MIRA
INFORM REPORT
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Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
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Name : |
JINDAL STEEL AND POWER LIMITED |
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Registered Office : |
O.P. Jindal Marg, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.09.1979 |
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Com. Reg. No.: |
05-9913 |
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Capital Investment / Paid-up Capital : |
Rs.931.200
Millions |
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CIN No.: [Company
Identification No.] |
L27105HR1979PLC009913 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JBPJ00181G /
DELJ03437A |
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Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturers of
Sponge Iron and Mild Steel Slabs, Mining of Ferro Chrome and Generation of
Electricity. |
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No. of Employees
: |
1366 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 270000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of Jindal Group. It is a well established and a reputed company having fine
track. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can
be considered normal for business dealing at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
O.P. Jindal Marg, |
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Tel. No.: |
91-1662-222471-75
/ 83/ 84 |
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Fax No.: |
91-1662-222476 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
Industrial Area |
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Marketing Office : |
·
Jindal
Enclave, Old Standard Mill Compound, Behind Maratha Udyog Bhawan, Prabha Devi
Marg, Mumbai - 400 025, Tel. No. 91-22-24328000 Fax. No. 91-22-24238312 E-mail: jindal@bom2.vsnl.net.in ·
4C, Tel. No. :
91-44-52132134, Fax No. :
91-44-52132334 E-mail : jsplchennai@vsnl.net |
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Corporate Office : |
Jindal Centre 12,
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Tel. No.: |
91-11-26188345-60 |
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Fax No.: |
91-11-26161271/26170691 |
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E-Mail : |
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Factory : |
·
Tel. No.:91-7762-227001-5 / 227011-227010 Fax No.:91-7762-227021-23 Telex : 0650-1202 JSL-R IN E-Mail : jsplrgh@gwr1.dot.net.in
·
13 KM
Stone, Tel. No.: 91-771-2471205-07 Fax No.: 91-771-2471404-2471214 ·
TRB Telfax. No. : 91-6625-2736023/24 Fax No: 91-6625-236023 ·
Tel. No. 91-7767-247484-85/ 247539 Tel No.: 91-7767-247485/ 247538 · Gare Coal Fields, Mand, Raigarh,
Chhattisgarh ·
28, Tel. No.: 91-11-30589739-41 Fax No.: 91-11-25928677 / 25928118 ·
Plot No.
751, Near Panchpukhi Chhaka, Simplipada, Angul-759122, ·
Balkudra,
Patratu, District Ramgarh-829143, Tel No: 91-6553-275724/ 275726 Fax No.: 91-6553-275744 |
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Area : |
Owned |
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Location : |
Industrial area |
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Stockyards : |
·
Ahmedabad Raghav Steell, Plot No. 156,
Mouje Eyava, Near Hipolin Limited, Sanand,
Tel No.: 91-2717-284116 ·
Chennai Plot No. 4l, Survey No. 110/2, Telefax: 91-44-25930487 ·
Bhakri, Badkhal, Pali Roadl,
Faridabad-121009, Telefax No.: 91-129-2484847 ·
Survey No. 66-E, 67-El, 68-A, Shakarpally Roadl, Nandigama Village, Patancheruvu, Medak District – 502319, Andhra Pradesh, India Tel No.: 91-674-200309/ 310 · Kolkata Blue Moon Commercial (Private)
Limited, Jaladhulagori, Sankrail, Opposite Ambuja Bengal Factory, District
Howrah-711313, Telefax: 91-33-26791905 ·
L17.5 K.M. Stone, Tel No.: 91-7109-270486 |
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Branches : |
Located at: ·
Barbill ·
Bhubaneshwar ·
Chennai ·
Kolkata ·
Mumbai ·
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Overseas Offices: |
Located at: ·
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Democratic
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DIRECTORS
AS ON : 28.09.2010
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Name : |
Ms. Savitri
Jindal |
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Designation : |
Chairperson |
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Name : |
Mr. Naveen Jindal
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Designation : |
Executive Vice
Chairman and Managing Director |
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Qualification : |
M.B.A. |
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Name : |
Mr. Vikrant
Gujral |
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Designation : |
Vice Chairman and
Chief Executive Officer |
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Qualification : |
Mechanical
Engineer |
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Experience : |
40 years |
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Name : |
Mr. Ratan Jindal |
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Designation : |
Director |
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Name : |
Mr. Suresh Baid |
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Designation : |
Director |
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Name : |
Mr. Rajendra
Singh |
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Designation : |
Director |
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Name : |
Mr. S.
Ananthakrishnan |
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Designation : |
Director (Nominee
– IDBI Bank Limited) |
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Name : |
Mr. Ashok Alladi |
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Designation : |
Director (Nominee
- ICICI Bank Limited) |
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Name : |
Mr. Anand Goel |
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Designation : |
Whole-time
Director |
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Name : |
Mr. P. S. Rana |
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Designation : |
Whole Time
Director |
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Name : |
Mr. A K Purwar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Sushil K.
Maroo |
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Designation : |
Vice President (Corporate
Finance) |
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Name : |
Mr. T. K. Sadhu |
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Designation : |
Company Secretary
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SHAREHOLDING PATTERN
(As on 30.06.2011)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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12991292 |
1.39 |
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460193130 |
49.24 |
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473184422 |
50.63 |
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527400 |
0.06 |
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71997600 |
7.70 |
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72525000 |
7.76 |
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Total shareholding of Promoter and Promoter Group (A) |
545709422 |
58.40 |
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(B) Public Shareholding |
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19142530 |
2.05 |
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667019 |
0.07 |
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14900 |
- |
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41190654 |
4.41 |
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215214542 |
23.03 |
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276229645 |
29.56 |
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25814727 |
2.76 |
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72590088 |
7.77 |
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4114914 |
0.44 |
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10050799 |
1.08 |
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257602 |
0.03 |
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9792975 |
1.05 |
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222 |
- |
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112570528 |
12.05 |
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Total Public shareholding (B) |
388800173 |
41.60 |
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Total (A)+(B) |
934509595 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
934509595 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sponge
Iron and Mild Steel Slabs, Mining of Ferro Chrome and Generation of
Electricity. |
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Products : |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
PRODUCTION STATUS
(As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
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At Raigarh |
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Sponge Iron |
M.T. |
1370000 |
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Mild Steel |
M.T. |
2400000 |
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Ferro Alloys |
M.T. |
36000 |
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Power |
M.W. |
353 |
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Hot Metal/Pig Iron |
M.T |
1500000 |
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Rail and Universal Beam Mill |
M.T |
750000 |
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Plate Mill |
M.T |
1000000 |
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Fabricated Structures |
M.T. |
45000 |
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At |
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Machinery and
Castings |
M.T. |
11500 |
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Ingots |
M.T. |
30000 |
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CF Castings |
M.T. |
3000 |
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AT Barbil |
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Pelletization
Plant |
M.T |
4500000 |
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At Satara ( |
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Wind Energy |
MW |
24 |
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At Patratu |
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Wire Rod |
M.T. |
600000 |
Note: Installed capacity is as certified by the
management.
