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MIRA INFORM REPORT
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Report No. : |
507580 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
JINDAL SAW LIMITED (w.e.f.07.02.2005) |
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Formerly Known
As : |
SAW PIPES LIMITED |
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Registered
Office : |
A-1, UPSIDC
Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura – 281403, Uttar
Pradesh |
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Tel. No.: |
91-11-26188360 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
31.10.1984 |
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Com. Reg. No.: |
20-023979 |
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Capital
Investment / Paid-up Capital : |
INR 639.519 Million |
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CIN No.: [Company Identification
No.] |
L27104UP1984PLC023979 |
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IEC No.: |
0588137235 |
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GSTN : [Goods & Service Tax Registration
No.] |
09AABCS7280C1ZD |
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TIN No.: |
09427600123 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCS7280C |
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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 and Supplier of Iron and Steel Pipe Products, Fittings and Accessories. Its products have Application in Oil and Gas Exploration, Transportation, Power Generation, Supply of Water for Drinking, Drainage, Irrigation Purposes and Other Industrial Applications. The Company is also into Ocean Waterways Business. [Registered Activity] |
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No. of Employees
: |
7251 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject the flagship company of PR Jindal group, established in the
year 1984. It is Manufacturer and Supplier of Iron and Steel Pipe
Products, Fittings and Accessories. Its products have Application in Oil and
Gas Exploration, Transportation, Power Generation, Supply of Water for
Drinking, Drainage, Irrigation Purposes and Other Industrial Applications.
The Company is also into Ocean Waterways Business. For the financial year ended 2017, the company possesses good revenue
profile marked by fair profitability margin. The rating takes into consideration long operational track record,
strong and resourceful promoter group, healthy financial profile and low debt
level of the company. Share price are quoted high on stock exchange [Share Price of INR 116
against face value of INR 2]. Further, as per available quarterly financials up to December 2017,
the company has achieved healthy revenue of INR 48913 million has maintained
profit margin at 4.49% approx. However, the rating strength is partially offset by highly competitive
steel industry. Trade relations are fair. Business is active. Payments terms are seems
to be usually correct and as per commitments. In view of the aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Proposed Commercial Paper = A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry
lowest credit risk |
|
Date |
08.12.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 04.05.2018
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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-11-26188360]
LOCATIONS
|
Registered Office : |
A-1,
UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District: Mathura –
281403, Uttar Pradesh, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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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.: |
91-11-26188360-74/ 26188345 |
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Fax No.: |
91-11-26170691 |
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Branch Office : |
Samaghogha Village, Mundra Taluka Kutch-370415, Gujarat,
India |
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Other Branch Offices : |
Located at: · Mumbai · Gurgaon · Bangalore · Kolkata · Hyderabad · Pune ·
Chennai |
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Factories: |
Located at : · Kosi Kalan (Mathura, Uttar Pradesh) · Sinar (Nashik, Maharashtra) · Mundra (Kutch, Gujarat) · Bhilwara (Rajasthan) ·
Bellary (Karnataka) |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Prithvi Raj Jindal |
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Designation : |
Director |
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Address : |
6, Prithvi Raj Road, New Delhi - 110011, India |
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Date of Appointment : |
31.10.1984 |
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DIN No.: |
00005301 |
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Name : |
Ms. Sminu Jindal |
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Designation : |
Managing Director |
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Address : |
6, Prithvi Raj Road, New Delhi - 110011, India |
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Date of Birth/Age : |
01.09.1997 |
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DIN No.: |
00005317 |
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Name : |
Mr. Raj Kamal Agarwal |
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Designation : |
Independent Director |
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Address : |
31, West Avenue Road, Punjabi Bagh West, New Delhi – 110026, India |
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Date of Birth/Age : |
07.07.1952 |
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Date of Appointment : |
30.01.2006 |
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DIN No.: |
00005349 |
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Name : |
Dr. Saibal Kanti Gupta |
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Designation : |
Director |
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Address : |
No. 14, Singapore Gardens Kanakapura Road Doddakallasandra (Po) Bangalore 560062, Karnataka, India |
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Date of Appointment : |
22/11/2005 |
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DIN No.: |
00011138 |
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Name : |
Mrs. Shradha Jatia |
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Designation : |
Director |
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Address : |
Flat No.1, Ground Floor, Avanti, 67- A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
24.07.2017 |
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DIN No.: |
00016940 |
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Name : |
Mr. Hawa Singh Chaudhary |
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Designation : |
Whole Time Director |
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Address : |
A-1, UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura, Mathura - 281403, Uttar Pradesh, India |
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Date of Appointment : |
07.10.1988 |
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DIN No.: |
00041370 |
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Name : |
Mr. Abhiram Tayal |
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Designation : |
Independent Director |
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Address : |
Raghunath Bhawan, Kath Mandi Road, Hisar - 125001, Haryana, India |
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|
10.07.2015 |
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DIN No.: |
00081453 |
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Name : |
Mrs. Tripti Arya |
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Designation : |
Director |
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Address : |
26-27, Orbit Arya, Darabshaw Lane, Nepeansea Road, Mumbai-400036, Maharashtra, India |
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Date of Appointment : |
17.05.2014 |
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DIN No.: |
00371397 |
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Name : |
Mr. Ajitkumar Hazarika |
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Designation : |
Director |
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Address : |
D-701, 7th Floor, Alaknanda Apartments Plot No. GH-45, Sector-56, Gurgaon-122011, Haryana, India |
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Date of Appointment : |
12.07.2016 |
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DIN No.: |
00748918 |
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Name : |
Mr. Ravinder Nath Leekha |
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Designation : |
Director |
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Address : |
13/65, West Punjabi Bagh, New Delhi-110026, India |
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Date of Appointment : |
12.08.2011 |
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DIN No.: |
00888433 |
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Name : |
Mrs. Devi Dayal |
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Designation : |
Director |
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Address : |
B-192 A Sector – 44, Noida-201303, Uttar Pradesh, India |
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Date of Appointment : |
30.07.2004 |
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DIN No.: |
01083282 |
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Name : |
Mr. Neeraj Kumar |
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Designation : |
Wholetime Director |
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Address : |
H. No. 3, Engineers Enclave, Road No. 44,Saraswati Vihar, Pitampura, New Delhi-110034, India |
|
Date of Appointment : |
01.07.2013 |
|
DIN No.: |
01776688 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil K Jain |
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Designation : |
Company Secretary |
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Address : |
Flat No.551 Pocket GH - 13, Paschim Vihar, New Delhi-110087, India |
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Date of Appointment : |
01.06.2002 |
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PAN No.: |
ADKPJ9105E |
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Name : |
Mr. Narendra Mantri |
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Designation : |
Chief Executive Officer |
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Address : |
52, Tarun Vihar Plot No. 3, Sector No. 13, Rohini, Delhi-110085, India |
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Date of Appointment : |
27.07.2015 |
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PAN No.: |
AGEPM0940M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
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 |
171353301 |
53.59 |
|
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(B) Public |
148400816 |
46.41 |
|
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Grand Total |
319754117 |
100.00 |
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 |
||
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Individuals/Hindu
undivided Family |
10403000 |
3.25 |
|
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DEEPIKA JINDAL |
5574500 |
1.74 |
|
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ABHYUDAY JINDAL |
3503500 |
1.10 |
|
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INDRESH BATRA |
750000 |
0.23 |
|
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NAVEEN JINDAL |
218700 |
0.07 |
|
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SAVITRI DEVI
JINDAL |
103800 |
0.03 |
|
|
R K JINDAL &
SONS HUF . HUF |
81600 |
0.03 |
|
|
ARTI JINDAL |
60000 |
0.02 |
|
|
URVI JINDAL |
30000 |
0.01 |
|
|
S K JINDAL AND
SONS HUF . HUF |
21600 |
0.01 |
|
|
P R JINDAL HUF .
