MIRA INFORM REPORT
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Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
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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) : |
31.03.2014 |
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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.462.371 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
: |
4494
(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 and delayed |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-11-26188345)
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 ·
Vishakhapatnam ·
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 31.03.2014
|
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. Girish Sharma |
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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) |
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Name : |
Mr. Rajinder Parkash Jindal |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Jitendra Kumar |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
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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52141410 |
26.36 |
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52794197 |
26.69 |
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7523053 |
3.80 |
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38450000 |
19.44 |
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45973053 |
23.25 |
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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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14530789 |
7.35 |
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295492 |
0.15 |
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2424934 |
1.23 |
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43313346 |
21.90 |
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60564561 |
30.62 |
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10280762 |
5.20 |
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15712462 |
7.94 |
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229057 |
0.12 |
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12216579 |
6.18 |
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16490 |
0.01 |
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11427718 |
5.78 |
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1690 |
0.00 |
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4175 |
0.00 |
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77404 |
0.04 |
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689102 |
0.35 |
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38438860 |
19.44 |
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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 |
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 |
GENERAL INFORMATION
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No. of Employees : |
4494
(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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Joint Venture
: |
·
MJSJ Coal Limited ·
Jindal Synfuel limited |
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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 and Metals SA |
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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 and Power Limited ·
Bir Plantation Private Limited ·
JSL Overseas Limited ·
JSL Overseas Holding Limited
(Formerly Jindal Overseas Holding Limited) ·
JSW Ispat Steel Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
445000000 |
Equity Shares |
Rs.2/- each |
Rs.890.000 Millions |
|
30000000 |
0.10% Cumulative Compulsory Convertible Preference Shares |
Rs.2/- each |
Rs.60.000 Millions |
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Total |
|
Rs.950.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
215375005 |
Equity Shares |
Rs.2/- each |
Rs.430.750 Millions |
|
15810440 |
0.10% Cumulative Compulsory Convertible Preference Shares |
Rs.2/- each |
Rs.31.621 Millions |
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Total |
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Rs.462.371
Millions |
a)
RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING
AT THE BEGINNING AND AT THE END OF THE REPORTING YEAR
|
Particulars |
Equity Shares Number of Shares |
Preference Shares Number of Shares |
|
Shares outstanding at the beginning of the Year |
204077547 |
-- |
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Shares issued during the Year |
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On Conversion of Foreign Currency Convertible Bonds |
547458 |
-- |
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On Issue of Shares on Preferential basis |
10750000 |
15810440 |
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Shares outstanding at the end of the Year |
215375005 |
15810440 |
5,492,833
(4,945,375) Equity shares of Rs.2/- each fully paid up have been allotted to the
holders of 3,010 (2,710) 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)
1.
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
shareholder is eligible for one vote per equity share held [other than the
shares represented by Regulation S Global Depositary Shares (the “GDSs”) issued
by the Company whose voting rights are subject to certain conditions and
procedure as prescribed under the Regulation S Deposit Agreement]. 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.
As on 31st March
2014, 8,802,167 GDSs (8,802,167 GDSs) with 17,604,334 underlying equity shares
(17,604,334 equity shares) were outstanding. Each GDS represents 2 underlying
equity shares of the Company.
2.
TERMS/RIGHTS ATTACHED TO CUMULATIVE COMPULSORY
CONVERTIBLE PREFERENCE SHARES (CCCPS)
On 31st March,
2014, the Company has issued & allotted 15,810,440 number 0.10% Cumulative
Compulsory Convertible Preference Shares (CCCPS) of Rs.2/- each. The holder of
the CCCPS shall have an option to apply for and be allotted one Equity Share of
face value of Rs.2/- of the Company per CCCPS at any time after the date of
allotment but on or before the expiry of 18 months from the date of allotment.
The unconverted CCCPS shall compulsorily get converted into equity shares at
the end of 18 months from the date of allotment. These CCCPS are subject to the
provisions of Memorandum and Articles of Association of the Company. The Equity
Shares arising on conversion of CCCPS shall rank pari passu inter se with the
then existing Equity Shares of the Company in all respect, including dividend.