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Particulars |
Unit |
Production |
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Sponge Iron |
M.T. |
1309408 |
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M S Round |
M.T. |
162282 |
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H.C. Ferro Crome |
M.T. |
540 |
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Power |
KWH |
2942 |
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Hot Metal/Pig Iron |
M.T |
1508502 |
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Parallel Flange Beam / Columns |
M.T |
369367 |
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Universal Plate / Coil |
M.T |
736600 |
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Other Finished Steel Products |
M.T. |
69232 |
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Other Semi Steel
Products |
M.T. |
1801750 |
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Machineries |
M.T. |
8885 |
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Wire Rod |
M.T. |
4804 |
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Fabricated
Structures |
M.T. |
34580 |
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M.T. |
226818 |
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Wind Energy |
Million KW/H |
34 |
GENERAL INFORMATION
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No. of Employees : |
1366
(Approximately) |
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Bankers : |
·
State Bank of ·
Punjab National Bank, B.O. 7,
· State Bank of ·
ICICI Bank Limited ·
Canara Bank ·
Industrial Development Bank
of ·
Export - Import Bank of ·
·
Indian Overseas Bank ·
Bank of · Lord Krishna Bank Limited |
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Facilities : |
Notes : (A)Debentures : 1. Debentures placed with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 millions (24.08.2009), Rs. 800.000 millions (08.09.2009), Rs. 800.000 millions (08.10.2009), Rs. 800.000 millions (09.11.2009), Rs. 800.000 millions (08.12.2009) and Rs. 800.000 millions (08.01.2010) The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. 2. Debentures placed with Life Insurance Corporation of 3. Debentures placed with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. 4. Debentures placed with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. 5. Debentures placed with SBI Life Insurance Company Limited on private placement basis are redeemable at par in equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29.12.2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created at the 6x135 MW Power Plant Project at Angul, Orissa in favour of the Debenture Trustees. 6. Debentures placed with LIC Mutual Fund Asset Management Company Limited on private placement basis are redeemable at par at the end of 23 months from the date of allotment i.e. 22.01.2010. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees. Term Loans : From Bank and others Secured by first pari-passu charge in favour of Banks by way of mortgage of the Company’s immovable properties and hypothecation of moveable assets except those charged in favour of the Company’s Bankers for securing working capital facilities excluding a) loan of Rs. 3790.800 Millions (Previous year Rs. 4699.500 millions) which is secured by exclusive charge on assets created under Steel expansion project, b) loan of Rs. 2872.700 millions (Previous year Rs. 3382.000 millions) which is secured by exclusive charge on assets created under Plate Mill project at Raigarh, Chattisgarh, c) loan of Rs. 1457.100 millions (Previous year Rs. 1800.000 millions) which is secured by exclusive charge on assets under 3x25 MW Captive Power Plant at Raigarh, Chattisgarh, d) loans of Rs. Nil (Previous year Rs. 3061.100 millions) which were secured by exclusive charge on assets created under the Plate Mill project at Angul, Orissa, e) loans of Rs. 3499.100 millions (Previous year Rs. 2700.700 millions) which were secured by exclusive charge on assets created under the DRI project at Angul, Orissa, f) loans of Rs. 4144.600 millions (Previous year Rs. 60.000 millions) which are secured by exclusive charge on assets to be created under 2X135 MW Captive Power Plant (Phase - 1) at Dongamauha, Raigarh, Chattisgarh, g) loans of Rs. 670.000 millions (Previous year Rs. Nil) which are secured by exclusive charge on assets created under 2X135 MW Captive Power Plant (Phase - 2) at Dongamauha, Raigarh, Chattisgarh, h) loans of Rs. 200.000 millions (Previous year Rs. Nil) which are secured by exclusive charge on assets created/to be created under 1.6 MTPA Integrated Steel Plant and 1.5 MTPA Plate Mill project at Angul, Orissa, i) loan of Rs. 5347.900 millions (Previous year Rs. 2345.700 millions) which are secured by subservient charge on current assets of the Company, j) loans of Rs. Nil (Previous year Rs. 29.000 millions) which were secured by third and residual charge of the Fixed Assets of the Company and k) Loan from banks and others includes US$ Nil (Previous year US$ 6.82 Million) as foreign currency loan. Further, loans of Rs. 40.800 millions (Previous year Rs. 507.600 millions) are also secured by a personal guarantee given by a Director of the Company. Repayment due within one year Rs. 2726.400 millions (Previous year Rs. 3161.400 millions) (B) Others Secured by hypothecation of the specific assets financed.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Statutory Auditors
S.S. Kothari Mehta and Company Chartered
Accountants |
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Address : |
145-149,
Tribhuwan Complex, Ishwar Nagar, |
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Name : |
Cost Auditors
Ramanath Iyer and
Company Chartered
Accountants |
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Address : |
BL-4, (Paschmi)
Shalimar Bagh, New Delhi-110 088, |
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Subsidiary : |
· Jindal Minerals and Metals Africa Limited (JMMAL) · Jindal Power Limited (JPL) · Jindal Power Trading Company Limited [formerly Chhattisgarh Energy Trading Company Limited (CETCL)], (Till 02.05.2009) ·
Jindal Steel and Power ( · Jindal Steel Bolivia SA (JSB) |
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Fellow Subsidiaries : |
· Affiliate Overseas Limited, a subsidiary of JSPML · Attunli Hydro Electric Power Company Limited, a subsidiary of JPL (w.e.f. 19.05.2009) · Belde Empreendimentos Mineiros Limited, a subsidiary of JSPL Mozambique Minerais LDA · Eastern Solid Fuels Pty. Limited, a subsidiary of Jindal Mining & Exploration Limited (w.e.f. 17.06.2009) · Enduring Overseas Limited, a subsidiary of JSPML · Etalin Hydro Electric Power Company Limited, a subsidiary of JPL (w.e.f. 16.05.2009) · Gas to Liquids International S.A., a subsidiary of WOL · Harmony Overseas Limited, a subsidiary of JSPML · Jindal Africa Investments (Pty) Limited, a subsidiary of JSPML · Jindal Brasil Mineracao SA, a subsidiary of JSPML · Jindal DRC SPRL, a subsidiary of JSPML (w.e.f. 30.06.2009) · Jindal Hydro Power Limited, a subsidiary of JPL · Jindal Investimentos LDA, a subsidiary of JSPML (w.e.f. 13.11.2009) · Jindal Investment Holdings Limited, a subsidiary of JSPML · Jindal Madgascar SARL, a subsidiary of JSPML (w.e.f. 01.09.2009) · Jindal Minerals and Metals Africa Congo SPRL, a subsidiary of JMMAL · Jindal Minerals Mining Limited, a subsidiary of JSPML (w.e.f. 04.06.2009) · Jindal Mining and Exploration Limited, a subsidiary of JSPML · Jindal Mining Industry LLC, a subsidiary of JSPML · Jindal Mining Pty. Limited, a subsidiary of Eastern Solid Fuels PTY Limited (w.e.f. 17.06.2009) ·
Jindal Petroleum ( ·
Jindal Petroleum ( · Jindal Petroleum Limited, a subsidiary of JPL, (Till 30.06.2009) · Jindal Petroleum Operating Company LLC, a subsidiary of Jindal Petroleum (Georgia) Limited (Till 30.06.2009) · Jindal Power Distribution Limited, a subsidiary of JPL · Jindal Power LLC, a subsidiary of JSPML · Jindal Power Trading Company Limited [formerly Chhattisgarh Energy Trading Company Limited (CETCL)], (From 02.05.2009), a subsidiary of JPL · Jindal Power Transmission Limited, a subsidiary of JPL · Jindal Steel and Power LLC, a subsidiary of JSPML, (wound up during 2009-10) · JSPL Mozambique Minerais LDA, a subsidiary of JSPML · Jubilant Overseas Limited, a subsidiary of JSPML · Kasai Sud Diamant, a subsidiary of Jindal DRC SPRL (w.e.f. 30.06.2009) · Osho Madagascar SARL, a subsidiary of JSPML · Power Plant Engineers Limited, a subsidiary of JPL, (Till 30.06.2009) · PT Jindal Overseas, a subsidiary of JSPML · Rolling Hills Resources LLC, a subsidiary of JSPML · Skyhigh Overseas Limited, a subsidiary of JSPML · Subansiri Hydro Electric Power Company Limited, a subsidiary of JPL · Trans Atlantic Trading Limited, a subsidiary of JSPML · Vision Overseas Limited, a subsidiary of JSPML ·
