MIRA INFORM REPORT

 

 

Report Date :

21.09.2013

 

IDENTIFICATION DETAILS

 

Name :

JINDAL STEEL AND POWER LIMITED

 

 

Registered Office :

O.P. Jindal Marg, Hisar – 125005, Haryana

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

28.09.1979

 

 

Com. Reg. No.:

05-009913

 

 

Capital Investment / Paid-up Capital :

Rs.934.800 Millions

 

 

CIN No.:

[Company Identification No.]

L27105HR1979PLC009913

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JBPJ00181G

 

DELJ03437A

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of sponge Iron, steel products and power generation.

 

 

No. of Employees :

15000 [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (75)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 490000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Jindal Group. It is a well established and a reputed company having excellent track record.

 

There appears slight dip profit of company in 2013. However, overall financial position of the company appears to be sound.

 

Trade relations are reported as trustworthy. Business is active. Payment terms are reported to be regular and as per commitments.

 

The company can be considered excellent for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

ICRA

Rating

AA (Fund Based Limits)

Rating Explanation

High credit quality and low credit risk.

Date

01.05.2013

 

Rating Agency Name

ICRA

Rating

A1+ (Short Term Loans)

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

01.05.2013

 

 

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.

 

 

LOCATIONS

 

Registered Office :

O.P. Jindal Marg, Hisar – 125005, Haryana, India

Tel. No.:

91-1662-222471-75/ 83/ 84

Fax No.:

91-1662-222476/ 499

E-Mail :

jslhsr@nde.vsnl.net.in

tksadhu@ngr.jindalsteel.com

tksadhu@jindalsteel.com

Website :

http://www.jindalsteelpower.com

Location :

Owned  (Industrial Area)

 

 

Corporate/ Operating Office :

Jindal Centre, 12, Bhikaiji Cama Place, New Delhi - 110066, India

Tel. No.:

91-11-26188340-50

Fax No.:

91-11-26161271/ 26170691

E-Mail :

jindlorg@del2.vsnl.net.in

 

 

Factory 1 :

Karsia Road, Post Box No.16, Raigarh – 496001, Chhattisgarh, India

Tel. No.:

91-7762-304300/ 227001-05

Fax No.:

91-7762-227022-23/ 227050

 

 

Factory 2 :

13 KM Stone, G.E. Road, Mandir Hasaud, Raipur – 492001, Chhattisgarh, India 

Tel. No.:

91-771-2471205/ 07/ 3054600

Fax No.:

91-771-2471404/ 2471214/ 3054666

 

 

Factory 3 :

Jindal Nagar, Village Nisha, SH 63, Chhendipada Road, Angul – 759111, Orissa, India

Tel. No.:

91-6761-254191/ 95

 

 

Factory 4 :

Balkudra, Patratu, District – Ramgarh – 829143, Jharkhand, India

Tel. No.:

91-6553-275724/ 275726

Fax No.:

91-6553-275744

 

 

Factory 5 :

Iron Ore Pellet Plant, P O Box No. 86, Joda – Barbil Highway, Barbil, District – Keonjhar – 758035, Orissa, India

Tel. No.:

91-6767-248817

Fax No.:

91-6767-248620

 

 

Factory 6:

Indra Palace, Nag Path, Shiv Pahar, Dumka - 814 101, Jharkhand, India

Tel. No.:

91-6434-231045

Fax No.:

91-6434-231044

 

 

Factory 7:

13 K M Stone, G E Road, Mandir Hasaud, Raipur-492 001, Chhattisgarh, India

 

 

Factory 8:

Plot No. 751, Near Panchpukhi Chhaka, Simplipada, Angul-759 122, Orissa, India

 

 

Factory 9:

Plot No. 507/365, Barbil-Joda Highway, Barbil - 758 035, Orissa, India

 

 

Factory 10:

201 to 204 Industrial Park SSD, Punjipatra, Raigarh-496001, Chhattisgarh, India

 

 

Factory 11:

Jindal Open Cast Coal Mines, Village Dongamahua, P.O. Dhorabhatta (Tamnar), District Raigarh – 496107, Chhattisgarh, India

Tel. No.:

91-7767-203538/ 203485

Fax No.:

91-7767-281611

 

 

Factory 12:

TRB Iron Ore Mines, At P.O. Tensa, District Sundergarh – 770042, Orissa, India

Tel. No.:

91-6625-236023/ 24

Fax No.:

91-6625-236022  

 

 

Marketing Office :

Located At:

 

  • Gurgaon
  • Raipur
  • Bhopal
  • Chandigarh
  • Kochi
  • Kolkata
  • Jamshedpur
  • Bangalore
  • Kanpur
  • Mumbai
  • Bhubaneshwar
  • Chennai
  • Jaipur
  • Hyderabad
  • Ludhiana
  • Ahmedabad
  • Pune
  • Nagpur
  • Patna
  • Ghaziabad
  • Faridabad
  • Vizag.

 

 

Branch Offices :

Located At:

 

  • Bhubaneswar
  • Ranchi
  • Kolkata

 

 

Stock Yards :

Located At:

 

  • Kolkata
  • Cuttack
  • Patna
  • Ahmedabad
  • Nagpur
  • Rahuri
  • Mumbai
  • Delhi
  • Faridabad
  • Ludhiana
  • Ghaziabad
  • Kanpur
  • Chandigarh
  • Rudrapur
  • Jaipur
  • Raipur
  • Bhopal
  • Chennai
  • Hyderabad
  • Visakhapatnam

 

 

International Locations :

Located at:

 

  • China
  • Oman
  • South Africa
  • Indonesia
  • Madagascar
  • Mozambique
  • Zambia
  • Australia

 

 

DIRECTORS

 

As on: 31.03.2013

 

Name :

Mr. Ratan Jindal

Designation :

Director

 

 

Name :

Mr. Naveen Jindal

Designation :

Chairman

 

 

Name :

Ms. Shallu Jindal

Designation :

Director

 

 

Name :

Mr. Ravi Uppal

Designation :

Managing Director and Group CEO

 

 

Name :

Mr. K. Rajagopal

Designation :

Group ChiefFinancial Officer and Director

 

 

Name :

Mr. Dinesh Kumar Saraogi

Designation :

Whole time Director

 

 

Name :

Mr. R.V. Shahi

Designation :

Independent Director

 

 

Name :

Mr. A.K. Purwar

Designation :

Independent Director

 

 

Name :

Mr. Arun Kumar

Designation :

Independent Director

 

 

Name :

Mr. Haigreve Khaitan

Designation :

Independent Director

 

 

Name :

Mr. Hardip Singh Wirk

Designation :

Independent Director

 

 

Name :

Mr. Sudershan Kumar Garg

Designation :

Independent Director

 

 

Name :

Mr. Ajit M. Ingle

Designation :

Independent Director

(Nominee Director, IDBI Bank Limited)

 

 

KEY EXECUTIVES

 

Name :

Mr. T. K. Sadhu

Designation :

Company Secretary

 

 

SHAREHOLDING PATTERN

 

As on: 30.06.2013

 

Category of Shareholder

Number of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

15198298

1.63

http://www.bseindia.com/include/images/clear.gifBodies Corporate

464935550

49.73

http://www.bseindia.com/include/images/clear.gifSub Total

480133848

51.36

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

595400

0.06

http://www.bseindia.com/include/images/clear.gifBodies Corporate

71997600

7.70

http://www.bseindia.com/include/images/clear.gifSub Total

72593000

7.77

Total shareholding of Promoter and Promoter Group (A)

552726848

59.13

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

31849083

3.41

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

851422

0.09

http://www.bseindia.com/include/images/clear.gifInsurance Companies

30218746

3.23

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

194113586

20.76

http://www.bseindia.com/include/images/clear.gifSub Total

257032837

27.50

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

45596718

4.88

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

68914776

7.37

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

2450840

0.26

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

8111799

0.87

http://www.bseindia.com/include/images/clear.gifTrusts

328479

0.04

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

7783320

0.83

http://www.bseindia.com/include/images/clear.gifSub Total

125074133

13.38

Total Public shareholding (B)

382106970

40.87

Total (A)+(B)

934833818

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

934833818

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of sponge Iron, steel products and power generation.

