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%20LIMITED%20-%20487598%2022-Jan-2018_files/image015.jpg){kind=small}
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MIRA INFORM REPORT
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Report No. : |
487598 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STAINLESS (HISAR) LIMITED (w.e.f. 26.12.2014) |
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|
|
|
Formerly Known
As : |
JINDAL STAINLESS (HISAR) PRIVATE LIMITED (w.e.f. 28.08.2014) KS INFRA TOWER AND LANDMARK PRIVATE LIMITED |
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Registered
Office : |
O.P. Jindal Marg, Hisar -125005, Haryana |
|
Tel. No.: |
91-1662-222471 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.07.2013 |
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Com. Reg. No.: |
05-049963 |
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Capital
Investment / Paid-up Capital : |
INR 471.900 Million |
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CIN No.: [Company Identification
No.] |
L27205HR2013PLC049963 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturer of stainless steel. [Registered Activity] |
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|
|
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No. of Employees
: |
2331 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 24630000 |
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|
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Jindal Stainless (Hisar) Limited (JSHL) was incorporated as a private limited company in the year 2013 in the name of KS Infra Tower and Landmark Private Limited. The company’s name was later changed to the present name in August, 2014 and it was subsequently into a public limited company in December, 2014. The ratings takes into consideration, the company’s leveraged capital structure, working capital intensive nature of business operations and the cyclicality inherent in the steel industry. Further, Company’s having exposure to raw material price volatility and foreign exchange fluctuation risk. The rating takes into account, the ongoing delays in servicing the debt obligations by the “Jindal” group. But the group has cleared all the pending dues of all the banks by selling one of its oxygen plant for INR 11210 million and it will be soon removed from SMA-2 troubled account under the norms of “Reserve bank of India” which has rallied the stock by 4%, these cleared dues by the group provides the incremental support to the rating. However, rating derives comfort from the experience of the promoters and management of the company, its established market position as one of the largest manufacturer in the stainless steel industry and diversified end user industries. The company is listed on BSE and NSE. Price quoted at BSE is held at INR 208.20 against its face value of INR 2. Further, for the financial year 2017, the company has increased its revenue from operations as compared to previous year and reported average profitability margin of 2.88%. Moreover, as per unaudited quarterly results of FY-18 the company has achieved total operating income of INR 24382.700 million. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk |
|
Date |
14.11.2017 |
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|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
14.11.2017 |
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
31-03-2016.
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 22.01.2018.
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-Cooperative (Tel. No.:91-1662-222471)
LOCATIONS
|
Registered Office/ Factory 1 : |
O.P. Jindal Marg, Hisar -125005, Haryana, India |
|
Tel. No.: |
91-1662-222471-83 |
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Fax No.: |
91-1662-220476/ 220499 |
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E-Mail : |
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Website : |
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Corporate Office: |
Jindal Centre, 12, Bhikaiji Cama Place, New Delhi – 110066, India |
|
Tel. No.: |
91-11-26188345-60 |
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Fax No.: |
91-11-41659169/ 26161271 |
|
|
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Factory 2: |
Jindal Nagar, Kothavalasa, Vizianagaram – 535183, Andhra Pradesh,
India |
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Tel. No.: |
91-8966-273327/ 273254/ 273335 |
|
Fax No.: |
91-8966-273326 |
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E-Mail : |
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|
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Factory 3: |
Village Kaliapani and Forest Block Number 27, Sukinda Tehsil, Jajapur District, Odisha, India |
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Factory 4: |
Kalinga Nagar Industrial Complex, Duburi District Jajpur-755026, Orissa, India |
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Tel. No.: |
91-6726-266031-33 |
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Fax No.: |
91-6726-266006 |
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|
|
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Factory 5: |
Kawasan Industry Maspion,Maspion Unit-V Desa Sukomylyo-Manyar, Gresik - 61151, Surabaya, Jawa Timur, Indonesia |
|
Tel. No.: |
+62-31-3959588 / 3959565 |
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Fax No.: |
+62-31-3959566 |
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Service Centers: |
Located at:
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Sales and
Representative Offices: |
Located At:
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Global Offices: |
Located At:
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DIRECTORS
AS ON 2017
|
Name : |
Mrs. Savitri Jindal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Ratan Jindal |
|
Designation : |
Chairman |
|
Address : |
Jindal House, Model Town, Hisar-125005, Haryana, India |
|
Date of Appointment : |
02.11.2015 |
|
DIN No.: |
00054026 |
|
|
|
|
Name : |
Mr. Abhyuday Jindal |
|
Designation : |
