MIRA INFORM REPORT
|
Report Date : |
08.10.2012 |
1.
Summary Information
|
Country |
|
||
|
Company Name |
JINDAL STAINLESS LIMITED |
Principal Name 1 |
Mrs. Savitri Devi Jindal |
|
Status |
Moderate |
Principal Name 2 |
Mr. Ratan Jindal |
|
Registration # |
55-010901 |
||
|
Street Address |
O. P. Jindal Marg, Hisar – 125 005,
Haryana, India |
||
|
Established Date |
29.09.1980 |
SIC Code |
-- |
|
Telephone# |
91-1662-222471 |
Business Style 1 |
Manufacturer
|
|
Fax # |
91-1662-220476 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Stainless
Steel |
|
|
# of employees |
54184 (approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.379,011,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter Group – 43.25% Public Shareholdings – 56.75% |
Banking |
Canara Bank |
|
Public Limited Corp. |
Yes |
Business Period |
32 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint
Ventures |
India
|
MJSJ
Coal Limited |
-- |
|
Note |
- |
||
2.
Summary Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
29,746,472,000 |
Current Liabilities |
38,573,446,000 |
|
Inventories |
27,027,589,000 |
Long-term Liabilities |
92,440,274,000 |
|
Fixed Assets |
97,554,086,000 |
Other Liabilities |
7,806,822,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
138,820,542,000 |
|
Invest& other Assets |
6,313,726,000 |
Retained Earnings |
21,442,320,000 |
|
|
|
Net Worth |
21,821,331,000 |
|
Total Assets |
160,641,873,000 |
Total Liab. & Equity |
160,641,873,000 |
|
Total Assets (Previous Year) |
140,995,805,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
78,910,484,000 |
Net Profit / (Loss) |
(1,039,115,000) |
|
Sales(Previous yr) |
68,178,010,000 |
Net Profit(Prev.yr) |
3,183,369,000 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STAINLESS LIMITED (w.e.f. 07.12.2011) |
|
|
|
|
Formerly Known
As : |
JSL STAINLESS LIMITED (w.e.f. 06.08.2010) JSL LIMITED |
|
|
|
|
Registered
Office : |
O. P. Jindal
Marg, Hisar – 125 005, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.09.1980 |
|
|
|
|
Com. Reg. No.: |
55-010901 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 379.011 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26922HR1980PLC010901 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKJ01831E RTKJ01408B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1969M |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Stainless Steel. |
|
|
|
|
No. of Employees
: |
54184 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 87000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a final group company. it is a well established company
having moderate track. There appears huge loss in the current year and delays
in the debt repayments and decline in the liquidity position of the company.
However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings on a safe an
secured 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
D (Long Term Bank Facilities) |
|
Rating Explanation |
This rating are in default or are expected to be in default soon |
|
Date |
April 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
O. P. Jindal
Marg, Hisar – 125 005, |
|
Tel. No.: |
91-1662-222471- 483 (15 Lines) |
|
Fax No.: |
91-1662-220476 /
220499 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
Jindal Centre,
12, |
|
Tel. No.: |
91-11-26188340-50 |
|
Fax No.: |
91-11-26161271 / 26170691 / 41659169 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
P. O. Box No. 6,
O.P, Jindal Marg, Hisar – 125 005, |
|
Tel. No.: |
91-1662-220471-485
(15 Lines) |
|
Fax No.: |
91-1662-220476 /
220499 |
|
|
|
|
Factory 2 : |
Kalinga Nagar
Industrial Complex, P. O. Danagadi – 755026, District Jajpur, |
|
Tel. No.: |
91-672-6266001 |
|
Fax No.: |
91-672-6266002 |
|
|
|
|
Factory 3 : |
Kawasan Industry Maspion, Maspion Unit-V, Desa Sukomylyo-Manyar, Gresik
61151, Jawa Timur-Indonesia |
|
Tel. No.: |
62-31-3959565 |
|
Fax No.: |
62-31-3959566 |
|
|
|
|
Factory 4 : |
Jindal Nagar,
Kothavalasa - 535183, District Vizianagaram, |
|
Tel. No.: |
91-8966-273327/273254/273335 |
|
Fax No.: |
91-8966-273326 |
|
E-mail : |
|
|
|
|
|
Bhubaneshwar
Office : |
6th
Floor, IDCO Tower, Bhubaneshwar-751022, India |
|
Tel. No.: |
91-674-2545561 /
2544846 |
|
Fax. No.: |
91-674-2546147 |
|
|
|
|
Domestic Sales
Office : |
Located At
|
|
|
|
|
Overseas Sales
Office : |
Located At:
|
|
|
|
|
Service
Centers Network : |
Located At
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mrs. Savitri Devi Jindal |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. Ratan Jindal |
|
Designation : |
Vice-Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Gautam Kanjilal |
|
Designation : |
Nominee Director of State Bank of |
|
|
|
|
Name : |
Mr. Naveen Jindal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajeev Bakshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Suman Jyoti Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T. S. Bhattacharya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. S. Virdi |
|
Designation : |
Executive Director and Chief Operating Officer |
|
|
|
|
Name : |
Mr. Jurgen Hermann Fechter |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. James Alistair Kirkland Cochrane |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh R Nair |
|
Designation : |
President and Executive Director |
|
|
|
|
Name : |