 

 

Products :

Product Description

 

Item Code No.

Sponge Iron

72.03

Mild Steel

72.07

 

PRODUCTION STATUS (AS ON 31.03.2013)

 

Particulars

Unit

Installed Capacity

AT RAIGARH

 

 

Sponge Iron

MX.

13,70,000

Mild Steel

MX.

30,00,000

Ferro Alloys

MX.

36,000

Power

MW

893

Hot Metal/Pig Iron

MX.

16,70,000

Rail & Universal Beam Mill

MX.

7.50.000

Plate Mill

MX.

10,00,000

Fabricated Structures

MX.

1,20,000

Cement Plant

MX.

5,00,000

Medium & Light Section Mill

MX.

6,00,000

AT RAIPUR

 

 

Machinery and Castings

MX.

11,500

Ingots

MX.

30,000

CF Castings

MX.

3,000

AT BARBIL

 

 

Pelletisation Plant

MX.

45,00,000

AT SATARA (MAHARASHTRA)

 

 

Wind Energy

MW

24

AT PATRATU

 

 

Wire Rod

MX.

6,00,000

Bar Mill

MX.

10,00,000

AT ANGUL

 

 

Power

MW

540

Fabricated Structures

MX

84,000

Plate Mill

MX.

15,00,000

 

Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matter.

 

 

Particulars

Unit

Production

Sponge Iron

MX.

13,19,976

M.S. Round

MX.

4,03,007

H.C. Ferro Chrome/Silico Mangnese

MX.

33,840

Power

Million KWH

5,973

Hot Metal/Pig Iron

MX.

16,60,898

Parallel Flange Beam/Columns

MX.

4,31,038

Universal Plate/Coil

MX.

7,00,470

Other Finished Steel Products

MX.

93,627

Other Semi Steel Products

MX.

26,20,967

Machineries

MX.

12,510

Wire Rod

MX.

3,24,940

Bars

MX.

3,22,039

Fabricated Structures

MX.

83,487

Cement

MX.

5,10,229

Medium & Light Sections

MX.

2,71,636

Iron Ore Pellets

MX.

40,42,025

Wind Energy

Million KWH

54.82

 

 

GENERAL INFORMATION

 

No. of Employees :

15000 [Approximately]

 

 

Bankers :

·         State Bank of India

·         Punjab National Bank

·         State Bank of Patiala

·         ICICI Bank Limited

·         Canara Bank

·         Industrial Development Bank of India

·         Export - Import Bank of India

·         Jammu and Kashmir Bank Limited

·         Indian Overseas Bank

·         Bank of Bahrain and Kuwait B.S.C

·         Lord Krishna Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWINGS

 

 

9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with Life Insurance Corporation of India)

10000.000

10000.000

9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with SBI Life Insurance Company Limited)

620.000

620.000

8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with ICICI Lombard General Insurance Company Limited)

250.000

250.000

8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with ICICI Prudential Life Insurance Company Limited)

750.000

750.000

9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with Life Insurance Corporation of India)

5000.000

5000.000

Term Loans from Banks

85642.100

46966.900

Other Loans from Banks

1499.200

1773.200

SHORT TERM BORROWINGS

 

 

Secured Short-term Borrowings

 

 

Cash Credit from Banks

5044.900

4476.300

Other Loans

6968.000

2595.800

Total

115774.200

72432.200

 

NOTES

 

to the financial statements as at and for the year ended 31st March, 2013

 

DEBENTURES

 

  • Debentures of Rs. 10000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (12th October, 2009), Rs. 1500.000 Millions (22nd October, 2009), Rs. 1500.000 Millions (24th November, 2009), Rs. 1500.000 Millions (24th December, 2009), Rs. 1500.000 Millions (25th January, 2010), Rs. 1500.000 Millions (19th February, 2010) and Rs. 1500.000 Millions (26th March, 2010). The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.
  • Debentures placed initially with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29th December, 2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.
  • Debentures placed initially with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 3rd December, 2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.
  • Debentures placed initially with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 3rd December, 2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.
  • Debentures of Rs. 5000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (24th August, 2009), Rs. 800.000 Millions (8th September, 2009), Rs. 800.000 Millions (8th October, 2009), Rs. 800.000 Millions (9th November, 2009), Rs. 800.000 Millions (8th December, 2009) and Rs. 800.000 Millions (8th January, 2010) . The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the DebentureT rustees.

 

 

TERM LOANS

 

Security

 

  • Loans of Rs. 979.800 Millions (Previous year Rs. 1765.400 Millions) are secured by exclusive charge on fixed assets created under Steel expansion project at Raigarh, Chhattisgarh;
  • Loans of Rs. 1040.400 Millions (Previous year Rs. 1504.000 Millions) are secured by exclusive charge on fixed assets created under Plate Mill project at Raigarh, Chhattisgarh;
  • Loans of Rs. 428.600 Millions (Previous year Rs. 771.400 Millions) are secured by exclusive charge on fixed assets created under 3x25 MW Power Plant at Raigarh, Chhattisgarh;
  • Loans of Rs. 27994.000 Millions (Previous year Rs. Nil) are secured by exclusive charge on fixed assets created/to be created under the DRI project at Angul, Odisha;
  • Loans of Rs. 6095.900 Millions (Previous year Rs. 6984.700 Millions) are secured by exclusive charge on fixed assets created under 2X135 MW Power Plant (Phase-1) at Dongamauha, Raigarh, Chhattisgarh;
  • Loans of Rs. 6802.500 Millions (Previous year Rs. 4500.000 Millions) are secured by exclusive charge on fixed assets created/ to be created under 2X135 MW Power Plant (Phase- 2) at Dongamauha, Raigarh, Chhattisgarh;
  • Loans of Rs. 31545.500 Millions (Previous year Rs. 18411.000 Millions) are secured by exclusive charge on fixed assets created/to be created under 1.6 MTPA Integrated Steel Plant and 1.5 MTPA Plate Mill project at Angul, Odisha;
  • Loans of Rs. 16922.000 Millions (Previous year Rs. 13700.000 Millions) are secured/to be secured by exclusive charge on fixed assets created/to be created under 6x135 MW Power Plant Project at Angul, Odisha;
  • Loan of Rs. 2341.400 Millions (Previous year Rs. 2500.000 Millions) are secured by subservient charge on fixed assets of the Company.

