MIRA INFORM REPORT
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Report No. : |
345943 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JINDAL SAW LIMITED (w.e.f. 07.02.2005) |
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Formerly Known
As : |
SAW PIPES LIMITED |
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Registered
Office : |
A-1, UPSIDC
Industrial Area, |
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Tel. No.: |
91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of Incorporation
: |
31.10.1984 |
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Com. Reg. No.: |
20-023979 |
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Capital
Investment / Paid-up Capital : |
Rs. 580.074 Million |
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CIN No.: [Company Identification
No.] |
L27104UP1984PLC023979 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction and
Collection Account No.] |
AGRS10410B |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A
Public Limited Liability Company. The company’s shares are Listed on the Stock
Exchanges. |
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Line of Business
: |
Manufactures and Suppliers Iron and Steel Pipe Products. |
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No. of Employees
: |
Information declined by the management. |
RATING and COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial and operational base are regarded healthy. General
unfavTheirable factors will not cause fatal effect. Satisfactory capability
for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 120000000 |
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Status : |
Good |
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Payment BehaviTheir: |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a part of PR Jindal Group, established in the year 1984. For the FY 2015, the company possesses impressive revenue profile
marked by decent profitability margin, which has increased as compared to
last year. The ratings also take into consideration sound net worth base marked
by decent cash accruals and liquidity position of the company. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of strong and resourceful promoter group, the company can be
considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = AA- |
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Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
16.10.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
16.10.2015 |
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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE
91-11-26188360
LOCATIONS
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Registered Office/ Factory 1 : |
A-1 UPSIDC Industrial Area, |
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Tel. No.: |
91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03 |
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Fax No.: |
91-5662-232577 |
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E-Mail : |
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Website : |
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Corporate Office : |
‘Jindal Centre’, 12, |
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Tel. No.: |
91-11-26188360–74/ 26188345 |
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Fax No.: |
91-11-26170691/ 41659575 |
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E-Mail : |
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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 |
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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 |
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Site Office : |
Integrated Pipe Unit , Survey No.
298,300,301,318,319,320,322,323,336/1, Village-Samaghogha ,
Taluka-Mundra, District-Kutch - 370415 , Gujarat, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mrs. Savitri Devi Jindal |
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Designation : |
Chairperson Emeritus |
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Date of Birth/Age : |
20.03.1950 |
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Qualification : |
Under Graduate |
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Date of Appointment : |
28.04.2005 |
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Name : |
Mr. Prithvi R. Jindal |
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Designation : |
Vice Chairman (Non Executive) |
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Adderss : |
6, Prithvi Raj Road, New Delhi - 110011, Delhi, India |
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Date of Appointment : |
31.10.1984 |
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DIN No.: |
00005301 |
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Name : |
Ms. Sminu Jindal |
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Designation : |
Managing Director |
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Address : |
6, Prithvi Raj Road, New Delhi - 110011, Delhi, India |
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Date of Birth/Age : |
40 Years |
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Experience : |
20 Years |
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DIN No.: |
00005317 |
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Name : |
Mr. Devi Dayal |
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Designation : |
Independent Director |
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Address : |
B-192 A, Sector - 44, Noida – 201303, Uttar Pradesh, India |
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Date of Birth/Age : |
02.07.1941 |
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Qualification : |
LL. B., M. A. |
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Date of Appointment : |
30.07.2004 |
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DIN No.: |
01083282 |
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Name : |
Dr. S.K. Gupta |
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Designation : |
Independent Director |
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Address : |
No. 14, Singapore Gardens Kanakapura Road, Doddakallasandra (Po), Bangalore – 560062, Karnataka, India |
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Date of Birth/Age : |
18.08.1938 |
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Qualification : |
Technocrat |
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Date of Appointment : |
22.11.2005 |
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DIN No.: |
00011138 |
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Name : |
Mr. Raj Kamal Agarwal |
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Designation : |
Independent Director |
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Address : |
31, West Avanue Road, Punjabi Bagh West, New Delhi – 110026, Delhi, India |
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Date of Birth/Age : |
07.07.1952 |
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Qualification : |
M.B.B.S. |
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Date of Appointment : |
30.01.2006 |
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DIN No.: |
00005349 |
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Name : |
Mr. Ravinder Nath Leekha |
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Designation : |
Independent Director |
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Address : |
13/65, West Punjabi Bagh, New Delhi, 110026, Delhi, India |
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DIN No.: |
00888433 |
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Name : |
M. Girish Sharma |
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Designation : |
Independent Director |
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Address : |
A - 1, Tower - 1,, New Moti Bagh, New Delhi - 110023, Delhi, India |
