To the family of CPCL Shareowners,
On behalf of the Board of Directors of your Company, I am pleased to present the 57th
Annual Report and the 1st Integrated Annual Report on the working of your
Company, together with the Audited Statement of Standalone and Consolidated Accounts,
Auditors' Report and the Report ofthe Comptroller & Auditor General of India on the
Standalone and Consolidated Accounts for the year ended March 31, 2023.
PERFORMANCE REVIEW
Financials (Standalone and Consolidated)
The summary ofthe Standalone and Consolidated Financial Statements are as under:
|
Standalone |
Consolidated |
|
2022-23 | |
2021-22 | |
2022-23 | |
2021-22 |
Gross Turnover |
90801 |
60402 |
90801 |
60402 |
Profit Before Finance Cost, Depreciation and Tax |
5712 |
2748 |
5703 |
2741 |
Finance Cost |
330 |
412 |
330 |
412 |
Depreciation, Amortisation and Impairment |
573 |
504 |
573 |
504 |
Profit Before Tax ( before Share of Profit of Joint Ventures) |
4809 |
1832 |
4800 |
1825 |
Share of Profit of Joint Ventures |
- |
- |
6 |
16 |
Profit Before tax |
4809 |
1832 |
4806 |
1841 |
Tax Provision |
1275 |
490 |
1275 |
489 |
Profit After tax |
3534 |
1342 |
3531 |
1352 |
Analysis of Profitability
The Company posted the highest ever Profit Before Tax of Rs.4809 Crore (higher by 162%)
and Profit After Tax (PAT) of Rs.3534 Crore.
This excellent financial performance is due to stellar operating performance with
highest ever Crude throughput of 11.316 MMT and focussed improvement on reliability
coupled with feed optimization which enabled secondary unit to surpass the previous best.
This was also supported by robust margin which prevailed in the international market
during the FY 2022-23.
The GRMs thereby increased from US $8.85/bbI in 2021-22 to US$ 11.91/bbl in 2022-23.
Highlights
During the FY 2022-23 your Company recorded an all-time high turnover of Rs.90801
Crore. Profit Before Tax (PBT) of Rs.4809 Crore and Profit After Tax (PAT) of Rs.3534
Crore.
Recommended highest ever dividend of 270% on the paid up Equity Share Capital of the
company.
Nil comments from C&AG for FY 2022-23 - 19th year in
succession
Issue of securities / change in share capital
During the year 2022-23, there is no change in the share capital of the company. No
securities were issued during the year.
Dividend
Article 114 of the Articles of Association and Guidelines on Capital Restructuring of
Central Public Sector Enterprises dated 27th May, 2016 issued by the Ministry
of Finance, Department of Investment and Public Asset Management (DIPAM), Government of
India together constitute the Dividend Distribution Policy of the Company and the same is
hosted on the website ofthe Company under the link https://
www.cpcl.co.in/Policies/2018/dividend%20distribution%20 policy.pdf
Our Board has recommended a Dividend of 6.65% on the paid up outstanding preference
share capital ofthe Company, representing Rs.0.665 per preference share amounting to
Rs.33.25 crore for the year 2022-23. Considering the all-time high profits earned by the
company during FY 2022-23, the Board has recommended a dividend of 270% on paid-up Equity
Share Capital ofthe Company amounting to Rs.27/- per share as on 31.03.2023 amounting to
Rs.402 Crore.
Book Value and Reserves and Surplus
There has been significant accretion to the reserves of the Company due to enhanced
profitability. The reserves and surplus as on 31st March, 2023 more than
doubled to Rs.6132.05 crore as compared to Rs.2641.32 crore as on 31st March,
2022.
The bookvalue per share ofyourCompanyas on 31.03.2023 increased significantly to
Rs.421.79 as compared to Rs.187.38 as on 31st March, 2022.
Value Addition
The value addition during the year 2022-23 witnessed a steep increase at Rs.6797 Crore
as compared to Rs.3835 Crore in the previous year.
Digital India Initiatives
Your company has achieved 100% digital transactions during the financial year 2022-23.
Contribution to Exchequer
Your Company has been regularly contributing to both State and Central Exchequers in
the form of duties and taxes. The details are as under:
(Rs Crore)
Particulars |
2022-23 |
2021-22 |
Central Exchequer |
16453 |
18124 |
State Exchequer |
1275 |
798 |
Total |
17728 |
18922 |
Capex
Your Company has incurred Capital Expenditure of Rs.654.06 crore for the year 2022-23
as compared to Rs.647.77 crore in the previous year 2021-22.
Public Deposit Scheme
Your Company has not accepted any public deposit during the year 2022-23 and no public
deposit was outstanding as on 31st March, 2023.
Credit Rating
The company's financial prudence is reflected in the strong credit ratings assigned by
the Credit Rating agencies. The details of Credit Ratings are as under:
INSTRUMENT |
RATING AGENCY |
RATING |
Short term borrowings / |
CRISIL & ICRA |
AAA |
PCFC (including BG) |
|
|
Commercial Papers |
CRISIL & ICRA |
A1 + |
Debentures |
CRISIL & ICRA |
AAA |
Transfer of Unclaimed Dividend to IEPF
No dividend amount / shares is required to be transferred to the Investor Education
& Protection Fund (IEPF) as per Section-124 ofthe Companies Act, 2013 during the year
2022-23, as no dividend was declared in view ofthe losses for the FY 2014-15.
OPERATIONAL PERFORMANCE: PHYSICAL:
CRUDE OIL throughput (in Thousand Metric Tonnes(TMT) | |
2022-23 |
2021-22 |
Imported |
9373 |
7208 |
Indigenous |
1943 |
1832 |
Total Throughput |
11316 |
9040 |
PRODUCTION (in TMT) |
|
|
Light Ends |
2587 |
2178 |
Middle Distillates |
6217 |
4842 |
Lube Base Stock |
236 |
195 |
Wax |
28 |
23 |
Heavy Ends |
1487 |
1134 |
Intermediates differential |
(19) |
88 |
Other Inputs |
(270) |
(328) |
Fuel & Loss |
1049 |
909 |
Total Output |
11316 |
9040 |
Distillate Yield |
76.0 |
74.9 |
Fuel and Loss (%) |
9.06 |
9.71 |
Operational Performance
Your Company achieved a throughput of 11.316 MMT in 2022-23 as against MoU target of
10.73 MMT and surpassed Name plate capacity of 10.5 MMTPA for the first time and achieved
the highest ever crude processing as against the previous best of 10.289 MMTPA in 2017-18.
