MIRA INFORM REPORT
|
Report No. : |
342285 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
JSW JAIGARH PORT LIMITED |
|
|
|
|
Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra |
|
Tel. No. : |
91-22-42861000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.01.2007 |
|
|
|
|
Com. Reg. No.: |
11-166784 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4005.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45205MH2007PLC166784 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ12503B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ7959F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service provider of Shipping and Port Agent. |
|
|
|
|
No. of Employees
: |
Information decline by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a JSW Group Company It is an established company incorporated in the year 2007 having good
track. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. Further, the rating also takes into consideration rich experience of
its promoters and strong operating efficiency of the company. The rating also continue to derive strength from the prominent
parentage (viz. JSW Group) and its experienced management. Trade relations are reported as fair. Business is active. Payment
terms are reported as regular and as per commitment. In view of sound financial base and strong parentage support, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities :A+ |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
15.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
15.04.2015 |
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 co-operative
Contact no.: 91-22-42861000
LOCATIONS
|
Registered Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
|
Tel. No. : |
91-22-42861000 |
|
Fax No. : |
91-22-42863000 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Port : |
Taluka Ratnagiri – 415614, Maharashtra, India |
|
Tel. No. : |
91-2357-242551 / 242552 / 242556 |
DIRECTORS
AS ON: 26.08.2014
|
Name : |
Mr. Bhartula Venkat Jogi Kameshwar Sharma |
|
Designation : |
Managing Director |
|
Address : |
1406, 14th Floor, Mount Alps, A Wing, Bhakti Park, Near Imax Theater, Mumbai
- 400037, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1963 |
|
Qualification : |
Shipping Management, Master Foreign Going |
|
Date of Appointment : |
21.11.2012 |
|
DIN No.: |
00017758 |
|
|
|
|
Name : |
Mr. Kantilal Narandas Patel |
|
Designation : |
Director |
|
Address : |
12, Yesho Mangal, 64B, Lallubhai Shamal Das Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1951 |
|
Qualification : |
CA |
|
Date of Appointment : |
26.06.2007 |
|
DIN No.: |
00019414 |
|
|
|
|
Name : |
Mr. Kalyan Coomar Krishna Chandra Jena |
|
Designation : |
Director |
|
Address : |
RB Bunglow No.1, Hospital Road, Moti Bagh 1, New Delhi – 110021, India |
|
Date of Birth/Age : |
04.01.1949 |
|
Qualification : |
BE |
|
Date of Appointment : |
21.11.2012 |
|
DIN No. : |
02989575 |
|
Name : |
Nirmal Kumar Jain |
|
Designation : |
Additional Director |
|
Address : |
302, Suman, Playground Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00019442 |
|
|
|
|
Name : |
Arun Laxman Bongirwar |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 2, Jackson House, Mbpt Colony, Sasoon Dock, Dumyne Road, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00046738 |
|
|
|
|
Name : |
Ameeta Chatterjee |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 10, 10th Floor, Sanghi Residency, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No. : |
03010772 |
KEY EXECUTIVES
|
Name : |
Dinesh Kumar Jaithliya |
|
Designation : |
Chief Financial Officer |
|
Address : |
103, Pushkar 3, P T College Road, Near Shanti Van Bus Stand, Paldi, Ahmadabad - 380007, Gujarat, India |
|
PAN No.: |
AGDPJ3751E |
|
Date of Appointment : |
30.03.2015 |
|
|
|
|
Name : |
Shweta Pushkaraj Kole |
|
Designation : |
Secretary |
|
Address : |
C 7 and 8 Brijdham Co-Operative Housing Society Limited, Bangur Nagar, Goregaon (West), Mumbai - 400090, Maharashtra, India |
|
PAN No.: |
ARZPK9251D |
|
Date of Appointment : |
10.11.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 26.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
JSW Infrastructure Limited, India |
|
400499400 |
|
Nirmal Kumar Jain |
|
100 |
|
Bhartula Venkat Jogi Kameshwar Sharma |
|
100 |
|
Balwant Ranka Kumar |
