MIRA
INFORM REPORT
|
Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL SAW LIMITED (w.e.f. February 07, 2005) |
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Formerly Known
As : |
SAW PIPES LIMITED |
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Registered
Office : |
A-1,
UPSIDC Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
31.10.1984 |
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Com. Reg. No.: |
20-023979 |
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Capital Investment
/ Paid-up Capital : |
Rs. 552.458 millions |
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CIN No.: [Company Identification
No.] |
L27104UP1984PLC023979 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
AGRS10410B |
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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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Line of Business
: |
Manufacturer and Supplier of Pipe
Products for the Energy, Water Industry and other Industrial Applications. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 149000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of the Jindal Group. It has the
commanding position in India tubular market. It is having good track record. There appears sharp fall in the profitability
in the current year. However, financial performance of the company seems
strong. Fundamental are healthy. Liquidity position is good. Trade relations are reported as fair. Business is active. Payment are
reported as regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : “AA -” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
July, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : “A1 +” |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
July, 2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-26188360)
LOCATIONS
|
Registered Office/ Factory 1 : |
A-1 UPSIDC Industrial Area, |
|
Tel. No.: |
91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03 |
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Fax No.: |
91-5662-232577 |
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E-Mail : |
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Website : |
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Corporate Office : |
‘Jindal Centre’, 12, |
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Tel. No.: |
91-11-26188360–74/ 26188345 |
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Fax No.: |
91-11-26170691/ 41659575 |
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E-Mail : |
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Factories : |
MUNDRA - IPU Village: Samaghogha, Pragpar - Phone : 91-2838-240755-756, 240773 Fax : 91-2838-240700 MUNDRA - JCO S.No. 94/1, 94/2 and 96, Village: Nanakapaya Taluka: Mundra, District
Kutch – 370415, Phone: 91-2838-287305-06 Fax : 91-2838-22700 NASHIK A-59-60 Fax : 91-2551-230967 |
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Regional Offices : |
MUMBAI Phone : 91-22-23513000 Fax : 91-22-23521889 AHMEDABAD 601, Phone : 91-79-26431323 Fax : 91-79-26431433 H. No. 8-2-618/2/2/A, Plot No. 25, Road No. 10 , Classic Emerald Lane,
Near Rainbow Hospital, Banjara Hills, Hyderabad, Andhra Pradesh, India Phone : 91-40-55778694 / 95 6th Floor, East Wing, Phone : 91-80-25559869/ 73 Fax : 91-80-25598898 CHENNAI 4-B, Phone : 91-44-4213 2033, 4204 3737 Fax : 91-44-4204 3737 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mrs. Savitri Devi Jindal |
|
Designation : |
Chairperson |
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Date of Birth/Age : |
20.03.1950 |
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Qualification : |
Under Graduate |
|
Date of Appointment : |
28.04.2005 |
|
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|
Name : |
Mr. Prithvi R. Jindal |
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Designation : |
Vice Chairman (Non Executive) |
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|
Name : |
Mr. Indresh Batra |
|
Designation : |
Managing Director |
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Date of Birth/Age : |
27.12.1971 |
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Qualification : |
MBA |
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Date of Appointment : |
28.04.2007 |
|
Experience : |
17 Years |
|
|
|
|
Name : |
Ms. Sminu Jindal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B.Com
(Hons.) MBA (Finance) |
|
Experience : |
20 Years |
|
|
|
|
Name : |
Mr. Devi Dayal |
|
Designation : |
Director |
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Date of Birth/Age : |
02.07.1941 |
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Qualification : |
LL. B., M. A. |
|
Date of Appointment : |
30.07.2004 |
|
Other Directorship : |
· Hotels Sun Air Limited Omexe
Limited Sahara
Prime City Limited |
|
|
|
|
Name : |
Dr. S.K. Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.08.1938 |
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Qualification : |
Technocrat |
|
Date of Appointment : |
22.11.2005 |
|
|
|
|
Name : |
Mr. Kuldip Bhargava |
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Designation : |
Director |
|
Date of Birth/Age : |
22.04.1953 |
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Qualification : |
Industrialist |
|
Date of Appointment : |
22.11.2001 |
|
Other Directorship : |
Hexa Tradex Limited |
|
|
|
|
Name : |
Mr. Raj Kamal Agarwal |
|
Designation : |
Director |
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Date of Birth/Age : |
07.07.1952 |
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Qualification : |
M.B.B.S. |
|
Date of Appointment : |
30.01.2006 |
|
Other Directorship : |
· Hexa Tradex Limited Virtue
Drilling PTE Limited |
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|
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|
Name : |
Mr. Ravinder Nath Leekha |
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Designation : |
Director |
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|
Name : |
M. Girish Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
19.12.1951 |
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Qualification : |
IRS (Retd.) |
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Date of Appointment : |
30.05.2012 |
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|
|
|
Name : |
Mr. H.S. Chaudhary |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
05.09.1954 |
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Qualification : |
Graduate |
|
Date of Appointment : |
07.10.1988 |
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|
|
|
Name : |
Mr. Neeraj Kumar |
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Designation : |
Group Chief Executive Officer and Executive Director |
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Date of Birth/Age : |
02.05.1963 |
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Qualification : |
M. Sc. (Physics) and MBA |
|
Date of Appointment : |
01.07.2013 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil K Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1635300 |
0.59 |
|
|
94487608 |
34.21 |
|
|
96122908 |
34.80 |
|
|
|
|
|
|
98700 |
0.04 |
|
|
31514985 |
11.41 |
|
|
31613685 |
11.44 |
|
Total shareholding of Promoter and Promoter Group (A) |
127736593 |
46.24 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24017704 |
8.70 |
|
|
163150 |
0.06 |
|
|
7084776 |
2.56 |
|
|
51693237 |
18.71 |
|
|
82958867 |
30.03 |
|
|
|
|
|
|
47390596 |
17.16 |
|
|
|
|
|
|
15459522 |
5.60 |
|
|
1413453 |
0.51 |
|
|
1264490 |
0.46 |
|
|
274484 |
0.10 |
|
|
977206 |
0.35 |
|
|
12800 |
0.00 |
|
|
65528061 |
23.72 |
|
Total Public shareholding (B) |
148486928 |
53.76 |
|
Total (A)+(B) |
276223521 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
276223521 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Pipe
Products for the Energy, Water Industry and other Industrial Applications. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of Patiala State
