MIRA INFORM REPORT
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Report No. : |
308537 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
JINDAL STEEL AND POWER LIMITED |
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Registered
Office : |
O.P. Jindal Marg, Hisar – 125005, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.1979 |
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Com. Reg. No.: |
05-009913 |
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Capital
Investment / Paid-up Capital : |
Rs.914.900 Millions |
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CIN No.: [Company Identification
No.] |
L27105HR1979PLC009913 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Sponge Iron, Steel Products and Power Generation. |
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No. of Employees
: |
15000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Jindal Group”. It is a well-established and a reputed
company having excellent track record. There is a slight dip profit of company in the year 2014. However, the rating reflects healthy financial risk profile marked by
strong cash flow stream and it’s large and geographically – diversified resource
base. The ratings also take into consideration, the cancellation of coal
blocks allocated to the subject by the supreme court in the order to its
verdict cancelling the coal blocks allocated between 1993 and 2011 which may
likely impact the profitability. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
EXTERNAL AGENCY RATING
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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 low credit risk |
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Date |
09.10.2014 |
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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 |
09.10.2014 |
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.
LOCATIONS
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Registered Office : |
O.P. Jindal Marg, Hisar – 125005, Haryana, India |
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Tel. No.: |
91-1662-222471-75/
83/84 |
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Fax No.: |
91-1662-222476/
499 |
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E-Mail : |
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Website : |
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Location : |
Owned (Industrial Area) |
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Corporate/ Operating Office : |
Jindal Centre,
12, Bhikaiji Cama Place, New Delhi - 110066, India |
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Tel. No.: |
91-11-26188340-50 |
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Fax No.: |
91-11-26161271/
26170691 |
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E-Mail : |
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Sales and Marketing Office : |
Suite No.102, 1st Floor, Cyber Heights,
Road Number 2, Banjara Hills, Hyderabad - 500034, Telangana, India |
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Factory 1 : |
Karsia Road, Post Box No.16, Raigarh – 496001, Chhattisgarh, India |
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Tel. No.: |
91-7762-304300/ 227001-05 |
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Fax No.: |
91-7762-227022-23/ 227050 |
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Factory 2 : |
13 KM Stone, G.E.
Road, Mandir Hasaud, Raipur – 492001, Chhattisgarh, India |
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Tel. No.: |
91-771-2471205/
07/ 3054600 |
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Fax No.: |
91-771-2471404/
2471214/ 3054666 |
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Factory 3 : |
Jindal Nagar, Village
Nisha, SH 63, Chhendipada Road, Angul – 759111, Orissa, India |
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Tel. No.: |
91-6761-254191/
95 |
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Factory 4 : |
Balkudra,
Patratu, District – Ramgarh – 829143, Jharkhand, India |
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Tel. No.: |
91-6553-275724/
275726 |
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Fax No.: |
91-6553-275744 |
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Factory 5 : |
Iron Ore Pellet
Plant, Commercial Office, Plot No. 507/365, Barbil Joda – Highway, Barbil, District – Keonjhar –
758035, Odisha, India |
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Factory 6 |
Tesobathan, Block
and Po : Sunderpahari Godda – 814156, Jharkhand, India |
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Factory 7: |
TRB Iron Ore
Mines, At P.O. Tensa, District Sundergarh – 770042, Orissa, India |
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Tel. No.: |
91-6625-236023/
24 |
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Fax No.: |
91-6625-236022 |
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Factory 8: |
Jindal Open Cast Coal Mine, Dhorabatta, Dongamahua, Raigarh – 496001,
Chattisgarh, India |
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Factory 10: |
201 to 204 Industrial Park SSD, Punjipatra, Raigarh-496001, Chhattisgarh, India |
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Marketing Office |
Room No. 61 & 63, 6th Floor, Circular Court, 8 A.J.C. Bose Road, Kolkata - 700 017, West Bengal, India |
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Tel. No.: |
91-33-40218100-20 |
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Fax No.: |
91-33-40218116 |
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Marketing and Sales Office : |
Located At:
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Branch Offices : |
Located At:
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Stock Yards : |
Located At:
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International Locations : |
Located at:
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DIRECTORS
As on 31.03.2014
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Name : |
Mr. Ratan Jindal |
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Designation : |
Director |
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Name : |
Mr. Naveen Jindal |
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Designation : |
Chairman |
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DIN: |
00001523 |
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Name : |
Ms. Shallu Jindal |
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Designation : |
Director |
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Name : |
Mr. Ravi Uppal |
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Designation : |
Managing Director and Group CEO |
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DIN: |
00025970 |
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Name : |
Mr. K. Rajagopal |
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Designation : |
Group Chief Financial Officer and Director |
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DIN: |
00135666 |
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Name : |
Mr. Dinesh Kumar Saraogi |
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Designation : |
Whole time Director |
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Name : |
Mr. R.V. Shahi |
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Designation : |
Independent Director |
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Name : |
Mr. A.K. Purwar |
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Designation : |
Independent Director |
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Name : |
Mr. Arun Kumar |
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Designation : |
Independent Director |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Independent Director |
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Name : |
Mr. Hardip Singh Wirk |
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Designation : |
Independent Director |
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Name : |
Mr. Sudershan Kumar Garg |
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Designation : |
Independent Director |
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Name : |
Mr. Ajit M. Ingle |
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Designation : |
Independent Director (Nominee Director, IDBI Bank Limited) |
KEY EXECUTIVES
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Name : |
Mr. T. K. Sadhu |
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Designation : |
Company Secretary
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SHAREHOLDING PATTERN
As on 31.12.2014
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter
and Promoter Group |
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15581228 |
1.70 |
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474602642 |
51.87 |
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490183870 |
53.58 |
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775470 |
0.08 |
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68033096 |
7.44 |
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68808566 |
7.52 |
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Total shareholding of Promoter
and Promoter Group (A) |
558992436 |
61.10 |
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(B) Public Shareholding |
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10764358 |
1.18 |
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1020749 |
0.11 |
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21664990 |
2.37 |
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182341208 |
19.93 |
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215791305 |
23.59 |
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38899026 |
4.25 |
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79947088 |
8.74 |
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2854405 |
0.31 |
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586 |
0.00 |
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18418954 |
2.01 |
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433549 |
0.05 |
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7931854 |
0.87 |
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33480 |
0.00 |
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10020071 |
1.10 |
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140120059 |
15.32 |
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Total Public shareholding (B) |
355911364 |
38.90 |
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Total (A)+(B) |
914903800 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
914903800 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sponge Iron, Steel Products and Power Generation. |
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Products : |
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Brand Names : |
Not available |
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Agencies Held : |
Not available |
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Exports : |
Not available |
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Imports : |
Not available |
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Terms : |
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Selling : |
Not available |
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Purchasing : |
Not available |
PRODUCTION STATUS (AS ON 31.03.2014)
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Particulars |
Unit |
Installed Capacity |
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AT RAIGARH |
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Sponge Iron |
M.T. |
13,70,000 |
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Mild Steel |
M.T. |
30,00,000 |
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Ferro Alloys |
M.T. |
36,000 |
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Power |
MW |
851 |
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Hot Metal/Pig Iron |
M.T. |
16,70,000 |
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Rail & Universal Beam Mill |
M.T. |
7.50.000 |
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Plate Mill |
M.T. |
10,00,000 |
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Fabricated Structures |
M.T. |
1,20,000 |
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Cement Plant |
M.T. |
5,00,000 |
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Medium & Light Section Mill |
M.T. |
6,00,000 |
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AT RAIPUR |
M.T. |
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Steel Casting and Fabrication |
M.T. |
30,000 |
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CF Castings |
M.T. |
-- |
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AT BARBIL |
M.T. |
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Pelletisation Plant |
M.T. |
45,00,000 |
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AT SATARA
(MAHARASHTRA) |
M.T. |
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Wind Energy |
MW |
24 |
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AT PATRATU |
M.T. |
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Wire Rod |
M.T. |
6,00,000 |
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Bar Mill |
M.T. |
10,00,000 |
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AT ANGUL |
M.T. |
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Power |
MW |
810 |
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Fabricated Structures |
M.T. |
84,000 |
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Plate Mill |
M.T. |
12,00,000 |
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Mild Steel |
M.T. |
15,00,000 |
Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matter.
