|
|
|
MIRA INFORM REPORT
|
Report No. : |
512556 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STAINLESS LIMITED (w.e.f. 07.12.2011) |
|
|
|
|
Formerly Known
As : |
JSL STAINLESS LIMITED (w.e.f. 2010) JSL LIMITED (w.e.f. 2008) JINDAL STAINLESS LIMITED |
|
|
|
|
Registered
Office : |
O. P. Jindal
Marg, Hisar – 125005, Haryana |
|
Tel. No.: |
91-1662-222471-83 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2018 |
|
|
|
|
Date of Incorporation
: |
29.09.1980 |
|
|
|
|
Com. Reg. No.: |
05-010901 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 958.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26922HR1980PLC010901 |
|
|
|
|
TIN No.: |
06781511659 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0588085146 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKJ01408B |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
06AABCJ1969M1Z7 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1969M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The subject is a manufacturer/producer of Stainless steel
flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The
product range includes Ferro Alloys, Stainless Steel Slabs, Hot Rolled Coils,
Plates and Sheets, and Cold Rolled Coils and Sheets. (Registered Activity) |
|
|
|
|
No. of Employees
: (As on
31.03.2017) |
1720 (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 67000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1980. It is a
manufacturer of stainless steel.
|
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 Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
15.03.2018 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4+ |
|
Rating Explanation |
Moderate degree of safety and very high credit risk |
|
Date |
15.03.2018 |
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 01.06.2018
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.:
91-662-222471 / 26188345
LOCATIONS
|
Registered Office/ Factory 1 : |
O. P. Jindal
Marg, Hisar – 125005, Haryana, India |
|
|
Tel. No.: |
91-1662-222471/72/73- 83 |
|
|
Fax No.: |
91-1662-220476/
220499 |
|
|
E-Mail : |
|
|
|
Website : |
|
|
|
|
|
|
|
Corporate
Office : |
Jindal Centre,
12, Bhikaji Cama Place, New Delhi – 110066, India |
|
|
Tel. No.: |
91-11-26188345-60/ 41462000/ 61462000 / 226188340 – 50 |
|
|
Fax No.: |
91-11-26161271 / 26170691 / 41659169/ 26101562 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 2 : |
Jindal Nagar, Kothavalasa,
District Vizianagaram- 535183, Andhra Pradesh, India |
|
|
Tel. No.: |
91-8966-273327/
273254/ 273335 |
|
|
Fax No.: |
91-8966-273326 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 3 : |
Kalinga Nagar
Industrial Complex, Danagadi, District Jajpur– 755026, Odisha, India |
|
|
Fax No.: |
91-6726-266006 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 4 : |
Kawasan Industry Maspion, Maspion Unit-V, Desa Sukomylyo-Manyar,
Gresik 61151, Jawa Timur-Indonesia |
|
|
Tel. No.: |
62-31-3959588/ 3959565 |
|
|
Fax No.: |
62-31-3959566 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 5 : |
Village Kaliapani and Forest Block Number 27, Sukinda Tehesil, Jajpur District, Odisha, India |
|
|
Tel. No.: |
91-11-26188345/60 |
|
|
Fax No.: |
91-11-26170691/ 26161271 |
|
|
E-Mail : |
||
|
|
|
|
|
Sales/
Representative Offices : |
Also Located At:
|
|
|
|
|
|
|
Service Center
Office : |
Located at:
|
|
|
|
|
|
|
Global Offices
: |
Located at:
|
|
|
|
|
|
|
Warehouses: |
|
|
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Ratan Jindal |
|
Designation : |
Managing Director |
|
Address : |
Jindal House, Model Town, Hisar – 125005, Haryana, India |
|
Date of Birth / Age
: |
31.07.1961 |
|
Date of Appointment : |
23.07.2003 |
|
DIN No.: |
00054026 |
|
|
|
|
Name : |
Ms. Suman Jyoti Khaitan |
|
Designation : |
Director |
|
Address : |
W-13, Greater Kailash, Part-II, New Delhi – 110048, India |
|
Date of Appointment : |
01.08.2003 |
|
DIN No.: |
00023370 |
|
|
|
|
Name : |
Mr. Tara Sankar Sudhir Bhattacharya |
|
Designation : |
Director |
|
Address : |
8E, 8th Floor, Harbour Heights, Building No-B-I, Nasawant Marg, Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Appointment : |
13.01.2009 |
|
DIN No.: |
00157305 |
|
|
|
|
Name : |
Mr. Gautam Kanjilal |
|
Designation : |
Director |
|
Address : |
I - 1698, Chittaranjan Park, New Delhi – 110019, India |
|
Date of Appointment : |
29.04.2010 |
|
DIN No.: |
03034033 |
|
|
|
|
Name : |
Ms. Bhaswati Mukherjee |
|
Designation : |
Director |
|
Address : |
C-135, Sarvodaya Enclave, New Delhi - 110017, India |
|
Date of Birth / Age
: |
14.06.1953 |
|
Date of Appointment : |
