MIRA
INFORM REPORT
|
Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
JSW ISPAT STEEL LIMITED (w.e.f. 28.06.2011) |
|
|
|
|
Formerly Known
As : |
ISPAT INDUSTRIES
LIMITED |
|
|
|
|
Registered
Office : |
Tower A, 3rd
Floor, DLF IT Park, |
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|
Country : |
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|
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Financials (as
on) : |
30.06.2011 |
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|
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Date of
Incorporation : |
23.05.1984 |
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|
|
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Com. Reg. No.: |
21-037519 |
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|
|
Capital Investment / Paid-up Capital : |
Rs.22250.900 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27106WB1984PLC037519
|
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALI01452D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACI6293E |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
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|
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Line of
Business : |
Manufacturer and
Selling of Iron and Steel Products. |
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|
|
|
No. of Employees : |
3499
[Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 81050000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a part of Jindal Group, It is a well established and reputed company having moderate track. Even though the company has achieved good sales turnover during 2011,
it has also incurred some loss. Accumulated losses appears to be huge. However, trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct. The company can be considered for business dealings with some caution.
|
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 |
BBB – [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
06.09.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
06.09.2012 |
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 : |
Tower A, 3rd
Floor, DLF IT Park, |
|
Tel. No.: |
91-33-40002020 |
|
Fax No.: |
91-33-40002021 |
|
E-Mail : |
ispat.park@ndil.sprintrpg.ems.vsnl.net.in |
|
Website : |
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|
|
|
Central
Marketing Office : |
|
|
Tel. No.: |
91-22-2758 2500 / 2600 / 2700 |
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Fax No.: |
91-22-2757 7959 / 7972 |
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E-Mail : |
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|
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|
Corporate Office : |
7th Floor, Nirmal, Nariman Point, Mumbai - 400 021, |
|
Tel. No.: |
91-22-66542222 |
|
Fax No.: |
91-22-22855519 |
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E-Mail : |
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|
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Factory 1 : |
Cold Rolling Mill and Coating Plant
Complex: A-10/1 and 10/ 2, MIDC
Industrial Area, Kalmeshwar – 441 501, District |
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|
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Factory 2 : |
Sponge Iron Plant: Geetapuram, Dolvi – 402
107, Taluka Pen, District Raigad, |
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Factory 3 : |
Hot Strip Mill Plant: Gettapuram, Dolvi – 402
107, Taluka Pen, District Raigad, |
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Factory 4 : |
Blast Furnace Plant: Geetapuram,
Dolvi- 402 107, Taluka Pen, District
Raigad, |
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|
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Factory 5: |
Dolvi : Geetapuram, Taluka Pen, Distriet Raigad, Dolvi – 402 107, |
|
Tel. No.: |
91-2143-277501-14 |
|
Fax No.: |
91-2143-277533 / 42 |
|
|
|
|
Branches/
Depots/ Consignment Agents : |
“ |
|
Tel. No.: |
91-33-2249 2213 /
3119 / 5102 / 5104 / 2249 1011 / 30265000 |
|
Fax No.: |
91-33-22491956 |
|
|
|
|
Branches/
Depots/ Consignment Agents : |
LOCATED AT: v
v Guwahati v
v
v
v Mumbai v Pune v
v
v
v
v
v
v
v Karnal v
v Parwanoo v
v Chennai v
v
v Hubli |
DIRECTORS
AS ON 30.06.2011
|
Name : |
Mr. Sajjan Jindal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vinod Mittal |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Pramod Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Seshagiri Rao MVS |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. U Mahesh Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod Kothari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Atul Sud |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M Sankaranarayanan (Nominee - Axis) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S N Baheti (Nominee - IDBI Bank Limited) |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Manju Jain (Nominee - IFCI Limited) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mayank Agrawal (Nominee - ICICI Bank Limited) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suhail Nathani (Alternate to Mr. Pramod Mittal) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B K Singh |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. T P Subramanian |
|
Designation : |
President & Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6,441,236 |
0.26 |
|
|
1,394,274,230 |
55.40 |
|
|
1,400,715,466 |
55.65 |
|
|
|
|
|
|
677,576 |
0.03 |
|
|
269,071,893 |
10.69 |
|
|
269,749,469 |
10.72 |
|
Total shareholding of Promoter and Promoter Group (A) |
1,670,464,935 |
66.37 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,676,464 |
0.07 |
|
|
221,659,815 |
8.81 |
|
|
12,768 |
- |
|
|
62,086,077 |
2.47 |
|
|
50,969,159 |
2.03 |
|
|
336,404,283 |
13.37 |
|
|
|
|
|
|
101,639,782 |
4.04 |
|
|
|
|
|
|
293,078,865 |
11.64 |
|
|
78,575,888 |
3.12 |
|
|
36,666,748 |
1.46 |
|
|
28,634,937 |
1.14 |
|
|
1,732,800 |
0.07 |
|
|
1,144,100 |
0.05 |
|
|
30,145 |
- |
|
|
4,139,100 |
0.16 |
|
|
958,366 |
0.04 |
|
|
300 |
- |
|
|
27,000 |
- |
|
|
509,961,283 |
20.26 |
|
Total Public shareholding (B) |
846,365,566 |
33.63 |
|
Total (A)+(B) |
2,516,830,501 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
2,516,830,501 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Selling of Iron and Steel Products. |
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Products : |
|
PRODUCTION STATUS [AS ON 30.06.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Direct Reduced
Iron |
MT |
1600000 |
1209360 |
|
Hot Rolled Coils |
MT |
3300000 |
2203696 |
|
Cold Rolled
Carbon Steel Sheets/Coils |
MT |
330000 |
217107 |
|
Galvanised
Coils/Sheets# |
MT |
225000 |
141161 |
|
Galvalume
Coils/Sheets# |
MT |
100000 |
48748 |
|
PVC Coated Sheets |
MT |
60000 |
54151 |
|
Tubes and Pipes |
MT |
56000 |
14557 |
|
Pig Iron/ Hot
Metal |
MT |
2000000 |
1352382 |
NOTE:
·
Licensed Capacity is not applicable as the industry
is delicensed.
·
Certified by the Company’s Technical Experts.
