MIRA INFORM REPORT
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Report No. : |
344279 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OIL CORPORATION
LIMITED |
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Registered
Office : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
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Tel. No.: |
91–22–26423272 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
30.06.1959 |
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Com. Reg. No.: |
11-011388 |
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Capital
Investment / Paid-up Capital : |
Rs.
24279.500 Million |
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CIN No.: [Company Identification
No.] |
L23201MH1959GOI011388 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in business of Sale of Petroleum Products, Petrochemicals
and Other Businesses which comprises Sale of Gas, Explosives and Cryogenics,
Wind Mill and Solar Power Generation and Oil and Gas Exploration Activities. |
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No. of Employees
: |
33793 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (75) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Excellent company |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Indian Oil Corporation Limited, a Maharatna PSU, was incorporated on
30th June 1959 as Indian Oil Company Limited. The name of the
company was changed to Indian Oil Corporation Limited on 1st
September 1964 upon merger of India Refineries Limited with the company. Subject is a well-established and a reputed company having excellent
track record. The rating factors in the majority ownership by the GoI (Government of
India), experienced and professional management and long track record of
operations with wide presence. The rating also derives strength from strategic nature of operations
with IOCL being the largest player in refining and marketing of petroleum
products in India with a pan-India presence and a large retail distribution
network. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of Government of India’s support, the company can be
considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bonds : “AAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
August 06, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
LOCATIONS
|
Registered Office/ Marketing Division : |
Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai –
400051, |
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Tel. No.: |
91–22–26423272/ 26443880/ 26400926/ 26427363 Extn. 7616/ 7528/
26441825/ 30/ 31 |
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Fax No.: |
91–22–26443880/ 26425903/ 26400606 |
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E-Mail : |
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Website : |
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Corporate Office : |
3079/3, J B Tito Marg, Sadik Nagar, New Delhi – 110049, India |
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Tel. No.: |
91-11-26260000 |
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Refineries Division : |
Head Office - SCOPE Complex, Core 2, 7, Institutional Area, Lodhi Road, New Delhi - 110003, India Tel. 91-11-24361247/ 24321704 Fax. 91-11-24361321 E-mail : dasgupta@iocl.co.in
· P.O. Barauni Oil Refinery, District Begusarai - 861114, Bihar, India · P.O. Jawahar Nagar, District Vadodara - 391320, Gujarat, India · P.O. Noonmati, Guwahati - 781020, Assam, India · P.O. Haldia Refinery, District Midnapur - 721606, West Bengal, India · P.O. Mathura Refinery, Mathura - 281005, Uttar Pradesh, India · P.O. Panipat Refinery, Panipat – 132140, Haryana, India · P.O. Dhaligaon 783385, District Chirang Assam, India · P.O. Jhimil, District Jagatsinghpur – 754141, Odisha, India |
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Pipelines Division : |
Head Office - A-1, Udyog Marg, Sector 1, Noida – 201301, Uttar Pradesh, India · 14, Lee Rrado, Kolkata - 700020, West Bengal, India · P. O. Box 1007, Bedipara, Morvi Road, Gauridad, Rajkot - 360003, Rajasthan, India · P. O. Panipat Refinery, Panipat – 132140, Haryana, India · Indian Oil Bhavan, 139 Nungambakkam High Road, Chennai - 600034, Tamil Nadu, India |
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Marketing Division : |
Head Office - Indian Oil Bhavan, G-9, Ali Yavar Jung Marg, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan, 1, Aurobindo Marg, Yusuf Sarai, New Delhi - 110016, India · Indian Oil Bhavan, 2 Gariahat Road, South(Dhakuria), Kolkata - 700068, West Bengal, India · IndianOil Bhavan-BKC, Plot C-33, “G” Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Indian Oil Bhavan 139, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India |
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P.O. Digboi - 786171, Assam, India |
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Research and Development Centre : |
Sector 13, |
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IBP Division : |
34-A, |
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Area office : |
Akabshau Busiplex, 26, C N T Bazar Road, Ram.DP Speth Nagpur – 440 010, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Balasubramanian Ashok |
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Designation : |
Chairman |
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Name : |
Mr. A.M.K. Sinha |
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Designation : |
Director (Planning and Business and Development) and Chairman
from 01.07.2014 to 15.07.2014 |
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Name : |
Mr. Arun Kumar Sharma |
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Designation : |
Director (Finance) |
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Address : |
F-501, Plot C-58/23, Indian Oil Apartments, Sector 62, Noida - 201301, Uttar Pradesh, INDIA |
|
Date of Appointment : |
27.10.2014 |
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DIN No.: |
06665266 |
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Name : |
Verghese Cherian |
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Designation : |
Directo (Human Resources) |
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Address : |
Flat No.207, Indian Oil Apartment, Near Eicher School, Sector 46, Faridabad - 121001, Haryana, India |
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Date of Appointment : |
06.01.2015 |
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DIN No.: |
