Increase Minus
Friday, December 09, 2016   SENSEX  26747.18  Up  52.90      Adani Ports :   285.75  Down  -0.50      Asian Paints :   941.65  Up  6.25      Axis Bank :   456.30  Up  6.80      Bajaj Auto :   2719.55  Down  -54.20      Bharti Airtel :   331.00  Down  -0.70      Cipla :   579.30  Down  -2.50      Coal India :   307.20  Down  -5.00      Dr Reddy's Labs :   3186.45  Down  -13.75      GAIL (India) :   429.05  Down  -0.55      H D F C :   1267.10  Down  -20.05      HDFC Bank :   1198.10  Down  -1.80      Hero Motocorp :   3281.15  Down  -27.80      Hind. Unilever :   844.80  Up  2.70      ICICI Bank :   268.35  Up  6.15      Infosys :   987.35  Up  2.60      ITC :   235.80  Up  2.80      Larsen & Toubro :   1361.45  Down  -5.45      Lupin :   1515.80  Down  -7.30      M & M :   1189.10  Down  -17.25      Maruti Suzuki :   5235.80  Down  -5.20      NTPC :   164.10  Up  1.10      O N G C :   306.90  Up  4.85      Power Grid Corpn :   184.55  Down  -1.10      Reliance Inds. :   1026.40  Up  6.85      St Bk of India :   266.00  Up  6.25      Sun Pharma.Inds. :   673.00  Down  -2.55      Tata Motors :   464.05  Up  2.75      Tata Steel :   430.30  Down  -1.25      TCS :   2193.45  Down  -3.45      Wipro :   458.70  Down  -0.15    
GET QUOTES NAV NEWS
SENSEX
26747.18
52.90
NIFTY
8261.75
14.90
GOLD
27578
-199.00
SILVER
41311
-214.00
equity
Daily Market Tracker
Gainers & Losers  
Live Indices  
Index Movers  
Advances & Declines  
Value & Volume Toppers  
Only Buyers/Sellers  
Sector Watch  
Bulk Deals  
Block Deals  
New Highs & Lows  
52 Week High & Low  
Out/Under Performers
Index Constituents  
Unusual Volume  
Historical Returns  
News Analysis
Market Analysis
Technical Chart
Company Profile
Other Markets
Corporate Action
Debt Content
Submit Your Query
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):243.3258052Market Cap (RsCr):6793.16Face Value (Rs) :1
  Change Company 

Notes

to the financial statements as at and for the year ended 31st March, 2015

1. OVERVIEW

Jindal Steel & Power Limited is one of the India's leading steel producers with significant presence in sector 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 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 mainly in Australia, Botswana, Cameroon, China, Dubai, Indonesia, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Sultanate of Oman, Tanzania and Zambia. There are several business initiatives running simultaneously across continents.

2. SIGNIFICANT ACCOUNTING POLICIES

i) Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, on going concern basis and all material respects with the Accounting Standards notified under Section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization of incomes. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in depreciation policy which is as per schedule II of the Companies Act, 2013, as referred in Para 39.

ii) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities and commitments at the end of the reporting period and results of operations during the reporting period. Although these estimates are based upon the management's best knowledge of current events and actions, actual results could differ from these estimates. difference between the actual result and estimates are recognized in the period in which the results are known/ materialized.

iii) Fixed Assets - Depreciation and Amortisation

a. Tangible Assets

Tangible Assets are stated at cost less accumulated depreciation and impairment losses, if any. Costs include costs of acquisitions or constructions including incidental expenses thereto, borrowing costs , and other attributable costs of bringing the asset to its working condition for its intended use and are net of available duty/tax credits.

Gains or losses arising from discard/sale of tangible fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is discarded/sold.

The Company adjusts exchange differences arising on translation/ settlement of long-term foreign currency monetary items as referred in Policy for Foreign exchange transactions.

b. Intangible assets

Intangible assets are recognized in accordance with the criteria laid down in Accounting Standard (AS-26), whereas they are separately identifiable, measurable and the Company controls the future benefits arising out of them. Intangible assets are stated at cost less amortization and impairment losses, if any.

c. Capital work-in-progress

Expenditure related to and incurred on implementation of new/ expansion-cum-modernisation projects is included under capital work-in-progress and the same is allocated to the respective tangible asset on completion of its construction/erection.

d. Intangible assets under development

Mines development expenditure incurred in respect of new iron ore/coal and likewise mines is shown under 'Intangible assets under development'. On mines being ready for intended use, this amount is transferred to appropriate head under intangible assets and amortized over a period of ten years starting from the said year or the future expected extraction period of the reserves based on actual extraction till date, whichever is shorter

e. depreciation and Amortization

Depreciation on tangible assets is provided on straight-line method (SLM) as per the useful life of the assets estimated by the management which are equal to the rates specified in Schedule II to the Companies Act, 2013. Leasehold land is amortised over the period of lease. In the case of assets where impairment loss is recognised, the revised carrying amount is depreciated over the remaining estimated useful life of the asset. Based on management evaluation depreciation rates currently used fairly reflect its estimate of the useful lives and residual values of fixed assets.

Certain plant and machinery have been considered as continuous process plant on the basis of technical assessment and depreciation on the same is provided for accordingly.

Estimated useful life as specified in Schedule II to the Companies Act 2013 is adjusted in respect of plant and machinery working on shift basis.

Considering the applicability of Schedule II, the management has re-estimated useful lives and residual values of all its fixed assets. The management believes that depreciation rates currently used fairly reflect its estimate of the useful lives and residual values of fixed assets.

Intangible Assets are amortized on straight-line method over the expected duration of benefits not exceeding ten years. The amortisation period and the amortisation method are reviewed at least at each financial year end. If the expected useful life of the asset is significantly different from previous estimates, the amortisation period is changed accordingly. If there has been a significant change in the expected pattern of economic benefits from the asset, the amortisation method is changed to reflect the changed pattern.

iv) Impairment of Assets

The carrying amount of assets is reviewed for impairment at each balance sheet date wherever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount for which the asset's carrying amount exceeds its recoverable amount being the higher of the assets net selling price and its value in use. value in use is based on the present value of the estimated future cash flows relating to the asset. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (i.e. cash generating units).

Previously recognized impairment losses are reversed where the recoverable amount increases because of favorable changes in the estimates used to determine the recoverable amount since the last impairment was recognized. A reversal of an asset's impairment loss is limited to its carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognized in prior years.

v) Accounting for Leases

The rental payments under operating lease as per respective lease agreements are recognized as expense on straight line basis in the statement of profit and loss.

vi) Borrowing Cost

Borrowing cost includes interest and amortization of ancillary costs incurred in connection with the arrangement of borrowings.

Borrowing cost related to a qualifying asset is worked out on the basis of actual utilization of funds out of project specific loans and/or other borrowings to the extent identifiable with the qualifying asset and is capitalized with the cost of qualifying asset. Other borrowing costs incurred during the year are charged to statement of profit and loss. In case of significant long term loans, the ancillary costs incurred in connection with the arrangement of borrowings are amortized over the period of respective Loan.

vii) valuation of Inventories

Raw materials and stores & spares are valued at lower of cost, computed on weighted average basis or net realizable value. Cost includes the purchase price as well as incidental expenses. Scrap is valued at estimated realizable value. However in case of raw materials, components, stores and spares held for use in the production of finished goods are not written down below cost if the finished products are expected to be sold at or above cost.

Work-in-process is valued at lower of estimated cost or net realizable value and finished goods are valued at lower of weighted average cost or net realizable value. Cost for this purpose includes direct cost and appropriate administrative and other overheads. Cost of finished goods also includes excise duty.

Traded goods are valued at lower of cost and net realizable value and cost is determined based on weighted average. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

viii) Foreign Currency Transactions

Foreign currency transactions are recorded at the rate of exchange prevailing at the date of the transaction.

Monetary foreign currency assets and liabilities are translated at the year-end exchange rates and resultant gains / losses of above foreign currency translations are recognized in the statement of profit and loss for the year except to the extent that they relate to:

(a) The Company has elected to account for exchange differences arising on reporting of long-term foreign currency monetary items pertaining to Accounting Standard 11(AS-11) as notified by Government of India. Accordingly, the effect of exchange differences on foreign currency loans of the Company is accounted by addition or deduction to the cost of the assets so far it relates to depreciable capital assets.

(b) Exchange differences relating to monetary items that are in substance forming part of the Company's net investment in nonintegral foreign operations are accumulated in Foreign Currency translation reserve.

The premium or discount arising at the inception of forward exchange contract, except the contract which are long term foreign currency monetary items, are recognized in the statement of profit and loss in the period in which the exchange rates change.

Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction.

ix) Investments

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term investments.

Long-term investments are carried at cost. Current investments are carried at the lower of cost or market / fair value. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties.

Provision is made when, in the opinion of the management, diminution in the value of investment is other than temporary in nature. The reduction in carrying amount is reversed when there is a rise in value of investments or if the reason for the reduction no longer exists.

x) Revenue Recognition

a) Revenue from sale of goods is recognised on transfer of significant risks and rewards of ownership to the buyer.

b) Gross Revenue from operations comprises of sale of products and other operating income which also includes export incentives and aviation income. 'Net Revenue from operations', net of excise duty, Inter-divisional transfer and captive sale is also disclosed separately.

c) Sales are inclusive of excise duty but net of returns, rebates, VAT and sales tax. Products returned are accounted for in the year of return.

d) Export benefits available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

e) Income from aviation and other services is accounted for at the time of completion of service and billing thereof.

xi) Inter-Division Transfers/Captive sales

a) Inter-division transfer of independent marketable products, produced by various divisions and used for further production/ sales is accounted for at approximate prevailing market price/ other appropriate price.

b) Captive sales are in regard to products produced by various divisions and used for capital projects. These are transferred at cost as per CAS4.

c) The value of inter-divisional transfer and captive sales is netted off from sales and corresponding cost under cost of materials consumed and total expenses respectively. The same is shown as a contra item in the statement of profit and loss.

d) Any unrealized profit on unsold/unconsumed stocks is eliminated while valuing the inventories.

xii) Other Income

a. Claims receivable

The quantum of accruals in respect of claims receivable such as from Railways, Insurance, Electricity, Customs, Excise and the like are accounted for on accrual basis to the extent there is certainty of ultimate realization.

b. Income from Investment

Income from Investment is accounted for on accrual basis when the right to receive income is established.

xiii) Interest Income

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is netted off from interest cost under the head "Interest Cost (Net)" in the statement of profit and loss.

xiv) Employee Benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Accounting Standard (AS)-15 - 'Employee Benefits'.

a) Provident Fund

The Company contributes to Government administered fund as well as to Provident fund Trust. The interest rate payable by the trust to beneficiaries every year is being notified by Government. The Company makes good deficiency, if any, in the interest rate declared by the trust vis-a-vis statutory rate.

b) Gratuity

Gratuity is a post-employment benefit and is in the nature of a defined benefit plan. The liability recognized in the Balance Sheet in respect of gratuity is the present value of the defined benefit/ obligation at the Balance Sheet date less the fair value of plan assets, together with adjustment for unrecognized actuarial gains or losses and past service costs. The defined benefit/obligation is calculated at or near the Balance Sheet date by an independent Actuary using the projected unit credit method. Actuarial gains or losses are immediately recognised in the statement of profit and loss and are not deferred.

c) Compensated absences

Liability in respect of compensated absences due or expected to be availed within one year from the Balance Sheet date is estimated on the basis of an actuarial valuation performed by Independent Actuarial using the projected unit credit method. It is recognised on the basis of undiscounted value of estimated amount required to be paid or estimated value of benefit expected to be availed by the employees.

xv) Research and Development expenditure

Research and Development expenditure not fulfilling the recognition criteria as set out in Accounting Standard (AS-26) 'Intangible Assets' is charged to the statement of profit and loss while capital expenditure is added to the cost of fixed assets in the year in which it is incurred.

xvi) Taxes on Income

Tax expense comprises current and deferred tax. Current income- tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss.

Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

In the situations where the company is entitled to a tax holiday under the Income-tax Act, 1961 enacted in India or tax laws prevailing in the respective tax jurisdictions where it operates, no deferred tax (asset or liability) is recognized in respect of timing differences which reverse during the tax holiday period, to the extent the company's gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of timing differences which reverse after the tax holiday period is recognized in the year in which the timing differences originate. However, the company restricts recognition of deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the timing differences which originate first are considered to reverse first.

At each reporting date, the company re-assesses unrecognized

deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each reporting date. The company writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set-off current tax assets against current tax liabilities and the deferred tax assets and deferred taxes relate to the same taxable entity and the same taxation authority.

Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period.

xvii) Provisions, contingent liabilities, commitments and contingent assets

Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past event where a reliable estimate can be made and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability and commitments, unless the probability of outflow of resources embodying economic benefits is remote.

Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain events, are also disclosed as contingent liabilities and commitments unless the probability of outflow of resources embodying economic benefits is remote. Contingent assets are neither recognized nor disclosed in the financial statements.

xviii) Earnings per share

The earnings considered in ascertaining the Company's earnings per share (EPS) comprise of the net profit after tax attributable to equity shareholders. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year adjusted for events of bonus issue post period end, bonus elements in right issue to existing shareholders, share split, and reverse share split (consolidation of shares). The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effect of potential dilutive equity shares unless impact is anti-dilutive.

xix) Financial derivatives

Forward contracts entered into to hedge foreign currency/ interest rate risk on unexecuted firm commitments and highly probable forecast transactions, are recognised in the financial statements at fair value at each reporting date, in pursuance of the announcement of The Institute of Chartered Accountants of India (ICAI) on Accounting for Derivatives.

As a matter of prudence, the company does not recognise any mark to market gains in respect of any outstanding derivative contract.

xx) Cash and cash equivalents

Cash and cash equivalents consist of cash, bank balances in current and short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the time of purchase.

xxi) Segment Reporting

a) Identification of segments Primary Segment

The Company's operating businesses are organized and managed separately according to the nature of products manufactured and services provided, with each segment representing a strategic business unit that offers different products.

Secondary Segment

The geographical segments have been identified based on the locations of the customers: within India and outside India.

b) Inter-segment transfers

The Company recognises inter-segment sales and transfers as if they were to third parties at current market prices.

c) Allocation of common costs

Common allocable costs are allocated to each segment on reasonable basis.

d) Unallocated items

It includes general administrative expenses, corporate & other office expenses, income that arises at the enterprise level and relate to enterprise as a whole being not allocable to any business segment.

e) Segment Policies

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole.

