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|
MIRA INFORM REPORT
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Report No. : |
505610 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
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Name : |
JSW ENERGY 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 : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
10.03.1994 |
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Com. Reg. No.: |
11-077041 |
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Capital
Investment / Paid-up Capital : |
INR 16279.500 Million |
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CIN No.: [Company Identification
No.] |
L74999MH1994PLC077041 |
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IEC No.: [Import-Export Code No.] |
0395064635 |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACJ8109N |
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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
: |
Subject is primarily engaged in the business of generation
of power, project management consultancy, operation and maintenance of power
plants. [Registered
Activity] |
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|
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No. of Employees
: |
661 (Approximately) |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1984 and it is a part of “JSW Group” lead by Mr. Sajjan Jindal. JSW Group has presence in various sectors such as steel, power, cement, infrastructure etc. The company is primarily engaged in the business of generation of power, project management consultancy, operation and maintenance of power plants. As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported fair profit margin. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with strong debt coverage indicators and good liquidity position. Rating also takes into account the promoter group and management having considerable experience in setting up and operating thermal power plants, presence of long term PPA thereby providing revenue visibility to the extent of power off-take agreements as well as steady operating assets. Share are quoted high on stock exchanges. (Share are traded at a price of INR 84.20 against its face value of INR 10.) However, ratings strength is partially offset by exposure to merchant tariffs along with volatile imported coal prices and foreign exchange fluctuations. As per unaudited financials of December 2017, the company has achieved a revenue of INR 11,346.2 million and has reported fairs profit margin of 4.54%. Payments seems to be slow but correct. In view of aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating: AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
08.09.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
|
Date |
08.09.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 24.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-4286100/67838000)
LOCATIONS
|
Registered Office/ Corporate 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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Corporate/ Branch Office : |
The Enclave, Behind Marathe Udyog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Tel. No.: |
91-22-67838000/ 23513000 |
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Fax No.: |
91-22-24320740 |
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Location : |
Owned |
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|
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Vijayanagar Plant : |
Post Box No. 9, Toranagallu, District |
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Tel. No.: |
91-8395-252124 |
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Fax No.: |
91-8395-250757 |
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Location : |
Owned |
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Ratnagiri Plant : |
Village Nandiwade, Post Jaigad, Taluka and District Ratnagiri – 415614, Maharashtra, India |
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Tel. No.: |
91-2357-242501 |
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Fax No.: |
91-2357-242508 |
|
Location : |
Owned |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Sajjan Jindal |
|
Designation : |
Managing Director |
|
Address : |
Jindal House, 32, Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
56 Years |
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Qualification : |
B.E. (Mechanical) |
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Experience : |
34 Years |
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Date of Appointment : |
20.10.2003 |
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DIN No.: |
00017762 |
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|
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Name : |
Mr. Nirmal Kumar Jain |
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Designation : |
Director |
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Address : |
302, Suman, Playground Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Appointment : |
21.01.2010 |
|
DIN No.: |
00019442 |
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|
|
|
Name : |
Mr. Chandan Bhattacharya |
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Designation : |
Director |
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Address : |
Flat No. 72, Sunflower Apartment, Ravi Kiran CHS, GD Somani Marg, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
06.03.2007 |
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DIN No.: |
01341570 |
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Name : |
Ms. Shailaja Chandra |
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Designation : |
Director |
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Address : |
F-6/3, Vasant Vihar, New Delhi - 110057, India |
|
Date of Appointment : |
18.06.2014 |
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DIN No.: |
03320688 |
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|
|
|
Name : |
Ms. Sheila Sangwan |
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Designation : |
Director |
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Address : |
39 Meena Bagh, Maulana Azad Road, New Delhi - 110011, India |
|
Date of Appointment : |
01.10.2014 |
|
DIN No.: |
01857875 |
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|
|
|
Name : |
Mr. Rakesh Nath |
