Company Information

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OIL AND NATURAL GAS CORPORATION LTD.

NOTES TO ACCOUNTS

BSE

Jan 27, 04:01
117.20 -1.15 ( -0.97 %)
Volume368294
Prev. Close 118.35
Open Price 118.75
Today's Low / High
116.85
     
118.75
Bid Price(Qty.) 0.00 (0)
Open Pr.(Qty.) 0.00 (0)
52 Wk Low / High
115.55
     
178.95

You can view the entire text of Notes to accounts of the company for the latest year

Market Cap. ( ` in Cr. ) 150469.68 P/BV 0.81 Book Value ( ` ) 143.96
52 Week High/Low ( ` ) 179/116 FV/ML 5/1 P/E(X) 4.93
Book Closure 23/08/2019 EPS ( ` ) 23.76 Div Yield (%) 5.97
Year End :2019-03 

48. Contingent liabilities, Contingent Assets and commitments (to the extent not provided for)

48.1 Contingent Liabilities & Contingent Assets:

48.1.1 Claims against the Company/ disputed demands not acknowledged as debt:-

(Rs. in million)

Particulars

As at March 31, 2019

As at March 31, 2018

A

In respect of Company

I.

Income Tax

120,023.40

94,638.09

II.

Excise Duty

2,784.65

10,262.65

Ill

Custom Duty

800.25

311.45

IV

Royalty (Note no. 48.1. b)

496.82

496.82

V

Cess

6.57

6.57

VI

AP Mineral Bearing Lands (Infrastructure) Cess

3,117.08

2,909.76

VII

Sales Tax

22,486.44

18,782.20

VIII

Service Tax (Note no 48.1.b)

29,936.46

16,194.20

IX

GST (Note no 48. l.b)

25,575.53

10,141.96

X

Octroi and other Municipal Taxes

66.89

66.89

XI

Specified Land Tax (Assam)

5,199.72

4,865.55

XII

Claims of contractors (Incl. LAQ) in Arbitration / Court

180,698.83

134,773.58

XIII

Employees Provident Fund

66.35

66.35

XIV

Others

26,226.58

45,243.31

Sub Total (A)

417,485.57

338,759.38

B

In respect of Joint Operations

I.

Income Tax

8.91

8.91

II.

Excise Duty

-

4.17

III

Custom Duty

232.42

77.54

IV

Royalty

116.06

-

V

Sales Tax

2,621.66

2,621.66

VI

Service Tax and GST (Note no 48.1.b)

30,941.66

17,229.54

VII

Claims of contractors in Arbitration / Court

7,977.04

6,880.09

VIII

Others (Note no. 48.1. c)

144,985.70

113,064.90

Sub Total (B)

186,883.45

139,886.81

Total (A B)

604,369.02

478,646.19

a. The Company's pending litigations comprise claims against the Company and proceedings pending with Tax / Statutory/ Government Authorities. After review of all its pending litigations and proceedings, the Company has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material impact on its financial position. Future cash outflows in respect of the above are determinable only on receipt of judgments/ decisions pending with various forums/ authorities.

b. The Company had received demand orders from Service Tax Department at various work centres on account of Service Tax on Royalty, appeals against such orders have been filed before Tribunal. The Company had also obtained legal opinion as per which the Service Tax/GST on Royalty is not applicable. Meanwhile, the Company also received demand order dated January 1, 2019 on account of GST on Royalty in the State of Rajasthan against which the Company filed writ (4919/2019) before Hon'ble High Court of Rajasthan. The Hon'ble High Court of Rajasthan heard the matter on April 3, 2019 and issued notice to Department with a direction that no coercive action shall be taken against the Company for recovery till next date of hearing on April 16, 2019 deferred to May 9, 2019 and further deferred to July 16, 2019. The Company also filed writ of mandamus before Hon'ble High Court of Madras seeking stay on the levy of GST on royalty. The Hon'ble High Court of Madras heard the matter on April 3, 2019 and the Department has been allowed to file counter submission and to finalize the representation (under-protest letter) given by Company to the Department. The total estimated amount (including penalty and interest up to March 31, 2019) works out towards Service Tax is Rs.38,616.33 million and GST is Rs.37,956.77 million. Since the Company is contesting the demand, it has been considered as contingent liability. Further, as an abundant caution, the Company has deposited Service Tax and GST along-with interest under-protest amounting to Rs.13,725.72 million and Rs.28,065.77 million respectively.