GENERAL INFORMATION
|
No. of Employees : |
3499
[Approximately] |
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Bankers : |
v
State Bank of v
Bank of v Punjab National Bank v Indian Overseas Bank v
The v ICICI Bank Limited v UCO Bank |
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi
and company Chartered
Accountants |
|
Address : |
22, |
|
|
|
|
Associates/Subsidiaries : |
·
Nippon Ispat Singapore (Pte) Limited ·
Erebus Limited ·
Arima Holdings Limited ·
Lakeland Securities Limited ·
Ispat Energy Limited ·
Rewa Infrastructures Private Limited (ceased
w.e.f. 16th November, 2010) ·
Ispat Jharkhand Steels Limited ·
Kalyani Mukand Limited ·
Drum International Inc. ·
Minandes S.A. |
|
|
|
|
Joint Venture : |
·
Amba River Coke Limited (ceased w.e.f. 14th
February, 2011) |
|
|
|
|
Related Parties : |
·
Navoday Exim (Private) Limited ·
Navoday Management Services Limited ·
Navoday Consultants Limited ·
Denro Holding (Private) Limited ·
Mita Holdings (Private) Limited ·
Goldline Tracom (Private) Limited ·
Gontermann Peipers India Limited ·
Kartik Credit (Private) Limited ·
Ushaditya Trading (Private) Limited ·
Navdisha Real Estate (Private) Limited ·
Balasore Alloys Limited ·
Geetapuram Port Services Limited (upto 19th July,
2009) ·
Peddar Realty (Private) Limited ·
Chattisgarh Energy Limited ·
Rewa Infrastructures Private Limited (w.e.f. 16th
November, 2010) ·
Radiant Stars International Limited ·
Shinning Stars Limited ·
Chancellor Build Estate (Private) Limited ·
E-Star Exchange (Private) Limited ·
North East Natural Resources (Private) Limited ·
Central India Power Company Limited |
CAPITAL STRUCTURE
AS ON 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000000 |
Equity Shares |
Rs.10/- each |
Rs.40000.000 Millions |
|
100000000 |
Preferences Shares |
Rs.100/- each |
Rs.10000.000 Millions |
|
1000000000 |
Preferences Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
TOTAL |
|
Rs.60000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2386799130 |
Equity Shares |
Rs.10/- each
|
Rs.23868.000
Millions |
|
|
Less: Allotment and Call Money in Arrears |
|
Rs.7.100
Millions |
|
|
[Due From Other
Than Directors] [A] |
|
Rs.23860.900 Millions |
|
|
|
|
|
|
43199500 |
12% Cumulative Redeemable Preference Shares (CRPS) fully paid-up
(Redeemable at par in Thirteen annual installments commencing from
31.03.2020) |
Rs.100/-
each |
Rs.4319.900
Millions |
|
|
Less: Redeemed |
|
Rs.1036.800
Millions |
|
|
|
|
Rs.3283.100 |
|
155112156 |
10% Cumulative Redeemable Preference Shares (CRPS) of Rs.10 each fully
paid-up (Redeemable at par in Eight quarterly installments commencing from 15.06.2018) |
Rs.10/- each |
Rs.1551.100
Millions |
|
485908844 |
0.01% Cumulative Redeemable Preference Shares (CRPS)of Rs.10 each
fully paid-up (Redeemable at par in Eight quarterly installments commencing
from 15th June 2018) |
Rs.10/- each |
Rs.4859.100
Millions |
|
|
|
|
Rs.9693.300
Millions |
|
|
Less: Allotment
and Call Money in Arrears |
|
Rs.5.000
Millions |
|
|
[Due
From Other Than Directors] [B] |
|
Rs.9688.300 Millions |
|
|
[A + B] |
|
Rs.33549.200 Millions |
NOTE:
Out of above
18,31,09,080 equity shares of Rs. 10 each, 1,36,00,000 12 % CRPS of Rs. 100
each and 12,20,72,720 0.01% CRPS of Rs.10 each, fully paid-up, were issued for
consideration other than cash, pursuant to Scheme of Reconstruction and
Amalgamation approved by the jurisdictional High Courts of Bombay and Calcutta.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 [12 Months] |
30.06.2010 [15
Months] |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
33549.200 |
22250.900 |
22725.100 |
|
|
2] Share Application Money |
1509.600 |
180.000 |
519.800 |
|
|
3] Reserves & Surplus |
24606.300 |
14718.300 |
15444.800 |
|
|
4] (Accumulated Losses) |
(39401.100) |
(21342.300) |
(18321.500) |
|
|
NETWORTH |
20264.000 |
15806.900 |
20368.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
59111.000 |
71569.000 |
71512.800 |
|
|
2] Unsecured Loans |
10216.600 |
248.500 |
2002.400 |
|
|
TOTAL BORROWING |
69327.600 |
71817.500 |
73515.200 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89591.600 |
87624.400 |
93883.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
72451.400 |
79273.500 |
88878.100 |
|
|
Capital work-in-progress |
618.600 |
637.300 |
985.200 |
|
|
|
|
|
|
|
|
Pre-operative & Trial Run Expenses |
0.000 |
0.000 |
41.900 |
|
|
INVESTMENT |
1634.200 |
2293.700 |
2328.900 |
|
|
DEFERREX TAX ASSETS |
13087.600 |
9642.800 |
9501.300 |
|
Foreign Currency Monetary Item Translation Difference
Account
|
0.000 |
20.800 |
49.400 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20405.600
|
19341.700 |
13829.300 |
|
|
Sundry Debtors |
3945.700
|
7589.700 |
5641.800 |
|
|
Cash & Bank Balances |
5958.800
|
2030.600 |
793.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5465.000
|
7953.200
|
9273.300
|
|
Total
Current Assets |
35775.100
|
36915.200 |
29538.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11341.500
|
18407.000
|
18348.900
|
|
|
Other Current Liabilities |
22176.500
|
22386.800
|
18740.800
|
|
|
Provisions |
457.300
|
365.100
|
350.00
|
|
Total
Current Liabilities |
33975.300
|
41158.900
|
37439.700
|
|
|
Net Current Assets |
1799.800
|
(4243.700)
|
(7901.400)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89591.600 |
87624.400 |
93883.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 [12 Months] |
30.06.2010 [15
Months] |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82266.400 |
101327.300 |
81319.800 |
|
|
|
Other Income |
3243.500 |
4459.600 |
4058.600 |
|
|
|
TOTAL (A) |
85509.900 |
105786.900 |
85378.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Excise Duty & Cess on Stocks
|
67.100 |
295.400 |
(189.300) |
|
|
|
Raw Materials Consumed |
55913.900 |
58952.500 |
46508.400 |
|
|
|
Personal Cost |
2192.900 |
2693.100 |
2076.000 |
|
|
|
Manufacturing,
Selling & Distribution &
Administrative Expenses |
21786.800 |
28466.500 |
21625.500 |
|
|
|
Exceptional Items |
11806.200 |
0.000 |
0.000 |
|
|
|
Increase/Decrease in Finished Goods |
(945.400) |
(2695.300) |
1050.500 |
|
|
|
TOTAL (B) |
90821.500 |
87712.200 |
71071.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(5311.600) |
18074.700 |
14307.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10229.100 |
13699.800 |
11593.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(15540.700) |
4374.900 |
2714.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5962.600 |
7739.500 |
6466.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(21503.300) |
(3364.600) |
(3751.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3444.500) |
(141.200) |
3129.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(18058.800) |
(3223.400) |
(6881.100) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(21342.300) |
(18321.500) |
(10460.000) |
|
|
|
|
|
|
|
|
|
Add/ Less |
DEBENTURE
REDEMPTION RESERVE WRITTEN BACK |
0.000 |
202.600 |
277.100 |
|
|
|
|
|
|
|
|
|
|
(A) TOWARDS EXCHANGE DIFFERENCES OF 2007-08
TRANSFERRED TO FIXED ASSETS (NET OF DEPRECIATION RS. 64.400 MILLIONS AND
DEFERRED TAX CREDIT OF RS. 632.300 MILLIONS) |
0.000 |
0.000 |
(1228.100) |
|
|
|
|
|
|
|
|
|
|
(B) TOWARDS EXCHANGE DIFFERENCES OF 2007-08
TRANSFERRED TO FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT
(NET OF AMORTISATION RS. 14.800 MILLIONS AND DEFERRED TAX CREDIT OF RS.