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Designation : |
Director |
|
Address : |
D-II/93, Kaka Nagar, New Delhi - 110003, India |
|
Date of Appointment : |
23.07.2015 |
|
DIN No.: |
00045986 |
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|
|
|
Name : |
Prashant Jain |
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Designation : |
Wholetime Director |
|
Address : |
201 Saarthi CHS, 33 K. M. Munshi Marg, Chowpatty, Girgaum, Grant Road, Mumbai - 400007, Maharashtra, India |
|
Date of Appointment : |
16.06.2017 |
|
DIN No.: |
01281621 |
|
|
|
|
Name : |
Uday Madhav Chitale |
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Designation : |
Director |
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Address : |
167-C, Poonawadi DR Ambedkar Road, Dadar East, Mumbai – 400014, Maharashtra, India |
|
Date of Appointment : |
22/07.2016 |
|
DIN No.: |
|
|
|
|
|
Name : |
Jyoti Kumar Agarwal |
|
Designation : |
Additional Director |
|
Address : |
208/25, BPCL Staff Colony, Aziz Baug, Near Ashish Theatre, Chembur, Mumbai- 400074, Maharashtra, India |
|
Date of Appointment : |
11.08.2017 |
|
DIN No.: |
01911652 |
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|
|
|
Name : |
Shailaja Chandra |
|
Designation : |
Director |
|
Address : |
F-6/3 Vasant Vihar, New Delhi – 110057, India |
|
Date of Appointment : |
18.06.2014 |
|
DIN No.: |
03320688 |
KEY EXECUTIVES
|
Name : |
Monica Brij Kumar Chopra |
|
Designation : |
Company Secretary |
|
Address : |
Flat 5, 3rd Floor Ashish Building, S.V. Road, Santacruz
(West) Mumbai – 400054, Maharashtra, India |
|
Date of Appointment : |
23.01.2017 |
|
PAN No.: |
AACPC3087B |
|
|
|
|
Name : |
Jyoti Kumar Agarwal |
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Designation : |
Chief Finance Officer |
|
Address : |
208/25, BPCL Staff Colony, Aziz Baug, Near Ashish Theatre, Chembur, Mumbai- 400074, Maharashtra, India |
|
Date of Appointment : |
01.02.2017 |
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PAN No.: |
ADKPA8134G |
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SENIOR MANAGEMENT TEAM |
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|
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|
Name : |
Mr. Girish Deshpande |
|
Designation : |
Director - Technical |
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Name : |
Mr. Satish Jindal |
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Designation : |
Chief Executive Officer (JSW Power Trading) |
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Name : |
Mr. Vijay Sinha |
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Designation : |
Head - Human Resource |
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|
Name : |
Mr. Vijay Paranjape |
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Designation : |
Head of Plant - Ratnagiri and Vijayanagar |
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|
Name : |
Mr. Gyan Bhadra Kumar |
|
Designation : |
Head of Plant - Himachal |
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Name : |
Mr. Aditya Agarwal |
|
Designation : |
Head of Plant - Barmer |
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Name : |
Mr. Surya Prakash |
|
Designation : |
Head of Plant - Vijayanagar |
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|
Name : |
Mr. Yatish Chhabra |
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Designation : |
Head of Plant - Ratnagiri |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
1229900744 |
74.99 |
|
(B) Public |
410154051 |
25.01 |
|
Grand Total |
1640054795 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu undivided Family |
75307245 |
4.59 |
|
SAJJAN JINDAL |
100 |
0.00 |
|
SAROJ BHARTIA |
100000 |
0.01 |
|
PRITHVI RAJ JINDAL |
370 |
0.00 |
|
SANGITA JINDAL |
100 |
0.00 |
|
TARINI JINDAL HANDA |
25002225 |
1.52 |
|
URMILA BHUWALKA |
100000 |
0.01 |
|
NIRMALA GOYAL |
100000 |
0.01 |
|
TANVI SHETE |
25002225 |
1.52 |
|
PARTH JINDAL |
25002225 |
1.52 |
|
Any Other (specify) |
1154593129 |
70.40 |
|
AMBA RIVER COKE LIMITED |
5754640 |
0.35 |
|
JSW STEEL LIMITED |
23625000 |
1.44 |
|
NALWA SONS INVESTMENTS LIMITED |
370 |
0.00 |
|
JSW STEEL LIMITED |
67849090 |
4.14 |
|
JSW HOLDINGS LIMITED |
445 |
0.00 |
|
JSW CEMENT LIMITED |
1559610 |
0.10 |
|
JSL LIMITED |
145332820 |
8.86 |
|
JSW STEEL COATED PRODUCTS LTD |
4376770 |
0.27 |
|
SAJJAN JINDAL, SANGITA JINDAL, TANVI SHETE (TRUSTEES
FOR TANVI JINDAL FAMILY TRUST) |
100 |
0.00 |
|
SAJJAN JINDAL, SANGITA JINDAL, TARINI
JINDAL HANDA (TRUSTEES FOR TARINI JINDAL FAMILY TRUST) |
100 |
0.00 |
|
SAJJAN JINDAL, SANGITA JINDAL, PARTH JINDAL
(TRUSTEES FOR PARTH JINDAL FAMILY TRUST) |
100 |
0.00 |
|
DANTA ENTERPRISES PRIVATE LIMITED |
85599613 |
5.22 |
|
GLEBE TRADING PRIVATE LIMITED |
145332820 |
8.86 |
|
INDUSGLOBE MULTIVENTURES PRIVATE LIMITED |
256798944 |
15.66 |
|
VIRTUOUS TRADECORP PRIVATE LIMITED |
85599613 |
5.22 |
|
JSW INVESTMENTS PRIVATE LIMITED |
332762694 |
20.29 |
|
SAJJAN JINDAL, SANGITA JINDAL (TRUSTEES FOR
SAJJAN JINDAL FAMILY TRUST) |
100 |
0.00 |
|
SAJJAN JINDAL, SANGITA JINDAL (TRUSTEES FOR
SAJJAN JINDAL LINEAGE TRUST) |
100 |
0.00 |
|
SAJJAN JINDAL, SANGITA JINDAL (TRUSTEES FOR
SANGITA JINDAL FAMILY TRUST) |
100 |
0.00 |
|
SAHYOG HOLDINGS PRIVATE LIMITED |
100 |
0.00 |
|
Sub Total A1 |
1229900374 |
74.99 |
|
A2) Foreign |
|
0.00 |
|
Individuals (NonResident Individuals/ Foreign
Individuals) |
370 |
0.00 |
|
RATAN JINDAL |
370 |
0.00 |
|
Sub Total A2 |
370 |
0.00 |
|
A=A1+A2 |
1229900744 |
74.99 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
|
0.00 |
|
Mutual Funds/ |
49163687 |
3.00 |
|
RELIANCE CAPITAL TRUSTEE COMPANY LIMITED
A/C RELIANCE GROWTH FUND |
31893886 |
1.94 |
|
Foreign Portfolio Investors |
99119454 |
6.04 |
|
AQUARIUS INDIA OPPORTUNITIES FUND |
21974184 |
1.34 |
|
Financial Institutions/ Banks |
83923162 |
5.12 |
|
LIFE INSURANCE CORPORATION OF INDIA |
80475310 |
4.91 |
|
Sub Total B1 |
232206303 |
14.16 |
|
B2) Central Government/ State
Government(s)/ President of India |
|
0.00 |
|
B3) Non-Institutions |
|
0.00 |
|
Individual share capital upto INR 0.200
Million |
63893015 |
3.90 |
|
Individual share capital in excess of INR
0.200 Million |
44396132 |
2.71 |
|
NBFCs registered with RBI |
564485 |
0.03 |
|
Any Other (specify) |
69094116 |
4.21 |
|
Trusts |
57312 |
0.00 |
|
Non-Resident Indian (NRI) |
3638178 |
0.22 |
|
Clearing Members |
1504859 |
0.09 |
|
Non-Resident Indian (NRI) |
788827 |
0.05 |