07001243 |
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Name : |
Shri D. Sen |
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Designation : |
Director (Planning and Business Development) |
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Name : |
Mr. P.K. Goyal |
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Designation : |
Director (Finance) |
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Name : |
Mr. Ajay Prakash Sawhney |
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Designation : |
Government Nominee Director |
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Address : |
B-5/134, Paschim Vihar, New Delhi - 110063, India |
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Date of Appointment : |
22.07.2015 |
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DIN No.: |
03359323 |
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Name : |
Mrs. Archana Saharya Mathur |
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Designation : |
Government Nominee Director |
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Address : |
A-20, 2nd Floor, Hudco Place, A Block, Andrews Ganj, New Delhi - 110049, India |
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Date of Appointment : |
29.05.2015 |
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DIN No.: |
02555904 |
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Name : |
Mr. M. Nene |
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Designation : |
Director (Marketing) |
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Name : |
Mr. V. S. Okhde |
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Designation : |
Director (Pipelines) |
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Name : |
Mr. Sanjiv Singh |
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Designation : |
Director (Refineries) [w.e.f. 01.07.2014] |
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Name : |
Dr. S C Khuntia |
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Designation : |
Government Nominee Director |
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Name : |
Mr. Rajive Kumar |
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Designation : |
Government Nominee Director |
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Name : |
Mrs. Shyamala Gopinath |
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Designation : |
Independent Director |
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Name : |
Mr. Shyam Saran |
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Designation : |
Independent Director |
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Name : |
Mr. Devang Khakhar |
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Designation : |
Independent Director |
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Name : |
Mr. K. Jairaj |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
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Name : |
Mr. Nesar Ahmad |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
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Name : |
Mr. Sunil Krishna |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
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Name : |
Mr. Sayan Chatterjee |
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Designation : |
Independent Director [w.e.f. 20.03.2014] |
KEY EXECUTIVES
|
Name : |
Mr. Raju Ranganathan |
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Designation : |
Company Secretary |
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Address : |
101 Bajaj Onyx 36 Union Park Pali Hills, Khar West, Mumbai - 400052, Maharashtra, India |
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Date of Appointment : |
12.12.2005 |
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PAN No.: |
AACPR7602M |
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Name : |
Mr. Arun Kumar Sharma |
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Designation : |
Chief Executive Officer |
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Address : |
F-501, Plot C-58/23, Indian Oil Apartments, Sector 62, Noida - 201301, Uttar Pradesh, India |
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Date of Appointment : |
27.10.2014 |
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PAN No.: |
ABDPS3281K |
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Name : |
Ms. Sanjeevanee Kutty |
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Designation : |
Chief Vigilance Officer |
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Name : |
Satwant Singh |
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Designation : |
Executive Director (Cryogenics) |
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Name : |
H S Bedi |
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Designation : |
Executive Director I/C (Human Resource), Marketing |
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Name : |
S Krishna Prasad |
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Designation : |
Executive Director I/C (Finance), Marketing |
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Name : |
S Ganguli |
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Designation : |
Executive Director I/C (Mathura Refinery) |
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Name : |
A N Jha |
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Designation : |
Executive Director (LPG), Marketing |
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Name : |
Anish Aggarwal |
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Designation : |
Executive Director (Operations), Pipelines |
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Name : |
T K Basak |
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Designation : |
Executive Director (I/C) (Panipat Refinery) |
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Name : |
Rajiv Bahl |
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Designation : |
Executive Director (Finance & Treasury), Corporate Office |
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Name : |
S S Mishra |
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Designation : |
Executive Director (Delhi State Office) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.08.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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||
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(A) Shareholding of
Promoter and Promoter Group |
