|
|
|
MIRA INFORM REPORT
|
Report No. : |
510240 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STEEL AND POWER LIMITED |
|
|
|
|
Registered
Office : |
O. P. Jindal Marg Hisar-125005 Haryana |
|
Tel. No.: |
91-1662-222471-84 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2018 |
|
|
|
|
Date of
Incorporation : |
28.09.1979 |
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|
|
|
Com. Reg. No.: |
05-009913 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 967.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27105HR1979PLC009913 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
3399000197 |
|
|
|
|
TIN No.: |
21172000530/ 20021905607/ 22484901419 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AAACJ7097D |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
22AAACJ7097D1ZQ |
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|
|
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PAN No.: [Permanent Account No.] |
AAACJ9917A |
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|
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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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|
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|
Line of Business
: |
(Registered activity) |
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|
|
|
No. of Employees
: (As on 31.03.2017) |
6071 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject was incorporated in the year 1979 and is a part of the
diversified OP Jindal group which is one of India’s key steel producers and
has a sizeable presence in power generation and mining. For the financial year ended 2018, revenue of the company has been
increased by 13.10% but it has incurred loss from its operations during the
year under a review. As per information gathered from other sources, the company had
successfully raised the equity through Qualified Institutional Placement
offer (QIP) aggregating INR 12000.000 Million on March 27, 2018 by issuing
51,502,145 shares at a price of INR 233 per share. Additionally the company
has allotted 4,80,00,000 convertible warrants to Opelina Finance and
Investments Limited, promoter group entity at a price of INR 1403.100 million
per warrant aggregating INR 6730 million. Out of warrants issued INR 1880
million (25%) is received in Nov 2017 while the balance is expected in FY20.
The company has also received the sanction of priority term loan aggregating
INR 15,000 million aiding the liquidity of the company. In October 2017, JSPL
had sold and leased back its oxygen plant assets at its integrated steel
plants at Raigarh and Angul for INR 11,210 million to SREI Equipment Finance
Limited. Under the said transaction JSPL continue to operate the assets for
manufacturing steel at respective plants. Out of the proceeds from this
divestment JSPL has paid off its overdues to banks since then the conduct of
the account is regular. This along with other monetization of assets aided
the liquidity position of the company. The ratings, however, continue to remain constrained by the average
financial risk profile of the company characterised by relatively high debt
levels and low debt coverage indicators. The ratings also continue to remain
constrained by the significant exposure towards subsidiaries, cyclicality
inherent in the steel industry and price & supply risks associated with
coal and iron ore sourcing in the absence of commensurate captive mines. Payment seems to be slow but correct. In view of aforesaid the company can be considered for business
dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
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 Borrowing = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
04.04.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Borrowing = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
04.04.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is not
listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 23.05.2018
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 DENIED BY
|
Name : |
Mr. Abdul Sadique Ali |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9827478470 |
|
Date.: |
18.05.2018 |
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-1662-222471
LOCATIONS
|
Registered Office : |
O. P. Jindal Marg, Hisar-125005, Haryana, India |
|
Tel. No.: |
91-1662-222471-84 |
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Fax No.: |
91-1662-222476 |
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E-Mail : |
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Website : |
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Corporate Office: |
Jindal Centre 12,
Bhikaiji Cama Place, New Delhi – 110066, India |
|
Tel. No.: |
91-11-26188340-50/
4146000/ 41462000 |
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Fax No.: |
91-11-26161271 |
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E-Mail : |
|
|
|
|
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Factory 1: |
Village
Nisa, Chendipada Road, Angul – 759130, Odisha, India |
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Factory 2: |
Plot No. 751, Near Panchpukhi Chhaka, Simplipada, Angul – 759122, Odisha, India |
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Factory 3: |
Brick Making Plant, Khairpur Kharsia Road, Rajgarh, Chhattisgarh, India |
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Factory 4 : |
Karsia Road, Post Box No.16 Raigarh – 496001, Chhattisgarh, India |
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Tel. No.: |
91-7762-304300/ 227001-10 |
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Fax No.: |
91-7762-227021-23/ 227050 |
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Factory 5 : |
13 KM Stone, G.E. Road, Mandir Hasaud, Raipur – 492001, Chhattisgarh, India |
|
Tel. No.: |
91-771-2471205/ 07/ 3054600 |
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Fax No.: |
91-771-2471404/ 2471214/ 3054666 |
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Factory 6 : |
Patratu At and Post- Balkudra, District - Ramgarh – 829143, Jharkhand, India |
|
Tel. No.: |
91-6553-275724/ 275726 |
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Fax No.: |
91-6553-275744 |
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Factory 7 : |
Iron Ore Pellet Plant, Commercial Office, Plot No. 507/365, Barbil, Joda – Highway Barbil, District - Keonjhar – 758035, Odisha, India |
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Factory 8 : |
TRB Iron Ore Mines At P.O. BSE Tensa, District Sundergarh – 770042, Odisha, India |
|
Tel. No.: |
91-6625-236023/ 24 |
|
Fax No.: |
91-6625-236022 |
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Factory 9 : |
