MIRA INFORM REPORT

Report No. :	342430
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	BHARAT PETROLEUM CORPORATION LIMITED
Registered Office :	Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22642112
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	03.11.1952
Com. Reg. No.:	11-008931
Capital Investment / Paid-up Capital :	Rs.7230.800 Million
CIN No.: [Company Identification No.]	L23220MH1952GOI008931
IEC No.:	0388199644
TAN No.: [Tax Deduction & Collection Account No.]	MUMB00573G MUMB12464E
PAN No.: [Permanent Account No.]	AAACB2902M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Subject is engaged in the business of refining of crude oil and marketing of petroleum products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (82)

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a Government of India undertaking, is an itegrated oil refining and marketing company. Government of India held 54.93% equity stake in the company and balance was held by public. It is a well-established and a reputed comapony having fine track. Financial positon of the company seems to be strong. Overall fundamentals of the company seems to be sound and healthy. The ratings also take into consideration, an acceptable share price of Rs.861.90/- recorded by the company as against a face value of Rs.10.00 as on September 22, 2015. The rating also takes into consideration financial support from Government of India and integrated operations across petrochemical value chain. Trade relations are reported as trustworthy. Business is active. Payment terms are reported to be regular and as per commitments. The company can be consideredexcellent for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : AAA
Rating Explanation	Have high degree of safety and carry lowest credit risk.
Date	10.12.2014

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	10.12.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

Management Non Co-operative (91-22-22713000)

LOCATIONS

Registered Office / LPG Business Head Quarters / Industrial and Commercial Business Head Quarters :	Bharat Bhawan, 4 and 6, Currimbhoy Road, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22642112/ 22713000/ 004/ 22714000
Fax No.:	91-22-22642112/ 22616793/ 22713874 / 22832646
E-Mail :	okesy@bharatpetroleum.com dixitns@bharatpetroleum.in balasubramanian@bharatpetroleum.in
Website :	http://www.bharatpetroleum.com www.bharatpetroleum.co.in http://www.bharatpetroleum.in
Factory :	Lubricant Plant Wadilube Installation, Mallet Road, Mumbai – 400009, Maharashtra, India 24, Parganas, Budge-Budge 743319
Refinery :	Bharat Petroleum Refinery, Mahul, Chembur, Mumbai - 400074, Maharashtra, India
Tel. No.:	91-22-25543151
Fax No.:	91-22-25542970
Delhi Co-ordination Office:	ECE House, Post Box No.7, Connaught Circus, New Delhi - 110001, India
Tel. No.:	91-11-23316891
Fax No.:	91-11-23316894
Retail Business Head Quarters :	Maker Towers E and F, 12th Floor, Cuffe Parade, Mumbai 400005, Maharashtra, India
Tel. No.:	91-22-22189172
Fax No.:	91-22-22182304
Lubricants Business Head Quarters :	Bharat Bhavan-II, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22713000/ 22714000
Fax No.:	91-22-22713801/ 25542970
Aviation Business Head Quarters :	Plot Nos. A 5 and 6, Sector 1, Noida 201301, District Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-24539155/ 24744820

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Neeraj Mittal
Designation :	Director
Address :	S-43, Nivedita Kunj, Sector 10, R.K. Puram, New Delhi - 110022, India
Date of Appointment :	11.04.2013
DIN No.:	05216366
Name :	Varadarajan Srinivasan
Designation :	Managing Director
Address :	Flat No. 21, B.P.C.L Tower, IA, Altamount Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	01.09.2011
DIN No.:	00052928
Name :	Pullukottayil Habel Kurian
Designation :	Nominee Director
Address :	Pullukottayil, TDK Road, Muttada P.O, Thiruvananthapuram - 695025, Kerala, India
Date of Appointment :	25.11.2013
DIN No.:	00027596
Name :	Mr. Krishan Kumar Gupta
Designation :	Whole-Time Director
Address :	Bungalow No. 5, BPCL Colony, Aziz Baug, Chembur, Mumbai - 400074, Maharashtra, India
Date of Appointment :	31.03.2011
DIN No.:	03476812
Name :	Mr. Bidyut Kumar Datta
Designation :	Whole-Time Director
Address :	Bungalow No.2, BPCL Colony, Aziz Baug, Chembur, Mumbai - 400074, Maharashtra, India
Date of Appointment :	01.08.2011
DIN No.:	03586382
Name :	Panchapakesan Balasubramanian
Designation :	Whole-Time Director
Address :	Flat No.4D Normande, 25 Carmichale Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	01.04.2014
DIN No.:	05262654
Name :	Mr. Shrikant Prakash Gathoo
Designation :	Whole-Time Director
Address :	Bungalow No.4, Bpcl Staff Colony, Near Aziz Baug, Chembur, Mumbai, 400074, Maharashtra, India
Date of Appointment :	03.11.2011
DIN No.:	05102526
Name :	Mrs. Sushma Taishete
Designation :	Additional Director
Address :	306,"E" Block, Pragati Vihar Hostel, CGO Complex, Lodi Road, New Delhi - 110003, India
Date of Appointment :	19.05.2015
DIN No.:	03585278