Vice Chairman |
|
Address : |
House No.6, Prithvi Raj Road, Delhi-110001, India |
|
Date of Appointment : |
02.11.2015 |
|
DIN No.: |
07290474 |
|
|
|
|
Name : |
Mr. Ashok Kumar Gupta |
|
Designation : |
Whole-time Director |
|
Address : |
C-380, Yojna Vihar, Delhi-110092, India |
|
Date of Appointment : |
02.11.2015 |
|
DIN No.: |
01722395 |
|
|
|
|
Name : |
Mr. Nirmal Chandra Mathur |
|
Designation : |
Director |
|
Address : |
C-2/9, Vasant Vihar, New Delhi-110057, India |
|
Date of Appointment : |
05.08.2016 |
|
DIN No.: |
00004527 |
|
|
|
|
Name : |
Ms. Deepika Jindal |
|
Designation : |
Director |
|
Address : |
Jindal House, Model Town, Hisar-125005, Haryana, India |
|
Date of Appointment : |
01.05.2016 |
|
DIN No.: |
00015188 |
|
|
|
|
Name : |
Mr. Girish Sharma |
|
Designation : |
Director |
|
Address : |
A - 1, Tower - 1, New Moti Bagh, New Delhi-110023, India |
|
Date of Appointment : |
01.05.2016 |
|
DIN No.: |
05112440 |
|
|
|
|
Name : |
Mr. Arunendra Kumar |
|
Designation : |
Director |
|
Address : |
KD-80, Kavinagar, Ghaziabad-201002, Uttar Pradesh, India |
|
Date of Appointment : |
16.05.2016 |
|
DIN No.: |
06643537 |
|
|
|
|
Name : |
Mr. Kanwaljit Singh Thind |
|
Designation : |
Director |
|
Address : |
House No 6A, Model Town, Patiala-147001, Punjab, India |
|
Date of Appointment : |
02.11.2015 |
|
DIN No.: |
06969654 |
KEY EXECUTIVES
|
Name : |
Mr. Ankur Agrawal |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
H. No. 410, Marvel Homes, Sector-61 Tahshil Dadri, District Gautam Buddha Nagar, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment : |
02.11.2015 |
|
PAN No.: |
AHMPA4489Q |
|
|
|
|
Name : |
Mr. Bhartendu Harit |
|
Designation : |
Company Secretary |
|
Address : |
363, Housing Board Colony, Sirsa Road, Hisar-125001, Haryana, India |
|
Date of Appointment : |
03.11.2015 |
|
PAN No.: |
ABBPH1847G |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
136056314 |
57.67 |
|
|
(B) Public |
99878371 |
42.33 |
|
|
Grand Total |
235934685 |
100.00 |
%20LIMITED%20-%20487598%2022-Jan-2018_files/image019.gif)
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
668767 |
0.28 |
|
|
Saroj Bhartia |
40 |
0.00 |
|
|
Seema Jajodia |
900 |
0.00 |
|
|
Kamal Kishore Bhartia |
2050 |
0.00 |
|
|
Urvi Jindal |
11605 |
0.00 |
|
|
Tanvi Shete |
11995 |
0.01 |
|
|
Tarini Jindal Handa |
12000 |
0.01 |
|
|
Tripti Jindal |
12175 |
0.01 |
|
|
Naveen Jindal |
12768 |
0.01 |
|
|
R K Jindal andSons HUF. |
13940 |
0.01 |
|
|
Arti Jindal |
14390 |
0.01 |
|
|
Deepika Jindal |
69265 |
0.03 |
|
|
Parth Jindal |
27575 |
0.01 |
|
|
Prithvi Raj Jindal |
31298 |
0.01 |
|
|
S K Jindal and Sons HUF. |
33330 |
0.01 |
|
|
Sminu Jindal |
43875 |
0.02 |
|
|
Sangita Jindal |
94658 |
0.04 |
|
|
P R Jindal HUF . |
58290 |
0.02 |
|
|
Savitri Devi Jindal |
88573 |
0.04 |
|
|
Naveen Jindal (HUF) |
107860 |
0.05 |
|
|
Abhyuday Jindal |
22180 |
0.01 |
|
|
Any Other (specify) |
56891250 |
24.11 |
|
|
Rohit Tower Building Limited |
31200 |
0.01 |
|
|
Nalwa Sons Investments Limited |
347945 |
0.15 |
|
|
Meredith Traders Private Limited |
422210 |
0.18 |
|
|
Jsw Holdings Limited |
460720 |
0.20 |
|
|
Nalwa Engineering Company Limited |
747290 |
0.32 |
|
|
Abhinandan Investments Limited |
811350 |
0.34 |
|
|
Goswamis Credits and Investments Limited |
877795 |
0.37 |
|
|
Renuka Financial Services Limited |
886620 |
0.38 |
|
|
Jindal Rex Exploration Private Limited |
929730 |
0.39 |
|
|
Manjula Finances Limited |
1012080 |
0.43 |
|
|
Ever Plus Securities and Finance Limited |
1157835 |
0.49 |
|
|
Stainless Investments Limited |
1442895 |
0.61 |
|
|
Nalwa Investments Limited |
1707110 |
0.72 |
|
|
Colarado Trading Company Limited |
2074930 |
0.88 |
|
|
Gagan Trading Company Limited |
2454295 |
1.04 |
|
|
Siddeshwari Tradex Private Limited |
2755890 |
1.17 |
|
|
Mansarover Investments Limited |
3797210 |
1.61 |
|
|
Hexa Securities and Finance Company Limited |
4931175 |
2.09 |
|
|
Vrindavan Services Private Limited |
4946705 |
2.10 |
|
|
Jindal Strips Limited |
5314090 |
2.25 |
|
|
Jindal Equipment Leasing and Consultancy Services Limited |
5735555 |
2.43 |
|
|
Sun Investments Private Limited |
9296780 |
3.94 |
|
|
JSL Limited |
2374620 |
1.01 |
|
|
Jindal Infrastructure and Utilities Limited |
2374620 |
1.01 |
|
|
Sajjan Jindal As A Trustee For Sajjan Jindal Family Trust |
100 |
0.00 |
|
|
Sajjan Jindal As A Trustee For Sajjan Jindl Lineage Trust |
100 |
0.00 |
|
|
Sajjan Jindal As A Trustee For Sangita Jindal Family Trust |
100 |
0.00 |
|
|
Sajjan Jindal As A Trustee For Tarini Jindal Family Trust |
100 |
0.00 |
|
|
Sajjan Jindal As A Trustee For Tanvi Jindal Family Trust |
100 |
0.00 |
|
|
Sajjan Jindal As A Trustee For Parth Jindal Family Trust |
100 |
0.00 |
|
|
Sub Total A1 |
57560017 |
24.40 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident Individuals/ Foreign Individuals) |
7500873 |
3.18 |
|
|
Ratan Jindal |
7424148 |
3.15 |
|
|
Sarika Jhunjhnuwala |
76725 |
0.03 |
|
|
Any Other (specify) |
70995424 |
30.09 |
|
|
JSL Overseas Limited |
26560440 |
11.26 |
|
|
JSL Overseas Holding Limited |
44434984 |
18.83 |
|
|
Sub Total A2 |
78496297 |
33.27 |
|
|
A=A1+A2 |
136056314 |
57.67 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
8289754 |
3.51 |
|
|
Reliance Capital Trustee Company Limited A/C Reliance Diversified Power Sector Fund |
4800000 |
2.03 |
|
|
Reliance Capital Trustee Company Limited A/C Reliance Small and Midcap Fund |
3460089 |
1.47 |
|
|
Foreign Portfolio Investors |
45424917 |
19.25 |
|
|
ELM Park Fund Limited |
19432160 |
8.24 |
|
|
Albula Investment Fund Limited |
3609070 |
1.53 |
|
|
Hypnos Fund Limited |
10301711 |
4.37 |
|
|
India Max Investment Fund |
3882980 |
1.65 |
|
|
Elara India Opportunities Fund Limited |
2755000 |
1.17 |
|
|
Financial Institutions/ Banks |
94175 |
0.04 |
|
|
Insurance Companies |
649153 |
0.28 |
|
|
Any Other (specify) |
13520 |
0.01 |
|
|
Sub Total B1 |
54471519 |
23.09 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
16312923 |
6.91 |
|
|
Individual share capital in excess of INR 0.200 Million |
2621348 |
1.11 |
|
|
Overseas Depositories (holding DRs) (balancing figure) |