The distillates yield achieved for 2022-23 was 76.0% as compared to 74.9% in 2021-22.
The Energy Intensity Index (Ell) recorded was the lowest ever at 89.2 against the
previous best of 96.2 in the year 2021-22. The specific energy consumption recorded was
the lowest ever at 74.2 against the previous lowest of 81.4 in the year 2019-20 and
achieved Perform Achieve and Trade (PAT) cycle -VI target of 76.8. The operational
availability during the year was 98.9% against the target of 97%. Fuel & Loss was
lower at 9.06 % as compared to 9.71% in the previous year.
Your Company clocked the highest ever Once Through Hydro Cracker Unit (OHCU) throughput
of 2,372 TMT against the previous best of 2,307 TMT in 2019-20. Delayed Coker unit (DCU)
achieved highest ever throughput of 1975 TMT surpassing previous best of 1405 TMT in
2019-20.
Your Company clocked the highest ever production and dispatch in respect of the
following:
Product |
Production Quantity in 2022-23 |
Production in TMT Previous best Quantity |
Previous best year |
Despatch Quantity in 2022-23 |
Despatch in TMT Previous best Quantity |
Previous best year |
Naphtha |
976 |
815 |
2019-20 |
1015 |
856 |
2019-20 |
Hexane |
28.4 |
26.7 |
2021-22 |
27.8 |
26.6 |
2021-22 |
Motor Spirit (MS) |
1142 |
1107 |
2017-18 |
1150 |
1121 |
2016-17 |
Mineral Turpentine Oil (MTO) |
31.4 |
8.1 |
2021-22 |
31.4 |
8.1 |
2021-22 |
Aviation Turbine Fuel (ATF) |
1039 |
1016 |
2019-20 |
1023 |
996 |
2019-20 |
High Speed Diesel (HSD) |
5041 |
4677 |
2018-19 |
5065 |
4404 |
2018-19 |
Petcoke |
539 |
414 |
2019-20 |
562 |
409 |
2019-20 |
Sulphur |
129 |
99 |
2019-20 |
128 |
99 |
2019-20 |
Some of the other highlights of Operational Performance
during the year are as under:
Successfully processed five new crudes viz., Tupi from Brazil; Kole from Cameroon;
Urals from Russia; Sokol from Russia and ESPO from Russia.
Highest ever monthly Mineral Turpentine Oil (MTO) dispatch of 5.8 TMT in Jan'23
surpassing the previous best of 4.8TMT (Sep'22).
Highest ever monthly Fluidised Catalytic Cracking Unit (FCCU) throughput of 96.6 TMT in
Jan'23 surpassing the previous best of 95.8 TMT in Mar'22.
Highest ever Lube Oil Base Stock (LOBS) production and dispatch of 236 TMT and 241 TMT
respectively, in the last ten years.
Highest ever monthly Once Through Hydro Cracker Unit (OHCU) throughput at 227 TMT in
May'22 which surpassing the previous best of 222 TMT (Mar'22).
Highest ever monthly throughput of Delayed Coker Unit (DCU) at 198 TMT in May'22
surpassing the previous best of 183 TMT (Mar'22).
Highest ever Hexane production and dispatch at 3.1 TMT in Apr'22 surpassing the
previous best of 2.8 TMT (J uly' 21).
Successfully produced and supplied 39.7 MT of JP-7(Jet Fuel) to Defence Research and
Development Organisation (DRDO) during Oct'22.
Successfully produced and dispatched new product LSHS (Premium) during Feb'23.
First time export of Naphtha co-loading with Paradip Refinery during Jun'22.
Exported higher parcel size of Naphtha (55 TMT parcel) directly from Chennai port
during Jul'22 (Double berthing).
Successfully completed HSD Export parcel of 40 TMT to M/s. Ceypetco, Sri Lanka in
May'22.
MOU PERFORMANCE
Your Company has received "Excellent" rating for its performance during
FY2021-22 with respect to the MoU signed with its holding Company, Indian Oil Corporation
Limited (IOCL). Further, your company had signed MoU with IOCL for FY 2022-23, as per the
guidelines issued by the Department of Public Enterprises (DPE), which shall be evaluated
in due course oftime.
MARKETING
Indian Oil Corporation Ltd., the holding company, markets a majority of fuel products
and Petroleum, Oil and Lubricants (POL) produced by your Company.
Apart from the above, the details of sale of products through direct marketing by your
company during 2022-23 as compared to the previous year 2021-2022 are given below;
PRODUCT |
SALE QTY (IN MT) |
2022-23 | |
2021-22 |
A; Downstream Products |
|
|
Linear Alkyl Benzene Feed Stock (LABFS) |
68065 |
77141 |
Butene +Methyl Ethyl Ketone Feed Stock (MEKFS) |
19325 |
19802 |
Propylene |
34706 |
34068 |
Poly Butene Feed Stock (PBFS) +Lean PBFS |
10311 |
11695 |
B; Other Products |
|
|
Paraffin Wax |
28909 |
23494 |
Hexane |
22762 |
21876 |
Sulphur |
125168 |
81125 |
Pet-Coke |
562308 |
349349 |
Mineral Turpentine Oil (MTO) |
31390 |
8159 |
Furnace Oil |
4007 |
4030 |
TOTAL |
906951 |
630739 |
During the year, your company achieved substantial growth in the sale of products like
Propylene, Paraffin wax, FG Hexane, MTO through proactive marketing initiatives and also
achieved highest ever sale of FG Hexane, MTO & Sulphur during 2022-23. Direct sale of
products recorded an increase of about 44 %, from 631 TMT in 2021-2022 to 907 TMT during
2022-2023.
RESEARCH & DEVELOPMENT (R&D)
Your Company's R&D plays a pivotal role in providing support to refinery
operations.
During the year various studies were carried out as under:
Evaluation of lube potential for various crude mixes (3 Nos.) through pilot plant
aromatic extraction studies and lab scale dewaxing studies
Hydro-treatment of Heavy Coker Gas Oil (HCGO) to evaluate its suitability as feedstock
for Fluidised Catalytic Cracking Unit (FCCU)
Evaluation of FCC GDS unit's suitability for processing of Heavy Naphtha
Feasibility of paint grade MTO production out of syn. Naphtha from Diesel
Hydro-Treating Unit (DHDT).
PROJECTS
Your Company achieved a capex of Rs.654.06 crore, during
the year.
