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|
MIRA INFORM REPORT
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Report No. : |
489750 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
OIL AND NATURAL
GAS CORPORATION LIMITED |
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Registered
Office : |
‘Pandit Deendayal Upadhyaya Urja Bhawan’ Plot No. 5A-5B, Nelson Mandela Marg, Vasant Kunj, New Delhi-110070 |
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Tel. No.: |
91-11-26754073 / 79 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
23.06.1993 |
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Com. Reg. No.: |
55-054155 |
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Capital
Investment / Paid-up Capital : |
INR 64166.320 Million |
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CIN No.: [Company Identification
No.] |
L74899DL1993GOI054155 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACO1598A |
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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
: |
The Company is engaged in exploration, development and production of crude oil, natural gas and value added products. [Registered Activity] |
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No. of Employees
: |
33660 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 5301100000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is India’s largest exploration and production company and is present across the Hydrocarbon value chain. The company undertakes exploration and production activities in 16 other countries through its wholly owned subsidiaries of “ONGC Videsh Limited (OVL). Subject is old and well established company having excellent track record. For the financial year 2017, there has been slight increase in its revenue by 0.21% along with fair profit margin of 22.98%. The robust financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to debt free balance sheet profile. Rating takes into consideration equity infused by its promoters. The rating also takes into consideration strong financial and managerial support that receive from its holding back entity and its well experience management team. Rating also derives strength from company’s established track record of business and majority ownership by the Government of India (GOI) and Strategic importance of the company to GOI along with experienced and professional management. The company has its share price trading at around INR.190.50 against the Face Value of (FV) INR 05 on BSE as on 5th February, 2018. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for good business dealings at usual trade terms and conditions. Note: The correct name of the company is “Oil and Natural Gas Corporation Limited”. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 08.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Vinay |
|
Designation : |
Assistant Manager |
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Contact No.: |
91-884-2374100 |
|
Date : |
05.02.2018 |
Number is continuously ringing (Tel. No.:91-11-26754073)
LOCATIONS
|
Registered Office : |
‘Pandit Deendayal Upadhyaya Urja Bhawan’ Plot No. 5A-5B, Nelson Mandela Marg, Vasant Kunj, New Delhi-110070, India |
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Tel. No.: |
91-11-26752021 / 26122148 |
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Fax No.: |
91-11-26129091 |
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E-Mail : |
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Website : |
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Corporate Office : |
Tel Bhavan, Dehradun – 248003, Uttarakhand, India |
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Kakinada Office : |
Kakinada Asset (Eastern Offshore Asset),ONCG, EOA, 3rd Floor South Block, Subhadra Arcade, Bhanugudi, Kakinada Junction, Kakinada-533003, Andhra Pradesh, India |
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Tel. No.: |
91-884-2374100 |
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Fax No.: |
91-884-2374104 |
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Plants: |
Located at:
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Regional Offices: |
Located at: · Kolkata · Navi Mumbai · Chennai |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Dinesh Kumar Sarraf |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Shashi Shanker |
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Designation : |
Managing Director |
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Address : |
House No.5 , Anandlok, 2nd Floor August Kranti Marg, New Delhi-110049, India |
|
Date of Appointment : |
01.12.2012 |
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DIN No.: |
06447938 |
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Name : |
Mr. Tapas Kumar Sengupta |
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Designation : |
Whole-time Director |
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Name : |
Mr. Desh Deepak Misra |
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Designation : |
Whole-time Director |
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Address : |
C-806, Nikka Singh Block, Asiad Village Complex, New Delhi-110049, India |
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Date of Appointment : |
01.08.2014 |
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DIN No.: |
06926783 |
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Name : |
Mr. Ajay Kumar Dwivedi |
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Designation : |
Whole-time Director |
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Address : |
D-1/41, ONGC Colony, Bandra Reclamation, Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Appointment : |
16.03.2015 |
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DIN No.: |
07048874 |
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Name : |
Mr. Adapa Krishnarao Srinivasan |
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Designation : |
Whole-time Director |
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Name : |
Mr. Ved Prakash Mahawar |
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Designation : |
Whole-time Director |
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Address : |
6, Devrath Bunglows, New C G Road, Chandkheda, Ahmedabad-382424, Gujarat, India |
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Date of Appointment : |
01.08.2015 |
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DIN No.: |
07208090 |
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Name : |
Mr. Kodundhirapully Madhavan Padmanabhan |
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Designation : |
Director |
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Address : |
F2, Kanakadhara's Lakshmi Castle, No 37/14, Chari Street, T Nagar, Chennai- 600017, Tamilnadu, India |
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Date of Birth/Age : |
61 Years |
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Date of Appointment : |
20.11.2015 |
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DIN No.: |
00254109 |
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Name : |
Mr. Shireesh Balwant Kedare |
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Designation : |
Director |
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Address : |
1204, Matoshrees Pearl, 232 Sitaram Keer Marg Off. L. J. Road, Mahim (West), Mumbai-400016, Maharashtra, India |
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Date of Birth/Age : |
54 Years |
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Date of Appointment : |
20.11.2015 |
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DIN No.: |
01565171 |
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|
|
|
Name : |
Mr. Amar Nath |
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Designation : |
Director |
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Address : |
Lakshadweep, Government House Kavaratti, Island 682555 |
|
Date of Birth/Age : |
52 Years |
|
Date of Appointment : |
28.06.2016 |
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DIN No.: |
05130108 |
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Name : |
Mr. Ajai Malhotra |
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Designation : |
Director |
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Address : |
