Director's Report
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Indian Oil Corporation LtdIndustry : Refineries
BSE Code:530965
ISIN Demat:INE242A01010
Book Value(Rs):113.68
NSE Symbol:IOC
Div & Yield %:12.32
Market Cap (Rs Cr.):165489.24
P/E(TTM):7.75
EPS(TTM):21.98
Face Value(Rs):10
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Dear Members,

On behalf of the Board of Directors, it is my privilege to present the 58th Annual Report of the Corporation 31st March, 2017, alongwith the Audited Financial Statements and Auditors' Report on the financial statements.

The year 2016-17 was another landmark year as the Corporation not only improved upon 2015-16 but achieved the highest ever levels of performance in almost all the physical parameters with record profits.

PERFORMANCE REVIEW FINANCIAL

2016-17 2015-16
US$ Million ` in Crore US$ Million ` in Crore
Turnover 65,391 4,38,710 60,969 3,99,105
(Inclusive of Excise Duty & Sale of Services)
EBITDA 5,364 35,989 3570 23,371
(Profit Before Exceptional Items, Finance Cost, Tax,
Depreciation & Amortisation)
Finance Cost 514 3,445 472 3,090
Depreciation 927 6,223 736 4,819
Profit Before Tax & Exceptional Items 3,923 26,321 2,362 15,462
Exceptional Items 0 0 208 1,364
Profit Before Tax 3,923 26,321 2,570 16,826
Tax Provision 1,075 7,215 853 5,584
Profit After Tax 2,848 19,106 1,717 11,242
Balance Brought Forward from Last Year - -
Less: Appropriations
Interim Dividend paid 1,272 8,531 199 1,303
Final Dividend 300 2,014 239 1,564
Corporate Dividend Tax 324 2,177 90 586
Insurance Reserve (Net) 3 20 3 20
Bond Redemption Reserve 69 466 110 717
CSR Reserve (Net) 0 (1) (2) (15)
General Reserve 880 5,899 1,078 7,067
Balance Carried to Next Year - - - -

SHARE VALUE

2016-17 2015-16*
US$ US$
Cash Earnings Per Share 0.80 53.44 0.52 33.89
Earnings Per Share 0.60 40.31 0.36 23.72
Book Value Per Share 3.24 210.43 2.81 185.96

*Adjusted for Bonus Shares 1:1 issued in October 2016

Note: Exchange Rate used:-

For 2016-17: Average Rate 1 US$ = ` 67.09 and Closing Rate 1 US$ = ` 64.86 as on 31.03.2017 For 2015-16: Average Rate 1 US$ = ` 65.46 and Closing Rate 1 US$ = ` 66.26 as on 31.03.2016

PHYSICAL

Million Tonnes

Particulars 2016-17 2015-16
Refineries Throughput 65.19 56.69
Pipelines Throughput 82.49 79.82
Product Sales (inclusive of Gas, Petrochemicals 83.49 80.66
& Exports)

CHANGES IN SHARE CAPITAL AND DISINVESTMENT BY THE GOVT.

OF INDIA

During the year, your Corporation issued bonus shares in the ratio of 1:1, i.e., one bonus share in the ratio of one share held in October, 2016. Consequently, the paid-up capital increased from ` 2,427.95 crore to ` 4,855.90 crore.

The Government of India disinvested 3,32,76,129 equity shares in January, 2017 and 1,24,64,272 equity shares in March, 2017 in IndianOil in favour of CPSE ETF (an exchange traded fund comprising PSU stocks). Consequently, the holding of the President of India in the equity share capital of IndianOil was reduced to 57.34 per cent.

DIVIDEND

The Board of Directors of your Corporation has recommended a final dividend of 10 per cent, i.e., ` 1/- per equity share of ` 10/- each, on the paid-up Share Capital in addition to two interim dividends of ` 13.50 per share and ` 4.50 per share paid in February and March, year 2017 2016-17 is 190 per cent, i.e., ` 19 per equity share (after issue of Bonus shares in the ratio of 1:1) against 140 per cent, i.e.,` 14 per equity share declared in the previous year. This is the 50th consecutive year for which your Corporation has recommended payment of dividend. So far, your Corporation has paid a cumulative dividend of ` 39,455 crore, excluding the final dividend of` 485.59 crore payable for the dividend current year, subject to approval by members. The final shall be paid to the members, whose names appear in the Register of Members as well as the Beneficial Ownership Position provided by NSDL/CDSL as at the close of 21st August, 2017.

CONTRIBUTION TO EXCHEQUER

Your Corporation has consistently been the largest contributor to the national exchequer in the form of duties and taxes. During the year 2016-17, ` 1,79,014 crore was paid to the exchequer as against ` 1,32,064 crore paid in the previous year. An amount of ` 1,02,817 crore was paid to the Central Exchequer and ` 76,197 crore to the State Exchequer as against ` 67,459 crore and ` 64,605 crore paid in all in the previous year to the Central and State Exchequer respectively.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the provisions of the Companies Act, 2013 and the Accounting Standards issued by the Institute of Chartered Accountants of India, your Corporation has prepared the Consolidated Financial Statement for the group, including itssubsidiariesandjoint y the Government. venture entities. The highlights of the Consolidated Financial Results are as follows:

Particulars

2016-17

2015-16

(US$ (` in (US$ (` in
Million) Crore) Million) Crore)
Turnover 66,634 4,47,047 62,189 4,07,089
(Inclusive of Excise Duty
& Sale of Services)
Profit Before Tax 4,167 27,956 2,761 18,072
Profit After Tax 3,038 20,385 1,896 12,413
Less: Share of Minority 80 536 60 391
Profit for the Group 2,958 19,849 1,836 12,022

Note: Exchange Rate used:-For 2016-17: Average Rate 1 US$ = ` 67.09 For 2015-16: Average Rate 1 US$ = ` 65.46

