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You Are Here : Markets  |  Equity   |   Company Profile  |   Reports
Jindal Steel & Power Ltd(Industry :   Steel - Sponge Iron)
 
BSE Code:532286NSE Symbol: JINDALSTELP/E  (TTM): 0
ISIN Demat:INE749A01030Div Yield %:0EPS   (TTM) :0
Book Value (Rs):233.014794Market Cap (RsCr):22920.27Face Value (Rs) :1
  Change Company 

To the abridged financial statements as at and for the year ended 31st March, 2016

1 BASIS OF PREPARATION

These abridged financial statements have been prepared in accordance with the requirements of Rule 10 of the Companies (Accounts) Rules,2014. These abridged financial statements have been prepared on the basis of the complete 31,2016. setoffinancial

2 SIGNIFICANT ACCOUNTING POLICIES

The significant accountingpolicies used in preparing the annual financial statements are set out in note 2 of notes to the annual financial statements.

Change in Accounting Policy

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year except for following:

a) Depreciation and

During the current year, the Company has upward revised the useful life of certain class of fixed assets based on internal assessment and technical estimate. The Company believes that the useful life best represents the period over which Company expects to use these assets. The above change has taken place with effect from 1st April, 2015 and accordingly the depreciation expense for the year ended 31 March, 2016 is lower by Rs 581.01 crore.

b) On account of substantial investment made by the Company in setting up/ expansion of industrial unit(s) at Raigarh (Chhattisgarh), including investment in Company’s acquisition units is eligible for sales tax exemption under the State Industrial Policy which aims towards industrialization of the State and development of backward areas. The period of exemption is dependent upon and linked to the quantum of investment. Till last year, the Company had, based on legal advise, treated incentive on account of sales tax exemption, being the element of sales tax embedded in the sale price of products sold out of the eligible unit, to be in the nature of subsidy granted by the State Government to incentivize industrialization in the State and hence as a capital receipt. For the current year, the Company has, due to amendments in Income tax laws with effect from April 1, 2015 and Ind AS applicability with effect from April 1, 2016, credited a sum of Rs 35.12 crore to sales in the statement of profit and loss. As a result of above change, loss before tax for the current year is lower by Rs 35.12 crore.

(Note 2(iii)(e) of the annual standalone financial statements)

3 NON-CURRENT INVESTMENTS

Unquoted

As of 31st March,2016 and 31st March,2015 the aggregate book value of unquoted investment is Rs 1,846.43 crore and Rs 1,828.05 crore respectively.

Aggregate provision for diminution in the value of investment as at March 31,2016 and March 31,2015 is Rs 341.09 crore and Rs 341.09 crore respectively.

Current investments

As of 31st March,2016 and 31st march,2015 the aggregate book value of investment is Rs Nil and Rs 1,000.00 crore respectively.

As of 31st March, 2016 and 31st march,2015 the aggregate NAV of units of mutual funds is Rs Nil and Rs 1,018.13 crore respectively

(Note 13 of the annual standalone financial statements)

( Rs in crore)
Particulars 31st March, 2016 31st March,2015
4 CASH AND BANK BALANCES
a) Cash and Cash Equivalents
Cash on hand 0.91 1.03
Cheques/Drafts In hand 4.71 44.39
Bank Balances in current accounts 87.67 223.86
Bank Deposits with original maturity of less than three months 229.36 0.68
Others 0.03 0.03
Total Cash and Cash Equivalents 322.68 269.99
Other Bank Balances - -
Banks with Earmarked balances - -
Earmarked for unpaid dividend 9.26 10.06
Banks Deposits
Deposits with remaining maturity upto twelve months - 8.92
5 REVENUE FROM OPERATIONS (GROSS OF EXCISE DUTY & CAPTIVE SALES)
Sale of Finished goods 14,599.27 14,919.08
Traded goods 291.88 333.61
Aviation income 14.80 24.79
Other operational revenues 30.77 83.27
Total Revenue from operations 14,936.72 15,360.75
6 CONTINGENT LIABILITIES AND COMMITMENTS
I. Contigent Liabilities not provided for in respect of:
Guarantees, Undertakings & Letter of Credit
a) Guarantees issued by the Company’s Bankers on behalf of the Company 699.18 794.08
b) Letter of credit opened by banks 854.57 963.64
c) Corporate guarantees/undertakings issued on behalf of third parties 4,263.35 3,813.75
Statutory Demands
d) Disputed Excise Duty and Other demands 1,476.93 1,626.73
e) Income Tax demands where the cases are pending at various stages of appeal with the authorities 1,475.36 904.74
f) Bonds executed for machinery imports under EPCG Scheme 2,848.89 3,098.44
Others
6 CONTINGENT LIABILITIES AND COMMITMENTS (CONTD.)
g) Uncalled liability towards partly paid up shares - 10.20
h) The company has provided a shortfall undertaking to fund the debt service reserve account(DSRA) of a subsidiary. As the subsidiary continues to maintain succeeding 3 months interest and principle in DSRA, as at year end the company does not have any present liability to fund the said account. - -
II Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 3,082.69 3,842.11