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Date of Birth/Age : |
19.12.1951 |
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Qualification : |
IRS (Retd.) |
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Date of Appointment : |
30.05.2012 |
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DIN No.: |
05112440 |
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Name : |
Mr. H.S. Chaudhary |
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Designation : |
Whole Time Director |
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Address : |
A-1, Upsidc Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura, Mathura - 281403, Uttar Pradesh, India |
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Date of Birth/Age : |
05.09.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
07.10.1988 |
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DIN No.: |
00041370 |
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Name : |
Mr. Neeraj Kumar |
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Designation : |
Group Chief Executive Officer and Whole-time Director |
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Address : |
H.No. 3, Engineers Enclave,, Road No. 44,Saraswati Vihar, Pitampura, New Delhi - 110034, Delhi, India |
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Date of Birth/Age : |
02.05.1963 |
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Date of Appointment : |
01.07.2013 |
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DIN No.: |
01776688 |
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Name : |
Ms. Shradha Jatia |
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Designation : |
Non-Executive Director |
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Address : |
Avanti, 67-A, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
10.09.2014 |
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DIN No.: |
00016940 |
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Name : |
Ms. Tripti Puneet Arya |
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Designation : |
Non-Executive Director |
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Address : |
403, Samudra Mahal,, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India |
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Date of Appointment : |
10.09.2014 |
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DIN No.: |
00371397 |
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Name : |
Mr. Girish Sharma |
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Designation : |
Independent Director |
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DIN No.: |
05112440 |
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Name : |
Mr. Abhiram Tayal |
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Designation : |
Independent Director |
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Address : |
Raghunath Bhawan, Kath Mandi Road, Hisar - 125001, Haryana, India |
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DIN No.: |
00081453 |
KEY EXECUTIVES
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Name : |
Mr. Sunil K Jain |
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Designation : |
Secretary |
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Address : |
Flat No. 18, 41/41, West Punjabi Bagh, New Delhi - 110026, Delhi, India |
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PAN No.: |
ADKPJ9105E |
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Name : |
Narendra Mantri |
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Designation : |
Chief Executive Officer |
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Address : |
98, Tarun Vihar, Plot No.- 3, Sector No.-13, Rohini, Delhi - 110085, Delhi, India |
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PAN No.: |
AGEPM0940M |
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NOMINATION AND
REMUNERATION COMMITTEE: |
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Name : |
Kuldip Bhargava |
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Designation : |
Chairman |
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Name : |
Ravinder Nath Leekha |
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Designation : |
Member |
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Name : |
Dr. Raj Kamal Agarwal |
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Designation : |
Member |
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STAKEHOLDERS’
RELATIONSHIP COMMITTEE: |
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Name : |
Mr. Prithvi Raj Jindal |
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Designation : |
Chairman |
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Name : |
Ms. Sminu Jindal |
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Designation : |
Member |
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Name : |
Dr. Raj Kamal Agarwal |
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Designation : |
Member |
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Name : |
Mr. Girish Sharma |
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Designation : |
Member |
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Name : |
Mr. Neeraj Kumar |
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Designation : |
Member |
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SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category Of
Shareholder |
Total No. of Shares |
Total Shareholding As
a % Of Total No. of Shares |
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As a % of (A+B+C) |
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(A) Shareholding of Promoter and Promoter Group |
||
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|
12754300 |
4.19 |
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|
94573120 |
31.06 |
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|
107327420 |
35.24 |
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|
98700 |
0.03 |
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|
48703095 |
15.99 |
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|
48801795 |
16.03 |
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Total shareholding of Promoter and Promoter Group (A) |
156129215 |
51.27 |
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(B) Public Shareholding |
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|
34269197 |
11.25 |
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|
177160 |
0.06 |
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|
7149663 |
2.35 |
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|
31026701 |
10.19 |
|
|
72622721 |
23.85 |
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|
|
|
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|
40379904 |
13.26 |
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|
|
|
|
|
28564449 |
9.38 |
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|
4215275 |
1.38 |
|
|
2619067 |
0.86 |
|
|
944316 |
0.31 |
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|
1635154 |
0.54 |
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|
39597 |
0.01 |
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|
75778695 |
24.88 |
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Total Public shareholding (B) |
148401416 |
48.73 |
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Total (A)+(B) |
304530631 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
304530631 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and Suppliers Iron and Steel Pipe Products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
NOTE: LONG TERM BORROWING(SECURED):
Term Loans from
Banks include :
LONG TERM
BORROWING(UNSECURED):
i.
1,44,98,696 number of CCDs would be
converted into equal number of
equity shares of Rs. 2 each any time during 1st April, 2015 to 31st
March, 2016; and ii.
1,52,23,486 number of CCDs shall be
converted into equal number of equity
shares of Rs. 2 each during the month of April, 2016.