602 B, The Laburnum, Sector-28, Gurugram-122002, Haryana, India |
|
Date of Appointment : |
20.11.2015 |
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DIN No.: |
07361375 |
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|
Name : |
Mr. Santrupt Misra |
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Designation : |
Additional Director |
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Address : |
3101, 31 Zahra Tower, Dr. Moses Road, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
53 Years |
|
Date of Appointment : |
06.02.2017 |
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DIN No.: |
00013625 |
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|
Name : |
Mr. Rajiv Bansal |
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Designation : |
Nominee Director |
|
Address : |
B 3/14, Safdarjang Enclave, New Delhi-110029, India |
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Date of Appointment : |
10.08.2017 |
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DIN No.: |
00245460 |
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|
Name : |
Mr. Sumit Bose |
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Designation : |
Director |
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Address : |
Flat No.902, Tower 21, Common Wealth Games Village, Near Akshardham, Laxmi Nagar, Delhi-110092, India |
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Date of Birth/Age : |
63 Years |
|
Date of Appointment : |
31.01.2017 |
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DIN No.: |
03340616 |
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Name : |
Mr. Vivek Mallya |
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Designation : |
Director |
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Address : |
21, LIC Model Housing Society, Basaveshwanagar, Bangalore-560079, Karnataka, India |
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Date of Birth/Age : |
43 Years |
|
Date of Appointment : |
31.01.2017 |
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DIN No.: |
05311763 |
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Name : |
Mr. Deepak Sethi |
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Designation : |
Additional Director |
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Address : |
E-201, Ashiana Greenwoods, Jagatpura, Jaipur-302017, Rajasthan, India |
|
Date of Birth/Age : |
60 Years |
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Date of Appointment : |
31.01.2017 |
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DIN No.: |
07729009 |
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Name : |
Ms. Sambit Patra |
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Designation : |
Additional Director |
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Address : |
Doctors Flat No. 20, Hindu Rao Hospital, Delhi-110007, India |
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Date of Appointment : |
28.10.2017 |
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DIN No.: |
03029242 |
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Name : |
Ms. Ganga Murthy |
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Designation : |
Additional Director |
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Address : |
106, Suruchi Co-Operative Group Housing Society Plot No. 31, Sector-10, Dwarka Sector – 6, New Delhi-110075, India |
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Date of Appointment : |
23.09.2017 |
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DIN No.: |
07943103 |
KEY EXECUTIVES
|
Name : |
Mr. Adapa Krishnarao Srinivasan |
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Designation : |
Company Finance Officer (KMP) |
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Address : |
B-44, Chhota Singh Block, Asian Games Village Complex, Khelgaon, New Delhi- 110049, India |
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Date of Appointment : |
28.05.2015 |
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PAN No.: |
AZWPS4271L |
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Name : |
Mr. Morur Elayappan Vadivel Selvamm |
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Designation : |
Company Secretary |
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Address : |
D. No: 5, Right House Mullai Nagar, P.N. Pudur, Coimbatore-641041, Tamilnadu, India |
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Date of Appointment : |
01.06.2017 |
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PAN No.: |
AMQPS4170H |
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|
Name : |
Mr. Vinay |
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Designation : |
Assistant Manager |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
8690032256 |
67.72 |
|
|
(B) Public |
4143202924 |
32.28 |
|
|
Grand Total |
12833235180 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Central Government/ State Government(s) |
8690032256 |
67.72 |
|
|
PRESIDENT OF INDIA |
8690032256 |
67.72 |
|
|
Sub Total A1 |
8690032256 |
67.72 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8690032256 |
67.72 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
338206845 |
2.64 |
|
|
ICICI Prudential Value Fund Series 8 |
146393742 |
1.14 |
|
|
Foreign Portfolio Investors |
662198575 |
5.16 |
|
|
Financial Institutions/ Banks |
124572980 |
0.97 |
|
|
Insurance Companies |
1242225257 |
9.68 |
|
|
Life Insurance Corporation Of India |
1184459043 |
9.23 |
|
|
Any Other (specify) |
1800 |
0.00 |
|
|
Sub Total B1 |
2367205457 |
18.45 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 million |
231182579 |
1.80 |
|
|
Individual share capital in excess of INR 0.200 million |
21410190 |
0.17 |
|
|
NBFCs registered with RBI |
240264 |
0.00 |
|
|
Any Other (specify) |
1523164434 |
11.87 |
|
|
Gail (India) Limited |
308401602 |
2.40 |
|
|
Indian Oil Corporation Limited |
986885142 |
7.69 |
|
|
Sub Total B3 |
1775997467 |
13.84 |
|
|
B=B1+B2+B3 |
4143202924 |
32.28 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in exploration, development and production of crude oil, natural gas and value added products. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
33660 (Approximately) |
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Bankers : |
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Statutory Auditors
: |
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Cost Auditors : |
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Secretarial Auditor
: |
P P Agarwal and Company, New Delhi |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates Companies : |
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Subsidiaries
Companies : |
CIN No.: U74899DL1965GOI004343
CIN No.: L85110KA1988GOI008959
CIN No.: U40107KA2006PLC041258 |
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Joint Ventures : |
CIN No.: U23209GJ2006PLC060282
CIN No.: U40101TR2004PLC007544
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Trusts (including
post retirement employee benefit trust) wherein ONGC having control : |
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CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000000 |
Equity Shares |
INR 5/- each |
INR 150000.000 Million |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12833273124 |
Equity Shares |
INR 5/- each |
INR 64166.370 Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12833235180 |
Equity Shares |
INR 5/- each |
INR
64166.170 Million |
|
|
Add: Shares forfeited |
|
INR 0.150 Million |
|
|
Total |
|
INR 64166.320 Million |
a) Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting
period:
|
Equity Shares |
INR
in Million |
|
Shares outstanding at the beginning of the year |
12833.240 |
|
Shares issued during the year |
-- |
|
Shares outstanding at the end of the year |
12833.240 |
b) Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of INR 5 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Pursuant to the approval of the shareholders accorded by postal ballot on December 12, 2016 record date for ascertaining the eligibility of the shareholders for receiving the bonus shares was fixed on December 16, 2016. Accordingly, the Company has allotted 4277745060 number of fully paid Bonus shares on December 18, 2016 in the ratio of one equity share of INR 5 each fully paid up for every two existing equity shares of INR 5 each fully paid up.
d) Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
INR
in Million |
% holding |
|
President of India |
8735.650 |
68.07% |
|
Life Insurance Corporation of India |
1152.810 |
8.98% |
|
Indian Oil Corporation Limited |
986.890 |
7.69% |
|
Total |
10875.350 |
84.74% |
e) 18972 equity shares of INR 10 each (equivalent to 37944 equity shares of INR 5 each) were forfeited in the year 2006-07 against which amount originally paid up was INR 0.150 million.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
64166.320 |
42777.600 |
42777.600 |
|
(b) Reserves &
Surplus |
1791217.480 |
1614969.160 |
1403232.150 |
|
(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) |
1855383.800 |
1657746.760 |
1446009.750 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
221632.120 |
192972.770 |
177331.540 |
|
(c) Other long term
liabilities |
10291.450 |
2423.650 |
639.510 |
|
(d) long-term provisions |
192852.900 |
186843.830 |
253632.120 |
|
Total Non-current
Liabilities (3) |
424776.470 |
382240.250 |
431603.170 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
13930.000 |
|
(b) Trade payables |
51548.430 |
51264.490 |
55611.270 |
|
(c) Other current
liabilities |
119458.480 |
120473.670 |
112867.170 |
|
(d) Short-term provisions |
21327.750 |
7043.320 |
20777.450 |
|
Total Current Liabilities
(4) |
192334.660 |
178781.480 |
203185.890 |
|
|
|
|
|
|
TOTAL |
2472494.930 |
2218768.490 |
2080798.810 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1047187.050 |
942125.350 |
981321.530 |
|
(ii) Intangible Assets |
883.430 |
665.400 |
696.040 |
|
(iii) Capital
work-in-progress |
157828.080 |
166711.920 |
162856.870 |
|
(iv) Intangible assets
under development |
191730.890 |
172246.110 |
122935.000 |
|
(b) Non-current
Investments |
505154.210 |
368277.930 |
181242.830 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28071.100 |
41487.610 |
194708.200 |
|
(e) Other Non-current
assets |
242567.350 |
219498.580 |
135405.800 |
|
Total Non-Current Assets |
2173422.110 |
1911012.900 |
1779166.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
36343.290 |
30032.380 |
0.000 |
|
(b) Inventories |
61653.170 |
56255.670 |
59622.950 |
|
(c) Trade receivables |
64762.060 |
54314.230 |
135782.740 |
|
(d) Cash and cash
equivalents |
95107.840 |
99566.440 |
27600.680 |
|
(e) Short-term loans and
advances |
14269.470 |
10272.080 |
69476.770 |
|
(f) Other current assets |
26936.990 |
57314.790 |
9149.400 |
|
Total Current Assets |
299072.820 |
307755.590 |
301632.540 |
|
|
|
|
|
|
TOTAL |
2472494.930 |
2218768.490 |
2080798.810 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
779077.300 |
777417.530 |
828709.610 |
|
|
Other Income |
75481.250 |
70093.530 |
53665.670 |
|
|
TOTAL |
854558.550 |
847511.060 |
882375.280 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
26.010 |
71.510 |
44.110 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1328.410) |
351.620 |
(1674.290) |
|
|
Exceptional items |
0.000 |
32265.850 |
0.000 |
|
|
Other expenses |
469593.060 |
454593.090 |
503842.120 |
|
|
TOTAL |
468290.660 |
487282.070 |
502211.940 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
386267.890 |
360228.990 |
380163.340 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
12217.380 |
13241.310 |
27.870 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
374050.510 |
346987.680 |
380135.470 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
121895.380 |
110999.240 |
114583.120 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
252155.130 |
235988.440 |
265552.350 |
|
|
|
|
|
|
|
Less |
TAX |
73155.360 |
74589.120 |
88222.810 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
178999.770 |
161399.320 |
177329.540 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
30556.660 |
216331.010 |
50153.480 |
|
|
Services |
87.940 |
20.960 |
2.430 |
|
|
Others |
84.060 |
29.930 |
72.080 |
|
|
TOTAL EARNINGS |
30728.660 |
216381.900 |
50227.990 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital items |
3353.390 |
3008.890 |
1508.630 |
|
|
Stores and Spare Parts |
18284.110 |
10243.110 |
12268.400 |
|
|
TOTAL IMPORTS |
21637.500 |
13252.000 |
13777.030 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
13.95 |
12.58 |
20.73 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
22173.140 |
9525.130 |
8964.530 |
|
Cash generated from Operations |
386500.730 |
466384.140 |
329614.950 |
|
Net cash generated by operating activities |
327876.550 |
398938.460 |
249638.440 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
|
190735.400 |
189648.500 |
|
Total Expenditure |
|
102501.700 |
98288.100 |
|
PBIDT (Excluding Other Income) |
|
88233.700 |
91360.400 |
|
Other Income |
|
8543.900 |
19314.700 |
|
Operating Profit |
|
96777.600 |
110675.100 |
|
Interest |
|
2769.300 |
3274.400 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
94008.300 |
107400.700 |
|
Depreciation |
|
34630.600 |
35057.800 |
|
Profit Before Tax |
|
59377.700 |
72342.900 |
|
Tax |
|
20530.400 |
21035.500 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
38847.300 |
51307.400 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
38847.300 |
51307.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
30.34 |
25.50 |
59.80 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
12.03 |
14.31 |
6.10 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
723382.43 |
261663.25 |
460170.34 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
6.27 |
6.40 |
6.38 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.28 |
0.28 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.09 |
0.08 |
0.10 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.10 |
0.11 |
0.14 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.75 |
0.77 |
0.88 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
31.62 |
27.20 |
13640.59 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
22.98 |
20.76 |
21.40 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.24 |
7.27 |
8.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.65 |
9.74 |
12.26 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.55 |
1.72 |
1.48 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.23 |
1.41 |
1.19 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.75 |
0.75 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.35 |
0.22 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.55 |
1.72 |
1.48 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 05.00/- |
|
Market Value |
INR 190.50/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
42777.600 |
42777.600 |
64166.320 |
|
Reserves & Surplus |
1403232.150 |
1614969.160 |
1791217.480 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1446009.750 |
1657746.760 |
1855383.800 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
13930.000 |
0.000 |
0.000 |
|
Current Maturities of
Long term debt |
8964.530 |
9525.130 |
22173.140 |
|
Total borrowings |
22894.530 |
9525.130 |
22173.140 |
|
Debt/Equity ratio |
0.016 |
0.006 |
0.012 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
828709.610 |
777417.530 |
779077.300 |
|
|
|
(6.189) |
0.213 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
828709.610 |
777417.530 |
779077.300 |
|
Profit |
177329.540 |
161399.320 |
178999.770 |
|
|
21.40% |
20.76% |