Mr. Jitendra P Verma |
|
Designation : |
Executive Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Kumar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
749115 |
0.44 |
|
Bodies Corporate |
43141700 |
25.05 |
|
|
43890815 |
25.49 |
|
|
|
|
|
Individuals (Non-Residents Individuals / Foreign Individuals) |
7426725 |
4.31 |
|
Bodies Corporate |
23149710 |
13.44 |
|
Sub Total |
30576435 |
17.76 |
|
Total shareholding of Promoter and Promoter Group (A) |
74467250 |
43.25 |
|
(B) Public Shareholding |
|
|
|
(1) Institutions |
|
|
|
|
16358590 |
9.5 |
|
|
283391 |
0.16 |
|
Insurance Companies |
2426624 |
1.41 |
|
Foreign Institutional Investors |
43648138 |
25.35 |
|
Any Others (Specify) |
9997524 |
5.81 |
|
|
9997524 |
5.81 |
|
|
72714267 |
42.23 |
|
(2) Non-Institutions |
|
|
|
|
6351700 |
3.69 |
|
Individuals |
|
|
|
|
17875092 |
10.38 |
|
|
784960 |
0.46 |
|
Sub Total |
25011752 |
14.53 |
|
Total Public shareholding (B) |
97726019 |
56.75 |
|
Total (A)+(B) |
172193269 |
100 |
|
|
0 |
0 |
|
(1) Promoter and Promoter Group |
16734984 |
0 |
|
|
869350 |
0 |
|
|
17604334 |
0 |
|
Total (A)+(B)+(C) |
189797603 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Stainless Steel |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Production |
|
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 ODISHA / MINES High Carbon Ferro Chrome Power Plant
|
MT MT MT MT MT MT MT M. Cum. M. Cum. Nos. MT MT MT MT |
780000 720000 250000 6000 275000 25000 10000 55.00 1.50 209 40000 250000 96000 264 430000 |
130795 534152 1363 1367 198951 22286 1292 53018572 1494400 32836
178871 |
GENERAL INFORMATION
|
No. of Employees : |
54184
(approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountant |
|
|
|
|
Name : |
S S Kothari Mehta and Company Chartered Accountant |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Ramanath Iyer and Company Cost Accountants |
|
|
|
|
Joint Ventures : |
MJSJ Coal Limited |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475000000 |
Equity Shares |
Rs.2/- each |
Rs. 950.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
189505625 |
Equity Shares |
Rs.2/- each |
Rs. 379.011
Millions |
|
|
|
|
|
NOTES
|
(a) RECONCILIATION OF THE NUMBER OF EQUITY SHARES
OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING YEAR |
No. of Shares |
|
Equity Shares
outstanding at the beginning of the year |
187,315,792 |
|
Equity Shares issued during the year |
|
|
On Conversion of
Foreign Currency Convertible Bonds |
2,189,833 |
|
Shares outstanding at the end of the year |
189,505,625 |
|
13,137,179
equity shares of Rs. 2/- each fully paid up have been allotted to the holders
of 7,199 Foreign Currency Convertible Bonds of US $ 5000/- each at predetermined
(as per scheme) conversion rate of Rs. 119.872 each during the last five
years |
|
|
(b) TERMS/RIGHT ATTACHED TO EQUITY SHARES The company has
only one class of equity shares having a par value of Rs. 2 per share. Each
holder of equity shares is entitled to one vote per share. The company
declares and pays dividends in Indian rupees. The dividend proposed, if any,
by the Board of Directors is subject to the approval of the shareholders in
the ensuing Annual General Meeting and also has equal right in distribution
of Profit/Surplus in proportions to the number of equity shares held by the
shareholders. |
|
|
(c) EQUITY
SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES
ARE AS UNDER |
|
|
NAME OF THE EQUITY SHAREHOLDER |
No. of Shares |
|
Jindal Overseas
Holdings Limited |
14,150,000 |
|
Reliance Capital
Trustee Company Limited- A/C Reliance Diversified Power Sector Fund |
11,939,931 |
|
Citigroup Global
Markets Mauritius Private Limited. |
11,904,296 |
|
American Express
Bank Limited - A/c AEB London |
9,997,524 |
|
(d) EQUITY SHARES RESERVED FOR ISSUE UNDER
OPTIONS (i) For details
of shares reserved for issue under the Employee Stock Option Scheme, 2010 of
the company, (ii) For details
of shares reserved for issue on conversion of Foreign Currency Convertible
Bonds |
|
AS ON 27.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
475000000 |
Equity Shares |
Rs.2/- each |
Rs. 950.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : Rs. 380.325 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
379.011 |
374.632 |
371.164 |
|
|
2] Equity Share
Warrants |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
21442.320 |
22151.309 |
18764.754 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Employees Stock Option Outstanding |
0.000 |
22.195 |
0.000 |
|
|
NETWORTH |
21821.331 |
22548.136 |
19135.918 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
92050.802 |
83622.452 |
72860.274 |
|
|
2] Unsecured Loans |
389.472 |
1392.836 |
2588.934 |
|
|
TOTAL BORROWING |
92440.274 |
85015.288 |
75449.208 |
|
|
DEFERRED TAX LIABILITIES |
3945.681 |
4444.667 |
3909.777 |
|
|
|
|
|
|
|
|
TOTAL |
118207.286 |
112008.091 |
98494.903 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
97554.086 |
41624.107 |
39031.855 |
|
|
Capital work-in-progress |
4614.706 |
50705.072 |
38849.824 |
|
|
|
|
|
|
|
|
INVESTMENT |
1699.020 |
1672.464 |
3514.469 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27027.589
|
21087.218 |
16328.649 |
|
|
Sundry Debtors |
15056.646
|
12570.825 |
10597.367 |
|
|
Cash & Bank Balances |
1641.981
|
3293.792 |
6875.024 |
|
|
