|
|
|
MIRA INFORM REPORT
|
Report No. : |
485067 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MANGALORE REFINERY AND PETROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Mudapadav, Kuthethoor Post Office, Via Katipalla, Mangalore - 575030, Karnataka |
|
Tel. No.: |
91-824-2270400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
07.03.1988 |
|
|
|
|
Com. Reg. No.: |
08-008959 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 17526.640 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23209KA1988GOI008959 |
|
|
|
|
IEC No.: |
0392064090 |
|
|
|
|
TIN No.: |
29960081934 |
|
|
|
|
GST No.: |
29AAACM5132A1ZZ |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM5132A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Refined Petroleum Products. (Registered Activity) |
|
|
|
|
No. of Employees
: |
1917 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Mangalore Refinery and Petrochemicals Limited is an oil refinery at Mangalore and is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC) and was incorporated in the year 1988. For the financial year ended 2017, the company has achieved revenue growth of 16.81% as compared to the previous year along with a satisfactory profit margin of 6.12%. The overall financial position of the company seems to be healthy marked by negligible debt level along with decent net worth base. Rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. These strengths are partially offset by the company's financial risk profile and exposure to risks related to volatility in crude oil prices. Payments are reported to be regular. In view of strong parental support, subject can be considered 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Corporate credit rating = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
20.03.2017 |
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 09.01.2018.
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 DECLINED
MANAGEMENT
NON-COOPERATIVE [91-824-2270400]
LOCATIONS
|
Registered Office : |
Mudapadav, Kuthethoor Post Office, Via Katipalla, Mangalore - 575030, Karnataka, India |
|
Tel. No.: |
91-824-2270400 |
|
Fax No.: |
91-824-2273300/ 2271404 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
Maker Towers "E" Wing, 15th Floor, Cuffe Parade, Mumbai - 400005,
Maharashtra, India |
|
Tel. No.: |
91-22-22173000 |
|
Fax No.: |
91-22-22173233 |
|
E-Mail : |
|
|
|
|
|
Delhi Office : |
Core - 8 , 7th Floor, Scope Complex, Lodhi Road, New Delhi - 110003, India |
|
Tel. No.: |
91-11-24306400 |
|
Fax No.: |
91-11-24361744 |
|
|
|
|
Marketing Office/ Bangalore Office : |
Plot A-1, Opposite KSSIDC, A O Building, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560010, Karnataka, India |
|
Tel. No.: |
91-80-22642200 |
|
Fax No.: |
91-80-23505501 |
|
|
|
|
Depots: |
Located at: · Kasargod (Kerala) · Hindupur (Andhra Pradesh) · Hosur (Tamilnadu) |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Kumar Hariharan |
|
Designation : |
Managing Director |
|
Address : |
Bungalow No.10/A, H P Nagar East, Mahul Road, Vasi Naka, Mumbai – 400074, Maharashtra, India |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
06851988 |
|
|
|
|
Name : |
Mr. Venkatesh Madhava Rao |
|
Designation : |
Managing Director |
|
Address : |
# B-3, Mrpl Township Bala Post, Mangalore , Dakshina Kannada, Mangalore 575030, Karnataka, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07025342 |
|
|
|
|
Name : |
Mrs. Akshaya Kumar Sahoo |
|
Designation : |
Whole-time Director |
|
Address : |
Bungalow No. B-02, Mrpl Housing Colony, Kuthethoor Post Office , Via Katipalla, Mangalore - 575030, Karnataka, India |
|
Date of Appointment : |
01.02.2016 |
|
PAN No.: |
ALAPS4743D |
|
DIN No.: |
07355933 |
|
|
|
|
Name : |
Mr. Vinod Sandanand Shenoy |
|
Designation : |
Casual Vacancy Director |
|
Address : |
Shree Saraswati Chsl, Building No. B1, Flat No. 904, N G Acharya Marg, Near Acharya College, Chembur, Mumbai - 400071, Maharshtra, India |
|
Date of Appointment : |
08.11.2016 |
|
DIN No.: |
07632981 |
|
|
|
|
Name : |
Mr. Virupakshan Pranatharthiharan |
|
Designation : |
Additional Director |
|
Address : |
E - 32, IFS Apartments Mayur Vihar, Phase - I, Delhi - 110091, India |
|
Date of Appointment : |
08.09.2017 |
|
DIN No.: |
07710821 |
|
|
|
|
Name : |
Mrs. Manjula Cheluvegowda |
|
Designation : |
Director |
|
Address : |
# 63, Old Bhandrahalli Bhadravathi, Shimoga - 577229, Karnataka, India |
|
Date of Appointment : |
31.01.2017 |
|
DIN No.: |
07733175 |
|
|
|
|
Name : |
Mr. Balbir Singh |
|
Designation : |
Additional Director |
|
Address : |
363 Nitikhand - 3, Indirapuram, Shipra Sun City Ghaziabad - 201014, Uttar Pradesh, India |
|
Date of Appointment : |
08.09.2017 |
|
DIN No.: |
07945679 |
|
|
|
|
Name : |
Mr. Gunvant Kantilal Patel |
|
Designation : |
Additional Director |
|
Address : |
65, Krishna Society, Rotary Bhavan Road, Mehsana - 384002, Gujarat, India |
|
Date of Appointment : |
08.09.2017 |
|
DIN No.: |
07945704 |
|
|
|
|
Name : |
Mr. Sewa Ram |
|
Designation : |
Additional Director |