Worth Overseas Limited (WOL), a subsidiary of
JSPML |
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Associates and Joint Ventures : |
· Angul Sukinda Railway Limited ·
Globleq · Jindal Synfuels Limited (formerly Jindal Coal to Liquid Limited) · Nalwa Steel and Power Limited (formerly known as Nalwa Sponge Iron Limited) ·
Saras Mineracao De Ferro SA (Under Process of
Winding up) [Associate of Jindal Steel and Power ( ·
Shresht Mining and Metals Private Limited,
incorporated Joint Venture |
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·
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Associates : |
· Advance Sporting Arms Private Limited · Bir Plantation Private Limited · Gagan Infraenergy Limited (formerly Gagan Sponge Iron Limited) · India Flysafe Aviation Limited · Jindal Coal Private Limited · Jindal Realty Private Limited · Jindal Rex Exploration Private Limited · Jindal Saw Limited · Jindal Stainless Limited · Jindal System Private Limited ·
Minerals Management Services ( · Nalwa Sons Investment Limited · Opelina Finance and Investment Limited · Trishakti Real Estate Private Limited · Uttam Vidyut Transmission Private Limited · Yno Finvest Private Limited |
CAPITAL STRUCTURE
As on : 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs.2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
934509595 |
Equity Shares |
Rs.1/- each |
Rs.934.510 Millions |
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs. 2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
931234082 |
Equity Shares |
Rs.1/- each |
Rs. 931.200 Millions |
Note:
1. Out of the above, 126,122,840 (Previous year 126,122,840) Equity shares of Re. 1 each have been allotted as fully paid up to the erstwhile shareholders of Jindal Strips Limited pursuant to the scheme of arrangement sanctioned by the Hon’ble High Court of Punjab & Haryana.
2. Out of the above, 929,869 (Previous year 691,343) Equity Shares of Re. 1 each has been allotted as fully paid up to the employees (including those of subsidiary company) under the Employees Stock Option Scheme. (Refer note B.9 of Schedule 20)
3. 775,651,530 shares of face value of Re. 1 per share were allotted as fully paid bonus shares by utilisation of Rs. 775,651,530 from Securities Premium Account during the year.
4. Pursuant to the resolution passed at the EGM dated 04.09.2009, the Company has decided to reclassify the authorized share capital of the Company by cancellation of 10,000,000 Preference Shares of Rs. 100 each and simultaneous creation of 1,000,000,000 fresh Equity Shares of Re. 1 each and to increase the authorised share capital to Rs. 2,000,000,000. Consequently, the Company has cancelled 100,000 preference shares of Rs. 100 each, which was forefeited earlier. Upon cancellation of such shares, the amount of Rs. 10,000,000 was transferred to General Reserve.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SHAREHOLDERS
FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
1] Share Capital |
931.200 |
164.700 |
164.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
66305.400 |
53716.600 |
37088.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
67236.600 |
53881.300 |
37252.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
42351.600 |
21054.900 |
17833.900 |
|
|
2] Unsecured Loans |
41481.000 |
28571.600 |
20799.600 |
|
|
TOTAL BORROWING |
83832.600 |
49626.500 |
38633.500 |
|
|
Employee’s Stock Options
outstanding |
226.700 |
298.200 |
417.800 |
|
|
Less : Deferred employee compensation expenditure |
(3.300) |
(26.300) |
(106.600) |
|
|
DEFERRED TAX LIABILITIES |
7150.000 |
5997.700 |
4946.700 |
|
|
|
|
|
|
|
|
TOTAL |
158442.600 |
109777.400 |
81144.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
67040.600 |
57459.000 |
47358.300 |
|
|
Capital work-in-progress |
64352.800 |
23180.100 |
6604.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
10671.100 |
12334.000 |
10361.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13285.000 |
12099.600 |
9805.600 |
|
|
Sundry Debtors |
6223.600 |
3914.600 |
2873.800 |
|
|
Cash & Bank Balances |
601.000 |
3089.600 |
5779.100 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
38659.400 |
31990.400 |
14537.200 |
|
58769.000 |
51094.200 |
32995.700 |
||
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22117.100 |
14715.700 |
6197.800 |
|
|
Other Current Liabilities |
6866.900 |
9746.300 |
4190.900 |
|
|
Provisions |
13437.100 |
9858.100 |
5819.400 |
|
Total
Current Liabilities |
42421.100 |
34320.100 |
16208.100 |
|
|
Net Current Assets |
16347.900 |
16774.100 |
16787.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
30.200 |
30.200 |
31.400 |
|
|
|
|
|
|
|
|
TOTAL |
158442.600 |
109777.400 |
81144.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
73675.900 |
76531.900 |
54107.500 |
|
|
|
Other Income |
1173.100 |
1462.400 |
491.200 |
|
|
|
TOTAL (A) |
74849.000 |
77994.300 |
54598.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials, Manufacturing and others |
40632.500 |
42191.900 |
24773.900 |
|
|
|
Administrative Expenses |
2148.700 |
7986.900 |
6746.100 |
|
|
|
Personnel |
5946.500 |
1775.300 |
1449.900 |
|
|
|
Miscellaneous Expenses |
-- |
2.000 |
2.700 |
|
|
|
TOTAL (B) |
48727.700 |
51956.100 |
32972.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26121.300 |
26038.200 |
21626.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1924.700 |
1689.100 |
2085.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24196.600 |
24349.100 |
19540.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5121.600 |
4330.300 |
4515.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
19075.000 |
20018.800 |
15025.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4278.200 |
4654.000 |
2655.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
14796.800 |
15364.800 |
12369.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
9132.100 |
6772.200 |
|
|
|
Stores & Spares |
NA |
879.200 |
882.400 |
|
|
|
Capital Goods |
NA |
6186.600 |
1889.900 |
|
|
TOTAL IMPORTS |
NA
|
16197.900 |
9544.500 |
|
|
|
|
|
|
|
|
|
|
FOB Value of
Export Sales |
4104.100 |
10213.700 |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
15.90 |
99.44 |
80.34 |
|
|
|
Diluted |
15.78 |
98.58 |
78.24 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
21216.000 |
22996.100 |
24102.300 |
27421.900 |
25265.300 |
|
Total Expenditure |
13302.700 |
14436.100 |
14742.600 |
16730.500 |
15631.100 |
|
PBIDT (Excl OI) |
7913.300 |
8560.000 |
9359.700 |
10691.400 |
9634.200 |
|
Other Income |
62.000 |
60.000 |
83.000 |
1232.100 |
166.500 |
|
Operating Profit |
7975.300 |
8620.000 |
9442.700 |
11923.500 |
9800.700 |
|
Interest |
741.700 |
780.500 |
967.000 |
1061.000 |
1324.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
7233.600 |
7839.500 |
8475.700 |
10862.500 |
8476.000 |
|
Depreciation |
1474.700 |
1637.500 |
1820.900 |
1944.600 |
2065.900 |
|
Profit Before Tax |
5758.900 |
6202.000 |
6654.800 |
8917.900 |
6410.100 |
|
Tax |
1402.000 |
1420.300 |
1635.500 |
2434.600 |
1708.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4356.900 |
4781.700 |
5019.300 |
6483.300 |
4701.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
4356.900 |
4781.700 |
5019.300 |
6483.300 |
4701.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
19.76 |
19.70
|
22.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.89 |
26.16
|
27.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.16 |
18.44
|
18.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.37
|
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87 |
1.56
|
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.49
|
2.04 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject, part of the US $ 8 billion Jindal Organisation was came to business
in the year 1979, has business interests in steel production, steel products,
power generation, mining, sponge iron, ferro chrome and heavy machinery.