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Particulars |
Unit |
Production |
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Sponge Iron |
M.T. |
13,19,985 |
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M.S. Round |
M.T. |
5,68,120 |
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H.C. Ferro Chrome/Silico Mangnese |
M.T. |
35,008 |
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Power |
MILLION KWH |
5,589 |
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Hot Metal/Pig Iron |
M.T. |
16,69,799 |
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Parallel Flange Beam/Columns |
M.T. |
2,52,054 |
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Universal Plate/Coil |
M.T. |
7,99,888 |
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Other Finished Steel Products |
M.T. |
1,00,911 |
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Other Semi Steel Products |
M.T. |
23,17,659 |
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Machineries |
M.T. |
14,033 |
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Wire Rod |
M.T. |
3,67,265 |
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Bars |
M.T. |
3,79,963 |
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Fabricated Structures |
M.T. |
87,401 |
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Cement |
M.T. |
4,76,197 |
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Medium & Light Sections |
M.T. |
2,53,532 |
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Iron Ore Pellets |
M.T. |
41,48,974 |
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Wind Energy |
M.T. |
54.95 |
GENERAL INFORMATION
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Suppliers : |
Not available |
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Customers : |
Not available |
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No. of Employees : |
15000 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: LONG TERM
BORROWING: Debentures ·
Debentures of Rs 10000.000 Millions placed
initially with Life Insurance Corporation of India on private placement basis
are redeemable at par in 2 equal annual instalments at the end of 9.5 and
10.5 years from the date of respective allotments i.e. Rs.1000.000 Millions
(12.10.2009), Rs.1500.000 Millions (22.10.2009), Rs.1500.000 Millions
(24.11.2009), Rs.1500.000 Millions (24.12.2009), Rs.1500.000 Millions
(25.01.2010), Rs.1500.000 Millions (19.02.2010) and Rs.1500.000 Millions
(26.03.2010) The debentures are secured on pari passu
charge basis by way of mortgage of immovable properties and hypothecation of
movable fixed assets created/to be created on the 6x135 MW Power Plant
Project at Angul, Odisha in favour of the Debenture Trustees. ·
Debentures of Rs. 5000.000 Millions placed
initially with Life Insurance Corporation of India on private placement basis
are redeemable at par in 2 equal annual instalments at the end of 9.5 and
10.5 years from the date of respective allotments i.e. Rs.1000.000 Millions
(24.08.2009), Rs.800.000 Millions (08.09.2009), Rs.800.000 Millions
(08.10.2009), Rs.800.000 Millions (09.11.2009), Rs. 800.000 Millions
(08.12.2009) and Rs.800.000 Millions (08.01.2010). The debentures are secured
on pari-passu charge basis by way of mortgage of immovable properties and
hypothecation of movable fixed assets of the Company in favor of the
Debenture Trustees. ·
Debentures of Rs. 620.000 Millions placed
initially with SBI Life Insurance Company Limited on private placement basis
are redeemable at par in 5 equal annual instalments commencing from the end
of 8 years from the date of allotment i.e. 29.12.2009. The debentures are
secured on pari passu basis by way of mortgage of immovable properties and
hypothecation of movable assets created/to be created on the 6x135 MW Power
Plant Project at Angul, Odisha in favour of the Debenture Trustees. ·
Debentures of Rs. 250.000 Millions placed
initially with ICICI Lombard General Insurance Company Limited on private
placement basis are redeemable at par at the end of 5 years from the date of
allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by
way of mortgage of immovable properties and hypothecation of movable fixed
assets of the Company in favor of the Debenture Trustees. ·
Debentures of Rs. 750.000 Millions placed
initially with ICICI Prudential Life Insurance Company Limited on private
placement basis are redeemable at par at the end of 5 years from the date of
allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by
way of mortgage of immovable properties and hypothecation of movable fixed
assets of the Company in favor of the Debenture Trustees. TERM LOANS Security
Repayments and
Interest rates for the above Debentures and Term Loans from banks are as
follows:
OTHER LOANS Security
SHORT TERM
BORROWING : Cash Credit from
Banks
Other Loans
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Banking
Relations : |
-- |
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Auditors 1: |
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Name : |
S.S. Kothari Metha and Company Chartered Accountants |
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Address : |
145-149, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi –
110065, India |
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Tel. No.: |
91-11-46708888 |
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Fax No.: |
91-11-66628889 |
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E-Mail : |
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Auditors 2 : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122002,
Haryana, India |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Cost Auditor : |
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Name : |
Ramanath Iyer and Company |
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Address : |
808, Pearls Business Park, Netaji Subhash Place, Delhi - 110034, India
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Memberships : |
Not available |
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Collaborators : |
Not available |
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Subsidiaries, Step Down Subsidiaries: |
Subsidiaries
Subsidiaries of
Jindal Power Limited
Subsidiaries of
Sky high Overseas Limited
Subsidiaries of
Jindal Steel & Power (Mauritius) Limited
Others
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Associates : |
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Joint Ventures: |
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Enterprises over which Key Management Personnel and their relatives
exercise significant influence and with whom transactions have taken place
during the year : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs.2000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
914885984 |
Equity Shares |
Rs.1/- each |
Rs. 914.885 Millions |
a) Reconciliation of the number of shares
outstanding at the beginning and at the end of the reporting period:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Equity Shares outstanding at the beginning of the year |
934833818 |
934.800 |
|
Add: Equity Shares issued under Employees Stock Purchase Scheme |
11750 |
0.000 |
|
Less: Equity Shares extinguished as per buy back scheme (see note f below) |
19959584 |
20.000 |
|
Equity Shares outstanding at the close of the year |
914885984 |
914.900 |
b) Terms/rights attached to equity shares
The Company has only one class of equity shares having par value of Rs.1 per share. Each holder of equity share is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.