The holder of CCCPS shall have a right to vote only on resolution placed before
the Company which directly affect the rights attached to his preference share.
c)
1.
EQUITY SHARES IN THE COMPANY HELD BY EACH
SHAREHOLDER HOLDING MORE THAN 5% SHARES ARE AS UNDER
|
Name of Shareholder
|
Number
of Shares |
% holding |
|
JSL Overseas Holding Limited (Formerly Jindal Overseas Holdings
Limited) |
27700000 |
12.86% |
|
Reliance Capital Trustee Co. Limited Account Reliance Diversified Power Sector Fund |
11872681 |
5.51% |
|
Citigroup Global Markets Mauritius Private
Limited |
11904296 |
5.53% |
|
Hypnos Fund Limited |
10301711 |
4.78% |
2.
PREFERENCE SHARES IN THE COMPANY HELD BY EACH
SHAREHOLDER HOLDING MORE THAN 5% SHARES ARE AS UNDER
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
JSL Overseas Limited |
15810440 |
100.00% |
d)
EQUITY SHARES RESERVED FOR ISSUE UNDER OPTIONS
- For details of shares reserved for
issue under the Employee Stock Option Scheme, 2010 of the company.
- For details of shares reserved for
issue on conversion of Foreign Currency Convertible Bonds.
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 |
462.371 |
408.155 |
379.011 |
|
(b) Reserves & Surplus |
1473.392 |
14350.337 |
21442.320 |
|
(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) |
1935.763 |
14758.492 |
21821.331 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
85085.553 |
87643.533 |
77125.761 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
159.261 |
3945.681 |
|
(c) Other long term
liabilities |
2765.027 |
1212.405 |
126.503 |
|
(d) long-term
provisions |
74.014 |
95.264 |
86.855 |
|
Total Non-current
Liabilities (3) |
87924.594 |
89110.463 |
81284.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
24029.783 |
20231.222 |
15314.513 |
|
(b) Trade
payables |
28394.869 |
29753.406 |
20339.468 |
|
(c) Other
current liabilities |
14606.984 |
11380.993 |
18107.475 |
|
(d) Short-term
provisions |
34.476 |
28.359 |
20.144 |
|
Total Current
Liabilities (4) |
67066.112 |
61393.980 |
53781.600 |
|
|
|
|
|
|
TOTAL |
156926.469 |
165262.935 |
156887.731 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
94181.151 |
98041.608 |
97511.191 |
|
(ii)
Intangible Assets |
195.121 |
29.203 |
42.895 |
|
(iii)
Capital work-in-progress |
1533.839 |
1459.034 |
4566.386 |
|
(iv)
Intangible assets under development |
0.000 |
84.676 |
48.320 |
|
(b) Non-current Investments |
1697.676 |
1711.120 |
1688.620 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1420.966 |
1557.614 |
2060.313 |
|
(e) Other
Non-current assets |
121.128 |
177.289 |
221.384 |
|
Total Non-Current
Assets |
99149.881 |
103060.544 |
106139.109 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6.919 |
21.954 |
10.400 |
|
(b)
Inventories |
33048.752 |
32764.211 |
27027.589 |
|
(c) Trade
receivables |
16893.582 |
19090.173 |
15056.646 |
|
(d) Cash
and cash equivalents |
486.566 |
877.894 |
1641.981 |
|
(e)
Short-term loans and advances |
7300.525 |
9403.244 |
6965.212 |
|
(f) Other
current assets |
40.244 |
44.915 |
46.794 |
|
Total
Current Assets |
57776.588 |
62202.391 |
50748.622 |
|
|
|
|
|
|
TOTAL |
156926.469 |
165262.935 |
156887.731 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
119530.392 |
102862.094 |
78910.484 |
|
|
|
Other Income |
400.588 |
441.315 |
753.062 |
|
|
|
TOTAL (A) |
119930.980 |
103303.409 |
79663.546 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
78625.069 |
72939.863 |
54844.231 |
|
|
|
Purchase of Trading Goods |
263.100 |
262.951 |
968.984 |
|
|
|
Changes in Inventories of Finished Goods, Work in progress and Trading
Goods |
1196.328 |
(3638.297) |
(4353.362) |
|
|
|
Employee Benefits Expenses |
