MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	494795
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	HPCL-MITTAL ENERGY LIMITED (w.e.f. 31.12.2007)

Formerly Known As :	GURU GOBIND SINGH REFINERIES LIMITED

Registered Office :	Village Phulokhari, Taluka Talwandi Saboo, Bhatinda – 151301, Punjab
Tel. No.:	91-120-4634500

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	13.12.2000

Com. Reg. No.:	16-024126

Capital Investment / Paid-up Capital :	INR 80411.000 Million

CIN No.: [Company Identification No.]	U23201PB2000PLC024126

IEC No.: [Import-Export Code No.]	3001012633

GSTN : [Goods & Service Tax Registration No.]	03AABCG5231F1Z8

TIN No:	03581144819

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCG5231F

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Refining of Crude Oil and Exploration and Production of Crude Oil. [Registered Activity]

No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	HPCL-Mittal Energy Limited (HMEL) incorporated as Guru Gobind Singh Refinery Limited (GGSRL) in 2000, is a joint venture between HPCL and Mittal Energy Investment Pte Ltd (MEIL, Singapore - a L. N. Mittal Group company). Both the JV partners hold a stake of 48.99% in the company each while the remaining 2.02% is held by financial institutions (IFCI, SBI and HDFC Life). The company is engaged in the development of petroleum refinery. It produce petrochemical products like motor spirit, high speed diesel, superior kerosene oil, aviation turbine fuel, liquefied petroleum gas, naphtha and hexane etc. As per Registrar of Companies the date of balance sheet (i.e,financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, the company has achieved decent profit from its operational activities. Rating also draw strength from the strong promoter group (s) and their consistent support and technologically advanced refinery aiding in higher gross refining margins. However, rating strength is partially by accumulated losses registered, moderate gearing levels and unfavorable gap between trade payables to its trade receivables. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

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	ICRA
Rating	Long Term Rating (AA)
Rating Explanation	High degree of safety and very low credit risk.
Date	15.02.2018

Rating Agency Name	ICRA
Rating	Short Term Rating (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	15.02.2018

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 01.03.2018

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

Management non co-operative (91-120-4634500)

LOCATIONS

Registered Office :	Village Phulokhari, Taluka Talwandi Saboo, District Bhatinda – 151301, Punjab, India
Tel. No.:	91-1655-272120
Fax No.:	91-1655-272150
E-Mail :	sidhartha.tyagi@hmel.in info@hmel.in
Website :	http://www.hmel.in

Corporate Office :	INOX Towers, Sector 16 A, Plot No. 17, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4634500
Fax No.:	91-120-4271940
E-Mail :	info@hmel.in sangeetha.chakravarthy@hmet.in

Branch Offices:	Plot No.6 (2), Old Port Road, Opposite Mundra CSF, Near Sundra Township, Mundra, District- Kutch-370421, Gujarat, India Om Cross Way, Om Cineplex, 2nd Floor, Office NO. 7 and 8, Plot No.-A Ward No.-6, Rambag Chaar Rasta, Gandhidham, Kutch-370201, Gujarat, India House No.C-12/467-468, Near Mahalaxmi Society, Behind Old Employment, Office Becharpura, Palanpur-385001, Gujarat, India IPS-3, Dhansa, Near Primary School, Village Dhansa, Via: Modran, Tehsil: Bhinmal, District: Jalore – 343023, Rajasthan, India Ayushi Tower, 2nd Floor, Near Barkatulla Khan Stadium, Main Pal Road, Jodhpur-342003, Gujarat, India 1st Floor, 450, MC Colony, Hisar Road, (Opposite Talwar Nursing Home), Sirsa – 125 005, Haryana, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Prabh Das

Designation :

Managing Director

Address :

Flat No. E-801, Pearl Gateway Tower, Sector-44, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

30.10.1957

Qualification :

B. Tech, MBA, IAS

Date of Appointment :

01.04.2011

PAN No. :

ADBPD7624H

DIN No. :

00164799

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	24/06/2011	-

Name :

Mr. Aditya Mittal

Designation :

Director

Address :

39, Bloomfield Terrace, London SW1W8PQ, United Kingdom

Date of Appointment :

19.07.2016

DIN No.:

00778947

Name :

Mr. Vaijayanti Ajit Pandit

Designation :

Additional Director

Address :

30/9, Taj Building, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Appointment :

16.01.2017

DIN No.:

06742237

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	02/08/2016	-
U34100MH2000PLC124874	TML DRIVELINES LIMITED	07/08/2015	-
L24302RJ1976PLC001684	BANSWARA SYNTEX LIMITED	12/09/2015	-
L35911GA1980PLC000400	AUTOMOBILE CORPORATION OF GOA LIMITED	31/07/2015	-
L51496GA1988PLC000915	I G PETROCHEMICALS LIMITED	17/08/2015	-
L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	25/11/2013	-
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	24/01/2017	-
U63000MH2008PLC180593	TML DISTRIBUTION COMPANY LIMITED	05/08/2015	-
U34101MH2006PLC164771	TATA MARCOPOLO MOTORS LIMITED	31/03/2017	-
U24110MH1972PLC015561	CONCORDE MOTORS (INDIA) LIMITED	02/08/2016	-

Name :

Mr. Mukesh Kumar Surana

Designation :

Director

Address :

Flat No.502, Tower No. 9, Common Wealth Games Village, Near Akshard Ham Temple, Delhi-110092, India

Date of Appointment :

01.04.2016

DIN No.:

07464675

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U11101AP1999PTC032851	SOUTH ASIA LPG COMPANY PRIVATE LIMITED	30/09/2016	-
L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	01/04/2016	-
U74899DL1998GOI096845	PRIZE PETROLEUM COMPANY LIMITED	31/08/2016	-
U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	11/08/2016	-

Name :

Mr. Vinod Sandanand Shenoy

Designation :

Additional Director

Address :