Other Current Assets |
261.076
|
0.000 |
0.000 |
|
|
Loans & Advances |
12786.769
|
9799.245 |
8179.561 |
|
Total
Current Assets |
56774.061
|
46751.080 |
41980.601 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
20339.468
|
8322.048 |
7374.084 |
|
|
Other Current Liabilities |
18233.978
|
16811.723 |
14795.429 |
|
|
Provisions |
3861.141
|
3853.943 |
2990.224 |
|
Total
Current Liabilities |
42434.587
|
28987.714 |
25159.737 |
|
|
Net Current Assets |
14339.474
|
17763.366 |
16820.864 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
243.082 |
277.891 |
|
|
|
|
|
|
|
|
TOTAL |
118207.286 |
112008.091 |
98494.903 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
78910.484 |
68178.010 |
57565.487 |
|
|
|
Other Income |
753.062 |
227.031 |
168.486 |
|
|
|
TOTAL (A) |
79663.546 |
68405.041 |
57733.973 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
56536.364 |
53911.966 |
43784.710 |
|
|
|
Personnel |
0.000 |
1520.535 |
1214.435 |
|
|
|
Purchase of Trading Goods |
968.984 |
-- |
-- |
|
|
|
Administrative and Selling Expenses |
15019.744 |
2114.512 |
1935.265 |
|
|
|
Employees Benefits Expenses |
1698.332 |
-- |
-- |
|
|
|
Miscellaneous Expenses |
0.000 |
34.809 |
31.768 |
|
|
|
Exceptional Items |
2077.593 |
(542.249) |
(2328.723) |
|
|
|
Change in Inventories of Finished Goods,
Work In Progress and Trading Goods |
(4353.362) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
71947.655 |
57039.573 |
44637.455 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7715.891 |
11365.468 |
13096.518 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5168.003 |
3330.473 |
3993.883 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2547.888 |
8034.995 |
9102.635 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4086.075 |
3561.429 |
3398.871 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1538.187) |
4473.566 |
5703.764 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(499.072) |
1290.197 |
1918.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1039.115) |
3183.369 |
3784.822 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7165.842 |
3746.533 |
-- |
|
|
|
|
|
|
|
|
|
|
Denture
Redemption Reserve Written Back |
60.100 |
235.940 |
360.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
0.000 |
0.000 |
398.289 |
|
|
BALANCE CARRIED
TO THE B/S |
6186.827 |
7165.842 |
3746.533 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17735.467 |
14264.808 |
11108.780 |
|
|
|
Interest |
3.091 |
2.666 |
132.632 |
|
|
|
Misc Income |
0.00 |
11.701 |
0.000 |
|
|
TOTAL EARNINGS |
17738.558 |
14279.175 |
11241.412 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
28121.945 |
20527.825 |
14936.661 |
|
|
|
Trading Goods |
944.910 |
1522.305 |
779.869 |
|
|
|
Stores & Spares |
1118.836 |
1015.738 |
12712.222 |
|
|
|
Capital Goods |
2140.377 |
10682.587 |
117.026 |
|
|
TOTAL IMPORTS |
32326.068 |
33748.455 |
28545.778 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.52) |
16.71 |
23.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
|
1st
Quarter |
|
Net Sales |
22169.000 |
|
Total Expenditure |
19855.200 |
|
PBIDT (Excl OI) |
2313.800 |
|
Other Income |
147.000 |
|
Operating Profit |
2460.800 |
|
Interest |
2071.100 |
|
Exceptional Items |
(2091.300) |
|
PBDT |
(1701.600) |
|
Depreciation |
1701.300 |
|
Profit Before Tax |
(3402.900) |
|
Tax |
(1088.800) |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(2314.100) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(2314.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.30)
|
6.53 |
6.55
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.95)
|
4.66 |
9.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.99)
|
5.06 |
7.04
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.19 |
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.36
|
5.05 |
5.46
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.61 |
1.66
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL RESULTS
During the year, the
Gross Revenue from operations of the Company on standalone basis has increased
by 16% at Rs. 84983.300 Millions as compared to Rs. 73512.700 Millions during
previous financial year 2010-11. The Profit before other income, Finance Cost,
Depreciation, Exceptional Items, Tax and Amortisation on standalone basis stood
at Rs. 9040.400 Millions as compared to Rs. 10810.300 Millions during previous
year.
Further, during
the year, the Consolidated Gross Revenue from operations of the Company has
increased by 17% at Rs. 93642.900 Millions as compared to Rs. 80358.500
Millions during previous financial year 2010-11. Consolidated Profit before
other income, Finance Cost, Depreciation, Exceptional Items, Tax and
Amortisation stood at Rs. 9476.500 Millions as compared to Rs. 11736.600
Millions during previous year.
The financial
results of the Company during the year have been adversely impacted inter-alia
on account of (i) adverse exchange fluctuation arising on account of sharp
depreciation of Indian Rupee (ii) subdued global economic sentiments emanating
from European crisis and surge in imports of stainless steel flat products into
India caused by aggressive price under cutting, dumping and other trade
restrictive practices adopted by overseas stainless steel producers (iii)
unprecedented increase in raw material prices of chrome ore and coal.