(Rs in Crore)
Particulars As at 31st March, 2015 As at 31st March, 2014
3 SHARE CAPITAL
Authorised
2,000,000,000 (Previous year 2,000,000,000) Equity Shares of of Rs 1 each 200.00 200.00
200.00 200.00
Issued, Subscribed and Fully Paid-up
914,903,800 (Previous year 914,885,984) Equity Shares of Rs 1 each 91.49 91.49
Total Share Capital 91.49 91.49

 

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period: No. of Shares (Rs in Crore) No. of Shares (Rs in Crore)
Equity Shares outstanding at the beginning of the year 91,48,85,984 91.49 93,48,33,818 93.48
Add: Equity Shares issued under Employees Stock Purchase Scheme 17,816 - 11,750 -
Less: Equity Shares extinguished as per buy back scheme (see note f below) - - 1,99,59,584 2.00
Equity Shares outstanding at the close of the year 91,49,03,800 91.49 91,48,85,984 91.49

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of '1 per share. Each holder of equity share is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2015, the amount of per share dividend proposed, subject to approval of shareholders in annual general meeting, for distribution to equity shareholders is Rs NIL (Previous Year Rs 1.50)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after payment of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

During Five years immediately preceeding 31st March, 2015, the Company has bought back equity shares as under:

During the Year ended No. of Shares
31st March 2014 (see note f below) 1,99,59,584
31st March 2013 -
31st March 2012 -
31st March 2011 -
31st March 2010 -
Total 1,99,59,584

During the year ended 31 st March, 2010, the Company allotted 775,651,530 equity shares as fully paid bonus shares by capitalising securities premium account.

In addition the Company allotted the following equity shares during the preceding five years under its various Employees Stock Option Schemes / Employee Stock Purchase Scheme

during the Period ended Scheme No. of Shares
31st March 2014 Employee Stock Purchase Scheme 11,750
31st March 2013 -
31st March 2012 Employee Stock Option Scheme 5,64,787
31st March 2011 Employee Stock Option Scheme 30,34,949
31st March 2010 Employee Stock Option Scheme 9,29,869
Total 45,41,355

d) Details of shareholders holding more than 5% shares in the Company

Name of the shareholder

As at 31st March, 2015

As at 31st March, 2014

No. of Shares % holding No. of Shares % holding
Equity Shares of Rs 1 each fully paid
Danta Enterprises Private Limited 6,22,38,816 6.80% 6,22,38,816 6.80%
Gagan Infraenergy Limited 4,97,09,952 5.43% 4,97,09,952 5.43%
Opelina Finance and Investment Limited 8,72,52,964 9.54% 7,98,38,960 8.73%
OPJ Trading Private Limited 18,76,37,898 20.51% 18,76,37,898 20.51%
Virtuous Tradecorp Private Limited 6,43,95,867 7.04% 6,22,38,816 6.80%

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

e) Forfeited shares:

Pursuant to the resolution passed at the extra ordinary general meeting dated 4th September,2009, the Company reclassified the authorized share capital of the Company by cancellation of 10,000,000 Preference Shares of Rs 100 each and simultaneous creation of 1,000,000,000 fresh Equity Shares of Rs 1 each and increased the authorized share capital to Rs 2,000,000,000.

"Consequently, the Company had cancelled 20,00,000 preference shares of Rs 100 each ( Rs 5 paid up) which were forefeited earlier. Upon cancellation of such shares, the amount of Rs 10,000,000 was transferred to General Reserve.

f) Buy back of equity shares :

In accordance with Section 77 of the Companies Act,1956 and buy back regulations of SEBI, the Company during the financial year 2013-14 bought back and extinguished 19,959,584 number of equity shares of Rs 1 each and created a Capital Redemption Reserve of Rs 2.00 crores out of surplus in the Statement of Profit and Loss. The premium on buy back of Rs 498.80 crores has been utilised from Securities Premium Account by Rs 122.96 crores and out of surplus in Statement of Profit and Loss by Rs 375.84 crores.

g) Employee stock purchase scheme :

a) In accordance with SEBI(Employee Stock Option Scheme and Employee Stock Purchase Scheme)Guidelines 1999 and pursuant to JSPL ESPS 2013 Scheme, the Compensation Committee of the Board vide its resolution dated 29.08.2013 offered 21,000 equity shares of Rs 1/- each at a premium of Rs 295.95 each to Mr Ravi Uppal, Managing Director & Group CEO. Out of the total offered equity shares the Company has during the year issued 17,816 equity shares of Rs 1/- each.

b) As per resolution passed by the Compensation Committee held on 22.07.2013, during the previous year, 11750 Equity Shares of Rs 1/- each at a premium of Rs 201.55 were allotted to Mr Ravi Uppal, Managing Director & Group CEO, as per the provisions of Employee Stock Purchase Scheme 2013(hereinafter referred to as JSPL ESPS 2013 Scheme) , duly approved through postal ballot as on 21.06.2013.

(Rs in Crore)
Particulars As at 31st March, 2015 As at 31st March, 2014
4. RESERVES AND SURPLUS
a) Sales Tax Subsidy/Capital Reserve
As per last financial statements 289.52 268.30
Add: During the year 27.18 21.22
Closing Balance 316.70 289.52

One of the Company's expansion units at Raigarh (Chhattisgarh) is eligible for sales tax exemption owing to its investment in capital assets under the State industrial policy which aims towards the objective of industrialization of the State and development of backward areas. The period of exemption is linked to the quantum of investment. The Company has been legally advised that the element of sales tax included in the sales price of products sold out of this Unit is in the nature of sales tax subsidy granted by the State Government. Accordingly, the same amounting to Rs 27.18 crore (Previous year Rs 21.22 crore) has been credited during the year to Sales Tax Subsidy Reserve Account. The cumulative amount credited to Sales Tax Subsidy Reserve account and included in the aforesaid reserve account up to 31st March, 2015 is Rs 315.14 crore (Previous year Rs 287.96 crore).

b) Capital Redemption Reserve
As per last financial statements 72.00 70.00
Add: During the year - 2.00
Closing Balance 72.00 72.00
c) Securities Premium Reserve
As per last financial statements - 122.72
Add: On issue of equity shares under employee stock purchase scheme 0.53 0.24
Less: Utilised for premium on buy-back of equity shares (see note 3(f) above) - 122.96
Closing Balance 0.53 -
d) debenture Redemption Reserve
As per last financial statements 527.00 381.00
Add: Transferred from Surplus in Profit and Loss 212.54 146.00
Closing Balance 739.54 527.00
e) Other Reserves
Central/State Subsidy Reserve
As per last financial statements 0.12 0.12
Added/ deducted during the year - -
Closing Balance 0.12 0.12
Foreign Currency Translation Reserve
As per last financial statements 214.43 172.34
Add/(Less): during the year (163.58) 42.09
Closing Balance 50.85 214.43
General Reserve
As per last financial statements 1,484.59 1,355.40
Add: Transferred from Surplus in Profit and Loss - 129.19
Closing Balance 1,484.59 1,484.59

 

As at 31st March, 2015 As at 31st March, 2014
f) Surplus in Statement of Profit and Loss
As per last financial statements 10,385.18 9,884.71
Add: Profit for the year (310.68) 1,291.95
Less: Appropriations
Adjustment due to Depreciation on account of Companies Act 2013 (Refer Note 39) 106.57 -
Transfer to debenture Redemption Reserve 212.54 146.00
Transfer to General Reserve - 129.19
Transfer to Capital Redemption Reserve - 2.00
Utilised for premium on buy-back of equity shares (see note 3(f) above) - 375.84
Proposed dividend on equity shares (amount per share 'NIL, previous year Rs 1.50) - 137.23
Corporate tax on proposed dividend - 1.22
Net Surplus in the Statement of Profit and Loss 9,755.39 10,385.18
Total Reserves & Surplus 12,419.72 12,972.84

The Company has made a provision of Rs NIL net of reversal of Rs Nil (Previous year Rs 1.22 crore net of reversal of Rs Nil) for Corporate dividend tax on the amount of dividend proposed for the year ended 31st March, 2015 after considering the setoff of interim dividend declared by a subsidiary company for the same financial year, as per the provisions of Section 115-O of the Income Tax Act, 1961.

Non-Current Portion

Current Portion

31st March, 2015 31st March, 2014 31st March, 2015 31st March, 2014
5. LONG-TERM BORROWINGS
a) Secured Long term borrowings
i) debentures
10000, 9.80% Secured Redeemable Non Convertible debentures of '1,000,000 each (Privately placed initially with Life Insurance Corporation of India) 1,000.00 1,000.00
620, 9.80% Secured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with SBI Life Insurance Company Limited) 62.00 62.00
250, 8.50% Secured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with ICICI Lombard General Insurance Company Limited) 25.00
750, 8.50% Secured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with ICICI Prudential Life Insurance Company Limited) 75.00
5000, 9.80% Secured Redeemable Non Convertible debentures of Rs 1,000,000 each 500.00 500.00
(Privately placed initially with Life Insurance Corporation of India)
1,562.00 1,562.00 - 100.00
ii) Term Loans from Banks
From Banks 12,875.70 8,844.83 1,299.01 1,310.53
From Others 688.11 851.17 163.06 163.06
iii) Other Loans from Banks 302.49 53.80 - -
13,866.30 9,749.80 1,462.07 1,473.59
Secured Long term borrowings 15,428.30 11,311.80 1,462.07 1,573.59

DEBENTURES

i) Debentures of Rs 1,000 crore (March 31, 2014'1,000 crore) placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs 100 crore (12.10.2009), Rs 150 crore (22.10.2009), Rs 150 crore (24.11.2009), Rs 150 crore (24.12.2009), Rs 150 crore (25.01.2010), Rs 150 crore (19.02.2010) and Rs 150 crore (26.03.2010). The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the debenture Trustees.

ii) debentures of Rs 62 crore (March 31, 2014'62 crore) placed initially with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29.12.2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the debenture Trustees.

iii) debentures Rs NIL (March 31, 2014'25 crore) placed initially with ICICI Lombard General Insurance Company Limited on private placement basis were redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures were secured on pari-passu charge basis by way of hypothecation of movable fixed assets of the Company (excluding assets charged on exclusive basis) in favour of the Debenture Trustees. In addition a first pari passu charge on a part of immovable property pertaining to unit located at Kharsia Road, Raigarh and a part of the immovable property pertaining to unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur.

iv) debentures of Rs NIL (March 31, 2014 Rs 75 crore) placed initially with ICICI Prudential Life Insurance Company Limited on private placement basis were redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures were secured on pari-passu charge basis by way of hypothecation of movable fixed assets of the Company (excluding assets charged on exclusive basis) in favour of the debenture Trustees. In addition a first pari passu charge on a part of immovable property pertaining to unit located at Kharsia Road, Raigarh and a part of the immovable property pertaining to unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur.

v) debentures of Rs 500 crore (March 31, 2014'500 crore) placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs 100 crore (24.08.2009), Rs 80 crore (08.09.2009), Rs 80 crore (08.10.2009), Rs 80 crore (09.11.2009), Rs 80 crore (08.12.2009) and Rs 80 crore (08.01.2010) . The debentures are secured on pari-passu charge basis by way of hypothecation of movable fixed assets of the Company (excluding assets charged on exclusive basis) in favour of the debenture Trustees. In addition a first pari passu charge on a part of immovable property of the pertaining to unit located at Kharsia Road, Raigarh and a part of the immovable property pertaining to unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur.

TERM LOANS

Security

i) Loans of Rs NIL (March 31, 2014'30.13 crore) repayable in 28 quarterly instalments starting from September 30, 2007 were secured by first pari passu charge on all movable and immovable fixed assets, both present and future under Steel expansion project at Raigarh, Chhattisgarh.

ii) Loans of Rs NIL (March 31, 2014'17.14 crore) repayable in 28 quarterly instalments starting from October 1, 2007 were secured pari passu charge on all movable and immovable fixed assets, both present and future created under 3x25 MW Power Plant at Raigarh, Chhattisgarh.

iii) Loans of Rs 11.20 crore (March 31, 2014'57.62 crore) repayable in 28 quarterly instalments starting from September 2008 are secured by way of a first pari passu charge on all the present movable Fixed Assets of units located at Balkudra, Patratu, district Ramgarh, Jharkand; 13 KM Stone, G E Road, Mandir Hasaud, Raipur; 201 to 204, Industrial Park SSD, Punjipatra, Raigarh, Chhattisgarh; Bhikaji Cama Place, New delhi; village Pachwad district Satara, Maharashtra and all movable Fixed Assets (present as well as future) located at Kharsia Road, Raigarh, Chhattisgarh. In addition a first ranking mortgage and pari passu charge on immovable property pertaining to unit located at Kharsia Road, Raigarh.

iv) Loans of Rs 3,080.44 crore (March 31, 2014'3483.38 crore) repayable in 32 quarterly instalments starting from June, 2014 are secured by first pari passu charge on all movable plant & machinery, spare parts including all insurance policies, project contracts, movable contracts and immovable fixed assets, both present and future under the 1.8 MTPA DRI facility at Angul, Odisha.

v) Loans of Rs 434.63 crore (March 31, 2014'523.79 crore) repayable in 38 quarterly instalments starting from October, 2010 are secured by way of first pari passu charge on all movable and immovable fixed assets both present and future under 2X135 MW Power Plant (Phase- 1) at dongamauha, Raigarh, Chhattisgarh.

vi) Loans of Rs 485.89 crore (March 31, 2014'583.07 crore) repayable in 8 equal annual instalments starting from September 30, 2013 are secured by first pari passu charge on all movable plant & machinery, spares, vehicles etc. and immovable fixed assets, both present and future under 2X135 MW Power Plant (Phase- 2) at dongamauha, Raigarh, Chhattisgarh.

vii) Loans of Rs 2,575.87 crore (March 31, 2014'3,022.33 crore) repayable in 28 quarterly instalments starting from december 2013 are secured by first pari passu charge on all movable (including project contracts) and immovable fixed assets, both present and future under 1.5 MTPA Integrated Steel Plant and 1.2 MTPA Plate Mill project at Angul, Odisha.