During the year ended 31st March,
2014, the amount of per share dividend proposed, subject to approval of
shareholders in annual general meeting, for distribution to equity shareholders
is Rs. 1.50 (Previous Year Rs.1.60)
In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive assets of the
Company. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c) Aggregate number of bonus shares issued,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date:
|
During the Year
ended |
No of shares |
|
31st March, 2014 |
19959584 |
|
31st March, 2013 |
- |
|
31st March, 2012 |
- |
|
31st March, 2011 |
- |
|
31st March, 2010 |
- |
|
31st March, 2009 |
- |
|
Total |
19959584 |
During the year ended 31st March, 2010, the Company allotted 775,651,530 equity shares as fully paid bonus shares by capitalising securities premium reserve.
In addition the Company allotted the following equity shares during the preceding five years under its various Employees Stock Option Schemes / Employee Stock Purchase Scheme
|
During the Year
ended |
Scheme |
No. of Shares |
|
31st March, 2014 |
Employee Stock Purchase Scheme |
11750 |
|
31st March, 2013 |
|
- |
|
31st March, 2012 |
Employee Stock Option Scheme |
564787 |
|
31st March, 2011 |
Employee Stock Option Scheme |
3034949 |
|
31st March, 2010 |
Employee Stock Option Scheme |
929869 |
|
31st March, 2009 |
Employee Stock Option Scheme |
691343 |
|
Total |
|
5232698 |
d) Details of shareholders
holding more than 5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Danta Enterprises Private Limited |
62238816 |
6.80% |
|
Gagan Infraenergy Limited |
49709952 |
5.43% |
|
Opelina Finance and Investment Limited |
79838960 |
8.73% |
|
OPJ Trading Private Limited |
187937898 |
20.51% |
|
Virtuous Tradecorp Private Limited |
62238816 |
6.80% |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
e) Forfeited shares:
Pursuant to the resolution passed at the extra ordinary general meeting dated 4th September, 2009, the Company reclassified the authorised share capital of the Company by cancellation of 10,000,000 Preference Shares of Rs. 100 each and simultaneous creation of 1,000,000,000 fresh Equity Shares of Rs. 1 each and increased the authorised share capital to Rs. 2000.000
“Consequently, the Company had cancelled 20,00,000 preference shares of Rs. 100 each ( Rs. 5 paid up) which were forefeited earlier. Upon cancellation of such shares, the amount of Rs. 10,000,000 was transferred to General Reserve.
f) Buy back of equity shares:
In accordance with Section 77 of the Companies Act,1956 and buy back regulations of SEBI, the Company during the financial year 2013-14 bought back and extinguished 19,959,584 number of equity shares of Rs. 1 each and created a Capital Redemption Reserve of Rs.20.000 Millions out of surplus in the Statement of Profit and Loss. The premium on buy back of Rs.4988.000 Millions has been utilised from Securities Premium Account by Rs.1229.600 Millions and out of surplus in Statement of Profit and Loss by Rs.3758.400 Millions.
g) Employees Stock purchase Scheme
In accordance with SEBI(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999, a) As per resolution passed by the Compensation Committee held on 22.07.2013, during the year on 31.07.2013, 11,750 Equity Shares of Rs. 1/- at a premium of Rs. 2015.500 Millions were allotted to Mr Ravi Uppal, Managing Director & Group CEO, as per the provisions of Employee Stock Purchase Scheme 2013 (hereinafter referred to as JSPL ESPS 2013 Scheme), duly approved through postal ballot as on 21.06.2013.
h) As per the resolution passed by
Compensation
Committee dated 29.08.2013, it is proposed to offer 21000 equity shares of Rs. 1/- equivalent of Rs. 5.000 Millions at an average price of Rs. 2368.300 Millions to Mr. Ravi Uppal, Managing Director & Group CEO as per JSPL ESPS 2013 Scheme. This offer will be for one year from the date of this offer letter as per his entitlement of Employee Stock Option worth Rs. 5.000 Millions per annum.