SHORT TERM BORROWING(SECURED): Out of above, short term borrowings of Rs. 22271.628
Million (Previous Year Rs. 11542.640 Million) are secured by hypothecation of
finished goods, raw-materials, work-in-progress, stores and spares, book
debts and second pari-passu charge in respect of other movable and immovable
properties of the Company and Rs. 469.431 Million (Previous Year Rs. 1051.747
Million) are secured by second pari-passu charge on current assets of the
Company. |
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Auditors : |
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Name : |
N.C. Aggarwal and
Company Chartered Accountants |
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Address : |
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Internal Auditors :
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Secretarial Auditor: |
S. K. Gupta and Company Company Secretaries |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Direct
Subsidiaries: |
(indirect subsidiary upto 23rd January, 2015)
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Indirect
Subsidiaries (Control Exist): |
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Joint Ventures : |
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Entities, where individual,having
significant influence over reporting enterprise or KMP and/or their relatives
having significant influence |
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CAPITAL STRUCTURE
AS ON 31.03.2015
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 Preference
shares |
Rs. 100/- each |
Rs. 1000.000 Million |
|
|
Total |
|
Rs. 2000.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
290,039,185 |
Equity Shares |
Rs. 2/- each |
Rs. 580.078 Million |
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
290,035,185 |
Equity Shares |
Rs. 2/- each |
Rs. 580.070 Million |
|
4,000 |
Add: Forfeited Equity Shares (Partly paid up) |
Rs. 1/- each |
Rs. 0.004 Million |
|
|
Total |
|
Rs. 580.074 Million |
- Reconciliation of the number of shares
|
Number
of Shares |
|
|
Shares outstanding at the beginning of the year |
276,226,771 |
|
Add : 138,08,414 Equity Shares of Rs. 2/- each issued
during the year |
13,808,414 |
|
Shares
outstanding at the end of the year |
290,035,185 |
- Details of equity
shares held by shareholders holding more than 5% shares:
|
Name of Shareholders |
Number
of Shares |
% holding |
|
Nalwa Sons Investments
Limited |
53550000 |
18.46 |
|
Sigmatech Inc |
30120000 |
10.38 |
|
Danta Enterprises
Private Limited |
23572150 |
8.13 |
|
Reliance Capital
Trustee Company Limited A/c |
14614778 |
5.04 |
|
Total |
121856928 |
42.01 |
- Aggregate number of bonus
shares issued, shares issued for consideration other than cash and bought
back shares during the period of five years immediately preceding the
reporting date: NIL
- 3,250 Equity Shares have
been held in abeyance as a result of attachment orders by Government
authorities, lost shares certificates and other disputes.
- Terms/Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs. 2/- per equity share. Each equity shareholder is entitled to one vote per share.
- The Company allotted
435,30,596, 0% Compulsorily Convertible Debentures (CCDs) on preferential
basis under the SEBI ICDR Regulations to the promoters group entity @ Rs.
81.10 per CCD. Out of these CCDs, 1,38,08,414 CCDs have been converted
into equal number of equity shares of Rs. 2 each on 25th March, 2015. The
remaining CCDs shall be converted into two trenches as follows:-
i.
1,44,98,696 number of CCDs would be converted
into equal number of equity shares of Rs. 2 each any time during 1st April,
2015 to 31st March, 2016; and
ii.
1,52,23,486 number of CCDs shall be converted into
equal number of equity shares of Rs. 2 each during the month of April, 2016.
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 |
580.074 |
552.458 |
552.458 |
|
(b) Reserves and Surplus |
41,717.361 |
38,266.746 |
36,733.754 |
|
(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) |
42,297.435 |
38,819.204 |
37,286.212 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
20,381.259 |
18,851.839 |
14,807.385 |
|
(b) Deferred tax liabilities (Net) |
3,632.776 |
2,212.659 |
1,747.659 |
|
(c) Other long term
liabilities |
294.100 |
294.205 |
0.525 |
|
(d) long-term
provisions |
525.791 |
324.181 |
313.330 |
|
Total Non-current Liabilities
(3) |
24,833.926 |
21,682.884 |
16,868.899 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
24,541.563 |
15,194.692 |
17,625.093 |
|
(b) Trade
payables |
5,687.497 |
3,945.829 |
4,687.630 |
|
(c) Other current
liabilities |
9,093.633 |
4,970.722 |
4,849.742 |
|
(d) Short-term
provisions |
387.296 |
356.912 |
384.384 |
|
Total Current
Liabilities (4) |
39,709.989 |
24,468.155 |
27,546.849 |
|
|
|
|
|
|
TOTAL |
1,06,841.350 |
84,970.243 |
81,701.960 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
34,770.095 |
35,260.465 |
25,478.320 |
|
(ii)
Intangible Assets |
45.538 |
154.055 |
83.994 |
|
(iii)
Capital work-in-progress |
4,215.998 |
2,036.585 |
10,112.046 |
|
(iv)
Intangible assets under development |
9,689.056 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
7,731.615 |
7,565.282 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3,047.167 |
2,710.167 |
2,289.126 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
51,767.854 |