viii) Loans of' 1,268.74 crore (March 31, 2014 Rs 1,480.49 crore) repayable in 33 quarterly instalments starting from March, 2013 are secured by first pari passu charge on all movable plant & machinery, spare parts, furniture & fixtures including all the project contracts

(including insurance policies, rights and titles) and immovable fixed assets, both present and future under 6x135 MW Power Plant Project at Angul, Odisha.

ix) Loans of Rs 109.12 crore (March 31, 2014 Rs 171.63 crore) repayable in 16 quarterly instalments starting from March 2013 are secured by subservient charge on fixed assets of the Company.

x) Loans of Rs 1,485 crore(March 31, 2014 Rs 1,500 crore) initially taken from ICICI bank on bilateral basis are repayable by way of ballooning instalments in two tranches. An amount of Rs 500 crore shall be repayable in a period of 5 (five)years in 16 (sixteen) quarterly instalment, as per repayment schedule whereas an amount of Rs 1000 crore shall be repayable in a period of 10 (Ten) years in 36 (thirty six) quarterly instalment starting from January, 2015. Loans of Rs 1,000 crore (March 31, 2014'300 crore) initially taken from HDFC Bank on bilateral basis are repayable in a period of 8 (eight) years in 28 (twenty eight) quarterly installments starting from June, 2015. Loans of Rs 1,500 crore (March 31, 2014 NIL) from State Bank of India are repayable in a period of 8 (eight) years in 32 (Thirty Two) quarterly instalments starting from June, 2016. Above loans are secured by way of a first pari passu charge on all the present movable Fixed Assets of units located at Balkudra, Patratu, district Ramgarh, Jharkand; 13 KM Stone, G E Road, Mandir Hasaud, Raipur; 201 to 204, Industrial Park SSD, Punjipatra, Raigarh, Chhattisgarh; Bhikaji Cama Place, New delhi; village Pachwad district Satara, Maharashtra and all movable Fixed Assets (present as well as future) located at Kharsia Road, Raigarh, Chhattisgarh. In addition a first ranking mortgage and pari passu charge on immovable property pertaining to unit located at Kharsia Road, Raigarh and a part of the immovable property pertaining to unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur.

xi) Loans of Rs 3,075 crore (March 31, 2014 NIL) repayable in a period of 8 (eight) years in 31 (Thirty One) quarterly installments, as per repayment schedule starting from June, 2017 are secured by way of a first pari passu charge on all the present movable and immovable Fixed Assets of 1.5 MTPA Integrated Steel Plant including 1.2 MTPA Plate Mill project , 1.8 MTPA dpi facility, 810

MW Captive Power Plant at Angul including movable plant & machinery, spares, tools and accessories, furniture, fixtures and the miscellaneous fixed assets of the units at Angul.

Repayments and Interest rates for the above debentures and Term Loans from banks are as follows:

Year 2015-16 2016-17 2017-18 2018-19 & Above
Amount (Rs in Crore) 1,462.07 1,536.41 2,044.86 11,544.54

The interest rate for the above term loans varies from 8.41% to 13.00% p.a

OTHER LOANS

Security

i) Loans of Rs 302.49 crore (March 31, 2014'53.80 crore) are secured by hypothecation by way of first pari passu charge over all of the borrower's current assets, including agreegate rupee value of the borrower's cash and bank balances, investments (of which return of principal is guaranteed), advance paid, raw material, finished and semi finished goods, consumable stores, spares stock in progress, bills of lading, airways bills, railways receipt (RR) good receipt (GR) motor transport receipts (MTR) or such other receipts (issued by approved carrier carrying consignment of raw material/ consumable spares), irrevovcable letter of credit, receivables, book debts and consumable stores (including those stored at borrowers's work at Raigarh and Raipur, Chhatisgarh) and include any money owing to it and payable on demand or within 1 (one) year from the date of computation, in whatsoever currency demoninated or as otherwise defined/classified by guidelines of the RBI from time to time in force or any other appliable law and shall exclude those categorised as non current assets as per applicable law both present and future ("the Hypothicated current asstes"); and second pari passu charge by way of hypothecation, inter alia, on all the movable fixed asstes (except current asstes) to the extent of value of Rs 467.50 crore including but not limited to plant and machinery, machinery spares, tools and accessories of the borrower, wheresoever in the possession of the borrower, both present and future ('The hypothecation movables').

The Company is constantly rolling over the buyer's credit for capex as per guidelines of RBI. Futher, the Company has raised long term loans to provide liquidity for payment of current portion of buyer's credit for capex. Average rate of interest is 0.84% p.a.

Non-Current Portion

Current Portion

31st March, 2015 31st March, 2014 31st March, 2015 31st March, 2014
b) Unsecured Long term borrowings
i) Term Loans
Debentures - -
3,000, 9.63% Unsecured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with HDFC Bank Limited) 300.00 300.00
3,000, 10.48% Unsecured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with ICICI Bank Limited) 300.00 -
10,000, 11.00% Unsecured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with Kotak Mahindra Bank Limited) 1,000.00 -
7,500, 10.50% Unsecured Redeemable Non Convertible debentures of Rs 1,000,000 each (Privately placed initially with HDFC Bank Limited) 750.00 -
ii) Loans from banks
Other Loans 471.22 875.89 - -
iii) Other Loans & Advances
External Commercial Borrowings 257.90 1,033.09 736.10 128.74
Unsecured Long-term borrowings 3,079.12 2,208.98 736.10 128.74
Amount disclosed under other- current Liabilities (Note no.-10 (a)) - - (2,198.17) (1,702.33)
Total Long-Term Borrowings 18,507.42 13,520.78 - -

Repayments for the above unsecured debentures and interest rates for External Commercial Borrowings are as follows:

Year 2015-16 2016-17 2017-18 2018-19 & Above
Amount (Rs in Crore) 736.10 410.20 105.33 2,092.37

DEBENTURES

i) Debentures of Rs 300 crore (March 31, 2014'300 crore) placed initially with HDFC Bank Limited on private placement basis are redeemable at at par at the end of 3 years from the date of allotment i.e. 05.04.2013.

ii) debentures of Rs 300 crore (March 31, 2014 NIL) placed initially with ICICI Bank Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 11.08.2014.

iii) debentures of Rs 1,000 crore (March 31, 2014 NIL) placed initially with Kotak Mahindra Bank Limited on private placement basis are redeemable at par in 3 instalments, Rs 330 crore at the end of 3 years , Rs 330 crore at the end of 4 years and Rs 340 crore at the end of 5 years from the date of allotment i.e. 18th december, 2014.

iv) debentures of Rs 750 crore (March 31, 2014 NIL) placed initially with HDFC Bank Limited on private placement basis are redeemable at par at the end of 6 years from the date of allotment i.e. 11.03.2015.

Other Loans & Advances

External Commercial Borrowings

i) ECA from Credit Agricole CIB of Rs 7.37 crore (March 31, 2014'12.63 crore) repayable in 14 half yearly instalments starting from October 21, 2010.

ii) ECA from Credit Agricole CIB of Rs 68.09 crore (March 31, 2014 Rs 111.05 crore) repayable in 16 half yearly instalments starting from May 25, 2010.

iii) ECA from Credit Agricole CIB of Rs 93.20 crore (March 31, 2014 Rs 134.73 crore) repayable in 20 half yearly instalments starting from March 9, 2011.

iv) ECA from Credit Agricole CIB of Rs 6.78 crore (March 31, 2014'12.43 crore) repayable in 14 half yearly instalments starting from June 21, 2010.

v) ECB from Mizuho Bank Limited of Rs 156.48 crore (March 31, 2014'150.25 crore) repayable on May 19, 2015.

vi) ECB from DBS Bank Limited of Rs 312.95 crore (March 31, 2014'300.50 crore) repayable on June 17, 2015.

vii) ECB from Mizuho Bank Limited of Rs 156.48 crore (March 31, 2014'150.25 crore) repayable on January 22, 2016.

viii) ECB from ICICI Bank Limited of Rs 192.65 crore (March 31, 2014'289.99 crore) repayable in 15 half yearly instalments starting from March 11, 2011.

The interest rate for the above External Commercial Borrowings varies from 0.43% to 2.37% p.a

Unsecured Term Loans from Banks

Other Loans

The Company is constantly rolling over the buyer's credit for capex as per guidelines of RBI. Futher, the Company has raised long term loans to provide liquidity for paymnent of current portion of buyer's credit for capex. Average rate of interest is 0.86% p.a.

As at 31st March, 2015 As at 31st March, 2014
6. OTHER LONG-TERM LIABILITIES
a) Others
Security Deposits and Advances 244.52 265.04
Total Other Long-Term Liabilities 244.52 265.04
7. LONG-TERM PROVISIONS
Provision for Employee benefits
Gratuity 20.48 8.66
Other defined benefit plans 11.41 10.93
Total Long-term Provisions 31.89 19.59

 

(Rs in Crore)
As at 31st March, 2015 As at 31st March, 2014
8. SHORT-TERM BORROWINGS
a) Secured short-term borrowings Loan Repayable on Demand
Cash Credit from Banks 1,478.87 43.09
Other Loans and Advances
From Banks 798.72 1,352.42
Secured Short-term borrowings 2,277.59 1,395.51

Cash Credit from Banks

Secured by hypothecation by way of first pari passu charge over all of the borrower's current assets, including agreegate rupee value of the borrower's cash and bank balances, investments (of which return of principal is guaranteed), advance paid, raw material, finished and semi finished goods, consumable stores, spares stock in progress, bills of lading, airways bills, railways receipt (RR) good receipt (GR) motor transport receipts (MTR) or such other receipts (issued by approved carrier carrying consignment of raw material/consumable spares), irrevovcable letter of credit, receivables, book debts and consumable stores (including those stored at borrowers's work at Raigarh and Raipur, Chhatisgarh) and include any money owing to it and payable on demand or within 1 (one) year from the date of computation, in whatsoever currency demoninated or as otherwise defined/classified by guidelines of the RBI from time to time in force or any other appliable law and shall exclude those categorised as non current assets as per applicable law both present and future ("the Hypothicated current asstes"); and second pari passu charge by way of hypothecation, inter alia, on all the movable fixed asstes (except current asstes) to the extent of value of Rs 467.50 crores including but not limited to plant and machinery, machinery spares, tools and accessories of the borrower, wheresoever in the possession of the borrower, both present and future ('The hypothecation movables"). The cash Credit is repayable on demand. The average rate of interest for cash credit is 10.59% p.a.

Other Loans

i) Loans of Rs 236.22 crores (Previous year Rs 252.42 crores) are secured by hypothecation by way of first pari passu charge over all of the borrower's current assets, including agreegate rupee value of the borrower's cash and bank balances, investments (of which return of principal is guaranteed), advance paid, raw material, finished and semi finished goods, consumable stores, spares stock in progress, bills of lading, airways bills, railways receipt (RR) good receipt (GR) motor transport receipts (MTR) or such other receipts (issued by approved carrier carrying consignment of raw material/consumable spares), irrevovcable letter of credit, receivables, book debts and consumable stores (including those stored at borrowers's work at Raigarh and Raipur, Chhatisgarh) and include any money owing to it and payable on demand or within 1 (one) year from the date of computation, in whatsoever currency demoninated or as otherwise defined/classified by guidelines of the RBI from time to time in force or any other appliable law and shall exclude those categorised as non current assets as per applicable law both present and future ("the Hypothicated current assets"); and second pari passu charge by way of hypothecation, inter alia, on all the movable fixed asstes (except current asstes) to the extent of value of Rs 467.50 crores including but not limited to plant and machinery, machinery spares, tools and accessories of the borrower, wheresoever in the possession of the borrower, both present and future ('The hypothecation movables"). The cash Credit is repayable on demand. Avergae rate of interest is 8.83% p.a.

Loans of Rs 562.50 Cr (Previous year Rs 550 crore) are secured by subservient charge by way of hypothecation of currents assets of the Company comprising book debts and stocks. The average rate of interest is 10.17% p.a.

Loans of Rs Nil (Previous year Rs 500 crores) were secured by Subservient charge by way of hypothecation of current assets namely stock of raw materials, semi finished and finished goods, stores and spares not related to plant and machinery (consumable stores and spares), bills receivables and book debts and all movable current assets upto an amount of Rs 500 crore.The average rate of interest was 10.88% p.a.

Loans of Rs Nil (Previous year Rs 50 crores) were secured by residual charge on all current assets of the Company including stock in trade consisting of raw materials, finished goods etc. The average rate of interest was 10.35% p.a.

As at 31st March, 2015 As at 31st March, 2014
b) Unsecured Short-term borrowings
i) From Banks
Short Term loans 2,190.02 3,051.30
Other Loans 28.12 744.26
2,218.14 3,795.56
ii) Commercial Papers 1,000.00 1,500.00
iii) Loans and advances from related parties
Inter Corporate Deposits (from subsidiary) {Note no.- 41(b)} 2,111.90 2,455.06
Unsecured Short term borrowings 5,330.04 7,750.62
Total Short Term Borrowings 7,607.63 9,146.13

Short term loans- average rate of interest is 9.65% p.a.

Other loans- average rate of interest is 0.80% p.a.

Commerical paper- average rate of interest is 10.19% p.a.

Inter Corporate Deposits- rate of interest is 10.75% p.a.

As at 31st March, 2015 As at 31st March, 2014
9. TRADE PAYABLES
Trade Payables 1,045.18 1,192.81
Acceptances 397.84 793.76
Total Trade Payables 1,443.02 1,986.57

The Company has so far not received information from vendors regarding their status under the Micro, Small and Medium Enterprises (Development) Act, 2006 and hence disclosure relating to amounts unpaid as at the year-end together with interest paid / payable under this Act have not been given.

As at 31st March, 2015 As at 31st March, 2014
10. OTHER CURRENT LIABILITIES
a) Current maturities of long term debts (Note no-5) 2,198.17 1,702.33
b) Interest accrued but not due on borrowings 134.71 68.48
c) Investor Education & Protection Fund*
Unpaid dividend 10.06 11.62
d) Other Payables
Statutory dues** 556.84 406.94
Advance from customer and others 137.88 285.65
Security deposits and advances 32.33 21.10
Creditors for capital expenditure 803.12 874.93
Book overdraft with a bank 1.54 -
Forward contracts payable 21.69 -
Outstanding liabilities for expenses 84.70 60.05
Others 92.03 105.07
Total Other Current Liabilities 4,073.07 3,536.17

*There is no amount due and outstanding to be credited to Investor Education and Protection Fund

**In accordance with Accounting Standard (AS-29) 'Provisions, Contingent Liabilities and Contingent Assets' and based on management assessment, the Company had made a provision for contingencies on account of duties and taxes payable under various laws. At the beginning of the financial year, there was an outstanding provision of Rs 5.08 Crore (Previous year Rs 156.02 Crore) with adjustment of Rs 5.08 during the financial year (Previous year Rs 150.94 Crore), there is an outstanding provision of Rs NIL (Previous year Rs 5.08 crore).

