MIRA
INFORM REPORT
|
Report Date : |
12.12.2014 |
IDENTIFICATION DETAILS
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Name : |
JSW ENERGY LIMITED |
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Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.03.1994 |
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Com. Reg. No.: |
11-077041 |
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Capital Investment
/ Paid-up Capital : |
Rs.16400.500 Million |
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CIN No.: [Company Identification
No.] |
L74999MH1994PLC077041 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in the business of generation of power, operation and
maintenance of power plants and trading in power. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of the JSW Group headed by Mr. Sajjan Jindal. It is
a well-established company having fine track record. There appear drastic dip in its net profitability of the company
during 2014. Financial and liquidity position seems to be sound and healthy. The rating also takes into consideration, the volatility in the prices
of coal and foreign exchange rates which may affect the profitability. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of long standing experience of the promoters, the company can
be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = AA- |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
October 27, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
October 27, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non-Co-operative (91-22-42861000)
LOCATIONS
|
Registered Office/ Corporate Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, |
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Tel. No.: |
91-22-42861000 |
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Fax No.: |
91-22-42863000 |
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E-Mail : |
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Website : |
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Corporate/ Branch Office : |
The Enclave, Behind Marathe Udyog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Tel. No.: |
91-22-67838000/ 23513000 |
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Fax No.: |
91-22-24320740 |
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Location : |
Owned |
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Vijayanagar Plant : |
SBU I and SBU II Post Box No. 9, Toranagallu, District |
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Tel. No.: |
91-8395-252124 |
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Fax No.: |
91-8395-250757 |
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Location : |
Owned |
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Ratnagiri Plant : |
Village Nandiwade, Post Jaigad, Taluka and District
Ratnagiri – 415614, |
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Tel. No.: |
91-2357-242501 |
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Fax No.: |
91-2357-242508 |
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Location : |
Owned |
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Hydro Project : |
Kutehr Hydroelectric Project, Village and PO Garola, Tehsil Bharmour, District Chamba – 176309, Himachal Pradesh, India |
DIRECTORS
As on 23.07.2014
|
Name : |
Mr. Sajjan Jindal |
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Designation : |
Chairman & Managing Director |
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DIN No.: |
00017762 |
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Name : |
Mr. Sanjay Sagar |
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Designation : |
Joint Managing Director & CEO |
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DIN No.: |
00019489 |
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Name : |
Mr. Pramod Menon |
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Designation : |
Director-Finance |
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DIN No.: |
01443287 |
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Name : |
Mr. Nirmal Kumar Jain |
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Designation : |
Director |
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DIN No.: |
00019442 |
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Name : |
Mr. D. J. Balaji Rao |
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Designation : |
Independent Director |
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DIN No.: |
00025254 |
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Name : |
Mr. Chandan Bhattacharya |
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Designation : |
Independent Director |
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DIN No.: |
01341570 |
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Name : |
Mr. B. Ravindranath |
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Designation : |
Nominee Director of IDBI Bank Limited |
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DIN No.: |
02156076 |
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Name : |
Mr. P. Abraham |
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Designation : |
Independent Director |
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DIN No.: |
00280426 |
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Name : |
Mr. Shailaja Chandra |
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Designation : |
Independent Director |
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DIN No.: |
03320688 |
KEY EXECUTIVES
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Name : |
Mr. Sampath Madhavan |
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Designation : |
Company Secretary |
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SENIOR MANAGEMENT TEAM |
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Name : |
Mr. Satish Jindal |
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Designation : |
Chief Operating Officer (Power Trading) |
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Name : |
Mr. Kamal Kant |
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Designation : |