869350 |
0.37 |
|
|
Any Other (specify) |
25603231 |
10.85 |
|
|
Foreign Individuals or NRI |
10416105 |
4.41 |
|
|
Vinod Mohan Nair |
9097524 |
3.86 |
|
|
Bodies Corporate |
14330728 |
6.07 |
|
|
Trusts |
21401 |
0.01 |
|
|
Foreign national |
4175 |
0.00 |
|
|
Overseas corporate bodies |
1690 |
0.00 |
|
|
Clearing Members |
164345 |
0.07 |
|
|
HUF |
664787 |
0.28 |
|
|
Quantum Securities Private Limited |
2457810 |
1.04 |
|
|
Sub Total B3 |
45406852 |
19.25 |
|
|
B=B1+B2+B3 |
99878371 |
42.33 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of stainless steel. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (As On 31.03.2017)
|
Particulars |
Unit |
Installed
Capacity |
|
Coin Blanks |
Tons per annum |
10000 metric |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2331 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM BORROWINGS (a) The Company has executed a Rupee Term Loan Agreement (“RTLA”) dated March 23, 2016 of INR 26000.000 million (“Term Loan Facility”) with a consortium of lenders. During the financial year, the Term Loan Facility was fully disbursed. The said Term Loan Facility from banks amounting to INR 25476.400 million (INR 11835.400 million) are repayable in quarterly installments of INR 474.500 million each during 2017-18 (installment due on 1st April 2017 has been paid during the month of March 2017 to the extent of INR 436.700 million), INR 487.500 million each during 2018-19, INR 585.000 million each during 2019-20, INR 650.000 million each during 2020-21 and thereafter INR 715.000 million each from 2021-22 to 2026-27 (the excess amount paid of INR 4.600 million will be adjusted in last installment). The Term Loan Facility is secured (charge created/to be created) by first pari-passu charge by way of mortgage of Company's immovable properties and hypothecation of moveable fixed assets both present and future and second pari-passu charge by way of hypothecation and/or pledge of current assets including finished goods, raw materials, work-in-progress, consumable stores and spares, book debts, bills receivable, etc both present and future. Rupee term loan facility carries floating rate of interest linked with SBI base rate plus applicable spread of 165 bps. The lenders also have an option to link their effective rate of interest with their own bank’s Base Rate and adjust the spread accordingly. SHORT TERM BORROWINGS * *Working Capital Facilities of Jindal Stainless Limited ceased w.e.f. 22.02.2017 to have security on the assets transferred in pursuant to Composite Scheme of Arrangement. * includes the amount of INR Nil (INR 706.300 million) ((INR 4818.800 million)) of working capital facilities and INR Nil (INR 2323.500 million) ((INR 3718.400 million)) of buyer credit has been allocated by Jindal Stainless Limited pursuant to Composite Scheme of Arrangement pending confirmation from the respective banks. (a) Working Capital Facilities are secured (charge created/to be created) by first pari-passu charge by way of hypothecation and/or pledge of current assets including finished goods, raw material, work in progress, consumable stores and spares, book debts, bill receivable, etc both present and future and by way of second charge in respect of other moveable and immoveable properties, both present and future, of the Company. Working Capital Facility is repayable on demand. (b) Buyer Credit Facility are secured (charge created/to be created) by first pari-passu charge by way of hypothecation and/or pledge of current assets including finished goods, raw material, work in progress, consumable stores and spares, book debts, bill receivable, etc both present and future and by way of second charge in respect of other moveable and immoveable properties, both present and future, of the Company. |
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Statutory Auditors
: |
|
|
Auditor 1 : |
Lodha and Company Chartered Accountants |
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Auditor 2 : |
S. S. Kothari Mehta and Company Chartered Accountants |
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Secretarial Auditor : |
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Name : |
Vinod Kothari and Company Practicing Company Secretary |
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Cost Auditor : |
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Name : |
Kabra and Associates Cost Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Companies
: |
CIN No.: U74140HR2013PTC049340
CIN No.: L26922HR1980PLC010901
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Subsidiaries
Companies : |
CIN No.: U27109DL2004PLC128146
CIN No.: U74920HR2003PLC035976
CIN No.: U45400DL2007PLC164938
CIN No.: U70102DL2007PLC170019
CIN No.: U63030DL2008PLC180599 |
|
|
|
|
Subsidiaries, Associates
and Joint Venture of Parties listed with whom transactions have taken place
during the year and previous year : |
|
|
|
|
|
Trust : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
INR 2/- each |
INR 480.000 Million |
|
10000000 |
Preference Shares |
INR 2/- each |
INR 20.000 Million |
|
|
|
|
INR 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235934685 |
Equity Shares |
INR 2/- each |
INR 471.900
Million |
|
|
|
|
|
a) Reconciliation of the number of shares
outstanding at the beginning and at the end of the reporting year
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the Year (Face Value of INR 2/- each) |
231185445 |
|
Add : Equity Shares issued during the year (Face Value of INR 2/- each) |
4749240 |
|
Shares outstanding at the end of the year |
235934685 |
(b) Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of INR 2/- per share. Each shareholder is eligible for one vote per equity share held [other than the shares represented by Regulation S Global Depositary Shares (the “GDSs”) issued by the Company whose voting rights are subject to certain conditions and procedure as prescribed under the Regulation S Deposit Agreement]. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of Profit/Surplus in proportions to the number of equity shares held by the shareholders.
