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INTRODUCTION

INDIAN OIL CORPORATION


Indian Oil Corporation is an Indian public-sector petroleum company. It is Indias largest commercial enterprise, ranking 105th on the Fortune Global 500 listing (2009). It began operation in 1959 as Indian Oil Company Ltd. The Indian Oil Corporation was formed in 1964, with the merger of Indian Refineries Ltd. Indian Oil and its subsidiaries account for a 47% share in the petroleum products market, 40% share in refining capacity and 67% downstream sector pipelines capacity in India. The Indian Oil Group of Companies owns and operates 10 of India's 19 refineries with a combined refining capacity of 60.2 million metric tons per year.On 30th June 2009 IndianOil completed 50 years of its existence and a series of events are being planned to celebrate its Golden Jubilee Year Overview Indian Oil operates the largest and the widest network of fuel stations in the country, numbering about 17606 (15557 regular ROs & 2049 Kissan Sewa Kendra). It has also started Auto LPG Dispensing Stations (ALDS). It reaches Indane cooking gas to over 47.5 million households through a network of 4,990 Indian distributors. In addition, Indian Oil's Research and Development Center (R&D) at Faridabad supports, develops and provides the necessary technology solutions to the operating divisions of the corporation and its customers within the country and abroad. Subsequently, IndianOil Technologies Limited - a wholly owned subsidiary, was set up in 2003, with a vision to market the technologies developed at IndianOil's Research and Development Center. It has been modeled on the R&D marketing arms of Royal Dutch Shell and British Petroleum.

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PRODUCTS
Indian Oil's product range covers petrol, diesel, LPG, auto LPG, aviation turbine fuel, lubricants, naphtha, bitumen, paraffin, kerosene etc. Xtra Premium petrol, Xtra Mile diesel, Servo lubricants, Indane LPG, Autogas LPG, Indian Oil Aviation. Recently Indian Oil has also introduced a new business line of supplying LNG(Liquefied natural gas) by the cryogenic transportation. The branding called "LNG at Doorstep". Lng headquarters are located in scope complex, Lodhi Road Delhi.

REFINERIES

Digboi Refinery, in Upper Assam, is India's oldest refinery and was commissioned in 1901. Originally a part of Assam Oil Company, it became part of IndianOil in 1981. Its original refining capacity had been 0.5 MMTPA since 1901. Modernisation project of this refinery has been completed and the refinery now has an increased capacity of 0.65 MMTPA.

Guwahati Refinery, the first public sector refinery of the country, was built with Romanian collaboration and was inaugurated by Late Pt. Jawaharlal Nehru, the first Prime Minister of India, on 1 January 1962.

Barauni Refinery, in Bihar, was built in collaboration with Russia and Romania. It was commissioned in 1964 with a capacity of 1 MMTPA. Its capacity today is 6 MMTPA.

Gujarat Refinery, at Koyali in Gujarat in Western India, is IndianOils largest refinery. The refinery was commissioned in 1965. It also houses the first hydrocracking unit of the country. Its present capacity is 13.70 MMTPA.
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Haldia Refinery is the only coastal refinery of the Corporation, situated 136 km downstream of Kolkata in the Purba Medinipur (East Midnapore) district. It was commissioned in 1975 with a capacity of 2.5 MMTPA, which has since been increased to 5.8 MMTPA

Mathura Refinery was commissioned in 1982 as the sixth refinery in the fold of IndianOil and with an original capacity of 6.0 MMTPA. Located strategically between the historic cities of Delhi and Agra, the capacity of Mathura refinery was increased to 7.5 MMTPA.

Panipat Refinery is the seventh refinery of IndianOil. The original refinery with 6 MMTPA capacity was built and commissioned in 1998. Panipat Refinery has doubled its refining capacity from 6 MMT/yr to 12 MMTPA with the commissioning of its Expansion Project.

Subsidiary refineries Bongaigaon Refinery (2.95 MMTPA), Chennai Petroleum (9.5 MMTPA)

GROUP COMPANIES AND JOINT VENTURES

IndianOil Technologies Ltd : IndianOil Technologies Ltd.is the marketing arm for the entire range of technologies developed at the R&D Centre of Indian Oil Corporation Limited. This website gives an overview of the various technologies, products, quality services and solutions, developed and tested to meet or exceed customer requirements. These technologies are tailor made and meant to provide competitive advantage. IndianOil Technologies is built on the strength of its credibility proven in its sister divisions.