Senior Vice President |
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Name : |
Mr. Chhavi Nath Singh |
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Designation : |
Senior Vice President |
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Name : |
Mr. Vijay Paranjape |
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Designation : |
Senior Vice President |
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Name : |
Mr. Vijay Sinha |
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Designation : |
Vice President |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
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162634062 |
9.92 |
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1067405842 |
65.08 |
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1230039904 |
75.00 |
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|
740 |
0.00 |
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|
740 |
0.00 |
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Total shareholding of Promoter
and Promoter Group (A) |
1230040644 |
75.00 |
|
(B) Public Shareholding |
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|
13229047 |
0.81 |
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|
94395164 |
5.76 |
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|
91651097 |
5.59 |
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|
199275308 |
12.15 |
|
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|
16468659 |
1.00 |
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|
44326428 |
2.70 |
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|
38047576 |
2.32 |
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|
111896180 |
6.82 |
|
|
156745 |
0.01 |
|
|
2586765 |
0.16 |
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|
150 |
0.00 |
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|
954473 |
0.06 |
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|
108198047 |
6.60 |
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|
210738843 |
12.85 |
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Total Public shareholding (B) |
410014151 |
25.00 |
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Total (A)+(B) |
1640054795 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
1640054795 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of
the Shareholder |
Details of
Shares held |
|
|
No. of
Shares held |
As a % of
grand total |
||
|
1 |
Sahyog Tradcorp Private Limited |
25,67,99,044 |
15.66 |
|
2 |
JSW Investments Private Limited |
24,00,95,007 |
14.64 |
|
3 |
JSL Limited |
14,53,32,820 |
8.86 |
|
4 |
Glebe Trading Private Limited |
14,53,32,820 |
8.86 |
|
5 |
Danta Enterprises Private
Limited |
8,55,99,613 |
5.22 |
|
6 |
Virtuous Tradecorp Private
Limited |
8,55,99,613 |
5.22 |
|
7 |
JSW Steel Limited |
7,52,53,500 |
4.59 |
|
8 |
Sajjan Jindal |
7,41,44,262 |
4.52 |
|
9 |
Tarini Jindal |
2,50,00,000 |
1.52 |
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10 |
Tanvi Jindal |
2,50,00,000 |
1.52 |
|
11 |
Parth Jindal |
2,50,00,000 |
1.52 |
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12 |
JSW Steel Limited |
2,36,25,000 |
1.44 |
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13 |
Sangita Jindal |
1,30,83,125 |
0.80 |
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14 |
JSW Investments Private Limited |
54,40,500 |
0.33 |
|
15 |
Amba River Coke Limited |
18,18,000 |
0.11 |
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16 |
JSW Cement Limited |
15,59,610 |
0.10 |
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17 |
JSW Steel Coated Products
Limited |
9,09,000 |
0.06 |
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18 |
Saroj Bhartia |
1,00,000 |
0.01 |
|
19 |
Urmila Bhuwalka |
1,00,000 |
0.01 |
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20 |
Seema Jajodia |
1,00,000 |
0.01 |
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21 |
Nirmala Goyal |
1,00,000 |
0.01 |
|
22 |
Narmada Fintrade Private
Limited |
40,500 |
0.00 |
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23 |
Tarini Jindal |
2,225 |
0.00 |
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24 |
Tanvi Jindal |
2,225 |
0.00 |
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25 |
Parth Jindal |
2,225 |
0.00 |
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26 |
JSW Holdings Limited |
445 |
0.00 |
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27 |
Ratan Jindal |
370 |
0.00 |
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28 |
Nalwa Sons Investments Limited |
370 |
0.00 |
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29 |
Prithvi Raj Jindal |
370 |
0.00 |
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Total |
1,23,00,40,644 |
75.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
80475310 |
4.91 |
|
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2 |
Steel Traders Limited |
59372000 |
3.62 |
|
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3 |
Indus Capital Group Limited |
48826047 |
2.98 |
|
|
4 |
Kantilal N Patel |
19270638 |
1.17 |
|
|
|
Total |
207943995 |
12.68 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of generation of power, operation and
maintenance of power plants and trading in power. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· IDBI Bank Limited ICICI
Bank Limited Punjab
National Bank State
Bank of India Vijaya
Bank Canara
Bank |
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Facilities : |
NOTES: Long Term
Borrowings 1.
Terms of
Redemption of Debentures : a)
12,000 nos @ 9.75% Secured Redeemable
Non-Convertible Debentures of Rs.10 lakh each redeemable at par in 10 half
yearly equal installments commencing from 20th January / 30th January / 16th
February, 2016 till 20th July / 30th July / 16th August, 2020. b)
Coupons Rate ranging from 9.20% to 9.75% Secured
Redeemable Non-Convertible Debentures of 20,400 nos of Rs.10 lakh each having
tranches of Rs.1200.000 Million each aggregating to Rs.20400.000 Million.
Each tranches are redeemable at par at different intervals from 30th
September, 2014 and ending at 1st November, 2022. 2.
Terms of
Repayment of Rupee Term Loans: Rs.
In Millions
3.
