|
|
|
MIRA INFORM REPORT
|
Report No. : |
500998 |
|
Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN PETROLEUM CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Petroleum House, 17, Jamshedji Tata Road, Churchgate, Mumbai – 400020,
Maharashtra |
|
Tel. No.: |
91-22-22863900 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
05.07.1952 |
|
|
|
|
Com. Reg. No.: |
11-008858 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 10162.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23201MH1952GOI008858 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388115611 |
|
|
|
|
TIN / CST No.: |
27960000002 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACH1118B1ZC |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1118B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Subject is engaged primarily in the business of refining
of crude oil and marketing of petroleum products. [Registered Activity] |
|
|
|
|
No. of Employees
: |
10422 (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is well-established and reputed company owned by the Government of India incorporated in the year 1952 and is having an excellent track record. Hindustan Petroleum Corporation Limited (HPCL) is a Forbes 2000 and Global Fortune 500 company. HPCL owns & operates 2 major refineries producing a wide variety of petroleum fuels & specialties, one in Mumbai (West Coast) of 7.5 Million Metric Tonnes Per Annum (MMTPA) capacity and the other in Visakhapatnam, (East Coast) with a capacity of 8.3 MMTPA. HPCL also owns and operates the largest Lube Refinery in the country producing Lube Base Oils of international standards, with a capacity of 428 TMT. This Lube Refinery accounts for over 40% of the India's total Lube Base Oil production. Presently HPCL produces over 300+ grades of Lubes, Specialities and Greases. HPCL has the second largest share of product pipelines in India with a pipeline network of more than 3370 kilometers for transportation of petroleum products and a vast marketing network consisting of 13 Zonal offices in major cities and 106 Regional Offices facilitated by a Supply & Distribution infrastructure comprising Terminals, Pipeline networks, Aviation Service Stations, LPG Bottling Plants, Inland Relay Depots & Retail Outlets, Lube and LPG Distributorships. HPCL has over 11,000 employees working all over India at its various refining and marketing locations. As per the unaudited quarterly results of December 2017, the company has achieved sales turnover of INR 630761.500 million and earned average profitability margin. For the financial year ended 2017, the company has reported a fair growth of 8.12% in its revenue as compared to the previous year’s revenue and has gained net profit margin of 2.90%. The company possesses strong financial position marked by above average networth base, satisfactory liquidity position, low debt balance sheet profile along with sound retail network and branding initiative. The company’s refineries have high capacity utilization levels which help to maintain strong operating efficiency. The company has its share price trading at around INR 344.15 on BSE as on March 29, 2018 as against the Face Value (FV) of INR 10. Rating takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 61.12 as against its Face Value (FV) of INR 10. Business is active. Payment seems to be regular and as per commitment. In view of extensive experience of promoters and long business track records, the company can be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Issuer rating = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk |
|
Date |
24.01.2018 |
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 29.03.2018.
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-COOPERATIVE (Tel. No.:
91-22-22863900)
LOCATIONS
|
Registered/ Headquarters
Office
: |
Petroleum House, 17, Jamshedji Tata Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22863900 |
|
Fax No.: |
91-22-22872992 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Marketing
Headquarters Office : |
Hindustan Bhavan, 8, Shoorji Vallabhdas Marg, P. B. No. 155, Ballard
Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22637000 |
|
Fax No.: |
91-22-22611822 |
|
|
|
|
Regional Office: (Bulk Fuels/
Lubricants) |
West Zone Training Centre, 3/4, Jn. of S.V. Rd Turner Road, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Tel. No.: |
91-22-26402714 / 26402810 |
|
Fax No.: |
91-22-26410177 |
|
|
|
|
Refineries : |
Mumbai Refinery Bhikaji Damaji, Patil Marg, Chembur, Mumbai – 400074, Maharashtra,
India Visakh Refinery Post Box No. 15, Siripuram Opposite A U Outgate, Vishakhapatnam – 530001, Andhra Pradesh,
India |
|
|
|
|
Zonal Offices : |
Located at · Kolkata · Delhi · Hyderabad · Ahmedabad · Chennai · Mumbai ·
Lucknow |
|
|
|
|
Regional Offices: (Bulk Fuels/
Lubricants) |
Located at: · Andhra Pradesh · Chandigarh · Chhattisgarh · Delhi · Gujarat · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Odisha · Rajasthan · Tamilnadu · Telangana · Uttar Pradesh · West Bengal |
|
|
|
|
Regional Offices: (Gas/ LPG/ HP
Gas) |
Located at: · Andhra Pradesh · Bihar · Chhattisgarh · Delhi · Gujarat · Goa · Haryana · Jammu and Kashmir · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Odisha · Punjab · Rajasthan · Tamilnadu · Telangana · Uttar Pradesh · West Bengal |
|
|
|
|
Retail Offices: (Petrol Pump/
Petrol/ Diesel) |
Located at: · Andhra Pradesh · Assam · Bihar · Chandigarh · Chhattisgarh · Delhi · Goa · Gujarat · Haryana · Jammu and Kashmir · Himachal Pradesh · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Odisha · Rajasthan · Punjab |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Mukesh Kumar Surana |
|
Designation : |
Managing 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 |
|
|
|
|
Name : |
Mr. Pushp Kumar Joshi |
|
Designation : |
Whole-time Director |
|
Address : |
Bungalow No. 19 HP Nagar (East), Vasinaka, Chembur, Mumbai-400074, Maharashtra, India |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05323634 |
|
|
|
|
Name : |
Mr. Ramaswamy Jagannathan |
|
Designation : |
Whole-time Director |
|
Address : |
8A, HP Nagar East Vasinaka, Chembur, Mumbai-400074, Maharashtra, India |
|
Date of Appointment : |
08.09.2016 |
|
DIN No.: |
06627920 |
|
|
|
|
Name : |
Mr. Ram Niwas Jain |
|
Designation : |
Director |
|
Address : |
A-2 Sindhu Nagar, Kanpur Road, Lucknow-226005, Uttar Pradesh, India |
|
Date of Appointment : |
20.11.2015 |
|
DIN No.: |
00671720 |
|
|
|
|
Name : |
Mr. Gulur Venkataramana Rao Krishna |
|
Designation : |
Additional Director |
|
Address : |
No.2/1, Ground Floor, Subramanya Temple Street, Opposite Narang Apartments, Kumara Park (West), Bangalore-560020, Karnataka , India |
|
Date of Appointment : |
13.02.2017 |
|
DIN No.: |
01640784 |
|
|
|
|
Name : |
Mr. Sandeep Poundrik |
|
Designation : |
Director |
|
Address : |
Flat No.-B3/12, Baily Road, Patna-800001, Bihar, India |
|
Date of Appointment : |
16.10.2014 |
|
DIN No.: |
01865958 |
|
|
|
|
Name : |
Mrs. Jeya Krishnan Sukumaran |
|
Designation : |
Additional Director |
|
Address : |
1 C/D, Silver Oaks Estate Compound, Bhulabhai Desai Road, Warden Road, Cumba Lla Hill, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
01.11.2016 |
|
DIN No.: |
07234397 |
|
|
|
|
Name : |
Mr. Vinod Sandanand Shenoy |
|
Designation : |
Additional Director |
|
Address : |
Shree Saraswati Chsl, Building No. B1, Flat No. 904 N G Acharya Marg, Near Acharya College, Chembur, Mumbai-400071, Maharashtra, India |
|
Date of Appointment : |
01.11.2016 |
|
DIN No.: |
07632981 |
|
|
|
|
Name : |
Mr. Asifa Mohmed Najeeb Khan |
|
Designation : |
Additional Director |
|
Address : |
Khan Villa Kantharia, Bharuch-392162, Gujarat, India |
|
Date of Appointment : |
13.02.2017 |
|
DIN No.: |
07730681 |
|
|
|
|
Name : |
Mr. Trilok Nath Singh |
|
Designation : |
Additional Director |
|
Address : |
B-23 Building No. 6 Central Area Iit Bombay, Powai, Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
20.03.2017 |
|
DIN No.: |
07767209 |
|
|
|
|
Name : |
Mr. Siraj Hussain |
|
Designation : |
Additional Director |
|
Address : |
