MIRA INFORM REPORT
|
Report No. : |
349947 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STEEL AND POWER LIMITED |
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Registered
Office : |
O.P. Jindal Marg, Hisar – 125005, Haryana |
|
Tel No.: |
91-1662-222471-84 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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 Million |
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CIN No.: [Company Identification
No.] |
L27105HR1979PLC009913 |
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IEC No.: |
3399000197 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACJ7097D |
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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 Iron and Steel Products and also Power Generation. |
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No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1979 and it is a part of the
diversified OP Jindal group, which is one of India’s key steel products and has
a sizeable presence in power generation and mining. For the financial year ended 2015, revenue of the company has been
declined by 8.28% and it has also incurred loss from its operation during the
year under a review. Rating reflects the company’s healthy market position in the steel
industry supported by its value-added and superior product profile, proximity
to raw material sources and geographically diverse resource base. Rating also takes into consideration company’s asset monetization and
equity raising plans in its subsidiaries will take longer than earlier
expected to materialize and consequently results in delay in reduction of
debt levels. The elevated debt levels have coincided with continuing pressure on
steel realization leading to lower profitability and weakening of company’s
liquidity position. Moreover, the group’s steel business remains vulnerable to volatility
in demand and in metal prices, while its power business is exposed to
merchant price volatility and lack of raw material integration. The group is
also susceptible to regulatory challenges in the mining sector. Trade relations are reported as fair. Payments are reported to be slow
but correct. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Adequate degree
of safety and low credit risk. |
|
Date |
November 14, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
November 14, 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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Harish Dua |
|
Designation : |
Chief Finance Officer |
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Contact No.: |
91-11-26188340 |
|
Date : |
23.07.2015 |
LOCATIONS
|
Registered Office : |
O.P. Jindal Marg, Hisar – 125005, Haryana, India |
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Tel. No.: |
91-1662-222471-84 |
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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 |
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Corporate 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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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 : |
Plot No. 751, Near Panchpukhi Chhaka, Simplipada, Angul –
759122, Odisha, India |
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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 : |
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 7 : |
Jindal Open Cast Coal Mine, Dhorabatta, Dongamahua, Raigarh – 496001,
Chattisgarh, India |
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Factory 8 : |
201 to 204 Industrial Park SSD, Punjipatra, Raigarh – 496001, Chhattisgarh, India |
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Marketing Office : |
SCO-24, Sector 26, Madhya Marg, Chandigarh – 160019, India |
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Regional Offices : |
Located at: · Gurgaon · Ahmedabad · Pune · Kolkata · Patna · Visakhapatnam · Jaipur · Nagpur · Chennai · Chandigarh · Kanpur · Ludhiana · Jammu · Raipur · Bhubaneswar · Mumbai |
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Retail Sales Team : |
Located at: · Gurgaon · Ahmedabad · Pune · Kolkata · Patna · Chennai · Trichy · Nagpur · Hyderabad · Bengaluru · Visakhapatnam · Cochin · Jaipur · Shimla · Jamshedpur · Guwahati · Kanpur · Ludhiana · Chandigarh · Jammu · Raipur · Srinagar · Bhubaneshwar · Mumbai |
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Other Marketing Offices : |
Located At: · Gurgaon · Raipur · Bhopal · Kochi · Kolkata · Jamshedpur · Bangalore · Kanpur · Mumbai · Bhubaneswar · Chennai · Jaipur · Hyderabad · Ludhiana · Ahmedabad · Telangana · Nagpur · Patna · Ranchi · Visakhapatnam |
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International Locations : |
Located at: · China · Oman · South Africa · Indonesia · Madagascar · Mozambique · Zambia · Namibia · Dubai · Tanzania · Botswana · Australia |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Ratan Jindal |
|
Designation : |
Director |
|
Address : |
Jindal House, Model Town, Hisar, 125005, Haryana, India |
|
Date of Appointment : |
28.04.1999 |
|
Date : |
00054026 |
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Name : |
Mr. Naveen Jindal |
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Designation : |
Chairman |
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Address : |
6, Prithviraj Road, New Delhi -110001, India |
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Date of Appointment
: |
09.05.1998 |
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DIN No : |
00001523 |
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Name : |
Mr. Ravikant Uppal |
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Designation : |
Managing Director and Group CEO |
|
Address : |
841,15th Main, 3rd Block Koramangla, Bangalore - 560034, Karnataka, India |
|
Date of Appointment
: |
01.10.2012 |
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DIN No : |
00025970 |
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Name : |
Mrs. Shallu Jindal |
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Designation : |
Director |
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Address : |
6, Prithviraj Road, New Delhi -110001, India |
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Date of Appointment
: |
27.04.2012 |
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DIN No : |
01104507 |
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Name : |
Mr. Ram Vinay Shahi |
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Designation : |
Independent Director |
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Address : |
14, Factory Road, Block No. 1, Ground Floor, ADJ. Vardhman Mahavir Medical College, Safdarjung, Delhi, 110029, India |
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Date of Appointment
: |
15.10.2007 |
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DIN No : |
01337591 |
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Name : |
Mr. Arun Kumar Purwar |
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Designation : |
Director |