|
Address : |
C-2/6, Charimli, Bhopal - 462016, Madhya Pradesh, India |
|
Date of Appointment : |
08.09.2017 |
|
DIN No.: |
01652464 |
|
|
|
|
Name : |
Mr. Shashi Shanker |
|
Designation : |
Director |
|
Address : |
House No.5, Anandlok, 2nd Floor, August Kranti Marg, New Delhi - 110049, India |
|
Date of Appointment : |
01.10.2017 |
|
DIN No.: |
06447938 |
|
|
|
|
Name : |
Mr. Mahesh Kodihally Mahadevprasad |
|
Designation : |
Nominee Director |
|
Address : |
C-II/69, Shahjahan Road, New Delhi - 110011, India |
|
Date of Appointment : |
24.11.2017 |
|
DIN No.: |
07402110 |
|
|
|
|
Name : |
Mr. Gunvant Kantilal Patel |
|
Designation : |
Additional Director |
|
Address : |
65, Krishna Society, Rotary Bhavan Road, Mehsana - 384002, Gujarat, India |
|
Date of Appointment : |
08.09.017 |
|
DIN No.: |
07945704 |
|
|
|
|
Name : |
Mr. Sanjay Kumar Jain |
|
Designation : |
Nominee Director |
|
Address : |
D -II/324, Pandara Road, New Delhi - 110003, India |
|
Date of Appointment : |
24.11.2017 |
|
DIN No.: |
08015083 |
KEY EXECUTIVES
|
Name : |
Mr. Kumar Hariharan |
|
Designation : |
Chief Executive Officer |
|
Address : |
Bungalow No.10/A H P Nagar East Mahul Road Vasi Naka Mumbai 400074,
Maharashtra, India |
|
Date of Appointment : |
14.08.2014 |
|
PAN No.: |
AARPK2185P |
|
|
|
|
Name : |
Mr. D R Mishra |
|
Designation : |
Company Secretary |
|
Address : |
B-3 204, Krishna Apra Gardens, Indirapuram, Gaziabad – 201010, Uttar
Pradesh, India |
|
Date of Appointment : |
23.10.2013 |
|
PAN No.: |
AHCPM5356J |
|
|
|
|
Name : |
Mrs. Akshaya Kumar Sahoo |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No-223, Sector-19,Shivam Khand Vasundhara Ghaziabad – 201010,
Uttar Pradesh, India |
|
Date of Appointment : |
01.02.2016 |
|
PAN No.: |
ALAPS4743D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2017
|
Category of Shareholders |
No.
of fully paid up equity 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 |
1552507615 |
88.58 |
|
(B) Public |
200091162 |
11.42 |
|
|
|
|
|
Total |
1752598777 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity 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 |
||
|
Any Other
(specify) |
1552507615 |
88.58 |
|
|
OIL AND NATURAL
GAS CORPORATION LIMITED |
1255354097 |
71.63 |
|
|
HINDUSTAN PETROLEUM
CORPORATION LIMITED |
297153518 |
16.96 |
|
|
Sub Total A1 |
1552507615 |
88.58 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
1552507615 |
88.58 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
30225996 |
1.72 |
|
|
Foreign Portfolio
Investors |
23753528 |
1.36 |
|
|
Financial
Institutions/ Banks |
30679247 |
1.75 |
|
|
LIFE INSURANCE
CORPORAION OF INDIA |
29701292 |
1.69 |
|
|
Insurance
Companies |
239505 |
0.01 |
|
|
Sub Total B1 |
84898276 |
4.84 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
2700 |
0.00 |
|
|
Sub Total B2 |
2700 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
88414937 |
5.04 |
|
|
Individual share capital
in excess of INR 0.200 Million |
4807718 |
0.27 |
|
|
Any Other
(specify) |
21967531 |
1.25 |
|
|
Trusts |
1861586 |
0.11 |
|
|
Foreign
Individuals |
700 |
0.00 |
|
|
HUF |
1397720 |
0.08 |
|
|
NRI – Non- Repat |
677571 |
0.04 |
|
|
NRI – Repat |
6578011 |
0.38 |
|
|
Clearing Members |
1077301 |
0.06 |
|
|
Bodies Corporate |
10374142 |
0.59 |
|
|
Director or
Director's Relatives |
500 |
0.00 |
|
|
Sub Total B3 |
115190186 |
6.57 |
|
|
B=B1+B2+B3 |
200091162 |
11.42 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Refined Petroleum Products (Registered Activity) |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
1917 [Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Joint Statutory
Auditors : |
|
|
Name : |
A. Raghavendra Rao and Associates Chartered Accountants |
|
Address: |
G.H.S. Road, Mangalore – 575001, Karnataka, India |
|
Tel No.: |
91-824-2425966 / 2421566 |
|
Fax No.: |
91-824-2442766-2423302 |
|
Email id: |
|
|
|
|
|
Cost Auditors: |
|
|
Name : |
Bandyopadhyaya Bhaumik and Company Cost Accountants |
|
Address: |
Kolkata, West Bengal, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Entity having
control over the Company: |
Oil and Natural Gas Corporation (ONGC) |
|
|
|
|
Entity having
significant influence over the Company: |
Hindustan Petroleum Corporation Limited (HPCL) |
|
|
|
|
Subsidiary Company: |
ONGC Mangalore Petrochemicals Limited (OMPL) |
|
|
|
|
Joint Ventures : |
· Shell MRPL Aviation Fuels and Services Limited (SMAFSL) · Mangalam Retail Services Limited(MRSL) (upto January 16, 2017) |
|
|
|
|
Trusts (including post
retirement employee benefit trust) wherein MRPL having control |
· MRPL Gratuity Fund Trust · MRPL Provident Fund Trust |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2900000000 |
Equity Shares |
INR 10/- each |
INR 29000.000 Million |
|
100000000 |
Preference Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 30000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1752598777 |
Equity Shares |
INR 10/- each |
INR 17525.990 Million |
|
|
Add: Shares forfeited |
|
INR 0.650
Million |
|
|
|
|
|
|
|
Total |
|