Details of
Security : a)
Debentures aggregating to Rs.12000.000 Million
(Previous Year Rs.12000.000 Millions), mentioned in 1 (a) are secured on a pari
passu basis by (a) a first ranking charge by way of legal mortgage on the
freehold land situated at Mouje Maharajpura, Taluka Kadi, District Mehsana,
in the State of Gujarat, (b) a first ranking charge by way of legal mortgage
of immovable assets of the Company’s SBU I & SBU II situated in the State
of Karnataka, (c) a first ranking charge by way of hypothecation of moveable
fixed assets of the Company’s SBU I & SBU II. b)
Debentures aggregating to Rs.20400.000 Million
(Previous Year Rs.22800.000 Millions), mentioned in 1 (b) are secured on a
pari passu basis by (a) a first ranking charge by way of legal mortgage on
the freehold land situated at Mouje Maharajpura, Taluka Kadi, District
Mehsana, in the State of Gujarat, (b) secured on a pari passu basis by a
first ranking charge by way of mortgage on fixed assets of SBU III (4 x 300
MW Power Plant situated at Dist. Ratnagiri, in the State of Maharashtra). c)
Rupee Term Loan aggregating to Rs.159500.000
Million (Previous Year Rs.2157.700 Millions) included in 2 (a) and (b) are
secured on a pari passu basis by (a) a first ranking charge by way of
equitable mortgage of immovable assets of the Company’s SBU I & SBU II
situated in the State of Karnataka, (b) a first ranking charge by way of
hypothecation of moveable fixed assets of the Company’s SBU I & SBU II
unit situated in the State of Karnataka, (c) a second ranking charge by way
of hypothecation on the current assets of Company’s SBU I & SBU II
including stock and receivables (both present and future). d)
Rupee Term Loan aggregating to Rs.1075.400
Million (Previous Year Rs.1450.300 Millions) included in 2 (a) is secured on
a pari passu basis by (a) a first ranking legal mortgage of immovable
property of the Company’s SBU II situated in State of Maharashtra, (b) a first
ranking charge by way of equitable mortgage of immovable assets of the
Company’s SBU I & SBU II situated
in the State of Karnataka, (c) a first ranking charge by way of hypothecation
of moveable fixed assets of the Company’s SBU I & II (d) a second ranking
charge by way of hypothecation on the current assets of Company’s SBU I &
SBU II including stock and receivables (both present and future). e)
Rupee Term Loan included in 2 (a) amounting to
Rs.1311.100 Million (Previous Year Rs.1966.700 Millions) is secured by first
ranking charge on the Company‘s share (i.e. 50%) in the property being
developed at Village Kole Kalyan, Taluka South Salsette, District of Mumbai
Suburban. f)
Rupee Term Loan included in 2 (a) and (b)
aggregating of Rs.11809.100 Million (Previous Year Rs.12523.500 Millions) are
secured on a pari passu basis by (a) first ranking charge by way of legal
mortgage on the Company’s SBU III (4x300 MW) immovable property both present
and future situated in Ratnagiri and Mumbai and (b) a first ranking charge by
way of hypothecation of moveable assets both present and future of Company’s
SBU III situated in Ratnagiri, Maharashtra. (c) second ranking charge on
current assets of the Company’s SBU III for Rupee Term Loan included in 2 (a)
aggregating of Rs.10902.700 Million (Previous Year Rs.11492.100 Millions) Short Term
Borrowings Details of Security: Working Capital Loans pertaining to SBU II are secured on a pari passu
basis by (a) a second ranking charge by way of equitable mortgage of immovable
assets of the SBU II situated in the State of Karnataka, (b) a second ranking
charge by way of hypothecation of movable fixed assets of the SBU II (c) a
first ranking charge by way of hypothecation on the current assets of SBU II
including stock and receivable (both present and future). |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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E-Mail : |
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Memberships : |
--- |
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Collaborators : |
--- |
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Joint
Venture / Associates : |
·
Barmer Lignite Mining Company Limited ·
MJSJ Coal Limited ·
Toshiba JSW Power Systems Private
Limited (formerly Toshiba JSW Turbine and Generator Private Limited) |
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|
·
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Related
parties with whom the Group has entered into transactions during the year : |
·
JSW Steel Limited ·
JSoft Solutions Limited ·
JSW Cement Limited ·
JSW Realty & Infrastructure
Private Limited ·
JSW Jaigarh Port Limited ·
JSW Techno Projects Management Limited ·
JSW Infrastructure Limited ·
South West Port Limited ·
South West Mining Limited ·
JSW Green Private Limited ·
O.P. Jindal Foundation ·
JSW Foundation ·
JSL Lifestyle Limited ·
JSW Energy (Bengal) Limited ·
JSW Bengaluru Football Club Private
Limited (Formerly JSW Sports Private Limited) ·
JSW Steel Coated Products Limited ·
JSW Projects Limited ·
JSW Ispat Steel Limited (Merged with
JSW Steel Limited during the current year) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,640,054,795 |
Equity Shares |
Rs.10/- each |
Rs.16400.500
Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the beginning and end of the year:
|
Particulars |
As at 31st March, 2014 |
|
Balance as at the beginning of the year |
1640054795 |
|
Issued during the year |
--- |
|
Balance as at the end of the year |
1640054795 |
Terms & Rights
attached to equity shares:
1.