Jindal Open Cast Coal Mine, Dhorabatta Dongamahua, Raigarh – 496001, Chhattisgarh, India |
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Structural Steel
Division/ Factory 10 : |
201 to 204 O.P. Jindal Industrial Park, SSD Punjipatra, Raigarh – 496001 Chhattisgarh, India |
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Factory 11 : |
Chhendipada Road SH-63 At/Po: Jindal Nagar, District - Angul– 759111, Odisha, India |
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Factory 12 : |
PO Jindal Nagar, SH63 Chhendipada Road, Village Nisha, District - Angul-759111, Odisha, India |
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Branch Office 1 : |
Post Box No-86, Joda Barbil Highway, Barbil-758035, Odisha, India |
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Branch Office 2 : |
Jindal Enclave, 1st Floor, Behind Marathe Udyog Bhawan, New Prabhadevi
Road, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Marketing Office 1
: |
SCO-24, Sector 26, Madhya Marg, Chandigarh – 160019, India |
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Marketing Office 2
: |
Room No. 61 and 63, 6th Floor, Circular Court, 8 A.J.C. Bose Road, Kolkata – 700017, West Bengal, India |
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Marketing Office 3
: |
#102, 1st Floor, Cyber Heights Road, No.2, Banjara Hills,
Hyderabad-500 034 Telangana, India |
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Regional Offices : |
Located at: · Gurugram · Ahmedabad · Pune · Kolkata · Patna · Visakhapatnam · Jaipur · Nagpur · Chennai · Chandigarh · Kanpur · Ludhiana · Jammu · Raipur · Bhubaneswar ·
Mumbai |
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|
|
Retail Sales Team : |
Located at: · Gurugram · Ahmedabad · Pune · Kolkata · Patna · Chennai · Trichy · Nagpur · Hyderabad · Bengaluru · Visakhapatnam · Cochin · Jaipur · Shimla · Jamshedpur · Guwahati · Kanpur · Ludhiana · Chandigarh · Jammu · Raipur · Srinagar · Bhubaneshwar ·
Mumbai |
|
|
|
|
Other Marketing
Offices : |
Located At: · Gurugram ·
Raipur ·
Ranchi
·
Bhopal
·
Kochi ·
Kolkata
·
Jamshedpur
·
Bengaluru
·
Kanpur
·
Mumbai ·
Bhubaneswar
·
Chennai
·
Jaipur
·
Ludhiana ·
Ahmedabad
·
Pune
·
Nagpur
·
Patna
· Visakhapatnam |
DIRECTORS
As on 2018
|
Name : |
Mr. Naveen Jindal |
|
Designation : |
Whole-time Director |
|
Address : |
6 Prithviraj Road, New Delhi – 110001, India |
|
Date of Appointment : |
09.05.1998 |
|
DIN No.: |
00001523 |
|
|
|
|
Name : |
Mr. Ravikant Uppal |
|
Designation : |
Managing Director |
|
Address : |
841, 15th Main, 3rd Block, Koramangla, Bangalore – 560034, Karnataka, India |
|
Date of Appointment : |
01.10.2012 |
|
DIN No.: |
00025970 |
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|
|
|
Name : |
Mr. Arun Kumar Purwar |
|
Designation : |
Director |
|
Address : |
C - 2303/4, Floor – 23, Ashok Tower, 63/7-4 Dr. SS Rao Road, Parel, Mumbai -400012, Maharashtra India |
|
Date of Appointment : |
30.07.2007 |
|
DIN No.: |
00026383 |
|
|
|
|
Name : |
Mr. Sudershan Kumar Garg |
|
Designation : |
Director |
|
Address : |
111, Akash Neem Marg, DLF, Phase II, Gurugram – 122002, Haryana, India |
|
Date of Appointment : |
09.11.2012 |
|
DIN No.: |
00055651 |
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|
|
|
Name : |
Mr. Rajeev Rupendra Bhadauria |
|
Designation : |
Wholetime Director |
|
Address : |
A-103 Kshitij C/O Mahindra Gesco Ram Mandir Road, Opposite Movie Star Theatre, Goregaon (West), Mumbai – 400104, Maharashtra, India |
|
Date of Appointment : |
27.05.2015 |
|
DIN No.: |
00376562 |
|
|
|
|
Name : |
Mr. Hardip Singh Wirk |
|
Designation : |
Director |
|
Address : |
2 Andheria, Morh Mehrauli, New Delhi – 110030, India |
|
Date of Appointment : |
14.01.2009 |
|
DIN No.: |
00995449 |
|
|
|
|
Name : |
Mr. Shallu Jindal |
|
Designation : |
Director |
|
Address : |
6, Prithvi Raj Road, New Delhi – 110011, India |
|
Date of Appointment : |
27.04.2012 |
|
DIN No.: |
01104507 |
|
|
|
|
Name : |
Mr. Kuldip Chander Sood |
|
Designation : |
Additional Director |
|
Address : |
A-14/28A, DLF Qutub Enclave, Phase – I, Gurugram – 122001, Haryana, India |
|
Date of Appointment : |
25.04.2017 |
|
DIN No.: |
01148992 |
|
|
|
|
Name : |
Mr. Anjan Barua |
|
Designation : |
Additional Director |
|
Address : |
H. No. 26, WNO 54 Nilgiri Path, Baghorbari Tiniali Po-Panjabari PS- Dispur Kamrup, Guwahati – 781037, Assam, India |
|
Date of Appointment : |
14.02.2017 |
|
DIN No.: |
01191502 |
|
|
|
|
Name : |
Mr. Ram Vinay Shahi |
|
Designation : |
Director |
|
Address : |
14 Factory Road, Block No. 1, Ground Floor, ADJ. Vardhman Mahavir Medical College, Safdarjung, Delhi – 110029, India |
|
Date of Appointment : |
15.10.2007 |
|
DIN No.: |
01337591 |
|
|
|
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Director |
|
Address : |
E-202, Som Vihar, Sector – 10, R.K. Puram, New Delhi - 110022, India |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
01772163 |
|
|
|
|
Name : |
Mr. Dinesh Kumar Saraogi |
|
Designation : |
Wholetime Director |
|
Address : |
Plot No – 751, Similipada, Near Panchmukhi Chhak, Angul – 759122, Orissa, India |
|
Date of Appointment : |
09.11.2012 |
|
DIN No.: |
06426609 |
|
|
|
|
Name : |
Mr. Singh Dramar |
|
Designation : |
Director |
|
Address : |
H. No. 18 Harnam Colony Vill - Gill Teh-Ludhiana West, District-Ludhiana, Ludhiana – 142028, Punjab, India |
|
Date of Appointment : |
25.04.2017 |
|
DIN No.: |
07800513 |
|
|
|
|
Name : |
Mr. Pradyumna Singh Dubey |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 6, Club House, Oberoi Apartments 2-Shamnath Marg, Civil Lines, Delhi – 110054, India |
|
Date of Appointment : |
03.10.2017 |
|
DIN No.: |
00506858 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Patra |
|
Designation : |
Company Secretary |
|
Address : |
301 Kailash Tower, Kaushambi, Ghaziabad – 201010, Uttar
Pradesh, India |
|
Date of Appointment : |
08.08.2017 |
|
PAN No.: |
AHDPP2428H |
|
|
|
|
Name : |
Mr. Deepak Sogani |
|
Designation : |
Chief Finance Officer |
|
Address : |
507 A, Beverly Park –I, DLF City - II , Gurugram – 122002, Haryana, India |
|
Date of Appointment : |
09.12.2017 |
|
PAN No.: |
AMFPS5138L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March, 2018
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
Promoter and Promoter Group |
567784037 |
58.66 |
|
|
Public |
400162342 |
41.34 |
|
|
Grand
Total |
967946379 |
100.00 |
|
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
18589884 |
1.92 |
|
|
NAVEEN JINDAL HUF |
2248230 |
0.23 |
|
|
R K JINDAL & SONS HUF |
791370 |
0.08 |
|
|
S K JINDAL AND SONS HUF |
1664610 |
0.17 |
|
|
PRITHVI RAJ JINDAL |
285150 |
0.03 |
|
|
URMILA BHUWALKA |
35960 |
0.00 |