INR 17526.640 Million |
Reconciliation of equity
shares outstanding at the beginning and at the end of the reporting period:
|
Particulars |
Number of shares in million |
Share capital |
|
Balance as at April
1, 2015 |
1752.590 |
17525.990 |
|
Changes during the year |
-- |
-- |
|
Balance as at March
31, 2016 |
1752.590 |
17525.990 |
|
Changes during the year |
-- |
-- |
|
Outstanding as at
March 31, 2017 |
1752.590 |
17525.990 |
Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of INR 10 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.
Details of equity
shares held by the holding company or its subsidiaries or its associates are as
under:-
|
Name of equity
share holders |
31.03.2017 |
|
|
|
Number in
million |
% holding |
|
Oil and Natural Gas Corporation Limited |
1255.350 |
71.63 |
Details of
shareholders holding more than 5% equity shares in the Company are as under:-
|
Name of equity
share holders |
31.03.2017 |
|
|
|
Number in
million |
% holding |
|
Oil and Natural Gas Corporation Limited |
1255.350 |
71.63 |
|
Hindustan Petroleum Corporation Limited |
297.150 |
16.96 |
Equity shares reserved for issue under options and contracts or commitments for the sale of shares or disinvestment: Nil (As at March 31, 2016: Nil ; As at April 1, 2015: Nil).
Equity
shares of INR 10 each (equivalent to 303550 equity shares of INR 10 each) were
forfeited in the year 2009-10 against which amount originally
paid up was INR 654,000.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
17526.640 |
17526.640 |
17526.640 |
|
(b) Reserves & Surplus |
83178.110 |
46787.100 |
35314.500 |
|
(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) |
100704.750 |
64313.740 |
52841.140 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
48157.830 |
68060.400 |
78369.760 |
|
(b) Deferred tax liabilities (Net) |
4766.630 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.130 |
|
(d)
long-term provisions |
596.670 |
403.720 |
346.270 |
|
Total
Non-current Liabilities (3) |
53521.130 |
68464.120 |
78716.160 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
18172.880 |
25.610 |
108.730 |
|
(b)
Trade payables |
60339.670 |
213388.710 |
183310.010 |
|
(c)
Other current liabilities |
28456.540 |
23104.670 |
25752.600 |
|
(d)
Short-term provisions |
2851.240 |
3543.830 |
2097.390 |
|
Total
Current Liabilities (4) |
109820.330 |
240062.820 |
211268.730 |
|
|
|
|
|
|
TOTAL |
264046.210 |
372840.680 |
342826.030 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
141581.420 |
148806.370 |
140164.230 |
|
(ii)
Intangible Assets |
20.400 |
0.810 |
1.380 |
|
(iii)
Capital work-in-progress |
2198.740 |
1882.260 |
13826.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
13496.420 |
13496.730 |
13496.730 |
|
(c) Deferred tax assets
(net) |
0.000 |
2230.270 |
0.000 |
|
(d) Long-term Loan
and Advances |
415.980 |
381.770 |
368.590 |
|
(e)
Other Non-current assets |
12329.990 |
6954.810 |
6041.700 |
|
Goodwill
|
4.040 |
4.040 |
4.040 |
|
Total
Non-Current Assets |
170046.990 |
173757.060 |
173903.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
40390.020 |
31967.200 |
33996.050 |
|
(c)
Trade receivables |
26211.640 |
23952.470 |
23681.630 |
|
(d)
Cash and cash equivalents |
21308.450 |
137126.370 |
102686.180 |
|
(e)
Short-term loans and advances |
59.580 |
52.880 |
48.140 |
|
(f)
Other current assets |
6029.530 |
5984.700 |
8510.760 |
|
Total
Current Assets |
93999.220 |
199083.620 |
168922.760 |
|
|
|
|
|
|
TOTAL |
264046.210 |
372840.680 |
342826.030 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
594304.860 |
508795.780 |
574625.330 |
|
|
|
Other Income |
4232.010 |
8572.550 |
8049.920 |
|
|
|
TOTAL |
598536.870 |
517368.330 |
582675.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
374887.610 |
345516.100 |
559615.140 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2883.030) |
6831.660 |
18861.340 |
|
|
|
Employees benefits expense |
3520.060 |
2855.190 |
2407.420 |
|
|
|
Other expenses |
9493.870 |
23421.450 |
14627.760 |
|
|
|
Excise duty on sale of goods |
162226.140 |
112321.370 |
0.000 |
|
|
|
Exceptional Items (income)/expenses (net) |
(15972.910) |
1829.940 |
(334.470) |
|
|
|
TOTAL |
531271.740 |
492775.710 |
595177.190 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
67265.130 |
24592.620 |
(12501.940) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5171.740 |
5904.930 |
4070.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
62093.390 |
18687.690 |
(16572.820) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6779.190 |
7104.710 |
4986.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
55314.200 |
11582.980 |
(21558.920) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18877.330 |
113.610 |
(4436.580) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
36436.870 |
11469.370 |
(17122.340) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB Value) |
NA |
NA |
195078.350 |
|
|
TOTAL EARNINGS |
NA |
NA |
195078.350 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
20.79 |
6.54 |
(9.77) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt (Secured) |