22.98% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
64166.320 |
42777.600 |
|
(b) Reserves &
Surplus |
|
2147728.560 |
1935358.820 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Minority interest |
|
41242.960 |
26518.090 |
|
Total Shareholders’ Funds
(1) + (2) |
|
2253137.840 |
2004654.510 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
456545.490 |
402291.800 |
|
(b) Deferred tax
liabilities (Net) |
|
311020.070 |
281028.290 |
|
(c) Other long term
liabilities |
|
9312.480 |
1770.710 |
|
(d) long-term provisions |
|
229305.460 |
220487.280 |
|
Total Non-current
Liabilities (3) |
|
1006183.500 |
905578.080 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
100273.360 |
43184.720 |
|
(b) Trade payables |
|
143386.250 |
297780.260 |
|
(c) Other current
liabilities |
|
173159.090 |
162349.790 |
|
(d) Short-term provisions |
|
25916.200 |
12308.920 |
|
Total Current Liabilities
(4) |
|
442734.900 |
515623.690 |
|
|
|
|
|
|
TOTAL |
|
3702056.240 |
3425856.280 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1598395.190 |
1508412.360 |
|
(ii) Intangible Assets |
|
143199.410 |
154354.900 |
|
(iii) Capital
work-in-progress |
|
195730.340 |
219044.430 |
|
(iv) Intangible assets
under development |
|
375962.480 |
357640.410 |
|
(b) Non-current
Investments |
|
575253.830 |
303836.120 |
|
(c) Deferred tax assets
(net) |
|
20029.110 |
16571.550 |
|
(d) Long-term Loan and Advances |
|
17969.700 |
21187.740 |
|
(e) Other Non-current
assets |
|
277176.770 |
248479.150 |
|
Total Non-Current Assets |
|
3203716.830 |
2829526.660 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
36343.290 |
30032.380 |
|
(b) Inventories |
|
113640.820 |
99180.680 |
|
(c) Trade receivables |
|
116926.310 |
95012.510 |
|
(d) Cash and cash
equivalents |
|
130136.340 |
246890.440 |
|
(e) Short-term loans and
advances |
|
7445.360 |
3405.580 |
|
(f) Other current assets |
|
93847.290 |
121808.030 |
|
Total Current Assets |
|
498339.410 |
596329.620 |
|
|
|
|
|
|
TOTAL |
|
3702056.240 |
3425856.280 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
1421489.570 |
1356642.140 |
|
|
Other Income |
|
79152.520 |
81447.990 |
|
|
TOTAL |
|
1500642.090 |
1438090.130 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(4550.370) |
7560.230 |
|
|
Employees benefits
expense |
|
0.000 |
0.000 |
|
|
Exceptional items |
|
(5910.130) |
79432.680 |
|
|
Share of profit of
associates |
|
(1782.190) |
(690.240) |
|
|
Share of profit of joint
venture |
|
(8919.440) |
(7967.080) |
|
|
Other expenses |
|
1007514.640 |
957735.630 |
|
|
TOTAL |
|
986352.510 |
1036071.220 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
514289.580 |
402018.910 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
29534.370 |
37655.830 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
484755.210 |
364363.080 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
174354.450 |
163840.590 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
310400.760 |
200522.490 |
|
|
|
|
|
|
|
Less |
TAX |
|
95617.270 |
69506.960 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
214783.490 |
131015.530 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
15.97 |
10.03 |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
Litigations that the firm/promoter
involved in |
No |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company is a public limited company domiciled and incorporated in India having its registered office at Pandit Deendayal Upadhyaya Urja Bhawan, 5, Nelson Mandela Marg, Vasant Kunj, New Delhi – 110070. The Company’s shares are listed and traded on Stock Exchanges in India. The Company is engaged in exploration, development and production of crude oil, natural gas and value added products.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMY
2016 could well turn out to be a pivotal year in terms of effecting significant transformation in the way the world functions – be it the manner in which sovereign governments administer, the priorities of policy formulation and market interventions, the dynamics of regional and international trade partnerships and movement of goods and services or the pace of economic recovery and consolidation in developed markets and the growth trajectory of emerging economies.
The recovery in crude oil prices from their historic lows of early 2016 in the latter half of the year was not readily accompanied by a more enthusiastic outlook on global trade and investment in the longer term as there is a vast amount of uncertainty surrounding the potential implications arising out of the host of developments, most notably UK’s exit from the European Union (‘Brexit’) in June and the result of US elections in November 2016, both signifying a rise in protectionist and nationalistic tendencies around the world.
In terms of growth, there was a palpable shift in gears in the second-half of 2016 with buoyancy in financial markets and a cyclical recovery underway in manufacturing and trade which supported the global GDP growth rate at 3.1% (same as 2015). Further, as per the latest World Economic Outlook of IMF, growth is projected to rise from 3.1% in 2016 to 3.5% in 2017 and 3.6% in 2018.
However, this improved outlook is more of a reflectionof economic stabilization subsequent to consecutive years of stymied economic activity rather than a legitimate signal of a robust and sustained revival of global demand. Concerns on low productivity growth, increasing income inequality, persistent commodity market volatility, unflattering demand uptick and repercussions of China’s transition to a domestic consumption led and service oriented economy from a capital intensive manufacturing hub, among others, will continue to pose interesting questions to sovereigngovernments, leaders and international multilateral agencies in their attempt to explore the possibility of devising an economic roadmap of sustainable growth creation.
Coming to the performance of the world economy, in the second-half of 2016, the stronger global momentum in demand—investment in particular—resulted in marked improvements in manufacturing and trade, which were very weak in late 2015 and early 2016.
Production of both consumer durables and capital goods rebounded in the second-half of 2016. A number of factors contributed to these developments: a gradual global recovery in investment, supported by infrastructure and real estate investment in China, reduced drag from adjustment to lower commodity prices, and the end of an inventory cycle in the United States.
The World growth, estimated as in the October 2016 World Economic Outlook (WEO), at 3.1% in 2016, is projected to increase to 3.5% in 2017 and 3.6% in 2018. In line with the stronger-than-expected pickup in growth in advanced economies and weaker-thanexpected activity in some emerging market economies in the latter half of 2016, the forecast for 2017–18 envisions a rebound in activity in advanced economies that is faster than previously expected, while growth in 2017 is forecast to be marginally weaker in emerging market and developing economies.
The broad story remains unchanged: over the near and medium-term, most of the projected pickup in global growth will stem from stronger activity in emerging market and developing economies.