15.07.2017 |
|
DIN No.: |
07173244 |
|
|
|
|
Name : |
Mr. Abhyuday Jindal |
|
Designation : |
Managing Director |
|
Address : |
House No.6, Prithvi Raj Road, Delhi – 110001, India |
|
Date of Birth / Age
: |
04.04.1989 |
|
Date of Appointment : |
09.08.2017 |
|
DIN No.: |
07290474 |
|
|
|
|
Name : |
Mr. Rajeev Uberoi |
|
Designation : |
Additional Director |
|
Address : |
Vaibhav Apartment 18-A, 18th Floor, B D Road Breach Candy, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
09.02.2018 |
|
DIN No.: |
01731829 |
|
|
|
|
Name : |
Mr. Tarun Kumar Khulbe |
|
Designation : |
Wholetime Director |
|
Address : |
H. No. 1401, T-10, The Close (South) Nirvana Country, South City-2, Gurugram – 122018, Haryana, India |
|
Date of Appointment : |
15.05.2018 |
|
DIN No.: |
07302532 |
KEY EXECUTIVES
|
Name : |
Mr. Anurag Mantri |
|
Designation : |
Chief Finance Officer |
|
Address : |
E - 163, Raheja Atlantis, Sector-31, Gurugram - 122001, Haryana, India |
|
Date of Appointment : |
07.02.2017 |
|
PAN No.: |
ABMPM4745K |
|
|
|
|
Name : |
Mr. Navneet Raghuvanshi |
|
Designation : |
Company Secretary |
|
Address : |
427, IInd, Ashoka Enclave – III, Sector – 35, Faridabad – 121003, Haryana, India |
|
Date of Appointment : |
25.04.2018 |
|
PAN No.: |
AELPR2118F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March, 2018
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares |
|
|
Promoter and Promoter Group |
318788309 |
66.52 |
|
|
Public |
160433351 |
33.48 |
|
|
Grand Total |
479221660 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a % of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
670267 |
0.14 |
|
|
SAROJ BHARTIA |
40 |
0.00 |
|
|
SEEMA JAJODIA |
900 |
0.00 |
|
|
KAMAL KISHORE BHARTIA |
3550 |
0.00 |
|
|
URVI JINDAL |
11605 |
0.00 |
|
|
TANVI SHETE |
11995 |
0.00 |
|
|
TARINI JINDAL HANDA |
12000 |
0.00 |
|
|
TRIPTI JINDAL |
12175 |
0.00 |
|
|
NAVEEN JINDAL |
12768 |
0.00 |
|
|
R K JINDAL & SONS HUF . |
13940 |
0.00 |
|
|
ARTI JINDAL |
14390 |
0.00 |
|
|
DEEPIKA JINDAL |
69265 |
0.01 |
|
|
PARTH JINDAL |
27575 |
0.01 |
|
|
PRITHVI RAJ JINDAL |
31298 |
0.01 |
|
|
S K JINDAL AND SONS HUF . |
33330 |
0.01 |
|
|
SMINU JINDAL |
43875 |
0.01 |
|
|
SANGITA JINDAL |
94658 |
0.02 |
|
|
P R JINDAL HUF . |
58290 |
0.01 |
|
|
SAVITRI DEVI JINDAL |
88573 |
0.02 |
|
|
NAVEEN JINDAL (HUF) |
107860 |
0.02 |
|
|
ABHYUDAY JINDAL |
22180 |
0.00 |
|
|
Any Other (specify) |
239621745 |
50.00 |
|
|
ROHIT TOWER BUILDING LTD |
31200 |
0.01 |
|
|
NALWA SONS INVESTMENTS LIMITED |
347945 |
0.07 |
|
|
MEREDITH TRADERS PRIVATE LIMITED |
422210 |
0.09 |
|
|
JSW HOLDINGS LIMITED |
460720 |
0.10 |
|
|
NALWA ENGINEERING CO LTD |
747290 |
0.16 |
|
|
ABHINANDAN INVESTMENTS LIMITED |
811350 |
0.17 |
|
|
GOSWAMIS CREDITS & INVESTMENTS LTD |
877795 |
0.18 |
|
|
RENUKA FINANCIAL SERVICES LTD |
886620 |
0.19 |
|
|
JINDAL REX EXPLORATION PRIVATE LIMITED |
929730 |
0.19 |
|
|
MANJULA FINANCES LTD |
1012080 |
0.21 |
|
|
EVER PLUS SECURITIES AND FINANCE LIMITED |
1157835 |
0.24 |
|
|
STAINLESS INVESTMENTS LIMITED |
1442895 |
0.30 |
|
|
NALWA INVESTMENTS LIMITED |
1707110 |
0.36 |
|
|
COLARADO TRADING CO LTD |
2074930 |
0.43 |
|
|
GAGAN TRADING COMPANY LIMITED |
2454295 |
0.51 |
|
|
SIDDESHWARI TRADEX PRIVATE LIMITED |
2755890 |
0.58 |
|
|
MANSAROVER INVESTMENTS LIMITED |
3797210 |
0.79 |
|
|
HEXA SECURITIES AND FINANCE CO LTD |
4931175 |
1.03 |
|
|
VRINDAVAN SERVICES PRIVATE LIMITED |
4946705 |
1.03 |
|
|
JINDAL STRIPS LIMITED |
5314090 |
1.11 |
|
|
JINDAL EQUIPMENT LEASING AND CONSULTANCY SERVICES LTD |
5735555 |
1.20 |
|
|
SUN INVESTMENTS PVT LIMITED |
9296780 |
1.94 |
|
|
JINDAL STAINLESS (HISAR) LIMITED |
168284309 |
35.12 |
|
|
JINDAL COKE LIMITED |
6920 |
0.00 |
|
|
JINDAL UNITED STEEL LIMITED |
6920 |
0.00 |
|
|
VIRTUOUS TRADECORP PVT LTD |
19181586 |
4.00 |
|
|
SAJJAN JINDAL (AS A TRUSTEE FOR SAJJAN JINDAL FAMILY TRUST) |
100 |
0.00 |
|
|
SAJJAN JINDAL (AS A TRUSTEE FOR SAJJAN JINDAL 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 |
240292012 |
50.14 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident Individuals/ Foreign Individuals) |
7500873 |
1.57 |
|
|
RATAN JINDAL |
7424148 |
1.55 |
|
|
SARIKA JHUNJHNUWALA |
76725 |
0.02 |
|
|
Any Other (specify) |
54260440 |
14.81 |
|
|
JSL OVERSEAS HOLDING LTD |
54260440 |
14.81 |
|
|
Sub Total A2 |
61761313 |
16.38 |
|
|
A=A1+A2 |
302053325 |
66.52 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a % of total no. of shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
29665 |
0.01 |
|
|
Foreign Portfolio Investors |
53496192 |
11.16 |
|
|
ELM PARK FUND LIMITED |