2393.256 |
2463.261 |
1698.332 |
|
|
|
Manufacturing Expenses |
22693.654 |
19682.569 |
13764.627 |
|
|
|
Administrative Expenses |
1507.934 |
1294.388 |
782.198 |
|
|
|
Selling Expenses |
3994.449 |
3707.641 |
2165.052 |
|
|
|
Exceptional Items |
4168.993 |
1669.606 |
2077.593 |
|
|
|
TOTAL (B) |
114842.783 |
98381.982 |
71947.655 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5088.197 |
4921.427 |
7715.891 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12347.010 |
9902.931 |
5168.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7258.813) |
(4981.504) |
2547.888 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
6876.600 |
7013.096 |
4086.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(14135.413) |
(11994.600) |
(1538.187) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(234.524) |
3786.420 |
499.072 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(13900.889) |
(8208.180) |
(1039.115) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
6186.876 |
7165.842 |
|
|
|
|
|
|
|
|
|
Add |
Denture
Redemption Reserve Written Back |
31.359 |
37.712 |
60.149 |
|
|
|
|
|
|
|
|
|
Less |
Being
Deficit, Set off from General Reserve |
4302.099 |
1983.592 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(9567.431) |
0.000 |
6186.876 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export |
33609.964 |
30473.945 |
17735.467 |
|
|
|
Interest |
3.428 |
3.281 |
3.091 |
|
|
TOTAL EARNINGS |
33613.392 |
30477.226 |
17738.558 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
42142.106 |
44444.687 |
28121.945 |
|
|
|
Trading Goods |
0.000 |
262.951 |
944.910 |
|
|
|
Stores & Spares |
4386.164 |
1637.430 |
1118.836 |
|
|
|
Capital Goods |
46.979 |
392.163 |
2140.377 |
|
|
TOTAL IMPORTS |
46575.249 |
46737.231 |
32326.068 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(68.03) |
(43.15) |
(5.52) |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2014 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
32377.500 |
|
Total Expenditure |
28980.600 |
|
PBIDT (Excluding Other Income) |
3396.900 |
|
Other income |
94.700 |
|
Operating Profit |
3491.600 |
|
Interest |
3437.400 |
|
Exceptional Items |
78.400 |
|
PBDT |
132.600 |
|
Depreciation |
1238.600 |
|
Profit Before Tax |
(1106.000) |
|
Tax |
0.000 |
|
Profit after tax |
(1106.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(11.59) |
(7.95) |
(1.30) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.83) |
(11.66) |
(1.95) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.20) |
(7.40) |
(1.02) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(7.30) |
(0.81) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
56.37 |
7.31 |
4.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
1.01 |
0.94 |
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 |
379.011 |
408.155 |
462.371 |
|
Reserves & Surplus |
21442.320 |
14350.337 |
1473.392 |
|
Net
worth |
21821.331 |
14758.492 |
1935.763 |
|
|
|
|
|
|
long-term borrowings |
77125.761 |
87643.533 |
85085.553 |
|
Short term borrowings |
15314.513 |
20231.222 |
24029.783 |
|
Total
borrowings |
92440.274 |
107874.755 |
109115.336 |
|
Debt/Equity
ratio |
4.236 |
7.309 |
56.368 |
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 |
78,910.484 |
102,862.094 |
119,530.392 |
|
|
|
30.353 |
16.205 |
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
|
78,910.484 |
102,862.094 |
119,530.392 |
|
Profit |
(1,039.115) |
(8,208.180) |
(13,900.889) |
|
|
(1.32%) |
(7.98%) |
(11.63%) |
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
ITA 749/2009 and ITA 1424/2008
THE COMMISSIONER OF INCOME TAX..... Appellant
Through: Ms Rashmi Chopra
versus
JINDAL STAINLESS LTD.....
