MIRA INFORM REPORT
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Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
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Name : |
JSW STEEL LIMITED |
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Formerly Known
As : |
JINDAL VIJAYNAGAR STEEL LIMITED |
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Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.03.1994 |
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Com. Reg. No.: |
11-152925 |
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Capital
Investment / Paid-up Capital : |
Rs.10671.900 Millions |
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CIN No.: [Company Identification
No.] |
L27102MH1994PLC152925 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ05285A / PNEJ05353F |
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PAN No.: [Permanent Account No.] |
AAACJ4323N / AACT4323N |
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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 and Seller of Iron and Steel Products. |
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No. of Employees
: |
11,099 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (69) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 970000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “JSW Group”, which inturn is part of the “O.P.
Jindal Group” as a result of the merger of “JSW Ispat Steel Limited” with the
subject, it is one of the largest steel producers in India. It is a
well-established and a reputed company having excellent track. The company possesses a decent financial profile marked by healthy
networth along with improvement in operational performance whereas, has
witnessed a moderation in its capital structure during FY 14. The ratings also take into consideration the susceptibility of profit
margins to volatility in input cost due to lack of raw material integration
as well as exposure to foreign exchange risk which may be further mitigated
by gradual improvement in availability of iron ore in Karnataka. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of experienced management with well-established track brownfield
projects and significant presence in the Indian steel sector, the subject can
be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
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
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: “AA” |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
10.04.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: “A1+” |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
10.04.2014 |
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-cooperative (Tel. No.: 91-22-42861000)
LOCATIONS
|
Registered/ Regional Office: |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
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Tel. No.: |
91-22-42861000 |
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Fax No.: |
91-22-42863000 |
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E-Mail : |
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Website : |
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Corporate Office 1: |
Victoria House, 2nd Floor, Pandurang Budhkar Marg, Lower
Parel, Mumbai – 400013, Maharashtra, India |
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Tel No. : |
91-22-24927000 / 43437800 |
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Email : |
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Corporate Office 2: |
The Enclave, Maratha
Udhog Bhavan, New Prabhadevi Road, Prabhadevi, |
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Tel No. : |
91-22-67838000 |
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Fax No. : |
91-22-24320740 |
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Factory 1 : |
Vijayanagar
Works P.O. Vidyanagar, Toranagallu Village, Sandur Taluk,
District Bellary - 583275, Karnataka, India |
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Tel. No.: |
91-8395-250120 to 30 |
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Fax No.: |
91-8395-250138 / 250665 |
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Factory 2 : |
Vasind
Works Shahapur Taluk, District Thane - 421604, Maharashtra,
India |
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Tel. No.: |
91-2527-220022 to 025 |
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Fax No.: |
91-2527-220020 / 84 / 92 |
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Factory 3 : |
Tarapur
Works MIDC Boisar, District Thane – 401506, Maharashtra, India |
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Tel. No.: |
91-2525-270147 / 270149 |
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Fax No.: |
91-2525-270148 |
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Factory 4 : |
Pottaneri, M. Kalipatti Village, Mecheri Post, Mettur
Taluk, District Salem - 636453, Tamilnadu, India |
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Tel. No.: |
91-4298-278400 to 404 |
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Fax No.: |
91-4298-278618 |
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Factory 5 : |
PO Vidyanagar,
Toranagallu, District Bellary – 583275, Karnataka, India |
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Tel No.: |
91-8395-250120 to 30 |
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Fax No.: |
91-8395-250138 / 250665 |
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Works : |
Geetapuram, Taluka-Pen, District: Dolvi – 402107, Maharashtra, India |
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Branch Office : |
123/124, BM Tower, NPII, New Palasia, Indore, Madhya Pradesh, India |
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Other Branch Offices : |
Located At:
· Karnataka · Tamilnadu · Andhra Pradesh ·
·
· Madhya Pradesh |
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Additional Main Office : |
Located At: · Mumbai ·
· Rajasthan |
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Overseas Office : |
JSW Steel (USA) Inc.
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mrs. Savitri Devi Jindal |
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Designation : |
Chairperson |
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Name : |
Mr. Sajjan Jindal |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Seshagiri Rao M.V.S. |
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Designation : |
Joint Managing Director and Group Chief
Finance Officer |
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Date of Birth/Age : |
15.01.1958 |
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Qualification : |
AICWA, LCS, CAIIB, Diploma in Business
Finance |
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Date of Appointment : |
06.04.1999 |
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Name : |
Dr. Vinod Nowal |
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Designation : |
Director and Chief Finance Officer |
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Name : |
Mr. Jayant Acharya |
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Designation : |
Director (Commercial and Marketing) |
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Date of Birth/Age : |
25.01.1963 |
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Qualification : |
BE (Chemical), M. Sc (Physics), MBA
(Marketing). |
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Date of Appointment : |
07.05.2009 |
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Name : |
Mr. V. P. Baligar |
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Designation : |
Nominee Director of KSIIDC |
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Name : |
Mr. Hiromu Oka |
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Designation : |
Nominee Director of JFE Steel Corporation, Japan |
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Name : |
Dr. S K Gupta |
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Designation : |
Director |
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Name : |
Mr. Anthony Paul Pedder |
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Designation : |
Director |
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Name : |
Dr. Vijay Kelkar |
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Designation : |
Director |
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Name : |
Mr. Uday M Chitale |
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Designation : |
Director |
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Name : |
Mr. Sudipto Sarkar |
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Designation : |
Director |
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Date of Birth/Age : |
21.03.1946 |
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Qualification : |
B.Sc. (Maths - Hons), BA (Law Tripos), LLM
(International Law), MA (Law) Barrister, Gray’s |
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Date of Appointment : |
09.05.2005 |
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Name : |
Mr. Kannan Vijayaraghavan |
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Designation : |
Director |
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Date of Birth/Age : |
04.05.1959 |
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Qualification : |
Fellow Member of the |
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Date of Appointment : |
16.06.2008 |
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Name : |
Mrs. Punita Kumar Sinha |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Lancy
Varghese |
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Designation : |
Company
Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
3979538 |
1.65 |
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|
907952 |
0.38 |
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|
82552037 |
34.15 |
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|
87439527 |
36.17 |
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|
|
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|
11099 |
0.00 |
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|
5704612 |
2.36 |
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|
5715711 |
2.36 |
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Total shareholding of Promoter and Promoter Group (A) |
93155238 |
38.54 |
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(B) Public Shareholding |
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|
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|
2462732 |
1.02 |
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|
4132412 |
1.71 |
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|
1237500 |
0.51 |
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|
51637116 |
21.36 |
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|
59469760 |
24.60 |
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|
|
|
|
|
15158694 |
6.27 |
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|
|
|
|
|
14778948 |
6.11 |
|
|
9361358 |
3.87 |
|
|
49798046 |
20.60 |
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|
2969013 |
1.23 |
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|
38742 |
0.02 |
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|
3227764 |
1.34 |
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|
43562527 |
18.02 |
|
|
89097046 |
36.86 |
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Total Public shareholding (B) |
148566806 |
61.46 |
|
Total (A)+(B) |
241722044 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
241722044 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Iron and Steel Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
MS Slabs |
Tonnes |
8300000 |
6541921 |
|
Hot Rolled Coils/Steel Plates/Sheets |
Tonnes |
8200000 |
6202129 |
|
Hot Rolled Steel Plates |
Tonnes |
320000 |
79308 |
|
Cold Rolled Coils/Sheets |
Tonnes |
1825000 |
1658906 |
|
Galvanised/Galvalum Coils/Sheets |
Tonnes |
925000 |
996530 |
|
Colour Coating Coils / Sheets |
Tonnes |
426000 |
188569 |
|
Steel Billets and Bloom |
Tonnes |
2500000 |
1977543 |
|
Long Rolled Products |
Tonnes |
2450000 |
1798173 |
NOTES:
1) As certified by
the management and accepted by auditors, being a technical matter.
2) Production of
Cold Rolled Coils/Sheets includes 59,483 tonnes (previous year 53,438 tonnes) from
a third party on a job work basis.
3) Production of
Galvanized/Galvalum Coils/Sheets includes 61,107 tonnes (previous year 55,734
tonnes) from a third party on a job work basis.