||
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|
1422150047 |
58.57 |
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|
1422150047 |
58.57 |
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Total shareholding of
Promoter and Promoter Group (A) |
1422150047 |
58.57 |
|
(B) Public Shareholding |
||
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|
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|
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|
32244644 |
1.33 |
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|
25521519 |
1.05 |
|
|
283468220 |
11.68 |
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|
64396352 |
2.65 |
|
|
405630735 |
16.71 |
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|
|
|
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|
473371768 |
19.50 |
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|
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
56575474 |
2.33 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
2868648 |
0.12 |
|
|
67355810 |
2.77 |
|
|
919093 |
0.04 |
|
|
59202621 |
2.44 |
|
|
4493044 |
0.19 |
|
|
40446 |
0.00 |
|
|
606 |
0.00 |
|
|
2700000 |
0.11 |
|
|
600171700 |
24.72 |
|
Total Public shareholding
(B) |
1005802435 |
41.43 |
|
Total (A)+(B) |
2427952482 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2427952482 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Sale of Petroleum Products,
Petrochemicals and Other Businesses which comprises Sale of Gas, Explosives
and Cryogenics, Wind Mill and Solar Power Generation and Oil and Gas
Exploration Activities. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
33793 [Approximately] |
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Bankers : |
· State Bank of India · HDFC Bank Limited |
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Facilities : |
LONG TERM BORROWINGS A. These are secured by way of registered mortgage over the immovable, properties of the Company i.e. Flat no. 3/62 Nanik Niwas of Shyam Co-op. Housing Society Ltd. situated at Bhulabhai Desai Road at Mumbai, together with 5 shares of the said society and immovable properties of the company at Panipat Refinery situated at Panipat in the state of Haryana ranking pari passu with Bond Series V and IX holders and OIDB. B. These are secured by way of registered mortgage over the immovable properties of the Company at Gujarat Refinery situated at Vadodara in the State of Gujarat ranking pari passu with Bond Series VIIB and XII holders and OIDB. SHORT TERM
BORROWING A. Against hypothecation by way of first pari passu charge on Raw Materials, Finished Goods, Stock-in Trade, Sundry Debtors, Outstanding monies, Receivables, Claims, Contracts, Engagements to SBI and HDFC banks. B. Against pledging of Oil Marketing Companies Government of India Special Bonds amounting to Rs. 4,3650.000 Million and Bank Guarantees of Rs. 16500.000 Million in favour of CCIL. |
|
Financial Institutions : |
· Oil Industry Development Board 301, World Trade Centre, Babar Road, New Delhi - 110001, India · Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
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Statutory Auditors : |
· Parakh and Company, Jaipur · Dass Gupta and Associates, New Delhi · J Gupta and Associates, Kolkata |
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Branch Auditors : |
· Mr. S. Jaykishan, Kolkata · H D S G and Associates, New Delhi · M. Thomas and Company, Chennai · S.K. Naredi and Company, Kolkata ·
S. Mohan and Company, Panipat ·
Sri Associates, Kolkat |
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Cost Auditors : |
· Narasimha Murthy and Company, Hyderabad · A.C. Dutta and Company, Chennai · B. M. Sharma and Company, Pune · DGM and Associates, Kolkata · G.R. Kulkarni and Associates, Mumbai · Goyal, Goyal and Associates, New Delhi · Jugal K. Puri and Associates, New Delhi · K. G. Goyal and Associates, New Delhi · P. Raju Lyer, M. Pandurang and Associates, Chennai ·
Narasimha Murthy and Company, Hyderabad is the
Central Cost Auditor |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Group Companies |
Indian Subsidiaries · Chennai Petroleum Corporation Limited L40101TN1965GOI005389 · IndianOil - CREDA Biofuels Limited U01119CT2009GOI021044 · Indian Catalyst Private Limited U11201GJ2006PTC048372 · Lanka IOC PLC Foreign Subsidiaries · IndianOil (Mauritius) Limited, Mauritius · Lanka IOC PLC, Sri Lanka · IOC Middle East FZE, UAE · IOC Sweden AB, Sweden · IOCL (USA) Inc., USA · IndOil Global B.V., Netherlands |
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Associate |
Petroleum India International - AOP |
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Joint Ventures |
·
Avi-Oil
India Private Limited U23201DL1993PTC190652 ·
Delhi
Aviation Fuel Facility Private Limited U74999DL2009PTC193079 ·
Green
Gas Limited U23201UP2005PLC030834 ·
GSPL
India Transco Limited U40200GJ2011SGC067450 ·
GSPL
India Gasnet Limited U40200GJ2011SG067449 ·
IOT
Infrastructure & Energy Services Limited U23200mh1996plc02222 ·
IndianOil
Adani Gas Private Limited U40300DL2013PTC258690 · IndianOil Petronas Private Limited U74899DL1998PTC097297 ·
IndianOil
Ruchi Bio Fuels LLP LLP IN : AAA-1445 ·
IndianOil
Skytanking Limited U11202KA2006PTC040251 ·
Indian
Synthetic Rubber Limited U25190DL2010PTC205324 ·
Lubrizol
India Private Limited U23201MH1966PTC013538 ·
Kochi
Salem Pipelines Private Limited U40300KL2015PTC037849 ·
Mumbai
Aviation Fuel Farm Facility Private Limited U63000MH2010PTC200463 ·
NPCIL
– IndianOil Nuclear Energy Corporation Limited U40104MH2011GOI215870 ·
Petronet
LNG Limited U23200GJ1998PLC034144 ·
Suntera
Nigeria 205 Limited ·
IndiaOil
Panipat Power Consortium Limited U74899DL1999PLC101853 · Petronet CI Limited U23201GJ2000PLC039031 |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2427952482 |
Equity Shares |
Rs. 10/- each |
Rs.
24279.500 Million |
A. Reconciliation of No. of Equity Shares
|
Opening Balance |
2427952482 |
|
Shares Issued |
-- |
|
Shares bought back |
-- |
|
Closing Balance |
2427952482 |
B. Terms/Rights
attached to equity shares
The company has
only one class of equity shares having par value of Rs. 10 each and is entitled
to one vote per share. The dividend proposed by Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting. In
the event of liquidation of the corporation, the holders of equity shares will
be entitled to receive the remaining assets of the corporation in proportion to
the number of equity shares held.