A-70, Sector- 61, Noida-201307, Uttar Oradesh, India |
|
Date of Appointment : |
21.09.2017 |
|
DIN No.: |
05346215 |
|
|
|
|
Name : |
Ms. Sushma Taishete |
|
Designation : |
Nominee Director |
|
Address : |
306,"E" Block, Pragati Vihar Hostel CGO Complex, Lodi Road, New Delhi- 110003, India |
|
Date of Appointment : |
05.12.2017 |
|
DIN No.: |
03585278 |
|
|
|
|
Name : |
Ms. Urvashi Sadhwani |
|
Designation : |
Nominee Director |
|
Address : |
97, D-II Flats (Officers Flats), Kidwai Nagar (West), New Delhi-110023, India |
|
Date of Appointment : |
04.01.2016 |
|
DIN No.: |
03487195 |
|
|
|
|
Name : |
Mr. B K Namdeo |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Y K Gawali |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Ramaswamy Jagannathan |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
8A, HP Nagar East Vasinaka, Chembur, Mumbai-400074, Maharashtra, India |
|
Date of Appointment : |
01.10.2015 |
|
PAN No.: |
ADTPJ0509K |
|
|
|
|
Name : |
Mr. Shrikant Madhukar Bhosekar |
|
Designation : |
Company Secretary |
|
Address : |
Flat No 2, Building No F1-5, Sector- 5, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
ABHPB4565D |
|
|
|
|
Senior Management
Team : |
Refinery
|
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
778845375 |
51.11 |
|
|
(B) Public |
744977250 |
48.89 |
|
|
Grand Total |
1523822625 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Central Government/ State Government(s) |
778845375 |
51.11 |
|
|
President of India |
778845375 |
51.11 |
|
|
Sub Total A1 |
778845375 |
51.11 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
778845375 |
51.11 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
134021404 |
8.80 |
|
|
Motilal Oswal Most Focused Multicap 35 Fund |
15574672 |
1.02 |
|
|
Alternate Investment Funds |
452812 |
0.03 |
|
|
Foreign Portfolio Investors |
377194900 |
24.75 |
|
|
National Westminstser Bank PLC as Trustee of The Jupiter India Fund |
18700000 |
1.23 |
|
|
Stichting Depository APG Emerging Markets Equity Fund |
16368639 |
1.07 |
|
|
Financial Institutions/ Banks |
48753052 |
3.20 |
|
|
Life Insurance Corporation of India |
31633134 |
2.08 |
|
|
Insurance Companies |
1350 |
0.00 |
|
|
Any Other (specify) |
675 |
0.00 |
|
|
FOREIGN BANK |
675 |
0.00 |
|
|
Sub Total B1 |
560424193 |
36.78 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/ President of India |
122306 |
0.01 |
|
|
Sub Total B2 |
122306 |
0.01 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
74362889 |
4.88 |
|
|
Individual share capital in excess of INR 0.200 Million |
31056221 |
2.04 |
|
|
Any Other (specify) |
79011641 |
5.19 |
|
|
Trusts |
1945688 |
0.13 |
|
|
Foreign Individuals |
863 |
0.00 |
|
|
HUF |
3994735 |
0.26 |
|
|
NRI – Non- Repat |
1629416 |
0.11 |
|
|
NRI – Repat |
3636481 |
0.24 |
|
|
Employees |
820345 |
0.05 |
|
|
Director or Director's Relatives |
6540 |
0.00 |
|
|
Overseas corporate bodies |
450 |
0.00 |
|
|
Clearing Members |
2897284 |
0.19 |
|
|
Bodies Corporate |
64079839 |
4.21 |
|
|
Sub Total B3 |
184430751 |
12.10 |
|
|
B=B1+B2+B3 |
744977250 |
48.89 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged primarily in the business of refining
of crude oil and marketing of petroleum products. [Registered Activity] |
||||||||
|
|
|
||||||||
|
Products / Services
: |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
“HPCL” |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
10422 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note: LONG TERM BORROWINGS Debentures The Company has
issued the following Secured Redeemable Non-convertible Debentures: i. 8.77% Non-Convertible Debentures were issued on 13th March, 2013 with the maturity date of 13th of March, 2018. These are secured by first legal mortgage by way of a Registered Debenture Trust Deed over immovable property of the company being undivided share of land with the entire First Floor in the building High Street 1, situated at Ahmedabad and the first charge of fixed assets mainly certain Plant and Machinery at Visakh Refinery. The value of such assets is INR 11118.700 million as on 31/03/2017, INR 10729.800 million. as on 31/03/2016 and INR 11263.900 million. as on 01/04/2015. During the year ended March, 2017 an amount of INR 9750.000 million of 8.77% Non-Convertible Debentures is repayable within one year. ii. 8.75% Non-Convertible Debentures were issued on 9th November, 2012 with the maturity date of 9th of November, 2015. These are secured by mortgage, on first pari passu charge basis, by way of a Registered Debenture Trust Deed over immovable property of the company being undivided share of land with the entire First Floor in the building High Street 1, situated at Ahmedabad and the first charge of fixed assets mainly certain Plant and Machinery at Mumbai Refinery. The value of such assets as on 01/04/2015 is INR 9361.500 million. During the year ended March, 2017 an amount of Nil (31.03.2016 : Nil; 31.03.2015 : INR 5450.000 million) of 8.75% Non-Convertible Debentures is repayable within one year. These Debentures Matured on 9th November, 2015. iii. Syndicated Loans from Foreign Banks (repayable in foreign currency) The Corporation has availed Long Term Foreign Currency Syndicated Loans from banks at 3 months floating LIBOR plus spread (spread range : 65 to 155 basis point p.a.). These loans are taken for the period of 5 years. INR 30084.600 million (31.03.2016: INR 65830.000 million; 31.03.2015 : INR 24908.700 million) is repayable within 1 year. |
|
Auditors : |
|
|
Statutory Auditors
Name 1: |
CVK Associates Chartered Accountants |
|
Address : |
2, Samarth Apartment, D. S. Babrekar Road, Off Gokhle Road (North), Dadar (West), Mumbai-400028, Maharashtra, India |
|
|
|
|
Statutory Auditors
Name 2: |
G.M. Kapadia and Company Chartered Accountants |
|
Address : |
1007, Raheja Chambers 213, Nariman Point, Mumbai-400021, Maharashtra, India |
|
|
|
|
Branch Auditor : |
A Ramachandra Rao and Company Chartered Accountants |
|
Address : |
Visakhapatnam, Andhra Pradesh, India |
|
|
|
|
Cost Auditors Name 1: |
R. Nanabhoy and Company Cost Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Cost Auditors Name 2 : |
CMA Rohit J. Vora Cost Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Auditor 3 : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam House, Ambalal Doshi Marg, Fort,
Mumbai-400001, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Jointly
Controlled entities : |
·
HPCL-Mittal Energy Limited ·
Hindustan Colas Limited ·
South Asia LPG Company Private Limited ·
Petronet India Limited ·
HPCL Shapoorji Energy Private Limited |
|
The Company has not
included disclosure in respect of following related parties which are Govt.
related entities as per Ind AS 24. |
|
|
Subsidiaries
Companies : |
·
HPCL Biofuels Limited ·
Prize Petroleum Company Limited |
|
|
|
|
Jointly
Controlled Entities : |
|
|
|
|
|
Associates
Companies : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2499250000 |
Equity Shares |
INR 10/- each |
INR 24992.500 Million |
|
75000 |
Cumulative Redeemable Preference Shares |
INR 100/- each |
INR 7.500 Million |
|
|
Total |
|
INR 25000.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1016584500 |
Equity Shares |
INR 10/-
each |
INR 10165.800 Million |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
1015881750 |
Equity Shares |
INR 10/-
each |
INR 10158.800 Million |
|
|
Add: Shares Forfeited (money received) |
|
INR 3.900 Million |
|
|
Total |
|
INR 10162.700
Million |
a) Reconciliation of number of
Equity Shares
|
Particular |
No. of Shares |
|
Outstanding at the beginning of the year |
338627250 |
|
Equity shares allotted as fully paid bonus shares |
677254500 |
|
Outstanding at the
end of the year |
1015881750 |
b) Rights and
Restrictions on Equity / preference Shares
The Company has only one class of Equity Shares having a face value of INR 10/- per share which are issued and subscribed. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the winding up of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number of equity shares held by the shareholders and the amount paid up thereon.