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Address : |
C - 2303/4, floor - 23, Ashok Tower, 63/7-4, Dr. SS RAO Road, Parel, Mumbai, 400012, Maharashtra, India |
|
Date of Appointment
: |
30.07.2007 |
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DIN No : |
00026383 |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Director |
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Address : |
1104 Sterling Seaface, DR. Annie Besant Road, Worli, Mumbai, 400018, Maharashtra, India |
|
Date of Appointment
: |
14.01.2009 |
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DIN No : |
00005290 |
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Name : |
Mr. Hardip Singh Wirk |
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Designation : |
Director |
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Address : |
2, Andheria Morh, Mehrauli, New Delhi, 110030, Delhi, India |
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Date of Appointment
: |
14.01.2009 |
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DIN No : |
00995449 |
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Name : |
Mr. Arun Kumar |
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Designation : |
Director |
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Address : |
E-202 Som Vihar, Sector 10 R.K.Puram, New Delhi, 110022, Delhi, India |
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Date of Appointment
: |
29.09.2009 |
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DIN No : |
01772163 |
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Name : |
Mr. Sudershan Kumar Garg |
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Designation : |
Director |
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Address : |
111, Akash Neem Marg, DLF Phase II, Gurgaon, 122002, Haryana, India |
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Date of Appointment
: |
09.11.2012 |
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DIN No : |
00055651 |
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|
Name : |
Mr. Chandan Roy |
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Designation : |
Director |
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Address : |
170, Madan Lal Block, Asiad Games Village, New Delhi - 110049, India |
|
Date of Appointment
: |
19.12.2014 |
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DIN No : |
00015157 |
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|
Name : |
Mr. Shalil Mukund Awale |
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Designation : |
Nominee director |
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Address : |
D-44, Maker Kundan Gardens, Near SNDT College, Juhu Tara Road, Santacruz (W), Mumbai, 400049, Maharashtra, India |
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Date of Appointment
: |
04.03.2015 |
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DIN No : |
06804536 |
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|
Name : |
Mr. Rajeev Rupendra Bhadauria |
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Designation : |
Whole-time director |
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Address : |
A-103, Kshitij, C/O Mahindra GESCO, Ram Mandir Road, Opposite Movie Star Theatre, Goregaon (West), Mumbai, 400104, Maharashtra, India |
|
Date of Appointment
: |
27.05.2015 |
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DIN No : |
00376562 |
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|
Name : |
Mr. Dinesh Kumar Saraogi |
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Designation : |
Whole-Time Director |
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Address : |
Plot No - 751, Similipada, Near Panchmukhi Chhak, Angul - 759122, Orissa, India |
|
Date of Appointment
: |
09.11.2012 |
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DIN No : |
06426609 |
KEY EXECUTIVES
|
Name : |
Mr. T. K. Sadhu |
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Designation : |
Company Secretary
|
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|
Name : |
Mr. Harish Dua |
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Designation : |
Chief Finance Officer |
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Address : |
C-58, Soami Nagar,, New Delhi, 110017, India |
|
Date of Appointment : |
01.04.2015 |
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PAN No.: |
AAGPD5942E |
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|
Name : |
Mr. Jagdish Patra |
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Designation : |
Secretary |
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Address : |
B-28, Jaipuria Enclave, Kaushambi, Ghaziabad, 201010, Uttar Pradesh, India |
|
Date of Appointment : |
01.08.2014 |
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PAN No : |
AHDPP2428H |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a
% of (A+B) |
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
18556884 |
2.03 |
|
|
479713487 |
52.43 |
|
|
498270371 |
54.46 |
|
|
|
|
|
|
775470 |
0.08 |
|
|
60703736 |
6.63 |
|
|
6529360 |
0.71 |
|
|
6529360 |
0.71 |
|
|
68008566 |
7.43 |
|
Total
shareholding of Promoter and Promoter Group (A) |
566278937 |
61.89 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
10912094 |
1.19 |
|
|
1730159 |
0.19 |
|
|
14152466 |
1.55 |
|
|
151854681 |
16.60 |
|
|
178649400 |
19.53 |
|
|
|
|
|
|
38810243 |
4.24 |
|
|
|
|
|
|
95548880 |
10.44 |
|
|
4277108 |
0.47 |
|
|
31339232 |
3.43 |
|
|
366278 |
0.04 |
|
|
8930075 |
0.98 |
|
|
22009399 |
2.41 |
|
|
33480 |
0.00 |
|
|
169975463 |
18.58 |
|
Total
Public shareholding (B) |
348624863 |
38.11 |
|
Total
(A)+(B) |
914903800 |
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) |
914903800 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Iron and Steel Products and also Power Generation. |
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Products : |
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Brand Names : |
Jindal Panther™ |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014)
INSTALLED CAPACITY
|
SR. NO. |
PARTICULARS |
UNIT |
INSTALLED CAPACITY |
|
|
AT RAIGARH |
|
|
|
1 |
Sponge Iron |
M.T. |
13,70,000 |
|
2 |
Mild Steel |
M.T. |
30,00,000 |
|
3 |
Ferro Alloys |
M.T. |
36,000 |
|
4 |
Power |
MW |
851 |
|
5 |
Hot Metal/Pig Iron |
M.T. |
16,70,000 |
|
6 |
Rail & Universal Beam Mill |
M.T. |
7.50.000 |
|
7 |
Plate Mill |
M.T. |
10,00,000 |
|
8 |
Fabricated Structures |
M.T. |
1,20,000 |
|
9 |
Cement Plant |
M.T. |
5,00,000 |
|
10 |
Medium & Light Section Mill |
M.T. |
6,00,000 |
|
|
AT RAIPUR |
M.T. |
|
|
11 |
Steel Casting and Fabrication |
M.T. |
30,000 |
|
12 |
CF Castings |
M.T. |
-- |
|
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AT BARBIL |
M.T. |
|
|
13 |
Pelletisation Plant |
M.T. |
45,00,000 |
|
|
AT SATARA
(MAHARASHTRA) |
M.T. |
|
|
14 |
Wind Energy |
MW |
24 |
|
|
AT PATRATU |
M.T. |
|
|
15 |
Wire Rod |
M.T. |
6,00,000 |
|
16 |
Bar Mill |
M.T. |
10,00,000 |
|
|
AT ANGUL |
M.T. |
|
|
17 |
Power |
MW |
810 |
|
18 |
Fabricated Structures |
M.T. |
84,000 |
|
19 |
Plate Mill |
M.T. |
12,00,000 |
|
20 |
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.
