MIRA INFORM REPORT
|
Report No. : |
321267 |
|
Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL SAW LIMITED (w.e.f. 07.02.2005) |
|
|
|
|
Formerly Known
As : |
SAW PIPES LIMITED |
|
|
|
|
Registered
Office : |
A-1,
UPSIDC Industrial Area, |
|
Tel No.: |
91-5662-252277 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
31.10.1984 |
|
|
|
|
Com. Reg. No.: |
20-023979 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 552.458 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104UP1984PLC023979 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
AGRS10410B |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A
Public Limited Liability Company. The company’s shares are Listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufactures
and supplies iron and steel pipe products. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 110000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a flagship company of the Jindal group. It is an
established company having fine track. The company’s products are well received in the market. Overall fundamentals
are good. The rating also takes into consideration good net worth and liquidity
position for the company. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered normal 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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Fixed Deposit Programme: FA+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
06.02.2015 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-26188360)
LOCATIONS
|
Registered Office/ Factory 1 : |
A-1 UPSIDC Industrial Area, |
|
Tel. No.: |
91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03 |
|
Fax No.: |
91-5662-232577 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
‘Jindal Centre’, 12, |
|
Tel. No.: |
91-11-26188360–74/ 26188345 |
|
Fax No.: |
91-11-26170691/ 41659575 |
|
E-Mail : |
|
|
|
|
|
Factories : |
MUNDRA - IPU Village: Samaghogha, Pragpar - Phone : 91-2838-240755-756, 240773 Fax : 91-2838-240700 MUNDRA - JCO S.No. 94/1, 94/2 and 96, Village: Nanakapaya Taluka: Mundra, District
Kutch – 370415, Phone: 91-2838-287305-06 Fax : 91-2838-22700 NASHIK A-59-60 Fax : 91-2551-230967 |
|
|
|
|
Regional Offices : |
MUMBAI Phone : 91-22-23513000 Fax : 91-22-23521889 AHMEDABAD 601, Phone : 91-79-26431323 Fax : 91-79-26431433 H. No. 8-2-618/2/2/A, Plot No. 25, Road No. 10 , Classic Emerald Lane,
Near Rainbow Hospital, Banjara Hills, Hyderabad, Andhra Pradesh, India Phone : 91-40-55778694 / 95 6th Floor, East Wing, Phone : 91-80-25559869/ 73 Fax : 91-80-25598898 CHENNAI 4-B, Phone : 91-44-4213 2033/ 42043737 Fax : 91-44-4204 3737 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mrs. Savitri Devi Jindal |
|
Designation : |
Chairperson Emeritus |
|
Date of Birth/Age : |
20.03.1950 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
28.04.2005 |
|
|
|
|
Name : |
Mr. Prithvi R. Jindal |
|
Designation : |
Vice Chairman (Non Executive) |
|
|
|
|
Name : |
Ms. Sminu Jindal |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B.Com
(Hons.) MBA (Finance) |
|
Experience : |
20 Years |
|
|
|
|
Name : |
Mr. Devi Dayal |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.07.1941 |
|
Qualification : |
LL. B., M. A. |
|
Date of Appointment : |
30.07.2004 |
|
|
|
|
Name : |
Dr. S.K. Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.08.1938 |
|
Qualification : |
Technocrat |
|
Date of Appointment : |
22.11.2005 |
|
|
|
|
Name : |
Mr. Kuldip Bhargava |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.04.1953 |
|
Qualification : |
Industrialist |
|
Date of Appointment : |
22.11.2001 |
|
Other Directorship : |
Hexa Tradex Limited |
|
|
|
|
Name : |
Mr. Raj Kamal Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.07.1952 |
|
Qualification : |
M.B.B.S. |
|
Date of Appointment : |
30.01.2006 |
|
|
|
|
Name : |
Mr. Ravinder Nath Leekha |
|
Designation : |
Director |
|
|
|
|
Name : |
M. Girish Sharma |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.12.1951 |
|
Qualification : |
IRS (Retd.) |
|
Date of Appointment : |
30.05.2012 |
|
|
|
|
Name : |
Mr. H.S. Chaudhary |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
05.09.1954 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.10.1988 |
|
|
|
|
Name : |
Mr. Neeraj Kumar |
|
Designation : |
Group Chief Executive Officer and Executive Director |
|
Date of Birth/Age : |
02.05.1963 |
|
Qualification : |
M. Sc. (Physics) and MBA |
|
Date of Appointment : |
01.07.2013 |
|
|
|
|
Name : |
Ms. Shradha Jatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Shradha Jatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Tripti Puneet Arya |
|
Designation : |
Group CEO and Whole-time Director |
|
|
|
|
Name : |
Mr. Sanjeev Shankar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Girish Sharma |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil K Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1635300 |