MoU PERFORMANCE

The Memorandum of Understanding (MoU) of your Corporation with the Government of India, setting the performance parameters and targets for the year 2016-17, was signed by Chairman, IndianOil, and Secretary (P&NG), Govt. of India, on 5th July, 2016. The MoU for 2016-17, while giving utmost thrust on CAPEX and Project Monitoring, included challenging targets at the highest level for enhanced of operations excellence efficiency and across the organisation. Also, the concept of "Additional Eligibility Criteria" for excellent rating has been introduced from 2016-17. With sustained and dedicated efforts, the Corporation has been able to meet the MoU targets under various parameters as per the MoU with the Government. The Corporation has consistently maintained "Excellent" MoU performance over the years. The performance ratingforMoU2016-17isyettobefinalised

INTERNATIONAL TRADE

YourCorporation 55.71 million tonnes of crude oil during the year, as against 49 million tonnes in the previous year, to meet its crude oil requirements through a carefully selected and diversified mix of supply sources. The import of petroleum products during the year was 7.21 million tonnes as against 5.96 million tonnes in the previous year. The Corporation also exported petroleum and petrochemical products during the year.

OPERATIONAL PERFORMANCE Refineries achieved the highest ever crude throughput IndianOil refineries of 65.19 million tonnes during the year 2016-17 as against a 56.69 million tonnes in 2015-16. The capacity utilisation (excluding Paradip Refinery) was 105.1 per cent as against 103.7 during 2015-16. The refineries (excluding Paradip Refinery) also achieved the best performance in energy parameters of Fuel & Loss, Specific Energy Consumption (MBN) and Energy Intensity Index (EII) at 8.49 per cent, 74.9 and 101.5 respectively, as during 2015-16. The Paradip Refinery, which was commissioned and began operations in March 2016 in a phased manner, has fully stabilised and achieved an overall capacity utilisation of 54.9% in 2016-17, touching a peak of 96.4% in March 2017. It has achieved 100% capacity utilisation in May 2017.

All the refineries of the Corporation have commenced supplies of BS-IV grade auto-fuels w.e.f. 1st April, 2017. During the year, three for the first time newcrude oilvarieties refineries, which have been added to the crude oil basket with an objective to widen the crude oil sources for de-risking the crude oil procurement process.

Pipelines

IndianOil Pipelines achieved the highest ever throughput of 82.49 million tonnes during the financial year 2016-17 as against a throughput of 79.82 million tonnes in 2015-16. The crude oil pipelines recorded the highest ever annual throughput of 51.34 million tonnes, which is 1.6 per cent higher than the previous year's throughput of 50.54 million tonnes. The petroleum product pipelines also recorded the highest ever throughput of 31.15 million tonnes as against 29.28 million tonnes achieved last year, registering a growth of 6.4%. The gas pipelines achieved the highest ever throughput of 1,587 MMSCM during the year, as against a throughput of 1,380 MMSCM in 2015-16. With the commissioning of 1,102 km of new pipelinesectionsduring the year, the total length of the pipeline network of crude oil, product and gas pipelines as on 31st March, 2017 expanded to 12,848 km.

Marketing

Your Corporation dominated the domestic market with a market share of 42.9% and sold 74.11 million tonnes of petroleum products during the year, as against 72.60 million tonnes during the previous year. In addition, 4.72 million tonnes of petroleum products were exported during the current year as against 3.46 million tonnes exported during the previous year. Your Corporation took several exceptional initiatives during the year in ensuring the supply of petroleum products in exceptional situations, which include supply to Tripura via Bangladesh, airlifting fuel supply to curfew-struck Manipur, supplies in Kashmir valley and cyclone-hit Chennai, etc. During the year, your Corporation commissioned 881 retail outlets (fuel stations, including 365Kisan Seva Kendra outlets in rural areas) taking their total number to 26,212. In addition, CNG facilities were commissioned at 90 retail outlets during the year. The Kisan Seva Kendra (KSK) outlets of the Corporation increased their contribution to the total sales of the Corporation with Petrol (Retail) touching a new high of 14.7% and Diesel (Retail) touching 14.6%. Your Corporation continued with its focus on the use of alternative and 2,441 retail outlets were converted to operate on solar energy during the year, taking their number to 6,607. Health & eye check-up of over 75,000 truck drivers was carried out at the retail outlets and transport hubs during the year.

IndianOil released the highest ever new domestic LPG connections to 1.53 crore customers, raising the Indane customer strength to 11.44 crore.Outof1.53crore new connections, were released under Pradhan Mantri Ujjwala Yojana (PMUY), the flagship scheme of the Government of India to the women of poor households with an objective to improve the health of poor families by providing clean cooking fuel. Additional bottlingcapacities TMTPA and tankages of 7,200 MT capacity were added during the year to meet the increased demand.

IndianOil's flagship SERVO maintained its market leadership position during the year and finished lube sales registered a growth of 2.3 per cent over the previous year. 17 new lube grades were introduced during 2016-17 and 26 product approvals were obtained from Original Equipment Manufacturers (OEMs). IndianOil's AviationService continued to maintain its leadership position during the year with a market share of 59.3 per cent. During the year, your Corporation commissioned its aviation fuel stations at Barrackpore, Sunabebda, Shimla and Bhuj.

Explosives & Cryogenics

During the year, the Explosives and Cryogenics businesses of your Corporation continued with their excellent performance and recorded the highest ever production and sales of explosives and cryocans. The Explosives group manufactured and sold 1,57,661 metric tonnes of explosives during the year, recording a growth of 9.77 per cent over the previous year's volume of 1,43,626 metric tonnes. The Cryogenics group sold 27,667 units of cryocans during 2016-17, as against previous year's sale of 27,538 units.

RESEARCH & DEVELOPMENT

During the year, the INDAdeptG technology developed by IndianOil's R&D Centre was commissioned at Guwahati Refinery for reducing sulphur content of cracked gasoline streams to be able to meet Euro-IV & VI sulphur specification with minimum RON loss.

Ind-CokerAT, another technology developed in-house, was successfully with significant improvement in the demonstratedatPanipat distillate yield. In addition, delayed coking technology jointly licenced by IndianOil and EIL was successfully implemented for revamp of the 0.6 MMTPA Coker-A unit at Barauni Refinery.