CHANGE OF NAME
During the year,
the name of the Company has been changed from JSL Stainless Limited to Jindal
Stainless Limited. Consequent upon change of name, the Registrar of Companies,
has issued fresh Certificate of Incorporation on 7th December, 2011.
OPERATIONS
The Company is the
largest integrated stainless steel Company in India producing diversified
stainless steel flat products. It has three manufacturing facilities in India,
located at Hisar in the State of Haryana, Jajpur in the State of Odisha and
Vizag in the State of Andhra Pradesh. The facilities include captive chromite
mines, ferro-alloy facilities, captive thermal power plants and stainless steel
melting, hot rolling, cold rolling and downstream value-added facilities.
(A) HISAR DIVISION:
Hisar is having
stainless steel melting capacity of 800,000 tons per annum. During the year, the
plant has achieved highest ever production in most of its production
facilities, steel melt shop, hot rolling, cold rolling and special product
division. The steel melt shop achieved production of 723,418 tons as compared
to 701,814 tons during financial year 2010-11. Hot rolling mill and cold
rolling mill processed 540,671 tons of hot rolled products and 260,447 tons of
cold rolled annealed pickled products respectively. The special product
division produced 24,478 tons of speciality steel which represents growth of
around 8% over previous year. Higher value added product with thickness of 0.10
mm was also up by around 23%. The Company is making all its efforts to serve
the market needs through various planned projects like 0.10 mm thick blade
steel production enhancement. 430 BA finishing facilities are under advance
stage and will be commissioned by March, 2013.
To control the
product cost and protect environment, modernized “Acid Recovery Systems” was
successfully installed during the year. Further various cost saving initiatives
like reutilization of refractory, power savings etc. have been taken throughout
the year to control the product costs. There has been special focus to maximize
usage of stainless steel scrap in production to reduce overall cost of
production. This also enables us to contribute to the green environment through
recycling.
(B) ODISHA DIVISION
The Company has
successfully operated stainless steel making facility with a capacity of
800,000 tons per annum
and has started
rolling of stainless steel products from this facility for over a year. The
ramp-up and stabilization of
finishing
facilities are in progress. During the year, steel melting shop produced 95,573
tons, hot strip mill processed 114,137 tons and facilities in cold rolling mill
processed 67,351 tons of stainless steel. The project initially conceived in
SEZ has been de-notificated during the year due to the changing global business
scenario. The stainless steel facilities under operations at Odisha are state
of art facilities and have substantially enhanced the product portfolio of the
Company including wider width products of up to 1600 mm.
The ferro alloys
production during the year stood at 57,316 tons. There were challenges in
procuring the chrome ore from domestic sources at cost effective prices, which
impacted the overall production and the capacity utilizations during the year.
However, in order to reduce the costs, the Company worked on improving chromium
recoveries and higher usage of hard lumpy ore and replacing usage of coke with
anthracite coal. The Company has also taken up the matter with various
government agencies to rationalize the chrome ore bidding process.
The operations at
250 MW thermal power plant were adversely low on account of higher input prices
of thermal coal and drop in prices of surplus power sold to the state grid.
Only one of the two power plants was primarily producing power and it generated
around 741 million units (net), of which around 119 million units were exported
to Hisar plant. The production at 14 MW power plant was 21.56 million units
(net) and the plant has achieved maximum days generation of 0.34 MU at a PLF of
101.19% in December, 2011.
The chromite mines
division produced 32,875 MT of chromite ore concentrate which is much higher
than previous
year production
and also achieved 66,000 MT chrome ore from Mines pit for the year.
The coke oven
facility was operated under lease with work arrangement for conversion of coal
into coke. The coke oven battery successfully produced metallurgical coke with
gradual ramp-up. For the year, the total production out of the coke oven
facility stood at 285,368 tons of coke.
(C) VIZAG DIVISION
Vizag plant
produces High Carbon Ferro Chrome (HCFC) with capacity of 40,000 tons per
annum. The chrome ore required for the production of HCFC is sourced from the
captive mines at Sukinda and the output is transferred to Hisar plant. During
the year, the plant produced 24,832 tons of HCFC as compared to 32,836 tons
during the previous year. The primary reason towards the slowdown during the
year was due to shutdown of 16 MVA furnace for about two months for relining
work and also the power restriction imposed by the state power distributing
company, APEPDCL.
MANAGEMENT DISCUSSIONS AND ANALYSIS
Thanks to a
recharging of the US economy in the second half of 2011 and emergency measures
undertaken in the Euro zone, the global economic outlook is expected to be
better than that feared by many. Nevertheless, growth is expected to come down
from 4% in 2011 to 3.5% in 2012. Gradual recovery is likely to resume in the
major advanced economies and performance is expected to remain relatively
robust in most emerging and developing economies. While Asia’s rising economies
account for less than 30 per cent of global GDP, they contributed close to 60
per cent of total global growth in 2011 and are expected to do so in 2012, too.
At the global level, Asia is poised to take on a stronger and more dominant
role in future global economic developments. It is also likely to play an ever
increasing role in the stability of the international monetary system.
India is still
maintaining its growth amidst the backdrop of elevated inflation and higher
interest rates. The economy is likely to remain weighed down by a combination
of the weaker global economy and higher domestic financing rates. As per
industry sources, the GDP which was initially expected to grow at around 7.5%,
is now expected to grow at a more modest rate of about 7%. However, the year
ahead promises to be interesting - both, in terms of the challenges that will
arise, and the policy actions that may be deployed to address them.