HUF |
21600 |
0.01 |
|
|
TRIPTI JINDAL |
15000 |
0.00 |
|
|
SMINU JINDAL |
15000 |
0.00 |
|
|
NAVEEN JINDAL HUF |
6600 |
0.00 |
|
|
PARTH JINDAL |
100 |
0.00 |
|
|
TANVI SHETE |
100 |
0.00 |
|
|
TARINI JINDAL
HANDA |
100 |
0.00 |
|
|
SANGITA JINDAL |
100 |
0.00 |
|
|
SAJJAN JINDAL |
100 |
0.00 |
|
|
SAJJAN JINDAL AS
TRUSTEE OF SAJJAN JINDAL FAMILY TRUST |
100 |
0.00 |
|
|
SAJJAN JINDAL AS
TRUSTEE OF SAJJAN JINDAL LINEAGE TRUST |
100 |
0.00 |
|
|
SAJJAN JINDAL AS
TRUSTEE OF SANGITA JINDAL FAMILY TRUST |
100 |
0.00 |
|
|
SAJJAN JINDAL AS TRUSTEE
OF TARINI JINDAL FAMILY TRUST |
100 |
0.00 |
|
|
SAJJAN JINDAL AS
TRUSTEE OF TANVI JINDAL FAMILY TRUST |
100 |
0.00 |
|
|
SAJJAN JINDAL AS
TRUSTEE OF PARTH JINDAL FAMILY TRUST |
100 |
0.00 |
|
|
Any Other
(specify) |
109853305 |
34.36 |
|
|
NALWA SONS INVESTMENTS
LIMITED |
53550000 |
16.75 |
|
|
DANTA ENTERPRISES
PRIVATE LIMITED |
23572150 |
7.37 |
|
|
SIDDESHWARI TRADEX
PRIVATE LIMITED |
13004485 |
4.07 |
|
|
OPJ TRADING
PRIVATE LIMITED |
7774332 |
2.43 |
|
|
DIVINO
MULTIVENTURES PRIVATE LIMITED |
5345350 |
1.67 |
|
|
VIRTUOUS TRADECORP
PRIVATE LIMITED |
2916568 |
0.91 |
|
|
JSL LIMITED |
2071000 |
0.65 |
|
|
GLEBE TRADING
PRIVATE LIMITED |
772620 |
0.24 |
|
|
MEREDITH TRADERS
PVT LTD |
432000 |
0.14 |
|
|
GAGAN TRADING CO
LTD |
210000 |
0.07 |
|
|
SYSTRAN MULTIVENTURES
PRIVATE LIMITED |
204600 |
0.06 |
|
|
SAHYOG HOLDINGS
PRIVATE LIMITED |
100 |
0.00 |
|
|
VINAMRA
CONSULTANCY PVT LTD |
100 |
0.00 |
|
|
Sub Total A1 |
120256305 |
37.61 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident
Individuals/ Foreign Individuals) |
174900 |
0.05 |
|
|
PRITHVI RAJ JINDAL |
98700 |
0.03 |
|
|
RATAN JINDAL |
76200 |
0.02 |
|
|
Any Other
(specify) |
50922096 |
15.93 |
|
|
FOUR SEASONS
INVESTMENTS LIMITED |
43530596 |
13.61 |
|
|
ESTRELA INVESTMENT
COMPANY LIMITED |
1877500 |
0.59 |
|
|
TEMPLAR
INVESTMENTS LIMITED |
1856500 |
0.58 |
|
|
MENDEZA HOLDINGS
LIMITED |
1832500 |
0.57 |
|
|
NACHO INVESTMENTS
LIMITED |
1825000 |
0.57 |
|
|
Sub Total A2 |
51096996 |
15.98 |
|
|
A=A1+A2 |
171353301 |
53.59 |
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/ |
6228361 |
1.95 |
|
|
ADITYA BIRLA SUN
LIFE TRUSTEE PRIVATE LIMITED |
3290000 |
1.03 |
|
|
Foreign Portfolio
Investors |
40908597 |
12.79 |
|
|
CRESTA FUND LTD |
11367245 |
3.55 |
|
|
Financial
Institutions/ Banks |
356822 |
0.11 |
|
|
Insurance
Companies |
7040536 |
2.20 |
|
|
LIC OF INDIA PROFIT
PLUS GROWTH FUND |
6874301 |
2.15 |
|
|
Any Other
(specify) |
8000 |
0.00 |
|
|
Sub Total B1 |
54542316 |
17.06 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share capital
up to INR 0.200 Million |
36869690 |
11.53 |
|
|
Individual share
capital in excess of INR 0.200 Million |
8140904 |
2.55 |
|
|
NBFCs registered
with RBI |
833208 |
0.26 |
|
|
Any Other
(specify) |
48014698 |
15.02 |
|
|
SIGMATECH INC. |
30120000 |
9.42 |
|
|
Sub Total B3 |
93858500 |
29.35 |
|
|
B=B1+B2+B3 |
148400816 |
46.41 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Iron and Steel Pipe Products, Fittings and Accessories. Its products have Application in Oil and Gas Exploration, Transportation, Power Generation, Supply of Water for Drinking, Drainage, Irrigation Purposes and Other Industrial Applications. The Company is also into Ocean Waterways Business. [Registered Activity] |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Ahmedabad Municipal Corporation · Cairn Energy · Gas Authority of India Limited (Gail) · GVPR Engineers Limited · Bharat Petroleum Corporation Limited (BPCL) · Gammon India Limited · Indian Oil Corporation Limited (IOCL) |
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No. of Employees : |
7251 (Approximately) |
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Bankers : |
·
State Bank of India ·
State Bank of Patiala [Merged with State
Bank of India] ·
State Bank of Mysore [Merged with State
Bank of India] ·
State Bank of Travancore [Merged with State
Bank of India] ·
Axis Bank Limited ·
Canara Bank ·
DBS Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Kotak Mahindra Bank Limited ·
Karnataka Bank Limited ·
Punjab National Bank ·
Standard Chartered Bank ·
United Bank of India |
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Facilities : |
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Statutory Auditors : |
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Name : |
N.C. Aggarwal and Company Chartered
Accountants |
|
Address : |
102,
Harsha House, Karampura Commercial Complex, New Delhi-110015, India |
|
Tel. No.: |
91-11-25920555-56
/ 25221561 |
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E-Mail: |
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Internal Auditors :
|
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|
Name : |
Deloitte Haskins and Sells Chartered
Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Company : |
Jindal Fittings Limited (from March 29, 2016) |
|
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Trust under common
control : |
· Jindal Saw Employees Group Gratuity Scheme · JITF Waterways Limited Employee group gratuity trust |
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Entities where control