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 |
914.900 |
934.800 |
934.800 |
|
(b) Reserves & Surplus |
129,728.400 |
122,545.900 |
107,519.300 |
|
(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) |
130,643.300 |
123,480.700 |
108,454.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
135,207.800 |
118,609.200 |
84,939.200 |
|
(b) Deferred tax liabilities (Net) |
13,454.600 |
12,149.600 |
10,678.100 |
|
(c) Other long term
liabilities |
6,951.100 |
5,605.800 |
1,412.400 |
|
(d) long-term
provisions |
195.900 |
209.400 |
187.200 |
|
Total Non-current
Liabilities (3) |
155,809.400 |
136,574.000 |
97,216.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
91,461.300 |
76,400.200 |
58,785.400 |
|
(b) Trade
payables |
16,373.400 |
6,282.000 |
9,983.100 |
|
(c) Other
current liabilities |
34,549.500 |
25,843.900 |
36,615.300 |
|
(d) Short-term
provisions |
32,659.700 |
29,518.500 |
24,526.300 |
|
Total Current
Liabilities (4) |
175,043.900 |
138,044.600 |
129,910.100 |
|
|
|
|
|
|
TOTAL |
461,496.600 |
398,099.300 |
335,581.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
181,923.200 |
141,421.800 |
115,323.000 |
|
(ii)
Intangible Assets |
670.100 |
140.100 |
167.100 |
|
(iii)
Capital work-in-progress |
116,402.500 |
114,661.200 |
104,798.600 |
|
(iv)
Intangible assets under development |
229.200 |
178.200 |
141.000 |
|
(b) Non-current Investments |
13,505.200 |
13,307.200 |
14,121.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16,157.100 |
12,254.600 |
9,971.000 |
|
(e) Other
Non-current assets |
6.300 |
5.500 |
46.300 |
|
Total Non-Current
Assets |
328,893.600 |
281,968.600 |
244,568.700 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
39,362.500 |
35,985.200 |
30,513.100 |
|
(c) Trade
receivables |
14,609.600 |
14,261.300 |
9,050.600 |
|
(d) Cash
and cash equivalents |
7,620.000 |
367.700 |
309.400 |
|
(e)
Short-term loans and advances |
65,436.500 |
59,435.400 |
48,062.900 |
|
(f) Other
current assets |
5,574.400 |
6,081.100 |
3,076.400 |
|
Total
Current Assets |
132,603.000 |
116,130.700 |
91,012.400 |
|
|
|
|
|
|
TOTAL |
461,496.600 |
398,099.300 |
335,581.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
145,440.200 |
149,547.000 |
133,339.500 |
|
|
|
Other Income |
1,468.500 |
1,592.800 |
1,844.800 |
|
|
|
TOTAL (A) |
146,908.700 |
151,139.800 |
135,184.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
42,657.100 |
49,433.000 |
45,298.400 |
|
|
|
Purchases of Stock-in-Trade |
2,733.100 |
2,865.800 |
4,527.500 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
3,860.300 |
(1,482.000) |
(3,792.400) |
|
|
|
Employees benefits expense |
5,523.200 |
4,478.900 |
3,854.400 |
|
|
|
Other expenses |
53,077.900 |
54,866.800 |
42,826.700 |
|
|
|
TOTAL (B) |
107,851.600 |
110,162.500 |
92,714.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39,057.100 |
40,977.300 |
42,469.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10,836.300 |
8,207.700 |
5,367.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28,220.800 |
32,769.600 |
37,102.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12,214.400 |
10,484.600 |
8,671.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16,006.400 |
22,285.000 |
28,430.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3,086.900 |
6,359.500 |
7,323.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12,919.500 |
15,925.500 |
21,106.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
98,847.100 |
87,470.500 |
71,120.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption
Reserve |
1,460.000 |
1,270.000 |
1,030.000 |
|
|
|
Transfer to General Reserve |
1,291.900 |
1,750.000 |
2,200.000 |
|
|
|
Transfer to Capital Redemption Reserve |
20.000 |
0.000 |
0.000 |
|
|
|
Utilized for premium on buy-back of equity shares |
3,758.400 |
0.000 |
0.000 |
|
|
|
Proposed dividend on equity shares |
1,372.300 |
1,495.700 |
1,494.600 |
|
|
|
Corporate tax on proposed dividend |
12.200 |
33.200 |
31.500 |
|
|
BALANCE CARRIED TO
THE B/S |
103,851.800 |
98,847.100 |
87,470.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
28320.200 |
15985.300 |
14288.400 |
|
|
|
Others |
0.000 |
226.000 |
0.000 |
|
|
TOTAL EARNINGS |
28320.200 |
16211.300 |
14288.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
19763.800 |
25304.500 |
29521.800 |
|
|
|
Stores & Spares |
2774.300 |
2487.400 |
1719.800 |
|
|
|
Capital Goods |
13459.700 |
6737.800 |
8652.200 |
|
|
TOTAL IMPORTS |
35997.800 |
34529.700 |
39893.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.89 |
17.04 |
22.58 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st Quarter
|
2nd
Quarter |
|
Net Sales |
|
3,5839.100 |
31969.100 |
|
Total Expenditure |
|
2,3919.600 |
22324.400 |
|
PBIDT (Excl OI) |
|
1,1919.500 |
9644.700 |
|
Other Income |
|
218.700 |
1634.300 |
|
Operating Profit |
|
1,2138.200 |
11279.000 |
|
Interest |
|
4283.100 |
4471.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
7855.100 |
6807.300 |
|
Depreciation |
|
4154.800 |
4439.900 |
|
Profit Before Tax |
|
3700.300 |
2367.400 |
|
Tax |
|
637.600 |
(505.400) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
3062.700 |
2872.800 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period
Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
3062.700 |
2872.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.88 |
10.65 |
15.83 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
26.85 |
27.40 |
31.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.83 |
8.26 |
13.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.18 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74 |
1.58 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.84 |
0.70 |
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 |
934.800 |
934.800 |
914.900 |
|
Reserves & Surplus |
107519.300 |
122545.900 |
129728.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
108454.100 |
123480.700 |
130643.300 |
|
|
|
|
|
|
long-term borrowings |
84939.200 |
118609.200 |
135207.800 |
|
Short term borrowings |
58785.400 |
76400.200 |
91461.300 |
|
Total
borrowings |
143724.600 |
195009.400 |
226669.100 |
|
Debt/Equity
ratio |
1.325 |
1.579 |
1.735 |
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 |
133,339.500 |
149,547.000 |
145,440.200 |
|
|
|
12.155 |
-2.746 |
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
|
133,339.500 |
149,547.000 |
145,440.200 |
|
Profit |
21,106.500 |
15,925.500 |
12,919.500 |
|
|
15.83% |
10.65% |
8.88% |
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 |
No |
|
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:
|
HIGH COURT OF PUNJAB AND HARYANA CHANDIGARH Case Details for Case CM-1094-CII-2008
Case Listing Details No Listing Data Available Judgment Details For Case: CM-28998-CIT-2014 Party Detail: THE COMMISSIONER OF
INCOME TAX V/S JINDAL STEEL AND POWER LIMITED |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
Debenture |
3000.000 |
0.000 |
|
Loan from Banks |
|
|
|
Other Loans |
8758.900 |
4280.900 |
|
Others Loans and
Advances |
|
|
|
External Commercial Borrowings |
10330.900 |
10567.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
|
|
|
Short Term Loans |
30513.000 |
18079.900 |
|
Other Loans |
7442.600 |
17612.400 |
|
Commercial Papers |
15000.000 |
11250.000 |
|
Loans and advances
from related parties |
|
|
|
Inter Corporate Deposits (from subsidiary) |
24550.600 |
17385.600 |
|
Fixed Deposits from Public |
0.000 |
59.400 |
|
Total |
99596.000 |
79235.200 |
Note:
LONG TERM
BORROWING
Repayments and Interest rates for the above unsecured debentures and External Commercial Borrowings are as follows:
|
Year |
2014-15 |
2015-16 |
2016-17 |
2017-18 and Above |
|
Amount (Rs. In Millions) |
1287.400 |
7297.400 |
4287.400 |
1746.100 |
The interest rate for the unsecured debentures is 9.63% p.a. The interest rate for the above term External Commercial Borrowings varies from 0.5730 % to 2.4829 % p.a
OPERATIONAL REVIEW
The Company has, on a consolidated basis, achieved an aggregate income of Rs. 200696.700 Millions compared to previous year’s Rs. 199432.000 Millions. Profit before tax is Rs. 25120.100 Millions in 2013-14 as compared to Rs. 38334.500 Millions in 2012-13. Profit after tax is Rs. 18938.000 Millions in 2013-14 as compared to Rs. 29116.200 Millions in 2012-13. The Reserves and Surplus have touched Rs. 225190.500 Millions.