7 DISCLOSURE AS REQUIRED BY ACCOUNTING STANDARD (AS-17) "SEGMENT REPORTING"

The primary reportable segments are the business segments namely Iron & Steel and Power. Other business segment mainly comprises of aviation services and machinery division. The secondary reportable segments are geographical segments which are based on the sales to customers located in India and outside India.Segment accounting policies are in line with the accounting policies of the Company. In addition, theinclude thosefollowing specific accounting policies have been followed for segment reporting: represent the assets and

a) Segment revenue includes sales and other income directly identifiable with/allocable to the segment including inter-segment revenue.

b) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment results.

c) Expenses/Incomes which relates to the group as a whole and not allocable to segments are included under Other Un-allocable Expenditure (net of Un-allocable Income).

d) Segment assets and liabilities identifiable with respective segments. Un-allocable assets and liabilities that relate to group as a whole and not allocable to any segment.

I. Primary Segments (Business Segments)

( Rs in crore)
Particulars 31st March, 2016 31st March,2015
(i) Segment Revenue
a) Iron & Steel 11,895.60 12,845.68
b) Power 2,807.63 2,680.98
c) Others 435.04 207.77
Sub Total (Gross) 15,138.27 15,734.43
Less : Inter-segment Revenue 2,403.47 2,263.33
Net Segment Revenue 12,734.80 13,471.10
(ii) Segment Results (Profit(+)/Loss(-) before Tax and interest from each segment)
a) Iron & Steel 627.15 1,537.10
b) Power 794.21 1,095.17
c) Others 19.63 3.70
Sub Total (Gross) 1,440.99 2,635.97
Less : Interest, financial expenses 2,670.76 2,071.86
Other un-allocable expenditure (net of un-allocable income) 429.96 395.75
Exceptional Items - 807.77
Profit/(Loss) before Tax (1,659.72) (639.41)
Provision for Taxation
- Income TAX - -
- MAT Credit entitlement - (665.00)
- Provision for Income Tax of earlier years - (33.26)
- Deferred Tax (640.84) 369.53
Profit/(Loss) for the year after tax (1,018.88) (310.68)
(iii) Other Information
I Segment Assets
a) Iron & Steel 27,906.66 29,208.20
b) Power 6,045.34 6,273.33
c) Others 488.42 616.45
d) Un-allocated Assets* 11,098.99 10,072.25
Total 45,539.41 46,170.23
II Segment Liabilities
a) Iron & Steel 2,571.43 1,903.97
b) Power 574.01 586.80
c) Others 114.65 147.96
d) Un-allocated Liabilities 30,837.85 31,020.28
Total liabilities 34,097.94 33,659.01
III Capital Expenditure (Including Capital work in Progress)
a) Iron & Steel 3,708.48 2,815.03
b) Power 86.45 77.24
c) Others 11.18 8.05
Total 3,806.11 2,900.32
IV Depreciation & amortisation expenses
a) Iron & Steel 1,259.65 1,552.03
b) Power 173.33 185.23
c) Others 59.12 48.30
Total 1,492.10 1,785.56
V Non-Cash expenditure other than depreciation
a) Iron & Steel 42.17 52.61
b) Power - -
c) Others - -
Total 42.17 52.61

*Unallocated assets include capital work in progress relating to ongoing projects