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IndianOil Technologies Ltd. headquarters are located at IndianOil R&D Centre , Faridabad.

IndianOil (Mauritius) Ltd. Lanka IOC PLC - Group company for Sri Lanka retail and storage operations which is listed on Colombo's stock exchange. It was locked into a bitter subsidy payment dispute with Sri Lanka's Government which has since been resolved.

IOC Middle East FZE Chennai Petroleum Corporation Ltd. Bongaigoan Refinery and Petrochemicals Ltd. Green Gas Ltd. - joint venture with Gas Authority of India for city-wide gas distribution networks.

Indo Cat Pvt. Ltd., with Intercat, USA, for manufacturing 15,000 tonnes per annum of FCC (fluidised catalytic cracking) catalysts & additives in India, for catering to rising global demand.

Numerous exploration and production ventures with Oil India Ltd., Oil and Natural Gas Corporation

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INTERNATIONAL RANKINGS
Indian Oil is the highest ranked Indian company in the prestigious Fortune Global 500 listing, the 116th position(in 2008) based on fiscal 2007 performance. It is also the 18th largest petroleum company in the world and the number one petroleum trading company among the National Oil Companies in the Asia-Pacific region. IOCL was featured on the 2008 Forbes Global 2000 at position 303

LOYALTY PROGRAMS
XTRAPOWER Fleet Card Program is aimed at Large Fleet Operators. Currently it has 1 million customer base. XTRAREWARDS is a recently launched loyalty program for retail customers where customers can earn reward points on their purchases.

COMPETITORS
Indian Oil Corporation has two major domestic competitors, Bharat Petroleum and Hindustan Petroleum. Both are state-controlled, like Indian Oil Corporation. There are two private competitors, Reliance Petroleum and Essar Oil.

CONCERNS
Indian Oil Corporation earned concerns about the state of affairs in its marketing business when Shanmugam Manjunath, a marketing manager and an MBA from prestigious Indian Institute of Management Lucknow, was murdered in 2005 for sealing a corrupt petrol station in the state of Uttar Pradesh (U.P.). The corporation's Mathura Refinery unit has also remained constantly in news due to the threat of air pollution created by it.
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OIL INDUSTRY DEVELOPMENT BOARD


India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels, enough for two weeks of consumption. Petroleum stocks have been transferred from the Indian Oil Corporation (Indian Oil) to the Oil Industry Development Board (OIDB). The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve

AUDITORS REPORT AUDITORS REPORT TO THE SHAREHOLDERS


We have audited the attached Balance Sheet of Indian Oil Corporation Limited as at 31st March, 2009 and the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto, in which are incorporated accounts of the branches audited by the Branch Auditors. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management,
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as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1.As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to above, we report that: We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of the books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us; The Branch Auditors' Reports have been forwarded to us and have been appropriately dealt with while preparing our report; The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and with the audited returns from the branches; In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; Disclosure in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 is not required for Government Companies as per Notification No. GSR 829(E) dated October 21, 2003 issued by the Department of Company Affairs; We invite attention to Note No. 25 regarding impairment loss wherein, we have relied on the estimates and assumptions made by the Company in arriving at recoverable value of assets, which does not qualify our opinion.
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In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read in conjunction with the Significant Accounting Policies (Schedule 'Q'), Notes on Accounts (Schedule 'R') and other schedules ('S' to 'X'), give the information required by the

In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009; In the case of the Profit and Loss Account, of the profit for the year ended on that date; and In the case of the Cash Flow Statement, of the cash flow for the year ended on that date.

AUDITORS REPORT ON CONSOLIDATED FINANCIAL STATEMENTS OF INDIAN OIL CORPORATION LIMITED, ITS SUBSIDIARIES AND ITS JOINT VENTURES
We have examined the attached Consolidated Balance Sheet of Indian Oil Corporation Limited, its subsidiaries and its joint ventures as at 31st March, 2009 and the Consolidated Profit and Loss Account annexed thereto for the year ended on that date and the Consolidated Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Indian Oil Corporation Limited's Management and our responsibility is to express an opinion on these financial statements based on our audit. We conducted the audit in accordance with the auditing standards generally accepted in India, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are prepared, in all material