c. The Company, with 40% Participating Interest (PI), is a Joint Operator in Panna-Mukta and Mid and South Tapti Fields alongwith Reliance Industries Limited (RIL) and BG Exploration and Production India Limited (BGEPIL) each having 30% PI, (all three together referred to as "Contractors") signed two Production sharing Contracts (PSCs) with Government of India (Union of India) on December 22, 1994 for a period of 25 years. In December 2010, RIL & BGEPIL (JV Partners) invoked an international arbitration proceeding against the Union of India in respect of certain disputes, differences and claims arising out of and in connection with both the PSCs pursuant to the provisions of Article 33 of the PSCs and UNCITRAL Rules, 1976. The Ministry of Petroleum and Natural Gas (MoP&NG), vide their letter dated July 4, 2011, had directed the Company not to participate in the arbitration initiated by the JV Partners. MoP&NG has also stated that in case of an arbitral award, the same will be applicable to the Company also as a constituent of the contractor for both the PSCs .

Directorate General of Hydrocarbons (DGH), vide letters dated May 25, 2017 had informed the Company that on October 12, 2016, a Final Partial Award (FPA) was pronounced by the Tribunal in the said arbitrations. However, details of proceedings of the FPA are not available with the Company. DGH, vide their letter dated May 25, 2017 and June 04, 2018, marked to the Contractors, had directed the payment of differential Government of India share of Profit Petroleum and Royalty alleged to be payable by Contractors pursuant to Governments interpretation of the FPA (40% share of the Company amounting to US$ 1,624.05 million, including interest upto November 30, 2016) equivalent to Rs.112,400.50 million @ Rs.69.21 (closing rate as on March 31, 2019). In response to the letters of DGH, the JV partners (with a copy marked to all Joint Venture Partners) had stated that demand of DGH was premature as the FPA did not make any money award in favour of Government of India, since quantification of liabilities were to be determined during the final proceedings of the arbitration. Further the award had also been challenged before the English Commercial Court (London High Court). Based on the above facts, the Company had also responded to the letters of DGH stating that pending the finality of the order, the amount due and payable by the Company was not quantifiable. In the view of the Company, any changes approved, if any, for increase in the Cost Recovery Limit (CRL) by the Management Committee (MC) as per the term of the PSCs the liability to DGH would potentially reduce.

The English Court has delivered its final verdict on May 2, 2018 following which the Arbitral Tribunal reconsidered some of its earlier findings from the 2016 FPA (Revised Award). The Government of India, BGEPIL and RIL have challenged parts of the Revised Award.

In January 2018, the Company along with the JV partners has filed an application with MC for increase in CRL in terms of the PSCs. The application has been rejected by MC. Pursuant to the rejection, the JV partners have filed a claim with Arbitral Tribunal.

DGH vide letter dated January 14, 2019 has advised to the contractors to re-cast the accounts for Panna-Mukta and Mid and South Tapti Fields for the year 2017-18. Pending finalization of the decision of the Arbitral Tribunal, the JV partners and the Company have indicated in their letters to DGH that the final recasting of the accounts is premature and the issues raised by DGH may be kept in abeyance.

Pending finality by Arbitration Tribunal on various issues raised above, re-casting of the financial statements and final quantification of liabilities, no provision has been accounted in the financial statements. The demand raised by DGH, amounting to US$ 1,624.05 million equivalent to Rs.112,400.50 million has been considered as contingent liability.

48.1.2 A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. During the normal course of business, several unresolved claims are currently outstanding. The inflow of economic benefits, in respect of such claims cannot be measured due to uncertainties that surround the related events and circumstances.

48.2 Commitments

48.2.1 Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account:-i) In respect of Company: Rs.64,398.91 million (Previous year Rs.82,223.61 million).

ii) In respect of Joint Operations: Rs.179,574.32 million (Previous year Rs.2,753.09 million).

48.2.2 Other Commitments

(i) Estimated amount of Minimum Work Programme (MWP) committed under various 'Production Sharing Contracts' with Government of India / Nominated Blocks:

a) In respect of NELP blocks in which the Company has 100% participating interest: Rs.2,941.23 million (Previous year Rs.2,750.40 million).

b) In respect of NELP blocks in Joint Operations, Company's share: Rs.1,018.94 (Previous year Rs.2,581.97 million).

(ii) In respect of ONGC Petro additions Limited, a Joint Venture Company Rs.639.50 million (Previous year Rs.480.50 million) on account of subscription of Share Warrants with a condition to convert it to shares after a balance payment of Rs.0.25 per share.

