Untitled - Bharat Petroleum

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B. KOCHI REFINERY 1. Efforts, in brief, made towards technology absorption, adaptation and innovation Kochi Refinery has undertaken the following projects to obtain the benefits of the latest technological developments and advances: • Revamping of Diesel Hydro De-Sulfurisation Unit (DHDS) to facilitate processing of high sulfur VGO for producing MS of BSII specification. VGO desulfurisation would also result in improved product pattern in Fluid Catalytic Cracking Unit (FCCU) operation. • Revamping of FCCU by incorporating advanced Feed Injection Technology, Riser Termination Device, Stripper Packing from M/s.Stone & Webster, USA for improving FCCU yield. • Bitumen Emulsion Unit was set up with technology from ENH Engineering A/S, Denmark, incorporating Colloidal mill for production of different grades of Bitumen Emulsion. 2. Benefits derived as a result of the above efforts, e.g. product improvement, cost reduction, product development, import substitution, etc. • Production of MS of BSII, Euro III ( Eqv. ) specification • Yield improvement in FCCU • Reduction of overall SO emissions from the Refinery and manufacture of superior quality middle distillates • 2 Production of different grades of Bitumen Emulsion 3. Information regarding technology imported during last five years reckoned from the beginning of the financial year: (a) Technology Imported: Year of import • FCC – Feed Injection Technology, Riser termination Device, Packed Stripper from M/s. Stone & Webster, USA for yield improvement. 2003 • Colloidal Mill for production of Bitumen Emulsion from M/s. ENH Engineering, Denmark. 2004 • Process technology for blocked out mode operation of VGO in DHDS from 2003 M/s. Axens, France. • Technology for revamp of FCCU from M/s. Stone & Webster, USA 2003 • Technology from M/s. ENH Engineering, Denmark for production of Bitumen Emulsion. 2004 (b) (c) Has Technology been fully absorbed? Yes. If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action: Not applicable. Annual Report 2005-2006 49 PG-38-102-FINAL.p65 49 12/1/2006, 7:58 PM
ANNEXURE TO THE DIRECTORS’ REPORT ANNEXURE B Report on Corporate Governance 1. Company’s philosophy on Code of Governance BPC’s corporate philosophy on Corporate Governance has been to ensure fairness to the stakeholders through transparency, full disclosures, empowerment of employees and collective decision making. 2. Board of Directors As per the Articles of Association of the Company, the number of Directors shall not be less than three and more than sixteen. BPC being a Government Company, the Government has decided the composition of the Board of BPC. As on 31 st March 2006, the Board of BPC comprises five Whole-time (Executive) Directors including the Chairman & Managing Director, two Part-time (Ex-Officio) Directors and three Part-time (Independent) Directors. Nomination of the additional four Part-time (Independent) Directors, required under the revised terms of Clause 49 of the Listing Agreement, will be made by the Government of India. During the year, all meetings of the Board and the Annual General Meeting were chaired by the Chairman & Managing Director. During the year, none of the Non-Executive Directors of BPC had any pecuniary relationship / transaction with the Company. The Directors neither held membership of more than 10 Board Committees, nor Chairmanship of more than 5 Committees (as specified in Clause 49) across all the companies in which they were Directors. The required information as indicated in Annexure I to the Clause 49 of the Listing Agreement was made available to the Board of Directors. Details regarding the Board Meetings; Directors attendance thereat and the Annual General Meeting; Directorships and Committee positions held by the Directors are as under :- Board Meetings Ten Board Meetings were held during the financial year on the following dates:- 19 th May 2005 29 th June 2005 29 th July 2005 23 rd Sept 2005 17 th Oct 2005 28 th Oct 2005 23 rd Dec 2005 30 th Jan 2006 25 th Feb, 2006 28 th March, 2006 The Board has periodically reviewed the compliance of all laws applicable to the Company, including steps taken by the Company to rectify instances of non-compliances. The Board has adopted the Code of Conduct for the Directors and also for the senior management of the Company and the same has been posted on the website of the Company. All the Board members and senior management of the Company have affirmed compliance with the Code of Conduct in respect of the financial year ended 31 st March 2006. 50 <strong>Bharat</strong> <strong>Petroleum</strong> Corporation Limited PG-38-102-FINAL.p65 50 12/1/2006, 7:58 PM
Page 7 and 8: NOTICE TO THE SHAREHOLDERS Notice i
Page 9 and 10: EXPLANATORY STATEMENTS PURSUANT TO
Page 11 and 12: MANAGEMENT DISCUSSION & ANALYSIS RE
Page 13 and 14: factors which will contribute to a
Page 15 and 16: state-of-the-art Gas Insulated Swit
Page 17 and 18: During the year, MS volumes were 2.