As at 31st March, 2015 As at 31st March, 2014
11. SHORT TERM PROvISIONS
a) Provision for Employee benefits
Leave Encashment 92.22 80.54
92.22 80.54
b) Other Provisions
Provision For Taxation-Income Tax - 103.65
Provision For Taxation-Wealth Tax 0.66 1.11
Proposed Dividend - 137.23
Corporate Tax on Dividend - 1.22
0.66 243.21
Total Short Term Provisions 92.88 323.75

FIXED ASSETS SCHEDULE 12

Gross Carrying Value

Depreciation

Net Carrying Value

Particulars As at 1 April 2014 Additions Disposals Other Adjustments As at 31st March, 2015 As at 1st April, 2014 For the year Disposals As at 31st March, 2015 As at 31st March, 2015 As at 31st March, 2014
12. TANGIBLE ASSETS
Land Freehold 222.92 28.92 0.81 - 251.03 - - - - 251.03 222.92
Land Leasehold 475.07 182.00 - (136.29) 520.78 20.68 5.02 - 25.70 495.08 454.39
Live Stock 0.14 - - - 0.14 - - - - 0.14 0.14
Buildings 3,242.85 1,386.83 1.97 32.05 4,659.76 307.37 253.01 0.84 559.54 4,100.22 2,935.48
Plant and Equipment 18,992.89 8,804.06 307.69 199.05 27,688.31 5,230.71 1,542.90 256.00 6,517.61 21,170.70 13,762.18
Electrical Fittings 516.79 417.29 0.04 1.70 935.74 89.55 87.46 0.02 176.99 758.75 427.24
Furniture and Fixtures 88.41 28.67 0.23 - 116.85 26.63 21.41 0.18 47.86 68.99 61.78
Vehicles 234.99 21.96 69.82 1.96 189.09 126.46 22.02 54.96 93.52 95.57 108.53
Air Craft (Owned) 256.02 - - - 256.02 79.56 13.16 - 92.72 163.30 176.46
Office equipment 53.49 12.58 0.40 0.02 65.69 10.29 24.76 0.28 34.78 30.91 43.20
Total 24,083.57 10,882.31 380.96 98.49 34,683.41 5,891.25 1,969.74 312.28 7,548.72 27,134.69 18,192.32
Previous Year 18,807.37 5,299.49 19.17 (4.12) 24,083.57 4,665.19 1,229.45 3.39 5,891.25 18,192.32 14,142.18

 

Gross Carrying Value

Amortisation

Net Carrying Value

Particulars As at 1st April, 2014 Additions Disposals Other Adjustments As at 31st March, 2015 As at 1st April, 2014 For the year Disposals As at 31st March, 2015 As at 31st March, 2015 As at 31st March, 2014
Intangible Assets
Computer software 20.02 5.66 0.04 - 25.64 13.33 3.21 0.04 16.51 9.14 6.69
Copyrights, and 51.58 - 51.58 - - 51.57 - 51.57 - - 0.01
patents and other
intellectual property
rights, services and
operating rights
Design & Drawings 0.84 - - - 0.84 0.35 0.17 - 0.51 0.33 0.49
Licenses and franchise 59.94 14.40 - - 74.34 0.12 3.29 - 3.41 70.92 59.82
Total 132.38 20.06 51.62 - 100.82 65.37 6.67 51.61 20.43 80.39 67.01
Previous Year 73.80 58.58 132.38 59.79 5.57 65.37 67.01 14.01
GRAND TOTAL 24,215.95 10,902.37 432.58 98.49 34,784.23 5,956.62 1,976.41 363.89 7,569.15 27,215.08 18,259.32
Previous Year 18,881.16 5,358.07 19.17 (4.12) 24,215.95 4,724.98 1,235.02 3.39 5,956.62 18,259.32 14,156.19
Capital work in progress 3,532.77 11,640.25

12. a) Statement showing the details of Pre-operative Expenditure forming part of capital work in progress as at 31st March, 2015

Year ended 31st March, 2015 Year ended 31st March, 2014
Amount brought forward during the year 692.98 662.81
Add:Exoenditure incurred during the year
Salaries and Wages 57.83 142.36
Contribution to Provident and other funds 3.68 6.50
Staff welfare expenses 2.42 5.26
Depreciation and amortization expense 24.44 11.51
Interest Cost (net) 0.31 (0.52)
Consumption of power and fuel 34.26 65.14
Consumption of stores and spares 17.07 17.45
Other Manufacturing Expenses 6.00 0.96
Financial expenses 0.39 6.25
Foreign Exchange fluctuation (net) 11.14 50.87
Insurance 2.55 0.79
Rates and Taxes 0.04 1.38
Rent 0.02 0.50
Repair and Maintenance 2.44 12.33
Miscellaneous expenses 38.43 110.58
Other Income (21.44) (13.81)
872.54 1,080.36
Less:Caoitalised as part of
Plant and Machinery 572.08 332.53
Building 45.39 52.03
Other fixed assets 22.82 2.83
Amount carried forward under capital work-in-progress 232.25 692.98

b) Capital Work in Progress includes Rs 232.25 crore (Previous year Rs 692.98 crore) being Pre-operative expenditure and Rs 344.00 crore ( Previous year Rs 818.80 crore) being Capital stores.

c) Additions to Fixed Assets includes Rs 14.22 crore ( Previous year Rs 4.81 Crore) and addition to Capital work- in- progress includes '10.22 Crore( Previous year Rs 4.00 crore) being expenditure incurred on Research & Development Activities. The Capital Work in Progress accumulated balance as on 31st March,2015 is Rs Nil crore (Previous year '4.00 crore). Additions to Fixed Assets includes Rs 14.22 Crore ( Previous year Rs 4.05 crore) being capitalized from Capital work in progress.

d) Additions /(adjustments) to plant and machinery/ capital work-in-progress includes addition of (' 101.13 Crore) (Previous year Rs (4.12) crore) on account of foreign exchange fluctuation and other adjustments of Rs (2.64) crore (Previous Year Nil).

e) Borrowing cost incurred during the year and capitalized is Rs 389.84 Crore ( Previous year Rs 310.98 crore) . Borrowing cost incurred during the year and transferred to capital work-in-progress is Rs 9.66 Crore (Previous year Rs 428.54 crore)

f) Expenditure during Trial Run period has been capitalized/decapitalised with Fixed Assets as under:

Particulars Year ended 31st March, 2015 Year ended 31st March, 2014
Income
Sale of products Finished goods 14.58 339.10
Sale of products Inter-division transfer 197.49 0.61
Net (Increase) / decrease in stock (22.86) (76.94)
Total Income (A) 189.21 262.77
Less Expenditure
Raw Material Consumed 281.07 301.93
Salaries and Wages 15.63 6.64
Contribution to Provident and other funds 0.7 0.52
Staff welfare expenses - 0.19
Depreciation and amortization expense 3.16 2.07
Interest cost (Net) - 14.45
Consumption of stores and spares 38.3 28.73
Consumption of power and fuel 123.84 8.48
Other manufacturing expenses 12.78 37.92
Repair and Maintenance 0.77 0.69
Insurance 0.43 0.40
Financial Expenses - 0.51
Foreign exchange fluctuation (net) - 0.94
Freight Handling and Other Selling Expenses 0.22 (0.13)
Miscellaneous expenses 1.45 2.70
Total Expenditure (B) 478.35 406.04
Total (A - B) (289.14) (143.27)
Add: Amount Brought forward (26.55) -
Add: Amount Carried forward 67.40 26.55
decapitalised/ (Capitalised) with the cost of fixed assets (248.29) (116.72)

g) Intangible assets under development include Rs 0.24 crore depreciation during the year (Previous year Rs Nil crore ).

As at 31st March, 2015 As at 31st March, 2014
13 i) NON-CURRENT INVESTMENTS
i) Other than Trade Investments-Unquoted
a) Unquoted fully paid-up (unless otherwise stated) equity shares of associate companies
Angul Sukinda Railway Limited *
NIL (Previous year 25,000) Equity Shares of Rs 10 each - 0.03
NIL (Previous year 104,975,000) Equity Shares of Rs 10 each, Rs 4.27 paid up - 44.85
Everbest Steel and Mining Holdings Limited (formerly known as Everbest Infrastructure & Development)** 100,000 (Previous year NIL) Equity Shares of Rs 10 each 0.10 -
JB Fabinfra Private Limited *** NIL (Previous year 980,000) Equity Shares of Rs 10 each
- 0.98
Nalwa Steel & Power Limited 2,000,000 (Previous year 2,000,000) Equity Shares of Rs 10 each 2.00 2.00
Sub Total (a) 2.10 47.86
b) Unquoted fully paid-up equity shares of incorporated joint ventures
Jindal Synfuels Limited 700,000 (Previous year 700,000) Equity Shares of Rs 10 each 0.70 0.70
Shresht Mining and Metals Private Limited 7,694,248 (Previous year 2,005,000) Equity Shares of Rs 10 each 7.69 2.01
Urtan North Mining Company Limited 11,503,618 (Previous year 11,503,618) Equity Shares of Rs 10 each 11.50 11.50
Sub Total (b) 19.89 14.21
c) Unquoted fully paid-up equity shares of subsidiary/step down subsidiary companies
Sky High Overesas Limited 22,350,029 (Previous year 22,350,029) Equity Shares of Usd 1 each 111.03 111.03
Everbest Steel and Mining Holdings Limited (formerly known as Everbest Infrastructure & Development) ** NIL (Previous year 45,500) Equity Shares of Rs 10 each - 0.05
JB Fabinfra Private Limited *** 2,000,000 (Previous year NIL) Equity Shares of Rs 10 each 2.00 -
Jindal Power Limited 867.05 867.05

 

A at 31st March, 2015 As at 31st March, 2014
13 i) NON-CURRENT INVESTMENTS
1,300,575,000 (Previous year 1,300,575,000) Equity Shares of Rs 10 each
Jindal Steel Bolivia S.A. 227.84 227.84
33,45,600 (Previous year 33,45,600) Equity Shares of Bolivianos 100 each
Jindal Steel & Power (Mauritius) Limited 383.13 383.13
75,000,000 (Previous year 75,000,000 ) Equity Shares of USD 1 each
Jindal Angul Power Ltd (Earlier know as JSPL Mining And Steel Limited) 0.05 0.05
50,000 (Previous year 50,000) Equity Shares of Rs 10 each
Attunli Hydro Electric Power Company Limited - -
1 (Previous year 1) Equity Shares of Rs 10 each
Etalin Hydro Electric Power Company Limited - -
1 (Previous year 1) Equity Shares of Rs 10 each
Kamala Hydro Electric Power Company Limited - -
(Earlier known as Subansiri Hydro Electric Power Company Limited)
1 (Previous year 1) Equity Shares of Rs 10 each
Trishakti Real Estate Infrastructure and developers Private Limited 37.16 -
37,160,000 (Previous year NIL) Equity Shares of Rs 10 each
Sub Total (c) 1,628.26 1,589.15
d) Unquoted investment in government and trust securities
National Saving Certificates* 0.12 0.08
Rs 1,200,000 (Previous year Rs 810,000)
*[Pledged with Government departments Rs 0.12 crore (Previous year Rs 0.08 crore)]
Sub Total (d) 0.12 0.08
e) Investment in Bonds
8.15% ICICI- 2016 Bond 0.50 0.50
5 (Previous year 5) units of Rs 1,000,000 each
Sub Total (e) 0.50 0.50
f) Unquoted equity shares
Angul Sukinda Railway Limited *
25,000 (Previous year NIL) Equity Shares of Rs 10 each, fully paid up 0.03 -
59,975,000 (Previous year NIL) Equity Shares of Rs 10 each, Rs 8.30 paid up 49.82 -
Brahamputra Capital and Finance Limited 19.20 19.20

 

As at 31st March, 2015 As at 31st March, 2014
13 i) NON-CURRENT INVESTMENTS
19,200,000 (Previous year 19,200,000) Equity Shares of Rs 10 each Danta Enterprises Private Limited - -
1,447 (Previous year 1,447) Equity Shares of Rs 10 each Haridaspur Paradip Railway Company Limited 5.00 -
5,000,000 (Previous year NIL) Equity Shares of Rs 10 each Jindal Holding Limited 14.48 14.48
2,414,000 (Previous year 2,414,000) Equity Shares of Rs 10 each Jindal Petroleum Limited 0.05 0.05
49,400 (Previous year 49,400) Equity Shares of Rs 10 each Jindal Rex Exploration Private Limited 0.01 0.01
9,800 (Previous year 9,800) Equity Shares of Rs 10 each OPJ Trading Private Limited - -
1,447 (Previous year 1,447) Equity Shares of Rs 10 each Sahyog Tradcorp Private limited - -
1,447 (Previous year 1,447) Equity Shares of Rs 10 each Stainless Investments Limited 6.05 6.05
1,242,000 (Previous year 1,242,000) Equity Shares of Rs 10 each virtuous Tradecorp Private Limited - -
1,447 (Previous year 1,447) Equity Shares of Rs 10 each X-Zone SDN BHD 0.04 0.04
Rs 36,250 (Previous year 36,250) Equity Shares of Malaysian
Ringgit 1 each "
Sub Total (f) 94.69 39.83
f) Investment in Debentures
Jindal Synfuels Limited
Fully Paid up
77,699,440 (Previous year NIL) 0% Compulsory Convertible debentures of Rs 10 each 77.70 -
Partly Paid up
1,000,000 (Previous year NIL) 0% Compulsory Convertible debentures of Rs 100 each, Rs 47.90 each paid up 4.79 -
82.49 -
Less: Provision for diminution in value of Investments (341.09) (341.09)
Total Non-current Other Investment 1,486.96 1,350.52
Total Non-current Investment 1,486.96 1,350.52
Aggregate book value/market value of quoted investments - -
Aggregate book value of unquoted investments 1,828.05 1,691.61
The Company has unquoted investments of Rs 1,828.05 crore in bodies corporate (Previous year Rs 1,691.61 crore).
Aggregate provision for diminution in value of investments 341.09 341.09

* previous year- Company was associate.