0.59 |
|
|
94573120 |
34.24 |
|
|
96208420 |
34.83 |
|
|
|
|
|
|
98700 |
0.04 |
|
|
31514985 |
11.41 |
|
|
31613685 |
11.44 |
|
Total shareholding of Promoter and Promoter Group (A) |
127822105 |
46.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
28602446 |
10.35 |
|
|
351570 |
0.13 |
|
|
7309870 |
2.65 |
|
|
31660486 |
11.46 |
|
|
67924372 |
24.59 |
|
|
|
|
|
|
47165802 |
17.08 |
|
|
|
|
|
|
24704456 |
8.94 |
|
|
4872068 |
1.76 |
|
|
3734718 |
1.35 |
|
|
2194446 |
0.79 |
|
|
1382472 |
0.50 |
|
|
157800 |
0.06 |
|
|
80477044 |
29.13 |
|
Total Public shareholding (B) |
148401416 |
53.73 |
|
Total (A)+(B) |
276223521 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
276223521 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures
and supplies iron and steel pipe products. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Names : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Agencies Held : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Exports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Imports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
N.C. Aggarwal and Company Chartered
Accountants |
|
Address : |
|
|
|
|
|
Internal Auditors :
|
|
|
Name : |
Deloitte Haskins and Sells Chartered
Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Direct
Subsidiaries: |
|
|
|
|
|
Indirect
Subsidiaries (Control Exist): |
|
|
|
|
|
Joint Ventures: |
|
|
|
|
|
Enterprise over
which Key Management Personnel having significant influence: |
|
CAPITAL STRUCTURE
AFTER 10.09.2014
Authorised Capital : Rs.
Rs. 2000.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 580.070 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000,000 |
Equity Shares |
Rs.2/- each |
Rs.1000.000 Million |
|
10,000,000 |
Redeemable Non Convertible Cumulative |
Rs.100/- each |
Rs.1000.000 Million |
|
|
Total |
|
Rs. 2000.000
Million |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276,230,771 |
Equity Shares |
Rs.2/- each |
Rs. 552.462 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276,226,771 |
Equity Shares |
Rs.2/- each |
Rs. 552.454 Million |
|
4,000 |
Add : Forfeited Equity Shares |
Rs.1/- each |
Rs. 0.004 Million |
|
|
Total |
|
Rs. 552.458 Million |
NOTE:
|
Reconciliation of the number of shares: Equity Shares |
|
|
Shares outstanding as at the beginning of the year |
276.227 |
|
Shares outstanding as at the end of the year |
276.227 |
Details of
shareholders holding more than 5% shares in the company:
|
Name of Shareholders |
No. of Shares |
% of holding 31.03.2014 |
|
Nalwa Sons Investments Limited |
53550000 |
19.39 |
|
Sigmatech Inc |
30120000 |
10.90 |
|
Danta Enterprises Private Limited |
23572150 |
8.53 |
|
Reliance Capital Trustee Company Limited A/c Reliance Growth Fund |
15816387 |
5.73 |
|
Morgan Stanley Asia (Singapore) PTE |
-- |
-- |
|
Total |
123058537 |
44.55 |
Terms/Rights attached to Equity Shares The Company has only one class of equity shares having a par value of ` 2/- per equity share. Each equity shareholder is entitled to one vote per share.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
552.458 |
552.458 |
552.458 |
|
(b) Reserves & Surplus |
38266.746 |
36733.754 |
34976.693 |
|
(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) |
38819.204 |
37286.212 |
35529.151 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18851.839 |
14807.385 |
9686.737 |
|
(b) Deferred tax liabilities
(Net) |
2212.659 |
1747.659 |
1025.159 |
|
(c) Other long term
liabilities |
294.205 |
0.525 |
0.774 |
|
(d) long-term provisions |
324.181 |
313.330 |
288.972 |
|
Total
Non-current Liabilities (3) |
21682.884 |
16868.899 |
11001.642 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
15194.692 |
17625.093 |
15166.847 |
|
(b) Trade payables |
3945.829 |
4687.630 |
4368.885 |
|
(c) Other current liabilities |
4970.722 |
4849.742 |
9350.930 |
|
(d) Short-term provisions |
356.912 |
384.384 |
382.652 |
|
Total
Current Liabilities (4) |
24468.155 |
27546.849 |
29269.314 |
|
|
|
|
|
|
TOTAL |
84970.243 |
81701.960 |
75800.107 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
35260.465 |
25478.320 |
20291.821 |
|
(ii) Intangible Assets |
154.055 |
83.994 |
84.165 |
|
(iii) Capital work-in-progress |
2036.585 |
10112.046 |
6914.080 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7731.615 |
7565.282 |
6989.654 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2710.167 |
2289.126 |
2602.884 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
47892.887 |
45528.768 |
36882.604 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
150.000 |
700.000 |
0.000 |
|
(b) Inventories |
13867.230 |
14711.052 |
18035.025 |
|
(c) Trade receivables |
13371.046 |
12385.701 |
12896.217 |
|
(d) Cash and cash equivalents |
404.746 |
629.268 |
