MIRA INFORM REPORT
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Report No. : |
346378 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JSW STEEL COATED PRODUCTS LIMITED [w.e.f.31.10.2012] |
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Formerly Known
As : |
MAHARASHTRA SPONGE IRON LIMITED |
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Registered Office
: |
JSW Centre,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Tel. No.: |
91-22-42861000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.09.1985 |
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Com. Reg. No.: |
11-037346 |
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Capital
Investment / Paid-up Capital : |
Rs.500.500 Million |
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CIN No.: [Company Identification
No.] |
U27100MH1985PLC037346 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ17023G |
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PAN No.: [Permanent Account No.] |
AACCM3988L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is primarily engaged in the business of manufacture and sale of Iron and
Steel Products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-45 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 41300000 |
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Status : |
Good |
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Payment Behaviors : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a 100% subsidiary of JSW Steel Limited. JSW Steel Limited
is the flagship company of JSW Group, which in turn is part of the O.P Jindal
Group. The JSW group has presence across various sectors, such as steel,
energy, minerals, ports and infrastructure, cement, etc. It is one of the
leading producers of value-added downstream steel products in India, is a
forward integration initiative of JSW Steel Limited. JSW Steel Coated
Products Limited (JSCPL) facilities are located in Maharashtra-Kalmeshwar (Dist.Nagpur),
Tarapur and Vasind (Dist. Thane), specialize in manufacturing of galvanizing,
galvalume and colour coated steel products. It has fine track record. Profitability of the company is low during FY2014. However, the
company possesses a decent profile marked by adequate networth base along
with fair liquidity and increased in cash level. The rating also takes into consideration strength from the prominent
promoters with significant presence in the Indian steel industry and
experienced management, considerable business integration with JSW Steel
Limited, access to wide distribution network of JSW Steel Limited and high
brand value and strong operational performance of the downstream steel
facilities of JSCPL. The rating also takes into consideration with the rising stress in the
steel sector, Sajjan Jindal-led JSW Group has had no trouble meeting its debt
obligations so far. Trade relations are fair. Business is active. Payment are slow and
delayed. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term bank facilities AA- (SO) |
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Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
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Date |
04.11.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities A1+ (SO) |
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Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
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Date |
04.11.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
Management non cooperative (91-22-4286100)
LOCATIONS
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Registered Office : |
JSW Centre,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-42861000 |
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Fax No.: |
91-22-42863000 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-10/1, MIDC Industrial Area, Kalmeshwar District, Nagpur-441501,
Maharashtra, India |
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Tel No.: |
91-711-827112527 |
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Factory : |
Also located at:
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DIRECTORS
As on 08.09.2014
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Name : |
Mr. Jayant Acharya |
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Designation : |
Director |
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Address : |
F-303, Great Eastern Gardens, L.B.S. Marg, Kanjur Marg [West], Mumbai
– 400078, Maharashtra, India |
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Date of Birth/Age : |
25.01.1963 |
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Date of Appointment : |
16.08.2013 |
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DIN No.: |
00106543 |
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Other Directorship:
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Name : |
Mr. Dileep Kashinath Bhatt |
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Designation : |
Whole time Director |
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Address : |
2001 20th Floor, Jayshree CHS, Navy Nagar Liberty Garden
Malad ( West), Mumbai - 400064, Maharashtra, India |
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Date of Birth/Age : |
10.07.1958 |
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Date of Appointment : |
01.11.2013 |
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DIN No.: |
00046096 |
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Other Directorship:
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Name : |
Mr. Rajeev Madhusudan Pai |
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Designation : |
Director |
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Address : |
Flat No. 104 10th Floor, Shravan – A, Tarangan Society,
Pokhran Road No.1, Near Cadbury Complex, Thane (West) - 400606, Maharashtra,
India |
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Date of Birth/Age : |
15.01.1962 |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00045604 |
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Other Directorship:
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Name : |
Mr. Jugal Kishore Tandon |
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Designation : |
Director |
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Address : |
B-201 Mon Repos 45, H K Bhabua Road Lands End, Bandra (West), Mumbai - 400050, Maharashtra, India |
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Date of Appointment : |
15.09.2015 |
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DIN No.: |
01282681 |
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Other Directorship:
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Name : |
Ms. Anuradha Ambar Bajpai |
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Designation : |
Director |
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Address : |
206, Eureka Hiranandani Estate, Ghod Bunder Road, Thane - 400607, Maharashtra, India |
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Date of Appointment : |
15.09.2015 |
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DIN No.: |
07128141 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Santosh C R |
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Designation : |
Secretary |
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Address : |
14, Laulik CHS. Oswal Park, 2nd Pokhran Road, Majiwade,
Thane (West) – 400601, Maharashtra, India |
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Date of Birth/Age : |
04.01.1979 |
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Date of Appointment : |
27.06.2013 |
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PAN No.: |
AGEPR2983F |
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Name : |