 

 

Repayments and Interest rates for the above Term Loans are as follows:

 

Year

       2013-14 1

2014-15

2015-16

2016-17 and Above

Amount (Rs. in Millions)

8508.000

14342.300

13569.900

57729.900

 

The interest rate for the above term loans varies from 8.41% to 13.25% p.a

 

OTHER LOANS

 

Security

 

  • Loans of Rs. 957.500 Millions (Previous year Rs. 1355.500 Millions) are Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 4675.000 Millions to secure cash credit from banks and other loans.

 

  • Loans of Rs. 541.700 Millions (Previous year Rs. 417.700 Millions) are secured by hypothecation of book debts and stocks.

 

 

Cash Credit from Banks

 

Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 4675.000 Millions to secure other loans from banks. (iii) and other loans. The cash credit is repayable on demand.

 

Other Loans

 

i) Loans of Rs. 2014.300 Millions (Previous year Rs. 2595.800 Millions) are Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 4675.000 Millions to secure other loans from banks. (iii) and cash credit from banks.

 

ii) Loans of Rs. 2953.700 Millions (Previous year nil) are secured by hypothecation of book debts and stocks.

 

iii) Loans of Rs. 2000.000 Millions (Previous year nil) are secured by sbservient charge by way of hypothecation of current assets.

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.S. Kothari Metha and Company

Chartered Accountants

Address :

145-149, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India

Tel. No.:

91-11-46708888

Fax No.:

91-11-66628889

E-Mail :

delhi@sskmin.com

 

 

Cost Auditor :

 

Name :

Ramanath Iyer and Company

Address :

808, Pearls Business Park, Netaji Subhash Place, Delhi - 110 034, India

 

 

Subsidiaries, Step Down Subsidiaries:

 

Subsidiaries

 

  • Jindal Power Limited
  • Jindal Steel Bolivia SA
  • Jindal Steel and Power(Mauritius) Limited
  • Skyhigh Overseas Limited (Demerged from JSPML)

 

 

Subsidiaries of Jindal Power Limited

 

  • Attunli Hydro Electric Power Company Limited
  • Etalin Hydro Electric Power Company Limited
  • Jindal Hydro Power Limited
  • Jindal Power Distribution Limited
  • Ambitious Power Trading Company Limited (Formerly Jindal Power Trading Company Limited)
  • Jindal Power Transmission Limited
  • Kamala Hydro Electric Power Company Limited (Formerly Subansiri Hydro Electric Power Company Limited)

 

 

Subsidiaries of Skyhigh Overseas Limited

 

  • Gasto Liquids lnternational S.A

 

 

Subsidiaries of Jindal Steel & Power (Mauritius) Limited

 

  • Enduring Overseas Inc
  • Harmony Overseas Limited
  • Jin Africa Limited
  • Jindal Africa Investments (Pty) Limited
  • Jindal Africa Liberia Limited
  • Jindal Africa SA
  • Jindal Botswana (Pty) Limited
  • Jindal Brasil Mineracao S/A
  • Jindal (BVI) Limited
  • Jindal Investimentos LDA
  • Jindal Investment Holding Limited
  • Jindal Madagascar SARL
  • Jindal Mining and Exploration Limited
  • Jindal Mining Namibia (Pty) Limited
  • Jindal Power LLC (ceased to exist as subsidiaryw.e.f6th December, 2012)
  • Jindal Steel and Minerals Zimbabwe Limited
  • Jindal Steel and Power(BC)Limited
  • Jindal Steel and Power(Australia) Pty Limited
  • Jindal Tanzania Limited
  • Jindal Zambia Limited
  • Jindal Mining Industry LLC (ceased to exist as subsidiary w.e.f 6th December, 2012)
  • JSPL Mozambique Minerais LDA
  • Jublient Overseas Limited
  • Osho Madagascar SARL
  • PT Jindal Overseas
  • Rolling Hills Resources LLC (Under liquidation)
  • Shadeed Iron and Steel LLC
  • Tablet Blue Trade and Invest (Pty) Limited
  • Trans Asia Mining Pte. Limited
  • Trans Atlantic Trading Limited
  • Vision Overseas Limited
  • Worth Overseas Limited (Merged with JSPML)
  • Panacore Investment Limited

 

 

Others

 

  • Belde Empreendi mentos Mineiros Limited, a subsidiary of JSPL Mozambique Minerais LDA
  • Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining and Exploration Limited
  • PTBHI Mining lndonesia, asubsidiary of Jindal Investment Holding Limited
  • PT Sumber Surya Gemilang, a subsidiary of PT.BHI Mining Indonesia
  • PT Maruwai Bara Abadi, a subsidiary of PT.BHI Mining Indonesia
  • Jindal Mining (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited
  • Bon-Terra Mining (Pty) Limited, a subsidiary of Jindal (BVI) Limited
  • CIC(Barbados)Holding Corp, a subsidiary of Jindal (BVI) Limited
  • CIC Energy (Bahamas) Limited, a subsidiary of Jindal (BVI) Limited
  • Jindal Energy (Botswana) Pty Limited, a subsidiary of Jindal (BVI) Limited
  • Jindal Energy (SA) Pty Limited, a subsidiary of Jindal (BVI) Limited
  • CIC Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Limited
  • Jindal Resources (Botswana) Pty Limited, a subsidiary of CIC Transafrica (Barbados) Corp
  • Trans Africa Rail (Pty) Limited, a subsidiary of CIC Transafrica (Barbados) Corp
  • Sad-Elec (Pty) Limited, a subsidiary of Jindal energy (SA) pty Limited
  • CIC (Barbados) Mining Corp, a subsidiary of CIC (Barados) Holding Corp
  • CIC (Barbados) Energy Corp, a subsidiary of CIC (Barados) Holding Corp
  • Meepong Resources (Mauritus) (Pty) Limited, a subsidiary of CIC (Barbados) Mining Corp
  • Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritus) (Pty) Limited
  • Meepong Energy (Mauritus) (Pty) Limited, a subsidiary of CIC (Barbados) Energy Corp
  • Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritus) (Pty) Limited
  • Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited
  • Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited
  • Core Ambition Limited, a subsidiary of Panacore Investment Limited
  • Core Forte Limited, a subsidiary of Panacore Investment Limited
  • Core Integrity Limited, a subsidiary of Panacore Investment Limited
  • Core Vision Limited, a subsidiary of Panacore Investment Limited

 

 

Associates :
  • Angul Sukinda Railway Limited
  • Gujarat NRE Coking Coal Limited
  • JB Fab lnfra Private Limited
  • Jindal Info solutions Limited (ceased to exist as subsidiary w.e.f 24th September, 2012)
  • Koleko Resources
  • Nalwa Steel and Power Limited
  • Panacore Shipping Pte Limited , Singapore
  • Prodisyne (Pty) Limited
  • Sungu Sungu Pty Limited

 

 

Joint Ventures:
  • Jindal Synfuels Limited
  • Shresht Mining and Metals Private Limited
  • Urtan North Mining Private Limited

 

 