KEY EXECUTIVES

Name :	Panchapakesan Balasubramanian
Designation :	Chief Finaical Officer
Address :	Flat No. 4D Normande, 25 Carmichale Road, Mumbai - 400026, Maharashtra, India
PAN No.:	AAJPB5743Q
Date of Appointment :	01.04.2014
Name :	S V Kulkarni
Designation :	Company Secretary
Address :	Flat No: 11 Build No: Bpcl Residential Complex, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India
PAN No.:	AAEPK5470E
Date of Appointment :	01.11.2009
Name :	Neeraj Mittal
Designation :	Joint Secretary (M), MOP and NG
Name :	P. H. Kurian
Designation :	Principal Secretary (Industries and IT), Government of Kerala
Management Team :	Mr. Manoj Pant - Chief Vigilance Officer Mr. Arjun Hira - ED (Marketing Corporate) Ms. Dipti Sanzgiri - ED (International Trade) Mr. George Paul - ED (Retail) Mr. I. Srinivas Rao - ED (Gas) Mr. J. Dinaker - ED (Audit) Mr. K. B. Narayanan - ED (Information Systems) Mr. K. P. Chandy - ED (Lubes) Mr. Manmohan Singh - ED (Engineering Services), Marketing Mr. M. M. Chawla - ED (Engineering and Projects) Mr. M. M. Somaya - ED (Aviation) Ms. Monica Widhani - ED (Coordination) Mr. P. C. Srivastava - ED (HSSE) Mr. P. Kumaraswamy - ED (Projects), Kochi Refinery Mr. Prasad K. Panicker - ED I/C (Kochi Refinery) Mr. Pramod Sharma - ED (New Business Initiatives) Mr. R. K. Mehra - ED (Pipelines) Mr. R. P. Natekar - ED (I and C) Mr. S. K. Agrawal - ED (Corporate Affairs) Mr. Sharad K. Sharma - ED (Supply Chain Optimization) Mr. S. Ramesh - ED (LPG) Mr. S. S. Sunderajan - ED (Mumbai Refinery) Mr. S. Vijayakumar - ED (Legal) Mr. S. V. Kulkarni - Company Secretary Mr. A. Krishnaswamy - GM (IS), Mumbai Refinery Mr. Ashim K. Dutta - GM (Engineering) E and P HQ Mr. Ashok K. Gupta - Chief Procurement Officer (Marketing) Mr. A.K. Kaushik - GM (IT & BI), Retail HQ Mr. B. Anil Kumar - GM (IS) Infrastructure, CO Mr. C. J. Iyer - - GM (Operations) Mumbai Refinery Mr. C. K. Soman - GM (Operations) Kochi Refinery Mr. D. N. Mathur - Regional LPG Manager, North Mr. E. A. Vimalnathan - GM (Logistics) Retail HQ Mr. G. Kalaiselvan - GM (Internal Coaching) Mr. Gautam Mukerji - GM (Operations & Logistics) Aviation Mr. H. S. Paranjape - GM (Finance), Mumbai Refinery Mr. J. R. Akut - GM (IS Technology) Mr. J. S. Shah - GM (HR), Retail HQ Mr. K. Padmakar - GM (HRD) Mr. K. Sivakumar - GM (Corporate Finance), CO Mr. M. B. Pimpale - GM (Projects), Mumbai Refinery Ms. Madhu Sagar - GM (Vigilance) Mr. M. Prasanna Kumar - GM (Planning and Project Coordination) Mr. M. S. Patke - GM (Brand and PR) Mr. M. Venugopal - GM Finance (Retail), HQ Mr. N. Manohar Rao - GM (Operations) Retail HQ Mr. P. Anandasundaresan - GM (Retail) HQ Mr. P. K. Suresh - GM (Finance), Kochi Refinery Mr. P. K. Thampi GM (Technical), Kochi Refinery Mr. P. S. Ramachandran - GM (Projects-Units), Kochi Refinery Mr. P. V. Kumar - GM (Gas) Mr. R. Narayanan - GM (IS Applications) Mr. R. Rajamani - GM (Corporate Treasury) Mr. R. R. Nair - GM (HRS) Mr. S. Bhargava - GM (Corporate R&D Centre) Mr. Sudhir K. Malik - GM (Sales) I&C, Mumbai Mr. Sudip Mallick - GM Logistics (LPG), HQ Mr. Suresh K. Nair - GM Sales (LPG) HQ Ms. Sujata N. Chogle GM (HR), Mumbai Refinery Mr. S. N. Jalali - GM Maintenance (Pipelines) Mr. S. R. Krishnan - GM (Workplace Safety and Security), HSSE Mr. S. S. Desai - GM (Engg. and Advisory Services), Mumbai Refinery Mr. V. Anand - GM I/C (Planning and Infrastructure) Mr. Vijay Duggal - GM (Gas) Delhi Mr. V. Jacob - GM (Quality Control Cell) Ms. S. V. Kelkar - Chief Manager (Employee Satisfaction Enhancement)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	397200120	54.93
Sub Total	397200120	54.93
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	397200120	54.93
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	46536380	6.44
Financial Institutions / Banks	728023	0.10
Central Government / State Government(s)	6222222	0.86
Insurance Companies	33880358	4.69
Foreign Institutional Investors	131093727	18.13
Sub Total	218460710	30.21
(2) Non-Institutions
Bodies Corporate	22377691	3.09
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	14221829	1.97
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2082394	0.29
Any Others (Specify)	68741504	9.51
Non Resident Indians	511450	0.07
Clearing Members	772580	0.11
Trusts	67457474	9.33
Sub Total	107423418	14.86
Total Public shareholding (B)	325884128	45.07
Total (A)+(B)	723084248	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	723084248	0.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Government of India	39,72,00,120	54.93	54.93
	Total	39,72,00,120	54.93	54.93