15.200 MILLIONS) |
0.000 |
0.000 |
(29.400) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(39401.100) |
(21342.300) |
(18321.500) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4861.600 |
4334.400 |
7198.500 |
|
|
|
Vessel Rentals |
0.000 |
0.000 |
24.100 |
|
|
TOTAL EARNINGS |
4861.600 |
4334.400 |
7222.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
22950.300 |
30464.700 |
25669.200 |
|
|
|
Stores & Spares |
1669.600 |
2896.000 |
1843.600 |
|
|
|
Capital Goods |
44.400 |
737.900 |
102.400 |
|
|
TOTAL IMPORTS |
24664.300 |
34098.600 |
27615.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(10.60) |
(3.37) |
|
|
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
27357.100 |
27678.100 |
27827.800 |
29730.600 |
|
Total Expenditure |
25671.500 |
25197.300 |
25876.200 |
26313.400 |
|
PBIDT (Excl OI) |
1685.600 |
2480.800 |
1951.600 |
3417.200 |
|
Other Income |
90.500 |
0.100 |
1015.700 |
1136.400 |
|
Operating Profit |
1776.100 |
2480.900 |
2967.300 |
4553.600 |
|
Interest |
2791.100 |
2862.400 |
2680.000 |
2557.400 |
|
Exceptional Items |
(952.300) |
(1110.100) |
(129.400) |
(3387.700) |
|
PBDT |
(1967.300) |
(1491.600) |
157.900 |
(1391.500) |
|
Depreciation |
1485.500 |
1594.100 |
1570.800 |
1617.900 |
|
Profit Before Tax |
(3452.800) |
(3085.700) |
(1412.900) |
(3009.400) |
|
Tax |
0.200 |
0.000 |
0.000 |
(7791.800) |
|
Profit After Tax |
(3453.000) |
(3085.700) |
(1412.900) |
4782.400 |
|
Net Profit |
(3453.000) |
(3085.700) |
(1412.900) |
4782.400 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 [12 Months] |
30.06.2010 [15
Months] |
31.03.2009 |
|
PAT / Total Income |
(%) |
(21.12)
|
(3.05) |
(8.06)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(26.14)
|
(3.32) |
(4.61)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.87)
|
(2.90) |
(3.17)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.06)
|
(0.21) |
(0.18)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.10
|
7.15 |
5.45
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
0.90 |
0.79
|
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) |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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
Income from
operations during the year was Rs.89900.700 Millions. Profit before interest
and finance charges and depreciation was Rs.6494.600 Millions.
After providing
for interest and finance charges of Rs.10229.100 Millions and depreciation of
Rs.5962.600 Millions, loss before exceptional items was Rs.9697.100 Millions.
Exceptional items (details of which are contained in Note No.9 of the Notes
forming part of the accounts) aggregating to Rs.11806.200 Millions have been
provided for in the accounts for the year and, consequently, loss before tax
was Rs.21503.300 Millions.
After considering
Deferred Tax Credit of Rs.3444.800 Millions and Wealth Tax provision of
Rs.0.300 Millions, net loss during the year was Rs.18058.800 Millions. The loss
is proposed to be carried to next year’s accounts.
STEEL SCENARIO
Steel industry,
across the world, has been gripped by uncertainties prevailing in the overall
economic landscape. Global steel demand has been impacted by the slow economic
growth in developed markets. Though GDP in US had marginally increased during
2010-11, the country faces a large fiscal deficit, low employment growth and
reduced consumer spending. In the European Union Zone, the economies of Spain,
Ireland, Greece and Portugal have been impacted by high unemployment, negative
growth and increasing inflation levels. Government spending in all the
economies have been widely hit and the potential threat of sovereign defaults
loom large. The overall GDP growth in European Union Zone has, therefore, been
low. On the other hand, economic growth in China was robust at over 10%.
Coupled with economic growth, Chinese investments were also higher during the year.
Overall, while GDP in emerging economies grew by over 7% during 2010, the
growth in advanced economies was significantly lower at 3%. The current year,
however, has witnessed low GDP growth in emerging economies, due to rising
inflationary pressures and tightening of economic policies. A large number of
enterprises in the steel sector are reassessing their capital expenditure
plans. Advanced economies are not poised for sizeable growth and business
sentiments are impacted due to the sovereign debt crisis in the European Union.
US, European Union and several South Asian economies are not expected to grow
substantially during 2012 and economic stimulus plans are generally perceived
to be limited. Overall GDP growth is expected to remain modest in advanced
economies. Stringent credit policies, lower export growth and the continuing
fall in purchase index are widely expected to signal a lower GDP growth in
China during 2012.
Crude steel
production in India, at around 67 Million Tons, was higher by 6% during 2010
compared to the previous year. Indian steel consumption has witnessed steady
growth, on the back of a robust GDP and increase in industrial production.
However, during the current year, domestic steel consumption has been flat due
to low IIP growth and heavy inflationary pressures. Steel industry margins have
been under severe squeeze due to high input costs and inflationary trends
impacting domestic consumption. Capital investment plans are significantly low
due to economic pressures and increasing cost of capital.
OPERATIONS
The company had
undertaken technical upgradation of facilities at its steel complex at Dolvi
during November and December 2010. The upgradation involved blending of various
technical facilities, plant shutdown and maintenance related activities.
Operations at Dolvi complex had recommenced during end-December 2010.
Production of Hot
Rolled Coils at 2.2 Million MTs was lower by 16.9% compared to the previous
period, on an annualized basis. Production of Direct Reduced Iron (Sponge Iron)
at 1.21 Million MTs and production of Hot Metal at 1.35 Million MTs were
respectively lower by 10.2% and 20.6% compared to previous period, on an
annualised basis. The incidence of lower production in all the product segments
was due to plant shut-down during most part of November and December, 2010 for
technical upgradation and maintenance activities. Restriction in availability
of Natural Gas had cascading effect on input prices and also severely impacted
production of Direct Reduced Iron.
Production of Cold
Rolled Steel Coils/Sheets and Galvanized Coils/Sheets were lower at 0.21
Million MTs and 0.14 Million MTs, respectively. Production of Galvalume at
0.048 Million MTs had registered an increase of 90.1% over the previous period.
Production of Tubes and Pipes, however, was lower at 0.014 Million MTs. Sales
of Hot Rolled Coils at 2.08 Million MTs was lower by 10.34%, compared to
previous period, due to lower production. Sales of Cold Rolled Steel
Coils/Sheets were lower by 51.98%, whereas sales of Galvanized Coils/Sheets
were lower by 2.74%, compared to previous period, due to lower production.
Sales of Galvalume had risen by 80.03%, on an annualised basis, signifying
future growth prospects in the value-added segment.