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respects, in accordance with identified financial reporting framework and are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement. We believe that our audit provides a reasonable basis for our opinion. We did not audit the financial statements of subsidiary companies and joint ventures, whose financial statements reflect total assets of Rs. 12501.95 crore (net) as on 31st March, 2009 and total revenue of Rs. 45294.59 crore for the year then ended. These financial statements have been audited by other auditors whose reports have been furnished to us and in our opinion, in so far as it relates to the amount included in respect of the subsidiaries and joint ventures, is based solely on the report of the other auditors. We report that the consolidated financial statements have been prepared by the company in accordance with the requirements of Accounting Standard (AS 21) on "Consolidated Financial Statements" and Accounting Standard (AS 27) on "Financial Reporting of Interests in Joint Ventures" notified by the Companies (Accounting Standards) Rules, 2006 and on the basis of separate audited financial statements of Indian Oil Corporation Limited, its subsidiaries and joint ventures included in the consolidated financial statements. We invite attention to Note 32 regarding impairment loss wherein, we have relied on the estimates and assumptions made by the Company in arriving at
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recoverable value of assets, which does not qualify our opinion. On the basis of information and explanations given to us and on consideration of separate audit reports on individual financial statements of Indian Oil Corporation Limited, its aforesaid subsidiaries and joint ventures, in our opinion the consolidated financial statements, give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Consolidated Balance Sheet, of the consolidated state of affairs of Indian Oil Corporation Limited, its subsidiaries and its interests in joint ventures as at 31st March, 2009; In the case of the Consolidated Profit and Loss Account, of the consolidated results of operations of Indian Oil Corporation Limited, its subsidiaries and its interests in joint ventures for the year ended on that date; and In the case of the Consolidated Cash Flow Statement, of the consolidated cash flows of Indian Oil Corporation Limited, its subsidiaries and its interests in joint ventures for the year ended on that date.

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REPORTING AS PER COMPANIES (AUDITORS REPORT) ORDER 2003 (DISPUTED CASES)


(Rs. in Crore)

Name of the Statute


1Central Excise

Forum where dispute is pending


Supreme Court High Court Tribunal Revisionary Authorities Appellate Authorities(Below Tribunal) Sub-Total

31.03.0903.0 9
16.64 17.33 1,998.22 232.82 63.36

31.03.0831.03.08
16.64 5.35 1,503.68 1.56 324.91

2,328.37 837.08 9.34

1,852.14 1,175.90 3.49

2Customs

Tribunal Appellate Authorities(Below Tribunal) Sub-Total

846.42 262.60 1,526.40 1,011.02 5,407.44

1,179.39 1,999.08 778.81 923.47 3,288.16

3Sales Tax

Supreme Court High Court Tribunal Revisionary Authorities Appellate

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Authorities(Below Tribunal) Sub-Total 4 Income Tax High Court Tribunal Appellate Authorities(Below Tribunal) Sub-Total 5 Entry Tax Supreme Court High Court Tribunal Appellate Authorities(Below Tribunal) Sub-Total 6 Local Area Dev. Tax Act 2000 Sub-Total 7 Land Revenue High Court Appellate Authorities(Below Tribunal) Sub-Total 8 Service Tax Tribunal Appellate Authorities(Below Tribunal) Sub-Total High Court
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8,207.46 228.33

6989.52 419.57 690.08 794.78

228.33 940.69 2,261.47 59.01 86.48

1,904.43 506.15 1,099.95 56.08 87.35

3,347.65 41.86 41.86 12.78 2.17

1,749.53 41.86 41.86 9.72 -

Sales Tax Tribunal

14.95 12.68 1.71 14.39 0.61

9.72 28.26 1.96 30.22 0.90

9 Local Municipal Tax

10 PF/ESI Act

11 Local Octroi Act 12 Stamp Duty 13 Electricity Duty

Sub-Total Employee Insurance Court Appellate Authorities(Below Tribunal) Sub-Total High Court Sub-Total High Court Sub-total High Court Sub-total TOTAL

0.61 1.67 0.17 1.85 2.80 2.80 177.31 177.31 33.31 33.31 15,245.31

0.90 2.46 2.46 2.50 2.50 105.16 105.16 13,868.46

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FINANCIAL RESULT ADVERTISEMENT IN NEWSPAPER

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SUMMARY OF FINANCIAL INFORMATION OF SUBSIDIARY COMPANIES FOR THE FINANCIAL YEAR 2008-09
The Ministry of Corporate Affairs vide its letter no. 47/393/2009-CL-III dated 22nd June 2009 has exempted Indian Oil Corporation Ltd. from attaching the Accounts of the Subsidiary Companies with the Annual Report for the year 200809. The Annual Accounts of the Subsidiary Companies are available with the Company Secretary, IndianOil and are open for inspection by any shareholder at the Registered Office of IndianOil during working days from 1030 hrs. to 1230 hrs. The copy of the Annual Accounts shall also be made available to any shareholder of IndianOil or its subsidiary on request. The summary of financial information of subsidiary companies for the financial year 2008-09 is as given below:

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SHARE HOLDING
Share holding pattern as on : 30/06/2009 31/03/2009 31/12/2008 Face value 10.00 10.00 10.00 No. Of % No. Of % No. Of Shares Holdin Shares Holdin Shares g g Promoter's holding Indian Promoters Sub total 95807785 5 95807785 5 78.92 78.92 95807785 5 95807785 5 80.35 80.35 95807785 5 95807785 5 80.35 80.35

% Holdin g

Non promoter's holding Institutional investors Banks Fin. Inst. and Insurance FII's Sub total 42534955 11135992 77812040 3.50 0.92 6.41 39806540 11617139 73738224 3.34 0.97 6.18 38280164 16361682 75331644 3.21 1.37 6.32

Other investors Private Corporate Bodies NRI's/OCB's/Fore ign Others Govt Others Sub total General public Grand total 11185209 3 464390 30757997 14307430 2 35011866 12139760 63 9.21 0.04 2.53 11.79 2.88 100.00 11348900 2 386748 1350000 13333206 12855877 8 31999271 11923741 28 9.52 0.03 0.23 1.12 10.78 2.68 100.00 11143686 1 391851 1350000 13198464 12637717 6 32587631 11923743 06 9.35 0.03 0.11 1.11 10.60 2.73 100.00

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ANNUAL RESULTS IN BRIEF


Mar ' 09 Sales Interest Gross profit EPS (Rs) Operating profit 7,601.90 3,952.14 7,210.30 24.74 Mar ' 08 -8,855.77 1,551.24 12,790.10 58.39 Mar ' 07 -3,909.87 1,505.45 11,195.41 64.43 Mar ' 06 828.80 1,022.19 8,909.25 42.08 Mar ' 05 7,192.09 583.13 8,138.57 41.88 3,05,527.05 2,25,972.05 2,00,923.09 1,67,237.10 1,38,253.34

HALF YEARLY RESULTS IN BRIEF


Mar ' 09 Sales Interest Gross profit EPS (Rs) Operating profit 12,341.28 2,345.09 12,475.95 80.36 Sep ' 08 -4,739.38 1,607.05 -5,265.65 -55.62 Sep ' 07 177.66 670.94 8,829.81 44.23 Mar ' 07 60.24 809.18 7,758.09 22.61 Sep ' 06 -3,976.59 696.27 3,428.02 41.36 1,30,471.79 1,86,500.31 1,02,648.41 1,02,123.46 99,286.88

QUARTERLY RESULTS IN BRIEF


Jun ' 09 Sales Operating profit Interest Gross profit EPS (Rs) 4,998.99 334.00 6,169.37 30.34 Mar ' 09 8,958.17 839.69 8,780.55 55.54 Dec ' 08 3,383.11 1,505.40 3,695.40 24.81 Sep ' 08 -5,888.99 992.82 -6,360.64 -59.10 Jun ' 08 -12,566.75 614.23 1,094.99 3.48 59,179.59 59,937.73 70,534.06 91,672.67 81,111.28

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ANNUAL RESULTS IN DETAILS


Mar ' 09 Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.of non-prom. shares (Lacs) Agg.of non promotoHolding (%) OPM (%) GPM (%) NPM (%) 3,560.54 1,674.56 5,688.69 2,881.71 1,379.04 2,949.55 1,192.37 2342.96 19.65 2.49 2.33 0.95 Mar ' 08 23,197.11 -1,958.09 2,914.21 2,709.70 3,117.82 6,962.58 1,192.37 2099.34 17.97 -3.92 5.13 2.79 Mar ' 07 16,610.73 180.73 2,620.86 2,590.31 2,985.53 7,525.06 1,905.49 -25.59 1,168.01 2099.34 17.97 -1.95 5.15 3.46 Mar ' 06 9,102.64 Mar ' 05 1,529.61

-2,599.33 -1,653.90 68,246.07 49,468.50 1,861.83 2,203.26 1,790.87 4,915.12 1,168.01 2099.34 17.97 0.50 5.05 2.79 1,884.12 2,183.39 1,063.80 4,891.38 1,168.01 2099.34 17.97 5.20 5.82 3.50