Shree Saraswati CHSL, Building No. B-1, Flat No. 904 N. G. Acharya Marg, Near Acharya College, Chembur, Mumbai-400071, Maharashtra, India

Date of Appointment :

24.11.2016

DIN No.:

07632981

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L23209KA1988GOI008959	MANGALORE REFINERY AND PETROCHEMICALS LIMITED	08/11/2016	-
L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	01/11/2016	-
U74899DL1998GOI096845	PRIZE PETROLEUM COMPANY LIMITED	09/11/2016	-
U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	24/11/2016	-

Name :

Mr. Arun Balakrishnan

Designation :

Director

Address :

Flat No. 2102, Sobha Petunia, Veerana Palaya, Opposite Lumbini Gardens, Bangalore - 560045, Karnataka, India

Date of Birth/Age :

25.07.1950

Qualification :

B. Tech, PGDM

Date of Appointment :

30.09.2010

PAN No.:

ABVPB1917F

DIN No. :

00130241

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	26/09/2016	-
L40200WB1935PLC008184	LINDE INDIA LIMITED	17/05/2012	-
L40101MP1994PLC042920	JAIPRAKASH POWER VENTURES LIMITED	12/09/2015	-
L45203UP2007PLC033119	JAYPEE INFRATECH LIMITED	01/10/2014	-
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	27/09/2013	-
U74990PB2008PLC031715	HPCL-MITTAL SERVICES LIMITED	28/02/2008	-
U93000DL2011PTC225250	WELLNESS DIABETACARE PRIVATE LIMITED	07/10/2015	-
U01200KA2014PTC073119	RASHTRIYA E MARKET SERVICES PRIVATE LIMITED	11/04/2016	-
U40200MH1995PLC088133	MAHANAGAR GAS LIMITED	26/08/2011	-
U93090MH2006PLC165172	NCDEX E MARKETS LIMITED	16/06/2011	-

Name :

Mr. Rajan Tandon

Designation :

Director

Address :

19, Preston Road, Wembley, Middlesex, London, United Kingdom, HA98JZ

Date of Birth/Age :

24.09.1963

Qualification :

Date of Appointment :

03.09.2009

PAN No.:

AAEPT3008K

DIN No. :

01968916

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	07/01/2008	-
U74200MH2008FTC179446	MITTAL ENERGY INDIA SERVICES PRIVATE LIMITED	25/10/2008	-
U74990PB2008PLC031715	HPCL-MITTAL SERVICES LIMITED	28/02/2008	-

Name :

Mr. Avinash Chander Mahajan

Designation :

Director

Address :

605, Empire Cooperative Housing Society, Azad Nagar Veera Desai, Road, Near Andheri Sports Complex, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

05.07.1950

Qualification :

Msc. (Chemistry Hons.)

Date of Appointment :

01.06.2015

PAN No.:

AAXPM0460B

DIN No. :

00041661

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40104TG2007PLC054207	LANCO BABANDH POWER LIMITED	27/09/2013	-
U31200UP2006PLC031982	LANCO ANPARA POWER LIMITED	23/09/2015	-
U74140GJ2015PTC083994	CFM ASSET RECONSTRUCTION PRIVATE LIMITED	30/07/2015	-
U65991MH2010PLC199326	IDBI MF TRUSTEE COMPANY LIMITED	28/06/2012	-
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	28/09/2015	-
L74899DL1984PLC146935	RELIGARE ENTERPRISES LIMITED	13/09/2013	-
U74999DL1995PLC064132	RELIGARE FINVEST LIMITED	24/03/2017	-
U74899DL1993PLC054259	RELIGARE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	10/11/2016	-
L85100MH1973PLC289209	ASPIRA PATHLAB & DIAGNOSTICS LIMITED	01/02/2017	-
L85100MH1973PLC289209	ASPIRA PATHLAB & DIAGNOSTICS LIMITED	01/02/2017	-
U40104TG2007PLC054207	LANCO BABANDH POWER LIMITED	27/09/2013	-

Name :

Mr. Ramaswamy Jagannathan

Designation :

Additional Director

Address :

8A, HP Nagar East, Vasinaka, Chembur, Mumbai – 400074, Maharashtra, India

Date of Appointment :

01.10.2015

DIN No. :

06627920

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40101GJ2013PTC077228	HPCL SHAPOORJI ENERGY PRIVATE LIMITED	06/09/2016	-
U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	11/08/2016	-
U24290BR2009GOI014927	HPCL BIOFUELS LIMITED	17/09/2016	-
U01119CT2008GOI020900	CREDA - HPCL BIO FUEL LIMITED	30/08/2016	-
U60101PB2008PLC031563	HPCL-MITTAL PIPELINES LIMITED	29/09/2016	-
U74899DL1998GOI096845	PRIZE PETROLEUM COMPANY LIMITED	31/08/2016	-
U23200MH1995PTC090671	HINDUSTAN COLAS PRIVATE LIMITED	02/08/2016	-
L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	08/09/2016	-
U11101AP1999PTC032851	SOUTH ASIA LPG COMPANY PRIVATE LIMITED	30/09/2016	-

Name :

Jagjeet Singh Bindra

Designation :

Additional Director

Address :

72, Incline, Green Lane, Alamo California 94507 Unites States

Date of Appointment :

09.01.2018

DIN No. :

00354270

KEY EXECUTIVES

Name :	DR Associates
Designation :	Company Secretary
Address :	203, Padma Tower II, Rajendra Place, New Delhi – 110008, India
Date of Appointment :	10.05.2016
PAN No.:	AAFFD2508P
Tel. No	91-11-45063990/ 47775059
Email:	dr@drassociates.org
Website:	http://www.drassociates.org

Name :	Mr. Sidhartha Taygi
Designation :	Secretary
Address :	A-85 Surya Nagar, Po Chander Nagar, District Ghazibad - 201011, Uttar Pradesh, India
Date of Birth/Age :	31.03.1959
Date of Appointment :	29.11.2001
PAN No.:	ACKPT8760E

