MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
JSL STAINLESS LIMITED (w.e.f August 2010) |
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Formerly Known
As : |
JSL LIMITED |
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Registered
Office : |
O. P. Jindal Marg,
Hisar – 125 005, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.09.1980 |
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Com. Reg. No.: |
55-10901 |
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Capital
Investment/ Paid-up Capital: |
Rs.371.164
millions |
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CIN No.: [Company Identification
No.] |
L26922HR1980PLC010901 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKJ01831E RTKJ01408B |
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PAN No.: [Permanent Account No.] |
AABCJ1969M |
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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
: |
Manufacturer
of Stainless Steel. |
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No. of
Employees: |
54184
(approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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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 76000000 |
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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 Jindal Group Company. It is a well established and
reputed company having fine track. Financial position of the company is good.
Directors are reported to be experienced, respectable and resourceful
businessmen. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings 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
|
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 |
INFORMATION DECLINED BY
The management non cooperative
LOCATIONS
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Registered
Office : |
O. P. Jindal
Marg, Hisar – 125 005, |
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Tel. No.: |
91-1662-222471- 485 (15 Lines) |
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Fax No.: |
91-1662-220476 /
220499 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Jindal Centre,
12, |
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Tel. No.: |
91-11-26188340-50 |
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Fax No.: |
91-11-26161271 / 26170691 / 41659169 |
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E-Mail : |
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Factory 1 : |
P. O. Box No. 6,
O.P, Jindal Marg, Hisar – 125 005, |
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Tel. No.: |
91-1662-220471-485
(15 Lines) |
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Fax No.: |
91-1662-220476 /
220499 |
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Factory 2 : |
58-17-1/1, Sangeevaya Nagar, Near |
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Tel. No.: |
91-891-2558898 |
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Fax No.: |
91-891-2558996 |
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Factory 3 : |
Kalinga Nagar
Industrial Complex, P. O. Danagadi – 755026, District Jajpur, |
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Tel. No.: |
91-672-6266001 |
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Fax No.: |
91-672-6266002 |
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Factory 4 : |
Kawasan Industry Maspion, Maspion Unit-V, Desa Sukomylyo-Manyar,
Gresik 61151, Jawa Timur-Indonesia |
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Tel. No.: |
62-31-3959565 |
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Fax No.: |
62-31-3959566 |
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Factory 5 : |
Jindal Nagar,
Kothavalasa - 535183, District Vizianagaram, |
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Tel. No.: |
91-8966-273327/273254/273335 |
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Fax No.: |
91-8966-273326 |
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E-mail : |
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Branches : |
·
Tel. No.: 91- 22-4963000 /
4924470 - 74 Fax No.: 91-22- 4961400 E-Mail : jindal@bom2.vsnl.net.in ·
50,
H. I. G, BBA, Jaidev Vihar, Bhubaneshwar – 751013, Tel. No. : 91-674-2303560/2301846 Fax : 91-674-2303147 E-mail: jslbbs@sify.com |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mrs. Savitri Devi Jindal |
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Designation : |
Chairperson |
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Name : |
Mr. Ratan Jindal |
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Designation : |
Vice-Chairman and Managing Director |
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Name : |
Mr. Gautam Kanjilal |
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Designation : |
Nominee Director of SBI |
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Name : |
Mr. Naveen Jindal |
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Designation : |
Director |
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Name : |
Mr. Arvind Parakh |
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Designation : |
Director – Finance |
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Name : |
Ms. Suman Jyoti Khaitan |
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Designation : |
Director |
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Name : |
Mr. S. Bhattacharya |
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Designation : |
Director (Sales and Marketing) |
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Name : |
Mr. S. S. Virdi |
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Designation : |
Executive Director and Chief Operating Officer |
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Name : |
Mr. Jurgen Hermann Fechter |
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Designation : |
Director |
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Name : |
Mr. James Alistair Kirkland Cochrane |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Kumar |
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Designation : |
Company Secretary |
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Name : |
Mr. Sandeep Sikka |
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Designation : |
Head (Corporate Finance) |
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Name : |
Mr. R. Ganesh |
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Designation : |
Sr. Vice President (Strategic Sourcing and
Integrated Logistics) |
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Name : |
Mr. Rajiv Rajvanshi |
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Designation : |
Vice President (Corporate Human Resource and
Legal) |
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Name : |
Mr. S. K. Jain |
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Designation : |
Head (Hisar Unit) |
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Name : |
Mr. S. Bhattacharya |
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Designation : |
Director (Operations - Hisar Unit) |
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Name : |
Mr. R. K. Goyal |
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Designation : |
Director (Strategy and Corporate Affairs) |
MAJOR SHAREHOLDERS
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
747,815 |
0.40 |
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|
43,141,700 |
23.03 |
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43,889,515 |
23.43 |
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|
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|
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|
7,426,805 |
3.96 |
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23,149,710 |
12.36 |
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30,576,515 |
16.32 |
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Total shareholding of Promoter and Promoter Group (A) |
74,466,030 |
39.75 |