|
100 |
|
Kantilal N. Patel |
|
100 |
|
Narinder Singh Kahlon |
|
100 |
|
JSW Investments Private Limited, India |
|
100 |
|
Total |
|
400500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 26.08.2014
|
Category |
Percentage |
|
Bodies corporate |
100.000 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Shipping and Port Agent. |
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Product /
Services: |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Axis Bank Limited, Credit Management Center at
Unit No 6, Corporate ·
Yes Bank Limited, Nehru Centre, 9th Floor,
Discovery Of India, Dr A B · Bank of India · Dena Bank ·
Vijay Bank Limited |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No. : |
91-22-40851000 |
|
Fax No. : |
91-22-4085-1015 |
|
E-Mail : |
|
|
Website: |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAASS7702S |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
JSW Infrastructure Limited, India CIN No.: U45200MH2006PLC161268 |
|
|
|
|
Subsidiary company:
|
JSW Terminal (Mormugao) Private Limited U74900GA2014PTC007400 |
|
|
|
|
Associate: |
|
CAPITAL STRUCTURE
AS ON 26.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 4005.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
4005.000 |
3700.000 |
3700.000 |
|
(b) Reserves & Surplus |
1624.370 |
982.750 |
358.830 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
10.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
5629.370 |
4692.750 |
4058.830 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
425.960 |
1293.560 |
1367.830 |
|
(b) Deferred tax liabilities (Net) |
417.010 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.740 |
414.830 |
234.120 |
|
(d) long-term
provisions |
0.000 |
3.380 |
2.470 |
|
Total Non-current
Liabilities (3) |
846.710 |
1711.770 |
1604.420 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
760.420 |
422.560 |
800.000 |
|
(b) Trade
payables |
108.390 |
73.070 |
34.260 |
|
(c) Other
current liabilities |
500.780 |
167.460 |
137.180 |
|
(d) Short-term
provisions |
11.820 |
5.510 |
7.040 |
|
Total Current
Liabilities (4) |
1381.410 |
668.600 |
978.480 |
|
|
|
|
|
|
TOTAL |
7857.490 |
7073.120 |
6641.730 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6258.470 |
5918.420 |
5872.870 |
|
(ii) Intangible
Assets |
8.410 |
7.340 |
8.670 |
|
(iii)
Capital work-in-progress |
882.720 |
732.050 |
280.350 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
187.370 |
55.500 |
20.880 |
|
(e) Other
Non-current assets |
0.000 |
49.710 |
39.760 |
|
Total Non-Current
Assets |
7337.070 |
6763.020 |
6222.530 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
79.010 |
52.840 |
47.130 |
|
(c) Trade
receivables |
170.050 |
124.890 |
171.980 |
|
(d) Cash
and cash equivalents |
73.450 |
16.100 |
131.830 |
|
(e) Short-term
loans and advances |
145.930 |
116.270 |
68.260 |
|
(f) Other
current assets |
51.980 |
0.000 |
0.000 |
|
Total
Current Assets |
520.420 |
310.100 |
419.200 |
|
|
|
|
|
|
TOTAL |
7857.490 |
7073.120 |
6641.730 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
2295.290 |
2487.630 |
1689.840 |
|
|
|
Other Income |
57.220 |
50.850 |
43.590 |
|
|
|
TOTAL (A) |
2352.510 |
2538.480 |
1733.430 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
83.430 |
72.290 |
57.900 |
|
|
|
Other expenses |
981.120 |
1042.820 |
640.480 |
|
|
|
TOTAL (B) |
1064.550 |
1115.110 |
698.380 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1287.960 |
1423.370 |
1035.050 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
191.340 |
216.280 |
264.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1096.620 |
1207.090 |
770.600 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
453.050 |
427.110 |
374.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
643.570 |
779.980 |
396.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.950 |
156.060 |
80.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
641.620 |
623.920 |
315.830 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
982.750 |
358.830 |
43.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1624.370 |
982.750 |
358.830 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.72 |
1.69 |
1.92 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long-term debt |
87.210 |
72.670 |
58.140 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1864.240 |