Enterprises over which Key Management Personnel and their relatives exercise significant influence and with whom transactions have taken place during the year :
  • JSW Steel Limited
  • JSW Energy Limited
  • Jindal Saw Limited.
  • Jindal Stainless Limited.
  • India Flysafe Aviation Limited
  • Jindal Reality Private Limited.
  • Tri Shakti Real Estate Private Limited
  • Abhinandan lnvestments Limited.
  • Jindal System Private Limited.
  • Gagan lnfraenergy Limited.
  • Colorado Trading Company Limited.
  • Nalwa Engineering Company Limited.
  • Opelina Finance and Investment Limited
  • Jindal Industries Limited
  • Jindal Coal Private Limited
  • Minerals Management Services (India) Private Limited.
  • YNO Finvest Private Limited.
  • Jindal Rex Exploration Private Limited.
  • Bir Plantations Private Limited
  • Nalwa Investment Limited.
  • Rohit Towers Buildings Limited
  • Uttam Vidyut Transmission Private Limited
  • India Venture Advisors Private Limited.
  • Bonanaza Trading Company Private Limited

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000000

Equity Shares

Rs.1/- each

Rs.2000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

934833818

Equity Shares

Rs.1/- each

Rs.934.800 Millions

 

 

 

 

 

 

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

934.800

934.800

934.300

(b) Reserves & Surplus

122545.900

107519.300

85959.100

(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)

123480.700

108454.100

86893.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

118609.200

84939.200

73597.100

(b) Deferred tax liabilities (Net)

12149.600

10678.100

8783.300

(c) Other long term liabilities

5605.800

1412.400

1406.300

(d) long-term provisions

209.400

187.200

84.900

Total Non-current Liabilities (3)

136574.000

97216.900

83871.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

76400.200

58785.400

40819.900

(b) Trade payables

6282.000

9983.100

7090.000

(c) Other current liabilities

25843.900

36615.300

26321.300

(d) Short-term provisions

29518.500

24526.300

18878.500

Total Current Liabilities (4)

138044.600

129910.100

93109.700

 

 

 

 

TOTAL

398099.300

335581.100

263874.700

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

141421.800

115323.000

99808.800

(ii) Intangible Assets

140.100

167.100

195.400

(iii) Capital work-in-progress

114661.200

104798.600

70778.700

(iv) Intangible assets under development

178.200

141.000

31.900

(b) Non-current Investments

13307.200

14121.700

12100.100

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

12254.600

9971.000

8552.100

(e) Other Non-current assets

5.500

46.300

60.300

Total Non-Current Assets

281968.600

244568.700

191527.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35985.200

30513.100

22041.200

(c) Trade receivables

14261.300

9050.600

7371.200

(d) Cash and cash equivalents

367.700

309.400

437.100

(e) Short-term loans and advances

59435.400

48062.900

39299.200

(f) Other current assets

6081.100

3076.400

3198.700

Total Current Assets

116130.700

91012.400

72347.400

 

 

 

 

TOTAL

398099.300

335581.100

263874.700

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from operation

149547.000

133339.500

95741.700

 

 

Other Income

1592.800

1844.800

1431.600

 

 

TOTAL                                     (A)

151139.800

135184.300

97173.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

49433.000

45298.400

27303.500

 

 

Purchase of stock-in-trade

2865.800

4527.500

1768.000

 

 

Changes in inventories of finished goods, work-in-process and stock-in-trade

(1482.000)

(3792.400)

(3334.500)

 

 

Employee benefits expense

4478.900

3854.400

2777.800

 

 

Other expenses

54866.800

42826.700

31401.400

 

 

TOTAL                                     (B)

110162.500

92714.600

59916.200

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

40977.300

42469.700

37257.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

8207.700

5367.700

2850.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

32769.600

37102.000

34407.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

10484.600

8671.900

6877.700

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

22285.000

28430.100

27529.400

 

 

 

 

 

Less

TAX                                                                  (H)

6359.500

7323.600

6888.200

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

15925.500

21106.500

20641.200

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

87470.500

71120.100

54788.300

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Final Dividend

1495.700

1494.600

1401.900

 

 

Corporate tax on Dividend

33.200

31.500

37.500

 

 

General Reserve

1750.000

2200.000

2100.000

 

 

Transfer to Debenture Redemption Reserve

1270.000

1030.000

770.000

 

BALANCE CARRIED TO THE B/S

98847.100

87470.500

71120.100

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports Sales

15985.300

14288.400

10736.100

 

 

Others

226.000

0.000

0.000

 

TOTAL EARNINGS

16211.300

14288.400

10736.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

25304.500

29521.800

18715.700

 

 

Components & Spares Parts

2487.400

1719.800

1969.600

 

 

Capital Goods and Others

6737.800

8652.200

12629.400

 

TOTAL IMPORTS

34529.700

39893.800

33314.700

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

17.04

22.58

21.11

 

Diluted

17.04

22.58

22.09

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2013

 

 

 

1st Quarter

Net Sales

 

 

34251.900

Total Expenditure

 

 

25775.300

PBIDT (Excl OI)

 

 

8476.600

Other Income

 

 

62.600

Operating Profit

 

 

8539.200

Interest

 

 

2317.900

Exceptional Items

 

 

0.000

PBDT

 

 

6221.300

Depreciation

 

 

3036.300

Profit Before Tax

 

 

3185.000

Tax

 

 

796.400

Provisions and contingencies

 

 

0.000

Profit After Tax

 

 

2388.600

Extraordinary Items

 

 

0.000

Prior Period Expenses

 

 

0.000

Other Adjustments

 

 

0.000

Net Profit

 

 

2388.600

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
10.54

15.61

21.24

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
15.90

21.32

28.75

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.26

13.13

15.21

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.18

0.26

0.32

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
1.58

1.33

1.32

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.84

0.70

0.78

 

 

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

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

No

 

 

UNSECURED LOAN:

(Rs. in Millions)

Particulars

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWINGS

 

 

Term Loans

 

 

Other Loans

4280.900

7849.100

Fixed Deposits from public

0.000

60.800

Other Loans and Advances

 

 

External Commercial Borrowings

10567.000

11669.200

SHORT TERM BORROWINGS

 

 

From Banks

 

 

Short Term Loans

18079.900

2572.100

Other Loans

17612.400

22075.600

Other Loans

11250.000

2200.000

Loans and Advances from Related Parties

17385.600

24865.600

Fixed Deposits from Public

59.400

0.000

Total

79235.200

71292.400

 

 

OPERATIONAL REVIEW:

 

The Company has, on a consolidated basis, achieved an aggregate income of Rs. 199432.000 Millions compared to previous year's Rs. 183505.400 Millions. Profit before tax is Rs. 38334.500 Millions in 2012-13 as compared to Rs. 51886.000 Millions in 2011-12. Profit after tax is Rs. 29116.200 Millions in 2012-13 as compared to Rs. 40022.600 Millions in 2011-12. The Reserves and Surplus have touched Rs. 211587.800 Millions.

 

 

Sponge Iron

 

The Company produced 13,19,976 tonnes of Sponge Iron during the year under report as against previous year's production of 13,19,940 tonnes and achieved a capacity utilisation of about 97%.

 

Pellet

 

The Company produced 40,42,025 MT of pellets during the year under report as against 37,36,915 MT in the previous year.

 

 

Power

 

The Company generated 6,028 million Kwh of power during the year under report as against last year's 4,725 million Kwh of power registering an increase of 28%

 

 

Raipur Unit

 

Raipur Unit produced 1,933 MT of castings and has done machining of 12,510 MT as against 2,525 MT and 9,060 MT respectively in the previous year.