Subject continuously endeavours to increase the portfolio of the value-added
products. The product mix of the company includes Hot Rolled Parallel Flange
Beams and Columns, Rails, Channels, Plates, Cathode bar and Continuously Cast
Products that includes Billets/Blooms, Beam Blanks, Rounds and Slabs and
Metallics and Ferro Alloy. JSPL is an ISO 9002 and ISO 14001 certified Company.
Excelling the level of steel making, Subject has exceeded the production
capacity of 2.90 MTPA with its plant at Raigarh, Chhattisgarh. The Company has
a 340 MW power generation facility In Raigarh based on waste heat recovery from
rotary kilns, washery rejects and coal fines to meet the captive requirements
as well as supply to the State Electricity Boards of Chhattisgarh. Its captive
Coal Mines at Dongamahua, Chhattisgarh. Since the coal is of very poor grade
and quality it has to be beneficiated. Hence a coal washery with capacity of 6
MTPA to wash 47-48% coal ash to 26% has been commissioned and is operating
successfully. The Iron Ore Mines at Tensa, Orissa, to meet the part requirement
of its Sponge Iron Plant. Accoutered with fully mechanized techniques, it is
currently producing about 555000 MT of sponge grade ore. Subject has worlds
largest coal-based sponge iron manufacturing facility, which uses indigenously
developed rotary kilns and the Ferro chrome, manufacturing of stainless and
special steel requires an important component called Ferro chrome. Ferro chrome
is the result of a continuous smelting of chrome ore, coke, coal and quartz at
the Submerged Arc Furnace (SAF). Finally, the Subject has set up a state-of-the-art
Machinery Division at Raipur, Chhattisgarh, which caters to the in-house
machinery and components requirements of the Raigarh plant and other group
companies, has machinery-manufacturing capacity of 11,500 MT and production
capacity of 30,000 MT of steel ingots and castings.
The Company made foray in to the Power Sector during the year 1995, Jindal
Power Limited (JPL) subsidiary of Subject was started to engage the power
sector. The Steel Melting Shop of the Company was shut down in May of the year
1998 due to the explosion. The Raigarh and Raipur Divisions of Jindal Strips
Limited have been hived off to subject pursuant to the Scheme of Arrangement
during the year 1999. In October of the year 1999 again the Steel Melting Shop
was commissioned, which was shut downed in a year before. Round Caster Unit of
the company sets up in Raigarh has been commissioned in the month of May in the
year 2000 and has started producing Rounds, which import substitution product.
In the same year, Subject has entered into an agreement with Maharashtra
Seamless Limited for selling 50,000 MT of Rounds annually and the company
launched Infovergix Technologies, marking the foray of one more old economy
company into the Infotech sector. During the year 2001, the company has
introduced a new value added product Alloy Steel Rounds, which may suitable for
manufacture of seamless tubes. In the same year, Subject signed a memorandum of
understanding (MOU) with the Chattisgarh government to invest Rs.64000 millions
in various projects in the state over the seven years. A Memorandum of
Understanding was signed with the State Government of Chhattisgarh in May 2001
for various investments in the State in the power and steel sectors.
During the year 2003-04, In addition to manufacturing of value added steel
products, such as, rounds, billets, blooms and slabs, the Company has started
manufacturing Universal beams and structures. The Company signed MOU with
Government of Chhattisgarh in January 07, 2005 and also made another one MoU with
Jharkand Government on July 05, 2005. In the identical year of 2005, Subject
inked agreement with S. African, German Company for coal gasification facility
at its proposed six-million-tonne steel plant in Orissa. A revised Memorandum
of Understanding (MOU) was signed with the state Government of Orissa on
03.11.2005 to increase production capacity of proposed steel plant from 2.00
million TPA to 6.0 million TPA.
Subject set up an industrial Estate over 750
The Company plans for future, it consist of expand the operations and increase
the steel production capacity to 6 MTPA at an additional investment of Rs.80000
millions in Raigarh. Subject is also investing over Rs.135000 millions in
Orissa for a steel plant with capacity of 6 MTPA and power generation of 900
MW. In Jharkhand the company is investing over Rs. 150000 millions for a steel
plant with capacity of 6 MTPA and power generation of 1000 MW. Subject has
taken over Bihar Alloys Limited in Jharkhand and re-constructing the facility
for steel production. And also the company has won the development rights for
20 billion tonnes of iron ore reserves in
All the expansions and the future course of actions are a testament to the
fact, that at subject, the company working towards a bright future.
OPERATIONAL
REVIEW
The Company, on a consolidated basis, has achieved an aggregate income of Rs. 111518.200 millions as compared to previous year’s Rs. 109133.700 millions. Profit before tax has increased to Rs. 45534.500 millions from previous year’s Rs. 38111.000 millions. Profit after tax has increased to Rs. 36345.600 millions from previous year’s Rs. 30071.500 millions. Reserves and Surplus have increased to Rs.103013.200 millions .
SPONGE IRON
The Company has produced 13,09,408 MT of Sponge Iron in the year under report as against previous year’s production of 12,48,511 MT and achieved capacity utilization of 95.6%.
FERRO CHROME
The Company has produced 540 MT of HC Ferro Chrome during the year as against 16,143 MT in the previous year.
POWER
The Company generated 2,976 million Kwh during the year as against 2,831 million Kwh of the previous year.