895.280 |
1970.070 |
|
Net cash flows from (used in) operating activities |
1768.240 |
796.680 |
1920.070 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
27.95 |
25.08 |
18.69 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
56.11 |
57.22 |
61.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.23 |
12.30 |
6.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.17 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.23 |
0.38 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.38 |
0.46 |
0.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
3700.000 |
3700.000 |
4005.000 |
|
Reserves & Surplus |
358.830 |
982.750 |
1624.370 |
|
Share Application money
pending allotment |
0.000 |
10.000 |
0.000 |
|
Net worth |
4058.830 |
4692.750 |
5629.370 |
|
|
|
|
|
|
long-term borrowings |
1367.830 |
1293.560 |
425.960 |
|
Short term borrowings |
800.000 |
422.560 |
760.420 |
|
Current maturities of
long term debt |
58.140 |
72.670 |
87.210 |
|
Total borrowings |
2225.970 |
1788.790 |
1273.590 |
|
Debt/Equity ratio |
0.548 |
0.381 |
0.226 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1689.840 |
2487.630 |
2295.290 |
|
|
|
47.211 |
(7.732) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1689.840 |
2487.630 |
2295.290 |
|
Profit |
315.830 |
623.920 |
641.620 |
|
|
18.69% |
25.08% |
27.95% |
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 |
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 |
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 |
NOTE: The registered office of the company has been shifted from Jindal Mansion, 5A, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India to the present address w.e.f. 31.07.2013.
FINANCIAL RESULTS
Economic slowdown had a negative effect on the business at Jaigarh Port. During the year, the Company has successfully handled 107 vessels and 5.90 MMT throughput as against 136 vessels and 7.58 million metric ton (MMT) in fiscal 2013. Cargo handled of JSW Energy Limited during fiscal 2014 was 3.62 MMT as against 4.39 MMT in last fiscal.
· Revenue from operations decreased by 8% to Rs. 2295.000 million
· EBIDTA decreased by 10% to Rs. 1288.000 million
· Profit before Tax decreased by 17% to Rs. 644.000 million
· Cash Profit decreased by 4% to Rs. 1095.000 million
· Net Profit decreased by 3% to Rs. 642.000 million
· EBIDTA margin was 54.7% for the year ended March 31, 2014
FINANCE
The Company had outstanding long term debt of Rs. 1366.000
million at the beginning of the year from a consortium of lenders led by Punjab
National Bank. Term Loans outstanding as on March 31, 2014 was Rs. 513.000
million.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
580.000 |
260.000 |
|
|
|
|
|
Total |
580.000 |
260.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10538769 |
02/12/2014 |
3,250,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE 9TH FLOOR DISCOVERY OF INDIA, DR A B ROAD WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
C38153938 |
|
2 |
10425869 |
17/04/2013 |
300,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCE MAKERS TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B75184622 |
|
3 |
10176793 |
12/08/2009 |
350,000,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT
CENTER AT UNIT NO 6, CORPOARTE |
A69580207 |
|
4 |
10111693 |
20/06/2015 * |
650,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH MAKER TOWER E, CUFFE PARAD, MUMBAI, MAHARASHTRA - 400005, INDIA |
C57319329 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings, Berths and Bunds
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Software
WEBSITE DETAILS
PRESS RELEASE
JSW JAIGARH PORT SIGNS
CONCESSION AGREEMENT WITH KONKAN RAILWAY CORPORATION
Jun 28, 2015
Mumbai, Maharashtra,
India
JSW Jaigarh Port Limited (JSWJPL), an arm of JSW Infrastructure Limited today announced the signing of a concession agreement with Konkan Railway Corporation Limited (KRCL) in presence of Shri Devendra Fadnavis, Hon’ble CM of Maharashtra and Shri Suresh Prabhu, Minister of Railways, for developing a 33.7 km of new railway corridor, connecting port to the new Digni station on Konkan Rail network. JSWJPL emerged as a successful bidder following a competitive bidding process to develop this project under Public Private Partnership model for development, operation and maintenance of rail system.