47,892.887 |
45,528.768 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
2,730.000 |
150.000 |
700.000 |
|
(b)
Inventories |
21,269.584 |
13,867.230 |
14,711.052 |
|
(c) Trade
receivables |
14,994.372 |
13,371.046 |
12,385.701 |
|
(d) Cash
and cash equivalents |
1,823.725 |
404.746 |
629.268 |
|
(e) Short-term
loans and advances |
14,213.080 |
9,252.286 |
7,727.767 |
|
(f) Other
current assets |
42.735 |
32.048 |
19.404 |
|
Total
Current Assets |
55,073.496 |
37,077.356 |
36,173.192 |
|
|
|
|
|
|
TOTAL |
1,06,841.350 |
84,970.243 |
81,701.960 |
PROFIT
and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
66,012.988 |
55,095.873 |
56,166.984 |
|
|
Other Income |
1,219.579 |
846.479 |
824.056 |
|
|
TOTAL SALES |
67,232.567 |
55,942.352 |
56,991.040 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
38,814.059 |
31,360.353 |
35,766.935 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
44.788 |
213.793 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2,587.248) |
2,426.273 |
2,308.049 |
|
|
Employees benefits
expense |
3,737.963 |
3,001.947 |
2,522.608 |
|
|
Other expenses |
17,323.652 |
12,072.444 |
9,327.697 |
|
|
Exceptional Items |
530.817 |
739.192 |
1,142.420 |
|
|
TOTAL |
57,819.243 |
49,644.997 |
51,281.502 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
9,413.324 |
6,297.355 |
5,709.538 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2,819.082 |
1,500.779 |
1,139.289 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
6,594.242 |
4,796.576 |
4,570.249 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
2,491.648 |
2,127.533 |
1,496.579 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
4,102.594 |
2,669.043 |
3,073.670 |
|
|
|
|
|
|
|
Less |
TAX |
1,477.300 |
465.200 |
725.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2,625.294 |
2,203.843 |
2,348.570 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE
BALANCE SHEET |
NA |
565.443 |
710.170 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
21,012.456 |
16,529.975 |
31,986.888 |
|
|
Interest |
42.432 |
24.894 |
15.430 |
|
|
Corporate Guarantee
charges |
53.693 |
52.742 |
0.000 |
|
|
Carbon Credits |
0.000 |
0.000 |
13.072 |
|
|
Others |
0.000 |
5.449 |
85.604 |
|
|
TOTAL EARNINGS |
21,108.581 |
16,613.060 |
32,100.994 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
18,691.799 |
11,814.206 |
20,381.822 |
|
|
Components and Stores
parts |
920.517 |
750.754 |
690.110 |
|
|
Capital Goods |
724.734 |
403.086 |
3,019.894 |
|
|
TOTAL IMPORTS |
20,337.050 |
12,968.046 |
24,091.826 |
|
|
|
|||
|
|
Earnings / (Loss) Per
Share (Rs.) |
9.50 |
6.10 |
6.98 |
|
QUARTERLY
RESULTS |
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
1912.220 |
|
Total Expenditure |
1659.540 |
|
PBIDT (Excl OI) |
252.680 |
|
Other Income |
39.060 |
|
Operating Profit |
291.740 |
|
Interest |
82.950 |
|
Exceptional Items |
4.530 |
|
PBDT |
213.320 |
|
Depreciation |
58.620 |
|
Profit Before Tax |
154.700 |
|
Tax |
50.480 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
104.220 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
104.220 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
3026.675 |
518.796 |
231.039 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Cash generated from Operating Activities |
1803.896 |
3924.226 |
2219.735 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.98 |
4.00 |
4.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
14.26 |
11.43 |
10.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.41 |
3.55 |
4.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06 |
0.88 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.52 |
1.31 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 71.05 |
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 |
552.458 |
552.458 |
580.074 |
|
Reserves
and Surplus |
36733.754 |
38266.746 |
41717.361 |
|
Net worth |
37286.212 |
38819.204 |
42297.435 |
|
|
|
|
|
|
long-term
borrowings |
14807.385 |
18851.839 |
20381.259 |
|
Short
term borrowings |
17625.093 |
15194.692 |
24541.563 |
|
CURRENT
MATURITIES OF LONG-TERM DEBTS |
231.039 |
518.796 |
3026.675 |
|
Total borrowings |
32663.517 |
34565.327 |
47949.497 |
|
Debt/Equity ratio |
0.876 |
0.890 |
1.134 |
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
|
56166.984 |
55095.873 |
66012.988 |
|
|
|
(1.907) |
19.815 |
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 |
56166.984 |
55095.873 |
66012.988 |
|
Profit |
2348.570 |
2203.843 |
2625.294 |
|
|
4.18% |
4.00% |
3.98% |
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 |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY’S OVERVIEW:
The Company is a leading global manufacturer and supplier of
Iron and Steel pipe products, fittings and accessories with manufacturing
facilities in India, USA, Europe and UAE (MENA). Their customers include
world’s leading oil and gas companies, engineering companies and authorities
dealing in irrigation and water resources engaged in construction of oil and
gas exploration, transportation, power generation, supply of water for drinking
and irrigation purposes and other industrial applications. Their mission is to
match the expectation of their customers through product development, quality
manufacturing and supply chain management. They have robust systems developed
for overall excellence and management to support their customers globally.