The Company also has 75000 6% cumulative Redeemable Non-convertible Preference Shares of INR 100 /- each as a part of the Authorised Capital, which were issued earlier by the erstwhile ESRC. Presently the said Preference Shares stand redeemed.
c) Details of shares held by each shareholder holding more than 5%
shares in the Company
|
|
31.03.2017 |
|
|
Name of shareholders |
% Holding |
No. of Shares |
|
President of India |
51.11 |
519230250 |
|
Life Insurance Corporation of India |
2.17 |
22027765 |
d) During Financial Year 2016-17, the Corporation had issued
Bonus Shares in the ratio of 2:1 by capitalization of Reserve. The total number
of Bonus Shares issued is 677254500 equity shares having face value of INR 10
each.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10162.700 |
3390.100 |
3390.100 |
|
(b) Reserves &
Surplus |
193311.400 |
176307.900 |
156830.800 |
|
(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) |
203474.100 |
179698.000 |
160220.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
62781.500 |
105073.500 |
148558.300 |
|
(b) Deferred tax
liabilities (Net) |
58955.900 |
49193.500 |
41036.000 |
|
(c) Other long term
liabilities |
110049.400 |
94095.500 |
82866.100 |
|
(d) long-term provisions |
1823.200 |
1637.700 |
5814.700 |
|
Total Non-current
Liabilities (3) |
233610.000 |
250000.200 |
278275.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
108924.100 |
38876.100 |
21998.100 |
|
(b) Trade payables |
126581.000 |
94169.300 |
89356.500 |
|
(c) Other current
liabilities |
87964.900 |
116583.400 |
101680.600 |
|
(d) Short-term provisions |
24085.000 |
16465.900 |
23975.200 |
|
Total Current Liabilities
(4) |
347555.000 |
266094.700 |
237010.400 |
|
|
|
|
|
|
TOTAL |
784639.100 |
695792.900 |
675506.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
357110.000 |
326929.400 |
288520.500 |
|
(ii) Intangible Assets |
4208.800 |
4146.300 |
2107.600 |
|
(iii) Capital
work-in-progress |
18104.800 |
18527.700 |
34744.200 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
50522.700 |
50185.600 |
58675.200 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4570.100 |
5651.600 |
14298.600 |
|
(e) Other Non-current
assets |
20964.600 |
15496.000 |
1165.500 |
|
Total Non-Current Assets |
455481.000 |
420936.600 |
399511.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
51087.400 |
49914.400 |
53789.700 |
|
(b) Inventories |
185762.800 |
132114.000 |
129722.600 |
|
(c) Trade receivables |
40642.100 |
37580.300 |
36030.500 |
|
(d) Cash and cash
equivalents |
336.700 |
237.600 |
170.700 |
|
(e) Short-term loans and
advances |
1632.100 |
558.200 |
53065.200 |
|
(f) Other current assets |
49697.000 |
54451.800 |
3216.100 |
|
Total Current Assets |
329158.100 |
274856.300 |
275994.800 |
|
|
|
|
|
|
TOTAL |
784639.100 |
695792.900 |
675506.400 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2138029.900 |
1977438.300 |
2066261.800 |
|
|
Other Income |
15147.200 |
11441.600 |
17061.500 |
|
|
TOTAL |
2153177.100 |
1988879.900 |
2083323.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
451376.600 |
408116.400 |
561584.400 |
|
|
Purchases of
Stock-in-Trade |
1227317.400 |
1159484.300 |
1292783.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(44540.600) |
908.600 |
37494.400 |
|
|
Packages consumed |
0.000 |
0.000 |
2314.000 |
|
|
Excise duty |
267792.800 |
200432.000 |
10393.600 |
|
|
Transportation expenses |
53167.600 |
52616.600 |
49987.500 |
|
|
Exploration cost |
152.300 |
208.400 |
271.300 |
|
|
Employees benefits
expense |
29460.800 |
23213.200 |
24146.600 |
|
|
Prior period expenses /
(incomes) |
0.000 |
0.000 |
-44.700 |
|
|
Other expenses |
47532.500 |
53065.900 |
35997.900 |
|
|
TOTAL |
2032259.400 |
1898045.400 |
2014928.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
120917.700 |
90834.500 |
68394.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
5356.500 |
6536.000 |
7065.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
115561.200 |
84298.500 |
61328.800 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
25352.800 |
26532.100 |
19787.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
90208.400 |
57766.400 |
41541.200 |
|
|
|
|
|
|
|
Less |
TAX |
28120.400 |
20504.800 |
14208.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
62088.000 |
37261.600 |
27332.600 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
12094.200 |
18106.800 |
53139.800 |
|
|
TOTAL EARNINGS |
12094.200 |
18106.800 |
53139.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
283262.600 |
461385.800 |
|
|
Stores, Spares and
Chemicals |
NA |
2180.200 |
2971.700 |
|
|
Capital Goods, Components
and Spares |
NA |
823.700 |
326.000 |
|
|
TOTAL IMPORTS |
NA |
286266.500 |
464683.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
61.12 |
36.68 |
80.72 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
40791.500 |
6772.500 |
32797.000 |
|
Cash generated from operations |
121613.000 |
79972.700 |
186032.400 |
|
Net Cash from Operating Activities |
99827.300 |
67830.500 |
178410.900 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Audited
/ UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
599749.400 |
543358.300 |
630761.500 |
|
Total Expenditure |
583469.400 |
514302.400 |
599176.400 |
|
PBIDT (Excl OI) |
16280.000 |
29055.900 |
31585.100 |
|
Other Income |
5703.100 |
5193.600 |
4743.200 |
|
Operating Profit |
21983.100 |
34249.500 |
36328.300 |
|
Interest |
1429.600 |
1563.400 |
898.500 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
20553.500 |
32686.100 |
35429.800 |
|
Depreciation |
6670.500 |
6804.100 |
6799.200 |
|
Profit Before Tax |
13883.000 |
25882.000 |
28630.600 |
|
Tax |
4635.500 |
8534.600 |
9133.700 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
9247.500 |
17347.400 |
19496.900 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
9247.500 |
17347.400 |
19496.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
6.94 |
6.94 |
6.36 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
52.61 |
52.62 |
57.35 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
27.52 |
21.93 |
17.59 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.65 |
0.69 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.32 |
0.26 |
0.21 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.57 |
0.54 |
0.62 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.04 |
0.84 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.71 |
1.48 |
1.48 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.86 |
1.95 |
2.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
22.57 |
13.90 |
9.68 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
2.90 |
1.88 |
1.32 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.91 |
5.36 |
4.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
30.51 |
20.74 |
17.06 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.95 |
1.03 |
1.16 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.41 |
0.54 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.26 |
0.26 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
20.91 |
44.46 |
59.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.95 |
1.03 |
1.16 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 344.15/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
3390.100 |
3390.100 |
10162.700 |
|
Reserves & Surplus |
156830.800 |
176307.900 |
193311.400 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
160220.900 |
179698.000 |
203474.100 |
|
|
|
|
|
|
Long-term borrowings |
148558.300 |
105073.500 |
62781.500 |
|
Short term borrowings |
21998.100 |
38876.100 |
108924.100 |
|
Current Maturities of
Long term debt |
32797.000 |
6772.500 |
40791.500 |
|
Total borrowings |
203353.400 |
150722.100 |
212497.100 |
|
Debt/Equity ratio |
1.269 |
0.839 |
1.044 |
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 |
2066261.800 |
1977438.300 |
2138029.900 |
|
|
|
(4.299) |
8.121 |
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 |
2066261.800 |
1977438.300 |
2138029.900 |
|
Profit |
27332.600 |
37261.600 |
62088.000 |
|
|
1.32% |
1.88% |
2.90% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
10162.700 |
3390.100 |
|
(b) Reserves &
Surplus |
|
200551.600 |
163247.600 |
|
(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) |
|
210714.300 |
166637.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
71178.000 |
113587.600 |
|
(b) Deferred tax liabilities
(Net) |
|
61492.700 |
50342.000 |
|
(c) Other long term
liabilities |
|
110208.800 |
94263.900 |
|
(d) long-term provisions |
|
1833.300 |
1646.400 |
|
Total Non-current
Liabilities (3) |
|
244712.800 |
259839.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
109143.800 |
39912.800 |
|
(b) Trade payables |
|
126996.600 |
94648.000 |
|
(c) Other current
liabilities |
|
88917.200 |
118025.300 |
|
(d) Short-term provisions |
|
22705.700 |
16466.400 |
|
Total Current Liabilities
(4) |
|
347763.300 |
269052.500 |
|
|
|
|
|
|
TOTAL |
|
803190.400 |
695530.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
364385.600 |
336548.300 |
|
(ii) Intangible Assets |
|
4210.100 |
4148.000 |
|
(iii) Capital
work-in-progress |
|
17945.400 |
18527.700 |
|
(iv) Intangible assets
under development |
|
896.400 |
783.700 |
|
(b) Non-current Investments |
|
5949.500 |
4193.500 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4066.300 |
4811.700 |
|
(e) Other Non-current
assets |
|
75076.300 |
48604.400 |
|
Total Non-Current Assets |
|
472529.600 |
417617.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
51087.300 |
49914.400 |
|
(b) Inventories |
|
186291.600 |
133548.300 |
|
(c) Trade receivables |
|
40916.600 |
37762.800 |
|
(d) Cash and cash
equivalents |
|
1364.000 |
1541.500 |
|
(e) Short-term loans and
advances |
|
1254.900 |
558.100 |
|
(f) Other current assets |
|
49746.400 |
54587.700 |
|
Total Current Assets |
|
330660.800 |
277912.800 |
|
|
|
|
|
|
TOTAL |
|
803190.400 |
695530.100 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
2142220.100 |
1979643.200 |
|
|
Other Income |
|
14510.300 |
10826.200 |
|
|
TOTAL |
|
2156730.400 |
1990469.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
452731.300 |
409189.200 |
|
|
Purchases of
Stock-in-Trade |
|
1227317.400 |
1159484.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(43625.200) |
641.600 |
|
|
Excise duty |
|
267957.600 |
200541.000 |
|
|
Transportation expenses |
|
53178.300 |
52622.300 |
|
|
Exploration cost |
|
156.100 |
212.800 |
|
|
Employees benefits
expense |
|
29693.500 |
23393.100 |
|
|
Share in profit of joint
ventures and associates |
|
(23189.800) |
(9422.700) |
|
|
Other expenses |
|
46680.900 |
50764.100 |
|
|
TOTAL |
|
2010900.100 |
1887425.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION |
|
145830.300 |
103043.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
6092.400 |
7231.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
139737.900 |
95811.900 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
27763.700 |
28460.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
111974.200 |
67351.000 |
|
|
|
|
|
|
|
Less |
TAX |
|
29616.000 |
20604.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
82358.200 |
46746.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
81.07 |
46.02 |
LEGAL
CASE
|
Case Details Bench:-Bombay
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Case Details Bench:-Bombay
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Case Details Bench:-Bombay
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Case Details Bench:-Bombay
|
|||||||||||||||||||||||||||||||||||||||||||||||||
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company referred to as “HPCL” or “the Corporation” was incorporated on 5th July, 1952. HPCL is a Government of India Enterprise listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The Corporation is engaged, primarily in the business of refining of crude oil and marketing of petroleum products. The Corporation has, among others, refineries at Mumbai and Vishakhapatnam, LPG bottling plants and Lube blending plants. The Corporation’s marketing infrastructure includes vast network of Installations, Depots, Aviation Service Stations, Retail Outlets and LPG distributors.