1722.158 |
|
(e) Short-term loans and
advances |
9252.286 |
7727.767 |
6250.180 |
|
(f) Other current assets |
32.048 |
19.404 |
13.923 |
|
Total
Current Assets |
37077.356 |
36173.192 |
38917.503 |
|
|
|
|
|
|
TOTAL |
84970.243 |
81701.960 |
75800.107 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
55095.873 |
56166.984 |
51979.031 |
|
|
Other Income |
846.479 |
824.056 |
933.311 |
|
|
TOTAL
(A) |
55942.352 |
56991.040 |
52912.342 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
31360.353 |
35766.935 |
38906.067 |
|
|
Purchases of Stock-in-Trade |
44.788 |
213.793 |
318.595 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2426.273 |
2308.049 |
(4687.800) |
|
|
Employees benefits expense |
3001.947 |
2522.608 |
2374.616 |
|
|
Other expenses |
12072.444 |
9327.697 |
8727.254 |
|
|
Exceptional Items |
739.192 |
1142.420 |
1408.060 |
|
|
TOTAL
(B) |
49644.997 |
51281.502 |
47046.792 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
6297.355 |
5709.538 |
5865.550 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2127.533 |
1500.779 |
1139.289 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4169.822 |
4208.759 |
4726.261 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
2261.936 |
1549.519 |
1496.579 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1907.886 |
2659.240 |
3229.682 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
465.200 |
725.100 |
987.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1442.686 |
1934.140 |
2241.882 |
|
|
|
|
|
|
|
|
PREVIOUS YEAR TAXATION ADJUSTMENTS |
241.500 |
(5.300) |
20.100 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE TRANSLATION DIFFERENCE |
(1.100) |
(0.500) |
(1.300) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1977.800 |
1687.900 |
1444.200 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1500.000 |
|
|
Proposed dividend on Equity
Shares |
276.200 |
276.200 |
276.200 |
|
|
Corporate Tax on dividends |
47.000 |
47.000 |
44.800 |
|
|
Debenture Redemption Reserve |
315.200 |
315.200 |
196.000 |
|
|
Balance
Carried to the B/S (J+K+L-M) |
2022.500 |
1977.800 |
1687.900 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
16529.975 |
31986.888 |
26887.101 |
|
|
Interest |
24.894 |
15.430 |
17.235 |
|
|
Carbon Credits |
0.000 |
13.072 |
44.788 |
|
|
Others |
58.191 |
85.604 |
28.780 |
|
|
TOTAL
EARNINGS |
16613.060 |
32100.994 |
26977.904 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11814.206 |
20381.822 |
21221.886 |
|
|
Components and Stores parts |
750.754 |
690.110 |
727.598 |
|
|
Capital Goods |
403.086 |
3019.894 |
1111.616 |
|
|
TOTAL
IMPORTS |
12968.046 |
24091.826 |
23061.100 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.10 |
6.98 |
8.12 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 Unaudited |
30.09.2014 Unaudited |
31.12.2014 Unaudited |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
11490.700 |
15913.600 |
17774.300 |
|
Total Expenditure |
9872.300 |
13819.500 |
15389.300 |
|
PBIDT (Excl OI) |
1618.400 |
2094.100 |
2385.000 |
|
Other Income |
273.600 |
276.000 |
346.900 |
|
Operating Profit |
1892.000 |
2370.100 |
2731.900 |
|
Interest |
626.500 |
649.200 |
699.100 |
|
Exceptional Items |
105.400 |
-49.700 |
-399.800 |
|
PBDT |
1370.900 |
1671.200 |
1633.000 |
|
Depreciation |
620.700 |
630.500 |
620.500 |
|
Profit Before Tax |
750.200 |
1040.700 |
1012.500 |
|
Tax |
201.200 |
294.600 |
393.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
549.000 |
746.100 |
619.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
549.000 |
746.100 |
619.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.62 |
3.44 |
4.31 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.43 |
10.17 |
11.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.54 |
4.15 |
5.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.07 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.88 |
0.87 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.31 |
1.33 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
552.458 |
552.458 |
552.458 |
|
Reserves & Surplus |
34976.693 |
36733.754 |
38266.746 |
|
Net
worth |
35529.151 |
37286.212 |
38819.204 |
|
|
|
|
|
|
long-term borrowings |
9686.737 |
14807.385 |
18851.839 |
|
Short term borrowings |
15166.847 |
17625.093 |
15194.692 |
|
Total
borrowings |
24853.584 |
32432.478 |
34046.531 |
|
Debt/Equity
ratio |
0.700 |
0.870 |
0.877 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
51979.031 |
56166.984 |
55095.873 |
|
|
|
8.057 |
(1.907) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
51979.031 |
56166.984 |
55095.873 |
|
Profit |
2241.882 |
1934.140 |
1442.686 |
|
|
4.31% |
3.44% |
2.62% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
W.P.(C) 9054/2014
M/S MECHTECH ENGINEERS ..... Petitioner
Through: Ms. Meenakshi Arora, Sr. Advocate with Mr. Siddhesh Kotwal, Ms.