They have a unique business model well diversified in terms
of strategic locations, markets, products, industries and customers. This
business model is built to hedge the organization against various risks which
allows us to operate and perform well in difficult economic and geopolitical
circumstances. Their domestic and exports markets are well balanced and their
businesses operate through their strategic business divisions including SAW
Pipes, DI Pipes and Fittings, Seamless Pipes and tubes and Mining and Pellets
COMPANY’S PHILOSOPHY:
The Company’s Philosophy on Corporate Governance envisages
the attainment of highest level of transparency, accountability and equity in
all facets of its operations and in all its interactions with its stakeholders
including shareholders, employees, lenders and the Government. The Company
believes that all its operations and actions must serve the underlying goal of
enhancing overall shareholder value over a sustained period of time.
REVIEW OF OPERATIONS:
The Financial year 2014-15 has witnessed an improvement in
production and sales volumes as compared to financial year 2013-14. The gross
revenue has registered an increase of 19% and the Profit after Tax (PAT) has
shown an increase of 82% over financial year 2013-14 mainly because of higher
margin in large dia pipes and higher sales volumes of pellets. The Company
expects further improvements in coming quarters/years through focus on various
measures to improve productivity, efficiency and profitability. Following is
the review of various Products:
Welded Line Pipes
(SAW Pipes) Strategic Business Division:
This business has witnessed an improvement in production and
sales volumes as compared to previous year. The Company expects further
improvement in the pipe business backed by orders in hand with a mix of exports
and domestic orders.
Ductile Iron Pipes
and Fittings (DI Pipes) Strategic Business Division:
During the year the finishing production capacity was
aligned to match with the hot metal capacity to cater the additional demand of
pipes. This has resulted into higher production and higher sales of DI pipes
during 2014-15 as compared to 2013-14. The Company is further increasing/
improving finishing line capacity of DI pipes. The Company expects further
improvements in production and sales in financial year 2015-16.
Seamless Tubes and
Pipes (Seamless Pipes) Strategic Business Division:
The production level of seamless pipes during 2014-15 was almost same as in 2013-14. However, the sales volume has declined marginally. The demand of seamless tubes and pipes remained subdued in line with the weaker trend in Oil and Gas markets. Falling oil prices have adverse effect on demand of OCTG products. The Company is exploring new markets and developing new product range to take care of adverse business environment.
Mining and Pellet
Strategic Business Division:
The production of pellets has stabilized and the plant
capacity utilization was at 100%. The Company would focus on improving the
productivity through efficiency in production process and by setting-up
balancing equipments for better yield.
INDUSTRY SCENARIO AND
BUSINESS OUTLOOK:
Global Scenario
Oil and Gas Industry
Increasing oil and natural gas consumption in Asia-Pacific has
made a significant contribution to the need for increased pipeline construction
investment worldwide. The region is expected to surpass Europe to become a
major growth gas market in next few years. Developing economies in the
Asia-Pacific region, such as India and China, have been importing substantial
quantities of crude oil and natural gas for domestic consumption and industrial
use. The Middle East, China and India are also improving the domestic
production of petroleum products by introducing new refineries and increasing the capacity of existing ones.
Developments of this kind have necessitated the establishment of new pipeline
transmission infrastructure in next few years. The development of shale gas in
the U.S. has been stimulating pipeline expansion in North America. The shale
gas production in North America is expected to require the transportation of
natural gas to different regions, which will support the North American
pipeline industry. The surplus supply of gas from these shale has provided the
U.S. with energy security, which has opened up new opportunities for the export
of natural gas to lucrative markets like Mexico, Asia-Pacific and European
region.
The advancement of offshore technologies, which has resulted
in lower unit costs, has made deep water projects a viable option in the global
scenario. The installation of offshore pipelines in such projects has also been
driving the global pipeline industry market. It may be noted that new
pipe-laying technologies are expected to make the laying of offshore pipelines
at water depths of around 3,500 meter a possibility. As per Pipeline and Gas
Journal (July 2015 edition), Active crude oil pipelines, petroleum product
pipelines, and natural gas pipelines have total global lengths of 183,190 miles,
155,290 miles, and 677,560 miles, respectively, operating both onshore and
offshore. There are 3,500 active pipeline/pipeline systems worldwide, and
around 172 planned projects. In terms of a geographic analysis of pipelines
worldwide, North America has the longest length of natural gas pipeline,
accounting for a 43.9% share of the total natural gas pipelines in the world,
followed by Europe and Asia-Pacific with respective 35.7% and 11.7% shares.