During the year, Oilivorous-S technology developed by the R&D Centre of your Corporation was successfully used for containing the oil spill at Chennai.

105 Patents were filed during the year 2016-17, out of which 6 are Indian and 99 are foreign patents. 27 patents were granted during the year 2016-17 (India-6, USA-7, Canada-1, France-1, Germany-2, Great Britain-1, Italy-1, Japan-5, Russia-1, Saudi Arabia-2).

During the year, the Corporation acquired additionalland at Faridabad in Haryana for setting up R&D Campus-II for carrying out research in

PROJECTS

IndianOil continues to lay emphasis on infrastructure development and has been consistently investing in several projects across the country. The dedicated project teams of IndianOil ensure that implementation of the projects from the idea stage to commissioning is done seamlessly. The projects are financedthrough an optimum mix of internal accruals and borrowings from domestic as well as internationalmarkets. The details of the projects completed, ongoing and future are as under:-

Completed Projects

Reverse osmosis plant at Gujarat Refinery

Revamp of Coker-A Unit at Barauni Refinery Refiner y IndaDeptG UnitatGuwahati

Augmentation of Paradip-Haldia-Barauni Pipeline

351-km of pipeline sections as part of Salaya-Mathura Pipeline debottlenecking

Jatni-Raipur section of Paradip-Raipur-along with branch pipelines to Jharsuguda & Korba involving 751 km pipeline section

Product storage depots at Imphal, Jharsuguda and Korba

Replacement of mainline pumping units in Salaya-Mathura Pipeline

Ongoing Projects

Refiner DistillateyieldimprovementprojectatHaldia

Petcoke evacuation project at Paradip

Propylene Unit at Paradip Refinery

BS-VIprojectsatall

Installation of INDMAX Unit alongwith associated facilities at Bongaigaon Refinery

Jharsuguda-Khuntisectionof Paradip-Raipur-Ranchi product pipeline

Paradip-Haldia-Durgapur LPG pipeline

Paradip-Hyderabad pipeline

Augmentation of Paradip-Haldia-Durgapur LPG pipeline and its extension up to Patna and Muzaffarpur

Jaipur-Panipat naphtha pipeline, along with augmentation of Koyali-Sanganer pipeline

CBR-Trichy pipeline

Ennore-Trichy-Madurai LPG pipeline

Ennore-Nagapattinam-gas pipeline

18" Haldia-Barauni pipeline

Branch pipeline on Barauni-Kanpur pipeline to Baitalpur and Motihari

Motihari-Amlekhgunj pipeline

Koyali-Ahmednagar-Solapur pipeline

Augmentation of Chennai-Trichy-Madurai pipeline

LPG import terminal at Paradip and Kochi

Augmentation of LPG terminal at Kandla

LPG bottling plants at Banka, Gorakhpur, Bathinda, Goindwal Sahib, Agartala, Jabalpur, Nagpur, Salem, Gwalior, Sitarganj, Trishundi, Korba and Khurda

LPG terminal at Paradip

Product storage depots at Khunti (Jharkhand), Una Guntakal (A.P.) and Asanur (T.N.)

5-MMTPA LNG import terminal project at Ennore (through a Joint Venture Company)

Future Projects

Barauni Refinery expansion project

-Ranchi pipeline project Expansion of Naphtha Cracker Unit and revamp of MEG Unit at Panipat

Expansion of PX/PTA Plant at Panipat Refinery

Installation of Indjet Unit at Barauni Refinery

Guwahati-Silchar-Imphal product pipeline

Dahej-Koyali natural gas pipeline

Augmentation of Paradip-Haldia-Barauni pipeline

60 MMTPA West Coast Refinery in Maharashtra through a Joint Venture Company.

the areas of alternative renewable energy, nano-technology, pipeline research and petrochemicals.

MoU was signed with IIT Madras, during the year for development of a hydro-kinetic energy conversion system and development of an Industrial version of prototype NDT tool for creep damage detection in reformer heaters.

Your Corporation has setupthe ‘IndianOil Startup Fund' with a of innovative ideas in recurringcorpusof Rs. 30 crore for incubation technology process and business process areas in the oil & gas sector. Ideas have been invited through an advertisement on the web portal www.indianoilstartupfund.in launched in December 2016.

BUSINESS DEVELOPMENT

Over the years, your Corporation has been expanding its business and has consolidated its presence in areas beyond petroleum refining and marketing. It has invested in and built a portfolio that has strengthened its upstream and downstream integration and also expanded its footprints in the low-carbon energy space. These business segments have contributed significantly to both the top-line and bottom-line of the Corporation and have emerged as key growth drivers with petrochemicals and gas becoming a part of the Corporation's core business.

Petrochemicals

3 are under appraisal During the year 2016-17, the Corporation recorded highest ever petrochemicals sales of 2.585 MMT as against 2.528 MMT in 2015- The 16 and maintained its position as the second largest petrochemicals player in the country.

30

The Corporation is a major supplier of polymer products to leading multinationals.During the year, 21 new Original Equipment Manufacturers' approvals were obtained and the Product Application & Development Centre (PADC) of the Corporation furthered its efforts and rolled out nine improved grades, one high-performance grade and one new grade. The Corporation's PROPEL brand now has strong international presence. The petrochemical products are exported to 73 countries and polymers to 55 countries across the globe. During the year, two new export destinations viz, Myanmar and Egypt, were added.

Natural Gas

Your Corporation has been investing chain and envisages greater presence in this segment in the future. During the year, Regasified Liquefied Natural Gas Corporation was 1.92 MMT. The Corporation now has in its 55 RLNG customers. Besides, internal consumption of RLNG takes place in three of its own refineries.