Bank of India Punjab
National Bank Canara
Bank Axis
Bank Limited Credit
Agricole Corporate and Investment bank HDFC
Bank Limited ICICI
Bank Limited ING
Vysya Bank Limited Standard
Chartered Bank State
Bank of Mysore State
Bank of Travancore Syndicate
Bank United
Bank of India Karnataka
Bank Limited |
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Facilities : |
NOTE Non convertible Debentures include : (i) 10.75% Non Convertible Debentures of Rs. 3000.000 Millions (Previous Year Rs. 3000.000 Millions) are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of moveable fixed assets both present and future in favour of Debenture Trustees. The same are repayable in three equal installments of Rs. 1000.000 Millions each on April 08, 2015, April 08, 2016 and April 08, 2017 (ii) 10.50% Non Convertible Debentures of Rs. 1000.000 Millions (Previous Year Nil) in three series are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of moveable fixed assets both present and future in favour of Debenture Trustees. The same are repayable in three installments of Rs. 300.000 Millions (Series I), Rs. 300.000 Millions (Series II) and Rs. 400.000 Millions (Series III) on September 12, 2018, September 12, 2019 and September 12, 2020 respectively. There is a call option excercisable at the end of three years from the date of allotment (September 12, 2012) for all series of NCDs. The Call option is also available in every subsequent year for each series of NCD individually i.e.at the end of 4th, 5th, 6th and 7th year from the date of allotment upto their respective dates of maturity. (iii) 10.38% Non Convertible Debentures of Rs. 3000.000 Millions (Previous Year Nil) in two series are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of moveable fixed assets both present and future in favour of Debenture Trustees. The same are repayable in single installment of Rs. 3000.000 Millions on December 26, 2021.There is a put/call option for Rs. 1500.000 Millions at the end of third year (December 26, 2015) and for Rs. 1500.000 Millions at the end of Fourth year (December 26, 2016) from the date of allotment i.e.December 26, 2012 Term Loans from Banks include : i) Term Loan of Rs. 1370.000 Millions (rate of interest 1.50% p.a.)(Previous Year Rs. 1370.000 Millions) is secured by way of second charge on all the assets of the Company both present and future and also by way of personal guarantee of Director. The same is repayable in three installments of Rs. 411.000 Millions, Rs. 411.000 Millions and Rs. 548.000 Millions on Jan 31, 2017, Jan 31, 2018 and Jan 31, 2019 respectively. ii) Term Loan of Rs. 500.000 Millions (rate of interest 10.75% p.a.) (Previous Year Nil) is secured by way of second charge on all the assets of the Company, both present and future and also by way of personal guarantee of a Director. The repayment is by way of a bullet payment of Rs. 500.000 Millions on May 23, 2017. iii) Term Loan of USD 8904719.50 (Rs. 484.321 Millions) (rate of interest 6 M Libor+400 bps p.a.) (Previous Year Nil) is secured by way of second charge on all the assets of the Company both present and future and also by way of personal guarantee of a Director. The repayment is by way of a bullet payment of USD 8904719.50 (Rs. 484.321 Millions) on May 23, 2017. iv) Term Loan includes Vehicle Loans of Rs. 0.846 million (Previous Year-nil) is secured by way of hyphothecation of Vehicles, which carries rate of interest ranging from 10.50% to 11.00% p.a. Secured Short Term
Borrowings Above short term borrowings of Rs.12645.476 Millions are secured by hypothecation of finished goods, raw materials, work-in-progress, stores and spares, book debts and second pari passu charge in respect of other moveable and immoveable properties of the Company and Rs. 951.813 Millions is secured by second charge pari passu on current assets of the Company. |
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Banking
Relations : |
-- |
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Statutory Auditors
: |
|
|
Name : |
N.C. Aggarwal and Company Chartered
Accountants |
|
Address : |
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Internal Auditors :
|
· Singhi and Company Chartered Accountants T.R.
Chadha and Company Chartered Accountants |
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Subsidiaries : |
Direct Subsidiaries: · Jindal ITF Limited IUP
Jindal Metal and Alloys Limited S.V.
Trading Limited Jindal
Fittings Limited Quality
Iron and Steel Limited Ralael
Holdings Limited Jindal
Saw Holdings FZE Greenray
Holdings Limited Universal
Tube Accessories Private Limited (w.e.f. 30th August 2012) Jindal
Saw Espana SL (w.e.f. 21st March 2013) Indirect Subsidiaries (Control Exist) · Jindal Saw USA, LLC Jindal
Saw Middle East FZC Jindal
Intellicom Limited JITF
Water Infrastructure Limited JITF
Urban Infrastructure Limited JITF
Shipyards Limited Jindal
Rail Infrastructure Limited JITF
Waterways Limited JITF
Infralogistics Limited JITF
Water Infra (Naya Raipur ) Limited JITF
ESIPL CETP (Sitarganj) Limited Timarpur-Okhla
Waste Management Company Private Limited Jindal
Saw Gulf LLC Jindal
Saw Italia S.P.A. JITF
Urban Infrastucture Services Limited Intellicom
Insurance Advisors Limited Derwant
Sand SARL JITF
Coal Logistics Limited JITF
Shipping and Logistics ( Singapore) PTE. Limited JITF
Urban Waste Management (Ferozepur) Limited JITF
Urban Waste Management (Jalandhar) Limited JITF
Urban Waste Management (Bathinda) Limited JITF
Industrial Infrastructure Development Company Limited (w.e.f. 2nd
May 2012) Jindal
ITF Kobelco Eco Limited (upto 31st October 2012) JITF
Manila Water Development Company Limited (upto 6th Feburuary 2013) JITF
Global Water Holding Pte. Limited (Strike
off application for closure is filed on 3rd January, 2013 with
Accounting and Corporate Regulatory Authority, Singapore. Closure action is
awaited) JITF
Water Infra (Rajkot) Limited (upto 29th January, 2013) |
|
|
|
|
Joint Venture : |
· Jindal Sigma Limited JWIL-SSIL
JV (w.e.f. 28th Feb. 2012) SMC-JWIL-
JV (w.e.f. 24th Dec. 2012) JWIL-
Ranhill- JV (w.e.f. 27th Nov. 2012 ) |
|
|
|
|
Enterprise over which Key Management Personnel having significant
influence : |
· Sminu Jindal Charitable Trust Hexa
Securities and Finance Company Limited Hexa
Tradex Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Shares |
Rs.2/- each |
Rs.1000.000 millions |
|
10000000 |
Redeemable Non Convertible
Cumulative Preference Shares |
Rs.100/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.2000.000 millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276230771 |
Equity Shares |
Rs.2/- each |
Rs.552.462 millions |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276226771 |
Equity Shares |
Rs.2/- each |
Rs.552.454 millions |
|
|
Add: Forfeited 4000
Equity Shares of Rs.2/- each (Partly Paid up Re.1/- each) |
|
Rs.0.004 million |
|
|
|
|
|
|
|
Total |
|
Rs.552.458 millions |
conciliation of the number
of shares:
(a)
Reconciliation of the number of shares:
|
Particulars |
31.03.2013 |
|
Equity Shares |
|
|
Shares outstanding as at the beginning of the year |
276,226,771 |
|
Shares outstanding as at the end of the year |
276,226,771 |
(b) Details of
shareholders holding more than 5% shares in the company:
|
Name of Shareholders |
31.03.2013 |
|
|
No. of shares |
% of holding as at 31.3.2013 |
|
|
Nalwa Sons Investments Limited |
53550000 |
19.39 |
|
Sigmatech Inc |
30120000 |
10.90 |
|
Reliance Capital Trustee Company Limited A/c Reliance Growth Fund |
15701387 |
5.68 |
|
Morgan Stanley Asia (Singapore) PTE |
14842975 |
5.37 |
|
Total |
114214362 |
41.34 |
(c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and bought back
shares during the period of five years immediately preceding the reporting date. - Nil
(d) 3,250 Equity Shares have been held in abeyance as a result of attachment orders by Govt. authorities, lost
shares certificates and other disputes.