The Company has only one class of equity shares
having a par value of Rs.10 each. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of Directors is subject to approval of the
Shareholders in the ensuing Annual General Meeting.
2.
In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amount, in proportion to the shareholding. However, no such
preferential amount exist currently.
Details of
shareholding more than 5%
|
Name of the Companies |
As at 31st March, 2014 |
|
JSW Investments Private Limited |
475478198 |
|
|
28.99% |
|
Sun Investments Private Limited |
145736700 |
|
|
8.89% |
|
Vrindavan Services Private Limited |
--- |
|
|
--- |
|
JSW Steel Limited |
98878500 |
|
|
6.03% |
|
Sahyog Tradcorp Private Limited |
229298660 |
|
|
13.98% |
Aggregate number
of Bonus shares issued and shares issued for consideration other than cash
during the last five years:
|
Particulars |
As at 31st March, 2014 |
|
Equity Shares issued as fully paid bonus shares by capitalization of
General Reserve and Surplus |
819856914 |
|
Equity Shares allotted pursuant to the scheme of Amalgamation without
consideration being received in cash |
--- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
16400.500 |
16400.500 |
16400.500 |
|
(b) Reserves & Surplus |
53626.200 |
51331.900 |
45186.700 |
|
(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) |
70026.700 |
67732.400 |
61587.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
42641.100 |
47173.000 |
49609.900 |
|
(b)
Deferred tax liabilities (Net) |
1851.200 |
1537.200 |
1381.700 |
|
(c)
Other long term liabilities |
23.600 |
23.600 |
5.000 |
|
(d)
long-term provisions |
60.800 |
53.100 |
30.300 |
|
Total
Non-current Liabilities (3) |
44576.700 |
48786.900 |
51026.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1199.900 |
1200.000 |
0.000 |
|
(b) Trade payables |
15987.600 |
20889.500 |
23845.200 |
|
(c) Other current liabilities |
7064.300 |
8650.700 |
6995.900 |
|
(d)
Short-term provisions |
3869.400 |
3878.600 |
971.900 |
|
Total
Current Liabilities (4) |
28121.200 |
34618.800 |
31813.000 |
|
|
|
|
|
|
TOTAL |
142724.600 |
151138.100 |
144427.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
69088.700 |
69444.200 |
69125.700 |
|
(ii) Intangible Assets |
4.600 |
16.000 |
27.000 |
|
(iii) Capital work-in-progress |
4672.500 |
7911.900 |
8010.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
22998.800 |
23041.800 |
22782.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
16026.000 |
18519.800 |
10059.800 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
112790.600 |
118933.700 |
110005.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
6341.900 |
5909.200 |
2100.200 |
|
(b) Inventories |
3744.200 |
4110.300 |
7051.400 |
|
(c) Trade receivables |
9921.100 |
13201.900 |
6142.200 |
|
(d) Cash and cash equivalents |
3940.300 |
3146.000 |
6369.500 |
|
(e) Short-term loans and advances |
3505.100 |
5292.700 |
10848.300 |
|
(f) Other current assets |
2481.400 |
544.300 |
1910.500 |
|
Total Current Assets |
29934.000 |
32204.400 |
34422.100 |
|
|
|
|
|
|
TOTAL |
142724.600 |
151138.100 |
144427.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
58026.100 |
63964.500 |
50164.200 |
|
|
|
Other Income |
2549.400 |
3047.800 |
1140.200 |
|
|
|
TOTAL (A) |
60575.500 |
67012.300 |
51304.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of fuel |
36427.700 |
38942.800 |
34602.800 |
|
|
|
Increase in banked energy |
(1886.700) |
(33.100) |
0.000 |
|
|
|
Employee benefits expense |
889.700 |
1065.000 |
809.000 |
|
|
|
Other expenses |
2469.100 |
2932.400 |
2610.200 |
|
|
|
Exceptional Items - Net foreign exchange loss |
3702.100 |
1699.500 |
1516.100 |
|
|
|
TOTAL (B) |
41601.900 |
44606.600 |
39538.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18973.600 |
22405.700 |
11766.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6275.500 |
5718.000 |
5081.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12698.100 |
16687.700 |
6684.700 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
4528.500 |
4249.400 |
3772.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8169.600 |
12438.300 |
2912.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2144.800 |
2508.000 |
566.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6024.800 |
9930.300 |
2346.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21172.700 |
17177.100 |