OUTLOOK
Steel usage is expected to grow by 3.1% to 1,527 MT in 2014. It is estimated that world steel demand will grow by a further 3.3% in 2015 to reach 1,576 MT. A continued steady recovery in advanced economies and improvement in emerging economies is further expected in 2015. However, downside risks remain in the form of the Euro zone’s fragile economic recovery, structural constraints in emerging economies and China’s debt and real estate concerns.
In 2013, world steel demand grew at 3.6% because of the strengthened recovery in the US markets in the second half of the year. Steel demand in the Euro zone is likely to rise with a 4.5% increase in steel usage in Germany in 2014, 2.6% in Italy, 1.0% in France and 3.0% in Spain.
India’s steel demand is estimated to grow by 3.3% to 76.2 MT in 2014-15, following 1.8% growth in 2013-14. This is due to improved sentiments for the construction and manufacturing sectors, even though structural issues and persistent inflation continue to pose challenges.
Overall steel demand in developed economies will be above 2% in 2014 and 2015, while that in developing economies will continue to grow faster [Source: World Steel Association, Short
Range Outlook, 2014-15].
INDIAN STEEL INDUSTRY
In 2013-14 crude steel production was 81.5 MT and consumption was 73.9 MT [Source: JPC]. Steel production is expected to grow at 5.2% and demand estimated to grow at over 3% [Source: ICRA February 2014 report].
The industry has integrated as well as standalone steel players in the market. Capacity additions are being planned in the industry. The constrained iron ore availability in 2013-14 affected some players. Exports surged due to a depreciating currency. Steel exports grew by 4.2%, while steel imports crashed by 31.3% during the period [Source: JPC February 2014].
OPERATIONAL REVIEW
The Company operates the largest coal-based sponge iron plant in the world. It has an installed capacity of 3 MTPA of crude steel and is operating a 0.6 MTPA medium and light structural mill, a 1.0 MTPA plate mill and a 0.75 MTPA rail and universal Beam mill at Raigarh in Chhattigarh. It is also operating a 1.5 MTPA steel melting shop and a 1.2 MTPA plate mill to produce plates up to 5.00 metres in width at Angul in Odisha. The Company also has a 0.6 MTPA wire rod mill and a 1.0 MTPA capacity bar mill at Patratu in Jharkhand. It has 1,685 MW of power generation capacity i.e. 851 MW in Raigarh (Chhattisgarh), 810 MW in Angul (Odisha) and 24 MW wind power in Satara (Maharashtra). The Company, through its subsidiary, operates a 1.5-MTPA gas-based Hot Briquetted Iron (HBI) plant and has completed a 2 MTPA Steel Melting Shop in Oman (Middle East).
The Company produces the world’s longest (121-metre) rails and it is the first in the country to manufacture large-size parallel flange beams. The Company also has the distinction of producing high strength angle iron for transmission towers and high strength earthquake-resistant construction TMT rebars. The Company has recently launched a new retail brand, “Jindal Panther™” in India. The first product launched under the brand is Jindal Panther™ TMT Rebars.
OVERVIEW
Subject is one of the India’s leading steel producers with significant presence in sector like mining and power generation. It is listed on the National Stock Exchange of India and Bombay Stock Exchange in India. Its business is spread across India and overseas. The corporate office is situated in New Delhi and the manufacturing plants in India are in the states of Chhattisgarh, Odisha, Jharkhand etc. The Company has global presence in Australia, Botswana, China, Dubai, Indonesia, Liberia, Mauritania, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Sultanate of Oman, Tanzania and Zambia. There are several business initiatives running simultaneously across continents.
CONTIENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantees,
Undertakings & Letter of Credit |
|
|
|
a) Guarantees issued by the Company’s Bankers on behalf of the Company |
8229.000 |
4300.500 |
|
b)Letter of credit opened by banks |
4741.300 |
7867.200 |
|
c) Corporate guarantees/undertakings issued on behalf of third parties. |
68274.800 |
50441.500 |
|
Statutory Demands |
|
|
|
d) Disputed Excise Duty and Other demands |
14320.000 |
9371.700 |
|
e) Income Tax demands where the cases are pending at various stages of appeal with the authorities |
5558.400 |
1919.400 |
|
f) Bonds executed for machinery imports under EPCG Scheme |
24702.200 |
30814.100 |
|
Others |
|
|
|
g) Future liability on account of lease rent for unexpired period |
100.500 |
100.500 |
|
h) Claims against the company, not acknowledge as debt |
781.300 |
361.600 |
|
i) Uncalled liability towards partly paid up shares |
601.500 |
732.700 |
|
j) The company has provided a shortfall undertaking to fund the debt service reserve account (DSRA) of a subsidiary. As the subsidiary continues to maintain succeeding 3 months interest and principle in DSRA, hence the company does not have any present liability to fund the said account |
||
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
ON 31.12.2014
[RS.