Raipur Unit produced 973 MT of MS ingots, 1,665 MT of casting and has done machining of 8,885 MT as against previous year’s figures of 937 MT, 1,964 MT and 4,210 MT respectively.
MINING
The production of calibrated iron ore at captive mine at
Tensa in Odisha was 1.234 millions MT as against previous year’s production of
1.041
SUBSIDIARY
COMPANIES AND THEIR BUSINESSES
Jindal Power Limited (JPL) is operating 1000 MW (4 X 250 MW) power plant in Raigarh (Chhattisgarh). JPL has closed financial year 2009-10 with a total income of Rs. 4,0549.300 Millions (Previous year Rs. 33142.700 millions) and earned profit after tax of 23187.600 millions (Previous year Rs. 15819.300 millions). JPL is expanding its power generation capacity by setting up 2,400 MW (4 X 600 MW) power plant at the existing site at Tamnar, Raigarh. JPL also envisages setting up 4,000 MW Etalin hydro electric power plant, 500 MW Attunli hydro electric power plant and 1600 MW middle Subhansiri hydro electric power plant in the state of Arunachal Pradesh in Joint Venture with Hydro Power Corporation of Arunchal Pradesh Limited. JPL is a member of Indian Energy Exchange Limited and its subsidiary, Jindal Power Trading Company Limited has obtained ‘C’ category power trading license and is a member of Power Exchange of India Limited and both are trading in power on their respective power exchanges.
Company is working actively in African Continent to explore
different business opportunities to be undertaken through subsidiaries.
Presently, it is active in four countries in
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Business Review
Global economy
started recovery in 2009 but the speed of recovery remained slow. The process
of recovery will get consolidated during 2010 in which Emerging Market
Economies (EMEs) including
Indian economy is on
steady growth trajectory and recovery is getting more broad-based. Domestic
output is expected to improve as the economy grows. There are better prospects
for the Rabi crop and services and manufacturing sectors have also shown great
resilience. Output growth during 2010-11 is expected to increase due to
increasing levels of capacity utilisation in recent months.
Inflation had
reached peak levels but is expected to moderate in the coming months. There
are, however, upside risks to inflation. International commodity prices,
particularly oil, have started to increase again. In several commodities, the
import option for
With an impressive
track record, the country has assumed a favourable place in the world steel
industry. Global steel giants from all over the world have shown interest in
the industry because of its good performance. The crude steel production in
Global economic
slowdown hampered the growth of various steel intensive industries, such as,
construction in 2009 and its impact also fell on steel demand. However, the
Government’s proactive incentive plans to boost economic growth by injecting
funds in various industries like
construction, infrastructure and power will help the steel industry to again
achieve its previous growth trajectory. Steel consumption in
The National Steel
Policy has a target for taking steel production up to 110 MT by 2019–20. With
the current rate of ongoing
Opportunities
and Threats
Steel industry plays
an important role in the development of a country.
Power, iron ore and
coal are three key raw materials for production of steel. The Directors are
making all efforts to ensure their availability considering the proposed
enhancement in the production capacity of steel. In
The Company is
increasing captive power generation capacity for meeting power requirement of
steel plants. Phase-1(2x135 MW) of Captive power plant of 540 MW (4x135 MW)
capacity is under implementation at coal mine at Tamnar, Chhattisgarh. Part I
of 135 MW has been synchronised and will start generating Power in June 2010.
Setting up of captive power plants is a part of the integrated steel plants
being set up in Angul, Odisha and Patratu, Jharkhand for meeting their power
requirements. The Company had, last year, commissioned wind mill power plants
in villages - Bhud and Amberi in District Satara in the State of
Jindal Power Limited
(JPL), subsidiary of the Company is expanding power generation capacity of
I,000 MW power plant at Raigarh, by setting up 2,400 MW power project. JPL has
signed three joint venture agreements with Hydro Power Development Corporation
of Arunachal Pradesh Limited, a public sector undertaking for setting up hydro
electric power plants with an aggregate capacity of 6,100 MW in Arunachal
Pradesh.
The Company has,
over the years, built a strong technical and managerial team who possesses
sufficient experience in setting up big projects and manage them efficiently.
This team is competent enough to set up steel projects in Angul, Odisha and
Patratu, Jharkhand and expanding steel production capacity in Raigarh. The
Company is therefore poised well for further growth and sustainable
development. There are however cost factors of financing which the Company has
to consider while taking strategic decisions. The upward pressure on inflation
has prompted RBI to increase its benchmark rates. This has increased the cost
of financing for working capital requirement. Additionally, it is also putting
pressure on all the expansion projects. Already the interest rates for the
short term and medium term loans have gone up by 25-50 basis points in the last
few months.
Cheaper imports from
countries such as
Outlook
The global steel
market has significantly improved since the low of 2008-09. The first half of
2009 witnessed monthly steel production levels go below 100mn MT due to global
economic recession. The production levels picked up from 2nd half driven by
World Steel
Association in its April, 2010 report, forecasted that apparent steel use will
increase by 10.7% to 1,241 mmt in 2010 after contracting by 6.7% in 2009. This
represents an improved figure over the Autumn 2009 forecast for both 2009 and
2010. With these projections, world steel demand in 2010 will exceed pre-crisis
levels of 2007. In 2011, it is forecast that world steel demand will grow by
5.3% to reach a historical high of 1,306 mmt. The resilience of the emerging
economies, especially
Indian steel
industry was among the very few countries which registered positive growth
during 2009-10 and is expected to increase by 10-12% in 2010-11. This growth is
to be driven by infrastructure sector which is expected to grow at 17.5% in
financial year 2010-11. Union Budget 2010 has provided Rs. 1735520.000 millions
for infrastructure development. Steel production in 2010-11 is likely to be 65
million tonnes compared to 60-61 million tonnes in the year 2009-10.
The rise in
construction activities, too, fuelled volume growth for the steel, thereby
indicating that recovery in demand is broad-based and is gathering pace.
Companies across sectors are re-launching projects that were shelved and this
has increased demand for the metal. The process of re-stocking inventories is
also on a high in anticipation of price hike going forward. The domestic
demand, especially from the railways, and varied use of stainless steel, will
also act as a catalyst in growth of the steel industry in
The prices of semi
finished and finished steel in
The Company plans to
have 30% of its sales through MoU customers which will insulate it from
external factors related to price and ensure a steady order pipeline. It will
also focus on efficiently developing value added grades for new applications to
enter new markets and limit the impact of competition for greater
profitability. It will also focus on efficiently increasing sales through the
stockyards by keeping the optimum inventory levels and product mix for just in
time order delivery as well as for serving a large number of smaller customers.
Financial
Performance
The overall
operational performance of the Company has been satisfactory. During the
financial year 2009-10, the Company achieved net sales of Rs. 73675.900
millions. and net profit after tax of Rs. 14796.800 millions registering marginal decrease of about 4% as
compared to 2008-09 due to lower price realisation.