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	BPCL Trust For Investment In Shares	67457474	9.33	9.33
2	Life Insurance Corporation Of India	23991038	3.32	3.32
3	HDFC Trustee Company Limited-HDFC Equity Fund	9147197	1.27	1.27
4	Franklin Templeton Investment Funds	7899064	1.09	1.09
	Total	108494773	15.00	15.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	BPCL Trust For Investment in Shares	67457474	9.33	9.33
	Total	67457474	9.33	9.33

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of refining of crude oil and marketing of petroleum products.
Products :	Petroleum Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Bank Name	State Bank of India
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Union Bank of India
• Corporation Bank
• Bank of India
• State Bank of Patiala
• Central Bank of India
• Deutsche Bank
• Standard Chartered Bank
• Royal Bank of Scotland
• ICICI Bank Limited
• HDFC Bank Limited
• State Bank of Travancore
• IDBI Bank Limited
• BNP Paribas
• Calyon Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From others (Debentures)
8.65% Secured Non-Convertible Debentures 2017 *	7000.000	7000.000
Term Loan Loan from Oil Industry Development Board	9075.000	0.000
Short-term borrowings
Loans repayable on demand
From banks Working capital loans / Cash Credit *	402.700	17239.100
From others Collateralized Borrowings and Lending Obligation **	0.000	11012.500
Total	16477.700	35251.600

NOTE:

LONG-TERM BORROWINGS

Terms of Repayment Schedule of Long-term borrowings as on 31/03/2015 :

Non-Current	Rs. in Million	Maturity
8.65% Secured Non-Convertible Debentures 2017	7000.000	8-October-17
Loan from Oil Industry Development Board - 2017	735.000	April 16 – September 17
Loan from Oil Industry Development Board - 2019	8880.000	April 16 - September 19
Loan from Oil Industry Development Board - 2020	195.000	January 17 - January 20
Foreign Currency Loans - Syndicated	18777.200	9-March-17
	10327.500	7-November-17
	6259.100	5-February-18
	10640.400	7- November -18
	10327.500	7- November -19
3% Swiss Franc International Bonds 2019	12933.000	20-December-19
4.625% US Dollar International Bonds 2022	31295.400	25-October-22

* The Corporation had allotted redeemable non-convertible 8.65% Debentures of face value of Rs. 7000.000 Million on 8th October 2012 reedemable on 8th October 2017 with a put call option on 8th October 2015. These are secured by

first legal mortgage by way of a Registered Debenture Trust Deed over the fixed assets of the Corporation, mainly Plant and Machinery at Mumbai Refinery.

SHORT - TERM BORROWINGS

* Secured in favour of the participating banks ranking pari passu inter-alia by hypothecation of raw materials, finished goods, stock- in- process, book debts, stores, components and spares and all movables both present and

future.

** Secured by Oil Marketing Companies GOI Special Bonds 2026 of Rs. 24500.000 Million (previous year Rs. 24500.000 Million) and a bank guarantee of Rs. 5000.000 Million (previous year Rs. 5000.000 Million) issued in favour of Clearing Corporation of India Limited.

Financial Instituition :	Oil Industry Development Board, 301, World Trade Centre, Babar Road, New Delhi - 110001, India
Auditors :
Name :	CNK and Associates LLP Chartered Accountants
Name :	Haribhakti and Company LLP Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture Companies:	Indraprastha Gas Limited Petronet India Limited * Petronet CCK Limited Petronet CI Limited * Petronet LNG Limited Bharat Oman Refineries Limited Maharashtra Natural Gas Limited Central UP Gas Limited Sabarmati Gas Limited Bharat Stars Services Private Limited (Including Bharat Star Services (Delhi) Private Limited) Bharat Renewable Energy Limited * Matrix Bharat Pte. Limited Delhi Aviation Fuel Facility Private Limited Kannur International Airport Limited GSPL India Gasnet Limited GSPL India Transco Limited Mumbai Aviation Fuel Farm Facility Private Limited Kochi Salem Pipeline Private Limited IBV (Brazil) Petroleo Ltda.

Note :

*Companies in the process of winding up

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
2,50,00,00,000	Equity Shares	Rs.10/- each	Rs.25000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72,30,84,248	Equity Shares	Rs.10/- each	Rs.7230.800 Million

Notes:

The Corporation has only one class of shares namely equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. 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.

The Corporation declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the period ended 31st March 2015, proposed dividend per share is Rs. 22.50 (previous year Rs. 17). The total dividend appropriation for the year ended 31st March 2015 amounted to Rs. 19212.100 Million (previous year Rs. 14258.200 Million) including Corporate Dividend Tax of Rs. 2942.700 Million (previous year Rs. 1965.800 Million).