(iii) The Company has entered into an arrangement for backstopping support towards repayment of principal and cumulative coupon amount for three years compulsorily convertible debentures amounting to Rs.77,780.00 million (previous year Rs.77,780.00 million) issued by ONGC Petro additions Limited and outstanding interest for the year ended March 31, 2019 amounting to Rs.5,117.73 million (Previous year Rs.4,670.19 million)

(iv) During the year 2017-18, the Company had acquired the entire 80% Participating Interest (PI) of Gujarat State Petroleum Corporation Limited (GSPC) along with operatorship rights, at a purchase consideration of US$ 995.26 million (Rs.62,950.20 million) for Deen Dayal West (DDW) Field in the Block KG-OSN-2001/3.The Company had also paid part consideration of US$ 200 million (Rs.12,650.00 million) for six discoveries other than DDW Field in the Block KG-OSN-2001/3 to GSPC towards acquisition rights for these discoveries in the Block KG-OSN-2001/3 to be adjusted against the valuation of such fields based on valuation parameters agreed between GSPC and the Company (Note no.46.1.9).

49. Quantitative Details

49.1 Production Quantities (Certified by the Management):

Products

Unit

Year ended

Year ended

March 31, 2019

March 31, 2018

Crude Oil

MT

24,231,087

25,434,914

Natural Gas

000 M3

25,810,339

24,609,502

Liquified Petroleum Gas

MT

1,107,465

1,186,654

Ethane-Propane

MT

413,957

355,723

Ethane

MT

454,622

263,639

Propane

MT

209,984

194,017

Butane

MT

114,366

102,846

Naphtha

MT

1,174,938

1,176,294

SKO

MT

66,424

45,984

ATF

MT

17,521

5,924

LSHS

MT

22,013

21,779

HSD

MT

49,724

26,873

MTO

MT

4,438

5,593

Notes:

a) Production includes internal consumption and intermediary losses.

b) Crude oil production includes condensate of 1.485 MMT (Previous year 1.454 MMT). 49.2 Raw Material Consumed:

For production of Liquefied Petroleum Gas, Ethane / Propane, Naphtha, Superior Kerosene Oil, Low Sulphur High Stock, Aviation Turbine Fuel and High Speed Diesel.

(Rs. in million)

Particulars

Year ended March 31, 2019

Year ended March 31, 2018

Unit

Quantity

Value at cost

Quantity

Value at cost

Out of own production:

Crude Oil

MT

66,156

1,200.94

81,789

1,106.95

Natural Gas

000M3

9,02,239

5,840.22

881,154

6,121.51

Gas Equivalent Condensate

000M3

4,13,220

1,906.67

421,647

2,302.51

Purchases

Liquefied Natural Gas

MT

8,52,267

15,482.10

645,312

6,730.51

49.3 Consumption of Stores and Spare Parts:

(Rs. in million)

Particulars

Year ended March 31, 2019

Year ended March 31, 2018

Amount

%

Amount

%

Imported

10,379.19

17.88

13,935.68

28.31

Indigenous

47,681.35

82.12

35,284.36

71.69

Total

58,060.54

100.00

49,220.04

100.00

49.4 Value of Imports on CIF Basis:

(Rs. in million)

Particulars

Year ended March 31, 2019

Year ended March 31, 2018

Capital items *

3,748.17

3,482.74

Stores and Spare Parts

17,859.21

15,969.80

Total

21,607.38

19,452.54

*Includes stage payments made against capital works.

49.5 Expenditure in Foreign Currency:

(Rs. in million)

Particulars

Year ended March 31, 2019

Year ended March 31, 2018

Services

188,364.91

167,992.28

Others

3,617.95

1,254.58

Total

191,982.86

169,246.86

49.6 Earnings in Foreign Currency:

(Rs. in million)

Particulars

Year ended March 31, 2019

Year ended March 31, 2018

Services

2,867.94

826.40

FOB value of Sales

29,408.53

33,644.25

Others

1,947.73

1,053.86

Total

34,224.20

35,524.51

50. Disclosure under Guidance Note on Accounting for "Oil and Gas Producing Activities" (Ind AS) 50.1 Company's share of Proved Reserves on the geographical basis is as under

Particulars

Details

Crude Oil (MMT)

Gas (Billion Cubic Meter)