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(B) Public Shareholding |
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15,334,820 |
8.19 |
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|
288,741 |
0.15 |
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2,426,624 |
1.30 |
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34,313,170 |
18.32 |
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|
9,997,524 |
5.34 |
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|
9,997,524 |
5.34 |
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62,360,879 |
33.29 |
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|
|
|
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12,693,403 |
6.78 |
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|
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19,783,881 |
10.56 |
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407,265 |
0.22 |
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32,884,549 |
17.56 |
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Total Public shareholding (B) |
95,245,428 |
50.85 |
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Total (A)+(B) |
169,711,458 |
90.60 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
16,734,984 |
8.93 |
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|
869,350 |
0.46 |
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17,604,334 |
9.40 |
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Total (A)+(B)+(C) |
187,315,792 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign BankBUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Stainless Steel |
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Products : |
·
Strip
Mill/Tandem Mill ·
Plate/Steckel
Mill ·
Steel
Melting ·
Cold
Rolling Mill ·
Cold
Rolled Strips ·
Cold
Rolled Special Steel ·
Oxygen
Plant ·
Oxygen
Gas ·
Argon
Gas ·
Industrial
Machinery ·
High
Carbon Ferro Chrome ·
Rolling
Mill Plant |
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PRODUCTION STATUS
(AS ON 31.03.2010)
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Particulars |
Unit |
Installed Capacity |
|
AT HISAR: 1. Strip Mill/Tandem Mill 2. Plate/Steckel Mill 3. Steel Melting 4. Cupro Nickle Melting 5. Cold Rolling Mill i) Cold Rolled Strips ii) Cold Rolled Special Steel iii) Coin Blanks 6. Oxygen Plant: i) Oxygen Gas ii) Argon Gas 7 Industrial Machinery AT VIZAG High Carbon Ferro Chrome AT ORISSA/MINES High Carbon Ferro Chrome Power Plant
|
MT MT MT MT MT MT MT M. Cum. M. Cum. Nos. MT MT MT MT |
250000 720000 720000 6000 275000 25000 10000 55.00 1.50 209 40000 250000 192000 250 |
GENERAL INFORMATION
|
No. of Employees : |
54184
(approximately) |
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Bankers : |
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Facilities : |
NOTES
: A. Debentures are to be secured by first
pari-passu charge by way of mortgage
of company’s immovable properties and hypothecation of movable fixed assets both
present and future and second pari passu by way of hypothecation and \or
pledge of current assets namely finished goods, raw materials, work in
progress, consumable stores and spares, book debts, bills receivable Debenture of Rs. 1000000 each are redeemable
in 28 equal quarterly installments starting from 1st July, 2010
and ending on 1st April, 2019 and coupon is proposed to be revised
to 9.75%. Debentures are
secured by pari passu charge by way of equitable mortgage on the company’s immovable properties located in
state of B. Term Loan
amounting to Rs. 39271.361 millions are to be secured by first pari passu
charge by way of mortgage of company’s immovable properties and hypothecation
of movable fixed assets both present and future and first pari passu by way
of hypothecation and \or pledge of current assets namely finished goods, raw
materials, work in progress, consumable stores and spares, book debts, bills
receivable. Term Loan
amounting to Rs. 6663.445 millions are to be secured by second pari passu
charge by way of mortgage of company’s immovable properties and hypothecation
of movable fixed asse5ts both present and future and second pari passu by way
of hypothecation and \or pledge of current assets namely finished goods, raw
materials, work in progress, consumable stores and spares, book debts, bills
receivable. Term loans from Banks include loans of Rs.36206.305 millions, for
which charge is created / to be created by way of mortgage of company’s
immoveable properties and hypothecation of moveable assets both present and
future ranking pari-passu with other Financial Institutions/Banks. Term loans from Banks include loans of Rs.3000.000 millions (Rs.
Nil), for which charge is created/to be created by way of second residual
charge on current assets and fixed assets of the company. Term loans from Banks include sub debts
term loans of Rs.242.507 millions
(Rs.102.789 millions) secured by way of second charge on all movable and
immoveable fixed assets of the company ranking pari-passu with other
Financial Institutions/ Banks. Term loans from Banks include loans of Rs.500.000 millions (Rs.500.000
millions) secured by way of residual charge (ranking subservient to first and
second charge holders) over movable fixed assets of the company. Term Loans from Banks include loans of Rs.634.000 millions secured
by residual charge by way of hypothecation of movable fixed assets of the
company. C. funded interest
term loans amounting to Rs. 2045.531 millions are to be secured by Second pari passu charge by way of mortgage
of company’s immovable properties and hypothecation of movable fixed assets
both present and future and secound pari passu by way of hypothecation and
\or pledge of current assets namely finished goods, raw materials, work in
progress, consumable stores and spares, book debts, bills receivable D. Secured by way
of hypothecation of vehicles purchased there under. E. Working capital loans are secured by way of hypothecation and/or
pledge of current assets namely
finished goods, raw-materials, work-in-progress, consumable stores and
spares, book debts, bills receivable and by way of second charge in respect
of other moveable and immoveable properties of the company ranking pari-passu
with other Banks/Financial Institutions.
Note: 0.50% foreign currency convertible bonds were issued to foreign
investors on 24.12.2004 by the company, in terms of the offering memorandum dated
17.12.2004, there bonds at the holder, may be converted into equity shares of
face value of Rs. 2/- each at any time on or after 22.01.2005 at a pre
determined price of Rs. 119.872 per share. Unless previously redeemed,
repurchased and cancelled, or converted, the bonds were redeemable at
129.939% of their principal amount on 24.12.2009. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
·
S. S.
Kothari Mehta and Company Chartered Accountants ·
Lodha
and Company Chartered Accountants |
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Cost Auditors : |
Ramanath Iyer and
Company Cost Accountants |
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Associates : |
·
Jindal Steel and Power Limited ·
JSW Steel Limited ·
Jindal Saw Limited ·
Jindal Industries Limited ·
Nalwa Steel and Power Limited (formerly
Nalwa Sponge Iron Limited) ·
Bir Plantation Private Limited ·
Sona Bheel Tea Limited ·
Bharat Metals ·
Jindal Overseas Holding Limited ·
Nalwa Sons Investment Limited |
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Subsidiaries : |
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Joint Venture
: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
475000000 |
Equity Shares |
Rs.2/- each |
Rs.950.000 Millions |
|
|
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
185582172 |
Equity Shares |
Rs.2/- each |
Rs.371.164
millions |
|
|
|
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|
Of the
above
A) 13,778,717 Equity Shares of Rs 10/-each
fully paid up issued to Shareholders of Jindal Strips Limited pursuant to
Scheme of‘ Arrangement and Demerger.