Name :	Harak Chand Banthia
Designation :	Chief Financial Officer
Address :	19, Karl Marx Sarani, Kidderpore, Kolkata – 700023, West Bengal, India
Date of Birth/Age :	31.03.1956
Date of Appointment :	09.09.2014
PAN No.:	AEBPB4317E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2017

Names of Shareholders	No. of Shares
Hindustan Petroleum Corporation Limited, India	3939555130
Mittal Energy Investments Pte Limited, Singapore	3939555200
IFCI Limited, India	77189796
State Bank of India, India	52547840
HDFC Standard Life Insurance Company Limited, India	29513136
HDFC SL Shareholders Solvency Margin Account	2775655
B.K. Namdeo	10
Shrikant M. Bhosekar	5
M.K. Surana	10
J. Ramaswamy	10
S.K. Suri	10
S.P. Gupta	10
Vikram Gulati	5
Pawan Sehgal	10
Total	8041136827

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2017

Category	Percentage
Promoters - Government companies	48.99
Promoters -Body corporate	49.00
Public/Other than promoters - Insurance companies	0.40
Public/Other than promoters - Banks	0.65
Public/Other than promoters - Financial institutions	0.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Refining of Crude Oil and Exploration and Production of Crude Oil. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
27101930	High Speed Diesel
27101211	Motor Spirit
39021000	Poly Propylene
27111900	Liquefied Petroleum Gas
27101910	Superior Kerosene Oil
27101219	Naphtha
27101920	Air Turbine Fuel
27131100	Pet Coke
25030010	Sulphur
27101990	Hexane/ Mineral Turpentine Oil

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

DBS Bank Limited, Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi - 110001, Delhi, India

Indian Overseas Bank, Fort Branch, Tamarind House, 30, 32, Tamarind Lane, Fort, Mumbai - 400023, Maharashtra, India

Vijaya Bank, Vijaya Building, Ground Floor, 17, Parliament Street, New Delhi - 110001, India

State Bank off Bikaner and Jaipur, G-72, Connaught Circus, New Delhi - 110001, India

Union Bank of India, Industrial Finance Branch, Union Bank of India Building, 5th Floor, 66/80, Mumbai Samachar Marg, Mumbai - 400023, Maharashtra, India

Punjab National Bank, Large Corporate Branch, Ground Floor, "E" Wing, Maker Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India.

Banker Name	Allahabad Bank
Branch Address	Industrial Finance Branch, 1st Floor, 17, Parliament Street, New Delhi - 110001, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Non-convertible debentures others	10200.000	10200.000
Rupee term loans from banks	3000.000	80250.000
Foreign currency term loans from banks	116739.000	63313.000
SHORT TERM BORROWINGS
Rupee term loans from banks	5360.000	4998.000
Foreign currency term loans from banks	20392.000	37018.000
Total	155691.000	195779.000

Note:

LONG-TERM BORROWINGS

a) Redeemable 4 % Non-Convertible Debentures (NCDs) were issued at par on 3 September 2012. These are secured by a first pari passu charge on fixed asset to the extent of 1.25 times of the issue size. The series consists of three detachable and Separately Transferable Principal Parts (STRPP) A, B and C. STRPP A, B and C debentures are redeemable at a premium of INR 0.820 million, INR 0.970 million and INR 1.150 million per debenture respectively on 3 September 2020, 3 September 2021 and 3 September 2022 respectively, being the 8th, 9th and 10th year respectively from the date of allotment.

b) Redeemable 0% Non-Convertible Debentures were issued at a discount of INR 0.240 million per debenture on 11 June 2013. The same is backed by a letter of comfort from Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte Ltd. and is redeemable after 3 years from the date of issue.

c) Secured Indian rupee loan of INR 30000.000 million from the bank is secured by a mortgage through a residual charge over current assets of the Company. The loan is repayable in one bullet installment on 21 April 2017. The rupee term loan carries an interest rate equivalent to the base rate of the bank. The current rate of interest on this loan is 9.63% p.a. Previous year loans have been refinanced / prepaid during the year.

d) Foreign currency loan from banks equivalent to INR 6635.000 million (Previous year INR 6250.000 million) is secured by a sub servient charge over all movable and immovable properties of the Company, both present and future. The said loan is backed by a letter of comfort from both Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte. Limited, the joint venture partners in the Company. The outstanding loan is repayable vide a single bullet payment on 22 June 2016 and carries an interest rate of 6 month LIBOR plus 365 bps (presently 4.47% p.a.).

e) Foreign currency loan from banks equivalent to INR 117467.000 million (Previous year INR 51046.000 million) is secured by a mortgage through a first charge, ranking pari-passu amongst the lenders, over all immovable and movable properties and assets of the Company, both present and future, save and except current assets on which these lenders have a second pari-passu charge; however they hold a first charge/ assignment on the Debt Service Reserve Account and all other accounts formed under the Trust and Retention Account Agreement. Previous year loan of INR 6155.000 million have been prepaid during the year. The outstanding loan is repayable as under:

a. INR 46876.000 million is repayable in 43 variable quarterly installments starting from 30 September 2017 and carries interest rate of 6 mont LIBOR plus a spread ranging from 290 bps to 325 bps. The current interest rate is ranging from 3.81% p.a to 4.16% p.a.

b. INR 34471.000 million is repayable in 36 variable quarterly installments starting from 31 March 2018 and carries interest rate of 6 month LIBOR plus a spread of 300 bps. The current interest rate ranges from 3.89 % p.a. to 3.91% p.a.

c. INR 10779.000 million is repayable in one bullet installment on 31 December 2019 and carries interest rate of 6 month LIBOR plus a spread of 383 bps. The current interest rate is 4.66% p.a.

d. INR 707.000 million is repayable in 9 equal half yearly installments (next installment is due on 19 September 2016) and carries a fixed interest rate of 4.35% p.a.