Shreya Bhatnagar and Mr. Anniruddh Sharma, Advocates
versus
M/S JINDAL SAW LTD. and ANR ..... Respondents
Through: Mr. Manoj Arora and Mr. Siddarth Shankar, Advocates for R-1
CORAM:
HON'BLE MR. JUSTICE RAJIV SHAKDHER
O R D E R
24.02.2015
At request, list on 15.04.2015.
RAJIV SHAKDHER, J
FEBRUARY 24, 2015
Yg
$ 30
REVIEW OF OPERATIONS
Pipe segment has witnessed some weakness specifically in Large Dia Pipe Segment (LSaw/ HSaw). Further, the Company has reported marginal decrease of app. 2% in Net Revenue from operations but the Profit after tax decreased by app. 25.39% primarily on account of higher finance costs, depreciation etc. With increasing order book and addition of Pellet in product portfolio, the operations are expected to improve. Following is the review of various Product segments: Large Dia Pipe Segment (LSaw/ HSaw)
Strategic Business
Unit: The segment witnessed lower performance during the year 2013-14 due to weaker market conditions resulting in lower capacity utilization, production, sales and hence profitability. However, the Company expects improvement in business and operations in the year 2014-15 onwards backed by growing order book with a mix of exports and domestic orders from hydrocarbon and water sector. Ductile Iron Pipes (DI Pipes) and Pig Iron Strategic Business Unit: The segment witnessed higher production of DI pipes and Pig Iron as additional capacity have ramped up during the year 2013-14. The new facility is now stabilizing and production and sales are expected to ramp up fully during the year 2014-15. The company has good order book in DI Pipe
Segment.
Seamless Pipes Strategic Business Unit: The activities in Seamless pipes and tubes segment were marginally better in year 013-14 than the year 2012-13. Seamless pipe business also seen issues related to dumping of pipes by Chinese suppliers in India and USA initiating anti dumping process against various countries including India. The issues are still to be finally concluded. The Company is exploring new markets as well as developing value added products for domestic and global customers. Iron Ore Mines and Pellet Strategic Business Unit: The Company has commenced and ramped up the operations in this segment. Pellet plant has achieved 100% capacity utilization. The Company would focus on optimizing the operations and profitability.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
Company Overview
They are India’s most diversified manufacturer and supplier of Iron and Steel pipe products for the energy, water sector and other industrial applications. Their principal products include (a) Large Diameter SAW Pipes i.e. Longitudinal Submerged Arc Welded (LSAW) and Helically Submerged Arc Welded (Spiral/ HSAW), (b) Seamless Tubes, and (c) Ductile Iron (DI) Pipes etc.
They have a well-diversified network of production facilities, sales companies and representative offices across India, USA, Middle-East, Europe and UK. Their Indian pipe manufacturing facilities are located in Western, Northern and Southern part of India. These production facilities are equipped to produce pipes to meet global specifications and standards. Approximate 40% of their products are sold in the global markets. They are one of the largest global producers of DI pipes with manufacturing facilities in India, UAE and Europe. They are capable to produce DI pipes up to 2,200 MM in diameter. In FY 2011, the Company acquired iron ore mines in district Bhilwara, Rajasthan in India. These mines have iron ore which is low in Fe content and hence, needs to be first beneficiated and thereafter the iron ore concentrate is used for production of value added products like pellets and other Iron and steel products. The beneficiation and pellet plants are fully operational. Pellet plant is producing at its rated capacity of 1.20 MTPA. The Company’s efforts in the iron ore vertical shall create jobs in the State of Rajasthan, increase contribution to the exchequer and facilitate conversion of sewage water to industrial water.
Key Drivers of Pipe
Business
Pipes are their planet's arteries and veins, carrying water, sewage, power, oil and gas. Early pipe systems were developed from clay and wood, but since the industrial revolution, materials such as steel, ductile iron, plastic and concrete have been used.
Line pipes business is largely dependent upon both the current conditions and future prospects in the energy industry and, in particular, maintenance and expansionary operating and capital expenditures by their customers in the upstream, midstream and downstream sectors of the industry. Long-term growth in spending has been, and they expect will continue to be, driven by several factors, including under investment in global energy infrastructure, growth in shale and unconventional exploration and production ("EandP") activity, and anticipated strength in the oil, natural gas, refined products, petrochemical and other industrial sectors. Also, in the mature markets, demand for replacement pipe will also drive Line pipe demand more than in the past.