B) One Equity Share of Rs.10/-each fully
paid up issued to Shareholders of J - Inox Creations (P) Limited And Austenitic
Creations (P) Limited pursuant to the Scheme of Amalgamation.
C) 5,153,293 Fully Paid Up Bonus Equity
Shares of Rs.10/- each in the ratio of 253 Equity Shares of Rs.10/- each for
every 679 Equity Shares of Rs.10/- each, alloted out of Share Premium and
Capital Redemption Reserve to the equity shareholders of the company pursuant
to Scheme of Arrangement and Demerger.
D) 999,752 Equity Shares of Rs.10/- each
fully paid up allotted to the holders of 460 Foreign Currency Convertible Bonds
of US$ 5000/- each at predetermined (as per scheme ) conversion rate of
Rs.100/- each on 13.01.2004.
E) Company has subdivided the Equity Shares
of Rs.10/- each into Equity Shares of Rs.2/- each on 10.03.2004.
F) 9,997,524 Equity Shares of Rs. 2/- each
fully paid up allotted to the holders of 920 Foreign Currency Convertible Bonds
of US $ 5000/- each at predetermined (as per scheme) conversion rate of Rs.
20/- each on 24.12.2004.
G) 3,907,028 Equity Shares of Rs. 2/- each fully
paid up allotted to the holders of 2141 Foreign Currency Convertible Bonds of
US $ 5000/- each at predetermined (as per scheme) conversion rate of Rs.119.872
each during the year ended on 31.03.2006.
H) 16,734,984 (represented by 8,367,492 nos.
GDS) Equity Shares of Rs. 2/- each fully paid up allotted to the holders of
1540 Foreign Currency Convertible Bonds of US $ 5000/- each at predetermined
(as per scheme) conversion rate of Rs. 20/- each during the year ended on
31.03.2006.
I) 869,350 (represented by 434,675 nos. GDS)
Equity Shares of Rs. 2/- each fully paid up allotted to the holders of 80
Foreign Currency Convertible Bonds of US $ 5000/- each at predetermined (as per
scheme) conversion rate of Rs. 20/- each during the year ended on 31.03.2007.
J) 6,800,000 Equity Shares of Rs. 2/- each
fully paid up allotted to the holders of Equity Share warrants at predetermined
conversion rate of Rs. 103/- each during the year ended on 31.03.2007.
K) 9,213,726 Equity Shares of Rs. 2/- each
fully paid up allotted to the holders of 5049 Foreign Currency Convertible
Bonds of US $ 5000/- each at predetermined (as per scheme) conversion rate of
Rs. 119.872 each during the year ended on 31.03.2008.
L) 7,150,000 Equity Shares of Rs. 2/- each
fully paid up allotted to the holders of Equity Share warrants at predetermined
conversion rate of Rs. 103/- each during the year ended on 31.03.2008.
M) 7,550,000 Equity Shares of Rs. 2/- each
fully paid up allotted to the holders of Equity Share warrants at predetermined
conversion rate of Rs. 103/- each during the year ended on 31.03.2009.
N) 23447240 Equity shares of Rs. 2/-each
fully paid up allotted to the qualified institutional buyers at Rs. 105.50 each
during the year ended on 31.03.2010
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
371.164 |
324.270 |
309.170 |
|
|
2] Equity Share
Warrants |
0.000 |
0.000 |
526.063 |
|
|
3] Reserves &
Surplus |
18764.754 |
12579.054 |
17571.403 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
19135.918 |
12903.324 |
18406.636 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
72860.274 |
51795.735 |
38203.441 |
|
|
2] Unsecured
Loans |
2588.934 |
4775.706 |
4857.491 |
|
TOTAL BORROWING
|
75449.208 |
56571.441 |
43060.932 |
|
|
DEFERRED TAX
LIABILITIES |
3909.777 |
1991.433 |
4877.020 |
|
|
|
|
|
|
|
TOTAL
|
98494.903 |
71466.198 |
66344.588 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
39031.855 |
39554.969 |
34119.746 |
|
Capital work-in-progress
|
38849.824 |
20109.504 |
13737.703 |
|
|
|
|
|
|
|
INVESTMENT
|
3514.469 |
8968.579 |
932.872 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
16328.649 |
16617.554 |
21946.498 |
|
|
Sundry Debtors
|
10597.367 |
5620.924 |
7536.563 |
|
|
Cash & Bank Balances
|
6875.024 |
6572.192 |
7403.155 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
8179.561 |
7466.728 |
8782.866 |
Total Current Assets
|
41980.601 |
36277.398 |
45669.082 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
7374.084 |
5517.593 |
8499.549 |
|
|
Current Liabilities
|
14795.429 |
25677.647 |
16898.499 |
|
|
Provisions
|
2990.224 |
2532.234 |
2875.517 |
Total Current Liabilities
|
25159.737
|
33727.474
|
28273.565
|
|
Net Current Assets
|
16820.864 |
2549.924 |
17395.517 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
277.891 |
283.222 |
158.750 |
|
|
|
|
|
|
|
TOTAL
|
98494.903 |
71466.198 |
66344.588 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
57565.487 |
48533.071 |
51643.570 |
|
|
|
Other Income |
168.486 |
197.995 |
291.195 |