exist – Subsidiaries and indirect subsidiaries: |
Direct Subsidiaries · Jindal ITF Limited · IUP Jindal Metals & Alloys Limited · IUP Jindal Metals & Alloys Limited · Quality Iron and Steel Limited · Ralael Holdings Limited · Jindal Saw Holdings FZE · Greenray Holdings Limited · Universal Tube Accessories Private Limited (upto April 12, 2016) · Jindal Saw Espana, S.L. (upto March 10, 2017) · Jindal Tubular (India) Limited · JITF Shipyards Limited -(Name changed from JITF Waterways Limited w.e.f August 5, 2016) · Jindal Quality Tubular Limited · JITF Shipping & Logistics (Singapore) Pte. Limited (upto March 17, 2017) Indirect
Subsidiaries · Jindal Saw USA, LLC · Jindal Saw Italia S.P.A. · Jindal Saw Middle East FZC · Derwent Sand SARL · Jindal Saw Gulf L.L.C · Jindal International FZE · Jindal Intellicom Limited · iCom Analytics Limited · Jindal Tubular U.S.A. LLC (upto March 30, 2017)* · World Transload & Logistics LLC · 5101 Boone LLP · Tube Technologies INC · Helical Anchors INC · Boone Real Property Holding LLC · Drill Pipe International LLC · JITF Coal Logistics Limited (upto June 30, 2016) · Sulog Transshipment Services Limited (w.e.f. June 29, 2016) |
|
|
|
|
Entities where key
management personnel and their relatives exercise significant influence : |
· Abhinandan Investments Limited · Bir Plantation Private Limited · Colorado Trading Company Limited · Danta Enterprises Private Limited · Derwent Sand SARL · Drill Pipe International LLC · Gagan Trading company Limited · Glebe Trading Private Limited · Greenray Holdings Limited · Helical Anchors INC · Hexa Securities and Finance Company Limited · Hexa Tradex Limited · Jindal Equipment Leasing & Consultancy Services Limited · Jindal Industries Private Limited · Jindal Stainless (Hisar) Limited · Jindal Stainless Limited · Jindal Steel & Power Limited ·
Jindal Systems Private Limited · Jindal Tubular USA LLC · JITF Coal Logistics Limited (w.e.f. July 1, 2016) · Quality Foils (India) Private Limited (upto July 15, 2015) · Quality Stainless Private Limited (upto July 15, 2015) · JITF Infralogistics Limited · JITF Water Infrastructure Limited · JSW Power Trading Company Limited · JSW Reality & Infrastructure Private Limited · JSW Steel Coated Products Limited · JSW Steel Limited · JITF Urban Infrastructure Services LimitedX1` · Maa Bhagwati Travels · Mansarovar Investment Limited · Nalwa Investment Limited · Nalwa Sons Investment Limited · O. P. Jindal Charitable Trust · O. P. Jindal Charitable Trust · P R Jindal HUF · R K Jindal & Sons HUF · Rohit Tower Building Limited · S K Jindal & Sons HUF · Sahyog Tradecorp Private Limited · Siddeshwari Tradex Private Limited · Stainless Investment Limited · Virtuous Tradcorp Private Limited · Trinetra Buildcon Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1775000000 |
Equity Shares |
INR 2/- each |
INR 3550.000 Million |
|
10000000 |
Redeemable Non-Convertible Cumulative Preference shares |
INR 100/- each |
INR 1000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 4550.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
319761367 |
Equity Shares |
INR 2/- each |
INR 639.523
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
319757367 |
Equity Shares |
INR 2/- each |
INR 639.515
Million |
|
4000 |
Add : Forfeited Equity Shares |
|
INR 0.004
Million |
|
|
|
|
|
|
|
Total |
|
INR 639.519
Million |
MOVEMENT IN EQUITY
SHARES ISSUED:
EQUITY SHARES
|
|
Amount in Million |
|
Shares outstanding as at the beginning of the year |
304.534 |
|
Add: 15223486 (previous year 1,44,98,696) Equity Shares of
INR 2/- each issued during the year |
15.223 |
|
Shares outstanding
as at the end of the year |
319.757 |
Details of
shareholders holding more than 5% shares in the company:
|
Name of
Shareholders |
As On: 31.03.2017 |
|
|
|
No. of Shares |
% of holding |
|
Nalwa Sons Investments Limited |
53550000 |
16.75 |
|
Sigmatech Inc. |
30120000 |
9.42 |
|
Four Seasons Investments Limited |
43530596 |
13.61 |
|
Danta Enterprises Private Limited |
23572150 |
7.37 |
|
Reliance Capital Trustee Company Limited A/c |
|
|
|
Reliance Growth Fund |
22557446 |
7.05 |
|
|
|
|
|
Total |
173330192 |
54.20 |
(c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and bought back shares during the period of five years immediately preceding the reporting date: Nil
(d) 3,250 equity shares have been held in abeyance as a result of attachment orders by Govt. authorities, lost shares certificates and other disputes.
(e) Terms/Rights attached to equity shares - The Company has only one class of equity shares having a par value of INR 2/- per equity share. Each equity shareholder is entitled to one vote per share.
(f) The Company allotted 4,35,30,596, 0% Compulsorily
Convertible Debentures (CCDs) on preferential basis under the SEBI ICDR
Regulations to the promoters group entity @ INR 81.10 per CCD on December 5,
2014. Out of these CCDs, first and second tranche 13808414 CCDs and 14498696
CCDs were already converted into equal number of equity shares of ` 2 each on
March 25, 2015 and May 7, 2015 respectively. The last tranche of 15223486 CCDs
have been converted into equal number of shares of INR 2 each on April 25,
2016.