11695.160 |
5350.250 |
1266.930 |
|
Current Maturities of Long term debt (Unsecured) |
7383.740 |
7315.370 |
10163.030 |
|
Total |
19078.900 |
12665.620 |
11429.960 |
|
|
|
|
|
|
Cash generated from operations |
2659.390 |
15476.300 |
(4858.420) |
|
|
|
|
|
|
Net cash generated from / (used in ) operations |
(8516.910) |
13755.130 |
(5758.200) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
16.10 |
17.18 |
15.04 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
22.67 |
21.24 |
24.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
58.75 |
225.42 |
119.56 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.67 |
0.77 |
-0.37 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.47 |
0.16 |
-0.08 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.67 |
0.86 |
0.88 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.85 |
1.26 |
1.70 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.09 |
3.73 |
4.00 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.43 |
2.34 |
2.91 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
13.01 |
4.16 |
-3.07 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.13 |
2.25 |
-2.98 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
13.80 |
3.08 |
-4.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
36.18 |
17.83 |
-32.40 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.86 |
0.83 |
0.80 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.49 |
0.70 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.17 |
0.15 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.87 |
4.61 |
5.13 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.86 |
0.83 |
0.80 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 133.25/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
17526.640 |
17526.640 |
17526.640 |
|
Reserves & Surplus |
35314.500 |
46787.100 |
83178.110 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
52841.140 |
64313.740 |
100704.750 |
|
|
|
|
|
|
long-term borrowings |
78369.760 |
68060.400 |
48157.830 |
|
Short term borrowings |
108.730 |
25.610 |
18172.880 |
|
Current Maturities of Long
term debt |
11429.960 |
12665.620 |
19078.900 |
|
Total
borrowings |
89908.450 |
80751.630 |
85409.610 |
|
Debt/Equity
ratio |
1.701 |
1.256 |
0.848 |
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 |
574625.330 |
508795.780 |
594304.860 |
|
|
|
(11.456) |
16.806 |
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 |
574625.330 |
508795.780 |
594304.860 |
|
Profit/ (Loss) |
17122.340 |
11469.370 |
36436.870 |
|
|
(2.98%) |
2.25% |
6.13% |
LEGAL CASE
|
HIGH COURT OF KARNATAKA – BENGALURU BENCH |
|
CASE PENDING High court of Karnataka - Bengaluru Bench [WP: 36882/2016] |
|
Petitioner/Appnt. Name: SRI SATYENDRA Respondent/Defnt Name: MANGALORE REFINERY AND PETROCHEMICAL LIMITED |
|
Petnr./Appnt. Advocate: P P HEGDE Respnt./Defnt Advocate: -- |
|
Date Filed: 30.06.2016 Classification: S(PRO) District: Karwar |
|
Stage : Pending for admission Last Posted For: Orders |
|
Last Action Taken: Adjourned Last Date of Action: 10.11.2016 Next Hearing Date: -- |
|
Latest Order: 3 Weeks |
|
Before Hon’ble Judge/s: RAGHVENDRA S CHAUHAN |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
Yes |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C73330573 |
10608027 |
OIL INDUSTRY DEVELOPMENT BOARD (OIDB) |
10/12/2015 |
- |
- |
11000000000.0 |
301, WORLD TRADE CENTREBABAR ROADNEW DELHIDL110001IN |
|
2 |
B85841849 |
10448674 |
SBICAP TRUSTEE COMPANY LIMITED |
30/08/2013 |
26/09/2013 |
- |
23504200000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
3 |
B61353405 |
10378342 |
SBICAP TRUSTEE COMPANY LIMITED |
24/09/2012 |
29/10/2012 |
- |
13325000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
4 |
C78797842 |
80005571 |
SBICAP TRUSTEE COMPANY LIMITED |
29/06/2004 |
20/01/2016 |
- |
37078000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
5 |
A58248253 |
80052046 |
INDUSTRIAL INVESTMENT BANK OF INDIA LIMITD |
07/02/2000 |
- |
24/02/2009 |
1500000000.0 |
19, NETJI SUBHASH ROADCALCUTTAWB700001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loan - From
related party |
|
|
|
Oil and Natural Gas Corporation Limited (ONGC) |
18856.900 |
25714.100 |
|
From others |
|
|
|
Deferred payment liabilities |
618.630 |
1145.170 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Working capital
loan from banks |
|
|
|
Foreign currency non repatriable loan (FCNR) |
12971.000 |
0.000 |
|
|
|
|
|
Total |
32446.530 |
26859.270 |
CORPORATE
INFORMATION
Mangalore Refinery
and Petrochemicals Limited (‘MRPL’ or ‘the Company’) is a Central public sector
enterprise domiciled and incorporated in India having its registered office at
Mudapadav, Kuthethoor P.O. via Katipalla, Mangaluru, Karnataka -575030. The
Company’s equity shares are listed and traded on BSE Limited and National Stock
Exchange Limited, stock exchanges. The Company is engaged in the business of
refining of crude oil. The Company is a subsidiary of Oil and Natural Gas
Corporation Limited which holds 71.63% equity shares.