PRODUCTION
|
SR. NO. |
PARTICULARS |
UNIT |
PRODUCTION |
|
1 |
Sponge Iron |
M.T. |
13,19,985 |
|
2 |
M.S. Round |
M.T. |
5,68,120 |
|
3 |
H.C. Ferro Chrome/Silico Mangnese |
M.T. |
35,008 |
|
4 |
Power |
MILLION KWH |
5,589 |
|
5 |
Hot Metal/Pig Iron |
M.T. |
16,69,799 |
|
6 |
Parallel Flange Beam/Columns |
M.T. |
2,52,054 |
|
7 |
Universal Plate/Coil |
M.T. |
7,99,888 |
|
8 |
Other Finished Steel Products |
M.T. |
1,00,911 |
|
9 |
Other Semi Steel Products |
M.T. |
23,17,659 |
|
10 |
Machineries |
M.T. |
14,033 |
|
11 |
Wire Rod |
M.T. |
3,67,265 |
|
12 |
Bars |
M.T. |
3,79,963 |
|
13 |
Fabricated Structures |
M.T. |
87,401 |
|
14 |
Cement |
M.T. |
4,76,197 |
|
15 |
Medium & Light Sections |
M.T. |
2,53,532 |
|
16 |
Iron Ore Pellets |
M.T. |
41,48,974 |
|
17 |
Wind Energy |
M.T. |
54.95 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
75 (Approximately) |
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Bankers : |
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Facilities : |
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Finance
Institute : |
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Statutory Auditors : |
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|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower – B, Sector – 42, Sector Road, Gurgaon –
122002, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Secretarial Auditors : |
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|
Name : |
MZ and Associates Company Secretaries |
|
Address : |
3/31, West Patel Nagar, New Delhi – 110008, India |
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Cost Auditors : |
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|
Name : |
Ramanath Iyer and Company Cost Accountants |
|
Address : |
808, Pearls Business Park, Netaji Subhash Place, Delhi - 110034, India
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Subsidiaries, Step Down Subsidiaries |
I.
Subsidiaries
II. Subsidiaries of
Jindal Power Limited
III. Subsidiaries of Sky high Overseas Limited
IV. Subsidiaries of
Jindal Power Ventures (Mauritius) Limited
V. Subsidiaries of JB FabInfra Private Limited
Subsidiaries of
Jindal Steel and Power (Mauritius) Limited
Others
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Associates : |
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Joint Ventures : |
·
Jindal Synfuels Limited ·
Shresht Mining and Metals Private Limited ·
Urtan North Mining Private Limited |
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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 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Re.1/- each |
Rs. 2000.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
914885984 |
Equity Shares (Previous year 934,833,818) Equity Shares of Rs.
1 each) |
Re.1/- each |
Rs. 914.900 Million |
|
|
|
|
|
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 Million |
|
Equity Shares outstanding at the beginning of the year |
914885984 |
914.900 |
|
Add: Equity Shares issued under Employees Stock Purchase Scheme |
17816 |
-- |
|
Less: Equity Shares extinguished as per buy back scheme (see note f below) |
-- |
-- |
|
Equity Shares outstanding at the close of the year |
914903800 |
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 five years immediately preceeding 31st March, 2015, the Company has bought back equity shares as under:
|
During the Year
ended |
No of shares |
|
31st March, 2014 |
19959584 |
|
31st March, 2013 |
- |
|
31st March, 2012 |
- |
|
31st March, 2011 |
- |
|
31st March, 2010 |
- |
|
Total |
19959584 |
During the year ended 31st March, 2010, the Company allotted 775,651,530 equity shares as fully paid bonus shares by capitalizing 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 |
|
Total |
|
4541355 |
d) Details of shareholders
holding more than 5% shares in the Company
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
Equity Shares of Rs.1 each fully paid |
|
|
|
Danta Enterprises Private Limited |
62238816 |
6.80% |
|
Gagan Infraenergy Limited |
49709952 |
5.43% |
|
Opelina Finance and Investment Limited |
87252964 |
9.54% |
|
OPJ Trading Private Limited |
187937898 |
20.51% |
|
Virtuous Tradecorp Private Limited |
64395867 |
7.04% |
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 authorized 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 authorized share capital to Rs. 2000.000 Million.
“Consequently, the Company had cancelled 2000000 preference shares of Rs. 100 each (Rs. 5 paid up) which were forfeited 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 Re. 1 each and created a Capital Redemption Reserve of Rs.20.000 Million out of surplus in the Statement of Profit and Loss. The premium on buy back of Rs.4988.000 Million has been utilized from Securities Premium Account by Rs.1229.600 Million and out of surplus in Statement of Profit and Loss by Rs.3758.400 Million.
g) Employees Stock purchase Scheme
a) In accordance with SEBI(Employee Stock Option Scheme and Employee Stock Purchase Scheme)Guidelines 1999 and pursuant to JSPL ESPS 2013 Scheme, the Compensation Committee of the Board vide its resolution dated 29.08.2013 offered 21,000 equity shares of Rs. 1/- each at a premium of Rs. 295.95 each to Mr Ravi Uppal, Managing Director and Group CEO. Out of the total offered equity shares the Company has during the year issued 17,816 equity shares of Rs. 1/- each.