|
|
PARTH JINDAL |
220620 |
0.02 |
|
|
ARTI JINDAL |
115080 |
0.01 |
|
|
URVI JINDAL |
92880 |
0.01 |
|
|
SMINU JINDAL |
64500 |
0.01 |
|
|
SEEMA JAJODIA |
7200 |
0.00 |
|
|
ABHYUDAY JINDAL |
177600 |
0.02 |
|
|
TRIPTI JINDAL |
97440 |
0.01 |
|
|
TARINI JINDAL HANDA |
96000 |
0.01 |
|
|
SANGITA JINDAL |
757290 |
0.08 |
|
|
SAVITRI DEVI JINDAL |
1116540 |
0.12 |
|
|
DEEPIKA JINDAL |
1010100 |
0.10 |
|
|
TANVI SHETE |
96000 |
0.01 |
|
|
NAVEEN JINDAL |
7871596 |
0.81 |
|
|
SUSHIL BHUWALKA |
37488 |
0.00 |
|
|
P R Jindal HUF |
1804230 |
0.19 |
|
|
Any Other
(specify) |
481135587 |
49.71 |
|
|
GOSWAMIS CREDITS & INVESTMENTS LIMITED |
1874400 |
0.19 |
|
|
OPELINA FINANCE AND INVESTMENT LIMITED |
91300393 |
9.43 |
|
|
SUN INVESTMENTS PVT LTD |
16800 |
0.00 |
|
|
JSW HOLDINGS LIMITED |
3685800 |
0.38 |
|
|
GAGAN INFRAENERGY LIMITED |
49709952 |
5.14 |
|
|
OPJ TRADING PRIVATE LIMITED |
187637898 |
19.39 |
|
|
JSL LIMITED |
2607453 |
0.27 |
|
|
DANTA ENTERPRISES PRIVATE LIMITED |
62238816 |
6.43 |
|
|
GLEBE TRADING PRIVATE LIMITED |
16246108 |
1.68 |
|
|
VIRTUOUS TRADECORP PRIVATE LIMITED |
64395867 |
6.65 |
|
|
NALWA STEEL AND POWER LIMITED |
1420000 |
0.15 |
|
|
NAVEEN JINDAL (AS A TRUSTEE OF GLOBAL
WISDOM TRUST) |
500 |
0.00 |
|
|
NAVEEN JINDAL (AS A TRUSTEE OF GLOBAL
VISION TRUST) |
500 |
0.00 |
|
|
NAVEEN JINDAL (AS A TRUSTEE OF GLOBAL
GROWTH TRUST) |
500 |
0.00 |
|
|
SAJJAN JINDAL SANGITA JINDAL PARTH JINDAL
(AS A TRUSTEE OF PARTH JINDAL FAMILY TRUST) |
100 |
0.00 |
|
|
SAJJAN JINDAL SANGITA JINDAL (AS A TRUSTEE
OF SAJJAN JINDAL LINEAGE TRUST) |
100 |
0.00 |
|
|
SAJJAN JINDAL SANGITA JINDAL (AS A TRUSTEE
OF SAJJAN JINDAL FAMILY TRUST) |
100 |
0.00 |
|
|
SAJJAN JINDAL SANGITA JINDAL (AS A TRUSTEE
OF SANGITA JINDAL FAMILY TRUST) |
100 |
0.00 |
|
|
SAJJAN JINDAL SANGITA JINDAL TANVI SHETE (
AS A TRUSTEE OF TANVI JINDAL FAMILY TRUST) |
100 |
0.00 |
|
|
SAJJAN JINDAL SANGITA JINDAL TARINI JINDAL
(AS A TRUSTEE OF TARINI JINDAL FAMILY TRUST) |
100 |
0.00 |
|
|
Sub Total A1 |
499725471 |
51.63 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
825470 |
0.09 |
|
|
RATAN JINDAL |
203070 |
0.02 |
|
|
SARIKA JHUNJHNUWALA |
622400 |
0.06 |
|
|
Any Other
(specify) |
67233096 |
6.95 |
|
|
ESTRELA INVESTMENT COMPANY LIMITED |
7176000 |
0.74 |
|
|
JARGO INVESMENTS LIMITED |
7430400 |
0.77 |
|
|
NACHO INVESTMENTS LIMITED |
7440000 |
0.77 |
|
|
TEMPLAR INVESTMENTS LIMITED |
7437840 |
0.77 |
|
|
VAVASA INVESTMENTS LIMITED |
7404480 |
0.76 |
|
|
BEAUFIELD HOLDINGS LIMITED |
5991720 |
0.62 |
|
|
PENTEL HOLDING LIMITED |
3235496 |
0.33 |
|
|
MENDEZA HOLDINGS LIMITED |
7431060 |
0.77 |
|
|
SARMENTO HOLDINGS LIMITED |
7156740 |
0.74 |
|
|
JSL OVERSEAS LIMITED |
6529360 |
0.67 |
|
|
Sub Total A2 |
68058566 |
7.03 |
|
|
A=A1+A2 |
567784037 |
58.66 |
Statement showing shareholding pattern of the Public
shareholder
|
Category &
Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
69518204 |
7.18 |
|
|
L&T MUTUAL FUND TRUSTEE
LIMITED-L&T ARBITRAGE OPPORTUNITIES FUND |
14059335 |
1.45 |
|
|
KOTAK TAX SAVER SCHEME |
17163378 |
1.77 |
|
|
Alternate
Investment Funds |
1089052 |
0.11 |
|
|
Foreign
Portfolio Investors |
186389829 |
19.26 |
|
|
TREE LINE ASIA MASTER FUND (SINGAPORE) PTE
LTD |
11315880 |
1.17 |
|
|
Blackrock Global Funds Asian Dragon Fund |
25153631 |
2.60 |
|
|
HSBC Global Investment Funds - Indian
Equity |
9955103 |
1.03 |
|
|
Kotak Funds - India Midcap Fund |
11528243 |
1.19 |
|
|
Financial
Institutions/ Banks |
2929980 |
0.30 |
|
|
Insurance
Companies |
18412033 |
1.90 |
|
|
Any Other
(specify) |
8770 |
0.00 |
|
|
Sub Total B1 |
278347868 |
28.76 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/
State Government(s)/ President of India |
3563500 |
0.37 |
|
|
Sub Total B2 |
3563500 |
0.37 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
82172900 |
8.49 |
|
|
Individual share
capital in excess of NR 0.200 Million |
4577985 |
0.47 |
|
|
NBFCs registered
with RBI |
89750 |
0.01 |
|
|
Any Other
(specify) |
31410339 |
3.25 |
|
|
Clearing Members |
942055 |
0.10 |
|
|
Bodies Corporate |
20368528 |
2.10 |
|
|
Foreign Nationals |
33480 |
0.00 |
|
|
Non-Resident Indian (NRI) |
7152921 |
0.74 |
|
|
HUF |
2466559 |
0.25 |
|
|
Trusts |
446796 |
0.05 |
|
|
Sub Total B3 |
118250974 |
12.22 |
|
|
B=B1+B2+B3 |
400162342 |
41.34 |
|
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees
: (As on 31.03.2017) |
6071 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda 1st Floor, Bank of Baroda, Building 16, Sansad Marg, New Delhi-110001, India · ICICI Bank Limited Landmarkrace
Cource Circle, Alkapuri, Vadodara- 390015, Gujarat, India ·
Punjab
National Bank ·
State Bank
of Patiala ·
IDBI Bank
Limited ·
Axis Bank
Limited ·
HDFC Bank
Limited ·
Canara Bank · State Bank of India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institutions : |
· SBICAP Trustee Company Limited 711 7th Floor Ashoka Estate 24 Barakhamba Road New Delhi - 110001 India ·
Axis Trustee Services Limited Axis House
Bombay Dyeing Mills Compound Pandhurang Budhkar Marg Worli Mumbai – 400025
Maharashtra India |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
12
Bhagat Singh Marg New Delhi - 110001 India |
|
Tel. No.: |
91-11-23710176/
23710177/ 23364671/ 2414 |
|
Fax No.: |
91-11-23345168/
23314309 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : (As on 31.03.2017) |
·
Jindal
Power Limited ·
Jindal
Steel Bolivia SA ·
Jindal
Steel and Power (Mauritius) Limited ·
Skyhigh
Overseas Limited ·
Everbest
Steel and Minings Holdings Limited ·
Jindal
Angul Power Limited ·
JB
FabInfra Limited ·
Trishakti
Real Estate Infrastructure and Developers Limited · Raigarh Pathalgaon Expressway Limited. [w.e.f. 18th October2016 |
|
|
|
|
Subsidiaries of
Jindal Power Limited : (As on 31.03.2017) |
·
Attunli
Hydro Electric Power Company Limited ·
Etalin
Hydro Electric Power Company Limited ·
Jindal
Hydro Power Limited ·
Jindal
Power Distribution Limited ·
Ambitious
Power Trading Company Limited ·
Jindal
Power Transmission Limited ·
Jindal
Power Ventures (Mauritius) Limited ·
Kamala
Hydro Electric Power Co. Limited ·
Kineta
Power Limited ·
Uttam
Infralogix Limited ·
Jindal
Realty Private Limited [w.e.f. 31st March 2017] ·
Panther
Transfreight Limited a subsidiary of Uttam Infralogix Limited |
|
|
|
|
Subsidiary of Skyhigh
Overseas Limited : (As on 31.03.2017) |
· Gas to Liquids International S.A |
|
|
·
|
|
Subsidiary of
Jindal Power Ventures (Mauritius) Limited: (As on 31.03.2017) |
· Jindal Power Senegal SAU |
|
|
|
|
Subsidiary of JB
FabInfra Private Limited : (As on 31.03.2017) |
· All tech Building System Limited |
|
|
·
|
|
Subsidiaries of
Jindal Steel and Power (Mauritius) Limited: (As on 31.03.2017) |
·
Blue
Castle Ventures Limited ·
