an over eye scenario on sez - chapter 4

7/28/2019 An Over Eye Scenario on SEZ - Chapter 4

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TRIDENT ACADEMY OF TECHNOLOGY, BBSR, ORISSABIJU PATTNAYAK UNIVERSITY OF TECHNOLOGY, ORISSA


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Project Report of Sabir Kumar Dash (MBA) on FINANCE

INTERPRETATION OF BALANCE SHEET

Working Capital

0

200000

400000

600000

800000

1000000

2006 2007 2008

Current Assets Current Liabilities

Working Capital

The working Capital for the year 2007 was Rs.50917.57 Lakhs which shows the

absolute decrease of Rs.7621.02 Lakhs (i.e., 13%) over the previous year. The

working capital for the year 2008 was Rs.173955.17 Lakhs, which shows that

absolute increase of Rs.123037.60 Lakhs (i.e., 241.64%) over the previous year.

The reason for decrease in WC in 2007 is that the percentage of increase in

Current Liabilities (i.e., 74.75%) is more than the percentage of increase in current

assets (i.e., 44.95%)


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Particulars 2006 2007 2008

Liquid Assets (sundryDebtors, Cash & Bank

Balance, Loan &

Advances)

103,693.20 142,970.79 237,225.84

Absolute change 39,277.59 94,255.05

Percentage change 37.88% 65.93%

Short term Liquidity

0.00

50,000.00

100,000.00

150,000.00

200,000.00

250,000.00

2006 2007 2008

Liquid Assets Absolute Change

The short term liquidity position of the company is

satisfactory as the liquid asset of the company shows an

up word trend.


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Long Term financial Position.

Particulars

Year 2006 2007 2008 2007 2008

Fixed Assets 260,083.04 378,077.72 478,574.49 117,994.68 100,496.77

Long Term Loans & Capitals 223,707.43 269,997.25 433,701.02 46,289.82 163,703.77

Amount (Rs In Lakhs) Absolute change (Rs. In Lakhs)

Both the Fixed Assets and Long Term Loans & Capital were in an increasing

trend for all the years, but the amount of increasing in Fixed Assets is more

than that of the amount of increase in Long Term Loans & Capital. That means

the Long Term Loans & Capital is not sufficient to finance the entire Fixed

Assets but the working capital of the company not adversely affected because

the company having a huge amount of Reserves and Surpluses to finance the

Fixed Assets.

2006 2007 20080.00

200,000.00

400,000.00

600,000.00

Fixed Assets

Long termloans &Capitals


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JSL Financial Statement for last 5

years

Balance Sheet

Profit & Loss Account

Cash flow statementQuarterly result

Capital Structure

Raw Materials

Finished Materials

Key Financial Ratios &

Yearly Result

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7/21

Balance Sheet -------in cr. -----

Particulars March' 04 March' 05 March' 06 March' 07 March' 082Sources of Funds

Total Share Capital 19.98 21.98 26.11 27.64 30.92

Equity share capital 19.98 21.98 26.11 27.64 30.92

Share application money 0 0 0 15.14 52.61

Preference share capital 0 0 0 0 0

Researves 537.25 770.79 983.1 1374.13 1757.14

Revaluation Researves 0 0 0 0 0

Net Worth 557.23 792.77 1009.21 1416.91 1840.67

Secured Loans 656.59 1025.88 1905.01 2228.95 3820.34

Unsecured Loans 108.55 320.82 288.81 427.37 469.71

Total Debt 765.14 1346.7 2193.82 2656.32 4290.05

Total Liabilities 1322.37 2139.47 3203.03 4073.23 6130.72

March' 04 March' 05 March' 06 March' 07 March' 08

Application of Funds

Gross Block 1416.34 1703.84 2196.7 3325.97 4209.09

Less: Accumilated Depr. 190.07 320.59 419.67 602.28 797.12

Net Block 1226.27 1383.25 1777.03 2723.69 3411.97

Capital work in progress 85.91 349.34 628.5 1057.09 1373.77

Investments 31021 193 310.22 188.56 93.29

Inventories 433.88 520.98 687.36 1069.73 2194.65

Sundry Debtors 144.46 326.59 350.43 580.41 753.66

Cash & Bank Balance 22.07 9.44 15.57 90.29 71.06

Total Current Assets 600.41 857.01 1053.36 1740.43 3019.37

Loans & Advances 242.48 450.67 687.33 655.85 893.31

Fixed Deposits 9.7 47.33 181.5 105.95 669.26Total CA, Loans &

Advances 852.59 1,355.01 1,922.19 2,502.23 4,581.94

Differed Credit 0 0 0 0 0

Current Liabilities 839.77 1,018.50 1,261.39 2,189.30 3,058.56

Provisions 35.84 124.23 175.54 211.33 287.55

Total CL & Provisions 875.61 1,142.73 1,436.93 2,400.63 3,346.11

Net Current Assets -23.02 212.28 485.26 101.6 1,235.83

Miscellaneous Expenses 2 1.61 2.04 2.31 15.88Total Assets

1,322.37 2,139.48 3,203.05 4,073.25 6,130.74Contingent Liabilities 340.61 962.83 1,439.70 968.83 2,715.05