b) As per resolution passed by the Compensation Committee held on 22.07.2013, during the previous year, 11750 Equity Shares of Rs. 1/- each at a premium of Rs. 201.55 were allotted to Mr Ravi Uppal, Managing Director and 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.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
914.900 |
914.900 |
934.800 |
|
(b) Reserves & Surplus |
124197.200 |
129728.400 |
122545.900 |
|
(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) |
125112.100 |
130643.300 |
123480.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
185074.200 |
135207.800 |
118609.200 |
|
(b) Deferred tax liabilities
(Net) |
16585.900 |
13454.600 |
12149.600 |
|
(c) Other long term
liabilities |
2445.200 |
6951.100 |
5605.800 |
|
(d) long-term provisions |
318.900 |
195.900 |
209.400 |
|
Total
Non-current Liabilities (3) |
204424.200 |
155809.400 |
136574.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
76076.300 |
91461.300 |
76400.200 |
|
(b) Trade payables |
14430.200 |
16373.400 |
6282.000 |
|
(c) Other current liabilities |
40730.700 |
34549.500 |
25843.900 |
|
(d) Short-term provisions |
928.800 |
32659.700 |
29518.500 |
|
Total
Current Liabilities (4) |
132166.000 |
175043.900 |
138044.600 |
|
|
|
|
|
|
TOTAL |
461702.300 |
461496.600 |
398099.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
271346.900 |
181923.200 |
141421.800 |
|
(ii) Intangible Assets |
803.900 |
670.100 |
140.100 |
|
(iii) Capital work-in-progress |
35327.700 |
116402.500 |
114661.200 |
|
(iv) Intangible assets under
development |
303.500 |
229.200 |
178.200 |
|
(b) Non-current Investments |
14869.600 |
13505.200 |
13307.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23159.100 |
16157.100 |
12254.600 |
|
(e) Other Non-current assets |
10.800 |
6.300 |
5.500 |
|
Total
Non-Current Assets |
345821.500 |
328893.600 |
281968.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10000.000 |
0.000 |
0.000 |
|
(b) Inventories |
37200.300 |
39362.500 |
35985.200 |
|
(c) Trade receivables |
13212.700 |
14609.600 |
14261.300 |
|
(d) Cash and cash equivalents |
2889.700 |
7620.000 |
367.700 |
|
(e) Short-term loans and
advances |
45040.400 |
65436.500 |
59435.400 |
|
(f) Other current assets |
7537.700 |
5574.400 |
6081.100 |
|
Total
Current Assets |
115880.800 |
132603.000 |
116130.700 |
|
|
|
|
|
|
TOTAL |
461702.300 |
461496.600 |
398099.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
133903.500 |
138262.900 |
149547.000 |
|
|
Other Income |
2964.400 |
1755.000 |
1592.800 |
|
|
TOTAL
(A) |
136867.900 |
140017.900 |
151139.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
43715.600 |
43335.200 |
49433.000 |
|
|
Purchases of Stock-in-Trade |
2846.900 |
2733.100 |
2865.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1537.200) |
3860.300 |
(1482.000) |
|
|
Employees benefits expense |
6505.200 |
5453.000 |
4478.900 |
|
|
Captive Sale from own projects
|
(7090.200) |
(7177.300) |
0.000 |
|
|
Exceptional Items |
8077.700 |
0.000 |
0.000 |
|
|
Other expenses |
52406.400 |
52756.500 |
54866.800 |
|
|
TOTAL
(B) |
104924.400 |
100960.800 |
110162.500 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
31943.500 |
39057.100 |
40977.300 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20482.000 |
10836.300 |
8207.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11461.500 |
28220.800 |
32769.600 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
17855.600 |
12214.400 |
10484.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(6394.100) |
16006.400 |
22285.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(3287.300) |
3086.900 |
6359.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(3106.800) |
12919.500 |
15925.500 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
103851.800 |
98847.100 |
86200.500 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Final Equity Dividend |
0.000 |
1372.300 |
1495.700 |
|
|
Corporate Tax on Dividend |
0.000 |
12.200 |
33.200 |
|
|
Debenture Redemption Reserve |
2125.400 |
1460.000 |
0.000 |
|
|
General Reserve |
0.000 |
1291.900 |
1750.000 |
|
|
Other Reserves |
1065.700 |
3778.400 |
0.000 |
|
|
Total
(M) |
3191.100 |
7914.800 |
3278.900 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
97553.900 |
103851.800 |
98847.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
16617.500 |
28320.200 |
15985.300 |
|
|
Others |
17.200 |
0.000 |
226.000 |
|
|
TOTAL
EARNINGS |
16634.700 |
28320.200 |
16211.300 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Fuel |
20297.900 |
19763.800 |
25304.500 |
|
|
Components and Stores parts |
2432.700 |
2774.300 |
2487.400 |
|
|
Capital Goods and Others |
2144.000 |
13459.700 |
6737.800 |
|
|
TOTAL
IMPORTS |
24874.600 |
35997.800 |
34529.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.4) |
13.89 |
17.04 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
21981.700 |
17023.300 |
9693.400 |
|
Cash generated from operations |
16858.300 |
32409.800 |
NA |
|
Net cash flow from operating activities |
14493.700 |
27061.600 |
10214.800 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
|
Audited / Unaudited |
Unaudited |
|
Net Sales |
31338.500 |
|
Total Expenditure |
24342.100 |
|
PBIDT (Excl OI) |
6996.400 |
|
Other Income |
647.000 |
|
Operating Profit |
7643.400 |
|
Interest |
6909.300 |
|
Exceptional Items |
NA |
|
PBDT |
734.100 |
|
Depreciation |
5010.300 |
|
Profit Before Tax |
(4276.200) |
|
Tax |
(1603.400) |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
(2672.800) |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
(2672.800) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(2.32) |
9.34 |
10.65 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
23.86 |
28.25 |
27.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.55) |
4.83 |
8.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.12 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.26 |
1.87 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.76 |
0.84 |
STOCK
PRICES
|
Face Value |
Rs.1.00 |
|
Market Value |
Rs.82.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
934.800 |
914.900 |
914.900 |
|
Reserves & Surplus |
122545.900 |
129728.400 |
124197.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
123480.700 |
130643.300 |
125112.100 |
|
|
|
|
|
|
long-term borrowings |
118609.200 |
135207.800 |
185074.200 |
|
Short term borrowings |
76400.200 |
91461.300 |
76076.300 |
|
Current Maturities Of
Long-Term Debts |
9693.400 |
17023.300 |
21981.700 |
|
Total
borrowings |
204702.800 |
243692.400 |
283132.200 |
|
Debt/Equity
ratio |
1.658 |
1.865 |
2.263 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
149547.000 |
138262.900 |
133903.500 |
|
|
|
(7.546) |
(3.153) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
149547.000 |
138262.900 |
133903.500 |
|
Profit |
15925.500 |
12919.500 |
(3106.800) |
|
|
10.65% |
9.34% |
(2.32%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS
|
IN
THE HIGH COURT OF DELHI AT NEW DELHI O.M.P.(I)
182/2015 SARA INTERNATIONAL PRIVATE
LIMITED..... PETITIONER Through: Mr. Virendra Ganda, Senior
Advocate With Mr. Gyanendra
Kumar, Mr. Vipul Ganda, Mr. Abhijit Mittal and Ms. Shreya, Advocates. VERSUS JINDAL STEEL AND POWER LIMTED AND
ORS. ..... Respondents Through: Mr. Rajiv Nayar, Senior Advocate with Mr.