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 |
639.519 |
609.072 |
580.074 |
|
(b) Reserves & Surplus |
54999.147 |
52407.625 |
55778.285 |
|
(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) |
55638.666 |
53016.697 |
56358.359 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
17526.591 |
21799.783 |
17958.290 |
|
(b) Deferred tax liabilities (Net) |
4086.854 |
3284.467 |
4646.944 |
|
(c)
Other long term liabilities |
1359.804 |
1190.119 |
1026.298 |
|
(d)
long-term provisions |
799.383 |
572.076 |
484.838 |
|
Total
Non-current Liabilities (3) |
23772.632 |
26846.445 |
24116.370 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
20002.827 |
24464.226 |
24541.563 |
|
(b)
Trade payables |
2910.564 |
2971.234 |
5687.497 |
|
(c)
Other current liabilities |
6962.640 |
7962.507 |
8962.046 |
|
(d)
Short-term provisions |
78.192 |
54.636 |
38.217 |
|
Total
Current Liabilities (4) |
29954.223 |
35452.603 |
39229.323 |
|
|
|
|
|
|
TOTAL |
109365.521 |
115315.745 |
119704.052 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
57694.206 |
57522.603 |
53007.948 |
|
(ii)
Intangible Assets |
35.949 |
49.187 |
65.161 |
|
(iii)
Capital work-in-progress |
654.976 |
2036.657 |
4215.893 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5770.147 |
5502.976 |
6855.778 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1839.424 |
1570.089 |
2055.772 |
|
(e)
Other Non-current assets |
717.236 |
720.828 |
1250.795 |
|
Total
Non-Current Assets |
66711.938 |
67402.340 |
67451.347 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
1251.156 |
2730.000 |
|
(b)
Inventories |
17992.749 |
17966.628 |
21269.584 |
|
(c)
Trade receivables |
12080.890 |
15851.311 |
14994.372 |
|
(d)
Cash and cash equivalents |
396.547 |
1240.458 |
1820.472 |
|
(e)
Short-term loans and advances |
7085.076 |
5251.793 |
3789.750 |
|
(f)
Other current assets |
5098.321 |
6352.059 |
7648.527 |
|
Total
Current Assets |
42653.583 |
47913.405 |
52252.705 |
|
|
|
|
|
|
TOTAL |
109365.521 |
115315.745 |
119704.052 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
59329.640 |
63364.401 |
68930.604 |
|
|
|
Other Income |
2173.915 |
2042.812 |
1237.217 |
|
|
|
TOTAL |
61503.555 |
65407.213 |
70167.821 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31103.532 |
34295.257 |
38814.059 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1031.857) |
616.788 |
(2587.248) |
|
|
|
Employees benefits expense |
4655.018 |
4269.014 |
3680.754 |
|
|
|
Other expenses |
13192.469 |
12933.491 |
17412.495 |
|
|
|
Excise duty |
2372.384 |
2168.317 |
2894.307 |
|
|
|
Exceptional items |
312.198 |
1332.132 |
0.000 |
|
|
|
TOTAL |
50603.744 |
55614.999 |
60214.367 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
10899.811 |
9792.214 |
9953.454 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3799.034 |
4944.710 |
3263.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
7100.777 |
4847.504 |
6690.399 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2393.623 |
2271.998 |
2048.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
4707.154 |
2575.506 |
4641.626 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1630.132 |
362.226 |
1787.645 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
3077.022 |
2213.280 |
2853.981 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
9.62 |
6.79 |
9.84 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
3984.642 |
3543.486 |
3026.675 |
|
|
|
|
|
|
Cash generated from operations |
13761.074 |
6094.237 |
(1193.450) |
|
|
|
|
|
|
Net cash inflow / (outflow) from operating activities |
12826.870 |
5438.989 |
(1993.350) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
74.32 |
91.31 |
79.40 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.91 |
4.00 |
4.60 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
34.16 |
31.62 |
53.48 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.61 |
0.55 |
0.47 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.19 |
0.16 |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.47 |
0.53 |
0.50 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.75 |
0.94 |
0.81 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.54 |
0.67 |
0.70 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.05 |
1.12 |
1.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.87 |
1.98 |
3.05 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.19 |
3.49 |
4.14 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.81 |
1.92 |
2.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.53 |
4.17 |
5.06 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.42 |
1.35 |
1.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.82 |
0.84 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.51 |
0.46 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
64.91 |
81.78 |
78.48 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.42 |
1.35 |
1.33 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 116.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
580.074 |
609.072 |
639.519 |
|
Reserves & Surplus |
55778.285 |
52407.625 |
54999.147 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
56358.359 |
53016.697 |
55638.666 |
|
|
|
|
|
|
long-term borrowings |
17958.290 |
21799.783 |
17526.591 |
|
Short term borrowings |
24541.563 |
24464.226 |
20002.827 |
|
Current Maturities of Long
term debt |
3026.675 |
3543.486 |
3984.642 |
|
Total
borrowings |
45526.528 |
49807.495 |
41514.060 |
|
Debt/Equity
ratio |
0.808 |
0.939 |
0.746 |
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 |
68930.604 |
63364.401 |
59329.640 |
|
|
|
(8.075) |
(6.368) |
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 |
68930.604 |
63364.401 |
59329.640 |
|
Profit/ (Loss) |
2853.981 |
2213.280 |
3077.022 |
|
|
4.14% |
3.49% |
5.19% |
LEGAL CASES
HIGH COURT
|
THE COMMISSIONER OF CENTR AL EXCISE AND CUSTOMS VS JINDAL SAW LTD. |
|
high court-Mumbai |
|
Case no:11. CEXAL/77/2009 |
|
Case status:Pending |
|
Judge:REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Date:2009-12-15T00:00:00Z |
|
KACHCHH STATE OF GUJARAT VS JINDAL SAW LTD |
|
high court-Guj |
|
Case no:44. LPA/893/2015 |
|
Case status:Pending |
|
Judge:HON'BLE MR.JUSTICE A.J.DESAI |
|
Date:2016-11-02T00:00:00Z |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G70047485 |
100139840 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10/11/2017 |