|
|
|
TOTAL (A) |
57733.973 |
48731.066 |
51934.765 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials, Manufacturing and Others |
43784.710 |
42283.636 |
40491.222 |
|
|
|
Personnel |
1214.435 |
1099.741 |
1036.178 |
|
|
|
Administrative and Selling Expenses |
1935.265 |
1755.879 |
2319.632 |
|
|
|
Miscellaneous Expenses |
31.768 |
3.851 |
3.851 |
|
|
|
Exceptional Items |
(2328.723) |
5949.434 |
0.000 |
|
|
|
Other Expenditure |
0.000 |
0.000 |
361.327 |
|
|
|
TOTAL (B) |
44637.455 |
51092.541 |
44212.210 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13096.518 |
(2361.475) |
7722.555 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3993.883 |
3175.863 |
1493.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9102.635 |
(5537.338) |
6229.061 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3398.871 |
3130.786 |
2523.818 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5703.764 |
(8668.124) |
3705.243 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1918.942 |
(2869.920) |
1293.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3784.822 |
(5798.204) |
2411.674 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
625.061 |
NA |
|
|
|
|
|
|
|
|
|
|
Denture
Redemption Reserve Written Back |
360.000 |
--- |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
398.289 |
NA |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
3746.533 |
(5173.143) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11108.780 |
12113.956 |
16822.710 |
|
|
|
Interest |
132.632 |
194.969 |
107.632 |
|
|
|
Other Earnings |
0.000 |
3.232 |
534.743 |
|
|
TOTAL EARNINGS |
11241.412 |
12312.157 |
17465.085 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14936.661 |
16141.331 |
24997.282 |
|
|
|
Stores & Spares |
779.869 |
574.506 |
1513.258 |
|
|
|
Capital Goods |
12712.222 |
2032.457 |
1698.335 |
|
|
|
Others |
117.026 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
28545.778 |
18748.294 |
28208.875 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.33 |
(35.87) |
19.21 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
16274.500 |
17394.100 |
17308.300 |
17424.500 |
|
Total Expenditure |
13062.400 |
14880.600 |
14747.800 |
14891.000 |
|
PBIDT (Excl OI) |
3212.100 |
2513.500 |
2560.500 |
2533.500 |
|
Other Income |
7.600 |
4.000 |
0.100 |
[8.000] |
|
Operating Profit |
3219.700 |
2517.500 |
2560.600 |
2525.500 |
|
Interest |
845.500 |
837.900 |
747.500 |
899.600 |
|
Exceptional Items |
[50.700] |
199.900 |
331.900 |
61.100 |
|
PBDT |
2323.500 |
1879.500 |
2145.000 |
1687.000 |
|
Depreciation |
868.000 |
914.300 |
890.500 |
888.600 |
|
Profit Before Tax |
1455.500 |
965.200 |
1254.500 |
798.400 |
|
Tax |
474.900 |
318.600 |
354.700 |
142.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
980.600 |
646.600 |
899.800 |
656.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
980.600 |
646.600 |
899.800 |
656.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.55
|
(11.90)
|
4.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.90
|
(17.86)
|
7.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.04
|
(11.43)
|
4.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
(0.67)
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.46
|
7.00
|
3.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.08
|
1.62 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is an ISO: 9001, ISO: 14001 and OHSAS 18001
certified company, is the flagship company of the Jindal Organization. The
Company today, has come a long way from its incorporation in 29th September of
the year 1980 as Jindal Ceramics Limited. The Company is
CHANGE OF NAME
In order to more
appropriately connect and reflect the core activity of the company, it is
proposed to change of the company from “JSL Limited” to “JSL Stainless
Limited”.
The Registrar of
Compaines,
FINANCIAL RESULT
Despite another challenging year for the global stainless steel industry, the Company has made a strong comeback from the global downturn effect of the previous year. It has set new landmarks for its operational performance amidst extra-ordinary challenges faced in terms of price volatiKty and demand reduction. During the year, the turnover of the company has gone up by 15.57% at Rs.61194.400 millions as compared to Rs.52950.500 millions during previous financial year 2008-09. Profit before interest, depreciation, tax and exceptional item stood at Rs.10767.800 millions, up by 200 11% as compared to Rs.3588.000 millions during previous year. Net Profit after tax and extraordinary item is Rs.3784.800 millions in comparison to loss of Rs 5798.200 millions during previous year.