e. INR 7628.000 million is repayable in 36 variable quarterly installments beginning 31 March 2017 and carries an interest rate of 3 month LIBOR plus a spread ranging from 451bps to 482bps. The current interest rate ranges from 5.13% p.a to 5.45% p.a.

f. INR 14104.000 million is repayable in 3 variable instalments from 31 March 2019 to 31 December 2020 and carries an interest rate of 6 month LIBOR plus a spread ranging from 335bps to 368 bps. The current interest rate ranges from 4.20 %p.a to 4.53 %p.a.

g. INR 2902.000 million is repayable in one bullet installment on 31 December 2020 and carries an interest rate of 6 month LIBOR plus a spread of 260bps. The current interest rate is 3.48% p.a

f) Unsecured foreign currency loan equivalent to INR 5315.000 million (Previous year : INR 5007.000 million) is backed by a letter of comfort from both Hindustan Petroleum Corporation Limited and Mittal Energy Investments Pte. Limited, the joint venture partners in the Company. The same is repayable in single bullet installment in March 2018. The loan carries an interest rate of 3 month LIBOR plus 375 bps. The current rate is 4.36% p.a.

g) Unsecured foreign currency loan equivalent to INR 5976.000 million (Previous year: NIL) and is repayable in one bullet installment in September 2017 . The loan carries an interest rate of 6 month LIBOR plus 350 bps. The current rate is 4.41% p.a.

h) Unsecured Indian rupee loan from bank of INR 5000.000 million is to be repaid in a bullet installment in September 2017. The loan carries an interest of 9.70% p.a. Previous year loans have been prepaid during the current year.

i) Loan from Punjab Government is interest free and is repayable in 10 equal half yearly installments commencing after 66 months from the date of disbursal. Repayment of INR 100.000 million will commence from March 2019, INR 2460.000 million from September 2020 and balance from September 2021.

Short-term borrowings

(a) Secured foreign currency loans from banks is secured by a first charge, ranking pari - passu amongst the lenders, on all current assets of the Company, save and except deposits and accounts under the Trust and Retention Account, and have a second charge ranking pari- passu on all movable and immovable fixed assets of the Company, both present and future. The loan carries an interest rate which is determined and fixed on date of availing of the loan which is presently between 0.64% p.a. to 0.99% p.a. These loans are repayable within 31 to 329 days from the date of drawdown.

(b) Secured rupee loans from banks is secured by a first charge, ranking pari - passu amongst the lenders, on all current assets of the Company, save and except deposits and accounts under the Trust and Retention Account, and have a second charge ranking pari- passu on all movable and immovable fixed assets of the Company, both present and future. The loan carries an interest rate which is determined and fixed on date of availing of the loan which is presently at 9.65% p.a. These loans are repayable on demand.

(c) Indian rupee bill discounting loans from banks are secured by first charge, ranking pari -passu amongst the lenders, on all current assets of the Company, save and except deposits and accounts under the trust and retention account, and have a second charge ranking pari-passu on all moveable and immovable fixed assets of the Company, both present and future. These loans carry an interest rate of 9.30% p.a.

Financial Institution:	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower - B, Sector-42, Sector Road, Gurgaon, Haryana, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary Company :	HPCL-Mittal Pipelines Limited (U60101PB2008PLC031563)

Joint Venture:	Hindustan Petroleum Corporation Limited, India (L23201MH1952GOI008858) Mittal Energy Investments Pte Limited ( MEI), Singapore

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000000	Equity Shares	INR 10/- each	INR 100000.0000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

8041136827	Equity Shares	INR 10/- each	INR 80411.368 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	80411.000	75415.000	75415.000
(b) Reserves & Surplus	(22909.000)	(40086.000)	(29979.000)
(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)	57502.000	35329.000	45436.000

(3) Non-Current Liabilities
(a) Long-term borrowings	149949.000	188813.000	150570.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3641.000	3237.000	3643.000
(d) long-term provisions	1517.000	1146.000	0.000
Total Non-current Liabilities (3)	155107.000	193196.000	154213.000

(4) Current Liabilities
(a) Short term borrowings	25752.000	42016.000	94499.000
(b) Trade payables	22484.000	28062.000	27994.000
(c) Other current liabilities	20292.000	11503.000	7811.000
(d) Short-term provisions	363.000	587.000	593.000
Total Current Liabilities (4)	68891.000	82168.000	130897.000

TOTAL	281500.000	310693.000	330546.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	189207.000	192157.000	186846.000
(ii) Intangible Assets	603.000	926.000	1230.000
(iii) Capital work-in-progress	5120.000	972.000	446.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12230.000	12230.000	12230.000
(c) Deferred tax assets (net)	25163.000	28130.000	14380.000
(d) Long-term Loan and Advances	1138.000	903.000	767.000
(e) Other Non-current assets	376.000	461.000	581.000
Total Non-Current Assets	233837.000	235779.000	216480.000

(2) Current assets
(a) Current investments	0.000	3140.000	0.000
(b) Inventories	32911.000	46458.000	92473.000
(c) Trade receivables	12922.000	15723.000	18497.000
(d) Cash and cash equivalents	647.000	3165.000	1912.000
(e) Short-term loans and advances	1001.000	999.000	907.000
(f) Other current assets	182.000	5429.000	277.000
Total Current Assets	47663.000	74914.000	114066.000

TOTAL	281500.000	310693.000	330546.000

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	287212.000	288626.000	423880.000
		Other Income	8293.000	12286.000	8946.000
		TOTAL	295505.000	300912.000	432826.000

Less	EXPENSES
		Cost of Materials Consumed	235716.000	274202.000	422138.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4384.000	20619.000	(11758.000)
		Employees benefits expense	2187.000	1969.000	1878.000
		Expenditure on production, transportation and Other expenditure pertaining to exploration and production activities	255.000	11.000	0.000
		Other expenses	9144.000	10327.000	19860.000
		TOTAL	251686.000	307128.000	432118.000