Various cost
reduction initiatives have been undertaken by the Company, such as, usage of
alternate grades of raw material, successful in-house commissioning of natural
gas injection in blast furnace and lower usage of fluxes. However, the increase
in bench mark prices for key inputs, viz., iron ore, coal and coke is likely to
push up the cost of production during the current financial year. Further, with
the changeover to quarterly, and in some cases monthly, pricing against the
earlier practice of yearly pricing by major raw material suppliers,
uncertainties in the pricing of key inputs get heightened. Cost of natural gas
has also risen sharply, since the Company is compelled to explore alternate
domestic sources in the wake of supply restrictions.
EXPORTS
Export earnings
during the year was Rs.4861.600 Millions, signifying an increase of 40% over
the previous period, on an annualized basis. Global steel demand has been slack
due to negative economic indicators in advanced economies. The Company would
continue to integrate its export strategies with global steel demand
conditions. The dynamics of global market scenario shall drive the Company’s
export plans as well as development of niche steel products for advanced
application overseas.
PROJECTS
The Company’s lime
production capacity is currently 600 Tons Per Day (TPD), while the requirement
is over 1200 TPD. Requirement of lime is expected to rise to around 1800 TPD,
once the steel-making capacity is enhanced to 5 Million Tons per annum. Hence,
keeping in mind the present as well as future requirement of lime, the Company
proposes to set-up a lime calcining plant of the capacity of 600 TPD at its
Dolvi steel complex. The technology for the project as well as the major
equipment are being sourced from M/s. Cimprogetti, Italy. The project is
estimated to cost around Rs 750.000 Millions and is planned to be financed
through internal accruals. The project is expected to be commissioned within a
period of 15 months.
The Company is
planning to set-up a railway siding facility adjacent to its Dolvi steel
complex, with a view to ensure economic transportation of key inputs as well as
Hot Rolled Coils. Upon setting-up of the railway siding facility substantial
savings are envisaged on both inbound and outbound logistics. Land required for
the purpose is being acquired. The project is estimated to cost around Rs.
900.000 Millions and is planned to be financed through internal accruals. The
project is expected to be commissioned within a period of 15 months.
With a view to
ensure regular supply of power and achieve savings in cost thereof, the company
proposes to set-up a gas-based power plant of a capacity of 55 MW. The power
plant will use waste gas being generated by the Blast Furnace, as feed-mix. The
company is at an advanced stage of negotiation with various technology and
equipment suppliers. The project cost is estimated at around Rs.1550.000
Millions and is planned to be financed through internal accruals. The project
is expected to be commissioned within a period of 18 months. Considering the
growing demand for colour coated steel with galvanized / galvalume base, both
in project / construction sectors and consumable durable segment, the Company
proposes to set-up a second colour coating line at its Kalmeshwar complex. The
project is estimated to cost around Rs.400.000 Millions and is planned to be
financed through internal accruals. The project is expected to be commissioned
within a period of 15 months.
Additionally, with
a view to ensure raw material integration and achieve savings in input costs,
JSW Steel Limited proposes to set-up a coke oven plant of the capacity of 1
Million Tons per Annum and a pellet plant of the capacity of 4 Million Tons Per
Annum at the Company’s Dolvi steel complex. Implementation of these projects
would ensure that the company is not exposed to market risks in sourcing
quality coke and pellets for its steel-making operations. The coke oven and
pellet projects are likely to be commissioned within 24 months and 21 months,
respectively. The projects are proposed to be implemented through Special
Purpose Vehicle (SPV) Company(ies). JSW Steel Limited has also proposed to
set-up a 0.8 Mio TPA Cold Rolling facility at the Company’s Dolvi steel
complex, with a view to augment the company’s efforts to capture downstream
opportunities. The project is expected to cost around Rs.3000.000 Millions and
is likely to be commissioned within a period of 18 months.
ACQUISITION OF
EQUITY SHARES IN JSW ENERGY LIMITED
In order to be
eligible to treat one of the units (300 MW) of JSW Energy Ltd., at Ratnagiri,
Maharashtra as a captive unit for supply of power, the Company has invested a
sum of Rs. 1632.900 Millions during the year in the Equity Shares of JSW Energy
Ltd., during the year and is in the process of entering into a ‘Energy Wheeling
Agreement’ to ensure long term supply of power.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
GLOBAL STEEL SCENARIO
World crude steel
production touched 1,414 Million Metric Tonnes (MT) during 2010, an increase of
15% compared to 2009. All the major steelproducing countries and regions
recorded double-digit growth during 2010. The European Union and North America
had higher growth rates due to the lower base effect of 2009, while Asia and
the CIS recorded relatively lower growth. China produced 627 Million MT of
crude steel and continues to remain the World’s top steel producer.
Steel production
in Asia during 2010 was around 900 Million MT, up by 11% over the previous
year. European Union produced around 175 Million MT in 2010, recording a
significant growth of 24% over 2009. US Steel production at 112 Million MT was
higher by 35% over the previous year. CIS Countries, however, recorded modest
growth of 11% with production volume of around 110 Million MT.
During the current
year, however, global steel industry has been severely impacted by the
prevailing economic uncertainities. Steel production during the current year is
expected to be a little over 1500 Million MTs, an overall growth of 6% on year-to-year
basis. Global steel production during 2012 is expected to be around 1550
Million MTs, registering a modest growth of 3%, reflecting the current business
sentiments prevailing in most world economies. The wide diminishment in
business optimism due to recent developments in the European Union, volatile
swings in currency values and declines in stock markets have added to the
overall negative business sentiments.
As a result, the
global steel industry is bearing the twin challenges of subdued demand and
increasing commodity prices. The slow global economic recovery and the debt
crisis in Eurozone have significantly weakened investment prospects. High
inflation levels and stringent monetary policies adopted by governments, across
the world, have resulted in diminished growth prospects. Moreover, the
inflationary pressures on commodity prices have resulted in steep escalation of
steel-making costs and lower margins. However, the Chinese economy is expected
to accelerate by mid-2012, in response to easing of credit policies. Government
funding of infrastructure projects is also likely to improve in USA and
European Union, leading to increased construction activities and an accelerated
demand for steel.
INDIAN STEEL
SCENARIO
India currently ranks
5th in terms of crude steel production. During 2010, steel production in India
was around 66 Million MT, growing 6% over the previous year. Steel consumption
had recorded a healthy growth of 10% during the year, backed by strong demand
in automobile and construction sectors.
Indian crude steel
production is estimated to increase by 200 Million MTs by the end of the
current decade. Per capita steel consumption is expected to grow significantly
from the current levels. Thrust on infrastructure projects is expected to
create major demand for steel products in the coming years. The Eleventh Five
Year Plan has estimated investment of over USD 500 billion in the
infrastructure sector, comprising power, roads, railways, ports, etc. During
the current year, however, steel demand has been flat due to inflationary
pressures. Capital investment by Indian industries has severely curtailed and
infrastructure spend is at very low levels.
The high fiscal
deficit levels have cast doubts on the country’s ability to meet the budget
goals. Price pressures remain elevated and infrastructure output growth has
further slowed down. The domestic demand-driven economy has been steadily
slowing down and federal revenue receipts have been severely impacted.
