MIRA
INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STAINLESS LIMITED (w.e.f. 07.12.2011) |
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Formerly Known
As : |
JSL STAINLESS LIMITED (w.e.f. 06.08.2010) JSL LIMITED |
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Registered
Office : |
O. P. Jindal
Marg, Hisar – 125005, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.09.1980 |
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Com. Reg. No.: |
05-010901 |
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Capital
Investment / Paid-up Capital : |
Rs.408.155 Millions |
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CIN No.: [Company Identification
No.] |
L26922HR1980PLC010901 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKJ01831E RTKJ01408B |
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PAN No.: [Permanent Account No.] |
AABCJ1969M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer
of Stainless Steel. |
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No. of Employees
: |
4500
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. The rating continue to be constrained by JSL’s weak financial risk profile
marked by continuous losses that company has incurred from its operation and
huge external borrowing taken by the company. Business is active. Payments are slow and delayed. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
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Rating |
Long Term Bank Facilities=D |
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Rating Explanation |
Lowest credit quality and low prospect of recovery. |
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Date |
04.06.2014 |
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
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91.1662-222471)
LOCATIONS
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Registered Office : |
O. P. Jindal
Marg, Hisar – 125005, Haryana, India |
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Tel. No.: |
91-1662-222471- 483 (15 Lines) |
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Fax No.: |
91-1662-220476 /
220499 |
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E-Mail : |
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Website : |
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Bhubaneswar Office : |
6th Floor, INCO Tower, Janpath, Bhubaneswar – 751022, Odisha, India |
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Tel. No.: |
91-647-2545561/2544846 |
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Fax No.: |
91-647-2546147 |
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E-Mail : |
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Corporate
Office : |
Jindal Centre,
12, Bhikaji Cama Place, New Delhi – 110066, India |
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Tel. No.: |
91-11-26188345-60 |
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Fax No.: |
91-11-26161271 / 26170691 / 41659169 |
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E-Mail : |
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Factory 1 : |
P. O. Box No. 6,
O.P, Jindal Marg, Hisar – 125005, Haryana, India |
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Tel. No.: |
91-1662-220471-485
(15 Lines) |
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Fax No.: |
91-1662-220476 /
220499 |
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Factory 2 : |
Kalinga Nagar
Industrial Complex, P. O. Danagadi – 755026, District Jajpur, |
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Tel. No.: |
91-672-6266001 |
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Fax No.: |
91-672-6266002 |
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Factory 3 : |
Kawasan Industry Maspion, Maspion Unit-V, Desa Sukomylyo-Manyar,
Gresik 61151, Jawa Timur-Indonesia |
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Tel. No.: |
62-31-3959565 |
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Fax No.: |
62-31-3959566 |
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Factory 4 : |
Jindal Nagar,
Kothavalasa - 535183, District Vizianagaram, |
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Tel. No.: |
91-8966-273327/
273254/ 273335 |
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Fax No.: |
91-8966-273326 |
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E-mail : |
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Domestic Sales
Office : |
Located at: ·
Delhi ·
Chennai ·
Mumbai ·
Hyderabad ·
Pune ·
Bangalore ·
Vadodara ·
Vishakapatnam ·
Kolkata ·
Rudrapur ·
Surat ·
Indore ·
Jodhpur ·
Ahmadabad · Bhubaneswar |
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Overseas Sales
Office : |
Located at: ·
Turkey ·
UAE ·
Vietnam ·
South
Korea ·
China ·
Italy ·
USA ·
Spain ·
Poland ·
Russia ·
Thailand · Indonesia |
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Service
Centers Network : |
Located at: ·
Gurgaon ·
Mumbai ·
Chennai ·
Vadodara ·
Bangalore ·
Kolkata ·
Hyderabad ·
Pune |
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DIRECTORS
AS ON 31.03.2013
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Name : |
Ms. Savitri Jindal |
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Designation : |
Chairperson |
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Name : |
Mr. Ratan Jindal |
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Designation : |
Vice Chairman and Managing Directors |
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Name : |
Mr. Naveen Jindal |
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Designation : |
Director |
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Name : |
Ms. Suman Jyoti Khaitan |
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Designation : |
Director |
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Name : |
Mr. T. S. Bhattacharya |
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Designation : |
Director |
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Name : |
Mr. Rajeev Bakshi |
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Designation : |
Director |
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Name : |
Mr. James Alistair Kirkland Cochrane |
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Designation : |
Director |
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Name : |
Mr. Gautam Kanjilal |
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Designation : |
Nominee Director of State Bank of |
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Name : |
Mr. Jitendra P. Verma |
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Designation : |
Executive Director (Finance) |
KEY EXECUTIVES
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Name : |
Mr. Uday Kumar Chaturvedi |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Jitendra Kumar |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
652787 |
0.33 |
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43141700 |