Mr. Hemant Prabhakar Shete |
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Designation : |
CFO |
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Address : |
Flat No.403, Devpriya, 1st Pokhran Road, Thane, 400606, Maharashtra, India |
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Date of Appointment : |
06.05.2014 |
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PAN No.: |
ACLPS0095G |
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Name : |
Ms. Deepti Amar Walawalkar |
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Designation : |
Secretary |
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Address : |
2/B-24, Amar Subway CHS,, Milan Subway, Santacruz (West), Mumbai - 400054, Maharashtra, India |
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Date of Appointment : |
26.03.2015 |
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PAN No.: |
ATRPG7608N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2014
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Names of Shareholders |
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No. of Shares |
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Hemant P. Shete |
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10 |
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Prabhat Kumar Patel |
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10 |
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Jagminder Dass Jindal |
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10 |
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Dileep K. Bhatt |
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10 |
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Sanjay Goel |
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10 |
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Jagminder Dass Jindal |
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10 |
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Amarjit Singh Dahiya |
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10 |
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JSW Steel Limited, India |
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50049930 |
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Total |
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50050000 |
As on 08.09.2014
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is primarily engaged in the business of manufacture and sale of Iron and
Steel 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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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 : |
Not Divulged |
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Facilities : |
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Financial Institution: |
Sbicap Trustee Company Limited,
202, Maker Tower 'E', Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Auditors : |
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Name : |
S.R.
Batliboi and Company LLP Chartered Accountants |
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Address : |
Block
- B-2 5th, Floor, Nirlon, Knowledge, Park ,Off Western East, Highway,
Georegaon (East), Mumbai – 400063, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
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Fellow Subsidiary company : |
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Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
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CAPITAL STRUCTURE
As on 08.09.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50050000 |
Equity Shares |
Rs.10/- each |
Rs.500.500
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
500.500 |
0.500 |
0.500 |
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(b) Reserves &
Surplus |
13963.400 |
(0.100) |
(0.083) |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
14463.900 |
0.400 |
0.417 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
8683.600 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
1711.300 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.007 |
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(d) long-term provisions |
171.400 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
10566.300 |
0.000 |
0.007 |
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(4) Current Liabilities |
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(a) Short term borrowings |
2550.200 |
0.000 |
0.000 |
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(b) Trade payables |
9120.400 |
0.000 |
0.000 |
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(c) Other current
liabilities |
3319.100 |
0.000 |
0.000 |
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(d) Short-term provisions |
342.600 |
0.000 |
0.000 |
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Total Current Liabilities
(4) |
15332.300 |
0.000 |
0.000 |
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TOTAL |
40362.500 |
0.400 |
0.424 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
19964.700 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
54.600 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1152.400 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
43.900 |
0.200 |
0.249 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
775.700 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.800 |
0.000 |
0.000 |
|
Total Non-Current Assets |
21992.100 |
0.200 |
0.249 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9878.100 |
0.000 |
0.000 |
|
(c) Trade receivables |
1669.100 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
543.700 |
0.200 |
0.175 |
|
(e) Short-term loans and
advances |
4998.300 |
0.000 |
0.000 |
|
(f) Other current assets |
1281.200 |
0.000 |
0.000 |
|
Total Current Assets |
18370.400 |
0.200 |
0.175 |
|
|
|
|
|
|
TOTAL |
40362.500 |
0.400 |
0.424 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
88425.500 |
0.000 |
0.008 |
|
|
Other Income |
468.100 |
0.000 |
0.000 |
|
|
TOTAL (A) |
88893.600 |
0.000 |
0.008 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
72304.800 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
158.500 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(443.100) |
0.000 |
0.000 |
|
|
Employees benefits
expense |
1830.500 |
0.000 |
0.000 |
|
|
Other expenses |
11269.700 |
0.000 |
0.000 |
|
|
Exceptional items before
tax |
177.500 |
0.000 |
0.022 |
|
|
TOTAL |
85297.900 |
0.000 |
0.022 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3595.700 |
0.000 |
(0.014) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1050.800 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2544.900 |
0.000 |
(0.014) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1646.200 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
898.700 |
0.000 |
(0.014) |
|
|
|
|
|
|
|
Less |
TAX |
387.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
511.400 |
0.000 |
(0.014) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
31.54 |
0.18 |
(0.28) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
17.400 |
0.000 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(8032.900) |
0.000 |
(0.016) |
|
Net cash flow from operating activity |
8074.100) |
0.000 |
(0.016) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.58 |
0.00 |
(175.00) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.07 |
0.00 |
(175.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.29 |
0.00 |
(8.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.00 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
0.00 |
1.42 |
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 |
No |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
NOTE:
Registered office has been shifted from Jindal Mansion, 5A G D Deshmukh
Marg, Mumbai-400026, Maharashtra, India to the present address w.e.f.