** previous year- Company was subsidiary now associate.

*** previous year- Company was joint venture now subsidiary.

A at 31st March, 2015 As at 31st March, 2014
13 ii) CURRENT INVESTMENTS
Investment in units of mutual fund
' 200 crores (12,77,012.23 units) of SBI Mutual Fund PLF- DIR Plan Growth {Previous year NIL}-Fv Rs 1,000 each 200.00 -
' 200 crores (98,33,649.07 units) of ICICI Prudential Liquid direct Plan- Growth {Previous year NIL}-Fv Rs 100 each 200.00 -
' 200 crores (90,69,620.21 units) of Birla Sun- Cash Plus- Growth direct {Previous year NIL}-Fv Rs 100 each 200.00 -
' 200 crores (7,37,49,303.99 units) of HDFC Liquid direct Growth Plan- Growth Option {Previous year NIL}- Fv Rs 10 each 200.00 -
' 200 crores (5,97,107.34 units) of Reliance Liquid Fund- Treasury Plan- direct Plan Growth Plan- Growth option LFIG {Previous year NIL}-Fv Rs 1,000 each 200.00
Total Current Investments 1,000.00 -
NAv of Units of Mutual Funds 1,018.13

 

As at 31st March, 2015 As at 31st March, 2014
14. LONG TERM LOANS & ADVANCES
Unsecured, considered good
a) Loans and Advances to related party (Refer Note No. 35) 356.48 342.29
b) Capital Advances 625.92 831.92
c) Security Deposits 139.53 130.49
d) MAT Credit Entitlement (Refer Note No. 30 ii) 795.01 130.01
e) Others
Share application money 0.18 116.14
Others 398.79 407.15
Total Unsecured Long Term Loans & Advances 2,315.91 1,958.00
Total Long Term Loans & Advances 2,315.91 1,958.00

 

(Rs in Crore)
As at 31st March, 2015 As at 31st March, 2014
15. OTHER NON-CURRENT ASSETS
Fixed deposits with original maturity of more than 12 months* (Note No-18) 1.08 0.63
Total Other Non Current Assets 1.08 0.63

*Pledged with Government departments and Others Rs 1.08 crore (Previous year Rs 0.63 crore)

(Rs in Crore)
As at 31st March, 2015 As at 31st March, 2014
16. inventories
(valued at lower of cost and net realisable value)
a) Raw Materials
Inventories 1,396.94 1,983.40
Goods In transit 287.17 102.30
1,684.11 2,085.70
b) Work-in-process
Work in process 147.24 94.35
147.24 94.35
c) Finished Goods
Inventories 1,236.87 1,121.48
1,236.87 1,121.48
d) Stores & Spares
Inventories 630.68 623.33
Goods In Transit 5.21 8.82
635.89 632.15
e) Others
Scrap 15.92 2.57
15.92 2.57
Total Inventories 3,720.03 3,936.75

 

As at 31st March, 2015 As at 31st March, 2014
17. TRADE RECEIVABLES
a) Secured
Exceeding six months - -
Others
Considered good 30.97 21.59
Total Secured Trade Receivable 30.97 21.59
b) Unsecured
Exceeding six months
Considered good 146.70 183.98
Considered doubtful 45.06 1.31
Less: Provision for bad and doubtful debts (45.06) (1.31)
Others
Considered good 1,143.60 1,255.39
1,290.30 1,439.37
Total Unsecured Trade Receivable 1,290.30 1,439.37
Total Trade Receivable 1,321.27 1,460.96

 

Non-Current Portion

Current Portion

31st March, 2015 31st March, 2014 31st March, 2015 31st March, 2014
18. CASH & BANK BALANCES
a) Cash & Cash Equivalents
Cash on hand - - 1.03 1.27
Cheques/Drafts In hand - - 44.39 25.07
Bank Balances in current accounts - - 223.86 105.21
Bank deposits with original maturity of less than three months - - 0.68 600.00
Others - - 0.03 0.08
Total Cash & Cash Equivalents - - 269.99 731.63
b) Other Bank Balances
i) Banks with Earmarked balances
Earmarked for unpaid dividend - - 10.06 11.63
Earmarked for debenture Redemption - - - 15.00
ii) Banks deposits
deposits with original maturity upto twelve months - - 8.92 3.74
deposits with original maturity more than twelve months 1.08 0.63 - -
Amount disclosed under other noncurrent assets (Note no-15) (1.08) (0.63) - -
Total Cash & bank Balances - - 288.97 762.00

 

Current Portion

31st March, 2015 31st March, 2014
19. SHORT TERM LOANS & ADVANCES
a) Loans and Advances to related parties
Secured, considered good 293.91 293.91
Unsecured, considered good 40.89 103.61
334.79 397.52
b) Loans and Advances to others
Unsecured, considered good 2,494.81 1,497.89
Doubtful 10.42 5.76
Less: Provision for doubtful advances (10.42) (5.76)
2,494.81 1,497.89
c) Security deposit
Unsecured, considered good 25.25 2.59
25.25 2.59
d) Other Loans and Advances - Unsecured consider good
Balances with statutory/government authorities 1,219.27 1,096.82
Advance income tax including TDS 429.92 264.32
1,649.19 1,361.14
Total Short Term Loans & Advances 4,504.04 3,259.14

 

(Rs in Crore)
As at 31st March, 2015 As at 31st March, 2014
20. OTHER CURRENT ASSETS
Unsecured, considered good
Pre-Paid expenses 60.38 2.78
Interest receivable on short term loans and advances* 403.14 258.01
Unamortized premium on forward contract** 17.52 -
dividend receivable - 130.06
Other receivables 272.73 166.97
Total Other Current Assets 753.77 557.82

* Including recoverable from related parties

** The unamortised foreign exchange premium on outstanding forward contracts is being carried forward to be charged on the Statement of Profit and Loss of subsequent year.

Year ended 31st March, 2015 Year ended 31st March, 2014
21. REVENUE FROM OPERATIONS
a) Sale of products
Finished goods 14,919.08 15,353.69
Traded goods 333.61 294.89
Inter-division transfer 5,502.34 5,527.01
20,755.03 21,175.59
b) Other operating revenues
Scrap sale 4.56 12.65
Export incentives 73.43 53.49
Aviation income 24.79 11.44
Others 5.28 9.77
108.06 87.35
Less: Inter-division transfer (Net of excise duty) (5,502.34) (5,527.01)
Total Revenue from operation 15,360.75 15,735.93

 

(Rs in Crore)
Year ended 31st March, 2015 Year ended 31st March, 2014
22. OTHER INCOME
a) Dividend income on non-current and other than trade - 130.06
investments
[includes Rs NIL from a subsidiary]
(Previous year Rs 130.06 crore)]
b) Net gain on sale of current and other than trade investments 2.31 3.36
c) Foreign exchange fluctuation (net) 213.37 28.65
d) Other non operating income
Profit on sale/transfer of fixed assets 3.40 0.14
Liabilities/payables no longer required, written back 51.92 0.59
Others 25.44 12.70
Total Other Income 296.44 175.50
Total Revenue 15,657.19 15,911.43

 

Year ended 31st March, 2015 Year ended 31st March, 2014
23. COST OF MATERIALS CONSUMED
a) Raw material consumed 4,371.56 4,333.52
b) Inter division transfer 5,502.34 5,527.01
9,873.90 9,860.53
Less:Inter division transfer (5,502.34) (5,527.01)
Total Cost of Material Consumed 4,371.56 4,333.52
24. PURCHASE OF Stock-In-Trade 284.69 273.31
25. CHANGES IN INvENTORIES OF FINISHED GOODS, WORK-INPROCESS AND STOCK SCRAP
Opening Stock - Finished Goods 1,121.48 1,440.50
- Work in Process 94.35 192.93
- Scrap 2.57 11.31
1,218.40 1,644.74
Closing Stock - Finished Goods 1,236.87 1,121.48
- Work in Process 147.24 94.35
- Scrap 15.92 2.57
1,400.03 1,218.40
NET (INCREASE)/DECREASE IN STOCK (181.63) 426.34
Excise duty on account of increase/(decrease)
on stock of finished goods 27.91 (40.31)
Total (Increase)/Decrease in Stock (153.72) 386.03

 

Year ended 31st March, 2015 Year ended 31st March, 2014
26. EMPLOYEE BENEFITS EXPENSE
a) Salaries and Wages 581.06 498.77
b) Contribution to Provident and other funds 41.07 24.75
c) Employees compensation expenses under Employee Stock purchase 0.50 0.25
Scheme {Refer note- 3 (g)}
d) Staff welfare expenses 27.89 21.53
Total Employee Benefits Expense 650.52 545.30
27. INTEREST COST (NET)
a) Interest Expense
Debentures and other term-loans 1,761.66 926.80
Others 472.98 372.53
2,234.64 1,299.33
b) Less: Interest Income
Interest on Inter-corporate deposits (69.33) (81.84)
Others (117.11) (133.86)
(186.44) (215.70)
Total Finance Cost 2,048.20 1,083.63

 

Year ended 31st March, 2015 Year ended 31st March, 2014
28. OTHER EXPENSES
a) Consumption of stores and spares 1,583.11 1,891.53
b) Consumption of power and fuel 1,263.89 885.71
c) Other manufacturing expenses 859.97 825.07
d) Repair and Maintenance
Plant and machinery 122.97 112.07
Building 31.39 29.14
Others 150.47 148.22
e) Rent* 9.42 9.17
f) Rates and Taxes 21.29 27.67
g) Insurance 22.90 16.71
h) Payment to Statutory Auditors
Statutory Audit fees 1.20 0.55
Tax Audit fees - 0.08
Taxation matters - 0.06
Certification & company law matters 0.15 0.24
Other services - 0.15
Reimbursement of expenses 0.15 0.12
i) Research and Development expenses** 16.23 9.47
j) Loss on sale/discard of fixed assets 24.94 11.74
k) donation 39.69 52.26
l) directors sitting fees 0.21 0.18
m) Freight Handling and other selling expenses 512.97 640.47
n) Bad debts/provision for doubtful debts and advances 52.61 0.09
o) Financial expenses 16.51 240.77
p) Miscellaneous expenses 510.57 374.18
Total Other Expenses 5,240.64 5,275.65

* The Company has paid lease rentals of Rs 9.42 crore (previous year Rs 9.17 crore) under cancellable operating leases. There are no non-cancellable operating leases ** Expenditure on research & development activities, incurred during the year, is Rs 26.45 crore (including capital expenditure of Rs 10.22 crore) (previous year Rs 14.23 crore, including capital expenditure of Rs 4.76 crore)

Year ended 31st March, 2015 Year ended 31st March, 2014
29. CONTINGENT LIABILITIES AND COMMITMENTS
Contigent Liabilities and commitments as on 31st March, 2015
Description
Guarantees, Undertakings & Letter of Credit
a) Guarantees issued by the Company's Bankers on behalf of the Company 794.08 822.90
b) Letter of credit opened by banks 963.64 474.13
c) Corporate guarantees/undertakings issued on behalf of third parties. 3,813.75 6,827.48
Statutory demands
d) Disputed Excise Duty and Other demands 1,515.63 1,432.00
e) Income Tax demands where the cases are pending at various stages of appeal with the authorities 904.74 555.84
f) Bonds executed for machinery imports under EPCG Scheme 3,098.44 2,470.22
Others
g) Future liability on account of lease rent for unexpired period 3.46 10.05
h) Claims against the company, not acknowledge as debt 111.10 78.13
i) Uncalled liability towards partly paid up shares 10.20 60.15
j) 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, hence the company does not have any present liability to fund the said account
II Commitmments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 3,842.11 2,618.70

30. i) Deferred tax (assets)/liabilities as at year end is as under:

As on 31st March, 2015 As on 31st March, 2014
A. Deferred Tax Assets
a) disallowance u/s 43-B of the Income Tax Act, 1961 (155.39) (107.64)
b) Provision for doubtful debts (19.20) (2.29)
c) Provision for diminution in value Of business investments - (114.03)
d) Unabsored depreciation (1,859.06) (131.03)
e) Business loss (108.84) -
Deferred Tax Assets (2,142.49) (354.99)
B. Deferred Tax Liabilities
a) difference between book and tax depreciation 3,378.44 1,700.45
b) Paid u/s 43B of Income Tax Act, 1961, but not charged off 422.64 -
Deferred Tax Liabilities 3,801.08 1,700.45
C. Total Deferred Tax Liabilities (Net) 1,658.59 1,345.46

ii) The Company has till date recognized Rs 795.01 crore (Previous year Rs 130.01 crore) as Minimum Alternate Tax (MAT) credit entitlement which represents that portion the MAT Liability, the credit of which would be available based on the provision of Section 115JAA of the Income Tax Act, 1961. The management based on the future profitability projections is confident that there would be sufficient taxable profit in future which will enable the Company to utilize the above MAT credit entitlement.

1 Current Year Previous Year
31. 'EARNINGS PER SHARE', IN ACCORDANCE WITH ACCOUNTING STANDARD (AS-20):
Profit for the year after taxation (310.68) 1,291.95
Profit attributable to ordinary shareholders (310.68) 1,291.95
Number of Equity Shares (in nos.)
Annualised number of equity shares 91,48,98,382 93,03,53,237
Opening 91,48,85,984 91,48,85,984
Add: Shares issued Number of shares Annualised number of shares
17,816 12,398
Closing Equity Shares 91,49,03,800 91,48,98,382
Total number of shares including potential equity shares (annualised)
Basic earnings per Share ( Rs ) (3.40) 13.89
Diluted earnings per Share ( Rs ) (3.40) 13.89

32. 'Employee Benefits', in accordance with Accounting Standard (AS-15) :

A. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days' salary (last drawn salary) for each completed year of service.

B. The Guidance on Implementing AS 15, Employee Benefits ( Revised 2005) issued by Accounting Standards Board (ASB) of the ICAI states that benefits involving employer established provident funds, which require interest shortfalls to be recompensed are to be considered as defined benefit plans. The Actuarial Society of India has issued the final guidance for measurement of provident fund liabilities. The actuary has accordingly provided a valuation and based on the below assumptions made a provision of Rs 11.41 Crore as at 31st March, 2015 (Previous Year Rs 10.93 Crore )

The Company contributed/ provided Rs 20.58 Crore and Rs 19.59 Crore towards provident fund during the year ended 31st March, 2015 & 31st March, 2014 respectively.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the respective plans.