(e) Terms/Rights attached to Equity Shares The Company has only one class of equity shares having a par value of Rs. 2/- per equity share. Each equity shareholder is entitled to one vote per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
552.458 |
552.458 |
552.458 |
|
(b) Reserves & Surplus |
36733.754 |
34976.693 |
39659.416 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
37286.212 |
35529.151 |
40211.874 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14807.385 |
9686.737 |
890.573 |
|
(b) Deferred tax liabilities (Net) |
1747.659 |
1025.159 |
2266.478 |
|
(c) Other long term liabilities |
0.525 |
0.774 |
4.420 |
|
(d) long-term provisions |
313.330 |
288.972 |
222.184 |
|
Total Non-current Liabilities (3) |
16868.899 |
11001.642 |
3383.655 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
17625.093 |
15166.847 |
11552.781 |
|
(b) Trade payables |
4687.630 |
4368.885 |
3183.658 |
|
(c) Other current
liabilities |
4849.742 |
9350.930 |
9511.675 |
|
(d) Short-term provisions |
384.384 |
382.652 |
369.081 |
|
Total Current Liabilities (4) |
27546.849 |
29269.314 |
24617.195 |
|
|
|
|
|
|
TOTAL |
81701.960 |
75800.107 |
68212.724 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
25478.320 |
20291.821 |
19182.981 |
|
(ii) Intangible Assets |
83.994 |
84.165 |
72.200 |
|
(iii) Capital
work-in-progress |
10112.046 |
6914.080 |
3441.740 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7565.282 |
6989.654 |
6543.084 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2289.126 |
2602.884 |
2295.721 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
81.876 |
|
Total Non-Current Assets |
45528.768 |
36882.604 |
31617.602 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
700.000 |
0.000 |
0.000 |
|
(b) Inventories |
14711.052 |
18035.025 |
16482.029 |
|
(c) Trade receivables |
12385.701 |
12896.217 |
12346.115 |
|
(d) Cash and cash
equivalents |
629.268 |
1722.158 |
932.491 |
|
(e) Short-term loans and
advances |
7727.767 |
6250.180 |
6743.873 |
|
(f) Other current assets |
19.404 |
13.923 |
90.614 |
|
Total Current Assets |
36173.192 |
38917.503 |
36595.122 |
|
|
|
|
|
|
TOTAL |
81701.960 |
75800.107 |
68212.724 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|||
|
|
SALES |
|
|
|
|||
|
|
|
Income |
56166.984 |
51979.031 |
41939.417 |
||
|
|
|
Other Income |
824.056 |
933.311 |
625.412 |
||
|
|
|
TOTAL (A) |
56991.040 |
52912.342 |
42564.829 |
||
|
|
|
|
|
|
|||
|
Less |
EXPENSES |
|
|
|
|||
|
|
|
Cost of material consumed |
35766.935 |
38906.067 |
24682.697 |
||
|
|
|
Purchase of stock-in-trade |
213.793 |
318.595 |
321.230 |
||
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
2308.049 |
(4687.800) |
(135.690) |
||
|
|
|
Employee benefit Expenses |
2522.608 |
2374.616 |
2050.179 |
||
|
|
|
Other Expenses |
9327.697 |
8727.254 |
6715.247 |
||
|
|
|
Exceptional Items |
1142.420 |
1408.060 |
0.000 |
||
|
|
|
TOTAL (B) |
51281.502 |
47046.792 |
33633.663 |
||
|
|
|
|
|
|
|||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5709.538 |
5865.550 |
8931.166 |
|||
|
|
|
|
|
|
|||
|
Less |
FINANCIAL
EXPENSES (D) |
1500.779 |
1139.289 |
1509.936 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4208.759 |
4726.261 |
7421.230 |
|||
|
|
|
|
|
|
|||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1549.519 |
1496.579 |
1366.644 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2659.240 |
3229.682 |
6054.586 |
|||
|
|
|
|
|
|
|||
|
Less |
TAX (H) |
725.100 |
987.800 |
1413.925 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT AFTER TAX
(G-H) (I) |
1934.140 |
2241.882 |
4640.661 |
|||
|
|
|
|
|
|
|||
|
Add |
PREVIOUS YEAR ADJUSTMENT
|
(5.310) |
20.134 |
(25.055) |
|||
|
|
|
|
|
|
|||
|
Add |
FOREIGN EXCHANGE
TRANSLATION DIFFERENCE |
(0.512) |
(1.328) |
0.092 |
|||
|
|
|
|
|
|
|||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1687.881 |
1444.231 |
2191.203 |
|||
|
|
|
|
|
|
|||
|
Less |
APPROPRIATIONS |
|
|
|
|||
|
|
|
Transfer to General Reserve |
1000.000 |
1500.000 |
4000.000 |
||
|
|
|
Dividend |
276.227 |
276.227 |
276.228 |
||
|
|
|
Tax on Dividend |
46.945 |
44.811 |
44.811 |
||
|
|
|
Debenture Redemption Reserve |
315.200 |
196.000 |
0.000 |
||
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
1000.000 |
||
|
|
|
Interim Dividend paid on Preference Shares |
0.000 |
0.000 |
35.701 |
||
|
|
|
Corporate dividend tax on above |
0.000 |
0.000 |
5.930 |
||
|
|
BALANCE CARRIED
TO THE B/S |
1977.827 |
1687.881 |
1444.231 |
|||
|
|
|
|
|
|
|||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|||
|
|
|
F.O.B. Value of Exports |
31986.888 |
26887.101 |
15792.493 |
||
|
|
|
Interest |
15.430 |
17.235 |
22.413 |
||
|
|
|
Conversion Charges |
0.000 |
0.000 |
2.780 |
||
|
|
|
Carbon Credits |
13.072 |
44.788 |
59.952 |
||
|
|
|
Others |
85.604 |
28.780 |
0.780 |
||
|
|
TOTAL EARNINGS |
32100.994 |
26977.904 |
15878.418 |
|||
|
|
|
|
|
|
|||
|
|
IMPORTS |
|
|
|
|||
|
|
|
Raw Materials |
20381.822 |
21221.886 |
21385.261 |
||
|
|
|
Stores & Spares |
690.110 |
727.598 |
391.650 |
||
|
|
|
Capital Goods |
3019.894 |
1111.616 |
507.355 |
||
|
|
TOTAL IMPORTS |
24091.826 |
23061.100 |
22284.266 |
|||
|
|
|
|
|
|
|||
|
|
Earnings Per
Share (Rs.) |
|
|
|
|||
|
|
- Basic |
6.98 |
8.12 |
16.57 |
|||
|
|
- Diluted |
6.98 |
8.12 |
16.00 |
|||
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 Unaudited |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1,2070.100 |