GENERAL INFORMATION
|
No. of Employees : |
11,099 (Approximately) |
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Bankers : |
· Allahabad Bank · Bank of Baroda · Bank of India · ICICI Bank Limited · IDBI Bank Limited · Indian Bank · Indian Overseas Bank · Punjab National Bank · State Bank of India · State Bank of Mysore · State Bank of Patiala · Union Bank of India · Vijaya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
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Associates : |
· Jindal Praxair Oxygen Company Private Limited · JSW Ispat Steel Limited |
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Subsidiaries : |
· JSW Steel (Netherlands) B.V. · JSW Steel (UK) Limited · Argent Independent Steel (Holdings) Limited · JSW Steel Service Centre (UK) Limited · JSW Steel Holding (USA) Inc. · JSW Steel (USA) Inc. · Periama Holdings, LLC · Purest Energy, LLC · Meadow Creek Minerals, LLC · Hutchinson Minerals, LLC · R.C. Minerals, LLC · Keenan Minerals, LLC · Peace Leasing, LLC · Prime Coal, LLC · Planck Holdings, LLC · Rolling S Augering, LLC · Periama Handling, LLC · Lower Hutchinson Minerals, LLC · Caretta Minerals, LLC · JSW Panama Holdings Corporation · Inversiones Eroush Ltda · Santa Fe Mining · Santa Fe Puerto S.A. · JSW Natural Resources Limited · JSW Natural Resources Mozambique Ltda · JSW ADMS Carvo Lda · JSW Mali Resources SA (w.e.f. 18.02.2013) · JSW Steel Processing Centres Limited · JSW Bengal Steel Limited · JSW Natural Resources India Limited · Barbil Beneficiation Company Limited · JSW Jharkhand Steel Limited · JSW Building Systems Limited · JSW Steel East Africa Limited · Amba River Coke Limited · JSW Energy (Bengal) Limited · JSW Natural Resource Bengal Limited (w.e.f. 03.04.2012) · JSW Steel Coated Products Limited (w.e.f. 31.08.2012) · JSW Energy (Bengal) Limited (upto 04.03.2012) |
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Joint Venture : |
· Vijayanagar Minerals Private Limited · Rohne Coal Company Private Limited · JSW Severfield Structures Limited · Gourangdih Coal Limited · Toshiba JSW Turbine and Generator Private Limited · MJSJ Coal Limited · GEO Steel LLC · JSW Structural Metal Decking Limited · JSW MI Steel Service Center Private Limited |
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Other Related Parties : |
· JSW Energy Limited · JSL Limited · JSW Realty and Infrastructure Private Limited · Jindal Saw Limited · Jindal Steel and Power Limited · JSOFT Solutions Limited · Jindal Industries Limited · Jindal Aluminum Limited · JSW Cement Limited · JSW Jaigarh Port Limited · Reynold Traders Private Limited · Raj West Power Limited · JSW Power Trading Company Limited · JSW Aluminim Limited · P Jindal Foundation · JSW Infrastructure Limited · South West Port Limited · JSW Techno Projects Management Limited · South West Mining Limited · JSL Architecture Limited · JSW Projects Limited · Sapphire Technologies Limited · Jindal Technologies and Management Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6015000000 |
Equity Shares |
Rs.10/- each |
Rs.60150.000 Millions |
|
3000000000 |
Preference Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.90150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
241722044 |
Equity Shares |
Rs.10/- each |
Rs.2417.200 Millions |
|
279034907 |
Preference Shares |
Rs.10/- each |
Rs.2790.300 Millions |
|
485414604 |
0.01% Cumulative Redeemable Preference Share Fully Paid-up |
|
Rs.4854.100 Millions |
|
|
Equity Shares Forfeited [Amount originally paid-up] |
|
Rs.610.300 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.10671.900
Millions |
Reconciliation of
the number of shares outstanding at the beginning and end of the year:
|
Equity Shares |
Number
of Shares |
|
Outstanding at the beginning of the year |
223117200 |
|
Shares issued during the year |
18604844 |
|
Outstanding at
the end of the year |
241722044 |
|
Preference
Shares |
Number
of Shares |
|
10% Cumulative
Redeemable Preference Shares |
|
|
Outstanding at the
beginning and at the end of the year |
279034907 |
|
0.01% Cumulative Redeemable Preference Shares |
|
|
Outstanding at
the beginning of the year |
-- |
|
Issued during
the year |
485414604 |
|
Outstanding at
the end of the year |
485414604 |
Rights, preferences and restrictions attached to Equity shares
The Company has a
single lass of equity shares each shareholder IS eligible for one vote per
share held.
The dividend
proposed by the Board of Directors IS subject to the approval of the
shareholders In the event of Liquidation, the equity shareholders are eligible
to receive the remaining assets of the company after distribution of all
preferential mounts, In proportion to their shareholding.
Rights, preferences and restrictions attached to Preference shares
The Company has
two classes of preference shares i.e. 10% Cumulative Redeemable Preference
Shares (CRPS1] of Rs.10 per share and 0.1% Cumulative Redeemable Preference Shares
(CRPS2) of Rs.10
per share. CRPS1 are redeemable at par in four equal 'quarterly Installments
commencing from 15 December 2017. The shares carry a right to receive 10%
dividend very year till redemption.
Each holder of
CRPS2 is entitled to one vote per share, In proportion to the amount paid on
CRPS2 held, only on resolutions placed before the Company which directly affect
the rights attached to CRPS2. It carries dividend Id 0.01% p.a., when declared.
CRPS2 is redeemable at par eight quarterly Installments commencing from 15th
June 2018. In the event of liquidation, the preference shareholders are
eligible to receive the outstanding amount including dividend after
distribution of all other preferential amounts, in proportion to their
shareholding. In the event of winding-up of the Company before redemption of
preference shares, the holders of CRPSI and CRPS2 will have priority over
equity’s hares in the payment of dividend and repayment of capital.
Shareholders holding more than 5% shares in the company is set out
below:
|
Equity Shares |
Number
of Shares |
%
of Holding |
|
JSW Steel International Europe B.V |
36258307 |
15.00% |
|
JSW Holdings Limited |
17284923 |
7.15% |
|
JSW Investment Private Limited |
12599601 |
5.21% |
|
JSW Energy Investments Private Limited |
6184200 |
2.56% |
|
Preference
Shares |
Number
of Shares |
%
of Holding |
|
10% Cumulative Redeemable
Preference Shares |
|
|
|
ICICI Bank Limited |
125707730 |
45.05% |
|
IDBI Bank Limited |
69734847 |
24.99% |
|
Life Insurance Corporation of India |
36348783 |
13.03% |
|
IFCI Limited |
21262362 |
7.62% |
|
0.01% Cumulative
Redeemable Preference Shares |
|
|
|
JSW Logistics Infrastructure Private Limited |
338586951 |
69.75% |
Shares allotted as fully paid-up pursuant to contracts without payment being
received in cash during the period of five years immediate preceding the date
of the balance sheet are as under:
1,86,04,844 equity shares to the shareholders
of the erstwhile JSW Ispat Steel Limited pursuant to a composite scheme of
amalgamation and arrangement.
48,54,14,604
0.01% cumulative redeemable preference shares fully paid upto the
shareholders of the erstwhile JSW Ispat Steel Limited pursuant to a composite
scheme of Amalgamation and Arrangement.