PERFORMANCE PROFILE
For the year 2016-17, HPCL has achieved its highest ever Profit after tax of INR 62088.000 million resulting in increase of Earnings per share to INR 61.12.
The Board, in the meeting held on 13th February 2017 declared an interim dividend of INR 22.50 per share. Further, the Board in its meeting held on 23rd March 2017 declared second Interim Dividend of INR 6.40 per share. The total interim dividend declared is INR 28.90 Per Share for 2016-17.
Further, the Board of Directors have proposed a final
dividend of INR 1.10 per share for 2016-17 which combined with the two Interim
dividends totalled to a dividend of INR 30.00 per share (ex-Bonus) for the year
2016-17.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
DEVELOPMENTS IN THE
INDIAN ECONOMY AND PETROLEUM SECTOR
For the Global Oil and Gas Industry, the year gone by was challenging, with interplay between economic, political and social forces; a thrust towards low carbon future and advent of digital technologies to drive down costs. It was yet another year of low crude oil prices. However, Oil prices recovered from the 12-year low witnessed in the previous year to US$ 54-55 per barrel during Jan-Feb’17 and witnessed decline thereafter. The production cut agreement between OPEC and non-OPEC countries at the end of 2016, partially assisted in reversing the prevailing global supply glut. For another year in succession, lower oil prices posed challenge for oil exporting countries; however, these favoured oil importers including India by reducing the cost of imports. Lower crude oil prices also had a positive impact on inflation and economic growth of India.
The Indian economy maintained its momentum and registered impressive GDP growth rate of 7.1% aided by a better growth in agriculture sector on the back of a normal monsoon. Foreign exchange reserves increased by about USD 22 billion during 2016-17 to reach about USD 370 billion by March 2017. Rupee-US dollar exchange rate, which was about 66 in the beginning of financial year, ended at about 65 at the end of the year as portfolio inflows went up. Various reforms and land mark policyinitiatives undertaken by Government of India laid a strong foundation for future growth and saw a major thrust on digital payment transactions. Another major development on economic front, last year, was demonetization of high value currency. It did create initial difficulties for informal and cash intensive sectors of the economy. However, intended long-term benefits in terms of greater formalisation of economy, better measurement, greater tax compliance, revenue generation and increased flow of savings to financial instruments are likely to outweigh short term costs of demonetization.
Accelerated economic activities coupled with low oil prices helped drive strong demand growth for petroleum products in India. India is now the world’s third largest oil consumer and has become a key driver of global oil demand growth. During 2016-17, Petroleum product consumption in India increased with an annual growth of 5.2% to reach 194 MMT. All major products recorded a positive consumption growth during the year while Kerosene, Naphtha, Bitumen and Lubricants recorded a de-growth. Petrol consumption recorded a strong growth of 8.8% on the back of increased passenger vehicle and two wheeler vehicle sales. Continuing the last three year’s trend, Diesel consumption recorded a positive growth of 1.8% during 2016- 17 owing to increased usage of public transport and improvement in medium and heavy commercial vehicle sales. Kerosene registered a de-growth of 21% during the year which is the highest ever de-growth in last 46 years, mainly because of enhanced LPG penetration in rural areas through Pradhan Mantri Ujjwala Yojana and voluntary surrender of kerosene quota by some states. LPG consumption increased with a growth of 9.8% due to Government’s impetus to provide clean cooking fuels by enhancing LPG penetration through various schemes. Aviation fuel consumption recorded a growth of 12.1%, highest growth during last decade on the back of growth in passenger traffic due to rising income levels and government’s thrust to promote low cost air travel. Fuel oil witnessed a growth of 8% due to increased use by Power, Steel and Small and Medium Enterprise Sectors. Slowdown of construction activities led to a marginal de-growth of 0.8% in Bitumen consumption during the year.
STRATEGY
In today’s competitive and dynamic business environment, it has become imperative to prepare a strategic plan which helps to navigate the future business environment. For realizing the growth and profit potential of the corporation and keeping HPCL ahead of the performance curve, a 5-year strategy named “Target 2020 (T20)” has been developed coinciding with the first 5-year period of their long term perspective plan “UDAAN 2030” which will help company to maximise customer value thereby achieving exponential growth and accelerated profits. T20 strategy has been developed with clearly defined year wise physical and financial targets, investment required and action plan for implementation covering both “Business-as-usual” and “New initiatives”. T20 strategy is being institutionalized through the Central Strategy Management and Implementation Office (SMIO). The focus is on implementing the identified strategic initiatives with clear ownership and monitoring the progress of achievement through a well-defined process at Business Unit and Corporate level.
REFINERIES
BRIEF ON CRUDE OIL
AND REFINING MARGINS
2016-17 was yet another year of low crude oil prices. OPEC countries held various meetings during the year to balance the market by resorting to crude cut in collaboration with non-OPEC countries. However, the OPEC countries produced close to 1.000 million barrels per day (mbpd) more in 2016 as compared to 2015. Even after OPEC agreement of November 2016, which was supposed to be applicable from 1st Jan 2017, OPEC production in Q1 of 2017 was 0.30 mbpd more than Q1 of 2016. However, short term increase in crude oil prices helped Shale oil producers to lock their margins for medium term. Resultantly, US oil rig count started increasing during the previous year after a decline of more than two years. On the other hand, lower oil prices incentivized the consumers and the oil demand grew by 1.5 mbpd in 2016. However, the incremental demand was lesser than last year by 0.3 mbpd due to uncertainties in global economy due to Brexit, change in U.S. policies and slowdown in Chinese economy.
CRUDE OIL
Brent prices averaged about US$ 45.57/bbl. in Q1 (2016-17), up from US$ 33.89/bbl. in the previous quarter (Jan-Mar 2016). Crude prices rallied in the month of April 2016 on expectations of a production cut after Doha meeting of 17th April 2016, held between OPEC and non-OPEC producers. Further, continued attacks by militants in Nigeria (2nd largest exporter of West African crude) led to supply side disruption of about 300 to 400 kbd. Major Nigerian export grades were under force majeure during Q1. Severe congestion in Basrah ports due to planned maintenance in 4 ports out of seven, led to lesser exports of Basrah during the Q1 of 2016-17. After UK voted to exit the European Union, the market expected another global crisis. Moreover, in view of the seasonal maintenance in Q2 (2016-17) and the increased product surplus in the market, the crude prices remained under pressure during Q2. Few grades in Nigeria remained under Force majeure. Sudden preliminary agreement by OPEC members to cut production for the first time in eight years during the last week of September surprised the market. This fuelled rally in crude oil prices. Dated Brent prices averaged about US$ 45.85/bbl. in Q2 (2016-17).