|
Bodies Corporate |
41223940 |
2.51 |
|
IEPF |
8386 |
0.00 |
|
HUF |
6955957 |
0.42 |
|
Bodies Corporate |
14916657 |
0.91 |
|
Sub Total B3 |
177947748 |
10.85 |
|
B=B1+B2+B3 |
410154051 |
25.01 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is primarily engaged in the business of generation
of power, project management consultancy, operation and maintenance of power
plants. [Registered
Activity] |
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Products / services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
: |
661 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers, 40, A, Doshi Marg, (Street Hamam), Fort, Mumbai -
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22691414 / 1515 |
|
Fax No.: |
91-22-22650126 |
|
E-Mail : |
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Membership No.: |
38323 |
|
|
|
|
Memberships : |
Not Available |
|
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Collaborators : |
Not Available |
|
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|
Subsidiaries
(control exists): |
1 JSW Power Trading Company Limited 2 Raj WestPower Limited 3 Jaigad PowerTransco Limited 4 JSW Energy (Raigarh) Limited 5 JSW Green Energy Limited 6 JSW Energy (Kutehr) Limited 7 JSW Energy Natural Resources (BVI) Limited 8 Himachal Baspa Power Company Limited (effective from 8th September 2015) 9 JSW Energy Minerals Mauritius Limited 10 JSW Energy Natural Resources Mauritius Limited 11 JSW Energy Natural Resources South Africa (Pty) Limited 12 South African Coal Mining Holdings Limited 13 Royal Bafokeng Capital (Pty) Limited 14 Ilanga Coal Mines Proprietary Limited 15 Jigmining Operations No.1 Proprietary Limited 16 Jigmining Operations No.3 Proprietary Limited 17 Mainsail Trading 55 (Pty) Limited 18 SACM (Breyten) Proprietary Limited 19 SACM (Newcastle) Proprietary Limited 20 South African Coal Mining Equipment Company Proprietary Limited 21 Umlabu Colliery Proprietary Limited 22 Voorslag Coal Handling Proprietary Limited 23 Yomhlaba Coal Proprietary Limited 24 South African Coal Mining Operations Proprietary Limited 25 JSW Energy Natural Resources UK Limited 26 Minerals and Energy Swaziland Proprietary Limited (w.e.f. 4th September, 2016) |
|
|
|
|
Enterprises Over
Which Key Management Personnel and Relatives of Such Personnel Exercise
Significant Influence: |
1 JSW Steel Limited 2 Jsoft Solutions Limited 3 JSW Cement Limited 4 JSW Realty and Infrastructure Private Limited 5 JSW Jaigarh Port Limited 6 JSW Infrastructure Limited 7 Windsor Residency Private Limited 8 South West Port Limited 9 South West Mining Limited 10 JSW Green Private Limited 11 JSW Foundation 12 Jindal Vidya Mandir 13 Amba River Coke Limited 14 JSW International Trade Corp Pte Limited 15 JSW Steel Coated Products Limited 16 Jindal Saw Limited 17 JSW Global Business Solutions Limited 18 Jindal Steel and Power Limited 19 Art India Publishing Company Private Limited 20 JSW IP Holdings Private Limited 21 Heal Institute Private Limited 22 Gagan Trading Company Limited |
|
|
|
|
Joint Venture /
Associates: |
1 Barmer Lignite Mining Company Limited (Joint Venture) 2 MJSJ Coal Limited (Joint Venture) 3 Toshiba JSW Power System Private Limited (Associate) |
CAPITAL STRUCTURE
AFTER 13.07.2017
Authorised Capital : INR 50000.000 Million
Issued Subscribed & Paid-up Capital : INR 16400.548 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
INR 10/- each |
INR 50000.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1640054795 |
Equity Shares |
INR 10/- each |
INR 16400.500 Million |
|
(12101604) |
Less: Treasury Shares held ESOP Trust Equity shares |
INR 10/- each |
INR 121.000 Million |
|
|
|
|
|
|
|
Total |
|
NR 16279.500
Million |
Reconciliation of the number of shares
outstanding at the beginning and end of the year:
|
Equity Shares |
Number
of Shares |
|
|
|
|
Balance as at the beginning and end of the year |
1640054795 |
|
|
|
Reconciliation of the
number of Treasury Shares outstanding at the beginning and end of the year:
|
Equity Shares |
Number
of Shares |
|
Balance as at the beginning of the year |
13268673 |
|
Changes during the year |
(1167069) |
|
Balance as at the end of the year |
12101604 |
Terms & Rights attached to equity
shares:
i) The Company has only one class of equity shares having a par value of INR 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.
(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exist currently.
Details of
shareholding more than 5%:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
JSW Investments Private Limited |
332762694 |
20.29% |
|
Sahyog Holdings Private Limited |
235082000 |
14.33% |
|
JSL Limited |
145332820 |
8.86% |
|
Glebe Trading Private Limited |
145332820 |
8.86% |
|
JSW Steel Limited |
91474090 |
5.58% |
|
Danta Enterprises Private Limited |
85599613 |
5.22% |
|
Virtuous Tradecorp Private Limited |
85599613 |
5.22% |
Dividend Paid and Proposed:
(i) The Board of Directors, in its meeting on 27th April, 2016, proposed a final dividend of 2.00 per equity share and the same was approved by the shareholders at the Annual General Meeting held on 21st July, 2016, this resulted in a cash outflow of 3863.200 Million, including corporate dividend tax of 608.900 Million.
(ii) The Board of Directors, in its meeting on 29th April, 2017, have proposed a final dividend of 0.50 per equity share for the year ended 31st March, 2017. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting and if approved would result in a cash outflow of 866.000 Million, including dividend on treasury shares and corporate dividend tax of 46.000 Million.
# Note for shares held by ESOP Trust: for details of shares reserved for issue under the stock option plan (ESOP) of the Company,
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
16279.500 |
16267.900 |
16400.500 |
|
(b) Reserves &
Surplus |
67656.100 |
69653.400 |
59537.400 |
|
(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) |
83935.600 |
85921.300 |
75937.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
29224.300 |
28099.200 |
35678.500 |
|
(b) Deferred tax
liabilities (Net) |
5010.400 |
3606.200 |
2549.200 |
|
(c) Other long term
liabilities |
23.600 |
123.300 |
29.800 |
|
(d) long-term provisions |
138.700 |
114.300 |
100.100 |
|
Total Non-current
Liabilities (3) |
34397.000 |
31943.000 |
38357.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
15000.000 |
0.000 |
|
(b) Trade payables |