The Corporation is implementing a 5-MMTPA LNG Import, Storage and Regasification Terminal at Kamarajar Port, Ennore near Chennai through a Joint Venture Company (JVC), IndianOil LNG Pvt. Ltd. The terminal is scheduled to be commissioned in 2018-19. The "coming on stream" of this first LNG regasification terminal on the east coast would mark a major milestone in the Corporation's efforts to scale up natural gas infrastructure in the country. The Corporationsuccessfully imported 11 LNG cargoes during the year. The Corporationalso signed 17 Master Sales & Purchase Agreements with various international suppliers for import of LNG on spot/short-term basis. In the Pacific North West (PNW) LNG Project in British Columbia, Canada, the Corporation's equity LNG now stands at 1.3 MMTPA on FOB-basis for a minimum of 20 years. The Corporation has been participating in the building of City Gas Distribution (CGD) infrastructure in the country. In this business segment, the Corporation has formed two JVCs, namely, Green Gas Ltd. (GGL) and IndianOil-Adani Gas Private Ltd. (IOAGL). Currently, GGL operates two CGD networks, one each at Lucknow & Agra. IOAGL is developing CGD networks in seven geographical areas, viz., Chandigarh, Allahabad, Panipat, Daman, Ernakulam, Udhamsingh Nagar and Dharwad. During the year, IOAGL's CGD networks in Chandigarh and Allahabad were commissioned.

Exploration & Production

The E&P portfolio of your Corporation

(including two Coal Bed Methane blocks) and 9 overseas blocks, with participating interest ranging from 3.5% to 50%. Out of the 17 blocks, 5 are under production (all overseas), 4 are under development (all domestic), (1overseas& 3 domestic), 3 are under discovery (2 overseas & 1 domestic) and 2 are under explorationphase (1 overseas & 1 domestic). blocks are located in 8 countries, namely, Canada, Gabon, Libya, Nigeria, Russia, USA, Venezuela and Yemen.

During the year, the Corporation's cumulative oil & gas production increased by 145% (from 8,741 to 21,402.8 Mboe) and per day oil & gas production from producing assets increased by 466% (from 9,802 to 55,514 Boe/d) on a year-on-year basis. The Corporation's 2P reserve rose by 114% during the year to the level of 961.40 MMboe. During the year, IndianOil participated in Discovered Small Field Bid Round 2016 and acquired 3 Contract Areas in which the Corporation is the sole operator.

Alternative Energy

Your Corporation now has a portfolio of 188 MW of renewable energy, comprising 168 MW of wind-power capacity and 20 MW of solar photovoltaic (PV) capacity. About 12 MW solar PV capacity was commissioned and 21 million units (kWh) generated from solar PV during the year, which corresponds to an emission mitigation of 17 TMTCO2e (thousand metric tonnes carbon dioxide equivalent). During the year, the Corporation generated 158 million units (kwh) from its wind-power units, which corresponds to an emission mitigation of

131 TMTCO2e.

Under the Government of India's Swachh Bharat Abhiyan programme, your Corporationis in the process of installing 10 waste-to-energy plants of 5 tonnes per day capacity each to manage the municipal solid waste generated in Varanasi city. The first plant under the project was commissioned during the year and the electricity generated from organic waste at this plant is being used to illuminate street lights in the vicinity.

Sustainable Development

Your Corporation has been publishing Annual Sustainability Reports since 2005-06. During the year, its 11th Sustainability Report with the theme ‘Living by our Core Values' was prepared in accordance with the ‘Comprehensive' requirements of the Oil & Gas Sector Supplement, Global Reporting Initiative G4 guidelines and the principles of the United Nations Global Compact.

Measurement, management and disclosure of greenhouse gas emissions and climate change data is an increasingly important aspect of standard business practice. As disclosure to Carbon Disclosure Project-India on Scope - 1 & 2 emissions and mitigation measures is being made since 2015-16.

Since 2014-15, the Corporation has been included in the Carbon Disclosure Leadership Index.

INFORMATION SYSTEMS & OPTIMISATION

Your Corporation took various introduced new features in existing mobile applications, statistical modelling techniques, etc. During the year, intense audits were conducted to assess the security gaps in control systems. The SAP system in the Corporation has been modified to be in readiness for GST implementation.

Duringtheyear, Secondary

Dealer Management Solution (SDMS) Management (CRM) application in robust platform to enable interaction with end-digital channels.

The Optimisation group in IndianOil carries out detailed analysis of demand forecast for purchase of suitable crude oil cargoes through term contracts or spot purchases, logistics arrangements, export of products, etc., to maintain supply of products across the country as well as to optimise corporate

HEALTH, SAFETY & ENVIRONMENT (HSE)

Your Corporation accords topmost priority to conducting its business with a strong environment conscience, ensuring sustainable development, safe workplaces and enrichment of the quality of life of its employees, customers and the community at large. All refineries of your Corporation are certified to ISO:14064 standards Healthfor sustainable development as well as for the Occupational & Safety Management System (OHSMS/OHSAS-18001), besides having fully equipped occupational health centres. Compliance with on 31 safety systems and procedures and environmental laws is monitored at theunit,divisionandcorporatelevels.TheHSEactivities of the Corporation are reviewed in every Board meeting. During the year, safety audits were carried out at various offices and locations and various training programmes were also conducted across the Corporation covering safety-related topics.

ENERGY CONSERVATION

Energy conservation is accorded very high importance at all IndianOil refineries and units. The performance of the refineries is continuously monitored and efforts are made to keep abreast of the latest technological developments and global best practices. As a result of various energy conservation measures undertaken, the energy performance parameter (indexed to the complexity of operations) in terms of MBN* of the refineries of your Corporation during the year is down to 74.9, which is the best ever achieved, as against the energy index of 76.6 in the previous year. The energy conservation schemes implemented during the year resulted in an estimated fuel savings of 19,371 MT Standard Refinery Fuel (SRF) in the year, valued at about ` 41.28 crore. In addition, your Corporation also spreads the message of energy conservation through workshops and seminars, besides conducting awareness campaigns for the benefit of retail and bulk consumers. *MBN Thousand British Thermal Units / Barrel / Energy Factor initiatives during the year and (MBTU/BBL/NRGF)

HUMAN RESOURCES

The employee strength of the Corporation was 33,135 as on 31.03.2017, consisting of 16,545 executives and 16,590 non-executives. This includes 2,735 women employees comprising 8.25% of the total work force. Your Corporation scrupulously follows the presidential directives and Customer Relationship the Corporation to provide a guidelines issued by the Government of India regarding reservation in services for SC/ST/OBC/PWD (Persons with Disabilities)/ Ex- using servicemen to promote inclusive growth. Rosters are maintained as per the directives and are regularly inspected by the Liaison Officer(s) of the Corporation as well as the Liaison Officer of the Government of India to ensure proper compliance. Grievance/ Complaint Registers are also maintained at Division/ Region/ Unit levels for registering grievances from OBC/SC/ST employees. Efforts are made to promptly dispose of representations/grievances received from profitability. them. In accordance with the Presidential Directive, the details of representation of SC/ST/OBC in the prescribed format is attached at Annexure-I to the Report.