Brent prices continued the rally in the month of October 2016 due to the positive market sentiments across the regions in view of OPEC agreement for an output cut. But with OPEC output rise on monthly basis, actual impact of the deal remained uncertain and Brent prices slipped substantially by US$ 4.5/bbl. in November 2016. Finally, on Nov 30, 2016, OPEC agreed to cut supply by 1.2 mbpd from 1st Jan 2017 (exempting Libya and Nigeria) initially for 6 months, with the option to extend it for further 6 months. Brent prices maintained the upward momentum due to optimism of non-OPEC countries joining the call for cut to balance the market. Overall the contango in crude oil forward prices narrowed and this led to diminished incentive for the traders to store the crude in floating storage. Dated Brent averaged about US$ 49.46/bbl. during Q3 of 2016-17.
The prices remained supported during January 2017 after statement from Saudi Oil Minister regarding production cut of about 1.0 mbpd. Brent prices were sustained in the month of February following comments by Russian Energy Minister that OPEC and non-OPEC production had already been cut by 1.4 mbpd. Sentiments also got boosted after news of Nigeria’s supplies disruption continuation till June’17. During this upward momentum in crude oil prices, US onshore inventory kept on increasing and reached well above its last five years average in February due to the possibility of floating storages continuing to find their way to onshore tanks and US rig count continuing to increase week on week. Moreover, OECD crude stocks showed little sign of drawing downward. This led to crude oil prices slipping by US$ 3.5/bbl. during March 2017. Dated Brent prices averaged at US$ 53.8/bbl. during Q4 of 2016-17.
REFINING PERFORMANCE
The year 2016-17 has seen the overall Refining performance of HPCL surpassing the previous years in terms of physical and financials. This was possible on account of better utilization of capacity and availability of refinery units. Both the refineries have started supplying the BS IV specification grade of MS and HSD well ahead of the schedule.
The volatility in crude and product prices during 2016-17 was moderate as compared to previous year, giving the much needed respite to oil and gas sector. The stability on industrial horizon and the promising atmosphere of industrial growth ensured a healthy atmosphere for Refineries to excel and perform better. Refining sector fared better than the expectations and continued the trend of sustained growth.
During 2016-17, HPCL refineries have recorded the highest ever refining throughput of 17.8 MMT as compared to 17.2 MMT registered during previous year and achieved a capacity utilization of 113%. Mumbai Refinery (MR) recorded best ever crude throughput of 8.5 MMT surpassing the previous high of 8 MMT achieved in the previous year. Visakh Refinery (VR) achieved 9.3 MMT compared to 9.2 MMT achieved in the previous year. This superior performance was achieved by meticulous planning of crude sourcing, ensuring a right crude mix and also ensuring speedy evacuation of all the products produced by the Refineries. Excellent refining performance during 2016-17 was supported by sustained level of refinery reliability and strict adherence to the laid out processes and safety.
The landmark performance in refining throughput helped achieve various other milestones on production front during the year. On a combined basis, HPCL refineries recorded the best ever production of LPG, MS, HSD, LOBS and Bitumen. On individual basis, Mumbai Refinery achieved the highest ever production of MS, HSD, LOBS and Visakh Refinery achieved the highest ever production of MS, HSD, ATF and Bitumen.
Another significant aspect of the superlative refining performance was sustained reliability of assets. During the year, Mumbai Refinery (MR) successfully completed planned turnaround cycles of Fluid catalytic cracking unit I (FCCU I), Solvent Extraction Unit III (SEU III), Lube Oil Upgradation Plant (LOUP) and Hydrogen generation Unit (HGU) and Visakh Refinery (VR) successfully completed turnarounds of Crude Distillation Unit III (CDU III) and Fluid catalytic cracking Unit I (FCCU I) within the stipulated timelines and with utmost adherence to safety at the same time without causing any disruption to product availability to the market. Synchronization of all Gas Turbine Generators (GTGs) and implementation of load shedding scheme at Visakh Refinery was one of the most important reliability initiative which paid good dividend in providing the uninterrupted power to the units.
Maximizing the asset utilization has always been the priority of HPCL refineries. HPCL has taken the advantage of regular turnarounds and installed new FCC feed nozzles at both refineries, which were specially developed and designed by R&D team indigenously.
Keeping abreast with the latest technology has yielded in benefits on operational and energy front and assured product quality for refineries. In this direction MR has revamped existing SEU III furnace with novel split-pass flow technology and VR has adopted structured MODGRID packing for FCC-2 reactor stripper. VR also added a second reactor at FCC NHT and debutanizer at DHT facilities which has enabled the refinery for complete compliance to production of BS IV specification MS and HSD.
On energy saving front, refineries have implemented various initiatives viz. commissioning of slop cut steam generator in CDU II at Visakh Refinery, on-line cleaning of furnaces using in-house developed chemical by R&D, decongestion of FCC-I Preheat exchangers along with relocation of Resid pumps at MR for access to equipment etc. One of the most significant achievements of the energy conservation initiatives was stabilization of the new Flare Gas Recovery Compressors (FGRCs) at both the refineries which has helped the refineries to handle the unavoidable escape of hydrocarbons to the flare during normal operations and put back to refinery fuel gas system.
To reduce energy consumption further, both the refineries have undertaken various other energy efficiency improvement initiatives. A mega-scale steam trap management study was conducted in MR which helped in significant reduction in steam losses. All these efforts have also a direct impact on the energy conservation and OPEX reduction of the refineries. As a result of this, both refineries were able to achieve their best ever Energy Intensity Index (EII) during 2016-17.
In pursuit of continual improvement of refinery operations, both HPCL refineries have participated in performance benchmarking study by M/s Solomon Associates for the third time. The study is now being conducted for the calendar year 2016. The phase of data submission has already been completed by both the refineries. Bureau of energy Efficiency (BEE) has extended PAT (Perform, achieve and trade) cycle II program to petroleum sector which is being coordinated by CHT for Indian refineries. Both HPCL refineries are actively participating in the PAT Cycle II. As a part of this process, a gap identification audit was carried out by Petroleum Conservation Research Association (PCRA). Both HPCL refineries have participated in this audit and operating data acquisition phase has been completed.
As notified by Ministry of Petroleum and Natural Gas (MoP&NG), BS-IV specification MS and HSD were to be rolled out on pan India basis from 1st April 2017. Both HPCL refineries prepared well ahead of the schedule to supply BS IV MS and HSD seamlessly without any interruption in product supply to the market.
Both the refineries are slated for their capacity augmentation plans while complying to BS-VI grade of auto-fuels. Mumbai Refinery expansion project (MREP) will augment refinery capacity from 7.5 to 9.5 MMTPA whereas Visakh Refinery Modernization Project (VRMP) will enhance refinery capacity from 8.3 to 15 MMTPA and will feature state of the art technologies and residue up gradation facilities. Both the projects have received the environmental clearances during 2016-17. Site clearances have been completed and the projects are now gearing up for field executions. Dedicated teams have been placed at MR and VR for taking the projects along the scheduled timelines.
Health, safety and environment make an integral part of Refinery performance at HPCL. MR celebrated the best ever safety performance by achieving 18 Million safe Man hours on 19/02/2017. VR actively participated in “Green Vizag” program by planting 2 lakh saplings all over the city. During 2016-17, MR and VR have fully complied with M B Lal committee recommendations which were mandatory for hydrocarbon industry. To reduce sulphur emissions a Tail Gas Treating Unit was commissioned at VR and the same was mechanically completed at MR during the year. MR successfully recycled 724576 m3 of water as compared to 577511 m3 of water during the previous year. VR achieved highest ever oily sludge processing record of 12000 m3 during 2016-17.
OPERATIONS,
DISTRIBUTION AND ENGINEERING
The backbone for marketing of petroleum products is robust supply chain management which is handled by the Operations, Distribution & Engineering (OD&E) vertical in the company. OD&E is a key enabler to the Marketing SBUs / function, providing unstinted support and innovative solutions to stay ahead of competition and plays a key role in increasing market sales. HPCL has achieved accident free operations at all POL locations during 2016-17.
A key focus area during 2016-17 was to achieve conversion from BS-III to BS-IV Fuels. The entire process of migrating from BS-III to BS-IV was done on All India basis through meticulous planning and executing the planned activities. The migration to supplying BS-IV was successfully completed at all POL locations within the timelines.
Timely and adequate delivery of petroleum products and optimization of resources remained a focus area, resulting in enhanced customer satisfaction levels in both Retail and I&C business lines. Enhanced Safety processes at POL installations enabled uninterrupted product supplies and improved service levels.
Detailed planning was carried out for meeting future market demand along with time bound infrastructure development. During the year, major revamp of facilities was carried out at Jabalpur, Loni, Akola, Nalagarh, Manmad, Vizag black oil and Bahadurgarh locations. In addition, temporary product storage facilities were commissioned at Leh Depot. The commissioning of the tanker discharge to simultaneously discharge through 2 separate pipelines at Ennore terminal helped to increase the flow rate resulting in savings of over ` 4 crore per annum.