As per Accounting Standard AS 15" Employee Benefits", the disclosures of Employee Benefits as defined in the Accounting Standard are given below:-

Current year

Previous year

Gratuity Provident Fund Gratuity Provident Fund
C. GRATUITY AND PROVIDENT FUND
A. Gratuity & Leave Encashment
l Components of Employer Expense
1 Current Service Cost 6.36 28.00 6.36 27.27
2 Interest Cost 3.66 22.06 2.90 19.29
3 Expected Return on Plan Assets (2.85) (21.04) (2.52) (18.54)
4 Curtailment Cost/ {credit) - - - -
5 Settlement Cost / (credit) - - - -
6 Past Service Cost - - - -
7 Acturial Losses / (Gains) 6.51 (2.96) (2.89) (1.61)
8 Total expense recognised in the statement of Profit & loss 13.68 26.06 3.85 26.41
II Actual Returns on Plan Assets 31st March, 2015 2.25 21.58 2.62 25.86
Ill Net Assets/ (Liability) recognised in Balance Sheet
1 Present Value of Defined benefit Obligation (53.51) (344.40) (41.13) (285.47)
2 Fair Value on Plan Assets 33.03 332.99 32.47 274.55
3 Status { Surplus/ (deficit) } (1- 2 ) (20.48) (11.41) (8.66) (10.92)
4 Unrecognised Past service Cost - - - -
Net Assets/ (Liability) recognised in the Balance Sheet:- (3+4) (20.48) (11.41) (8.66) (10.92)
IV Change in defined Benefit Obligation (DBO)
Present value of DBO at the beginning of the year:- (41.13) (285.47) (37.83) (224.24)
1 Current Service Cost- Employer (6.36) (25.59) (6.36) (24.85)
2 Current Service Cost- Employee - (31.88) - (28.54)
3 Interest Cost (3.66) (22.06) (2.90) (19.29)
4 Curtailment Cost/ (crdit) - - - -
5 Settlement Cost / (credit) - - - -
6 Plan Amendments - - - -
7 Acqusitions - (8.11) - (15.10)
8 Acturial (Losses) / Gains (5.91) 2.41 2.79 (5.70)
9 Benefits Paid 3.55 26.30 3.17 32.24
Present Value of DBO at the end of the year:- (53.51) (344.40) (41.13) (285.47)
V Change in Fair Value of Assets
Plan Assets at the beginning of the year:- 32.47 274.55 26.26 214.88
1 Acquisition Adjustment - - - -
2 Expected Return on Plan Assets 2.85 - 2.52 -
2 Actual Return on Planed Assets - 21.58 - 25.86
3 Acturial Gains /(Losses) (0.60) - 0.09 -
4 Actual company contribution 0.75 63.16 6.77 66.05
5 Benefit Paid (2.44) (26.30) (3.17) (32.24)
Plan Assets at the end of the year 33.03 332.99 32.47 274.55

VI. The major categories of plan assets for gratuity as a percentage of the fair value of total plan assets are as follows :

(Rs in Crore)
Particulars 2014-2015 2013-14
Other (Including assets under Schemes of Insurance) 100% 100%

 

Current Year

Previous Year

Gratuity Provident Fund Gratuity Provident Fund
VIII Actuarial Assumptions
1 Discount Rate (%) 7.90% 7.90% 9.30% 9.30%
2 Expected Return on Plan Assets (%) 9.00% - 9.00% -
3 Salary escalation rate (%) 10.00% - 12.00% -

The estimates of future salary increases, considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

Particulars

Period Ending

2014-15 2013-14 2012-13 2011-12 2010-11
VII Gratuity Experience History
1 defined Benefit Obligation at the end of the period (53.51) (41.13) (37.83) (30.45) (26.30)
2 Plan Assets 33.03 32.47 26.26 21.44 16.48
3 Surplus/(deficit) (20.48) (8.66) (11.57) (9.01) (9.82)
4 Experience Gain/(Loss) adjustments on plan liabilities (1.25) (0.61) (2.42) (0.62) (0.66)
5 Experience Gain/(Loss) adjustments on plan assets (0.60) 0.09 0.07 0.03 0.12
6 Actuarial Gain/(Loss) due to change on assumptions (4.66) 3.41 0.56 - (1.18)

 

Particulars

Period Ending

2014-15 2013-14
VII Provident Fund Experience History
1 defined Benefit Obligation at the end of the period (344.40) (285.47)
2 Plan Assets 332.99 274.55
3 Surplus/(deficit) (11.41) (10.93)
4 Experience Gain/(Loss) adjustments on plan liabilities 1.56 0.78
5 Experience Gain/(Loss) adjustments on plan assets - -
6 Actuarial Gain/(Loss) due to change on assumptions 1.40 0.84

33. Pursuant to the Judgment dated 25.08.2014 read with Order dated 24.09.2014 passed by the Hon'ble Supreme Court the allocation of the coal blocks, Gare Palma Iv/1 (operational); Utkal B-1, Amarkonda Murgadangal, Gare Palma Iv/6, Ramchandi, Urtan North and Jitpur (non-operational) to the Company/its joint ventures stand de-allocated.

Prior to the said de-allocation by the Hon'ble Supreme Court, the Government had invoked bank guarantees provided by the Company to the extent of Rs 153.55 crore with respect to Ramchandi, Amarkonda Murhadangal and Jitpur Coal Blocks. These matters, besides the matters with respect to Urtan North and Gare Palma Iv/6 coal blocks, were contested by the Company at various levels and the invocation of the said bank guarantees had been stayed by the respective Hon'ble High Courts. Bank guarantees amounting to Rs 267.00 crore have been provided by the Company for the above mentioned non- operational coal blocks.

Pursuant to the said de-allocation by the Hon'ble Supreme Court and pending the decision/s of the Ministry of Coal on the show cause notices issued by the Ministry of Coal calling upon the Company to show cause as to why the delay in the development of the non-operational coal blocks should not be held as violation of the terms and conditions of the allocation letters of the said coal blocks, the respective Hon'ble High Courts have required the Company to keep the said Bank Guarantees alive pending the decision of the Government (Ministry of Coal) in individual case. The High Courts have restrained the Ministry of Coal to act in furtherance of its subsequent decision/s, to invoke the bank guarantee/s, for a further period of two weeks' time from the date of the communication of such decision/s in order to enable the Company to challenge such decision/s of the Ministry of Coal. In the meantime, the invocation of the bank guarantees has been stayed by the Hon'ble High Courts.

34. Disclosure as required by Accounting Standard (AS-17) Rs Segment Reporting':

The primary reportable segments are the business segments namely Iron & Steel and Power. 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, the following specific accounting policies have been followed for segment reporting:

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 Company 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 include those directly identifiable with respective segments. Un-allocable assets and liabilities represent the assets and liabilities that relate to Company as a whole and not allocable to any segment.

Primary Segments ( Business Segments)

Particulars Current Year Previous Year
1. Segment Revenue
a) Iron & Steel 12,796.37 12,992.05
b) Power 2,666.11 1,962.51
c) Others 191.20 528.12
Sub -Total (Gross) 15,653.68 15,482.68
Less : Inter-segment Revenue 2,263.33 1,656.39
Net Segment Revenue 13,390.35 13,826.29
2. Segment Results (Profit(+) / Loss(-) before Tax and interest from each segment)
a) Iron & Steel 1,537.10 2,406.44

 

Particulars Current Year Previous year
b) Power 1,095.17 613.90
c) Others 3.70 200.90
Sub -Total 2,635.97 3,221.24
Less : Interest, financial expenses 2,071.86 1,337.11
Other un-allocable expenditure (net of un-allocable income) 395.75 283.49
Exceptional Items 807.77 -
Profit before Tax (639.41) 1,600.64
Provision for Taxation
- Income Tax - 308.20
- MAT Credit Entitlement (665.00) (130.01)
- Income Tax charge/(Credit) of earlier years (33.26) -
- Deferred Tax 369.53 130.50
Profit for the year after tax (310.68) 1,291.95
3. Other Information
I Segment
a) Iron & Steel 29,208.20 20,598.07
b) Power 6,273.33 6,252.68
c) Others 616.45 735.65
d) Un-allocated Assets* 10,072.25 15,621.42
Total Assets 46,170.23 43,207.82
II Segment
a) Iron & Steel 1,903.97 2,608.30
b) Power 586.80 199.86
c) Others 147.96 156.30
d) Un-allocated Liabilities 31,020.28 27,179.02
Total Liabilities 33,659.01 30,143.48
Capital Expenditure
III (Including Capital work in progress)
a) Iron & Steel 2,815.03 5,135.34
b) Power 77.74 385.13
c) Others 8.05 12.71
Total 2,900.82 5,533.18
Iv depreciation & amortisation expenses
a) Iron & Steel 1,552.03 878.78
b) Power 185.23 303.44
c) Others 48.30 39.22
Total 1,785.56 1,221.44
v Non-Cash expenditure other than depreciation
a) Iron & Steel 52.61 0.09
b) Power - -
c) Others - -
Total 52.61 0.09

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

The company has assets in India for producing goods, hence disclosure for assets by Geographical segment has not been given.

Secondary Segments (Geographical Segments)

Particulars J Current Year Previous Year
1. Revenue by Geographical market
a) India 11,637.04 10,907.85
b) Outside India 1,753.31 2,918.44
Total 13,390.35 13,826.29
2. Geographical segment wise Trade Receivable
a) India 1,230.50 1,219.64
b) Outside India 90.77 241.32
1,321.27 1,460.96

35. DISCLOSURE AS PER CLAUSE 32 OF LISTING AGREEMENT

Loans and Advances in the nature of Loans given to Subsidiaries, Associates and Others:

Name of the Company Relationship

Amount outstanding

Maximum balance outstanding

As at 31st March, 2015 As at 31st March, 2014 during the year during the year
Jindal Steel & Power (Mauritius) Limited Subsidiary 356.48 342.29 360.69 1,038.58

Notes:

a) All the above loans and advances are interest bearing.

b) None of the loanees have, per se, made investments in shares of the company.

36. FINANCIAL AND DERIVATIVE INSTRUMENTS:

a) Derivatives contracts entered into by the Company and outstanding as on 31st March, 2015, for hedging currency and interest rate related risks:

Nominal amounts of derivative contracts entered into by the Company and outstanding are Rs 1914.67 crore (Previous year Rs 519.86 crore). Category wise break-up is given below:

Current year Previous year
Interest rate Swaps NIL NIL
Options NIL NIL
Forward Contracts- Import 913.22 (Usd 145.90 Million) 193.19 (USD 30.08 Million)
Forward Contracts- Export (Past performance basis) 1,001.45 (USD 160.00 Million) 326.27 (USD equivalent 50.14 Million)

b) The principal component of monetary foreign currency loans/debts and payable amounting to Rs 2,272.66 crore (Previous year Rs 4,094.42 crore) and receivable amounting to Rs 90.77 crore (Previous year Rs 241.32 crore) not hedged by derivative instruments

c) In accordance with the accounting policy on financial derivative instruments, during the year, the company has recognized mark to market losses of Rs NIL (Previous year Rs NIL).

37. INTEREST IN JOINT VENTURES:

The Company's interest as a venturer, in jointly controlled entities (Incorporated Joint Ventures) is as under:

Particulars Country of Incorporation Percentage of ownership interest as at 31st March, 2015 Percentage of ownership interest as at 31st March, 2014
Jindal Synfuels Limited India 70.00 70.00
Shresht Mining and Metals Private Limited India 50.00 50.00
Urtan North Mining Company Limited India 66.67 66.67

The Company's interests in the above Joint ventures is reported as Non-Current Investments (Note-13) and stated at cost. However, the Company's share of assets, liabilities, income and expenses, etc. (each without elimination of the effect of transactions between the Company and the joint ventures) related to its interest in the Joint ventures are:

As at 31st March, 2015 As at 31st March, 2014
I. Liabilities
1 Non Current Liabilities
Other Long-term liabilities 63.51 0.30
2. Current Liabilities 1.70 2.39
Other current liabilities
II. Assets
3. Non-Current Assets
a) Fixed Assets 1.97 2.24
Intangible assets under development 66.61 64.70
b) Long term loans & advances 2.58 2.51
c) Other non-current assets 7.53 0.46
4. Current Assets
Cash and Cash equivalents 6.31 0.25
Short term loans & advances 0.10 0.30
Other current assets 0.01 3.39

38. ADDITIONAL INFORMATION:

(Pursuant to part II of Schedule III to the Companies Act, 2013)

a) Installed Capacity

Sl. No. Particulars Unit Current Year Previous Year
AT RAIGARH
1 Sponge Iron M.T. 13,70,000 13,70,000
2 Mild Steel M.T. 32,50,000 30,00,000
3 Ferro Alloys M.T. 36,000 36,000
4 Power MW 851 851
5 Hot Metal/Pig Iron M.T. 16,70,000 16,70,000
6 Rail & Universal Beam Mill M.T. 7,50,000 7,50,000
7 Plate Mill M.T. 10,00,000 10,00,000
8 Fabricated Structures M.T. 1,20,000 120,000
9 Cement Plant M.T. 5,00,000 5,00,000
10 Medium & Light Section Mill M.T. 6,00,000 6,00,000
AT RAIPUR
11 Steel Casting and Fabrication M.T. 30,000 30,000
AT BARBIL
12 Pelletisation Plant M.T. 90,00,000 45,00,000
AT SATARA (MAHARASHTRA)
13 Wind Energy MW 24 24
AT PATRATU
14 Wire Rod M.T. 6,00,000 6,00,000
15 Bar Mill M.T. 10,00,000 10,00,000
AT ANGUL
16 Sponge Iron MW 18,00,000 -
17 Power 810 810
18 Fabricated Structures M.T 84,000 84,000
19 Plate Mill M.T. 12,00,000 12,00,000
20 Mild Steel M.T. 15,00,000 15,00,000

Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matter.

b) Raw Material Consumption

(Excluding charged to expenditure during trial run)

