Net Worth : Equity Share Capital + Reserves (Excluding Revaluation Reserve) + Compulsorily Convertible Debentures
(ii) Debt Service Coverage Ratio : EBDIT / (Financial costs + Principal repayment during the period)
(iii) Interest Service Coverage Ratio : EBDIT / Financial costs
EBDIT : Profit before Taxes + Depreciation + Financial costs
Asset Coverage for NCDs : Net fixed assets including CWIP- Finance Lease assets/ Long term loans and NCDs having first pari-passu charge on fixed assets
# Amount below rounding off norms for current year.
$ Amount below rounding off norms.
Notes:
1. In arbitration proceedings initiated by Jindal ITF Limited, the subsidiary of the Company for disputes with one of its customers, the final award has been pronounced by the Hon’ble Arbitral Tribunal in favour of the subsidiary allowing various claims to the tune of Rs. 1,89,108 lakhs plus interest and applicable taxes. The counter claims of customer were disallowed by the Hon’ble Tribunal in entirety. The award amount includes claim for Minimum Guarantee Quantity of 1st year and 2nd year towards which the subsidiary has already received ` 35,631.18 lakhs on submission of equivalent amount of bank guarantees pursuant to two earlier interim awards. Based on the current status of the matter and the legal advice obtained, the Company is of the view that the final outcome of the dispute resolution process would not have any negative impact on carrying amount of investments and loans & advances in Jindal ITF Limited and consequently no adjustment has been made on the carrying amount of investments and loans.
2. Revenue from operations and excise duty for the year ended March 31, 2018 are not comparable with current periods since sales for current period is net of GST whereas revenue was inclusive of excise duty during April 1, 2017 to June 30, 2017.
3. The Company has one primary business segment i.e. Iron & Steel products on standalone basis.
4. The Board of Directors has recommended payment of dividend @ Rs. 2 per equity share of Rs. 2 each for the year ended March 31, 2019, aggregating to ` 63.95 crores.
5. On 29 January 2019, Ralael Holdings Limited, subsidiary of the Company entered into a share transfer agreement and sold 81% of its shareholding in its subsidiary Jindal Saw Italia S.p.A., to its related company Anbeeco Investments Limited, for a total consideration of €37,422,000. The sale proceeds have been settled through a set off with the loan principal and interest payable to Anbeeco Investments Limited. On 13 February 2019 the transfer of shares was completed. In the consolidated financial statement, gain arising out of the difference between aforesaid loan including interest payable and the net assets of Jindal Saw Italia S.p.A. transferred has been presented as exceptional items.
6. The domestic Credit Ratings for Long Term Debt/ Facilities/NCDs has been upgraded to CARE AA (stable outlook) revised from CARE AA- (positive outlook) and ratings for the Short Term Debt/ Facilities has been reaffirmed as CARE A1(+), by CARE ratings on March 13, 2019.
7. The details of secured non-convertible debentures are as follows:
S. No. Particulars of NCDs Previous Due Dates Next Due Dates
Principal Interest Principal Interest
Rs. Crores Rs. Crores
1(a) 10.50% NCDs (issued on 07.09.2012) - Series I 12-09-2018 12-09-2018
(b) - Series II None 12-09-2018 30 12-09-2019 3.15 12-09-2019
(c) - Series III None 12-09-2018 40 12-09-2020 4.20 12-09-2019
The Principal and Interest due on previous dates has been paid.
Non-Convertible Debentures are secured by first pari-passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of movable fixed assets both present and future in favour of Debenture Trustees.
8. Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the modified retrospective approach on date of transition which is applied to contracts that were not completed as of April 1, 2018. Accordingly, the comparatives have not been retrospectively adjusted. The effect on adoption of Ind AS 115 is not material on the financial results.
9. The figures of the quarter ended March 31, 2019 and March 31, 2018 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto third quarter of the respective financial year.
10. Previous quarter/periods figures have been regrouped/rearranged, wherever considered necessary to conform to current quarter and year ended classification.
11. The Company is identified as a Large Corporate as per the applicability criteria given under the SEBI Circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 and has submitted the required disclosure to stock exchange.
S. No. Particulars Details
1. Name of the Company Jindal SAW Limited
2. CIN L27104UP1984PLC023979
3. Outstanding borrowing of Company as on March 31, 2019 (in Rs. Crores) * Rs. 1,852.29 Crores (Includes Finance Lease Obligation of Rs. 27.95 Crores)
4. Highest Credit Rating During the previous F.Y. along with name of the Credit Rating Agency CARE AA ; Stable
For long term banking facilities and outstanding NCDs
5. Name of the Stock Exchange in which the fine shall be paid, in case of shortfall in the required borrowing under the framework National Stock Exchange of India Limited
* Note: The amount of outstanding borrowing stated is as per the definition laid down under para 2.2 (ii) of SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018.
12. These results are reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 22, 2019.