Annual Report for 2012-13 - Mangalore Refinery and ...

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Annual Report 2012-13 12.4 The mark to market losses (net) in respect of un-expired forward contracts entered into to hedge the risk of changes in foreign currency exchange rates on future export sales against the existing contract are recognised in the profi t and loss account. 13 Employee Benefits 13.1 All short term employee benefi ts are recognised at their undiscounted amount in the accounting period in which they are incurred. Employee Benefi ts under defi ned contribution plans comprising provident fund and superannuation fund are recognised on the undiscounted obligations of the company to contribute to the plan. The same is paid to Provident Fund Trust authorities and to Life Insurance Corporation of India respectively, which are expensed during the year 13.2 Employee benefi ts under defi ned benefi t plans comprising of Gratuity, leave encashment, long service emblem, post retirement medical benefi ts and other long term retirement benefi ts are recognised based on the present value of defi ned benefi t obligation, which is computed on the basis of actuarial valuation using the Projected Unit Credit Method. Actuarial liability in excess of respective plan assets in respect of gratuity is recognised during the year. 13.3 Actuarial gains and losses are recognised in the Profi t and Loss account as income or expenses. 13.4 Undiscounted amount of short-term liability on account of un-availed leave is determined and provided for at the year end. 13.5 Provision for Gratuity as per actuarial valuation is funded with a separate trust. 14 Leases 14.1 Lease rentals in respect of fi nance lease are segregated into cost of assets and interest component by applying the implicit rate of return. 14.2 Assets acquired on lease where a signifi cant portion of the risks and rewards of ownership are retained by the lessor are classifi ed as operating leases. Lease rentals are charged to the Profi t and Loss Account on accrual basis. 15 Borrowing Costs Borrowing costs that are attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of such assets. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for intended use. All other borrowing costs are charged to the Profi t and Loss Account. 16 Research and Development expenditure Capital expenditure on Research and Development is capitalised under the respective fi xed assets. Revenue expenditure thereon is charged to Profi t and Loss account. 17 Taxes on Income 17.1 Current tax is determined on the basis of taxable income computed in accordance with the provisions of the Income Tax Act, 1961. 17.2 Deferred tax is recognised on timing differences between taxable and accounting income/expenditure that originates in one period and are capable of reversal in one or more subsequent period(s). Deferred Tax Asset is recognised on the basis of virtual/reasonable certainty about its realisability, as applicable. 17.3 The Carrying amount of Deferred tax assets are reviewed at each balance Sheet date. 18 Provisions, Contingent Liabilities and Contingent Assets Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outfl ow of resources. Contingent liabilities, if material, are disclosed by way of notes. Contingent Assets are neither recognised nor disclosed in the fi nancial statements. . NOTE 2 SHARE CAPITAL 2.1 Details of Authorised, Issued and Subscribed and Paid up share capital 2.1.1 Share Capital AS AT 31st March 2013 AS AT 31st March 2012 Number ` in Million Number ` in Million Authorised Equity Shares of ` 10 each 1,900,000,000 19,000.00 1,900,000,000 19,000.00 Redeemable Preference Shares @ 0.01% Non Cumulative, ` 10 each (Previous Year ` 10 each) 100,000,000 1,000 100,000,000 1,000 Total 2,000,000,000 20,000.00 2,000,000,000 20,000.00 2.1.2 Equity Share Capital Issued Subscribed & Paid up Equity Shares of ` 10 each 1,752,598,777 17,525.99 1,752,598,777 17,525.99 Forfeited Shares 0.65 0.65 Total 1,752,598,777.00 17,526.64 1,752,598,777.00 17,526.64 2.1.3 Preference Share Capital Issued Subscribed & Paid up Nil (Previous Year 0.01% Non Cumulative, Redeemable Preference Shares of ` 5 each) - - 9,186,242.00 45.93 Total - - 9,186,242.00 45.93 2.1.4 Total Issued, Subscribed & paid Up (2.1.2+2.1.3) 1,752,598,777.00 17,526.64 1,761,785,019.00 17,572.57 18