18.07.2013.
FINANCIAL HIGHLIGHTS
The Gross Turnover and Net
Turnover for the year under review was Rs.93525.600 Million and Rs.88124.800
Million, respectively. The Operating EBITDA was Rs.3305.100 Million and
operating EBIDTA margin was3.74%. The Net Profit after Tax stood at Rs.511.400
Million.
The net worth of the
Company is Rs.14463.900 Million as on March 31, 2014. The Company’s net debt
gearing (Debt Equity Ratio) is at 0.78 (total debt Rs.11251.200 Million) and
net debt to EBIDTA is at 2.98 as on March 31, 2014.
SCHEME OF AMALGAMATION
A ‘Composite Scheme of
Arrangement and Amalgamation’ under Sections 391-394 of the Companies Act, 1956
(the “Scheme”) amongst the Company, JSW Steel Limited (“JSWSL”), JSWISPAT Steel
Limited (“JSWISPAT”) and JSW Building Systems Limited (“JSW Building”)and their
respective shareholders and creditors was sanctioned by the Hon’ble Bombay High
Court vide its Order dated May 3, 2013. The Appointed Date is July 1, 2012. The
said Scheme became effective from June 1, 2013, consequent to the filing of
High Court Order with the Registrar of Companies
PROSPECTS
Persistent weakness in demand
from key end-users industries kept the domestic steel consumption at a meagre
0.5% during the first 9 months of FY14. There was a decline in steel
consumption in the country in Q3FY14. On the other hand, increase in production
growth rates by major steel producers resulted in a domestic steel production
growth of around 5%. This necessitated higher steel exports which was supported
with favourable exchange rate conditions. As a result the Company increased its
exports during the year by 174728 MT (increase of 31% over the previous year).
Domestic steel consumption is also witnessing gradual growth and is expected to
grow further in FY15 with enhanced focus on improving infrastructure.
PROJECTS AND EXPANSION
PLANS
The following major
projects were executed during the year:
·
Commissioned
Dual Pot Galvanizing (GI) cum Galvalume (GL) Line at Tarapur having an
installed capacity of 0.2 MTPA.
·
Up-gradation
of Cold Rolling Mill 2 at Tarapur, increasing its capacity from 0.075 MTPA to
0.1 MTPA.
·
Upgradation
of existing HR Slitter and Pickling Line at Tarapur, increasing its capacity
from 0.3 MTPA to 0.48 MTPA. Railway siding project was completed during the
year at Vasind. This has facilitating bulk movement of material through rail.
·
Commissioned
Colour Coating Line 2 having an annual installed capacity of 0.075 MTPA at
Vasind.
·
Upgradation
of existing Cold Rolling Mill (TM-1) at Tarapur to state-of-art mill for
rolling up to 1,350 mm width. Mill capacity has increased from 0.075 MTPA to
0.225 MTPA.
·
Commissioned
Colour Coating Line 2 at Kalmeshwar with an annual installed capacity of 0.12
MTPA.
Project under
Implementation
·
Cold
Rolling Mill with a capacity of 0.21 MTPA at Kalmeshwar.