Contraction in key sectors of the economy, namely, natural gas, cement, coal
and infrastructure are reflected in weakening industrial activity.
The growth of
capital goods sector is vital to the fortunes of the steel industry. High
levels of investment in the capital goods sector are crucial for industrial
growth. The dip in index of Industrial Production and the current inflationary
pressures have resulted in slow growth of the capital goods sector during last
few months. Thrust on infrastructure spending is essential to revive the growth
pattern in the capital goods sector in the coming months.
The frequent
increase in lending rates, made with the object to contain inflation, have
resulted in a high cost of capital. Indian steel industry faces the critical
dilemma of increasing cost of funds, which tends to impact margins as well as
capital expenditure plans.
INDIAN STEEL INDUSTRY: ROAD AHEAD
Indian crude steel
production is expected to grow at a compounded annual growth rate (CAGR) of
around 10% during 2010-2013, according to recent research reports.
Additionally, initiatives taken by the Government to boost economic growth by
infusing funds in key industries, such as, construction, infrastructure,
automobile and power are expected to provide an impetus for growth of the steel
industry in future. The reports also state that steel consumption in India is
expected to grow considerably in coming years.
Attracted by the
growth prospect of the Indian steel industry, several global steel players have
been planning to enter the market or have announced their expansion plans.
Certain global players have entered into strategic partnerships or joint
ventures with Indian steel majors to capitalise on their existing client base
in the region.
MARKET OUTLOOK
It has been
estimated that steel production in the second half of 2012 shall be in excess
of production in the first half, for the following reasons:
•
Once the current Eurozone crisis is resolved and
business confidence is restored, capital spending on projects would accelerate.
•
Chinese economy would stabilize by mid-year, in
response to easing of credit policies.
•
Reduced inflationary pressures and declining
interest rates would spur the Indian economy back on its growth path.
•
Construction activities in USA and European Union would
pick-up, on the back of increased spending on infrastructure sector.
•
Asian economies would stabilize and industrial
production levels would continue to improve.
Steel consumption,
however, is likely to be 1500 Million MTs during 2012, signifying a growth of
less than 1% on year-to-year basis.
AWARDS AND
ACCOLADES
The Company has
been conferred with the following prestigious awards:
•
Golden Peacock Award for Corporate Social
Responsibility 2010
•
FE-EVI Green Business Leadership Award 2009-10
•
Safety Innovation Award winner 2010 by Institute of
Engineers
•
Dr. R. J. Rathi Award 2010 on Environment and
Pollution Control in Industries
•
Greentech Safety Award in 2010
•
India Manufacturing Award – Gold Certificate 2009
•
Special Commendation for Golden Peacock Award for
Excellence in Corporate Governance 2009
•
CII Exim Bank Award for Business Excellence 2008 –
Commendation for Strong Commitment to Excel
•
Amity HR Growth Award 2008
•
Golden Peacock National Training Award 2008
•
QCFI Convention at Chapter and National Level
Conventions –Par Excellence Kaizen Award
•
India Manufacturing Excellence Award-2007 for Gold
Category 2007
•
Good Green Governance Award 2007
•
Golden Peacock National Training Award 2007
•
TPM Excellence Award - Level 1
•
Golden Peacock Environment Management Award-2006
•
Safety Innovation Award 2006
•
Golden Peacock Award for Corporate Social
Responsibility 2005
•
Excellence Kaizen Award 2005
FIXED ASSETS:
v
v
v Buildings
v Railways Sidings and Locomotives
v Plant and Machinery
v Vessels
v Electrical Installations
v Vehicles
v Furniture and Fixtures
v Office Equipment
v Computers
WEBSITE DETAILS:
PROFILE:
Subject is one of the integrated steel makers and the largest private
sector producer of hot rolled coils in
Headquartered at Mumbai, subject employs a total of 3000 people and is
the leader in the national speciality steel market. The company's core
competency is the production of high quality steel, for which it employs
cutting edge technologies and stringent quality standards. It produces
world-class sponge iron, galvanized sheets and cold rolled coils, in addition
to hot rolled coils, through its two state-of-the art integrated steel plants,
located at Dolvi and Kalmeshwar in the state of
The sprawling 1,200 acres Dolvi complex houses the 3 million tonne per annum
hot rolled coils plant, that combines the latest technologies - the Conarc
process for steel making and the compact strip process (CSP) - introduced for
the first time in Asia.
The complex also has a 1.6 million tonne per annum sponge iron (DRI) plant,
which was commissioned in 1994 as the world's largest and most efficient
gas-based single mega module plant. Moreover, the Dolvi complex is home to a 2
million tonne blast furnace and also boasts a mechanised multi-functional jetty
situated nearby, that facilitates the automation of raw material handling. A
new 2.24 million tonnes per annum sinter plant, a 1260 tonnes per day oxygen
and a new electric arc furnace have also been commissioned at subject Dolvi.
Ispat is the only steel maker in India and among a few in the world to have
total flexibility in choice of steel making route, be it the conventional blast
furnace route or the electric arc furnace route. Its dual technology allows
Ispat the freedom to choose its raw material feed, be it pig iron, sponge iron,
iron ore, scrap or any combination of various feeds. It also has total
flexibility in choosing its energy source, be it electricity, coal or gas.
The Kalmeshwar complex houses Ispat's 0.4 million tonnes cold rolling complex,
which also includes the galvanized plain/ galvanized corrugated (GP/GC) lines
and India's first colour coating mill.
Technology and innovation have always been the cornerstones of subject's quest
for excellence and these state-of-the-art plants facilitate the company's
mission to attain and sustain market leadership, through technological and
product superiority.
The company's strengths lie in its integrated process management, knowledge
management and control systems. And its seamless supply chain management
systems further the efficient use of raw materials, while its staff of highly
skilled engineers, technicians and managers with specialised domain knowledge,
ensure the choice of the relevant technology and the ability to produce
international quality products at a competitive price.
In line with its vision for the future, subject is expanding its HRC capacity
to 3.6 million. Moreover, it aims to complete its vertical integration process,
increase the proportion of high-grade and value-added steel products in its
product mix and leverage the advantage the modern design and the size of the
facilities offers.
With investments of over US $2 billion, subject is the seventh largest Indian
private sector company in terms of fixed assets. It aims to consolidate its
market leadership in the national specialty steel market by capitalizing on the
proximity of its manufacturing facilities to major consumers of flat steel
products in
In the short span of time since its inception, Ispat Industries has
steadily raised the bar - in terms of its relentless pursuit of technological
advancement, unwavering focus on innovation, strident emphasis on quality
products and its constant initiatives aimed at ensuring customer satisfaction.
As it rapidly forges ahead on all these fronts, subject has successfully
reinforced its position as market leader, while simultaneously making
technological breakthroughs and setting even higher standards for itself.