During Financial Year 2012-13, the Corporation had issued Bonus Shares in the ratio of 1:1 by capitalisation of General Reserve. The total number of Bonus Shares issued is 36,15,42,124 equity shares having face value of Rs. 10 each.

Reconciliation of No. of Equity Shares

Particulars	31.03.2015
Opening Balance	72,30,84,248
Shares Issued
--Bonus Shares	---
Shares Bought Back	--
Closing Balance	72,30,84,248

Details of shareholders holding more than 5% shares

Name of shareholders	31.03.2015
	% Holding	No. of shares
Government of India	54.93	39,72,00,120
BPCL Trust for Investment in shares	9.33	6,74,57,474
Life Insurance Corporation of India	3.75	2,70,86,759

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	7230.800	7230.800	7230.800
(b) Reserves & Surplus	217444.000	187356.800	159109.400
(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)	224674.800	194587.600	166340.200
(3) Non-Current Liabilities
(a) long-term borrowings	117370.100	118083.600	55083.700
(b) Deferred tax liabilities (Net)	17082.600	13609.000	16557.200
(c) Other long term liabilities	700.300	607.400	608.200
(d) long-term provisions	11086.000	11573.100	4350.600
Total Non-current Liabilities (3)	146239.000	143873.100	76599.700
(4) Current Liabilities
(a) Short term borrowings	402.700	81837.000	180584.200
(b) Trade payables	122164.100	120387.400	87831.100
(c) Other current liabilities	168052.100	148788.400	135336.200
(d) Short-term provisions	35756.100	31799.400	23182.500
Total Current Liabilities (4)	326375.000	382812.200	426934.000
TOTAL	697288.800	721272.900	669873.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	202260.600	189688.300	166240.300
(ii) Intangible Assets	890.000	706.800	663.800
(iii) Capital work-in-progress	76406.100	30400.300	25.300
(iv) Intangible assets under development	250.700	250.700	24172.100
(b) Non-current Investments	73020.500	72381.000	69421.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40771.700	32666.600	25284.000
(e) Other Non-current assets	834.600	1661.400	169.300
Total Non-Current Assets	394434.200	327755.100	285975.800
(2) Current assets
(a) Current investments	50890.900	46087.900	51609.000
(b) Inventories	144578.500	190711.300	166903.700
(c) Trade receivables	26076.700	40801.600	40251.300
(d) Cash and cash equivalents	13602.000	2037.600	23288.600
(e) Short-term loans and advances	7483.900	6412.300	12449.800
(f) Other current assets	60222.600	107467.100	89395.700
Total Current Assets	302854.600	393517.800	383898.100
TOTAL	697288.800	721272.900	669873.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue From Operations		2380869.000	2600749.900	2401157.500
	Other Income		21999.600	14542.000	16802.300
	TOTAL (A)		2402868.600	2615291.900	2417959.800
Less	EXPENSES
	Cost of Materials Consumed		944243.900	1091974.300	974894.900
	Purchases of Stock-in-Trade		1170517.100	1308978.700	1258196.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		45133.200	(20303.000)	(14717.900)
	Employees benefits expense		20856.000	28963.500	27688.700
	Other expenses		116972.100	110129.600	94027.800
	TOTAL (B)		2297722.300	2519743.100	2340089.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		105146.300	95548.800	77870.300
Less	INTEREST (D)		5831.000	13590.800	18252.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		99315.300	81958.000	59617.900
Less	DEPRECIATION/ AMORTISATION (F)		25160.200	22468.200	19261.000
	PROFIT BEFORE TAX (E-F) (G)		74155.100	59489.800	40356.900
Less	TAX (H)		23310.000	18881.000	13927.900
	PROFIT AFTER TAX (G-H) (I)		50845.100	40608.800	26429.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5000.000	5000.000	5000.000
Less	APPROPRIATIONS
		Proposed dividend	16269.400	12292.400	7953.900
		Corporate Dividend Tax on proposed dividend	2942.700	1965.800	1274.700
		Transfer to Debenture Redemption Reserve	1943.500	1968.400	0.000
		Transfer to General Reserve	29689.500	24382.200	17200.400
	BALANCE CARRIED TO THE B/S		5000.000	5000.000	5000.000
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	123642.700	191220.600	184556.100
	TOTAL EARNINGS		123642.700	191220.600	184556.100
	IMPORTS
		Raw Materials (including Crude Oil)	721394.900	852219.600	763913.300
		Capital goods	4327.500	2688.400	2667.200
		Components and spare parts (including packages, chemicals and catalysts)	772.800	1248.300	1523.500
	TOTAL IMPORTS		726495.200	1704564.300	768104.000
	Earnings Per Share (Rs.)		70.32	56.16	36.55

CURRENT MATURITIES OF LONG TERM BORROWINGS DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of long-term borrowings	13203.200	3295.000	2722.500
Cash generated from Operations	205141.900	101445.600	61269.600
Net Cash from / (used in) Operating Activities	181944.100	84041.000	54804.500