OPERATIONAL
PERFORMANCE
The financial year 2016-17 has been a remarkable year for your Company.
Some of the major highlights for the year 2016-17 are as under:
Highest ever Gross crude processed for FY 2016-17 was 16.27 MMT against
the previous highest of 15.69 MMT during FY 2015-16 registering an increase of
3.69 % in throughput. This high performance could be achieved by optimal crude
mix, better equipment reliability, timely shutdown adherence and commendable
operational discipline.
·
New Crudes processed during
FY 2016-17 were Pazflor (High TAN), Yombo & Soorosh.
·
Yombo Crude from Congo
processed was with the lowest ever API of 16.4.
·
Received first parcel of
crude oil for delivery into Mangalore cavern of Indian Strategic Petroleum
·
Reserves Ltd (ISPRL). The
first parcel of 260 TMT of Iran Mix was received in VLCC MT DINO.
·
Highest ever production and
dispatch of Poly - propylene, LPG, MS, HSD and throughput in MBPL pipeline.
·
MRPL dispatched first parcel
of HSD- Euro VI to HPCL during the month of October, 2016.
MRPL has been awarded ‘BEST MANUFACTURER EXPORT AWARD - MEDIUM / LARGE’
(Petroleum & Petroleum products) for the year 2014-15, acknowledging the
performance as the foremost exporter in the state of Karnataka.
MARKETING AND
BUSINESS DEVELOPMENT
The company continues to expand its market spread in the direct sales
segment of petroleum products in the state of Karnataka and its adjoining
states. The Company has maintained significant market share and direct customer
relations for products such as Bitumen, Fuel Oil, Sulphur, Diesel, Naphtha,
Petcoke and Mixed Xylene in its refinery zone. The total sales volume of direct
marketing products including Polypropylene during the FY 2016-17 has been 1858 TMT
with a sales value of INR 51320.000 million compared to sales volume of 1610
TMT with a sales value of INR 33080.000 million in the previous FY 2015-16.
MRPL has already achieved dominant market share for its MANGPOL branded
Polypropylene in its marketing zone in a very short time. MRPL also continues
to maintain leadership position for sales of Bitumen, Sulphur, Pet Coke and
Xylol in its marketing zone.
The Company continues to expand its Polymer product range with new
grades and has also expanded its market reach. The company achieved sales of
264 TMT Polypropylene in FY 2016-17 as against sales of 139 TMT in FY 2015-16.
The Company has also succeeded in marketing the entire production of Pet Coke
on consistent basis with a sales volume of 838 TMT in 2016-17. Company also
evacuated higher quantity of Sulphur in domestic market targeting major
customer in adjoining states. The surplus Sulphur is being exported in larger
parcel sizes.
The company has also maintained timely supplies to State Trading Corporation,
Mauritius which has a long term supply contract with MRPL. The company supplied
1049 TMT of petroleum products to STC Mauritius with a sales value of INR
28600.000 million in FY 2016-17 against sales volume of 1057 TMT at a sales
value of INR 27570.000 million during FY 2015-16.
The company has commenced the retail expansion plan by releasing the
advertisement for appointment of dealers for retail outlets in the state of
Karnataka & Kerala and is in the process of expanding its retail network in
the its refinery zone. Letter of Intents have been issued to several
shortlisted applicants for time bound commissioning of new retail outlets.
Feasibility study for additional retail outlet locations is under progress and
the company is expecting to commission a sizeable number of retail outlets
during next few years.
The Company Shell MRPL Aviation Fuel Services Limited has steadily
acquired business for sale of Aviation Turbine Fuel (ATF) at Indian airports.
The company achieved a turnover of INR 5542.900 million during FY 2016-17
against INR 3179.700 million in the previous FY 2015-16.
RECOGNITIONS
The Company has been assigned Excellent Rating for the FY 2015-16 by Department of Public Enterprises, Government of India.