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 |
10671.900 |
5631.800 |
5631.800 |
|
(b) Reserves & Surplus |
232169.900 |
193741.900 |
179343.100 |
|
(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) |
242841.800 |
199373.700 |
184974.900 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
210543.200 |
154342.600 |
115280.900 |
|
(b) Deferred tax liabilities (Net) |
19085.100 |
34502.300 |
30120.900 |
|
(c) Other long term liabilities |
4664.000 |
1940.600 |
827.200 |
|
(d) long-term provisions |
406.700 |
395.100 |
329.000 |
|
Total Non-current Liabilities (3) |
234699.000 |
191180.600 |
146558.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39206.600 |
11095.300 |
7741.300 |
|
(b) Trade payables |
99912.500 |
92743.600 |
91844.500 |
|
(c) Other current
liabilities |
64159.700 |
48739.800 |
71825.200 |
|
(d) Short-term provisions |
3437.200 |
3020.500 |
2269.200 |
|
Total Current Liabilities (4) |
206716.000 |
155599.200 |
173680.200 |
|
|
|
|
|
|
TOTAL |
684256.800 |
546153.500 |
505213.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
372251.200 |
276044.700 |
270716.900 |
|
(ii) Intangible Assets |
699.600 |
343.200 |
188.900 |
|
(iii) Capital
work-in-progress |
67896.600 |
50339.700 |
24767.700 |
|
(iv) Intangible assets under development |
678.100 |
405.700 |
270.400 |
|
(b) Non-current Investments |
43128.500 |
44956.100 |
42122.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
49614.700 |
30839.900 |
26514.400 |
|
(e) Other Non-current assets |
0.000 |
0.800 |
15.800 |
|
Total Non-Current Assets |
534268.700 |
402930.100 |
364596.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
677.000 |
1404.500 |
2012.200 |
|
(b) Inventories |
61965.700 |
47991.000 |
51790.800 |
|
(c) Trade receivables |
22187.400 |
18622.000 |
12846.200 |
|
(d) Cash and cash
equivalents |
4657.200 |
14017.900 |
29560.200 |
|
(e) Short-term loans and
advances |
60500.800 |
61188.000 |
44407.600 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
149988.100 |
143223.400 |
140617.000 |
|
|
|
|
|
|
TOTAL |
684256.800 |
546153.500 |
505213.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
452977.200 |
354918.100 |
321226.600 |
|
|
|
Other Income |
3310.500 |
2608.800 |
1793.000 |
|
|
|
TOTAL (A) |
456287.700 |
357526.900 |
323019.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
267058.200 |
225903.700 |
209601.100 |
|
|
|
Purchases of traded goods |
4948.100 |
100.000 |
775.000 |
|
|
|
Changes in
inventories of Finished goods, Work-in-progress and Stock-in-Trade |
(2441.000) |
(1724.600) |
(2978.100) |
|
|
|
Employee benefits expense |
7995.800 |
6709.700 |
6258.700 |
|
|
|
Other expenses |
87590.200 |
60841.100 |
51261.900 |
|
|
|
Exceptional Items |
16923.000 |
3672.100 |
8209.600 |
|
|
|
TOTAL (B) |
382074.300 |
295502.000 |
273128.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
74213.400 |
62024.900 |
49891.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27401.300 |
17244.800 |
11864.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46812.100 |
44780.100 |
38027.300 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
27258.800 |
19738.900 |
17081.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
19553.300 |
25041.200 |
20945.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6208.200 |
7029.000 |
4687.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
13345.100 |
18012.200 |
16258.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33060.200 |
19873.000 |
27883.600 |
|
|
|
|
|
|
|
|
|
Less |
PURSUANT TO THE
COMPANIES SCHEME OF AMALGAMATION AND ARRANGEMENT |
3419.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1340.000 |
1810.000 |
23250.000 |
|
|
|
Dividend on Additional Equity Shares Issued |
217.700 |
0.000 |
0.000 |
|
|
|
Dividend on Preferences Shares |
279.000 |
279.000 |
279.000 |
|
|
|
Proposed Final Dividend on Equity Shares |
2658.900 |
2231.200 |
1673.400 |
|
|
|
Corporate Dividend Tax |
499.300 |
426.600 |
316.800 |
|
|
|
Transfer To Debenture Redemption Reserve |
541.600 |
78.200 |
(1250.000) |
|
|
BALANCE CARRIED
TO THE B/S |
37449.300 |
33060.200 |
19873.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
80564.500 |
69693.500 |
53752.200 |
|
|
|
Sale of Carbon Credits |
0.000 |
170.700 |
133.700 |
|
|
|
Commission and Fees |
334.600 |
0.000 |
0.000 |
|
|
|
Interest Income |
1930.400 |
1808.800 |
1078.300 |
|
|
TOTAL EARNINGS |
82829.500 |
71673.000 |
54964.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
142583.800 |
104010.900 |
123970.500 |
|
|
|
Stores & Spares |
4014.100 |
4671.000 |
3723.900 |
|
|
|
Capital Goods |
15248.700 |
17213.900 |
9755.300 |
|
|
TOTAL IMPORTS |
161846.600 |
125895.800 |
137449.700 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
53.86 |
79.28 |
71.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.92 |
5.04 |
5.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.32 |
7.06 |
6.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.42 |
5.56 |
4.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03 |
0.83 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.92 |
0.81 |
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 |
5631.800 |
5631.800 |
10671.900 |
|
Reserves & Surplus |
179343.100 |
193741.900 |
232169.900 |
|
Net
worth |
184974.900 |
199373.700 |
242841.800 |
|
|
|
|
|
|
long-term borrowings |
115280.900 |
154342.600 |
210543.200 |
|
Short term borrowings |
7741.300 |
11095.300 |
39206.600 |
|
Total
borrowings |
123022.200 |
165437.900 |
249749.800 |
|
Debt/Equity
ratio |
0.665 |
0.830 |
1.028 |
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 |
321,226.600 |
354,918.100 |
452,977.200 |
|
|
|
10.488 |
27.629 |
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
|
321,226.600 |
354,918.100 |
452,977.200 |
|
Profit |
16,258.600 |
18,012.200 |
13,345.100 |
|
|
5.06% |
5.08% |
2.95% |
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 |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 24/06/2014 |
|||||||
|
Lodging No:- |
NMAL/1453/2014 |
Failing Date:- |
24/06/2014 |
Reg. No.:- |
NMA/860/2014 |
Reg. Date:- |
03/07/2014 |
|
Main Matter |
|||||||
|
Lodging No.:- |
CEXAL/19/2013 |
||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – CENTRAL EXCISE |
Respondent:- |
JSW STEEL LIMITED.- |
||||
|
Petn.Adv:- |
S.D. BHOSALE (0) |
||||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
|
|
||||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION (TAX) |
||||
|
Last Date:- |
12/11/2014 |
Stage:- |
NOTICE OF MOTIN FOR HEARING [ORIGINAL SIDE MATTERS] |
||||
|
Coram:- |
HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE A. K. MENON |
||||||
|
|
|
||||||
|
Act:- |
Central Excise & Salt Act |
||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Foreign Currency Term Loans from Banks |
53326.500 |
45985.500 |
|
Deferred Sales Tax Loan |
1017.000 |
1107.700 |
|
|
|
|
|
Total |
54343.500 |
47093.200 |
FINANCIAL HIGHLIGHTS:
The Scheme of Amalgamation and
Arrangement ("the Scheme") between the Company and JSW ISPAT Steel
Limited and others, which became effective June 1, 2013 with appointed date of
July 1, 2012. Therefore, the numbers of FY 2013-14 are not comparable with FY
2012-13 as the effect of implementation of the Scheme is included in the
current year figures.
STANDALONE RESULTS:
The Company produced 12.17 million
tonnes of crude steel in FY 2013-14,up 43% over the previous year. Its steel
sales grew to 11.86 million tonnes, increasing by 34% year on year. The Company
took several initiatives during the last financial year that helped in
achieving impressive growth in production and sales volumes. The Company
commissioned new facilities to enrich product mix, leveraged the export demand,
diversified its inputs sourcing strategy and strengthened market penetration
through wider distribution and newer formats.
The Gross Turnover and Net Turnover
for the year under review was Rs.485270.000 Millions and Rs.445290.000
Millions, respectively, and showed a growth of 25% and 26%, respectively. The
Operating EBITDA was Rs.387830.000 Millions, and showed a growth of 39% with an
improvement in EBIDTA margin from 17.8% to 19.4%. The net profit after tax was
Rs.13350.000 Millions after considering exceptional loss of Rs.16920.000 Millions.
The exceptional loss is due to the significant movement and volatility in the
value of the rupee against US dollar.
The net worth of your Company
increased to Rs.3242840.000 Millions as on March 31, 2014 from Rs.199370.000
Millions as on March 31, 2013. The Company’s net debt gearing was at 1.10
(compared to 0.82 as on March 31, 2013) and net debt to EBIDTA was at 3.03
(compared to 2.59, as on March 31, 2013).
SCHEME OF ARRANGEMENT AND
AMALGAMATION:
A ‘Composite Scheme of Arrangement
and Amalgamation’ under Sections 391-394 of the Companies Act, 1956 (the
"Scheme") amongst the Company, JSW ISPAT Steel Limited ("JSW
ISPAT"), JSW Building Systems Limited ("JSW Building"), JSW
Steel Coated Products Limited ("JSW Steel Coated") (formerly known as
Maharashtra Sponge Iron Limited) and their respective shareholders and
creditors was sanctioned by the Hon’ble Bombay High Court vide its Order dated
May 3, 2013. The Appointed Date in terms of the Scheme is July 1, 2012. The
said Scheme has become effective June 1, 2013, consequent to the filing of
Hon’ble High Court’s Order with the Registrar of Companies.