II. Secondary Segments (Geographical Segments)

(Rs in crore)
Particulars 31st March, 2016 31st March,2015
(i) Revenue by Geographical market
a) India 12,026.34 11,637.04
b) Outside India 708.46 1,753.31
Total 12,734.80 13,390.35
(ii) Geographical segment wise Trade Receivables
a) India 754.43 1,230.50
b) Outside India 76.43 90.77
Total 830.86 1,321.27

8 The Hon’ble Supreme Court of India by its Order dated 24 September 2014 has cancelled number of coal blocks allocated to the Company by Ministry of Coal, Government of India and directed to pay an additional Rs 295 per MT on gross coal extracted from the operational 1993 to till date. The Company filed review petition Hon’ble Supreme Court of India which has been rejected. The Company is in the process of filingcurative Hon’ble Supreme Court of India.

i.) The Company has paid under protest such levy on coal extracted during the period from 1993 to 31 March 2015 of Rs 2,082.23 crore. The management based on legal opinion has accounted for Rs 807.77 crore computed on net extraction (run of mines less shale, rejects and ungraded middling) of coal by the Company. The said amount was shown as exceptionalitem in the year 2014-15 and balance amount of Rs 1,274.46 crore has been shown as recoverable from the Government Authority since the entire amount of additional levy has been paid under protest.

ii.) The Company has net book value of investment made in mining assets including land, infrastructure and clearance etc. of Rs 425 crore. The difference, if any, between book value of investment and compensation to be determined, shall be accounted for when the final compensation is received pursuant to directive vide letter dated 26 December, given by the Ministry of Coal on such mines.

9 DISCLOSURE AS REQUIRED BY ACCOUNTING

STANDARD (AS-18) ‘RELATED PARTY DISCLOSURES’

A. List of Related Parties andlevyof a) Subsidiaries, Step down Subsidiaries minesfrom

I. Subsidiaries before the

1 Jindal Power Limited

2 Jindal Steel Bolivia SA

3 Jindal Steel & Power (Mauritius) Limited

4 Skyhigh Overseas Limited

5 Everbest Steel and Mining Holdings Limited (formerly known as Everbest Infrastructure & Development) (w.e.f. 04.12.2015)

6 Jindal Angul Power Limited (formerly known as JSPL Mining and Steel Limited

7 JB FabInfra Limited (w.e.f 10.10.2014)

8 Trishakti Real Estate Infrastructure and Developers Limited formerly known as Trishakti Real Estate Infrastructure and Developers Private Limited (w.e.f 29.04.2014)