17178.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
736.900 |
1352.300 |
1394.800 |
|
|
|
General Reserve |
451.900 |
744.800 |
0.000 |
|
|
|
Proposed Dividend |
3280.100 |
3280.100 |
820.000 |
|
|
|
Dividend Distribution Tax |
557.500 |
557.500 |
133.000 |
|
|
BALANCE CARRIED
TO THE B/S |
22171.100 |
21172.700 |
17177.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
27450.400 |
30473.200 |
27756.800 |
|
|
|
Stores & Spares |
28.300 |
53.700 |
11.400 |
|
|
|
Capital Goods |
4.500 |
29.300 |
643.200 |
|
|
|
Others |
30.600 |
50.100 |
19.500 |
|
|
TOTAL IMPORTS |
27513.800 |
30606.300 |
28430.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.67 |
6.05 |
1.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
10.38
|
15.52 |
4.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
32.69
|
35.02 |
23.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10 |
10.35 |
2.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.18 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63 |
0.71 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
0.93 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
16400.500 |
16400.500 |
16400.500 |
|
Reserves & Surplus |
45186.700 |
51331.900 |
53626.200 |
|
Net
worth |
61587.200 |
67732.400 |
70026.700 |
|
|
|
|
|
|
long-term borrowings |
49609.900 |
47173.000 |
42641.100 |
|
Short term borrowings |
0.000 |
1200.000 |
1199.900 |
|
Total
borrowings |
49609.900 |
48373.000 |
43841.000 |
|
Debt/Equity
ratio |
0.806 |
0.714 |
0.626 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
50164.200 |
63964.500 |
58026.100 |
|
|
|
27.510 |
(9.284) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
50164.200 |
63964.500 |
58026.100 |
|
Profit |
2346.400 |
9930.300 |
6024.800 |
|
|
4.68% |
15.52% |
10.38% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
5549.500 |
5725.200 |
4067.700 |
|
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 |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS:
|
Case Details Bench:- Bombay |
|||||||
|
Presentation Date: 12.07.2013 |
|||||||
|
Lodging No:- |
ITXAL/1119/2013 |
Failing Date:- |
12.07.2013 |
Reg. No.:- |
ITXA/1468/2013 |
Reg. Date:- |
03.08.2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX. CENT |
Respondent:- |
JSW ENERGY LIMITED |
||||
|
Petn. Adv:- |
TEJVEER SINGH |
Resp. Adv.:- |
VAISH ASSOCIATES |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||||
|
Next Date:- |
28.01.2015 |
|
|||||
|
Coram:- |
HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED |
||||||
|
|
|
||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10359150 |
30/05/2012 |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
B41011966 |
|
2 |
10318837 |
13/12/2011 * |
16,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B27761287 |
|
3 |
10318841 |
13/12/2011 * |
13,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B27761808 |
|
4 |
10304168 |
10/08/2011 |
2,950,000,000.00 |
Punjab National Bank |
Maker Tower 'E', Ground Floor,, Cuffe Parade,, Mumbai, Maharashtra - 400005, INDIA |
B19618271 |
|
5 |
10267059 |
24/03/2014 * |
21,600,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
C00606129 |
|
6 |
10242287 |
14/01/2011 * |
12,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B03077666 |
|
7 |
10221262 |
23/03/2011 * |
3,065,000,000.00 |
PUNJAB NATIONAL BANK |
Vokkaligara Sangha Building, 1st Floor, Hudson Circle, Bangalore, Karnataka - 560027, INDIA |
B10321255 |
|
8 |
10218902 |
23/03/2011 * |
3,065,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B10347375 |
|
9 |
10221246 |
23/03/2011 * |
1,530,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH NO 25, SHANKARANARAYNA BUILDING MG ROAD, BANGALORE, Karnataka - 560001, INDIA |
B10402303 |
|
10 |
10181865 |
26/03/2011 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B10296507 |
FINANCIAL
PERFORMANCE
· The total revenue of the Company for fiscal 2014 stood at Rs.60575.500 Million as against Rs.67012.300 Million for fiscal 2013 showing a decrease of 9.61%.
·
The EBIDTA (before exceptional items)
decreased by 5.93% from Rs.24105.200 Million in fiscal 2013 to Rs.22675.700
Million in fiscal 2014.
·
Profit for the year decreased by 39.33%
from Rs.9930.300 Million in fiscal 2013 to Rs.6024.800 Million in fiscal 2014.
·
The net worth of the Company increased
to Rs.70026.700 Million at the end of fiscal 2014 from Rs.67732.400 Million at
the end of fiscal 2013.