Rajat Jariwal and Ms. Anisha Somal, Advocates for Respondent No.1. Mr. Arun
Kathpalia and Mr. Rajnish Sinha, Advocates for Respondents 2 and 3. CORAM: JUSTICE S.
MURALIDHAR ORDER 23.04.2015 IA NO. 8294/2015 (for
exemption) 1.
Exemption allowed subject to all just exceptions. 2.
The application is disposed of. O.M.P.(I)
182/2015 3. Notice. Mr. Rajat Jariwal,
Learned Counsel for Respondent No.1 And Mr. Arun Kathpalia, learned counsel
for Respondent Nos. 2 and 3 accept notice. Replies, If any, be filed within
four weeks. Rejoinder Thereto, If any, be filed before the next date. 4.
LIST ON 14TH JULY 2015. APRIL
23, 2015/DN
S. MURALIDHAR, J |
MANAGING DIRECTOR’S
REVIEW
Their performance
JSPL responded to the external challenges with exemplary fortitude in FY 2014-15. They grew their production by 25% and their overall sales volumes of steel by 15%. They strengthened their relationships with existing customers and forayed into new markets. They grew their volumes to markets such as Canada, Mexico, USA, Dubai, Saudi Arabia, Kenya, Mozambique, South Africa and Indonesia among others.
In April 2014, they commissioned a 2 MTPA Steel Melting Shop, which is Oman’s first and largest Steel Melting Shop (SMS). This is in alignment with their expansion plans for the Arabian Peninsula, and will make us a formidable player in the region. I am happy to share with you that Shadeed Iron and Steel achieved operating efficiency of 98.5% for DRI - a globally significant achievement for a Midrex plant of its size.
In Angul, Odisha, they successfully commissioned a 1.5 MTPA steel melting shop incorporating India’s largest 250-tonne electric arc furnace and a plate-mill that can roll out plates of upto 5 metre width – the widest in India. This makes us a preferred pan-India steel plate supplier.
To optimise and value-add low-grade iron ore by means of pelletisation, they set up their second unit of 4.5 MTPA iron ore pelletisation plant at Barbil in Odisha; thereby doubling their annual pelletisation capacity to 9 MTPA, making it India’s largest pelletisation complex.
In the Power Business - Jindal Power Limited (JPL) recently synchronised the last 600 MW unit of its expansion project at Tamnar (Chhattisgarh), which has taken the total installed capacity to 3,400 MW. They remain a committed participant in the government’s vision of 24X7 Power For All, and are confident to secure coal blocks/ linkages to operate their power plants at optimum levels.
Jindal Panther TMT Rebars which marked JSPL’s foray into the retail segment in 2013 has recently been adjudged as ‘Asia’s most promising brand (2013-14)’ in the sector by KPMG. We have registered consistent sales growth, and are strengthening their reach across urban and rural India.
FINANCIAL PERFORMANCE
Their strong operational performance despite adverse circumstances was their greatest achievement in the fiscal. Their revenues increased marginally to Rs. 196260.000 Million in FY 2014-15 (from Rs. 193520.000 Million in FY 2013-14), and they registered an EBITDA of Rs. 56850.000 Million, a healthy margin of 29%. While they maintained their sales volumes, their EBITDA margin declined owing to lower Net Sales Realisation (NSR) and increased costs of iron ore and some other key inputs.
At the net profit level, their performance was impacted by exceptional items, unrelated to operational performance. During the year the Company under protest, paid Rs. 30892.500 Million out of the Rs. 32500.000Million additional levy imposed, in accordance with a judgment of the Hon’ble Supreme Ctheirt.
I would like to reiterate that the key challenges faced by JSPL in 2014 were due to multiple reasons: de-allocation of coal blocks; shortage of iron ore in the market and subsequent higher prices; economic uncertainties nationally and internationally; invasion of Chinese imports; major drop in steel demand from oil and gas segment due to fall in crude oil prices; power exchange prices not firming up in the third and fourth quarter of FY 2014 -15; and evacuation of power in W3 (Western) region.
Both their primary businesses (steel and power) are capital intensive sectors. All current expansions have been completed. As these capacities become fully operational and demand picks momentum, they will translate into higher revenues, and a more robust bottom-line in the times to come.
RESULTS OF OPERATIONS
Steel : Production of finished steel products during the year was 23,18,830 MT, as against 21,53,613 MT in the previous year, whereas production of semi steel products was 30,82,302 MT, as against 28,85,779 MT in the previous year.
Power : During the year, 7339.820 million Kwh of power was generated, as against 5643.950 million Kwh of power in the previous year.
Sponge Iron: Production of Sponge Iron during the year was 16,60,913 MT, as against previous year’s production of 13,19,985 MT.
Pellets: 32,18,677 MT of pellets were produced during the year as against 41,48,974 MT in the previous year.
Machinery: Machinery division in Raipur unit produced 1,832 MT of castings and has done machining of 11,564 MT, as against 1,791 MT and 14,033 MT, respectively in the previous year.