19726392 |
4.12 |
|
|
HYPNOS FUND LIMITED |
19401711 |
4.05 |
|
|
Financial Institutions/ Banks |
60517783 |
12.63 |
|
|
STATE BANK OF INDIA |
23811594 |
4.97 |
|
|
PUNJAB NATIONAL BANK |
8859335 |
1.85 |
|
|
Insurance Companies |
538755 |
0.11 |
|
|
Any Other (specify) |
13520 |
0.00 |
|
|
Sub Total B1 |
114595915 |
23.91 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
22972033 |
4.79 |
|
|
Individual share capital in excess of INR 0.200 Million |
2783503 |
0.58 |
|
|
Overseas Depositories (holding DRs) (balancing figure) |
0 |
0.18 |
|
|
Any Other (specify) |
19212550 |
4.01 |
|
|
Non-Resident Indian (NRI) |
1489509 |
0.31 |
|
|
Bodies Corporate |
15987750 |
3.34 |
|
|
Trusts |
36020 |
0.01 |
|
|
Foreign Nationals |
4175 |
0.00 |
|
|
Overseas Corporate Bodies |
1690 |
0.00 |
|
|
Clearing Members |
233067 |
0.05 |
|
|
HUF |
1460339 |
0.30 |
|
|
Sub Total B3 |
44968086 |
9.56 |
|
|
B=B1+B2+B3 |
159564001 |
33.48 |
BUSINESS DETAILS
|
Line of Business
: |
The subject is a manufacturer/producer of Stainless steel
flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The
product range includes Ferro Alloys, Stainless Steel Slabs, Hot Rolled Coils,
Plates and Sheets, and Cold Rolled Coils and Sheets. (Registered Activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees
: (As on
31.03.2017) |
1720 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: (As on
31.03.2017) LONG-TERM
BORROWINGS (a) *Redeemable Non-Convertible Debentures (*carrying floating rate of interest equivalent to SBI Base Rate plus spread of 425 bps) of INR 10,00,000 each, balance amounting to INR 2167.500 Million (INR 2267.500 Million) are redeemable in quarterly installments of INR 81.300 Crores each during 2017-18, INR 100.000 Million each during 2018-19 and thereafter ranging from INR 106.300 Million to INR 118.800 Million during 2019-20 to 2021-22. Debentures are secured by first pari-passu charge by way of mortgage of Company's immovable properties and hypothecation of movable fixed assets both present and future and second pari-passu charge by way of hypothecation and/or pledge of current assets namely finished good, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (b) (i) Rupee Term Loans from banks amounting to INR 866.800 Million (INR 13223.700 Million) are repayable in quarterly installments of INR 32.500 Million each during 2017-18, INR 40.000 Million each during 2018-19 and thereafter ranging from INR 42.500 Million to INR 47.500 Million during 2019-20 to 2021-22. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (ii) Rupee Term Loans from banks amounting to INR 2350.500 Million (INR 22056.000 Million) are repayable in quarterly installments of, INR 81.100 Million each during 2017-18, INR 101.300 Million each during 2018-19 and thereafter ranging from INR 113.500 Million to INR 148.600 Million during 2019-20 to 2021-22. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (iii) Rupee Term Loan from banks amounting to INR 218.200 Million (INR 3331.700 Million) is repayable on 31st March, 2022. The loan is secured by second 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (iv) Rupee Term Loans from banks amounting to INR 290.700 Million (INR 5811.300 Million) are repayable in quarterly installments of, INR 10.900 Million each during 2017-18, INR 13.400 Million each during 2018-19 and thereafter ranging from INR 14.200 Million to INR 15.900 Million during 2019-20 to 2021-22. The loans are secured by second 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (v) Rupee Term Loan from banks amounting to INR 9560.800 Million (INR 9571.800 Million) are repayable in quarterly installments of, INR 4.800 Million each during 2017-18, INR 71.900 Million each during 2018-19 and thereafter ranging from INR 95.800 Million to INR 469.400 Million during 2019-20 to 2026-27. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (vi) Foreign Currency Loans from banks amounting to INR 331.000 Million (INR 738.100 Million) are repayable in quarterly installments of INR 11.100 Million each during 2017-18, INR 14.300 Million each during 2018-19 and thereafter ranging from INR 16.200 Million to INR 20.900 Million during 2019-20 to 2021-22. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (vii) Foreign Currency Loans from banks amounting to INR 9545.800 Million (INR 13044.900 Million) are repayable in annual installments of INR 2432.100 Million in 2017-18 and INR 2371.300 Million each during 2018-19 to 2020-21. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (c) (i) Funded Interest Term Loans (I) from banks amounting to INR 3991.800 Million (INR 4186.800 Million) (including INR 336.200 Million (INR 351.100 Million) from Financial Institutions) are repayable in quarterly installments of INR 150.900 Million each during 2017-18, INR 185.800 Million each during 2018-19 and thereafter ranging from INR 197.400 Million to INR 220.600 Million during 2019-20 to 2021-22. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (ii) Funded Interest Term Loans (II) from banks amounting to INR 4726.700 Million (INR 5549.200 Million) (including INR 26.700 Million (INR 238.700 Million) from Financial Institutions) are repayable in 2 quarterly installments of INR 198.200 Million each from 30th April, 2017 till 31st July, 2017 and thereafter maximum quarterly installment of INR 380.800 Million each starting from 31st October, 2017 and ending on 31st July 2020. The loans are secured 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 namely finished goods, raw materials, work-in-progress, consumable stores and spares, book debts and bills receivable. (a,b,c) (i) Above Term Loans amounting to INR 24504.000 Million (including Funded Interest Term Loan INR 8718.500 Million, Debentures amounting to INR 2167.500 Million) are also secured by additional securities as mentioned in Note No. 32 (A) (iii). (ii) In accordance with the AMP proposal, as approved by CDR EG, during the year the Company has prepaid its long term domestic debt obligations amounting to INR 39885.800 Million (INR 11849.300 Million) to the lenders of JSL from the amounts received as consideration/long term refundable security deposit from Jindal Stainless (Hisar) Limited (JSHL), Jindal Coke Limited (JCL) and Jindal United Steel Limited (JUSL). (iii) Foreign Currency Loan of INR 9545.800 Million {refer (b) (vii) above} also secured by additional security as mentioned in Note no. 32(A) (iii) (c). (iv) (a) Outstanding Rupee term loan facilities (including Redeemable Non-Convertible Debentures and Funded Interest Term Loans) carries floating rate of interest linked with SBI Base Rate plus applicable spread ranging from 100 bps to 430 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. (b) Outstanding Foreign currency loan facilities carries rate of interest, equivalent to applicable LIBOR plus applicable spread ranging from 380 bps to 490 bps. SHORT-TERM
BORROWINGS a) Working Capital Facilities are secured by way of hypothecation and/or pledge of current assets namely finished goods, raw material, work in progress, consumable stores and spares, book debts, bill receivable and by way of second charge in respect of other moveable and immoveable properties of the Company. Working Capital Facility is repayable on demand. (b) Buyer Credit Facility are secured by way of hypothecation and/or pledge of current assets namely finished goods, raw material, work in progress, consumable stores and spares, book debts, bill receivable and by way of second charge in respect of other moveable and immoveable properties of the Company. (a,b) Working Capital Facility from bank amounting to INR 8873.200 Million (INR 10651.800 Million) and Working Capital Buyers Credit amounting to INR 7826.300 Million (9006.300 Million) are also secured by additional securities as mentioned in note no. 32 (A) (iii). *Further Working Capital Facilities continue to have security on the assets transferred to Jindal Stainless (Hisar) Limited , Jindal United Steel Limited and Jindal Coke Limited in pursuant to Composite Scheme of Arrangement (Read with note no 27). "*Net of the amount of INR NIL (INR 706.300 Million) of Working Capital Facilities and INR NIL (INR 2323.500 Million) of buyer credit has been allocated to Jindal Stainless (Hisar) Limited and INR 817.800 Million (INR 40.100 Million) of buyers credit has been allocated to JCL pursuant to Composit Scheme of Arrangement (read with note no. 27) pending confirmation from the respective banks. INR 817.800 Million (INR 40.100 Million) of buyers credit has been allocated to JCL pursuant to Composite Scheme of Arrangement (read with note no. 27) pending confirmation from the respective banks." (c) Subject to compliance of conditions stipulated in the agreement. |
|
Financial Institutions : |
|
|
|
|
|
Auditor : |
|
|
Name : |
Walker
Chandiok and Company LLP Chartered Accountants |
|
Address : |
L-41,
Connaught Circus, New Delhi – 110001, India |
|
Tel. No.: |
91-11-42787070 |
|
Fax No.: |
91-11-42787071
|
|
|
|
|
Statutory Auditors 1 : |
|
|
Name : |
Lodha
and Company Chartered Accountants |
|
|
|
|
Statutory Auditors 2 : |
|
|
Name : |
S.