STAINLESS STEEL - THE VERSATILE, GREEN METAL
Stainless steel is
a value-added alloy containing a minimum of 10.5% chromium. It is
corrosion-resistant, strong, hygienic and fully recyclable. These properties
make it an ideal choice for a variety of demanding industrial and consumer
applications. Several life-cycle studies indicate that in many applications,
the total cost of stainless steel is lower than that of competing materials,
since stainless steel needs low maintenance.
Stainless steel is
used in various industries. The consumption of stainless steel has been growing
faster than any other metal in the world. It increases with economic
development, as both its properties and its aesthetic image are highly
competitive in terms of matching the highest standards of utility and design.
Stainless steel is classified as per the alloying elements into different
categories viz. 200, 300, and 400 series. With different chemical compositions,
these series possess a variety of properties and hence find varied
applications. Global stainless steel demand for 2011 was estimated at 32 million
tons. Over the last 5 years, global demand for stainless steel has grown at a
muted CAGR of 2.2 per cent. Demand growth declined during 2008 and 2009 due to
economy slow down, leading to contraction in demand especially from the
developed countries. However, demand rebounded in 2010, growing by 24 per cent
in tune with the recovery of end user industries. The majority of the increase
in stainless steel consumption emanates from emerging markets such as China and
India. China’s share in global demand has almost doubled from 18 per cent in
2004 to 35 per cent in 2011.
CRISIL Research
expects the long term global demand for stainless steel to increase at a CAGR
of 4 to 5 per cent. Growth will be mainly driven by strong levels of growth
expected in China and India, which together accounted for around 44 per cent of
the global consumption in 2011.
INDIAN MARKET POTENTIAL
India’s favourable
demographic profile and rising proportion of its working population holds
significant potential for
stainless steel
consumption across key end-user segments. India’s per capita stainless steel
consumption at around 2 kg is still significantly lower than other countries
such as USA (11.5kg), China (8.4 kg), and even the world average (4.6 kg).
However, in the last 5 years, India’s stainless steel consumption increased at
a healthy CAGR of 11 per cent against the paltry growth in global consumption
at a CAGR of 2.2 per cent. In recent years, stainless steel demand from the
Automotive, Railways and Transport (ART) segment has been rising owing to
strong growth in the automobile industry and rising penetration of stainless
steel in railway rolling stock. Architecture, Building and Construction (ABC)
segment is expected to register the fastest growth largely due to rapid urbanisation
and increasing modernisation along with an increasing usage of stainless steel
in Metro stations, as well as commercial and retail complexes. Both the ART and
ABC segments together accounted for around 14 per cent share in consumption.
Emergence of cost-effective 200 series (chrome-manganese) of stainless steel
made it affordable for average households to increase their appetite for
stainless steel kitchenware, leading to a sustained demand for this metal in
the kitchenware segment.
The process industry
accounts for second largest share - 16 per cent of the consumption of stainless
steel. Its growth is also aligned with the investments in end-user industries
such as pharmaceuticals, food processing and petrochemicals.
With strong growth
anticipated in ABC and ART segments, CRISIL Research expects that the demand
growth for
stainless steel in
India will remain steady at a CAGR of 7.8 per cent over the period 2011-16.
India’s stainless
steel demand currently stands at around 2.5 million tons, with imports
accounting for almost 13 per cent of the demand. However, India has been a net
exporter of stainless steel with exports accounting for 17 per cent of the
production in 2010-11.
With 800,000 tons
of new additional capacity in Odisha, Jindal Stainless now has the capability
to produce 1.6 million tons of stainless steel and is now fully geared to
capture the growth of the Indian market.
OPERATIONAL PERFORMANCE
The Company has for
financial year ended 31st March 2012, achieved gross revenue of Rs. 84980.000
Millions as compared to Rs. 73510.000 Millions during the previous financial
year, representing growth of around 16%. Domestic sales grew by around 14% and
export sales grew by around 22%. EBIDTA for the financial year ended 31st
March, 2012 was at Rs. 9040.000 Millions which is around 16% lower than the
previous year figures of Rs. 10810.000 Millions. Interest for the year ended
31st March, 2012 was Rs. 5170.000 Millions as against Rs. 3890.000 Millions for
the previous financial year representing an increase of around 33%. The
increase in interest is on account of start of operations of Phase II of the
Odisha project. The exceptional gain/(loss) during the financial year ended
31st March, 2012 was at ( Rs. 2080.000) Millions as compared to last year
corresponding figures of Rs. 540.000 Millions. The exceptional losses during
the year ended 31st March, 2012 include losses on account of fluctuation in
foreign currency assets/liabilities amounting to Rs. 1570.000 Millions,
provision of Rs. 360.000 Millions on account of outstanding legal dispute and
write-off of earlier years amounting to Rs. 150.000 Millions on account of
modifications in electricity tariff calculation methodology. The profit/(loss)
before tax and profit/(loss) after tax for the year stood at ( Rs.1540.000
Millions) and ( Rs. 1040.000 Millions) as compared to previous financial year’s
comparative figures of Rs. 4470.000 Millions and Rs. 3180.000 Millions respectively.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Electric
Installation
- Vehicles
- Furniture, fixtures
and equipments
- Power line and bay
extension
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
(Rs.