Total Oil Equivalent (MMTOE)#

As at March 31, 2019

As at March 31, 2018

As at March 31, 2019

As at March 31, 2018

As at March 31, 2019

As at March 31, 2018

Offshore

Opening

187.73

198.98

182.371

186.075

370.10

385.06

Addition

19.64

4.94

46.843

14.903

66.48

19.84

Production

15.01

16.19

19.738

18.607

34.75

34.80

Changes*

(9.35)

-

(10.567)

-

(19.92)

-

Closing

183.01

187.73

198.909

182.371

381.91

370.10

Onshore

Opening

179.21

183.30

145.562

142.583

324.77

325.88

Addition

17.05

4.32

8.942

8.867

25.99

13.19

Production

8.43

8.41

5.873

5.888

14.30

14.30

Changes*

(47.22)

-

(25.554)

-

(72.77)

-

Closing

140.61

179.21

123.077

145.562

263.69

324.77

Total

Opening

366.94

382.28

327.933

328.658

694.88

710.93

Addition

36.69

9.26

55.785

23.770

92.48

33.03

Production

23.44

24.60

25.612

24.495

49.05

49.08

Changes*

(56.58)

-

(36.121)

-

(92.70)

-

Closing

323.61

366.94

321.985

327.933

645.60

694.88

Refer note no. 4.2 (d) for procedure of estimation of reserves.

50.2 Company's share of Proved Developed Reserves on the geographical basis is as under:

Particulars

Details

Crude Oil (MMT)

Gas (Billion Cubic Meter)

Total Oil Equivalent (MMTOE)#

As at March 31, 2019

As at March 31, 2018

As at March 31, 2019

As at March 31,2018

As at March 31,2019

As at March 31,2018

Offshore

Opening

127.23

134.08

112.305

112.541

239.54

246.62

Addition

20.76

9.35

55.613

18.371

76.37

27.72

Production

15.01

16.20

19.738

18.607

34.75

34.80

Changes*

(2.69)

-

(3.184)

-

(5.87)

-

Closing

130.29

127.23

144.996

112.305

275.29

239.54

Onshore

Opening

133.03

137.85

89.556

94.438

222.59

232.29

Addition

3.72

3.58

5.781

1.110

9.50

4.69

Production

8.43

8.40

5.837

5.991

14.30

14.39

Changes*

(24.83)

-

(14.963)

-

(39.79)

-

Closing

103.49

133.03

74.500

89.557

177.99

222.59

Total

Opening

260.26

271.93

201.862

206.979

462.12

478.91

Addition

24.48

12.93

61.395

19.481

85.88

32.41

Production

23.44

24.60

25.612

24.598

49.05

49.20

Changes*

(27.52)

-

(18.148)

-

(45.67)

-

Closing

233.78

260.26

219.497

201.862

453.28

462.12

# MMTOE denotes "Million Metric Tonne Oil Equivalent" and for calculating Oil equivalent of Gas, 1000 M3 of Gas has been taken to be equal to 1 MT of Crude Oil.

* The changes shown above are due to migration from classification of Reserves under SPE-1997 guidelines to Petroleum Resource Management System (PRMS) during the financial year. As a result of the change, there is increase in depletion and impairment expenditure by Rs.5,909.70 million and Rs.1,781.43 million respectively during the year. The amount of the effect in the future years is not disclosed because estimating it is impracticable.

Variations in totals, if any, are due to internal summations and rounding off.

50.3 In Discovered Small Field (DSF) Bid Round - II (2018), 12 out of 17 contract areas falling in the Company's acreages were awarded to other parties and 5 contract areas were awarded to the Company. Handing over process is currently underway. After completion of handing over, Reserves estimates pertaining to 12 contract areas are to be removed from the Company's reserves. Out of these twelve contract areas awarded to third parties, entire reserve estimates of eight contract blocks having 0.19 MMT of contingent Resources (0.007 MMT in Proved Developed Reserves & 0.18 MM in Proved Reserves category) are likely to be removed from the Company's reserves. For the remaining four contract areas there will be partial deletion / deletion from extension of pay sands of adjoining fields which is being worked out.

