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<ul><li><p>Consolidated Financial Statem</p><p>ents 2012-13</p><p>149</p><p>ConsolidatedFinancial Statements</p><p>2012-13</p><p>Indian Oil Corporation Limited</p></li><li><p>150</p></li><li><p>Consolidated Financial Statem</p><p>ents 2012-13</p><p>151</p><p> For B.M. CHATRATH &amp; CO. For DASS GUPTA &amp; ASSOCIATES For PARAKH &amp; CO. Chartered Accountants Chartered Accountants Chartered Accountants (Firm Regn. No. 301011E) (Firm Regn. No. 000112N) (Firm Regn. No.001475C)</p><p> Sd/- Sd/- Sd/- (CA. P.R. Paul) (CA. Raaja Jindal) (CA. Thalendra Sharma) Partner Partner Partner M. No.051675 M. No. 504111 M. No. 079236</p><p>Place : New Delhi Date : 30th May, 2013</p><p>We have audited the accompanying consolidated financial statements of Indian Oil Corporation Ltd (the Company), its subsidiaries and its joint ventures (collectively referred to as the Group), which comprise the consolidated Balance Sheet as at March 31, 2013, the consolidated Statement of Profit and Loss and the consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. </p><p>Managements Responsibility for the Consolidated Financial Statements </p><p>Management is responsible for the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Company in accordance with accounting principles generally accepted in India including accounting standards referred to in section 211 (3C) of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.</p><p>Auditors Responsibility</p><p>Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. </p><p>An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and presentation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of </p><p>accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.</p><p>We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</p><p>Opinion</p><p>In our opinion and to the best of our information and according to the explanations given to us and based on consideration of separate reports of the other auditors on financial statements/ consolidated financial statements of its subsidiaries and joint ventures, the consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:</p><p>a) In the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at 31st March, 2013; </p><p>b) In the case of the Consolidated Statement of Profit and Loss, of the profit of the Group for the year ended on that date, and</p><p>c) In the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date.</p><p>Other Matter</p><p>We did not audit the financial statements of subsidiary companies and joint ventures, whose financial statements reflect total assets of ` 22155.46 crore (net) as on 31st March 2013, total revenue of 54011.31 crore for the year then ended and net cash flows amounting to ` 201.57 crore for the year ended on that date as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the management (except in case of M/s IOT Infrastructure &amp; Energy Services Ltd, total assets: ` 3057.18 crore (net), total revenue: ` 1368.61 crore and net cash flows: ` (21.00) crore) 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 reports of the other auditors. Our opinion is not qualified in respect of this matter.