PROSPECTS:
ECONOMY
In FY 2013-14, India was besieged by
high inflation, rapidly depreciating Rupee, rising NPAs, declining manufacturing,
stagnant investments and subdued exports with adverse downside risk to future
economic growth. However, prudent and timely measures by RBI and the Government
restored macroeconomic stability, lowering Current Account Deficit to below
2.5% and contained Fiscal Deficit at 4.6%.
World economy is projected to grow
at 3.6% in CY3 2014 up from 3% in CY 2013 majorly aided by steady growth in
Europe from 0.2% to 1.6% and US from 1.9% to 2.8%. Emerging Markets are
projected to exhibit a moderate growth at 4.9%. China is focusing on ‘Quality’
engineered growth, with emphasis on increasing domestic consumption demand.
Emerging countries remain vulnerable to the ongoing tapering of quantitative
easing in the US, and gradual withdrawal is expected to reduce this risk.
Global commodity prices are
projected to remain moderate and this could support India’s recovery. Sustained
growth is expected as the Indian economy over-rides the structural impediments
and policy stimulates business confidence and accelerate fiscal correction.
STEEL SECTOR
Indian steel demand grew to 73.9
million tonne during FY 2013-14 with Flat Steel down by 2% while Longs
displayed a growth of 2.6%. Impacted by inadequacy and inconsistent quality of
iron ore, capacity utilisation for Indian steel declined from 81% in FY 2012-13
to 78% in FY 2013-14.
Sluggish domestic demand with rising
capacity and increased production resulted in growing thrust on import
substitution, resulting in a sharp decline of imports by 34%. Expanding new-age
steel capacities and incorporating world-class technologies and rupee
depreciation helped India to increase its steel exports by 13%. This exhibits
growing global competitiveness of Indian steel industry; thus transforming
India into a net steel exporter.
Global crude steel capacity is
projected to increase by 88 million tonnes to 2256 million tonnes during CY
2014. Steel demand in CY 2014 is expected to increase by 53 million tonnes or
3.6% to 1534 million tonnes exhibiting significant demand growth for Europe at
3.1% with Advanced Markets up by 2.5% as against -0.2% in CY 2013. Chinese
steel demand projected at 728 million tonnes with its growth moderating to 4%
as against 6.6% in CY 2013. There is need for the sector to restructure to
increase efficiency.
The Government is undertaking
proactive policy initiatives for Infrastructure development and Industrial
growth, which will accelerate steel demand in line with economic growth.
However, concerns like poor availability of iron ore and inconsistent quality
as well as high import dependency of coking coal need to be addressed.
AWARDS AND ACCOLADES:
The Company and its employees
received the following awards during the year under review:
• Prime Minister`s Trophy for excellence
in performance in 2012-13 for Vijayanagar Works which was adjudged the Best
Integrated Steel Plant in India.
• ‘Industry Leadership Award’ at
Platts Global Metals Awards for achievements in steel, metals and mining.
• Golden Peacock Eco-lnnovation
Award 2013 by the National Jury.
• IMC Ramakrishna Bajaj National
Quality Award 2013 for `Strong Commitment To Sustainability` under category E
for Vijayanagar Works.
• IMC Ramknshna Bajaj National
Quality (RBNQ) Performance Excellence Trophy 2013-14.
• Silver Prize, 14th Annual
Greentech Environment Award 2013 in Metal and Mining sector.
• Tamil Nadu Government State Safety
Award 2012.
• Best Supplier Award from Tata
Motors and WABCO for Salem Works.
• Green Manufacturing Excellence
Award `Green Challengers` 2014 from Frost & Sullivan.
• Silver Prize, India Manufacturing
Excellence Award 2013 from Frost & Sullivan.
• Commendation Certificate, CII-EXIM
Bank Award 2013 for Significant Achievement at Bangalore.
• Commendation Certificate, Cll ITC
Sustainability Award 2013. Second Prize, National Sustainability Award 2013-14
from Indian Institute of Metals
UNAUDITED FINANCIAL RESULTS FOR QUARTER
ENDED 30.06.2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter
Ended 30.06.2014 |
|
|
|
(Unaudited) |
|
1. |
Income from Operations |
|
|
|
Sale of Products |
|
|
|
Domestic Turnover
|
102117.100 |
|
|
Export Turnover |
21891.400 |
|
|
Total |
124008.500 |
|
|
Less: Excise Duty
|
10304.300 |
|
|
Net Sales |
113704.200 |
|
|
Other Operating
Income |
1759.100 |
|
|
Total Income From Operations (Net) |
115463.300 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
68066.500 |
|
|
Purchase
of stock in trade |
683.700 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(3843.700) |
|
|
Employee
benefits expenses |
2360.500 |
|
|
Depreciation
and amortization expenses |
6633.800 |
|
|
Power
and Fuel |
8268.500 |
|
|
Other
expenses |
15317.900 |
|
|
Total Expenses |
97487.200 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
17976.100 |
|
4. |
Other
Income |
980.100 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
18956.200 |
|
6. |
Finance
Costs |
7230.000 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
11726.200 |
|
8. |
Exceptional
Items |
-- |
|
9. |
Profit
before Tax (7+8) |
11726.200 |
|
10. |
Tax
Expense |
3712.500 |
|
11. |
Net
Profit after Tax (9-10) |
8013.700 |
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
2417.200 |
|
15. |
Reserves
Excluding Revaluation Reserve |
|
|
16. |
Earnings Per Share (EPS)
(Rs.)- |
|
|
|
a)
Basic |
32.81 |
|
|
b)
Diluted |
32.81 |
|
|
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
148566806 |
|
|
-
Percentage of Shareholding |
61.46% |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
93155238 |
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
36660950 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
39.35% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
15.17% |
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
56494288 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
60.65% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
23.37% |
|
Particulars |
3 Months Ended 30.06.2014 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
174 |
|
Disposed of during the quarter |
174 |
|
Remaining unresolved at the end of the
quarter |
-- |
SEGMENT WISE REVENUE, RESULTS
AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
Particulars |
Quarter
Ended |
|
30.06.2014 |
||
|
(Unaudited) |
||
|
1 |
Revenue by business
segment: |
|
|
|
Steel |
116460.500 |
|
|
Power |
10537.800 |
|
|
Others |
658.200 |
|
|
TOTAL |
127656.500 |
|
|
Less : Inter Segment Revenue |
12193.200 |
|
|
TOTAL INCOME |
115463.300 |
|
|
|
|
|
2 |
Segment Results
before finance costs and tax |
|
|
|
Steel |
13893.600 |
|
|
Power |
4380.400 |
|
|
Others |
120.300 |
|
|
TOTAL |
18394.300 |
|
|
Less: Unallocated Items Income |
|
|
|
Finance Cost |
7230.000 |
|
|
Unallocated expenses net of unallocable income |
(561.900) |
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
11726.200 |
|
|
|
|
|
3 |
CAPITAL EMPLOYED |
|
|
|
(Segment assets less segment liabilities |
|
|
|
Steel |
445227.200 |
|
|
Power |
20405.400 |
|
|
Others |
1505.300 |
|
|
Unallocated |
(217839.400) |
|
|
TOTAL |
249298.500 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10507492 |
20/06/2014 |
3,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG, B |
C09236902 |
|
2 |
10502682 |
21/05/2014 |
145,700,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C06473250 |
|
3 |
10504341 |
08/08/2014
* |
10,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG, B |
C18343269 |
|
4 |
10496749 |
06/05/2014 |
12,000,000,000.00 |
STATE
BANK OF INDIA |
THE
CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA
- 400051, INDIA |
C05211198 |
|
5 |
10483585 |
04/03/2014 |
24,864,720,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B98902851 |
|
6 |
10474855 |
31/12/2013 |
43,700,000,000.00 |
STATE
BANK OF INDIA |
CAG
BRANCH, BKC, 16TH FLOOR,, THE CAPITAL, BANDRA |
B95192829 |
|
7 |
10445945 |
18/11/2013
* |
5,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B90510785 |
|
8 |
10445949 |
18/11/2013
* |
5,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B90511361 |
|
9 |
10428403 |
03/05/2013 |
10,000,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE,, 3RD FLOOR, J.N. HEREDIA MARG,