Demand for steel pipes (such as Seamless Pipes, HSAW, LSAW Pipes) is also increasing as the need for oil and gas, water and waste water transportation is growing. The demand for DI pipes in water sector is also increasing as these pipes are better in quality and durability. Infrastructure development, urbanization and the subsequent development of residential and industrial construction are facilitating the growth of the pipe industry. Authorities are also focusing on rural water management solutions, which will be fulfilled provided there will be proper transportation of water to the end-user. This is one of the major demand drivers of the pipe industry along with expansion of housing sector and increasing demand for oil and gas transportation.
BUSINESS OUTLOOK
Oil and Gas Sector
Pipeline construction projects mirror end users' energy demands, and much of that demand continues to center on oil and natural gas, with the industry remaining focused on how to get these energy products to market as quickly and efficiently as possible.
World demand for oil and gas pipe is expected to increase 5.3% per year, reaching 51.8 million metric tons in 2017 as high oil prices and increasing demand for energy spur new development. (Source: Pipeline and Gas Journal June 2014 edition). The World Energy Outlook 2013, released by International Energy Agency, explains that China is the main driver of increasing energy demand in the current decade, but India takes over in the 2020s as the principal source of growth. Presently, Indian pipeline network considered one of the most poor in the world, with the current gas pipeline network of less than 15,000 km. The penetration level of pipelines in oil and gas transportation is low at 32% in India as compared to 59% in USA and 79% globally.
In next 4-5 years, many oil and gas companies like GAIL, GSPL and Reliance Gas transportation Infrastructure Limited (RGTIL) are planning to lay down pipeline network of around 13,066 km. GAIL is planning to increase its current pipeline network of 7,500 km to 13,000 km at a capital expenditure of USD 2.7 billion. GSPL intends to expand its grid to 2,200 km with an outreach to all the 25 districts in the state of Gujarat. It also aims to explore an opportunity to extend and replicate the grid in the neighboring state of Rajasthan.
Low penetration of pipes in the various sectors like oil and gas transportation coupled with new discoveries currently provides a huge scope for the growth of the pipe industry. The national planners have placed top priority in getting oil and gas pipeline in place. In addition to this, the oil and gas sector has been conferred the status of infrastructure recently, which is expected to further push oil and gas pipelines. The setting up
of the Petroleum and Natural Gas Regulatory Board (PNGRB) and new gas finds on India’s eastern coast, heavy investment is being lined up for laying pipelines across the country. As per plans, the length of trunk pipelines is set to triple to 33,000 kms in the next 4-5 years.
Demand gains for oil country tubular goods (OCTG) will outpace growth in the number of drilling rigs through the forecast period, due in part to rigs becoming more efficient and drilling more wells per year. In addition, rising OCTG pipe demand will result from increased offshore activity, deeper wells and growing use of horizontal drilling techniques. Each of these techniques requires the use of more pipe than traditional onshore wells. Higher pressure drilling techniques require increased pipe wall thicknesses which will increase the tonnage of OCTG pipe.
Seamless steel pipe will remain the dominant product in this application due to strength in these harsh environments. Development of improved premium connections better suited to cope with harsh operating conditions will create opportunities in the OCTG market, since users are willing to pay more to ensure proper operation. Demand for line pipe will benefit from construction of new transmission lines needed to transport oil and gas from drilling sites to customers, and the need for gathering systems at new drilling sites. Steel pipe will remain the dominant line pipe material because of its high pressure resistance. Seamless pipe has outpaced welded pipe in recent years, reflecting strong growth for OCTG since those applications more frequently require the strength of seamless pipe.
Due to its lower price, welded pipe are expected to be preferred in applications where operating conditions allow its use. Demand for distribution pipe will benefit from rising residential construction expenditures, which will boost the need for natural gas lines to new homes.
Water Sector
Water is a vital component for the economic prosperity of any country. In coming years, the economic importance of water is expected to grow with the global economic growth, industrial development and urbanization. On a global basis, 70% of water is used for agriculture irrigation, 22% is used for industries, and 8% is used by households. At current rates of growth, demand for water may exceed supplies by 40%, and by 2030, around 47% of the world’s population will be living in areas of high water stress (As per the World Bank sponsored 2030 Water Resources Group report and OECD’s Environmental Outlook to 2030). Global demand for water pipe is forecast to increase 6.8 percent per year through 2017, acceleration from the pace of the 2007- 2012 period. Advances will result from two key factors: in developing nations, access to water supply and sanitation will be increased; in developed nations, a rebound in construction spending will boost demand for building pipe. The American Water Works Association concluded that the U.S. will need to invest nearly USD 1 trillion over the next 25 years to simply replace faulty water pipes. Failure to do so could lead to service disruptions and more costly repairs. On a global perspective, water infrastructure spending needs could approach USD 11.7 trillion between 2013 and 2030 (As per Janney Montgomery Scott LLC).With a market size of over USD 4 billion, the Indian water and wastewater market is growing at the rate of 10%–12% every year.