- |
- |
1000000000.0 |
ASIAN BLDG., GROUND FLOOR17, R.KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
2 |
G61397410 |
100132927 |
INDIAN BANK |
27/10/2017 |
- |
- |
2500000000.0 |
NEW DELHI MAIN BRANCHG-41, CONNAUGHT CIRCUSNEW DELHIDL110001IN |
|
3 |
G58140385 |
100129317 |
AXIS BANK LIMITED |
26/09/2017 |
- |
- |
2400000000.0 |
CORPORATE BANKING AT 2ND FLOOR,PARSVNATH CAPITAL TOWER, GOLE MARKET,NEW DELHIDL110001IN |
|
4 |
G45910353 |
100102831 |
CATALYST TRUSTEESHIP LIMITED |
29/03/2017 |
- |
- |
1000000000.0 |
GDA HOUSE, FIRST FLOOR, PLOT NO. 85S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUDPUNEMA411038IN |
|
5 |
G81357311 |
100090985 |
LAKSHMI VILAS BANK LIMITED |
22/03/2017 |
13/03/2018 |
- |
1000000000.0 |
JANPATH BRANCH, M-47, OUTER CONNAUGHT CIRCUSOPP. SHANKAR MARKETNEW DELHIDL110001IN |
|
6 |
G80714603 |
100077140 |
AXIS TRUSTEE SERVICES LIMITED |
10/02/2017 |
13/03/2018 |
- |
600000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
7 |
G79769378 |
100066918 |
ICICI BANK LIMITED |
16/12/2016 |
16/03/2018 |
- |
2000000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGJ390007IN |
|
8 |
G29474541 |
100065329 |
AXIS TRUSTEE SERVICES LIMITED |
18/11/2016 |
- |
- |
4000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
9 |
G29719648 |
100065775 |
IDBI TRUSTEESHIP SERVICES LIMITED |
02/11/2016 |
- |
- |
306500000.0 |
ASIAN BLDG., GROUND FLOOR17, R.KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
10 |
G45172954 |
100101024 |
IDBI TRUSTEESHIP SERVICES LIMITED |
12/09/2016 |
- |
- |
1000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARGBALLARD ESTATE,MUMBAIMH400001IN |
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER
ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Quarter Ended 31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Income from
Operations |
|
|
|
|
|
Revenue from Operations |
21146.900 |
13210.200 |
48913.600 |
|
|
Other Income |
660.000 |
519.400 |
1819.400 |
|
|
Total Income from
Operations |
21806.900 |
13729.600 |
50733.000 |
|
|
Expenses |
|
|
|
|
|
Cost of Materials consumed |
14249.700 |
8883.100 |
30783.100 |
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(1094.900) |
(2357.300) |
(2833.700) |
|
|
Employee benefit expenses |
1293.700 |
1260.000 |
3783.500 |
|
|
Finance Costs |
863.300 |
1161.200 |
2897.900 |
|
|
Depreciation and amortization expense |
623.700 |
686.300 |
1926.1000 |
|
|
Excise duty |
0.000 |
0.000 |
533.600 |
|
|
Other expenses |
4207.100 |
3242.500 |
10278.200 |
|
|
Total Expenses |
20142.600 |
12875.800 |
47368.700 |
|
|
|
Profit /(Loss)
before exceptional items and tax (I-II) |
1664.300 |
853.800 |
3364.300 |
|
Exceptional items |
(302.600) |
0.000 |
(302.600) |
|
|
Profit /(Loss)
before Tax |
1361.700 |
853.800 |
3061.700 |
|
|
Tax Expense |
|
|
|
|
|
Current tax |
376.600 |
193.000 |
750.200 |
|
|
Deferred tax and MAT credit entitlement |
23.700 |
59.800 |
108.700 |
|
|
Tax in relation to earlier years |
(0.900) |
0.000 |
(0.900) |
|
|
Total Tax Expense |
399.400 |
252.800 |
850.000 |
|
|
Net Profit after
tax (V-VI) |
962.300 |
601.000 |
2203.700 |
|
|
Other comprehensive income |
|
|
|
|
|
A.
Items that will not be reclassified to profit or
loss |
(36.700) |
(27.700) |
(92.100) |
|
|
i) Re-measurement gains (losses) on declined benefit plants |
12.700 |
9.600 |
31.900 |
|
|
ii) Income tax effect on above items |
(24.000) |
(18.100) |
(60.200) |
|
|
Total Other
comprehensive income for the period |
930.300 |
582.900 |
2143.500 |
|
|
Total comprehensive
income for the period (Comprising profit and other comprehensive income for the
period) |
|
|
|
|
|
Earnings per equity
share : |
|
|
|
|
|
Basic |
3.01 |
1.88 |
6.89 |
|
|
Diluted |
3.01 |
1.88 |
6.89 |
|
|
Net worth |
|
|
|
|
|
Paid-up equity share capital |
693.500 |
639.500 |
639.500 |
|
|
Reserve/other equity |
0.000 |
0.000 |
56757.800 |
|
UNAUDITED
STANDALONE SEGMENT WISE REVENUE RESULTS ASSETS AND LIABILITIES
(INR in Million)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Quarter Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment revenue |
|
|
|
|
a) Iron and steel |
21148.900 |
13210.200 |
48863.100 |
|
b) Ocean waterways |
0.000 |
0.000 |
50.500 |
|
Sub Total |
21148.900 |
13210.200 |
489.336 |
|
Less: Inter-segment Revenue |
0.000 |
0.000 |
0.000 |
|
Total income from operations |
21148.900 |
13210.200 |
48913.800 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(Loss) before finance cost, exceptional items and tax |
|
|
|
|
a) Iron and steel |
2299.700 |
1608.900 |
5081.100 |
|
b) Ocean waterways |
(45.200) |
(35.400) |
(74.500) |
|
Total Segment Profit/ (Loss) finance cost, exceptional items and tax |
2254.500 |
1573.500 |
5007.000 |
|
Less: Finance Cost |
(863.300) |
(1161.200) |
(2897.900) |
|
Unallocated corporate income [net of expenditure |
273.100 |
441.500 |
1255.200 |
|
Profit/(loss) before tax and exceptional items |
1664.300 |
853.800 |
3364.300 |
|
Exceptional items-iron and steel |
0.000 |
0.000 |
0.000 |
|
Exceptional items- Ocean waterways |
(302.600) |
853.800 |
3061.700 |
|
Profit/(loss) Before Tax |
1361.700 |
252.800 |
858.000 |
|
Less: Tax expenses |
309.400 |
601.000 |
2203.700 |
|
Profit/(loss) after tax |
962.300 |
601.000 |
2203.700 |
|
|
|
|
|
|
Segment assets |
|
|
|
|
a) Iron and steel |
100432.000 |
94306.800 |
100432.000 |
|
b) Ocean waterways |
217.100 |
665.200 |
217.100 |
|
c) Unallocated |
18285.000 |
18441.800 |
18205.000 |
|
Total Segment assets |
118934.200 |
113413.800 |
118934.200 |
|
|
|
|
|
|
Segment liabilities |
|
|
|
|
a) Iron and steel |
8642.800 |
8773.900 |
8642.800 |
|
b) Ocean waterways |
64.100 |
116.000 |
64.100 |
|
c) Unallocated |
52829.900 |
48064.800 |
52829.900 |
|
Total Segment liabilities |
61536.800 |
56954.700 |
61536.800 |
NOTES:
1. As already reported, Jindal ITF Ltd., the subsidiary of the Company has secured an interim award of Rs. 158 Crores in one of the Arbitration disputes. The respondent's appeal in the Supreme Court against this order has also been dismissed. Based on the current status of the matter and the legal advice, the Company is of the view that the final outcome of legal process would not have any negative impact on the carrying value of investment (including loans and advances] in this subsidiary.