·
The debt gearing of the Company was at
0.71 times as at the end of fiscal 2014 compared to 0.80 times at the end of
fiscal 2013.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
REVIEW
GLOBAL
ECONOMIC OUTLOOK
Global
activity has broadly strengthened and is expected to improve further in
2014–15, with much of the impetus coming from advanced economies. Activity in
many emerging market economies has disappointed in a less favorable external
financial environment. The renewed increase in financial volatility in late
January of 2014 highlights the challenges for emerging market economies posed
by the changing external environment. Although market pressures were relatively
broadly based, countries with higher inflation and wider current account
deficits were generally more affected. Some of these weaknesses have been
present for some time, but with prospects of improved returns in advanced
economies, investor sentiment is now less favorable toward emerging market
risks. In view of possible capital flow reversals, risks related to sizable
external funding needs and disorderly currency depreciations are a concern.
Some emerging market economies have tightened macroeconomic policies to shore
up confidence and strengthen their commitment to policy objectives. The cost of
capital has increased as a result, and this is expected to dampen investment
and weigh on growth. Looking ahead, global growth is projected to strengthen,
led by strong growth in the United States and positive but varied growth
projections for the euro area: stronger in the core, but weaker in countries
with high debt (both private and public) and financial fragmentation. In
emerging markets and developing economies, growth is projected to pick up
helped by stronger external demand from advanced economies, but tighter
financial conditions will be a dampener to domestic demand growth.
DOMESTIC OUTLOOK
The
Indian economy continued to face an uphill task in attaining a higher growth
trajectory, given the continued impact of the global economic crisis. The challenges
included an elevated current account deficit, persistent inflation and sharp
depreciation of the rupee against the US dollar. Other domestic impediments
like rising food and retail inflation, high input costs, pressure on profit
margins and infrastructural bottlenecks contributed to the pressure on the
economy. These challenges prompted the government to calibrate the fiscal
policy, and launch preventive administrative measures along with appropriate
institutional mechanisms to fast track investments in the country.
Backed
by a favorable monsoon season, India’s agricultural sector did witness some
recovery, particularly in the second and third quarter of the current fiscal.
However, subdued growth in the manufacturing sector resulted in the overall GDP
growth rate hovering around 4.6% during the year. However, going forward, the
economy has started picking positive cues from the advanced economies,
alleviating external constraints, and paving the way to recovery.
SECTOR OUTLOOK
The
government has undertaken serious measures to push the sector back to high
growth levels. These include a presidential directive to CIL to implement Fuel
Supply Agreements, periodic revision of power tariffs, restructuring package
offered to loss making DISCOMS and so on. The regulator has also approved
tariff hike for new imported coal based plants, considering the increase in
import prices. This has, however, been challenged in the court by affected
DISCOMS.
As per
CEA, 19.69GW of total power generation capacity got commissioned in FY 2013-14.
This was in addition to the 26 GW and 23 GW capacity that got commissioned in
FY 2011-12 and FY 2012-13 respectively, clocking a
CAGR
of ~10% in the last three years. Based on the above numbers, it is expected that
the country should be able to meet its power generation capacity addition
target of 88.5GW set for the Twelfth Plan period (2012-17).
COMPANY OVERVIEW
Incorporated
in 1994, JSW Energy Limited is the power utility arm of JSW Group. With a
current operational capacity of 3,140 MW, out of which more than 40% is
merchant power, the Company is expected to augment its capacity by another
8,360 MW. While the Company meets a major portion of its fuel requirements
through imported coal, it also has lignite mining rights in Rajasthan; in
addition to owning coal mines in South Africa.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE
QUARTER AND HALF YEAR ENDED 30.09.2014
|
Particular |
Quarter Ended (Rest. in Million) |
Quarter Ended (Rs. in Million) |
Half Year Ended (Rs. in Million) |
|
|
30.09.2014 (Unaudited) |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
14919.400 |
16909.200 |
31828.600 |
|
Other Operating Income |
350.200 |
351.200 |
701.400 |
|
Total Income from operations (net) |
15269.600 |
17260.400 |
32530.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Fuel Cost |
9721.600 |
9250.800 |
18972.400 |
|
Employee benefit expenses |
237.100 |
236.800 |
473.900 |
|
Depreciation and amortization expenses |
1084.900 |
1029.500 |
2114.400 |