1,37,047.18 1,01,349.18 88,559.82

1,53,514.72 1,32,522.52 1,13,471.55 98,899.73 81,362.53

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QUARTERLY RESULTS IN DETAILS


Jun ' 09 Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalised Other expenses Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.of non-prom. shares (Lacs) Agg.of non promotoholding (%) OPM (%) GPM (%) NPM (%) 1,504.38 -509.85 Mar ' 09 662.07 1,627.63 Dec ' 08 1,817.69 5,063.46 Sep ' 08 521.17 Jun ' 08 14,275.97

-1,832.69 -3,183.84

24,638.52 27,006.54 28,738.40 44,193.01 37,109.23 991.53 2,026.86 1,372.48 728.94 5,206.37 1,560.41 6,238.68 -

29,060.40 20,318.53 31,976.61 49,266.03 51,953.55 759.80 1,726.74 3,682.83 1,213.98 2558.98 21.08 8.45 10.17 6.07 804.07 1,353.52 6,622.96 1,192.37 2342.96 19.65 14.95 14.49 10.93 727.53 9.28 2,958.59 1,192.37 2342.96 19.65 4.80 5.11 4.09 677.48 9.01 1,192.37 2342.96 19.65 -6.42 -6.90 -7.64 672.63 7.23 1,192.37 2342.96 19.65 -15.49 1.15 0.44

-7,047.13 415.13

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CAPITAL STRUCTURE
From To Class Of Authorized Year Year Share Capital 2008 2007 2006 2005 2004 2003 2002 2001 2000 1993 1992 1991 1989 2009 2008 2007 2006 2005 2004 2003 2002 2001 1994 1993 1992 1990 Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00 150.00 150.00 150.00 150.00 Issued Capital 1,192.37 1,192.37 1,168.01 1,168.01 1,168.01 1,168.01 778.67 778.67 778.67 123.27 123.27 123.27 123.27 Paid Up Shares (Nos) 1192374306 1192374306 1168012200 1168012200 1168012200 1168012200 778674800 778674800 778674800 1232658 1232658 1232658 1232658 Paid Up Face Value 10 10 10 10 10 10 10 10 10 1,000 1,000 1,000 1,000 Paid Up Capital 1,192.37 1,192.37 1,168.01 1,168.01 1,168.01 1,168.01 778.67 778.67 778.67 123.27 123.27 123.27 123.27

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PROFIT LOSS ACCOUNT


Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Income
Operating income 3,07,123.99 2,47,359.24 2,16,498.85 1,74,895.12 1,39,214.32

Expenses
Material consumed Manufacturing expenses Personnel expenses Selling expenses Adminstrative expenses Expenses capitalised Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Non recurring items Other non cash adjustments Reported net profit 2,75,383.54 2,21,256.55 1,93,471.53 1,56,413.53 1,21,580.37 1,500.51 5,686.96 9,684.04 1,888.60 -544.01 1,558.14 2,894.86 8,753.07 2,004.30 -403.58 1,112.87 2,586.80 7,733.07 1,375.23 -542.83 961.22 1,799.23 6,721.97 1,596.65 -406.74 1,252.79 1,829.10 5,868.43 1,270.69 -

2,93,599.64 2,36,063.34 2,05,736.67 1,67,085.86 1,31,801.38 13,524.35 2,709.59 16,233.94 4,020.98 2,881.71 317.64 9,013.61 1,364.71 7,648.90 -5,615.51 915.26 2,948.65 11,295.90 2,422.73 13,718.63 1,589.73 2,709.70 236.53 9,182.67 3,104.54 6,078.13 705.81 178.64 6,962.58 [21] 10,762.18 1,836.69 12,598.87 1,496.25 2,590.31 113.43 8,398.88 2,949.46 5,449.42 1,973.32 76.73 7,499.47 7,809.26 1,426.92 9,236.18 995.44 2,201.46 10.47 6,028.81 1,790.38 4,238.43 178.24 498.45 4,915.12 7,412.94 1,121.31 8,534.25 604.17 2,072.80 5,857.28 1,063.80 4,793.48 76.45 21.45 4,891.38

Mar ' 09 Earnigs before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 8,254.63 910.48 154.74 7,189.41

Mar ' 08 6,962.58 655.81 76.48 6,230.29

Mar ' 07 7,499.47 2,250.89 361.72 4,886.86

Mar ' 06 4,915.12 1,460.02 204.77 3,250.33

Mar ' 05 4,891.38 1,693.62 237.29 2,960.47

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BALANCE SHEET
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Sources of funds
Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus 1,192.37 21.60 1,192.37 1,168.01 24.36 1,168.01 1,168.01 -