With the successful
commissioning of above projects, the production capacity for galvanizing cum
galvalume products and colour coated products is now 1.705 MTPA and 0.693 MTPA,
respectively.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10483623 |
31/12/2014 * |
7,600,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower 'E', Cuffe Parade, Mumbai, Maharashtra - 400005,
INDIA |
C40396822 |
|
2 |
10483634 |
31/12/2014 * |
9,800,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower 'E', Cuffe Parade, Mumbai, Maharashtra - 400005,
INDIA |
C40396475 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred payment liabilities |
183.600 |
0.000 |
|
Total |
183.600 |
0.000 |
FIXED ASSETS
- Land
- Office
Building
- Others Plant
and Equipment’s
- Furniture and
Fixture
- Motor
Vehicles
- Computers
Equipment’s
NEWS/ ARTICLE
JSW STEEL
IS NOW THE LARGEST STEEL MAKER IN INDIA
05.06.2015
Company reports higher revenue than SAIL and Tata Steel India in FY15, but lags both in profits
Sajjan Jindal-owned JSW Steel is now the largest
steel maker in the country ahead of long-time market leader Steel Authority of
India (SAIL). Last year, the company had overtaken Tata Steel to become the
number two in the industry.
JSW Steel reported net sales of Rs 52,971
crore in the year ended March against Rs.457100.000 Million reported by SAIL. In comparison, Tata Steel’s
India operations reported net sales of Rs.336660.000 Million in the same
period.
Including its global operations, however, Tata
Steel remains the largest with revenue of Rs.1395030.000 Million. That’s the
reason why Tata Steel is not losing much sweat over the rise of JSW. “Tata
Steel remains the preferred choice for marquee customers and we sell every bit
of steel that we produce in India,” said T V Narendran, chief executive officer
of the India operations of Tata Steel, at the company's earnings conference.
Analysts say the top slot in the domestic
market in terms of revenues is a huge leg-up for JSW Steel and is the culmination
of its long-term plan to close the capacity and product portfolio gap with its
two larger peers. The company has been steadily raising its production capacity
in the home market through brownfield expansion and strategic acquisitions.
JSW tops the industry in capacity
utilisation, too. In the fourth quarter, it operated its plants at 90 per cent
rated capacity. In comparison, Tata Steel India operated at 80 per cent
capacity due to raw material shortage. “JSW’s revenue run-rate clearly
indicates that it had higher utilisation levels compared to its peers in the
March quarter,” said an analyst with a local brokerage house.
State-owned SAIL had 19.500 million tonne capacity as on March 31, 2015, while 108-year old Tata Steel India can produce 10.000 million tonne steel at its Jamshedpur works. JSW Steel, on the other hand, has 14.300 million tonne capacity, making it the country's second largest steel producer after SAIL in terms of production capacity. Analysts, however, say a single quarter performance may be too short a period to judge whether JSW Steel can sustain its position at the top as the largest steel maker in the domestic market. Tata Steel is close to commissioning its 3 million tonne green field unit in Orissa while SAIL is raising its capacity to 23 million tonnes.
Also, JSW has a lot of ground to cover on
profitability. At the operating level, Tata Steel India was the highest at
Rs.80110.000 Million in the year ended March (down 35 per cent yoy), followed
by JSW Steel, which witnessed a marginal fall of 0.25 per cent on a
year-on-year basis to Rs.59670.000 Million. SAIL though showed a 19 per cent
increase on year-on-year basis at the operating level to Rs.28580.000 Million
in FY15.
In terms of net profits, JSW Steel is much
lower than its peers. It recorded a net profit of Rs.17960.000 Million crore in
FY15 (up 75 per cent from preceding year). SAIL saw its profits at Rs.21170.000
Million down 24 percent from same period last year on high finance cost. Tata
Steel India led this list reporting a net profit at Rs.64390.000 Million.
INDIA'S JSW STEEL
AVOIDS LOSS IN Q2
MUMBAI
Oct 21 India's JSW Steel Ltd reported an 84 percent fall
in net profit for the July-September quarter as the steel sector continues to
struggle with weak demand and high debts, but was able to avoid an expected
loss after lowering expenses.
JSW Steel, which counts itself among the lowest cost steel
producers in the world, reported a consolidated net profit of 1.17 billion
rupees ($17.96 million) for the second quarter ended Sept. 30 versus 7.49
billion rupees a year ago.
Analysts had expected a loss of 1.65 billion rupees,
according to data compiled by Thomson Reuters.
Net sales fell 21.5 percent to 107.43 billion rupees. ($1
= 65.1475 Indian rupees) (Reporting by Karen Rebelo in Mumbai; Editing by
Subhranshu Sahu)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.64.96 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--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
unfavorable 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.