Sl. No. Particulars Unit

Current year

Previous year

Quantity(MT) Amount Quantity Amount
1 Iron Ore M.T. 33,80,073 1,401.92 59,70,523 1,123.05
2 Coking Coal M.T. 14,33,482 1184.81 11,80,391 1,242.68
3 Others M.T. - 1,784.83 - 1,967.79
4,371.56 4,333.52

c) Quantitative Information of Stock of Manufactured Finished Goods:

Sl. No. Particulars Unit

Opening Stock

Closing Stock

As At 1st April, 2014

As At 31st March, 2015

Quantity Amount Quantity Amount
1 Sponge Iron M.T. 13,704 14.90 9,471 14.85
2 M.S. Round M.T. 4,337 13.66 3,906 10.61
3 H.C. Ferro Chrome/ Silico Manganese M.T. 412 1.80 1,536 6.58
4 Hot Metal / Pig Iron M.T. 36 0.07 4,721 8.20
5 Parallel Flange Beams / Columns M.T. 11,817 39.26 23,960 77.86
6 Other Finished Steel Products M.T. 11,877 41.81 12,177 40.54
7 Other Semi Steel Products M.T. 73,420 215.28 90,626 251.44
8 Machineries M.T. 534 7.06 121 2.20
9 Universal Plate / Coil M.T. 1,19,558 467.08 95,834 363.61
10 Wire rod M.T. 17,179 46.54 41,895 133.38
11 Bars M.T. 11,048 54.71 31,047 126.01
12 Fabricated structures M.T. 12,703 55.26 11,740 63.40
13 Cement M.T. 4,560 1.31 2,792 0.86
14 Medium and Light Sections M.T. 18,789 64.72 19,712 61.39
15 Iron ore pellets M.T. 41,594 22.82 11,361 5.19
16 Others - 75.20 - 70.74
1,121.48 1,236.87

d) Production

Sl. No. Particulars Unit Current Year Quantity Previous year Quantity
1 Sponge Iron M.T. 16,60,913 13,19,985
2 M.S. Round M.T. 4,36,085 5,68,120
3 H.C. Ferro Chrome/ Silico Manganese M.T. 33,308 35,008
4 Power MILLION KWH 7,293 5,589
5 Hot Metal / Pig Iron M.T. 15,63,942 16,69,799
6 Parallel Flange Beams / Columns M.T. 3,43,624 2,52,054
7 Universal Plate / Coil M.T. 7,20,672 7,99,888
8 Other Finished Steel Products M.T. 1,10,458 1,00,911
9 Other Semi Steel Products M.T. 26,46,217 23,17,659
10 Machineries M.T. 10,592 14,033
11 Wire rod M.T. 3,78,415 3,67,265
12 Bars M.T. 4,85,494 3,79,963
13 Fabricated structures M.T. 82,154 87,401
14 Cement M.T. 5,05,660 4,76,197
15 Medium & Light Sections M.T. 2,80,167 2,53,532
16 Iron ore pellets M.T. 32,18,677 41,48,974
17 Wind Energy MILLION KWH 46.82 54.95

e) Items used for Internal/Captive Consumption during the year:

Sl. No. Particulars Unit Current Year Quantity Previous Year Quantity
1 Sponge Iron M.T 16,35,926 13,09,896
2 M.S. Round M.T 673 4,768
3 H.C. Ferro Chrome/ Silico Manganese M.T 32,184 34,870
4 Power MILLION KWH 4,387 3,513
5 Hot Metal / Pig Iron M.T 14,69,948 16,63,754
6 Parallel Flange Beams / Columns M.T 748 1,968
7 Other Semi Steel Products M.T 16,36,138 13,30,835
8 Machineries M.T 48
9 Universal Plate / Coil M.T 20,926 28,289
10 Other Finished Steel Products M.T 248 439
11 Fabricated Structures M.T 1,060 -
12 Cement M.T 26,645 34,210
13 Medium & Light Sections M.T 706 3,319
14 Wire Rod M.T 8,648 7,458
15 Bars M.T 54,964 48,550

f) Sales, Inter-divisional Transfers & Other Operations

I) Sales including captive sale but excluding sales during trial run period:

Sl. No. Particulars Unit

Current year

Previous year

Quantity Amount Quantity Amount
i. Manufactured Finished Goods
1 Sponge Iron M.T 17,992 33.75 - -
2 M.S. Round M.T 4,35,843 1,611.91 5,68,109 2,097.11
3 H.C. Ferro Chrome M.T - - - -
4 Power MILLION 2,746 743.51 1,836 428.17
KWH
5 Pig Iron M.T 45,479 99.63 4,006 9.36
6 Parallel Flange Beams / Columns M.T 3,11,594 1,251.64 2,59,622 1,036.66
7 Universal Plate / Coil M.T 6,78,591 2,679.38 7,02,090 2,489.67
8 Other Finished Steel Products M.T 1,09,471 467.32 1,00,033 413.49
9 Other Semi Steel Products M.T 98,127 302.73 79,336 272.43
10 Machineries M.T 8,901 141.03 14,321 434.07
11 Iron ore / Iron ore fines M.T - - 8,615 1.29
12 Wire rod M.T 3,45,052 1,345.62 3,80,096 1,423.49
13 Bars M.T 4,09,883 1,548.94 3,60,716 1,329.72
14 Fabricated structures M.T 81,921 517.37 85,139 481.27
15 Cement M.T 4,04,709 127.20 3,41,042 118.40
16 Medium & Light Sections M.T 2,69,018 1,038.73 2,65,678 1,028.77
17 Iron ore pellets M.T 6,10,938 436.12 18,95,306 1,471.95
18 Wind energy MILLION 46.68 20.57 53.63 22.76
KWH
19 Others - 1,292.23 - 1,103.18
Total 13,657.70 14,161.78
ii. Traded Goods
1 Power Million KWH 737 235.20 703 238.33
2 Steel Products M.T. 16,927 65.16 15,655 56.56
3 Others - 33.25 - -
Total 333.61 294.89
Grand Total (A) 13,991.31 14,456.67

ii) Inter-divisional Transfers:

Sl. No. Particulars Unit

Current Year

Previous year

Quantity Amount Quantity Amount
a. Manufactured Finished Goods
1 Sponge Iron M.T 11,228 24.82 - -
2 Power Million KWH 160 82.26 240 119.38
3 Pig Iron M.T 43,829 98.21 2,003 4.41
4 Parallel Flange Beams / Columns M.T 19,139 65.03 24,797 79.15
5 Universal Plate / Coil M.T 44,878 162.45 47,685 152.67
6 Iron ore / Iron ore fines M.T 31,16,803 198.14 39,38,718 756.44
7 Steam Coal M.T 78,49,951 599.41 61,78,288 430.75
8 Other Finished Steel Products M.T 440 1.60 2,012 6.66
9 Other Semi Steel Products M.T 8,94,747 2,756.81 9,02,780 2,758.54
10 Machineries M.T 2,057 26.86 1,762 10.45
11 Wire Rod M.T 0 - 288 0.63
12 Bars M.T 648 2.00 1,371 4.53
13 Fabricated Materials M.T 137 0.76 273 1.38
14 Cement M.T 76,074 21.70 1,01,470 29.57
15 Medium & Light Sections M.T 9,520 30.78 7,839 25.74
16 Iron ore pellets M.T 26,37,971 1,193.94 23,49,169 1,006.04
17 Others M.T - 234.12 - 134.80
Total 5,498.98 5521.14
b. Traded Goods
1 Power Million KWH 10 3.40 14 5.87
2 Others M.T. 0.05 - -
Total 3.45 5.87
Total Inter-divisional Transfers (B) 5,502.34 5,498.89

III) Other Operating Revenues:

Sl. No. Particulars Current year Previous year
1 Scrap Sale 4.56 12.65
2 Export incentives 73.43 53.49
3 Aviation Income 24.79 11.44
4 Others 5.28 9.77
Total (C) 108.06 87.35
Total (A + B + C) 19,601.71 20,071.03
LESS :- INTER DIvISIONAL TRANSFERS (5,502.34) (5,527.01)
LESS :- CAPTIvE SALES FOR OWN PROJECTS (709.02) (717.73)
REvENUE FROM OPERATIONS (NET) 13,390.35 13,826.29

g) Sales include goods issued for Projects/Captive* :

Sl. No. Particulars Unit

Current Year

Previous Year

Quantity Amount Quantity Amount
1 MS Round M.T - - - -
2 Power MILLION KWH 346 172.46 358 178.44
3 Parallel Flange Beams / Columns M.T 2,346 6.92 2,850 10.57
4 Plate & Coil M.T 17,365 64.14 21,341 75.79
5 Other Semi Steel Products (Trial period) M.T - - - -
6 Other Finished Steel Products M.T 3,096 9.65 812 2.73
7 Other Semi Steel Products M.T 3,282 7.77 35 0.11
8 Fabricated Structures M.T 37,188 205.67 40,944 215.60
9 Cement M.T 42,909 11.83 58,991 19.55
10 MLSM M.T 2,041 5.89 3,091 10.45
11 Machineries M.T 6,443 100.80 6,856 76.06
12 Wire Rod M.T - - 3,712 10.28
13 Bars M.T 4,213 12.41 6,167 19.29
14 Others M.T 2,68,911 111.48 1,01,470 98.87
Total 709.02 717.73

*Cost of captive sales (reduced from total expenditure) includes interest on internal manufactured goods consumed in capital projects which is not separately ascertainable.

h) C.I.F. value of Imports:

Sl. No. Particulars Current Year Previous Year
1 Raw Material & Fuel 2,029.79 1,976.38
2 Components & Spare Parts 243.27 277.43
3 Capital Goods & Others 214.40 1,345.97
Total 2,487.46 3,599.78

i) Break up of consumption of Raw Materials and Stores & Spares into Imported and Indigenous:

Sl. No. Particulars

Current year

Previous year

Amount % Amount %
a) Raw material
i) Imported (includes purchased through canalising agencies, high seas sales & others) 1,559.00 35.66 1,919.04 44.28
ii) Indigenous 2,812.56 64.34 2,414.48 55.72
4,371.56 100.00 4,333.52 100.00
b) Stores & spares
i) Imported (includes purchased through canalising agencies, high seas sales & others) 328.13 20.73 322.74 17.03
ii) Indigenous 1,254.99 79.27 1,572.79 82.97
1,583.11 100.00 1,895.53 100.00
c) Coke & coal
i) Imported (includes purchased through canalising agencies, high seas sales & others) 506.79 63.78 276.37 64.16
ii) Indigenous 287.75 36.22 154.41 35.84
794.53 100.00 430.78 100.00

j) Expenditure in Foreign Currency (As Remitted):

Sl. No. Particulars Current Year Previous year
1 Travelling 2.96 0.75
2 Interest & Arrangement Charges 35.87 48.64
3 dividend* 14.34 8.01
4 Technical Knowhow Fees 7.21 10.13
5 Others 181.11 40.72
Total 241.49 108.25

*Dividend paid to non-resident shareholders

2014-15

2013-14
Dividend for the year 2013-14 2012-13 2012-13
Amount in crore 10.82 3.52 8.01
No. of equity shares 72,111,100 22,000,000 50,064,040
No. of share holders 38 3 35

k) Earnings in Foreign Currency:

Sl. No. Particulars Current year Previous year
1 FOB value of Export Sales 1,661.75 2,832.02
2 Others 1.72 -
Total 1,663.47 2,832.02

39. In accordance with the Companies Act 2013, the Company has revised the useful life of their fixed assets to comply with the useful life as mentioned in Schedule II of the said Act. As per the transitional provisions the Company has adjusted Rs 106.57 crore (net of tax of Rs 56.40 crore) from the opening balance of retained earnings. Had the Company continue to follow earlier useful life the depreciation expense for the year would have been lower by Rs 145 crore.

40. 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 levy of Rs 295 per MT on gross coal extracted from the operational mines from 1993 to till date. The final hearing of the Hon'ble Supreme Court of India for review petition filed by the Company towards order relating to challenging cancellation of coal blocks is still pending.

i. The Company has paid under protest such levy on coal extracted during the period from 1993 to 24 September 2014 of Rs 1,989.83 crore. The management based on legal opinion has accounted for Rs 768.91 Crore computed on net extraction (run of mines less shale, rejects and ungraded middling) of coal by the Company. The said amount has been shown as exceptional item in the result and balance amount of Rs 1,220.92 crore has been shown as recoverable from the Government Authority since the entire amount of additional levy has been paid under protest.

ii. Consequent to above, the Company has also provided Rs 38.86 Crore as levy against coal extracted (run of mines less shale, rejects and ungraded middling) from 25 September 2014 till 31 March 2015. The said amount has also been shown as exceptional item.

iii. The Company has net book value of investment made in mining assets including land, infrastructure and clearance etc. of Rs 419.72 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, 2014 given by the Ministry of Coal on such mines.