Book Value (Rs) 55.77 72.13 77.3 101.42 115.67



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Profit & Loss Account -------in cr. -----

Particulars March' 04 March' 05 March' 06 March' 07 March' 082IncomeSales Turnover 2,605.58 3,416.57 3,496.59 5,269.29 5,699.17Excise Duty 188.69 230.84 338.18 397.13 593.9Net Sales 2,416.89 3,185.73 3,158.41 4,872.16 5,105.27Other Income 18.27 36.52 36.91 86.55 63.38Stock Adjustments 15.59 129.14 83 127.33 787.98Total Income 2,450.75 3,351.39 3,278.32 5,086.04 5,956.63ExpenditureRaw Materials 1,613.76 2,381.46 2,270.62 3,357.16 4,150.51Power & Fuel Cost 182.69 210.04 300.74 436.13 561.78Employee Cost 35.88 49.79 53.47 73.52 103.62Other Manufacturing Expenses 105.55 55.3 58.08 57.23 64.12Selling and Admin Expenses 87.63 96.06 128.45 218.22 209.16Miscellaneous Expenses 6.99 12.44 9.68 12.73 17.73Preoperative Exp Capitalized 0 0 0 0 0Total Expenses 2,032.50 2,805.09 2,821.04 4,154.99 5,106.92

Mar '04 Mar '05 Mar '06 Mar '07 Mar '08Operating Profit 399.98 509.78 420.37 844.5 786.33PBDIT 418.25 546.3 457.28 931.05 849.71Depreciation 106.91 130.99 136.11 216.1 252.38Other Written Off 1.71 0.39 0.36 0.47 0.39Profit Before Tax 232.89 357.54 236.64 557.03 367.74Extra-ordinary items -0.03 0.24 3.44 -4.63 2.6PBT (Post Extra-ord Items) 232.86 357.78 240.08 552.4 370.34Tax 68.58 111.92 80.35 199.41 129.36Reported Net Profit 164.19 245.85 159.73 358.32 241.17Total Value Addition 418.74 423.63 550.42 797.82 956.41Preference Dividend 0.21 0 0 0 0Equity Dividend 19.38 26.38 20.89 27.78 32.43Corporate Dividend Tax 2.51 3.57 2.93 4.06 5.54Per share data(annualised)Shares in issue (lakhs) 999.12 1,099.10 1,305.52 1,382.21 1,545.85Earning Per Share (Rs) 16.41 22.37 12.23 25.92 15.6Equity Dividend (%) 100 120 80 80 100Book Value (Rs) 55.77 72.13 77.3 101.42 115.67


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Cash flow -------in cr. -----

Particulars March' 04 March' 05 March' 06 March' 07 March' 082

Net Profit Before Tax 263.62 357.81 242.77 557.73 406.66

Net Cash From Operating

Activities 359.18 314.42 314.33 852.64 86.71

Net Cash (used in)/from

-245.41 -803.18 -996 -1167.38 -1057.17Investing Activities

Net Cash (used in)/from

Financing Activities -114.75 513.76 823.1 313.9 1469.81Net (decrease)/increase In

Cash and Cash Equivalents -0.98 25 141.43 -0.83 499.34

Opening Cash &

Cash Equivalents 32.75 56.77 56.77 197.07 196.24

Closing Cash &

Cash Equivalents 31.77 31.77 198.2 196.24 695.58


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Quarterly result -------in cr. -----

Particulars March' 08 June'08 Sep'08 Dec' 08 March' 09

Sales Turnover 1,496.28 1,577.43 1,094.90 844.03 1,345.84

Other Income 2.93 4.59 4.37 5.29 -3.34

Total Income 1,499.21 1,582.02 1,099.27 849.32 1,342.50

Total Expenses 1,254.10 1,345.00 922.92 1,095.28 1,151.10Operating Profit 242.18 232.43 171.98 -251.25 194.74