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		43819.000	(6216.000)	708.000

Less	FINANCIAL EXPENSES		14811.000	17433.000	16214.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		29008.000	(23649.000)	(15506.000)

Less/ Add	DEPRECIATION/ AMORTISATION		8864.000	5687.000	11297.000

	PROFIT/(LOSS) BEFORE TAX		20144.000	(29336.000)	(26803.000)

Less	TAX		2967.000	(13451.000)	(13967.000)

	PROFIT/(LOSS) AFTER TAX		17177.000	(15885.000)	(12836.000)

	EARNINGS IN FOREIGN CURRENCY
		Exports at F.O.B. value	5341.000	8528.000	24495.000
		TOTAL EARNINGS	5341.000	8528.000	24495.000

	IMPORTS
		Raw Materials	214615.000	241954.000	432057.000
		Chemicals, stores and spare parts	3033.000	2010.000	1358.000
		Capital Goods	672.000	259.000	28.000
	TOTAL IMPORTS		218320.000	244223.000	433443.000

	Earnings/ (Loss) Per Share (INR)		2.22	(2.11)	(1.75)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	12278.000	4753.000	2442.000

Net cash flows from (used in) operations	53782.000	33430.000	(59155.000)

Net cash flows from (used in) operating activities	53631.000	33398.000	(5913.000)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	16.42	19.88	15.93

Account Receivables Turnover (Income / Sundry Debtors)	22.23	18.36	22.92

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	34.82	37.35	24.20

Inventory Turnover (Operating Income / Inventories)	1.33	(0.13)	0.01

Asset Turnover (Operating Income / Net Fixed Assets)	0.22	(0.03)	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.82	0.89	0.86

Debt Equity Ratio (Total Liability / Networth)	3.27	6.67	5.45

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.20	2.33	2.88

Fixed Assets to Networth (Net Fixed Assets / Networth)	3.39	5.49	4.15

Interest Coverage Ratio (PBIT / Financial Charges)	2.96	(0.36)	0.04

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	5.98	(5.50)	(3.03)

Return on Total Assets ((PAT / Total Assets) * 100)	%	6.10	(5.11)	(3.88)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	29.87	(44.96)	(28.25)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.69	0.91	0.87

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.21	0.35	0.16

G-Score Ratio Financial (Networth / Total Assets)	0.20	0.11	0.14

G-Score Ratio Debt (Debts / Equity Capital)	2.34	3.12	3.28

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.69	0.91	0.87

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	75415.000	75415.000	80411.000
Reserves & Surplus	(29979.000)	(40086.000)	(22909.000)
Net worth	45436.000	35329.000	57502.000

Long-term borrowings	150570.000	188813.000	149949.000
Short term borrowings	94499.000	42016.000	25752.000
Current Maturities of Long term debt	2442.000	4753.000	12278.000
Total borrowings	247511.000	235582.000	187979.000
Debt/Equity ratio	5.447	6.668	3.269

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	423880.000	288626.000	287212.000
		(31.909)	(0.490)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	423880.000	288626.000	287212.000
Profit/ (Loss)	(12836.000)	(15885.000)	17177.000
	(3.03%)	(5.50%)	5.98%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	80411.000	75415.000
(b) Reserves and Surplus	(25989.000)	(44251.000)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	54422.000	31164.000

(3) Non-Current Liabilities
(a) long-term borrowings	175925.000	220129.000
(b) Deferred tax liabilities (Net)	1479.000	1243.000
(c) Other long-term liabilities	5280.000	4815.000
(d) long-term provisions	1517.000	1146.000
Total Non-current Liabilities (3)	184201.000	227333.000

(4) Current Liabilities
(a) Short-term borrowings	25752.000	42016.000
(b) Trade payables	21761.000	26271.000
(c) Other current liabilities	21270.000	11398.000
(d) Short-term provisions	368.000	588.000
Total Current Liabilities (4)	69151.000	80273.000

TOTAL	307774.000	338770.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	226129.000	229878.000
(ii) Intangible Assets	603.000	926.000
(iii) Tangible assets capital work-in-progress	5125.000	1078.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	25163.000	28130.000
(d) Long-term loans and advances	1439.000	1285.000
(e) Other Non-current assets	637.000	792.000
Total Non-Current Assets	259096.000	262089.000

(2) Current assets
(a) Current investments	0.000	3140.000
(b) Inventories	33113.000	46691.000
(c) Trade receivables	12922.000	15723.000
(d) Cash and bank balances	1015.000	3767.000
(e) Short-term loans and advances	1360.000	1840.000
(f) Other current assets	268.000	5520.000
Total Current Assets	48678.000	76681.000

TOTAL	307774.000	338770.000

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	289534.000	288876.000
	Other Income	8356.000	12335.000
	TOTAL	297890.000	301211.000

Less	EXPENSES
	Cost of Materials Consumed	228121.000	268828.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4467.000	20720.000
	Employee benefit expense	2388.000	2141.000
	Expenditure on production, transportation and Other expenditure pertaining to exploration and production activities	255.000	11.000
	Other expenses	13109.000	12008.000
	TOTAL	248340.000	303708.000

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	49550.000	(2497.000)

Less	FINANCIAL EXPENSES	17099.000	19942.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	32451.000	(22439.000)

Less	DEPRECIATION/ AMORTISATION	10782.000	7548.000

	PROFIT/ (LOSS) BEFORE TAX	21669.000	(29987.000)

Less	TAX	3407.000	(13108.000)

	PROFIT/ (LOSS) AFTER TAX	18262.000	(16879.000)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5341.000	8528.000
	TOTAL EARNINGS	5341.000	8528.000

	Earnings / (Loss) Per Share (INR)	2.36	(2.24)

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject the Company (‘HMEL’ or ’the Company’) was incorporated in the year 2000 as a wholly owned subsidiary of Hindustan Petroleum Corporation Limited (‘HPCL’), a Government Company as per the provisions of the Companies Act, 2013. Subsequently the Company, pursuant to a joint venture agreement entered into between HPCL and Mittal Energy Investments Pte. Ltd., Singapore (a wholly owned subsidiary of Mittal Investments S.a.r.l, Luxembourg) (‘Mittal Energy’) became a joint venture company with equal equity participation by HPCL and Mittal Energy. The Company is running a petroleum refinery of 9 Million Metric Tonne Per Annum (MMTPA) at Bhatinda, Punjab.

