MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
JSW ENERGY LIMITED |
|
|
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Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Country : |
India |
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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
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1994PLC077041 |
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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 primarily 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
: |
3294 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 270000000 |
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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.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official estimate
of 4.9 % annual growth and compared with 4.5 % in the last fiscal year.
However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7
% of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or
4.7 %, the year before.A sharp fall in gold imports due to restrictions on
overseas purchases and muted import of capital goods helped shrink the current
account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection
with a complaint against the direct selling firm. This is the second time that
he has been taken into custody. A year, ago the Kerala Police had arrested
Pinckney and two company directors on charges of financial irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68 countries
by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities : “AA-” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
07.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities : “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
07.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-42861000)
LOCATIONS
|
Registered Office/ Corporate Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra, India |
|
Tel. No.: |
91-22-42861000 |
|
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 |
|
Tel. No.: |
91-22-67838000/ 23513000 |
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Fax No.: |
91-22-24320740 |
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Location : |
Owned |
|
|
|
|
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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|
|
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Ratnagiri Plant : |
Village Nandiwade, Post Jaigad, Taluka and District Ratnagiri – 415614, Maharashtra, India |
|
Tel. No.: |
91-2357-242501 |
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Fax No.: |
91-2357-242508 |
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Location : |
Owned |
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|
|
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Hydro Project : |
Kutehr Hydroelectric Project, Village and PO Garola, Tehsil Bharmour, District Chamba – 176309, Himachal Pradesh, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Sajjan Jindal |
|
Designation : |
Chairman & Managing Director |
|
DIN No.: |
00017762 |
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|
|
|
Name : |
Mr. Sanjay Sagar |
|
Designation : |
Joint Managing Director & CEO |
|
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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|
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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 |
|
Designation : |
Nominee Director of IDBI Bank Limited |
|
DIN No.: |
02156076 |
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|
|
Name : |
Mr. P. Abraham |
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Designation : |
Independent Director |
|
DIN No.: |
00280426 |
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|
|
Name : |
Mr. Shailaja Chandra |
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Designation : |
Independent Director |
|
DIN No.: |
03320688 |
KEY EXECUTIVES
|
Name : |
Mr. Sampath Madhavan |
|
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 31.03.2014
|
Category of
Shareholder |
No.
of Shares |
%
of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
452715581 |
27.60 |
|
|
777324323 |
47.40 |
|
|
1230039904 |
75.00 |
|
|
|
|
|
|
740 |
0.00 |
|
|
740 |
0.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
1230040644 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10525893 |
0.64 |
|
|
94498953 |
5.76 |
|
|
68119327 |
4.15 |
|
|
173144173 |
10.56 |
|
|
|
|
|
|
27775978 |
1.69 |
|
|
|
|
|
|
47352667 |
2.89 |
|
|
47851881 |
2.92 |
|
|
113889452 |
6.94 |
|
|
8700 |
0.00 |
|
|
2641962 |
0.16 |
|
|
500 |
0.00 |
|
|
3040243 |
0.19 |
|
|
108198047 |
6.60 |
|
|
236869978 |
14.44 |
|
Total Public shareholding (B) |
410014151 |
25.00 |
|
Total (A)+(B) |
1640054795 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1640054795 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of generation of power, operation
and maintenance of power plants and trading in power. |
GENERAL INFORMATION
|
No. of Employees : |
3294 (Approximately) |
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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 Millions each aggregating to Rs.20400.000 Millions.
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 Millions
(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 Millions
(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
Millions (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
Millions (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 Millions (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 Millions (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 Millions (Previous Year Rs.11492.100 Millions) Short Term
Borrowings Details of Security: 1.
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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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
E-Mail : |
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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) |
|
·
|
|
|
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 |
|
|
|
|
|
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 |
1,640,054,795 |
|
Issued during the year |
- |
|
Balance as at the end of the year |
1,640,054,795 |
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 |
475,478,198 |
|
|
28.99% |
|
Sun Investments Private Limited |
145,736,700 |
|
|
8.89% |
|
Vrindavan Services Private Limited |
-- |
|
|
-- |
|
JSW Steel Limited |
98,878,500 |
|
|
6.03% |
|
Sahyog Tradcorp Private Limited |
229,298,660 |
|
|
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 capitalisation of
General Reserve and Surplus |
819,856,914 |
|
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 |
|
PAT / Total Income |
(%) |
9.95 |
14.82 |
4.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.08 |
19.45 |
5.81 |
|
|
|
|
|
|
|
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 Debt /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 |
50,164.200 |
63,964.500 |
58,026.100 |
|
|
|
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
|
50,164.200 |
63,964.500 |
58,026.100 |
|
Profit |
2,346.400 |
9,930.300 |
6,024.800 |
|
|
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 |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
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 LTD |
||||
|
Petn. Adv:- |
TEJVEER SINGH |
Resp. Adv.:- |
VAISH ASSOCIATES |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
|||||
|
Next Date:- |
10.07.2014 |
||||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||
INDEX OF CHARGE:
|
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. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
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 |
22/04/2013 * |
22,800,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75398735 |
|
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 BUI |
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 your Company for fiscal 2014 stood at Rs.60575.500 Millions as
against Rs.67012.300 Millions for fiscal 2013 showing a decrease of 9.61%.
·
The EBIDTA (before exceptional items)
decreased by 5.93% from Rs.24105.200 Millions in fiscal 2013 to Rs.22675.700
Millions in fiscal 2014.
·
Profit for the year decreased by 39.33%
from Rs.9930.300 Millions in fiscal 2013 to Rs.6024.800 Millions in fiscal
2014.
·
The net worth of your Company increased
to Rs.70026.700 Millions at the end of fiscal 2014 from Rs.67732.400 Millions
at the end of fiscal 2013.
·
The debt gearing of your Company was at
0.71 times as at the end of fiscal 2014 compared to 0.80 times at the end of
fiscal 2013.
AWARDS
During
the year, your Company received the following awards:
1.
Best Thermal Power Plant, 2013
organised by IPPAI (Independent Power Producers Association of India)
2.
National Award (Gold Shield) to Power
Utilities for Meritorious Performance- In Recognition of Outstanding
Performance during 2011-12 (SBU-I) (Vijayanagar Plant) organised by Ministry of
Power, Government of India
3.
National Award (Gold Shield) to Power Utilities
for Meritorious Performance - In Recognition of Outstanding Performance during
2012-13 (SBU-I) (Vijayanagar Plant) organised by Ministry of Power, Government
of India
4.
National Award (Bronze Shield) to Power
Utilities for Meritorious Performance- In Recognition of Outstanding
Performance during 2012-13 (SBU-II) (Vijayanagar Plant) organised by Ministry
of Power, Government of India
5.
Shristi Good Green Governance Award in
the utility sector awarded to Ratnagiri Plant for Environmental protection organised
by Shristi Publications Private Limited
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 favourable 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.
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, 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.59.97 |
|
UK Pound |
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
|
--PROFITABILIRY |
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.