QUARTERLY RESULTS

PARTICULARS	30.06.2015 (Unaudited)
Audited / Unaudited	1^st Quarter
Net Sales	519660.700
Total Expenditure	481480.700
PBIDT (Excl OI)	38180.000
Other Income	3300.500
Operating Profit	41480.500
Interest	1147.200
Exceptional Items	0.000
PBDT	40333.300
Depreciation	5371.700
Profit Before Tax	34961.600
Tax	11200.000
Provisions and contingencies	0.000
Profit After Tax	23761.600
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	23761.600

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.14	1.56	1.10
Operating Profit Margin (PBIDT/Sales)	(%)	4.42	3.67	3.24
Return on Total Assets (PBT/Total Assets}	(%)	13.54	9.62	7.00
Return on Investment (ROI) (PBT/Networth)		0.33	0.31	0.24
Debt Equity Ratio (Total Debt /Networth)		0.58	1.04	1.43
Current Ratio (Current Asset/Current Liability)		0.93	1.03	0.90

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.861.90/-

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	7230.800	7230.800	7230.800
Reserves & Surplus	159109.400	187356.800	217444.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	166340.200	194587.600	224674.800
long-term borrowings	55083.700	118083.600	117370.100
Short term borrowings	180584.200	81837.000	402.700
Current maturities of long-term borrowings	2722.500	3295.000	13203.200
Total borrowings	238390.400	203215.600	130976.000
Debt/Equity ratio	1.433	1.044	0.583

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	2401157.500	2600749.900	2380869.000
		8.312	(8.455)

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	2401157.500	2600749.900	2380869.000
Profit	26429.000	40608.800	50845.100
	1.10%	1.56%	2.14%

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	No
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

LITIGATION DETAILS
Bench:- Bombay Presentation Date :- 24.09.2013
Lodging No:-	ITXAL/1554/2013	Failing Date:-	24.09.2013		Reg. No.:-	ITXA/353/2014		Reg. Date:-	20.02.2014
Petitioner:-	COMMISSIONER OF INCOME TAX - 2		Respondent:-		BHARAT PETROLEUM CORPORATION LIMITED
Petn.Adv:-	SURESH KUMAR
District:-	MUMBAI
Bench:-	DIVISION		Category:-		TAX APPEALS
Status:-	Pre – Admission		Stage:-		FOR REJECTION [ ORIGINAL SIDE MATTERS
Next Date:-	25.06.2014
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act:-	Income Tax Act, 1961			Under Section:-			260 A

COMPANY PERFORMANCE

During the year 2014-15, the crude throughput achieved by BPCL’s refineries at Mumbai and Kochi was 23.36 MMT, as against 23.35 MMT recorded in 2013-14. The market sales of the Company increased to 34.45 MMT in 2014-15, from 34.00 MMT in 2013-14, thus registering a growth of 1.32%. BPCL’s Gross Revenue from Operations for 2014-15 was Rs. 2532548.600 Million, 6.57% lower than the previous year’s revenues of Rs. 2710518.100 Million. The Profit before Tax generated for the year was Rs. 74155.100 Million, as against Rs. 59489.800 Million in 2013-14. The Profit after Tax for the year stood at Rs. 50845.100 Million, as against Rs. 40608.800 Million recorded in 2013-14, after providing for tax, (including deferred tax) of Rs. 23310.000 Million, as compared to Rs. 18881.000 Million during the last year. This is the first time in the history of the Company that the net profit has exceeded Rs. 50000.000 Million in a single financial year.

The earnings per share achieved in 2014-15 was Rs. 70.32, as compared to Rs. 56.16 in 2013-14. Internal cash generation during the year was higher at Rs. 59891.800 Million, 30% more than the level of Rs. 45856.400 Million in 2013-14. BPCL’s contribution to the exchequer by way of taxes and duties during 2014-15 stood at Rs. 511217.700 Million, as against Rs. 436022.200 Million in the previous financial year.

BPCL’s net worth as on 31st March, 2015 was Rs. 224674.800 Million, as compared to Rs. 194587.600 Million at the end of the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC DEVELOPMENTS : SUSTAINING GROWTH, BUILDING RESILIENCE

The recent months have been extremely eventful for the global economy. While the growth prospects for advanced economies appear promising, emerging economies are expected to grow more modestly than they did in the past. The sharp decline in oil prices, a dramatic increase in the value of the dollar, a slowdown in China, uncertainty in Europe heightened by the Greece crisis, and anticipation of a shift in US monetary policy have all contributed significantly in shaping the world business landscape. The exchange rate volatility in favour of the US dollar has further aggravated the diverging performances observed in several economies.

The US economy continues to exhibit a strong growth path. The impressive recovery of the US job market, and increase in consumer spending and business investment have further boosted the economy.

Europe is at last stepping up, though financial instability emanating from troubles in Greece is an area of grave concern. Growth in the Eurozone is reviving primarily on account of declining oil prices, more aggressive monetary policy, and better credit market conditions. Again, like in the US, the upsurge in consumer spending is what has contributed immensely to this revival, especially in countries such as Germany, Spain, Portugal and Ireland.

Growth in China is decelerating, but the government is proactively attempting to correct the situation, mainly through easing of the monetary policy to accelerate credit expansion, though this runs the risk of further aggravating the imbalances in the Chinese economy.