|
Total Expenditure |
|
|
1,0646.500 |
|
PBIDT (Excl OI) |
|
|
1423.600 |
|
Other Income |
|
|
187.600 |
|
Operating Profit |
|
|
1611.200 |
|
Interest |
|
|
429.800 |
|
Exceptional Items |
|
|
(521.000) |
|
PBDT |
|
|
660.400 |
|
Depreciation |
|
|
453.900 |
|
Profit Before Tax |
|
|
206.500 |
|
Tax |
|
|
54.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
152.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
152.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.39
|
4.24
|
10.90
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.73
|
6.21
|
14.44
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
5.22
|
10.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.87
|
0.70
|
0.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.33
|
1.49
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10414412 |
21/03/2013 |
1,000,000,000.00 |
DEUTSCHE BANK |
4TH FLOOR, DLF
SQUARE, JACARANDA MARG, DLF PHASE |
B71674378 |
|
2 |
10411946 |
19/03/2013 * |
3,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B70931746 |
|
3 |
10397818 |
03/06/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B77248375 |
|
4 |
10375391 |
14/09/2012 |
2,370,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B57641730 |
|
5 |
10360631 |
23/05/2012 |
500,000,000.00 |
KARNATAKA BANK LIMITED |
K - BLOCK, OVERSEAS BRANCH,, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B41628355 |
|
6 |
10360634 |
23/05/2012 |
500,000,000.00 |
KARNATAKA BANK LIMITED |
K - BLOCK, OVERSEAS BRANCH,, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B41629742 |
|
7 |
10360642 |
08/05/2012 |
1,370,000,000.00 |
KARNATAKA BANK LIMITED |
K-2, CHOUDHRY BUILDING, CANNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B41632894 |
|
8 |
10298410 |
25/07/2011 |
6,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS
GROUP BARANCH, JAWAHAR VYAPAR, |
B17282294 |
|
9 |
10297075 |
06/07/2011 * |
3,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B17593559 |
|
10 |
10286630 |
29/04/2011 |
40,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B12859559 |
|
11 |
10250853 |
29/10/2010 |
40,000,000,000.00 |
STATE BANK OF PATIALA (LEAD BANK) |
COMMERCIAL BRANCH,, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA |
A99280026 |
|
12 |
10152604 |
21/03/2009 |
37,000,000,000.00 |
STATE BANK OF PATIALA (LEAD BANK) |
COMMERCIAL BRANCH,, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI - 110001, INDIA |
A60327673 |
|
13 |
10118974 |
13/08/2011 * |
1,900,000,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI - 110002, INDIA |
B22554810 |
|
14 |
10058358 |
05/07/2007 |
1,000,000,000.00 |
CITI BANK N.A. |
JEEVAN VIHAR BUILDING,, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
A18073858 |
|
15 |
10106364 |
26/02/2007 |
700,000,000.00 |
CITIBANK N.A. |
CORPORATION BANK,
DLF CENTRE, 5TH FLOOR, PARLIAM |
A13425111 |
|
16 |
10022913 |
31/10/2006 |
37,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH,,
2ND FLOOR, CHANDRALOK BUILDIN |
A05687629 |
|
17 |
90280740 |
13/12/2004 |
250,000,000.00 |
BANK OF RAJASTHAN LTD. |
82, JANPATH, NEW DELHI - 110001, INDIA |
- |
|
18 |
90280699 |
08/11/2004 |
9,200,000,000.00 |
STATE BANK OF PATIALA |
C0MMERCIAL BRANCH, CHANDRALOK BUILDING; JANPATH, NEW DELHI, DELHI, INDIA |
- |
|
19 |
90275824 |
29/03/2004 * |
250,000,000.00 |
BANK OF MAHARASHTRA |
19/21, AMBALAL DOSHI MARG; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
20 |
90275797 |
07/10/2003 |
150,000,000.00 |
IDBI BANK LTD. |
11TH FLOOR; SURYA KIRAN BUILDING, 19; K.G. MARG, NEW DELHI - 110001, INDIA |
- |
|
21 |
90277561 |
30/04/2005 * |
100,000,000.00 |
IDBI TRUSTEESHIP SERVICES LTD. |
10TH FLOOR; NARIMAN BHAVAN, 227; VINAY K. SHAH MARG; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
22 |
90277560 |
30/09/2003 * |
100,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10TH FLOOR; NARIMAN BHAVAN, 227; VINAY K. SHAH MARG; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
23 |
90275728 |
11/09/2003 * |
1,330,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOP BUILDING; JANPATH, NEW DELHI - 110001, INDIA |
- |
|
24 |
90275441 |
11/09/2003 * |
200,000,000.00 |
INDUSTRIAL BANK OF INDIA |
INDIAN RED CROSS SOCIETY BLDG., 1; RED CROSS ROAD, NEW DELHI, INDIA |
- |
|
25 |
90279928 |
07/08/2001 |
200,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
INDIAN RED CROSS SOCIETY BUILDING, 1; RED CROSS ROAD, NEW DELHI, INDIA |
- |
|
26 |
90275099 |
21/07/1999 |
1,151,500,000.00 |
STATE BANK OF PATIALA |
30; REGAL BUILDING, PARLIAMENT STREET, NEW DELHI, INDIA |
- |
|
27 |
90275088 |
30/06/1999 |
150,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
28 |
90277049 |
11/09/2003 * |
100,000,000.00 |
INDUSTRAIL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
29 |
90277037 |
18/03/1999 * |
150,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
30 |
90275001 |
28/12/1998 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
* Date of charge modification
LITIGATION DETAIL
IN THE HIGH COURT OF
DELHI AT NEW DELHI
12
O.M.P. 410/2009
GAIL (INDIA) LIMITED ..... Petitioner
Through Mr. Rajiv Tyagi, Advocate
versus
JINDAL SAW LIMITED ..... Respondent
Through Mr.Arun Kumar Varma with Ms.Mansi Wadhera, Advocates
CORAM: JUSTICE S. MURALIDHAR
ORDER
22.11.2011
1. Learned counsel for the Petitioner states that the
arbitral record has been collected and will positively be placed in
a sealed cover in the Court within one week.