Brake
Trading (Pty) Limited ·
Enduring
Overseas Inc ·
Fire
Flash Investments (Pty) Limited ·
Harmony
Overseas Limited ·
Jin
Africa Limited ·
Jindal
(BVI) Limited ·
Jindal
Africa Investments (Pty) Limited ·
Jindal
Africa Liberia Limited ·
Jindal
Africa SA ·
Jindal
Botswana (Pty) Limited ·
Jindal
Investimentos LDA ·
Jindal
Investment Holding Limited. ·
Jindal
KZN Processing (Pty) Limited ·
Jindal
Madagascar SARL ·
Jindal
Mining and Exploration Limited ·
Jindal
Mining Namibia (Pty) Limited ·
Jindal
Steel and Minerals Zimbabwe Limited ·
Jindal
Steel and Power (BC) Limited ·
Jindal
Steel and Power(Australia) Pty Limited ·
Jindal
Tanzania Limited ·
Jindal
Zambia Limited ·
JSPL
Mozambique Minerais LDA ·
Jublient
Overseas Limited ·
Landmark
Mineral Resources (Pty) Limited ·
Osho
Madagascar SARL ·
PT
Jindal Overseas ·
Jindal
Shadeed Iron and Steel L.L.C ·
Sungu
Sungu Pty Limited ·
Trans
Asia Mining Pte. Limited ·
Vision
Overseas Limited ·
Wollongong
Coal Limited ·
Jindal
Steel DMCC · Jindal Mauritania SARL |
|
|
|
|
Associates : (As on 31.03.2017) |
·
Nalwa
Steel and Power Limited ·
Prodisyne
(Pty) Limited · Thuthukani Coal (Pty) Limited |
|
|
·
|
|
Joint Ventures: (As on 31.03.2017) |
·
Jindal
Synfuels Limited ·
Shresht
Mining and Metals Private Limited · Urtan North Mining Private Limited |
|
|
|
|
Other Significant
influences: (As on 31.03.2017) |
· OPJ Trading Private Limited |
|
|
|
|
Post-Employment
Benefit entity: (As on 31.03.2017) |
· Jindal Steel and Power Limited EPF Trust |
|
|
|
|
Enterprises over
which Key Management Personnel and their relatives exercise significant influence
and with whom transactions have taken place during the year: (As on 31.03.2017) |
·
Jindal
Stainless Limited ·
Jindal
Industries Limited ·
Bir
Plantation Limited ·
India
Flysafe Aviation Limited ·
Minerals
Management Service (India) Private Limited. ·
Jindal
Saw Limited ·
JSW
Steel Limited ·
Rohit
Tower Building Limited ·
JSW
Energy Limited ·
JSW
Projects Limited ·
JSW
Steel Coated Product Limited. ·
JSW
Severfield Structures Limited. ·
Jindal
Realty Private Limited (Upto 30 March 2017 subsidiary wef 31 March 2017) |
|
|
|
|
Others: (As on 31.03.2017) |
·
Belde
Empreendimentos Mineiros LDA a subsidiary of JSPL Mozambique Minerais LDA ·
Eastern
Solid Fuels (Pty) Limited a subsidiary of Jindal Mining Exploration Limited ·
PT
BHI Mining Indonesia a subsidiary of Jindal Investment Holding Limited ·
PT
Sumber Surya Gemilang a subsidiary of PT.BHI Mining Indonesia ·
PT
Maruwai Bara Abadi a subsidiary of PT.BHI Mining Indonesia ·
Jindal
Mining SA (Pty) Limited a subsidiary of Eastern Solid Fuels (Pty) Limited ·
Bon-Terra
Mining (Pty) Limited a subsidiary of Jindal (BVI) Limited ·
CIC
(Barbados) Holding Corpa subsidiary of Jindal (BVI) Limited ·
CIC
Energy (Bahamas) Limited a subsidiary of Jindal (BVI) Limited ·
Jindal
Energy (Botswana) Pty Limited a subsidiary of Jindal (BVI) Limited ·
Jindal
Energy (SA) Pty Limited a subsidiary of Jindal (BVI) Limited ·
CIC
Transafrica (Barbados) Corpa subsidiary of Jindal (BVI) Limited ·
Jindal
Resources (Botswana) Pty Limited a subsidiary of CIC Transafrica (Barbados)
Corp ·
Trans
Africa Rail (Pty) Limited a subsidiary of CIC Transafrica (Barbados) Corp ·
Sad-Elec
(Pty) Limited a subsidiary of Jindal Energy (SA) Pty Limited ·
CIC
(Barbados) Mining Corp a subsidiary of CIC (Barbados) Holding Corp ·
CIC
(Barbados) Energy Corp a subsidiary of CIC (Barbados) Holding Corp ·
Meepong
Resources (Mauritius) (Pty) Limited a subsidiary of CIC (Barbados) Mining
Corp ·
Meepong
Resources (Pty) Limited a subsidiary of Meepong Resources (Mauritius) (Pty)
Limited ·
Meepong
Energy (Mauritius) (Pty) Limited a subsidiary of CIC (Barbados) Energy Corp ·
Meepong
Energy (Pty) Limited a subsidiary of Meepong Energy (Mauritius) (Pty) Limited ·
Meepong
Service (Pty) Limited a subsidiary of Meepong Energy (Pty) Limited ·
Meepong
Water (Pty) Limited a subsidiary of Meepong Energy (Pty) Limited ·
Peerboom
Coal (Pty) Limited a subsidiary of Jindal Africa Investment (Pty) Limited ·
Shadeed
Iron and Steel Company Limited a subsidiary of Jindal ·
Shadeed
Iron and Steel LLC ·
Southbulli
Holding Pty Limited a subsidiary of Wollongong Coal Limited ·
Oceanic
Coal Resources NL a subsidiary of Wollongong Coal Limited ·
Wongawilli
Coal Pty Limited a subsidiary of Oceanic Coal Resources NL ·
Koleko
Resources (Pty) Limited a subsidiary of Jindal Africa Investment (Pty)
Limited ·
Legend
Iron Limited a subsidiary of Jindal Mining & Exploration Limited ·
Cameroon
Mining Action (CAMINA) SA a subsidiary of Legend Iron Limited · Enviro Waste |
CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued Subscribed & Paid-up Capital : INR 967.900
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
INR 1/- each |
INR 2000.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Typ0065 |
Value |
Amount |
|
|
|
|
|
|
915024234 |
Equity Shares |
INR 1/- each |
INR 915.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET - STANDALONE
|
SOURCES
OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
967.900 |
915.000 |
914.900 |
|
(b) Reserves & Surplus |
226909.700 |
216747.000 |
229741.800 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
(3) Share warrant |
48.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
227925.600 |
217662.000 |
230656.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
144110.500 |
164038.800 |
164115.700 |
|
(b) Deferred tax liabilities
(Net) |
36734.500 |
39836.300 |
44527.300 |
|
(c) Other long term liabilities |
35680.900 |
35376.200 |
2907.000 |
|
(d) long-term provisions |
430.800 |
376.000 |
278.100 |
|
Total
Non-current Liabilities (3) |
216956.700 |
239627.300 |
211828.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
69101.900 |
77594.600 |
75034.700 |
|
(b) Trade payables |
33803.600 |
23875.600 |
19478.400 |
|
(c) Other current liabilities |
52664.600 |
42023.100 |
68584.900 |
|
(d) Short-term provisions |
313.600 |
385.500 |
384.700 |
|
Total
Current Liabilities (4) |
155883.700 |
143878.800 |
163482.700 |
|
|
|
|
|
|
TOTAL |
600766.000 |
601168.100 |
605967.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
455640.600 |
414023.800 |
429399.400 |
|
(ii) Intangible Assets |
723.700 |
736.400 |
835.100 |
|
(iii) Capital work-in-progress |
26539.900 |
75046.500 |
56529.900 |
|
(iv) Intangible assets under
development |
353.000 |
245.800 |
327.500 |
|
(b) Non-current Investments |
14903.600 |
14852.500 |
14769.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1504.300 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
3982.300 |
8481.900 |
9485.700 |
|
Total
Non-Current Assets |
503647.400 |
513386.900 |
511347.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