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75979476 |
|
10 |
10423803 |
16/07/2013
* |
10,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI,
MAHARASHTRA - 400001, INDIA |
B80707193 |
|
11 |
10362658 |
20/07/2012
* |
10,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B44716967 |
|
12 |
10360372 |
04/03/2014
* |
37,460,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00220749 |
|
13 |
10358176 |
04/03/2014
* |
8,910,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B98902224 |
|
14 |
|
04/03/2014
* |
37,600,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00220376 |
|
15 |
10298721 |
04/03/2014
* |
43,020,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00221424 |
|
16 |
10272434 |
23/12/2011
* |
9,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B28534402 |
|
17 |
10233825 |
30/06/2010 |
340,970,000.00 |
STATE
BANK OF INDIA |
15
KING STREET, EC2V 8EA, LONDON, - NA, UNITED KINGDOM |
A91481903 |
|
18 |
10233501 |
25/06/2010 |
3,500,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, MAKER TOWER, 'E',, CUFFE |
A91267377 |
|
19 |
10222139 |
15/05/2010 |
5,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
A86176286 |
|
20 |
10211215 |
16/01/2012
* |
12,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B30731293 |
|
21 |
10197574 |
20/04/2010
* |
10,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
A84127356 |
|
22 |
10204722 |
19/01/2010 |
1,464,000,000.00 |
INDIAN
OVERSEAS BANK |
2,
WOOD STREET,, KOLKATA, WEST BENGAL - 700016, INDIA |
A80332638 |
|
23 |
10180764 |
01/10/2009
* |
3,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
A72963622 |
|
24 |
10167430 |
17/01/2012
* |
4,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B30684906 |
|
25 |
10134587 |
16/06/2009
* |
12,500,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A65390387 |
|
26 |
10129517 |
11/11/2008 |
1,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A50574839 |
|
27 |
10124470 |
21/04/2011
* |
5,500,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B10999902 |
|
28 |
10121024 |
07/07/2014
* |
1,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA
- 400001, INDIA |
C14126635 |
|
29 |
10116670 |
12/02/2014
* |
92,700,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, MAKER TOWER "E", CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B97628200 |
|
30 |
10112495 |
30/06/2008 |
784,000,000.00 |
GE
CAPITAL SERVICES INDIA |
AIFCS
BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELH |
A41269978 |
|
31 |
10111209 |
15/07/2008
* |
7,500,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A43996214 |
|
32 |
10106072 |
16/01/2012
* |
31,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA
- 400001, INDIA |
B30732614 |
|
33 |
10105055 |
07/07/2014
* |
3,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING , GROUND FLOOR, 17 R KAMANI MARG, B |
C14127849 |
|
34 |
10110717 |
12/05/2008 |
12,500,000,000.00 |
ICICI
BANK LIMITED |
ICICI
BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, |
A40697252 |
|
35 |
10103470 |
07/03/2008 |
1,000,000,000.00 |
ICICI
BANK LTD BAHRAIN BRANCH |
SUITE
15,GROUND AND MEZZANINE FLOOR,PART 3, MUNIC |
A38776613 |
|
36 |
10110873 |
07/03/2008 |
1,000,000,000.00 |
WESTERN
INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED |
161,
MITTAL COURT,, NARIMAN POINT, MUMBAI, MAHARA |
A40734071 |
|
37 |
10093329 |
31/01/2009
* |
366,300,000.00 |
BANK
OF BARODA |
82
BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
A59061028 |
|
38 |
10082900 |
29/12/2007 |
1,540,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, MAKER TOWER, 'E',, CUFFE |
A30455505 |
|
39 |
10084210 |
21/11/2007 |
4,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A27398387 |
|
40 |
10084654 |
17/11/2007 |
784,000,000.00 |
GE
CAPITAL SERVICES INDIA |
AIFCS
BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELHI, DELHI - 110001, INDIA |
A30711345 |
|
41 |
10064526 |
11/07/2007 |
1,350,000,000.00 |
WESTERN
INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED |
161,
MITTAL COURT,, NARIMAN POINT, MUMBAI, MAHARA |
A21410857 |
|
42 |
10057288 |
07/06/2007 |
4,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A17715111 |
|
43 |
10056798 |
17/05/2007 |
10,000,000,000.00 |
STATE
BANK OF INDIA |
STATE
BANK BHAVAN, MADAME CAMA ROAD,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A17326778 |
|
44 |
10052138 |
29/03/2007 |
2,350,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400 001.,
MAHARASHTRA - 400001, INDIA |
A15497456 |
|
45 |
10052141 |
29/03/2007 |
3,000,000,000.00 |
ICICI
BANK LIMITED |
ICICI
BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA -
400051, INDIA |
A15505563 |
|
46 |
10052147 |
29/03/2007 |
650,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400 001.,
MAHARASHTRA - 400001, INDIA |
A15506348 |
|
47 |
10052204 |
29/03/2007 |
1,500,000,000.00 |
ICICI
BANK LIMITED |
ICICI
BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA -
400051, INDIA |
A15517071 |
|
48 |
10036026 |
03/02/2007 |
1,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A10352763 |
|
49 |
10036060 |
20/12/2007
* |
8,230,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400001, MAHARASHTRA,
INDIA |
A33699018 |
|
50 |
80051268 |
29/11/2005 |
2,250,000,000.00 |
PUNJAB
NATIONAL BANK |
MAKER
TOWER 'E', NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
51 |
80003350 |
28/04/2006
* |
250,000,000.00 |
DENA
BANK |
DENA
CORPORATE CENTRE, C-10, G BLOCK, BANDRA KURLA COMPLEX, BANDRA E, MUMBAI
400051,, MAHARASHTRA, INDIA |
- |
|
52 |
80003542 |
28/04/2006
* |
2,000,000,000.00 |
ICICI
BANK LIMITED |
ICICI
BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA - |
- |
|
53 |
90230059 |
27/06/2005
* |
1,000,000,000.00 |
STATE
BANK OF INDIA |
123
VOLTAS HOUSE J N HEREDLA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
54 |
80044429 |
25/02/2005 |
500,000,000.00 |
STATE
BANK OF INDORE |
B
WING, MITTAL COURT, GROUND FLOOR,, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400001, INDIA |
- |
|
55 |
80044433 |
25/02/2005 |
3,000,000,000.00 |
STATE
BANK OF INDIA |
VOLTAS
HOUSE, 123,J.N.HEREDIA MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001,
INDIA |
- |
|
56 |
80001093 |
30/05/2003 |
550,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER, CUFFE PARADE,, MUMBAI, MAHARASHTRA - |
- |
|
57 |
80000435 |
09/02/2006
* |
57,500,000.00 |
BANK
OF BARODA |
CORPORATE
BANKING BRANCH, 82, BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
- |
|
58 |
90232547 |
14/09/2005
* |
12,500,000.00 |
UTI
BANK LTD |
MAKER
TOWER F CUFFE PARADE COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
59 |
80000433 |
08/02/2006
* |
73,000,000.00 |
BANK
OF BARODA |
CORPORATE
BANKING BRANCH, 82, BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA |
- |
|
60 |
90232512 |
15/09/2005
* |
1,040,500,000.00 |
THE
WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LTD |
NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
61 |
80022633 |
24/11/1997 |
150,000,000.00 |
INDUSTRIAL
RECONSTRUCTION BANK OF INDIA LIMITED |
19, NETAJI
SUBHASH ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
62 |
80031433 |
22/11/2008
* |
3,317,500,000.00 |
INDIAN
BANK |
COIMBATORE
MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE, TAMIL NADU - 641001, INDIA |
A54482773 |
|
63 |
80037324 |
31/01/2009
* |
257,900,000.00 |
INDIAN
OVERSEAS BANK |
UPPLIPALAYAM,
COIMBATORE, TAMIL NADU - 641018, INDIA |
A59080374 |
|
64 |
80013602 |
31/01/2009
* |
626,200,000.00 |
PUNJAB
NATIONAL BANK |
OPPANAKARA
STREET,, COIMBATORE, TAMIL NADU - 641001, INDIA |
A59042234 |
|
65 |
80061021 |
19/07/1995 |
840,000,000.00 |
THE
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O |
163,
BACKBAY RECLAMATION, , MUMBAI, MAHARASHTRA - |
- |
|
66 |
90375701 |
12/10/1994 |
1,000,000.00 |
CANARA
BANK |
BASHEERBAGH,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
* Date
of charge modification
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Furniture And Fixtures
· Vehicles and Aircrafts
Intangible Assets
· Software
PRESS RELEASE:
JSPL WORST HIT; SEE LEAST
IMPACT ON TATA STEEL: P LILLADHER
Supreme Court’s verdict that 218 coal blocks allocated since 1993 to 2009 are illegal and unconstitutional has sent ripples across the mining sector with stocks like Jindal Steel and Power , Hindalco and Tata Steel taking a beating.