As the Japanese economy emerges from recession caused by an ill timed tax increase, it is the aggressive monetary policy that has aided the country. Even though the recovery is feeble, and investment continues to decline, the increasing wages are expected to enhance consumer spending that bodes well for the overall recovery.

While the declining oil prices have proved beneficial to many countries, Russia has been badly hit. This along with the sanctions imposed by the West, has led to higher inflation levels, declining foreign currency reserves, weakening currency, deteriorating economic activity, and a increased volume of external corporate debt in the country.

Another troubled economy hit by the declining commodity prices, a weakening currency, high inflation, tight monetary policy, and a strong possibility of a new round of recession is Brazil. The Brazilian government has the onerous task of bailing out the economy through prudent fiscal measures.

The Indian economy is being looked at with great optimism by the investors mainly due to the intensive government efforts through various economic and social reforms and enhanced consumption levels. The renewed vibrancy of the Indian economy augurs well for the growth of the world’s largest democracy. India will start reaping the benefits of a demographic dividend in the coming years, with more than 50% of its population below the age of 25 years and more than 65% below the age of 35 years. By 2020, the average age in India will be 29 years, much lower than other emerging economies. India’s youth is fast moving into the working population and it is expected that 55% of the population will become part of the labour force by 2020. This will further be augmented by the steady increase in urban population and the radical increase in middle class households to almost 70%, together with an increase of average household income by almost 3 times over the next decade. Consumption expenditure is also expected to be 2.5 times more by 2020. India is expected to be leading the BRIC countries in terms of the rate of growth of the Gross Domestic Product (GDP) by 2017.

The most significant change of the Indian economy in recent months is the revision in the methodology of computing GDP estimates, from “GDP at Factor Cost” to “GDP at Market Prices.” Further, the CPI base has also been changed from 2010 to 2012. These have resulted in higher GDP numbers, lower inflation trends, easing commodity prices and a positive economic outlook. Growth in 2014-15 is estimated to be about 7.4%, with a 17% share of the manufacturing sector, 30% share of the mining sector and 51% share of the service sector. Further, the Reserve Bank of India (RBI) expects the inflation (Consumer Price Index) to hover around 5.5%, and remain within 6% in the coming months.

RBI tightened the monetary policy during the past year to ensure demand pressures are contained. This also helped keep the volatility of the rupee under check, thus ensuring that inflation was controlled. Once inflationary pressures eased, the repo rates were reduced by 25 basis points to 7.75% in January 2015, followed by a decrease in statutory liquidity ratio by 50 basis points to 21.5%. Thus, while the Indian economy experienced a firm monetary policy for most part of the year, in the last quarter, RBI relaxed the same to maintain equilibrium.

Economic indicators such as fiscal deficit and current account deficit reflect a robust recovery in the performance of the Indian economy. The fiscal deficit is estimated to be around 4% of GDP in 2014-15, primarily due to a sharp fall in crude prices that have reduced the Government’s subsidy burden. In addition, the increase in the rates of excise duty on petroleum products like Motor Spirit (MS) and High Speed Diesel (HSD) has increased Government revenue. The current account deficit is also expected to be lower at around 1.5% of GDP, the lowest since 2007-08.

The Indian rupee performed extremely well in 2014-15. While it was one of the worst performing currencies in 2013-14, it bounced back remarkably in 2014-15. The USD gained substantially against most global currencies; however, the INR declined only 4.3% against the Dollar.

Improved economic sentiments helped the Indian stock market outperform most global markets. A stable government, strong policy initiatives, coupled with increased global liquidity were the principal reasons for increase in capital inflows that led to a sharp increase in the Sensex by approximately 40% in the past year with the index crossing the 29,000 level for the first time in January 2015.

However, there are still some concerns that need to be addressed. Domestic demand still remains weak, even though growth in private consumption and government expenditure supported it to some extent. The poor performance of the manufacturing sector, disappointing export growth, pace and quality of fiscal consolidation, low tax collection growth and slow pace of disinvestment have further aggravated the economic situation and need to be dealt with on priority.

OUTLOOK

2014-15 has been an eventful year for India. The recovery in growth, controlled levels of inflation, reduction in interest rates, easing monetary policy, and a general economic well-being have provided an immense boost to India’s performance. Further, the Indian rupee has been able to withstand the pressures of the fluctuations in the market and has emerged as one of the strongest currencies against the US dollar.

While the outlook for India and the Indian petroleum industry is expected to be positive, there are certain risks and concerns that need to be acknowledged and incorporated in their contingency plans.

The crude oil price volatility that the world witnessed during 2014-15 has been felt in India too. India being a large importer of crude oil, the decline in prices since June 2014 has been a favourable external shock. Crude oil prices

impact economic activity in several ways. For India, it could mean higher real incomes for consumers, lower input cost boosting corporate profitability, lower current account deficit, lower subsidy burden and overall improved market sentiment. However, for an oil and refining company, it also signifies tremendous inventory losses. A falling trend in crude oil prices, without a commensurate increase in demand, would adversely affect the profitability of oil companies. BPCL has suffered a loss of approximately Rs. 3,000 Million in 2014-15 due to the sharp fall in crude oil prices during the year. Further, the returns on upstream investments planned, based on higher crude oil prices, will also need to be reviewed.