MILESTONES
Since its inception, the JSW ISPAT Group has been moving from strength
to strength, consistently breaking new grounds and spearheading new
developments in iron and steel. JISL Has taken expansive technological strides
to emerge as one of
2010 - MERGER WITH
JSW STEEL
On 21 December 2010 it was declared that JSW
Steel will buy controlling interest in Ispat Industries at an enterprise value
of $3 billion to emerge as
1952
Mr. M L Mittal, the founder
chairman of the Ispat Group, begins his foray into the iron and steel business
with the takeover of an ailing rolling mill in
1953
A combination of technological
vision and management leads Mr. M L Mittal to experiment with an electric arc
furnace at a steel plant in
1974
Mr. M L Mittal enters the international
steel arena by setting up PT Ispat Indo in
1980
This decade witnesses a series
of acquisitions around the world and hectic expansion in
1984
Nippon Denro Ispat Limited was
incorporated in 1984 and was granted the first Industrial License by Government
of India for manufacturing Galvanised Plain/Corrugated Sheets.
1985
Nippon Denro Ispat Limited, now
known as Ispat Industries (IIL), is established and it rapidly emerges as the
largest manufacturer of galvanised steel products in the private sector.
1988
To better provide steel
solutions to an increasingly sophisticated marketplace, Subject sets up a
highly advanced cold rolling reversing mill, in collaboration with Hitachi of
Japan, to manufacture a wide range of cold rolled carbon steel strips.
1988
Subject instals a colour
coating line – the first of its kind in
1988
Nippon Denro Ispat Limited was
granted Industrial License for Cold Rolled Sheets.
1994
Business interests within the
Ispat Group are demarcated. The eldest son, Mr. L N Mittal continues to manage
the international operations while Mr. Pramod Mittal and Mr. Vinod Mittal, the
younger brothers focus on steel and other businesses in India.
1994
Subject commissions the world’s
largest gas-based single mega module plant for manufacturing direct reduced
iron (sponge iron), at its Maharashtra-based Dolvi plant. Within three months,
the plant exceeds its capacity of 1 million tonnes per annum (MTPA) of high
quality DRI.
1995
A 1.5 MTPA hot strip mill with
Continuous Strip Processing (CSP) technology is installed at Dolvi. A
mechanised multi-functional jetty situated close to the plant facilitates the
automation of raw material handling.
1998
A world-class integrated steel
plant for the production of hot rolled coils is launched, armed with cutting
edge technologies, such as the Conarc Process for steel making and the Compact
Strip Process, both introduced for the first time in
2000
The new millennium is witness to the erection and commissioning of a 2
MTPA blast furnace at the Dolvi steel complex in record time.
2003
» Blast Furnace commissioned
» Sponge iron capacity increased from 1.2 mtpa to 1.4 mtpa
2004
» Hot rolled coil steel-making
capacity increased from 1.5 mtpa to 2.4 mtpa
» Sponge iron capacity increased from 1.4 mtpa to 1.6 mtpa
2005
» Further expansion of Hot rolled coil steel capacity under
implementation
STATEMENT OF AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 30TH JUNE, 2012
Rs. In Millions
|
PARTICULAR |
QUARTER ENDED |
YEAR ENDED |
|
|
|
|
|
|
|
|
30.06.2012 |
31.03.2012 |
30.06.2012 |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations (Net of Excise Duty) |
28553.700 |
27210.100 |
107241.200 |
|
|
|
|
|
|
Other Operating Income |
1176.900 |
1064.900 |
3799.900 |
|
|
|
|
|
|
Total income from operations (net) |
29730.600 |
28275.000 |
111041.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
19580.100 |
17648.800 |
73238.300 |
|
Cost of traded power |
464.300 |
498.400 |
962.800 |
|
Changes in inventories of finished goods and work-in-progress |
(1464.500) |
1257.100 |
467.200 |
|
Power & Fuel Cost |
5198.700 |
4682.700 |
18970.000 |
|
Employee benefits expense |
656.400 |
533.400 |
2608.600 |
|
Depreciation and amortization expense |
1617.900 |
1570.800 |
6268.300 |
|
Other expenses |
1878.400 |
1703.000 |
7104.700 |
|
Total Expenses |
27931.300 |
27894.200 |
109619.900 |
|
|
|
|
|
|
Profit / (Loss) from
Operations before Other Income , finance costs and Exceptional items |
1799.300 |
380.800 |
1421.200 |
|
|
|
|
|
|
Other Income |
1136.400 |
1015.700 |
4242.400 |
|
|
|
|
|
|
Profit / (Loss) from
ordinary activities before finance costs and Exceptional Items |
2935.700 |
1396.500 |
5663.600 |
|
|
|
|
|
|
Finance costs |
2557.400 |
2680.000 |
10760.000 |
|
|
|
|
|
|
Profit / (Loss)
from ordinary activities after finance costs but before Exceptional Items |
378.300 |
(1283.500) |
(5096.400) |
|
|
|
|
|
|
Exceptional Items |
3387.700 |
129.400 |
5864.600 |
|
|
|
|
|
|
Profit / (Loss) from ordinary activities before tax |
(3009.400) |
(1412.900) |
(10961.000) |
|
|
|
|
|
|
Tax Expenses |
|
|
|
|
- Current Tax |
-- |
-- |
-- |
|
- Deferred Tax Charge/ (Credit) |
(7791.800) |
-- |
(7791.800) |
|
|
|
|
|
|
Net Profit/(Loss) from ordinary activities after tax |
4782.400 |
(1412.900) |
(3169.200) |
|
|
|
|
|
|
Profit on disposal / cessation of subsidiary |
-- |
-- |
-- |
|
|
|
|
|
|
Net Profit/(Loss) for the Period |
4782.400 |
(1412.900) |
(3169.200) |
|
|
|
|
|
|
Paid-Up Equity Share Capital (Face Value of Rs. 10/- each) |
25161.400 |
23861.100 |
25161.400 |
|
|
|
|
|
|
Reserves excluding Revaluation Reserves |
-- |
-- |
(26190.900) |
|
|
|
|
|
|
Earnings Per
Share (EPS) (of Rs.10/- each) (not annualized) |
|
|
|
|
Basic |
1.92 |
(0.57) |
(1.27) |
|
Diluted |
1.92 |
(0.57) |
(1.27) |
|
|
|
|
|
|
Public
shareholding |
|
|
|
|
- Number of shares |
846365566 |
716334195 |
846365566 |
|
- Percentage of shareholding |
33.63 |
30.01 |
33.63 |
|
|
|
|
|
|
Promoters and
Promoter Group shareholding |
|
|
|
|
a) Pledged/
Encumbered |
|
|
|
|
- Number of shares |
477730463 |
477730463 |
477730463 |
|
- Percentage of
shares (as a % of the total shareholding of Promoters and Promoter group) |
28.60 |
28.60 |
28.60 |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
18.98 |
20.02 |
18.98 |
|
|
|
|
|
|
b)
Non-Encumbered |
|
|
|
|
- Number of shares |
1192734472 |
1192734472 |
1192734472 |
|
- Percentage of
shares (as a % of the total shareholding of Promoters and Promoter group) |
71.40 |
71.40 |
71.40 |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
47.39 |
49.97 |
47.39 |
|
INVESTOR
COMPLAINTS |
3 MONTHS ENDED
30.06.2012 |
|
Pending at
the beginning of the quarter |
-- |
|
Received
during the quarter |
69 |
|
Disposed of
during the quarter |
69 |
|
Remaining
unresolved at the end of the quarter |
-- |
NOTE:
1. a) The Auditors in
their audit report on the Company’s financial statements for the year ended
30th June, 2012 and their limited review report on the Company’s unaudited
financial results for the quarter ended 31st March, 2012 have drawn attention
to their inability to express an opinion on the recognition of net Deferred Tax
Asset (DTA) of Rs. 20879.400 Millions and Rs. 13087.600 Millions up to 30th
June, 2012 and 31st March, 2011 respectively.
