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

31.12.02 Contingent Liabilities not provided for in respect of :
a Corporate Guarantee given by the Company towards loan of
` 3,372.30 Million sanctioned by certain bankers / fi nancial institutions
to New Mangalore Port Trust (NMPT) for construction of Jetties.
Amount outstanding as at the close of the year ended 31st March,
2013, after adjusting the repayment made by NMPT is ` Nil (Previous
Year ` Nil).
b Claims against the Company not acknowledged as debt :
(` in Million)
Sr.
No.
Particulars
As on
31.03.2013
As on
31.03.2012
1 Claims of Contractors / vendors in Arbitration /
Court
Some of the contractors for supply and installation 365.02 344.36
of equipment have lodged claims on the company
seeking revision of time of completion without
liquidated damages, extended stay compensation
and extra claims etc., which are contested by
the company as not admissible in terms of the
provisions of the respective contracts. In case of
unfavourable awards the amount payable would
be capitalised ` 327.39 million / Reimbursable
` 37.63 million [Previous year ` 306.73 million and
` 37.63 million respectively]
2 Claims / counter claims of Customers
(a) The company and the customer had fi led a
- 18.85
petition before the H’ble High Court ,Mumbai on
16.08.2012 for withdrawal of case on account of
amicable settlement .
(b) One of the customers has lodged a claim for 85.20 85.20
damages for pre-closure of the contract. The
company has disputed the claim basis Force
Majure condition. In case of non acceptance of
the stand taken by the company the amount will be
debited to the Profi t & Loss account.
3 Others
(a) The New Mangalore Port Trust (NMPT) has 1,561.36 1,288.07
claimed from the company notifi ed wharfage
charges for handling cargo at oil berths for the
period beyond MOU (berth No 10from 16.10.2009
to 31.03.2013 & for berth no 11 from 01.04.2011
to 31.03.2013). The company has claimed that
Memorandum of understanding, provides for
arriving at a mutually agreeable rate subject to
Government approval (TAMP (Tariff Authority for
Major Ports)) . The issue is before the TAMP. on
adjudication by TAMP, the differential wharfage
amount between the notifi ed wharfage rate and
the wharfage rate being paid by the company, if
any, will be debited / credited to the Profi t & Loss
Account in the year of such settlement.
(b) This represents the potential liability which the 133.67 133.67
company has undertaken towards reimbursement
to lessors in case of any liability in their respective
tax assessments. In case of any claim by lessors
the same will be debited to Profi t & Loss Account.
(c) The claim of Mangalore SEZ Ltd. over and above 37.43 37.43
the advance paid for land and rehabilitation &
resettlement work.
(d) Charges for delay in creation of security for ECB 2.26 -
borrowings
Total 2,184.94 1,907.58
In respect of all these claims, which are being contested by the company as not
admissible, it is not practicable to make a realistic estimate of the outfl ow of resource,
if any, for settlement of such claim pending resolution / award from Arbitrators / Court.
Mangalore Refinery and Petrochemicals Limited
35
31.12.03 Disputed tax / Duty demands pending in appeal:
a) Income Tax: ` 1,881.24 Million (Previous Year ` 1,123.40 Million).
Against this ` 948.74 Million (Previous year ` 1000.92 Million) is
adjusted / paid under protest and is included under loans & advances
Note 15.
b) Commercial Tax: ` 24.09 Million (Previous Year ` 321.49 Million) –
includes ` Nil (Previous Year ` 321.49 Million) relating to projects.
c) Excise Duty: ` 341.85 Million (Previous Year ` 500.19 Million).
(against this ` 79.36 Million ( Previous Year ` 39.10 Million was paid
under protest and is included under loans & advances Note -20)
d) Customs Duty: ` 762.86 Million (previous year ` 647.54 Million).
31.12.04 a) The estimated amount of contracts remaining to be executed on
capital account and not provided for (net of advances) ` 19,896.30
Million (Previous Year ` 31,185.31 Million).
b) Other commitments
i) ECB Loan to be availed USD 350 million
ii) ONGC Loan to be availed ` 17,000 million
iii) Pending commitment on account of Refi nery performance
improvement programme by M\s.Shell Global International
Solution (M\s.Shell GIS) USD 3.25 Million.
31.13 Foreign Exchange exposures
31.13.01 Exposures not hedged by Derivative instruments or otherwise (net):
(` in Million)
Particulars. As on 31.03.2013 As on 31.03.2012
Foreign
Currency
Equivalent
Rupees
Foreign
Currency
Equivalent
Rupees
Imports USD 1,764.62 95,836.51 2,476.18 127,597.56
Creditors Euro Nil Nil 31,788.00 2.19
Creditors JPY Nil Nil Nil Nil
Creditors USD 0.01 0.54 0.03 1.55
Exports USD 312.30 16,957.89 200.79 10,222.22
Loans USD 520.00 28,241.20 410.00 21,127.30
31.13.02 Value of Imports on CIF basis: (` in Million)
Particulars 2012-2013 2011-2012
Capital Goods 119.26 1396.91
Raw materials 558,690.88 476,186.50
Stores, Spares & Chemicals 534.18 316.25
31.13.03 Expenditure in Foreign Currency: (` in Million)
Particulars 2012-2013 2011-2012
Interest 1665.90 73.30
Others 363.80 85.85
31.13.04 Earnings in Foreign Currency (` in Million)
Particulars 2012-2013 2011-2012
Exports (FOB Value) 321,798.45 234,183.24