As on 31st March 2017, 8802167 GDSs (8802167 GDSs) with 17604334 underlying equity shares (17604334 equity shares) were outstanding. Each GDS represents 2 underlying equity shares of the Company.
(c) Equity shares in
the company held by each shareholder holding more than 5% shares are as under:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
JSL Overseas Holding Limited |
27700000 |
11.74% |
|
JSL Overseas Limited |
26560440 |
11.26% |
|
Citigroup Global Markets Mauritius Private Limited |
6619232 |
2.81% |
|
ELM Park Fund Limited* |
13107160 |
5.56% |
|
Total |
73986832 |
31.37% |
* 1500 shares held by person as nominee of Jindal Stainless Limited.
(d) No bonus, buy
back, issue of share other than in cash in last 5 years except about Share
Capital suspense account
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 |
471.900 |
462.400 |
462.371 |
|
(b) Reserves &
Surplus |
8148.700 |
6000.500 |
5511.186 |
|
(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) |
8620.600 |
6462.900 |
5973.557 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
24015.100 |
11811.700 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
373.300 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
88.800 |
41.000 |
55.727 |
|
Total Non-current
Liabilities (3) |
24477.200 |
11852.700 |
55.727 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8420.900 |
6716.000 |
8537.219 |
|
(b) Trade payables |
14805.600 |
8439.100 |
13183.693 |
|
(c) Other current
liabilities |
6680.500 |
17678.300 |
29975.693 |
|
(d) Short-term provisions |
105.400 |
84.800 |
56.129 |
|
Total Current Liabilities
(4) |
30012.400 |
32918.200 |
51752.734 |
|
|
|
|
|
|
TOTAL |
63110.200 |
51233.800 |
57782.018 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
22218.400 |
23294.200 |
25736.842 |
|
(ii) Intangible Assets |
119.300 |
123.600 |
103.440 |
|
(iii) Capital
work-in-progress |
405.400 |
529.300 |
289.749 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4167.700 |
4167.700 |
4167.704 |
|
(c) Deferred tax assets
(net) |
0.000 |
7.300 |
0.000 |
|
(d) Long-term Loan and Advances |
5198.600 |
2377.900 |
730.076 |
|
(e) Other Non-current
assets |
558.300 |
307.100 |
88.291 |
|
Total Non-Current Assets |
32667.700 |
30807.100 |
31116.102 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
15398.700 |
10833.500 |
12962.073 |
|
(c) Trade receivables |
10885.400 |
7745.100 |
9234.105 |
|
(d) Cash and cash
equivalents |
80.300 |
154.100 |
21.440 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
4417.339 |
|
(f) Other current assets |
4078.100 |
1694.000 |
30.959 |
|
Total Current Assets |
30442.500 |
20426.700 |
26665.916 |
|
|
|
|
|
|
TOTAL |
63110.200 |
51233.800 |
57782.018 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
75755.500 |
70436.400 |
74038.787 |
|
|
Other Income |
607.000 |
248.200 |
226.189 |
|
|
TOTAL |
76362.500 |
70684.600 |
74264.976 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
44123.400 |
39444.900 |
49388.275 |
|
|
Purchases of Trading
goods |
812.400 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2029.800) |
1505.400 |
(446.270) |
|
|
Excise
Duty |
6857.400 |
6739.000 |
0.000 |
|
|
Employees benefits
expense |
1446.100 |
1402.000 |
1476.828 |
|
|
Exceptional
Items |
(180.200) |
449.600 |
(159.678) |
|
|
Other expenses |
15303.000 |
13298.600 |
16491.074 |
|
|
TOTAL |
66332.300 |
62839.500 |
66750.229 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
10030.200 |
7845.100 |
7514.747 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4119.300 |
4694.000 |
4472.410 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
5910.900 |
3151.100 |
3042.337 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
2652.400 |
2850.000 |
2919.138 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3258.500 |
301.100 |
123.199 |
|
|
|
|
|
|
|
Less |
TAX |
1078.300 |
52.800 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2180.200 |
248.300 |
123.199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
12427.500 |
9141.000 |
12474.938 |
|
|
TOTAL EARNINGS |
12427.500 |
9141.000 |
12474.938 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
18270.800 |
14282.900 |
18481.165 |
|
|
Stores and Spares |
1412.700 |
1325.300 |
1291.037 |
|
|
Capital Goods |
83.600 |
76.700 |
17.101 |
|
|
TOTAL IMPORTS |
19767.100 |
15684.900 |
19789.303 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic
|
9.32 |
1.07 |
0.56 |
|
|
Diluted
|
9.24 |
1.07 |
0.53 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1461.300 |
23.700 |
0.000 |
|
Cash Inflow from Operating Activities |
6937.400 |
8482.800 |
4386.267 |
|
Net Cash Inflow from Operating Activities |
6563.200 |
8441.800 |
4532.252 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
Audited
/ Unaudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
24099.600 |
23479.500 |
|
Total Expenditure |
|
21588.800 |
20708.900 |
|
PBIDT (Excl OI) |
|
2510.800 |
2770.600 |
|
Other Income |
|
283.100 |
276.200 |
|
Operating Profit |
|
2793.900 |
3046.800 |
|
Interest |
|
1034.300 |
1019.400 |
|
Exceptional Items |
|
19.900 |
(6.800) |
|
PBDT |
|
1779.500 |
2020.600 |
|
Depreciation |
|
650.100 |
670.400 |
|
Profit Before Tax |
|
1129.400 |
1350.200 |
|
Tax |
|
385.600 |
434.400 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
743.800 |
915.800 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
743.800 |
915.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
52.45 |
40.13 |
45.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
6.96 |
9.09 |
8.02 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
120.26 |
78.09 |
97.43 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.65 |
0.72 |
0.58 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.44 |
0.33 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.88 |
0.87 |
0.90 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
3.93 |
2.87 |
1.43 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.48 |
