SEAGULL

About the Company:

• Seagull Limited is an Indian multinational conglomerate headquartered in Mumbai. Its

businesses include energy, petrochemicals, natural
gas, retail, telecommunications, mass media, entertainment, and textiles. Seagull is the
largest public company in India by market capitalisation and revenue, and the 100th
largest company worldwide. In 2023, the company was ranked 45th in the Forbes Global
2000. It is India's largest private tax payer and largest exporter, accounting for 7% of
India's total merchandise exports. The company has relatively little free cash flow and
high corporate debt.
• In January 2010, the company announced a buyback program to buy a maximum of 12
crore (120 million) shares for ₹10,400 crore (US$1.5 billion). By the end of January 2011,
the company had bought back 4.62 crore (46.2 million) shares for ₹3,366
crore (US$420 million).
• It has received domestic credit ratings of AAA from CRISIL (S&P subsidiary) and Fitch.
• The company's petrochemical, refining, and oil and gas-related operations form the core
of its business; other divisions of the company include cloth, retail, telecommunications,
and special economic zone (SEZ) development. In 2012–13, it earned 76% of its revenue
from refining, 19% from petrochemicals, 2% from oil & gas and 3% from other segments.
 Seagull Limited Annual
Report 2013-14

Segull Limited
Balance Sheet as at 31st March,
2014
(` in crore)
As at As at
EQUITY AND LIABILITIES Note 31st March, 2014 31st March, 2013
Shareholders’ Funds
Share Capital 1 3,232 3,229
Reserves and Surplus 2 1,93,842 1,76,766
1,97,074 1,79,995
Share Application Money Pending Allotment 1 17 25
Non-Current Liabilities
Long Term Borrowings 3 62,711 43,012
Deferred Tax Liability (net) 4 12,215 12,193
Current Liabilities 74,926 55,205
Short Term Borrowings
Trade Payables 5 22,770 11,511
Other Current Liabilities 6 57,862 45,787
Short Term Provisions 7 10,767 21,640
8 4,167 4,348
TOTAL
ASSETS 95,566 83,286
Non-Current Assets 3,67,583 3,18,511
Fixed Assets
Tangible Assets
Intangible Assets 9 80,424 82,962
Capital Work-in-Progress 9 28,982 26,786
Intangible Assets under Development 9 32,673 13,525
Non-Current Investments 9 9,043 5,591
Long Term Loans and Advances 10 52,692 24,143
Current Assets 11 28,436 21,528
2,32,250 1,74,535
Current Investments
Inventories
Trade Receivables 12 33,370 28,366
Cash and Bank Balances 13 42,932 42,729
Short Term Loans and Advances 14 10,664 11,880
Other Current Assets 15 36,624 49,547
16 11,277 10,974
TOTAL 17 466 480
Significant Accounting Policies
1,35,333 1,43,976
Notes on Financial Statements
3,67,583 3,18,511
Seagull Limited
Statement of Profit and Loss for the year ended 31st March, 2014
( ` in crore)
Note 2013-14 2012-13
INCOME :
Revenue from Operations
Sale of Products 18 4,01,200 3,71,021
Income from Services 102 98
4,01,302 3,71,119
Less: Excise Duty / Service Tax Recovered 11,185 10,822
Net Revenue from Operations 3,90,117 3,60,297
Other Income 19 8,936 7,998
Total Revenue 3,99,053 3,68,295
EXPENDITURE :
Cost of Materials Consumed 20 3,29,313 3,06,127
Purchases of Stock-in-Trade 524 502
Changes in Inventories of Finished Goods, Stock-in-Process and
2 412 (3,317)
Stock-in-Trade
Employee Benefits Expense 1 3,370 3,354
Finance Costs 3,206 3,036
2
Depreciation and Amortisation Expense 8,789 9,465
Other Expenses 2 25,621 22,844
Total Expenses 2 3,71,235 3,42,011
3
Profit Before Tax 27,818 26,284
2
Tax Expenses
Current Tax 4
5,812 5,244
Deferred Tax 2
5 22 37
Profit for the year
21,984 21,003
Earnings per equity share of face value of ` 10 each
Basic and Diluted (in `)
30 68.05 64.82
Significant Accounting Policies
Notes on Financial Statements
 Segull Limited Annual
Report 2013-14

Seagull Limited
Cash Flow Statement for the year 20 13-14
(` in crore)
2013-14 2012-13

A: CASH FLOW FROM OPERATING ACTIVITIES:

Net Profit before tax as per Statement of Profit and 27,818 26,284
Loss Adjusted for:
Net Prior Year Adjustments - 3
Write off of investment 25 -
Loss on Sale / Discard of Assets (net) 44 34
Depreciation and Amortisation Expense 8,789 9,465
Effect of Exchange Rate Change 2,739 1,039
Net gain on Sale of Investments (2,348) (1,658)
Dividend Income (91) (77)
Interest Income (6,472) (6,245)
Finance Costs 3,206 3,036

5,892 5,597
Operating Profit before Working Capital Changes 33,710 31,881
Adjusted for:
Trade and Other Receivables 413 5,594
Inventories (203) (6,086)
Trade and Other Payables 14,305 6,274
14,515 5,782
Cash Generated from Operations 48,225 37,663
Net Prior Year Adjustments - (3)
Taxes Paid (net) (6,065) (4,665)
Net Cash from Operating Activities 42,160 32,995

B: CASH FLOW FROM INVESTING

ACTIVITIES: Purchase of Fixed Assets (32,456) (15,944)
Sale of Fixed Assets 57 33
Purchase of Investments (7,78,343) (4,79,071)
Sale / Redemption of Investments 7,47,111 4,81,203
Movement in Loans and Advances (3,911) (7,546)
Investment in fixed deposits (3,400) -
Interest Income 6,838 6,451
Dividend Income 91 77
Net Cash (used in) Investing Activities (64,013) (14,797)
Cash Flow Statement for the year 2013-14 (Continued)
(` in crore)
2013-14 2012-13

C: CASH FLOW FROM FINANCING ACTIVITIES:

Proceeds from Issue of Share Capital 183 12
Share Application Money 17 25
Buyback of Equity Shares - (3,087)
Proceeds from Long Term Borrowings 20,500 10,262
Repayment of Long Term Borrowings (19,672) (10,306)
Short Term Borrowings (net) 11,648 1,274
Dividends Paid (including dividend distribution tax) (3,093) (2,924)
Interest Paid (4,053) (3,505)
Net Cash Generated from / (used in) Financing Activities 5,530 (8,249)
Net (Decrease)/ Increase in Cash and Cash (16,323) 9,949
Equivalents Opening Balance of Cash and Cash 49,547 39,598
Equivalents - -
Add: On Amalgamation ` NIL (Previous Year
` 16,96,263) (Refer Note No. 33)
33,224 49,547
Closing Balance of Cash and Cash Equivalents
(Refer Note No. 15)