21.81 |
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43794487 |
22.14 |
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7523053 |
3.80 |
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47449710 |
23.99 |
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54972763 |
27.80 |
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Total shareholding of Promoter and Promoter Group (A) |
98767250 |
49.94 |
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(B) Public Shareholding |
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16108941 |
8.15 |
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294089 |
0.15 |
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2424934 |
1.23 |
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43765249 |
22.13 |
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62593213 |
31.65 |
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8186793 |
4.14 |
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15349348 |
7.76 |
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229057 |
0.12 |
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12645010 |
6.39 |
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16490 |
0.01 |
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11669766 |
5.90 |
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1690 |
0.00 |
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3205 |
0.00 |
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90083 |
0.05 |
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863776 |
0.44 |
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36410208 |
18.41 |
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Total Public shareholding (B) |
99003421 |
50.06 |
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Total (A)+(B) |
197770671 |
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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16734984 |
0.00 |
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869350 |
0.00 |
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17604334 |
0.00 |
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Total (A)+(B)+(C) |
215375005 |
0.00 |
(1) Indian
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Stainless Steel. |
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Products : |
·
Strip
Mill/Tandem Mill ·
Plate/Steckel
Mill ·
Steel
Melting ·
Cold
Rolling Mill ·
Cold
Rolled Strips ·
Cold
Rolled Special Steel ·
Oxygen
Plant ·
Oxygen
Gas ·
Argon
Gas ·
Industrial
Machinery ·
High
Carbon Ferro Chrome ·
Rolling
Mill Plant |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed Capacity |
Production |
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AT HISAR: 1. Strip Mill/Tandem Mill 2. Plate/Steckel Mill 3. Steel Melting 4. Cupro Nickle Melting 5. Cold Rolling Mill i) Cold Rolled Strips ii) Cold Rolled Special Steel iii) Coin Blanks 6. Oxygen Plant: i) Oxygen Gas ii) Argon Gas 7 Industrial Machinery AT VIZAG High Carbon Ferro Chrome AT ODISHA / MINES High Carbon Ferro Chrome Power Plant
|
MT MT MT MT MT MT MT M. Cum. M. Cum. Nos. MT MT MT MT |
780000 720000 250000 6000 275000 25000 10000 55.00 1.50 209 40000 250000 96000 264 430000 |
130795 534152 1363 1367 198951 22286 1292 53018572 1494400 32836
178871 |
GENERAL INFORMATION
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No. of Employees : |
4500
(approximately) |
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Bankers : |
·
Axis Bank
Limited ·
Bank
of Baroda ·
Canara
Bank ·
ICICI
Bank Limited ·
Punjab
National Bank ·
State
Bank of India ·
State
Bank of Patiala ·
Standard
Chartered Bank |
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Facilities : |
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Banking
Relations : |
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Statutory Auditors : |
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Name : |
Messrs Lodha and Company Chartered Accountants |
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Name : |
Messrs S.S. Kothari Mehta and Company Chartered Accountants |
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Cost Auditors : |
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Name : |
Messrs Ramnath Iyer and Company Cost Accountants |
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Associates : |
J.S.S. Steelitalia Limited |
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Subsidiaries : |
·
PT. Jindal Stainless Indonesia ·
Jindal Stainless Steelway Limited ·
JSL Lifestyle Limited ·
JSL Architecture Limited ·
Jindal Stainless UK Limited ·
Jindal Stainless FZE ·
Green Delhi BQS Limited ·
Jindal Stainless Madencilik Sanayi Ve Ticaret
Anonim Sirketi ·
JSL Media Limited ·
Jindal Aceros Inoxidables S.L. ·
JSL Group Holdings Pte. Limited ·
JSL Logistics Limited ·
Iberjindal S.L. ·
Jindal Stainless Italy Srl. ·
JSL Ventures Pte. Limited ·
JSL Europe SA ·
JSL Minerals & Metals SA |
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Joint Venture
: |
MJSJ Coal Limited |
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Enterprises over
which Key Management Personnel and their relatives exercise significant
influence with whom transactions have been taken place during the year : |
·
Jindal Steel & Power Limited ·
JSW Steel Limited ·
Jindal Saw Limited ·
Jindal Industries Limited ·
Nalwa Steel & Power Limited ·
Bir Plantation Private Limited ·
Sona Bheel Tea Limited ·
Jindal Overseas Holding Limited ·
JSW Ispat Steel Limited |
CAPITAL STRUCTURE
AS ON 26.09.2013
Authorised Capital :Rs.950.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.409.250
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
475000000 |
Equity Shares |
Rs. 2/- each |
Rs.950.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
204077547 |
Equity Shares |
Rs. 2/- each |
Rs.408.155 Millions |
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a) RECONCILIATION OF THE NUMBER OF EQUITY SHARES OUTSTANDING AT THE
BEGINNING AND AT THE END OF THE REPORTING YEAR |
No. of Shares |
|
Equity Shares outstanding at the beginning of the year |
189505625 |
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Equity Shares issued during the year |
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On Conversion of Foreign Currency Convertible Bonds |
1021922 |
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On Issue of Equity Shares to Jindal Overseas Holding Limited |
13550000 |
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Shares outstanding at the end of the year |
204077547 |
4945375 equity shares of Rs.2/- each fully paid up have been allotted to the holders of 2710 Foreign Currency Convertible Bonds of US $ 5000/- each at predetermined (as per scheme) conversion rate of Rs.119.872 each during the last five years
(b) TERMS/RIGHT ATTACHED TO EQUITY SHARES
The company has only one class of equity shares having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity shares held by the shareholders.
