|
|
|
MIRA INFORM REPORT
|
Report No. : |
510049 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL UNITED STEEL LIMITED |
|
|
|
|
Registered
Office : |
O. P. Jindal Marg, Hisar-125005, Haryana |
|
Tel. No.: |
91-1662-222471 |
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|
Country : |
India |
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|
|
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Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.12.2014 |
|
|
|
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Com. Reg. No.: |
55-053875 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 1689.189 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28113HR2014PLC053875 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction And
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AADCJ4180C |
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|
|
|
GSTN : [Goods And Service Tax
Registration No.] |
Not Divulged |
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|
|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company is engaged in the business of manufacturing, processing, refining, smelting, importing, exporting, Marketing and distribution of all kinds and forms of iron and steel including tools and alloy steels, stainless and all other special steels. (Registered activity). |
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|
|
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No. of Employees
: |
Information declined by the management |
RATING and 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 8500000 |
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|
|
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Status : |
Yet To Commence its Commercial Operation |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporated during the year 2014, the
company is yet to commence its commercial operation. It is a subsidiary of OPJ Steel Trading Pvt Ltd which is a part of “O
P Jindal Group’’ Management of the company has denied to provide any information. As per available financials of 2017, the company has not undertaken
any business operation. Rating takes into consideration moderate financial risk profile of the
company marked by low liquidity position and high debt level. Further, rating is constrained on account of huge borrowing recorded
which can be threat to its liquidity position, Risk related to project under
implementation and cyclicality inherent in the steel industry. However, rating weakness is partially offset by experience of the
promoters and its strategic location of plant with proximity to iron ore
mines and coal. Payments are unknown. 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term rating = BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
12.07.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial and Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
and 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. 91-1662-222471)
LOCATIONS
|
Registered Office : |
O. P. Jindal Marg, Hisar-125005, Haryana, India |
|
Tel. No.: |
91-11-41462168 / 26188345 / 60/ 41462000 / 61462000 /
1662-222471 / 83 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-11-41659169 /26101562/ 1662-220476 / 220499 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
Jindal Centre, 12, Bhikaji Cama Place, New Delhi – 110066, India |
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Tel. No.: |
91-11-26188345-60 |
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Fax No.: |
91-11-26170691 / 26161271 |
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|
|
|
Manufacturing
Facilities – Jaipur : |
Kalinga Nagar Industrial Complex, Duburi, District: Jajpur-755026, Orissa, India |
|
Tel. No.: |
91-6726-266031/ 33 |
|
Fax No.: |
91-6726-266006 |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Ratan Jindal |
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Designation : |
Director |
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Address : |
Jindal House, Model Town, Hisar-125005, Haryana, India |
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Date of Appointment : |
01.10.2016 |
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DIN No.: |
00054026 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Neeru Abrol |
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Designation : |
Additional Director |
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Address : |
K-3, Lajpat Nagar-III, New Delhi-110024, Delhi, India |
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|
Date of Appointment : |
15.01.2018 |
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DIN No.: |
01279485 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Anunay Kumar |
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Designation : |
Director |
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Address : |
9, Mekon Colony, P.S. Doranda, P.O. Hinu, Ranchi-834002, Jharkhand, India |
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|
Date of Appointment : |
29.12.2016 |
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DIN No.: |
01647407 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Dinesh Kumar Agrawal |
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Designation : |
Additional Director |
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Address : |
Flat No. 3802, B Wing, Oberoi Exquisite, Oberoi Garden City, Off. Western Express Highway, Goregaon East, Mumbai-400063, Maharashtra, India |
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Date of Appointment : |
15.01.2018 |
||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
01940124 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Kapil Mantri |
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Designation : |
Director |
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Address : |
K-12, First Floor, Rajouri Garden, New Delhi-110027, Delhi, India |
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Date of Birth/Age : |
07.05.1981 |
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Date of Appointment : |
29.12.2016 |
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PAN No.: |
AFXPM4092A |
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DIN No.: |
02541935 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Rahul Himatsingka |
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Designation : |
Whole time Director |
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Address : |
H-2-13, Nand Niketan, Essar Township, Hazira-394270, Gujarat, India |
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Date of Birth/Age : |
04.07.1972 |
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Date of Appointment : |
15.01.2018 |
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DIN No.: |
03633751 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Om Parkash Verma |
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Designation : |
Director |
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Address : |
House No.-265, Ward No.15, Dhani Charkhan, Near Patram Gate, Bhiwani-127021, Haryana, India |
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Date of Birth/Age : |
14.04.1959 |
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Qualification : |