Mangalore Refinery and Petrochemicals Limited 2.2 Reconciliation of shares 2.2.1 Equity Shares AS AT 31st March 2013 AS AT 31st March 2012 Number ` in Million Number ` in Million Shares outstanding at the beginning of the year 1,752,598,777 17,525.99 1,752,598,777 17,525.99 Shares outstanding at the end of the year 1,752,598,777 17,525.99 1,752,598,777 17,525.99 2.2.2 Preference Shares Shares outstanding at the beginning of the year 9,186,242 45.93 9,186,242 91.86 Shares redeemed during the year 9,186,242 45.93 - 45.93 Shares outstanding at the end of the year - - 9,186,242 45.93 2.3 Rights, preferences and restrictions attached Particulars Equity Shares Preference Shares Distribution of Dividend As approved by Shareholders in AGM Fixed @ 0.01% on Face Value Repayment of Capital Not Applicable Redemption in two Equal Installment (1st July 2011 and 1st July 2012) 2.4 Shares held by holding or ultimate holding company or its subsidiaries or associates 1,255,354,097 Equity Shares (1,255,354,097 Equity Shares ) are held by ONGC Limited, the holding company. 2.5 Details of shareholders holding more than 5% of total shares 2.5.1 Equity Shares Name of Shareholder AS AT 31st March 2013 AS AT 31st March 2012 No. of Shares held % of Holding No. of Shares held % of Holding Oil and Natural Gas Corporation Limited 1,255,354,097 71.63% 1,255,354,097 71.63% Hindustan Petroleum Corporation Limited 297,153,518 16.96% 297,153,518 16.96% 2.5.2 Preference Shares IFCI Limited - - 7,148,949 77.82% State Bank of Hyderabad - - 2,037,293 22.18% 2.6 No shares are reserved for issue under options and contracts/commitments for the sale of shares/disinvestment 2.7 Convertible securities to equity or preference shares Name of the security No. of securities Terms of conversion As at 31st March 2013 As at 31st March 2012 Zero Coupon Bond - Convertible into Equity Shares of ` 10 each at par upon defualt in repaymant of principle or interest. No of Shares No of Shares - 71,404,618 2.8 Forfeited Shares AS AT 31st March 2013 AS AT 31st March 2012 No. of Shares Forfeited Amount paid up in ` Million No. of Shares Forfeited Amount paid up in ` Million - 0.65 - 0.65 19
Page 2 and 3: Shri Sudhir Vasudeva, C&MD, ONGC an
Page 4 and 5: Annual Report 2012-13 DIRECTORSÊ R
Page 6 and 7: Annual Report 2012-13 External Comm
Page 8 and 9: Annual Report 2012-13 ii) The Direc
Page 10 and 11: Annual Report 2012-13 ANNEXURE - II
Page 12 and 13: Annual Report 2012-13 This method o
Page 14 and 15: Annual Report 2012-13 AUDITORSÊ RE
Page 16 and 17: Annual Report 2012-13 BALANCE SHEET
Page 18 and 19: Annual Report 2012-13 A B C CASH FL
Page 22 and 23: Annual Report 2012-13 NOTE 3 RESERV
Page 24 and 25: Annual Report 2012-13 NOTE 6 OTHER
Page 26 and 27: Annual Report 2012-13 Notes a b Inc
Page 28 and 29: Annual Report 2012-13 Note 17 INVEN
Page 30 and 31: Annual Report 2012-13 NOTE 23 OTHER
Page 32 and 33: Annual Report 2012-13 For the Year
Page 34 and 35: Annual Report 2012-13 31.03.05 Reco
Page 36 and 37: Annual Report 2012-13 31.06.03 Rela
Page 38 and 39: Annual Report 2012-13 31.14 Auditor
Page 40 and 41: Annual Report 2012-13 Director Brie
Page 42 and 43: Annual Report 2012-13 (ii) COMPOSIT
Page 44 and 45: Annual Report 2012-13 ix) Performan
Page 46 and 47: Annual Report 2012-13 NOTICE NOTICE
Page 48 and 49: Annual Report 2012-13 FIVE YEAR PER
Page 50: MRPL PERFORMANCE

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