The U.S. economy is projected to expand at a faster pace in 2017 and 2018, with growth forecast at 2.3% and 2.5%, respectively. The stronger near-term outlook reflects the momentum from the second-half of 2016, driven by a cyclical recovery in inventory accumulation, solid consumption growth, and the assumption of a looser fiscal policy stance.
The Euro Area recovery is expected to proceed at a broadly similar pace in 2017–18 as in 2016. While growth may be supported by a mildly expansionary fiscal stance and a weaker euro, uncertainty looms on the horizon in the form of electoral outcomes in key member states and the European Union’s future relationship with the United Kingdom. Output in the Euro Area is expected to grow by 1.7% in 2017 and 1.6% in 2018.
Growth in the group of emerging market and developing economies is forecast to rise to 4.5% and 4.8% respectively in 2017 and 2018, from an estimated outturn of 4.1% in 2016.
Growth in China is projected to register a marginal dip from 6.7% in 2016 to 6.6% in 2017, slowing to 6.2% in 2018. It must be noted that China’s growth has bettered earlier projections and the stronger-than-expected momentum in 2016 and the anticipation of continued policy support in the form of strong credit growth and reliance on public investment should continue to support the country in near-term.
In India, the growth forecast for 2017 is 7.2% as against a growth rate of 6.8% in 2016. As per analysts, the potential for a more accelerated pace of growth has been curtailed because of the temporary negative consumption shock induced by cash shortages and payment disruptions from the recent currency exchange initiative. However,medium-term growth prospects are favourable, with growth forecast to rise to about 8% over the mediumterm due to the implementation of key reforms, loosening of supply-side bottlenecks, and appropriate fiscal and monetary policies.
India’s economy has grown at a strong pace in recent years owing to the implementation of critical structural reforms, favourable terms of trade, and lower external vulnerabilities.
CONSUMPTION OF
PETROLEUM PRODUCTS
Consumption of domestic petroleum products registered a growth of over 5% during FY 2016-17 (194 MMT). Although the pace of growth did not match the remarkable expansion in demand (over 10%) experienced in FY’2015-16, it still represents a robust trend of consumption given the dampening of demand in Q3 and Q4 of the fiscal on account of demonetization exercise. Consumption of diesel (HSD), fuel with the most dominant share in the mix, grew by 1.8%, the slowest in the past 3 years while its overall share dropped to under 40%. Despite a slowdown in growth, the demand outlook for the commercial segment remains strong on the basis of improvement in medium and heavy vehicle sales, improved road conditions, economic viability of public transport and carrier vehicles due to cheaper fuel commercial vehicle sales and improvement in road infrastructure has led to this spurt. Demand for petrol/MS (+8.8%), LPG (+9.8%) and Petroleum Coke (+22.2%) grew at a healthy clip. Rising demand for petrol reflects the steady growth of the Indian automobile market (+6.8%), especially the passenger car segment (+8.2%). On the other hand, LPG’s strong growth can be accounted by the large movement of consumption away from kerosene, driven by the Ujjwala scheme.
OPERATIONAL
PERFORMANCE
Oil and Gas production of ONGC Group, including PSCJVs and from overseas assets for FY’17 has been 61.60 MMtoe (against 57.38 MMtoe during FY’16). There were meaningful increments in onland operations and overseas equity oil and gas output. Out of the total crude oil production of 33.96 MMT, 65.5% production came from the ONGC operated domestic fields, 24.8% from the overseas assets and balance 9.7% from domestic joint ventures. As far as natural gas production is concerned majority of production (79.9%) came from ONGC operated domestic fields and of the remaining 15.8% came from overseas assets and 4.3% from domestic joint ventures.
OUTLOOK
A. EXPLORATION
ACREAGE and MINING LEASE
The Company holds the largest exploration acreage in India as an operator. As on 01.04.2017, ONGC is holding a total of 335 Nomination PMLs with total area of 56,675 Km2. ONGC has 9 nomination PELs with an area of 37,764 Km2. ONGC has 32 active NELP Blocks. Four NELP blocks in Gujarat have been converted, wholly or partly, into PML. The NELP operating acreage area of ONGC as operator is 48,643 Km2. Besides, ONGC as a consortium partner is operating in 6 NELP blocks with an area of 24,799 Km2.
During the year, In-Place Hydrocarbons accretion (3P), by ONGC in its operated fields in India, has been 203.24 million metric tonnes (MMT) of Oil and Oil equivalent Gas (O+OEG), out of which about 87% accretion has been due to exploratory efforts. As on 01.04.2017, total In-Place Hydrocarbon Volume of ONGC group stands at 9655.36 MMtoe against 9,444.74 MMtoe as on 01.04.2016. The Ultimate Reserves (3P) have been estimated at 3132.35 MMtoe against 3,075.51 during FY’16.
B. EXPLORATION
During the year 2016-17, ONGC has made 23 oil and gas discoveries in domestic fields (operated by ONGC). Out of the 23, 13 discoveries are in onshore areas and 10 in offshore areas. 12 discoveries were made in the new prospects whereas 11 were new pool discoveries. Of the above 23 discoveries, 4 discoveries have been made in NELP blocks. 9 of these discoveries have already been put to production. The Company also drilled 100 exploratory wells with good Hydrocarbon exploration success. Notably, with Jabera discovery, ONGC has brought Vindhayan Basin in to the oil and gas reserve map of India.
C. NELP BLOCKS
Since inception, a total of 111 NELP blocks were awarded to ONGC as operator. Four blocks namely KG-DWN 98/2, VN-ONN-2003/1, KGONN- 2003/1 and MB-OSN-2005/3 were awarded to other operators and ONGC acquired PI and/ or Operatorship at a later date. ONGC is currently operating in 32 active NELP blocks. Exploration/ appraisal programme is under way in all the active blocks.
AWARDS
THE COMPANY HAS BEEN
CONFERRED WITH THE FOLLOWING PRESTIGIOUS AWARDS IN CSR AND SUSTAINABLE
DEVELOPMENT
1. Special technical award “Greening of Oil
and Gas Business, Corporate” during Petrotech 2016 The award was presented
by Hon’ble Minister of State (I/C),
Petroleum and Natural Gas, Govt. of
India, Shri Dharmendra Pradhan in the presence
of Hon’ble Finance Minister, Govt. of India,
Shri Arun Jaitley to CMD ONGC, Shri D.K.