Mining : The mining of calibrated iron ore at captive mine at Tensa in Odisha was 4.90 Lakhs MT as against previous year’s mining of 0.541 Million MT. Coal mining at captive mine was 12.237 Million MT as against previous year’s mining of 12.225 Million MT.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC GROWTH
Global Scenario
The good news for the global economy during FY 2014-15 was that the process of recovery continued, despite headwinds; however, the recovery process was uneven across geographies. While the world economic growth stagnated at 3.4% in CY 2014; economies like the US and the UK strengthened marginally on account of higher domestic production and falling oil prices; Eurozone belied expectations and lurched from one crisis to another. If they turn their attention to the emerging economies, the picture is not very encouraging either. China’s growth faltered during the year, while Latin American economies underperformed. Russian economy also came under tremendous pressure due to sanctions by several countries following the Ukrainian crisis and the drop in oil revenue.
1.2 India
India’s economy outshined other major global economies as growth touched 7.3% in FY 2014-15, following economic reforms unleashed by the new government. The challenges that dogged the economy high rate of inflation, fiscal deficit and current account deficit-were brought within manageable limits. The country’s investment scenario and consumer sentiments also improved significantly. The manufacturing sector is seeing better days, there is steady growth in the services landscape, and the agricultural sector has remained resilient. The government’s ‘Make in India’ thrust has boosted the confidence of indigenous manufacturers to compete globally with more capability and confidence. The monetary policies of the Reserve Bank of India, steadily reducing repo rates have brought in dynamism in the country’s financial architecture.
According to the Index of Industrial Production (IIP), the industrial sector recovered at a rate of 2.1 % in FY 2014-15, as against the 0.1% for the last year. The driving force behind this infrastructure development is the electricity, coal and cement sector, while the overall growth in the core industries has improved marginally to about 4.4%, compared to 4.1% in FY 2013-14.
India, the world’s fourth largest oil consumer, benefited from declining oil prices. The reduced prices will not only lower the import bill, it will also help save precious foreign exchange. As per rough estimates, a US$ 10 fall in crude could reduce the current account deficit by approximately 0.5% of GDP, and the fiscal deficit by around 0.1% of GDP.
FY 2014-15 was a comeback year for the Indian rupee. After having been one of the worst performing currencies during most of FY 2013-14, the Indian currency managed to only lose 4.3% of value against the US Dollar, being one of the best performers in the world.
OPERATIONAL REVIEW
JSPL has emerged as one of the most cost efficient steel and power company through backward and forward integration. From the widest flat products to a whole range of long products, the Company has a product portfolio that caters to varied needs of downstream demand. The Company operates the largest coal-based sponge iron plant in the world with an operational capacity of 3.25 MTPA of crude steel.
OVERVIEW
The Raigarh plant, with up to 3 MTPA steel production capacity is, the world’s largest coal-based sponge iron manufacturing facility; with a capacity to produce 1.37 MTPA Direct Reduced Iron (DRI). It is the leader in manufacturing coal-based sponge iron in India and is the only domestic sponge iron manufacturer with captive raw material resources and power generation capacity.
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. 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.
A review of 2013-14
Raigarh
The plant is renowned for its 3 MTPA steel facility. In 2013-14, there was an overhaul and up gradation of the plant which included modernisation one Blast Furnace as well as the EAF, Plate Mill and Slab Caster. This has enhanced the productivity of the unit. During the year, the plant augmented its capabilities of manufacturing 121-metre long rails at Rail and Universal Beam Mill. A rail head-hardening facility was also added which can be used for high-speed rails, a high-margin product for the Company.
Angul
The Company is setting up a 6 MTPA integrated steel plant. The year saw successful completion of Angul Phase - I steel project with SMS capacity of 1.5 MTPA and Plate Mill capacity of 1.2 MTPA. The world’s first coal gasification plant has been set up to produce syn-fuel. This syn gas will be used for the first time in the country. The operational 1.2 MTPA plate mill has stabilised, having achieved high production and dispatch.
Patratu
The Company is operating a Wire Rod Mill of 0.6 MTPA capacity and a Bar Mill of 1 MTPA capacity with rebar service centre. These mills use the latest state-of-the-art technology to offer superior quality products like wire rods, rounds, angles and ready-to-use products like weld, mesh and cut and bend rebars. The highlight for the year was the commencement of production of PANTHER TMT rebars, which has achieved robust yields for the Company.
Wire Rod Mill: The Company’s total production rose from 324,940 MT in the FY 2012-13 to 367,265 MT in the FY 2013-14. Around 11 new value-added grades were developed during the year.
Bar Mill: During the FY 2013-14, the mill achieved a total production of 379,963 MT compared to 322,039 MT in the FY 2012-13.
Raipur
The Heavy Machinery Division at Raipur in Chhattisgarh offers cutting-edge manufacturing facilities. These cater to any equipment-related needs of the Company’s steel plants, mining, material handling, power plant and other industries as well. Sales grew by 45% in FY 2013-14 due to increase in orders from steel, cement, mining, power and petrochemicals industries, both in India and abroad.
Barbil
The Company has successfully completed the second unit of 4.5 MTPA pelletisation plant in 23 months. With this, the pellet production capacity has increased to 9 MTPA.
Tensa
The Company’s iron ore mine at Tensa supplies iron ore for making sponge iron. This helps in meeting the demand of raw material partially.