2. The company has two primary business segments i.e. Iron & Steel products and Ocean waterways.
3. Revenue from operations and excise duty for quarter ended September 30,2017 and December 31,2017 and nine months ended December 31,2017 are not comparable with previous periods since sales for current period is net of GST whereas in previous year it was inclusive of excise duty.
4. Exceptional items for the quarter ended December 31, 2017 represents loss on sale of Vessel of INR 150.500 million and provision for loss on Vessel held for sale of INR 152.100 million.
5. Previous quarter/periods figures have been regrouped/rearranged, wherever considered necessary to conform to current quarter and nine months ended classification.
6. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on January 24, 2018. The Statutory Auditors have carried out limited review of these financial results.
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
External commercial borrowings from banks |
0.000 |
2148.562 |
|
Loan from related parties * |
0.000 |
1982.846 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Short term loans from Banks |
2377.650 |
2837.608 |
|
|
|
|
|
Total |
2377.650 |
6969.016 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantees issued by the Company's bankers on behalf of
the Company |
7850.477 |
7645.628 |
|
Corporate guarantees/ undertaking issued to lenders of
subsidiary companies |
13370.094 |
14796.085 |
|
Performance guarantees issued on behalf of subsidiary
company |
296.986 |
324.180 |
|
Liability in respect of Corporate Guarantee/Duty Saved for
availing various export based incentive schemes |
111.858 |
1554.433 |
|
Letter of Credit
Outstanding |
|
|
|
Letter of Credit Outstanding |
1098.071 |
5379.518 |
|
Other contingent
liabilities |
|
|
|
Claims against the company not acknowledged as debt |
0.000 |
8.122 |
|
Disputed Excise duty, Custom Duty and service tax |
16.943 |
26.427 |
|
Income tax demands against which company has preferred appeals |
178.927 |
109.715 |
|
Disputed Sales Tax |
23.656 |
58.541 |
It is not possible to predict the outcome of the pending litigations with
accuracy, the Company believes, based on legal opinions received, that it has
meritorious defences to the claims. The management believe the pending actions
will not require outflow of resources embodying economic benefits and will not
have a material adverse effect upon the results of the operations, cash flows
or financial condition of the Company.
CORPORATE AND GENERAL INFORMATION
Jindal Saw Limited (“JSAW” or ‘’the Company’’) is domiciled and incorporated in India and its shares are publicly traded on the National Stock Exchange (‘NSE’) and the Bombay Stock Exchange (‘BSE’), in India. The registered office of JSAW is situated at A-1, UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura, 281403 (U.P.) India.
Under Companies Act, 2013, Group is defined as parent, subsidiaries, joint ventures and associates. For the purpose of these financial statements, the aforesaid definition under Companies Act, 2013 has been considered. Group is a leading global manufacturer and supplier of Iron & Steel pipe products, fittings and accessories with manufacturing facilities in India, USA, Europe and UAE. Its products have application in oil and gas exploration, transportation, power generation, supply of water for drinking, drainage, irrigation purposes and other industrial applications. The Company is also into ocean waterways business
REVIEW OF OPERATIONS
The Financial Year 2016-17 has registered increase in production and sales volumes as compared to previous financial year. The total pipe production (including pig iron) during 2016-17 was ~ 10,53,000 MT (including ~ 1,56,500 MT pipes produced on job work) as compared to ~ 9,77,000 MT (including ~ 39,000 MT pipes produced on job work) during 2015-16. The annual pellet production was almost at the same level i.e. 12 lakhs MT. During financial year 2016-17 the Company has sold (including pig iron) ~ 1040000 MT ( including ~ 1,56,500 MT pipes produced on job work) as compared to ~ 9,58,700 MT (including ~ 39,000 MT pipes produced on job work) during 2015-16 and thus recorded ~ 8% growth in sales volumes in 2016-17.
SEGMENTS PERFORMANCE
Saw Pipe Strategic Business Unit: During the financial year 2016-17, the Company produced ~ 5,27,000 MT of pipes (including ~ 1,56,500 MT pipes produced on job work) as compared to previous year ~ 4,55,000 MT (including job work of 39,000 MT) registering a quantitative growth of ~ 16% on YoY basis.
The Company has sold ~ 5,35,300 MT (including ~ 1,56,500 MT on job work) of Saw pipes as compared to previous year ~ 4,68,300 MT (including ~ 39,000 MT on job work).
The status of orders booked as on March 31, 2017 was ~ 3,82,000 MT including job work orders for ~ 67,000 MT.
DI and Pig Iron Strategic Business Unit:
Operations in this segment were in line with the planned production in the financial year 2016-17. The Company has produced ~ 4,28,000 lakhs MT of DI Pipe & Pig Iron in financial year 2016-17 as compared to ~ 4,38,000 MT in financial year 2015-16.
The Company has sold ~ 4,06,500 lakhs MT of DI Pipe & Pig Iron in financial year 2016-17 as compared to ~ 4,07,600 MT in financial year 2015-16.
The order book status is quite comfortable at ~ 3,82,000 MT approx.
Seamless Strategic Business Unit: The production of seamless pipes during financial year 2016-17 was ~ 97,000 MT as compared to ~ 83,900 MT during financial year 2015-16. There is growth of 16% on YoY basis.
Sale of seamless pipes during financial year 2016-17 was ~ 98200 MT as compared to ~ 82,800 MT during financial year 2015-16.
Introduction of anti-dumping measures have improved the domestic demand of seamless pipe. Company has adopted a strategy of diversification in product portfolio and has started catering to niche/premium segment e.g. T91, 13 chrome and ball bearing industry etc. The strategy has already started yielding results.