5.09 |
8.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.64 |
3.71 |
4.37 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.43 |
1.67 |
1.68 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
2.88 |
0.35 |
0.17 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.45 |
0.48 |
0.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
25.29 |
3.84 |
2.06 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.01 |
0.62 |
0.52 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.50 |
0.29 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.14 |
0.13 |
0.10 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
71.83 |
40.12 |
18.46 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.01 |
0.62 |
0.52 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 208.20/- |
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 |
462.371 |
462.400 |
471.900 |
|
Reserves & Surplus |
5511.186 |
6000.500 |
8148.700 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
5973.557 |
6462.900 |
8620.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
11811.700 |
24015.100 |
|
Short term borrowings |
8537.219 |
6716.000 |
8420.900 |
|
Current Maturities of
Long term debt |
0.000 |
23.700 |
1461.300 |
|
Total borrowings |
8537.219 |
18551.400 |
33897.300 |
|
Debt/Equity ratio |
1.429 |
2.870 |
3.932 |
%20LIMITED%20-%20487598%2022-Jan-2018_files/image021.gif)
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 |
74038.787 |
70436.400 |
75755.500 |
|
|
|
(4.866) |
7.552 |
%20LIMITED%20-%20487598%2022-Jan-2018_files/image023.gif)
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 |
74038.787 |
70436.400 |
75755.500 |
|
Profit |
123.199 |
248.300 |
2180.200 |
|
|
0.17% |
0.35% |
2.88% |
%20LIMITED%20-%20487598%2022-Jan-2018_files/image025.gif)
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
471.900 |
462.400 |
|
(b) Reserves &
Surplus |
|
8458.700 |
5626.400 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
218.200 |
185.400 |
|
(3) Minority
Interest |
|
|
|
|
Total Shareholders’ Funds
(1) + (2) |
|
9148.800 |
6274.200 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
24350.500 |
12115.800 |
|
(b) Deferred tax
liabilities (Net) |
|
448.400 |
45.100 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
119.800 |
68.300 |
|
Total Non-current
Liabilities (3) |
|
24918.700 |
12229.200 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9320.900 |
7811.000 |
|
(b) Trade payables |
|
16389.100 |
10842.800 |
|
(c) Other current
liabilities |
|
6991.100 |
18130.300 |
|
(d) Short-term provisions |
|
107.000 |
85.900 |
|
Total Current Liabilities
(4) |
|
32808.100 |
36870.000 |
|
|
|
|
|
|
TOTAL |
|
66875.600 |
55373.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
23386.200 |
24485.000 |
|
(ii) Intangible Assets |
|
911.700 |
971.500 |
|
(iii) Capital
work-in-progress |
|
420.500 |
606.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
4184.000 |
3687.700 |
|
(c) Deferred tax assets
(net) |
|
55.700 |
71.400 |
|
(d) Long-term Loan and Advances |
|
4850.000 |
1926.600 |
|
(e) Other Non-current
assets |
|
584.900 |
346.800 |
|
Total Non-Current Assets |
|
34393.000 |
32095.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
17160.600 |
12214.100 |
|
(c) Trade receivables |
|
10497.400 |
8365.800 |
|
(d) Cash and cash
equivalents |
|
136.400 |
231.500 |
|
(e) Short-term loans and
advances |
|
0.000 |
149.100 |
|
(f) Other current assets |
|
4688.200 |
2317.900 |
|
Total Current Assets |
|
32482.600 |
23278.400 |
|
|
|
|
|
|
TOTAL |
|
66875.600 |
55373.400 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
85361.900 |
79914.500 |
|
|
Other Income |
|
650.000 |
257.400 |
|
|
TOTAL |
|
86011.900 |
80171.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
49745.100 |
45604.300 |
|
|
Purchases of Trading
goods |
|
2036.700 |
745.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1768.400) |
1674.200 |
|
|
Excise
Duty |
|
7617.100 |
7568.400 |
|
|
Employees benefits
expense |
|
1761.000 |
1758.400 |
|
|
Exceptional
Items |
|
(282.700) |
441.700 |
|
|
Share of Profit/(Loss)
from associates |
|
(502.500) |
11.700 |
|
|
Other expenses |
|
16161.600 |
13951.300 |
|
|
TOTAL |
|
74767.900 |
71755.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
11244.000 |
8416.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
4314.100 |
4933.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
6929.900 |
3483.400 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
2852.300 |
3048.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
4077.600 |
435.300 |
|
|
|
|
|
|
|
Less |
TAX |
|
1170.700 |
70.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR THE YEAR |
|
2906.900 |
364.500 |
|
|
|
|
|
|
|
|
Other comprehensive
Income |
|
|
|
|
|
Items that will not be
reclassified to profit or loss |
|
|
|
|
|
Re-measurement
gains (losses) on defined benefit plans |
|
(39.700) |
(14.300) |
|
|
Provision
for deferred tax |
|
1.700 |
0.200 |
|
|
Provision
for current tax |
|
12.000 |
4.700 |
|
|
Share from associates |
|
(1.600) |
2.500 |
|
|
Other comprehensive
income for the year |
|
(27.600) |
(6.900) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic
|
|
12.26 |
1.58 |
|
|
Diluted
|
|
12.16 |
1.58 |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
GENERAL INFORMATION
The Company is domiciled and incorporated in India and its equity shares and GDR are listed at Bombay Stock Exchange/National Stock Exchange/ Luxembourg Stock Exchange respectively. The registered office is located at O. P. Jindal Marg and Contact Details District: Hisar – 125005, Haryana.
The company is a leading manufacturer /producer of stainless steel flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The product range includes Ferro Alloys, Stainless Steel Slabs and Blooms, Hot Rolled Coils, Plates, Cold Rolled Coils and specialty products such as razor blade steel, precision strips and coin blanks.