 

 

Mining

 

The production of calibrated iron ore at captive mine at Tensa in Odisha was 5.64 lacs MT as against previous year's production of 5.06 lacs MT. The Company has exported 0.51 lacs MT of iron ore

 

 

ECONOMIC REVIEW

 

Global Economy

 

The global economy failed to raise hopes of a quick turnaround in FY 2012-13. Europe continued to reel under an escalating debt burden and emergency rescue efforts by the European Central Bank helped avoid a financial crisis. On the other side of the Atlantic, the US economy showed early signs of recovery driven by improving manufacturing and housing sectors, steady fiscal consolidation and rising employment. Most of the emerging economies remained resilient to headwinds during the last few years. However, most of them experienced moderate growth. Global GDP experienced a growth rate of 3.1% in FY 2012. It is likely to touch 3.1% in FY 2013 and improve to 3.8% in FY 2014

 

 

Global GDP Snapshot

 

Countries 1

2012 1

2013e 1

2014e

World output

3.1

3.1

3.8

Advanced economies

1.2

1.2

2.1

Emerging market and developing economies

4.9

5.0

5.4

 

 

USA

 

According to the International Monetary Fund (IMF), the fundamentals of the US economy are stabilising, although at a slow pace. There are still powerful headwinds, which need to be addressed with greater fiscal prudence. The expiration of the payroll tax cut earlier this year and the impact of government spending cut is expected to dampen growth in 2013. However, the IMF predicts a slightly brighter picture and expects economic activity to accelerate to 2.7% in 2014, as the fiscal drag subsides and the negative legacies of the financial crisis wane further. The rate of unemployment is also expected to decline in 2014

 

 

Eurozone

 

The recent developments in the Euro region have not been very promising. The region is still plagued by financial vulnerabilities, resulting in an estimated contraction in growth rate in 2013 as well. Lack of formation of comprehensive set of banking, financial and fiscal policies has added to the existing problems of rising debt, plummeting growth and social unrest.

 

 

Japan

 

After years of recession and slow growth, Japan's economy is on its way to recovery. It was plagued with high level of public debt, low investor confidence and minimal manufacturing activity. However, the new government is working on aggressive quantitative easing, a positive inflation target, fiscal stimulus and structural reforms.

 

 

Indian Economy

 

Weakening global scenario, declining investments and inconsistent domestic demand-supply situation resulted in a slowdown in India's growth rates in 2012-13. Besides, tightened liquidity scenario to rein in inflation dampened the investment sentiment. The country posted a decade-low GDP growth of 5% in 2012-13. India's economy, now estimated at $1.78 trillion (around Rs. 100 trillion), is expected to move ahead with a stronger resilience.

 

 

Silver lining

 

India's fiscal deficit stood at 4.89% of gross domestic product (GDP), compared with the revised estimate of 5.2% of GDP earlier. The revenue deficit was also lower in 2012-13 at 3.6% of GDP, compared with the revised estimate of 3.9% of GDP in 2011-12. The government is implementing pro-growth policies, including a sharp cut in expenditure, to reduce fiscal deficit and drive India's economic growth.

 

 

INDUSTRY REVIEW AND OUTLOOK

 

Global Steel Industry

 

The year 2012 turned out to be a challenging one for the global steel industry. This was mainly due to the Eurozone crisis, which persisted through major part of the year. Besides, emerging economies failed to sustain a high steel demand and witnessed supply growth outpacing demand. Recent data from the World Steel Association shows that global crude steel production peaked at 1,547.8 billion tonnes in 2012, up 1.2% over the previous year.

 

 

Under utilisation - an area of concern

 

Unutilised capacity remains one of the gravest issues in the global steel sector. With capacity utilisation rates remaining below 80%, global steel supply continues to outpace demand. Subdued demand from China with pressure on prices, will continue to impact the global steel sector's growth rates in 2013.

 

 

India's Steel Industry

 

The domestic steel industry has a significant role to play in the country's economic growth. Over the years, India has acquired a prominent position on the global steel map. This was driven by the growing capacities of India's steel industry. Besides, strategic acquisition of global players, continuous modernisation and upgradation of old plants, improving energy-efficient methodologies and backward integration into raw material sourcing also played a major role in enhancing capacities of the country's steel industry.

 

 

Anticipated Growth

 

India is ranked fourth largest globally for its crude steel capacity production and is expected to become the second largest by 2015-16. It is also the world's largest sponge iron producer with a host of coal-based units located in its mineral-rich states. The country's crude steel production is estimated to grow at a compound annual growth rate (CAGR) of around 10% from 2010 to 2013, whereas the finished steel consumption is anticipated to grow at a CAGR of around 12% during FY 2012-14. With an estimated US$1 trillion infrastructure investment plan in pipeline under the 12th Five Year Plan, the country's demand for steel is expected to escalate.

 

 

Demand Drivers

 

Real Estate: With an investment volume of US$3.4 billion, India was ranked 20th in the list of the world's top real estate investment markets in 2012. By 2020, the sector is expected to earn revenues of US$180 billion. The country's real estate investment market is likely to grow at a CAGR of 19% between 2010 and 2014, with theTier-l (metropolitan) cities anticipated to witness maximum growth.

 

 

 

Automotive: India is one of the fastest growing passenger car markets globally and the second largest two-wheeler manufacturer globally. The Indian small and light vehicle segments are expected to more than double by 2015-16 and grow at 18.5% CAGR over the next five years.

 

Construction: The sector plays a vital role in India's economic growth, supported by the country' sexpanding economy, increased government spending on public infrastructure, high urbanisation and a supportive foreign direct investment (FDI) system. The infrastructure, industrial and commercial construction markets collectively contributed 74.2% of the total Indian construction industry in 2012. Consequently, the contributions of these three markets are expected to be significant in the overall growth of India's construction industry over the forecast period.

 

 

India's Power Industry

 

Power sector is integral to a country's economic growth and prosperity. However, India's power sector grew by only 5% in the previous fiscal - the lowest growth rate in the last 10 years. India's demand for electricity is growing significantly, as people are aspiring for a better quality of life. It is expected to increase further in the coming years. In view of the increasing demand, India's Power Ministry has targeted a capacity addition of 85,000 MW in the Twelfth Five Year Plan (2012-17).

 

 

India's Metals and Mining Industry

 

The Indian metals and mining industry has been valued at US$ 141.9 billion in 2011 and is expected to grow to US$ 305.5 billion by 2015. The country accounted for 7.3% of the Asia Pacific metal and mining industry in 2011. It is likely to import 1.0 million metric tonnes of iron ore each month from the current fiscal, despite its long held status as the world's third largest exporter. The country witnessed its lowest ever iron ore export in 2012-13, estimated at close to 18 million tonnes (mt), a decline of 69% compared to the previous year. This is primarily due to a decline in domestic output on account of a ban on illegal mining operations in some mineral-rich states. Despite the Supreme Court lifting its ban on most mines, it would take some time for them to be operational to their fullest extent.

 

 

Operational Review

 

JSPL operates with capacities of 3 MTPA of steel, 15 MTPA of iron ore and coal mining, 2,457 MW of power generation, 1.5 MTPA of hot briquetted iron and 4.5 MTPA of pellet. The Company is among the few in the world operating as a fully integrated steel manufacturer with presence across the value chain of flats and longs.