Operations The Company is the largest integrated stainless steel Company in India India (A) Hisar Division During the year ended March 31, 2010, the Hisar division implemented certain capital expenditures for productivity and efficiency improvements including intelligent refining system, carbon oxygen jet injection systems an improved pollution Control system at melting facilities to optimize resource utilization, save energy costs, and reduce environmental impact. During the year Hot rolling unit produced 677,841 tons of stainless steel slabs and 652,628 tons of hot rolled products. Also, as part of the Company’s initiation for forward integration, new pickling facility has been successfully commissioned increasing the Hot Rolled Annealing and Pickling capacity by 100,000 MT per annum which would cater to both domestic and export market. During the year, Cold rolling unit produced 200,177 tons of cold rolled annealed pickled (CRAP) and 112,648 tons of hot rolled annealed pickled (HRAP) saleable products. Further, the special product division of the Company has produced 5,093 tons of coin blanks and 20,125 tons of special steel, during the year. (B) Orissa - Ferro Alloys, Captive Thermal Power Plant Division and Chromite Mines The ferro-alloy production during the year has shown substantial growth. Ferro Alloys division produced 128,712 tons of ferro-alloys, which is the highest ever achievement of the Company. The production of power at 250 MW thermal power plant has also achieved highest ever generation of 1,589 million units. The sourcing of raw materials speciaUy chrome ore and Manganese Ore Chromite mines division produced 3,946 tons of Chrome Ore and 22,833 tons of concentrate chrome Ore. (C)Vi2ag Division The Vizag Plant produces High Carbon Ferro Chrome (HCFC) with annual capacity of 40,000 tons per annum. The chrome ore required for the production of HCFC is sourced from our chrome ore mines at Sukinda. The majority of our HCFC product is supplied to the Hisar division and the balance is sold in the export market. This division produced 32,681 tons of High Carbon Ferro Chrome during the year 2009-10 as compared to 31,901 tons during the preceding year.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Electric Installation
·
Vehicles
·
Furniture, fixtures and
equipments
·
Power line and bay
extension
UNAUDITED STANDALONE FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER AND
HALF YEAR ENDED 31.03.2011
(Rs. in millions)
|
Particulars |
Quarter ended 31.03.2011 |
|
|
|
|
|
Unaudited |
|
Income
from Operations |
|
|
Gross Sales |
|
|
- Domestic
|
58591.900 |
|
- Export |
14709.000 |
|
Total Sales |
73300.900 |
|
Less: Excise duty on sales |
5122.900 |
|
Net
Sales |
68178.000 |
|
Other Operating Income |
223.400 |
|
Total
Income |
68401.400 |
|
|
|
|
Expenditure |
|
|
a. (Increase)/Decrease
in stock in trade and work in progress |
[2408.900] |
|
b. Consumption of
raw materials |
44547.900 |
|
c. Purchase of
traded goods |
1534.600 |
|
d. Stores and
Spares |
3057.200 |
|
e. Power and Fuel |
5602.400 |
|
f. Employee Cost
|
1520.500 |
|
g. Depreciation /
Amortisation |
3561.400 |
|
h. Other
expenditure |
3728.200 |
|
Total
Expenditure |
61143.300 |
|
|
|
|
Profit
from Operations before Other Income, Interest and Exceptional Items |
7258.100 |
|
|
|
|
Other Income |
3.700 |
|
|
|
|
Profit
before Interest & Exceptional Items |
7261.800 |
|
|
|
|
Interest (Net) |
3330.500 |
|
|
|
|
Profit/
(Loss) after interest but before Exceptional Items |
3931.3000 |
|
|
|
|
Exceptional Items – Gain / (Loss) (Refer
note no. 3) |
542.200 |
|
|
|
|
Profit
/Loss from Ordinary Activities before tax |
4473.600 |
|
|
|
|
Tax
Expense : |
|
|
Provision for
Current Tax |
892.200 |
|
Provision for Fringe benefit
tax |
[139.500] |
|
MAT credit (Entitlement)/Reversal |
534.900 |
|
Previous year tax adjustment |
2.600 |
|
Net
Profit /Loss for the period |
3183.400 |
|
|
|
|
Paid-up equity share capital (Face Value
of Rs.2/- each ) |
374.600 |
|
|
|
|
Reserves excluding Revaluation Reserves as
per balance sheet of previous accounting year |
22151.3000 |
|
|
|
|
Earnings Per Share (EPS) |
|
|
-Basic (Rs.) |
17.12 |
|
-Diluted (Rs.) |
16.71 |
|
|
|
|
Debenture
Redemption Reserve |
739.800 |
|
Debt Equity
Ratio |
3.81 |
|
Debt Service
Coverage Ratio |
3.20 |
|
Interest Service
Coverage Ratio |
8.09 |
|
|
|
|
EPS for the
quarter (not annualized) |
|
|
Public shareholding |
|
|
-Number of shares |
95245428 |
|
-Percentage of shareholding |
56.12 |
|
|
|
|
Promoters
and promoter group shareholding |
|
|
a. Pledged/Encumbered |
|
|
Number Of shares |
63306625 |
|
Percentage Of Shares (as a %of the total
shareholding of promoter and promoter group) |
87.70 |
|
Percentage Of Shares (as a % of the total
share capital of the company) |
34.86 |
|
|
|
|
b. Non-encumbered |
|
|
Number Of shares |
9159405 |
|
Percentage Of Shares (as a % of the total
shareholding of promoter and promoter group) |
12.30 |
|
Percentage Of Shares (as a % of the total
share capital of the company) |
4.89 |
UNAUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT
31.03.2011
Rs. In Millions
|
Particulars |
Audited 31.03.2011 |
|
Shareholder Funds |
|
|
a) Capital |
374.600 |
|
b) Reserve and Surplus |
22151.300 |
|
c) Employees Stock Option Outstanding (Net) |
22.200 |
|
Minority Interest |
|
|
Loans Funds |
85015.300 |
|
|
|
|
Deferred tax liability (Net) |
4444.700 |
|
Total |
112008.100 |
|
|
|
|
Fixed Assets |
92329.200 |
|
Investments |
1672.500 |
|
Goodwill/ Capital Reserve on Consolidation |
-- |
|
|
|
|
Current assets, loans and advances |
|
|
a) Inventories |
21087.200 |
|
b) Sundry Debtors |
12570.800 |
|
c) Cash and Bank Balances |
3293.800 |
|
d) Loans and Advances |
9799.200 |
|
|
|
|
Less: Current Liabilities and Provisions |
|
|
a) Liabilities |
25133.800 |
|
b) Provisions |
3853.900 |
|
|
|
|
Miscellaneous Expenditure (not written off or adjusted) |
243.100 |
|
Total |
112008.100 |
Note:
1. The above
results have been reviewed by the Audit Committee and have been taken on record
by the Board of Directors in the respective meetings on 26th and 27th
May, 2011
2. Exceptional
items for the quarter ended 31.03.2011 represents fluctuations on foreign
currency assets/ liabilities (including loans)
3. Orissa Phase II
Project:
a) Steel making
facility of the Orissa Phase II project with capacity of 0.8 million tpa has been installed at Jaipur, Orissa. The
company has also started rolling of stainless steel products from the project.