II. Subsidiaries of Jindal Power Limited

1 Attunli Hydro Electric Power Company Limited

2 Etalin Hydro Electric Power Company Limited

3 Jindal Hydro Power Limited

4 Jindal Power Distribution Limited

5 Ambitious Power Trading Company Limited

6 Jindal Power Transmission Limited

7 Jindal Power Ventures (Mauritius) Limited

8 Kamala Hydro Electric Power Co. Limited

9 Kineta Power Limited (formerly known as Kineta Power Private Limited)

10 Uttam Infralogix Limited

III. Subsidiaries of Skyhigh Overseas Limited

1 Gas to Liquids International S.A

IV. Subsidiaries of Jindal Power Ventures (Mauritius) Limited

1 Jindal Power Senegal SAU

V. Subsidiaries of JB FabInfra Private Limited

1 All tech Building System Limited formerly known as JB Fab Green Horizon Infra Limited

VI. Subsidiaries of Jindal Steel & Power (Mauritius) Limited

1 Blue Castle Ventures Limited

2 Brake Trading (Pty) Limited

3 Enduring Overseas Inc

4 Fire Flash Investments (Pty) Limited

5 Harmony Overseas Limited

6 Jin Africa Limited

7 Jindal (BVI) Limited

8 Jindal Africa Investments (Pty) Limited

9 Jindal Africa Liberia Limited

10 Jindal Africa SA

11 Jindal Botswana (Pty) Limited 12 tos LDA Investimen Jindal

13 Jindal Investment Holding Limited.

14 Jindal KZN Processing (Pty) Limited

15 Jindal Madagascar SARL

16 Jindal Mining & Exploration Limited

17 Jindal Mining Namibia (Pty) Limited

18 Jindal Steel & Minerals Zimbabwe Limited

19 Jindal Steel & Power (BC) Limited

20 Jindal Steel and Power(Australia) Pty Limited

21 Jindal Tanzania Limited

22 Jindal Zambia Limited

23 JSPL Mozambique Minerais LDA

24 Jublient Overseas Limited

25 Landmark Mineral Resources (Pty) Limited

26 Osho Madagascar SARL

27 PT Jindal Overseas

28 Rolling Hills Resources LLC(underliquidation)

29 Shadeed Iron & Steel L.L.C

30 Sungu Sungu Pty Limited

31 Tablet Blue Trade and Invest (Pty) Limited (Ceased to exist as subsidiary during the current year)

32 Trans Asia Mining Pte. Limited

33 Vision Overseas Limited

34 Wollongong Coal Limited

35 Jindal Steel DMCC (w.e.f 25.08.2014)

36 Jindal Maauritania SARL

Note: Following entities ceased to exist in previous year

JINDAL Brasil Mineracao S/A (ceased to exist as subsidiary w.e.f. 25.03.2015) Panacore Investment Limited, Mauritius(ceased to exist as subsidiary w.e.f 08.04.2014)

Trans Atlantic Trading Limited (ceased to exist as subsidiary w.e.f. 07.04.2014)

VII. Others

1 Belde Empreendimentos Mineiros LDA, a subsidiary of JSPL Mozambique Minerais LDA

2 Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining & Exploration Limited

3 Ericure (Pty) Limited, a subsidiary of Tablet blue Trade and Investment (Pty) Limited (Ceased to exist as subsidiary during the current year)

4 PT BHI Mining Indonesia, a subsidiary of Jindal Investment Holding Limited

5 PT Sumber Surya Gemilang, a subsidiary of PT.BHI Mining Indonesia

6 PT Maruwai Bara Abadi, a subsidiary of PT.BHI Mining Indonesia

7 Jindal Mining SA (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited

8 Bon-Terra Mining (Pty) Limited,a subsidiary of Jindal (BVI) Limited

9 CIC (Barbados) Holding Corp,a subsidiary of Jindal (BVI) Limited

10 CIC Energy (Bahamas) Limited,a subsidiary of Jindal (BVI) Limited

11 Jindal Energy (Botswana) Pty Limited,a subsidiary of Jindal (BVI) Limited

12 Jindal Energy (SA) Pty Limited, a subsidiary of Jindal (BVI) Limited

13 CIC Transafrica (Barbados) Corp,a subsidiary of Jindal (BVI) Limited

14 Jindal Resources (Botswana) Pty Limited,a subsidiary of CIC Transafrica (Barbados) Corp

15 Trans Africa Rail (Pty) Limited, a subsidiary of CIC Transafrica (Barbados) Corp

16 Sad-Elec (Pty) Limited, a subsidiary of Jindal Energy (SA) Pty Limited

17 CIC (Barbados) Mining Corp, a subsidiary of CIC (Barbados) Holding Corp

18 CIC (Barbados) Energy Corp,a subsidiary of CIC (Barbados) Holding Corp

19 Meepong Resources (Mauritius) (Pty) Limited, a subsidiary of CIC (Barbados) Mining Corp

20 Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritius) (Pty) Limited subsidiary of CIC

21 Meepong Energy (Mauritius) (Barbados) Energy Corp

22 Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritius) (Pty) Limited

23 Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited

24 Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited

25 Peerboom Coal (Pty) Limited, a subsidiary of Jindal Africa Investment (Pty) Limited

26 Shadeed Iron & Steel Company Limited, a subsidiary of Shadeed Iron & Steel LLC

27 Southbulli Holding Pty Limited, a subsidiary of Wollongong Coal Limited

28 Oceanic Coal Resources NL, a subsidiary of Wollongong Coal Limited

29 Wongawilli Coal Pty Limited, a subsidiary of Oceanic Coal Resources NL

30 Koleko Resources (Pty) Limited, a subsidiary of Jindal Africa Investment (Pty) Limited

31 Legend Iron Limited, a subsidiary of Jindal Mining & Exploration Limited (became subsidiary w.e.f 05.08.2014)

32 Cameroon Mining Action (CAMINA) SA, a subsidiary of Legend Iron Limited (became subsidiary w.e.f 05.08.2014)

33 Legend Cameroon Pty. Limited

Note: Following entities ceased to exist in previous year

Core Ambition Limited, a subsidiary of Panacore Investment Limited (ceased to exist as subsidiary w.e.f 08.04.2014)