Profit On Sale Of Assets -- -- -- -- --

Profit On Sale Of Investments -- -- -- -- --

Gain/Loss On Foreign

Exchange -- -- -- -- --

VRS Adjustment -- -- -- -- --

Other Extraordinary

Income/Expenses -- -- -- -- --

Total Extraordinary

Income/Expenses -36.13 -- -144.11 -144.34 -310.69

Tax On Extraordinary Items -- -- -- -- --Net Extra Ordinary

Income/Expenses -- -- -- -- --

Gross Profit 245.11 237.02 176.35 -245.96 191.4

Interest 46.23 122.63 66.42 86.79 37.55

PBDT 162.75 114.39 -34.18 -477.09 -157.08

Depreciation 71.09 70.67 65.29 74.96 102.16

Depreciation On Revaluation Of

Assets -- -- -- -- --

PBT 91.66 43.72 -99.47 -552.05 -259.24

Tax 38.55 15.3 -30.83 -173.67 -98.03

Net Profit 53.11 28.42 -68.64 -378.38 -161.21

Prior Years Income/Expenses -- -- -- -- -0.24

Depreciation for Previous Years

Written Back/ Provided -- -- -- -- --

Dividend -- -- -- -- --

Dividend Tax -- -- -- -- --

Dividend (%) -- -- -- -- --

Earnings Per Share 3.44 1.75 -- -- --

Book Value -- -- -- -- --

Equity 30.92 32.43 32.43 32.43 32.43Reserves -- -- -- -- 1,257.91

Face Value 2 2 2 2 2


11/21

The Following table sets out the capital expenditure for the

Seven financial periods ended March 31, 2008

Capital Structure

In the year ending March 31,2010 & 2011 capital structure is

expected to be approximately Rs. 1,21,000 Crores & Rs.

1,43,000 Crores respectively, for its stainless steel project &

the upgrading & maintenance of its plant.

Capital

Structure

Period Instrument --- CAPITAL

(Rs. cr) ---

- P A I D U P

-

From To Authorised Issued Shares (nos) Face Value Capital

2007 2008 Equity Share 95 30.92 154584932 2 30.92

2006 2007 Equity Share 54.9 27.64 138221206 2 27.64

2005 2006 Equity Share 54.9 26.11 130551856 2 26.11

2004 2005 Equity Share 54.9 21.98 109909844 2 21.98

2003 2004 Equity Share 54.9 19.98 99912320 2 19.98

2002 2003 Equity Share 54.9 0.05 50700 10 0.052001 2002 Equity Share 0.9 0 700 10 0


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Raw Materials ------------------- in Rs. Cr. ------------------- Mar 2008

Product Name Unit Quantity Value

Steel Scrap/Sponge Iron Metric Tonnes 428,126 2,091.44

Ferro Nickel Metric Tonnes 7,290 693.17

Others Not Reported NA 376.64

Chrome Ore Lumps Metric Tonnes 291,721 231.64

Silica Manganese Metric Tonnes 39,764 217.44

Ferro Chrome/Charge Chrome Metric Tonnes 18 128.81

Leco/Hard/Oil/Ash/Nut Coke Metric Tonnes 183,358 106.98

Ferro Manganese Metric Tonnes 20,939 101.03

Ferro Silicon Metric Tonnes 11,229 50.17

Chrome Ore Metric Tonnes 6,461 13.73

Manganese Ore Metric Tonnes 7,123 11.09

Molasses Metric Tonnes 24,575 9.67

Cold Rolled Strips (M.S) Metric Tonnes 102 0.99

Quartz Metric Tonnes 9,999 0.28

Total 4033.08


13/21

Of JSL Ltd.

Finished Products ---------------------- in Rs. Cr. --------------------- Mar 2008

Product Name Unit Installed Production Sales Sales

Capacity Quantity Quantity Value

Hot Rolled Strips (S.S) - NA 2,646.00 142,777.00 2,344.98

Cold Rolled Strips (M.S) Metric Tonnes 250,000 156,759.00 143,414.00 1,862.00

Flats - NA 148,725.00 145,225.00 867.44

Steel (Cold Rolled) Metric Tonnes 12,000 13,854.00 14,433.00 243.08

High Carbon Ferro Chrome Metric Tonnes 40,000 109,908.00 36,067.00 192.54

Export Incentives - NA NA NA 53.56

- NA 57,079.00 39,430.00 31.51

Cold Rolled SS Blank - NA NA 1,307.00 25.97

S.S Welded Tubes/Pipes - NA NA 1,229.00 19.75

Chrome Concentrate - NA 25,070.00 14,532.00 15.58

Bloom/Slab - NA 937 937 11.91

Job Work - NA NA NA 9.97

Silico Manganese - NA 1,886.00 1,127.00 8.11Nickel - NA NA 39 5.41Power - NA 82 23 2.9