S. Kothari Mehta and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Ramanath
Iyer and Company Cost Accountants |
|
|
|
|
Secretarial
Auditors |
|
|
Name : |
Vinod Kothari and Company Practicing Company Secretary |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Direct Subsidiary: (As on 31.03.2017) |
|
|
|
|
|
Indirect Subsidiary
: (As on 31.03.2017) |
|
|
|
|
|
Joint Ventures and
Associates: (As on 31.03.2017) |
|
|
|
|
|
Enterprises over
which the company hold more than 20% of Share : (As on 31.03.2017) |
|
|
|
|
|
Enterprises
controlled by key management personnel & their Relatives : (As on 31.03.2017) |
|
|
|
|
|
Others related
parties: |
|
|
|
|
|
Trust under common
control : |
|
CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 958.400
Million
After 26.09.2017
Authorised Capital : INR 1550.000
Million
Issued, Subscribed & Paid-up Capital : INR 1244.105 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
INR 2/- each |
INR 1200.000
Million |
|
170000000 |
Preference Shares |
INR 2/- each |
INR 340.000
Million |
|
|
Total |
|
INR 1540.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399469754 |
Equity Shares |
INR 2/- each |
INR 798.900
Million |
|
|
|
|
|
RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND
AT THE END OF THE REPORTING YEAR
|
Particulars |
Equity Shares |
Preference Shares |
|
|
Number of Shares |
Number of Shares |
|
Shares outstanding at the beginning of the Year |
23118544 |
-- |
|
Shares issued during the Year |
|
|
|
On Conversion of Foreign Currency Convertible Bonds |
-- |
-- |
|
On Issue of Shares on Preferential basis to Jindal
Stainless (Hisar) Limited |
168284309 |
-- |
|
Shares outstanding at the end of the Year |
399469754 |
-- |
3759213 (3759213) Equity shares of INR 2/- each fully paid up have been allotted to the holders of 2,060 (2,060) Foreign Currency Convertible Bonds of US $ 5000/- each at pre determined (as per scheme) conversion rate of INR 119.872 each during the last five years.
TERMS/RIGHTS ATTACHED
TO EQUITY SHARES
The company has only one class of equity shares having a face 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, 8,802,167 GDSs (8,802,167 GDSs) with 17,604,334 underlying equity shares (17,604,334 equity shares) were outstanding. Each GDS represents 2 underlying equity shares of the Company.
(ii) CUMULATIVE
COMPULSORY CONVERTIBLE PREFERENCE SHARES (CCCPS)
During 2015-16 48,10,440 0.10% Cumulative Compulsory Convertible Preference Shares of INR 2/- each have been converted into 4810440 fully paid up Equity Shares of INR 2/- Each.
(c) EQUITY SHARES IN
THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES ARE AS UNDER
|
Name of Shareholders |
Number
of Shares |
% holding |
|
JSL Overseas Holding Limited (Formerly Jindal Overseas Holdings
Limited) |
27700000 |
6.93% |
|
JSL
Overseas Limited |
26560440 |
6.65% |
|
Citigroup Global Markets Mauritius Private
Limited |
-- |
|
|
Jindal Stainless (Hisar) Limited |
168284309 |
42.13% |
|
Reliance Capital
Trustee Company Limited |
-- |
-- |
|
Account Reliance Diversified Power Sector Fund |
-- |
-- |
(d) EQUITY SHARES
RESERVED FOR ISSUE UNDER OPTIONS
For details of shares reserved for issue under the Employee Stock Option Scheme, 2010 of the company.
(e) No bonus, buy back in last five years except about Share Capital Suspense Account read with Note No. 27A.