IN MILLIONS]
(Rs. In Millions)
|
Particulars
|
3 Months Ended |
9 Months Ended |
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
|
|
|
|
Net Sales / Income from Operations (net of excise duty) |
36200.800 |
34135.200 |
105576.000 |
|
captive sales for own projects |
(1196.300) |
(2306.800) |
(5759.100) |
|
Other Operating Income |
405.600 |
140.700 |
800.800 |
|
Total Income from Operations
(net) [1(a) + 1(b)] |
35410.100 |
31969.100 |
100617.700 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
12077.300 |
9898.600 |
32040.000 |
|
Purchase of stock-in-trade |
763.000 |
832.300 |
2250.400 |
|
Change in inventories of finished goods, work-in-progress and stock-in-trade |
(1136.600) |
(183.900) |
(1822.100) |
|
Employee benefits expenses |
1802.300 |
1628.300 |
4812.900 |
|
Depreciation and amortisation expenses |
4593.200 |
4439.900 |
13187.900 |
|
Stores & Spares consumed |
3689.100 |
4048.200 |
12223.500 |
|
Foreign Exchange |
3556.300 |
2457.300 |
8464.400 |
|
Power & Fuel |
(258.700) |
(1382.500) |
(1985.800) |
|
Other Expenditure |
5855.100 |
5950.400 |
17188.200 |
|
Cost of Octave Sales |
(1196.300) |
(2306.800) |
5759.100) |
|
Total expenses |
29744.700 |
125381.800 |
80600.800 |
|
Profit /(Loss) from Operations before other income, finance costs and exceptional items |
5665.400 |
6587.300 |
20017.400 |
|
Other Income |
87.600 |
251.800 |
558.100 |
|
Profit / (Loss) from ordinary activities before finance costs and Exceptional Items |
5753.000 |
6839.100 |
20575.500 |
|
Finance costs |
5548.700 |
4471.700 |
14303.500 |
|
Profit / (Loss) from ordinary activities after finance cost but before exceptional Items |
204.800 |
2367.400 |
6272.000 |
|
Exceptional Items |
7871.400 |
0.000 |
7871.400 |
|
Profit / (Loss)
from ordinary activities before tax |
(7667.100) |
2367.400 |
(1599.400) |
|
Tax expense |
(971.100) |
(505.400) |
(838.900) |
|
Net Profit / (Loss) from ordinary activities after tax |
(6696.000) |
2872.800 |
(760.500) |
|
Extraordinary item |
- |
- |
- |
|
Net Profit/ (Loss)
for the period |
(6696.000) |
2872.800 |
(760.500) |
|
Share of profit / (loss) of associates |
- |
- |
- |
|
Minority interest |
- |
- |
- |
|
Other Related Items |
- |
- |
- |
|
Net Profit / (Loss) after taxes, minority interest and shares of profit / (loss) of associates |
(6696.000) |
2872.800 |
(760.500) |
|
Cash Profit |
(3049.500) |
9445.300 |
14250.900 |
|
Paid up equity share capital (Face Value Re. 1/- per share) |
914.900 |
914.900 |
914.900 |
|
Paid up debt capital of the company |
|
|
|
|
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
Debenture Redemption Reserves |
|
|
|
|
Earnings Per Share
(EPS) (before Extraordinary items) (of Re. 1/- each) (not annualised): |
|
|
|
|
Basic |
(7.32) |
3.14 |
(0.83) |
|
Diluted |
(7.32) |
3.14 |
(0.83) |
|
Earnings Per Share
(EPS) (after Extraordinary items) (of Re. 1/- each) (not annualised): |
|
|
|
|
Basic |
(7.32) |
(3.14 |
(0.83) |
|
Diluted |
(7.32) |
(3.14 |
(0.83) |
|
Particulars
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
355911364 |
361596452 |
355911364 |
|
- Percentage of shareholding |
38.90 |
39.52 |
38.90 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
64855263 |
40448 |
64855263 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
11.60 |
0.01 |
11.60 |
|
Percentage of shares (as a % of total share capital of the
company) |
7.09 |
0.00 |
7.09 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
494137173 |
553266900 |
494137173 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
88.40 |
99.99 |
88.40 |
|
Percentage of shares (as a % of total share capital of the
company) |
54.01 |
60.48 |
54.01 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Receiving during the quarter |
5 |
|
|
|
Disposed of during the quarter |
5 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
SEGMENT WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER
ENDED ON 31.12.2014
|
Particulars
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
|
|
|
|
Segment Revenue |
|
|
|
|
a) Iron & Steel |
32784.100 |
30389.700 |
94487.800 |
|
b) Power |
7772.400 |
6131.700 |
19742.600 |
|
c) Others |
538.500 |
352.600 |
1456.100 |
|
Sub Total |
41095.000 |
36874.000 |
115686.500 |
|
Less: Inter-segment Revenue |
5684.900 |
4904.900 |
15068.800 |
|
Net Sales/Income
from Operations |
35410.100 |
31969.100 |
100617.700 |
|
|
|
|
|
|
Segment Results
(Profit(+)/Loss(-) before Tax and interest from each segment) |
|
|
|
|
a) Iron & Steel |
3860.900 |
4673.000 |
14029.100 |
|
b) Power |
3109.100 |
2447.200 |
9013.600 |
|
c) Others |
9.800 |
(123.300) |
(16.800) |
|
Sub Total |
6979.700 |
6996.900 |
23025.900 |
|
Less : Finance Cost (net) |
5548.700 |
4471.700 |
14303.500 |
|
Other un-allocable expenditure (net off Un-allocable income) |
1226.700 |
157.800 |
2450.400 |
|
Exceptional Items |
7871.400 |
0.000 |
7871.400 |
|
Total Profit Before
Tax |
(7667.100) |
2367.400 |
(1599.400) |
|
|
|
|
|
|
Capital Employed
(Segment Assets - Segment Liabilities) |
|
|
|
|
a) Iron & Steel |
265939.200 |
248662.100 |
265939.200 |
|
b) Power |
57052.400 |
56761.400 |
57052.400 |
|
c) Others |
4695.300 |
5127.200 |
5695.300 |
|
d) Unallocated |
(200727.700) |
(176648.300) |
(200727.700) |
|
Total Segment
Capital Employed |
126959.200 |
133902.400 |
126959.200 |
Note:
1. During the quarter, one of the subsidiaries of
the Company has acquired an additional 7.65% stake in Wollongong Coal Limited,
Australia, for AUD 49.60 million (Rs. 2738.000 Crore).
2. In accordance with The companies Act 2013,
the Company and its subsidiaries/Joint Ventures have revised the useful life of
their fixed assets to comply with the useful life as mentioned in Schedule II
of the said Act. As per the transitional provisions the Company and its
subsidiaries/joint ventures have adjusted Rs. 1537.200 Millions and Rs.1815.000
Millions from the opening balance of retained earnings from the standalone and
consolidated financial results respectively. Had the Company and its
subsidiaries/joint ventures continue to follow earlier useful lifes the
depreciation expense for the quarter would have been by lower by Rs. 309.100
Millions (Rs. 1187.500 Millions for nine months period ended 31 December, 2014)
and Rs. 153.200 Millions (Rs. 717.000 Millions for nine months period ended 31
December, 2014) in the standalone and consolidated Financials respectively.