 

 

CONTINGENT LIABILITIES:

(Rs. in Millions)

Description

31.03.2013

31.03.2012

Guarantees issued by the Company's Bankers on behalf of the Company

4300.500

3760.200

Letter of credit opened by banks

7867.200

6289.000

Corporateguarantees/undertakings issued on behalfofthird parties.

50441.500

33337.900

Disputed Excise Duty and Other demands

9371.700

7809.600

Future liability on account of lease rent for unexpired period

100.500

131.500

Bonds executed for machinery imports under EPCG Scheme

30814.100

27732.200

Income Tax demands where the cases are pending at various stages ofappeal with the authorities

1919.400

1877.600

Claims against the Company, not acknowledged as debt

361.600

-

Uncalled liability towards partly paid up shares

732.700

-

 

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH JUNE 2013

(Rs. in Millions)

PARTICULARS

Unaudited

 

 

30.06.2013

1

Income From Operations

 

 

 

a)

Net Sales / Income from Operations (net of excise duty)

33851.400

 

 

b)

Other Operating Income

400.500

 

 

 

Total Income from Operations (net) [1(a) + 1(b)]

34251.900

2

Expenses

 

 

 

a)

Cost of materials consumed

11206.100

 

 

b)

Purchase of stock-in-trade

837.900

 

 

c)

Change in inventories of finished goods, work-in-progress and stock-in-trade

708.200

 

 

d)

Employee benefits expenses

1313.500

 

 

e)

Depreciation and amortisation expenses

3036.300

 

 

f)

Stores & Spares consumed

4546.600

 

 

g)

Power & Fuel

2239.700

 

 

h)

Other Expenditure

4923.300

 

 

 

Total expenses

28811.600

3

Profit /(Loss) from Operations before other income, finance costs and exceptional items (1-2)

5440.300

4

Other Income

62.600

5

Profit / (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)

5502.900

6

Finance costs

2317.900

7

Profit / (Loss) from ordinary activties after finance cost but before exceptional Items (5-6)

3185.000

8

Exceptional Items

 

9

Profit / (Loss) from ordinary activities before tax (7-8)

3185.000

10

Tax expense

796.400

11

Net Profit / (Loss) from ordinary activities after tax (9-10)

2388.600

12

Extraordinary item

 

13

Net Profit/ (Loss) for the period (11-12)

2388.600

14

Share of profit / (loss) of associates

 

15

Minority interest

 

16

Other Related Items

 

17

Net Profit / (Loss) after taxes, minority interest and shares of profit / (loss) of associates (13+14+15+16)

2388.600

18

Cash Profit

5553.700

19

Paid up equity share capital (Face Value Re. 1/- per share)

934.800

20

Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year

 

21 .i

Earnings Per Share (EPS) (before Extraordinary items) (of Re. 1/- each) (not annualised):

 

 

 

a)

Basic

2.56

 

 

b)

Diluted

2.56

21.ii

Earnings Per Share (EPS) (after Extraordinary items) (of Re. 1/- each) (not annualised):

 

 

 

a)

Basic

2.56

 

 

b)

Diluted

2.56

 

 

 

 

PARTICULARS OF SHARESHOLDING

30.06.2013

 

Public shareholding

 

 

 

- Number of shares

382,106,970

 

_

_

- Percentage of shareholding

40.87

2

Promoters and promoter group Shareholding

 

 

 

a)

Pledged/Encumbered

 

 

 

 

- Number of shares

40,448

 

 

 

- Percentage of shares (as a % of the total shareholding of promoter and promoter group)

0.01

 

 

 

- Percentage of shares (as a% of the total share capital of the company)

0.00

 

 

b)

Non-encumbered

 

 

 

 

- Number of Shares

552,686,400

 

 

 

- Percentage of shares (as a% of the total shareholding of promoter and promoter group)

99.99

 

 

 

- Percentage of shares (as a % of the total share capital of the company)

59.13

 

 

Particulars

30.06.2013

B

INVESTOR COMPLAINTS

 

 

Pending at the beginning of the quarter

0

 

Received during the quarter

10

 

Disposed of during the quarter

10

 

Remaining unresolved at the end of the quarter

0

 

 

SEGMENT WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE FINANCIAL YEAR ENDED ON 30h JUNE, 2013

(Rs. in Millions)

 

 

Unaudited

 

 

30.06.2013

1

Segment Revenue

 

 

a)    Iron & Steel

31522.000

 

b) Power

4910.500

 

c) Others

1691.800

 

Sub Total

38124.300

 

Less: Inter-segment Revenue

3872.400

 

Net Sales/Income from Operations

34251.900

 

Segment Results

(Profit(+)/Loss(-) before Tax and interest from each segment)

 

 

a)    Iron & Steel

5375.800

 

b) Power

1373.100

 

c) Others

463.500

 

Sub Total

7212.400

 

Less : Interest

2317.900

 

Other un-allocable expenditure (net off Un-allocable income)

1709.500

 

Exceptional Items

-

 

Total Profit Before Tax

3185.000

3

Capital Employed

(Segment Assets - Segment Liabilities)

 

 

a)    Iron & Steel

120952.000

 

b) Power

56955.600

 

c) Others

5880.000

 

Total Segment Capital Employed

183787.600

 

Notes:

 

# The figures of quarter ended on 31.03.2013 are the balancing figures between audited figures in respect of the full financial year ended on 31.03.2013 and published year to date (nine months) figures upto the third quarter ended on 31.12.2012.

 

1 Previous quarter/period figures have been regrouped and reclassified to make them comparable.

 

2 The above unaudited results were reviewed by the Audit Committee and have been taken on record by the Board of Directors in their meeting held on 30.07.2013

 

3 The above results have been reviewed by statutory auditors as per clause 41 of the listing agreement.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10366407

03/01/2013 *

35,030,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA

B66375148

2

10363335

13/06/2012

8,100,000,000.00

INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED

KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamilnadu - 600031, INDIA

B42761205

3

10329346

07/01/2012

8,100,000,000.00

INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED

KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamilnadu - 600031, INDIA

B29746468

4

10332392

24/12/2011 *

17,460,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA

B30960819

5

10328994

20/12/2011

2,500,000,000.00

STATE BANK OF HYDERABAD

COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, Delhi - 110001, INDIA

B29526126

6

10301388

02/08/2011

2,960,000,000.00

LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED

MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, Tamilnadu - 600089, INDIA

B18449215

7

10298803

27/07/2011

1,000,000,000.00

STATE BANK OF HYDERABAD

COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, Delhi - 110001, INDIA

B17459678

8

10300002

19/07/2011

2,500,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

B17997842

9

10294063

04/07/2011

2,000,000,000.00

STATE BANK OF BIKANER & JAIPUR

G-72, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA

B15758329

10

10294997

16/06/2011

2,000,000,000.00

STATE BANK OF PATIALA

CHANDRALOK BUILDING, 36, JANPATH, New Delhi, Delhi - 110001, INDIA

B16114910

11

10291656

23/05/2011

2,000,000,000.00

State Bank of Travancore

Travancore House,, KG Marg, New Delhi, Delhi - 110001, INDIA

B14803803

12

10274937

28/03/2011

5,000,000,000.00

UCO Bank

Flagship Corporate Centre, 5, Parliament Street, New delhi, Delhi - 110001, INDIA