FINANCIAL DATA
[all figures are in
INR Million]
ABRIDGED
BALANCE SHEET - STANDALONE
|
SOURCES
OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
958.400 |
798.900 |
462.400 |
|
(b) Reserves & Surplus |
22557.800 |
16613.200 |
12241.700 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
3661.900 |
|
Total
Shareholders’ Funds (1) + (2) |
23516.200 |
17412.100 |
16366.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
35509.000 |
33819.900 |
73232.700 |
|
(b) Deferred tax liabilities
(Net) |
455.200 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
4000.800 |
1261.100 |
777.400 |
|
(d) long-term provisions |
46.500 |
74.000 |
61.200 |
|
Total
Non-current Liabilities (3) |
40011.500 |
35155.000 |
74071.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7655.400 |
17381.300 |
20538.500 |
|
(b) Trade payables |
19402.300 |
16435.900 |
16589.900 |
|
(c) Other current liabilities |
11054.400 |
16318.900 |
15704.300 |
|
(d) Short-term provisions |
3.400 |
5.500 |
5.200 |
|
Total
Current Liabilities (4) |
38115.500 |
50141.600 |
52837.900 |
|
|
|
|
|
|
TOTAL |
101643.200 |
102708.700 |
143275.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
61243.000 |
63714.600 |
66150.500 |
|
(ii) Intangible Assets |
0.000 |
201.000 |
295.600 |
|
(iii) Capital work-in-progress |
1417.800 |
297.300 |
542.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4841.400 |
4801.900 |
4811.700 |
|
(c) Deferred tax assets (net) |
0.000 |
1191.500 |
1496.600 |
|
(d) Long-term Loan and Advances |
399.100 |
229.000 |
311.800 |
|
(e) Other Non-current assets |
808.400 |
288.100 |
304.000 |
|
Total
Non-Current Assets |
68709.700 |
70723.400 |
73912.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4.700 |
9.700 |
4.000 |
|
(b) Inventories |
20123.600 |
17546.800 |
16437.200 |
|
(c) Trade receivables |
8282.900 |
8050.100 |
9190.200 |
|
(d) Cash and cash equivalents |
366.000 |
410.600 |
702.000 |
|
(e) Short-term loans and
advances |
116.300 |
238.600 |
142.200 |
|
(f) Other current assets |
4040.000 |
5729.500 |
42887.400 |
|
Total
Current Assets |
32933.500 |
31985.300 |
69363.000 |
|
|
|
|
|
|
TOTAL |
101643.200 |
102708.700 |
143275.200 |
PROFIT
& LOSS ACCOUNT - STANDALONE
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
109636.700 |
89574.000 |
70282.400 |
|
|
Other Income |
454.100 |
255.500 |
258.900 |
|
|
TOTAL
|
110090.800 |
89829.500 |
70541.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
60418.700 |
49537.600 |
38884.300 |
|
|
Purchases of Stock-in-Trade |
7133.300 |
1467.200 |
3574.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1293.100 |
(1239.300) |
(1243.600) |
|
|
Excise Duty on sales |
1791.200 |
6461.200 |
5002.500 |
|
|
Employees benefits expense |
1369.700 |
1024.600 |
910.200 |
|
|
Stores and spares consumed |
5189.300 |
0.000 |
0.000 |
|
|
Power and Fuel |
6904.200 |
0.000 |
0.000 |
|
|
Other expenses |
|
|
|
|
|
Manufacturing expenses |
|
18085.600 |
15166.200 |
|
|
Administrative expenses |
|
836.900 |
724.500 |
|
|
Selling expenses |
12727.900 |
2333.200 |
2054.900 |
|
|
Exceptional items -
Gain/(Loss) |
(13.700) |
(261.300 |
343.500 |
|
|
TOTAL |
96813.700 |
78245.700 |
65416.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
13277.100 |
11583.800 |
5124.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5406.300 |
7616.900 |
10062.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
7870.800 |
3966.900 |
(4937.500) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
3038.400 |
3079.800 |
2984.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
4832.400 |
887.100 |
(7922.100) |
|
|
|
|
|
|
|
Less |
TAX |
1649.700 |
303.700 |
(2330.900) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3182.700 |
583.400 |
(5591.200) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
23040.700 |
10984.500 |
|
|
Interest |
NA |
4.500 |
4.000 |
|
|
Sale of Property |
NA |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
NA |
23045.200 |
10988.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
27219.300 |
29082.700 |
|
|
Components and Stores parts |
NA |
1847.400 |
1800.600 |
|
|
Capital Goods |
NA |
9.900 |
278.200 |
|
|
TOTAL
IMPORTS |
NA |
29076.600 |
31161.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
7.06 |
1.63 |
(24.43) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
5079.900 |
6597.500 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
13089.600 |
7655.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
27.58 |
32.80 |
47.73 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
13.24 |
11.13 |
7.65 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
104.84 |
117.62 |
142.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.66 |
0.66 |
0.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.21 |
0.18 |
0.08 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.72 |
0.82 |
0.88 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.84 |
2.94 |
5.73 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.62 |
2.88 |
3.23 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.66 |
3.69 |
4.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.46 |
1.52 |
0.51 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.90 |