3. The Hon'ble Supreme Court of India by its
Order dated 24 September 2014 has cancelled number of coal blocks allocated to
various entities which include nine coal blocks consisting of three operational
and six under development allotted to the Company and its group companies by
Ministry of Coal, Government of India and directed to pay an additional levy of
Rs. 295 per MT on gross coal extracted from the operational mines from 1993 to
till date. The final hearing of the Hon'ble Supreme Court of India for review
petition filed by the Company and its group companies towards order relating to
challenging cancellation of coal blocks is still pending.
(i) The Company has paid such levy on coal
extracted during the period from 1993 to 24 Sep 2014 of Rs. 30892.200 Millions
(including Rs. 10994.200 Millions by a subsidiary). The management based on
legal opinion has accounted for Rs. 17936.300 Millions (including Rs. 10247.200
Millions by a subsidiary) computed on net extraction (run of mines less shale,
rejects and ungraded middling) of coal by the Company and subsidiary company
during the current quarter. The said amount has been shown as exceptional item
in the result and balance amount of Rs. 12955.900 Millions has been shown as
recoverable from the Government Authority since the entire amount of additional
levy has been paid under protest.
(ii) Consequent to above, The Company has also
provided Rs 615.200 Millions (including Rs. 432.900 Millions by a subsidiary)
as levy against coal extracted (run of mines less shale, rejects and ungraded
middling) from 25th September 2014 till 31st December 2014. The said amount has
also been shown as exceptional item in the result.
(iii) The Company and its group companies having
book value of investment made in mining assets including land, infrastructure
and clearance etc. of Rs. 8766.400 Millions. The difference if any, shall be
accounted for when the final compensation is received pursuant to directive
vide letter dated December 26, 2014 given by the Ministry of Coal on such
mines.
4. The consolidated net trade receivable of the
group includes disputed debts receivable by an overseas subsidiary Company of
AUD 61 Million (Rs. 3169.300 Millions) which is due from the former ultimate
parent company and its associated entities. No provision for such disputed
debts has been made as the Company is confident that the above amount is fully
recoverable based on legal advice obtained.
5. Previous period/year figures have been
regrouped and reclassified to make them comparable.
6. The above unaudited results were reviewed by
the audit committee and have taken on record by the Board of Directors in their
meeting held on 3rd February 2015.
7. The above unaudited results have been
reviewed by auditors as per clause 41 of the listing agreement.
#Cash Profit = Profit after Tax + Deferred Tax +
Depreciation and Amortization expenses.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10501763 |
06/05/2014 |
15,000,000,000.00 |
State Bank Of India |
State Bank Of India
Cag Branch, 12th Floor, JawahAr Vyapar Bhawan 1, Tolstoy Marg, New Delhi,
Delhi |
C06004147 |
|
2 |
10487119 |
27/06/2014 * |
10,000,000,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
C15409733 |
|
3 |
10487226 |
29/03/2014 * |
15,000,000,000.00 |
ICICI Bank Limited |
ICICI Bank Limited, Alkapuri, Baroda, Gujarat - 390015, India |
C03329216 |
|
4 |
10366407 |
14/02/2014 * |
35,030,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, India |
B98001043 |
|
5 |
10363335 |
13/06/2012 |
8,100,000,000.00 |
Infrastructure Development Finance Company Limited |
Krm Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, India |
B42761205 |
|
6 |
10329346 |
07/01/2012 |
8,100,000,000.00 |
Infrastructure Development Finance Company Limited |
Krm Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, India |
B29746468 |
|
7 |
10332392 |
24/12/2011 * |
17,460,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurg Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
B30960819 |
|
8 |
10328994 |
20/12/2011 |
2,500,000,000.00 |
State Bank Of Hyderabad |
Commercial Branch, 74, Janpath , New Delhi, Delhi - 110001, India |
B29526126 |
|
9 |
10301388 |
02/08/2011 |
2,960,000,000.00 |
Landt Infrastructure Finance Company Limited |
Mount Poonamallee Road, Manapakkam, Chennai, Tamil Nadu - 600089, India |
B18449215 |
|
10 |
10298803 |
27/07/2011 |
1,000,000,000.00 |
State Bank Of Hyderabad |
Commercial Branch, 74, Janpath,New Delhi, New Delhi, Delhi - 110001, India |
B17459678 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
PRESS RELEASE:
GOVT NEEDS TO BE PRAGMATIC ON COAL BLOCK SALE: JSPL'S UPPAL
JSPL is bidding for some fresh blocks in addition to the
ones it already owns, the company’s CEO Ravi Uppal told CNBC-TV18 in an
interview. In a reprieve to the company, the Delhi High Court on Wednesday
overruled the government’s decision to reserve the Gare Palma IV/6 and Utkal B
blocks for the power sector. According to Uppal, the government needs to take a
pragmatic view on the allocation of coal blocks. He said his steel plants will
be unviable if there is no coal from the two mines. JSPL has invested around Rs
30,000 crore in the Palma and Utkal steel plants. He said the task of managing
power production cannot be handled by public sector undertakings alone.
COAL ALLOCATION: ADANI POWER ARRIVES WITH 11 BIDS FOR SIX BLOCKS
JSPL, ESSAR, GMR, SESA STERLITE, HINDALCO AND BALCO AMONG CONTESTANTS
February 16, 2015
Gautam Adani-promoted Adani Power has joined the
race for coal block reallocation with all its might. Adani ower has made 11 bids for six of a total 19
blocks being auctioned under the second phase of the coal block allocation rocess. These blocks belong to Schedule-III,
about-to-produce mines without any associated end-use infrastructure.
The technical bids for these 19 blocks was opened on Sunday. Naveen Jindal's
Jindal Steel & Power, the biggest
oser as the fallout of a Supreme Court's judgment in August 2014,
closely followed with eight bids, four each for two blocks.
Two of its richest de-allocated blocks, Utkal B1 & B2 with a cumulative
mineable capacity of 200 million tonnes (mt), were dropped out of the bid
process, following a review petition in the Delhi High Court.
Six blocks kept for the power sector would witness a massive fight in the
e-auction, as the sector majors have put in multiple technical bids. Blocks for
the unregulated sector, which has some of the biggest mines in its kitty, are
likely to see the former owners put in a tough fight. Gare Palma-IV/8, with a
capacity of 107 million tonnes, has 13 bidders in the fray, with four bids
from JSPL alone. The block belonged to Jayaswal Neco.