Respondent
Through: Mr Ajay Vohra with Ms Kavita Jha
and
Mr Sriram Krishna.
CORAM:
HON'BLE MR JUSTICE BADAR DURREZ AHMED
HON'BLE MR JUSTICE V.K. JAIN
O R D E R
04.05.2010
There is no time left to hear this appeal today.
Renotify on 22.07.2010.
BADAR DURREZ AHMED, J
V.K. JAIN, J
May 04, 2010
SR
$ 33
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
BONDS |
|
|
|
Foreign Currency Convertible Bonds |
0.000 |
81.435 |
|
PUBLIC FIXED DEPOSITS |
212.249 |
176.216 |
|
LONG TERM MATURITIES OF FINANCE LEASE OBLIGATIONS |
18.457 |
40.774 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Public Fixed Deposits |
55.656 |
28.546 |
|
|
|
|
|
Total |
286.362 |
326.971 |
FINANCIAL RESULTS:
During
the year, the Gross Revenue from operations of subject on standalone basis has
increased by 16.64% at Rs.129727.300 Million as compared to Rs.111218.800
Millions during previous financial year 2012-13. The Profit before other
income, Finance Cost, Depreciation, Exceptional Items, Tax and Amortization on
standalone basis stood at Rs.8856.600 Millions as compared to Rs.6149.700
Millions during previous year.
·
The financial results of the Company
during the year 2013-14 have been adversely impacted inter alia on account of
Continued dumping of stainless steel flat products in India and in particular
the continued influx of cheap stainless steel from China.
·
Continued build up of capacity in China
despite the prevailing situation of excess production vis-à-vis local
consumption and continued slowdown in local demand.
·
Adverse Duty Structure for the Domestic
Stainless Steel Industry, both in terms of import duty on raw materials as well
as finished goods vis-à-vis other countries and in particular with reference to
China.
·
Increase in basic custom duty on import
of Steel Scrap.
·
Increase in raw material cost due to
volatile currency.
OPERATIONS
HISAR
DIVISION
Year
2013-14, shows a little recovery and stabilization, however, was a tough year
for stainless steel industry on account of surplus capacities in other
countries and dumping by China all around the world. JSL, Hisar Unit is able to
achieve its highest ever dispatches of 673,254 MT in the year and crossed land
mark achievement of 1.0 Million Ton Stainless steel dispatches from the
organization. All the production facilities are aligned to serve value added
products. The total steel melting shop production was approx. 7.20 Lac ton for
the year.
The focus
of the Company during the year for Hisar plant was on value added products and
the Company achieved highest ever dispatches of 3370 MT coins and 9,004 MT
finished Razor Blade Stainless strips of 0.10 mm or less thickness razor blade
steel.
During
the year Bright annealing facilities in CR complex has been modified &
re-commissioned to cater white good sector market in feritic grade providing
unit to leverage its strength and convert to higher value added products in the
coming years. Others finishing facilities like slitting and eye wrapping line
in SPD has been installed to cater rising market.
ODISHA
DIVISION
Despite
slowdown in global economy the performance of Jajpur, Odisha improved
substantially as compared to last year.
During
the year under review Steel Melting Shop produced 4,13,863 MT as compared to
3,13,258 MT, Hot Strip Mill produced 4,00,947 MT against 3,00,435 MT, Plate
Finishing Shop produced 35,634 MT against 25,169 MT and facilities in CRM
produced 3,32,535 MT against 2,54,597 MT produced last year.
The
stainless steel facilities at Odisha have substantially enhanced the product
portfolio of the company including wider width products of up to 1650 mm. Our
products were are approved by many reputed organizations like IGCAR and BHEL, Trichy
for 300 series and YAMAHA Motors India for 409L grade.
Jajpur
unit received accreditations like Construction Product Regulations (CPR) and
Pressure Equipment Directives (PED) Certifications thereby enabling our
products to sell in the European market for Construction and Pressure
applications.