Government-related projects contribute over 50% of the revenues generated by this market, while the private sector contributes the rest. The water and wastewater treatment market segment is highly fragmented and unorganized. India is expected to invest USD 11 billion in developing infrastructure in 63 of the largest cities, with an emphasis on water supply and sanitation. The Technology Strategy Board estimates that the global water market is expected to grow from USD 480bn to USD 770bn annually by 2016.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
||||||||||||||||||||
|
Long-term
Borrowings |
|
|
||||||||||||||||||||
|
External Commercial Borrowings from Banks |
5530.283 |
5004.813 |
||||||||||||||||||||
|
Term Loans |
|
|
||||||||||||||||||||
|
Term Loans from Banks |
504.617 |
0.000 |
||||||||||||||||||||
|
Deferred Sales Tax Loans |
275.927 |
355.008 |
||||||||||||||||||||
|
Deposits from Public |
156.358 |
92.397 |
||||||||||||||||||||
|
Short-term
borrowings |
|
|
||||||||||||||||||||
|
Short Term loan |
1942.395 |
2175.572 |
||||||||||||||||||||
|
Buyers' credit |
627.051 |
1851.495 |
||||||||||||||||||||
|
Loans and advances from related parties From Jindal Intellicom Limited |
30.000 |
0.000 |
||||||||||||||||||||
|
Deposits from Public |
0.859 |
0.737 |
||||||||||||||||||||
|
Total |
9067.490 |
9480.022 |
||||||||||||||||||||
|
NOTE: Long-term
Borrowings Deferred Sales tax Loans amounting to Rs.32.764 Million (previous year Rs.65.529 Million) are guaranteed by one of the Directors. Repayment schedule of Deferred Sales Tax Loans are set out below:
Deposits from public includes deposits from related parties Rs.26.447 Million (Previous Year Rs.27.937 Million). Terms of repayment of Unsecured Term Loans – i) External Commercial Borrowing of USD 73,018,334 (Rs.43,88.387 Million) (Previous Year USD 73,018,334 - Rs.39,71.416 Million) is repayable in three installments of USD 24,096,050 (Rs.14,48.168 Million), USD 24,096,050 (Rs.14,48.168 Million) and USD 24,826,234 (Rs.14,92.051 Million) on June 30, 2015, June 30, 2016 and June 30, 2017, respectively. Rate of Interest is 6 months USD LIBOR plus 2.55% p.a. ii) External Commercial Borrowings of USD 19,000,000 (Rs.11,41.896 Million) (Previous Year USD 19,000,000 - Rs.10,33.397 Million) is repayable in three installments of USD 57,00,000 (Rs.3,42.569 Million), USD 57,00,000 (Rs.3,42.569 Million) and USD 76,00,000 (Rs.4,56.758 Million) on Nov 27, 2015, Nov 27, 2016 and Nov 27, 2017, respectively. Rate of Interest is 6 months USD LIBOR plus 2.30% p.a. iii) Term Loan of USD 83,96,321.29 (Rs.5,04.617 Million) (Previous Year NIL) is repayable in nine quarterly installments of USD 16,79,264.25 each (Rs.100.923 Million each) (including four installments of USD 16,79,264.25 each taken in current maturity) from May 10, 2014. The same is guaranteed by personal guarantee of a Promoter Director. Rate of Interest is 3 months USD LIBOR plus 6% p.a. Deposits from public are repayable between one to three years. There is no default in repayment of Principal loans and interest. |
||||||||||||||||||||||
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10482837 |
24/02/2014 |
47,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH,
CHANDRALOK BULIDING, 36, JANPA |
B98591951 |
|
2 |
10464618 |
15/05/2014 * |
1,000,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE
BRANCH, 15/17,, SHAHEED BHAGAT |
C05425624 |
|
3 |
10467360 |
15/05/2014 * |
4,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP
BRANCH, JAWAHAR VYAPAR, |
C04337663 |
|
4 |
10414412 |
21/03/2013 |
1,000,000,000.00 |
DEUTSCHE BANK |
4TH FLOOR, DLF
SQUARE, JACARANDA MARG, DLF PHASE |
B71674378 |
|
5 |
10411946 |
19/03/2013 * |
3,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B70931746 |
|
6 |
10397818 |
03/06/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B77248375 |
|
7 |
10375391 |
14/09/2012 |
2,370,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
B57641730 |
|
8 |
10360631 |
23/05/2012 |
500,000,000.00 |
KARNATAKA BANK LIMITED |
K - BLOCK, OVERSEAS
BRANCH,, CONNAUGHT PLACE, NEW |
B41628355 |
|
9 |
10360634 |
23/05/2012 |
500,000,000.00 |
KARNATAKA BANK LIMITED |
K - BLOCK, OVERSEAS
BRANCH, CONNAUGHT PLACE, NEW |
B41629742 |
|
10 |
10360642 |
08/05/2012 |
1,370,000,000.00 |
KARNATAKA BANK LIMITED |
K-2, CHOUDHRY