Core Forte Limited, a subsidiary of Panacore Investment Limited (ceased to exist as subsidiary w.e.f. 08.04.2014)

Core Integrity Limited, a subsidiary of Panacore Investment Limited (ceased to exist as subsidiary w.e.f. 08.04.2014)

Core Vision Limited, a subsidiary of Panacore Investment Limited (ceased to exist as subsidiary w.e.f. 08.04.2014)

b) Associates

1 Nalwa Steel & Power Limited

2 Prodisyne (Pty) Limited

3 Thuthukani Coal (Pty) Limited

4 Everbest Steel and Mining Holdings Limited (formerly known as Everbest Infrastructure & Development) (ceased to exist as associate w.e.f 03.12.2015)

Note: Following entities ceased to exist in previous year

Angul Sukinda Railway Limited (ceased to exist as associates w.e.f 31.03.2015)

Panacore Shipping Pte Limited, Singapore (ceased to exist as subsidiary w.e.f. 20.11.2014)

JB FabInfra Private Limited (became subsidiary w.e.f. 10.10.2014) Koleko Resources (Pty) Limited (became subsidiary w.e.f. 12.10.2014)

c) Joint Ventures

1 Jindal Synfuels Limited

2 Shresht Mining and Metals Private Limited

3 Urtan North Mining Private Limited

d) Key Managerial person

1 Shri Naveen Jindal (Chairman)

2 Shri Ravi Uppal (MD & CEO)

3 Shri D.K. Saraogi (Wholetime director)

4 Shri Rajeev Bhadauria

e) Enterprises over which Key Management Personnel and their relatives excercise significant influence and with whom transactions have taken place during the year

1 Minerals Management Services (India) Private Limited

2 Jindal Stainless Ltd

3 Jindal Industries Limited

4 Bir PlantationLimited

5 India Flysafe AviationLimited

6 Jindal Realty Private Limtied

7 Jindal Saw Limited

8 JSW Steel Limited

9 Rohit Tower Building Limited

10 JSW Energy Limited

11 JSW Coated Product Limited

12 JSW Projects Limited

B. Transactions with Related Parties

Description Subsidiary, Step down Subsidiaries, Associates and Joint ventures Key Management Personnel Enterprises controlled by Key Management personnel and their relatives
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Purchase Of Goods/Services* 593.08 1,005.85 - - 210.66 164.77
Sales Of Goods (Incl Capital Goods)* 398.72 312.00 - - 421.67 1,190.71
Rendering Of Services 3.04 6.44 - - 1.60 -
Sale Of Investments - - - - - -
Investment In Equity Shares/Preference Share 0.01 43.87 - - - -
Investment in Debentures 8.70 13.45 - - - -
Other Advances Given/(Taken) 0.04 (0.66) 6.96 - - -
Security Deposit Given/(Taken) - - - - - -
Other Advances Repaid back - - 2.94 - - -
Rent And Other Exenses Paid 0.61 - - - 1.78 1.21
Interest Income/(Expense){Net} (182.10) (223.42) - - 23.30 35.05
Security deposit received 150.00 - - - - -
Remuneration - - 25.47 28.96 - -
Hire Charges Expense - - - - - -
Corporate Guarantees Given/(extinguish) #** 242.66 (2,847.02) - - - -
Inter Corporate Deposits Given** 374.89 14.19 - - - -
Inter Corporate Deposits Repaid/Adjusted 203.63 - - - 293.90 -
Inter Corporate Deposits Written Off - - - - - -
Advance received for sale of fixed assets 2,658.00 - - - - -
Outstanding Balance At The Year End
Inter Corporate Deposits Taken 1,908.27 2,111.90 - - - -
Guarantees Outstanding ** 4,087.15 3,813.50 - - 0.25 0.25
Guarantees Outstanding (Given by others on behalf of the company) (31.00) - - - - -
Advance/Security Deposit paid 11.76 11.76 - - 8.50 8.50
Loans & Advances (Including Interest) 783.90 390.31 4.02 - 69.41 515.14
Security deposit receipt (250.00) (100.00) - - - -
Advance received for sale of fixed assets 2,658.00 - - - - -
Advance Against Share Application 0.18 0.18 - - - -
Investment In Equity Shares/Debentures 1,741.42 1,732.70 - - - -
Salary Payable - - 0.33 - - -
Debtors - Dr. Balance 43.32 7.16 - - 28.92 73.48
Cr. Balance 1.49 19.56 - - 3.88 0.71
Creditors - Dr. Balance 28.59 9.89 - - 4.51 24.31
Cr. Balance 58.18 187.82 - - 23.08 26.86

