profit for the year surged to Rs.15210.000 Million compared to Rs.1260.000 Million for the previous year. With the payment of the final instalment of sales tax liability to Government of Gujarat, the Company has fully discharged its entire sales tax liability of Rs.72090.000 Million (including interest of Rs.10400.000 Million) as decided by the Hon’ble Supreme Ctheirt vide its judgment dated January 17, 2012.

 

Considering carry forward of losses and funds requirement for meeting the operations, the Board has not recommended any dividend for the financial year ended March 31, 2015 in spite of current year’s profitability. Further, with the Company having accumulated losses at the end of financial year 2014- 15, no amounts could be transferred to General Reserve.

 

No material changes and commitments have occurred after the closure of the financial year 2014-15 till the date of this Report, which would affect the financial position of the Company.

 

 

MANAGEMENT DISCUSSUION AND ANALYSIS

 

GLOBAL MARKETS AND INDUSTRY OVERVIEW

 

The Global economy grew by a modest 3.4% during the year with improved growth in advanced economies and a

slowdown in emerging and developing economies. Growth in the United States was stronger than expected, averaging about 4 percent annualized while Euro area, activity was weaker than expected in mid-2014 but showed signs of a pickup towards the end of 2014 and in early 2015. The lower oil prices contributed to improved demand giving a much needed boost to economic growth. Going forward, the global growth is expected to gradually increase during 2015 and reach 3.8% in 2016.

 

While the oil prices began a sharp decline starting from USD 110/bbl in June 2014 reaching USD 83/bbl by October 2014, the demand growth was subdued at about 0.7 mbpd as developing countries, including India, chose to increase taxes and not pass on the entire benefit of lower prices to the consumer. However, as the oil prices continued to slide down and reach USD 52/bbl by December 2014, stronger US dollar coupled with an impressive gasoline demand resulted in an uptick in global oil demand.

 

Global oil supply grew rapidly by 2.1 million b/d at 2.3%, double that of growth in global consumption, rising on the back of increased production due to the US shale revolution. The high price environment prevailing during the past few years strongly supported the shale revolution ultimately leading to the crash in oil prices. Such was the impact of the shale revolution, that the US became the first country ever to increase average annual production by at least 1 million barrels per day for three consecutive years.

 

Asian refining margins during 2014 saw large fluctuations but eventually averaged the margin levels of last year. Weakness of the market from May, 2014 was due to refineries returning to operation after spring maintenance shutdown. The cracks of middle distillate experienced significant fall. Also, the bottom of the barrel was under pressure due to continued weakness in Fuel Oil; demand for Fuel Oil declined in the region because of lower bunker and power generation demand, as well as fuel substitution by natural gas and coal. However,

 

the downward trend reversed towards the end of 2nd quarter of FY 2014-15 as increasing gasoline and fuel oil demand along with falling crude prices allowed for a crack spread recovery. The Asian market strengthened in the 3rd quarter of FY 2014-15, supported by strong seasonal winter demand along with positive performance seen at the top and bottom of the barrel. This enctheiraged recovery in refinery margins.

 

In the refining sector, a few notable additions to the refining capacity are taking place in Middle East and India. Saudi Arabia’s 400,000 bpd SATORP’s refinery reportedly reached full capacity in August 2014. It is expected to be followed by the start-up of the 417,000 bpd Ruwais refinery expansion in Abu Dhabi and the 400,000 bpd Saudi Aramco/Sinopec joint-venture refinery YASREF at Yanbu, Red Sea on the west coast of Saudi Arabia. These start-ups will increase domestic consumption of crude inthese Middle East countries as well as increase product exports from these two countries, especially for distillates. In India, the 300,000 bpd Paradeep Refinery on the East Coast would add to the domestic supplies and therefore contribute to higher export of products from India. A few other refinery projects in Latin America are also slated to come online in near future. Refinery capacity rationalisation/ closures in Far East Asia and Australia coupled with increased demand of petroleum products due to low prices may help absorb excess production.