C. Details of shareholders holdings more than 5% shares
|
Name of Shareholders |
March-15 |
|
|
|
Number of shares
held |
Percentage of
Holding |
|
President of India |
1664965562 |
68.57 |
|
Oil and Natural Gas Corporation Limited |
334303814 |
13.77 |
D. Aggregate shares allotted as fully paid up Bonus Shares by Capitalization
of General Reserve / Securities Premium during preceding five years (in
November 2009) are 1213976241 no. of equity shares of Rs.10 each.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
(b) Reserves & Surplus |
655420.200 |
635641.300 |
586963.600 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
679699.700 |
659920.800 |
611243.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
327312.600 |
316835.800 |
214142.000 |
|
(b) Deferred tax liabilities
(Net) |
67202.100 |
56161.800 |
55126.600 |
|
(c) Other long term
liabilities |
152164.800 |
134115.800 |
114351.800 |
|
(d) long-term provisions |
4102.000 |
3901.200 |
3752.500 |
|
Total
Non-current Liabilities (3) |
550781.500 |
511014.600 |
387372.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
169793.100 |
489155.400 |
569110.000 |
|
(b) Trade payables |
291997.700 |
356973.000 |
296679.300 |
|
(c) Other current liabilities |
233106.800 |
243191.500 |
199140.800 |
|
(d) Short-term provisions |
273115.900 |
255291.200 |
216647.100 |
|
Total
Current Liabilities (4) |
968013.500 |
1344611.100 |
1281577.200 |
|
|
|
|
|
|
TOTAL |
2198494.700 |
2515546.500 |
2280193.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
656247.700 |
622566.200 |
598234.500 |
|
(ii) Intangible Assets |
6267.000 |
6921.700 |
8092.800 |
|
(iii) Capital work-in-progress |
355639.800 |
331506.500 |
256462.100 |
|
(iv) Intangible assets under
development |
7595.200 |
7285.900 |
5841.100 |
|
(b) Non-current Investments |
166285.800 |
163114.900 |
50326.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46203.400 |
46405.500 |
48762.300 |
|
(e) Other Non-current assets |
945.600 |
700.200 |
138.600 |
|
Total
Non-Current Assets |
1239184.500 |
1178500.900 |
967857.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
72709.100 |
72827.000 |
136386.000 |
|
(b) Inventories |
455438.500 |
646973.700 |
593143.900 |
|
(c) Trade receivables |
67581.700 |
110229.200 |
112573.200 |
|
(d) Cash and cash equivalents |
1119.000 |
26085.300 |
5032.900 |
|
(e) Short-term loans and
advances |
314516.900 |
407011.200 |
397569.400 |
|
(f) Other current assets |
47945.000 |
73919.200 |
67630.200 |
|
Total
Current Assets |
959310.200 |
1337045.600 |
1312335.600 |
|
|
|
|
|
|
TOTAL |
2198494.700 |
2515546.500 |
2280193.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4375261.300 |
4732100.900 |
4470962.500 |
|
|
|
Other Income |
41440.500 |
34172.900 |
35147.900 |
|
|
|
TOTAL |
4416701.800 |
4766273.800 |
4506110.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2050499.400 |
2270120.100 |
2197440.500 |
|
|
|
Purchases of Stock-in-Trade |
1775339.000 |
1959710.400 |
1881822.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
82160.700 |
(11530.000) |
(52200.300) |
|
|
|
Employees benefits expense |
71047.800 |
66189.700 |
72712.700 |
|
|
|
Income / (Expenses) pertaining
to prior Periods (Net) |
75.600 |
963.000 |
(63.000) |
|
|
|
Exceptional Items |
(16680.900) |
(17468.000) |
0.000 |
|
|
|
Other expenses |
294668.000 |
290588.400 |
233557.9 |
|
|
|
TOTAL |
4257109.6 |
4558573.6 |
4333332.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
159592.200 |
207700.200 |
172840.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
34352.700 |
50844.200 |
64352.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
125239.500 |
156856.000 |
108487.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
45286.600 |
57600.900 |
52009.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
79952.900 |
99255.100 |
56478.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
27222.600 |
29064.200 |
6426.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
52730.300 |
70190.900 |
50051.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports |
156675.600 |
215246.700 |
185491.900 |
|
|
|
Income from Royalty |
4.000 |
2.800 |
3.200 |
|
|
|
Income from Consultancy Services |
0.000 |
0.000 |
25.700 |
|
|
|
Commodity Hedging |
2965.400 |
486.200 |
2.700 |
|
|
|
Others |
454.900 |
345.600 |
62.600 |
|
|
TOTAL EARNINGS |
160099.900 |
160099.900 |
185586.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
1650654.200 |
2024924.700 |
1845586.500 |
|
|
|
Natural Gas |
5233.100 |
|
|
|
|
|
Base Oil |
0.000 |
93.700 |
1.500 |
|
|
|
Additives |
911.600 |
887.600 |
597.100 |
|
|
|
Capital Goods |
2948.800 |
4293.100 |
11021.500 |
|
|
|
Other Raw Materials |
10.500 |
16.300 |
253.400 |
|
|
|
Revenue Stores, Component, Spare and Chemicals |
9443.200 |
8124.900 |
6795.200 |
|
|
TOTAL IMPORTS |
1669201.400 |
2038340.300 |
1864255.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.72 |
28.91 |
20.61 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
55344.400 |
56184.800 |
25091.700 |
|
Cash generated from operations |
467370.900 |
237765.300 |
126153.100 |
|
Net Cash Flow from Operating Activities |
444874.200 |
220498.900 |
116106.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.21 |
1.48 |
1.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.65 |
4.39 |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79 |
4.93 |
2.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.15 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81 |
1.31 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
0.99 |
1.02 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.403.25/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
24279.500 |
24279.500 |
24279.500 |
|
Reserves & Surplus |
586963.600 |
635641.300 |
655420.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
611243.100 |
659920.800 |
679699.700 |
|
|
|
|
|
|
long-term borrowings |
214142.000 |
316835.800 |
327312.600 |
|
Short term borrowings |
569110.000 |
489155.400 |
169793.100 |
|
Current Maturities Of
Long-Term Debts |
25091.700 |
56184.800 |
55344.400 |
|
Total
borrowings |
808343.700 |
862176.000 |
552450.100 |
|
Debt/Equity
ratio |
1.322 |
1.306 |
0.813 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4470962.500 |
4732100.900 |
4375261.300 |
|
|
|
5.841 |
(7.541) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4470962.500 |
4732100.900 |
4375261.300 |
|
Profit |
50051.700 |
70190.900 |
52730.300 |
|
|
1.12% |
1.48% |
1.21% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 19.01.2015 |
|||||||
|
Stamp No.: |
ARBPL/109/2015 |
Failing Date:- |
19.01.2015 |
Reg. No.:- |
-- |
Reg. Date:- |
-- |
|
Petitioner:- |
TIRUMALA ROADWAYS |
Respondent:- |
INDIAN OIL CORPORATION LIMITED AND ODRS |
||||
|
Petn.Adv:- |
RAHUL AROTE (I2585) |
Resp. Adv.: |
--- |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Stage:- |
ARBITRATION ACT |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
Last Date:- |
07.04.2015 |
||||||
|
Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER |
||||||
|
Act. : |
Arbitration and Conciliation Act 1996 |
||||||
|
Under Section |
34 |
||||||
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW AND
OUTLOOK
Global Economic
Situation
During the period, the international landscape was marked by many critical political, geo-political, business, policy and diplomatic developments and these affected the performance of the global economy considerably. The Ukraine-Russia stand-off, followed by sanctions on Russia; ISIS crisis in Iraq; tensions in many other MENA countries; progress on Iran's nuclear deal with global powers; escalation of Greece debt crisis and its implications on the future of Euro Area; OPEC's decision to abandon price targeting; phasing out and ending of US Federal Reserve's Quantitative Easing(QE); expansion of Bank of Japan's QE programme and beginning of QE by the European Central Bank were some of the major developments.