B08966897

13

10232015

09/03/2011 *

6,000,000,000.00

Punjab National Bank

Tolstoy House, Tolstoy Marg, New Delhi, Delhi -
110001, INDIA

B09356254

14

10229566

09/03/2011 *

1,820,000,000.00

Bank of Baroda

Corporate Financial Service Large Corporate Branch, GF, Bank of Baroda Building, 16, Sansad Marg, New Delhi, Delhi - 110001, INDIA

B09953746

15

10224813

25/06/2013 *

14,500,000,000.00

State Bank of India

Corporate Financial Service Large Corporate Branch, GF, Bank of Baroda Building, 16, Sansad Marg, New Delhi, Delhi - 110001, INDIA

B82488420

16

10224815

09/03/2011 *

1,500,000,000.00

Bank of India

Large Corporate Branch, PTI Building, 4 Sansad Marg,, New Delhi, Delhi - 110001, INDIA

B08649642

17

10217830

09/03/2011 *

3,000,000,000.00

Vijaya Bank

Barakhamba Road, New Delhi, Delhi - 110001, INDIA

B09537846

18

10215941

14/06/2010 *

620,000,000.00

Axis Trustee Services Limited

MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA

A87424313

19

10208423

09/03/2011 *

3,000,000,000.00

Andhra Bank

R-3,, Green Park (Main), New Delhi, Delhi - 1100
16, INDIA

B09313040

20

10205973

04/05/2010 *

1,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A85150571

21

10215942

27/02/2010

8,840,000,000.00

CORPORATION BANK

M-41,, CONNAUGHT CIRCUS BRANCH, NEW DELHI, Delhi - 110001, INDIA

A83581777

22

10200323

09/03/2011 *

3,000,000,000.00

State Bank of Hyderabad

Commercial Branch,, 74, Janpath, New Delhi, Delhi - 110001, INDIA

B09293846

23

10199666

10/04/2010 *

10,000,000,000.00

Axis Trustee Services Limited

MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA

A82735507

24

10194373

30/12/2009

20,420,000,000.00

Corporation Bank

M-41, P. B. No. 162,, Connaught Circus,, New Delhi, Delhi - 110001, INDIA

A76440460

25

10186765

17/02/2010 *

5,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

A78888815

26

10148066

27/09/2010 *

1,083,000,000.00

Bharti Airtel Limited

Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II,, New Delhi, Delhi - 110070, INDIA

A96394689

27

10128631

01/11/2008

2,300,000,000.00

AXIS BANK LTD.

Statesman House,, Barakhamba Road, New Delhi, Delhi - 110001, INDIA

A49855984

28

10116315

13/08/2008

3,750,000,000.00

STATE BANK OF PATIALA

36, JANPATH,, CHANDRALOK BUILDING, NEW DELHI, Delhi - 110001, INDIA

A43178342

29

10115981

16/06/2008

3,000,000,000.00

INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED

1ST FLOOR, RAMON HOUSE,169 BACKBAY RECLAMATION, H.T. Parekh Marg, Churchgate, MUMBAI, Maharashtra - 400020, INDIA

A43024009

30

10091036

24/07/2008 *

1,340,000,000.00

Corporation Bank

M-41, P.B. No. 162, Connaught Circus, New Delhi, Delhi - 110001, INDIA

A43633676

31

10075987

28/11/2008 *

1,510,000,000.00

IDBI Bank Ltd.

11th floor, Surya Kiran Building, 19 K. G. Marg,
New Delhi, Delhi - 110001, INDIA

A52884418

32

10070235

30/08/2008 *

5,625,000,000.00

STANDARD CHARTERED BANK

CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA

A44808038

33

10033829

29/12/2006

240,000,000.00

SREI INFRASTRUCTURE FINANCE LIMITED

VISHWAKARMA, 86C, TOPSIA ROAD (SOUTH), KOLKATA, West Bengal - 700046, INDIA

A09202441

34

10023535

28/09/2006

1,000,000,000.00

UCO BANK

5,PARLIAMENT STREET, NEW DELHI, DELHI, Delhi - 110001, INDIA

A05706155

35

10008812

15/05/2006

3,150,000,000.00

State Bank of India

Corporate Accounts Group, Jawahar Vyapar Bhawan,,
11th and 12th floor, 1 Tolstoy Marg, New Delhi, Delhi - 110001, INDIA

A02016152

36

10000995

01/02/2006

1,500,000,000.00

UNITED BANK OF INDIA

106-109, ANSAL TOWER, 1ST FLOOR, 38, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA

A00118620

37

80051566

28/11/2005

750,000,000.00

STATE BANK OF HYDERABAD

19, K.G MARG, , NEW DELHI, Delhi - 110001, INDIA

-

38

80013913

25/09/2006 *

2,500,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA

-

39

80013910

25/09/2006 *

500,000,000.00

UCO BANK

OVERSEAS BRANCH, 5 PARLIAMENT STREET, NEW DELHI,
Delhi - 110001, INDIA

-

40

80013908

25/09/2006 *

3,000,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA

-

41

80051565

12/07/2005

1,500,000,000.00

CANARA BANK

NEW DELHI, NEW DELHI, Delhi - 110001, INDIA

-

42

80013903

25/09/2006 *

500,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

-

43

80003723

03/04/2006 *

350,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

-

44

80009779

25/07/2012 *

47,998,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS, GROUP BRANCH JAWAHAR VYAPAR,
BHAWAN 11TH and 12TH FLOOR TOLSTOYMARG, New Delhi, Delhi - 110001, INDIA

B56093297

 

 

* Date of charge modification

 

 

FIXED ASSETS:

 

  • Land Freehold
  • Land Leasehold
  • Live Stock
  • Buildings
  • Plant and Equipment
  • Electrical Fittings
  • Furniture and Fixtures
  • Vehicles
  • Air Craft
  • Office equipment

 

 

AS PER WEBSITE DETAILS:

 

PRESS RELEASES:

 

JINDAL STEEL AND POWER LIMITED Q1 FY 13-14 RESULTS

 

July 30, 2013

 

JSPL, notwithstanding a shrinking global and sluggish local market; adverse economic conditions in the home market; power transmission constraints and major devaluation of the Indian Rupee, has achieved impressive growth in its earnings. While the revenue of JSPL standalone increased by 2.8%, its PBT and PAT for Q1-FY 13-14 increased substantially, compared to the same period last year. While the overall sales volume of Steel and Cement business witnessed a modest growth, its intensified efforts in export market resulted in export volumes jump up by 220%. JSPL's continued thrust in steel retail marketing and country wide appointment of distributors and dealers saw a multi-fold growth in the retail sales volume. The company continued to focus on reduction of its finished goods inventory leading to a drop in its previous year's level of Rs. 18020.000 Millions at the end of Q1 FY 12-13 to Rs. 13620.000 Millions in Q1 FY 13-14.

 

Although the prices of all steel products dropped between 10-15% compared to the same period last year, JSPL through its multiple initiatives in reduction of material and Sales and General

 

Administrative costs succeeded to retain its EBITDA margins at a decent level. JSPL's PBT levels were however adversely affected due to additional burden of depreciation and interest cost of its new investments in Angul and foreign exchange (MTM) losses due to a declining Indian Rupee.