30988.900 |
18869.700 |
24390.600 |
|
(c) Trade receivables |
7943.100 |
7972.000 |
8308.600 |
|
(d) Cash and cash equivalents |
1261.100 |
1801.700 |
3486.200 |
|
(e) Short-term loans and
advances |
10465.400 |
7875.000 |
8040.100 |
|
(f) Other current assets |
46460.100 |
51262.800 |
50395.000 |
|
Total
Current Assets |
97118.600 |
87781.200 |
94620.500 |
|
|
|
|
|
|
TOTAL |
600766.000 |
601168.100 |
605967.500 |
PROFIT
& LOSS ACCOUNT - STANDALONE
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
175230.400 |
154936.100 |
146933.400 |
|
|
Other Income |
0.000 |
88.800 |
234.700 |
|
|
TOTAL
|
175230.400 |
155024.900 |
147168.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
69151.300 |
50266.500 |
50709.900 |
|
|
Purchases of Stock-in-Trade |
2014.400 |
1320.400 |
2413.600 |
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
(2792.100) |
3323.000 |
2965.300 |
|
|
Employees benefits expense |
5251.800 |
5316.000 |
5538.200 |
|
|
Excise Duty |
4578.700 |
16455.100 |
19969.000 |
|
|
Captive Sales for own projects |
(5893.000) |
(6010.700 |
(10738.200) |
|
|
Exceptional Items |
3440.200 |
0.000 |
0.000 |
|
|
Other expenses |
63188.800 |
55683.900 |
51664.800 |
|
|
TOTAL |
138940.100 |
126354.200 |
122522.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST TAX
DEPRECIATION AND AMORTISATION |
36290.300 |
28670.700 |
24645.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23911.500 |
22804.000 |
26464.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION |
12378.800 |
5866.700 |
(1819.300) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
19096.600 |
20436.500 |
21481.400 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(6717.800) |
(14569.800) |
(23300.700) |
|
|
|
|
|
|
|
Less |
TAX |
(3101.700 |
(4705.300) |
(9115.400) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(3616.100) |
(9864.500) |
(14185.300) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
23396.800 |
6587.300 |
|
|
Others |
NA |
0.000 |
1.100 |
|
|
TOTAL
EARNINGS |
NA |
23396.800 |
6588.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Material & Fuel |
NA |
19186.000 |
19129.800 |
|
|
Components and Stores parts |
NA |
903.400 |
1779.000 |
|
|
Capital Goods |
NA |
2473.300 |
6151.900 |
|
|
TOTAL
IMPORTS |
NA |
22562.700 |
27060.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(3.95) |
(10.78) |
(15.50) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
11627.500 |
18268.300 |
|
Cash generated from operations |
NA |
|
NA |
|
Net cash flow from operating activity |
NA |
40638.900 |
44215.100 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
16.55 |
18.78 |
20.64 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
22.06 |
19.44 |
17.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
173.37 |
168.93 |
133.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.17 |
1.20 |
1.01 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.08 |
0.05 |
0.05 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.50 |
0.51 |
0.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.94 |
1.11 |
1.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.68 |
0.66 |
0.71 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.12 |
2.25 |
2.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.52 |
0.99 |
0.93 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(2.06) |
(10.25) |
(9.65) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(0.60) |
(2.64) |
(2.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(1.59) |
(7.29) |
(6.15) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.62 |
0.61 |
0.58 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.42 |
0.48 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.38 |
0.36 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
220.28 |
264.08 |
261.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.62 |
0.61 |
0.58 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 240.15/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
914.900 |
915.000 |
967.900 |
|
Reserves & Surplus |
229741.800 |
216747.000 |
226909.700 |
|
Share warrent |
0.000 |
0.000 |
48.000 |
|
Net
worth |
230656.700 |
217662.000 |
227925.600 |
|
|
|
|
|
|
Long Term borrowings |
164115.700 |
164038.800 |
144110.500 |
|
Short Term borrowings |
75034.700 |
77594.600 |
69101.900 |
|
Total
borrowings |
239150.400 |
241633.400 |
213212.400 |
|
Debt/Equity
ratio |
1.037 |
1.110 |
0.935 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
146933.400 |
154936.100 |
175230.400 |
|
|
|
5.446 |
13.098 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
146933.400 |
154936.100 |
175230.400 |
|
Profit
/ (Loss) |
(14185.300) |
(15875.200) |
(3616.100) |
|
|
(9.65%) |
(10.25%) |
(2.06%) |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2018 |
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
967.900 |
915.000 |
|
(b) Reserves & Surplus |
|
302830.200 |
299590.300 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Share warrant |
|
48.000 |
0.000 |
|
(4) Non controlling interest |
|
4403.400 |
6467.100 |
|
Total
Shareholders’ Funds (1) + (2) |
|
308249.500 |
306972.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
329559.100 |
325983.400 |
|
(b) Deferred tax liabilities
(Net) |
|
50283.600 |
53586.300 |
|
(c) Other long term
liabilities |
|
7656.200 |
6734.800 |
|
(d) long-term provisions |
|
2781.600 |
3072.100 |
|
Total
Non-current Liabilities (3) |
|
390280.500 |
389376.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
62429.400 |
73601.000 |
|
(b) Trade payables |
|
41918.000 |
30287.000 |
|
(c) Other current liabilities |
|
88811.800 |
105118.000 |
|
(d) Short-term provisions |
|
615.000 |
624.300 |
|
Total
Current Liabilities (4) |
|
193774.200 |
209630.300 |
|
|
|
|
|
|
TOTAL |
|
892304.200 |
905979.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
646192.500 |
621895.200 |
|
(ii) Intangible Assets |
|
38245.200 |
37102.200 |
|
(iii) Capital work-in-progress |
|
38769.700 |
87139.800 |
|
(iv) Intangible assets under
development |
|
11005.300 |
10021.900 |
|
(b) Non-current Investments |
|
1515.000 |
3995.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
3260.700 |
912.500 |
|
(e) Other Non-current assets |
|
10185.800 |
15203.700 |
|
Total
Non-Current Assets |
|
749174.200 |
776270.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
2.100 |
3.800 |
|
(b) Inventories |
|
49595.600 |
35992.600 |
|
(c) Trade receivables |
|
18260.900 |
17166.200 |
|
(d) Cash and cash equivalents |
|
4678.900 |
5140.300 |
|
(e) Short-term loans and
advances |
|
4705.200 |
3874.300 |
|
(f) Other current assets |
|
65887.300 |
67531.300 |
|
Total
Current Assets |
|
143130.000 |
129708.500 |
|
|
|
|
|
|
TOTAL |
|
892304.200 |