b) The project
initially conceived in SEZ is under process of de-bonding/ de-notification due
to the changing global business scenario. The company has received in
–principal approval for de-notified sector specific SEZ for stainless steel and
the approval for final de-notification
is awaited from the Board of Approval, Ministry of Commerce and Industry, New
Delhi
c) The ramp-up and
stabilization of finishing facilities under the project is expected during the
current financial year.
4. On 19.04.2011,
the company has decided to continue with the existing period of twelve months
as duration of the financial year i.e. starting from 1st April 2010
to 31st March 2011 in super session of earlier decision of the Board
of Directors of directors taken in the meeting held on 10th February 2011 to Adopt
“Calendar Year” as financial year.
5. No investor
complaints were pending as on 1st January, 2011, During the quarter
ended 31st March 2011, 2 complaints were received and resolved. No
investor complaints is outstanding.
6. As the
company’s business activity falls within a single primary business segment viz.
‘Stainless Steel’ the disclosure requirement of Accounting Standard on “Segment
Reporting” is not applicable.
7. Diluted EPS of
previous year has been recasted on the basis of total outstanding of FCCB USD
24.05 Million as on 31st March 2010
8. The previous
year figures have been regrouped wherever necessary.
WEB DETAILS
Profile
Stainless Steel
In 1912, an English metallurgist, Harry Brearly, accidentally discovered
Stainless Steel. In the process of discovering an alloy to protect cannon bores
in
From underground pipes to space, dairy equipment to pharma equipment, coins to
automobiles. Stainless Steel is everywhere. Like they like to say,
"Tomorrow definitely belongs to stainless steel".
The Group
Jindal Organization,
set up in 1970 by the steel visionary Mr. O.P. Jindal, has grown from an
indigenous single-unit steel plant in Hisar, Haryana to the present
multi-billion, multi-national and multi-product steel conglomerate. The
organization is still expanding, integrating, amalgamating and growing.
The group places its commitment to sustainable development, of its people and
the communities in which it operates, at the heart of its strategy and aspires
to be a benchmark for players in the industry the world over.
The Jindal Organization today is a global player. It's relentless quest for
excellence has reaped rich benefits and it is today one of the worlds most
admired and respected groups within the steel fraternity.
Jindal Stainless
Jindal Stainless is in many ways
very much like the material it produces. Like stainless steel the company is
versatile in its thought process, strong and unrelenting in its operations,
environment friendly in its manufacturing process, bright, shining and
beautiful in its community support activities. The list of the properties of
stainless steel is endless, just as our values are all encompassing.
Jindal Stainless has always been
committed to innovation and progression, research and development. The
innovations are admired beyond the geographical boundaries of the country. No
wonder they are the strategic partners of global leaders by choice. The
achievements narrate a story of the determination to succeed and the passion to
win. They will continue to leverage the opportunities in creating excellence
that the world cannot even think about. Today they are the largest integrated
stainless steel producer in
Jindal Stainless is a ISO: 9001
and ISO: 14001 company is the flagship company of the Jindal Organization. The
company today, has come a long way from a single factory establishment, started
in 1970. As the numero uno it has taken on the task of making stainless steel a
part of everybody's life by taking a 360 degrees approach from production of
raw materials to supply of architecture and lifestyle related products.
At Hisar, Jindal Stainless has
- Precision
Strips
The company
produces stainless steel precision strips in various grades. These strips are
produced in narrow 20-Hi mills in the precision cold rolling unit.
- Blade Steel
The company is the
exclusive producer of stainless steel strips for making razor and surgical
blades in
- Coin Blanks
Besides supplying
CR Strips to the Government of India, the plant at Hisar houses a coin blanking
line for supply of coin blanks to the Indian Mint and Mints in the global
markets.
Vizag -
Jindal Stainless has a Ferro Alloy Plant at Vizag with an installed capacity of
40,000 metric tones per annum.
Orissa Project -
Jindal Stainless is setting up a
PRESS RELEASE
Jindal Stainless
Unveils Brand New Corporate Identity Mantle Diversifies into Energy, Minerals
and Mines, Public Infrastructure and Lifestyle
Jindal
Stainless Limited, India’s largest integrated producer of stainless steel, is
now JSL Limited – unveiling the brand new corporate identity at a press
conference held in the capital today, India’s stainless leader takes the
leadership forward into diverse business verticals, in tandem with strategic
growth plans in both domestic and international markets. In line with this
momentum, the company is in steady ascent to be in league of leading global
stainless steel players and there was a definite need for a new face of Jindal
Stainless; an identity that expresses re-structured goals, corporate strategies
and long-term objectives of sustainable growth and value-addition for all the
stakeholders.