Union Minister of State for Petroleum & Natural Gas and Labour & Employment
visited CPCL's Manali Refinery and kickstarted commissioning activities of BS SRU Block
MAJOR COMPLETED PROJECTS
Fuel Quality Upgradation Project:
During the year, as part of Fuel Quality Upgradation project, your company had
commissioned the new Sulphur Recovery Block consisting of SWS (Sour Water Stripper), ARU
(Amine Regeneration Unit) and SRU (Sulphur Recovery Unit).
OTHER COMPLETED PROJECTS
I. Roof Top Solar System in Plant & Non-Plant Area Buildings
Installation of Rooftop solar system in plant and non-plant area buildings with total
capacity of 915 KW completed and commissioned in all locations.
PROJECTS UNDER IMPLEMENTATION:
Pharma Grade Hexane Production at Manali Refinery:
Your company is envisaging production of Pharma Grade Hexane in the Isomerization Unit.
The objective of the revamp is to replace existing conventional column internals with
Divided Wall Column (DWC) Trays and internals followed by Benzene saturation reactor for
production of 35000 MTPA Pharma Grade Hexane.
The estimated cost of the project is Rs.67.15 Cr (net of GST Credit) and is expected to
be completed in FY 2023-24.
Cauvery Basin Refinery & Petrochemicals Ltd. (CBRPL) Project:
Your company along with Indian Oil Corporation Limited (IOCL) in Joint Venture Mode is
setting up a new grass root refinery of 9 MMTPA capacity with petrochemical facilities at
Nagapattinam, Tamil Nadu. The new refinery will be set up in an area of about 1300 acres,
out of which 618 acres is already owned by your company and the balance land is under
advanced stage of acquisition. This new refinery will produce Petrol and Diesel of Bharat
Stage-VI specifications and Polypropylene as a value added product.
Joint Venture CompanyfJVC), Cauvery Basin Refinery and Petrochemicals Limited (CBRPL)
was incorporated on 06-Jan- 2023 between IOCL, CPCL & other seed equity investors.
Signing of Joint Venture Agreement for CBRPL
Contract had been awarded to all 4 EPCM consultants. M/s KPMG was also lined up as
Owner's Project Management Consultant (OPMC). Engineering and Procurement activities are
in progress. Tenders for all Lump Sum Turn Key (LSTK) and Build Own & Operate (BOO)
contracts are ready for award and tenders for all critical equipment were already floated.
Site enabling works viz.. Site grading, Construction power & Construction water works
are gathering momentum at site.
Roadshows were conducted at site pertaining to opportunities that are available for all
major Stakeholders of the Project. Roadshows also acted as a channel to reach out to the
broader local community, spreading a message of possible socio-economic benefits emanating
from the project. Local suppliers of land, utilities, soil, sand, aggregates, and other
materials also attended the event to gain insight into potentia opportunities. The event
saw massive participation not only from large partners and multinational companies across
India but also from local and regional players.
Digital Control Tower (DCT) for effective project monitoring of the project was
installed at both Corporate office and project site. DCT can be accessed through mobile
application & desktop.
FUTURE PROJECTS
Group ll/lll LOBS Projects
Your company is planning to implement a project for production of Group ll/lll Lube Oil
Base Stocks. First stage approval for the project has been received. Pre-project
activities such as preparation of BDEP for Process Units and Detailed Feasibility Report
(DFR) have been completed. Application for obtaining Environment Clearance has been filed
with MoEFCC.
HEALTH, SAFETY AND ENVIRONMENT
Health
Your Company strives to achieve highest standards of excellence in providing health
care to its employees including contract workers by ensuring a safe work environment and
effective monitoring of various hazards in the refinery.
Various health promotion programs were conducted for the wellbeing ofthe employees, as
under:
INFORMATION TECHNOLOGY
Your Company has undertaken the following initiatives
during the year:
Implemented the first of its kind Bulk Voice Messaging system to Emergency Fire
Coordinators.
Critical perimeter firewall replaced with best-in-class appliance with next Generation
features.
Endpoint Detection and Response (EDR) agent installed in all desktops for Artificial
Intelligence (Al) based threat detection and response.
IT security Audit of all critical IT assets carried outthrough CERT-ln empanelled
agency.
Webinar on Healthy Lungs and Common Gynecological
Issues
Health talkon HazardsofTobacco/smoking and Healthy Heart - Healthy Life.
Six training programs on "First Aid and Occupational Hazards"
2 Free eye screening camps wherein 400 persons were examined and 24 persons were
diagnosed with cataract and were taken to Sankara Nethralaya eye Hospital for surgery.
Free spectacles were distributed for deserving.
Voluntary Blood Donation Camp held at Occupational Health Services at CPCL in
coordination with Government Hospital, Chennai. 175 of our employees had the noble deed of
Blood Donation on this occasion.
Safety
Your Company adheres to the highest standards of safety while carrying out its
operations.
Total Accident free days and fire free days achieved as on 31.03.2023 are 1281 and 1153
respectively. The significant safety initiatives undertaken during the year include the
following
Onsite Emergency Mock Drills including rescue from height scenario and a Night Hour
Onsite Mock Drill conducted at Manali Refinery as per Emergency Response and Disaster
Management Plan.
Monthly Mock drills with different scenarios to check the preparedness of systems and
healthiness of the equipments.
As a part of Behaviour Based Safety implementation, training programs were arranged.
Emergency Voice Call facility was developed to intimate all Coordinators and Top
Management aboutthe Emergency in the plant, if any.
Offsite Emergency Mock drill conducted at Madras Fertilizers Limited on 22nd
June 2022 on behalf of Manali cluster of industries , under the Chairmanship of Thiru
M.Sivaguru Prabakaran, IAS, Regional Dy. Commissioner (North), Greater Chennai
Corporation. Your Company played a major role in the activities related to Offsite mock
drill.
Near Miss Incidents (NMI) Liquidation Committees were formed for follow up and ensure
closure of pending NMIs and for suggesting mitigation measures for the pending
NMIs. Number of Fire Incidents and Injuries have come down drastically due to the focus
given on liquidation of Critical NMIs in particular.
Inherent Fire Retardant (IFR) suits were made compulsory for all Employees and workers
before entering into plant. IFR suits are issued to eligible employees in this regard.
Pressure Fed Fuel Fire Training (PFFFT) was imparted to 5 batches of Airports Authority
of India (AAI) employees covering 103 personnel.
Live Fire Drill Trainings for IOCL Employees - 97 Employees were covered in the three
programs that were conducted in June'22, Sep'22, and Mar'23.
Safety Audits conducted during the yearwere as under:
11th External Safety Audit (ESA) by OISD in October 2022
Internal Safety Audit in September 2022.