2. The Registry will thereafter de-seal original record in
accordance with rules to enable learned counsel for the parties to
flag the relevant documents in the arbitral record on which they
seek to rely. The parties will file their respective compilation of
documents and written submissions within eight weeks.
3. List in due course in the category of finals.
S. MURALIDHAR, J
NOVEMBER 22, 2011
rk
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
i) External Commercial Borrowings from Banks |
5004.813 |
4707.336 |
|
ii) Deferred Sales Tax Loans |
355.008 |
434.248 |
|
iii) Deposits from Public |
92.397 |
175.153 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
iv) From Banks |
|
|
|
- Short Term loan |
2175.572 |
2097.417 |
|
- Buyers' credit |
1851.495 |
3993.010 |
|
v) Deposits from Public |
0.737 |
1.404 |
|
Total |
9480.022 |
11408.568 |
|
NOTE: Deposits from public includes
deposits from related parties Rs. 27.937 Millions (Previous Year Rs. 13.490
Millions). Terms
of repayment of Unsecured Term Loans – i) External Commercial Borrowing
of USD 73,018,334 (Rs. 3971.416 Millions) (Previous Year
USD73,018,334- Rs. 3735.362 Millions) is repayable
in three installments of USD 24,096,050 (Rs. 1310.567 Millions), USD
24,096,050 (Rs. 1310.567
Millions) and USD 24,826,234 (Rs. 1350.282 Millions) on June 30,
2015, June 30, 2016 and June 30, 2017, respectively. Rate of Interest is 6
months USD LIBOR plus 2.55% p.a. ii) External Commercial
Borrowings of USD 19,000,000 (Rs. 1033.397 Millions) (Previous Year
USD 19,000,000- Rs. 971.974 Millions) is repayable in
three installments of USD 5,700,000 (Rs. 310.019 Millions), USD 5,700,000
(Rs. 3,100.19
Millions) and USD 7,600,000 (Rs. 413.359 Millions) on Nov 27,
2015, Nov 27, 2016 and Nov 27, 2017, respectively. Rate of Interest is 6
months USD LIBOR plus 2.30% p.a. Deposits from public are
repayable between one to three years. There is no default in repayment
of Principal loans and interest. |
||
REVIEW OF
OPERATIONS
The Company
produced 8,80,822 MT pipes in 2012-13 as against 854,880 MT in 2011-12.
Saw Pipe Segment : Sale under this
segment remained volatile from quarter to quarter on account of the delivery
schedules of the buyers as well as lower order book. The operating profit
remained under pressure largely due to significant competition and poor demand
conditions in domestic and international markets.
DI Pipe Segment : Ductile Iron (DI) pipes segment has seen
improved performance which is likely to continue. Small DI pipe facility with
blast furnace capacity of approx. 2,00,000 MTPA was put to commercial operation
in the quarter ended 31st March 2013. Production has started and the capacity
is being gradually ramped up as the production process gets stabilised. The
Coke Oven facility and the incremental captive power generation facility related
to the DI plant will be commissioned in 2013-14. These facilities are expected
to stabilise in the coming months.
Seamless Segment : This segment has
witnessed weaker demand, production and sales. The situation is expexted to
improve gradually in domestic and export market. Mining : Operations have
commenced in FY 2012-13 and they produced 212,487 MT of concentrate, a part of
which was used captively. The beneficiation has resulted in improvement in Fe
content. However, the material still needs stability in composition. Mining
operation along with pellets expected to bring benefits from the year 2013-14.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
COMPANY OVERVIEW
They are India’s
most diversified manufacturer and supplier of pipe products for the energy,
water industry and other industrial applications. Their customers include most
of the world’s leading oil and gas companies, municipal corporations as well as
engineering companies engaged in constructing oil and gas gathering, water
transportation system, power and automobiles facilities. Their principal
products include (a) large diameter SAW pipes (Longitudinal Submerged Arc
Welded (LSAW) and Helically Submerged Arc Welded (Spiral/ HSAW), (b) Seamless
Tubes, and (c) Ductile Iron (DI) pipes. Their manufacturing facilities are
located in western, northern and southern part of India. Their Indian
production facilities produce pipes to meet global specifications and
standards. They sell appox.50% of their products in global markets. They are
one of the largest global producers of Ductile Iron pipes with manufacturing
facilities in India, UAE and Europe.
They have secured
Iron Ore Mines in Rajasthan on a 30 years lease and has set up facilities at
the mine head for preparation of Iron Ore Concentrate and production of Iron
Ore Pellets. Iron Ore Pellets are currently in demand for manufacture of Sponge
Iron and other products. They expects to set up facilities to produce Steel
Ingot and Sponge Iron as a forward integration and further value addition. The
new facilities are expected to go into production in 2014-15.
OIL AND GAS SECTOR REVIEW
The Oil and Gas
business is a global industry with many dimensions impacting their day to day
lives. The industry serves the 7 billion populations with nearly 60% of their energy
requirements. Globally the energy market is growing continuously and rapidly
with Oil and Gas firms investing significantly in maintaining and increasing
their share in the market. This has a direct relevance with the increasing
energy demand by the developing nations like China and India; hence deep water,
arctic regions, etc are being explored for new finds.
International
policies and political disturbances are bringing in a new dimension to the
business. Oil and Gas are flowing continuously through tankers and pipelines
from Middle East, Latin America, Africa, etc to various other developed,
developing and under developed nations. Water ways being the preferred route
for transporting Crude oil and petroleum products, pipelines see their own importance
for the transfer of Natural Gas across geographies owing to the uninterrupted
supply and being economical.
The International
Energy Outlook 2011 (IEO2011), released by the U.S. Energy Information
Administration (EIA), shows world energy use increasing 53% by 2035 with China
and India accounting for half of the total growth. Other key findings in the
Outlook indicate that the economies of China and India are among those least
affected by the prolonged global recession.
With strong
economic growth projected in both countries, their combined energy use will
more than double by 2035, when they account for 31% of energy consumption. In
2035 the report indicates that China's energy demand will be 68% higher than in
the U.S. The per capita oil and gas consumption has grown significantly in
India and China while Europe has seen a drop in oil and gas consumption. This
demand has seen the Oil prices go beyond $100 mark. Also the increase in Gas
Pipelines has seen a surge in consumption centers for Natural Gas and Shale Gas
across the globe. Natural gas is emerging as a better fuel for domestic as well
as industrial consumption. This along with high transportation costs is
prompting new pipelines to be established.