In the coming years, BPCL hopes to invest heavily in infrastructure related projects with the spends likely to be much in excess of amounts spent in the past few years. This is expected to take the Company to a higher growth path. Arranging for the requisite funds at an optimum cost is a challenge that the Company will have to deal with. This will further be augmented by the need to ensure timely completion of projects within budgeted costs. Any cost or time overruns may prove to be detrimental to the interests of the Company.

Deregulation of diesel has had its implications on the market share of the existing players. Though the private entities are still to gain a substantial market share, it is imperative to recognize their presence and frame plans accordingly. Aggressive marketing strategies, uninterrupted product security, robust logistics plans and competitive pricing will be the key ingredients for competing at the marketplace.

India being an LPG deficit nation, imports of LPG are now on the rise. BPCL imports more than 40% of LPG volumes. With a substantial increase in new connections and double bottle connections, the requirement of LPG is increasing. Further, the government has propagated universal accessibility of clean cooking fuel, implying at least 85% penetration of LPG in the country, with special emphasis on the eastern and north-eastern regions. This will have a direct impact on the LPG volumes imported. There is great concern on the availability of LPG in the right quantity, of the right quality, at the right time and at the right price to ensure uninterrupted supplies in the marketplace.

Safety continues to be high on their radar. Owing to the hazardous nature of petroleum products, safety in operations, storage, logistics and delivery is of utmost significance. While this is one area where any amount of preparation may prove to be insufficient, continuous focus to incorporate safety in the DNA of the organization is extremely crucial. BPCL is proactively engaged in building a comprehensive safety management framework that will include safety in all aspects and all levels of BPCL as a core business value, to meet stakeholder expectations and integrate best practices in the oil and gas sector.

The Oil PSUs continue to receive the under-recovery compensation within the stipulated timelines. Conscious steps are being taken to enhance the infrastructure issues being faced today, with heavy investments in refining and marketing infrastructure. Crude oil and LPG imports are carefully planned to ensure timely receipts of parcels with minimal disruptions to production and marketing. The safety drive undertaken by the Company focuses on “Safety First and Safety Must.” Aware of the multifarious challenges of a dynamic environment, BPCL is getting future ready and has implemented a slew of initiatives to continue on its growth trajectory. These steps will help mitigate the risks and concerns that have been enumerated above.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From banks Foreign Currency Loans - Syndicated	56331.700	66109.800
From Others Bonds
4.625% US Dollar International Bonds 2022	31295.400	30049.900
3% Swiss Franc International Bonds 2019	12933.000	13503.900
Term Loan Loan from Oil Industry Development Board	735.000	1420.000
Short-term borrowings
Loans repayable on demand
From banks Foreign Currency Loans	0.000	53585.400
Total	101295.100	164669.000

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
In respect of Income Tax matters	806.800	841.300
Other Matters :
i)Claims against the Corporation not acknowledged as debts * :
Excise, Service Tax and Customs matters	10931.300	11461.200
Sales tax matters	65264.300	31917.700
Land Acquisition cases for higher compensation	1210.500	1398.700
Others	4414.200	3990.200
ii)Claims on account of wages, bonus/ex-gratia payments in respect of pending court cases.	159.500	132.800
iii)Guarantees given on behalf of Subsidiaries/JV's	26980.400	26610.600
* These include Rs. 41638.900 Million (previous year Rs. 10656.000 Million) against which the Corporation has a recourse for recovery and Rs. 499.300 Million (previous year Rs. 755.500 Million) which are on capital account.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493295	11/04/2014	8,880,000,000.00	OIL INDUSTRY DEVELOPMENT BOARD	301, WORLD TRADE CENTRE, BABAR ROAD, NEW DELHI - 110001, INDIA	C04233615
2	10400513	05/01/2013	7,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B67010710
3	10079177	03/08/2009 *	100,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI, MAHA  RASHTRA - 400021, INDIA	A66875428
4	90164106	30/01/2001	4,000,000,000.00	STATE BANK OF INDIA	VOLTAS HOUSE; 23; J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	-
5	90165239	03/10/1997	2,468,000,000.00	STATE BANK OF INDIA	SERCURITIES AND SERVICES DIVISION, MUMBAI MAIN BR  ANCH; STATE BANK BUILDING; M.S. MARG, MUMBAI - 400023, MAHARASHTRA, INDIA	-
6	90162015	27/02/2009 *	100,000,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA	A58670241

* Date of charge modification

STANDALONE UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED

AS ON 30.06.2015

(Rs. In Million)