0.65 |
(7.96) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.13 |
0.57 |
(3.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
13.53 |
3.35 |
(34.16) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.86 |
0.64 |
1.31 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.34 |
0.29 |
1.00 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.23 |
0.17 |
0.11 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
45.04 |
64.09 |
202.79 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.86 |
0.64 |
1.31 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 84.20/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
462.400 |
798.900 |
958.400 |
|
Reserves & Surplus |
12241.700 |
16613.200 |
22557.800 |
|
Share Capital Suspense Account |
3661.900 |
0.000 |
0.000 |
|
Net
worth |
16366.000 |
17412.100 |
23516.200 |
|
|
|
|
|
|
Long Term borrowings |
73232.700 |
33819.900 |
35509.000 |
|
Short Term borrowings |
20538.500 |
17381.300 |
7655.400 |
|
Total
borrowings |
93771.200 |
51201.200 |
43164.400 |
|
Debt/Equity
ratio |
5.730 |
2.941 |
1.836 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
70282.400 |
89574.000 |
109636.700 |
|
|
|
27.449 |
22.398 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
70282.400 |
89574.000 |
109636.700 |
|
Profit
/ (Loss) |
(5591.200) |
583.400 |
3182.700 |
|
|
(7.96%) |
0.65% |
2.90% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
798.900 |
462.400 |
|
(b) Reserves & Surplus |
|
17340.000 |
12996.900 |
|
(c) Share Capital Suspense
Account |
|
0.000 |
3661.900 |
|
|
|
|
|
|
(2) Equity Attributable to
Owners of the Company |
|
0.000 |
0.000 |
|
(3) Non-Controlling Interest |
|
60.700 |
48.200 |
|
Total
Shareholders’ Funds (1) + (2) |
|
18199.600 |
17169.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
33819.900 |
73232.700 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
1261.100 |
777.400 |
|
(d) long-term provisions |
|
134.200 |
111.200 |
|
Total
Non-current Liabilities (3) |
|
35215.200 |
74121.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
19977.500 |
23643.700 |
|
(b) Trade payables |
|
18649.100 |
17775.000 |
|
(c) Other current liabilities |
|
17050.800 |
15860.600 |
|
(d) Short-term provisions |
|
5.500 |
5.200 |
|
Total
Current Liabilities (4) |
|
55682.900 |
57284.500 |
|
|
|
|
|
|
TOTAL |
|
109097.700 |
148575.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
65873.300 |
68333.200 |
|
(ii) Intangible Assets |
|
211.600 |
296.900 |
|
(iii) Capital work-in-progress |
|
297.300 |
699.900 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4027.100 |
3922.400 |
|
(c) Deferred tax assets (net) |
|
1122.800 |
1593.900 |
|
(d) Long-term Loan and Advances |
|
705.400 |
722.100 |
|
(e) Other Non-current assets |
|
288.100 |
304.000 |
|
Total
Non-Current Assets |
|
72525.600 |
75872.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
9.700 |
4.000 |
|
(b) Inventories |
|
20965.400 |
19127.300 |
|
(c) Trade receivables |
|
8895.200 |
9355.100 |
|
(d) Cash and cash equivalents |
|
514.100 |
799.800 |
|
(e) Short-term loans and advances |
|
238.800 |
142.200 |
|
(f) Other current assets |
|
5948.900 |
43274.400 |
|
Total
Current Assets |
|
36572.100 |
72702.800 |
|
|
|
|
|
|
TOTAL |
|
109097.700 |
148575.200 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
99247.800 |
76438.600 |
|
|
Other Income |
|
256.900 |
261.500 |
|
|
TOTAL
|
|
99504.700 |
76700.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
57926.200 |
43241.000 |
|
|
Purchases of Stock-in-Trade |
|
1467.200 |
3574.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(2055.000) |
(1539.200) |
|
|
Excise Duty on sales |
|
6461.200 |
5002.500 |
|
|
Employees benefits expense |
|
1540.500 |
1343.400 |
|
|
Other
expenses : |
|
|
|
|
|
Manufacturing Expenses |
|
18784.900 |
15956.000 |
|
|
Administrative Expense |
|
975.600 |
886.500 |
|
|
Selling expenses |
|
2491.300 |
2247.100 |
|
|
Exceptional items -
Gain/(Loss) |
|
(258.400) |
403.700 |
|
|
TOTAL |
|
87333.500 |
71115.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
12171.200 |
5585.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
7878.800 |
10299.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4292.400 |
(4714.600) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
3252.100 |
3161.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
1040.300 |
(7876.200) |
|
|
|
|
|
|
|
Less |
TAX |
|
324.700 |
(2315.100) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
715.600 |
(5561.100) |
|
|
|
|
|
|
|
|
Share
of Profit/(Loss) from Associate |
|
114.800 |
0.300 |
|
|
|
|
|
|
|
|
Share of Profit/(Loss) of Minority |
|
14.700 |
7.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) FOR THE YEAR |
|
815.700 |
(5567.900) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
2.29 |
(24.33) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
CORPORATE AND GENERAL
INFORMATION
Subject is domiciled and incorporated in India and its equity shares and GDR are listed at Bombay Stock Exchange (BSE) /National Stock Exchange (NSE) and at Luxemburg Stock Exchange (LSE) respectively. The registered office is located at O. P. Jindal Marg Distt. : Hisar – 125005 Haryana, India.