Internal
Controls and Systems
Internal controls
and proper systems give authenticity to the information, reports, records,
documents, transactions and serve as a strong foundation for decision making by
the management. The Company has established proper internal control systems and
procedures which are compatible with size of its operations and business. With
a view to ensure that systems are adhered to and controls are not flouted,
three firms of chartered accountants are conducting internal audit of
operations, establishments, marketing offices and stockyards quarterly. Cost
Auditors are separately appointed to audit cost accounts of the steel plants
and their report is submitted to the Central Government. Audit Committee
reviews the reports of Internal Auditors and Cost Audit Report and monitors
effectiveness and operational efficiency of internal control systems. Audit Committee
is giving valuable suggestions from time to time in improving the business
processes, systems and internal controls. Annual internal audit plans are
prepared by internal auditors in consultation with Audit Committee and audit is
conducted in accordance with this plan. Separate department headed by a Sr.
Vice President looks after internal control systems and assists internal
auditors and the Audit Committee and provides desired inputs to them.
FINANCIAL
MANAGEMENT
Borrowing from
Banks, Financial Institutions, other lenders in
Industrial
Relations and Human Resource Management
The Company is
taking various initiatives and has adopted various policies to provide better
amenities to the employees to keep them motivated and satisfied. The Company is
on the trajectory of growth and the challenge is
to sustain the
growth. Human Resource (HR) has emerged as a strategic business partner in
recent few years and sustainability of growth depends on the robustness of its
policies, systems and procedure. Keeping the above in mind the Company has
developed a Business Partnership Model and has endeavoured to strengthen itself
in the following areas viz,
a. Leadership
Capability Development.
b. Conducting
Development Centre for Top 55 High Potential leaders in the organisation.
c. Executive
Coaching intervention for 55 High Potential leaders.
d. Compensation
& Benefit Benchmarking. With an aim to enhance a culture of professionalism
and building the Company as an institution, McKinsey Associates were appointed
for Organisational Transformational Initiatives like:
a. Structure and
role clarity - for complete clarity on roles and responsibilities.
b. Critical processes
- for documented, well established and effective tools and processes used
across entities.
c. Management
committees - for management accountability and initiative taking. There are
management committee(s) that yield collective and quality decision making.
d. Culture and
capabilities - for strong and recognisable culture across various entities of
the Company, which induces people to give their best and which also attracts
new talent.
The Company is
providing medical & health facilities for employees such as Group Mediclaim
Policy which provides assistance to the employees and their family members and
reimburses hospitalisation expenses incurred for treatment anywhere in
1. Safety week
celebration
2. Safety tool talk
at start of the shift
3. Work permit for
jobs of hazardous nature
4. Awareness about
work at height
5. Provision of
personnel protective equipments for hot zones such as jeans coat, aluminised
coat, helmet, safety shoes etc.
6. DSO (Department
Safety Officers) in each department
7. Safety inspection
8. Safety meetings
with Heads of the departments, supervisors & contractors
9. Safety Induction
programme and job specific training programme for contract workers
The Company has also
introduced various Schemes for enhancing motivation of the employees such as i)
Own your car Scheme, ii) Own your laptop Scheme , iii) Furniture loan Scheme,
iv) Home furnishing loan Scheme, v) Marriage gift policy and vi) Education
assistance policy. Retirement benefits like Provident Fund and Gratuity are
also applicable to all the employees.
FIXED ASSETS
· Land – Freehold
· Land – Leasehold
· Live Stock
· Building
· Plant and
Machinery
· Electrical
Installation
· Furniture and
Fixtures
· Vehicles
· Air Craft (GE
Lease)
· Air Craft (Owned)
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2011
(Rs.
In Millions)
|
|
For
The Quarter Ended 30.06.2011 |
For
The Quarter Ended 30.06.2010 |
For
the Year Ended
31.03.2011 |
|
1. a) Net Sales / Income from Operations |
25225.900 |
21188.600 |
95348.900 |
|
b) Other Operating Income |
39.400 |
27.400 |
387.400 |
|
Total Income |
25265.300 |
21216.000 |
95736.300 |
|
2. Expenditure |
|
|
|
|
a) (Increase)/decrease in stock in trade and work in progress |
(2130.400) |
(1504.000) |
(3334.400) |
|
b) Consumption of raw materials |
8061.000 |
7232.300 |
27810.000 |
|
c) Purchase of traded goods |
751.000 |
417.400 |
1768.000 |
|
d) Employee cost |
880.700 |
617.200 |
2777.800 |
|
e) Depreciation |
2065.900 |
1474.700 |
6877.700 |
|
f) Stores and Spares consumed |
2934.900 |
2279.500 |
11354.500 |
|
g) Power and Fuel |
1888.200 |
1151.300 |
6375.200 |
|
h) Other Expenditure |
3245.700 |
3109.000 |
12460.800 |
|
Total |
17697.000 |
14777.400 |
66089.600 |
|
3. Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
7568.300 |
6438.600 |
29646.700 |
|
4. Other Income |
166.500 |
62.000 |
1437.100 |
|
5. Profit before Interest and Exceptional Items (3+4) |
7734.800 |
6500.600 |
31083.800 |
|
6. Interest and other Financial Expenses |
1324.700 |
741.700 |
3550.200 |
|
7. Profit after Interest but before Exceptional Items (5-6) |
6410.100 |
5758.900 |
27533.600 |
|
8. Exceptional Items |
-- |
-- |
-- |
|
9. Profit (+)/
Loss (-) from ordinary activities before tax (7+8) |
6410.100 |
5758.900 |
27533.600 |
|
10. Tax expense |
1708.500 |
1402.000 |
6892.400 |
|
11. Net Profit (+)/
Loss (-) from ordinary activities after tax (9-10) |
4701.600 |
4356.900 |
20641.200 |
|
12. Extraordinary item (net of tax expense Rs. - ) |
-- |
-- |
-- |
|
13. Net
Profit(+)/ Loss(-) for the period (11-12) |
4701.600 |
4356.900 |
20641.200 |
|
14. Minority Interest |
-- |
-- |
-- |
|
15. Share of Associates |
-- |
-- |
-- |
|
16. Other Related Items |
-- |
-- |
-- |
|
17. Consolidated Net Profit (+) / Loss (-) for the period |
-- |
-- |
-- |
|
18. Cash Profit |
7193.500 |
6086.400 |
29152.200 |
|
19. Paid up equity share capital (Face Value Re. 1/- per share) |
934.500 |
933.900 |
934.300 |
|
20. Reserves excluding Revaluation Reserves |
-- |
-- |
85941.200 |
|
21. Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted EPS before Extraordinary items for the period and
for the previous year |
5.03 5.02 |
4.68 4.67 |
22.11 22.09 |
|
b) Basic and diluted EPS after Extraordinary items for the period and
for the previous year |
5.03 5.02 |
4.68 4.67 |
22.11 22.09 |
|
22. Public shareholding |
|
|
|
|
- Number of shares |
388800173 |
388287418 |
388559609 |
|
- Percentage of shareholding |
41.60 |
41.58 |
41.59 |
|
23. Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered - Number of shares |
6000 |
-- |
6000 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares (as a% of the total share capital of the Company) |
-- |
-- |
-- |
|
b) Non-encumbered - Number of Shares |
545703422 |
545656592 |
545703422 |
|
- Percentage of shares (as a% of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the Company) |
58.40 |
58.42 |
58.41 |
SEGMENT WISE
REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED ON 30th
JUNE, 2011
(Rs.