To enable cashless transactions, HPCL was the first among the OMC’s to complete cashless transaction at NHAI toll gates by affixing RFID tags on 10,100 POL tank trucks.
Sustained focus on implementation of ethanol blending saw achievement of 3.51 % ethanol blending in Petrol. The emphasis was on environment protection, sustainability measures and steps for reduction in greenhouse gas (GHG) emissions at locations. Foundation stone for India’s first 2G Bio Refinery to be set up at Bathinda, Punjab was laid on 25th December 2016.
A comprehensive energy and power quality audit was completed for 17 locations during the year for enhancing efficient usage of energy. Energy Efficient lighting system (100% conversion from conventional lighting to LED lighting) was installed at 20 locations. Solar plants of total capacity 226 KW at 9 locations have been commissioned taking the total installed solar capacity to 521 KW at POL locations. Strict monitoring of specific energy and water consumption across locations was achieved through sustained awareness building. Rain water harvesting at all major locations along with fresh water management has helped reduce water consumption significantly.
HPCL undertook implementation of Pradhan Mantri Suraksha Bima Yojna, Pradhan Mantri Jan Dhan Yojna, Pradhan Mantri Jeevan Jyoti Bima Yojna at all POL locations. Oil conservation awareness activities were conducted at all POL locations as part of Saksham.
For achieving the objective of delighting customer through timely delivery, De-bottle necking through Process improvement using quick wins in man, machine and method related solutions and productivity enhancement techniques continues to be the key focus area. To ensure Quality and Quantity 100% of the POL Tank trucks are fitted with Vehicle Tracking System.
Considering the significant and indispensable role of personnel in operational area, capability building and Skill Development of employees across levels remained a key thrust area. Officers and workmen were trained on Live Fire Simulation, Handling of equipment installed in line with MB Lal Committee recommendations and HSE.
The various process improvement initiatives resulted in increasing the Tank Truck bay filling rate and reduction of the Tank Truck cycle time.
REWARD AND
RECOGNITION
HPCL has implemented reward and recognition schemes aimed at motivating all employees towards higher performance. For executives in the Senior / Middle Management, “HP ICON Awards” have been instituted since 2010 which aims to identify and recognize People Managers. For Officers in the junior management category, “HP Outstanding Achievers Awards” have been instituted to recognize outstanding contributions of officers from Junior Management, while “HP Gaurav Awards” recognize outstanding efforts amongst Non-Executive category of employees. During 2016-17, 16 employees were facilitated as HP ICON award winners, 57 employees as HP Outstanding Achievers Award winners and 85 employees as HP Gaurav Award winners.
OVERVIEW OF SPORTS
ACTIVITIES AT HPCL
HPCL has always emphasized on promotion of sports across the corporation and regularly participates in various tournaments organised under the aegis of Petroleum Sports Promotion Board (PSPB) as well as the All India Public Sector Sports Promotion Board (AIPSSPB). In addition to the participation in these tournaments, HPCL also organises tournaments such as Annual Sports Meet, Indoor Games and Cricket tournaments for its employees on Pan India basis. It also conducts a Cricket Coaching Camp every year for the children of its Mumbai-based employees. HPCL offers many Awards and Incentives for its employees and their children showing excellence in sports at various tournaments at national and international levels.
To help young aspiring players, HPCL engages players under Contract / Scholarship scheme and encourages them to accomplish their goal in their respective sports. At present HPCL has engaged players in Athletics, Badminton, Chess, Cricket and Table Tennis. Some of the players engaged by the Corporation in the past are winning titles in various prestigious tournaments and are displaying excellent performance at international level too.
AWARDS RECEIVED
HPCL has been conferred with number of awards and has received recognitions in various national and international forums. The following is the list of awards received during 2016-17.
1. Petrofed Award for “Oil & Gas Marketing company of the Year 2015”
2. “Platts Global Energy Award 2016” for Corporate Social Responsibility by S&P Global Platts
3. Petrotech Award 2016 for “Best Project Management Team” for Rewari Kanpur Pipeline (RKPL) Project
4. Petrofed Award for “Innovator of the Year 2015” in Team Category for innovation in indigenous development and utilization of catalyst and catalytic visbreaking process.
5. “National Energy Conservation Award (Second Prize)” to Mumbai Refinery by Ministry of Power, Government of India
6. “Process Innovator of the Year” award by FICCI in Petroleum and Petrochemical Category
7. Awards for “Excellence in HR” and “Excellence in Developing Leaders of Tomorrow” Categories by Society for Human Resources Management (SHRM) India
8. “Forecourt Retailer of the Year” award for the 9th time at Star Retailer Awards 2016
9. “India’s Most Trusted Brand Award 2016” to HP Lubricants for HP Neo Synth 5W 30 in India’s Most Trusted Automotive Synthetic Engine Oil Category
10. “Trusted Brand Award” from Readers Digest for 11th consecutive year
11. “Asia Pacific Procurement Leaders Award 2016” to Central Procurement Organization (CPO), HPCL at Annual Asia Pacific Procurement forum, Singapore
12. “Most Effective Recruitment Strategy Using Technology” Award at Times Ascent HR Tech Awards during the World HRD Congress
13. “Energy Efficient Unit award” for Mumbai refinery at National Awards for Excellence in Energy Management 2016 by Confederation of Indian Industry (CII)
14. OISD Safety Award for Best Overall Safety Performance of Mundra-Delhi Pipeline
15. “Emerging Brand of the Year” award for Premium Branded Outlets ‘Club HP Star’ at Global Marketing Excellence Awards 2016
16. OISD Safety Award for “Best Near Miss Incident Reporting - POL Marketing Organization”
17. “FICCI Chemical and Petrochemical Award” 2016 to Visakh Vijayawada Secunderabad Pipeline (VVSPL) for Most Environment Friendly Company in Petrochemicals Sector
18. “FICCI Chemical and Petrochemical Award” 2016 to “MDPL for Excellence in Corrosion Management in Petrochemicals Sector”
19. “Retailer of the Year (Forecourt Retailing)” award by Chief Marketing Officer Council (CMO) Asia
20. “Innovation in Customer Service Processes” Award by M/s John Deere
21. “Best Supplier for Quality Performance” Award by M/s Gabirel India Ltd (GIL)
22. “Golden Peacock Innovative Product Service Award 2016” to HP Lubricants for 2nd Consecutive Year
23. Construction Industry Development Council (CIDC) Award to RKPL Project and Mangalore Hassan Mysore Solur Pipeline (MHMSPL) Project under “Best Construction Projects” Category
24. “Oil and Gas Excellence Awards” for (i) Project SHRESTHA in “Best Leadership Development Program in Oil and Gas” category, (ii) Project SANKALP in “Award for Innovation in Safety” category and (iii) Project SACHET in “Award for Innovation in Safety” category by CMO Asia
25. “Oil and Gas Excellence Award “to Rewari Kanpur Pipeline Project under ‘Best Project and Facilities and Construction’ category by CMO Asia
26. “Express Intelligent PSU Award 2016” in Analytics/Big Data category
27. “South Asia Procurement Innovation Awards 2016-17 (First Runner up)” to Central Procurement Organization (CPO), HPCL by South Asia Procurement Network
28. “Golden Peacock Award for Sustainability” to Mumbai Refinery for the year 2016
29. HP Aviation was awarded “Best Fuel Supplier in Asia region” by United Aviation Services
30. “Suraksha Puraskar - Bronze Trophy” to Mundra Delhi Pipeline and ‘Certificate of Appreciation’ for highest Safety Performance during 2012-2015 to VVSPL by National Safety Council of India (NSCI)
31. “Best Overall Performance Award among small states (category–II)” to State Level Coordinator (SLC) for Delhi for Oil and Gas Conservation Fortnight 2016 (OGCF 2016).
32. “Silver Award” at Stevie Awards 2016 for Great Employers under the ‘HR Achievement’ Category
33. “HR Gold Award” to Visakh Refinery by Greentech Foundation for excellence in employee engagement
34. “SCOPE Corporate Communication Excellence Awards 2016” - (i) 1st Prize in the Category of Best Internal Communication Programme for ‘HP Senior League’ (ii) 2nd Prize in the Category of Best House Journal (English) for ‘HP News’ and (iii) 2nd Prize in the Category of Best Annual Report for ‘Annual Report 2014-15’
35. “PRSI National Award 2016” in ‘Best Communication Campaign (Internal Publics)’ category by Public Relations Society of India (PRSI).