The provisions of 3% reservation for Persons with Disabilities in line with guidelines/instructions issued being implemented in IndianOil. Further, concessions/relaxations in accordance with the rules in this regard are being extended to physically challenged persons in recruitment. The number of employees with disabilities as st March, 2017 was 586, i.e., 1.77 per cent of the total employee strength.

Your Corporation maintained cordial industrial relations during the year, and continued to provide comprehensive welfare facilities to its employees to take care of their health, efficiency, economic betterment, etc. and to enable them to give their best at the workplace. Your Corporation has always supported participative culture in the management of the enterprise through a consultative approach with the collectives, establishing a harmonious relationship for industrial peace leading to higher productivity. Employees'participation is also ensured through information-sharing with collectives and employees on a regular basis while seeking their support, suggestions and cooperation. The efforts to promote employees' participation in management were continuedduring the year through Suggestions Scheme, Total ProductivityMaintenance (TPM) and various employee engagement initiatives.

With the changing employee dynamics, it is highly crucial to make young officers feel proud and take enhance the level of their motivation, engagement and loyalty to the organisation and to bring more agility and adaptability in the decision-making process, various unique interventions were initiated, namely "BEST" (Budding Executive Search for Talent), Young Officers' Conclave and Youth Day celebrations.

As part of the ‘Investing in Our People' endeavour, Project "Saksham" a structured leadership development programme was designed (in consultation with IIMs) with a view to develop leadership competencies in sync with the Corporation's leadership competency framework. Your Corporation emerged as one of the best employers in India in a study jointly conducted by The Economic Times & Great Place to Work Institute , covering 791 Indian companies and more than 1.5 lakh employees. IndianOil was declared as the 27th ranked company in India and the 1st amongst Public Sector Companies in the 2017 listing of the ‘Top 50 Best Companies to Work For' in India. This is an improvement over the 34th rank in 2016 and 59th rank in 2015. Your Corporation is committed to diversity and inclusiveness and has, therefore, adopted various practices development and gender equality in the organisation. Women employees have equal opportunities, equal rights and equal responsibilities. Congenial work culture of your Corporation continues to inspire women employees to shoulder higher responsibilities in various verticals of the Corporation. Under the Forum of Women in Public Sector, WIPS cell have been formed across IndianOil, which focus on all-round development of women in the Corporation and render necessary support required by women employees. As part of its commitment to the development of women, your Corporation has been organising various training programmes on topics such as leadership skills, health & safety, work-life balance, gender sensitivity, etc.

The Corporation's efforts in women development have won recognition of WIPS as the Best Enterprise for Women Development for initiatives undertaken during the year 2016.

The provisions of Official Language Act, 1963 and the rule framed Offices/Lo cations/Units thereunderarebeingcompliedwith 248 various divisions of IndianOil have been notified under Section 10 (4) of Official Language Rule, 1976. Further, all communication received in Hindiandanyapplication,appealorrepresentationwritten or signed by an employee in Hindi is replied to in Hindi.

The various units/offices/locations journals and magazines in Hindi/bilingual or trilingual languages. In order to undertake the Official Language implementation effectively, Official Language functioning of implementation of OfficialLanguage policies in thehas been and also the Annual Programme as circulated by the Dept. of Official orming a part of the Annual Report. Language (Ministry of Home Affairs) on a quarterly basis.

COMPLIANCE WITH THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

Your Corporationis women at workplace and takes prompt action in case of reportingof such incidents. In this regard, internalcomplaintscommittees have been constituted at various offices of the Corporation to deal sexual harassment complaints, if any, and to conduct enquiries. There were four complaints of sexual harassment, which were pending as on 1st April, 2016. During the year, seven complaints were received and five complaints were disposed of. As on 31 st March, 2017, six complaints are pending, out of which four are pending for more than 90 days.

Regular workshops are held for employees, especially women, to enhance awareness about their rights and facilities at the work-place as well as the rights available to them under the Act. During the year, 32 workshops/awareness programmes were conducted.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

A report on your Corporation's CSR activities as per the provisions the Companies Act, 2013 along with CSR Highlights during the year is attached at Annexure-II to the report. The composition of the CSR Committee is provided in the Corporate Governance Report. The CSR Policy of theCorporationcan be accessed at the website of the pdf Corporation on the

VIGILANCE

The Vigilance department acts as a link between the organisation and Chief Vigilance Commissioner. The objective of the vigilance function is to ensure maintenance of the highest level of integrity throughout the Corporation. The Vigilance group takes preventive, punitive participative steps, with emphasis on the preventive and aspects. During the year, 100 vigilance awareness programmes were conducted, which were attended by about 2,700 employees. An on-line integrated data management-cum-monitoring system, i.e., SVMS (Smart Vigilance Management System) has been developed to monitor the progress of vigilance cases/matters more effectively and toensuretimely of action

PUBLIC DEPOSIT SCHEME

The Public Deposit Scheme of the Corporation was closed with effect from 31st August, 2009. The total outstanding deposits as on 31.03.2017 were ` 55,000/-. The Corporation has not invited any deposits from the public during the year. regularly bring out various in-house

CORPORATE GOVERNANCE REPORT work

Implementation Committees The Corporate Governance Report highlighting the endeavours of your Corporation to adopt the best practices in ensuring transparency, integrity and accountability in its functioning asaseparatesection,

MANAGEMENT'S DISCUSSION & ANALYSIS REPORT

The Management's Discussion & Analysis (MDA) Report, as required under Corporate Governance guidelines, has also been incorporated as a separate section forming a part of the Annual Report.