19112.000 |
22209.200 |
14492.500 |
|
(c) Other current
liabilities |
16691.800 |
14601.900 |
7403.200 |
|
(d) Short-term provisions |
43.400 |
66.300 |
3984.900 |
|
Total Current Liabilities
(4) |
35847.200 |
51877.400 |
25880.600 |
|
|
|
|
|
|
TOTAL |
154179.800 |
169741.700 |
140176.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
51862.600 |
54096.000 |
68063.400 |
|
(ii) Intangible Assets |
36.000 |
51.900 |
78.000 |
|
(iii) Capital
work-in-progress |
4748.500 |
2820.600 |
2560.400 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
52120.500 |
66447.300 |
22983.600 |
|
(c) Deferred tax assets
(net) |
2220.600 |
1624.700 |
0.000 |
|
(d) Long-term Loan and Advances |
13830.300 |
10715.100 |
18418.400 |
|
(e) Other Non-current
assets |
11177.300 |
12208.700 |
0.000 |
|
Total Non-Current Assets |
135995.800 |
147964.300 |
112103.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1541.100 |
240.200 |
13739.600 |
|
(b) Inventories |
5102.900 |
5385.800 |
4792.400 |
|
(c) Trade receivables |
8400.100 |
11786.500 |
5047.700 |
|
(d) Cash and cash
equivalents |
748.600 |
2216.600 |
2681.500 |
|
(e) Short-term loans and
advances |
821.000 |
0.000 |
1310.700 |
|
(f) Other current assets |
1570.300 |
2148.300 |
500.400 |
|
Total Current Assets |
18184.000 |
21777.400 |
28072.300 |
|
|
|
|
|
|
TOTAL |
154179.800 |
169741.700 |
140176.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
40409.700 |
58626.300 |
63319.500 |
|
|
Other Income |
3285.500 |
3980.800 |
2937.000 |
|
|
TOTAL |
43695.200 |
62607.100 |
66256.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Fuel cost |
27212.000 |
33119.200 |
36928.700 |
|
|
Purchase of power |
336.700 |
0.000 |
0.000 |
|
|
(Increase) / Decrease in banked
energy |
0.000 |
0.000 |
1919.800 |
|
|
Employees benefits
expense |
1201.000 |
1162.300 |
988.400 |
|
|
Other expenses |
2607.300 |
2718.800 |
2455.800 |
|
|
Exceptional
Items |
0.000 |
0.000 |
342.300 |
|
|
TOTAL |
31357.000 |
37000.300 |
42635.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
12338.200 |
25606.800 |
23621.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
5330.400 |
6440.800 |
5856.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
7007.800 |
19166.000 |
17765.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3639.000 |
3535.200 |
4208.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3368.800 |
15630.800 |
13556.800 |
|
|
|
|
|
|
|
Less |
TAX |
1421.300 |
3810.100 |
3611.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1947.500 |
11820.700 |
9945.500 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
NA |
NA |
22171.100 |
|
|
|
|
|
|
|
Add |
EXCESS PROVISION FOR DIVIDEND DISTRIBUTION TAX
REVERSED |
NA |
NA |
17.300 |
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Debenture
Redemption Reserve |
NA |
NA |
4743.400 |
|
|
General Reserve |
NA |
NA |
0.000 |
|
|
Proposed Dividend |
NA |
NA |
3280.100 |
|
|
Dividend Distribution Tax |
NA |
NA |
667.800 |
|
|
Balance Carried to the
B/S |
NA |
NA |
23442.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Coal |
NA |
26077.300 |
29591.800 |
|
|
Stores
& Spares |
NA |
42.800 |
31.700 |
|
|
Plant
& Equipment |
NA |
335.300 |
14.900 |
|
|
Furniture
& Fixtures |
NA |
0.800 |
4.400 |
|
|
Software |
NA |
0.000 |
8.600 |
|
|
TOTAL IMPORTS |
NA |
26456.200 |
29651.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.20 |
7.27 |
6.06 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
5416.400 |
7147.400 |
6641.100 |
|
Cash generated from operations |
10733.000 |
24385.300 |
29391.700 |
|
Net cash flows from operating activities |
10119.600 |
22610.500 |
26217.400 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
11221.100 |
9387.900 |
11346.200 |
|
Total Expenditure |
9338.800 |
7360.400 |
9529.100 |
|
PBIDT (Excluding Other Income) |
1882.300 |
2027.500 |
1817.100 |
|
Other income |
1136.300 |
1464.300 |
979.600 |
|
Operating Profit |
3018.600 |
3491.800 |
2796.700 |
|
Interest |
1171.300 |
1279.000 |
1078.500 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1847.300 |
2212.800 |
1718.200 |
|
Depreciation |
925.500 |
933.600 |
891.000 |
|
Profit Before Tax |
921.800 |
1279.200 |
827.200 |
|
Tax |
406.100 |
563.200 |
311.700 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
515.700 |
716.000 |
515.500 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
515.700 |
716.000 |
515.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
75.87 |
73.38 |
29.10 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.81 |
4.97 |
12.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
253.22 |
244.76 |
143.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.42 |
4.75 |
4.93 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.22 |
0.45 |
0.33 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.46 |
0.51 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.41 |
0.58 |
0.56 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.43 |
0.60 |
0.34 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.67 |
0.66 |
0.93 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.31 |
3.98 |
4.03 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.82 |
20.16 |
15.71 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.26 |
6.96 |
7.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.32 |
13.76 |
13.10 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.51 |
0.42 |
1.08 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.36 |
0.32 |
0.90 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.51 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.13 |
3.09 |
2.58 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.51 |
0.42 |
1.08 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 84.20/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
16400.500 |
16267.900 |
16279.500 |
|
Reserves & Surplus |
59537.400 |
69653.400 |
67656.100 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
75937.900 |
85921.300 |
83935.600 |
|
|
|
|
|
|
Long-Term Borrowings |
35678.500 |
28099.200 |
29224.300 |
|
Short Term Borrowings |
0.000 |
15000.000 |
0.000 |
|
Current Maturities of Long term debt |
6641.100 |
7147.400 |
5416.400 |
|
Total
borrowings |
42319.600 |
50246.600 |
34640.700 |
|
Debt/Equity
ratio |
0.557 |
0.585 |
0.413 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
63319.500 |
58626.300 |
40409.700 |
|
|
|
(7.412) |
(31.072) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
63319.500 |
58626.300 |
40409.700 |