BUILDING, CANNAUGHT PLACE, NEW DELH |
B41632894 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Guarantees issued by the Company's bankers on behalf of the Company |
7834.856 |
8772.140 |
|
Letter of Credit Outstanding |
5114.253 |
2451.321 |
|
Claims against the company not acknowledged as debt |
8.122 |
8.122 |
|
Corporate guarantees/ undertaking issued to lenders of subsidiary companies |
13844.559 |
9159.656 |
|
Disputed Excise duty, Custom Duty and service tax |
21.268 |
22.927 |
|
Income tax demands against which company has preferred appeals |
253.468 |
260.959 |
|
Disputed Sales Tax |
58.541 |
58.541 |
|
Liability in respect of Corporate Guarantee/Duty Saved for availing various export based incentive schemes |
491.503 |
1147.981 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
S. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net
Sales /Income from Operations |
17753.200 |
15895.300 |
45099.600 |
|
|
(b) Other
Operating Income |
21.100 |
18.300 |
79.000 |
|
|
Total Income from Operations (net) |
1774.300 |
15913.600 |
45178.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of
materials consumed |
11402.200 |
10643.700 |
29451.300 |
|
|
(b)
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(1771.800) |
(2028.500) |
(5117.200) |
|
|
(d)
Employee benefits expense |
901.100 |
912.400 |
2673.000 |
|
|
(e)
Depreciation and amortization expense |
620.500 |
630.500 |
1871.700 |
|
|
(f) Other
expenses |
4857.800 |
4291.900 |
12074.000 |
|
|
Total expenses |
16009.800 |
14450.000 |
40952.800 |
|
3 |
Profit/(Loss) from Operations before other Income,
finance costs and Exceptional Items (1-2) |
1764.500 |
1463.600 |
4225.800 |
|
4 |
Other
Income |
346.900 |
2760.000 |
896.500 |
|
5 |
Profit/(Loss) from ordinary activities before
finance costs and Exceptional Items (3+4) |
2111.400 |
1739.600 |
5122.300 |
|
6 |
Financial
costs |
699.100 |
649.200 |
1974.800 |
|
7 |
Profit/(Loss) from ordinary activities after finance
costs but before Exceptional Items (5-6) |
1412.300 |
1090.400 |
3147.500 |
|
8 |
Exceptional
Items |
(399.800) |
(49.700) |
(344.100) |
|
9 |
Profit/(Loss) from Ordinary Activities before tax
(7-8) |
1012.500 |
1040.700 |
2803.400 |
|
10 |
Tax
expense |
393.300 |
294.600 |
889.100 |
|
11 |
Net Profit/(Loss) from Ordinary Activities after tax
(9-10) |
619.200 |
746.100 |
1914.300 |
|
12 |
Extraordinary
Items (Net of Tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the period (11-12) |
619.200 |
746.100 |
1914.300 |
|
14 |
Paid up
equity share capital (Rs. 2 per share) |
552.500 |
552.500 |
552.500 |
|
15 |
Reserves
excluding Revaluation Reserves |
|
|
|
|
16 |
Debenture
Redemption Reserve |
|
|
|
|
17.i |
Earnings Per Share before Extraordinary items (on
Face Value of Rs. 2/- each)
(not annualized): |
|
|
|
|
|
Basic |
2.24 |
2.70 |
6.93 |
|
|
Diluted |
2.21 |
2.70 |
6.82 |
|
17.ii |
Earnings Per Share after Extraordinary items (on
Face Value of Rs. 2/- each) (not annualized): |
|
|
|
|
|
Basic |
2.24 |
2.70 |
6.93 |
|
|
Diluted |
2.21 |
2.70 |
6.82 |
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
— Number
of shares |
148401416 |
148401416 |
148401416 |
|
|
—
Percentage of shareholding |
53.73 |
53.73 |
53.73 |
|
2 |
Promoters
and promoter group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
— Number
of shares |
-- |
-- |
-- |
|
|
—
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
— Percentage
of shares (as a % of the total share capital of company) |
-- |
-- |
-- |
|
|
b)
Non-encumbered |
|
|
|
|
|
— Number
of shares |
127822105 |
127822105 |
127822105 |
|
|
—
Percentage of shares (as a % of the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
|
—
Percentage of shares (as a % of the total share capital of company) |
46.27 |
46.27 |
46.27 |
|
|
Particulars |
Quarter Ended 31.03.2014 |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
1 |
|
|
Disposed
of during the quarter |
1 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE:
1. Exceptional items
a. The net foreign exchange gain / (loss) on account of differences and
reinstatement in foreign exchange transactions is continued to be considered by
the company as "exceptional" in nature which primarily relates to
finance, sales and purchase of raw materials.
b. The company is a net exporter and follows natural hedging policy to manage
its foreign exchange exposure.