|
Other Expenses |
561.100 |
673.400 |
1234.500 |
|
(Increase)
/ Decrease in Banked Energy |
--- |
1919.800 |
1919.800 |
|
Total Expenses |
11604.700 |
13110.300 |
24715.000 |
|
Profit from Operations before Other
Income, Finance costs and Exceptional item |
3664.900 |
4150.100 |
7815.000 |
|
Other Income |
1387.200 |
546.600 |
1933.800 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
5052.100 |
4696.700 |
9748.800 |
|
Finance costs |
1478.600 |
1529.200 |
3007.800 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
3573.500 |
3167.500 |
6741.000 |
|
Exceptional
item |
302.900 |
--- |
302.900 |
|
Profit/ Loss before tax |
3270.600 |
3167.500 |
6438.100 |
|
Tax
Expenses |
950.000 |
780.800 |
1730.800 |
|
Net Profit after tax |
2320.600 |
2386.700 |
4707.300 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs.10) |
16400.500 |
16400.500 |
16400.500 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per share |
|
|
|
|
Basic EPS |
1.41 |
1.46 |
2.87 |
|
Diluted EPS |
1.41 |
1.46 |
2.87 |
|
Debt Equity
Ratio |
--- |
--- |
0.61 |
|
Debt Service
Coverage Ratio |
--- |
--- |
1.75 |
|
Interest
Service Coverage Ratio |
--- |
--- |
3.82 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of
Shares |
410014151 |
410014151 |
410014151 |
|
Percentage of
Shareholding |
25.00 |
25.000 |
25.000 |
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of Shares |
527678107 |
613206798 |
595879567 |
|
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group) |
42.90 |
49.85 |
48.44 |
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
32.17 |
37.39 |
36.33 |
|
|
|
|
|
|
Non -
encumbered |
|
|
|
|
- Number of
Shares |
702362537 |
616833846 |
634161077 |
|
-
Percentage of Shares (as a % of
the total shareholding of promoter and
promoter group) |
57.10 |
50.15 |
51.56 |
|
-
Percentage of Shares (as a % of
the total share capital of the company) |
42.83 |
37.61 |
38.67 |
|
B INVESTORS COMPLAINTS |
Nos. |
|
Pending at the beginning of the quarter |
--- |
|
Received during the quarter |
67 |
|
Disposed during the quarter |
67 |
|
Remaining unresolved at the end of the quarter |
--- |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
SOURCES OF FUNDS |
31.09.2014 (Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds : |
|
|
(a) Share Capital |
16400.500 |
|
(b) Reserves & Surplus |
58304.300 |
|
Sub – total Shareholders’ Fund |
74704.800 |
|
|
|
|
Non-Current
Liabilities |
|
|
(a) long-term borrowings |
39820.300 |
|
(b)
Deferred tax liabilities (Net) |
2196.200 |
|
(c)
Other long term liabilities |
24.900 |
|
(d)
long-term provisions |
67.400 |
|
Sub
– total Non-Current Liabilities |
42108.800 |
|
|
|
|
Current Liabilities |
|
|
(a) Short term borrowings |
--- |
|
(b) Trade payables |
14619.300 |
|
(c) Other current liabilities |
6150.400 |
|
(d)
Short-term provisions |
38.800 |
|
Sub –
total Current Liabilities |
20808.500 |
|
|
|
|
TOTAL |
137622.100 |
|
|
|
|
II.
ASSETS |
|
|
Non-current assets : |
|
|
(a) Fixed Assets |
72172.800 |
|
(b) Non-current Investments |
22962.300 |
|
(d) Long-term Loan
and Advances |
14832.600 |
|
Total
Non-Current Assets |
109967.700 |
|
|
|
|
Current assets |
|
|
(a) Current investments |
5341.300 |
|
(b) Inventories |
4633.500 |
|
(c) Trade receivables |
9810.300 |
|
(d) Cash and cash equivalents |
2353.700 |
|
(e) Short-term loans and advances |
4817.600 |
|
(f) Other current assets |
698.000 |
|
Total Current Assets |
27654.400 |
|
|
|
|
TOTAL |
137622.100 |
Note:
1. The above results have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 31st October, 2014.
2. Other Income for the current quarter / half year includes Rs. 722.500
Million, pursuant to settlement of claims with vendor.
3. The Company has revised depreciation as per the provisions of Part B of
Schedule II of the Companies Act, 2013 which is effective from 1st April, 2014.
Consequently, depreciation for the current quarter and half year is lower by
Rs. 9.81 Crore and Rs. 20.28 Crore respectively.
4. Exceptional items consist of:-
a. Rs. 302.900 Million, Rs. 26.000 Million and Rs. 566.000 Million respectively
for the current quarter and half year ended, corresponding previous half year
ended 30th September, 2013 and year ended 31st March, 2014, being provision for
doubtful loans and advances towards estimated loss arising as a result of
impairment of assets of Subsidiary
Companies,
b. Rs. 78.500 Million for the year ended 31st March, 2014 being profit on sale
of investment in equity shares of 100% foreign subsidiary and
c. Balance represents foreign exchange (gain) / loss.
5. Pursuant to the order of the Honorable Supreme Court dated 24th September
2014 regarding cancellation of the allotment of coal blocks, the Company has
made an assessment of recoverable amounts of investments in joint venture
Company affected by the said order and recognized provision of Rs. 39.400
Million considering the principle of conservatism. The Company has filed a
Review Petition in the Honorable Supreme Court seeking review of the said order
relating to cancellation of allocations of the coal blocks to the aforesaid
company.