|
Profit |
9945.500 |
11820.700 |
1947.500 |
|
|
15.71% |
20.16% |
4.82% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16279.500 |
16267.900 |
|
(b) Reserves &
Surplus |
|
87405.100 |
80773.400 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Non-controlling interests |
|
23.700 |
14.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
103708.300 |
97055.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
131259.200 |
119475.100 |
|
(b) Deferred tax
liabilities (Net) |
|
5800.800 |
4340.600 |
|
(c) Other long term
liabilities |
|
23.100 |
21.700 |
|
(d) long-term provisions |
|
471.100 |
393.800 |
|
Total Non-current
Liabilities (3) |
|
137554.200 |
124231.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
86.700 |
15893.300 |
|
(b) Trade payables |
|
21187.200 |
25313.700 |
|
(c) Other current
liabilities |
|
23261.300 |
22776.200 |
|
(d) Short-term provisions |
|
91.100 |
119.100 |
|
Total Current Liabilities
(4) |
|
44626.300 |
64102.300 |
|
|
|
|
|
|
TOTAL |
|
285888.800 |
285388.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
178765.000 |
186533.300 |
|
(ii) Intangible Assets |
|
9692.300 |
9986.700 |
|
(iii) Capital
work-in-progress |
|
5269.000 |
3206.100 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
Goodwill on consolidation |
|
6448.600 |
6458.300 |
|
(b) Non-current
Investments |
|
13599.200 |
9368.800 |
|
(c) Deferred tax assets
(net) |
|
2575.200 |
1320.600 |
|
(d) Long-term Loan and Advances |
|
11374.900 |
8131.000 |
|
(e) Other Non-current assets |
|
17372.600 |
17437.000 |
|
Total Non-Current Assets |
|
245096.800 |
242441.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
2189.000 |
753.900 |
|
(b) Inventories |
|
5967.400 |
6358.300 |
|
(c) Trade receivables |
|
21827.500 |
29063.400 |
|
(d) Cash and cash
equivalents |
|
7843.000 |
3574.300 |
|
(e) Short-term loans and
advances |
|
806.200 |
0.000 |
|
(f) Other current assets |
|
2158.900 |
3197.100 |
|
Total Current Assets |
|
40792.000 |
42947.000 |
|
|
|
|
|
|
TOTAL |
|
285888.800 |
285388.800 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
82634.300 |
98244.900 |
|
|
Other Income |
|
2170.000 |
2351.100 |
|
|
TOTAL |
|
84804.300 |
100596.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Fuel cost |
|
39072.200 |
43773.500 |
|
|
Purchase of power |
|
1531.000 |
5431.500 |
|
|
(Increase) / Decrease in banked
energy |
|
0.000 |
0.000 |
|
|
Employees benefits
expense |
|
2117.700 |
1838.100 |
|
|
Other expenses |
|
6669.800 |
6940.600 |
|
|
Share of profit / (loss)
of an associate / joint venture |
|
(40.600) |
423.400 |
|
|
Exceptional items |
|
0.000 |
(1500.000) |
|
|
TOTAL |
|
49350.100 |
56907.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
35454.200 |
43688.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
16847.500 |
14981.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
18606.700 |
28707.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
9691.500 |
8542.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
8915.200 |
20165.300 |
|
|
|
|
|
|
|
Less |
TAX |
|
2690.100 |
5562.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
6225.100 |
14602.700 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Owners of the parent |
|
6290.300 |
14473.600 |
|
|
Non controlling interests |
|
(65.200) |
129.100 |
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
|
Items that will not be
reclassified to profit or loss |
|
|
|
|
|
Remeasurements of the net
defined benefit liabilities / (assets) |
|
(12.900) |
(13.200) |
|
|
Equity instruments
through other comprehensive income |
|
4193.500 |
2638.300 |
|
|
Income tax relating to items that will not be |
|
2.700 |
0.000 |
|
|
Items that will be reclassified to profit or loss (a) Exchange
differences in translating the |
|
137.600 |
15.200 |
|
|
|
|
4320.900 |
2640.300 |
|
|
Attributable to: |
|
|
|
|
|
Owners of the parent |
|
4320.900 |
2640.300 |
|
|
Non controlling interests |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Total comprehensive
income for the year |
|
10546.000 |
17243.000 |
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
Owners of the parent |
|
10611.200 |
17113.900 |
|
|
Non controlling interests |
|
(65.200) |
129.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
3.86 |
8.90 |
LEGAL
CASES
HIGH COURT
|
RAYTHEON COMPANY USA VS JSW ENERGY LIMITED |
|
high court-Mumbai |
|
Case no:CA/1543/2008 |
|
Case status:Pending |
|
Judge:INSOLVENCY REGISTRAR |
|
Date:2009-02-26T00:00:00Z |
HIGH COURT
|
RAYTHEON COMPANY USA VS JSW ENERGY LIMITED. NOTICE OF |
|
high court-Mumbai |
|
Case no:54. CA/1543/2008 |
|
Case status:Pending |
|
Judge:TAXING OFFICER |
|
Date:2009-03-17T00:00:00Z |
HIGH COURT
|
MS NSL TIDONG POWER GENERATION PRIVATE LIMITED VERSUS STATE STATE JSW ENERGY LITD STATE MS GMR BAJOLI HOLI HYDROPOWER MS LANCO BUDHIL HYDRO POWER STATE MS TANGNU ROMAI POWER GENERATION STATE ROURA NON CONVENTIONAL ENERGY PVT STATE KUT ENERGY PRIVATE LIMITED STATE KURMI ENERGY PRIVATE LIMITED STATE KAPIL MOHAN&ASSOCIATES HYDRO POWE STATE KAPIL MOHAN ASSOCIATES HYDRO PO STATE STATE DHAMWARI POWER COM. PRIVATE LIMITED STATE STATE MS HARISONS HYDEL CONSTRUCTION MS BATOT HYDRO POWER LIMITED. STATE WINSOME TEXTILE INDUSTIRES LIMITED. STATE A.D.HYDRO POWER LIMITED STATE OF HP MS EVEREST POWER PRIVATE LTD. STATE OF HP |
|
HIGH COURT-HIMACHAL PRADESH |
|
CASE NO:CWP/10168/2012 [CIVIL] [LISTED 1 TIME(S)] REMARK : ACTUAL DATE MATTER , A/W C.M.P NO. 15149/2012 LPA/358/2012 LPA/359/2012 CWP/7679/2012 CMP/11217/2012 CWP/10169/2012 REMARK : A/W CMP NO. 15151/2012 CWP/10347/2012 CMP/15468/2012 CWP/10348/2012 CMP/15470/2012 CWP/10349/2012 CMP/15472/2012 CWP/10356/2012 CMP/15496/2012 CWP/10400/2012 CMP/15553/2012 CMP/15701/2012 CWP/10851/2012 CMP/16373/2012 CMP/1306/2013 LPA/78/2013 CMP/258/2013 CWP/3034/2013 CMP/4917/2013 CWP/3386/2013 CMP/5519/2013 CMP/5546/2013 CMP/13352/2013 CMP/14158/2014 CWP/1405/2014 CMP/2588/2014 CWP/1403/2016 CMP/4230/2016 CMP/4231/2016 |
|
CASE STATUS:PENDING |
|
JUDGE: |
|
DATE:2016-11-28 |
HIGH COURT
|
MS NSL TIDONG POWER GENERATION PRIVATE LIMITED VERSUS STATE STATE JSW ENERGY LIMITED STATE MS GMR BAJOLI HOLI HYDROPOWER MS LANCO BUDHIL HYDRO POWER STATE MS TANGNU ROMAI POWER GENERATION STATE ROURA NON CONVENTIONAL ENERGY PVT STATE KUT ENERGY PVT.LTD STATE KURMI ENERGY PRIVATE LIMITED STATE KAPIL MOHAN&ASSOCIATES HYDRO POWE STATE STATE STATE DHAMWARI POWER COM. PRIVATE LIMITED STATE STATE MS HARISONS HYDEL CONSTRUCTION MS BATOT HYDRO POWER LIMITED. STATE WINSOME TEXTILE INDUSTIRES LIMITED. STATE A.D.HYDRO POWER LTD STATE OF HP MS EVEREST POWER PRIVATE LIMITED. STATE OF HP |