No clarity has been provided on deallocation of this coal mines hence
there concerns cancellation of these blocks could be a possibility. The
apex court would hear the consequences of illegality of coal blocks September
1, 2014.
Brokerage house Prabhudas Lilladhar belongs to the camp which expects
coal blocks to be cancelled followed by auctions.
Also Read: Neutral on
metals, shun JSPL; like cement, energy, says Religare
“Our interaction with legal fraternity suggests that coal blocks would
eventually be cancelled given the definition provided by the Court.
Simultaneously, the Court would direct the Govt to organise the auctions for
these blocks in time bound manner. Operational coal blocks would be allowed to
operate by the existing allocatees till the auction takes place, the report
says.
On stock specific impact, Naveen Jindal promoted Jindal Steel and Power
(JSPL) would be worst hit because its entire 12 million tonne of production
come from mines allocated after 1993. Further, it will delay the process of
securing mining rights for its much awaited Utkal B-1 mine, critical for its
Angul steel cum power project, it adds.
Second in line would be Hindalco as its Talabira-I mine, which was
allocated in 1994, supplies 2.5MTPA of coal to meet one-third of its coal
requirement.
However, Tata Steel, SAIL
and JSW Steel
will be least impacted. “Our earnings estimates as well as valuations for Tata,
SAIL and JSTL had not factored any contribution from any of their coal blocks
given the slow pace of their clearances,” it adds.
ANALYST VIEWS: HOW WILL COAL BLOCKS RULING
IMPACT METAL COS
The Supreme Court on Monday ruled that the allocation of around 200 coal blocks between 1993 and 2009 were illegal .
A snapshot of what brokerages are saying about the likely impact of the
ruling on various companies:
CLSA: This judgement substantially reduces the probability of Hindalco
getting the Mahan coal mine for the Mahan smelter or the Talabira-II coal mine for
the Aditya smelter, which lowers the long-term profitability outlook for
Hindalco’s India business.
BoAML: We see marginal impact from potential cancellation of Mahan and
Talabira II coal block on our FY16e EPS and valuation as a) we expect limited
(0.4mt) captive coal from Mahan in 2HFY16 and expect full ramp only by FY19 and
b) we do not factor in Talabira II coal block in our estimates
Macquarie: Even in the worst case scenario where Hindalco is forced to
import their total requirements, it remains profitable enough with interest
coverage ratios in excess of 2x (two times).
CLSA: Our estimates for JSPL don’t include any benefit from the Utkal coal
mine but de-allocation of the existing coal mines will impact our consolidated
FY16-17 EPS estimate by 28-30% (if the company sources entire coal via
linkage) and by a higher 50-60% (if the entire coal comes from e-auctions).
BoaML: Utkal 1B coal block is critical for profitability of its Angul
Steel and captive power project. We estimate EBITDA/tonne at Angul could be hit
by around USD84/t in absence of captive coal. Assuming, worst casescenario of
all coal blocks being cancelled, we estimate impact on FY16 EBIDTA could be 10-23 percent.
Macquarie: Even in the worst case scenario where JSPL is forced to
import their total requirements, it remains profitable enough with interest
coverage ratios in excess of 2x (two times)
CLSA: : No impact since its captive coking coal mines were allocated pre
1993
Goldman Sachs: Tata Steel India gets 40% of its coking coal needs
through captive coal mines; however, all
these coal mines (mainly in West Bokaro
and Jharia regions) were allocated pre-1993.
CLSA: No impact as JSW does not have any operational/upcoming coal
mines.
Goldman Sachs: JSW has no captive coal or iron ore mines in India and
hence is not impacted.
Goldman Sachs: For Sesa Sterlite the Durgapur II/Taraimar coal block
(4mt capacity) for Balco’s 1,000 MW captive power plant does not impact our
valuation as we assume commissioning post FY16.
CLSA: This judgement means that the probability of Balco (51% sub of
Sesa Sterlite) getting the mining lease signed for its captive coal mine
reduces substantially. This will impact future profitability of Sesa Sterlite’s
aluminium business.
JSW STEEL TO ACQUIRE STAKE HELD BY WELSPUN
ENTERPRISES IN WELSPUN MAXSTEEL
JSW Steel Ltd has informed BSE about Acquisition of entire equity stake held by Welspun Enterprises Limited ("WEL") in Welspun Maxsteel Limited ("WMSL") by JSW Steel Limited. JSW Steel has entered into a definitive agreement with Welspun Enterprises (WEL) pursuant to which the company shall acquire the entire equity stake held by WEL in Welspun Maxsteel (WMSL) for an enterprise value of Rs 1000 crore plus net current assets as of an agreed dated of August 31, 2014.
JSW STEEL CRUDE STEEL PRODUCTION RISES 12%
IN JULY' 14
JSW Steel Ltd has informed BSE regarding a Press Release dated August 08, 2014, titled "Crude Steel production growth : 12% in July' 14". JSW Steel reported crude steel production for July 2014 at 11.13 lakh tons showing a growth of 12 percent over corresponding month of previous year.
JSW STEEL PROMOTER HIKES STAKE IN CO TO
4.74%
JSW Investments, a promoter group firm of JSW Steel , has increased stake in the company by 0.13 percent to 4.74 percent for nearly Rs 32 crore through open market transactions. JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.
On December 20, it bought 4,132 shares for Rs 13.35 lakh, followed by
another 12,000 shares for Rs 1.18 crore on December 23. It again bought 1.35
lakh shares for Rs 13.35 crore on December 24 and 1.69 lakh shares on December
26 for Rs 16.93 crore. Following the transactions, JSW Investments now holds
4.74 per cent stake or 1.13 lakh shares in JSW Steel.
As on September 30, JSW Steel's promoters held 36.25 per cent stake in
the firm. Jindal South West Holdings and Jindal Energy Investments have more
than five per cent stake in the company. Shares of the company closed at Rs
1,020 apiece, up 1.30 per cent on the BSE today.
JSW STEEL HIKES PRICES BY 2%; EYES BETTER
VOLUMES IN FY15
JSW Steel has decided to hike prices by up to 2 percent across the board from January. Seshagiri Rao, Joint MD & Group CFO, JSW Steel, said though the demand is flat, there are pressure on the cost side, particularly iron ore (there's a shortage of iron ore), thus the prices have gone up substantially. "There's a freight increase and and a cost increase which we need to pass it on. At the sametime, there had been a hike in the steel prices internationally," he said on CNBC-TV 18.
Also Read: Steel makers
may to raise prices by Rs 1,000/tonne nxt mth
According to World Steel Association's estimates, the steel demand is
expected to go up by 48 million tonne in 2014.
JSW Steel has USD 1.6 billion open forex payables.It intends to keep
hedging costs to zero and plans to balance forex exposure. The company has a
net debt of Rs 30, 435 crore.
JSW Steel expects the exports In FY15 to be at 4 million tonne versus 3
million tonne (YoY). The company expects sales volumes in FY15 to improve by 1
million tonne to 12.6 million tonne (YoY) and to continue to spend Rs 1,000
crore per quarter.
Goldman Sachs rates JSW Steel as buy, as the company's major capex phase
is behind it and it is set to generate FCF (free cash flow) in FY15E. "It
is also one of the lowest cost convertors and highest CROCI (cash return on
capital invested) generators globally and stands to benefit from better
domestic iron ore availability," it said.
Below is the edited transcript of Seshagiri
Rao interview on CNBC-TV18
Q: You all have raised prices so let us start over there, what is the
situation looking like, will you be able to pass on prices, is demand good
enough?
A: Demand is flattish. We are not seeing any big revival in demand but
there are pressures on the cost, particularly in the iron ore side where there
are shortages in India. So the prices have gone up quite substantially in India
even when internationally the prices are coming down. So there is freight
increases, cost increases which we need to pass on. At the same time we are
seeing price increases internationally in the steel prices by almost USD 15-20
per tonne. Scrap prices went up by USD 30 per tonne internationally. So taking
that into account if I see the landed cost of imports versus the domestic
prices, there is justification to increase the prices from cost side and also
taking into account the international prices.
Q: What is the exact quantum of price hike that you guys have undertaken
and will you need to take more in order to cover the rise in input costs?
A: Today we have announced a price increase of close to 2 percent but
there are various products in steel which we produce, so it depends on which
product we will be selling, it may be more in case of flat and less in the
long.