Sarraf in association with the Board of Directors and GGM Chief-CM&SG.
The award was presented in a glittering awards ceremony during Petrotech 2016 at Vigyan Bhawan, New Delhi in the presence of about 1500 delegates/participants.
The award is conferred to ONGC for excellent and outstanding commitment and contributions towards greening of oil and gas business. ONGC has a Mission statement to continually strive to reduce CO2 emissions across its activity chain with the objective of achieving carbon neutrality.
The relentless efforts of ONGC demonstrate the commitment in Greening of Oil and Gas Business which were highly appreciated by Shri Dharmendra Pradhan, Hon’ble Minister of State (I/C), Petroleum and Natural Gas, Govt. of India.
2. “Energy and
Environment Foundation Global Sustainability Award 2016” in Gold Category.
The award was received by Shri Jai Singh, GGMChief, Carbon Management and Sustainability Group on behalf of ONGC. The award was presented in a glittering awards ceremony during the 7th World Renewable Energy Technology Congress International Conference and Exhibition on 23rd Aug 2016 at Manekshaw Centre, New Delhi.
The award is conferred to ONGC for excellent and outstanding
contributions, commitment and actions that have made a positive impact on the
environment. The award is an inspiration for the transformative action,
business excellence and environment management.
3. Hindustan Ratna
PSU awards:
ONGC has been conferred Excellence in CSR practice for the year 2017 on 13th April 2017 by Hindustan Times. The award was received by CMD from Hon’ble Minister of Road Transport Highways and Shipping Shri Nitin Gadkari in presence of Hon’ble Minister of State (Independent Charge) Shri Dharmendra Pradhan.
4. FICCI Award:
The company bagged the prestigious FICCI CSR award under category ‘Environmental Sustainability, for the Eastern Swamp Deer Conservation Project in December 2016. The Federation of Indian Chambers of Commerce and Industry (FICCI) annually confers CSR awards under eight different categories to both public and private sector companies for their exemplary work in the field of CSR. The Eastern Swamp Deer Conservation Project through which 19 swamp deer were trans-located from Kaziranga National Park to Manas National park to create an alternate habitat for eastern swamp deer was chosen by an eminent jury of FICCI through a three tier process. It includes, initial paper presentation, followed by field visit carried out by third a party and further detailed presentation by team CSR in front of a panel of experts.
5. Bhamashah Awards:
The company has been conferred the prestigious Bhamashah state level award 2016 by Government of Rajasthan for setting up of smart class rooms in 8 government school in Alwar district of Rajasthan.
6. DMA Award:
The Delhi Management Association conferred the company with the ‘Outstanding CSR project award’ in the DMA CSR Award function held at Delhi on 22nd July 2016. The award was conferred for one of the most unique CSR project implemented by ONGC for Vocational Training program for women of Sivasagar and Pilibhit in water hyacinth craft.
7. ONGC bagged the
prestigious “Energy and Environment Foundation Global Sustainability Award
2016” in Gold Category for excellent and
outstanding contributions, commitment and actions that have made a positive impact on the environment. The award was presented
during the 7th World Renewable
Energy Technology Congress International
Conference and Exhibition on 23rd August, 2016 at Manekshaw Centre, New Delhi.
8. 17th Greentech Environment Award: Institute of Petroleum Safety, Health and Environment Shri Dinesh K Sarraf, CMD, ONGC receiving the ‘Company of the Year’ Petrofed Award in Environmental Sustainability category from Shri K D Tripathi, Secretary, MoPNG. Management (IPSHEM, Goa) has been awarded Greentech Environment Award under GOLD category for the last two consecutive years, i.e. 2015-16 and 2016-17.
9. IC Complex in western offshore has been awarded the prestigious Oil Industry Safety Award for the year 2014-15 for “Best overall safety performance” in offshore production platforms on 29th Nov’2016. The award was conferred by Hon’ble Minister of State (Independent Charge) Ministry of Petroleum and Natural Gas, at New Delhi in the function organized by Oil India Safety Directorate (OISD).
10. Hazira Plant received the ‘Golden Peacock Environment Management Award’ for the second consecutive year on 08th July, 2016 in New Delhi and “Genentech Safety Award 2016” (Platinum Category) on 30th Aug, 2016 in Goa.
11. Hazira Plant received “Energy and Environment Foundation Global Environment Award 2016” (Platinum Category) and “Global Sustainability Award 2016” (Gold Category) on 22nd and 23rd Aug, 2016 respectively in New Delhi.
12. Hazira Plant received the “Greentech Foundation Environment Management Platinum Award 2017” at Bengaluru on 02.02.2017.
13. The Company won the PCRA “Best overall performance award among the upstream sector oil companies for Oil and Gas conservation programs” for the year 2016.