BUSINESS RESPONSIBILITY REPORT

The Business Responsibility Report covering initiatives taken with environmental, social and governance perspective has been prepared in accordance with the directives of SEBI and forms a part of the Annual Report.

AUDIT COMMITTEE

The Audit Committee of your Corporation comprised of three members, all of whom are Independent Directors. The recommendations made by the Audit Committee during the year were accepted by the Board. terms Theother details of the Audit Committee, like its composition, of reference, meetings held, etc., are provided in the Corporate Governance Report.

CODE OF CONDUCT

The Board of your Corporation has enunciated a code of conduct for the Directors and senior management personnel, which has been circulated to all concerned and has also been hosted on the Corporation's website. The Directors and senior management ompliance with the code of conduct.affirmedc personnelhave

RISK MANAGEMENT

Your Corporation has a well laid-down risk assessment & management process. A Risk Management Compliance Board comprising senior Officer managementpersonnelandheadedbyChiefRisk reviews the various risks associated with the Corporation's business. The Corporation has constituted a Risk Management Committee comprising whole-time Directors, which oversees risk management thereafter, put up to the Audit Committee and the Board.

INTERNAL FINANCIAL CONTROLS

Your Corporation has put in place adequate internal financial controls for ensuring the efficient conduct of its business in adherence with laid-down policies; the safeguarding of its assets; the prevention and detection of frauds and errors; the accuracy and completeness of the accounting records; and the timely preparation of reliable financial information, which is commensurate with the operations of the Corporation. The Corporation also has a separate Internal Audit department headed by an Executive Director, who directly reports to the Chairman. The Internal Audit department has a mix of from finance and technical functions, who carry out throughout the year. The statutory auditors are also required to issue the Independent Auditor's Report on the Internal Financial Controls of SectionoftheCorporation under Clause (i) of Sub-Section 143 of the Companies Act 2013. The report issued thereupon has been attached alongwith the Standalone and Consolidated Financial Statements

REMUNERATION TO THE AUDITORS

The Office of the Comptroller & Auditor General of India had appointed the Statutory Auditors for the financial year 2016-17. The Auditors' remuneration for the year 2016-17 has been fixed at` 145 lakhs plus applicable taxes. In addition, reasonable out-of-pocket expenses incurred are also reimbursed at actuals.

COST AUDIT REPORT

Cost Auditors were appointed for conducting the cost audit of the Corporation's refineries, lube blending plants and other units for the year 2016-17. A remuneration of ` 18.50 lakhs and applicable taxes had been fixed by the Board for payment to the cost auditors for the year 2016-17, which was ratified by the shareholders in the last AGM. The cost audit for the year 2015-16 was carried out for various units of the Corporation and the cost audit report was filed by the Central Cost Auditor with the Central Government in the prescribed form within the stipulated time period. The cost audit report for FY 2016-17 would also be filed within the stipulated time.

SECRETARIAL AUDIT

The Secretarial Audit Report for the year 2016-17 confirms that the Corporation has complied with all the applicable provisions of the corporate laws, guidelines, rules, etc. The report, duly certified by a practising Company Secretary, is attached at Annexure-III to this Report.

The Secretarial Auditor has made an observation that the Corporation does not have the requisite number of non-Executive Directors and Independent Directors on its Board. Further it has been observed that the Corporation does not have a Woman Director on its Board. In this regard, it is clarified that the Corporation Company under the administrative control of the Ministry of Petroleum & Natural Gas, the selection and appointment of Directors, (including Independent Directors) vests with the Government of India as per the Government guidelines. The matter is being constantly pursued with the Government of India for appointment of the requisite number of Independent Directors and woman Director.

PUBLIC PROCUREMENT POLICY FOR MICRO AND SMALL ENTERPRISES (MSEs) ORDER 2012

Your Corporation has taken necessary steps for implementation of the Public Procurement Policy of the Government of India for procurement from MSEs. All efforts are being made to procure items specified for procurement from MSEs. Necessary provision has been officials made in all the tenders stating the eligibility of MSEs to participate in the tender. As against the target of 20 per cent for procurement from audit MSEs, the actual procurement of your Corporation from MSEs during the year was 38.65 per cent.

SUBSIDIARIES AND JOINT VENTURES

During the year, a new joint venture company, viz., Hindustan Urvarak & Rasayan Ltd., between IndianOil, Coal India Ltd., NTPC, Fertiliser Corporation of India Ltd. (FCIL) and Hindustan Fertiliser Corporation Ltd. (HFCL) was formed for the purpose of reviving and operating the fertiliser & chemical complexes at Gorakhpur & Sindri units of FCIL and the Barauni unit of HFCL. A new subsidiary company, viz., IOC Singapore Pte. Ltd. was formed as aninvestmentcompanyinSingaporetoenableacquisitionof stake in E&P assets from Rosneft of Russia as well as to set up trading operations for procurement of crude oil and import / export of petroleum products.

Your Corporation has divested 24% of its equity held in Lubrizol India Pvt. Ltd. (LIPL) in favour of Lubrizol Inc. U.S.A., thereby reducing its equity stake in LIPL to 26% with the balance 74% held by Lubrizol Inc U.S.A.

No subsidiary / joint venture company has ceased to exist during the year. As required under the provisions of the Companies Act, 2013, a statement on the performance and financial position of each of the subsidiaries and joint venture companies is provided as an annexure to the Consolidated Financial Statement. In accordance with the provisions of the SEBI guidelines, your Corporation has framed a policy for determining material subsidiaries, which can be accessed on the Corporation's website at the link https:// www.iocl.com/InvestorCenter/Policy_on_Material_Subsidiary.pdf

RELATED PARTY TRANSACTIONS (RPTs)

In line with the provisions of the Companies Act, 2013 and SEBI guidelines, a policy on material RPTs has been framed, which can be accessed on the website of the Corporation at link https://www.iocl. com/InvestorCenter/Policy_on_related_party_transactionspdf . Your Corporation has undertaken transactionswithrelatedpartiesduring a Government the year in the ordinary course of business. In line with the RPT Policy, approval of the Audit Committee/ Board, as the case may be, was obtained for RPTs. During the year, there was no material RPTs. The disclosures related to Related Party Transactions in accordance with applicable accounting standards are provided at Note-31 of the Standalone Financial Statement.