(c) EQUITY SHARES IN
THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES ARE AS UNDER
|
NAME OF THE EQUITY SHAREHOLDER |
No. of Shares |
% Holding |
|
Jindal Overseas Holdings Limited |
27700000 |
13.57% |
|
Reliance Capital Trustee Company Limited - A/C Reliance Diversified Power Sector Fund |
11939931 |
5.85% |
|
Citigroup Global Markets Mauritius Private Limited |
11904296 |
5.83% |
|
American Express Bank Limited - A/c AEB London |
- |
- |
|
Hypnos Fund Limited |
10301711 |
5.05% |
(d) EQUITY SHARES
RESERVED FOR ISSUE UNDER OPTIONS
(i) For details of shares reserved for issue under the Employee Stock Option Scheme, 2010 of the company, please refer Note No. 45
(ii) For details of shares reserved for issue on conversion of Foreign Currency Convertible Bonds, please refer
Note No.4 (f) regarding terms of conversion.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
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|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
408.155 |
379.011 |
374.632 |
|
(b) Reserves & Surplus |
14350.337 |
21442.320 |
22173.504 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14758.492 |
21821.331 |
22548.136 |
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
87643.533 |
77125.761 |
76005.142 |
|
(b) Deferred tax liabilities (Net) |
159.261 |
3945.681 |
4444.667 |
|
(c) Other long term liabilities |
1212.405 |
126.503 |
124.398 |
|
(d) long-term provisions |
95.264 |
86.855 |
69.665 |
|
Total Non-current Liabilities (3) |
89110.463 |
81284.800 |
80643.872 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
20231.222 |
15314.513 |
10792.121 |
|
(b) Trade payables |
29753.406 |
20339.468 |
12509.535 |
|
(c) Other current
liabilities |
11380.993 |
18107.475 |
10714.825 |
|
(d) Short-term provisions |
28.359 |
20.144 |
3784.278 |
|
Total Current Liabilities (4) |
61393.980 |
53781.600 |
37800.759 |
|
|
|
|
|
|
TOTAL |
165262.935 |
156887.731 |
140992.767 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
98041.608 |
97511.191 |
41567.520 |
|
(ii) Intangible Assets |
29.203 |
42.895 |
56.587 |
|
(iii) Capital
work-in-progress |
1459.034 |
4566.386 |
49009.590 |
|
(iv)
Intangible assets under development |
84.676 |
48.320 |
0.000 |
|
(b) Non-current Investments |
1711.120 |
1688.620 |
1661.635 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1557.614 |
2060.313 |
2936.908 |
|
(e) Other Non-current assets |
177.289 |
221.384 |
427.522 |
|
Total Non-Current Assets |
103060.544 |
106139.109 |
95659.762 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
21.954 |
10.400 |
10.829 |
|
(b) Inventories |
32764.211 |
27027.589 |
21087.218 |
|
(c) Trade receivables |
19090.173 |
15056.646 |
12213.276 |
|
(d) Cash and cash
equivalents |
877.894 |
1641.981 |
3078.395 |
|
(e) Short-term loans and
advances |
9403.244 |
6965.212 |
8893.379 |
|
(f) Other current assets |
44.915 |
46.794 |
49.908 |
|
Total Current Assets |
62202.391 |
50748.622 |
45333.005 |
|
|
|
|
|
|
TOTAL |
165262.935 |
156887.731 |
140992.767 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
102862.094 |
78910.484 |
68389.732 |
|
|
|
Other Income |
441.315 |
753.062 |
569.858 |
|
|
|
TOTAL
(A) |
103303.409 |
79663.546 |
68959.590 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
72939.863 |
54844.231 |
44547.891 |
|
|
|
Purchase of Trading Goods |
262.951 |
968.984 |
1534.560 |
|
|
|
Changes in Inventories of Finished Goods, Work in progress and Trading
Goods |
(3638.297) |
(4353.362) |
(2408.930) |
|
|
|
Employee Benefits Expenses |
2463.261 |
1698.332 |
1518.140 |
|
|
|
Manufacturing Expenses |
19682.569 |
13764.627 |
10233.395 |
|
|
|
Administrative Expenses |
1294.388 |
782.198 |
626.220 |
|
|
|
Selling Expenses |
3707.641 |
2165.052 |
1528.139 |
|
|
|
Exceptional Items |
1669.606 |
2077.593 |
(542.249) |
|
|
|
TOTAL (B) |
98381.982 |
71947.655 |
57037.166 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4921.427 |
7715.891 |
11922.424 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9902.931 |
5168.003 |
3887.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4981.504) |
2547.888 |
8034.995 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
7013.096 |
4086.075 |
3561.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(11994.600) |
(1538.187) |
4473.566 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3786.420 |
499.072 |
1290.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(8208.180) |
(1039.115) |
3183.369 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61.869 |
71.658 |
37.465 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DENTURE
REDEMPTION RESERVE WRITTEN BACK |
0.377 |
0.601 |
2.359 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.000 |