FINANCIAL HIGHLIGHTS
Financial year 2016-17 witnessed a very strong financial performance from the Company resulting in significantly improved EBITDA numbers. Internal productivity and efficiency improvement measures have resulted in higher delivery volumes and considerable cost benefits.
During financial year ended 31st March 2017, the Gross Revenue from operations of the Company on standalone basis was INR 75760.000 million as compared to INR 70440.000 million during previous financial year 2015-16. Total Income from Operations (net) for the financial year ended 31st March, 2017 is INR 68900.000 million as compared to INR 63700.000 million during previous financial year. EBIDTA for the financial year ended 31st March 2017 stood at INR 9240.000 million as compared to INR 8050.000 million during previous financial year.
The Profit after Tax on standalone basis stood at INR 2180.000 million as compared to INR 250.000 million during previous financial year.
Further, during financial year ended 31st March 2017, the total consolidated revenue from operations (net) during the year was INR 77740.000 million as against INR 72350.000 million. The EBIDTA on consolidated basis was INR 9810.000 million as against INR 8610.000 million during previous financial year. The net profit on consolidated basis during the year was INR 2910.000 million as against net profit of INR 360.000 million during previous financial year.
The world economy is expected to revive in 2017 after a muted growth in 2016. International Monetary Fund (IMF) estimates increased global economic growth at 3.5% in 2017 from 3.1% in 2016. Economic activity is likely to gain momentum with robust demand coupled with buoyant financial markets. Economic sentiment across world economy is seen recovering but US policy uncertainty poses a concern.
Growth in emerging markets including India will remain muted. IMF projects slower growth in Indian economy against the backdrop of demonetisation with GDP growth rate estimates being revised to 7.2% from 7.4 % for 2017-18. Further, outlook for the Asian region remains sluggish with an exception of China.
As per International Stainless Steel Forum, global stainless steel production increased by 10.2% YoY in 2016 to 45.8 MT, China being the highest contributor. According to estimate by Steel and Metals Market Research (SMR), global stainless steel demand will increase by 4% in 2017. In India, domestic demand will grow by over 9% in next five years. Major demand is expected to come from Architecture, Building and Construction (ABC) segment while Automobile, Railway and Transport (ART) will also provide stimulus. Prospects of normal monsoon project a GDP growth of over 7% in 2017-18. Stainless Steel Demand is also expected to see a positive growth corresponding to economic outlook.
OPERATIONS
HISAR DIVISION:
The Company has been able to grow in financial year 2016-17 despite challenging global scenario. The Company sold 656880 MT stainless steel products during the financial year. The Company not only managed to increase overall sales, but also worked on improving the sales mix resulting in considerably higher sales of high margin products such as cold rolled annealed and pickled products.
The Company continued to focus on value added products and successfully stabilized its productions for wider plates, bright bars and rounds etc. The Company enforced its reputation as leading stainless steel producer in the country by signing agreements with Defence Research and Development Organization (“DRDO”) under “Make in India” Initiatives. Company is quite hopeful of penetrating further in Defense segment in near future.
During the year, the Company took various benchmark training initiatives to improve Manpower productivity and was recognized for its efforts through prestigious 'Golden Peacock 'Award for best human resource training practices.
Company continued its tradition of Excellent Quality and was duly recognized by the industrial bodies for the same. The National “PAR EXCELLENCE AWARD” was given to the Company in Quality circle front by NCQC (National Convention on Quality Circles). The Company also received Excellence Award by 'ASSOCHAM' for Best Technology Used in Industrial waste management.
VIZAG DIVISION:
Vizag division produces High Carbon Ferro Chrome with annual capacity of 40,000 tons. The operations of Vizag division at Kothavalasa in Vizianagaram district, Andhra Pradesh, which was demerged in the Company as a part of the Composite Scheme of Arrangement, were under temporarily shut down effective from 13th September, 2015. The operations of the division were re-started with effect from 29th November, 2016.
Vizag division uses Chrome Ore purchased from OMC Limited/ Tata Steel and others and transfers the output to Hisar Plant. The Unit could produce 7680 ton of High Carbon Ferro Chrome during the year 2016-17 as compared to 9,974 tons during the last year 2015-16 due to shut down of the plant operation, spanning both Financial Years.
Vizag division could dispatch 7736 ton of HCFC to Hisar plant during the year 2016-17 as compared to 11,825 ton during 2015-16.
MINES:
In terms of the Composite Scheme of Arrangement among the Company, Jindal Stainless Limited, Jindal United Steel Limited and Jindal Coke Limited and their respective Shareholders and Creditors sanctioned by the Hon'ble High Court of Punjab and Haryana at Chandigarh vide its Order dated September 21, 2015 as modified by its order dated October 12, 2015 (“Scheme”), the Demerged Undertakings, inter alia, including the business undertaking comprising of the Mining Division consisting of the chromite mines located in Village Kaliapani and forest block number 27, Sukinda Tehesil, Jajpur District, Odisha, in respect of which Jindal Stainless Limited (“JSL”) was having leasehold rights (“Chromite Mine”) were to be demerged and vested with the Company.
However, while according its approval for transfer/right to use of the land, Government of Odisha, Department of steel and mines vide letter dated 16th August 2016, did not accord its approval for transfer of mining lease to the Company. Consequently (i) all mining activities in relation to the Mining Rights continue to be carried out by Jindal Stainless Limited (“JSL”); and (ii) all assets (excluding fixed assets) and liabilities (including contingent liabilities).