51. Disclosure pursuant to SEBI (Listing obligation and disclosure requirements) regulations 2015:

(Rs. in million)

Particulars

Outstanding as at March 31, 2019

Maximum Amount Outstanding during the year 2018-19

Outstanding as at March 31, 2018

Maximum Amount Outstanding during the year 2017-18

Loans to Subsidiaries: *

i) ONGC Videsh Limited (OVL) * (Note no. 51.1)

1,860.00

2,190.00

ii) Mangalore Refinery and Petrochemicals Limited (MRPL) (Note no. 51.2)

18,856.90

18,856.90

25,714.10

Loan to Associate:

Nil

Nil

Nil

Nil

In the nature of loans to Firms\ companies in which directors are interested:

Nil

Nil

Nil

Nil

* Excludes Current account transactions.

51.1 Loan to OVL is unsecured repayable within a notice period of minimum one year and carries no interest during the year 2017-18 till January 31, 2018. Thereafter, interest was charged @ 7.65% p.a. till March 31, 2018. During FY 2018-19, loan of Rs.1,860 million was drawn by OVL which carried interest @ 7.80% p.a. (based on SBIMCLR) and was fully repaid during the year.

51.2 Loan to MRPL carried interest @ G-Sec yield for 5-year tenor as on March 31, 2018 (as per FIMMDA) plus a spread of 40 (forty) basis points which amounts to 7.90% (previous year 7.17%) for financial year 2018-19. Interest rate shall be reset on 1st April every year by applying G-Sec yield for 5-year tenor, as per FIMMDA as on 31st March of the preceding financial year. Spread of 40 (forty) basis points over and above G-Sec yield for 5-year tenor shall continue to remain applicable for the entire tenure of the loan. The Loan was repayable quarterly in 28 equal installments. The repayment of loan had started from the last quarter of FY 2013-14. The Company can call these loans on notice of 90 days. MRPL can prepay whole or part of the loan to the Company as per its requirement. Based on Company requirement, the entire loan outstanding from MRPL as on March 31,2018 (Rs.18,856.90 million) has been repaid in FY 2018-19.

51.3 The Company has not advanced any money to its employees for the purposes of investment in the securities of the Company.

51.4 Investments by the ONGC Videsh Limited (OVL), loanee:

(Rs. in million)

Name of Subsidiary

Year ended March 31, 2019

Year ended March 31, 2018

No of Shares

Rs. in million

No of Shares

Rs. in million

(a) ONGC Nile Ganga B.V.

Equity Shares

-Class A

40

13,121.66

40

12,308.31

- Class B

100

30,245.09

100

28,370.34

- Class C

880

1,268.66

880

1,190.02

(b) ONGC Narmada Limited

Equity Shares

20,000,000

10.75

20,000,000

10.08

(c) ONGC Amazon Alaknanda Limited

Equity Shares

12,000

0.83

12,000

0.78

Preference Shares

125,001,131

8,651.33

125,001,131

8,115.07

(d) Imperial Energy Limited (formerly Jarpeno Limited)

Equity Shares

1,450

21,732.03

1,450

20,384.97

Preference Shares

192,210

133,028.54

192,210

124,782.73

(e) Carabobo One AB

Equity Shares

377,678

3,941.00

377,678

3,696.71

(f) ONGC (BTC) Limited

Equity Shares

973,791

391.63

973,791

367.35

(g) Beas Rovuma Energy Mozambique Limited

Equity Shares

7,680

112,836.29

7,680

105,842.10

(h) ONGC Videsh Rovuma Limited

Equity Shares

50,000

3.46

42,000

2.73

(i) ONGC Videsh Atlantic Limited

Equity Shares

2,040,000

141.19

2,040,000

132.44

(j) ONGC Videsh Singapore Pte. Ltd.

Equity Shares

500,000

34.61

500,000

32.46

(k) Indus East Mediterranean Exploration Limited

Equity Shares

15,035,000

3.12

-

-

51.5 Investments by the Mangalore Refinery and Petrochemicals Limited (MRPL), loanee:

(Rs. in million)

Name of Subsidiary

As at March 31, 2019

As at March 31, 2018

No of Shares

Rs. in million

No of Shares

Rs. in million

(a) ONGC Mangalore Petrochemicals Limited

Equity Shares

1085.13

14,876.28

957.62

13,346.23

52. Disclosure on Foreign currency exposures at the year-end that have not been hedged by derivative instrument or otherwise are given below

(Rs. in million)

As at March 31, 2019

As at March 31, 2018

Particulars

Foreign Currency

Equivalent Rs.

Foreign Currency

Equivalent Rs.