INDEX OF CHARGE: NO
CHARGES EXISTS FOR COMPANY
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
Company/ disputed demands not acknowledged as debt:- |
|
|
|
In respect of
Company |
|
|
|
Income Tax |
103425.550 |
88271.140 |
|
Excise Duty |
15889.860 |
8354.080 |
|
Custom Duty |
1120.020 |
1115.880 |
|
Royalty |
496.810 |
149219.290 |
|
Cess |
6.570 |
6.570 |
|
Sales Tax |
16932.930 |
31088.240 |
|
Octroi and other Municipal Taxes |
233.980 |
222.220 |
|
AP Mineral Bearing Land (Infrastructure) Cess |
2704.180 |
2543.980 |
|
Specified Land Tax (Assam) |
4531.380 |
4197.210 |
|
Claims of contractors (Incl. LAQ) in Arbitration / Court |
158711.590 |
116300.110 |
|
Service tax |
69947.610 |
62679.650 |
|
Employees Provident Fund |
66.350 |
66.350 |
|
Other matters |
56000.770 |
50076.720 |
|
Total |
430067.600 |
514141.440 |
STATEMENT OF
STANDALONE ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2017
|
PARTICULARS |
|
|
30.09.2017 (Unaudited) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
64166.300 |
|
(b) Reserves &
Surplus |
|
|
1882938.200 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
1947104.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
231296.000 |
|
(c) Other long term
liabilities |
|
|
10176.700 |
|
(d) long-term provisions |
|
|
206576.500 |
|
Total Non-current
Liabilities (3) |
|
|
448049.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
20806.000 |
|
(b) Trade payables |
|
|
53641.600 |
|
(c) Other current
liabilities |
|
|
125184.100 |
|
(d) Short-term provisions |
|
|
19440.200 |
|
Total Current Liabilities
(4) |
|
|
219071.900 |
|
|
|
|
|
|
TOTAL |
|
|
2614225.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1102189.800 |
|
(ii) Intangible Assets |
|
|
930.500 |
|
(iii) Capital
work-in-progress |
|
|
184464.600 |
|
(iv) Intangible assets
under development |
|
|
221343.000 |
|
(b) Non-current
Investments |
|
|
519514.800 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
24334.000 |
|
(e) Other Non-current
assets |
|
|
230552.600 |
|
Total Non-Current Assets |
|
|
2283329.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
16140.000 |
|
(b) Inventories |
|
|
61199.200 |
|
(c) Trade receivables |
|
|
60206.200 |
|
(d) Cash and cash
equivalents |
|
|
136463.300 |
|
(e) Short-term loans and
advances |
|
|
14712.100 |
|
(f) Other current assets |
|
|
42175.500 |
|
Total Current Assets |
|
|
330896.300 |
|
|
|
|
|
|
TOTAL |
|
|
2614225.600 |
STATEMENT OF
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEAR ENDED 30TH
SEPTEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
189648.500 |
190735.400 |
380383.900 |
|
Other Operating Income |
19314.700 |
8543.900 |
27858.600 |
|
Total
Income from Operations |
208963.200 |
199279.300 |
408242.500 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
2656.400 |
2248.700 |
4905.100 |
|
Changes in inventories of finished goods and
work-in-progress |
(1052.900) |
592.000 |
(460.900) |
|
Employee benefits expense |
5201.700 |
5955.300 |
11157.000 |
|
Statutory levies |
45001.600 |
44907.800 |
89509.400 |
|
Exploration costs written off |
13331.100 |
10573.000 |
23904.100 |
|
Finance costs |
3274.400 |
2769.300 |
8043.700 |
|
Depreciation and Amortization expenses |
35057.600 |
34630.600 |
59688.400 |
|
Other Expenditure |
33160.200 |
38224.900 |
71375.100 |
|
Total
Expenses |
136620.300 |
139901.600 |
275521.900 |
|
Profit / (Loss) before Tax |
72342.900 |
59377.700 |
131720.600 |
|
Tax Expense |
21035.500 |
20530.400 |
41565.900 |
|
Profit
/ (Loss) after Tax |
51307.400 |
38847.300 |
80154.700 |
|
Other
comprehensive income |
|
|
|
|
Items
that will not be reclassified subsequently to profit or loss |
|
|
|
|
Re-measurement of the defined benefit obligations |
340.700 |
(1064.600) |
(723.900) |
|
-Income tax relating to above |
(117.900) |
368.400 |
250.600 |
|
Equity instruments through other comprehensive income |
14934.500 |
(2503.000) |
12431.500 |
|
-Income tax relating to above |
-- |
-- |
-- |
|
Total comprehensive income |
15157.300 |
(3199.200) |
11958.100 |
|
Total comprehensive income for the period |
65464.700 |
35648.100 |
102112.800 |
|
Paid-up Equity Share Capital (Face value INR 5/- per
share) |
46166.300 |
64166.300 |
54186.300 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Basic
and Diluted EPS (in INR) |
4.00 |
3.03 |
7.03 |
SEGMENT WISE
REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30TH
JUNE, 2017
|
Sr. No. |
Particular |
Quarter ended |
Half year ended |
|
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
|
Revenue from operations |
|
|
|
|
|
Offshore |
131128.200 |
130675.700 |
261803.900 |
|
|
Onshore |
58520.300 |
60059.700 |
118580.000 |
|
|
Others unallocated |
-- |
-- |
-- |
|
|
Total |
189648.500 |
190735.400 |
380383.900 |
|
|
|
|
|
|
|
|
Less: Inter
segment operating revenue |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Gross revenue from
sale of products and services |
189648.500 |
190735.400 |
380383.900 |
|
|
|
|
|
|
|
2. |
Segment Result |
|
|
|
|
|
Offshore |
54358.800 |
52870.200 |
107229.000 |
|
|
Onshore |
8357.700 |
8121.800 |
16479.500 |
|
|
Total |
62716.500 |
60992.000 |
123708.500 |
|
|
Less : i.
Finance Costs |
3274.400 |
2769.300 |
6043.700 |
|
|
ii. Other Un-allocable expenditure net off un-allocable expenditure |
(12900.800) |
(1155.000) |
(14055.800) |
|
|
Total Profit/(Loss)
before tax |
72342.900 |
59377.700 |
131720.600 |
|
|
|
|
|
|
|
3. |
Segment Assets |
|
|
|
|
|
Offshore |
1184482.600 |
1093848.500 |
1184482.600 |
|
|
Onshore |
501926.000 |
499346.200 |
501926.000 |
|
|
Others unallocated |
927817.000 |
925451.700 |
927817.000 |
|
|
Total |
2614225.600 |
2518646.400 |
2614225.600 |
|
|
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
|
Offshore |
268588.400 |
253419.900 |
268588.400 |
|
|
Onshore |
104812.100 |
98356.500 |
104812.100 |
|
|
Others unallocated |
293720.600 |
275838.500 |
293720.600 |
|
|
Total |
667121.100 |
627614.900 |
667121.100 |
FIXED ASSETS:
Tangible Asset:
- Lease hold land
- Building
- Plant and Machinery
- Furniture and Fixture
- Office equipment
- Vehicles
PRESS RELEASE:
ONGC TO BUY GOVT’S 51.11%
STAKE IN HPCL FOR INR 369150.000 MILLION
ONGC signs a deal with the President of India to acquire 51.11% stake in HPCL for INR 369150.000 Million
Date: Jan 20 2018
New Delhi: State-owned explorer Oil and Natural Gas Corporation Limited (ONGC) on Saturday signed a deal with the President of India to acquire 51.11% stake in Hindustan Petroleum Corporation Limited (HPCL), a state-run refiner, for Rs36,915 crore, ONGC said in a statement.