905979.300 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
278413.200 |
226962.400 |
|
|
Other Income |
|
29.300 |
99.900 |
|
|
TOTAL
|
|
278442.500 |
227062.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
93782.800 |
65354.600 |
|
|
Purchases of Stock-in-Trade |
|
3242.900 |
2653.900 |
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
|
(2418.500) |
2826.200 |
|
|
Employees benefits expense |
|
9556.600 |
9135.500 |
|
|
Excise Duty |
|
4578.900 |
16457.300 |
|
|
Captive Sales for own projects |
|
(5893.000) |
(6049.900) |
|
|
Exceptional items |
|
5873.600 |
3723.000 |
|
|
Other expenses |
|
110872.400 |
90004.500 |
|
|
TOTAL |
|
219595.700 |
184105.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST TAX DEPRECIATION
AND AMORTISATION |
|
58846.800 |
42957.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
38657.000 |
33895.900 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION |
|
20189.800 |
9061.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
38830.300 |
39490.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(18640.500) |
(30428.900) |
|
|
|
|
|
|
|
Less |
TAX |
|
(2398.100) |
(5026.700) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(16242.400) |
(25402.200) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
(15.38) |
(27.73) |
LEGAL CASE
|
High Court of
Orissa |
|
Case Status
Information System |
Case
Status :
Pending
Status of : Petitions under Indian Arbitration Act. 30 of 2014
Litigation : ECI ENGINEERING Vs. JINDAL STEEL AND POWER
Pet’s Adv : M/A.
CHANDRAFAKANTA NANDA
Res’s Adv : M/S. SUDARSHAN NANDA
Bench : HON”BLE MR. JUSTICE S.C. PARIJA
--
--
Last Date
of Hearing : Thursday March 10 2016
Next/Final
Date of Hearing: Thursday March 17 2016
Case
Updated on: Wednesday March 16 2016
Category
: ARBITRATION MATTER
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in Report
(Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders if available |
Yes |
|
31 |
External Agency Rating if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
OVERVIEW (As on 2017)
Subject
is one of the India’s leading steel producers with significant presence in
sectors like mining and power generation. It is listed on the National Stock
Exchange of India and Bombay Stock Exchange in India. Its business is spread
across India and overseas. The registered office is situated in the state of
Haryana the corporate office is situated in New Delhi and the manufacturing
plants in India are in the states of Chhattisgarh Odisha Jharkhand etc. The Company
has global presence through subsidiaries mainly in Australia Botswana Cameroon
China Dubai Indonesia Liberia Mauritania Mauritius Mozambique Madagascar
Namibia South Africa Sultanate of Oman Tanzania and Zambia. There are several
business initiatives running simultaneously across continents.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2018 |
31.03.2017 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Debentures : |
|
|
|
3000 9.63%
Unsecured Redeemable Non Convertible Debentures of INR 1000000 each |
NA |
0.000 |
|
(Privately placed initially with HDFC Bank Limited) |
|
|
|
3000
10.48% Unsecured Redeemable Non Convertible Debentures of INR 1000000 each |
NA |
3000.000 |
|
(Privately placed initially with ICICI Bank Limited) |
|
|
|
10000
10.25% Unsecured Redeemable Non Convertible Debentures of INR 1000000 each
(Privately placed initially with Kotak Mahindra Bank) |
NA |
10000.000 |
|
7500 9.75%
Unsecured Redeemable Non Convertible Debentures of INR 1000000 each |
NA |
7500.000 |
|
(Privately placed initially with HDFC Bank Limited) |
|
|
|
- Other Loans from Banks (Buyer’s Credit) |
NA |
0.000 |
|
- External Commercial Borrowings |
NA |
2014.600 |
|
Less current maturities presented |
NA |
(1580.000) |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Term Loans From Banks |
NA |
14669.000 |
|
Other Loans from Banks (Buyer’s Credit) |
NA |
0.000 |
|
Loans from related parties |
NA |
17424.400 |
|
Total |
NA |
53028.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G62376413 |
100134085 |
AXIS TRUSTEE SERVICES LIMITED |
03/10/2017 |
- |
- |
11799528000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
2 |
G56968720 |
100125068 |
AXIS TRUSTEE SERVICES LIMITED |
31/08/2017 |
16/10/2017 |
- |
6500000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
3 |
G54453949 |
100125066 |
AXIS TRUSTEE SERVICES LIMITED |
31/08/2017 |
- |
- |
10000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
4 |
G75296533 |
100104634 |
SBICAP TRUSTEE COMPANY LIMITED |
25/05/2017 |
10/01/2018 |
- |
84000000000.0 |
711, 7th Floor, Ashoka Estate, 24Barakhamba RoadNew DelhiDL110001IN |
|
5 |
G29420858 |
100065241 |
AXIS TRUSTEE SERVICES LIMITED |
30/11/2016 |
- |
- |
15750000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
6 |
G03553690 |
10623746 |
Bank of Baroda |
03/03/2016 |
03/05/2016 |
- |
1229100000.0 |
1st Floor, Bank of Baroda Building16, Sansad MargNew DelhiDL110001IN |
|
7 |
C64907967 |
10565016 |
SBICAP TRUSTEE COMPANY LIMITED |
30/03/2015 |
08/09/2015 |
- |
40000000000.0 |
202, MAKER CHAMBER, E CUFEE PARADECOLABAMUMBAIMH400005IN |
|
8 |
G59613471 |
10547420 |
ICICI BANK LIMITED |
06/02/2015 |
29/09/2017 |
- |
5000000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
9 |
G64157076 |
10544612 |
State Bank of India |
31/12/2014 |
29/09/2017 |
- |
6000000000.0 |
CAG Branch, Jawahar Vyapar Bhawan,11th and 12th Floor, 1, Tolstoy Marg,New DelhiDL110001IN |
|
10 |
G59726349 |
10543093 |
HDFC BANK LIMITED |
29/12/2014 |
29/09/2017 |
- |
5000000000.0 |
HDFC Bank House, Vatika Atrium, A-Wing, 2nd FloorGolf Course Road, Sector-53,GurgaonHR122002IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
|
Guarantees
Undertakings and Letter of Credit |
|
|
|
Guarantees issued by the Company’s Bankers on behalf of the Company |
NA |
9154.200 |
|
Letter of credit opened by banks |
NA |
6262.900 |
|
Corporate guarantees/undertakings issued on behalf of third parties |
NA |
52179.800 |
|
Demand: |
NA |
|
|
Disputed Statutory and Other demands |
NA |
14299.800 |
|
Income
Tax demands where the cases are pending at various stages of appeal with the authorities |
NA |
16658.000 |
|
Bonds
executed for machinery imports under EPCG Scheme |
NA |
18307.400 |
FIXED ASSETS
Tangible assets
· Freehold Land
· Leasehold land
· Buildings
· Plant and Equipments
· Electrical Fittings
· Furniture and Fixtures
· Vehicles
· Aircraft
· Office Equipment
Intangible assets
· Licenses
· Design and Drawings
· Computer software
PRESS RELEASE
PARADISE PAPERS:
ARGENTINA FIRM ROPED IN APPLEBY ON $2-MN DUES FROM JINDAL
The arbitration was
for payment due to Ultrapetrol for the work it did as a contractor engaged by
JSPLM for its business in Bolivia.