Post Graduate in Economic |
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Date of Appointment : |
29.12.2016 |
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PAN No.: |
AEAPV7920C |
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DIN No.: |
07137865 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Gupta |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No. 246, S.D. Block, Tower Apartment, Pitampura, North West, Delhi-110034, India |
|
Date of Birth/Age : |
21.10.1972 |
|
Qualification : |
Chartered Accountant (CA), Cost Accountant (CMA) & Company Secretary (CS) |
|
Date of Appointment : |
01.10.2016 |
|
PAN No.: |
AAJPG1486H |
|
|
|
|
Name : |
Mr. Vinay Aggarwal |
|
Designation : |
Company Secretary |
|
Address : |
Pujarion Street, Near Anara Devi Aggarwal School, Halu Bazar, Bhiwani-127021, Haryana, India |
|
Date of Birth/Age : |
05.08.1991 |
|
Qualification : |
Company Secretary & Post Graduate in Commerce |
|
Date of Appointment : |
08.02.2017 |
|
PAN No.: |
AJKPV7886Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
OPJ Steel Trading Private Limited |
|
125000001 |
|
Jindal Stainless Limited |
|
43918859 |
|
Rajiv Rajvanshi |
|
10 |
|
Sanjay Kumar Gupta |
|
10 |
|
Ankur Agarwal |
|
09 |
|
Rajiv Garg |
|
10 |
|
Mahabir Prashad Gupta |
|
10 |
|
Mahabir Prashad Swami |
|
10 |
|
Total |
|
168918919 |
Note : Jindal stainless limited holds 87673311, Non-Cumulative
Non-Convertible Redeemable preference share of face value of INR 10.00/- each.
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2017
|
Category |
Percentage |
|
Promoter – Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacturing, processing, refining, smelting, importing, exporting, Marketing and distribution of all kinds and forms of iron and steel including tools and alloy steels, stainless and all other special steels. (Registered activity). |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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|
|
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Auditors : |
|
|
Name : |
N. C. Aggarwal and Company Chartered Accountants |
|
Address : |
102, Harsha House, Karampura Commercial Complex, New Delhi-110015,
India |
|
Tel. No.: |
91-25920555 / 25221561 / 556 |
|
PAN N Income-tax PAN of auditor or auditor’s firm : |
AAAFN9149H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
After 26.09.2017
Authorised Capital : INR 4340.500 Million
Issued, Subscribed And Paid-up Capital : INR 1689.189
Million
As on 26.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169050000 |
Equity Shares |
INR 10/- each |
INR 1690.500 Million |
|
265000000 |
Preference Shares |
INR 10/- each |
INR 2650.000 Million |
|
|
Total |
|
INR 3340.500
Million |
Issued, Subscribed And Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168918919 |
Equity Shares |
INR 10/- each |
INR 1689.189
Million |
|
87673311 |
Preference Shares |
INR 10/- each |
INR 876.733
Million |
|
|
Total |
|
INR 2565.922 Million |
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169050000 |
Equity Shares |
INR 10/- each |
INR 1690.500 Million |
|
|
Total |
|
INR 3340.500
Million |
Issued, Subscribed And Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168918919 |
Equity Shares |
INR 10/- each |
INR 1689.189
Million |
|
|
Total |
|
INR 2565.922 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1689.189 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
1310.745 |
1749.434 |
(0.239) |
|
(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) |
2999.934 |
1749.934 |
0.261 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21979.107 |
876.733 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
18.523 |
12.679 |
0.000 |
|
Total
Non-current Liabilities (3) |
21997.630 |
889.412 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
139.622 |
92.566 |
0.000 |
|
(c) Other current liabilities |
944.332 |
21640.016 |
0.025 |
|
(d) Short-term provisions |
0.649 |
0.496 |
0.000 |
|
Total
Current Liabilities (4) |
1084.603 |
21733.078 |
0.025 |
|
|
|
|
|
|
TOTAL |
26082.167 |
24372.424 |
0.286 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7.778 |
2.113 |
0.000 |
|
(ii) Intangible Assets |
24.278 |
28.047 |
0.000 |
|
(iii) Capital work-in-progress |
24424.663 |
23313.425 |
0.000 |
|
(iv) Intangible assets under
development |
6.820 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.501 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.110 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
24464.040 |
23343.695 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1240.923 |
0.000 |
0.000 |
|
(b) Inventories |
254.835 |
365.816 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
76.811 |
0.433 |
0.286 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
45.558 |
662.480 |
0.000 |
|
Total
Current Assets |
1618.127 |
1028.729 |
0.286 |
|
|
|
|
|
|
TOTAL |
26082.167 |
24372.424 |
0.286 |
PROFIT
And LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
TOTAL
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Other expenses |
0.000 |
0.327 |
0.238 |
|
|
TOTAL |
0.000 |
0.327 |
0.238 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
0.000 |
(0.327) |
(0.238) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.000 |
(0.327) |
(0.239) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
0.000 |
(0.327) |
(0.239) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
0.000 |
(0.327) |
(0.239) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.00 |
(18.70) |
(0.48) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
918.157 |
(552.553) |
(0.214) |
|
Net cash flow from operating activity |
917.480 |
(552.881) |
NA |
KEY
RATIOS
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.88 |
0.93 |
0.09 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
7.33 |
0.50 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.36 |
12.42 |
0.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
8.15 |
13.34 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.00 |
0.00 |
(238.00) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.00 |
0.00 |
(83.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
0.00 |
(0.02) |
(91.57) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.49 |
0.05 |
11.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
1.26 |
0.03 |
11.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.12 |
0.07 |
0.91 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
13.01 |
1753.47 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.49 |
0.05 |
11.44 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
0.500 |
0.500 |
1689.189 |
|
Reserves & Surplus |
(0.239) |
1749.434 |
1310.745 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.261 |
1749.934 |
2999.934 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
876.733 |
21979.107 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
876.733 |
21979.107 |
|
Debt/Equity
ratio |
0.000 |
0.501 |
7.327 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE
AND REVIEW
JUSL is expected to commence steel manufacturing from FY 2019-20 and it is estimated that capacity utilization would ramp up to ~90% by FY 2024-25. Since, the Company is yet to commence its commercial operations; therefore, no information is given in financial results and summary.