6. As the Company is primarily engaged in only one segment viz.
"Generation and Sale of power and that most of the operations are in India, there are no
separate reportable segments as per Accounting Standard 17 prescribed by the
Companies (Accounting Standards) Rules, 2006.
7. Formula for computation of ratios are as follows:
Debt Equity Ratio = (Secured Loans + Unsecured Loans) / (Equity Share Capital +
Reserves & Surplus)
Debt Service Coverage Ratio = Profit before Interest on Term Loans, Exceptional
Items and Tax / (Interest on Term Loans + Principal Payments made during the
period for Long Term Loans)
Interest Service Coverage Ratio = Profit before Interest on Term Loans,
Exceptional Items and Tax / Interest on Term Loans
The figures for the corresponding periods in the previous periods have been
regrouped and reclassified wherever necessary, to make them comparable with the
figures for the current periods.
PRESS RELEASE:
JSW ENERGY TO BUY JAYPEE’S THREE POWER PROJECTS
Barely a day after the collapse of Reliance Power Limited Rs. 120000.000 Million acquisition bid of Jaiprakash Power Ventures Ltd’s (JPVL’s) three hydropower projects, Sajjan Jindal-led domestic conglomerate JSW Group’s energy firm stepped in on Thursday to lap up two of the hydropower projects and another thermal power unit of the Noida-based group.
JSW Energy is the third suitor for parent Jaypee Group’s power plants after the deal with Reliance Power and a consortium led by Abu Dhabi National Energy Co failed to fructify earlier this year. The sale of the power plants is central to Jaypee Group’s efforts to reduce its burgeoning debt of around Rs. 60,000 crore.
JSW Energy said it has signed binding memorandum of understanding (MoU) with JPVL for three operating plants — Baspa Stage II and Karcham Wangtoo in Himachal Pradesh and Bina Thermal power plant in Madhya Pradesh — with an aggregate capacity of 1,891 megawatt.
The deal with Reliance collapsed on Wednesday reportedly due to lack of clarity on capacity at the Karcham Wangtoo project.
JSW Group did not divulge the exact size of the deal but indicated it would raise debt to fund the deal. JSW Energy’s current power production capacity stands at 3,140 MW and should the deal fructify, its capacity would go up by over 50%.
All its existing power capacity is thermal. The company’s website says fresh capacity of another 8,630 MW is under implementation and the firm envisions achieving a power generation of 11,770 MW. No timeline has been given for that target.
Jaypee Group, which also has interests in cement, construction, infrastructure, hospitality and fertiliser, has one of the highest debt among Asian companies manufacturing construction material. The firm that made India’s only Formula 1 track on the outskirts of Delhi, is also in talks to sell some of its cement factories.
News of the collapse of the deal with Reliance Power saw JPVL’s share price plummet nearly 14% at `11.75 per share at the Bombay Stock Exchange on Thursday. Group firms Jaiprakash Associates and Jaypee Infratech’s share tanked 19.15% and 13.45% respectively.
JSW Energy’s shares fell 6.1% at `72.30 per share. News of the acquisition came after the trading closed.
OVERHAUL OF 2 UNITS LED TO GENERATION DECLINE: JSW ENERGY
JSW Energy reported a decline of 2.5 percent in total income for quarter-ended September but held up its margins. In the second quarter of current financial year, the company raked in a total income of Rs 20246.300 Million compared to Rs 20765.300 million in the same period a year ago.
Commenting on the decline seen in generation, Sanjay Sagar, Jt MD & CEO, JSW Energy says, "The reasons for the decline in generation were two; one, we have taken two units for annual overhaul, which are usually done in monsoon quarter, which is at Vijaynagar. Second, at Ratnagiri there was a lot of backing down because of the extend monsoon. Due to that the customers backed down our power to very great extent and that led to a fall in the generation number and in the plant-load-factor (PLF).
The company has 995 MW of operational generating capacity and 2145 MW of generating capacity in the construction or implementation phase.
JP POWER DEAL TO BE COMPLETED BY EARLY FY16: JSW ENERGY
Sanjay Sagar, joint managing director & chief executive
officer, JSW Energy says the company’s deal with JP Power will
be completed by early April.
In an interview to CNBC-TV18, Sagar says he’s confident of getting all the necessary approvals, especially the ones from Central Electricity Authority (CEA).
“We are conducting due diligence and are ensuring there are no serious lapses. Hence, we don’t expect any sort of a hiccup in getting the approvals,” he adds.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Motor Vehicles
· Specialized Software
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
Dec 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.62.20 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.77.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
67 |
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.