|
HIGH COURT-HIMACHAL PRADESH |
|
CASE NO:CWP/10168/2012 [CIVIL] [LISTED 1 TIME(S)] REMARK : ACTUAL DATE MATTER , A/W C.M.P NO. 15149/2012 LPA/358/2012 LPA/359/2012 CWP/7679/2012 CMP/11217/2012 CWP/10169/2012 REMARK : A/W CMP NO. 15151/2012 CWP/10347/2012 CMP/15468/2012 CWP/10348/2012 CMP/15470/2012 CWP/10349/2012 CMP/15472/2012 CWP/10356/2012 CMP/15496/2012 CMP/15553/2012 CMP/15701/2012 CWP/10851/2012 CMP/16373/2012 CMP/1306/2013 LPA/78/2013 CMP/258/2013 CWP/3034/2013 CMP/4917/2013 CWP/3386/2013 CMP/5519/2013 CMP/5546/2013 CMP/13352/2013 CMP/14158/2014 CWP/1405/2014 CMP/2588/2014 CWP/1403/2016 CMP/4230/2016 CMP/4231/2016 |
|
CASE STATUS:PENDING |
|
JUDGE: |
|
DATE:2016-09-05 |
HIGH COURT
|
MS NSL TIDONG POWER GENERATION PRIVATE LIMITED VERSUS STATE STATE JSW ENERGY LITD STATE MS GMR BAJOLI HOLI HYDROPOWER MS LANCO BUDHIL HYDRO POWER STATE MS TANGNU ROMAI POWER GENERATION STATE ROURA NON CONVENTIONAL ENERGY PRIVATE LIMITED STATE KUT ENERGY PRIVATE LIMITED STATE KURMI ENERGY PRIVATE LIMITED STATE KAPIL MOHAN&ASSOCIATES HYDRO POWE STATE KAPIL MOHAN ASSOCIATES HYDRO PO STATE STATE DHAMWARI POWER COM. PRIVATE LIMITED STATE STATE MS HARISONS HYDEL CONSTRUCTION MS BATOT HYDRO POWER LTD. STATE WINSOME TEXTILE INDUSTIRES LIMITED. STATE A.D.HYDRO POWER LIMITED STATE OF HP MS EVEREST POWER PRIVATE LIMITED. STATE OF HP |
|
HIGH COURT-HIMACHAL PRADESH |
|
CASE NO:CWP/10168/2012 [CIVIL] [LISTED 1 TIME(S)] REMARK : ACTUAL DATE MATTER , A/W C.M.P NO. 15149/2012 LPA/358/2012 LPA/359/2012 CWP/7679/2012 CMP/11217/2012 CWP/10169/2012 REMARK : A/W CMP NO. 15151/2012 CWP/10347/2012 CMP/15468/2012 CWP/10348/2012 CMP/15470/2012 CWP/10349/2012 CMP/15472/2012 CWP/10356/2012 CMP/15496/2012 CWP/10400/2012 CMP/15553/2012 CMP/15701/2012 CWP/10851/2012 CMP/16373/2012 CMP/1306/2013 LPA/78/2013 CMP/258/2013 CWP/3034/2013 CMP/4917/2013 CWP/3386/2013 CMP/5519/2013 CMP/5546/2013 CMP/13352/2013 CMP/14158/2014 CWP/1405/2014 CMP/2588/2014 CWP/1403/2016 CMP/4230/2016 CMP/4231/2016 |
|
CASE STATUS:PENDING |
|
JUDGE: |
|
DATE:2017-05-08 |
HIGH COURT
|
MS NSL TIDONG POWER GENERATION PRIVATE LIMITED VERSUS STATE STATE JSW ENERGY LITD STATE MS GMR BAJOLI HOLI HYDROPOWER MS LANCO BUDHIL HYDRO POWER STATE MS TANGNU ROMAI POWER GENERATION STATE ROURA NON CONVENTIONAL ENERGY PVT STATE KUT ENERGY PRIVATE LIMITED STATE KURMI ENERGY PRIVATE LIMITED STATE KAPIL MOHAN&ASSOCIATES HYDRO POWE STATE KAPIL MOHAN ASSOCIATES HYDRO PO STATE STATE DHAMWARI POWER COM. PRIVATE LIMITED STATE STATE MS HARISONS HYDEL CONSTRUCTION MS BATOT HYDRO POWER LTD. STATE WINSOME TEXTILE INDUSTIRES LIMITED. STATE A.D.HYDRO POWER LTD STATE OF HP MS EVEREST POWER PRIVATE LIMITED. STATE OF HP COURT NO. 4 HONBLE MR. JUSTICE SURESHWAR THAKUR ORDER MATTERS |
|
HIGH COURT-HIMACHAL PRADESH |
|
CASE NO:CWP/10168/2012 [CIVIL] [LISTED 1 TIME(S)] REMARK : ACTUAL DATE MATTER , A/W C.M.P NO. 15149/2012 LPA/358/2012 LPA/359/2012 CWP/7679/2012 CMP/11217/2012 CWP/10169/2012 REMARK : A/W CMP NO. 15151/2012 CWP/10347/2012 CMP/15468/2012 CWP/10348/2012 CMP/15470/2012 CWP/10349/2012 CMP/15472/2012 CWP/10356/2012 CMP/15496/2012 CWP/10400/2012 CMP/15553/2012 CMP/15701/2012 CWP/10851/2012 CMP/16373/2012 CMP/1306/2013 LPA/78/2013 CMP/258/2013 CWP/3034/2013 CMP/4917/2013 CWP/3386/2013 CMP/5519/2013 CMP/5546/2013 CMP/13352/2013 CMP/14158/2014 CWP/1405/2014 CMP/2588/2014 CWP/1403/2016 CMP/4230/2016 CMP/4231/2016 |
|
CASE STATUS:PENDING |
|
JUDGE:HON'BLE MR. JUSTICE SURESHWAR THAKUR |
|
DATE:2017-06-02 |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL
INFORMATION:
a)
Subject is a public limited Company domiciled in India and is incorporated
under the provisions of the Companies Act applicable in India. Its shares are
listed on two recognised stock exchanges in India. The registered office of the
Company is located at JSW Centre Bandra Kurla Complex, Bandra East, Mumbai -
400 051.
b) The
Company is primarily engaged in the business of generation of power, project
management consultancy, operation and maintenance of power plants.
AWARDS
During
the year, the Company received the following awards:
1.
Srishti Good Green Governance Award in the utility sector awarded to
Vijayanagar plant (Rank 1st) for Environmental protection by Srishti
Publications Private Limited
2.
Golden Peacock Award for Environment Management 2016 to Vijayanagar plant by
Institute of Directors, New Delhi.
3.
RoSPA Health and Safety Awards 2016 (Silver Award) to Vijayanagar plant by The
Royal Society for the Prevention of Accidents, Birmingham.
4. Recognition
for Innovation to Vijayanagar plant (2 Nos. of awards) by Independent Power
Producers Association of India (IPPAI).
5.
Recognition for Innovation to Ratnagiri plant (3 Nos. of awards) by IPPAI.
6.
Economic Times - Best Infrastructure Brands.
7.
National award for Excellence in Water Management to Ratnagiri plant by
Confederation of Indian Industries (CII).
8. CSR
Impact Award to Vijayanagar plant at India CSR Summit 2016.
9.
11th State Level Energy Conservation Award 2016 to Ratnagiri plant by
Maharashtra Energy Development Agency (MEDA).
MANAGEMENT
DISCUSSION AND ANALYSIS
JSW
Energy Limited, part of the JSW Group, is an integrated power generation
company in India with operations across the States of Karnataka, Maharashtra,
Rajasthan and Himachal Pradesh. The Company has operational generation capacity
of 4,531 MW and is also involved in power transmission, mining, power trading
and equipment manufacturing. The company has mining assets in South Africa and
is exploring opportunities to set up power plants in the African region. JSW
Energy has one of the strongest balance sheets among power companies in India
and a long term vision to achieve 10,000 MW of generation capacity.
The
industry environment this year was characterized by weak power demand leading
to low offtake, declining tariffs and rising cost of imported coal. This
impacted the Company’s standalone business which sells largely in the merchant
market and is dependent on imported coal. However, on a consolidated level, the
subsidiaries viz. RWPL (lignite power project) and HBPCL (hydro power
projects), both of which have long term PPAs, as well as the transmission
project, supported the business, thereby insulating JSW Energy to a large
extent.