41. DISCLOSURES AS REQUIRED BY ACCOUNTING STANDARD (AS-18) RELATED PARTY DISCLOSURES

A List of Related Parties and Retainership

a) Subsidiaries, Step down Subsidiaries

I. Subsidiaries

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) (upto 05.02.2015)

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

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

8 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 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 JINDAL Brasil Mineragao S/A (ceased to exist as subsidiary w.e.f. 25.03.2015)

13 Jindal Investimentos LDA

14 Jindal Investment Holding Limited.

15 Jindal KZN Processing (Pty) Limited

16 Jindal Madagascar SARL

17 Jindal Mining & Exploration Limited

18 Jindal Mining Namibia (Pty) Limited

19 Jindal Steel & Minerals Zimbabwe Limited

20 Jindal Steel & Power (BC) Limited

21 Jindal Steel and Power(Australia) Pty Limited

22 Jindal Tanzania Limited

23 Jindal Zambia Limited

24 JSPL Mozambique Minerais LDA

25 Jublient Overseas Limited

26 Landmark Mineral Resources (Pty) Limited

27 Osho Madagascar SARL

28 Panacore Investment Limited, Mauritius (ceased to exist as subsidiary w.e.f 08.04.2014)

29 PT Jindal Overseas

30 Rolling Hills Resources LLC (under liquidation)

31 Shadeed Iron & Steel L.L.C

32 Sungu Sungu Pty Limited

33 Tablet Blue Trade and Invest (Pty) Limited

34 Trans Asia Mining Pte. Limited

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

36 vision Overseas Limited

37 Wollongong Coal Limited

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

39 Jindal Mauritania SARL

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

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

21 Meepong Energy (Mauritius) (Pty) Limited, a subsidiary of CIC (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 Core Ambition Limited, a subsidiary of Panacore Investment Limited (ceased to exist as subsidiary w.e.f 08.04.2014)

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

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

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

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

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

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

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

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

34 Koleko Resources (Pty) Limited, a subsidiary of Jindal Africa I nvestment (Pty) Limited (ceased to exist as associates w.e.f. 11.10.2014)

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

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

b) Associates

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

2 JB FabInfra Private Limited (became subsidiary w.e.f. 10.10.2014)

3 Koleko Resources (Pty) Limited (became subsidiary w.e.f. 12.10.2014)

4 Nalwa Steel & Power Limited

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

6 Prodisyne (Pty) Limited

7 Thuthukani Coal (Pty) Limited

8 Everbest Steel and Mining Holdings Limited (formerly known as Everbest Infrastructure & Development) (w.e.f 06.02.2015)

c) Joint Ventures

1 Jindal Synfuels Limited

2 Shresht Mining and Metals Private Limited

3 Urtan North Mining Company Limited

d) Key Management Personnel

1 Shri Naveen Jindal (Chairman )

2 Shri Ravi Uppal (MD & CEO)

3 Shri K.Rajagopal (Group CFO & director)

4 Shri D.K. Saraogi (wholetime director)

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

1 Opelina Finance and Investment Limited

2 Gagan Infraenergy Limited

3 Jindal Systems Private Limited

4 Minerals Management Services (India) Private Limited

5 YNO finvest Private Limited

6 Jindal Rex Exploration Private Limited

7 OPJ Trading Private Limited

8 Templar Investments Limited

9 Dantra Enterprises Private Limited

10 Glebe Trading Private Limtied

11 Groovy Trading Private Limited

12 Sahyog Tradcorp Private Limited

13 virtuous Tradcorp Private Limite

14 Sonabheel Tea Ltd

15 Jindal Stainless Ltd

16 Jindal Industries Limited

17 Worldone Trading Private Limited formerly (Jindal Coal pvt Ltd)

18 Abhinandan Investment Limited

19 Bir Platation Limited

20 Bonanaza Trading Company P Limited

21 Colorado Trading Co Limited

22 India Flysafe Aviation Limited

23 India venture Advisors Private Limited

24 Jindal Realty Private Limtied

25 Jindal Saw Limited

27 JSW Steel Limited

28 Nalwa Engineering Company Limited

29 Nalwa Investment Limited

30 Rohit Tower Building 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* 1,005.85 1,520.27 - - 164.77 114.30
Sales Of Goods (Incl Capital Goods)* 312.00 819.29 - - 1,190.71 911.73
Rendering Of Services 6.44 4.67 - - - -
Investment In Equity Shares/Preference Share 48.87 19.78 - - - -
Adv Against Share/ Debenture Application Money 13.45 18.90 - - - 3.96
Other Advances Given/(Taken) (0.66) 42.12 - 0.64 - 9.74
Rent And Other Exenses Paid - 0.37 - - 1.21 0.34
Interest Income/(Expense){Net} (223.42) (160.91) - - 35.05 31.27
dividend Income/(Expense) - 130.06 - - - (23.60)
Remuneration - - 28.96 45.81 - -
Lease Rent Income - 0.05 - - - -
Corporate Guarantees Given/(extinguish) (2,847.02) (1,809.01) - - - -
Inter Corporate deposits Given** 14.19 168.50 - - - -
Inter Corporate deposits Repaid/Adjusted - 864.79 - - - -
Inter Corporate deposits Taken - 3,019.00 - - - -
Inter Corporate deposits Refunded - 2,302.50 - - - -
Outstanding Balance at the year end
Inter Corporate deposits Taken 2,111.90 2,455.06 - - - -
Guarantees Outstanding 3,917.43 6,660.51 - - - -
Advance/Security deposit paid 11.76 12.42 - - 8.50 37.91
Loans & Advances (Including Interest) 390.31 457.09 - - 485.73 411.59
Security deposit receipt (100.00) (100.00) - - - -
Advance Against Share Application 0.18 74.91 - - - 37.16
Investment In Equity Shares/debentures 1,732.70 1,651.19 - -
debtors- Dc Balance 7.16 91.01 - - 73.48 141.93
Cr. Balance 19.56 7.18 0.71 1.56
Creditors- Dc Balance 9.89 34.43 - - 24.31 90.74
Cr. Balance 187.82 54.36 - - 26.86 2.70

*Figures are inclusive of taxes and other expenses reimbursed

** Pertains to Foreign Currency gain or loss

Disclosure in respect of Material Related party transactions during the year

Material transactions with Subsidiaries, Step Down Subsidiaries and Associates

Name of Related Party 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 Angul Sukinda Railway Limited
Relationship Year Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate
Purchase 2014-15 193.72 - - - 43.60 164.80 178.52 -
of Goods/ Services 2013-14 216.03 - - - 122.88 360.89 241.67 -
Sales Of Goods 2014-15 229.66 - - - - 6.51 - -
(Incl Capital Goods)* 2013-14 171.78 - - - - 572.57 0.62
Rendering of services 2014-15 6.44 - - - - - - -
2013-14 4.67 - - - - - - -
Investment of Equity Shares/ Preference Shares 2014-15 - - - - - - - 5.00
2013-14
Other 2014-15 - - - - - - - -
Advances Given/(Taken) 2013-14 3.68 - - - - (1.07) - -
Interest 2014-15 - 14.46 -
Income 2013-14 - 18.61 -
Interest 2014-15 237.88 - - - - - - -
Expense dividend income/ (expense) 2013-14 179.52 - - - - - - -
2014-15 - - - - - - - -
2013-14 130.06 - - - - - - -
Corporate 2014-15 - (2,758.55) - (1.94) - (47.78) - -
Guarantees Given/ (extinguish) 2013-14 (2,175.56) (1.94 ) 368.49
Inter corporate deposits given** 2014-15 - 14.19 - - - - - -
2013-14 - 168.50 - - - - - -
Inter corporate deposits repaid/ adjusted 2014-15 - - - - - - - -
2013-14 (864.79)
Inter corporate deposits taken 2014-15 - - - - - - - -
2013-14 3,019.00 - - - - - - -
Inter corporate deposits refunded 2014-15 - - - - - - - -
2013-14 2,302.50 - - - - - - -

*Figures are inclusive of taxes and other expenses reimbursed

** Pertains to Foreign Currency gain or loss

Disclosure in respect of Material Related party transactions during the year

Material transactions with Subsidiaries, Step Down Subsidiaries and Associates

Name of Related Party Nalwa Steel & Power Limited JB Fabinfra Pvt. Ltd. Jindal Synfuels Ltd. Shresht Mining and Metals Private Limited Urtan North Mining Company Limited Trishkti Real Estate Pvt Ltd. Everbest Steel and Mining Holdings Limited Wongawilli Coal Pty Ltd Wollongong Coal Ltd.
Relationship Year Associate Subsidiary Joint Joint Joint Subsidiary Subsidiary/ Subsidiary Subsidiary
Venture venture venture Associates
Purchase of Goods/ Services 2014-15 390.16 7.59 - - - - - 15.40 12.05
2013-14 445.84 - - - - - - - -
Sales Of Goods (Incl Capital Goods)* 2014-15 75.76 0.06 - - - - - - -
2013-14 73.53 - - - - - - -
Rendering of services 2014-15 - - - - - - - - -
2013-14 - - - - - - - - -
Investment of 2014-15 - 1.02 - 5.69 - 37.16 - - -
Equity Shares/ Preference Shares 2013-14 - - - - - - - - -
Advance against share/ debenture application money 2014-15 - - 12.63 0.65 0.17 (0.00) - - -
2013-14 - - - - - 3.96 - - -
Other 2014-15 - - - - - - - - -
Advances Given/(Taken) 2013-14 39.50 - - - - - - - -
Interest 2014-15 - - -
Income 2013-14 - - -
Interest 2014-15 - - - - - - - - -
Expense dividend income/ (expense) 2013-14 - - - - - - - - -
2014-15 - - - - - - - - -
2013-14 - - - - - - - - -
Corporate 2014-15 - - - (38.75) - - - - -
Guarantees Given/ (extinguish) 2013-14 - - - - - - - - -
Inter corporate deposits given** 2014-15 - - - - - - - - -
2013-14 - - - - - - - - -
Inter corporate deposits repaid/ adjusted 2014-15 - - - - - - - - -
2013-14 - - - - - - - - -
Inter corporate deposits taken 2014-15 - - - - - - - - -
2013-14 - - - - - - - - -
Inter corporate deposits refunded 2014-15 - - - - - - - - -
2013-14 - - - - - - - - -

*Figures are inclusive of taxes and other expenses reimbursed

**Pertains to Foreign Currency gain or loss

2. Material transactions with Enterprises controlled by Key Management Personnel

Name of Related Party JSW Steel Ltd. Mumbai / Bellary JSW Energy Limited Jindal Saw Limited Jindal Stainless Ltd. Hissar, Jajpur India Flysafe Aviation Limited Jindal Reality Pvt. Ltd.
Relationship Year
Purchase Of Goods/ Services* 2014-15 5.85 - 24.57 59.59 55.23 -
2013-14 20.15 - 32.05 9.30 52.81 -
Sales Of Goods (Incl 2014-15 209.04 0.46 968.24 10.79 0.98 0.77
Capital Goods)* 2013-14 234.82 0.18 653.33 18.75 1.31 1.94
Other advances given/ (taken) 2014-15 - - - - - -
2013-14 9.10 - - - - 0.64
Interest income 2014-15 - - - - - 35.05
2013-14 0.31 - - 0.01 - 30.95

*Figures are inclusive of taxes and other expenses reimbursed

Material transactions with Enterprises controlled by Key Management Personnel

Name of Related Party Minerals Management Service (India) Pvt. Ltd. Bir Plantation Pvt. Ltd. Rohit Towers Private Limited Jindal Industries Ltd JSW Steel Coated Product Ltd JSW Projects Limited
Relationship Year
Purchase Of Goods/ 2014-15 - - - 6.31 13.22 -
Services* 2013-14 - - - - - -
Sales Of Goods (Incl Capital Goods)* 2014-15 - - - - 0.19 0.24
2013-14 1.40 - - - - -
Other advances given/ (taken) 2014-15 - - - - - -
2013-14 - - - - - -
Rent and Other 2014-15 - 0.06 1.15 - - -
Expense 2013-14 - - - - - -

*Figures are inclusive of taxes and other expenses reimbursed

Material Transections with Key Management Personnel

Particulars year Shri Naveen Jindal Shri Ravi Uppal Shri K Rajagopal Shri Sushil Maroo Shri Anand Goel Shri DK Saraogi
Remuneration 2014-15 14.78 9.01 3.75 - - 1.42
2013-14 36.95 3.36 1.20 1.97 0.95 1.31
Loans and advances given 2014-15 - - - - - -
2013-14 - 0.64 - - - -

42. Expenditure related to Corporate Social Responsibility as per section 135 of the Companies Act, 2013 read with schedule VII thereof

a) Amount spent during the year on;

1 Construction/acquisition of any assets -
2 On purpose other than (i) above 49.78*
Total 49.78

* Includes under various heads of account

43. During the current year, the Company has paid excess managerial remuneration of Rs 7.01 crore to the Chairman and Rs 0.62 crore to Managing director and 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 Companies Act, 2013 subject to the approval of Central Government. The Company has filed/in the process of filing of necessary application(s) for payment / ratify and confirm the waiver of recovery of excess managerial remuneration paid to them, with the Central Government, the approval of the Central Government is pending, wherever application is filed.

44. Information under Section 186(4) of the Companies Act, 2013.

Particulars As at 31st March 2014 Given Repaid As at 31st March 2015
a) Loans Given
i) To wholly Owned Subsdiary (includes reinstatement of foreign currency loan ) 342.29 - - 356.48
ii) In the form of unsecured short term Inter Corporate Deposits 464.03 1.61 100.00 365.64
Total 806.32 1.61 100.00 722.12

b) Investments Mode

There are no investments by the company other than thoes stated under Note no. 13 (i) &(ii) in the financial Statements

Particulars As at 31st March 2015
c) Guarantees given
i) To secure obligations of Wholly Owned Subsidiary-Guarantees to Banks 3,469.01
ii) To Banks to secure obligations of other parties:
- Guarantees 448.67
- Commitment for meeting shortfall funding towards revolving debt service reserve account (DSRA) obligaton against financial facilities availed by the borrowers (Refer Note No 29 (j) in the Financial Statements) -
3,917.68

d) Securities given

There are no securities given during the year.

45. Previous year's figures have been regrouped whenever necessary to conform with this year's classification.

As per our report of even date for & on behalf of the Board of Directors
For S.R.Batliboi & Co. LLP Naveen Jindal Ravi Uppal
Chartered Accountants Chairman Managing Director & Group CEO
Firm Registration No. 301003E Din:00001523 DIN: 00025970
Anil Gupta Harish Dua Jagdish Patra
Partner Acting CFO Vice President & Group Company Secretary FCS: 5320
Membership No. 87921 DIN: 00135666

Place : new Delhi

Dated: 27th May, 2015

   

  A    |   B   |   C    |  D    |    E    |  F  |    G   |   H  |  I  |    J   |   K  |   L  |    M  |   N  |   O  |   P  |  Q  |  R  |  S  |  T   |  U   |   V   |    W   |  X   |  Y  |    Z
Left Decrease Increase Right SEBI Regn. No. NSE: INB/INF/INE 230881235   |   BSE: INB/INF/INE 010881234   |   DSE: INB 050881235   |   MCX-SX : INE 260881235  |   USE - INE 270881235   |   NSDL- DP ID: IN-DP-NSDL-14-96   |   CDSL DP ID: IN-ID-CDSL-43-99         Commodity Membership No.: MCX-10705, NCDEX-0016, NMCE-CL0044, NSPOT-10002, NSEL-10700, SNX-2255, ICEX-1025   |   Dubai Gold and Commodity Exchange (DGCX)-3035   |   Indian Energy Exchange (IEX)- Electricity Trading N2DLOAIL0000
4E/2, Jhandewalan Extension New Delhi Delhi 110 055 India
Copyright@2012 Alankit . All rights reserved. Designed, developed and powered by C-MOTS Infotech (ISO 9001:2008 certified)