 

Notwithstanding the global dynamics, energy security continues to be one of the most strategic challenges for their country, central to economic development and growth. The global market continues to be volatile in terms of price of crude and product cracks. The domestic market has shown recovery in demand of key petroleum products. Gasoline grew by more than 11.4% led by excellent growth in two wheelers and Gasoil has also shown smart recovery after two years of negative to zero growth and grew by 1.5% and LPG by 10.3% during FY 2014-15. Government of India decision to deregulate Gasoil at retail evel has provided level playing field to private players. The Government has already deregulated Gasoline around 4 years ago. It has linked natural gas prices with international market price through a formula which is being reviewed every six months. Government has adopted target subsidy scheme for LPG customers to transfer subsidy directly in their account. In a nutshell, the Government has deregulated the entire hydrocarbon sector from oil and natural gas in upstream to sales of refinery products at refinery in mid-stream and deregulation of auto fuels at retail level under downstream.

 

 

UNSECURED LOAN

 

 

Unsecured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Finance lease obligation

 

 

From related parties

269.400

0.000

From others

3.200

372.300

Other loans

 

 

Conditional grant from a bank

78.700

76.500

 

 

 

Total

351.300

448.800

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10581141

25/06/2015

6,400,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C59452805

2

10574162

02/06/2015 *

57,820,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C57136343

3

10559579

14/07/2015 *

34,291,723,440.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C60989712

4

10520436

11/09/2014 *

4,650,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C21597612

5

10518488

30/09/2014 *

16,775,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C28909620

6

10495555

22/05/2014 *

3,100,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C05393665

7

10468526

19/03/2014 *

9,300,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C05270400

8

10459079

19/03/2014 *

2,560,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C05270566

9

10433008

19/03/2014 *

5,400,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

C05270053

10

10423132

01/04/2013 *

50,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B74604042

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

 

        (Rs. In Million)

 

 

Particulars

quarter ended 30.06.2015

1

 

Income from Operations

 

 

 

Sales/Income from Operations (Gross)

163030.000

 

 

b) Other Operating Income

370.000

 

Total Income from Operations (Net)

163400.000

2

Expenses

 

 

a)

Cost of Materials consumed

134060.000

 

b)

Purchase of traded goods

8490.000

 

c)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(5890.000)

 

d)

Consumption of fuel

1560.000

 

e)

Employee benefit expenses

790.000

 

f)

Selling and Marketing Expenses

1160.000

 

g)

Depreciation and amortization expense

2420.000

 

e)

Other expenses

5210.000

 

Total Expenses

147800.000

 

 

 

3

 

Profit /(Loss) from operations before other income, finance costs and exceptional items

15600.000

4

Other Income

3240.000

5

Profit /(Loss) from ordinary activities before finance costs and exceptional items

18840.000

6

Foreign exchange loss /(gain)

650.000

7

Finance Costs

7560.000

8

Profit /(Loss) from ordinary activities after finance costs but before exceptional items

10630.000

9

Exceptional Items

--

10

Profit /(Loss) from ordinary activities before tax

10630.000

11

Tax Expense

--

12

Net Profit /(Loss) from ordinary activities after tax

10630.000

13

Paid up equity share capital (Eq. shares of  Rs.10/- each)

14500.000

14

Reserve excluding revaluation reserves

 

15

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

Basic (Not Annualised)

7.33

 

 

Diluted(Not Annualised)

7.33

 

 

 

 

A

 

PARTICULARS OF SHAREHOLDING

 

1

 

Public Shareholding

 

 

 

- No. of Shares

137123373

 

 

- Percentage of Shareholding excluding shares represented by Global Depository Shares

27.53%

 

 

- Percentage of Shareholding including shares represented by Global Depository Shares

9.46%

 

 

 

 

2

 

Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of shares

258222080

 

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

19.68%

 

 

- Percentage of shares (as a % of the total share capital of the Company)

17.81%

 

 

b) Non- encumbered

 

 

 

- Number of shares

1054171447

 

 

- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)

80.32%

 

 

- Percentage of shares (as a % of the total share capital of the Company)

72.73%

 

 

Particulars

Quarter Ended

30.06.2015

INVESTOR COMPLAINTS

 

Pending at the beginning of the quarter

3

Received during the quarter

53

Disposed of during the quarter

55

Remaining unresolved at the end of the quarter

1

 

SEGMENT WISE REVENUE AND CAPITAL EMPLOYED

(Rs. In Million)

Sr.