Above stated HSM Undertaking acquired by the Company with object to set up an Integrated Steel Plant (ISP), to be an economically viable independent ISP, the Company needs to suitably re-arrange, re-adjust, suitably modify present (HSM) production facilities and balance the same with installing other requisite production facilities. Requisite facilities, as assessed by the Independent Technical Consultant, which Company have taken up, include installation of Sinter Plant, Blast Furnaces, Basic Oxygen Furnace and Slab Caster etc. Accordingly, HSM acquired facilities been treated as part of the ISP, with followed installation of other facilities and hence shown under CWIP.
Capital Works in Progress include machines under installation, machines in hand and preoperative expenses pending allocation capitalization as detailed in the financial statements.
COMPANY OVERVIEW
Incorporated in the State of Haryana in 2014, The company is a Part of O P Jindal Group, one of India's most dynamic business organizations, is a subsidiary of OPJ Steel Trading Private Limited (OPJSTPL) and an associate of Jindal Stainless Limited (JSL).
Jindal United Steel Limited (JUSL) is engaged in the business of manufacturing, processing, refining, smelting, importing, exporting, marketing and distribution of all kinds and forms of iron and steel including tools and alloy steels, stainless and all other special steels.
An Integrated Steel Plant at Kalinga Nagar Industrial Complex, Duburi, District Jajpur, Odisha, with an installed capacity to manufacture about 1.13 MTPA of Steel is proposed to be set up by JUSL.
INDUSTRY OUTLOOK
As per international stainless steel forum, global stainless steel production increased to 45.8 MT in 2016, 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 as per indian stainless steel development association (issda). Major demand is expected from the 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 above 7% in 2017-18.
OPERATIONS AND
PRODUCTION
The Company has been able to improve its performance significantly during the year 2016-17 despite the adverse global position of Stainless Steel industry. Hot Strip Mill (since transferred to JUSL under the Composite Scheme of Arrangement) produced 1046478 MT against 772787 MT in the last year having rolled both Stainless Steel Material (704680 MT) and Mild Steel Material (341798 MT), Plate Finishing Shop produced 46966 MT against 33,082 MT in last year. Process improvement initiatives taken in the year 2016-17 include minimization of Rolled in Scale in 304/304L in <=3.2mm HSM thickness through late FM de-scaling, minimization of roll pickup mark in grade 409L through optimization of chemistry And HSM practices, minimization of Rolled in Scale in grade 410DB through minimizing slab length and de-scaling practices at HSM.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long Term
Borrowings |
|
|
|
Redeemable Preference Shares |
876.733 |
876.733 |
|
Total |
876.733 |
876.733 |
INDEX
OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G52476488 |
100068908 |
SBICAP Trustee Company Limited |
30/12/2016 |
08/09/2017 |
- |
39700000000.0 |
202, Maker Tower, 'E' Cuffe Parade, colaba Mumbai-755026, Maharashtra, India |
|
2 |
G83801571 |
100052221 |
SBICAP Trustee Company Limited |
24/09/2016 |
- |
10/04/2018 |
171288400000.0 |
202, Maker Tower, 'E' Cuffe Parade, colaba, Mumbai-400005, Maharashtra, India |
FIXED ASSETS
- Property
- Plant and equipment
CMT REPORT (Corruption, Money Laundering And 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 67.63 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
TRUP |
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 |
NO |
|
--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.