MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
JSW JAIGARH PORT LIMITED |
|
|
|
|
Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.01.2007 |
|
|
|
|
Com. Reg. No.: |
11-166784 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3700.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45205MH2007PLC166784 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ12503B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ7959F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Shipping Services. |
|
|
|
|
No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is JSW Group company. It is an established company having fine track record. The company has shown huge growth in the turnover and profit of the
company during the financial year 2013. Financial position of the company is good. Fundamentals of the company are strong and healthy. Directors are reported to be well experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low credit
risk. |
|
Date |
14.08.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A1 |
|
Rating Explanation |
Very strong degree of safety and carry low
credit risk. |
|
Date |
14.08.2014 |
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 PARTED BY
|
Name : |
Mr. Chetan Vaidya |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2357-242551 |
|
Date : |
04.09.2014 |
LOCATIONS
|
Registered Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
|
Tel. No. : |
91-22-42861000 |
|
Fax No. : |
91-22-42863000 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Port : |
Taluka Ratnagiri – 415614, Maharashtra, India |
|
Tel. No. : |
91-2357-242551 / 242552 / 242556 |
DIRECTORS
As on 25.07.2013
|
Name : |
Mr. Bhartula Venkat Jogi Kameshwar Sharma |
|
Designation : |
Managing Director |
|
Address : |
1406, 14th Floor, Mount Alps, A Wing, Bhakti Park, Near Imax Theater,
Mumbai - 400037, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1963 |
|
Qualification : |
Shipping Management, Master Foreign Going |
|
Date of Appointment : |
21.11.2012 |
|
DIN No.: |
00017758 |
|
|
|
|
Name : |
Mr. Kantilal Narandas Patel |
|
Designation : |
Director |
|
Address : |
12, Yesho Mangal, 64B, Lallubhai Shamal Das Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1951 |
|
Qualification : |
CA |
|
Date of Appointment : |
26.06.2007 |
|
DIN No.: |
00019414 |
|
|
|
|
Name : |
Mr. Kalyan Coomar Krishna Chandra Jena |
|
Designation : |
Director |
|
Address : |
RB Bunglow No.1, Hospital Road, Moti Bagh 1, New Delhi – 110021, India |
|
Date of Birth/Age : |
04.01.1949 |
|
Qualification : |
BE |
|
Date of Appointment : |
21.11.2012 |
|
DIN No. : |
02989575 |
KEY EXECUTIVES
|
Name : |
Mr. Chetan Vaidya |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
JSW Infrastructure Limited, India |
|
369999400 |
|
Nirmal Kumar Jain |
|
100 |
|
Bhartula Venkat Jogi Kameshwar Sharma |
|
100 |
|
Balwant Ranka Kumar |
|
100 |
|
Kantilal N. Patel |
|
100 |
|
Narinder Singh Kahlon |
|
100 |
|
JSW Investments Private Limited, India |
|
100 |
|
Total |
|
370000000 |
Allottee as on 30.10.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Infrastructure Limited, India |
|
4500000 |
|
Total |
|
4500000 |
As on 25.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping Services. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Machinery |
||||
|
Countries : |
·
China ·
UK |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit and Advance Payment |
||||
|
|
|
||||
|
Purchasing : |
Cash, Credit and Advance Payment |
GENERAL INFORMATION
|
No. of Employees : |
90 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Punjab National Bank, Large Corporate Branch Makers Tower E, Cuffe Parade, Mumbai – 400005, Maharashtra, India Axis
Bank Limited Bank
of India Dena
Bank Vijay
Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No. : |
91-22-40851000 |
|
Fax No. : |
91-22-4085-1015 |
|
E-Mail : |
|
|
Website: |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAASS7702S |
|
|
|
|
Holding Company: |
JSW Infrastructure Limited, India CIN No.: U45200MH2006PLC161268 |
|
|
|
|
Associate: |
· JSW Energy Limited CIN No.: L74999MH1994PLC077041 JSW
Ispat Steel Limited CIN No.: L27106MH1984PLC238266 JSW
Shipyard Private Limited CIN No.: U63032MH2008PTC177642 JSW
Steel Limited CIN No.: L27102MH1994PLC152925 Raj
Westpower Limited CIN No.: U31102MH1996PLC185098 South
West Port Limited CIN No.: U45203GA1997PLC002369 JSW
Nandgaon Port Private Limited JSW
Jaigarh Port Employees Welfare Trust JSW
Infrastructure Employees Welfare Trust |
CAPITAL STRUCTURE
After 25.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
374,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 3745.000 Millions |
|
|
|
|
|
As on 25.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
370,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3700.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