In millions)
|
Particulars |
Quarter Ended
30.06.2012 (Unaudited) |
|
(a) Net Sales/ Income from
operation |
22066.900 |
|
(b) Other Operating Income |
102.100 |
|
Total Income |
22169.000 |
|
2. Expenditure |
|
|
Cost of Material Consumed |
16807.400 |
|
Purchase of Stock in Trade |
152.100 |
|
Changes in Inventories of Finished Goods, Work in Progress & Stock
in Trade |
(2374.400) |
|
Employee Benefits Expenses |
599.400 |
|
Depreciation and Amortization Expenses |
1701.300 |
|
Store and Spares Consumed |
1095.000 |
|
Power and Fuel |
2178.800 |
|
Other Expenditure |
1396.900 |
|
Total |
21556.500 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
612.500 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
147.000 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
759.500 |
|
6. Interest |
2071.100 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
(1311.600) |
|
8. Exceptional Items |
(2091.300) |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
(3402.900) |
|
10. Tax Expenses |
(1088.800) |
|
11. Net
Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
(2314.100) |
|
12. Extraordinary Items (Net of Tax Expense Rs.________) |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
(2314.100) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
379.600 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
|
16. Earning per
Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
(12.21) |
|
b) Basic and diluted EPS after extraordinary items for the period,for the
year to date and for the previous year (not
annualised) |
(12.21) |
|
17. Public
Shareholding |
|
|
Number of Shares |
97726019 |
|
% of Share holding |
56.75 |
|
18. Promoters
and promoter group Shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of shares |
65306625 |
|
- 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) |
34.41 |
|
b)
Non-encumbered |
|
|
- Number of shares |
9160625 |
|
- 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) |
4.83 |
#This includes 22,465,480 equity shares
placed under lodgement /negative lien. *Total share capital includes 17,604,334
shares represented by 88,02,167 GDS.
|
Particulars |
3 months ended
(30th June 2012) |
|
INVESTOR COMPLAINTS |
NIL |
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unresolved at the end of the
quarter |
NIL |
NOTES
1.
The
financial results of the Company for the quarter ended 30th June
2012 have been reviewed by the Audit committee and approved by the Board of
Director at its meeting held on 09th August 2012 and the limited review of the
same has been carried out by the statutory auditors of the company.
2.
The
company is in process of seeking approval from its lenders to rework on its
debt obligations including overdue financial obligations. Once approved, there
working scheme would entail increase in interest cost w.e.f. 1st
April 2012. Pending necessary approval and signing off reshagreement
/documents, presently interest cost has been provided at prevailing contracted
rates.
3.
Results
have been adversely impacted during the quarter ended 30th June 2012 on account
of:
i)
Exchange
fluctuation arising on account of sharp depreciation of Indian Rupee, as shown
under the head of Exceptional items,
ii)
Lower
margin due to increase in Power and Fuel costs, subdued global economic
sentiments and surge in imports of stainless steel flat products into India.
iii)
Stainless
steel production facility at Odisha under ramp up.
4.
Up
on receipt of FCCB conversion notices dated 8th June, 2012, the
Company has allotted 2,91,978 fresh equity shares of Rs2/- each at a fixed
exchange rate of Rs 43.75, at a conversion price of Rs 119.872 per share.
Consequently, as on 30th June 2012 the paid up share capital of the
company stood at Rs.379.595 Millions divided into 18,97,97,603 equity shares of
Rs 2/- each.
5.
On
28th July, 2012, the Company has vested 5,34,771 Stock Options to
the eligible employees of the Company, its subsidiaries and independent
Directors (excluding Nominee Directors) in terms of approved ESOP scheme 2010.
Further, in terms of above ESOP scheme 2010, a fresh Grant of 1,50,000 ESOPs
was made to eligible employees of the Company on 28th July, 2012.
6.
As
the company's business activity falls within a single primary business segment
viz. 'stainless steel', the disclosure requirement of Accounting Standard (AS-17)
on "Segment Reporting" is not applicable
7.
The
previous quarter/year figures have been regrouped wherever necessary
WEBSITE DETAILS
MILESTONES
2011
Focus on cost competitiveness to become global SS player
- Commissioning of phase-II – additional
800,000 tons stainless steel facilities.
- Overall Stainless Steel melting
capacity now at 1,520,000 tons (Hisar 720,000 tons and Odisha 800,000
tons).
2006-2010
Integration
- SS capacity ramp up at Hisar plant to
720,000 tons.
- Commissioned phase-I at Odisha- 250,000
tons ferro alloys and 250MW thermal power plant.
- Started investment on Phase-II at
Odisha - additional 800,000 tons stainless steel capacity.
- Set up service centre in Spain under a
JV.
2001-2005
Growth
- Stainless Steel (SS) operations separated
from group investments
- SS capacity ramped up to 400,000 tons.
- Acquired cold rolling facilities in
Indonesia.
- Started investments in phases in
Orissa.
- Started Service Centre in India.
1970-2000
Foundation
- Incorporated in 1970 as Jindal Strips
at Hisar, Haryana, India
- Started manufacturing of stainless
steel in 1978
- Provided seed capital for other
ventures of the group
- Enhanced stainless steel capacity to
200,000 tons
GROUP COMPANIES
JINDAL STAINLESS STEELWAY LIMITED
Jindal Stainless Steelway Limited, the domestic Jindal Stainless service
centre network, offers convenient, customised, just-in-time services to the
doorsteps of its customers. The company has partnered with Steelway s.r.l., a
leading Italian company in the business of distribution and processing of
steel, to service its valued customers with exact Slit, Cut to Size, Polished
Stainless Steel sheets, coils and blanks conforming to highest standards of
processing tolerances.