61.869 |
71.658 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export |
30473.945 |
17735.467 |
14264.808 |
|
|
|
Interest |
3.281 |
3.091 |
2.666 |
|
|
|
Misc Income |
0.000 |
0.000 |
11.701 |
|
|
TOTAL EARNINGS |
30477.226 |
17738.558 |
14279.175 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
44444.687 |
28121.945 |
20527.825 |
|
|
|
Trading Goods |
262.951 |
944.910 |
1522.305 |
|
|
|
Stores & Spares |
1637.430 |
1118.836 |
1015.738 |
|
|
|
Capital Goods |
392.163 |
2140.377 |
10682.587 |
|
|
TOTAL IMPORTS |
46737.231 |
32326.068 |
33748.455 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(43.15) |
(5.52) |
17.12 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Net sales |
28302.100 |
30387.900 |
30149.000 |
30691.300 |
|
Total Expenditure |
26039.500 |
27927.700 |
28585.000 |
28121.600 |
|
PBIDT (Excluding Other Income) |
2262.600 |
2460.200 |
1564.000 |
2569.700 |
|
Other income |
88.100 |
127.900 |
71.000 |
113.500 |
|
Operating Profit |
2350.700 |
2588.100 |
1635.000 |
2683.200 |
|
Interest |
2887.200 |
2961.000 |
3128.800 |
3370.000 |
|
Exceptional Items |
(2541.200) |
(2227.700) |
244.700 |
355.200 |
|
PBDT |
(3077.700) |
(2600.600) |
(1249.100) |
(331.600) |
|
Depreciation |
1672.500 |
1678.400 |
1756.800 |
1768.900 |
|
Profit Before Tax |
(4750.200) |
(4279.000) |
(3005.900) |
(2100.500) |
|
Tax |
0.000 |
(159.300) |
0.000 |
(75.300) |
|
Profit after tax |
(4750.200) |
(4119.700) |
(3005.900) |
(2025.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.95)
|
(1.30) |
4.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.66)
|
(1.95) |
6.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.48)
|
(1.04) |
5.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.81)
|
(0.07) |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
7.31
|
4.24 |
3.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.94 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
374.632 |
379.011 |
408.155 |
|
Reserves & Surplus |
22173.504 |
21442.320 |
14350.337 |
|
Net
worth |
22548.136 |
21821.331 |
14758.492 |
|
|
|
|
|
|
long-term borrowings |
76005.142 |
77125.761 |
87643.533 |
|
Short term borrowings |
10792.121 |
15314.513 |
20231.222 |
|
Total
borrowings |
86797.263 |
92440.274 |
107874.755 |
|
Debt/Equity
ratio |
3.849 |
4.236 |
7.309 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
68389.732 |
78910.484 |
102862.094 |
|
|
|
15.384 |
30.353 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
68389.732 |
78910.484 |
102862.094 |
|
Profit |
3183.369 |
(1039.115) |
(8208.180) |
|
|
4.65% |
(1.32%) |
(7.98%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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:
|
IN THE HIGH COURT OF DELHI AT
NEW DELHI |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
BONDS |
|
|
|
Foreign Currency Convertible Bonds |
81.435 |
218.784 |
|
PUBLIC FIXED DEPOSITS |
176.216 |
74.915 |
|
LONG TERM MATURITIES OF FINANCE LEASE OBLIGATIONS |
40.774 |
60.726 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Public Fixed Deposits |
28.546 |
35.047 |
|
|
|
|
|
Total |
326.971 |
389.472 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10437270 |
18/07/2013 |
6,331,100,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79781340 |
|
2 |
10244207 |
18/07/2013 * |
160,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79868766 |
|
3 |
10244214 |
18/07/2013 * |
360,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79870341 |
|
4 |
10244215 |
18/07/2013 * |
660,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80050842 |
|
5 |
10252542 |
24/03/2011 * |
670,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI- 110001, INDIA |
B10341840 |
|
6 |
10244216 |
18/07/2013 * |
760,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80063688 |
|
7 |
10244217 |
18/07/2013 * |
1,800,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80050396 |
|
8 |
10244258 |
18/07/2013 * |
3,416,600,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80064090 |
|
9 |
10244254 |
18/07/2013 * |
4,407,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80050008 |
|
10 |
10244257 |
18/07/2013 * |
4,639,200,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80050669 |
* Date of charge modification
FINANCIAL RESULTS:
During the year,
the Gross Revenue from operations of subject on standalone basis has increased
by 31% at Rs.111218.800 Millions as compared to Rs.84983.300 Millions during previous
financial year 2011-12. The Profit before other income, Finance Cost,
Depreciation, Exceptional Items, Tax and Amortisation on standalone basis stood
at Rs.6149.700 Millions as compared to Rs.9040.400 Millions during previous
year.