36. VVSPL conferred with the highest rating of “Platinum” under GreenCo Rating system for adoption of environment friendly measures and became the First location in the Oil and Gas Industry and 7th among all GreenCo rated companies in India to receive Platinum rating
37. “Silver Award” for Training Excellence in HR at ‘1st Annual Exceed Award 2017’ by Ek Kaam Desh Ke Naam NGO
38. “Game Changer Award” in the ‘Learning & Development’ Category at 7th National Conference by The HR Club, Leadership Lounge & The Entrepreneurs Network (TEN India)
39. Golden Star Awards for projects ‘HPCoSol’, ‘Catalytic Visbreaking’, and ‘HP FurnOKare’
40. “National Award for Manufacturing Competitiveness 2015-16” (Silver Medal in Petrochemical and Refineries Sector) to Mazagaon Terminal by International Research Institute for Manufacturing, India
41. “Green Business Award” to Retail SBU for implementation of Vapour Recovery Systems, Solar Power Panels, Bio Toilets and Rain Water Harvesting Systems at retail outlets by SingEx Exhibitions and Franchise India
42. Visakh LPG Terminal awarded Greenco Platinum Rating by the Confederation of Indian Industry-Godrej Green Business Centre
43. “ISRS certification” for Mazgaon and Silvassa Lube Blending plants, making both locations the first ISRS certified Lube blending plants in India
44. “Golden Peacock Occupational Health and Safety Award” 201 under Oil Production Category to Mumbai Pune Solapur Pipeline (MPSPL)
45. “FAME Award” to Loni terminal under Platinum Category for excellence in Worker’s Health and Safety by Foundation for Accelerated Mass Empowerment (FAME)
46. “Fame Award” to - (i) VVSPL under Platinum category for Excellence in Environment Protection, (ii) MPSPL under Platinum category for Excellence in Environment Protection and (iii) MDPL under Gold Category for Excellence in Health and Safety for Workers by Foundation for Accelerated Mass Empowerment (FAME)
47. “Certificate of Merit” to Trombay, Khopoli and Talegaon booster stations of MPSPL by National Safety Council - Maharashtra Chapter (NSC–MC)
48. “Meritorious Performance in Industrial Safety” Award to Loni Terminal by National Safety Council, Maharashtra Chapter
49. “Ethical Company of the Year” Award to Loni Terminal by World CSR Forum
50. “Greentech Environment Gold Award” to Loni Terminal by Greentech Foundation
51. “Silver Award” for CSR to VVSPL at “1st Annual Exceed Award 2017” in Petroleum Storage and Transportation Sector
52. “Gold Award” for Safety to Loni Terminal at “‘Exceed HSSE Awards 2017” by Ek Kaam Desh Ke Naam NGO
53. “SVAGRIHA Star ratings” to RKPL for control room buildings at Kanpur (4 Star Rating) and Mathura and Bharatpur (3 Star Rating) from GRIHA Council and TERI
54. “Swachh Housing Society” Award to HP Nagar East Housing Colony (under medium society category) at Swachh Society Awards by ICICI Bank.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
Syndicated Loans from Foreign Banks (repayable in foreign currency) |
90985.500 |
92486.000 |
|
Oil Industry Development Board |
0.000 |
1250.000 |
|
Syndicated Working Capital Loans from Foreign Banks (repayable in foreign currency) |
0.000 |
65830.000 |
|
Less: Current Maturities of Long Term Borrowings |
40791.500 |
67725.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
from banks |
|
|
|
Clean Loans |
12000.000 |
0.000 |
|
from other parties |
|
|
|
Commercial papers |
64611.700 |
0.0000 |
|
Total |
126805.700 |
91841.000 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C69875599 |
10602025 |
OIL INDUSTRY DEVELOPMENT BOARD |
19/10/2015 |
- |
- |
1247500000.0 |
301 World Trade Centre, 3rd Floor Babar Road, New Delhi-110001, India |
|
2 |
C06664536 |
10503036 |
OIL INDUSTRY DEVELOPMENT BOARD |
11/04/2014 |
- |
- |
1200000000.0 |
301 World Trade Centre, 3rd Floor Babar Road, New Delhi-110001, India |
|
3 |
C05660931 |
10501126 |
OIL INDUSTRY DEVELOPMENT BOARD |
11/10/2013 |
- |
- |
1380000000.0 |
301 World Trade Centre, 3rd Floor Babar Road, New Delhi-110001, India |
|
4 |
G24304065 |
10424270 |
IDBI TRUSTEESHIP SERVICES LIMITED |
04/05/2013 |
26/10/2016 |
- |
9750000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
5 |
A30866602 |
90238781 |
State Bank of India |
12/02/1976 |
16/01/2008 |
- |
40000000000.0 |
Corporate Accounts Group, III rd Floor, Nariman Point, Mumbai-400016, Maharashtra, India |
|
6 |
C71541643 |
10401108 |
IDBI TRUSTEESHIP SERVICES LIMITED |
01/02/2013 |
- |
09/11/2015 |
5450000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
7 |
B74620568 |
10225755 |
IDBI TRUSTEESHIP SERVICES LIMITED |
14/06/2010 |
- |
30/04/2013 |
10000000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
8 |
B64343254 |
10197806 |
IDBI TRUSTEESHIP SERVICES LIMITED |
28/01/2010 |
- |
17/12/2012 |
10000000000.0 |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
A. No provision has been made in the accounts in respect of the following disputed demands/claims since they are subject to appeals/representations filed by the Corporation |
|
|
|
i. Income Tax |
757.400 |
757.400 |
|
ii. Sales Tax/Octroi |
21418.800 |
21564.500 |
|
iii. Excise/Customs |
2296.500 |
2608.700 |
|
iv. Land Rentals & Licence Fees |
1326.500 |
889.400 |
|
v. Others |
669.500 |
740.200 |
|
|
|
|
|
B. Contingent Liabilities not provided for in respect of appeals filed against the Corporation |
|
|
|
i. Sales Tax/Octroi |
61.600 |
61.600 |
|
ii. Employee Benefits/Demands (to the extent quantifiable) |
2101.100 |
2140.700 |
|
iii. Claims against the Corporation not acknowledged as Debts |
3211.200 |
3825.200 |
|
iv. Others |
2186.800 |
3048.100 |
|
|
|
|
|
C. Guarantees given to others |
3903.100 |
1362.100 |
|
Total |
37932.500 |
36997.900 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
A FINANCIAL PERFORMANCE |
|
|
|
|
INCOME FROM OPERATIONS |
|
|
|
|
Sales/ Income from Operations |
628317.100 |
541528.000 |
1768757.800 |
|
Other Operating Income |
2444.400 |
1830.300 |
5111.400 |
|
Other Income |
4743.200 |
5193.600 |
15639.900 |
|
Total
Income from Operations |
635504.700 |
548551.900 |
1789509.100 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
131774.900 |
110625.500 |
362879.500 |
|
Purchase of Stock in Trade |
378321.100 |
318668.600 |
1026600.900 |
|
Changes in inventories of finished goods and
work-in-progress |
(1394.700) |
(14964.000) |
17444.300 |
|
Excise duty |
56019.000 |
68132.500 |
189215.800 |
|
Employee benefits expense |
6699.300 |
7081.200 |
20764.300 |
|
Finance Costs |
898.500 |
1563.400 |
3891.500 |
|
Depreciation and Amortization expenses |
6799.200 |
6804.100 |
20273.800 |
|
Other Expenditure |
27756.800 |
24758.600 |
80043.400 |
|
Total
Expenses |
606874.100 |
522669.900 |
1721113.500 |
|
Profit
before tax |
28630.600 |
25882.000 |
68395.600 |
|
Tax Expense |
9133.700 |
8534.600 |
22303.800 |
|
Profit
/ (Loss) after Tax |
19496.900 |
17347.400 |
46091.800 |
|
Other
comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
351.400 |
1635.300 |
689.400 |
|
Income tax relating to items that will not be reclassified
to profit or loss |
-- |
-- |
-- |
|
Total comprehensive income |
351.400 |
1635.300 |
689.400 |
|
Total comprehensive income, for the period |
19848.300 |
18982.700 |
46781.200 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
15238.200 |
15238.200 |
15238.200 |
|
Basic and Diluted EPS (in INR) |
12.79 |
11.38 |
30.25 |
|
|
|
|
|
|
B
PHYSICAL PERFORMANCE (In MMT) |
|
|
|
|
Crude Thruput |
4.52 |
4.64 |
13.65 |
|
Market
Sales |
|
|
|
|
- Domestic sales |
9.23 |
8.37 |
26.80 |
|
- Exports |
0.21 |
0.36 |
0.63 |
|
Pipeline Thruput |
5.17 |
5.05 |
14.87 |
NOTES:
1. The Audit Committee has reviewed the above results and the same have been subsequently approved by the Board of Directors in their meeting held on 9th February 2018.