3700.000 |
3700.000 |
1500.000 |
|
(b) Reserves & Surplus |
982.750 |
358.830 |
43.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
10.000 |
0.000 |
1810.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4692.750 |
4058.830 |
3353.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1293.560 |
1367.830 |
2364.840 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
414.830 |
234.120 |
167.540 |
|
(d) long-term provisions |
3.380 |
2.470 |
0.000 |
|
Total Non-current Liabilities (3) |
1711.770 |
1604.420 |
2532.380 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
422.560 |
800.000 |
0.000 |
|
(b) Trade payables |
73.070 |
34.260 |
11.550 |
|
(c) Other current
liabilities |
167.460 |
137.180 |
156.760 |
|
(d) Short-term provisions |
5.510 |
7.040 |
6.630 |
|
Total Current Liabilities (4) |
668.600 |
978.480 |
174.940 |
|
|
|
|
|
|
TOTAL |
7073.120 |
6641.730 |
6060.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5918.420 |
5872.870 |
5502.910 |
|
(ii) Intangible Assets |
7.340 |
8.670 |
7.160 |
|
(iii) Capital
work-in-progress |
732.050 |
280.350 |
59.450 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
55.500 |
20.880 |
33.180 |
|
(e) Other Non-current assets |
49.710 |
39.760 |
34.340 |
|
Total Non-Current Assets |
6763.020 |
6222.530 |
5637.040 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
52.840 |
47.130 |
27.500 |
|
(c) Trade receivables |
124.890 |
171.980 |
213.290 |
|
(d) Cash and cash
equivalents |
16.100 |
131.830 |
63.030 |
|
(e) Short-term loans and
advances |
116.270 |
68.260 |
119.460 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
310.100 |
419.200 |
423.280 |
|
|
|
|
|
|
TOTAL |
7073.120 |
6641.730 |
6060.320 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2487.630 |
1689.840 |
433.280 |
|
|
|
Other Income |
50.850 |
43.590 |
464.060 |
|
|
|
TOTAL (A) |
2538.480 |
1733.430 |
897.340 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
72.290 |
57.900 |
37.960 |
|
|
|
Other expenses |
1042.820 |
640.480 |
29.690 |
|
|
|
TOTAL (B) |
1115.110 |
698.380 |
361.250 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1423.370 |
1035.050 |
536.090 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
216.280 |
264.450 |
265.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1207.090 |
770.600 |
270.320 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
427.110 |
374.330 |
233.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
779.980 |
396.270 |
37.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
156.060 |
80.440 |
6.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
623.920 |
315.830 |
30.320 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
358.830 |
43.000 |
12.680 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
982.750 |
358.830 |
43.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Berth Hire Charges |
|
|
43.103 |
|
|
|
Pilotage |
|
|
17.866 |
|
|
|
Port Dues |
|
|
9.078 |
|
|
|
Water Supply Charges |
|
|
0.007 |
|
|
TOTAL EARNINGS |
NA
|
NA |
70.054 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
NA |
NA |
1.895 |
|
|
TOTAL IMPORTS |
NA |
NA |
1.895 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.69 |
1.92 |
0.20 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
2500.000 |
The above information has been parted by Mr. Chetan Vaidya (Finance
Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
24.58 |
18.22 |
3.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
31.35 |
23.45 |
8.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.30 |
6.23 |
0.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.10 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.37 |
0.53 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46 |
0.43 |
2.42 |
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 |
1500.000 |
3700.000 |
3700.000 |
|
Reserves & Surplus |
43.000 |
358.830 |
982.750 |
|
Share Application money pending allotment |
1810.000 |
0.000 |
10.000 |
|
Net
worth |
3353.000 |
4058.830 |
4692.750 |
|
|
|
|
|
|
long-term borrowings |
2364.840 |
1367.830 |
1293.560 |
|
Short term borrowings |
0.000 |
800.000 |
422.560 |
|
Total
borrowings |
2364.840 |
2167.830 |
1716.120 |
|
Debt/Equity
ratio |
0.705 |
0.534 |
0.366 |
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 |
433.280 |
1689.840 |
2487.630 |
|
|
|
290.011 |
47.211 |
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
|
433.280 |
1689.840 |
2487.630 |
|
Profit |
30.320 |
315.830 |
623.920 |
|
|
7.00% |
18.69% |
25.08% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
72.670 |
58.140 |
48.250 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
NOTE: The registered office of the company has been shifted from Jindal Mansion, 5A, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India to the present address w.e.f. 31.07.2013.