North America leads in terms of petroleum product pipeline, accounting for a
49.8% share of the global pipeline length, followed by Europe and the
Asia-Pacific with respective 16.1% and 14.7% shares. The North American region
also has the longest crude oil pipeline network in the world, accounting for a
36.8% share, followed by Europe and the Middle East with respective 27.9% and
16.6% shares. Such extensive pipeline networks also lead to generating
secondary demand for pipes for replacement, repair and maintenance of the
pipelines.
As per International Energy Agency (IEA) report, in the short to medium term, lower prices will feed a pick-up in global natural gas demand over the next five years following a marked slowdown in 2013 and 2014, however, the growth in demand will fall short of previous forecasts. IEA sees global demand rising by 2% per year by the end of the forecast period, compared with 2.3% projected in last year's outlook. A significant reason for the downward revision is weaker gas demand in Asia, where persistently high gas prices until very recently caused consumers to switch to other options. As per the report, lower oil prices will have a major impact on gas upstream and infrastructure investment. Companies are cutting capital expenditures and refocusing on core assets with fast returns, which will unavoidably lead to slower production growth over the medium term. Due to their capital-intensive nature and long lead times, liquefied natural gas (LNG) projects are soft targets for investment reductions and several of them are likely to be delayed.
Water Industry:
On a Global basis, 70% of water is used for agriculture
irrigation, 22% is used for industries and 8% is used by households. The Global
demand for water pipe is forecasted to increase 6.8% per year. At the current
rates of growth, demand for water may exceed supplies by 40%, and by 2030,
around 47% of the world’s population would be living in areas of high water
stress (as per world bank sponsored 2030 water resources group report and OECD
Environmental outlook to 2030). Shift of population from Rural to urban leads
to complete overhaul of potable water and sanitation requirements creating
demand for Iron and Steel Pipes. Urbanization in emerging economies and rebound
in construction spending in developed nations will increase the demand for Iron
and Steel Pipes. US Environment protection agency (EPA) survey shows $384
billion investment are needed for the nations drinking water infrastructure
through 2030 for systems to continue providing safe drinking water to
Americans. Huge infrastructure investment for distribution of potable water and
sanitation needs in the Middle East would continue to create higher demand for
Iron and Steel Pipes. North African countries are huge demand drivers for DI
Pipe. Emerging economies such as Mexico and Latin America countries like Brazil
and Peru have huge investment plans in the field of potable water
transportation.
Indian Scenario:
The Indian pipes business has been growing rapidly since the
past several years mainly due to increasing demand for pipes in the irrigation
sector, crude oil, real estate industry and growth in Gross domestic product
(GDP) of the country. The demand for Iron and Steel pipes is expected to
increase as the need for water, oil and gas transportation in India is growing.
Nationwide infrastructural development, urbanization, irrigation to drive
agricultural growth has been identified as major factors facilitating the
growth of the pipes industry in the country. The Union Budget 2015 has
announced several measures in the oil and gas, water and sanitation space which
is likely to drive domestic pipe demand. Most significantly, the Finance
Minister proposed to create additional 15,000 KM of pipelines using PPP
(public-private partnership) model to complete the gas grid across the country
and increase the usage of domestic as well as imported gas. This proposed
pipeline infrastructure is likely to increase demand for steel pipes in India.
Apart from this, investment linked deduction allowed to slurry pipelines for
the transportation of iron ore is likely to boost investment in this sector and
in turn demand for SAW pipes.
Demand for SAW pipes would also get boost following
allocation of Rs. 10000.000 Million for irrigation via 'Pradhan Mantri Krishi
Sinchayee Yojana' scheme, and also from the National Rural Drinking Water
Programme, which has been allotted Rs. 36000.000 Million to provide safe
drinking water in approximately 20,000 habitations affected with arsenic. These
schemes will also push demand for DI (ductile iron) and plastic pipes required
for laying pipeline infrastructure for water supply to farms and houses. The
government also announced plans to cover every household with total sanitation
by year 2019. As per census 2011 data, out of 250.000 Million households in
India around 46% have sanitation facility within their premises. Indian
government has also laid a lot of emphasis on linking of rivers and water
bodies for equitable distribution of water in water scarce areas. These
projects are in the formative stage and are likely to mature in next few years.
This would give rise to huge demands in large diameter pipe segment.