Further, during
the year, the Consolidated Gross Revenue from operations of subject has
increased by 30% at Rs.121284.700 Millions as compared to Rs.93642.900 Millions
during previous financial year 2011-12. Consolidated Profit before other
income, Finance Cost, Depreciation, Exceptional Items, Tax and Amortisation
stood at rs.7085.600 Millions as compared to rs.9476.500 Millions during
previous year.
The financial
results of the Company during the year 2012-13 have been adversely impacted
inter-alia on account of
(i)
Economic slowdown in Europe and most large
countries in Asia, resulting into weak demand for Stainless Steel
internationally, squeezing margins in markets;
(ii)
Over capacity in China and dumping of Stainless
Steel material into India leading to reduced margins in the Company’s markets;
(iii)
Owing to above factors, the Company slowed down the
ramp-up of Jajpur, Odisha Stainless Steel operations leading to lower margins
as the Company could not enjoy economies of scale at that plant; and
(iv)
Monopolistic pricing policies of certain PSU
companies leading to erosion of margins in ferro chrome unit.
OPERATIONS
(A) HISAR
DIVISION:
Despite the
slowdown in Global economy Hisar plant has been able to achieve 98% of its
planned capacity at Steel melting shop by producing 719,353 MT of steel as
compared to 723,418 MT during financial year 2011-12. Hot Rolling Mills were
utilized as per market dynamics and produced 523,200 MT as compared to 540,671
MT during financial year 2011-12. During the year, Cold Rolled Annealed Pickled
production was 243,458 MT as compared to 257,335 MT during financial year
2011-12.
Subject focused on
effective utilization of available resources and productivity improvement at
various lines to achieve cost efficiency. Steel melting shop has achieved
landmark of 50 heats in a day, similarly others lines have also performed
efficiently in this slow down period to meet the expectations.
During the year,
two new Grades JSLU – DD & JSLU - SD have been launched to cater to
utensils market. Now, these Grades are welcomed and accepted by markets and are
in regular production. During the year no major capital expenses have been
incurred and ongoing projects have been completed in Special product division.
(B) ODISHA
DIVISION
Subject has been
successfully operating stainless steel making facility at Jajpur, Odisha, with
a capacity of 800,000 tons per annum and has been rolling of stainless steel
products from this facility for over two years. The ramp-up and stabilization
of finishing facilities are in progress. During the year under review, steel
melting shop produced 313,258 tons, hot strip mill processed 300,435 tons and
facilities in cold rolling mill processed 255,130 tons of stainless steel. The
stainless steel facilities under operations at Odisha are state of art
facilities and have substantially enhanced the product portfolio of the Company
including wider width products of upto 1600 mm.
The ferro alloys
production during the year stood at 83,290 tons. There were challenges in
procuring the chrome ore from domestic sources at cost effective prices, which
impacted the overall production and the capacity utilizations during the year.
However, in order to reduce the costs, the Company worked on imported low Grade
chrome ore from Gulf, improving chromium recoveries & higher usage of hard
lumpy ore & replacing usage of coke with anthracite coal. The Company has
also taken up the matter with various Government agencies to rationalize the
chrome ore bidding process.
The operations at 250
MW thermal power plant were adversely affected on account of higher input
prices of thermal coal and drop in prices of surplus power sold to the state
Grid. It operated mostly on imported low ash coal from Indonesia blended with
Indian coal. Both the two power plants were producing power and generated
around 1089.53 million units (net), of which around 34.13 million units were
exported to Hisar plant. The power plant has achieved highest ever PLF of
107.19% on 22nd January, 2013. It also achieved PLF of more than 100% for many
days consistently during the 4th Quarter. The production at 14 MW power plant
was 50.32 million units (net).
Jindal Chromite
Mine produced 28,955 MT of chromite ore concentrate from its beneficiation
plant and also achieved 96,022 MT chrome ore from Mines pit for the year, which
is much higher than previous year production. The mines dispatched 20,568 MT of
concentrate ore and 23,099 MT of chrome ore to Vizag plant during the year.