Their Service Centre facilities in Gurgaon, Mumbai and Chennai are
installed with state-of-the-art, high-end Precision Slitting, Cut to Length,
Blanking and Polishing lines supplied by leading equipment manufacturers such
as FIMI and IMEAS of Italy and IDH and Daehwa of South Korea. Each Service
Centre has a capacity of 135,000 tons per annum and in addition, Gurgaon
Service Centre has a Polishing capacity of 6,000 tons per annum Some of the many services offered are:
- Customized Stainless Steel Products
- Inventory Management
- Technical Value Engineering
- Warehousing
- Material Testing
A similar Service Centre will soon be operational at Vadodara in
Gujarat.
In addtion, a larger Srevice Centre will be set up in Jajpur, Odisha
with the 1.6 million tons per annum integrated Stainless Steel Plant.
JSL Lifestyle Limited (Brand: arttdinox) Styling lifestyles
arttd'inox is the exciting new form of ultimate style. The name
translates to 'the art of Stainless Steel'. And that's precisely what it is -
works of art in Stainless Steel. arttdinox has been set up with the objective
of creating exclusive Stainless Steel lifestyle products, which are synonymous
with quality, beauty and functionality. The professionally qualifiedIn-house
design team is dedicated to exploring the frontiers of design and the product
range is a celebration of both form and function. The range encompasses
tableware, serving ware, gifts, home and office accessories.
JSL Architecture Limited (Brand: arc) Constructing
confidence, building trust
Stainless Steel is a material par excellence, which now seeks to
permeate through Indian Architecture. The Architecture Division launched by
Jindal Stainless has taken the initiative to promote Stainless Steel products
and technology solutions to cater to the emerging markets of Stainless Steel
for Architecture, Building and Construction in India. The Architecture Division
of Jindal Stainless is capable of providing a full range of technical support
services including design, engineering work, fabrication of quality material,
finishes and job site supervision by
trained personnel. The division has completed many projects specially those of
street furniture, cafeteria furniture, modular kitchens, lighting and signage
apart from other architectural requirements.
BOARD OF DIRECTORS
Savitri
Devi Jindal – Chairpersoin
- Member of the Legislative Assembly of the state of Haryana, from Hisar Constituency.
- Also chairperson of Jindal Industries
Limited, Jindal ITF Limited, Jindal Saw Limited, Jindal Steel and Power
Limited, Jindal Water Infrastructure Limited, and JSW Steel Limited.
Ratan
Jindal - Vice Chairman and Managing Director
- Commerce graduate with specialized top management training from Wharton School of Management, USA.
- Member of Board of International Stainless
Steel Forum.
- Member of Board of International
Stainless Steel Forum.
Naveen Jindal – Director
- Commerce graduate and masters in business management from University of Texas.
- Vice chairman and managing director of
Jindal Steel and Power Limited.
- Vice chairman and managing director of
Jindal Steel and Power Limited.
Gautam Kanjilal - Nominee Director - State Bank of India
- Chief General Manager (Retd.), State Bank of India
Tara Sankar – Director
- Master degree in nuclear physics, a
post graduate diploma in management sciences and Certified Associate
Indian Institute of Bankers
- 32 years of work experience, served as
Managing Director of State Bank of India in the year 2008
Jurgen
Hermann Fechter – Director
- Qualified chartered accountant in South Africa
- Member of executive board of VDEH Steel
Institute and a member of the board of directors of ISSF
James
Alistair Kirkland Cochrane Director
- MBA from Strathclyde Graduate Business School UK
- Since 2006, he has been the president
of International Chromium Development Association
Rajeev
Bakshi – Director
- Economics graduate from St. Stephen's College, New Delhi. He also holds Post Graduate Diploma in Management (M.B.A.) from the Indian Institute of Management (IIM), Bangalore.
- He has a rich experience of more than
30 years across several reputed organizations.
Ramesh
R Nair - President and Executive Director
- Engineering graduate from NIT, Kurukshetra and Post Graduate in Management from IGNOU
- 20 years of experience working with
reputed organizations like Essar Steel and Sterlite Industries
- Prior to joining Jindal Stainless he
was heading copper business as COO at Sterlite Industries. He was also in
charge of Madras Aluminium Company Limited as Director.
Suman
Jyoti Khaitan – director
- Graduate in economics and law, is an eminent corporate lawyer and a partner of Suman Khaitan and Company
- Member of the executive committees of
the Indian Chambers of Commerce.
Subash
Singh Virdi - - ED and Unit Head Odisha
- Engineering graduate from IIT Kanpur and MBA from FMS Delhi.
- 24 years of work experience in steel
industry
Mr.
Jitender Pal Verma – Director
- Commerce Graduate from Delhi University and a “Fellow” member of the Institute of Chartered Accountants of India (ICAI).
- Graduate member of Institute of
Directors, Thailand.
- Has a rich experience of 25 years at
senior management level in India and Overseas across various industries,
including last 7 years in Stainless Steel industry.
AWARDS AND HONOURS
STAINLESS INNOVATION AWARDS
Stainless Steel is an established material in international design. It's
contemporary, stylish yet its neutral look is gaining immense popularity among
all kinds of users and tops as a material of choice for its excellent blending
ability with any other material, viz. glass, ceramics, wood or leather. The
material has been providing great opportunities and inspiration to generations
of designers. Today its use is being taken to new levels of expression and technical
sophistication.