Pre Commissioning Safety Audit of BS-VI SRU between 04.08.22 & 05.08.22 by OISD.
Safety audit by the PESO approved third party agency viz., M/s. Hubert Enviro Care
Systems Pvt Ltd (HECS) as per PESO guidelines in Mar'23.
The recommendations of both internal and external safety audits are being implemented
in time bound manner with regular monitoring during the monthly Central Safety Committee
meeting.
The Parliamentary Committee visited your Manali Refinery in Sept'22 to review the
Emergency Response and Disaster Management Plan (ERDMP) in CPCL and appreciated the
efforts taken by the CPCL team.
Parliamentary Committee on Sub-ordinate Legislation, Rajya Sabha under the Chairmanship
of Hon'ble Member of Parliament Mr.Akhilesh Prasad visited CPCL's Manali Refinery on
September 13, 2022 to review the Emergency Response and Disaster Management Plan (ERDMP)
in CPCL.
Environment
Your Company is committed to protect the environment in which it operates and is
complying all the statutory requirements with respect to Environment such as Environment
Protection Act, MINAS, NAAQM standards, etc.
Several Environmental initiatives undertaken during the year are as under:
Azadi Ka Amrit Mahotsav (AKAM) was celebrated with Tree Plantation drive on 08.06.2022.
500 saplings were planted in Amullaivoyal area near Manali where Green Belt is already
developed.
Towards creating awareness among publicto avoid single use plastic, distribution of
cotton bags to Tamilnadu Government was carried out.
World Environment Day (WED) was celebrated with the theme "Solutions to Plastic
Pollution" on 5th June 2023.
500 Nos of Miyawaki saplings planted in LPG Plant covering 0.05 acre of land in August
2022.
Leak Detection and Repair Programme (LDAR) was conducted in December 2022
915.3 KW solar panel installed in Manali Refinery during FY 2022-23
Your company has been certified for Energy Management System (ISO 50001) in March 2023.
In recognition of efforts taken bythe company, your company was awarded the Deutsche
Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH award for excellence in
Industrial Disaster Risk Management in Feb-2023 by Federation of Indian chambers of
Commerce (FICCI).
ENERGY CONSERVATION
Your company lays utmost emphasis on optimum usage of energy by implementing several
energy conservation measures.
During the year, your company achieved an Specific Energy Consumption (MBN) and Energy
Intensity Index (Ell) of 74.2 and 89.2 (Best achieved) respectively as against 82.6 and
96.5 in 2021-22. 28 numbers of energy conservation measures were implemented successfully
during the year 2022-23. This resulted in energy savings of 14516 Standard Refinery Fuel
Tonne (SRFT) per annum which is approximately 0.13% reduction in F&L. The details of
energy conservation measures are given in Annexure I. Furnace Efficiency Audit was
conducted by CHT External Auditors as part of SAKSHAM 2023. Furnace efficiency has
increased to 84.7% in 2023 survey from 78.9% in 2020 survey.
Oil & Gas Conservation Fortnight (SAKSHAM 2023) with the theme "Energy
Conservation towards Net Zero" was observed from 24th April to 8th
May 2023 as per the directives of Ministry of Petroleum and Natural Gas (MoP&NG)to
create awareness among the masses about conservation of Oil and Gas.
Cyclothon was conducted for Chennai Public at CPCL Polytechnic College at Manali.
RELIABILITY IMPROVEMENT INITIATIVES
Your company has taken several measures to ensure reliability of its refinery
operations which are as under:
Cyber Security
To reinforce the Operational Technology (OT) system. M/s E&Y (Ernst & Young
LLC) was awarded the contract for OT
Cyber security audit. Audit commenced since April 2023 and is under progress.
Procurement of Hardware and Software for OT cyber security (Dedicated OT Network
creation) initiated.
To ensure reliable operation of power system. Cogen and Captive Power Plant's (CPP)
Programmable Logic Controller (PLC) are being replaced with state-of-art PLC Control
systems.
HUMAN RESOURCES
Your Company believes that human resource pool has to play an important role in the
emerging competitive scenario. Accordingly, several initiatives have been taken forthe
growth and development of employees to face future challenges.
Manpower Details:
The committed workforce of 1466 continued to perform their duties, despite challenges
posed by COVID-19 to fuel the country. The total number of employees as on 31st
March. 2023 was 1466 comprising of 753 Executives and 713 Non- executives.
New Initiatives:
The following initiatives were taken up by your Company during the year 2022-23
Competency Development Program was conducted for our employees in Grade D and above by
premier institute viz. XLRI, Jamshedpur on all eight competencies (Operational. Customer.
Content. Talent. Relationship. Business Result. Change and Strategic) and Mentorship.
The Company provides 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. The Company supports participative culture in the management of the
enterprise and has adopted a consultative approach with collectives, establishing a
harmonious relationship for industrial peace, thereby leading to higher productivity.
The Company engaged apprentices under various categories like Trade/ Technician/
Graduate. The apprentices were imparted practical inputs with a structured monitoring and
assessment methodology.
Learning & Development:
During the year 2022-23, your company has achieved 3.21 Average Training Man-Days
against the target of 2.5 Man- Days. 259 Training programmes have been conducted and 1236
employees have attended the training.
Other initiatives in the areas of training are as under:
Core Course Module I Training on "Refinery Operations" conducted for 15
Supervisory Employees from 23rd May 2022 to 27th May 2022 at
Refinery Engineering School of Training (RESOT).
11 days Mid-Career training for Officers with experience of more than 10 years
conducted from 29th September
2022 to 11th October 2022, covering 10 Supervisory employees.
Behavior Based Safety Training Programme conducted for 108 employees on 30th
January 2023 and 31st January
2023 at RESOT & HRD Centre.
Strategic Leadership Competency Development Program (CDP), Business Result Leadership
CDP and Mentorship Programs were conducted for employees in Grade D, E, F & G for six
days by XLRI at RESOT. 24 Supervisory employees have attended the training.
Core Course Module III Training on "Instrumentation and Electrical
Maintenance" was conducted for 18 Supervisory Employees.
Competency Development and Mentorship programs conducted for employees in Grade C &
D. 17 Supervisory employees attended the training.
Following activities are completed under the Learning Management System (LMS):
- Training Need Assessment conducted for Supervisory Employees. 664 Employees attended
the assessment in LMS platform.
- Individual Development Plan (IDP) prepared for the Supervisory Employees based on
their performance in Training Need Assessment.
- Training Calendar prepared forthe Financial Year April 2023 to March 2024.