The new logo is logotype in capital letters acronym of Jindal Stainless–“JSL” a
consolidated abbreviation of Jindal Stainless Limited, to further strengthen
our entity in relation to our diversified goals thus allowing us an exclusive
entity with global presence. To establish company’s brand as “JSL”, the name is
being changed from Jindal Stainless Limited to JSL Limited. The illustration
form of rising sun on horizon represents the new era going forward in the
company’s business canvas, in which the orange colour element signifies the
refreshing vigour, robust energy and assuring warmth of the Sun; while the
color metallic silver gray signifies inherent expertise and proven maturity in
thoughts, processes and vision.
Taking the company’s shared vision with its employees forward, the subject
board of directors undertook a revised ESOP (Employee Stock Option and Purchase
Scheme) resolution at the FY 2008 - 09 Annual General Meeting, held yesterday –
16th September 2008 at Hisar; subject to offer 40, 00, 000 equity shares of the
company to its permanent employees. The company has consistently been
strengthening its commitment towards its human capital and this is a step
forward in that mission.
Addressing the press in
JSL Today:
·
Cost Leadership Product Innovation¤ CRM – distinguish JSL
International standard Stainless Steel flat products in Austenitic, Ferritic
and Martensitic grades in over 40 countries worldwide.
·
Mine to Mint – Subject leads with majority share of the
Indian market with strong integrated value chain from captive raw inputs to
stainless steel end products and innovative end user solutions.
·
Stainless Green - ISO 9001, ISO 14001 and OHSAS 18001
certified, subject follows stringent international ‘green’ processes across all
plant locations in Hisar, Orissa,
·
Expanding Footprints – with presence in
over 40 countries, subject is expanding footprints both in capacities and
global network across key Stainless Steel markets.
Established in
1970, Jindal Stainless Limited, now subject is the flagship company of the US$
10 Billion, multi-product OP Jindal steel conglomerate, and is
A leader and name synonymous to
JSL Expansions
JSL Hisar Plant
Subject’s parent
plant at Hisar is underway expansion to meet annual melting and hot rolling
capacity of 7, 20,000 MT, further to be expanded to 1.5 MT by 2010. The current
cold rolling capacity of 2, 75, 000 tons at Hisar is being upgraded to 3,
75,000 tons within a year to cater to the domestic market, with heavy
investments and impetus on production of value added stainless steel products.
The new facility will process Ferritic grades of stainless steel, which
promises to fill in a large share of stainless market. Subject is also the
pioneer in production of high value added precision strips of razor blade
quality and other grades for critical applications. The production capacity of
the precision strip unit is also being increased from 15000 tonnes to 30000
tonnes.
JSL
As part of the massive expansion plans across locations, Subject is setting up
one of world’s largest single location fully integrated stainless steel plant
at Orissa; the 1.6 Million TPA Greenfield Project envisages complete
integration from mining to cold rolling, along with 500MW captive power plant.
Entailing investments of INR 22570 millions in Phase I and INR 55970
millions in Phase II, the project is being commissioned in phases, with
majority of Phase I envisaging the Ferro Alloy shops and thermal power already
become operational in 2007-08. Majority orders of equipments for Phase II of
the project have already been placed with leading equipment suppliers and work
on the ground is underway.
Jindal Stainless Steelway
Jindal Stainless Steelway Limited Established in collaboration with Steelway of
Italy provides customized products and distribution services in stainless steel
to meet specific requirements of Slitting /CTL / Blanks, for the customers
across consumer durable, automotive segments, OEMs and is the largest provider
of coin blanks to the Govt. of India mint. JSSL has two service centers in
operation at Gurgaon and Mumbai and additional two under way commissioning at
strategic locations across key stainless markets.
PT Jindal Stainless,
Acquired from Maspion Stainless Steel in 2004, JSI is the only cold rolling
plant in the region which successfully addresses the exponential needs of South
East Asian markets and also caters to the global market; under blanket capacity
expansion, plan, PT Jindal Stainless production capacity is increased to 1,
50,000 MT per Annum; with this subject’s presence is further enhanced in the
South East Asian region.
International Joint Ventures : JSL Expanding Global Footprints
·
JSL Signs Joint Venture with PT. Antam Tbk
In a significant
development, Jindal Stainless has signed a Joint Venture Agreement to develop a
nickel smelting and stainless steel facility in
·
JSL Ferro Chrome Plant at
Subject has
partnered with the government of
·
JSL Joint – Venture With Spanish Giant Fagor
Industrial
Subject signed yet
another joint venture in August with Fagor Industrial to develop a service
centre for steel sheet formats in
This is Jindal
Stainless’ first cutting facility in
Minerals and
Mines:
In the areas of minerals and metals Subject has entered into an JV agreement in
Orissa with Mahanadi Coalfields Limited, a subsidiary of Coal India
Limited to mine Utkal A- Gopalprasad Coal Block West project, located in
Talcher Coalfield of Angul district; the agreement aims to meet the coal
consumption of the JSL power plant in the state. Internationally, Subject has
signed an MoU in Vietnam, to set up 20, 000 TPA Ferro Chrome plant in the
region; further a step ahead to ensure supply of a key raw material input,
Subject has formed JV with Indonesian mining and nickel processing major PT.
Antam Tbk for Nickel smelting and Stainless Steel facility; the proposed
capacity of the project is 20, 000 TPA of contained Nickel in Ferro Nickel and
approx. 250, 000 TPA for Stainless Steel – mainly high quality 300 series. As
part of upstream integration strategy, subject is actively pursuing
opportunities and seek to acquire rights in
Power Generation:
In the area of power generation, Subject has successfully commissioned 2x125 MW
power units, while the full operational capacity is of 500 MW on completion.