At a glittering Earth Day function organised by Srishti Publications at the India International Centre, New Delhi, on 22/04/2017, MRPL bagged Runner up in the manufacturing category after an intense scrutiny and verification by an expert panel. Shri H Kumar, Managing Director has been conferred with the ‘FORE - Top Rankers Excellence Award’ for Organisational Excellence at the 18th National Management Summit on ‘Leading Transformation of Organisations in the Digital Age’, at New Delhi.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW
WORLD ECONOMY
After a lackluster outturn in 2016, economic activity is projected to
pick up pace in 2017 and 2018, especially in emerging market and developing
economies. However, there is a wide dispersion of possible outcomes around the
projections, given uncertainty surrounding the policy stance of the incoming
U.S. administration and its global ramifications. The outlook for advanced
economies improved for 2017–18, reflecting somewhat stronger activity in the
second half of 2016 as well as a projected fiscal stimulus in the United
States.
Global output growth is estimated at about 3% (at an annualized rate)
broadly unchanged. This stable average growth rate, however, masks divergent
developments in different country groups. There has been a strongerthan
expected pickup in growth in advanced economies, due mostly to a reduced drag
from inventories and some recovery in manufacturing output. In contrast, it is
matched by an unexpected slowdown in some emerging market economies. Forward-looking
indicators such as purchasing indices have remained strong in most areas. Among
advanced economies, activity rebounded strongly in the United States after a
weak first half of 2016, and the economy is approaching full employment. Output
remains below potential in a number of other advanced economies, notably in the
euro area. In some economies, such as Spain and the United Kingdom, domestic
demand held up better than expected in the aftermath of the Brexit vote.
Historical growth revisions indicate that Japan’s growth rate in 2016 and in
preceding years was stronger than previously estimated. The picture for
emerging market and developing economies remains much more diverse. The growth
rate in China was a bit stronger than expected, supported by continued policy
stimulus. But activity was weaker than expected in some Latin American
countries currently in recession, such as Argentina and Brazil. Markets were
focussed on geopolitical developments with change in leadership in the USA and
the UK.
INDIAN ECONOMY
India has emerged as the fastest growing major economy in the world as
per the Central Statistics Organisation (CSO) and International Monetary Fund
(IMF). According to IMF World Economic Outlook Update, Indian economy has grown
at 7.1 % during FY 2016-17, despite the uncertainties in the global market and
is expected to accelerate to 8 per cent in future, driven by the gradual
implementation of structural reforms, higher disposable income and improvement
in economic activity. The elimination of fuel subsidies and the targeting of
social benefit has delivered in terms of allowing the union budget target to be
achieved at 3.5% of GDP. Current account deficit at 0.7% of GDP and
government’s commitment to fiscal consolidation reinstated investor confidence
in the economy, resulting in record Net Foreign Direct Investment of US$35.9
billion in FY 2016-17.
Two important developments took place in India in the year 2016. One was
Demonetization and the other was GST Rollout. The Government announced a historic
measure, with profound implications for the economy. The two largest
denomination notes, ` 500 and ` 1000, were “demonetized” with immediate effect,
ceasing to be legal tender except for a few specified purposes. The long term
impacts of demonetization is to create a less-cashb or cash-lite economy, as
this is key to channelling more saving through the formal financial system and
improving tax compliance.
The second one is the goods and services tax (GST), whose objective is
to replace all taxes levied by the government and the states with one central
tax. The rollout of Goods and Service tax (GST) effective from 01/07/2017 is an
extremely important step that will create a true unified national market in
India.
India became second largest contributor to the global oil demand growth
in terms of the incremental oil demand. India’s crude oil demand is expected to
rise in future. Oil products demand is expected to grow annually by 7-9% over
the next 5-10 years. Also, the demand for natural gas is expected to be
significantly high. Utilisation of LNG terminal capacity is expected to grow
from around the current 16 million tonne to 30 million tonne per year by 2022.
India’s domestic gas production was 31.14 billion cubic meters in
2015-16. The domestic gas production could rebound and grow at 4% to 103
million standard cubic meters a day by 2020-21, fuelled by new pricing policy
for deep water and ultra-deep water blocks and freedom in gas marketing and
pricing for new production. India is trying to cut its oil import by 10% but a
report has said the demand was expected to grow at a compound annual growth
rate of 5% a year till 2020.
STRATEGIC BUSINESS PURSUITS
& FUTURE OUTLOOK
Looking at the
opportunities available and for meeting the product specifications as per the
Auto fuel policy of Govt. of India, your Company will be implementing Projects
for production of BS VI grade fuels by 2020.
Configuration study is
underway to enhance the Refinery capacity to 18/25 MMTPA with a view for
further value addition.
The State High-Level
Clearance Committee (SHLCC) GOK, has allocated 1050 acres of land adjoining the
refinery location. The acquisition process is on.
To chart the future growth strategy
up to 2025, seven key areas have been identified and groups have been formed
for evaluating the various opportunities and the roadmap for future growth of
MRPL in the Short, Medium and Long Term has been drawn. The groups have brought
out projects which will be taken up based on the Techno economic feasibility.
Various other Projects are
being taken up for improvement and development viz. CCR-2 Revamp, Marketing
terminal with MS, HSD, ATF day tanks and parking facility, Pet Coke Silos for
Wagon Loading at Railway siding facility have been taken up for improving the
Logistical infrastructure. For all these projects, EPCM contractors have been
lined up.
PERFORMANCE:
During the financial year
2016-17 the Company has achieved new heights of performance both on physical
and financial parameters and surpassed its past performance by setting up a new
bench mark.