Reservation in respect of SC/ST/OBC/PWD:
Your Company is complying with the Presidential Directives and various instructions of
the Government relating to the welfare of the SC / ST / OBC / PwBD (Persons with Benchmark
Disabilities) / Ex-Servicemen / EWS (Economically Weaker Section). Rosters are maintained
as perthe directives and are regularly inspected by the Liaison Officer(s) of the Company
as well as the Liaison Officer of the Government of India to ensure proper compliance.
Out of the total manpower, there were 300 SC employees and 50 ST employees as on 31st
March, 2023, constituting 20.46% and 3.41% of the total manpower respectively.
In accordance with the Presidential Directive, the details of representation of
SCs/STs/OBCs in the prescribed proforma are attached as Annexure II.
Your Company is implementing the provisions ofthe Rights of Persons with Disabilities
Act, 2016 byway of 4% reservation for physically challenged and disabled persons. In
addition, various concessions and relaxations are being extended to physically challenged
persons in the recruitment process in line with the Government guidelines.
Compliance with Prevention of Sexual Harassment of Women at Work Place (Prevention,
Prohibition and Redressal) Act, 2013.
Your Company is committed to prevention of sexual harassment of women at the workplace
and takes prompt action in the event of reporting of such incidents. In this regard, an
Internal Complaints Committee has been constituted to deal with sexual harassment
complaints and conduct enquiries, if any. Further, a hand-book on Prevention of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
released by the Ministry ofWomen and Child Development, Government of India, has been
uploaded on the intranet to sensitize all employees about the provisions ofthe Act.
Regular workshops were organized, especially for women employees to bring awareness about
their rights and facilities at the workplace emphasizing the provisions of the Act. There
were no complaints of sexual harassment during the year.
Women Empowerment:
Your Company is committed to diversity and inclusiveness and focusses on women
development & gender equality. As on 31st March, 2023, 76 women employees
are on the rolls ofthe Company, of whom 61 are in the supervisory cadre and 15 are in
non-supervisory cadre, constituting 8.10% of the total supervisory employees and 2.10%
ofthe total non- supervisory employees.
Management has conducted meeting with the representatives of Women Cell to encourage
the well-being of women employees.
International Women's Day was celebrated on 08.03.2023. Special Invitee Dr.A.Sadhana
Rajkumar, spoke on the importance of nutrition and proper diet for better health and
mental and physical development ofwomen.
Corporate Social Responsibility (CSR) & Sustainable Development (SD):
Your Company continuously undertakes Corporate Social Responsibility initiatives that
caterto the urgent and essential needs ofthe local community.
As per your companys Corporate Social Responsibility (CSR) Vision "Strive for
Educated, Healthy, Economically Developed and Environmentally Protected community around
the Refineries", the CSR activities are carried out in
thethrust areas which includes providing safe drinking water, health care, sanitation,
education, employment, enhancing vocational skills, empowerment ofwomen and environmental
sustainability.
To achieve your company's CSR vision, CSR projects are designed with the aim to
positively impact economic and social conditions ofthe communities in which it operates,
to make efforts towards self-sustainability of CSR projects and to take initiatives on
environmental sustainability.
The CSR Policy ofthe Company can be accessed on the website of the Company under the
link https://www.cpcl. co.in/policies
As the average of Net Profits for the preceding three financial years was negative,
there was no mandate to spend amount towards CSR for the year 2022-23. Despite this, to
sustain the ongoing CSR projects, your company had spent a sum of Rs. 604.13 Lakhs.
A detailed report on CSR activities as per the provisions of Companies Act 2013 along
with CSR highlights during the year is attached (Annexure-lll).
Corporate Environment Responsibility (CER):
During the year, the following activity was carried out under CER:
Contributed forGreen Tamil Nadu Mission, to Government ofTamilnadu for planting trees
to increase the green cover in the State from 24% to 33%.
VIGILANCE
The vigilance department of your company continues to pursue and lay great emphasis on
preventive vigilance measures.
During the year, various system improvement measures, such as "Alert generation
from SAP system about pending returnable materials to higher authorities to ensure return
of outstanding materials', "Elimination of restrictive conditions in PQ
(Pre-Qualification) Criteria to increase competition" etc., have been incorporated.
In line with CVC's guidelines, notice inviting tenders, tender documents and details of
purchase orders and contracts awarded, including those awarded on nomination basis are
hosted on the Company's Website.
As per the guidelines of Central Vigilance Commission a separate audit on
"Integrity of Automated Systems" in the Organization was done by a duly
constituted Committee and the areas vulnerable for cybercrimes/frauds and other
malpractices were identified. The recommendations given by the Committee to overcome the
vulnerability have been implemented.
Your Company is committed to redress the Vigilance complaints in time and a provision
is made available in CPCL's website to lodge online complaints with Vigilance.
Your company has implemented the Integrity Pact (IP) as per the guidelines of the
Central Vigilance Commission. Periodical meetings with Independent External Monitors
(lEMs) are also being held by the Management once in every Quarter to review Integrity
Pact implementation status and other relevant issues.
To increase Vigilance awareness, training programs on "Preventive Vigilance &
PIDPI Complaint Handling System" for newly joined Engineers and for the serving
employees who have completed more than 15 years of service were organized.
Vigilance Awareness Week 2022 was observed from 31 1 October, 2022 to 6th
November, 2022 with the theme - "Corruption Free India for a Developed Nation".
Managing Director administrating Integrity Pledge
There were no pending disciplinary proceedings or prosecution cases as on 31st
March, 2023
PUBLIC GRIEVANCES
Your Company is committed to redress the public grievances on time. Contact details of
Public Grievance Officer are displayed on the website of the Company under the link
https://www.cpcl.co.in/connect/citizen-charter/public- grievance. During the year 2022-23,
14 public grievances were received and disposed of in time.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of this Integrated Annual Report,
in line with the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations
2015 and DPE Guidelines on Corporate Governance.
The certificate received from the Auditors of the Company regarding compliance of
conditions of corporate governance, as required under SEBI (LODR) Regulations 2015 as well
as compliance with the guidelines on corporate governance issued bythe Department of
Public Enterprises, Government of India, is annexed and forms part of this Report
(Annexure- IV).
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
As required under SEBI (LODR) Regulations 2015, Management's Discussion and Analysis
Report is annexed and forms part of the Integrated Annual Report (Annexure-V).
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In accordance with SEBI (LODR) Regulations 2015, the Business Responsibility and
Sustainability Report, forms part of the Integrated Annual Report and is being hosted in
the website ofthe company.