Current order book stands at ~ 75,000 MT which gives an improved visibility for 2017-18
Iron Ore Mines and Pellet Strategic Business Unit: After adverse market conditions in steel sector and lower iron ore prices in the first two quarters of 2016-17, last two quarters have shown improvements in demand and prices of pellets. During 2016-17, the Company has maintained its production levels at ~ 100 % capacity and produced ~ 1.2 million MT pellet. The Company has worked very hard in terms of cost reduction and improvement in operational efficiency which has resulted in improvement in profitability in pellet segment. Current order book stands at ~ 1,99,000 MT.
Oceangoing waterways: Pursuant to Composite Scheme of Arrangement the Ocean Waterways business of one of the wholly owned subsidiary, i.e., JITF Waterways Limited has been transferred to the Company during 2015-16 effective from April 1, 2015.
MANAGEMENT
DISCUSSIONS AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
ECONOMIC SCENARIO
World Economic
Scenario
As per IMF’s World Economic Outlook, 2017, Global economic activity is picking up with a long awaited cyclical recovery in the investment, manufacturing and trade. World growth is projected to rise from 3.1 % of 2016 to 3.5% in 2017 and 3.6% in 2018, slightly above the Oct 2016 WEO forecast.
Stronger activity and expectations of more robust global demand, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs in early 2016. Higher commodity prices have provided some relief to commodity exporters and helped lift global headline inflation and reduce deflationary pressures. Financial markets are buoyant and expect continued policy support in China and fiscal expansion and deregulation in the United States. If confidence and market sentiment remain strong, short-term growth could indeed surprise on the upside.
But these positive developments should not distract from binding structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term. Structural problems—such as low productivity growth and high income inequality are likely to persist. Inward-looking policies threaten global economic integration and the cooperative global economic order, which have served the world economy, especially emerging market and developing economies, well.
A faster-than-expected pace of interest rate hikes in the United States could tighten financial conditions elsewhere, with potential further U.S. dollar appreciation straining emerging market economies with exchange rate pegs to the dollar or with material balance sheet mismatches. More generally, a reversal in market sentiment and confidence could tighten financial conditions and exacerbate existing vulnerabilities in a number of emerging market economies, including china which faces the daunting challenge of reducing its reliance on credit growth. A dilution of financial regulation may lead to stronger near-term growth but may imperil global financial stability and raise the risk of costly financial crises down the road. In addition, the threat of deepening geopolitical tensions persists, especially in the Middle East and North Africa.
DOMESTIC ECONOMIC
SCENARIO
Being projected one of the fastest growing economy in the world, Indian economic growth is expected to get support from various government initiatives not only at policy level but also on execution level. In the recent past, government responsiveness also become a major growth driver in the domestic economy IMF has projected the economy growth at 7.2% in 2017-18 due to implementation of important structural reforms, favourable terms of trade and lower external vulnerabilities.
Despite the demonetization, domestic economic scenario is in spotlight due to various initiatives taken by the government to give a big push to manufacturing sector either through Make In India program or bringing the public procurement policy giving preference in national procurement programs to domestically manufactured goods or push to infrastructure sector or defence sector or responsive action in various sectors to protect the domestic manufacturing industry
Further due to Chinese economies stable to slow growth projections and pressure on its economy due to protectionist policies across the globe and possible capital outflow due to more than expected hike in interest rate in US, India seems to be in a sweet spot in the global investor community.
GST implementation would further lead to some structural changes in the Indian economy as a positive sign for foreign investments and more regulated trade practices will provide them opportunities to bring investments as compared to other emerging market economies.
OIL & GAS
INDUSTRY SCENARIO
GLOBAL SCENARIO
The oil price collapse, which began in June 2014, triggered a wave of cost reduction among upstream businesses. Global oil and gas companies slashed capital expenditures by about 40 percent between 2014 and 2016. As part of this cost-cutting campaign, some 4,00,000 workers were let go, and major projects that did not meet profitability criteria were either cancelled or deferred. These steps, combined with efficiency improvements, are beginning to bear fruit for the industry. A growing number of projects can break even at oil prices in the high $20s. Although prices appear to be recovering as Brent crude was up around 90 percent in 2016, to just over $50 per barrel, they are still well below $115 per barrel, the post-recession high-water mark reached in March 2011.
As a result, even as companies began to view new investments in resource development as more attractive, the upstream oil and gas sector must move gingerly
In the near future, the recent oil price gains, which are due to a rebalancing of supply and demand fundamentals and partly accelerated by OPEC’s recent decision to cut production, are expected to remain in place. That expectation is behind a number of positive industry forecasts: According to Barclays’s latest E&P Spending Survey, oil and gas industry capital expenditures are expected to increase by as much as 7 % in 2017. In addition, global rig counts, particularly in the U.S., have been on the rise since the middle of 2016, according to Baker Hughes.
Globally, till the recent past, oil and gas sector has witnessed to be focused on OPEC countries and the U.S., but now other regions in this sector are expected to play a key role in the coming years. Latin America, where the investment environment is improving, some domestic oil and gas industries are on the upswing, creating jobs. Specially in Mexico, where energy reform is opening the door for non traditional operators to establish a presence in the country. In the recent deep water auction in that country, companies successfully bidding for acreage included China’s Offshore Oil Corporation, Australia’s BHP Billiton, France’s Total, American firms Chevron and ExxonMobil, and Japan’s Inpex.
Other hydrocarbon hot spots include offshore Egypt, where BP
recently acquired a stake in Eni’s giant gas field Zohr, and the Caspian Sea,
home to Kazakhstan’s Kashagan reserves, the world’s largest oil-field discovery
in the past 30 years, where commercial production resumed at the end of 2016.
These new players are expected to play a significant role in oil & gas
sector growth in the future.
INDIAN SCENARIO
The dramatic rise in India's oil demand shows no signs of faltering, leading analysts to say that the country will remain a driver of Asian growth in 2017.
Consumption is expected to rise 7-8% this year, outpacing
China's demand growth for the third consecutive year. The cash crunch due to
demonetization of more than 80% of its currency is expected to temporarily
dampen the country's appetite for oil products in the first quarter, or maybe a
little longer.
But gains in oil demand that the country is set to achieve from the "Make in India" initiative - which aims to raise the share of manufacturing in GDP over the next few years - will more than offset the negative effects of demonetization, analysts said. The government's clean fuel drive, sharp anticipated growth in transport demand and air travel, and the country's insatiable growth for petrochemicals will act as a boon for gasoline, jet fuel, LPG and naphtha, helping oil products to post close to double-digit growth in 2017, similar to that seen last year, if not higher.
FUTURE PROSPECTS
India has been picked as one of the top four markets in
global water treatment with Brazil, China and United States, by Global Water
Intelligence in Global Water Market, 2014.
India is one of the biggest markets in size and growth rate,
but among the top markets, the volume of India’s capital expenditure is the
lowest, which suggests that India has the biggest potential to grow further.