 

The Company in spite of all challenges, maintained tempo in completing its 4x600 MW Tamnar Phase - 2 project as well as its new steel plants in Angul and Oman which would be fully commissioned as per the targeted schedule during 2013-14.

 

As a part of its unequivocal commitment to achieve high standards of Corporate Governance, the company introduced a comprehensive governance structure streamlining and integrating all Business Segments and Units spread across India and Overseas locations. Board level sub­committees have been setup for the management of "New Investments", associated risks, Health Safety and Environment (HSE) and CSR (Corporate Social Responsibility).

 

The Board also authorized Sub Committee of Board of Directors of the Company to examine a buy-back of shares from the existing shareholders of the Company and to seek or cause to be sought requisite clarifications, consents and approvals (including without limitation, from the lenders to the Company), and to accordingly provide their recommendations in this regard to the Board of Directors for further consideration and evaluation and for taking such formal decision or action as the Board of Directors may deem fit, pursuant to applicable laws, market conditions and other relevant considerations.

 

The Company remains cautiously optimistic and confident of achieving its targeted performance in the quarters to come.

 

 

FINANCIAL RESULTS

 

Standalone

 

  • Turnover up by 3% to Rs. 34251.900 Millions (Rs. 33310.900 Millions)*
  • Export grew by 220%
  • Net Profit for the quarter is Rs. 2388.600 Millions (Rs. 12.42 Millions)*#

 

*figures in brackets are for the financial year 2012-13

Net Profit is after tax but before minority interest and share of profit/(loss) Of associates.

#Net Profit for the quarter ending June 2012 includes exceptional expenses of Rs. 5741.200 Millions

 

 

SALES

 

Details of sales for the quarter ended June 30, 2013 with the corresponding quarter in the Previous financial year are as under:

 

For the Quarter I ended June 30, 2013:

 

Product (MT)

Quarter I

Growth (%)

 

 

2013-14

2012-13

 

 

Sponge Iron

 

1,925

 

Steel Products**

664,801

561,337

18%

Pellets

551,012

395,447

39%

Power (million kWh)

384

584

(34%)

 

 

* Sponge Iron sale is nil due to captive consumption

** Slabs/ Bloom/ Billets/ Structural's and Rails/ Universal Plate/ Coil/ Converted Angle/ Channel/ Wire Rod/ TMT/ Fabricated Beams/ Plates

 

 

JINDAL STEEL AND POWER LIMITED SIGNS MOU WITH THE LIBERIAN GOVERNMENT TO SET UP TWO UNITS OF POWER PLANTS IN LIBERIA

 

  • MoU signed in presence of Ms. Ellen Johnson Sirleaf, President of Republic of Liberia on her visit to Jindal Steel and Power Limited facilities in Chhattisgarh
  • Ms. Ellen Johnson Sirleaf, President of Republic of Liberia, is on a five day state visit
  • Two units each of 175 megawatt of thermal power plant will be built in two phases starting next year in Liberia

 

New Delhi, 11th Sept 2013: Jindal Steel and Power Limited has signed a memorandum of understanding with the Liberian government to set up two units of 175 MW each power project in Liberia. The MoU was signed in presence of Ms. Ellen Johnson Sirleaf, Nobel Peace Prize laureate and President of Republic of Liberia who is on a five-day state visit. The president visited Jindal Steel and Power Limited.'s state-of-art 3 MTPA Steel plant in Raigarh and 1000 MW power plant in Tamnar, Chattisgarh.

 

On her visit to the Raigarh facility, Ms. Ellen Johnson Sirleaf President of Republic of Liberia said that she was very impressed seeing what JSPL has achieved. The manner in which the company have built plants in difficult circumstances and worked with villagers gives them confidence, and they are open to all possibilities of a strong partnership. Liberian government would be working closely with JSPL to achieve the objective of industrial growth in the country.

 

The President on her visit to India is accompanied by a high-level delegation including the Liberian Ministers of Foreign Affairs, Finance, Agriculture, Commerce and Industry, Information, Culture and Tourism, Lands, Mines and Energy and Gender development, besides senior Government officials and representatives of apex trade bodies.

 

Liberia is one of the stable West African countries, growing at a rate of 8-10%. The countries rich natural resources and various infrastructure and industrial development provide significant potential for enhancement of trade and investment ties between the two countries.

 

Speaking on the Liberian President's visit, Shri. Naveen Jindal, Chairman, JSPL said "At JSPL, we are committed to add value to their stakeholders and as part of their business expansion plans in the mining and power sector, we are exploring available opportunities in Africa. Liberia is a stable country with good governance practices, and the fact that it is led by a Nobel laureate extends further credibility to the nation. I have a dream to light up Africa."

 

Speaking about the project, Mr. Ravi Uppal, MD and CEO, JSPL said, "The power project would be set up under Public Private Partnership (PPP) model and will have two units of 350 MW total of power. JSPL is committed to fulfil the country's power requirement and the work on the project would start soon."

 

 

About Jindal Steel and Power Limited (JSPL)

 

Jindal Steel and Power Limited (JSPL) is one of India's major corporate houses with a significant presence in sectors like Steel, Mining, Power Generation and Infrastructure. With an annual turnover exceed up US$ 3.5 billion, JSPL is a part of the over US$ 18 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa, Indonesia and Australia.

 

The company produces economical and efficient steel and power. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to major infrastructure and housing projects in the country. It also has the distinction of producing the world's longest 121 metre long rails and large size parallel flange beams, high strength angle irons for transmission towers and high strength earthquake-resistant construction rebars.

 

 

JSPL has always believed in inclusive growth, supporting the communities around its plants, endeavouring to improve the quality of life of the people in the areas it operates in. Its focus on community development and social issues around its facilities in Chhattisgarh, Jharkhand and Odisha has changed the living standards of the people, heralding a turnaround in these areas.

 

As part of its sustainable growth programme, JSPL has been focusing on health, education and women empowerment, sports, art and culture, infrastructure development, skill development and raising employability in 42 adopted villages around the periphery of Raigarh facility. Jindal Hospital, Jindal School, Jindal Institute of Technology, 'Asha - The Hope' school for the differently-abled, computer labs, musical fountain, auditorium, management of three ITIs (through public private partnership) and Institute Management Committee (IMC) collectively comprise JSPL's social commitments.

 

For skill development OP Jindal Community College (OPJCC), a private technical vocational education offers practical and relevant skill enhancement for youth to meet the requirement of semi-skilled/ skilled workforce in the industries and to improve their employability. OPJCC has five colleges across India at the moment at Angul and Barbil (Odisha), Patratu and Godda (Jharkhand) and Raigarh (Chhattisgarh).

 

For Africa JSPL has already started a student exchange program and also sponsored students to study the OP Jindal Global University at Sonepat and OP Jindal Engineering College ,Raigarh. As a philanthropic gesture an Imaging center is proposed to be constructed at Liberia , apart from donation of expensive medical equipment like MRI, Mammography machine, Ambulances etc.

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.62.24

UK Pound

1

Rs.99.20

Euro

1

Rs.84.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

RAJ

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

75

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.