The coke oven
facility was operated under lease with work arrangement for conversion of coal
into coke. The coke oven battery successfully produced metallurgical coke with
gradual ramp-up. For the year, the total production out of the coke oven
facility stood at 251,593 tons of coke.
(C) VIZAG DIVISION
The Vizag Plant
produces High Carbon Ferro Chrome with annual capacity of 40,000 Tons per
annum. Vizag Unit uses Chrome Ore supplied from captive Sukhinda Chromite Mines
and transfers the output to Hisar Plant. The division has achieved 50% of the
installed capacity by producing 20,169 tons of High Carbon Ferro Chrome during
the year 2012-13 as compared to 24,832 tons during the preceding year. The
production was less during the year 2012-13 due to Power restrictions being
imposed by the APEPDCL from September’2011 onwards.
Further Vizag Unit
despatched 21,069 tons to JSL, Hisar during the year 2012-13 as compared to
24,805 tons during the preceding year on Job work account.
GLOBAL OUTLOOK:
2011-2012 has been
an economically challenging time world over. Global GDP growth is forecasted to
reach 3.25% in 2013 and 4% in 2014. Second half of 2013 is expected to witness
gradual acceleration in growth.
Due to sharp
deceleration in demand from advanced economies, there was a slow-down in
economies of developing countries as well in 2012. Though quite a few Asian
economies are seeing higher growth since starting of 2013, but, it would be too
early to rejoice as high inflation and exchange market pressures in some
countries can bring in tumultuous times again.
PRESS RELEASE
Key Performance
Highlights for the Quarter ended 30th September 2013
Highlights for the
Quarter (Y-o-Y)
·
Stainless Steel melting production volume up by 8%
to 264,746 tons
·
Total Income from Operations (net) up by 23% to Rs.
3,039 crore
·
Exports up by 24% to Rs. 8890.000 Millions
·
EBITDA up by 110% to Rs.2460.000 Millions
·
Net profit/(loss) stood at Rs.(4120.000) Millions
·
Smt. Savitri Jindal resigns from the Board.
·
Mr. Ratan Jindal takes over as the Chairman and MD
of Jindal Stainless
Smt. Savitri
Jindal became a member of the Haryana Legislative Assembly and Patron of the OP
Jindal Group in 2005. Since then she has displayed unflinching commitment for
upliftment of the socially deprived by promoting Govt. sponsored schemes in
specific areas of development relevant to them. She is a social activist, who
not only as a MLA, but also as the Patron of the OP Jindal Group, has actively
involved herself in various social initiatives of the Group aimed at
eradication of poverty, illiteracy and in providing quality health care to the
needy.
In order to devote
more of her time to her various social initiatives, she had earlier tendered
her resignation from the Board of JSW and JSPL. But with General Elections
coming up in 2014, coupled with her existing commitments to social causes, she
felt that she would not be able to do proper justice to her responsibilities as
a Board Member of Jindal Stainless. Hence, she has resigned from the board,
with effect from October 28, 2013, but, shall continue to extend her guidance
as an Emeritus Group Chairperson.
Corresponding
Quarter Comparison (Jul’13-Sept’13 v/s Jul’12-Sept’12)
During the 2nd
quarter ended 30th September 2013, the Company has achieved stainless steel
melting production of 264,746 tons, ferro alloys production of 41,196 tons
which are around 8% & 55% up respectively as compared to previous
year corresponding period figures. The stainless steel sales volume also
witnessed an increase of around 19% to 261,479 tons during the same period.
However, net power generation is of 251 million units which is around 19% down
y-o-y.
Total income from
operations (net) for the 2nd quarter ended 30th September 2013 grew by 23% to
Rs.30390.000 Millions in comparison to the previous year corresponding period figure
of Rs. 24640.000 Millions.
EBITDA for the 2nd
quarter ended 30th September 2013, was at Rs.2460.000 Millions which is 110%
higher than the previous year corresponding period figure of Rs. 1170.000
Millions. The quarter also witnessed a growth of 9% in EBITDA in comparison to
1st Quarter ending 30th June, 2013 EBITDA figure of Rs.2260.000 Millions.
Interest cost for
the quarter has increased by around 18% to Rs. 2960.000 Millions as compared to
previous year corresponding period figure of Rs. 2510.000 Millions, on account
of conversion of certain foreign currency loans into INR loans & higher
utilization of working capital facilities. This quarter also witnessed
exceptional loss of Rs. 2230.000 Millions in comparison to exceptional gain of
Rs. 680.000 Millions in the corresponding period, due to sudden depreciation of
rupee against major currencies, which has resulted in net loss of Rs.4120.000
Millions.