In Millions)
|
Particulars |
For
The Quarter Ended 30.06.2011 |
For
The Quarter Ended 30.06.2010 |
For
the Year Ended
31.03.2011 |
|
1. Segment Revenue |
|
|
|
|
a) Iron and Steel |
24097.700 |
20347.300 |
92160.400 |
|
b) Power |
3606.100 |
2718.900 |
12143.100 |
|
c) Others |
296.200 |
209.200 |
1126.800 |
|
Sub Total |
28000.000 |
23275.400 |
105430.300 |
|
Less: Inter-segment Revenue |
2734.700 |
2059.400 |
9694.000 |
|
Net Sales/Income
from Operations |
25265.300 |
21216.000 |
95736.300 |
|
2. Segment Results (Profit(+)/Loss(-) before Tax and interest from each segment) |
|
|
|
|
a) Iron and Steel |
7670.600 |
5946.700 |
28228.500 |
|
b) Power |
1312.800 |
1412.500 |
5811.200 |
|
c) Others |
(29.700) |
20.300 |
(0.600) |
|
Sub Total |
8953.700 |
7379.500 |
34039.100 |
|
Less : Interest and Other Financial Charges |
1324.700 |
741.700 |
3550.200 |
|
Other un-allocable expenditure |
1218.900 |
878.900 |
2955.300 |
|
(net of un-allocable income) |
|
|
|
|
Total Profit
Before Tax |
6410.100 |
5758.900 |
27533.600 |
|
3. Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
a) Iron and Steel |
85772.200 |
70876.900 |
86024.000 |
|
b) Power |
33680.300 |
16718.800 |
32641.800 |
|
c) Others |
5258.200 |
4791.700 |
5318.300 |
|
Total Segment
Capital Employed |
124710.700 |
92387.400 |
123984.100 |
Notes:
1.
Consolidated sales and profit for the quarter ended
30.06.2011, includes sales of Rs.7495.400 millions and net profit after tax of
Rs.4528.300 millions in respect of Jindal Power Limited, a subsidiary company,
as against Rs.9276.000 millions and Rs.5600.500 millions respectively, for the
corresponding quarter last year.
2.
Two Units of 250 MW each of Jindal Power Limited, a
subsidiary company, at Tamnar, Raigarh, Chattisgarh, will remain under planned
annual maintenance shutdown for 15 days in the next quarter.
3.
No investor complaint was pending on 01.04.2011.
During the quarter ended 30.06.2011, 7 (Seven) complaints were received and
resolved.
4.
Previous quarter/period figures have been regrouped
and reclassified to make them comparable.
5.
The above audited results were reviewed by the
Audit Committee and have been taken on record by the Board of Directors in
their meeting held on 28.07.2011.
AS PER WEBSITE :
PRESS RELEASE
HIGHLIGHTS OF 1ST QUARTER ENDED JUNE 30, 2011
Financial Results
Standalone
·
Turnover up by 19% to Rs.25265.300 millions (Rs.21216.000 millions)*
·
Net Profit after tax up by 8% to Rs.4701.600 millions (Rs.4356.900 millions)*
Consolidated
·
Turnover up by 31% to Rs.39441.000 millions (Rs.30009.800 millions)*
·
Net Profit after tax marginally down by
2% to Rs.9330.300 millions (Rs.9569.700 millions)*
*figures in brackets are for the financial year 2010-11
Major Highlights
of Quarter I
·
Chairperson Smt. Savitri Jindal has become Chairperson
Emeritus and the Board of Directors has elevated Shri Naveen Jindal, presently
Executive Vice Chairman and Managing Director, to the position of Chairman and
Managing Director.
·
Consolidated EBIDTA has increased by 5% in the current year to Rs.16540.900 millions (previous year
Rs.15737.300 millions)
·
Consolidated Cash profit has increased by 5% to Rs.13006.300 millions (previous year Rs.12333.600 millions)
Production
JSPL has shown
growth in production of both Steel and Power. Details of growth in production
for the quarter ended June 30, 2011 with the corresponding quarter in the
previous financial year are as under:
For the Quarter I
ended June 30, 2011:
|
Product (MT) |
Qtr I |
Growth (%) |
|
|
|
2011-12 |
2010-11 |
|
|
Sponge Iron |
363653 |
345305 |
5% |
|
Pig Iron / Hot
metal |
402107 |
387828 |
4% |
|
Pellets |
828800 |
484595 |
71% |
|
Steel Products* |
607726 |
506001 |
20% |
|
Power (million
kWh) |
931 |
729 |
28% |
* Only
Slab/Round/Bloom/Beam Blank
Sales
Details of sales for
the quarter ended June 30, 2011 with the corresponding quarter in the previous
financial year are as under:
For the Quarter I
ended June 30, 2011:
|
Product (MT) |
Qtr I |
Growth (%) |
|
|
|
2011-12 |
2010-11 |
|
|
Sponge Iron |
-- |
48,995 |
-- |
|
Pellets |
347,104 |
111,040 |
213% |
|
Steel Products** |
456,887 |
403,814 |
13% |
|
Power (million
kWh) |
259 |
192 |
35% |
*Sponge Iron
sale is nil due to captive consumption
**Slabs/Bloom/Billets/Structural’s
and Rails/Universal Plate/Coil/Converted Angle/Channel/ Wire
Rod/TMT/Fabricated
Beams/Plates
Consolidated financial result includes result of
Jindal Power Limited, a subsidiary of the Company, as under:-
For the Quarter I
ended June 30, 2011 (Unaudited)
Turnover :
Rs.7495.400 millions
Profit After Tax :
Rs.4528.300 millions
Generation :
2166.18 million units
PLF : 99.18%
For the Financial
Year 2010-11 (Audited)
Turnover :
Rs.33377.300 millions
Profit After Tax :
Rs.20016.000 millions
Generation : 8596.94
million units
PLF : 98.14%
JINDAL STEEL AND POWER LTD. SIGNS MOU WITH
The technology smelts iron
ore fines directly using non-coking coal, and offers significant economic and
environmental benefits to the steel industry
Jindal
Steel and Power Limited (JSPL) signed an MoU with Australian mining major, Rio
Tinto to jointly work towards global commercialisation of the HIsmelt
technology to be used in a fully integrated steel making facility. JSPL will be
introducing the HIsmelt technology for the first time in the world other than a
pilot plant commissioned in
HIsmelt,
short for high-intensity smelting, is the world’s first commercial direct
smelting process for making iron straight from the ore. The technology smelts
iron ore fines directly using non-coking coals, and offers significant economic
and environmental benefits to the steel industry.
The
MoU will also involve the relocation of the existing Kwinana HIsmelt plant from
The
MOU was signed last night in
JSPL
is part of the US$15 billion Indian based OP Jindal Group, currently producing
3 million tonnes steel annually and 1,800MW of power and executing two large
steel plants in India (a 6MTPA plant at Angul, Orissa and a 3 MTPA plant in
Patratu, Jharkhand).
Mr.