*Figures are inclusive of taxes and other expenses reimbursed

**Includes Foreign Currency gain or loss

# Amount of gaurantee given is restricted to actual utilisation of limits including interest.

Disclosure in respect of Material Related party transactions during the year

Material transactions with Subsidiaries, Step Down Subsidiaries, Associates and Joint Ventures

( Rs in crore)
Name of Related Party Year Jindal Power Limited Jindal Steel & power (Mauritius) Limited Skyhigh Overseas Limited Jindal Steel Bolivia Jindal Mining SA (Pty) Limited Shadeed Iron & Steel, Oman Jindal Mozambique Minerals LDA Uttam Infralogix Ltd Nalwa Steel & Power Limited
Relationship Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate
Purchase Of Goods/Services* 2015-16 234.48 - - - 28.29 - 63.85 - 259.72
2014-15 193.72 - - - 43.60 164.80 178.52 - 390.16
Sales Of Goods 2015-16 313.69 - - - - 40.51 1.02 - 41.64
(Incl Capital Goods)*
2014-15 229.66 - - - - 6.51 - - 75.76
Rendering of services 2015-16 2.23 - - - - - - - -
2014-15 6.44 - - - - - 0.11 0.70 -
Investment of Equity Shares/ 2015-16 - - - - - - - - -
Preference Shares
2014-15 - - - - - - - - -
Investment in debentures 2015-16 - - - - - - - - -
2014-15 - - - - - -
Other Advances Given/(Taken) 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Security Deposit given/(taken) 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Rent And Other Exenses 2015-16 0.61 - - - - - - - -
2014-15 - - - - - - - - -
Interest Income 2015-16 - 18.63 - - - - - - -
2014-15 - 14.46 - - - - - - -
Interest Expense 2015-16 200.73 - - - - - - - -
2014-15 237.88 - - - - - - - -
Security deposit received 2015-16 150.00 - - - - - - - -
2014-15 - - - - - - - - -
Remuneration 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Lease Rent Income 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Hire Charges Expense 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Corporate Guarantees Given/ 2015-16 - 583.64 - - - (304.15) - - (31.00)
(extinguish) **
2014-15 - (2,758.55) - (1.94) - 47.78 - - -
Inter corporate deposits given** 2015-16 - 374.89 - - - - - - -
2014-15 - 14.19 - - - - - - -
Inter corporate deposits repaid/ 2015-16 203.63 - - - - - - - -
adjusted
2014-15 - - - - - - - - -
Inter corporate deposits written off 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Inter corporate deposits taken 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Inter corporate deposits refunded 2015-16 - - - - - - - - -
2014-15 - - - - - - - - -
Advance received for sale of 2015-16 2,658.00 - - - - - - - -
fixed assets
2014-15 - - - - - - - - -