During the period, global economy's performance as a whole was modest and growth was uneven across groups. In 2014, global output expanded by 3.4 per cent, which was the same as the growth recorded in 2013. However, growth in the advanced economies group picked up to 1.8 per cent from 1.4 per cent, while that in the emerging markets and developing economies group fell to 4.6 per cent from 5 per cent in 2013.
The US economy posted an accelerated GDP growth of 2.4 per cent and industrial production growth of 4.1 per cent, up from 2.2 per cent and 2.9 per cent recorded in 2013, respectively. There was a sizeable drop in the unemployment rate, which fell from 7.4 per cent in 2013 to 6.2 per cent in 2014, which is the lowest since the 5.8 per cent recorded in 2008. However, inthe first quarter of 2015, GDP contracted in the US by 0.2 per cent due to harsh winter.
In the Euro Area, the pickup in growth continued albeit at a slow pace, GDP grew by 0.8 per cent in 2014 after declining by 0.4 per cent in 2013. Moderation in unemployment rate was witnessed too. Industrial production also picked up in the Euro Area; after declining by 0.7 per cent in 2013, it rose by 0.8 per cent in 2014.
Within the emerging markets and developing economies group, growth slowed down in most of the emerging markets, India being an exception. The slowdown in China's growth being witnessed since the last quarter of 2013, furthered and during the year Chinese GDP growth slipped to 7.4 per cent, the lowest since 1991. This was mainly on account of a slowdown in investment, particularly in the real estate sector. This had a sobering effect on the overall global growth.
During the year, there was a moderation in commodity prices, a continuation of the fall in prices being witnessed since 2012. However, what differentiated this year from the previous one was the dramatic decline in international crude oil price in the latter half of 2014. Brent prices fell by 55 per cent between July 2014 and January 2015. The decline was seen to be primarily driven by surplus supply in the face of weak demand.
During the year, the US Federal Reserve ended the Quantitative Easing in view of improvements in the performance of the US economy. On the other hand, Bank of Japan (BoJ) scaled up its Quantitative and Qualitative Easing programme to a total of ¥ 80 trillion per year to counter the downward pressure on price and achieve the target of 2 per cent inflation rate. Similarly, European Central Bank (ECB) in March 2015 commenced its sovereign debt purchase programme of 60 billion per month (till September 2016). In many emerging economies, central banks went in for rate cuts as inflationary pressures eased.
Portfolio capital flows to emerging markets economies were robust in 2014 despite weakening of economic activity in these economies. Portfolio flows rose to US$ 216 billion from US$ 196 billion in 2013. Looking ahead, global growth in 2015 is expected to be more or less the same as that of 2014 and pick up in 2016. Weak growth in the first quarter of 2015 in the US, a more than expected rise in oil prices in the second quarter of 2015 and risk related to the uncertainty around the future of Greece are expected to affect recovery in 2015. However, generally low oil prices and accommodative monetary policies are expected to provide support to growth in 2016.
Indian Economic
Situation
The year began with the coming in of a new Government at the Centre, after a decisive electoral mandate. Along with this came in a new reforms agenda and major thrust on infrastructure development. The year witnessed a rise in the confidence of the international investors in the Indian growth story. Indian stock markets touched new highs and rating agencies upgraded the Indian economy. The Government introduced several policy initiatives as well, 'Make in India' being one such, to transform India into a manufacturing hub. The year was marked by the return of growth and macroeconomic stability in the economy.
During the year, GDP growth accelerated to 7.3 per cent from 6.9 per cent recorded in 2013-14, based on the new methodology and new base year of 2011-12. Growth in industrial and services sectors moved up, while agricultural growth, affected by weak monsoons, took a hit. The services sector recorded double-digit growth of 10.2 per cent, up from 9 per cent recorded in the previous fiscal. Industrial growth moved up to 6.1 per cent from 4.5 per cent previously and agricultural growth declined to a mere 0.2 per cent from 3.7 per cent recorded in the previous fiscal.