Q: How will the Indian hot rolled coil (HRC) prices trend in 2014
because a couple of reports suggested that Chinese capacity is expected to peak
in 2014 and that will be beneficial for Indian HRC prices, do you think they
will trend upwards?
A: If we see the World Steel Association (WSA) estimates for the year
2014, they expect the steel demand to go up by 48 million tonnes in the next
year. So out of this 48 million tonnes China is slowing down where they have
shown a growth of 6 percent, they are showing a growth of only 3 percent. So
China is slowing down that is one good thing which is happening, at the same
time developed economies are making up so the demand is going up. So even
excluding China if you look at, the world steel demand from developed economies
Africa and Middle East, even Asia is slowing down.
The growth is expected to be much better in the year 2014 as per the WSA
estimates. So taking that cue into account we expect 2014 the demand will be
better than what we have seen in the year 2013.
Q: What might be your EBITDA per tonne in the second half?
A: We don't give guidance for EBITDA. The Rs 7,000 per tonne was the
average for the first half but H2 would be better majorly due to two-three
reasons, one is the Dolvi unit is doing better where the APM gas is increasing
relative to what we have got in the last half year. So that is reducing the gas
cost in the Dolvi unit, plus volumes are increasing in the Dolvi unit. In
addition to that we are also commissioning our pellet plant and battery at
Dolvi that will get commissioned in January, February and March. So by the end
of March we will be commissioning the entire backward integration at the Dolvi
unit.
So with that there is lot of upside which we could see from the Dolvi
unit contributing to the EBITDA per tonne on a weighted average basis.
At the same time, at Vijaynagar, we are also changing the product mix so
that gives again a high end value added product, which in return will
provide better realizations.
Q: So some 10 percent can we both put together?
A: I don't want to give any number but it will be better. We are
increasing our capacity of the color coated plus galvanizing this year. We are
increasing it from 1.2 million tonnes to 1.7 million tonnes. Out of that 1.5
million tonnes is already completed. Another two lakh tonnes we will be
commissioned in the next quarter. So there is a huge amount of change in the
product mix which is going to happen in the next financial year. In addition to
that Dolvi unit is contributing more because backward integration is complete.
If iron ore situation improves in India, including Karnataka, I think there is
huge upside which we could see in the next financial year.
Q: Can you guide us on the volumes, overall volume that you will
produce, how much might go to the domestic market, how much to the global
markets?
A: We are producing 12 million tonnes in FY14. Out of 12 million tonnes,
11.6 million tonnes are the sales. Out of this 11.6 million tonnes, we will be
exporting 3 million tonnes. So 8.6 million tonnes we are selling in the
domestic market. So that is the number for this year. However, the next year
the way we are working right now of course we will finalise by the end of
financial year so we expect one million tonne more production in volumes.
Q: What is the capex requirement at this point?
A: We are spending total Rs 4000 crore, Rs 1000 crore on an average per
quarter so that will continue even in the next year.
Steel makers may to raise prices by Rs 1,000/tonne
nxt mth
Steel makers are mulling to raise price by Rs 1,000 a tonne from the beginning of next month to counter the cost push arising out of costlier iron ore and higher freight charges.
The proposed hike is likely to take the price of hot rolled coil (HRC),
the benchmark steel product, to Rs 38,500 a tonne from Rs 37,500 per tonne now,
said an industry source, declining to be identified.
Steel makers had previously hiked the price in September by up to Rs
2,500 per tonne, but holding on to it since then despite the NMDC
hiking iron ore price by Rs 100 a tonne and the Railways imposing peak session
charge from October.
Subdued market conditions, due to poor demand from the end-use segments
such as construction and white goods, also prevented them from jacking up the
price. India's steel demand grew by just 0.4 per cent during April-November
period of the current fiscal.
"Steel prices are set to go up again. This is primarily on account
of increase in iron ore price and Railway freight increase. These together
inflated the cost of steel production in the region of approximately Rs 700 per
tonne," an official of a private steel maker said.
Barring Tata Steel
and Steel
Authority of India , domestic steel makers mainly source their
iron ore requirements from NMDC. A further hike of Rs 200 a tonne in December
by the state-owned iron ore producer has impacted private sector steel makers.
It generally takes 1.6 tonne iron ore to produce a tonne of steel.
The cost push went up further by around Rs 200 per tonne with the Railways
imposing its annual busy season charge on freights from October, he said.
"Steel makers have been rolling over prices since October this year.
It has now started to pinch their bottomlines. Hence steel prices are expected
go up by around Rs 1,000 pertonne," he added.
Steel makers have also found a new reason to pass-on the inflated costs
to consumers as their share of exports are on the rise leading to overcapacity
situation in the domestic market evening out. The price at the international
level too is inching up and now holding at the level of USD 650 a tonne.
JSW Steel's main plant battling iron ore shortage
JSW Steel said its 10 million-tonne-per-year plant in Karnataka
will not operate at more than 80 percent capacity in the near future as mining
restrictions have stifled the supply of iron ore, a key feedstock.
Difficulty in sourcing iron ore has forced the company to go slow on
plans to nearly triple annual capacity to 40 million tonnes in the next decade,
which, along with ArcelorMittal SA and Posco recently pulling out of projects,
could derail India’s steel production ambitions.
“After having invested here there is no way you can plan to get iron ore
from outside of Karnataka (on a long term basis),” Seshagiri Rao, joint
managing director of country’s largest private steel producer, told Reuters on
Wednesday.
“Logistically it is not possible.”
Restrictions aimed at curbing illegal mining and delays in obtaining
various approvals have meant that Karnataka’s iron ore output is expected to be
18 million tonnes this fiscal year compared with the state’s requirement of 40
million tonnes.
JSW Steel , whose second biggest shareholder JFE Steel is the world’s
ninth largest steel company and a unit of Japan’s JFE Holdings Inc , will have
to wait for supply in Karnataka to improve to raise the plant’s capacity from
70-80 percent currently, Rao said.
He did not say if that would affect JSW Steel’s plans to produce 9.25
million tonnes of steel this fiscal year, a forecast that assumed a sufficient
quantity of iron ore would be available. Its other plants in Tamil Nadu and
Maharashtra make up its 14.3 million tonne capacity.
Iron ore production in Karnataka is expected to rise to 22.18 million
tonnes in the year ending March 2015, according to a Karnataka government
petition with the Supreme Court seeking to relax an annual mining cap of 30
million tonnes.
Capacity utilisation at steel mills fell to a low of 81 percent last
fiscal year, making India a net steel importer for at least the fourth straight
year. The situation had been expected to improve this year after the Supreme
Court in April conditionally lifted a mining ban in Karnataka, but very few
mines have restarted.
India produced 77.6 million tonnes of steel last fiscal year, well below
its capacity of 90 million tonnes. Asia’s third-largest economy, the world’s
fourth largest producer of steel, is targeting a capacity of 142.3 million
tonnes by 2017 and 300 million tonnes by 2025.
But delays in obtaining iron ore mining rights and opposition to land
acquisitions forced South Korea’s Posco and top steelmaker ArcelorMittal
earlier this year to pull out of two projects with planned capacity of 18
million tonnes in total.
To ensure steady supply of iron ore, JSW Steel is looking to buy UK
trader Stemcor’s Indian assets that include an iron ore mine and processing
facilities in eastern Odisha state, valued by an industry source at up to USD
750 million.
“We’re doing due diligence but have not taken a call,” Rao said, adding
that the final date for submitting bids was January 6 and a deal should be in
place in the first half of next year.
“We are keen of course,” he added.
JSW
STEEL TO ACQUIRE WELSPUN MAXSTEEL FOR RS1,000 CRORE
Mumbai: JSW Steel Ltd, India’s third largest steel
maker by capacity, has agreed to buy Welspun Maxsteel Ltd (WMSL) in a
transaction that values the company at Rs.1,000 crore as JSW seeks to expand
production of the alloy.
WMSL, a unit of Welspun Enterprises Ltd, has long-term
debt of Rs.1,087 crore, Welspun Enterprises said in a BSE filing on Monday.
JSW linked the acqusition to its goal of enhancing its
steel production to 40 million tonnes per annum (mtpa) in the next decade, from
14.3 mtpa now.
“WMSL is situated in close proximity (within 40km) to
company’s Dolvi unit (in Maharashtra), offering complementary infrastructure
and location to augment the current envisaged expansion at Dolvi. In line with
this objective, JSW wishes to acquire the entire equity shares of WMSL,” said
JSW Steel.