The Outlook notes
that world natural gas trade, both by pipeline and by LNG, is expected to rise.
Most of the projected increase in LNG supply comes from the Middle East and
Australia where several projects should become operational in the next decade.
World liquefaction capacities will more than double in 2035. Pipelines under
construction or planned will increase natural gas exports from Africa to
European markets and from Eurasia to China.
In India, Oil and Gas industry has been growing at the
rate of 9% over FY 2009-12. While India’s Crude Oil consumption has grown at
CAGR of 4.3% for the last ten years, Natural Gas consumption has also increased
from 2.7 to 5.9 bcf per day in the last ten years. The government has been keen
on securing energy needs by increasing international footprints in the upstream
sector and developing domestic gas infrastructure. The demand of petroleum
products is expected to increase at a CAGR of 4.7% while that of Natural Gas
will see a CAGR of 19.2%. Also, the natural gas demand would rise to 115 to 135
bcm by 2020 of this 70- 90 bcm could be produced within nation and rest has to
be imported; pipelines would then play a vital role to bridge this gap.
LARGE DIA WELDED PIPES
Pipelines are the backbone of a nation’s infrastructure.
Pipes are used in Automobiles, airports, metros, malls, Oil exploration, crude
oil, product and gas transportation and for water and sanitation purposes.
Owing to growing energy demand and cost of transporting hydrocarbons through
other sources like rail and road becoming expensive, pipeline networks are laid
to make hydrocarbons reach its users let it be domestic or industrial. These
pipes see a varied application across various Oil and Gas and Non Oil sectors.
The location of use (over-ground, below ground or under water), pressure and
temperature of fluid flowing, volume of fluid are some of the major parameters
that decide the class of pipe to be used. Based on the type of fluid flowing
through the pipelines and the surroundings, relevant coating is also done
internally and externally to increase the life of the pipelines with robust
economic recovery expected to continue in China, India, and other non-OECD
nations, it is no surprise the Asia/ Pacific accounts for the highest number of
new and planned pipeline miles. India has announced plans to double its natural
gas pipeline network over the next five years including development of a
national gas grid by 2017. Middle East is also seeing substantial increases in
energy demand which could lead to more pipelines.
Welded pipes (LSaw and Spiral) market, though
encountering overcapacity conditions particularly in North America, is expected
to witness steady growth in the upcoming years driven by the implementation of
new pipeline projects. Investments in oil and gas exploration and production,
which are influenced by prevailing crude oil and gas prices, have a
considerable impact on the demand for LSaw and HSaw Pipes, Resurgent world
economy and consequent increase in the demand for industrial natural gas is
expected to drive up momentum of the welded pipes market.
Global demand for HSaw pipes, which are primarily used
in the transportation of oil and gas and in water transportation projects, is
closely linked to the investments in the energy sector. The energy sector makes
use of HSaw pipes with diameters of up to 60” and up to 80 feet in length.
Another factor that is expected to fuel demand for HSaw is new pipeline
construction activity due to the shift of population from traditional centers
that would necessitate development of infrastructure for delivering oil and
natural gas to the new locations.
Despite the prevailing conditions, potential
opportunities areexpected primarily from the implementation of new
pipelineprojects in the upcoming years, resurgent growth of the USeconomy, and
increased demand from natural gas exploration operations. Also, overcapacity
conditions are expected to fade away in the coming years, as several
megaprojects are set to be taken up across the world, particularly in regions
such as Southeast Asia, Australia, Middle East, Africa, and West Asia.
SEAMLESS PIPES AND TUBES
As per a comprehensive global report by Global Industry
Analyst INC (GIA) on the Seamless Pipes and Tubes markets. Global market for
Seamless Pipes and Tubes is projected to reach 113.8 million tons by 2018, with
demand growth mirroring the dynamics of the energy sector and gains led by the
rise in rig count and increasing prices of oil and gas, particularly in North
America, the Middle East and Latin America.
Oil and gas industry generally exhibit resilience to
periods of economic slump due to the fact that energy demand continues to rise
even when conventional reserves of oil and gas are rapidly shrinking. Apart
from the energy sector the demand for seamless pipes and tubes also emerges
from automobile, power generation and fertilizers markets, among others. Demand
growth for seamless steel pipes and tubes is expected from high
energy-consuming countries across Middle East, Asia, Australia, and Latin
America, which are intensifying oil and gas exploration activity to meet the
escalating demand from respective domestic markets. In North America and
Europe, increased focus on developing shale gas reserves for ensuring energy
security is expected to offer opportunities for seamless pipe makers. High
potential also exists for products such as oil country tubular goods (OCTG) and
structural tubes, due to new offshore drilling and exploration activity, and
installation of pipelines for transporting petrochemicals. Escalating demand
for energy from emerging nations and the subsequent increase in the number of
crude oil and gas development projects are expected to enhance the demand for
seamless pipes and tubes. Increase in offshore drilling operations and
anticipated rise in refinery and chemical plant activity levels are also
expected to augur well for the seamless pipes market. Seamless OCTG segment
continues to benefit from the intensifying activity in the energy exploration
industry, and increased emphasis on tapping shale gas. Further, increasing
complexity of drillingoperations, due to the fact that most of the remaining
oil and gas reserves are largely found in difficult-to-reach areas or in areas
that require digging to greater depths, are driving demand
for seamless OCTG products.
As per the report, Asia-Pacific represents the largest
regional market worldwide with the energy sector accounting for significant
proportion of the sales. Increased activity in various end-use sectors such as
oil and gas, power, and refineries, and resurgent growth in automobile sector
is expected to fuel demand for steel pipes and tubes in the region. The demand
for seamless pipes and tubes in Middle East and Latin America is expected to
post the fastest growth over the analysis period. In the Middle East, strong
economic growth particularly in countries such as Saudi Arabia and UAE, rising
oil prices and the increasing rig count are contributing to the enhanced demand
for seamless pipes and tubes. In the near future, the region is expected to
witness intensified demand for line pipes of smaller diameters, in view of the
growth in refining operations. The US market for seamless pipes, particularly
OCTG pipes, remains favorable owing to the strong rise in rig count, which has
offset the decline in the gas rig count as a result of fall in gas prices.
WATER SECTOR REVIEW
Globally 70% of fresh water is used for agriculture, 20%
for Industrial and 10% for domestic consumption. Fresh water consumption has grown
three folds in the last 50 years. The present water consumption stands at
around 1850 billion cum per year. The population is growing by around 80
million every year which accounts for increase in demand for water at 64
billion cum a year.
