Indian Oil Corporation Limited 3rd Integrated Annual Report 61st Annual Report 2019-20

About the Report

NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS

Note - 26 : CHANGES IN INVENTORIES OF FINISHED GOODS, STOCK-IN-TRADE AND Note - 28 : FINANCE COSTS
STOCK IN PROCESS (₹ in Crore)
(₹ in Crore) Particulars 2019-2020 2018-2019

Chairman’s Desk
Particulars 2019-2020 2018-2019 Interest Payments on Financial items:

From the
Closing Stock Working Capital Loans:
Finished Products 27,074.48 24,260.44 Bank Borrowings 842.92 1,026.57
Stock in Process 5,432.60 5,739.85 Bonds/Debentures 325.13 65.77
Stock- in - trade 7,630.09 9,313.95 Others 1,379.05 472.98

About IndianOil
40,137.17 39,314.24 2,547.10 1,565.32
Less: Other Loans:
Opening Stock Bank Borrowings 242.54 381.36
Finished Products 24,260.44 22,947.90 Bonds/Debentures 533.18 579.87

Description of Capitals
Stock in Process 5,739.85 4,960.90 Lease Obligations 756.53 462.72
Stock - in - Trade 9,313.95 8,394.31 1,532.25 1,423.95
39,314.24 36,303.11
Add: Transfer to Exceptional Items 5,587.50 - Unwinding of Discount 65.74 44.85
NET INCREASE / (DECREASE) 6,410.43 3,011.13 Others 5.59 17.43

Board of Directors, etc.

4,150.68 3,051.55
Note - 27 : EMPLOYEE BENEFITS EXPENSE Interest Payments on Non Financial items:
(₹ in Crore)
Unwinding of Discount 0.14 0.04
Particulars 2019-2020 2018-2019
Others A 343.30 446.93
Salaries, Wages, Bonus etc 6,504.09 7,053.80
343.44 446.97
Contribution to Provident & Other Funds 1,207.10 2,365.02
4,494.12 3,498.52

Directors’ Report
Voluntary Retirement Compensation 1.75 1.49
Other Borrowing Cost B 31.33 16.95
Staff Welfare Expenses 1,079.71 1,681.86
Applicable Net (Gain) / Loss on Foreign Currency Transactions and Translation 1,454.00 795.56
TOTAL 8,792.65 11,102.17
TOTAL 5,979.45 4,311.03
A. Mainly includes:
A. Excludes ₹ 405.12 crore (2019: ₹ 372.88 crore) included in capital work in progress (construction period expenses

Discussion & Analysis

- Note-2.2) / intangible assets under development (Note - 3.1) and ₹ 24.63 crore (2019: ₹ 21.92 crore) included in CSR Interest on Entry Tax Liability - 56.53

Management’s
expenses (Note - 29.1). Interest expenses u/s 234 B and 234C - 35.53

B. Includes expenditure on account of Staff and Establishment amounting to ₹ 24.82 crore (2019: ₹ 21.13 crore) engaged Interest on Kandla Port Trust Rental Liability 326.54 28.66
in Public Relations and Publicity (Refer Note 29.1) B. Mainly pertains to franking charges, service charges & other indirect expenses on
borrowings.
C. Includes ₹ 130.24 crore (2019: NIL) towards Provident Fund contribution for likely future interest shortfall on portfolio

Responsibility Report
Total interest expense (calculated using the effective interest method) for financial
basis. liabilities that are not at fair value through profit or loss
4,150.68 3,051.55

Business
D. Disclosure in compliance with Indian Accounting Standard-19 on “Employee Benefits” is given in Note - 35.

Corporate Governance
Report on
Financial Statements
Standalone
224 Financial Statements Financial Statements 225