INDEX OF CHARGES
|
S.No. |
Charge id |
Date of charge creation/modification |
Charge amount secured |
Charge holder |
Address |
Service request number (srn) |
|
1 |
10425869 |
17/04/2013 |
300,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCE MAKERS TOWER E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B75184622 |
|
2 |
10176793 |
12/08/2009 |
350,000,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTER AT UNIT NO 6, CORPOARTE PARK, SION TROMBAY ROAD CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA |
A69580207 |
|
3 |
10111693 |
16/09/2011 * |
3,150,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCE MAKERS TOWER E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B22430177 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
260.000 |
800.000 |
|
|
|
|
|
Total |
260.000 |
800.000 |
GENERAL INFORMATION
Subject is a public limited company, domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company has developed a Greenfield port at Jaigarh, Ratnagiri district of State of Maharashtra. The company has commissioned a fully mechanized material handling system. The company intends to go for major expansions in the coming years and will start handling Containers shortly.
FINANCIAL RESULTS
Fiscal 2013 was a good year for the Company. The greenfield port of Jaigarh has emerged as an alternative gateway on the West coast for their country’s trade. During the year, the Company has successfully handled 136 vessels and 7.58 MMT throughput as against 96 vessels and 4.90 million metric ton (MMT) in fiscal 2012. Cargo handled of JSW Energy Ltd during fiscal 2013 was 4.39 MMT as against 3.83 MMT in last fiscal.
Revenue from operations increased by 47% to Rs. 2488.000 millions EBIDTA increased by 38% to Rs. 1423.000 millions Profit before Tax increased by 97% to Rs. 780.000 millions Cash Profit increased by 52% to Rs. 1051.000 millions Net Profit increased by 98% to Rs. 624.000 millions EBIDTA margin was 56.1% for the year ended March 31, 2013
FINANCE
The Company had outstanding borrowings of long term debt of Rs. 1426.000 millions at the beginning of the year from a consortium of lenders led by Punjab National Bank. Term Loans outstanding as on 31st March 2013 are Rs. 1366.000 millions.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
Customs duty against EPCG obligation |
259.730 |
243.810 |
|
|
|
|
FIXED ASSETS
· Land
Buildings,
Berths and Bunds
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
Software
PRESS RELEASE
JSW INFRA'S SPV TO SET UP RS 20000.000 MILLIONS CONTAINER TERMINAL IN
RATNAGIRI
Mumbai, February 4,
2014
At a time when the country’s port sector is battling with idle
capacity due to lower traffic mainly from the bulk and container segment, JSW Jaigarh Port, a special purpose vehicle of JSW
Infrastructure, is planning to set up a 1-kilometer-berth container terminal in Ratnagiri, sources close to the
development told Business Standard.
“The bidding for this project is in the final stage and the project should be
awarded this week,” said one of the sources.
ITD Cementation India, Simplex Infrastructure and L&T are among the
shortlisted bidders for this terminal, which is budgeted at around Rs 20000.000
Millions , said sources.
Of the shortlisted bidders, ITD Cementation India is expected to be the
frontrunner for this project, said the other source.
Once awarded, the terminal will take about 2 years to come onstream and so it
is expected to be operational by January-February 2016.
JSW Jaigarh Port is also planning to set up a liquefied natural gas terminal of
capacity 8 million tonne per annum at Jaigarh.
The LNG terminal project is expected to have a total investment of Rs
40000.000-45000.000 Millions as the scope of work also includes landside
infrastructure, said the source.
The Jaigarh port in Ratnagiri is operated by JSW Jaigarh Port, an SPV of JSW
Infrastructure. The company was created to develop the port, on a
build-own-operate-share-transfer basis, under a 50-year concession licensed by
the State Government of Maharashtra.
Currently, the company’s port vertical operates terminals in Maharashtra and
Goa that offer mechanised and multi-cargo handling facilities to the customers.
It is connected by rail and road to the industrial hinterlands of Maharashtra,
Goa and Karnataka.
JSW'S RS 15000.000-MILLIONS NANDGAON PORT FACES OPPOSITION FROM
VILLAGERS
Mumbai, September 18, 2013
JSW Infrastructure’s proposed all weather port at Nandgaon-Alewadi in Thane district faces a roadblock as a section of villagers have stepped up their opposition to the project.
JSW proposes to spend Rs 15000.000 Millions during the first phase with an
handling capacity of 8.4 million tonnes. Subsequently the investment will
increase to Rs 100000.000 Millions to raise the handling capacity to 16.7
million tonnes in phases. JSW Infrastructure is currently operating Jaigarh
port in Ratnagiri district, Maharashtra, Dharamtar jetty in Raigad district,
Maharashtra and port in Goa. A section of villagers on Sunday staged a ‘rasta
roko’ and made JSW Group chairman Sajjan Jindal to give a signed letter on
plain paper that JSW Infastructure on its own was withdrawing from the project.