Global demand for water pipe is forecast to increase 6.8
percent per year through 2017 to almost 14 billion meters, an acceleration from
the pace of the 2007- 2012 period. Advances will result from two key factors:
in developing nations, access to water supply and sanitation will be increased;
in developed nations, a rebound in construction spending will boost demand for
building pipe.
In India, the water-piping sector mainly caters to the
irrigation and drinking purposes, as water requirement is the highest for these
two sectors. Various schemes of Government of India have opened new avenues and
opportunities in this sector where there is already an requirement of
developing water infrastructure. The country’s vast population makes
infrastructure and sewage system development a necessity, supporting demand by
households that previously did not have a piped water supply.
SUBSIDIARIES
The Company has
operations through subsidiaries in India and offshore. In India,the company has
presence and operations in Infrastructure space through its subsidiary company
names JITF Infrastructure Limited. Besides, the Company also another subsidiary
named, IUP Jindal Metals and Alloys Limited which is engaged in manufacturing
of rerolling of stainless steel,
The Company has
operations in Abu Dhabi (UAE) and Italy (Europe) through 100% subsidiaries
designated as special purpose vehicles. These subsidiaries deals in
manufacturing of Ductile Iron Pipes. The businesses are being streamlined at
these locations.
Jindal Saw
Limited, has made forays into some niche infrastructure segments, through its
wholly owned subsidiary Jindal ITF Limited (JITF). Few of these niche areas
directly concerning the general masses are Water Infrastructure, Waste Water
Management and reuse, Municipal Solid Waste management, Clean and Renewable
Energy generation, Environment friendly Cargo transportation, which JITF is
doing on its own (NTPC Water borne coal handling Project at Farrakka, and
through JITF Water Infrastructure Ltd, and JITF Urban Infrastructure Ltd.
JITF’s other foreys are also maiden initiatives in country’s Manufacturing
sector – Jindal Rail Limited, and Eco-Friendly and Cost Effective large scale
Cargo movement - JITF Waterways Limited.
During the year,
Jindal ITF Ltd, has shown distinctive project execution skills in terms of high
technology oriented projects, being implemented for the first time in the
country, successfully. Some of its major achievements are as
under:
1. JITF Water Infrastructure Limited- Implementing Country’s
first green field Water Infra Project in Naya Raipur, comprising of Intake
system at the river, pumping in large dia pipes to Water Treatment plant,
taking treated water to scores of Underground reservoirs (UGRs), Overhead Tanks
( OHTs), networking of distribution pipelines including local pumping stations,
eventually leading to Metering/Billing and Collection. These works hitherto
managed by Municipal Corporations, PWD, CPWD, Jal Boards etc, were executed
with complete in house Design and Engg by JITF Water Infra. It actually
resulted in a Water being transported for several kilometers by a 60 inch Dia
pipe to eventually a 1 inch Dia pipe. It has been completed successfully and O
and M being managed for 7 years.
Besides, JITF
Water Infra is executing projects from Pondicherry to Guwahati, including
several in other parts like Bihar, U P, Odissa, Karnataka etc.
2. JITF Urban Infrastructure Limited- Waste
Management- JITF achieved COD in country’s first Waste to Energy Plant at
Delhi. It is fully operational and running successfully. JITF claims to be
having country’s only operational Waste management Plant, where 1950 MTPD of
MSW is being reduced both in weight and Volume on daily basis and is also
generating Renewable energy of 17MW on continuous basis. Plant has been visited
by various Corporations, ULBs, Urban development Depts., to emulate its example
in their area/state. In a country of Low Land Mass and High Population Density,
such a Waste to Energy plant has proven a boon.
It is now involved
in serious execution of Few Waste management Projects in Punjab, Augmentation
in the generation capacity at Okhla.
3. Jindal Rail Limited- Stainless Steel
Railway Wagon manufacturing : Jindal Rail has successfully achieved the COD of
country’s first fully atomized Stainless Steel railway Wagon manufacturing
facility at Karjan, Vadodara, in
Gujarat. RDSO has
to develop a new standard for giving approval for its Product and manufacturing
Process. RDSO discarded the old Wagon Standard of G-93 to adopt new standard of
G-105. The plant is fully automated and Robotic controlled, akin to a modern
automobile manufacturing unit.
4. Jindal ITF Limited- NTPC Project-
Water Borne Coal Transportation : For the first time in the country, Jindal ITF
Limited, has started completely water borne imported coal transportation from
High Seas to Coal Stock yard of NTPC , where the coal will not touch the land
route after being exported by the exporting country. A fleet of mid size ships,
River – Sea worthy barges, and a Transhipper will operate to significantly
reduce the cost of local transportation of imported coal for NTPC. Buoyed by
seeing the meticulous implementation of the project by JITF, NTPC has come up
with another similar tender for another such project on the stretch of Ganges,
where JITF is a strong contender.
5. JITF Waterways Limited- is successfully
sailing Coastal vessels both on the east coast as well as on the west coast.
During the year, JITF Waterways has sold off couple of old vessels and has
procured a large capacity panama vessel, to add to the overall capacity. JITF
Waterways continues to provide low cost, reliable, alternate mode of
transportation option to Industry. It is also planning to utilize its Bulk
Vessel fleet to economize of Cost of Coal Transportation for NTPC Coal handling
project in Farrakka.