MAJOR OPERATING GROUP COMPANIES:
JINDAL TUBULAR USA LLC:
With a vision to step up operations and to expand reach
in North America, Jindal SAW Limited through its 100%
Step down subsidiary Jindal Tubular USA LLC
acquired assets of PSL NA in August 2014 through a section 363 sale approved by
the United States Bankruptcy Court for the District of Delaware. This facility
is capable to manufacture Spiral Pipes in size range 18” OD to 120”OD, wall
thickness upto 1” with an installed capacity of 375,000 MT Per Annum. Located
in Mississippi, the facility is equipped to provide External coating like FBE/
ARO/ CTE and Internal Epoxy coating. After the acquisition, Jindal Tubular USA
LLC has also set up an External PU coating and Internal CML facility to cater
to the water transmission market in addition to the Oil and Gas Sector.
JINDAL SAW USA LLC:
A 100% step down subsidiary of Jindal Saw Limited,
Jindal SAW USA LLC is engaged in the Double Jointing and coating of pipes
business with facility located at Baytown, Texas. This facility has a size
range of 2” OD to 48” OD with installed coating capacity of 7.000 Million Sq.
Mtr. per annum. Drill Pipe Inc., a 100% subsidiary of Jindal SAW USA LLC,
operates a Drill Pipe manufacturing unit in Baytown, TX. As a backward
integration to Drill Pipe manufacturing, the forging plant was commissioned in
the year 2014 to manufacture tool joints.
JINDAL SAW
GULF LLC:
Jindal SAW Gulf LLC commissioned a state of the art
DI Pipe manufacturing facility at Abu Dhabi (UAE) in the year 2012. With an
installed capacity of 350,000 MT per annum, this is the largest DI Pipe manufacturing
facility in the Middle East and is capable of manufacturing DI pipes in size
range of DN 200 mm to DN 2200 mm. The plant is equipped with required External
and Internal Coating facilities.
JINDAL SAW
ITALIA SPA:
Jindal SAW Limited, through its 100% step down
subsidiary - Jindal SAW Italia SPA, is operating DI pipe finishing facility in
Italy to cater to the demand of premium markets like Europe, Iraq etc. The size
range for this facility is DN 80 mm to DN 1000 mm with installed capacity of 80,000
MT per annum. The plant is equipped with required External and Internal coating
facilities.
JINDAL FITTINGS LIMITED:
A subsidiary of Jindal SAW Limited, Jindal Fittings
has set up the Largest State of the art integrated plant in India producing
Fittings and accessories for all sizes of DI Pipes. The size range for fittings
is DN 80 mm to DN 2200 mm with installed capacity of 18,000 MT per annum. The
plant is equipped with required External and Internal Coating facilities.
JINDAL
TUBULAR (INDIA) LIMITED:
In the year 2015, Jindal SAW Limited through its
100% subsidiary Jindal Tubular (India) Limited has entered into an Operation,
Maintenance and Management Agreement (OMMA) for Eleven (11) Spiral Mills and
Coating facilities in India with PSL Ltd. The combined installed capacity is
1.4 Million MT Per Annum. The facilities are located in Chennai – Tamil Nadu,
Vizag – Andhra Pradesh, Varsana - Gujarat, Jaipur – Rajasthan. With these
facilities and alongwith the HSAW Facilities owned by Jindal Saw Limited, the
Company has a wider footprint within India with proximity to the water and
hydrocarbon market.
JINDAL ITF LIMITED:
Jindal ITF Limited (JITF), a wholly owned
subsidiary of Jindal SAW Limited, through various subsidiaries and step down
subsidiaries operates in the infrastructure, transportation and fabrication
business. JITF being a holding and operating company is also developing a
waterways transportation project for transportation of imported coal through
National Waterways to NTPC’s coal based power project at Farakka, West Bengal.