REPORT ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

In accordance with the provisions of the Companies Act, 2013 and rules framed thereunder, particulars relating to Energy Conservation, Technology Absorption and Foreign Exchange earnings and outgo (on accrual basis) are annexed at Annexure-IV to the report.

PARTICULARS OF EMPLOYEES

As per the provisions of Section 197 of the Companies rules made thereunder, Government companies are exempted from inclusion in the Directors' report particulars ofstatementofthe employees drawing remuneration in excess of limits specified under the Act and Rules notified thereunder.

No employee has

BOARD OF DIRECTORS

The following changes have occurred in the Board of the Corporation:-

1. Shri Debasis Sen ceased to be Director (Planning & Business Development) w.e.f. 01.09.2016.

2. Shri B. Ashok ceased to be Chairman w.e.f. 01.06.2017.

3. Shri Ajay Sawhney ceased to be Government Director w.e.f. 23.06.2017, upon his elevation as Secretary, Ministry of Electronics and Information Technology, Government of India and consequently ceasing to be an official of Ministry of Petroleum & Natural Gas.

4. Shri Subroto Bagchi resigned from the Board due to his pre-occupation owing to other responsibilities w.e.f. 30.06.2017.

5. Shri G.K. Satish was appointed as Director (Planning & Business Development) w.e.f. 01.09.2016

6. Dr. S.S.V. Ramakumar was appointed as Director (Research & Development) w.e.f. 01.02.2017

7. Shri Sanjiv Singh, Director (Refineries), was appointed as Chairman of the Corporation w.e.f. 01.06.2017.

The Corporation has received a all the Independent Directors confirming prescribed for Independent Directors under the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI LoDR). A separate meeting of Independent Directors was held as per provisions of the Companies Act, 2013 and SEBI LoDR.

Shri Verghese Cherian and Shri Anish Aggarwal, Directors, are liable to retire by rotation and are eligible for re-appointment at the forthcoming Annual General Meeting.

During the year, 11 meetings of the Board of Directors were held. The details of the meetings attended by each Director are provided in the Corporate Governance Report and hence not repeated here to avoid duplication.

No significant and material orders were passed by the regulators or courts or tribunals that impact the going concern status of the Corporation and its operations in future.

VIGIL MECHANISM/WHISTLE-BLOWER POLICY

The Corporation has framed a whistle-blower policy wherein the employees are free to report any improper activity resulting in violation of laws, rules, regulations or code of conduct by any of the employees, to the Competent Authority or Chairman of the Act, 2013 and Audit Committee, as the case may would be reviewed by the Competent Authority or Chairman of the Audit Committee. The policy provides that the confidentiality of those reportingviolations shall be maintained and they shall not been subjected to any discriminatory practice. denied access to the Audit Committee. The policy on Vigil Mechanism/ Whistle-Blower can be accessed on the Corporation's website at the link https://www.iocl.com/InvestorCenter/Whistle_Blower_policy.pdf

DETAILS OF LOANS/INVESTMENTS/GUARANTEES

Your Corporationhas provided loans/guarantees to its subsidiaries/ joint ventures and has made investments during the year in compliance with the provisions of the Companies Act, 2013. The details of such investments made and loans/guarantees provided as on 31st March, 2017 are given in the Standalone Financial Statement under Notes 4, 36 and 42.

EXTRACT OF ANNUAL RETURN

As required under the provisions of the Companies Act, 2013, the extract of Annual Return for the financial year ended 31st March, 2017 in the prescribed form MGT-9 is attached at Annexure-V to this report.

DIRECTORS' RESPONSIBILITY STATEMENT

(3) of Pursuant to the requirement under clause (c) of sub-section Sec.134 of the Companies Act, 2013 with respect to the Directors' Responsibility Statement, it is hereby confirmed that: (a) in the preparationof the Annual Accounts, the applicable ofIndependencefrom accounting standards had been followed along with proper thattheymeetthecriteria explanation relating to material departures; (b) the Directors had selected such accounting them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financialyear and of the profit and loss of the company for that period; (c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraudandother (d) the Directors had prepared the annual accounts on a going concern basis; and

(e) the Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. (f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating

ACKNOWLEDGEMENTS

The Board of Directors would like to express its sincere appreciation of the dedicated efforts made by the employees of the IndianOil family in the Corporation's outstanding achievements during the year 2016-17. The Board would also like to thank the Government of India, particularly the Ministry of Petroleum & Natural Gas, and the various State Governments, regulatory and statutory authorities for their valuable guidance and support. The Board is grateful to all its stakeholders, including bankers, investors, members, customers, consultants, technology licensors, contractors, vendors, etc., for their continued support and confidence reposed in the Corporation. The Board would like to place on record its appreciation of the valuable guidance and significant contribution Shri B. Ashok, Shri Ajay Sawhney and Shri Subroto Bagchi during their . tenure on the Board.

For and on behalf of the Board

(Sanjiv Singh) Chairman DIN: 05280701

Place: New Delhi Date : 21.07.2017

AWARDS & RECOGNITIONS

IndianOil retained its position as the top-ranked Indian company among the world's largest corporates in the prestigiousFortune ‘Global 500' listing for 2017. The Company has also retained its top positionin the annual rankings of Business Today (BT-500), Businessworld (BW-500), Business Standard (BS-1000), The Economic Times (ET-500) and Financial Express (FE-1000) by net revenue.

IndianOil's Refineries Headquarters at New Delhi became the first stand-alone office set-up in the world to win TPM Excellence Award-2016. The award was presented at an exclusive function held in Kyoto, Japan, on 23rd March, 2017.

IndianOil bagged the Reader's Digest Most Trusted Brand Award in the Petrol Stationcategory for the 10 th consecutive year.