Import Creditors

United Arab Emirates Dirham (AED)

0.61

11.54

-

-

Australia Dollar (AUD)

0.13

6.52

0.05

2.42

Switzerland Franc (CHF)

0.08

5.47

-

-

Euro (EUR)

10.96

851.64

17.89

1,442.77

Great Britain Pound (GBP)

9.86

892.56

20.65

1,899.94

Japan Yen (JPY)

52.07

32.61

188.07

115.72

Norway Kroner (NOK)

0.02

0.18

66.89

563.25

Sweden Krona (SEK)

-

-

0.03

0.22

Singapore Dollar (SGD)

0.01

0.26

0.01

0.27

USA Dollar (US$)

1,001.44

69,308.15

1,248.38

81,044.75

Total

71,108.93

85,069.36

Short Term Borrowings

USA Dollar (US$)

1,126.03

77,930.46

1,300.00

84,395.71

MWP

USA Dollar (US$)

192.93

13,351.99

178.52

11,589.52

Cash Call Payable

USA Dollar (US$)

0.01

1.00

2.81

182.43

Receivables

USA Dollar (US$)

132.80

9,191.07

380.63

24,710.79

Euro (EUR)

-

-

0.01

0.84

132.80

9,191.07

380.64

24,711.63

Cash Call Receivable

USA Dollar (US$)

24.70

1,709.27

34.28

2,225.44

53. The Company has a system of physical verification of Inventory, Fixed assets and Capital Stores in a phased manner to cover all items over a period of three years. Adjustment differences, if any, are carried out on completion of reconciliation.

54. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

55. Further, some balances of Trade and other receivables, Trade and other payables and Loans are subject to confirmation/reconciliation. Adjustments, if any, will be accounted for on confirmation/reconciliation of the same, which will not have a material impact.

56. Previous year's figures have been regrouped, wherever necessary, to confirm to current year's grouping.

57. Approval of financial statements

The Standalone Financial Statements were approved by the Board of Directors on May 30, 2019.

Signed and dated by the Chairman and Managing Director, the Director (Finance), the Company Secretary and the

Auditors of the Company at New Delhi as at Page No. 185.

OIL AND NATURAL GAS CORPORATION LTD

CIN -L74899DL1993GOI054155

Form-AOC-1

Statement containing salient features of the financial statement of subsidiaries or associate companies or joint ventures as on 31.03.2019 (Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

Part "A": Subsidiaries

(Rs. in million)

As at 31. 03.2019

For the year 2018- 19

1

2

3

4

5

6

7

8

9

10

11

12

13

14

16

17

SI.

No.

Name of the subsidiary

Date since when subsidiary was acquired

Reporting period for the subsidiary

Reporting currency and Exchange rate (note 3)

Share capital

Reserves & surplus

Total assets

Total Liabilities

Investments

Turnover

Profit before taxation

Provision for taxation

Profit after taxation

Proposed Dividend

Extent of shareholding (percentage)

1

ONGC Videsh Limited

05.03.1965

31.03.2019

INR

150,000.00

186,072.75

856,157.66

520,084.91

298,932.63

115,858.61

50,888.22

37,620.47

13,267.75

5,100.00

100.00%

2

Mangalore Refinery & Petrochemicals Limited

30.03.2003

31.03.2019

INR

17,526.64

89,743.65

271,912.59

164,642.30

15,026.47

723,151.10

5,807.65

2,488.09

3,319.56

1,752.60

80.29%

3

Hindustan Petroleum Corporation Limited

31.01.2018

31.03.2019

INR

15,242.10

266,506.10

1 03750850

755 760 30

113,206.30

2969290.6

93,386.60

33,100.00

60,286.60

14,323.90

51.11%

4

ONGC Mangalore Petrochemicals Limited (note 4)

28.02.2015

31.03.2019

INR

21,276.25

(14,944.54)

77,612.43

71,280.72

4.80

83,624.34

741.86

512.92

228.94

89.95%

5

ONGC Nile Ganga B.V.

12.03.2003

31.03.2019

USD

5.06

153,947.65

112,560.89

1,286.14

52,284.47

29,962.32

(4,618.22)

(519.37)

4.47

100% for A&B and 77. 491% for Class C

6

ONGC Campos Ltda.

16.03.2007

31.03.2019

USD

42,670.96

(22,170.57)

45,941.16

25,440.77

16,728.36

(5,039.38)

(1,682.44)

(3,356.94)

100.00%

ONGC Nile Ganga (San Cristobal) B.V.