JITF is now
involved in bidding process for another water borne Coal Transportation project
for NTPC in Barh, Bihar All the above initiatives were first in terms of
technology as well as discovery of a Revenue Model in the country, and have
since been successfully implemented.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
a) Guarantees issued by the
Company's bankers on behalf of the Company |
8772.140 |
8740.313 |
|
b) Letter of Credit Outstanding |
2451.321 |
9290.142 |
|
c) Claims against the company not
acknowledged as debt |
8.122 |
49.521 |
|
d)
Corporate guarantees/ undertaking issued to lenders of subsidiary companies |
9159.656 |
4360.991 |
|
e) Disputed Excise duty, Custom
Duty and service tax |
22.927 |
21.213 |
|
f) Income tax demands against
which company has preferred appeals |
260.959 |
195.058 |
|
g) Disputed Sales Tax |
58.541 |
65.000 |
|
h) Liability
in respect of Corporate Guarantee/Duty Saved for availing various export
based incentive schemes |
1147.981 |
1147.951 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
PART I
(Rs. In Millions)
|
S. No. |
Particulars |
|
30.06.2013 Unaudited |
|
1 |
Income from Operations |
|
|
|
|
(a) Net Sales /Income from Operations (Net of excise
duty) |
|
12067.000 |
|
|
(b) Other Operating Income |
|
3.100 |
|
|
Total Income from Operations (net) |
|
12070.100 |
|
2 |
Expenses |
|
|
|
|
(a) Cost of materials consumed |
|
7593.900 |
|
|
(b) Purchases of Stock-in-Trade |
|
- |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
|
287.700 |
|
|
(d) Employee benefits expense |
|
680.200 |
|
|
(e) Depreciation and amortization expense |
|
453.900 |
|
|
(f) Other expenses |
|
2084.700 |
|
|
Total expenses |
|
11100.400 |
|
3 |
Profit/(Loss) from Operations before other Income,
finance costs and Exceptional Items (1-2) |
|
969.700 |
|
4 |
Other Income |
|
187.600 |
|
5 |
Profit/(Loss) from ordinary activities before
finance costs and Exceptional Items (3+4) |
|
1157.300 |
|
6 |
Financial costs |
|
429.800 |
|
7 |
Profit/(Loss) from ordinary activities after finance
costs but before Exceptional Items (5-6) |
|
727.500 |
|
8 |
Exceptional Items |
|
521.000 |
|
9 |
Profit/(Loss) from Ordinary Activities before tax
(7-8) |
|
206.500 |
|
10 |
Tax expense (refer note 2) |
|
54.400 |
|
11 |
Net Profit/(Loss) from Ordinary Activities after tax
(9-10) |
|
152.100 |
|
12 |
Extraordinary Items (Net of Tax expense) |
|
- |
|
13 |
Net Profit/(Loss) for the period (11-12) |
|
152.100 |
|
14 |
Paid up equity share capital (?2 per share) |
|
552.500 |
|
15 |
Reserves excluding Revaluation Reserves |
|
|
|
16 |
Debenture Redemption Reserve |
|
|
|
17.i |
Earnings Per Share before Extraordinary items (on Face Value of Rs. 2/- each) (not annualized): |
|
|
|
|
Basic |
|
0.55 |
|
|
Diluted |
|
0.55 |
|
17.ii |
Earnings Per Share after Extraordinary items (on Face Value of Rs. 2/- each) (not annualized): |
|
|
|
|
Basic |
|
0.55 |
|
|
Diluted |
|
0.55 |
|
PART II |
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
1 |
Public shareholding |
|
|
|
|
— Number of shares |
|
148,486,928 |
|
|
— Percentage of shareholding |
|
53.75 |
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
— Number of shares |
|
- |
|
|
— Percentage of shares (as a % of the total |
|
|
|
|
shareholding of promoter and
promoter group) |
|
- |
|
|
— Percentage of shares (as a % of the total |
|
|
|
|
share capital of company) |
|
- |
|
|
b) Non-encumbered |
|
|
|
|
— Number of shares |
|
127,736,593 |
|
|
— Percentage of shares (as a % of the total |
|
|
|
|
shareholding of promoter and
promoter group) |
|
100.00 |
|
|
— Percentage of shares (as a % of the total |
|
|
|
|
share capital of company) |
|
46.25 |
|
|
Particulars |
|
Quarter Ended (30.06.2013) |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
|
|
Pending at the beginning of the quarter |
|
1 |
|
|
Received during the quarter |
|
2 |
|
|
Disposed of during the quarter |
|
3 |
|
|
Remaining unresolved at the end of the quarter |
|
Nil |
NOTES:
Exceptional items:
1.Due to significant movement and volatility in the value of Indian rupee against foreign currencies, the net foreign exchange gain /(loss) on account of differences and reinstatement in foreign exchange transactions is considered by the company as "exceptional" in nature which primarily relates to finance, sales and purchase of raw materials.
However, for the quarter ended 30th June 2012, such differences amounting to Rs. 693.600 Millions (gain) and Rs. 502.000 Millions (loss) on sales and raw material purchase transactions respectively were included under the respective heads.
The company is a net exporter and follows natural hedging policy to manage its foreign exchange exposure.
2.Tax Expense consists of I ncome Tax and Deferred Tax.
3.The Company has only one business segment namely 'Iron and Steel Products" as primary segment.
4.Previous period/ year figures have been re-grouped/re-arranged wherever considered necessary.
5.These results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 6th August 2013. The Statutory Auditors have carried out Limited Review of these financial results.
FIXED ASSETS
v
Tangible
Assets
Free
Hold Land
Lease
Hold Land
Building
Plant
and Equipment
Furniture
and Fixtures
Mine
Development
Vehicles
Office
Equipment
v
Intangible Assets
Computer
Software
Mining
Properties (Stripping Cost)
PRESS RELEASE
JINDAL SAW APPOINTS MR. NEERAJ KUMAR AS GROUP CEO AND WHOLE TIME
DIRECTOR
New Delhi, 1st July, 2013: Jindal SAW Limited, a part of O.P. Jindal Group, announced the appointment of Mr. Neeraj Kumar as Group Chief Executive Officer and Whole Time Director with effect from July 1, 2013.
Prior to joining Jindal SAW, Mr. Kumar was working as MD and CEO of ORIX Auto Infrastructure Services Ltd (OAIS), a joint venture company of Infrastructure Leasing and Financial Services Ltd. (ILandFS). He has been associated with large Indian business houses, top multinationals and financial institutions across core infrastructure, commodity, service and financial sectors in the past. Mr. Kumar has earlier worked with Jindal SAW Limited as Director (Finance) and CFO from the year 2002 to 2006.
An MBA in Finance and International Finance, Mr. Kumar has represented private sector companies at Euro Money and CLSA Global and Asia conferences. He has featured regularly in business journals like Asia Risk and Business India.
JINDAL SAW LTD. ANNOUNCES THE UNAUDITED FINANCIAL RESULTS (STANDALONE)
FOR THE 2ND QUARTER ENDED 30TH SEPTEMBER 2012
30 OCT 2012
Jindal SAW Ltd., a total pipe solutions company in the country, announced its Unaudited Financial Results for the 2nd quarter ended September 30th, 2012 as adopted by the Board of Directors in the meeting held today.
The Net Turnover for the second quarter stands at Rs. 16352.000 millions in comparison to Rs. 14459.000
millions in the corresponding quarter last year. Blended EBITDA of the second quarter ended September 30th, 2012, is approximately Rs. 8595 PMT of total pipes sold whereas the EBITDA for the 2nd
quarter ended September 30th 2011 was approximately Rs. 7313 PMT of pipes sold.
Company is witnessing a progressive demand along with a healthy trend in
medium to long term but currently the demand is witnessing a weaker trend due
to mismatch in demand and supply leading to pressure on realization and
profitability. Further, the company is expected to get benefits of the
investments made / to be made in various projects including iron ore and pallet
plant which would add to the turnover and profitability of the company in
future.
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.