42,789.29 39,893.88 33,664.92 28,134.66 24,816.35

Loan funds
Secured loans Unsecured loans Total 17,565.13 6,415.78 5,671.42 7,793.54 2,491.23 27,406.93 29,107.39 21,411.27 18,610.77 14,829.01 88,975.32 76,609.42 61,939.98 55,706.98 43,304.60

Uses of funds
Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments 62,104.64 56,731.50 54,770.29 43,662.84 39,869.26 -

27,326.19 23,959.68 21,400.07 18,639.42 16,488.47 34,778.45 32,771.82 33,370.22 25,023.42 23,380.79 18,186.05 9,170.22 4,394.30 9,620.03 8,719.47

32,232.13 21,535.78 19,990.86 14,521.39 5,554.93

Net current assets


Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total 45,234.47 53,506.07 43,966.26 42,451.37 37,432.64 41,493.74 40,499.06 39,938.93 35,966.74 31,816.32 3,740.73 37.96 13,007.01 4,027.33 124.59 157.27 6,484.63 57.51 5,616.32 33.09

88,975.32 76,609.42 61,939.98 55,706.98 43,304.60

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Mar ' 09 Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding (Lacs)

Mar ' 08

Mar ' 07

Mar ' 06

Mar ' 05 292.74

29,527.27 18,682.05 17,137.21 9,381.72

15,318.66 21,437.75 17,958.41 23,000.64 17,995.29 26,317.31 25,574.96 22,676.47 8,724.76 11,466.17

11923.74 11923.74 11680.12 11680.12 11680.12

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RATIOS
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Per share ratios


Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) 64.15 90.98 24.74 51.57 7.50 113.42 50.98 75.68 58.39 83.10 5.50 94.73 5.95 5.95 46.66 69.80 64.21 87.36 19.00 92.14 296.88 296.88 36.29 55.23 42.08 61.02 12.50 66.86 250.38 250.38 41.04 58.79 41.88 59.62 14.50 63.47 222.18 222.18

Book value (excl rev res) per share (Rs) Book value (incl rev res) per share (Rs.) Net operating income per share (Rs) Free reserves per share (Rs)

2,575.73 2,074.51 1,853.57 1,497.37 1,191.89 343.01 324.13 279.23 231.37 207.99

Profitability ratios
Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) 4.40 3.46 0.95 3.50 17.40 6.71 20.72 4.56 3.47 2.78 3.61 14.83 16.99 19.54 4.97 3.77 3.43 3.73 15.71 21.62 20.59 4.46 3.20 2.78 3.65 14.49 16.80 16.18 5.32 3.83 3.48 4.89 18.47 18.84 19.62

Leverage ratios
Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio 0.43 1.02 49.44 4.98 0.34 0.86 53.63 4.38 0.38 0.77 56.25 3.97 0.48 0.90 52.60 4.02 0.27 0.66 60.00 3.50

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Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

Liquidity ratios
Current ratio Current ratio (inc. st loans) Quick ratio Inventory turnover ratio 1.09 0.60 0.46 13.98 1.32 0.83 0.54 9.09 1.10 0.79 0.47 10.10 1.18 0.83 0.49 8.26 1.18 0.84 0.55 8.21

Payout ratios
Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio 36.11 17.32 86.08 90.19 10.51 7.39 87.96 91.89 34.83 25.60 52.06 67.96 33.87 23.35 60.73 74.20 39.47 27.72 59.72 71.88

Coverage ratios
Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) 4.15 4.04 2.53 3.94 8.63 7.23 3.32 8.42 7.82 4.09 9.28 8.16 2.52 14.13 12.53

Component ratios
Material cost component (% earnings) Selling cost Component Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets 89.12 3.15 4.87 82.70 0.65 90.23 3.53 4.63 84.46 0.54 89.42 89.28 3.57 4.21 84.09 0.56 91.29 90.91 3.84 3.21 80.46 0.53 91.29 88.52 4.21 2.55 75.68 0.50 91.29

Bonus component in equity capital (%) 89.42

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CASH FLOW
Mar ' 09 Profit before tax Net cash flow-operating activity Net cash used in investing activity Net cash used in fin. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year
Cash and equivalent end of year

Mar ' 08 10,080.40 -9,382.79 4,376.55 4,904.70 -101.54 925.97 824.43

4,328.59 -23,156.96 19,177.91 3,950.40 28.65 798.02 826.67

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