Page 19 and 20: across the country. This and other
Page 21 and 22: positioned 24 Rural Marketing Vehic
Page 23 and 24: Subsequent to the receipt of ‘in
Page 25 and 26: international best practices, a sou
Page 27 and 28: GROSS PROFIT (Rs. in Million) RETUR
Page 29 and 30: DIRECTORS’ REPORT The Directors a
Page 31 and 32: the year was lower at Rs.10,613.71
Page 33 and 34: the areas of alternative fuels incl
Page 35 and 36: SUBSIDIARY COMPANY Numaligarh Refin
Page 37 and 38: Rs.2.33 million for the current yea
Page 39 and 40: ANNEXURE TO THE DIRECTORS’ REPORT
Page 41 and 42: B. TECHNOLOGY ABSORPTION Mumbai Ref
Page 43 and 44: FORM A Form for disclosure of parti
Page 45 and 46: 2. KOCHI REFINERY 2005-06 2004-05 A
Page 47 and 48: vii) The following new products wer
Page 49: TECHNOLOGY ABSORPTION, ADAPTATION A
Page 53 and 54: Particulars of Directors including
Page 55 and 56: 3. Audit Committee BPC took the ini
Page 57 and 58: During the year, the Part-time (Ind
Page 59 and 60: Besides, Shri Joshi was closely ass
Page 61 and 62: Listing on Stock Exchanges The Comp
Page 63 and 64: Annexure I Market Price Data : Pric
Page 65 and 66: AUDITORS’ CERTIFICATE ON CORPORAT
Page 67 and 68: ANNUAL STATEMENT OF BPC SHOWING THE
Page 69 and 70: ANNUAL STATEMENT OF ERSTWHILE KOCHI
Page 71 and 72: TOTAL FUNDS EMPLOYED (Rs. in Millio
Page 73 and 74: PERFORMANCE PROFILE 2005-06 2004-05
Page 75 and 76: PERFORMANCE PROFILE (Contd.) 11. Wh
Page 77 and 78: SOURCES AND APPLICATION OF FUNDS 20
Page 79 and 80: SALES VOLUME (’000 MT) 2005-06 20
Page 81 and 82: HOW VALUE IS GENERATED Rs. Million
Page 83 and 84: ANNEXURE TO AUDITORS’ REPORT (Ref
Page 85 and 86: (c) According to the information an
Page 87 and 88: BALANCE SHEET AS AT 31ST MARCH, 200
Page 89 and 90: SCHEDULE ‘A’ — SHARE CAPITAL
Page 91 and 92: SCHEDULE ‘C’ — LOAN FUNDS Sec
Page 93 and 94: SCHEDULE ‘E’ — CAPITAL WORK-I
Page 95 and 96: SCHEDULE ‘F’ — INVESTMENTS (C
Page 97 and 98: SCHEDULE ‘G’ — INVENTORIES (A
Page 99 and 100: SCHEDULE ‘K’ — LOANS AND ADVA
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SCHEDULE ‘O’ — MISCELLANEOUS
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SCHEDULE ‘V’ — OTHER OPERATIN
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SCHEDULE ‘X’ — (Contd.) 6.2 L
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SCHEDULE ‘X’ — (Contd.) 18. P
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SCHEDULE ‘X’ — (Contd.) (e) I
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SCHEDULE ‘X’ — (Contd.) 13. E
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SCHEDULE ‘X’ — (Contd.) 16. I
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SCHEDULE ‘X’ — (Contd.) 18. I
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SCHEDULE ‘X’ — (Contd.) 20.5
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SCHEDULE ‘X’ — (Contd.) 25. F
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SCHEDULE ‘X’ — (Contd.) 31. P
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CASH FLOW STATEMENT For the year en
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CASH FLOW STATEMENT — (Contd.) Ca
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AUDITORS’ REPORT ON CONSOLIDATED
Page 129 and 130:
CONSOLIDATED BALANCE SHEET AS AT 31
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SCHEDULE ‘A’ — SHARE CAPITAL
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SCHEDULE ‘C’ — LOAN FUNDS (CO
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SCHEDULE ‘D’ — FIXED ASSETS (
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SCHEDULE ‘F’ — INVESTMENTS (C
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SCHEDULE ‘I’ — CASH AND BANK
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SCHEDULE ‘L’ — LIABILITIES (C
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SCHEDULE ‘R’ — CONSUMPTION OF
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SCHEDULE ‘X’ — STATEMENT OF S
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SCHEDULE ‘X’ — (CONSOLIDATED)
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CASH FLOW STATEMENT (CONSOLIDATED)
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ANNEXURE TO THE DIRECTORS’ REPORT
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STATEMENT REGARDING SUBSIDIARY COMP
Page 167 and 168:
Name of the Body Corporate (Shareho
Page 169 and 170:
SEGMENT-WISE REVENUE, RESULTS AND C
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