Utkal-C coal blocks saw the highest bids of 16 with Adani Power putting three
bids and Jindal Steel & Power two. GMREnergy,
Lanco, Essar and Sesa Sterlite were also among the bidders.
Ganeshpur (137 mt) coal block also witnessed high interest with 10 bids.
The names of those who submitted technical bids for the
coming e-auction of Schedule-III mines were disclosed on Sunday.
These will be evaluated by a multi-disciplinary technical evaluation committee
to shortlist bidders for participation in the electronic auction to be
conducted on the MSTC portal from February 25 running till March 3.
The government plans a two-pronged strategy for e-auction of cancelled coal
blocks. Where end-use is generation of power, there will be a reverse auction.
Unregulated sectors - steel, cement, iron ore and captive power generation -
will follow the forward-bidding model.
The government promulgated an ordinance for re-allocating the blocks cancelled
by the Supreme Court last year, citing these illegal.
COAL BLOCK AUCTION BEGINS; AMBANIS, ADANIS IN THE RACE
February 14, 2015
Auction of coal blocks began on Saturday for the first time with corporate honchos Ambanis, Adanis and Birlas queuing up for the two mines being offered on day one.
After clearing the technical bidding stage, entities from Reliance, Adani, Essar, GMR, Vedanta and Aditya Birla groups became eligible to bid for these blocks — one in Odisha and the other one in Madhya Pradesh.
The Supreme Court had in September last year cancelled the allocation of 204 mines.
The two blocks which have been put on offer are Talabira-I mine in Odisha for power sector and Sial Ghoghri mine in Madhya Pradesh for non-power sector.
The five bidders who have technically qualified for the Talabira mine are Adani Power, Essar Power MP Limited, GMR Chhattisgarh Energy Limited, OPG Power Generation Pvt. Limited and Sesa Sterlite Limited
Around 134 bidders have cleared the initial stages of eligibility for coal auction for 21 blocks put up by the government.
Hindalco, Jindal Steel and Power Limited (JSPL), Bharat Aluminium Company Limited (Balco), GMR Chhattisgarh Energy Limited, GVK Power, JSW Energy, Ambuja Cement and Hindustan Zinc are other major companies which have technically qualified for bidding.
JINDAL STEEL & POWER LTD. 3Q RESULTS FY 14-15
JSPL Braves the External Challenges
JSPL’s standalone as well as Group consolidated performance during 3QFY15 was negatively impacted due to a combination of several adverse developments which interalia include imposition of additional levy on the coal extracted since the start of mining operation in its captive mines; low demand for steel in the domestic as well as export markets and the consequent decline in Market Price levels; continued suspension of iron ore supplies from its major supplier, M/s SMPL and non – availability of coal for its Tamnar Phase – II 4 x 600 MW Power plants.
While JSPL managed to achieve an EBITDA level of 29% and 28% for its standalone and Consolidated entities respectively, its Profit before tax was adversely affected due to unfavorable market conditions and high cost of raw materials. The results were also affected by substantially higher costs on account of depreciation and interest which for the consolidated operations during 3QFY15 increased by Rs.5280.000 Millions compared to the same quarter in the previous year. The 3QFY15 PAT of JSPL Standalone and Consolidated excluding exceptional item were Rs.1180.000 Millions and Rs.1800.000 Millions. respectively. As a result of Supreme Court’s decision to impose additional levy retrospectively, JSPL was forced to pay a lumpsum amount of Rs.30890.000 Millions which caused it to post a loss of Rs. 6700.000 Millions and Rs.16750.000 Millions for JSPL Standalone and Consolidated respectively.
Although JSPL successfully commissioned its 2.3 MTPA billet caster and 0.175 MTPA Heat treatment shop in Angul during 3Q, its plant capacity could not be fully utilized due to subdued demand for plates and semi – finished products during the last quarter. All recently commissioned and upgraded units delivered stable and targeted performance levels. However, the Company had to meet a substantial part of its requirements of iron ore and thermal coal either from auction sales or imports resulting in higher raw material and production costs. The Company during 3Q undertook multiple steps to reduce its costs including reduction of manpower by over 5%.
JPL Although, Jindal Power Ltd. (JPL)’s existing 4x250 MW plant continued to operate at PLF of 96%, the Phase II units could not be operated due to shortage of coal and relatively low merchant rates. COD Certification for three (3) out of the four units have been completed and the units have achieved stable performance at the rated capacity levels. The Company secured two new long term PPAs from KSEB with a combined capacity of
350 MW. JPL’s continued focus on “Operational Excellence” also resulted in reduction of “Gross Heat Rate” as well as Auxiliary Power Consumption.
Global Ventures
While JSPL’s Oman unit notwithstanding the tough market conditions, operated to near full capacity, its units in Australia and South Africa suffered setback in performance due to issues of Environmental Clearance and labor productivity. Both these issues are in advance stage of resolution and are expected to resume normal production during 4QFY15.
Future Outlook
It is believed that with a stable and dynamic Government at the center and multiple development initiatives and policy reforms initiated by the latter, the GDP is set to grow at 6.5% during 2014–15. The confidence of both domestic and international investors is on the rise and markets are already trading on all-time high. All major countries including US, Japan, China and Europe appear all set to invest big time in India’s infrastructure and manufacturing sector.
The Government is also quite aware of some countries’ attempt to dump steel products in the Indian market causing major setback to the local steel producers. It is expected that the Government in the coming Financial Budget would take remedial steps to curb dumping of steel. This would help the Indian Steel Industry to regain its health and growth tempo. The production and demand of Steel is expected to grow between 2.5% to 3% during 4QFY15 and 3.0–3.5% during 1QFY16.
Once the coal auction is completed and mines are allocated, the State Electricity Boards (SEBs) are expected to invite offers for fresh PPAs and thus create additional demand for supply of power. Several transmission projects are set to be completed within the next 6 months, thus easing the evacuation constraints. It is estimated that both steel and power sectors would revive and the demand growth during the 2nd half of FY15-16 would be between 4.0 – 4.5% for Steel and 8.0 - 8.5% for Power.
With economy gradually looking up, JSPL is targeting a double digit growth in turnover in both Standalone and Consolidated level starting from 1QFY16. It is also expecting its raw material issues to be resolved by the end of 4QFY15. With All the new production facilities fully operational, JSPL is fully geared to meet any enhanced demand opportunities in the market.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.62.20 |
|
UK Pound |
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
74 |
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.