Half Year
Comparison (Apr’13-Sept’13 v/s Apr’12-Sept’12)
During the half
year ended 30th September 2013 the stainless steel melting production, ferro
alloys and net power generation were up by 15%, 38% & 4% respectively as
compared to half year ended 30th September 2012. Total income from operations
(net) was up by 25% in comparison to half year ended 30th September 2012.
EBITDA is up by 35% to Rs. 4720.000 Millions in comparison to half year ended
30th September 2012.
Outlook
Macroeconomic
dynamics of the Indian economy continue to face multiple headwinds namely
inflation, large fiscal and current account deficits and a volatile currency.
The headwinds are negatively impacting spending capacity of both the public and
the private sectors of the economy. Indian stainless steel industry, amongst
others, has been fighting hard to stay afloat, but continued influx of cheap
imported stainless steel, in-spite of a depreciated local currency, has kept
the margin under pressure and capacity utilization to lower than the optimum
levels.
Regulatory
framework coupled with a volatile currency is not only increasing the
raw-material cost for domestic manufacturer but is also causing uncertainty in
business. Recently announced increase in basic customs duty on import of steel
scrap has placed domestic stainless steel players at a huge competitive
disadvantage vis-à-vis other countries like China. Chinese manufacturers enjoy
substantial advantage over competition due to favorable duty structure wherein
import duty on key inputs of stainless steel is almost negligible and there are
enough trade barriers against import of finished goods giving the domestic
manufacturers in that country a subsbstantial edge over their counterparts in
the other parts of the world.
We estimate that
the stainless steel industry would continue to grow between 5-6% globally. In
India, in spite of various odds, stainless steel industry can be expected to
grow at around 8-9%provided the government is able to correct the unfavorable
duty structure.
JINDAL STAINLESS ALLOTS 547 LAKH EQUITY SHARES TO
ELM PARK FUND
With reference to the earlier announcement dated November 01, 2013, Jindal Stainless Limited has informed BSE that the Company has allotted 5,47,458 equity shares of Rs.2/- each to "ELM Park Fund Limited FCCB" upon conversion of FCCBs amounting to USD 15,00,000, on November 08, 2013.Consequent upon the above said allotment, the paid up equity share capital of the Company has increased from Rs.408.155 Millions to Rs.409.250 Millions divided into 20,46,25,005 equity shares of Rs.2/- each. Subsequent to this conversion, the Company has no outstanding FCCBs convertible into equity shares. Source: BSE
FIXED
ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electric Installation
·
Vehicles
·
Furniture, fixtures and
Equipments
·
Power line and bay
extension
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTH ENDED 31ST DECEMBER, 2013
(Rs. In Millions)
|
Particulars
|
Unaudited for Quarter Ended |
Audited for Year ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
30581.500 |
30066.000 |
119225.700 |
|
b) Other operating income |
109.800 |
83.000 |
304.700 |
|
Total
income from Operations(net) |
30691.300 |
30149.000 |
119530.400 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
20398.400 |
19774.400 |
78625.100 |
|
b) Purchases of stock in trade |
0.000 |
263.100 |
263.100 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(474.200) |
732.800 |
1196.300 |
|
d) Employees benefit expenses |
540.800 |
609.100 |
2393.300 |
|
e) Depreciation and amortization expenses |
1768.900 |
1756.800 |
6876.600 |
|
f) Stores and spares consumed |
1936.700 |
1872.900 |
7132.200 |
|
g) Power and Fuel |
3356.400 |
3432.100 |
12720.600 |
|
h) Other expenditure |
2363.500 |
1900.600 |
8343.200 |
|
Total expenses |
29890.500 |
30341.800 |
117550.400 |
|
Profit / (Loss)
from Operations before other Income, Finance Cost and Exceptional Items (1-2) |
800.800 |
(192.800) |
1980.000 |
|
Other Income |
113.500 |
71.000 |
400.600 |
|
Profit / (Loss)
from Ordinary Activities before finance cost and exceptional items (3+4) |
914.300 |
(121.800) |
2380.600 |
|
Finance cost |
3370.000 |
3128.800 |
12347.000 |
|
Profit / (Loss) from
Ordinary Activities after finance cost but before exceptional items (5-6) |
(2455.700) |
(3250.600) |
(9966.400) |
|
Exceptional items - Gain / (Loss) - Refer note no 2 |
355.200 |
244.700 |
(4169.000) |
|
Profit /(Loss) from
Ordinary Activities before tax (7+8) |
(2100.500) |
(3005.900) |
(14135.400) |
|
Tax expense |
(75.300) |
0.000 |
(234.500) |
|
Net profit / (Loss)
from Ordinary Activities after tax (9-10) |
(2025.200) |
(3005.900) |
(13900.900) |
|
Extraordinary items |
- |
- |
- |