AUDIT COMMITTEE
The composition ofthe Committee as on 31st March, 2023 is as under:
Mr.Ravi Kumar Rungta- Independent Director - Chairman
Dr.C.K.Shivanna, Independent Director - Member
Mr.Deepak Srivastava - Government Nominee Director - Member
Director (Finance), CPCL is the permanent invitee.
The recommendations ofthe Audit Committee during the year were accepted bythe Board.
CODE OF CONDUCT
The Board of Directors of your Company has formulated a code of conduct for the
Directors and Senior Management Personnel, which was circulated to all concerned and
hosted on the Company's website. The code can be accessed at
http://www.cpcl.co.in/codeofconduct. The Directors and Senior Management Personnel have
affirmed compliance with the Code of conduct and the same was informed to the Board at the
meeting held on 27.04.2023.
RISK MANAGEMENT
Your Company has a well-documented Risk Assessment and Management Policy and
constituted a Risk Management Committee.
The composition of Risk Management Committee as on 31.03.2023 are as under:
Mr.Arvind Kumar, Managing Director - Chairman ofthe Committee
Mr.S.Krishnan, Director (Operations) - Member
Mr.H.Shankar, Director (Technical) - Member
Mr.Rohit Kumar Agrawala, Director (Finance) - Member
Mr.Ravi Kumar Rungta, Independent Director - Member
Ms.Sukla Mistry, Nominee Director, IOCL - Member
The Action Taken Report on the Risk Management Policy for the Financial Year 2022-23
containing the mitigation measures on various High, Medium and Low risks were reviewed
bythe Risk Management Committee on 26.04.2023 and by Audit Committee and Board on
27.04.2023.
INTERNAL FINANCIAL CONTROLS
Your Company has put in place adequate systems of internal controls and documented
procedures covering all financial and operating functions commensurate with the size of
the Company and the nature of its businessto provide reasonable assurance with regard to
maintaining proper accounting controls, monitoring economy & efficiency of operations,
protecting assets from unauthorized use or losses and ensuring reliability of financial
and operational information.
Your Company has an Internal Audit Department headed by a Deputy General Managerwith a
mix ofqualified professionals to carry out extensive audits throughout the year. Internal
audit plans are reviewed bythe Audit Committee.
The Statutory Auditors, in their report dated 27.04.2023, opined that the Company has
in all material respects, adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating
effectively as at 31st March, 2023 based on internal control over financial
reporting criteria established by the Company, considering the essential components of
internal control stated in the Guidance Note on Internal Financial Controls Over Financial
Reporting issued bythe Institute of Chartered Accountants of India.
REMUNERATION TO AUDITORS
M/s. G.M.Kapadia & Co., Chartered Accountants, were appointed as Statutory Auditors
of the Company for the financial year 2022-23 by the Comptroller and Auditor General of
India. The Board of Directors of the Company fixed a remuneration of Rs.0.21 crore towards
statutory audit fees in addition to out-of-pocket expenses, if any, and applicable GST.
There are no qualifications in the Statutory Auditors report dated 27.04.2023 on the
annual accounts for the financial year 2022-23.
Comptroller and Auditor General of India (C&AG) Audit Supplementary Audit of
Financial Statements:
The Standalone and Consolidated Financial Statement for the Financial Year ended March
31,2023, were submitted to the C&AG for supplementary audit. The C&AG have
conducted supplementary audit. No action is pending w.r.t financial statements for FY
2022-23. CAG Report is forming part of Annual Report 22-23.
C&AG paras from other audits:
In addition to the supplementary audit of the financial statements mentioned above, the
C&AG conducts audits of various nature including Compliance audit, Thematic audit,
etc. As on March 31, 2023, there are 12 pending audit paras on various subjects, for which
replies were furnished.
COST AUDITORS
M/s. Vivekanandan Unni & Associates, Cost Accountants, Chennai were appointed as
the Cost Auditor of the Company for the Financial Year 2022-23 at the remuneration of Rs.
2,75,000/- plus applicable taxes and out of pocket expenses, if any, to conduct the audit
of Cost Accounts maintained by the Company subject to ratification by the shareholders in
the Annual General Meeting.
The cost audit for the year 2021-22 was carried out and the cost audit report was filed
with the Ministry of Corporate Affairs in the prescribed form within the stipulated time
period. The cost audit report for the year 2022-23 would also be filed within the
stipulated time.
SECRETARIAL AUDIT
Your Company has appointed M/s. A.K. Jain & Associates as the Secretarial Auditors,
for the year 2022-23.
The Secretarial Audit Report for the year 2022-23 confirms that the Company has
complied with all the applicable provisions of the Companies Act 2013 and the rules made
thereunder and other applicable acts, rules, guidelines, applicable secretarial standards,
etc. and the findings are as under:
i) Non-appointment of minimum Independent Directors- Reg. 17.
ii) The Nomination and Remuneration Committee was not having 2/3rd
Independent Directors - Reg. 19.
iii) The Stakeholders Relationship Committee did not have an Independent Director as
its member for the period 01.11.2022 till 30.03.2023 as required under Regulation 20 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
It is clarified as under:
1) CPCL being a Government Company under the administrative control of Ministry of
Petroleum and Natural Gas, the power to appoint Directors, including independent
Directors, vests with the Government of India. The appointment of additional Independent
Directors is under the consideration of Government of India.
2) As and when additional independent directors are appointed by Government of India,
the Nomination and Remuneration Committee will be reconstituted to ensure compliance with
minimum 2/3rd independent directors.
3) The Stakeholders Relationship Committee has been reconstituted with the induction of
one independent director on 31.03.2023
The report, duly certified by a Practicing Company Secretary, is attached as
Annexure-VI to this Report.
Your Company being a Government Company, the selection and appointment of Directors,
their terms of appointment and the remuneration payable to them, are decided by the
Government of India as per applicable guidelines and not by the Board of Directors.
In view thereof, the terms of reference of Nomination and Remuneration Committee do not
include the terms provided under the Companies Act, 2013. The performance evaluation of
all directors, excluding directors representing Naftiran Intertrade Company, one of the
promoters of the company, is carried out by the Administrative Ministry (MoP&NG),
Government of India, as per applicable guidelines. The above is in line with the
exemption provided to Government Companies by the Ministry of Corporate Affairs.