Some of these businesses not being the core activity of Jindal SAW Limited, the
management and shareholders have decided to reorganize the businesses through
court approved schemes. Once completed, the business model would help conserve
the value of the company and also provide an opportunity to the different
businesses to grow up to its potential.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long-term
Borrowings |
|
|
|
0% Compulsorily Convertible Debentures |
2410.469 |
0.000 |
|
External Commercial Borrowings from Banks |
3894.543 |
5530.283 |
|
Term Loans From Banks |
0.000 |
504.617 |
|
Deferred Sales Tax Loans |
229.849 |
275.927 |
|
Deposits from Public |
0.000 |
156.358 |
|
Total |
6534.861 |
6467.185 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Short -Term loan From Banks |
500.726 |
1942.395 |
|
Buyers' credit |
1299.778 |
627.051 |
|
Loans and advances from related parties - From Jindal Intellicom Limited |
0.000 |
30.000 |
|
Deposits from Public |
0.000 |
0.859 |
|
Total |
1800.504 |
2600.305 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
As At 31st March, 2015 |
|
Guarantees issued
by the Company's bankers on behalf of the Company |
7841.952 |
|
Letter of Credit
Outstanding |
6758.982 |
|
Claims against
the company not acknowledged as debt |
8.122 |
|
Corporate
guarantees/ undertakings issued to lenders of subsidiary companies |
14405.829 |
|
Disputed Excise
duty, Custom Duty and service tax |
26.427 |
|
Income tax
demands against which company has preferred appeals |
89.364 |
|
Disputed Sales
Tax |
58.541 |
|
Liability in respect
of Corporate Guarantees/Duty Saved for availing various export based
incentive schemes |
241.572 |
|
Estimated amount
of contracts remaining to be executed on capital account and not provided for
(Net of Advances) |
680.007 |
|
Total |
30110.796 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
|
|
30.06.2015 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
1,908.20 |
|
b) Other operating income |
4.02 |
|
Total
income from Operations(net) |
1,912.22 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
986.67 |
|
b) Purchases of stock in trade |
|
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
174.40 |
|
d) Employees benefit expenses |
105.47 |
|
e) Depreciation and amortization expenses |
58.62 |
|
f) Power and Fuel |
|
|
g) Other expenditure |
393.00 |
|
Total expenses |
1,718.16 |
|
3. Profit from operations before other income and
financial costs |
194.06 |
|
4. Other income |
39.06 |
|
5. Profit from ordinary activities before finance costs |
233.12 |
|
6. Finance costs |
82.95 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
150.17 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
4.53 |
|
9. Profit from ordinary activities before tax
Expense: |
154.70 |
|
10.Tax expenses |
50.48 |
|
11.Net
Profit/(Loss) from Ordinary Activities after tax (9-10) |
104.22 |
|
12. Extraordinary
Items (Net of Tax expense) |
-- |
|
Net Profit/(Loss)
for the period (11-12) |
104.22 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
60.91 |
|
15. Reserves excluding Revaluation Reserves |
-- |
|
16. Debenture Redemption Reserve |
-- |
|
Earnings
Per Share before Extraordinary items (on Face Value of H 2/- each) (not
annualized) : |
3.49 |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
148,401,416 |
|
- Percentage of shareholding |
48.73 |
|
2. Promoters and Promoters group Shareholding- |
-- |
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
156,129,215 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
51.27 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
NIL |
Notes:
- Exceptional items :
- 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.
- The Company is a net exporter
and follows natural hedging policy to manage its foreign exchange
exposure.
- Tax Expense consists of
Current Tax (net of MAT credit entitlement) and Deferred Tax.
- The Company has only one
business segment namely ''Iron and Steel Products" as primary segment
in standalone results.
- Previous period/year
figures have been re-grouped/re-arranged wherever considered necessary.
- These results were
reviewed by the Audit Committee and approved by the Board of Directors in
their meeting held on 27 July, 2015. The Statutory Auditors have carried
out Limited Review of these financial results.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10579024 |
29/06/2015 |
3,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, RED FORT CAPITAL PARSVNATH
TOWER, BHAI |
C58466954 |
|
2 |
10561853 |
20/03/2015 |
1,000,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
A-301, 3RD FLOOR, STATESMAN HOUSE, 148,
BARAKHAMB |
C50243989 |
|
3 |
10565553 |
13/03/2015 |
8,440,000,000.00 |
STATE BANK OF PATIALA |
2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH,
NEW |
C51713709 |
|
4 |
10482837 |
01/07/2015 * |
50,000,000,000.00 |
STATE BANK OF PATIALA (LEAD BANK) |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK
BUILDING |
C58969759 |
|
5 |
10464618 |
15/05/2014 * |
1,000,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, 15/17,, SHAHEED
BHAGAT |
C05425624 |
|
6 |
10467360 |
15/05/2014 * |
4,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, JAWAHAR
VYAPAR, |
C04337663 |
|
7 |
10414412 |
21/03/2013 |
1,000,000,000.00 |
DEUTSCHE BANK |
4TH FLOOR, DLF SQUARE, JACARANDA MARG, DLF
PHASE |
B71674378 |
|
8 |
10411946 |
19/03/2013 * |
3,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS
COMPOUND, |
B70931746 |
|
9 |
10397818 |
03/06/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS
COMPOUND, |
B77248375 |
|
10 |
10375391 |
14/09/2012 |
2,370,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJ |
B57641730 |
*Date of modification Charges
FIXED ASSETS:
TANGIBLE ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Mine Development
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Office Equipment
INTANGIBLE ASSTES:
- Computer
Software
- Mining
Properties
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sTheirces
including but not limited to: The CTheirts,
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] CTheirt Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property
or assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Theirmarket
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.
TheirGovernance 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. 64.88 |
|
|
1 |
Rs. 99.89 |
|
Euro |
1 |
Rs. 72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE and 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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
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 and operational base are regarded healthy. General
unfavTheirable 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.