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G73089005 |
100020156 |
SBICAP TRUSTEE COMPANY LIMITED |
30/03/2016 |
14/12/2017 |
- |
26000000000.0 |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
2 |
G73091324 |
100020446 |
SBICAP TRUSTEE COMPANY LIMITED |
04/03/2016 |
14/12/2017 |
- |
38250000000.0 |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
3 |
G38139408 |
10599482 |
SBICAP TRUSTEE COMPANY LIMITED |
20/10/2015 |
- |
22/02/2017 |
161708400000.0 |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
A. (a) Guarantees given by the Company’s Bankers on behalf of the Company |
111.100 |
58.500 |
|
(b) Guarantees given by the Company’s Bankers on behalf of the Subsidiary |
56.000 |
718.000 |
|
(c) Letter of Credit outstanding |
3443.800 |
2668.500 |
|
(d) Bills discounted with Banks |
2717.100 |
2093.300 |
|
(e) (i) Sale Tax demands against which Company preferred appeals. |
0.300 |
0.300 |
|
(ii) Excise Duty/Custom/Service Tax/Cess/Royalty Show Cause Notices/ Demands against which Company has preferred appeals. |
758.300 |
780.400 |
|
(iii) Claims and other liabilities against the Company not acknowledged as debt. |
479.300 |
558.900 |
|
B. Guarantee given to custom authorities for import under EPCG Scheme. {Custom duty saved as on 31st March, 2017 INR 58.000 million (as on 31.03.2016 INR Nil)(as on 01.04.2015 INR 43.5 million)} |
338.100 |
0.000 |
|
C. Letter of Comfort to banks against credit facilities/ financial assistance availed by subsidiaries. |
1031.100 |
1371.800 |
|
D. Corporate Guarantee given to banks against Credit facilities / Financial assistance availed by Jindal Stainless Limited. |
51942.700 |
99299.200 |
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR
ENDED 30TH SEPTEMBER, 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Half year ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
23479.500 |
24099.600 |
47579.100 |
|
Other Income |
276.200 |
283.100 |
559.300 |
|
Total Income from operations (Net) |
23755.700 |
24382.700 |
48138.400 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
13513.000 |
13575.400 |
27088.400 |
|
Purchases of Stock-in-Trade |
942.300 |
2088.200 |
3030.500 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1747.200 |
(884.100) |
863.100 |
|
Employee
benefits expense |
435.300 |
424.000 |
859.300 |
|
Excise
duty |
0.000 |
1915.600 |
1915.600 |
|
Finance
cost |
1019.400 |
1034.300 |
2053.700 |
|
Depreciation
and amortisation expense |
670.400 |
650.100 |
1320.500 |
|
Stores
and spares consumed |
1112.400 |
1062.300 |
2174.700 |
|
Power
and Fuel |
1821.800 |
1874.800 |
3696.600 |
|
Other
expenditure |
1136.900 |
1532.600 |
2669.500 |
|
Total Expenses |
22398.7000 |
23273.200 |
45671.900 |
|
Profit/ (Loss) before exceptional items and tax |
1357.000 |
1109.500 |
2466.500 |
|
Exceptional
Items |
(6.800) |
19.900 |
13.100 |
|
Profit/ (Loss) after exceptional items and before tax |
1350.200 |
1129.400 |
2479.600 |
|
Tax
expense |
434.400 |
385.600 |
820.000 |
|
Net profit/ loss for the year |
915.800 |
743.800 |
1659.600 |
|
Other
comprehensive income |
|
|
|
|
Items
that will be reclassified to profit/ (loss) |
(6.100) |
(6.100) |
(12.200) |
|
Income
tax relating to items that will be reclassified to profit/ (loss) |
2.100 |
2.100 |
4.200 |
|
Total comprehensive income |
(4.000) |
(4.000) |
(8.000) |
|
Total comprehensive income for the period
(comprising profit/(Loss) and other comprehensive income for the period) |
911.800 |
739.800 |
1651.600 |
|
Paid - up Equity Share Capital (Face value of INR 2/- per share) |
471.900 |
471.900 |
471.900 |
|
Other equity |
|
-- |
|
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic |
3.88 |
3.15 |
7.03 |
|
b) Diluted |
3.88 |
3.15 |
7.03 |
UNAUDITED
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
Asset |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
|
21061.800 |
|
Capital work-in-progress |
|
|
977.000 |
|
Intangible assets |
|
|
117.200 |
|
Investment in a joint venture |
|
|
0.000 |
|
Financial assets |
|
|
|
|
Investment |
|
|
4167.700 |
|
Loans |
|
|
5198.600 |
|
Other Financial Assets |
|
|
256.500 |
|
Other non – current assets |
|
|
87.800 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
|
13771.300 |
|
Financial assets |
|
|
|
|
Trade receivables |
|
|
10611.800 |
|
Cash and cash equivalent |
|
|
19.700 |
|
Other bank balance |
|
|
9.400 |
|
Other financial assets |
|
|
1455.900 |
|
Other current Assets |
|
|
4323.600 |
|
|
|
|
|
|
Total Asset |
|
|
62058.300 |
|
|
|
|
|
|
B Equity and
liabilities |
|
|
|
|
Equity |
|
|
|
|
Equity share capital |
|
|
471.900 |
|
Other equity |
|
|
9800.300 |
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Financial Liabilities |
|
|
|
|
Borrowings |
|
|
23042.400 |
|
Provision |
|
|
110.200 |
|
Deferred tax liability (net) |
|
|
662.700 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Financial Liabilities |
|
|
|
|
Borrowings |
|
|
7126.200 |
|
Trade payables |
|
|
13374.100 |
|
Other financial liabilities |
|
|
4391.800 |
|
Other current liabilities |
|
|
2322.700 |
|
Provisions |
|
|
125.100 |
|
Current tax liabilities |
|
|
630.900 |
|
|
|
|
|
|
Total equity and
liabilities |
|
|
62058.300 |
NOTES:
1. The financial results of the Company for the quarter and half year ended 30th September 2017 have been reviewed by the Audit committee and approved by the Board of Directors at their respective meetings held on 9th November 2017 and the limited review of the same has been carried out by the auditors.
2. These results have been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the
Companies Act 2013 and other recognized accounting practices and policies to
the extent applicable.