As on November 9 2017
In March 2015 Ultrapetrol SA registered in Argentina approached Appleby for advice on enforcing a London arbitral award against JSPLM Limited
APPLEBY DOCUMENTS show that Ultrapetrol SA a service provider to Jindal Steel and Power Limited (JSPL) in Bolivia obtained an arbitral award in London in 2015 against Jindal Steel and Power Limited Mauritius (JSPLM) a 100 per cent subsidiary of JSPL related to dues of approximately $2 million.
In March 2015 Ultrapetrol SA registered in Argentina approached Appleby for advice on enforcing a London arbitral award against JSPLM Limited. Documents show the arbitration was for payment due to Ultrapetrol for the work it did as a contractor engaged by JSPLM for its business in Bolivia.
Ultrapetrol had asked Appleby on the avenues available to enforce of the arbitral award against the assets of Jindal outside Mauritius. It further asked for the procedures that needed to be followed for winding up of Jindal in the event the arbitral award remains unsatisfied.
Appleby suggested that since Mauritius is a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) a ruling by a foreign tribunal against a local company may be recognised and enforced by the Supreme Court of Mauritius.
It further said that while the court may exercise its discretion to turn down the enforcement of an arbitral award at the request of the party against whom it is invoked. But it pointed out the UK is a party to the New York Convention and that an arbitral award obtained in London was capable of being recognised and enforced in courts there.
However Appleby noted the winding-up procedures of a Mauritian company were governed under the Insolvency Act 2009. Therefore a liquidator appointed pursuant to the Act will not be able to take control of assets of Jindal outside the jurisdiction of Mauritius Appleby said.
Later in 2015 a report by Minter Ellison a legal and consulting firm based in Australia said that a Federal Court of Australia where Jindal has business interests has ordered that the foreign arbitral award against JSPLM be enforced and that “the non-appearance formed the basis for an order by default”.
RESPONSE
Jindal Steel and Power responds: The matter pertains to JSPL’s Bolivia project where Ultra Petrol SA was engaged as a contractor for regular course of operations. In 2012 the company had to withdraw from Bolivia project. All matters between subsidiaries of JSPL and Ultra Petrol SA stand amicably resolved and settled.
COAL SCAM: ED TO FILE
PROSECUTION COMPLAINT AGAINST JINDAL STEEL AND POWER
The Enforcement
Directorate in its status report also told the Supreme Court it has lodged
seven more cases in the coal block allocation scam
October 20 2017
The Enforcement Directorate (ED) has told the Supreme Court that it had lodged seven more cases in the coal block allocation scam and was in the process of filing prosecution complaints against two firms including Naveen Jindal-owned Jindal Steel and Power Limited.
In its tenth status report filed in the apex court for the period from January 2016 to September 30 this year ED said it had earlier received 55 FIRs from the CBI and registered enforcement case information report (ECIR) in all of them. “Subsequent to the ninth status report the Directorate of Enforcement has received seven more FIRs from the CBI and it has registered ECIR in respect of these seven cases” the agency told a bench headed by Justice M B Lokur.
The agency told the bench which also comprised Justices Kurian Joseph and A K Sikri that provisional attachment orders have been issued in 11 cases. “There has been a slight increase in the number of provisional attachment orders from the earlier status report” the court noted in its order adding “Prosecution complaint has been filed in two cases (AMR Iron and Steel Private Limited and Nav Bharat Power Private Limited). Filing of prosecution complaints are in process in respect of Jindal Steel and Power Limited and Grace Industries Limited” the order said.
Naveen Jindal was granted bail in September by a special court in a case related to the allocation of a coal block in Madhya Pradesh. ED also told the top court Kamal Sponge Steel and Power Limited was being investigated. The apex court has asked ED to file the next status report before December 4 while asking the agency and the CBI to expedite their probe in the coal scam cases.
The apex court had on January 23 constituted a special investigation team (SIT) to probe the allegations of “abuse of authority” prima facie committed by former CBI Director Ranjit Sinha to scuttle investigation and enquiries in the coal block allocation cases. It had later directed that no CBI officer who is probing coal scam cases or officials from SIT probing allegations of “abuse of authority” against the former CBI director would be transferred without its prior permission.
HDFC BANK WORLD’S
MOST RICHLY VALUED LENDER HAS AN UNHAPPY SECRET
As on December 04
2017
HDFC Bank must
acknowledge the divergence between its self-reported and RBI-assessed NPAs
Bad things don’t happen to good banks. Or that’s the carefully crafted image projected by the world’s priciest lender.
Assiduously shielding its loan book from the flying debris of India’s $207 billion bad-debt crisis HDFC Bank Limited has kept its balance sheet in a near-pristine condition. The aura of invincibility bestowed by a 1.26% soured-loan ratio—compared with almost 10% for State Bank of India and 25% for IDBI Bank Limited — also explains why HDFC Bank has a price-to-book multiple of 5.2. Among lenders with at least $50 billion in market value anywhere none is as expensive.
So it was a surprise last month when HDFC Bank reported a hefty provision against an unnamed corporate account that it said wasn’t a non-performing asset then one day later marked the loan down to NPA because the Reserve Bank of India (RBI) the regulator had told it to do so.
The matter would have rested there were it not for an independent banking analyst Hemindra Hazari. In a note on Smartkarma a research website Hazari reproduced last week a letter from the bank to Jindal Steel and Power Ltd allowing it to sell and lease back its oxygen plant provided the proceeds were “utilized towards clearing overdues to make our account absolutely regular.”