Going
forward, the Company is renewing its focus on cost optimization and as part of
this, planning to utilise domestic coal in its coal mix at the Vijayanagar and
Ratnagiri plants. In addition, the Company is streamlining all the other cost
elements like OandM and financing costs to achieve maximum cost efficiencies.
The
Company is also undertaking rigorous efforts to tie-up its open generation
capacity through various offtake arrangements, including PPAs with group
captives and DISCOMS. JSW Energy is also exploring new opportunities in new
business areas like renewable energy, transmission and distribution segments.
GLOBAL
ECONOMY
Global
GDP growth slowed further in 2016, largely driven by the advanced economies;
while the emerging and developing economies (EMDEs) remained relatively resilient.
However, economic activity rebounded in the second half of the year in the
advanced economies along with recovery in manufacturing. The United States saw
stronger growth in employment and improving consumer confidence. Growth in the
Euro area was stable with steady growth in manufacturing activities and global
exports. Unemployment rate in this region, although declining, remains at
higher than structural levels. Domestic demand remained steady in the United
Kingdom despite the Brexit vote. Japan also grew steadily with support from
exports as well as domestic investments. Growth in China was supported by
continued policy stimulus. However, countries such as Argentina, Brazil and
Turkey remained in recession. Activity in Russia improved slightly with firmer
oil prices.
World
Bank predicts the growth to improve in 2017 across the developed and EMDEs.
Global GDP growth is expected to accelerate to 2.7% in 2017 from 2.4% in 2016
(Source: World Bank); while advanced economies and EMDEs are expected to grow
at 1.9% and 4.1% in 2017 vis-à-vis 1.7% and 3.5% respectively in the previous
year. The developed economies are expected to see uptrend in economic
activities driven by improving investments, strengthening domestic demand and
exports. While the monetary policy in the USA is tightening slightly, it
remains accommodative in the Euro area and benign inflation rates remain a
strong support. The commodity exporting countries are also expected to regain
growth with firmer prices and steady demand. However, increasing trade
protectionism and geopolitical uncertainties can pose risks to growth.
INDIAN
ECONOMY
India
continued to remain a bright spot with growth remaining strong amidst global
headwinds and major
policy
reforms in the country. The economy grew at 7.1% in FY 2017, dragged down by
the effects of weak private investment and demonetisation. However, World Bank
predicts that growth will accelerate progressively in the coming years. In PPP
terms, India is the third largest economy in the world with a GDP of USD 9.49
trillion. FY 2017 was marked by bold policy moves on the part of the
government. Passage of the constitutional amendment to introduce GST will help
avoid cascading tax burden, ease of doing business and create a pan- India
market place. It will also improve formalisation of the shadow economy, improve
tax compliance as well as tax base and boost growth in the long run. The sudden
and unexpected measure of demonetisation seemingly affected growth in the later
part of the year. But it has the potential to boost tax compliance, improve
formal system liquidity and economic growth in the long run. Government’s
initiatives on direct benefit transfer will also reduce leakages in the system
and support efficient development of the targeted sectors.
The budget
laid considerable emphasis on infrastructure growth to accelerate economic and
social activities. This should spur investment by the public sector and in turn
should help growth spending by the private sector. The monsoon is expected to
be normal this year and should alleviate the problems of rain deficit in
certain parts of the country. With effects of demonetisation steadily waning,
the economy is expected to get a boost through growth in agriculture,
infrastructure and healthy consumer spending in the coming quarters. Inflation
continues to remain contained providing tailwind for economic growth.
OUTLOOK
India
is firmly on a growth path and government’s focus on infrastructure, housing,
manufacturing bodes well for the electricity demand in the country in the long
run. To reinvigorate the ailing DISCOMS, government has introduced UDAY scheme
and most of the states have already joined it. The DSCOMS should be able to
gradually improve their performance if they continue to pursue the prescribed
operational reforms. The new government in Uttar Pradesh (UP) has already
embarked upon a program to accelerate the availability of 24x7 power for all
citizens and it is expected that other states will follow the UP example. This
should lead to a robust growth in demand, which has otherwise been subdued in
the recent years.
Through
enhanced availability of domestic coal, government is trying to reduce reliance
on imported coal. The Government is also in the midst of introducing measures
(viz. the SHAKTI Scheme cleared by Cabinet in May 2017) to increase domestic
coal availability through coal linkages from Coal India on a long term basis.
The SHAKTI scheme, which replaces the previous LOA based allocation method,
aims to auction coal linkages to private sector power generators. This would
ensure regularity of supplies and reduction of cost of generation for the power
producers, and in turn, benefit the consumers. The government has also
introduced stricter norms for emission from power plants. Through accelerated
decommissioning of old, inefficient and polluting plants, the government can
partly address the overcapacity situation in the sector, which has been
exacerbated by low power demand in the recent years. Renewable energy,
especially solar power has seen frenzy of activities in the recent times with
auction based tariff bids reaching all-time lows. Although part of the
reduction can be attributed to a variety of factors, it also raises questions
on the long term viability of projects at such low tariffs. Government has set
ambitious targets for setting up renewable capacities in India and the health
of the projects will be a crucial factor to achieve the long term goal.
COMPANY
OVERVIEW
Subject
is an India-based integrated power company primarily engaged in generation and
sale of power. The Company either by itself or through its subsidiaries / joint
ventures / associates is engaged in power generation, power transmission,
mining, power trading and equipment manufacturing. JSW Energy operates 4,531 MW
(Thermal - 3,140 MW and Hydel - 1,391 MW) of power generation capacity with
long term vision to achieve 10,000 MW in power generation capacity. In less
than a decade of its operations the company has crossed several milestones
working on power solutions in the States of Karnataka, Maharashtra, Rajasthan
and Himachal Pradesh.