|
Net profit / (Loss)
for the period (11-12) |
(2025.200) |
(3005.900) |
(13900.900) |
|
Paid-up Equity Share Capital (face value of Rs. 2/- each) |
43.08 |
40.93 |
43.08 |
|
Reserves excluding revaluation reserve as per balance sheet of previous accounting year |
|
|
147.34 |
|
Earning per share
(EPS) (of Rs 2/-each) |
|
|
|
|
a) - Basic and Diluted |
(9.92) |
(14.72) |
(68.03) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
99003421 |
99003421 |
99003421 |
|
|
- Percentage of Shareholding |
50.06 |
52.94 |
50.06 |
|
2 |
Promoters and
promoter group shareholding (a )
Pledged / Encumbered : |
|
|
|
|
|
Number of shares# |
65306625 |
65306625 |
65306625 |
|
|
% of shares (as a % of the total shareholding of promoter and promoter group) |
66.12 |
74.20 |
66.12 |
|
|
% of shares ( as a % of the total share capital* of the company) |
30.32 |
31.92 |
30.32 |
|
|
(b) Non -encumbered: |
|
|
|
|
|
Number of shares |
33460625 |
22710625 |
33460625 |
|
|
% of shares (as a % of the total shareholding of promoter and promoter group) |
33.88 |
25.80 |
33.88 |
|
|
% of shares ( as a % of the total share capital* of the company) |
15.54 |
11.10 |
15.54 |
#This includes22465480 equity shares placed
under lodgments/ negative lien, Total share capital includes 17604334 shares
represented by 8802167 GDS
|
|
Particulars |
3 Months ended
on 31.03.2014 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2014
Rs. In Millions
|
SOURCES OF FUNDS |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
462.400 |
|
(b) Reserves & Surplus |
1473.400 |
|
(c) Pending Call Money |
0.000 |
|
Sub-total Shareholders’ |
1935.800 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
|
|
|
(3)
Non-current liabilities |
|
|
(a) long-term borrowings |
85085.600 |
|
(b) Other long-term
liabilities |
2765.000 |
|
(c) Long
Term Provisions |
74.000 |
|
Sub-total of
Non-Current liabilities |
87924.600 |
|
|
|
|
(4) Current liabilities |
|
|
(a) Short term borrowings |
24029.800 |
|
(b) Trade payables |
28394.800 |
|
(c) Other current
liabilities |
14607.000 |
|
(d) Short-term provisions |
34.500 |
|
Sub-total of Current liabilities |
67066.100 |
|
|
|
|
TOTAL |
156926.500 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
95910.100 |
|
(b)
Non-Current investments |
1697.700 |
|
(c) Deferred
tax assets (net) |
0.000 |
|
(d) Long
term loans and advances |
1421.000 |
|
(e) Other
non-current assets |
121.100 |
|
Sub-total of
Non-Current Assets |
99149.900 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
6.900 |
|
(b) Inventories |
33048.800 |
|
(c) Trade receivables |
16893.600 |
|
(d) Cash and cash
equivalents |
486.600 |
|
(e) Short-term loans and
advances |
7300.500 |
|
(f) Other current assets |
40.200 |
|
Sub-total of
Current Assets |
57776.600 |
|
|
|
|
TOTAL |
156926.500 |
NOTE:
1. The
figures of last quarter ended on March 31, 2014 are the balancing figures between
audited figures in respect of the full financial year ended on March 31, 2014
and March 31, 2013 and previously published year to date (nine months) figures
upto the third quarter ended on December 31, 2013 and December 31, 2012
respectively.
2. The financial
results of the Company and consolidated financial results for the year ended
March 31, 2014 which have been extracted from the financial statement audited
by the statutory auditors, have been reviewed by the Audit Committee and
approved by the Board of Directors at its meeting held on May 29, 2014.
3. During
the quarter ended March 31, 2014, The Company raised Rs. 100,00,00,566/- by way
of issue and allotment of 1,07,50,000 equity shares of Rs. 2/- each and
1,58,10,440 Cumulative Compulsory Convertible Preference Shares (CCCPS) of face
value of Rs. 2/- each at a price of Rs. 37.65 per equity share / CCCPS
(including a premium of Rs. 35.65 per equity share / CCCPS) in accordance with
SEBI (ICDR) Regulations 2009 to JSL Overseas Ltd, a member of promoter group,
on preferential basis. Consequently, the paid up equity share capital of the
Company stands enhanced to Rs. 43,07,50,010/- dividend into 21,53,75,005 equity
shares of Rs. 2/- each. Money received has since been utillised for the purpose
it had been raised for.
4. Net
foreign exchange gain / loss has been considered by the Company as exceptional
in nature as per existing practice.
5. As the
Company business activity falls within a single primary business segment viz.
'Stainless Steel', the disclosure requirement of Accounting Standard (AS-17) on
"Segment Reporting" is not applicable.
6. The
previous quarter / year figures have been regrouped wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
18 |
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 |
||
25
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.