WMSL has an installed capacity of 900,000 tonnes per
annum at its gas-based plant, with a captive jetty and a captive railway siding,
at Salav village in Raigad district of Maharashtra. The captive jetty, with an
existing capacity of 2.5 mtpa, is located 1.8km from the plant, while the
captive railway siding is located at Roha junction, 35km from the plant.
“This acquisition is value-accretive to JSW Steel due
to synergies in supplying surplus pellets to Welspun Maxsteel and use of DRI
(direct reduced iron) from WMSL in company’s steel-making operations at Dolvi
plant,” said Seshagiri Rao, joint managing director and group chief financial
officer, JSW Steel.
WMSL also has approximately 480 acres of vacant land
available for future expansions.
“The company (JSW Steel) has surplus pellets in its
subsidiary Amba River Coke Ltd which will be supplied to WMSL. The cost of
production in WMSL is expected to come down due to replacement of significant
portion of its bought-out pellets with captive pellets. The DRI produced by
WMSL shall initially be used partly by the company’s Dolvi unit, and would be
consumed in the entirety post completion of its ongoing expansion to 5 mtpa,”
JSW Steel said in its statement.
EY and Luthra and Luthra carried out financial and
legal due diligence for JSW Steel on the transaction.
JSW Steel Ltd gained 0.14% to Rs.1276.50 on Monday on
BSE, while the exchange’s benchmark Sensex gained 1.1% to 26,390.96 points.
In 2010, the company acquired debt-laden Ispat
Industries Ltd for Rs.2,157 crore.
“The land and the
port and its integration with JSW’s Dolvi unit seems the main strategy behind
this acquisition,” said Goutam Chakraborty, a metal analyst at Emkay Global
Financial Services Ltd. “This acquisition, together with that of Ispat one made
earlier, will help JSW strengthen its position in the western Indian market.”
Chakraborty said
the 480 acres of free land could be used for brownfield expansion such as
putting up a pellet plant or mills for making value-added products such as a
bars, wire rods and rails and that would be value-accretive since JSW has been
focusing on producing more of the high-margin products.
“This is useful
especially at a time when land is elusive and greenfield ventures are
difficult. This is a strategy they have enforced to overcome the iron ore
problems in Karnataka where their main plan operates,” Chakraborty said.
The logistical
bottlenecks in the country have also prompted JSW management to invest in
facilities near the ports from where shipping in raw materials and shipping out
exports becomes easier.
Sajjan
Jindal-promoted JSW Steel is looking for other strategic acquisitions too; in
Italy, it has bid for parts of the insolvent Lucchini SpA which it can use as a
processing centre to sell to Europe at a low cost. The company has also bid for
UK steel trader Stemcor’s Indian assets that has mines and a plant in Odisha
for $750 million, but talks have not moved further since the January bid.
CRUDE STEEL PRODUCTION GROWTH : 78% IN NOVEMBER’13
JSW Steel Limited
has informed BSE regarding a Press Release dated December 09, 2013 titled
"Crude Steel production growth: 78% in November'13". JSW Steel
reports crude steel production foe November 2013 at 10.72 lakh tons showing a
growth of 78 percent over corresponding month of previous year.
AS MINING CURBS
BITE, INDIA OFFERS MARKET TO GLUT-HIT IRON ORE
An
oversupplied global iron ore market may find some relief from an unlikely source
as former No.3 exporter India turns into a big importer due to a cutback in
domestic production.
The
country may ship in up to 45 million tonnes over the next three years as
home-grown iron ore output falls short of domestic steel production needs, an
executive at an influential industry group said.
India
imported just 0.37 million tonnes of the steelmaking raw material in 2013/14,
government data showed. But already JSW Steel, India’s third-largest maker of
the alloy, has said it will import 6 million tonnes of iron ore in 2014/15
against zero a year earlier.
“There’s
no option but to import to meet the shortfall. We’re looking at between 10 and
15 million tonnes every fiscal year over the next three years,” Basant Poddar,
vice president of the Federation of Indian Mineral Industries, the only
industry group for mining firms in the country, told Reuters by phone.
“The
mine closures all over India, starting from Karnataka, Goa, Odisha and
Jharkhand, have created a massive disruption to supply,” Mr Poddar said.
Mining
in the key iron ore states of Karnataka and Goa was banned in 2011 and 2012,
respectively, following a crackdown on illegal mining by the Supreme Court and
the government. Several mines in top producing Odisha state and in Jharkhand
too were closed this year following government-imposed restrictions on the
renewal of mining licenses.
While
the bans have since been lifted, delays in restarting mining operations in Goa
and Karnataka and the latest mine closures in the other states have limited
local iron ore supply.
The
disruptions have cut India’s iron ore production to 152 million tonnes in the
year ended March 31, from about 218 million in 2009/10, according to the Indian
Bureau of Mines.
The
prospect of higher demand from India comes at an opportune time for global iron
ore miners, whose margins have been shrunk by a 40 per cent slump in iron ore
prices this year.
Iron
ore fell to $81.90 a tonne last week, its lowest since September 2009.
The
bulk of India’s imports may come from Australia and South Africa, said Mr
Poddar, and unlikely from Brazil where shipments are usually made in big
vessels. “Indian ports are not geared to handle large vessels,” he said.
But
the potential import volume won’t be enough to absorb the total projected
global surfeit. Morgan Stanley, which sees a global surplus of 79 million
tonnes this year doubling to 158 million tonnes in 2015, expects the price to
drop to $70.
In
addition, any relief from Indian demand may be temporary, as the domestic
shortage is due to government policy measures that could eventually be
reversed.
Bureaucratic
Route
For
the present, resuming operations has been slow due to the long bureaucratic
route to renew mining leases, said Mr Poddar.
Only
22 mines out of 122 that are eligible to restart in Karnataka have resumed
operations, said Mr Poddar who owns Mineral Enterprises Ltd which has five
mines in the state that have a combined capacity of 1.2 million tonnes but have
remained shut. Mines in Goa have not reopened.
In
Odisha, around a third of 56 iron ore mines are still closed and in Jharkhand,
the third biggest producer in the past fiscal year, 12 out of 17 mines are
shut.
India
used to be the world’s No.3 iron ore exporter until higher costs along with the
mining bans slashed shipments by 85 per cent, or 100 million tonnes, over the
past two years.
Amid
the shortage in local supply, iron ore prices in India are defying the global
weakness.
In
Odisha, 63 per cent grade iron ore would cost about $105 a tonne, including
taxes and the royalty, to export, way above the current global market price of
$67-$68, said Dhruv Goel, managing partner at industry consultancy SteelMint.
But
miners make a profit of $15-$20 a tonne selling the same grade to local
steelmakers, said Mr Goel.
“It is
certainly profitable to sell in the domestic market.”
JSW STEEL BIDS FOR LUCCHINI'S ASSETS
Private steel giant JSW Steel
confirmed that it is bidding for assets of
Lucchini
is Italy's second-largest steel plant by capacity. It was declared insolvent in
2012. The company is engaged in producing speciality long products like
rolling mills manufacturing for European railways, bars for specialised auto
industry and wire rod mills.
JSW INTERESTED IN BUYING ITALY'S ILVA
STEEL PLANT - SOURCES
JSW
Steel is considering buying the Ilva steel plant in Italy, union sources said
on Thursday.
Ilva,
privately-owned by the Riva family, is Europe's largest steel plant by output
capacity and is of strategic importance to the southern European steel sector,
where it supplies carmakers and other manufacturers.
The
Taranto plant, however, is at the centre of an environmental scandal which led
the Italian government to place it under "special administration", a
procedure designed to save large companies and avoid big job losses.
JSW
Steel, controlled by Sajjan Jindal wrote a letter to Ilva's special
commissioner Piero Gnudi to express interest in Ilva, according to the sources.
A JSW
delegation is expected to visit the plant, one of the largest employers in the
southern Italian region of Puglia, in the next few days.
Ilva
declined to comment.
JSW
did not immediately reply to a request for comment.
ArcelorMittal,
the world's largest steelmaker last month sent a letter to express its interest
in Ilva to Gnudi and is expected to propose an industrial plan for the plant by
the end of September, according to sources.
JSW is
also in talks to buy parts of another steel plant, Lucchini, Italy's
second-largest.
JSW STEEL
PROMOTER HIKES STAKE IN COMPANY TO 4.74%
JSW Investments
had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it
started buying, the company said in a filing with BSE today.
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 records 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] 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.61.06 |
|
UK Pound |
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
69 |
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.