The ONGC board cleared the proposal on Friday to buy 778845375 equity shares in HPCL at a cash purchase consideration of INR 473.97 per share. The purchase price is at a premium compared to HPCL’s closing price of INR 416.55 on BSE on Friday. The scrip closed trading 5.5 points or 1.34% up on Friday.
The deal is exempt from a public offer as both the entities are related parties but the transaction involving two listed entities have been carried out on an arms length basis, ONGC said.
ONGC’s acquisition of HPCL will make the explorer a more integrated energy company and is a revenue booster for the government in a fiscally challenged year that saw falling indirect tax revenue and lower dividend receipts from the Reserve Bank of India. On Wednesday, the finance ministry had said that it has pared its additional borrowing requirement for the current fiscal to INR 200000.000 million from INR 500000.000 million as had been estimated earlier.
However, according to a government official, who recently spoke to Mint on condition of anonymity, any revenue receipt to the exchequer from the transaction was only incidental and the goal was to create an integrated energy company as articulated in budget 2017-18.
HPCL, which has refineries in Mumbai and Vishakhapatnam and a joint venture refinery in at Bhatinda with Mittal Energy Ltd, markets around 35 million tonne of petroleum products with a market share of about 21%. HPCL is also a leading lubricant marketer.
“The acquisition has been undertaken in furtherance of the government’s objective to combine the various central public sector enterprises to give them capacity to bear higher risks, avail of economies of scale, take higher investment decisions and create more value for the stakeholders and create an ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies,” said the ONGC statement echoing the objective for the deal as announced by finance minister Arun Jaitley in his budget speech last February.
“There is synergy between the assets of ONGC and HPCL and the transaction will deliver value to the acquirer in the medium to long term,” said K. Ravichandran, senior vice president and group head-corporate ratings at Icra Ltd.
SBI Capital Markets Ltd and Citi Global acted as transaction advisors, and Shardul Amarchand Mangaldas acted as the legal advisor to ONGC.
ONGC MAY SELL IOC
STAKE TO LIC IN BLOCK DEAL
Date: October 09,
2017
State-owned ONGC is likely to sell some of its stake in IOC to institutional investors like LIC to partly fund its acquisition of refiner Hindustan Petroleum Corporation Limited (HPCL), with the deal valued at INR 340000.000 million.
Oil and Natural Gas Corporation (ONGC) holds 13.77% stake in India’s biggest refiner Indian Oil Corporation (IOC), which at today’s market price is worth over INR 278000.000 million. It has another 4.87% stake in GAIL India Ltd worth of INR 16000.000 million.
“The acquisition of 51.11% government stake in HPCL will be funded through a combination of market borrowing and selling some stake in IOC and GAIL,” a source privy to the development said.
Selling stake in the open market may create volatility and so, ONGC is considering selling less than 2% stake in IOC to institutional investors like LIC in a block deal, he added.
ONGC has already secured shareholder nod to raise up to INR 250000.000 INR debt, he said, adding that the company had about INR 100000.000 million of cash in hand.
“It will be a combination of stake sale and borrowing to fund the acquisition,” the source said. The deal, he said, is likely to conclude by December.
The Cabinet Committee on Economic Affairs (CCEA) had on July 19 granted ‘in-principle’ approval to the strategic sale of the government’s existing 51.11% in HPCL to ONGC “along with the transfer of management control, which will result in HPCL becoming a subsidiary company of ONGC.“
But since the offer meant a transfer of management control from the government to ONGC, there was apprehension that it would trigger Sebi’s takeover code and compel ONGC to make an open offer to acquire an additional 26% stake from minority shareholders, he said.
So, the terms of sale have been amended to state that “HPCL will continue to be a government company in terms of section 2(45) of the Companies Act, 2013, and will continue to be controlled by the Government of India through ONGC under the administrative control of the Ministry of Petroleum and Natural Gas“. This helped avoid making an open offer.
L&T BAGS INR 11500.000 MILLION OFFSHORE CONTRACT FROM ONGC
MUMBAI, OCTOBER
11:
L&T Hydrocarbon Engineering Ltd (LTHE), a wholly-owned subsidiary of infrastructure major Larsen and Toubro (L&T), announced winning an offshore contract from Oil & Natural Gas Corporation (ONGC) valued at around around INR 11500.000 Million.
The order is for transportation and installation of the Daman Development Project, the company has informed the exchanges, adding that the contract encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project.
Daman Development Project is a part of ONGC’s strategy to extract gas from the Daman field located in the south-western part of the Tapti-Daman block in Mumbai offshore, 160-200 km North-West of Mumbai city and 160 km West of Daman.
The new order reiterates the long-term association of ONGC with L&T in the development of offshore fields in India, the company noted. LTHE has successfully completed several large projects in the offshore segment, delivering platforms, processing facilities, subsea pipelines, offshore and onshore modules and refurbished offshore drilling rigs to Indian and international companies, including ONGC, GSPC, British Gas, Songas, Qatar Petroleum, Shell and others.
ONGC EYES STAKE SALE IN
PSUS TO FUND HPCL ACQUISITION BY DEC END
Dinesh K Sarraf, the chairman and managing director of the Oil and Natural Gas Corporation (ONGC), said that the firm is hoping to complete the selling of its existing stakes in other public sector undertakings (PSUs) to partly fund the acquisition of the Hindustan Petroleum (HPCL), by the end of December.
"There are many funding options available. We can look at market borrowings; we have some stocks we can sell," Sarraf said at a media conference.
Sarraf further stated that the Government of India and the ONGC both are working towards it.
"Today, we had an annual general meeting of the shareholders and we have taken their approval that we can at least borrow INR 250000.000 million from the market. We have about INR 100000.000 million of ready cash, and we will see further whether we need to dispose of the shares or not," he said.
Sarraf also asserted that the ONGC would become an integrated oil and gas company.
The ONGC chairman also said that the evaluation of such companies is high.
"So with the same profit, we will be valued higher by the market and our profits, in any case, will increase because of this energy," he had said.
According to reports, the ONGC owns 14 per cent stake in the Indian Oil Corporation (IOC) and a 5 per cent stake in the GAIL (India).
Sarraf had said that the HPCL would remain a separate-listed entity even after the completion of the acquisition, but will become a subsidiary of the ONGC.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PON |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.