Sam Walsh described the deal with JSPL as a natural progression for the
technology. “This opportunity with JSPL is most exciting, as we integrate
the HIsmelt flow sheet into their existing steel works in Angul, Orissa, an
acceleration of proving of the technology to full design capacity.
“We
believe the HIsmelt process remains the future for iron making, particularly in
locations where coking coal and good quantity of iron ore lumps are not
available and where the need to reduce the environmental footprint is
increasing, thereby ensuring the ongoing sustainability of this essential
industry. HIsmelt is suitable to the resources of
Mr.
Naveen Jindal said, “We are excited to tie-up with Rio Tinto for the HIsmelt
technology and look forward to developing it for usage in a fully integrated
steel plant.”
JSPL, JPL ANNUAL REPORTS WIN GLOBAL
RECOGNITION
·
Win
Gold Awards at the LACP Vision Awards,
·
While
JSPL Annual Report ranks 38, JPL Annual Report ranks 13 in the
Top 50 Annual
Reports from
Jindal Steel and Power Limited (JSPL) and
Jindal Power Limited (JPL)’s Annual Reports 2009-10, have won Gold Awards at
‘The League of American Communications Professionals (LACP) Vision Awards’ –
the world’s most prestigious contest in the domain of corporate reporting.
While the JSPL Annual Report won the award in the ‘Materials’ category, the JPL
Annual Report bagged the award in the ‘Energy Equipment and Services’ category.
The JSPL Annual Report titled, ‘Going Beyond
Boundaries’ ranked 38 among the top 50 Annual Reports in Asia Pacific Region.
The JPL Annual Report titled, ‘Better lives. Brighter smiles’ ranked 13 in the
Top 50 Annual Reports from Asia Pacific Region as well as ranked 57 among
Global Top 100 Best Reports.
More than 5,000 entries were received for
the 2010 Vision Awards, comprising submissions from 25 countries.
League of American Communications
Professionals LLC (LACP) was established in 2001 in order to create a forum
within the public relations industry that facilitates discussion of
best-in-class practices within the profession while also recognizing those who
demonstrate exemplary communications capabilities. The Awards are based on a set
of assessment criteria: First Impression, Cover, Letter to Shareholders,
Narrative, Financials, Message Clarity, Creativity and Information
Accessibility.
LACP Vision Awards recognize the outstanding
annual reports of the past twelve months and includes entries that vary from
Fortune 500 organizations to non-profits aiding individual communities, and
sectors ranging from healthcare, technology, and utilities to financial
services, chemicals, amongst others. Some of the participants this year included
Heineken, Coca Cola, Citigroup, Pfizer, Bayer, Hyundai, Boeing, Qualcomm and
WalMart to name a few.
JINDAL STEEL AND POWER LIMITED WINS NATIONAL
ENERGY CONSERVATION AWARD 2010
In recognition of its commitment to energy conservation and efficiency, Jindal Steel and Power Limited’s (JSPL) Raigarh (Chhattisgarh)-based plant has been conferred with the National Energy Conservation Award (NECA) 2010. A top ranked recognition in the integrated steel plant sector, the NECA was presented by Shri Sushil Kumar Shinde, Union Minister of Power, Government of India to JSPL at an award function held here recently on the occasion of the Energy Conservation Day.
Shri
G.S. Mittal, Sr. Vice-President, Iron Making, JSPL Raigarh plant received the
award on behalf of the company. The award is a result of the teamwork of the
company’s dedicated workforce and adoption of quality improvement projects
exclusively for energy conservation.
The
energy saving parameters at the Raigarh plant for the year 2009-10 are 8.24%
reduction of specific thermal energy, 7.88% reduction of specific electrical
energy, 1.43% saving of absolute thermal energy and 5.10% saving of absolute
electrical energy.
Some of
the major projects undertaken by the company at the plant in 2009-10
include Installation of a hot stove heat recovery
system in BF-1, Installation of a Lighting Transformer,
Installation of VFD drives in ID fan of the power plant, Use of iron ore
pellets in the DRI plant, Increase in availability of EAF & LRF furnace and
reducing FO consumption by rationalizing use of FO with good housekeeping
practices.
The
award committee consisted of members drawn from the Ministry of Power,
Central Electricity Authority, National Productivity Council, Confederation
of Indian Industry, Ministry of Railways and the Bureau of Energy
Efficiency.
This is
the tenth year in a row that JSPL has bagged the NECA. Apart from this award,
the company has also won various other awards in the field of environment for a
number of years like the Golden Peacock Environment Management Award, Greentech
Environment Excellence Award apart from getting the ISO 9001 Certification from
BSI and ISO 14001 Certification of Environment Management System.
JINDAL
STEEL AND POWER LIMITED, GETS FORBES
Jindal
Steel and Power Ltd. (JSPL) is proud to announce that it received the
Forbes Asia’s “Fabulous 50 Companies” international award at a glittering
ceremony held recently in
Receiving
the award, Shri Maroo said, “This award by Forbes is truly a
certification of JSPL’s entry into the big league of global players. The
leadership of our visionary EVC & MD, Shri Naveen Jindal &
farsightedness of their founding Chairman Shri O. P. Jindal has made JSPL
a world class company with presence across the globe.
“The
award is the result of the hard work put in by the entire team of Jindal
Steel and Power Limited. They are committed towards the empowerment of
our people through our corporate social initiatives and are confident
that the way we have contributed to
About Jindal Steel and Power Limited (JSPL)
Jindal
Steel and Power Limited (JSPL) today is one of
The company produces economical and efficient steel and power. From the
widest flat products to a whole range of long products, JSPL sports a
product portfolio that caters to major infrastructure and housing
projects in the country. It also has the distinction of producing the
world’s longest 121 metre rails and large size parallel flange beams. It
also produces the widest plate in coil form up to 3.5 metre wide.
The organisation is equally concerned about the environment and is
committed towards restoring nature’s balance by maintaining a clean and
green environment. JSPL’s Corporate Social Responsibility policy aims at
bringing about a radical transformation in the quality of people in and
around the operation areas of the company through positive intervention
in social upliftment programs.
Corporate Profile :
Perseverance, a
passion for excellence and a firm commitment towards all stakeholders and the
community at large, has made us a responsible corporate powerhouse.
With an
annual turnover of over US $2.3 billion (Rs. 110000.000 millions), Jindal Steel
& Power Limited is a part of about US $ 12 billion diversified O. P. Jindal
Group. It is a leading player in Steel, Power, Mining, Coal to Liquid, Oil
& Gas and Infrastructure, consistently tapping new opportunities by increasing
production capacity, diversifying investments, and leveraging its core
capabilities to venture into new businesses. JSPL’s investment commitments in
steel, power, oil and gas and mining have touched more than US $ 30 billion
today. In the recent past, JSPL has expanded its steel, power and mining
businesses to various parts of the world particularly in Asia, Africa, South
America and
The
company has scaled new heights with the combined force of innovation,
adaptation of new technology and the collective skills of its 15,000 strong,
committed workforce.
Expansion Projects :
JSPL has
set its foot in the international arena by acquiring the development rights of
20 billion tonne of
With coal reserves in
JSPL
endeavors to strengthen
As JSPL
contributes to
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.