</p><p>Auditors Report to the Board of Directors of Indian Oil Corporation Ltd. on Consolidated Financial Statements of Indian Oil Corporation Limited, its Subsidiaries and Joint Ventures</p></li><li><p>152</p><p>(` in Crore)</p><p> Note Page Particulars March-13 March-12</p><p> EQUITY AND LIABILITIES</p><p> (1) Shareholders' Funds:</p><p> 2 159 (a) Share Capital 2,427.95 2,427.95</p><p> 3 160 (b) Reserves and Surplus 60,608.02 57,945.35</p><p> 63,035.97 60,373.30</p><p> (2) Share application money pending allotment 1.20 0.06</p><p> (3) Minority Interest 1,261.76 1,943.74</p><p> (4) Non-current liabilities</p><p> 4 161 (a) Long-term borrowings 24,712.27 18,310.40</p><p> 5 162 (b) Deferred tax liabilities 6,332.92 5,970.20</p><p> 6 163 (c) Other Long-term liabilities 11,528.19 9,907.33</p><p> 7 164 (d) Long-term provisions 420.56 300.73</p><p> 42,993.94 34,488.66</p><p> (5) Current liabilities</p><p> 8 165 (a) Short-term borrowings 62,001.93 56,304.49</p><p> 9 165 (b) Trade payables 33,589.56 32,209.99</p><p> 6 163 (c) Other current liabilities 16,927.65 19,404.94</p><p> 7 164 (d) Short-term provisions 17,888.92 15,102.04</p><p> 130,408.06 123,021.46</p><p> TOTAL 237,700.93 219.827.22</p><p> ASSETS</p><p> (6) Non-current assets</p><p> (a) Fixed Assets</p><p> 10 166 (i) Tangible assets 65,791.00 63,600.69</p><p> 11 166 (ii) Intangible assets 895.91 960.82</p><p> 12 168 (iii) Capital work-in-progress 18,992.06 15,172.38</p><p> 13 169 (iv) Intangible assets under development 290.71 277.26</p><p> 85,969.68 80,011.15</p><p> 14 170 (b) Non-current investments 3,693.83 3,813.09</p><p> 5 162 (c) Deferred tax assets 0.64 0.64</p><p> 15 171 (d) Long-term loans and advances 12,229.51 10,705.44</p><p> 16 173 (e) Other non-current assets 1,281.87 20.44</p><p> 103,175.53 94,550.76</p><p> (7) Goodwill on Consolidation 86.95 24.39</p><p>BALANCE SHEET as at 31st March 2013</p><p>Contd...</p></li><li><p>Consolidated Financial Statem</p><p>ents 2012-13</p><p>153</p><p>(` in Crore)</p><p> Note Page Particulars March-13 March-12</p><p> Sd/- Sd/- Sd/- (R. S. Butola) (P. K. Goyal) (Raju Ranganathan) Chairman Director (Finance) Company Secretary</p><p>As per our attached Report of even date</p><p> For B.M. CHATRATH &amp; CO. For DASS GUPTA &amp; ASSOCIATES For PARAKH &amp; CO. Chartered Accountants Chartered Accountants Chartered Accountants (Firm Regn. No. 301011E) (Firm Regn. No. 000112N) (Firm Regn. No.001475C)</p><p> Sd/- Sd/- Sd/- (CA. P.R. Paul) (CA. Raaja Jindal) (CA. Thalendra Sharma) Partner Partner Partner M. No. 051675 M. No. 504111 M. No. 079236</p><p>Place : New Delhi Date : 30th May, 2013</p><p> (8) Current assets</p><p> 14 170 (a) Current investments 13,656.95 13,774.83</p><p> 17 174 (b) Inventories 66,604.30 63,851.04</p><p> 18 174 (c) Trade receivables 12,499.51 11,557.30</p><p> 19 175 (d) Cash and Bank Balances 1,219.80 821.95</p><p> 15 171 (e) Short-term loans and advances 37,324.97 32,914.70</p><p> 16 173 (f) Other current assets 3,132.92 2,332.25</p><p> 134,438.45 125,252.07</p><p> TOTAL 237,700.93 219,827.22</p><p> 1 158 Principles of Consolidation and Significant Accounting Policies</p><p> 2 - 37 159 Notes on Financial Statements</p></li><li><p>154</p><p>(` in Crore)</p><p> Note Page Particulars March-13 March-12</p><p> (1) Revenue: </p><p> 20 175 (a) Revenue from operations (Gross) 489,389.86 438,022.73</p><p> Less: Excise Duty 27,610.19 29,099.73</p><p> Revenue from operations (Net) 461,779.67 408,923.00</p><p> 21 176 (b) Other income 3,511.64 3,188.16</p><p> Total Revenue 465,291.31 412,111.16</p><p> (2) Expenses: </p><p> 22 177 (a) Cost of materials consumed 264,597.02 243,660.28</p><p> (b) Purchase of Stock-in-Trade 155,528.62 121,219.90</p><p> 23 177 (c) Changes in Inventory (5,515.07) (3,470.95)</p><p> 24 177 (d) Employeebenefitexpenses 7,783.88 5,296.99 </p><p> 25 178 (e) Finance cost 7,083.52 5,894.65 </p><p> (f) Depreciation, Depletion and Amortisation on :</p><p> a) Tangible Assets 5,536.96 5,156.48</p><p> b) Intangible Assets 154.54 152.78</p><p> 5,691.50 5,309.26</p><p> 26 178 (g) Other expenses 25,620.75 22,768.14</p><p> Total expenses 460,790.22 400,678.27</p><p> (3) ProfitbeforePriorPeriod,ExceptionalItemsandTax 4,501.09 11,432.89</p><p> 27 180 (4) Income / (Expenses) pertaining to Prior Years (Net) 3.16 270.25 </p><p> (5) ProfitbeforeExceptionalItemsandTax 4,504.25 11,703.14</p><p> (6) Exceptional Items - (7,707.82)</p><p> (7) ProfitbeforeTax 4,504.25 3,995.32</p><p> (8) Tax expense: </p><p> Current tax 969.35 790.36 [includes ` (25.71) crore (2012 : ` (507.08) crore) relating to prior years]</p><p> Mat Credit Entitlement (455.31) (1.03)</p><p> Deferred tax 362.91 (1,059.28) [includes `NIL(2012 : ` 150.53 crore) relating to prior years]</p><p>STaTEmENTofPRofITaNDLoSSfortheYearEnded31st March 2013</p><p>Contd...</p></li><li><p>Consolidated Financial Statem</p><p>ents 2012-13</p><p>155</p><p>(` in Crore)</p><p> Note Page Particulars March-13 March-12</p><p> (9) Profit/(loss)fortheperiod 3,627.30 4,265.27</p><p> (10) Less: Share of Minority (821.71) 39.29</p><p> (11) Profit/(loss)fortheGroup 4,449.01 4,225.98</p><p> 33 188 (12) Earning per Equity Share (`):</p><p> (1) Basic 18.32 17.41</p><p> (2) Diluted 18.32 17.41 </p><p> Face Value Per Equity Share (`) 10 10</p><p> 1 158 Principles of Consolidation and Significant Accounting Policies </p><p> 2 - 37 159 Notes on Financial Statements</p><p> Total Income includes ` 6,620.51 crore (2012: ` 4,600.40 crore) share of jointly controlled entities.</p><p> Total Expenditure includes ` 6,168.01 crore (2012: ` 4,151.07 crore) share of jointly controlled entities.</p><p> Sd/- Sd/- Sd/- (R. S. Butola) (P. K. Goyal) (Raju Ranganathan) Chairman Director (Finance) Company Secretary</p><p>As per our attached Report of even date</p><p> For B.M. CHATRATH &amp; CO. For DASS GUPTA &amp; ASSOCIATES For PARAKH &amp; CO. Chartered Accountants Chartered Accountants Chartered Accountants (Firm Regn. No. 301011E) (Firm Regn. No. 000112N) (Firm Regn. No.001475C)</p><p> Sd/- Sd/- Sd/- (CA. P.R. Paul) (CA. Raaja Jindal) (CA. Thalendra Sharma) Partner Partner Partner M. No. 051675 M. No. 504111 M. No. 079236</p><p>Place : New Delhi Date : 30th May, 2013</p></li><li><p>156</p><p>CASH FLOW STATEMENT for the year ended 31st March 2013 (` in Crore)</p><p> Particulars March-13 March-12</p><p>A Cash Flow from Operating Activities</p><p> 1 Profit Before Tax 4,504.25 3,995.32</p><p> 2 Adjustments for :</p><p> Depreciation 5,710.31 4,983.87</p><p> Loss/(Profit) on sale of Assets (net) 28.66 5.08</p><p> Loss/(Profit) on Sale of Investments (net) (28.01) 18.87</p><p> Amortisation of Capital Grants (1.46) (1.19)</p><p> Amortisation of Premium on Forward Contracts 19.72 89.66</p><p> Provision for Probable Contingencies (net) 413.73 37.78</p><p> Provision for Loss on Investments (net) (634.15) 418.15</p><p> Provision for Doubtful Debts, Advances, Claims and Obsolescence of Stores (net) 21.83 (229.51)</p><p> Provision for Dimunition in 'Receivable from trust' (net) (110.15) (513.21)</p><p> Provision for MTM loss on interest rate swap 10.81 110.26</p><p> Interest Income on Investments (1,118.85) (1,171.94)</p><p> Dividend Income on Investments (967.80) (780.53)</p><p> Interest Expenditure 7,083.16 5,901.61</p><p> 10,427.80 8,868.90</p><p> 3 Operating Profit before Working Capital 14,932.05 