Stainless Innovation Awards is a testament of their continued support to
the design fraternity. To keep encouraging creativity in the usage of the
material, Jindal STAINLESS announces the fifth edition of "The Stainless
Innovation Awards" to reward excellence in use of stainless steel.
The SIA is the India's one of the most prestigious design awards,
recognizing excellence in product design and innovation since 2000.
Products are assessed on their individual design merits against a range
of criteria including innovation, visual and emotional appeal, functionality,
quality and manufacture, human factors and environmental sustainability.
CII - NATIONAL EXCELLENCE AWARD 2009
Jindal Stainless Limited. the flagship company of OP Jindal Group was
conferred the Confederation of Indian Industry (CII) National HR Excellence
Award 2009 commendation for 'Strong commitment to Human Resource Excellence' at
the HR conclave 2010 held on 23rd July 2010 at Hotel Lalit.
The HR Excellence awards are constituted by CII to recognize the
strength of HR processes of an organization. The CII-HR Excellence Model is
based on the CII-Exim Bank Excellence Award encompassing all aspects of human
resource management and acts as a practical tool for: 1) A Self- Assessment
model for measuring the current status and thus identify the gaps to stimulate
solutions 2) A framework to position various HR initiatives and identify gaps.
3) A basis to develop common understanding of various terms used in the HR Management.
The eligibility of the award was based on a three step process beginning
with the submission of an initial application document on JINDAL STAINLESS
people processes which comprised JINDAL STAINLESS Overview, Leadership
processes, HR strategy and processes, people knowledge and competencies,
employee well being and engagement.
As part of the second step, an eminent panel of assessors from CII
conducted a site visit to JINDAL STAINLESS during 16-18th March 2010
for meeting with the Leadership Team and assessing various aspects of HR
excellence. As the next step the scores and feedback report by the assessor
panel was evaluated by an eminent panel of jury. As part of the process more
than 40 companies participated in the process.
NEWS
PRESS RELEASE
JINDAL
STAINLESS’S GROSS SALES UP BY 15.6% AT RS. 84710.000 MILLIONS FOR THE YEAR
ENDING 31ST MARCH 2012
(TUESDAY, MAY 29, 2012)
New Delhi, Dated May 29, 2012: Jindal Stainless Limited;
a member of OP Jindal group has recorded 15.6% increase in revenue from
operations at Rs 84710.000 Millions for the year ending 31st March 2012
in comparison to Rs 73290.000 Millions in previous year. Domestic sales
grew by around 14% and export sales grew by around 22%. EBIDTA
for the financial year ended 31st March 2012 was at Rs. 9040.000 Millions
which is around 16.3% lower than the previous year figures of Rs.
10810.000 Millions. The exceptional gain/(loss) during the financial year
ended 31st March 2012 was at Rs (2080.000) Millions as compared to last
year corresponding figures of Rs. 540.000 Millions. The profit/(loss)
before tax and profit/(loss) after tax for the year stood at Rs. (1540.000)
Millions and Rs. (1040.000) Millions as compared to last financial
year comparative figures of Rs. 4470.000 Millions and Rs. 3180.000
Millions respectively. The audited standalone and consolidated financial
result for the year ending 31st March 2012 was taken on record by the Board of
Directors here today.
The overall lower performance is
attributable to the following factors:
- Unprecedented
increase in the raw material prices of chrome ore and coal due to wavering
policies of the governmental agencies
- Ramp up of
recently operationalised 800,000 tons stainless steel facility at Odisha
- Adverse
exchange fluctuations arising on account of sharp depreciation of Indian
Rupee
- Government
policy of keeping the interest rates at higher levels has clogged the
expansion of the markets
- Aggressive
price under cutting and dumping of cheap quality products from China and
Far-East Asia
The company is looking at
various options including austerity measures to maintain adequate level of
liquidity for smooth running of its operations and is also negotiating to
rework its debt with its domestic and international lenders
With the Odisha stainless steel facility, the company’s focus is largely to
cater the domestic wide width/coil product market with wider product range.
With the growing domestic demand in sectors like railways, metro coaches,
automobiles, infrastructure, up-gradation of airports & railway stations,
white goods, construction & power plants etc, the company is confident of
achieving higher production and sales in the coming years.
Commenting on Odisha project, Mr. Ramesh Nair, President and ED said- “Our
Odisha plant is a state of the art facility and amongst the select few in the
world with integrated Hot and Cold Rolling lines. This facility enriches our
existing versatile product range by adding even wider products, especially
plates and also new finishes such as 2E etc”
Commenting on the prospects of the green metal, he said- “Stainless Steel
applications in India have come a long way. Today, Stainless Steel finds
application not only in the Household and the Kitchen Segment but is also
witnessing rapid growth in newer areas particularly in the Automotive,
Railways, Transport and Industrial Sector”.
The year 2012 marks a century since stainless steels were first created
patented and produced. The global stainless steel community is celebrating the
anniversary all across the globe and Jindal Stainless, the leader in stainless
steel in India, is proud to be a part of the global stainless steel community
in celebrating 100 years of stainless steel. “We feel proud to be a part of
this celebration. Since the coming of stainless steel, the world has
experienced the change and development the way it was never imagined. Stainless
steel has revitalized everything from creating modern architecture,
transportation to critical industrial and medical applications. Over the time,
stainless steel has grown to be an integral part of our world” he said.
Bhattachary
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 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. 51.61 |
|
|
1 |
Rs. 83.57 |
|
Euro |
1 |
Rs. 67.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.