29.02.2008

31.03.2019

USD

4.20

60,863.93

61,686.56

818.43

28,749.77

56.95

(1,098.75)

(679.39)

2,543.75

100.00%

8

ONGC Caspian E&P B.V.

07.06.2010

31.03.2019

USD

2.80

6,852.79

7,053.25

197.65

1,140.17

-

370.55

88.81

594.29

1,949.60

100.00%

9

ONGC Amazon Alaknanda Limited

08.08.2006

31.03.2019

USD

0.83

27,308.27

36,053.28

8,744.18

35,948.66

-

945.43

945.43

100.00%

10

ONGC Narmada Limited

07.12.2005

31.03.2019

USD

10.77

(2,175.21)

63.19

2,227.62

-

-

(65.23)

-

(65.23)

-

100.00%

11

ONGC (ETC) Limited

28.03.2013

31.03.2019

USD

67.40

(43.32)

86.15

62.07

0.00

297.80

296.04

62.72

233.32

-

100.00%

12

Carabobo One AB

05.02.2010

31.03.2019

USD

328.75

3,385.13

3,934.31

220.43

3,934.03

-

(3.08)

-

(3.08)

-

100.00%

13

Petro Carabobo Ganga B.V.

26.02.2010

31.03.2019

USD

1.56

12,531.74

12,801.46

268.16

138.81

20.84

(51.84)

0.29

(52.13)

-

100.00%

14

Imperial Energy Limited

12.08.2008

31.03.2019

USD

14.99

173,804.34

186,438.38

12,619.03

444.12

48.17

48.17

100.00%

15

Imperial Energy Tomsk Limited

13.01.2009

31.03.2019

USD

0.17

671.38

692.76

21.24

0.55

(1.12)

(1.12)

100.00%

16

Imperial Energy (Cyprus) Limited

13.01.2009

31.03.2019

USD

1.78

17,001.62

17,022.09

18.70

0.49

(1.12)

(1.12)

100.00%

As at 31.03.2019

For the year 2018-19

1

2

3

4

5

6

7

8

9

10

11

12

13

14

16

17

SI.

No.

Name of the subsidiary

Date since when subsidiary was acquired

Reporting period for the subsidiary

Reporting currency and Exchange rate (note 3)

Share capital

Reserves & surplus

Total assets

Total Liabilities

Investments

Turnover

Profit before taxation

Provision for taxation

Profit after taxation

Proposed Dividend

Extent of shareholding (percentage)

17

Imperial Energy Nord Limited

13.01.2009

31.03.2019

USD

1.79

70,607.19

70,697.93

88.98

-

0.61

(1.02)

-

(1.02)

-

100.00%

18

Biancus Holdings Limited

13.01.2009

31.03.2019

USD

0.14

1,694.43

14,599.69

12,905.10

-

635.15

244.28

-

244.28

-

100.00%

19

Redcliffe Holdings Limited

13.01.2009

31.03.2019

USD

0.18

4,169.72

4,178.03

8.15

-

0.36

(1.23)

-

(1.23)

-

100.00%

20

Imperial Frac Services (Cyprus) Limited

13.01.2009

31.03.2019

USD

0.16

88.01

88.63

0.46

(1.96)

(3.13)

(3.13)

100.00%

21

San Agio Investments Limited

13.01.2009

31.03.2019

USD

0.15

(188.14)

1,342.04

1,530.05

(3.02)

(61.12)

(61.12)

100.00%

22

LLC Sibinterneft

13.01.2009

31.03.2019

USD

0.11

(1,800.27)

0.01

1,800.17

-

-

(54.01)

-

(54.01)

-

55.90%

23

LLC Allianceneftegaz

13.01.2009

31.03.2019

USD

0.05

(8,144.85)

11,081.66

19,226.48

-

4,912.08

(709.82)

59.11

(768.93)

-

100.00%

24

LLC Nord Imperial

13.01.2009

31.03.2019

USD

0.32

13,372.95

17,053.64

3,680.38

-

2,528.29

(279.12)

-

(279.12)

-

100.00%

25

LLC Rus Imperial Group

13.01.2009

31.03.2019

USD

0.11

(1,037.14)

468.62

1,505.66

-

140.03

(159.36)

(6.77)

(152.60)

-

100.00%

26

LLC Imperial Frac Services

13.01.2009

31.03.2019

USD

0.01

259.54

375.36

115.78

-

490.42

149.50

17.15

132.35

-

100.00%

Beas Rovuma Energy Mozambique Ltd.