*Figures are inclusive of taxes and other expenses reimbursed

**Includes Foreign Currency gain or loss

(Rs in crore)
Name of Related Party Relationship Year JB Fabinfra Ltd. Subsidiary All Tech Building Systems Limited Subsidiary Jindal Synfuels Ltd. Joint Venture Shrest Mining and Metals Private Limited Joint Venture Urtan North Mining Company Limited Joint Venture Trishakti Real estate Infrastructure and Developers Ltd Subsidiary Everbest Steel and Mining Holdings Limited Subsidiary Wongawali Coal Pty Ltd Subsidiary Wollongong Coal Ltd Subsidiary
Purchase Of Goods/Services* 2015-16 2.04 4.70 - - - - - - -
2014-15 7.59 - - - - - - 15.40 12.05
Sales Of Goods (Incl Capital Goods)* 2015-16 0.04 1.81 - - - - - - -
2014-15 0.06 - - - - - - - -
Investment of Equity Shares/ Preference Shares 2015-16 - - - - - - 0.01 - -
2014-15 1.02 - - 5.69 - 37.16 - - -
Investment in debentures 2015-16 - - 8.70 - - - - -
2014-15 - - 12.63 0.65 0.17 (0.00) - - -
Other Advances Given/(Taken) 2015-16 0.02 - - - 0.02 - - - -
2014-15 - - - - - - - - -
Corporate Guarantees Given/ (extinguish) ** 2015-16 - - - - (5.83) - - - -
2014-15 - - - (38.75) - - - - -

*Figures are inclusive of taxes and other expenses reimbursed **Includes Foreign Currency gain or loss

Material transactions with Enterprises controlled by Key Management Personnel

Name of Related Party Year JSW Steel Ltd. Mumbai / Bellary JSW Energy Limited Jindal Saw Limited Jindal Stainless Ltd. Hissar, Jajpur India Flysafe Aviation Limited Jindal Reality Pvt Ltd
Purchase Of Goods/Services* 2015-16 17.41 - 9.59 109.49 68.55 -
2014-15 5.85 - 24.57 59.59 55.23 -
Sales Of Goods 2015-16 137.46 - 275.76 7.73 - 0.21
(Incl Capital Goods)* 2014-15 209.04 0.46 968.24 10.79 0.98 0.77
Rendering of services 2015-16 1.39 0.18 - 0.08 - -
2014-15 - - - - - -
Other advances given/(taken) 2015-16 - - - - - -
2014-15 - - - - - -
Rent and Other Expense 2015-16 - - 0.52 0.70 - -
2014-15 - - - - - -
Interest income 2015-16 - - - - - 23.30
2014-15 - - - - - 35.05
Inter Corporate deposit repaid/adjusted 2015-16 - - - - - 293.90
2014-15 - - - - - -

*Figures are inclusive of taxes and other expenses reimbursed

( Rs in crore)
Name of Related Party Year Minerals Management Service (India) Pvt. Ltd. Bir Plantation Pvt. Ltd. Rohit Towers Private Limited Jindal Industries Ltd Jsw Steel Coated Product Ltd JSW Projects Limted
Purchase of Goods/Services* 2015-16 - - - 1.72 3.89 -
2014-15 - - - 6.31 13.22 -
Sales Of Goods
2015-16 - - - - 0.47 0.04
(Incl Capital Goods)*
2014-15 - - - - 0.19 0.24
Rendering of services 2015-16 - - - - - -
2014-15 - - - - - -
Other advances given/(taken) 2015-16 - - - - - -
2014-15 - - - - - -
Rent and Other Expense 2015-16 - 0.11 0.45 - - -
2014-15 - 0.06 1.15 - - -
Interest income 2015-16 - - - - - -
2014-15 - - - - - -
Inter Corporate deposit repaid/adjusted 2015-16 - - - - - -
2014-15 - - - - - -

*Figures are inclusive of taxes and other expenses reimbursed

Material Transactions with Key Management Personnel

Particulars Year Shri Naveen Jindal Shri Ravi Uppal Shri K Rajagopal Shri Rajeev Bhadauria Shri DK Saorogi
Remuneration 2015-16 14.75 7.30 - 1.95 1.47
2014-15 14.78 9.01 3.75 - 1.42
Loans and advances given 2015-16 6.50 - - - 0.46
2014-15 - - - - -
Loans and advances repaid back 2015-16 2.71 - - - 0.23
2014-15 - - - - -
Interest received 2015-16 0.32 - - - -
2014-15 - - - - -

10 During the current year, the Company has paid managerial remuneration Rs 14.75 crore to the Chairman and Rs 7.30 crore to of Managing Director and Group CEO of the Company. The Company had taken the shareholders’ approval by way of special resolution for payment of minimum managerial remuneration as per Schedule V to the Government. The Company has filed necessary application(s) with the Centralgovernment Rs 8.01 crore and approval is awaited.