Effective 1st April, 2011, the Company had ceased recognition of
additional DTA. Deferred Tax Asset of Rs. 7791.800 Millions has been recognised
during the year for the period from 1st April, 2011 to 30th June, 2012 and net
DTA as on 30th June, 2012 stands at Rs. 20879.400 Millions. There are carried
forward unabsorbed depreciation and business losses as at the Balance Sheet
date. In view of various measures taken by the Company for enhancing operating
efficiency, tie-up of reliable alternate sources of power and critical inputs,
setting-up of crucial projects aimed at achieving raw material integration and
major savings in input costs as well as the future profitability projections,
the Company is virtually certain that there would be sufficient taxable income
in future, to claim the above tax credit.
b) The financial results for the current year have been adversely
impacted due to steep and significant depreciation in the value of Indian Rupee
(INR) against US Dollar (USD) and other foreign currencies as well as due to
adverse market conditions. However, the Company has taken various measures for
achieving operational efficiencies and further it also expects to have
significant savings in raw material and energy costs in view of various ongoing
projects. The Company has also chalked out revised turnaround strategies which
would enable generation of operational surpluses and adequate cash flows to
meet its requirement of additional funds in the near future, out of internal
accruals. Accordingly, these financial statements have been drawn up as per the
going concern assumption, which is appropriate in the opinion of the Company.
2.
The exceptional items include:
|
PARTICULARS |
QUARTER ENDED |
YEAR ENDED |
|
|
[Rs. in
Millions] |
|
|
|
30.06.2012 |
30.06.2012 |
|
|
|
|
|
Net foreign
exchange loss due to unusual fluctuation in the foreign currencies on
operating balances/ forward exchange contracts (both realized and unrealized)
and Mark to Market loss on derivative contract |
1885.500 |
3790.900 |
|
Custom duty and
interest payable on import of power plant by a wholly owned subsidiary,
pursuant to a Corporate Guarantee under EPCG Scheme and in view of inability
of the subsidiary to discharge the liability |
0.400 |
707.400 |
|
Write-down of
raw material / inventories due to, inter-alia, lower extraction / recovery
and deterioration in quality |
1066.700 |
1066.700 |
|
Provision
against overdue and disputed security deposits paid towards leased property |
246.900 |
246.900 |
|
Provision against doubtful loans and advances |
188.200 |
188.200 |
|
Write back of an
earlier provision made on unsecured loan of a wholly owned subsidiary |
0.000 |
(135.500) |
|
TOTAL |
3387.700 |
5864.600 |
3. There were no extraordinary items, share of profit / (loss) of
associates and minority interest during the respective periods reported above.
4.
During the quarter, the Company has allotted
13,00,31,371 equity shares of face value Rs. 10 each, on a preferential basis,
at a premium of Rs. 4.74 each to the CDR lenders of the company upon conversion
of their loans into equity shares. This has resulted in increase in Share
Capital by Rs. 1300.300 Millions and Securities Premium Account by Rs. 616.300
Millions aggregating to Rs. 1916.600 Millions on transfer of Rs. 1509.600
Millions from Share Capital Suspense and Rs. 407.000 Millions from secured term
loan.
5.
a) Other operating income includes a sum of Rs.
410.800 Millions and Rs. 858.000 Millions for the quarter and year ended 30th
June, 2012 respectively (including regrouping of previous quarter), being sale
of surplus units of power to Maharashtra State Electricity Distribution Co.
Ltd, which has been purchased from a captive unit and not utilized in the
manufacturing process.
b) Other Income includes a sum of Rs. 1072.400 Millions and Rs. 3868.900
Millions for the quarter and year ended 30th June, 2012 respectively (Rs.
1495.400 Millions and Rs. 2198.200 Millions for the quarter and year ended 30th
June, 2011 respectively), being gain arising on account of pre-payment on Net
Present Value basis of a portion of deferred Value Added / Sales Tax liability,
in terms of Section 94(2) of Maharashtra Value Added Tax Act 2002 read with
Rule 84 of Maharashtra Value Added Tax Rules 2005.
6.
The Company has identified Iron and Steel products
as its sole operating segment and hence no further disclosure is required under
Accounting Standard 17 ‘Segment Reporting’.
7.
Previous period figures have been re-grouped /
re-arranged wherever necessary.
8.
Figures of the quarter ended 30th June, 2012 and
30th June, 2011 are the balancing figures between audited figures in respect of
the full financial year and published year to date figures up to the third
quarter of the relevant financial year. The Standalone and Consolidated
Financial Results have been reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on 25th July, 2012.
STATEMENT OF ASSETS AND
LIABILITIES
|
PARTICULAR |
AS ON 30.06.2012 |
|
|
[Rs. In
Millions] |
|
|
|
|
Shareholders'
funds |
|
|
Share capital |
30015.600 |
|
Share Capital Suspense |
0.000 |
|
Reserves and surplus |
(18201.000) |
|
Sub Total - Shareholders' funds |
11814.600 |
|
|
|
|
Non-current
liabilities |
|
|
Long-term borrowings |
60348.300 |
|
Other long-term liabilities |
88.500 |
|
Long-term provisions |
442.700 |
|
Sub Total - Non-current liabilities |
60879.500 |
|
|
|
|
Current
liabilities |
|
|
Short-term borrowings |
1809.600 |
|
Trade payables |
38250.900 |
|
Other current liabilities |
9089.800 |
|
Short-term provisions |
65.800 |
|
Sub Total - Current liabilities |
49216.100 |
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
121910.200 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
Fixed assets |
70097.600 |
|
Non-current investments |
1609.900 |
|
Deferred tax assets (net) |
20879.400 |
|
Long-term loans and advances |
1894.300 |
|
Other non-current assets |
823.400 |
|
Sub Total - Non-current assets |
95304.600 |
|
|
|
|
Current assets |
|
|
Inventories |
17132.500 |
|
Trade receivables |
5911.700 |
|
Cash and bank balances |
98.200 |
|
Short-term loans and advances |
3204.800 |
|
Other current assets |
258.400 |
|
Sub Total - Current assets |
26605.600 |
|
|
|
|
TOTAL - ASSETS |
121910.200 |
PRESS
RELEASE:
1ST
SEPTEMBER 2012
MERGER CATAPULTS JSW STEEL TO TOP LEAGUE IN INDIAN STEEL SECTOR
In December 2010.