This opens a Pandora’s Box. Jindal Steel had net debt of INR 440000.000 Million ($6.8 billion) at the end of September. Was the steel company indeed the unidentified shaky account? If so was HDFC Bank on the hook to that borrower for more than 15% of its reported non-performing assets on 31 March the end of its financial year? Hazari believes so.
In that case the correct thing to do would be for HDFC Bank to acknowledge the “divergence” between its self-reported and RBI-assessed NPAs. But doing so would also mean admitting that those soured loans net of provisions were 95% more than disclosed in the full-year accounts.
Its halo would thus slip and the charge of being less than truthful that I’ve levelled at other non-state Indian lenders—Axis Bank Limited ICICI Bank Limited and Yes Bank Limited —would apply equally to HDFC Bank.
Questions might also arise about the RBI. Axis Bank chief executive officer Shikha Sharma told the Economic Times that she was compelled by the central bank to reclassify standard borrowers as NPAs and did so because “we are obedient children.” Jindal Steel has been named by local media as one of those accounts. The RBI can’t arbitrarily force some lenders to appear less than truthful while sparing others the humiliation of a mea culpa.
The fairness of the RBI’s assessment is one thing its correctness is another. For now India’s bloated steelmakers are enjoying an uptick in domestic demand and operating profitability. But they aren’t out of the woods.
Suppose sometime after March next year Jindal Steel struggled to pay rentals on its expensive sale-and-leaseback deal with Srei Equipment Finance Limited and the latter dragged it to the insolvency tribunal. By then the firm would have been an NPA for a year and India recently prohibited borrowers with non-performing loans overdue a year or longer—or parties connected to such debtors—from bidding for assets in bankruptcy.
Not only would Naveen Jindal chairman of Jindal Steel stand to forfeit the firm; even his brother Sajjan Jindal’s JSW Energy Limited which is already bailing out the sibling’s company by buying one of its power plants would be unable to help him win it back because it’s a connected party.
With the stakes this high the RBI needs to crack the whip of asset classification with a steady hand—one that treats creditors fairly and borrowers correctly. Meanwhile HDFC Bank must present a more accurate picture of its soured loans. After all bad things can happen even to great banks.
COAL SCAM: SPECIAL
COURT PULLS UP CBI FOR NOT PROVIDING DOCUMENTS TO ACCUSED
Date:
12.03.2018
According to the CBI
charge sheet in this case, the accused had misrepresented facts in its January
2007 application before the Screening Committee, responsible for recommending
coal block allocation.
A special court on Monday pulled up the CBI for not supplying documents to the accused in a coal scam case, involving industrialist Naveen Jindal, as directed by it in its last order. Special judge Bharat Parashar adjourned the matter for scrutiny of documents to April 10 in the case pertaining to the allocation of the Urtan North Coal block in Madhya Pradesh. “Comply with the direction of the court.
Adjourned for scrutiny of documents on April 10,” the judge said. The court had on January 15 directed the CBI to hand over some documents filed, along with the charge sheet, to industrialist Naveen Jindal and others. The court was hearing a matter pertaining to the allocation of Urtan North coal block in Madhya Pradesh where the offences of “cheating” and “criminal conspiracy” were “prima facie” made out against the accused.
Besides Jindal, the other accused in the case include Jindal Steel and Power Ltd’s (JSPL) former Director Sushil Maroo, former Deputy MD Anand Goyal and CEO Vikrant Gujral. Jindal is named as accused, along with former Minister of State for Coal Dasari Narayan Rao and former Jharkhand Chief Minister Madhu Koda, in another case pertaining to alleged irregularities in allocation of Amarkonda Murgadangal coal block in Jharkhand.
According to the CBI charge sheet in this case, the accused had misrepresented facts in its January 2007 application before the Screening Committee, responsible for recommending coal block allocation, for obtaining the Madhya Pradesh coal block and hence cheated the Coal Ministry to get wrongful gains. The ministry had issued the allocation letter to the firm in October 2009. The probe agency has named 64 persons as prosecution witnesses to prove its case besides annexing 60 documents in its charge sheet.
The charge sheet has said that in the feedback form, the firm misrepresented or made false claims on two counts—that it had already acquired 964 acres of land for its Jharkhand- based Patratu project and that it had placed orders for equipment for its Odisha-based Angul project for INR 43400.000 Million.
JINDAL STEEL
CLOSES INR 12000.000 MILLION QIP ISSUE
NEW DELHI, MARCH 23
Jindal Steel and Power Limited (JSPL) has raised INR 12000.000 Million through a Qualified Institutions Placement (QIP) issue launched on March 20.
A company statement said, “The board of JSPL approved the issuance of shares at ₹ 233 per share, which was ₹ 5.85 above the floor price. The order book was oversubscribed with significant interest coming from domestic and foreign long term investors.”
The funds from this equity raise are expected to be used primarily for working capital requirements, payment of operational and capital expenditure creditors and repayment of certain long term loans, the statement added.
JINDAL STEEL AND
POWER SETS FLOOR PRICE OF QIP AT INR 227.15 PER SHARE
March 20, 2018
Jindal Steel and Power Limited (JSPL) has set the floor price for its QIP at INR 227.15 per share, with a provision to issue shares at a 5% discount. The size of the QIP is expected to be INR 2500.000 Million. This puts the number new shares issued at INR 55.000 Million, which amounts to a 6% dilution of equity. The Board of Directors of JSPL is meeting on the March 23 to approve the details of the QIP offer. The company has stated in the offer document that they intend to use the proceeds of the issue for purposes, which include payment of creditors, repayment of long term loans, and any other purpose.
SPL has an outstand debt of INR 443970.000 Million, 33% of which is debt that is denominated in foreign currency (mainly US Dollar). Using the proceeds of the issue to reduce debt would have a slight positive impact. However, the real impact would be whether the issue is completed at a premium to the floor price. The company has been looking for ways to raise equity to reduce the level of debt. The company has stated that they are considering a listing of the Oman subsidiary on a foreign exchange. The listing is expected to raise an additional INR 15000.000-20000.000 Million.
JSPL is involved in iron and steel making, mining of iron ore and coal as well
as power generation. The company’s domestic steel capacity stood at 8.6mtpa in
Q3FY18. The company also operates a 2mtpa steel mill in Oman under its
subsidiary Jindal Shadeed (100% stake). The company's international coal mining
operations have a capacity of ~2mtpa. The domestic iron ore mine has a capacity
of 3.11mtpa. The company also has a capacity of 1,634MW of power generation for
captive use and 3,400MW for commercial generation. Out of this, a 1,000MW plant
is expected to be divested to JSW Energy.
We expect the company to report revenue CAGR of 18.5% over FY17-20E aided by (a) ~19.1% CAGR volume growth for steel products, and (b) ~24.8% CAGR volume growth for power generation. EBITDA margins are also likely to expand by ~201bps owing to improved utilisations for the steel, mining and power businesses. The stock is currently trading at 16.3x FY20E EPS.
CMT REPORT (Corruption Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts
1] INFORMATION ON
DESIGNATED PARTY
No records 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 68.09 |
|
|
1 |
INR 91.41 |
|
Euro |
1 |
INR 79.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.