Demand in the country is projected to very soon overtake the availability of
water. In some regions of the country, it has already happened. In the next
decade the demand in water is expected to grow by 20 %, fuelled primarily by
the industrial requirements which are projected to double from 23.2 trillion
ltr at present to 47 trillion ltr. Domestic demand is expected to grow by 40 %.
PIPE INDUSTRY & MARKET
According to Crisil Research, domestic demand for steel
pipes is expected to grow at 7.5-8.5% over next three years mainly driven by
water supply and sanitation (WSS), irrigation and infrastructure segment. The
GOI initiated the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) in fiscal year
2016 with the spending target of ` 50,000 crores until 2020. The central
government’s allocation for irrigation increased by 28% to ` 8,700 crores in
2017-18 budget.
The Cabinet Committee on Economic Affairs, Government of India, has approved the awarding of contracts on 23 onshore and 8 offshore contract areas of discovered small oil and gas fields that earlier belonged to Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL).
The Ministry of Petroleum and Natural Gas is seeking to enhance India's crude oil refining capacity through 2040 aligning India's energy portfolio with changing trends and transition towards cleaner sources of energy generation.
Further, GOI has taken fresh initiatives which shall provide level playing field to the domestic producers. This includes (a) approval of a Public Procurement Policy by the Union Cabinet in its meeting held on 24th May 2017 to give preference to domestically manufactured goods with a view to promote ‘Make In India’ initiative. The move would facilitate local manufacturing and boost domestic demand for locally manufactured products;(b) India First Policy where all tenders from central and state governments as well as state firms, where the project is worth more than ` 50 crores and add a minimum 15% value to the product, will give preference to domestic firms unless the quality or quantity is not locally available.
Apart from this, investment linked deduction allowed to slurry pipelines for the transportation of iron ore has started boosting investment in this sector. Large private players in steel sector are coming up with the projects of laying pipe lines for transportation of iron ore. This will also help in increasing the demand of SAW pipes.
In the last financial year, the launch of Telangana Grid Project pushed the demand for water pipes by more than ` 3,500 crores Further, special missions by Central Government is pushing for the new water supply projects, which is increasing the demand for pipes. Over ` 4,000 crores budget has been allocated for the FY 2017 -18 under the AMRUT Schemes (Atal Mission for Rejuvenation and Urban Transmission) and Smart Cities Mission.
DUCTILE IRON PIPES
& FITTINGS (DI PIPES)
Ductile Iron Pipes is commonly used worldwide for transportation of potable water & waste-water. They are the 3rd largest manufacturer of DI Pipe in the world with aggregate installed capacity of approx. 0.90 Million MTPA, having manufacturing & finishing facilities in India, UAE and Europe. They are capable to produce pipes up to 2,200 mm Diameter with external and internal coatings. DI Pipes product range includes Ductile Iron Pipe with Socket & Spigot, Flange Joints. They also have one of the largest foundries in India producing high grade coated fittings to match their DI Pipe range, ductile iron fittings with all types of linings and coatings to meet the demand of the world.
CWC (Central Water Commission) has decided to launch the new irrigation projects with the use of pipes, which is called piped irrigation system instead of open channels and canals. This new system of piped irrigation networks bring lot of advantages to the Government in terms of life of the system and savings on the water evaporation losses in the open channel / canal system.
In the last financial year two states namely Odisha and Madhya Pradesh has already finalized projects worth of more than ` 5,000 crores using the piped network system. In this financial year i.e. FY 2017 – 18, two more states i.e. Rajasthan and Maharashtra will be launching high value projects in additional to the ongoing effort by Madhya Pradesh and Odisha. Further, the coming elections in some of the major states like Rajasthan, Haryana will boost the finalization of new water projects hence increasing the demand of pipes for water and waste water.
Some of the markets in the Gulf Region have special focus on the water infrastructure, which include Qatar, Jordan, Iraq and Iran, which are likely to have huge increase in the demand of water pipes due to upcoming FIFA World cup in Qatar, Huge inflow of migrants in Jordan and war situation in Iraq.
New markets like South East Asia, Latin American countries also coming up with huge requirement of large dia DI pipes for their infrastructure projects.
SEAMLESS TUBES &
PIPES
Seamless Tubes & Pipes are mainly used in upscale drilling of oil and also has other industrial applications like power sector, automobile sector etc.
MINING
As per the BMI research report (A Fitch arm) iron ore output in India will reach up to 185 million tonne with the CAGR of 6.9% from 2017 to 2021. The anticipated growth in the domestic iron ore output comes on the back of an average decline of 9.4% during 2012-2016. Earlier, the government had imposed mining ban on the country’s three biggest iron-ore generating states Odisha, Goa and Karnataka. The ban, however, has now been lifted, thereby raising estimation of a possible sector growth
The future iron ore output is expected to increase due to increased demand of steel for domestic consumption as the government is focusing on increased spending on infrastructure and elimination of export duty on low quality ore in Union Budget of 2017. The government reduced export duties on iron ore lumps and fines less than 58% iron content to zero from 30% and 10%, respectively. The Mines & Minerals Development & Regulation (MMDR) Act is also expected to streamline licensing procedure and restart closed mines however royalty factor will limit the growth of iron ore output on overall basis. Expected robust demand in domestic steel sector, and easing domestic supply of iron ore is expected to keep the prices of iron ore in the range of $ 70-80. Any pressure on domestic steel demand will lead to soften the prices of iron ore in domestic market as high grade iron ore still attracting the export duty.
Global iron ore prices are largely dependent of mining conditions in ore producing countries like Brazil, Korea etc and the demand from China. Indian steel producers are meeting their requirement from domestic supplies hence global prices are not expected to compete with domestic iron ore costs.
Pursuant to allocation of low grade iron ore mines to the
Company in Bhilwara in the State of Rajasthan with Mining lease area spread
over 1989 hectares, a beneficiation plant along with a 10 MLD sewage treatment
plant was commissioned in year 2012. Treated sewage water is used in the plant
processes. In 2013, North India’ first pellet plant with installed capacity of
1.20 Million MTPA was commissioned which is co-located with the beneficiation
plant. It is the 1st Beneficiation plant in the country located at the Mine
head to beneficiate low grade magnetite iron ore to high grade concentrate up
to 65-67% Fe content. The facilities are operating at their rated capacities.
FIXED ASSETS:
·
Leasehold Land
·
Building
·
Plant and Equipment
· Electrical Installations
· Containers and vessels
·
Mine Development
· Computer equipment
· Office furniture and equipment
·
Vehicles
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 66.61 |
|
UK Pound |
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
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.