The Joint Venture is formalized as Jaigarh Digni Rail Limited (JDRL), with JSWJPL, KRCL and Maharashtra Maritime Board (MMB) are the shareholders. The estimated cost of the project is Rs. 771 Crores, which is funded through combination of equity and debt and the Concession Agreement between JDRL with Ministry of Railways (MoR) through KRCL will be valid for a period of 30 years.
The alignment for this new rail line passes through difficult terrain of Sahyadri mountains which would necessitate construction of about 18 km long tunnels. The estimated time of completion is 30 months and the rail corridor is expected to handle around 12 mtpa cargo.
The project will play a critical role which has been conceptualised by KRCL as a Special Purpose Vehicle (SPV) as per Participative Policy promulgated by Ministry of Railways in association with Konkan Railway, Maharashtra Maritime Board and M/s JSWJPL to transport bulk commodities from Jaigarh port to Konkan Railway and further onward movement to hinterland.
JSW Jaigarh Port is a modern, mechanized, all weather deep water port having a capacity of 15 million ton per annum with two berths and is expanding rapidly to achieve capacity of 65 mtpa by 2020. After having successfully handled cape size vessel (1,80,000 DWT), it is aiming for direct berthing of next generation vessels, i.e. Vale Max- the dry bulk carrier, Q- Max (the LNG carrier), Triple-E (the largest container carrier) and Very Large Crude Carriers.
Commenting on the development, Sajjan Jindal, CMD, JSW Group, said “The project will usher a new era of development for the region and provide impetus to the economic activities with the new link. The Jaigarh Port will get major boost with the signing of concession agreement for Jaigarh Digni new rail line. We are sure this will bring a socio economic change in the region by creating more job avenues. We are committed towards the make in India story and will work closely with the government to propel the economic growth”.
About JSW
Infrastructure Limited
JSW Infrastructure Limited (JSWIL) has been bearing responsibility of logistics function for JSW Group as well as third parties for over a decade now. With installed capacity of over 33 mtpa, JSWIL handled about 24 mtpa cargo in last fiscal across its port facilities in Dharamtar Port near Mumbai, South West Port terminals at Goa and Jaigarh Port at Ratnagiri, Maharashtra. JSWIL has vision to achieve capacity of 200 mtpa by 2020 through adoption of latest technologies, efficient operations and enduring value to its customers, community and environment. JSWIL has given direct and indirect employment opportunities to about 1500 people in addition to business avenues to local entrepreneurs at its port locations.
About JSW Jaigarh
Port Limited
The JSW Jaigarh Port Limited is as a common-user multipurpose all-weather port. JSWJPL signed a concession agreement with the Maharashtra Maritime Board on June 24, 2008 for the design, finance, construction, operations and maintenance of a multipurpose common user port at Damankhol Bay, Jaigarh Dist. Ratnagiri for a period of 50 years. The port is located in the Ratnagiri District at Latitude 17° 17' Nand Longitude 73 ° 14' E along the southern bank of the Shastri River, approximately 110 NM south of Mumbai and 126 NM north of Goa. The port has installed capacity to handle about 15 million ton per annum (mtpa) cargo and last fiscal (FY15) it handled about 8.5 mtpa cargo.
About JSW Group
JSW Group is an USD 11 billion conglomerate, part of the O.P. Jindal Group, having substantial presence across core sectors of India’s economy like steel, energy, infrastructure and cement. JSW Steel Limited is the flagship company of JSW Group having installed steel production capacity of 14.3 million tonnes per annum (mtpa). JSW Energy Ltd has installed capacity of 3140 MW. JSW Cement Limited has installed capacity of 6 mtpa.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.62 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
63 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.