07.01.2014

31.03.2019

USD

51,278.85

(10,840.44)

40,919.84

481.44

14.97

0.27

(9.65)

(9.65)

60.00%

28

ONGC Videsh Rovuma Ltd.

24.03.2015

31.03.2019

USD

3.46

(3.55)

0.23

0.32

-

-

(0.82)

-

(0.82)

-

100.00%

29

ONGC Videsh Atlantic Inc.

14.08.2014

31.03.2019

USD

141.19

11.04

179.71

27.48

-

-

(12.68)

(2.62)

(10.07)

-

100.00%

30

ONGC Videsh Singapore Pte. Ltd.

15.04.2016

31.03.2019

USD

34.61

(77.77)

2,381.44

2,424.61

34.61

(32.37)

(32.37)

100.00%

31

ONGC Videsh Vankorneft Pte. Ltd.

18.04.2016

31.03.2019

USD

34.61

31,511.80

146,087.91

114,576.11

141,362.84

(4,673.99)

20.96

(4,694.95)

100.00%

32

Indus East Mediterranean Exploration Ltd.

27.02.2018

31.03.2019

USD

3.12

(5.89)

29.71

32.48

(5.95)

(5.95)

100.00%

33

HPCL Biofuels Ltd.

31.01.2018

31.03.2019

INR

6,251.72

(5,805.39)

8,279.40

7,833.08

2,318.83

(675.52)

(675.52)

100.00%

34

Prize Petroleum Company Ltd.#

31.01.2018

31.03.2019

INR

2,450.00

(4,842.10)

3,427.82

5,819.92

924.19

(138.39)

(138.39)

100.00%

35

HPCL Middle East FZCO

31.01.2018

31.03.2019

Arab Emirates Dirham

(AED)

9.96

(10.83)

48.21

18.48

2.28

(9.96)

(9.96)

100.00%

36

HPCL Rajasthan Refinery Ltd.*

31.01.2018

31.03.2019

INR

8,904.05

(103.52)

11,187.95

2,387.42

54.75

54.75

74.00%

37

Petronet MHB Ltd (PMHBL) **

31.01.2018

31.03.2019

INR

5,487.07

2,475.97

8,398.63

435.59

1,584.40

1,586.24

468.50

1,117.74

49.44%

Note:

1 Name of subsidiaries which are yet to commence operations: a) HPCL Rajasthan Refinery Ltd.

2 Name of subsidiaries which have been liquidated or sold during the year: NIL

3 Exchange Rates :

For Balance sheet items: 1 USD = Rs. 69.21

For Profit & loss item: 1 USD = Rs. 69.9458

1 AED = Rs. 18.83

4 The figures in the table above does not include eliminations of intercompany transactions.

5 # Figures based on Consolidated Financial Statements of the Company.

6 *HPCL Rajasthan Refinery Ltd. is considered as subsidiary as per Sec 2(87) of Companies Act, 2013.

7 ** Petronet MHB Ltd. has been reclassified from joint venture to a subsidiary during the year as the company holds 32.72% ownership interest and its subsidary HPCL holds 32.72% ownership interest

FOR AND ON BEHALF OF THE BOARD

Sd/-

Sd/-

Sd/-

M E V Selvamm

Subhash Kumar

Shashi Shanker

Company Secretary

Director (Finance)

Chairman & Managing Director

(DIN: 07905656)

(DIN: 06447938)

In terms of our report of even date attached

For P K F Sridhar & Santhanam LLP

For Dass Gupta & Associates

For K. C. Mehta & Co.

Chartered Accountants

Chartered Accountants

Chartered Accountants

Firm Reg. No. 003990S/S200018

Firm Reg. No. 000112N

Firm Reg. No.l06237W

Sd/-

Sd/-

Sd/-

S. Narsimhan

Nitesh Go el

Vishal P. Doshi

Partner (M. No. 206047)

Partner (M.No. 542071)

Partner (M. No. 101533)

For M K P S & Associates

For G M Kapadia & Co.

For R Gopal & Associates

Chartered Accountants

Chartered Accountants

Chartered Accountants

Firm Reg. No: 302014E

Firm Reg. No. 104767W

Firm Reg. No.000846C

Sd/-

Sd/-

Sd/-

Nikhil Kumar Agrawalla

Rajen Ashar

Sunil Kumar Agarwal

Partner (MNo. 157955)

Partner (M. No. 048243)

Partner (M. No. 093209)

New Delhi

May 30, 2019