JSW Steel Limited ("JSW Steel") and Ispat Industries Limited, now
renamed" JSW Ispat Steel Limited ("JSW Ispat” took a historic step when JSW Steel invested Rs 21570.000 Millions in JSW Ispat and became
the largest shareholder in JSW
Ispat. Today, the two companies
have cemented their alliance by
announcing the merger of JSW
Ispat with JSW Steel. The merger
completes the integration of the two business and enables the full
realization of strategic benefits resulting from the combination.
The Boards of Directors of JSW Steel and JSW Ispat, in their respective meetings held today, approved the merger proposal. The exchange ratio recommended by the Valuers and approved by both the boards is 1 (one) equity share of JSW Steel to be issued for every 72 [seventy two] equity shares of JSW Ispat.
Commenting on the merger, Mr. Sajjan Jindal, Chairman and Managing Director, JSW Steel said, "Merger of JSW Ispat with JSW Steel is an important step in our ongoing growth journey towards creating a world class global steel company. JSW Ispat brings several unique advantages and the merger will help in realization of integration benefits of the two companies.”
JSW ISPAT TURNAROUND
JSW Ispat has made significant progress in its turnaround journey since the acquisition by JSW Steel. A number of strategic and operational initiatives have been completed, and some are in progress:
· JSW Steel assisted in better sourcing of key production inputs especially power supplies from JSW Energy leading to improved profitability.
· Marketing strategies have been reworked leading to freight synergies and better realizations.
· The complexity previously arising from the financial imbalance at JSW Ispat at the time of acquisition was removed through timely equity infusion, debt refinancing and rationalization of working capital funding.
· JSW Ispat was brought out of CDR through enhanced ability to pay interest. Currently, the company is EBITDA positive.
· Commissioning of 55MW power plant, lime calcinations plant and railway siding by June 2013 is expected to give significant benefits.
· JSW Steel continues to sustain the turnaround through cost reduction initiatives in the form of setting up of 1 MTPA coke oven and a 4 MTPA pellet plant expected to be commissioned in FY 2014 to ensure dedicated supplies of these key inputs at competitive costs.
As a result of the above milestones, JSW Ispat Is now stabilized and is poised to be profitable on completion of the above mentioned projects.
MERGER BENEFITS AND SYNERGIES:
The integration of JSW Ispat into JSW Steel is expected to bring significant strategic advantages with it, particularly alternative steel making technologies, ability to achieve swift capacity expansion, shore based facility and Pan India expansion of market reach. The merger completes the integration and aims to capture full value of the combination:
SCALE AND STRATEGIC
DIVERSIFICATION:
·
Catapults JSW Steel to
become one of India's leading steel companies in terms of installed capacity.
· Economies of scale.
ENHANCED MARKET REACH & LOCATION
ADVANTAGES:
· De-risk single location upstream profile.
· Leverage each other's marketing and distribution platforms to expand market reach.
· Reduca marketing, general and administration overheads via better utilization of infrastructure and elimination of redundancies.
STRONG TECHNOLOGY PLATFORM:
· House multiple modern steel-making technologies under one roof.
· Enable flexible production processes.
FINANCIAL BENEFITS:
· Realize significant financial benefits via accelerated utilization of unabsorbed tax losses at JSW Ispat as well as optimal use of depreciation on further capital investments.
· Improve JSW Ispat's cost structure via faster implementation of several plant integration initiatives.
· Potential to reduce cost of financing.
COMPOSITE SCHEME OF ARRANGEMENT AND AMALGAMATION (SCHEME):
· Under the terms of the proposed Scheme of merger, equity shareholders of JSW Ispat will receive 1 (One) equity share in JSW Steel of face value of Rs 10 each for every 72 [seventy two] equity shares In JSW Ispat held by them.
· JSW Steel's shareholding in JSW Ispat will stand cancelled under the Scheme.
· JSW Steel will issue 1.86 crore new equity shares, thereby increasing its outstanding shares to Rs.2417.200 Millions and its equity capital to Rs. 2417.200 Millions. JSW Steel will also issue 48.54 crore new 0.01 % non convertible cumulative redeemable preference shares to the preference shareholders of JSW Ispat increasing its preference share capital to Rs. 7644.400 Millions.
· In the post merger equity share capital, the promoters of JSW Steel will own 35.12% in the merged entity, 14.92% shall be held by JFE Steel International Europe BV (herein referred to as “JFE Holdings:) and the remaining 49.96% will be held by the public shareholders
· The Downstream units of JSW Steel [Vasind and Tarapur] and Downstream unit of JSW Ispat [Kalmeshwar] will be transferred to a wholly owned subsidiary of JSW Steel as a part of the Scheme.
· The appointed data of the Scheme will be July 1, 2012.
APPROVALS AND TIMELLNES OF THE TRANSACTION:
The scheme is subject to approval of the Hon'able High Court, Lenders, Creditors, Preference Shareholders, Equity Shareholders, BSE, NSE, Competition Commission of India and other relevant approving authorities.
JSW Steel expects to complete the process of merger by the end of this financial year.
INDEPENDENT ADVISORS TO THE TRANSACTION:
· Independent Valuers: KPMG India Private Limited for JSW Steel and Price Waterhouse & Co. for JSW Ispat
· Fairness Opinion: Enam Securities Private Limited for JSW Steel and Citigroup Global Markets India Private Limited for JSW Ispat
· Legal Advisor: Amerchand and Mangaldas and Suresh A Shroff and Company
ABOUT JSW STEEL:
JSW Steel is a part of the diversified $10 bn JSW Group, which has presence in Steel, Energy, Infrastructure, Cement, Aluminium and IT segments. Currently, JSW Steel is the 2nd largest integrated steel company in India with an installed steelmaking capacity of 11 MTPA. It is the only steel company with strategic presence in both Southern and Western regions of India, operating through four manufacturing facilities. JSW Steel's plant at Vijaynagar is one the largest single location steel producing facility in the country with a capacity of 10 MTPA. JSW Steel boasts of a strong product assortment covering the entire gall1Wt of flat and long steel products manufactured through upscale technology in the forn of Corex and Blast furnaces. JSW Steel also has an operating strategic partnership with Japan based JFE Corporation to share technological competence and gain access to the automotive steel making technology. The company has international presence in Chile, US and Mozambique for its Iron ore, coking coal and plate / pipe mill operations.
ABOUT JSW ISPAT:
JSW Ispat is one the foremost producers of Hot Rolled Coils in India. It owns two manufacturing unite -a 3.3 MTPA integrated steel plant in Dolvi and another 0.3 MTPA downstream unit at Kalmeshwar. The manufacturing facility at Dolvi also possesses a captive Jetty. JSW Ispat boasts of a blend of iron producing capabilities through a 2 MTPA Blast furnace and 1.6 MTPA DRI. The product portfolio consists of HRC, CRC, Colour coated sheets etc. It possesses a strong technological proficiency in terms of Twin Shell ConArc Furnace and Thin Slab Casting Technology. JSW Ispat was set up in 1984 as Nippon Denro Ispat Limited It was the flagship company of the lspat Group. JSW Steel acquired a stake in the company in December 2010, post which it was renamed as JSW Ispat Steel Limited.
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 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.53.57 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
37 |
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.