The
production at Ferro Alloys during the year was 1,35,678 MT against 83,290 MT
produced last year which is 63% more as compared to last year. In spite of
challenges in procuring chromite ore from domestic sources at cost effective
prices, we could achieve the production by consuming concentrated ore and high
usage of imported hard lumpy ore.
Both
the power plants (2X125MW) generated power 1,190.925 million units (net) as
compared to 1,089.53 million units (net) in the last year. Out of the total
generation 88.828 million units were exported to Hisar plant and 22.92 million
units sold through exchange. The Cokeoven facility was operated under lease
till Oct, 2013. Total coke produced were 2,17,193 MT.
Jindal
Chromite Mine produced 28055 MT of chrome concentrate from its beneficiation
plant. The mine has reached the ultimate pit bottom so far as the friable ore
is concerned and there has been no friable ore production during the year.
However,
lumpy chrome ore production from the mines was 64086 MT. The mine dispatched
39471 MT of chrome concentrate and 50237 MT of chrome ore to our Vizag Plant
during the year.
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 Jindal Chromite
Mine and Transfers the output to the Hisar Plant. The division has achieved 77%
of the Installed capacity by producing 30,648 Tons of High Carbon Ferro Chrome
during the year 2013-14 as compared to 20,169 Tons during the preceding year.
The Production is less during the year 2013-14 due to Power
restrictions/holiday being imposed by the APEPDCL time to time during 2013-14.
Further
Vizag Unit dispatched 28,137 tons (including of 19,900 for Job Work A/c) to
JSL-Hisar during the year 2013-14 as compared to 21,069 tons Job Work A/c
during the preceding year. The Job work A/c production was stopped w.e.f.
21.11.2013
AWARDS
AND ACCOLADES
·
Hisar Unit of Jindal Stainless has been
conferred with First Prize in the National Energy Conservation Award – 2013 for
its efforts to continuously optimize the consumption of energy for its
operation in the Steel Re-rolling Sector.
·
Hisar Unit of Jindal Stainless has
received 1st Prize in Secondary Steel Plants/Alloy Steel Plants Category in
“IIM National Sustainability Award”.
·
OHC of Jajpur Unit has been awarded as
BEST OCCUPATIONAL HEALTH CENTRE by the Directorate of Factories & Boilers,
Odisha.
UNAUDITED
FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
32324.300 |
|
b) Other operating income |
53.200 |
|
Total
income from Operations(net) |
32377.500 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
22053.500 |
|
b) Purchases of stock in trade |
-- |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1238.300) |
|
d) Employees benefit expenses |
640.100 |
|
e) Depreciation and amortization expenses |
1238.600 |
|
f) stores and Spares Consumed |
1893.000 |
|
g) Power and Fuel |
3447.800 |
|
h) Other expenditure |
2184.500 |
|
Total expenses |
30219.200 |
|
3. Profit from operations before other income and
financial costs |
2158.300 |
|
4. Other income |
94.700 |
|
5. Profit from ordinary activities before finance costs |
2253.000 |
|
6. Finance costs |
3437.400 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(1184.400) |
|
8. Exceptional item |
78.400 |
|
9. Profit from ordinary activities before tax
Expense: |
(1106.000) |
|
10.Tax expenses |
-- |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(1106.000) |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(1106.000) |
|
14.Paid-up equity share capital (Nominal value Rs.2/- per share) |
430.800 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
(5.14) |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
(5.14) |
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
99003421 |
|
- Percentage of shareholding |
50.06 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
65306625 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
66.12 |
|
Percentage of shares (as a % of total share capital of the
company) |
30.32 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
33460625 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
33.88 |
|
Percentage of shares (as a % of total share capital of the
company) |
15.54 |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
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 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electric Installation
·
Vehicles
·
Furniture, fixtures and
Equipments
·
Power line and bay
extension
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.61.85 |
|
UK Pound |
1 |
Rs.99.01 |
|
Euro |
1 |
Rs.77.62 |
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.