SEPARATE MEETING OF INDEPENDENT DIRECTORS
One separate meeting of Independent Directors (6th) was held on 04.06.2022
REPORTING OF FRAUDS BY AUDITORS
The Auditors in their report for the year have not reported any instance of fraud
committed by the officers/employees ofthe Company
PUBLIC PROCUREMENT POLICY FOR MSME's
The details ofthe actual values of total procurements of materials and services (total
value excluding Crude, Gas, Power & License Fee) by your company during the financia
year 2022-23 as against the target fixed by the Government of India are given below:
S.N Details |
Value of procurements Rs. Crore (excluding Crude, Gas, Power &
License Fees) |
% age target achieved |
Target set by the Govt. |
1 Total value of procurements |
955.50 |
|
|
2 Procurements from MSEs (General, Reserved SC/ST &
Women) |
372.25 |
38.96% |
25% |
3 Procurements exclusively from Reserved SC/ST MSEs |
57.83 |
6.05% |
4% |
4 Procurements exclusively from Women owned MSEs |
2.11 |
0.22% |
3% |
During the year 2022-23, nine Vendor Development Programmes were conducted by CPCL for
the benefit / development ofthe MSEs. Two exclusive programmes (development meets) were
conducted by CPCL for the benefit of Reserved SC/ST MSEs and Women owned MSEs in
association with the officials from the Cl I, MSME- Development Institute, National SC-ST
Hub Office- Government of India. During these programmes, the procedure followed by CPCL
for vendor registration, benefits and purchase preference extended to the MSEs, details of
materials & services which can be procured from the MSEs were explained in detail to
the MSME's.
Your Company participated in the MSME Connect 2023 - a Vendor Development Program cum
Exhibition of Products on 3rd and 4th March 2023 organized by MSME
Development and Facilitation Office, Chennai and Facilitating MSME's (FaME)TN, a MSME
Department of Government of Tamil Nadu at Guindy Industrial Estate, Chennai. CPCL set up
an exclusive stall to showcase the procurement requirements from MSE segment to the
prospective vendors who participated in the meet.
Procurements through the GeM Platform:
The procurement through the GeM portal accounted for 57.57% (Rs.550.07 Crore) of the
total procurements (Rs.955.50 Crore) during the year 2022-23.
MSEs procurements target for FY 2023-24:
Your Company has earmarked 25% of total procurements to be made from the MSEs for the
FY:2023-24 in accordance to the PPPfor MSEs Order 2012 of the Government of India. Out of
this 25% target, 4% is earmarked for procurements from
Reserved SC/ST MSEs and 3% is earmarked for procurements from Women owned MSEs.
Awards and Recognition:
In recognition ofyour Company's performance of exceeding the mandated targets with
respect to procurement from MSME's, your company has been awarded the MSME Ecosystem
Awards under "Excellence in MSE Procurement category" instituted by FICCI-CMSME
on 05.12.2022 and "Certificate of Appreciation" for highest procurement in SC/
ST Category MSEs from Ministry of MSME on 18.11.2022.
Your Company received the Certificate of Appreciation for the highest procurement
amongst Mini Ratna Central Public Sector Enterprises (CPSEs) from SCSI category under
Micro, Small, Enterprises (MSEs) during the financial year 2021-22 from the Ministry of
MSME. The Certificate of Appreciation was presented at the CPSE Conclave on Public
Procurement Policy at Vigyan Bhavan, New Delhi on 18.11.2022. The Conclave was inaugurated
by Mr.Bhanu Pratap Singh Verma, Hon'ble Minister of State for Micro Small Medium
Enterprises.
JOINT VENTURES
Indian Additives Limited (IAL):
Your Company has a joint venture with Chevron Chemicals Company (now Chevron Oronite
Company) in the year 1989 for manufacture of lube additives components and packages. The
share capital of IAL is Rs.23.67 crore. CPCLand Chevron hold 50% each in the share capital
of IAL.
The Revenue from Operations of IAL is Rs.1196 crore during the year 2022-23, as against
Rs.866.74 crore in the previous year. The Profit after Tax for the year 2022-23 was lower
at Rs.11.13 crore because of higher input cost as against Rs.31.70 crore in the previous
year. No dividend was recommended by the Board of IAL for the financial year 2022-23.
National Aromatics and Petrochemicals Corporation Limited (AROCHEM):
Your Company has another Joint Venture with M/s. Southern Petrochemicals Industries
Corporation Ltd. (SPIC) in the year 1989 for manufacture of PTA, Paraxylene, Orthoxylene
and Benzene. The share capital of AROCHEM is Rs.0.05 crore. CPCL and SPIC hold 50% each in
the share capital of AROCHEM. Since the JV is not operational, the investments have been
fully provided for diminution in value.
Cauvery Basin Refinery and Petrochemicals Limited (CBRPL):
Cauvery Basin Refinery and Petrochemicals Limited (CBRPL) was incorporated on 06-Jan-23
between IOCL, CPCL & other seed equity investors., for implementing a new grass root
refinery of 9 MMTPA capacity with petrochemical facilities at Nagapattinam, Tamil Nadu.
The new refinery will be set up in an area of about 1300 acres, out of which 618 acres is
already owned by your company and the balance land is under advanced stage of acquisition.
This new refinery will produce Petrol and Diesel of Bharat Stage-VI specifications and
Polypropylene as a value added product. Contract had been awarded to all 4 EPCM
consultants. Site grading, Construction power & Construction water works are gathering
momentum at site.
RELATED PARTY TRANSACTIONS (RPTs)
A policy on material RPTs was framed in line with the provisions of the Companies Act,
2013 and SEBI Listing Regulations 2015, which can be accessed on the Company website at
the link https://www.cpcl.co.in/Policies. Your Company has undertaken transactions with
related parties during the year, which are in the ordinary course of business. As perthe
RPT Policy, approval of Audit Committee has been obtained for all RPTs. During the year,
there were no material RPTs. The disclosures related to Related Party Transactions in
accordance with applicable accounting standards are provided at Notes to the Annual
Accounts.
The details of contracts or arrangements with related parties referred to under Section
188 (1) ofthe Companies Act, 2013 in the prescribed Form AOC-2 are attached as Annexure
-VII ofthe Report.
REPORT ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
Statutory details on Energy Conservation and Technology Absorption, R&D Activities
and Foreign Exchange Earnings and Outgo, as required underthe Companies Act, 2013 and the
Rules prescribed thereunder are given in the Annexure-I and form part of this Report.
PARTICULARS OF EMPLOYEES
The provisions of Section 134(3)(e) of the Act are not applicable to a Government
Company. Consequently, details on Company's policy on Directors' appointment and other
matters as required under Section 178 (3) ofthe Act, are not provided.
Similarly, Section 197 of the Act is not applicable to a Government Company.