No.

Particular

Quarter ended

 

 

30.06.2015

 

 

(Unaudited)

1.

Segment Revenue

 

 
  1. Refining and Marketing

163750.000

 

      b.    Exploration and Production activities

10.000

 
  1. Unallocated

60.000

 

Total Segment Revenue

163820.000

2.

Segment Result

 

 

Profit/(Loss) before tax and Interest from each segment

 

 
  1. Refining and Marketing

15840.000

 

      b.    Exploration and Production activities

(10.000)

 
  1. Unallocated

(1000.000)

 

Total

14830.000

 

Less : Interest

7020.000

 

Add:   Interest Income

2810.000

 

Add:   Profit on sale of Investments

10.000

 

Add:   Credit balances written back

(0.000)

 

Total Profit/(Loss) before tax

10630.000

3.

Segment Capital Employed

 

 

(Segment Assets – Segment Liabilities)

 

 
  1. Refining and Marketing

261680.000

 

      b.    Exploration and Production activities

37480.000

 
  1. Unallocated

4490.000

 

Total capital employed in Segment

303650.000

 

The above results have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors at their respective meetings held on July 29, 2015 at Mumbai.


2. The Company has since received in-principle approval for delisting of equity shares from National Stock Exchange of India Limited on July 3, 2015 and from Bombay Stock Exchange of India Limited on July 15, 2015.

 

The company achieved a throughtput of 5.17 MMT (Million Tonnes) of crude during the quarter. The throughput for various periods are as under:

 

Particulars

Quarter ended on

Year ended on

 

30.06.2015

31.03.2015

30.06.2014

31.03.2015

Throughput (in MMT)

5.17

5.12

5.14

20.49



3. Exceptional item represents abnormal inventory losses consequent upon the month on month steep and unprecedented fall in the global prices of crude oil, during those periods.


4. The Company had received Rs.15010.000 Million (USD 246.100 million) as advance towards Global Depository Shares ("GDS") during the year ended March 31, 2015 from Essar Energy Holdings Limited, a Promoter Company. The Company is in the process of completing relevant formalities for allotment of securities and has not considered the same for calculation of diluted earning per share since the number of underlying shares per GDS has not presently been determined.


5. Previous periods’ figures have been regrouped / rearranged, wherever considered necessary.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

a) Claims against the Company not acknowledged as debts

 

 

(i) In respect of income tax

683.400

649.700

(ii) In respect of sales tax / VAT

407.400

104.000

(iii) In respect of custom duty / excise duty / service tax

6508.200

2829.400

(iv) Others {including Rs. 51.200 Million (Previous year Rs. 62.900 Million) pertaining to joint ventures

2490.400

3201.200

Others includes certain arbitration matters Rs. 987.600 Million (Previous year Rs. 1927.200 Million), Alop claim Rs. 1029.900 Million (Previous year Rs. 892.800 Million), Gujarat entry tax Rs. 35.100 Million (Previous year Rs. 35.100 Million), additional compensation in land acquisition matter Rs.7.400 Million (Previous year Rs. 6.600 Million), E & P legal disputes / claims Rs. 327.000 Million (Previous year Rs. 274.400 Million), Green cess matter Rs. 101.000 Million (Previous year Rs. 60.800 Million) and Other miscellaneous claims of Rs. 2.400 Million (Previous year Rs. 4.300 Million).

 

 

b) Guarantees given by the Company on behalf of others

0.000

639.800

Claims by parties based on management assessment and / or legal advice that the same are frivolous and not tenable, have not been considered as contingent liabilities as the possibility of outflow of resources embodying economic benefits is highly remote.

 

 

 

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and Machinery
  • Producing Properties
  • Furniture and Fixtures
  • Office Equipments
  • Vehicles
  • Aircraft

 

 

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.65.56

UK Pound

1

Rs.101.12

Euro

1

Rs.71.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SUD/SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

5OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

YES

--EPF

YES/NO

NO

TOTAL

 

41

 

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.