BUSINESS OPERATIONS

During FY 2015-16, the Company reported its best ever performance through greater focus on cost management, backed by a positive external macro environment. In this first year of its profitable operations, the Company reported a Gross Refining Margin (‘GRM’) of over $14/bbl and a Net Profit of about of about Rs. 17,190 million. With its best ever capacity utilization of 119%, the Guru Gobind Singh Refinery (‘GGSR’) processed its highest levels of 10.7 MMTPA of crude during the year. Committed to enhancing operational and cost efficiencies, the Company successfully brought down fuel and loss levels to their lowest ever figure of around 10.5%, while concurrently scaling up production and yields of all key products to their highest ever levels during the year. A Low Cost Expansion Project initiated during the year will create new capacities to deliver higher production excellence, leading to greater profitability, going forward. With this project, HMEL shall expand its nameplate refining capacity from 9 MMTPA to 11.3 MMTPA, thereby further enhancing refinery throughput by 25%. The Company has also approved plans to augment the production capacity of the high value-added product Polypropylene (‘PP’) over the next couple of years. In an effort to further augment the technological edge of its operations, the Company continued to invest in its Research & Development (‘R&D’) and Information Technology (‘IT’) functions during the fiscal. Fostering a strong safety culture, the Company achieved its best ever Total Recordable Incident Rate (‘TRIR’) of 0.59 during FY 2015-16. Loss Time Accident (‘LTA’) frequency rate also fell to a record low of 0.11 accidents per million hours worked, underlining the Company’s commitment to the health and safety of its employees. On the environmental front, the Standard Operating Procedure (‘SOP’) prepared by the Company for solid waste management promises to create a cleaner and greener business eco-system, driving greater business efficiencies and empowering the future generations.

SUBSIDIARY COMPANY

The Company also witnessed improved operations driven by value-led performance from its wholly owned subsidiary viz. HPCL-Mittal Pipelines Limited (‘HMPL’) during the year. HMPL owns and operates a 1,017 kilometers cross-country crude oil pipeline, viz. Mundra-Bathinda Pipeline (‘MBPL’), along with associated facilities such as Single Point Mooring (‘SPM’) at sea, a Crude Oil Terminal (‘COT’) at Mundra, Gujarat, 27 Sectionalization Valve Stations (‘SV Stations’) and Intermediate Pumping Station (‘IPS’) at Dhansa, Rajasthan, for receipt, storage and transportation of crude oil from Mundra to GGSR at Bathinda. The MBPL and other associated facilities have been operational for the entire year in full synchronization with the refinery operations and recorded the highest ever pipeline throughput of 10.7 MMT, resulting in higher revenues and profit for HMPL.

MANAGEMENT DISCUSSION AND ANALYSIS

During the year, HMEL scaled its value function to drive enhanced performance across its business functions. The Company created new benchmarks of excellence to deliver greater value to its stakeholders.

ECONOMIC OVERVIEW

The bright spots of change are already visible on the global economic horizon. Though the growth differential between the emerging and advanced market economies remained a matter of concern, signs of positivity started to emerge towards the last quarter of 2015, raising hopes of greater buoyancy going forward. Even though growth in the emerging and developing markets declined, overall, for the fifth consecutive year in 2015, advanced economies reported modest recovery. Despite concerns over China’s economic situation, the International Monetary Fund (‘IMF’) expects a pickup in global activity to continue and has projected global growth at 3.4% in 2016 against 3.1% in 2015.

India remained a shining beacon on the fiscal landscape, overtaking China as the fastest growing economy during the year. The IMF forecast for India projects that economic growth would pick up from 7.3% in FY 2015-16 to 7.5% in FY 2016-17. The collapse in oil prices and the relatively low exposure of India to the current global financial turbulence are expected to keep the Indian market in a continued state of dynamism over the next couple of years. This positivity is reflected in India’s petroleum sector, as, propelled by declining crude prices, India is expected to overtake Japan to become the world’s third largest oil consumer at about 4.1 million barrels per day. With oil consumption having direct and strong linkages with economic growth, this augurs extremely well for the Indian economy.

INDUSTRY OVERVIEW

With the global economic sentiment remaining somewhat subdued for large part of the year, the demand growth for Gasoil (Diesel) suffered during FY 2015-16, as cracks fell sharply to around $12/bbl – significantly lower than $15.5/bbl in FY 2014-15 and around $17.5/bbl in FY 2013-14. The key factors that contributed to the decline were lower than usual Gasoil demand from China (as a result of reduced industrial activity in the country), as well as the installation of a new refining capacity in the Middle East. Gasoil prices thus plunged to new lows during the year. The decline was, however, offset by the highly attractive Gasoline (Petrol) cracks of around $16/bbl at the back of strong demand. This compared quite favorably with the demand in the previous two fiscals - $11.6/bbl in FY 2014-15 and $9.7/bbl in FY 2013-14. Overall, oil prices fell sharply during the year as production spurted in the US following the shale revolution and OPEC refused to cut down on the oil output. Though Brent prices recovered to over $60/bbl in May 2015, prices had fallen again to under $30/bbl by January 2016, for the first time since April 2004. By the end of the fiscal under review, the prices had recovered somewhat, to around $40/bbl, but still remained significantly low.