Equipped with in-house captive power, Subject is assured of uninterrupted power
generation at highly rationalized cost for its plant operations, including its
current Ferro Alloys facilities; thus scoring high on competence and value.
Structured basis conventional thermal operating system, the plant functions on
sub critical pressure, single reheat system cycle with regenerative feed
heating arrangement. The 500 MW plant is configured with ‘Pulverised Coal Fired
Steam Generators’ and ‘Steam Turbine Generators’. The company has also been
allotted coal blocks for captive coal mining required to address requisite fuel
needs.
Public Infrastructure:
·
Green
–
Changing Face of Urban Infrastructure and Outdoor
Media
Green Delhi B-Q-S
and Parivartan City Infrastructure are subsidiaries of subject, marking new
venture in stainless steel public infrastructure, outdoor media and introduce
new and finer technology and materials to compliment outdoor signage design
concept in all Stainless Steel Structure and street furniture; the two ventures
are set to add new dimension to urban landscaping and infrastructure and Outdoor
Media Display. Exploring new horizons and successfully at that, is subject’s
way of contributing towards global modernization and developmental initiatives
for the people and regions it operates.
·
arc (Jindal Architecture Limited)
arc – the brand line
of Jindal Architecture essentially epitomizes the versatility and innovative
possibilities that only Stainless Steel could justify; signifying subject’s
impassioned efforts to bring stainless steel closer to common place
applications, JAL was conceived to realize subject’s incessant quest to ‘push
the envelope’ and raise the bar to provide state-of-the-art design and
architectural solutions for the burgeoning infrastructure and lifestyle living
sectors.
Lifestyle:
·
art d’ inox ( Austenitic Creations Private Limited)
Austenitic
Creations Private Limited (art d’ inox), the forward integration venture and
subject’s lifestyle division offers premium, designer lifestyle products in
stainless steel for home décor’, lifestyle, office, bar, bath and accessories.
art d’ inox has 11 exclusive boutiques across the country and also over 300
shop-in-shop retail outlets. The young company has successfully created a niche
while breaking newer grounds with innovation and style.
Tension at the
Jindal Steel Kalinganagar plant
Tension prevailed
outside the proposed 1.6 million tonne integrated stainless steel project of
JSL Limited at Kalinganagar near Duburi in Jajpur distrcit due to a clash
between the stone pelting workers and security personnel.
The irate workers threw
stones and damaged 4 buses of the company including one air-conditioned bus.
One constable and two security guards were also injured in the melee.
The police reached
the spot and tried to dissuade the workers from indulging in violent
activities. However, when persuasion failed, it resorted to mild lathi charge
to disperse the unruly workers. Thirteen persons were arrested by the police in
the incident before the situation was brought under control. The Deputy
Superintendent of Police (DSP), Jajpur B B Mallik and Inspector-In-Charge (IIC)
B N Samal are camping at the site, official sources said.
The incident
started in the morning when some contract workers came to the main gate of the
plant and didn’t allow other workers to enter the plant. They protested the
decision of the management not to allow the entry of the two wheelers into the
plant and demanded banning the entry of four wheelers as well.
“It was a planned
incident by some vested interest and we are thankful to the district
administration for their prompt support”, Rajdeep Mohanty, chief resident
manager, JSL said.
It may be noted,
the JSL plant authorities had introduced the free bus service for all workers
in the plant from 1 August. The two wheelers were not allowed inside the plant
area for the safety of the two wheeler riders as two months back one worker met
with an accident while driving in high speed inside the plant area.
Since all the
internal concrete roads are four-laned, rash driving on part of workers and
non-use of helmets while driving were causing accidents and problems for the
management. Similarly, some vested interests used to enter the plant site and
indulged in collection of money from the contractors.
To get rid of
these unwanted problems, the management had various rounds of discussion with
the employees, contractors, workers engaged by the contractors. Accordingly,
parking facilities were created at the main gate of the plant from where the
company buses were to carry the employees and contractual workers inside the
plant. The district administration was informed about the new transport system
inside the plant area.
JSL mulls super
thermal power plant in Orissa
Ratan Jindal
promoted JSL Limited, which proposed to set up 1000 Mw power plant in Dhenkanal
district of Orissa, proposes to upgrade the size of the project to super
thermal status.
The company is in
the process of appointing a consultant to work out the project. The consultant
will suggest appropriate modules to implement it.
“Since the state
requires more power, JSL is mulling to upgrade its proposed 1000 Mw power plant
in Dhenkanal district to super thermal status”, Rajdeep Mohanty, chief resident
manager (Orissa), JSL Limited, said.
The proposal is in
a very preliminary stage and the details are to be finalised after assessment
of feasibility by a consultant, he added.
Though the company
is yet to submit any proposal to the state government in this regard, it is
considered important as the level of pollution in a super thermal power plant
is much lower than the normal power plants having lower capacity.
JSL had earlier
submitted a proposal to the Orissa government for setting up a 1000 Mw
(2x500Mw) power plant at Gajamara in Dhenkanal district. The project envisaging
an investment of Rs.40900 millions was cleared by both the State Level Single
Window Clearance Authority (SLSWCA) and the High Level Clearance Authority
(HLCA) headed by the chief minister Naveen Patnaik.
However, the area
was later allotted to the National Thermal Power Plant (NTPC) by the state
government for setting up a 3200 Mw thermal power station
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.44.46 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.