11 The Company has made certain defaults in repayment of Term Loans and interest thereon. The details of continuing delay as at March 31,2016 is as follows:

Particulars Amount (Rsin crore) Period of Delay(in days)
Delay of principal repayment 741.12 less than 90 days
Delay of interest payment 208.58 less than 90 days

12 The Company has, as on 31st March 2016, outstanding loan in foreign currency of US$ 109.95 million (equivalent Rs 729.35 crore) in the name of an overseas subsidiary. The said loan, being long term was earlier treated as part of quasi equity and hence exchange difference arising on the translation of the said loan was accumulated in foreign currency translation reserve.As a consequence of the Company rescheduling the terms of re-payment, said loan is to be repaid by the overseas subsidiary by 31st March, 2017. Accordingly, accumulated balance appearing in the foreign currency translation reserve of Rs 70.89 crore as at close of the year, has been credited to the statement of profit and loss during the current year.

13 The Company has filed of filing legal case /sending legal notices / making efforts recovery of debit balances of Rs 498.64 crore plus interest wherever applicable,which are being carried as long term / short term advances, trade receivables and other recoverable. Pending outcome of legal proceedings/Company ‘s efforts recovery and based on legal advise in certain cases, the Company has considered aforesaid amounts as fully recoverable. Hence, no provision has been made in respect of these balances.

14 Subject to customary regulatory approvals and other conditions precedent(s), the Board of Directors at its meeting held on 3rd May,2016 has approved the agreement for divestment of 1,000 MW Power unit of Jindal Power Limited (a subsidiary of the Company (JPL)), located in Chhattisgarh into separate purpose vehicle (SPV), for the purpose of transferring the same to JSW Energy Limited through sale of the entire share capital and other securities of the aforesaid entity in terms of the share purchase agreement for an enterprise value of Rs 6,500 crore plus the value of Net Current Assets as on the Closing Date. The valuation may vary based upon the achievement of PPA’s before the closing date 30th June, 2018 and as prescribed in the Agreement subject to minimum of Rs 4,000 crore plus the value of Net Current Assets as on the Closing Date. In order to streamline cash flows of the group and create SPV amenable for, the Board of Directors of the Company and JPL have in principle approved the restructuring involving parent company and JPL and formed a committee of directors ("Restructuring Committee"), to explore and evaluate various restructuring options available including a scheme of arrangement. The restructuring will entail that 1,000 MW Power Plant owned by JPL is hived off into an separate purpose vehicle, being subsidiary of the parent company, creation of other SPV amenable for monetization by way of divestments as well as achieve better synergy across the parent company and its subsidiaries, and to ensure that the businesses of these entities are operated in the most manner, including by pooling of technical, distribution marketing skills, creating optimal utilisation of resources, better administration and cost reduction. Upon completion suits /notices or in the process of evaluation of the possible arrangement options, the for Restructuring Committee is to submit its recommendations to the Board of Directors and to such other committee(s) of the Board, including the Audit Committee, shareholders as may be required by applicable laws.

15 During the current year, the Board of Directors of the Parent Company has approved the sale of certain captive power plants (CPP) to Jindal Power Limited (JPL) subsidiary company situated at Angul, Odisha (6 X 135 MW) and at Raigarh, Chhattigarh (2 X 55 MW) aggregating to 920 MW at a fair market value determined by independent valuer appointed by the Board of Directors amounting toRs 5,275 crore; which is subject to necessary approvals to be arranged by the parent company. The parent company has received interest free advance against above of Rs 2,658 crore which is included . underothercurrentliabilities

16 Previous year’s figures have been regrouped wherever necessary to conform with this year’s classification.

17 Amounts disclosed under abridged financial statements are same as that shown in the corresponding aggregated heads in the financial statement prepared in accordance with Schedule III to the Companies Act, 2013 or as near thereto as possible.

18 Complete balancesheet, statement of profit and loss, other statements and notes thereto prepared as per the requirements of schedule III to the Act are available at the Company’s website at link:http;//www.jindalsteelpower.com/ investors/annual-report.html.

   

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