The global demand and price fluctuations notwithstanding, the Indian petroleum industry witnessed a lot of positivity, in line with the economic scenario in the Country. Driven by strong manufacturing activity, India’s oil demand surged in 2015 by a record 0.31 MMB/D from 2014. The increase in India’s oil demand has put the Country on the path to surpassing China in incremental growth for 2015.These positive developments augured well for the Company, as reflected in the strong operational and financial performance for the year.

COMPANY’S PERFORMANCE

FY 2015-16 proved to be an outstanding year for the Company. It was a year in which we achieved new levels of excellence in performance. Driven by internal robustness and ably supported by a favorable macro environment, we recorded their best ever operational and financial performance. Their focused efforts to enhance efficiencies bore fruit as we successfully increased crude processing to the highest for any fiscal at an impressive 10.7 MMTPA. This enabled us to achieve capacity utilization of 119% – their highest-ever level, up almost 16% over the previous year. Simultaneously, we brought down fuel and loss levels to around 10.5% which, being the lowest ever for any fiscal, shows their commitment to drive operational excellence on all fronts. Their determined efforts led to significant improvement in revenues and margins, and also boosted product yields. During the year under review, we achieved the maximum ever production and yields of all major products including HSD (~4600 KT), MS (~1600KT), PP (~437 KT) and LPG (~850KT). The highest ever plant availability of 97.1% was also reported during FY 2015-16 by the Company through sustained management and reliable operation of the refinery and its pipeline business. A number of external factors also contributed to the operational excellence of their business. Leveraging the attractive Gasoline cracks, we maximized their Gasoline production to successfully raise their yield by almost 1%, to around 1.6MMT. The positivity in their business got a further fillip as a result of the low crude prices. Despite lower Gasoil cracks, we were able to achieve higher margins on account of the average crude purchase cost remaining significantly below the Benchmark grade of Dubai. Limited currency fluctuations also contributed to strengthening their fiscal performance during the year.

UNSECURED LOAN

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Non-convertible debentures others	0.000	4483.000
Rupee term loans from banks	5000.000	23000.000
Foreign currency term loans from banks	11291.000	5007.000
Rupee term loans from others	3719.000	2560.000
Total	20010.000	35050.000

INDEX OF CAHREGS:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C82565342	10628229	SBICAP TRUSTEE COMPANY LIMITED	23/03/2016	-	-	46890000000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
2	C55768683	10573515	SBICAP TRUSTEE COMPANY LIMITED	12/06/2015	-	-	46890000000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
3	C43014448	10548405	SBICAP TRUSTEE COMPANY LIMITED	16/01/2015	-	-	1980585600.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
4	C06849988	10503421	SBICAP TRUSTEE COMPANY LIMITED	21/05/2014	-	-	5000000000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
5	C06852909	10503418	SBICAP TRUSTEE COMPANY LIMITED	21/05/2014	-	-	5877250000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
6	C06850226	10503438	SBICAP TRUSTEE COMPANY LIMITED	21/05/2014	-	-	16000000000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
7	G46860334	10504631	SBICAP TRUSTEE COMPANY LIMITED	11/03/2014	16/06/2017	-	9997779480.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
8	G12217626	10419715	SBICAP TRUSTEE COMPANY LIMITED	22/03/2013	29/07/2016	-	81938593750.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
9	B66720103	10399331	SBICAP TRUSTEE COMPANY LIMITED	30/11/2012	30/11/2012	-	10200000000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
10	B42353763	10362414	SBICAP TRUSTEE COMPANY LIMITED	28/06/2012	-	-	57090000000.0	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

CONTINGENT LIABILITIES:

Particulars	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
Claims made by landowners for additional compensation/ crop compensation	150.000	906.000
Claims raised by project vendors	186.000	186.000
Penalty and interest demand raised by income tax department	240.000	201.000
Demand for penalty raised by service tax department	411.000	411.000
Disallowance of cenvat credit by excise department including interest and penalty	1038.000	1013.000

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

· Railway Sidings

· Computer Software

PRESS RELEASE:

WESITE:

ONGC SET TO CREATE ENERGY GIANT WITH CONTROL OF HPCL

NEW DELHI: 28 February 2017: Oil and Natural Gas Corporation BSE -1.48 % (ONGC) will take control of Hindustan Petroleum Corp (HPCL) as part of the government’s plan to create an integrated public sector oil entity comparable with big global oil companies like Shell BP and Exxon, top government officials told ET.

"It is a very big decision. A Cabinet note will soon be moved. The government of India will transfer its majority shareholding (of 51.11% in HPCL) to ONGC, which will then become the holding company of HPCL,” said one of the officials cited above. The move will stop short of a complete merger, which may take longer but the purpose will be served with this step, said the people cited above.

ET was the first to report on February 21 that the government plans to integrate either HPCL or Bharat Petroleum Corp. Limited (BPCL) with ONGC in line with the February 1 budget announcement to "create an integrated public sector oil major which will be able to match the performance of international and domestic private sector oil and gas companies.” ET had also reported that the status of all other oil companies such as Oil India Limited (OIL) and Indian Oil Corp. (IOC) would remain unchanged.

ONGC’s exploration functions will be integrated with HPCL’s refining and distribution capabilities. HPCL, which owns and operates two major refineries in Mumbai and Visakhapatnam, has India's largest lubricants unit and second largest pipeline network of 3,015 km apart from a vast marketing system.

The thinking behind such vertical integration is that it will reduce risk-high crude oil prices will boost the exploration business and when they drop, the distribution segment will benefit.

"The world over, the largest and most successful oil companies like Shell, BP and Exxon, are vertically integrated," said an official, stressing that ONGC-HPCL’s earnings will become more stable and investors will benefit from this reduced volatility.

NTPC AND HPCL MITTAL ENERGY TAP OVERSEAS INVESTORS

MUMBAI: 25 April 2017: Indian companies have resumed raising money via bond-sales to overseas investors, a move that could well be an early trend for the rest of the year.