The
Company’s strategic approach aims at presence in multiple geographic locations,
having a diversified fuel source and prudent power off-take arrangements. With
a sole objective of electrifying emerging regions of the country, JSW Energy
has been committed to sustainable business practices and inclusive growth.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Term loan from a bank |
0.000 |
15000.000 |
|
Total |
0.000 |
15000.000 |
STATEMENT OF
UN-AUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017
(INR in million)
|
Particulars |
Quarter
Ended |
Nine months ended |
||||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||||
|
Unaudited |
Unaudited |
Unaudited |
||||
|
|
Income from
Operations |
|
|
|
||
|
|
Revenue from operations |
11346.200 |
9387.900 |
31955.200 |
||
|
|
Other Income |
979.600 |
1464.300 |
3580.200 |
||
|
|
Total Income from
Operations (Net) |
12325.800 |
10852.200 |
35535.400 |
||
|
|
Expenses |
|
|
|
||
|
|
|
Fuel cost |
8622.100 |
6570.700 |
23574.000 |
|
|
|
|
Purchase of power |
0.000 |
0.000 |
0.000 |
|
|
|
|
Employee benefit expenses |
255.100 |
255.200 |
809.300 |
|
|
|
|
Finance Costs |
1078.500 |
1279.000 |
3574.900 |
|
|
|
|
Depreciation and amortization expense |
891.000 |
933.600 |
2750.100 |
|
|
|
|
Other expenses |
651.900 |
534.500 |
1798.800 |
|
|
|
Total Expenses |
11498.600 |
9573.000 |
32507.200 |
||
|
|
|
Profit /(Loss)
before tax |
827.200 |
1279.200 |
3028.200 |
|
|
|
Tax Expense |
|
|
|
||
|
|
Current tax |
219.200 |
261.700 |
665.300 |
||
|
|
Deferred tax |
92.500 |
301.500 |
615.700 |
||
|
|
|
Profit /(Loss) after tax |
515.500 |
716.000 |
1747.200 |
|
|
|
Other Comprehensive
Income |
|
|
|
||
|
|
Item that will not be reclassified to profit or loss |
(65.900) |
20.800 |
(57.500) |
||
|
|
Other Comprehensive Income |
(65.900) |
20.800 |
(57.500) |
||
|
|
Total Other Comprehensive Income for the year |
449.600 |
736.800 |
1689.700 |
||
|
|
Paid-up equity share capital (Face value INR 10/- per share) |
16399.300 |
16372.500 |
16399.300 |
||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|
|
||
|
|
Basic |
0.31 |
0.44 |
1.07 |
||
|
|
Diluted |
0.31 |
0.44 |
1.07 |
||
NOTES:
1. The Company is engaged in only one segment viz. "Generation and Sale of Power".
2. The Management, during the previous quarter, initiated exercise of assessing
(i) recoverable amount of investments of INR 1002.300 Million in equity shares
of.ar associate, in terms of Indian Accounting Standard 36, 'Impairment of
Assets', having regard to substantial erosion of its net worth, and is also in
discusser with the co-investor for selling its stake; and (ii) recoverability
of loan of INR 2916.000 Million to a subsidiary, in terms of Indian Accounting
Standard 109, 'Financial Instruments', having regard to substantial delay in
resuming its operations. Impairment/Provision, if any, shall be recognised upon
conclusion of the aforesaid exercise.
3. The Management has, based on estimates of value of it's business, assessed
net carrying amounts of property, plant and equipment of INR 36.000 Million,
capital work in progress of INR 2377.700 Million, capital advance of INR 0.700
Million and investment of INR 290.200 Million in a subsidiary where underlying
project is on hold due to various reasons and concluded that they are
recoverable. In making the said assessment, the factors considered include
likely favourable impact of government policies, commencement of commercial
operations, operational margins, power supply agreements etc.
4. The proposed acquisition of 500MW Bina project from Jaiprakash Power
Ventures Limited stands terminated with the elapsing of the long stop date of
December 31, 2017.
5. Comparative financial information has been regrouped and reclassified,
wherever necessary, to correspond to the figures of the current quarter/period.
6. The above results have been reviewed by the Audit Committee and approved by
the Board of Directors at their meeting held on February 6, 2018. The Statutory
Auditors of the Company have carried out a Limited Review of the results for
the quarter and nine months ended December 31, 2017.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G83434621 |
100168211 |
CITI BANK N.A. |
14/03/2018 |
- |
2113320000.0 |
GROUND AND FIRST
FLOOR, DLF CAPITOL POINTBABA KHARAK SINGH MARG, CONNAUGHT PLACENEW
DELHIDL110001IN |
|
2 |
G73725871 |
100142529 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
11/12/2017 |
18/12/2017 |
5000000000.0 |
ASIAN BUILDING.,
GROUND FLOOR, 17, R.KAMANI MARG,17, R. KAMANI MARG, BALLARD
ESTATEMUMBAIMH400001IN |
|
3 |
G45251204 |
100101187 |
AXIS BANK LIMITED |
24/03/2017 |
- |
9750000000.0 |
RED FORT CAPITAL
PARSVNATH TOWER2ND FLOOR, GOLE MARKETNEW DELHIDL110001IN |
|
4 |
G40709016 |
100095390 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
17/03/2017 |
- |
5000000000.0 |
ASIAN BUILDING.,
GROUND FLOOR, 17, R.KAMANI MARG,17, R. KAMANI MARG, BALLARD
ESTATEMUMBAIMH400001IN |
|
5 |
G40708307 |
100089057 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
17/03/2017 |
- |
10000000000.0 |
ASIAN BUILDING.,
GROUND FLOOR, 17, R.KAMANI MARG,17, R. KAMANI MARG, BALLARD
ESTATEMUMBAIMH400001IN |
|
6 |
G40708919 |
100089058 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
17/03/2017 |
- |
5000000000.0 |
ASIAN BUILDING.,
GROUND FLOOR, 17, R.KAMANI MARG,17, R. KAMANI MARG, BALLARD
ESTATEMUMBAIMH400001IN |
|
7 |
G30537526 |
100067182 |
INDUSIND BANK LTD. |
02/12/2016 |
- |
750000000.0 |
2401 GEN THIMMAYYA
ROADCONTONMENTPUNEMA411001IN |
|
8 |
G79965679 |
10359150 |
YES BANK LIMITED |
30/05/2012 |
19/02/2018 |
1000000000.0 |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
9 |
G02647832 |
10318837 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
25/11/2011 |
07/04/2016 |
16500000000.0 |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATEMUMBAIMH400001IN |
|
10 |
G02648798 |
10318841 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
25/11/2011 |
07/04/2016 |
13000000000.0 |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
|
|
|
|
Claims against the Company not acknowledged as debt $ |
230.800 |
0.000 |
|
Guarantees excluding financial guarantees # |
17075.200 |
14825.700 |
|
Other money for which the Company is contingently liable |
|
|
|
Pledge of Shares # |
5178.200 |
9159.400 |
|
Disputed Income Tax matters (including interest up to the date of demand, if any) |
47.600 |
46.700 |
|
Other disputed taxes / duties (Including penalty levied and interest up to the date of demand, if any) @ |
4264.800 |
3987.700 |
|
$ Includes INR 213.700 Million (as at 31st March, 2016 INR Nil and as at 1st April, 2015 INR Nil) refund claimed by Maharashtra State Electricity Distribution Company Limited (MSEDCL), towards incentive received by the Company for early commissioning of plant. @ Includes INR 974.800 Million (as at 31st March, 2016 INR 697.100 Million and as at 1st April,2015 INR 673.000 Million) relating to Electricity Tax reimbursable from other parties. The Company’s pending litigations comprise mainly claims against the Company, property disputes, proceedings pending with Tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements. # Corporate Guarantees given / Securities provided by the Company as at 31st March, 2017 |
||
FIXED ASSETS:
Tangible Assets
Land -
- Freeholda Land -
- Leasehold Buildings
- Plant and Equipment
- Office Equipment
- Furniture and Fixtures
- Vehicles
- Leasehold Improvements
Intangible Assets
- Computer Software
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
|
INR |
|
US Dollar |
1 |
INR 66.22 |
|
|
1 |
INR 92.84 |
|
Euro |
1 |
INR 81.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.