2. During the quarter ended 31st December 2014, the Company received Rs.
3530.300 Million through the issuance of Compulsorily Convertible Debentures
(CCDs) allotted on preferential basis under SEBI ICDR Regulations, 2009. The
amount so received has been utilized towards general corporate purposes
including working capital.
3. Effective from 1st April, 2014, the useful life of fixed assets have been
revised in accordance with Schedule II of the Companies Act, 2013. Accordingly,
the depreciation charge for the quarter and nine months ended 31st December,
2014 is higher by Rs. 48.800 Million and Rs. 108.600 Million respectively.
4. Tax Expense consists of Income Tax & Deferred Tax.
5. The Company has only one business segment namely "Iron and Steel
Products" as primary segment.
6. Previous period / year figures have been re-grouped/re-arranged wherever
considered necessary.
7. These results were reviewed by the Audit Committee and approved by the Board
of Directors in their meeting held on 20th January, 2015. The Statutory
Auditors have carried out Limited Review of these financial results.
FIXED ASSETS
v
Tangible
Assets
· Free Hold Land
· Lease Hold Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Mine Development
· Vehicles
· Office Equipment
v
Intangible
Assets
· Computer Software
· Mining Properties (Stripping Cost)
JINDAL SAW CLOSED CLUB FACILITY OF AED 465 MIO (APP. RS 775 CRORES) FOR
UAE OPERATIONS
20 NOVEMBER 2014
-Commercial Bank of Dubai PSC, Commercial Bank International PSC, Emirates NBD PJSC and Mashreqbank PSC acted as Mandated Lead Arrangers and Book runners
Jindal SAW Middle East FZC (JSME), a subsidiary of Jindal SAW Limited, India (which is one of the largest producers as well as market leader of SAW pipes, Seamless tubes and DI pipes globally) has closed a club facility of AED 465 Million (app Rs 775 Crores) for its long-term and growth capital requirements. JSME has set up the largest facility in Abu Dhabi (UAE) to produce Ductile Iron (‘DI’) Pipes of various sizes and focuses on providing high quality techno-economic products and solutions for water transportation and sewage systems in the wider MENA region. JSME is already approved by various MENA region countries for supply of its DI pipes.
Commercial Bank of Dubai PSC, Commercial Bank International PSC, Emirates NBD PJSC and Mashreqbank PSC acted as Mandated Lead Arrangers and Book runners. They were involved in structuring, organizing and executing this transaction, while Alpen Capital (ME) Limited was the Financial Advisor to the transaction. A signing ceremony was held recently in Dubai (UAE) and was well attended by the management team of Jindal SAW, Alpen Capital along with the banks involved in the deal.
“Jindal SAW is committed to developing long term business relations in MENA region and to take care of the expanding business needs we have raised this club facility which is largely a substitution of the existing facilities with the new facilities which is not only patient in tenor but also sufficient to take care of near to medium term funding requirements of the business in a more efficient and cost effective manner. We will be working closely with local and regional banks for execution of regional strategy and are extremely thankful to them for their support,” says Neeraj Kumar, Group CEO and Whole time Director, Jindal SAW Limited.
“We are proud to be associated with Jindal SAW and are happy to support them in their growth endeavors in the region. Over the last ten years, Alpen Capital has successfully executed transactions working with some of the largest business conglomerates in GCC and India and we hope that our expertise of the region has benefited the transaction,” says Sanjay Vig, Managing Director, Alpen Capital.
About Alpen Capital
(ME) Limited
Alpen Capital (ME) Limited is incorporated as a limited liability company in the Dubai International Financial Centre, Dubai, United Arab Emirates and is licensed by the Dubai Financial Services Authority. Alpen Capital offers a full range of investment banking services including Debt Advisory, Equity Advisory and Capital Markets and M and A Advisory. Apart from the UAE, Alpen Capital Group has offices in Saudi Arabia, Bahrain, India, Oman and Qatar.
About Jindal SAW
Middle East FZC (JSME)
JSME, a subsidiary of the Jindal SAW Limited, India. Jindal SAW Limited, India is the flagship company of the USD 18 billion O.P. Jindal Group. Jindal SAW Limited is one of the largest producers as well as market leader of SAW pipes, Seamless tubes Pipes and DI pipes in India. Additionally, it also produces pellets and provides various value added products like pipe coatings, bends and connector castings to its clients. Jindal Saw Limited is listed on Indian Stock Exchanges.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] 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.63.52 |
|
|
1 |
Rs.95.96 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
|
63 |
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.