OVERVIEW
Jindal Steel and Power Limited 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, Jhar khand 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.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10565247 |
31/03/2015 |
3,250,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202 , MAKER CHAMBER, 'E'
CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C51580751 |
|
2 |
10565016 |
31/03/2015 * |
40,000,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202 , MAKER CHAMBER, 'E' CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C51572303 |
|
3 |
10547420 |
06/02/2015 |
5,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C42667832 |
|
4 |
10544612 |
31/12/2014 |
6,000,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, JAWAHAR
VYAPAR BHAWAN, 11TH AND 12TH FLOOR, 1, TOLSTOY MARG, NEW DELHI, DELHI -
110001, INDIA |
C41229204 |
|
5 |
10541962 |
31/12/2014 |
10,000,000,000.00 |
YES BANK LIMITED |
48, NYAYA MARG, CHANAKYAPURI,
NEW DELHI, DELHI |
C39914171 |
|
6 |
10540233 |
29/12/2014 |
5,000,000,000.00 |
AXIS BANK LIMITED |
13TH FLOOR, STATESMAN
HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C38982104 |
|
7 |
10543093 |
29/12/2014 |
5,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, VATIKA
ATRIUM, A-WING, 2ND FLOOR, |
C40476665 |
|
8 |
10501763 |
06/05/2014 |
15,000,000,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA CAG
BRANCH, 12TH FLOOR, JAWAH |
C06004147 |
|
9 |
10487119 |
27/04/2015 * |
10,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C53736716 |
|
10 |
10487226 |
29/03/2014 * |
15,000,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED,
ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C03329216 |
* Date of charge modification
UNSECURED LOANS:
|
PARTICULARS |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans |
|
|
|
Debenture |
|
|
|
(3,000, 9.63% Unsecured Redeemable Non-Convertible Debentures of Rs. 1,000,000 each (Privately placed initially with HDFC Bank Limited)) |
3000.000 |
3000.000 |
|
3,000, 10.48% Unsecured Redeemable Non-Convertible Debentures of Rs. 1,000,000 each (Privately placed initially with ICICI Bank Limited) |
3000.000 |
0.000 |
|
10,000, 11.00% Unsecured Redeemable Non-Convertible Debentures of Rs. 1,000,000 each (Privately placed initially with Kotak Mahindra Bank Limited) |
10000.000 |
0.000 |
|
7,500, 10.50% Unsecured Redeemable Non-Convertible Debentures of Rs. 1,000,000 each (Privately placed initially with HDFC Bank Limited) |
7500.000 |
0.000 |
|
Loan from Banks |
|
|
|
Other Loans |
4712.200 |
8758.900 |
|
Others Loans and
Advances |
|
|
|
External Commercial Borrowings |
2579.000 |
10330.900 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
|
|
|
Short Term Loans |
21900.200 |
30513.000 |
|
Other Loans |
281.200 |
7442.600 |
|
Commercial Papers |
10000.000 |
15000.000 |
|
Loans and advances
from related parties |
|
|
|
Inter Corporate Deposits (from subsidiary) |
21119.000 |
24550.600 |
|
Fixed Deposits from Public |
0.000 |
0.000 |
|
|
|
|
|
Total |
84091.600 |
99596.000 |
|
Note : Long Term
Borrowing DEBENTURES i) D ebentures of Rs. 3000.000 Million (March 31, 2014 Rs. 3000.000 Million) placed initially with HDFC Bank Limited on private placement basis are redeemable at at par at the end of 3 years from the date of allotment i.e. 05.04.2013. ii) D ebentures of Rs. 3000.000 Million (March 31, 2014 NIL) placed initially with ICICI Bank Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 11.08.2014. iii) D ebentures of Rs. 10000.000 Million (March 31, 2014 NIL) placed initially with Kotak Mahindra Bank Limited on private placement basis are redeemable at par in 3 instalments, Rs. 3300.000 Million at the end of 3 years, Rs. 3300.000 Million at the end of 4 years and Rs. 3400.000 crore at the end of 5 years from the date of allotment i.e. 18th December, 2014. iv) D ebentures of Rs. 7500.000 Million (March 31, 2014 NIL) placed initially with HDFC Bank Limited on private placement basis are redeemable at par at the end of 6 years from the date of allotment i.e. 11.03.2015. Other Loans and
Advances External Commercial
Borrowings i) ECA from Credit Agricole CIB of Rs. 73.700 Million (March 31, 2014 Rs. 126.300 Million) repayable in 14 half yearly instalments starting from October 21, 2010. ii) ECA from Credit Agricole CIB of Rs. 680.900 Million (March 31, 2014 Rs. 1110.500 Million) repayable in 16 half yearly instalments starting from May 25, 2010. iii) ECA from Credit Agricole CIB of Rs. 932.000 Million (March 31, 2014 Rs. 1347.300 Million) repayable in 20 half yearly instalments starting from March 9, 2011. iv) ECA from Credit Agricole CIB of Rs. 67.800 Million (March 31, 2014 Rs. 124.300 Million) repayable in 14 half yearly instalments starting from June 21, 2010. v) ECB from Mizuho Bank Limited of Rs. 1564.800 Million (March 31, 2014 Rs. 1502.500 Million) repayable on May 19, 2015. vi) ECB from DBS Bank Limited of Rs. 3129.500 Million (March 31, 2014 Rs. 3005.000 Million) repayable on June 17, 2015. vii) ECB from Mizuho Bank Limited of Rs. 1564.800 Million (March 31, 2014 Rs. 1502.500 Million) repayable on January 22, 2016. viii) ECB from ICICI Bank Limited of Rs. 192.65 Million (March 31, 2014 Rs. 2899.900 Million) repayable in 15 half yearly instalments starting from March 11, 2011. The interest rate for the above External Commercial Borrowings varies from 0.43% to 2.37% p.a Unsecured Term
Loans from Banks Other Loans The Company is constantly rolling over the buyer’s credit for capex as per guidelines of RBI. Futher, the Company has raised long term loans to provide liquidity for paymnent of current portion of buyer’s credit for capex. Average rate of interest is 0.86% p.a. |
||
CONTIENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Guarantees,
Undertakings and Letter of Credit |
|
|
|
a) Guarantees issued by the Company’s Bankers on behalf of the Company |
7940.800 |
8229.000 |
|
b)Letter of credit opened by banks |
9636.400 |
4741.300 |
|
c) Corporate guarantees/undertakings issued on behalf of third parties. |
38137.500 |
68274.800 |
|
Statutory Demands |
|
|
|
d) Disputed Excise Duty and Other demands |
15156.300 |
14320.000 |
|
e) Income Tax demands where the cases are pending at various stages of appeal with the authorities |
9047.400 |
5558.400 |
|
f) Bonds executed for machinery imports under EPCG Scheme |
|
24702.200 |
|
Others |