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, Hot Rolled Coils, Plates and Sheets, and Cold Rolled Coils and Sheets. The financial statements of the company for the year ended 31st March 2017 were approved and authorized for issue by board of directors in their meeting held on 12th May 2017.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2018 (INR in Million) |
31.03.2017 (INR in Million) |
|
Long-term
Borrowings |
|
|
|
Public Fixed Deposits |
NA |
0.000 |
|
Inter Corporate Deposits from related Party |
NA |
4850.000 |
|
(a) The term loan amount to INR 485 Crores shall be repayable in one or more installments by 31st March, 2023 or such other terms as may be mutually agreed between the Company and Jindal Stainless (Hisar) Limited. |
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
|
Inter Corporate Deposits from related Party |
NA |
0.000 |
|
|
|
|
|
Total |
NA |
4850.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G51545515 |
100118547 |
L&T FINANCE LIMITED |
24/07/2017 |
- |
- |
3000000000.0 |
TECHNOPOLIS, 7th Floor, A- Wing, Plot No. - 4, Block - BP, Sector -V, Salt LakeKolkataWe700091IN |
|
2 |
G49383144 |
100106339 |
Bank of Baroda |
29/06/2017 |
30/06/2017 |
- |
3000000000.0 |
Corporate Financial Service,Large Corporate Branch1st Floor, Bank of Baroda Building, 16,Sansad MargDelhiDL110001IN |
|
3 |
G04864484 |
100022451 |
SBICAP TRUSTEE COMPANY LIMITED |
26/02/2016 |
13/05/2016 |
- |
9580000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABAMUMBAIMH400005IN |
|
4 |
B79781340 |
10437270 |
SBICAP TRUSTEE COMPANY LIMITED |
18/07/2013 |
- |
- |
6331100000.0 |
202, Maker Tower E,Cuffe Parade,MumbaiMH400005IN |
|
5 |
B80050396 |
10244217 |
SBICAP TRUSTEE COMPANY LIMITED |
05/10/2010 |
18/07/2013 |
- |
1800000000.0 |
202, Maker Tower E,Cuffe Parade,MumbaiMH400005IN |
|
6 |
B79870341 |
10244214 |
SBICAP TRUSTEE COMPANY LIMITED |
05/10/2010 |
18/07/2013 |
- |
360000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABA,MUMBAIMH400005IN |
|
7 |
B80050008 |
10244254 |
SBICAP TRUSTEE COMPANY LIMITED |
05/10/2010 |
18/07/2013 |
- |
4407000000.0 |
202, Maker Tower ECuffe ParadeMumbaiMH400005IN |
|
8 |
B79868766 |
10244207 |
SBICAP TRUSTEE COMPANY LIMITED |
05/10/2010 |
18/07/2013 |
- |
160000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADECOLABA,MUMBAIMH400005IN |
|
9 |
B80064090 |
10244258 |
SBICAP TRUSTEE COMPANY LIMITED |
05/10/2010 |
18/07/2013 |
- |
3416600000.0 |
202, Maker Tower E,Cuffe Parade,MumbaiMH400005IN |
|
10 |
B80050669 |
10244257 |
SBICAP TRUSTEE COMPANY LIMITED |
05/10/2010 |
18/07/2013 |
- |
4639200000.0 |
202, Maker Tower ECuffe ParadeMumbaiMH400005IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
|
(a) Guarantee issued by bank on behalf of Company |
NA |
1779.100 |
|
(b) Letter of Credit |
NA |
7469.900 |
|
(c) Bills discounted with Banks |
NA |
1005.700 |
|
(d) (i) Sale Tax/Entry Tax demands against which company preferred appeals |
NA |
1489.500 |
|
(ii) Excise Duty/Custom/Service Tax Show Cause Notices/ Demands against which company has preferred appeals |
NA |
1001.700 |
|
(iii) Income tax demands against which Company has preferred appeals. |
NA |
468.200 |
|
(e) (i) Claims and other liabilities against the company not acknowledged as debt. |
NA |
553.400 |
|
(ii) Demand made by Dy. Director of Mines, Jajpur Road Circle, Orissa against which company has preferred appeal / disputed by the Company. |
NA |
65.400 |
|
B.(i) Custom duty saved / to be saved on 31st March, 2017 (Bonds executed with custom authorities for import under EPCG Scheme Outstanding INR 6.06 Crores (INR 3.11 Crores as on 31.03.2016 & INR 481.10 Crores as on 01.04.2015)). |
NA |
16.300 |
|
(ii) Custom Duty saved on material consumed imported under Advance License. |
NA |
0.000 |
|
C. Letter of Comfort to banks against Credit facilities/ financial assistance availed by subsidiaries |
NA |
517.300 |
|
D. Appeals in respect of certain assessments of Sales Tax / Income Tax are pending and additional tax liabilities/refunds, if any, are not determinable at this stage. Adjustments for the same will be made after the same are finally determined. In the opinion of management there will not be material liability on this account. E. Corporate Guarantee given to banks against Credit facilities / financial assistance availed by Jindal Stainless (Hisar) Limited, amount for facilities outstanding as on 31st March, 2017 INR 3,392.78 Crores (INR 1,553.55 Crores). |
||
FIXED ASSETS
- Lease Hold Land
- Free Hold Land
- Buildings
- Plant and Machinery
- Electric Installation
- Vehicle
- Furniture and Fixture
- Office Equipment
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 67.82 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
KJL |
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.