The company achieved
turnover of INR 594150.000 Million during the financial year 2016-17 against
INR 508640.000 Million during the financial year 2015-16. The Company earned a
profit after tax (PAT) of INR 36440.000 Million during the financial year
2016-17 against profit of INR 11470.000 Million earned during the financial
year 2015-16. The Gross Refining Margin (GRM) for financial year 2016-17 was
7.75 $/bbl as against 5.20 $/ bbl during the financial year 2015-16.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30.06.2017
[INR
IN MILLION]
|
PARTICULARS |
Quarter ended |
Half year ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income |
|
|
|
|
Revenue from operations |
124166.1600 |
144946.100 |
269107.700 |
|
Other Income |
828.100 |
204.400 |
1073.300 |
|
Total income |
124994.260 |
145150.500 |
270161.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
8238.300 |
97841.400 |
180229.700 |
|
Changes in inventories of finished goods and Stock in process |
(1672.100) |
(6852.500) |
(8524.600) |
|
Excise Duty |
33196.300 |
42322.000 |
75518.300 |
|
Employee benefits expense |
978.600 |
959.100 |
1937.700 |
|
Finance Costs |
1053.200 |
1074.200 |
2127.400 |
|
Depreciation and Amortization Expenses |
1700.600 |
1637.300 |
3370.700 |
|
Other Expenses |
188.400 |
4849.200 |
5037.600 |
|
Total expenses |
117833.300 |
141869.500 |
259702.800 |
|
|
|
|
|
|
Profit/ (Loss) before exceptional Items and tax |
7156.400 |
3321.800 |
10478.200 |
|
|
|
|
|
|
Exceptional Items |
268.900 |
--- |
258.900 |
|
|
|
|
|
|
Profit/ (Loss) before tax |
6897.500 |
3321.800 |
10219.300 |
|
|
|
|
|
|
Tax expenses |
|
|
|
|
Current tax |
1347.000 |
719.200 |
2068.200 |
|
|
(7.200) |
-- |
(7.200) |
|
Deferred tax |
778.200 |
260.500 |
1038.700 |
|
|
|
|
|
|
Profit for the Period |
4779.500 |
2340.100 |
7121.800 |
|
Other
comprehensive income |
|
|
|
|
Re-measurement of the defined benefit obligations |
(19.200) |
(19.300) |
(38.500) |
|
|
|
|
|
|
Income tax relating to above |
6.600 |
6.700 |
13.300 |
|
|
|
|
|
|
Total comprehensive income for the period
(9+10) |
4766.900 |
2327.500 |
7096.400 |
|
|
|
|
|
|
Paid up equity share
capital (Face Value of INR 10/-each) |
17526.000 |
17526.000 |
17526.000 |
|
|
|
|
|
|
Earnings per share (face
value of INR 10 each) (not annualized): - |
|
|
|
|
Basic |
2.73 |
1.34 |
4.06 |
|
Diluted |
2.73 |
1.34 |
4.06 |
STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS |
30.09.2017 |
|
ASSETS |
[Unaudited] |
|
Non-current assets |
|
|
Property, plant and Equipment |
141928.800 |
|
Capital work in progress |
3313.300 |
|
Goodwill |
4.000 |
|
Other intangible assets |
55.700 |
|
|
|
|
Financial Assets |
|
|
Investments |
13496.400 |
|
Loans |
477.900 |
|
Others financial assets |
80.800 |
|
Non-current tax assets |
4432.200 |
|
Other non-current assets |
8366.400 |
|
Total non-current assets |
172155.300 |
|
|
|
|
Current assets |
|
|
Inventories |
46885.400 |
|
Financial assets |
|
|
Trade receivables |
23177.900 |
|
Cash and cash equipment’s |
4.900 |
|
Bank balances other |
6464.000 |
|
Loans |
75.800 |
|
Other financial assets |
3175.900 |
|
Other current assets |
2452.700 |
|
Sub-Total Current Assets |
81236.600 |
|
Non-current assets held for sale |
78.000 |
|
Total Current Assets |
813.146 |
|
|
|
|
TOTAL ASSETS |
253469.900 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Equity |
|
|
Equity share capital |
17526.600 |
|
Other Equity |
77622.100 |
|
Total Equity |
95148.700 |
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-Current Liabilities |
|
|
Financial liabilities |
|
|
Borrowings |
17864.800 |
|
Provisions |
716.900 |
|
Deferred tax liabilities (net) |
5792.000 |
|
Other non-current liabilities |
3411.700 |
|
Total Non-Current Liabilities |
27785.400 |
|
|
|
|
Current Liabilities |
|
|
Financial liabilities |
|
|
Borrowings |
46473.000 |
|
Trade payable |
32306.700 |
|
Other financial liabilities |
39266.800 |
|
Other current liabilities |
9204.100 |
|
Provisions |
2353.000 |
|
Current tax liabilities (net) |
934.200 |
|
Total current liabilities |
130535.800 |
|
|
|
|
Total Liabilities |
158321.200 |
|
|
|
|
Total Equity and Liabilities |
253469.900 |
Notes:
1 The Audit Committee has reviewed the above results and the same have been subsequently approved by the Board of Directors in their meetings held on November 14, 2017.