Brand IndianOil was conferred Superbrand status for the fourth two-year term in a row by M/s. Superbrand India Pvt. Ltd., a leading global consumer survey brand.

IndianOil won the 10th Express,Logistics& Supply Chain

Leadership Award consecutively for the 9th time in a row, in the category of "Excellence in Manufacturing Supply Chain Oil & Gas".

IndianOil's Supplies &Distributiondept. MarketingHO, bagged the Supply Chain and Logistics Excellence Award (SCALE Award) of the Confederation of Indian Industry (CII).

IndianOil's Rural Cards initiative at KSK outlets bagged Flame Awards Silver Trophy, instituted by the Rural Marketing Association of India (RMAI), under the category "Channel Marketing/Retail Incentive

IndianOil bagged the Silver Award for "Outstanding Performance in Citizen-Centric Service Delivery" for the year

2016-17, a national award on e-Governance.

IndianOil bagged the prestigious Dun & Bradstreet Infra Award for excellent project implementation of reverse osmosis plant at its Gujarat Refinery.

IndianOil's Panipat Refinery was awarded the first prize at the International Corrosion Forum "CORCON-2016" organised by NACE international in duplex stainless steel tube bundles of crude distillation overhead exchangers."

Bongaigaon Refinery has been conferred the ‘BE Star Recognition-2016' as ‘Leader - Excellence in Operations Management' by CII.

Jawaharlal Nehru Centenary Award for Energy Performance ." (2014-15) for the Lowest Specific Energy Consumption (MBN) was presented to IndianOil's Mathura Refinery (Group 1) and Panipat Refinery (Group 2).

IndianOil's Bongaigaon Refinery won the Oil & Gas Conservation Fortnight-2015 Award for Lowest Steam Leaks in Group-1 category.

Panipat Refinery bagged the CHT award for best performance in carbon dioxide emissions for the year 2014-15.

Panipat Refinery won the prestigious 1 st Level NationalKaizen award in Renovative category for its Kaizen on the theme "Shockdosing Provision in PRE Cooling Towers" at the 27th

National Kaizen Conference held by CII TPM Club of India in June 2016.

Mathura Refinery was awarded "Safety Innovation Award 2016" by The Institution of Engineers, Delhi State Centre.

IndianOil's Salaya-Mathura Pipeline received the Oil Industry Safety Award instituted by the Oil Industry Safety Directorate under Crude Oil Pipelines category.

IndianOil also received Governance Now PSU Award 2016 (Jury's Choice) for its overall CSR activities.

IndianOil won the National Talent Management Leadership Award-2016 at the fifth edition in-Class Learning and Development, instituted by World HRD Congress.

IndianOil bagged the ‘HR Innovation Awards 2016' in the category of ‘Best HR Team of the Year" at a ceremony organised by The Guild, HT Mint Connect, CNBC TV18 and Talent Vouch.

IndianOil's Marketing Division bagged the ‘25th Global HR Excellence Awards 2017' in Times Ascent World HRD Congress in the category of ‘Talent Management' from among 150 competitors.

IndianOil's Training & Development group in Marketing Division HO bagged the ‘National Talent Management Leadership Award 2016' in the category of ‘Best Onboarding Programme' Module (CCIM), for itsflagshipCommon Corporate Induction Mentoring and On-the- Marketing Induction Job Training Module.

IndianOil was adjudged as the ‘Best Enterprise' at the 27th Public Sector (WIPS).National

ANNEXURE-I

SC/ST/OBC Report - I

Annual Statement showing the representation of SCs, STs and OBCs as on 1st January 2017 and number of appointments made during the preceding calender year

Name of the Public Enterprises: Representation of SCs/STs/OBCs

Indian Oil Corporation Ltd. Number of appointments made during the calendar year 2016

(As on 1.1.2017)

By Direct Recruitment

By Promotion

By Deputation/Absorption

Groups Total SCs STs OBCs Total SCs STs OBCs Total SCs STs Total SCs STs
No. of
Employees
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Executives
A Non- executives 16708 2758 1208 3177 1638 277 117 586 3347 579 241 6 0 0
B 6036 1007 621 291 0 0 0 0 797 137 75 0 0 0
C 9827 1985 720 1851 549 97 54 213 1528 285 129 2 1 0
D (Excluding Sweeper) 691 132 53 274 67 13 5 23 0 0 0 0 0 0
D (Sweeper) 2 2 0 0 0 0 0 0 0 0 0 0 0 0
Total (Executives plus Non- executives) 33264 5884 2602 5593 2254 387 176 822 5672 1001 445 8 1 0

SC/ST/OBC Report - II

Annual Statement showing the representation of SCs, STs and OBCs in various Group A services as on 1 st January 2017 and number of appointments made in the service in various grades in the preceding calender year

Name of the Public Enterprises: Representation of SCs/STs/OBCs

Indian Oil Corporation Ltd. Number of appointments made during the calendar year 2016

(As on 1.1.2017)

By Direct Recruitment

By Promotion

By Deputation/

Absorption

Pay Scale Total SCs STs OBCs Total SCs STs OBCs Total SCs STs Total SCs STs
(in `) No. of
Employees
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
20600-46500 69 6 4 21 2 0 0 1 1 0 0 0 0 0
24900-50500 4934 789 344 1539 1636 277 117 585 332 57 23 1 0 0
29100-54500 3353 504 211 674 0 0 0 0 757 112 45 0 0 0
32900-58000 2979 546 260 532 999 196 87 3 0 0
36600-62000 1873 331 135 255 431 75 38 1 0 0
43200-66000 1378 305 141 134 334 72 26 1 0 0

No recruitment is made in this

51300-73000 1224 195 92 20 233 43 15 0 0 0

Group.

51300-73000 620 66 20 1 150 16 7 0 0 0
51300-73000 206 13 0 1 78 7 0 0 0 0
62000-80000 72 3 1 0 32 1 0 0 0 0
G.Total 16708 2758 1208 3177 1638 277 117 586 3347 579 241 6 0 0

   

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