State-owned NTPCBSE -0.86 % has spiced up the market raising INR 20000.000 Million by selling the rupee-denominated "Masala Bonds" to overseas investors as it plans to deploy funds in domestic projects. Those papers, rated as BBB-, the lowest in the investment grade, have offered a coupon rate of 7.25% with five-year maturity, dealers said.

Standard Chartered, Barclays along with some other investment bankers have helped the company to raise the sum. The bond-sale opened for subscription on Tuesday.

NTPC plans to bid for ultra-mega power plants - of 4GW capacity each - when they are offered, according to a Fitch report. The company also plans to acquire state-owned thermal power plants.

"They expect NTPC to maintain its financial discipline while bidding for these projects. Fitch has not factored either of these events into its ratings, and will analyse the impact if and when they materialise," Fitch said in a report.

NTPC's FY18 debt maturity stands at INR 64000.000 million. The company also plans to undertake capex of about INR 300000.000 million in the year.

HPCL Mittal Energy has tapped the overseas market to raise $375 million by selling dollar-denominated bonds. This was their first such issuance. Citi, JP Morgan are two banks that helped the company to arrange the sale along with others. Those bonds have yielded 5.25%, which is about 35 basis points less than its initial price guidance.

Rated as Ba2, one notch lower than the investment grade, the company has attracted investors from Asia, Europe.

"The 10-year inaugural offering saw a strong response from global investors, who were keen to invest into a company with robust credit fundamentals," said Neville Fernandes, Head of Debt Capital Markets, Citi India.

The company has achieved the lowest ever rate by a high-yield category company. The issuance has received order book more than treble than its initial size from 150 investors, said another executive involved in the matter. The company has not accepted the oversubscription going beyond the actual size.

PCL-Mittal Energy, which commenced operations in 2011, owns a nine million metric tonnes per annum (mmtpa) refinery in Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making it one of the highest complexity refineries in Asia, Moody's said in note.

The stable ratings outlook reflects Moody's view that the company will continue to maintain high utilization levels at its refinery, resulting in healthy margins and strong operating cash flows.

HPCL, MITTAL READY $3 BILLION TO SET UP BHATINDA PETCHEM UNIT

MAY 05, 2017: NEW DELHI: State-owned Hindustan Petroleum Corporation Limited (HPCL) and its partner Lakshmi N Mittal will invest about USD 3 billion in setting up a petrochemical complex at their Bhatinda refinery in Punjab.

HPCL-Mittal Energy Limited (HMEL), a joint venture between HPCL and Mittal Energy Investments Private Limited, Singapore, plans to set up an up to 1.7-million tonne naphtha cracker unit to produce basic raw material that goes into making of plastics.

"It will be a 1.2-million tonne plant, expandable to 1.7 mt," HPCL Chairman and Managing Director M K Surana said here.

Though setting up a petrochemical plant takes up to four years, HMEL plans to fast-track the process to build it in lesser time.

"They have land and other infrastructure at the Bhatinda refinery," he said, adding that the project will be formally announced shortly after investment approvals.

He said the USD 350 million expansion of Bhatinda refinery capacity to 11.25 mt per annum from the current 9 mt will be completed next month.

The refinery has taken its first 45-day maintenance shutdown to complete hooking up of the new units, he said, adding that additional volumes will cater to growth in demand in northern India.

This will be HPCL's first petrochemical plant in Northern India. The company has refineries in Mumbai and Visakhapatnam.

HPCL and steel baron Mittal are equal partners in the Bhatinda refinery in Punjab. HPCL and Mittal Investment Sarl hold 48.94 per cent stake each in HMEL while the balance is with financial institutions.

HMEL had also plans to expand Bhatinda refinery capacity further to 10 mt, but Surana did not speak on the same.

HPCL is investing INR 450000.000 million by 2020 for expansion of its Mumbai and Visakhapatnam refineries as well as augmenting its marketing infrastructure.

It is investing INR 41990.000 million in expanding its Mumbai refinery capacity to 9.5 mt per annum from the current 6.5 mmtpa.

It is lining up another INR 170000.000 million in expanding Visakhaptnam refinery capacity to 15 mmtpa, from 8.3 mtpa currently.

The investments will also help the company produce "products confirming to Euro VI" emission specification, he said.

HMEL TO SHUT REFINERY FROM MID-MARCH TO RAISE ITS CAPACITY, SOURCES SAY

NEW DELHI: (Reuters) - HPCL-Mittal Energy Limited (HMEL), part owned by steel tycoon L N Mittal, plans to shut its 180,000 barrel per day (bpd) Bathinda refinery in northern Punjab state for about 40 days from mid-March to raise its capacity by a quarter, sources said.

During the shutdown HMEL will raise the crude processing capacity of the existing crude distillation unit to about 225,000 bpd, sources with knowledge of the plan said.

State-refiner Hindustan Petroleum Corp (HPCL.NS) and Mittal Energy Investments Private Limited own 49 percent stake each in the project.

HMEL will also raise the capacity of its sulphur recovery unit to 700 tonne a day from 600 tonnes as it seeks to increase the processing of cheaper tougher grades to maximise profit, said one of the sources.

The refiner will also increase the capacity of its vacuum gasoil hudrotreater to 3.5 million tonnes a year from 3 million tonnes now and build a bitumen blowing unit, this source said.

Bitumen demand in India is rising as the country expands its road network.

The refiner also plans to convert its captive power plan, running on diesel and gas, to be petcoke fired.

All other secondary units such as the delayed coker and fluid catalytic cracker will also be shut for maintenance, said the two sources, who are not authorised to speak to the media.

HMEL's chief executive Prabh Das did not respond to calls from Reuters seeking comment.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 65.10
UK Pound	1	INR 90.45
Euro	1	INR 79.59

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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	NO
--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)

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