Consequently, there is no requirement of disclosure ofthe ratio ofthe remuneration of each
Director to the median employee's remuneration and other such details, including the
statement showing the names and other particulars of every employee ofthe Company, who if
employed throughout / part of the financial year, was in receipt of remuneration in excess
ofthe limits set out in the rules, are not provided in terms of Section 197 (12) ofthe Act
read with Rule 5 (1)/ (2) ofthe Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
The following changes have occurred in the Board ofthe Company:
1) The tenure of Mr. Amitabh Mathur and Mr. Myneni Narayana Rao, Independent Directors
were completed on 29.07.2022. The tenure of Mrs. Sobhana Surendran, independent Director
was completed on 31.10.2022.
2) Mr. Rohit Kumar Agrawala has been appointed as Director (Finance) effective
01.03.2023 consequent to the superannuation of Mr. Rajeev Ailawadi on 28.02.2023.
3) Mr. K.Surendaran has been appointed as Independent Director effective 27.03.2023.
Opinion of the Board with regard to integrity, expertise and experience (including the
proficiency) of the independent directors appointed during the year.
Your Company being a Government Company, the power to appoint Directors (including
Independent Directors) vests with Government of India. The Directors are appointed by
following a process as per laid down guidelines. In the opinion of the Board, the
Independent Directors have requisite expertise and experience.
INDEPENDENT DIRECTORS
The Company received the Certificate of Independence from the Independent Directors
confirming that they meet the criteria prescribed for Independent Directors under the
provisions of the Companies Act, 2013, and SEBI (LODR). The Independent Directors were
advised to register with the Database maintained bythe Institute of Corporate Affairs
(IICA) under the Ministry of Corporate Affairs. The Company being a Government Company,
the power to appoint Directors (including Independent Directors) vests with the Government
of India.
A separate meeting of Independent Directors was held during the year as per the
provisions of the Companies Act and SEBI LODR.
BOARD MEETINGS
During the year, Eight meetings of the Board of Directors were held. The details of the
meetings attended by each Director are provided in the Corporate Governance Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
No significant or material orders were passed by the regulators or courts
ortribunalsthat impactthe going concern status and the Company's operations in future.
PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The provisions of Section 134(3)(p) of the Companies Act, 2013, require a listed
entityto include a statement indicating the manner of formal evaluation of performance
ofthe Board, its Committees and of individual Directors. However, the said provisions are
exempt for Government Companies as the performance evaluation ofthe Directors is carried
out bythe administrative ministry, i.e., Ministry of Petroleum and Natural Gas
(MoP&NG), as per laid-down evaluation methodology.
DETAILS OF LOANS / INVESTMENTS / GUARANTEES
Your Company has not provided Loans/Guarantees/Security to any person, body corporate
or joint venture during the year.
ANNUAL RETURN
As required under the provisions ofthe Companies Act, 2013, the Annual Return is being
hosted on the Company's website and can be accessed fromthe link: https://cocl.co.in/
investors/financials/statutorv-disclosure/.
COMPLIANCE WITH SECRETARIAL STANDARDS
Your Company complies with the applicable Secretarial Standards issued by the Institute
of Company Secretaries of India (ICSI).
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(5) the Companies Act, 2013 with respect
to Directors' Responsibility Statement, it is hereby confirmed that:
i) in the preparation ofthe annual accounts forthe financial year ended March 31, 2023,
the applicable accounting standards have been followed and that there are no material
departures from the same;
ii) the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that were reasonable and prudent so as to give a true and
fair view ofthe state of affairs ofthe Company atthe end ofthe financial year and ofthe
profit or loss ofthe Company for the year under review;
iii) the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) the Directors have prepared the annual accounts for the financial year ended 31st
March, 2023, on a going concern basis;
v) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating effectively.
vi) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and such systems are adequate and operating effectively.
RIGHT TO INFORMATION
Your Company complies with The Right to Information Act, 2005. In accordance with the
provisions ofthe RTI Act, necessary disclosures have been made on the website of the
Company under the link https://www.cpcl.co.in/connect/
citizen-charter/riqht-to-information/.
During the year, a total of 160 requests were received and 148 requests were disposed
off. The pending 12 requests were disposed off subsequently within time.
OFFICIAL LANGUAGE POLICY
Your Company complies with the directives issued by the Official Language Department,
Ministry of Home Affairs, Government of India from time to time to increase the
progressive use of Hindi.
The Official Language Implementation Committee meeting of your Company was conducted
every quarter under the Chairmanship of the Managing Director to review the implementation
of Official Language Policy in the Company.
The First Sub-Committee of Parliament on Official Language inspected your Company on
21.5.2022. The Committee held discussions on the implementation of Official Language
Policy with our Managing Director. Director(Finance), Director(Technical), CVO and Hindi
Officer attended the meeting. The Joint Secretary (Gen & Admin), MOP&NG and
Deputy Director, Official Language, MOP&NG participated on behalf of MOP&NG.
The Committee appreciated the work done by your Company with regard to the implementation
of Hindi in your Company and extended special thanks for organizing the committee meeting
very well.
Your Company celebrated Hindi Day on 28.09.2022. As a part of the Celebration, Hindi
Singing and Hindi Essay competitions were held for employees. Our Managing Director
presided over the functions and distributed prizes to the winners of the competitions. The
CVO, CGMs, GMs, DGMs, Officers and other Employees participated in the celebration.
Your Company received Third Prize for excellent implementation of Official Language for
the year 2021-22 at a meeting of Town Official Language Implementation Committee (PSU)
Chennai held on 07.12.2022.
ACKNOWLEDGEMENT
Your Board of Directors sincerely appreciate the co-operation and support of all the
employees forthe stellar performance of the company during the year 2022-23.
Your Board of Directors extend their profound thanks to the Government of India,
particularly the Ministry of Petroleum & Natural Gas, other ministries, the Government
of Tamil Nadu, Indian Oil Corporation Ltd., Naftiran Intertrade Company Ltd., Petroleum
Planning and Analysis Cell, Oil Industry Development Board, Oil Industry Safety
Directorate, Centre for High Technology, and Other Regulatory and Statutory Authorities.
Your Directors express their gratitude to all the stakeholders for their support and
confidence reposed by them on the Company.
Your Directors also place on record their appreciation of the valuable contributions
made by Mr.Myneni Narayana Rao, Mr. Amitabh Mathur, Mrs.Sobhana Surendran and Mr. Rajeev
Ailawadi during their tenure on the Board.
|
For and on behalf of the Board |
|
(S.M.VAIDYA) |
Place:Chennai |
NON-EXECUTIVE CHAIRMAN |
Date: 05.07.2023 |
DIN - 06995642 |
|