30984.400 |
|
|
g) Future liability on account of lease rent for unexpired period |
34.600 |
100.500 |
|
h) Claims against the company, not acknowledge as debt |
1111.000 |
781.300 |
|
i) Uncalled liability towards partly paid up shares |
102.000 |
601.500 |
|
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 ENDED JUNE 30, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
|
|
Quarter ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
34414.600 |
|
|
b. Captive Sales for own projects |
(3188.300) |
|
|
c. Other Operating Income |
112.200 |
|
|
Total Income from
Operations (Net) |
31338.500 |
|
2 |
Expenditure |
|
|
|
|
13708.900 |
|
|
b. Purchase of Stock in trade |
520.500 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(851.700) |
|
|
d. Employees Benefit Expenses |
1636.700 |
|
|
e. Depreciation and Amortization Expenses |
5010.300 |
|
|
f. Stores and Spares consumed |
3476.200 |
|
|
g. Power and Fuel |
4596.400 |
|
|
h. Foreign Exchange Fluctuation (Gain/Loss) |
(107.300) |
|
|
i. Cost of Captive Sales |
(3188.300) |
|
|
j. Other expenses |
4443.400 |
|
|
Total Expenses |
29245.100 |
|
|
|
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
2093.400 |
|
4 |
Other Income |
539.700 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
2633.100 |
|
6 |
Finance costs |
6909.300 |
|
7 |
Profit from
ordinary activities after finance cost & exceptional items |
(4276.200) |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from
ordinary activities before tax |
(4276.200) |
|
10 |
Tax Expense |
(1603.400) |
|
11 |
Net profit from ordinary
Activities after tax |
(2672.800) |
|
12 |
Extra Ordinary Items (Net of tax expenses) |
-- |
|
13 |
Net Profit After
Tax |
(2672.800) |
|
14 |
Share of profit / (loss) of associates |
-- |
|
15 |
Minority Interest (+)/(-) |
-- |
|
16 |
Net Profit / (Loss)
after taxes, minority interest and shares of profit / (Loss) of associates
(13+14+15) |
(2672.800) |
|
17 |
Cash Profit ## |
734.100 |
|
18 |
Paid-up equity share capital (face value of Rs.10 per share) |
914.900 |
|
19 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
|
20 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
Before extraordinary items |
|
|
|
Basic EPS |
(2.92) |
|
|
Diluted EPS |
(2.92) |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
353689948 |
|
|
- Percentage of shareholding |
38.66% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
95855263 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
17.08% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
10.48% |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
465358589 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
82.92% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
50.86% |
|
|
Particulars |
3 MONTHS ENDED |
|
B |
Investor Complaints |
(30.06.2015) |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
0 |
|
|
Disposed off during the quarter |
0 |
|
|
Remaining unresolved at the end of the
quarter |
0 |
|
Sr. No |
Particulars |
|
|
Quarter ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
a. Iron and Steel |
29756.800 |
|
|
b. Power |
7037.200 |
|
|
c. Other Others |
676.300 |
|
|
Sub Total |
37470.300 |
|
|
Less : Inter-segment Revenue |
6131.800 |
|
|
Net Sales/Income from Operations |
31338.500 |
|
2 |
Segment Results |
|
|
|
(Profit(+)/Loss(-) before Tax and Interest from each segment) |
|
|
|
a. Iron and Steel |
917.700 |
|
|
b. Power |
2169.100 |
|
|
c. Other Others |
(29.300) |
|
|
Sub Total |
3057.500 |
|
|
Less : Finance costs (net) |
6909.300 |
|
|
Other un-allocable expenditure (net off Un-allocable income) |
424.400 |
|
|
Exceptional Items |
-- |
|
|
Total Profit Before tax |
(4276.200) |
|
|
|
|
|
3 |
Capital Employed |
|
|
|
(Segment Assets – Segment Liability) |
|
|
|
a. Iron and Steel |
271539.400 |
|
|
b. Power |
54961.000 |
|
|
c. Other Others |
5374.200 |
|
|
d. Unallocated |
(210910.200) |
|
|
Total Segment Capital Employed |
120964.400 |
Note:
- The figures for the quarter ended March 31, 2015 are calculated as the difference between the audited figures in respect of the full financial year and the audited year to year to date figures up to third quarter of the financial year 2014-15.
2. 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 12th August
2015.
3. The above unaudited results have
been reviewed by statutory auditors as per clause 41 of the listing agreement.
4. Cost of captive sales (reduced from total expenses) includes interest on
internal manufactured goods consumed in capital projects which is not
separately ascertainable.
5. Consolidated financial results is based on unaudited financial statements
for one of the subsidiaries having revenue of Rs. 175.300 Million during the
quarter ended 30 June 2015 and assets of Rs. 46244.800 Millionas at June 30,
2015.
6. Previous period/year figures have been regrouped and reclassified to make
them comparable.
7. In regard to the point 3(a) and (b) and point 4(a) and (b) in Auditor's
report on the standalone and consolidated financial results respectively for
the quarter and year ended March 31, 2015 in respect of accounting of
additional levy on coal extraction and investment in mines, management
evaluation remains the same and have been disclosed in the standalone and
consolidated financial results for the quarter and year ended March 31, 2015.
# Cash Profit = Profit after tax + Deferred tax + Depreciation and amortisation
expenses
FIXED ASSETS:
Tangible Assets
· Land
· Live Stock
· Building
· Plant and Equipment
· Electrical Fittings
· Computer
· Vehicles
· Air Craft (GE Lease)
· Air Craft (Owned)
· Office equipment
·
Furniture and Fixture
Intangible Assets
· Computer software
· Copyrights, and patents and other intellectual property rights, services and operating rights
· Design and Drawings
· Licenses and franchise
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any
of its beneficial owners, controlling shareholders or senior officers as
terrorist or terrorist organization or whom notice had been received that all
financial transactions involving their assets have been blocked or convicted,
found guilty or against whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No press reports / filings exists on the
subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.09 |
|
|
1 |
Rs. 101.03 |
|
Euro |
1 |
Rs. 70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.