2 The financial results of the Company have been prepared in accordance with
Indian Accounting Standards (Ind AS) notified under the Companies (Indian
Accounting Standards) Rules, 2015 (as amended). These financial results have
been prepared in accordance with the recognition and measurement principles of
Ind AS 34 “Interim Financial Reporting” prescribed under section 133 of the
Companies Act, 2013 read with the relevant rules issued there under and the
other accounting principles generally accepted in India.
3 The financial results for the quarter ended September 30, 2017 have been
reviewed by the Statutory Auditors as required under Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
4 Pursuant to the receipt of the clarification from Ind AS Transition
Facilitation Group (ITFG) of ICAI, the Company has accounted benefits received
for custom duty and entry tax on purchase of property, plant and equipment as
government grants. In the current quarter, the Company has adjusted the cost of
property, plant and equipment as at April 1, 2017 and credited deferred
government grant amounting to INR 3655.800 million. The deferred government
grant is amortised over the remaining useful life of the property, plant and
equipment. This has resulted in the increase of other income and depreciation
by INR 40.800 million and INR 38.800 million respectively for the quarter ended
June 30, 2017.
5 The Company enjoys benefit of entry tax exemption on crude oil for its Phase
III operations which qualifies to be government grant. The Company recognised
such grant on net basis and is included in the ‘Cost of Materials consumed’.
Entry tax exemption on crude oil amounted to Nil, INR 166.800 million, INR
133.300 million, INR 166.800 million, INR 20.42 crore and INR 563.600 million
for the quarter ended September 30, 2017, June 30, 2017 and September 30, 2016,
half year ended September 30, 2017 and September 30, 2016 and year ended March
31, 2017 respectively. Upon implementation of Goods and Services Tax w.e.f July
1, 2017, entry tax levy itself stands abolished.
6 Other Expenses for the three months ended June 30, 2017 and September 30, 2016 includes net exchange fluctuation gain of INR 314.500 million and INR 1584.500 million respectively.
7 Other Expenses for the three months ended September 30,2017, half year ended September 30,2017, half year ended September 30, 2016 and year ended March 31, 2017 includes net exchange fluctuation loss of INR 669.900 million, INR 355.400 million, INR 204.66 million and INR 593.200 million respectively.
8 The exceptional items for the current quarter is on account of sharing of
terminal charges collected from oil marketing companies on cross country
dispatch retrospectively from financial year 2003-04 amounting to INR 258.900
million.
9 The Company has recognised tax expense of INR 2066.200 million under section
115JB of the Income Tax Act, 1961 and deferred tax expense of INR 1038.700
million for the period ended September 30, 2017.
10 During the current quarter the Company has paid INR 10515.600 million as
dividend on equity shares and INR 2140.700 million as dividend distribution tax
thereon for the financial year 2016-17.
11 The Company operates only in one segment i.e Petroleum Sector. As such
reporting is done on a single segment basis.
12 Previous periods figures have been regrouped/ reclassified wherever
necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims
of Contractors / vendors in Arbitration / Court Some of the contractors
for supply and installation of equipment have lodged claims on the Company seeking
revision of time of completion without liquidated damages, extended stay
compensation and extra claims etc., which are contested by the Company as not
admissible in terms of the provisions of the respective contracts. In case of
unfavourable awards the amount payable that would be capitalised is INR
1735.600 million / charged to revenue account would be INR 36.560 million
(Year ended March 31, 2016; INR 1969.750 and INR 37.310 Million, Year ended
March 31,2015 INR 340.730 million and INR 38.130 million respectively). |
1772.160 |
2007.060 |
|
Claims
of Customers One of the customer has
lodged a claim for damages for pre-closure of the contract. The Company has
disputed the claim based on Force Major condition. In case of non acceptance
of the stand taken by the Company the amount will be debited to Statement of
Profit and Loss account. |
85.200 |
85.200 |
|
Others |
|
|
|
The New Mangalore Port
Trust (NMPT)has claimed from the Company notified wharfage charges for handling
cargo at oil berths for the period beyond MOU term (berth No 10 from
October16, 2009 to March 31, 2015 & for berth no 11 from April 1, 2011 to
March 31, 2015). The Company has claimed that the Memorandum of
Understanding, provides for arriving at a mutually agreeable rate subject to
Government /TAMP (Tariff Authority for Major Ports) approval for the post MOU
period. The issue has been settled during financial year 2015-16. |
0.000 |
0.000 |
|
This represents the potential
liability which the Company has undertaken for reimbursement to lessors, in
case of any liability in their respective tax assessments. Since, no
communication is received from the lessors, therefore the amount has been
withdrawn during the year 2015-16. |
0.000 |
0.000 |
|
The claim of Mangalore
SEZ Limited over and above the advance paid for land and rehabilitation &
resettlement work. |
20.050 |
16.710 |
|
|
|
|
|
Total |
1877.410 |
2108.970 |
FIXED ASSETS:
- Land : Freehold
- Land under lease
- Buildings
- Plant and Equipment
- Office Equipment
- Furniture and Fixtures
- Vehicles
- Goodwill
- Computer software
- Licenses and franchise
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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 63.35 |
|
UK Pound |
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
INFORMATION
DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
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.