3. The Company had challenged the legality of LADT Act / Entry Tax Act in the
state of Haryana in the Hon'ble Punjab and Haryana High Court / Supreme Court
of India. On 16.04.2010 the Entry tax matters of the states have been referred
to a larger 9 judge Constitutional Bench of the Supreme Court of India. The 9
judge bench while holding the constitutional validity of entry tax, has, vide
its Order dated 11th November 2016, referred the same to divisional / regular
benches for testing and determination of the Article 304 (a) of the
constitution vis a vis state legislation and levy of entry tax on goods
entering the landmass of India from another country. The division bench of
Hon'ble Supreme Court vide its order dated 21/03/2017 declared oil 20/05/2017
permitted the petitioners to file petition before respective High Court m this
regard for any factual background or any other constitutional / statutory
issue. The company accordingly filed CWP before Hon'ble High Court of Punjab
and Haryana On 30/03/2017, which has granted the stay till further direction.
The Company has been making necessary provisions in this regard. Interest /
penalty if any, will be accounted for as and when this is finally settled /
determined.
4. Net foreign exchange gain / loss has been considered by the Company as
exceptional in nature for the quarter and half year ended 30th September, 2017.
5. As the company's business activity falls within a single primary business
segment viz. ’stainless steel', the disclosure requirement of Accounting
Standard (Ind AS 108) on '’Segment Reporting" is not applicable.
6. In compliance with Ind AS-18 and SEBI (Listing Obligations and Disclosure
Requirements ) Regulation 2013, the reported revenue for the period upto 30th
June 2017 is inclusive of Excise duty. Goods and Service tax (GST) is made
applicable w.e.f. 1st July 2017 and as per Ind As-18 revenue for the quarter
ended 30th September 2017 is net of GST, hence revenue from operation for the
quarter and half year ended 30th September 2017 is not comparable with
corresponding quarters /periods figures.
7. Figures of the previous periods have been regrouped / recast / reclassified
wherever considered necessary.
FIXED ASSETS:
Tangible Assets
- Free Hold Land
- Buildings
- Plant and Equipment
- Vehicles
- Furniture and Fixtures
- Office Equipment
- Computer
Intangible Assets
- Computer Software
- Goodwill
PRESS RELEASES:
JINDAL STAINLESS
(HISAR) LIMITED FORAYS INTO DEFENCE SECTOR
- Becomes the first company in India to commercially produce High Nitrogen Steel for defence sector
- High Nitrogen Steel, a ballistic and blast protection material, to significantly reduce weight and costs of armed forces vehicles
- Transfer of Technology, a major milestone for Indian Defence sector in public-private partnership
New Delhi, 1st March, 2017: Jindal Stainless (Hisar) Limited, country’s largest integrated stainless steel producer today announced its entry into the defence sector by signing the License agreement with Defence Research and Development Organisation (DRDO), Ministry of Defence which entails transfer of technology for manufacturing High Nitrogen Steel (HNS) for Armour applications. The agreement was signed in the presence of Hon’ble Union Minister of State for Defence, Dr. Subhash Bhamre, and Mr. Abhyuday Jindal, Vice Chairman, Jindal Stainless (Hisar) Limited. With this, Jindal Stainless (Hisar) Limited (JSHL) now becomes India’s first company to commercially manufacture High Nitrogen Steel for the defence sector. The use of HNS will replace the existing import of Rolled Homogenous Armour (RHA), thereby resulting in improved cost efficiency in material acquisition for armour applications by 50%.
It is a comprehensive joint effort, and almost a decade of R&D by JSHL and Defence Metallurgical Research Laboratory (DMRL) to develop HNS. This major development will not only accelerate the indigenization process of Indian defence arsenal in line with government’s ‘Make in India’ drive but will also help in easy availability of best material for manufacturing lighter armour vehicles, as import procurement often delays the manufacturing process. High Nitrogen Steel is corrosion resistant and provides exceptional ballistic/blast protection than the existing material at a much reduced thickness along with longevity which increases the fuel and mass efficiency. HNS exhibits higher energy absorption level, enhances crashworthiness to the entire artillery system and has significantly higher impact values (> 200 Joules at room temperature and > 150 Joules at -40C) as compared to RHA which make HNS a far superior material for blast protection. HNS has passed multiple levels of ballistic tests in different calibers with 8-10 times higher impact/blast protection.
HNS has potential application in all armoured vehicles including Infantry Combat Vehicle (ICV), Light Specialty Vehicle (LSV), Light Armoured Multipurpose Vehicle (LAMV), Futuristic Infantry Combat Vehicle (FICV), Main Battle Tank (MBT), Future Ready Combat Vehicle (FRCV), Aviation and Naval systems. JSHL is also working to produce additional variants of HNS with enhanced blast and ballistic protection to cater to niche requirements of the Indian Defence sector.
Commenting on the occasion, Mr. Abhyuday Jindal, Vice Chairman, Jindal Stainless (Hisar) Limited said, “We are extremely pleased with this development and we believe HNS will immensely benefit the Indian Defence sector, going forward. The hard-work and perseverance of 10 years of JSHL with Ministry of Defence has culminated in a fantastic result for the country in line with PM’s vision of MAKE in India. This development reaffirms our endeavor to achieve higher benchmarks. We look forward to collaborate with Ministry of Defence to achieve greater efficacy of Indian armed forces and then take forward our capabilities.”
HNS is manufactured at JSHL’s state-of-the-art facility at Hisar with triplex refining route and manufacturing process has already been optimized for industry scale production to cater to stringent and niche requirements of Indian Defence and Paramilitary forces. JSHL and DMRL together have developed the Quality Assurance Plan for the High Nitrogen Steel to ensure consistent quality in production to meet the future demand of HNS.
Jindal Stainless (Hisar) Limited (JSHL) is India's first stainless steel manufacturing unit. JSHL has its operations integrated, both backward and forward, starting from melting, casting, hot rolling to cold rolling and other value additions. JSHL has a melt capacity of 800000 TPA, one of the largest in India. It is also the world's largest producer of Stainless Steel strips for razor blades and India's largest producer of coin blanks, serving the needs of Indian and International mints. The product range includes Slabs and Blooms, Hot Rolled Coils, Strips, Plates, Coin Blanks, Precision Strips and Cold Rolled Coils.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.72 |
|
UK Pound |
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.