High-frequency real sector indicators broadly exhibited an overall improvement barring a few monthly fluctuations. The Index of Industrial Production (IIP) grew by 2.8 per cent during 2014-15. Accelerated growth was seen in all subsectors, viz., electricity, mining and manufacturing. Accelerated growth was posted by all segments of vehicles, with the commercial vehicles segment being the only exception. The Purchasing Manager's Index for Indian manufacturing was throughout in the expansion zone in the year. The turnaround in air traffic growth strengthened further as both passenger and cargo traffic growth scaled up significantly. Port and railway traffic growth was upbeat as well
In terms of demand side analysis of growth, private consumption expenditure growth accelerated to 6.3 per cent from 6.2 per cent in the previous fiscal, and Government consumption expenditure grew at a slower pace this year; at 6.6 per cent, it was lower than 8.2 per cent recorded in 2013-14. Investment growth also received a fillip during the year, and rose to 5.4 per cent after declining by 2.4 per cent in the previous year. However, the rate of investment in the country, measured as a percentage of GDP, has been declining; in 2014- 15, it fell to 33.1 per cent from 33.7 per cent in the previous year and 36.9 per cent in 2012-13.
On the external sector front, India's merchandise trade deficit position was comfortable. Trade deficit in 2014-15 rose slightly to US$ 137.0 billion from US$ 134.0 billion. Overall, India's exports declined by 1.8 per cent to US$
309.3 billion in 2014-15. The drastic fall in international crude oil prices affected the petroleum exports realisation. Imports fell for the second year in a row in 2014-15, falling marginally by 0.4 per cent. However, gold and other non-oil imports exhibited strong growth. It was the fall in oil imports, again owning to low oil prices, that drove the decline in total imports. As regards services exports segment, net inflows from service exports rose by 3.7 per cent. As a result, CAD deficit fell to 1.3 per cent of GDP in 2014-15 from 1.7 per cent of GDP in 2013-14, the lowest level witnessed since 2008-09.
Foreign investment flows received a fillip during the year. Net investments from Foreign Institutional Investors rose to US$ 46 billion in 2014-15 from US$ 9 billion in 2013-14. Net FDI flows also revived, rising to US$ 33 billion in 2014-15 from US$ 21.6 billion in 2013-14. With flush of funds on the capital account, India's forex reserves rose to an all-time high of US$ 341 billion at the end of 2014-15.
During the year, the Rupee-Dollar exchange rate exhibited stability, averaged slightly higher at Rs. 61.16/US$ as compared to Rs. 60.47/US$ in 2013-14. Rupee depreciated on an average basis by 1 per cent vis-a-vis a 10 per cent depreciation experienced in 2013-14. Looking ahead, international agencies are optimistic about the Indian economy. As per IMF's projections, India is set to surpass China in 2015 and emerge as the fastest growing large economy.
E&P Policy
Review:
India's exploration acreage continues to be largely unexplored. It is pertinent to raise the attractiveness of investment opportunities in the E&P sector in India. During the year a number of initiatives were taken, viz.-
_
Reforms in Production-Sharing Contracts to push Investment in
Exploration: The Government ironed out a number of rigidities in production-sharing contracts.
_
Reassessment of Hydrocarbon Potential: Plan to reassess hydrocarbon resources in India's sedimentary basins, which will provide greater clarity to future investors on the prospects of the basins.
_
National Data Repository (NDR) being set up in the Directorate General of Hydrocarbons (DGH)
_
Project for Survey of Un-appraised Sedimentary Basins of India: A project has been undertaken to appraise about 1.5 million sq. km area in 24 sedimentary basins where scanty geo-scientific data is available.
Further to this, the Government is contemplating to replace NELP with a Uniform Licencing Policy (ULP). The Government is also reviewing the present profitsharing model vis-a-vis revenue sharing model. Gas Grid: The cross-country gas pipeline network needs a scale-up. In addition to the existing 15,000-km gas pipeline network, another 15,000 km has been planned by the Government for completion of the gas grid.
FINANCIAL REVIEW
Revenue from
Operations
The Corporation clocked net revenue from operations of Rs. 4375260.000 Million in the year 2014-15 as against Rs. 4732100.000 Million in the previous year. The turnover of the Corporation (inclusive of excise duty and sale of services) was Rs. 4507560.000 Million as compared to Rs. 4575710.000 Million in the previous year.
Profit Before Tax
The Corporation has earned a Profit Before Tax of Rs. 79950.00 Million in 2014-15 as compared to Rs. 99260.000 Million in 2013-14.
Provision for
Taxation
An amount of Rs. 27220.000 Million has been provided towards income tax for 2014-15 considering the applicable income tax rates as against Rs. 29070.000 Million provided during 2013-14.
Profit After Tax
The Corporation has earned a Profit After Tax of Rs. 52730.000 Million during the current financial year as compared to Rs. 70190.000 Million in 2013-14.
Depreciation and
Amortisation
Depreciation and Amortisation for the year 2014-15 was Rs. 45290.000 Million as against Rs. 57600.000 Million for the year 2013-14. The reduction in depreciation is on account of adoption of useful life of asset as per Schedule II of the new Companies Act 2013.
Finance Cost
Finance Cost of the Corporation for the current year was Rs. 34350.000 Million as against Rs. 50840.000 Million during 2013-14. The reduction is mainly due to reduction in working capital owing to low oil prices and reduction in dues from Government.
Borrowings
The borrowings of the Corporation were Rs. 552480.000 Million as on 31st March, 2015, as compared to Rs. 862630.000 Million as on 31st March, 2014. The Total Debt to Equity ratio as on 31st March, 2015, works out to 0.81:1 as against 1.31:1 as on 31st March, 2014, and the Long Term Debt to Equity ratio stands at 0.56:1 as on 31st March, 2015, as against 0.57:1 as on 31st March, 2014.
