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| higher refining margins (4) 14-Jul-08 12:35 | Tracked by (0) |
| | Posted by:  WhatsUP on ( 14-Jul-08 12:35 ) | | | Price : BSE: Rs 202.60 ( -0.59 % ), NSE: Rs. 202.95 ( -0.29 % ) | 1 The Board has recommended a final dividend of 30%.
2. The Audited Accounts are subject to review by the Comptroller & Auditor General of India under section 619(4) of the Companies Act 1956.
3. The Gross Refining Margins for the year ended 31st March 2008 were US $ 5.98 per BBL (2006-07 : US $ 4.78 per BBL) for Mumbai Refinery and US $ 6.98 per BBL (2006-07 : US $ 3.51 per BBL) for Visakh Refinery.
4. The prices of LPG (Domestic) and SKO (PDS) are subsidised as per the scheme approved by the Government in January 2003. Subsidy amounting to Rs. 5578.40 million (2006-07 : Rs. 5402.30 million) for the year has been accounted at 1/3rd of the subsidy rates for 2002-03 as approved by the Government of India.
5. Financial results for the year have been adversely affected due to high crude and product prices, which could not be fully passed on to the consumers. The underrecovery on MS, HSD, SKO (PDS) and LPG (Domestic) for the year was partially compensated by way of (a) Discounts from upstream oil companies, viz, ONGC and GAIL amounting to Rs. 54088.90 million (2006-07: Rs. 41615.90 million), in respect of Crude Oil / LPG / SKO purchased from them and (b)Oil Bonds from Government of India amounting to Rs.77030 million (2006-07 : Rs. 49298.90 million), which have been accounted during the period 2007-08.
6. During the current year Company has forfeited 702750 shares issued as a part of the public issue in 1994-95, due to non receipt of Allotment and/or call money from shareholders.
7. Pending finalisation of the salary revision in respect of management employees effective January 01, 2007, no provision has been made in the books for the differential payable except to the extent of ad-hoc relief paid / payable for the period, as the amount is not determinable.
8. During the year, the Corporation has adopted Accounting Standard (AS) -15 (Revised 2005) on Employee Benefits issued under Companies (Accounting Standards) Rules, 2006. Consequently, the employee cost for the year is higher by Rs. 587.20 million. Further, in line with transitional provisions of AS -15 (Revised), Rs. 533.10 million (Net of Deferred Tax Asset of Rs. 274.50 million) has been adjusted against General Reserve.
9. Previous year’s figures have been regrouped/reclassified wherever necessary.
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