He went on to add that “No project will come here and no donation will be given
for any school or hospital.” Copy of Jindal’s handwritten letter submitted to
agitated villagers is in the possession of Business Standard. Jindal was
returning to the helipad after visiting its steel plant in the nearby Tarapur
industrial estate.
When contacted JSW official, who did not want to be named, admitted the
Sunday’s incident. He told Business Standard, “'The company is currently in the
midst of getting necessary statutory clearances. There won't be displacement of
any house neither there will be any forceful acquisition of land.”
A state government official declined to comment on the incident saying that the
company was pursuing approvals from various agencies. He recalled that a public
hearing took place on August 7 near the project site.
However, Shree Naik, local BJP leader questioned the project site in view of
its proximity to the Tarapur atomic power station. '”The project poses a major
security risk. Therefore, the government should reconsider the project
development at site and till then the opposition to the project will
continue,'” he noted.
JSW JAIGARH PORT – CATALYST OF GROWTH
April 30, 2012
After achieving the target of handling five million tonnes of cargo in 2011-12 with its two berths in Phase-1, JSW
Jaigarh Port plans to add eight more berths with a capacity to handle 50 million tonnes
JSW Infrastructure Limited has developed the first deep water private port in Maharashtra called JSW Jaigarh Port (JSWJP) which is aggressively and ambitiously gearing to become the most preferred gateway port to coastal and central Maharashtra and Northern Karnataka. The greenfield multi-cargo deep water port is located in Damankhol Bay, Jaigarh in Ratnagiri district of Maharashtra. Backed by state-of-the-art technology and qualified manpower, JSWJP is aiming to emerge as one of the most modern and mechanized ports in India benchmarked to international standards. The port handles both captive as well as commercial cargoes in efficient and environment-friendly manner. The port offers customized cargo handling solutions to its customers at competitive rates. Phase-I of JSW Jaigarh Port was successfully completed and inaugurated in August 2009.
Currently, the port has constructed two berths in Phase-I. Berth-1 is mechanized to handle bulk and Berth-2 to handle multipurpose cargoes; together the port can handle 20 million tonnes cargo. The present draft of 14 meters makes it the deepest private port in Maharashtra. In 2010-11, port handled a total of 1.26 million tonnes and by 2011-12 port has achieved the target of handling five million tonnes of cargo. JSWJP plans to add 8 more berths, with that it will be able to add 35 million tonnes of handling capacity and on completion there will be total 10 berths with capacity of 50 million tonnes.
After successful handling of bulk, break bulk cargo such as coal, limestone, bauxite, coated pipes, iron ore and liquid cargo such as molasses which was commenced in Jan 2012, Jaigarh Port is planning to commence containerized shipping operations soon which will ensure competitiveness for sugar mills, engineering industries, agro and food processing industries, sea food exports and textile and allied machinery in the international markets.
There will also be a dedicated container terminal, Ro-Ro terminal, liquid terminal and multipurpose cargo berths. The port’s operations will be enhanced by mechanized wagon loading and unloading systems. The depth is proposed to be increased to 19.8 mts, which will enable berthing of Cape size vessels (180,000 DWT). FTWZ, SEZ, CFS and logistics parks will be created to give a competitive advantage to establish food processing zones, edible oil refineries and port related industries.
Jaigarh Port is looking at developing road and rail for connectivity to the port, the work for which is going on in full swing and is expected to be completed in the next three years. Currently, Jaigarh Port handles 80 per cent captive and 20 per cent commercial cargo. The port aims to handle 20 per cent captive and 80 per cent commercial cargo.
JSW Infra has plans to develop ports at western and eastern coasts. Currently, the company is evaluating ports in north Maharashtra and also in Karnataka and Orissa. Presently, the company’s forte is ports and connectivity to ports.
At a recently held trade meet, N.K Jain, Chairman, JSW Jaigarh Port, touched upon how JSW Jaigarh port is going to be of immense importance for the export-import trade from Maharashtra and northern Karnataka and will help further development of industries in the hinterland.
Pranab Jha, Head - Business Development, JSW Jaigarh Port, made a detailed presentation on the port development, location, berth details, strengths of the port, master plan, rail road connectivity and productivity benchmarks and spoke about the several activities being undertaken by the port.
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 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.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
62 |
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.