Capital Expenditure
Gross Fixed Assets (including Capital Works in Progress) increased from Rs. 1464880.000 Million as on 31St March, 2014, to Rs. 1579660.000 Million as on 31st March, 2015. Capital advances for LSTK projects have gone down from Rs. 9920.000 Million in 2013-14 to Rs. 9550.000 Million in 2014-15.
Investments
Investments as on 31st March, 2015, were Rs. 238990.000 Million as compared to Rs. 235940.000 Million as on 31st March, 2014. The increase in investments during the year is mainly due to investment in subsidiaries and joint ventures. The aggregate market value of quoted investments as on 31st March, 2015, i.e., investments made in ONGC Limited., GAIL (India) Limited., Oil India Limited., Chennai Petroleum Corporation Limited., Petronet LNG Limited. and Lanka IOC PLC., is Rs. 254540.000 Million (as against the acquisition price of Rs. 38280.000 Million).
Earnings Per Share
Earnings Per Share works out to Rs. 217.200 for the current year as compared to Rs.289.100 in the previous year.
Earnings in Foreign
Currency
During the year, the Corporation earned Rs. 160100.000 Million in foreign currency as against Rs. 216080.000 Million in 2013-14, which is mainly on account of export of petroleum/petrochemical products.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10578927 |
22/06/2015 |
7,112,500,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
C58417601 |
|
2 |
10559206 |
19/03/2015 |
4,200,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
C49138084 |
|
3 |
10481123 |
07/02/2014 |
5,720,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
B97843098 |
|
4 |
10439786 |
29/07/2013 |
17,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra -
400005, INDIA |
B80695364 |
|
5 |
10409821 |
11/02/2013 |
10,500,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
B70013008 |
|
6 |
10153612 |
30/03/2009 |
14,230,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
A60420031 |
|
7 |
10153713 |
30/03/2009 |
5,270,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
A60420684 |
|
8 |
10153614 |
30/03/2009 |
17,000,000,000.00 |
OIL INDUSTRY DEVELOPMENT BOARD |
301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI, |
A60421989 |
|
9 |
10144856 |
11/03/2013 * |
16,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra -
400005, INDIA |
B71757058 |
|
10 |
10131502 |
11/03/2013 * |
15,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra -
400005, INDIA |
B71759336 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Bonds Foreign Currency Bonds US $ 1,825.58 million (2013: US $ 1,325.58 million) |
82855.000 |
79428.400 |
|
Senior Notes (Bank of America) US $ 300 million (2013: US $ 300 million) |
18751.500 |
17976.000 |
|
Term Loans: From Banks In Foreign Currency Loans US $ 2,178.52 million (2013: US $ 1,184.19 million) |
145011.600 |
130196.500 |
|
From Others In Rupees |
250.000 |
762.500 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans Repayable
on Demand From Banks In Foreign Currency US $ 4,899.87 million (2013: US $ 5,651 million) |
78047.800 |
293600.200 |
|
In Rupee |
10000.000 |
96250.000 |
|
From Others Commercial Papers |
0.000 |
6750.000 |
|
Inter-Corporate
Deposits |
0.000 |
2367.700 |
|
|
|
|
|
Total |
334915.900 |
627330.800 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2015
(Rs. in million)
|
|
|
Particulars |
|
Quarter Ended |
|
|
|
|
|
|
|
30.06.2015 (Unaudited) |
|
1 |
Income from Operations |
|
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
|
|
1010088.700 |
|
|
|
Less: Excise Duty |
|
|
-- |
|
|
a) Net Sales/Income from Operations (net of excise duty) |
|
|
1010088.700 |
|
|
|
b) Other Operating Income |
|
|
2979.500 |
|
|
|
Total Income from Operations (Net) |
|
|
1013068.200 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
|
|
383847.200 |
|
|
b) |
Purchase of stock in-trade |
|
|
457894.700 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
|
|
(22851.500) |
|
|
d) |
Employee benefit expenses |
|
|
23616.200 |
|
|
e) |
Depreciation and amortization expense |
|
|
11434.700 |
|
|
f) |
Other
expenses |
|
|
69555.600 |
|
|
Total Expenses |
|
|
923496.900 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
|
|
89571.300 |
|
4 |
Other
Income |
|
|
3624.100 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
|
|
93195.400 |
|
6 |
Finance
Costs |
|
|
5922.000 |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
|
|
87273.400 |
|
8 |
Exceptional
Items |
|
|
4725.400 |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
|
|
91998.800 |
|
|
10 |
Tax
Expense |
|
|
27641.800 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
|
|
64357.000 |
|
|
12 |
Extraordinary
items (net of tax expense) |
|
|
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
|
|
64357.000 |
|
|
14 |
Paid up equity
share capital (Eq. shares of Rs.10/-
each) |
|
|
24279.500 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
-- |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
|
|
26.51 |
|
|
|
Diluted |
|
|
26.51 |
|
|
|
|
|
|
|
|
|
|
Physical MMT |
|
|
|
|
|
|
Product sale |
|
|
|
|
|
|
Domestic |
|
|
19.372 |
|
|
|
Export |
|
|
1.106 |
|
|
|
Refineries
throughput |
|
|
13.568 |
|
|
|
Pipelines
throughput |
|
|