Particulars		3 Months Ended
		30.06.2015 UNAUDITED
A.	Physical Performance
1.	Crude Throughput (MMT)	6.07
2.	Market Sales (MMT)	9.00
3.	Sales Growth (%)	(1.10)
4.	Export Sales (MMT)	0.27
B.	Financial Performance
1.	Income from Operations
a) Net Sales/Income from Operations (Net of excise duty)		519166.900
b) Other Operating Income		493.800
Total income from operations (net)		519660.700
2.	Expenses
a) Cost of materials consumed		188112.700
b) Purchase of stock-in-trade		261679.200
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(4322.200)
d) Employee benefits expenses		6957.600
e) Depreciation and amortisation expenses		5371.700
f) Other expenses		29053.400
Total expenses		486852.400
3.	Profit / (Loss)from Operations before other income, finance cost & Exceptional Items (1-2)	32808.300
4.	Other Income	3300.500
5.	Profit/ (Loss) from ordinary activities before finance cost & Exceptional Items (3+4)	36108.800
6.	Finance Cost	1147.200
7.	Profit / (Loss) from ordinary activities after finance cost but before Exceptional Items (5-6)	34961.600
8.	Exceptional Items	0.000
9.	Profit / (Loss) from ordinary activities before tax (7+8)	34961.600
10.	Tax expense	11200.000
11.	Net Profit /(Loss) from Ordinary Activities after tax (9-10)	23761.600
12.	Extraordinary Items (net of tax expense)	--
13.	Net Profit / (Loss) for the period (11-12)	23761.600
4.	Paid-up equity share capital (face value of ? 10 per share)	7230.800
15.	Reserve excluding Revaluation Reserves as per balance sheet
16.	Earnings Per Share (EPS)
a) Basic and diluted EPS before Extraordinary items – Rs.		32.86
b) Basic and diluted EPS after Extraordinary items - Rs.		32.86
17.	Debt Service Coverage Ratio	--
18.	Interest Service Coverage Ratio	--
A.	PARTICULARS OF SHAREHOLDING
1.	Public shareholding
- Number of shares *		325884128
- Percentage of shareholding		45.07
* includes shares held by BPCL trust
2.	Promoters and Promoter group Shareholding
a) Pledged/Encumbered		NIL
b) Non-encumbered
- Number of shares		397200120
- Percentage of shares (as a % of total shareholding of Promoter and Promoters group)		100.00
- Percentage of shares (as a % of total share capital of the company)		54.93

Particulars	3 months ended 30.06.2015
B. Investor Complaints
Pending at the beginning of the quarter	1
Receiving during the quarter	3
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	Nil

NOTE :

1. The market sales for the quarter ended June 30, 2015 was lower at 9.00 MMT when compared to 9.10 MMT achieved during the corresponding period of previous year. Decrease is mainly in HSD - Retail (-2.52%) and Naphtha (-91.76%) partly offset by increase in MS - Retail (9.92%) and LPG (10.94%).

2. The Average Gross Refining Margin (GRM) during the quarter ended June 30, 2015 is USD 8.55 per barrel (April-June 2014: USD 3.38 per barrel).

3. As advised by the Ministry of Petroleum and Natural Gas, the Corporation has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products as follows:

a) Rs. 2033.300 Million for the current quarter (April - June 2014: Rs. 38305.600 Million) discount on crude oil / products purchased from ONGC / GAIL / NRL which has been adjusted against purchase cost. 

b) Rs. 4040.200 Million compensation advised by the Government of India by way of subsidy for the current quarter (April - June 2014: Rs. 24079.600 Million) under Net Sales/ Income from Operations, The net under-recovery absorbed by the corporation is Rs. Nil during April-June 2015 (April - June 2014: Rs. 5038.700 Million) on sale of sensitive petroleum products.

4. Other expenses for the quarter ended June 30, 2015 includes Rs. 478.000 Million towards loss on account of foreign currency transactions and translations. During the quarter ended June 30, 2014, Other Income includes Rs. 5872.200 Million towards gain on account of foreign currency transactions and translations.

5. Pursuant to notification dated August 29, 2014 issued by the Ministry of Corporate Affairs, the Corporation has complied with the requirements of paragraph 4(a) of Notes to Schedule II of the Companies Act, 2013 relating to Componentisation in the current quarter. This has resulted in higher depreciation of Rs.1636.100 Million in the current quarter.

6. The Corporation operates in a single segment viz. downstream petroleum sector. As such reporting is done on single segment basis.

7. Figures relating to corresponding periods of the previous year/quarter have been regrouped wherever necessary.

8. Figures for the quarter ended March 31, 2015 are the balancing figures between published audited figures in respect of the full financial year ended March 31, 2015 and the published unaudited figures for the nine months ended December 31, 2014.

9. The Auditors have completed limited review of the financial results of the Corporation for the quarter ended June 30, 2015. Further, the above results have been reviewed and recommended by the Audit Committee at its meeting held on August 14, 2015 before submission to the Board.

10. The Audited Accounts for the year ended March 31, 2015 have been reviewed by the Comptroller and Auditor General of India under Section 143(6) of the Companies Act,2013. The Comptroller and Auditor General of India under Section 143(6)(b) of the Companies Act,2013 have no comments upon or supplement to the Auditors' Report on the accounts.

The above un- audited results of Bharat Petroleum Corporation Limited for the quarter ended June 30, 2015 have been approved by the Board at its meeting held on August 14, 2015.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Railway Sidings

· Plant and Machinery

· Tanks and Pipelines

· Furniture and Fittings

· Vehicles

· Dispensing Pumps

· LPG Cylinders and Allied Equipment

· Sundries

· Intangible Assets

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.100.88
Euro	1	Rs.73.96

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		82

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

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

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

RATING EXPLANATIONS

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

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