12,864.22 Changes (1+2)</p><p> 4 Change in Working Capital: (Excluding Cash &amp; Bank Balances)</p><p> Trade &amp; Other Receivables (6,751.99) (16,271.63)</p><p> Inventories (2,774.62) (8,962.51)</p><p> Trade and Other Payables 5,143.01 12,013.48 </p><p> (4,383.60) (13,220.66)</p><p> 5 Cash Generated From Operations (3+4) 10,548.45 (356.44)</p><p> 6 Less : Taxes Paid 1,168.97 406.37</p><p> 7 Net Cash Flow from Operating Activities (5-6) 9,379.48 (762.81)</p><p>B Cash Flow from Investing Activities:</p><p> Sale/Transfer of Assets 511.00 1,370.17</p><p> Sale / Maturity of Investments 784.01 790.74</p><p> Interest Income on Investments 1,127.85 1,189.94</p><p> Dividend Income on Investments 967.80 780.53</p><p> Purchase of Assets (4,178.38) (3,482.98)</p><p> Investments in Long Term Investments / Others 115.29 (168.76)</p><p> Expenditure on Construction Work in Progress (8,621.15) (13,535.42)</p><p> Net Cash Generated/(Used) in Investing Activities: (9,293.58) (13,055.78)</p><p>Contd...</p></li><li><p>Consolidated Financial Statem</p><p>ents 2012-13</p><p>157</p><p>(` in Crore)</p><p> Particulars March-13 March-12</p><p>C Net Cash Flow from Financing Activities:</p><p> Proceeds from/(Repayments of) Long-Term Borrowings 3,883.11 3,654.53</p><p> Proceeds from/(Repayments of) Short-Term Borrowings 5,709.72 18,618.27</p><p> Interest paid (7,788.72) (6,364.30)</p><p> Dividend/Dividend Tax paid (1,492.16) (2,805.12)</p><p> Net Cash Generated/(Used) from Financing Activities: 311.95 13,103.38</p><p>D Net Change in Cash &amp; Bank Balances 397.85 (715.21) (A+B+C)</p><p>E - 1 Cash &amp; Bank Balances as at end of the year 1,219.80 821.95</p><p> Add: Impact of Exchange variation taken to Reserves - 0.67</p><p> 1,219.80 822.62</p><p> Less: </p><p> 2 Cash &amp; Bank Balances as at the 821.95 1,537.83 beginning of Period</p><p> NET CHANGE IN CASH &amp; BANK BALANCE (E 1-2) 397.85 (715.21)</p><p>Notes: </p><p>1. Cash &amp; Bank Balances as at end of the year 1,219.80 821.95</p><p> Less: Other Bank Balances 116.59 145.26</p><p> Total Cash and Cash Equivalents 1,103.21 676.69</p><p>2. Figures for previous periods have been regrouped wherever necessary for uniformity in presentation. </p><p> Sd/- Sd/- Sd/- (R. S. Butola) (P. K. Goyal) (Raju Ranganathan) Chairman Director (Finance) Company Secretary</p><p>As per our attached Report of even date</p><p> For B.M. CHATRATH &amp; CO. For DASS GUPTA &amp; ASSOCIATES For PARAKH &amp; CO. Chartered Accountants Chartered Accountants Chartered Accountants (Firm Regn. No. 301011E) (Firm Regn. No. 000112N) (Firm Regn. No.001475C)</p><p> Sd/- Sd/- Sd/- (CA. P.R. Paul) (CA. Raaja Jindal) (CA. Thalendra Sharma) Partner Partner Partner M. No. 051675 M. No. 504111 M. No. 079236</p><p>Place : New Delhi Date : 30th May, 2013</p></li><li><p>158</p><p>NOTE 1: PRINCIPLES OF CONSOLIDATION &amp; SIGNIFICANT ACCOUNTING POLICIES</p><p>A. Principles of Consolidation </p><p> A.1. The consolidated financial statements relate to Indian Oil Corporation Limited (Parent Company), its subsidiaries and Joint Venture entities. The consolidated financial statements have been prepared on the following basis:</p><p> A.1.1. The financial statements of the Parent Company and its Subsidiary Companies have been combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses, after eliminating the intra-group balances, intra-group transactions and unrealized profits or losses in accordance with A...</p></li></ul>

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