2. The Financial Results have been reviewed by the Statutory Auditors as
required under regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
3. The Corporation has accounted for Budgetary Support amounting to INR
1945.300 million during October - December, 2017 (October - December, 2016 :
INR 2638.800 million) towards under recovery on sale of PDS SKO. For the nine
months ended December 31, 2017 this amounts to INR 5250.000 million (April -
December, 2016 ; INR 9557.400 million).
4. Average Gross Refining Margin during the nine months ended December 31, 2017
was US $ 7.51 per BBL as against US $ 5.57 per BBL during the corresponding
period of previous year.
5. Other Income for the period April - December, 2017 includes INR 4066.400
million (October - December 2017 INR 2743.100 million) towards gain on account
of foreign currency transactions and translations. During, April - December,
2016 loss of INR 1117.000 million (October - December 2016 INR 531.400 million)
on account of foreign currency transactions and translations was included in
Other Expenses.
6. Pursuant to the approval of the Shareholders through the process of postal
ballot during July 2017, the Corporation has issued bonus shares in the ratio
of one equity shares of INR 10/-for two existing equity share of INR 10/-each
in July, 2017. Accordingly, EPS for earlier periods has been recalculated and
presented. This is in accordance with Ind AS - 33.
7. During the period July-September 2017, the recommendations of the 3rd Pay
Revision Committee have been approved by the Board for pay revision with effect
from January 1, 2017. However, the presidential directives were issued on
October 13, 2017 for implementation of the same. Accordingly the implementation
of the Committee's recommendations are in progress. The Corporation does not
expect any material impact on the financial results on final implementation of
the recommendation as the Corporation has been making estimated provisions
based on the recommendations in the current period and earlier periods.
8. Post implementation of Goods and Services Tax (GST) w.e.f. 1st July 2017,
some of the petroleum products have come under the domain of current GST Laws
and the balance petroleum products continue to remain under the Excise Laws.
Since Excise Duty is included in revenue and GST is not included in revenue,
the comparable revenues from operations for the relevant periods under
consideration are given below:
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Revenue (Gross) |
628317.100 |
541528.000 |
1768757.800 |
|
Less: Excise duty pertaining to
GST products only |
-- |
-- |
5265.100 |
|
Net
comparable revenue |
628317.100 |
541528.000 |
1763492.700 |
9. Subsequent to end of 3rd quarter of FY 2017 -18, on January 31, 2018, based on
the Share Purchase agreement (SPA) entered into between Government of India and
Oil and Natural Gas Corporation Limited, 51.11% Equity Shares in the Paid up
Capital of Hindustan Petroleum Corporation Limited (HPCL) have been acquired by
Oil and Natural Gas Corporation Limited. HPCL continues to be a Government
Company as defined under Section 2(45) of the Companies Act, 2013.
10. The decision of the arbitration with M3nergy Sdn. Bhd. relating to
development of an oilfield has been given in favour of the Corporation. MSnergy
Sdn. Bhd. has challenged the said order and accordingly, on conservative basis,
the Corporation has decided not to recognise the award amount in the Financial
Statements. The Corporation's share of the award amounts to approximate INR
4166.200 million.
11. The Corporation operates in a single segment viz. Downstream petroleum
sector.
12. The Board at its meeting held on 9th February, 2018 declared an interim
dividend of INR 14.50 per equity share (Face value : INR 10/- per equity share).
13. Previous periods figures have been regrouped/reclassified, wherever
necessary.
FIXED ASSETS:
Tangible Asset:
- Freehold Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Transport Equipment
- Office Equipment
- Roads and Culverts
- Computer
- Railway Siding and Rolling
Intangible Asset:
- Computer Software
Stock
PRESS RELEASE / WEBSITE DETAILS
ONGC BOARD APPROVES
HPCL TAKEOVER
August 21, 2017
NEW DELHI: The board of state-owned Oil and Natural Gas Corp (ONGCBSE 0.78 %) today gave 'in-principle' approval to acquire government's 51.11 per cent stake in Hindustan Petroleum BSE -0.42 % Corp Limited, the company said in a regulatory filing.
The board at its meeting today constituted a committee of directors to
"examine various aspects" of the acquisition and "to provide its
recommendations to the board of directors", it said.
The government last month had approved sale of its 51.11 per cent stake in oil
refiner HPCL BSE -0.42 % to India's largest oil producer ONGC.
Prior to the merger, HPCL is likely to take over Mangalore Refinery and Petrochemicals Ltd (MRPL) to bring all the refining assets of ONGC under one unit. ONGC currently owns 71.63 per cent of MRPL while HPCL has 16.96 per cent stake in it.
Sources said ONGC will not have to make an open offer to minority shareholders of HPCL as the government's holding is being transferred to another state-run firm and the ownership isn't changing.
HPCL will become a subsidiary of ONGC and will remain a listed company post the acquisition, the source said adding the board of the refining and marketing company will continue to remain in place.
The government has also constituted a committee -- headed by
Finance Minister Arun Jaitley and comprising oil minister Dharmendra Pradhan and
road minister Nitin Gadkari to work out the modalities of the sale.
Jaitley had in his Budget for 2017-18 talked about creating an integrated oil behemoth. After that oil companies were asked to give their options.
ONGC had evaluated options of acquiring either HPCL or BPCL BSE -0.04 % -- the
two downstream oil refining and fuel marketing companies.
It found the nation's second-biggest fuel retailer BPCL too expensive and
conveyed its choice to the parent oil ministry.
Sources said the transaction is likely to be completed within this fiscal
year.
HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's
portfolio, making it the third-largest refiner in the country after IOC and
Reliance Industries BSE -0.10 %.
TAX RATES FOR SUBSIDISED KEROSENE AND
COOKING GAS ROSE UP TO 5%: OIL MINISTRY
August 25, 2017
NEW DELHI: The effective tax rates for subsidised kerosene and cooking gas rose up to 5% but fell on average 10-12% for most other oil products such as fuel oil, naphtha and lubricants under the freshly rolled out Goods and Services Tax (GST), an analysis by the Oil Ministry showed.
For subsidised cooking gas used by households, the effective tax rates went up by 4-5% in several states including Delhi, Rajasthan, Tamil Nadu, Uttar Pradesh, Bihar, West Bengal, Karnataka, J&K, Goa and Chhattisgarh. In many other states, tax rates remained unchanged or rose just a bit. The GST rate is 5% on domestic cooking gas, and 18% on non-domestic gas. In most states, the effective tax rates have fallen 3-6% on non-domestic cooking gas although in some states the rates have marginally risen too.
The effective tax rate on subsidised kerosene, which attracts 5% rate under
GST, has swelled 3-5% in several states including Rajasthan, West Bengal,
Uttarakhand, Odisha, Jharkhand and Haryana. For kerosene used for industrial
purpose, which attracts 18% GST, the effective tax rate has shrunk 10-12% in
most states.
The effective tax rate has substantially fallen in most states for fuel oil,
naphtha, light diesel oil, bitumen and lubricants, all of which attract 18%
GST. On average, the decline in effective tax rates under GST in most states is
12-13% for fuel oil, naphtha and lubes. The fall varies between 10-20% for
light diesel oil. In case of bitumen, the decline is mostly limited to less
than 2%.
AIRTEL PAYMENTS BANK
TIES UP WITH HPCL
New Delhi, August
1:
Airtel Payments Bank, on Tuesday, said it has partnership with Hindustan Petroleum Corporation Limited (HPCL), to give further boost to digital payments in the country and to add to customer convenience.
All 14,000 HPCL fuel stations will act as banking points for Airtel Payments Bank, the company said.
All Airtel Payments Bank customers would be able to access a range of convenient banking services at these 14,000 fuel stations like opening new accounts, make cash deposits and withdrawals facility, and transfer money.
This will add to the depth and reach of Airtel Payments Bank’s retail based network that leverages over 300000 Airtel retail outlets as banking points.
Airtel Payments Bank customers will also be able to make secure and convenient digital payments for fuel purchases across 14,000 HPCL fuel stations by using their mobile phones, it said.
“We are delighted to partner HPCL as part of our endeavor to build a robust and diverse merchant ecosystem that brings more digital payments avenues to our customers. We are, in particular, pleased to have these fuel outlets as our banking points," Shashi Arora, Managing Director and Chief Executive Officer, Airtel Payments Bank, said.
He said that this partnership will add to the growth of digital payments in the country and contribute to the government’s Digital India vision, he added.
These cashless payments can be made via smartphones (MyAirtel App) as well as feature phones (USSD), the company said.
The customer is not charged any transaction fee for these digital payments. This partnership will further expand Airtel’s nationwide digital payments ecosystem that has over three million merchant partners/outlet across India.
"Customer visiting our outlets will now be able to pay seamlessly for fuel purchases and will also be able to enjoy the added convenience of banking with Airtel Payments Bank," G S V Prasad, Executive Director – Retail at HPCL, said.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.04 |
|
UK Pound |
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
BHG |
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.