18.955 |
|
|
|
|
|
|
|
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
|
|
762986920 |
|
|
|
-
Percentage of Shareholding |
|
|
31.43 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
-- |
-- |
-- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
-- |
-- |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non-
encumbered |
|
|
|
|
|
|
- Number
of shares |
|
|
1664965562 |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
|
|
68.57 |
|
|
Particulars |
Quarter
ended 30.06.2015 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
191 |
|
|
|
Disposed
during the quarter |
191 |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED
30.06.2015
|
|
Particulars |
|
Quarter Ended |
|
|
|
|
|
|
30.06.2015 (unaudited) |
|
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
|
|
a) |
Sale of
Petroleum Products |
|
|
963421.200 |
|
b) |
Sales of
Petrochemicals |
|
|
43914.000 |
|
c) |
Other Business
Activities |
|
|
38533.500 |
|
|
Net Sales / Income and interdivisional transfers |
|
|
1045868.700 |
|
|
Less: Inter-segment transfers |
|
|
32800.500 |
|
|
Net Sales / Income from operation |
|
|
1013068.200 |
|
|
Segment Results: |
|
|
|
|
|
[Profit/ (Loss)
before tax and interest from each segment] |
|
|
|
|
a) |
Sale of
Petroleum Products |
|
|
79802.400 |
|
b) |
Sales of
Petrochemicals |
|
|
13963.200 |
|
c) |
Other Business
Activities |
|
|
55.600 |
|
|
TOTAL |
|
|
93821.200 |
|
|
Less: Financial Cost |
|
|
5922.000 |
|
|
Other unallocable
expenditure, net of unallocable income |
|
|
625.800 |
|
|
Exceptional
Items |
|
|
4725.400 |
|
|
Total Profit/
Loss –before tax |
|
|
91998.800 |
|
|
Capital Employed: |
|
|
|
|
a) |
Sale of
Petroleum Products |
|
|
959393.900 |
|
b) |
Sales of
Petrochemicals |
|
|
148364.300 |
|
c) |
Other Business
Activities |
|
|
12198.500 |
|
d) |
Unallocable Corporate |
|
|
(377983.200) |
|
|
TOTAL |
|
|
741973.500 |
NOTE :
1. The above results have been reviewed and recommended by the
Audit Committee in its meeting held on August 12, 2015 and approved by the
Board of Directors at its meeting held on August 13, 2015.
2. The Financial Results have been reviewed by the Statutory
Auditors as required under clause 41 of the listing agreement.
3. Average Gross Refining Margin for the quarter April - June
2015 is $ 10.77 per bbl (April - June 2014: $ 2.25 per bbl).
4. a) In line with the scheme formulated by Petroleum
Planning and Analysis Cell (PPAC), the Company has received during the quarter
April - June 2015, discounts of Rs. 878.84 crore on Crude Oil/Products
purchased from ONGC/OIL/CPCL towards under recovery suffered on sale of SKO
(PDS) [April - June 2014: Rs. 8107.21 crore on sale of HSD, SKO (PDS) and LPG
(Domestic)] and the same has been adjusted against the purchase cost.
b) The Company has accounted for Budgetary
Support of Rs. 1732.95 crore during the quarter April - June 2015 towards
under-recovery on sale of SKO (PDS) [April - June 2014: Rs. 6075.63 crore on
sale of HSD, SKO (PDS) and LPG (Domestic)] as Revenue Grants and included in
Net sales/income from operations.
c) The Company has suffered net under-realization of Rs. 1.51
crore during the quarter April - June 2015 on sale of LPG (Domestic) [April -
June 2014: Rs. 1145.50 crore on sale of HSD, SKO (PDS) & LPG (Domestic)].
5. Employee benefit expenses for the quarter April - June
2015 includes Rs. 709.40 crore towards additional provision for Post Retirement
Medical Benefit Scheme based on actuarial certificate.
6. Pursuant to the requirements prescribed under Schedule II
to the Companies Act, 2013 the Company has, effective April 01, 2015, reviewed
and identified the components (significant parts) of the main asset haying
different useful lives as compared to the main asset and depreciation has been
charged accordingly. Due to this, the depreciation for the quarter April - June
2015 is higher by Rs. 713.700 Million (including depreciation capitalized of
Rs. 9.200 Million). In addition, as per the transitional provisions, the
Company has charged Rs. 438.400 Million (net of deferred tax of Rs. 232.100
Million) to the opening balance of General reserve as at April 01, 2015.
7. Other income for April - June 2014 includes Rs. 7454.000
Million as Income on forward contract transactions under RBI forex swap window
for public sector oil companies.
8. Exceptional income for April - June 2015 represents income
of Rs. 4725.400 Million (April - June 2014: Rs. 4456.100 Million) arising out
of additional state specific surcharge (SSC) towards U.P. entry tax paid in
earlier years, in pursuance with MOP&NG order dated March 30, 2013.
9. Impact, if any, on account of impairment of assets will be
reviewed at the year end.
10. Figures for the previous periods have been regrouped
wherever necessary.
FIXED ASSETS:
Tangible assets
· Land
· Buildings, Roads etc.
· Plant and Machinery
· Office Equipments
· Transport Equipments
· Furniture and Fixture
· Railway Sidings
· Drainage, Sewage and Water Supply Systems
Intangible assets
· Licenses
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 65.25 |
|
|
1 |
Rs. 99.50 |
|
Euro |
1 |
Rs. 73.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.