Shreadded Scrap - NA NA 1,911.00 2.3

Commission - NA NA NA 0.97

Other Goods - NA NA NA 0.97

Oxygen Gas Millions Cu Metres 5550,839,867.00 193,369.00 0.15

Nitrogen Gas - NA NA 113,336.00 0.09

Steel Melting Metric Tonnes 650,000 NA NA 0

Steel Scrap/Sponge Iron - NA NA NA 0

SS Wire Rod/Round/Square- NA NA NA 0

Plate/Stecker Mill Metric Tonnes 450,000 NA NA 0

Machinery (Industrial) Numbers 209 NA NA 0

Argon Gas Millions Cu Metres 2 1,217,999.00 NA 0

Ferro Manganese (Value

Added)

- NA 686 NA 0

Ferro Alloys Metric Tonnes 225,000 NA NA 0

Cupro Nickel Metric Tonnes 6,000 116 NA 0

Cold Rolled SS Circle - NA NA NA 0

Coins Blank - NA NA NA 0

Strip Mill/Tandem Mill Metric Tonnes 250,000 NA NA 0

Total 5699.19


14/21

Of JSL Ltd.

JSL March' 04 March' 05 March' 06 March' 07 March' 08

Investment Valuation Ratios

Face Value 2 2 2 2 2Dividend Per Share 2 2.4 1.6 1.6 2

Operating Profit Per Share (Rs) 40.03 46.38 32.2 61.1 50.87

Net Operating Profit Per Share

(Rs) 241.9 289.85 241.93 352.49 330.26

Free Reserves Per Share (Rs) 50.68 67.11 69.36 91.54 105.18

Bonus in Equity Capital -- -- 19.73 18.64 16.66

Investment Valuation Ratios

Profitability Ratios


Profitability Ratios

Operating Profit Margin(%) 16.54 16 13.3 17.33 15.4

Profit Before Interest And Tax

Margin(%) 11.86 11.75 8.87 12.64 10.25

Gross Profit Margin(%) 15.64 15.4 12.04 16.01 10.45

Cash Profit Margin(%) 10.97 11.69 9.24 11.55 10.15

Adjusted Cash Margin(%) 12.49 11.68 9.33 11.79 10.15Net Profit Margin(%) 6.64 7.63 4.98 7.2 4.63

Adjusted Net Profit Margin(%) 8.09 7.61 5.07 7.43 4.63

Return On Capital

Employed(%) 26.11 19.37 10.2 17.83 10.35

Return On Net Worth(%) 29.47 31.01 15.83 25.29 13.6

Adjusted Return on Net

Worth(%) 35.99 30.99 16.11 26.4 15.57

Return on Assets Excluding

Revaluations 55.57 71.98 77.15 101.25 114.64

Return on Assets Including

Revaluations 55.57 71.98 77.15 101.25 114.64

Return on Long TermFunds(%) 29.39 20.12 10.93 18.47 11.31


15/21


Current Ratio 0.73 1.04 1.03 0.94 1.07

Quick Ratio 0.48 0.73 0.86 0.6 0.71

Debt Equity Ratio 1.37 1.7 2.17 1.89 2.4

Long Term Debt Equity Ratio 1.11 1.6 1.96 1.8 2.14

Liquidity & solvency Ratios

Debt Coverage Ratios

Interest Cover 5.12 8.34 4.21 4.94 2.97

Total Debt to Owners Fund 1.37 1.7 2.17 1.89 2.4

Financial Charges Coverage

Ratio 5.92 9.51 5.5 5.99 3.87

Financial Charges Coverage

Ratio Post Tax 4.55 7.57 4.52 4.65 3.16

Debt Coverage Ratios

Management Efficiency Ratios


Inventory Turnover Ratio 5.69 6.18 4.66 4.65 2.77

Debtors Turnover Ratio 16.88 13.53 9.33 10.47 7.65

Investments Turnover

Ratio 6.7 7.07 5.62 5.26 2.77

Fixed Assets Turnover

Ratio 1.95 2.1 1.53 1.58 1.22

Total Assets Turnover

Ratio 1.83 1.49 0.99 1.2 0.83

Asset Turnover Ratio 1.71 1.88 1.44 1.47 1.22


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Profit & Loss Account Ratios


Material Cost Composition 66.77 74.75 71.89 68.9 81.29

Imported Composition of Raw

Materials Consumed 44.14 43.54 47.16 51.86 61.73

Selling Distribution Cost

Composition 3.06 2.36 3.1 3.71 3.22

Expenses as Composition of

Total Sales 40.17 32.05 35.59 46.52 34.2

Earning per Share Vs Book Value

Mar '04 Mar '05 Mar '06 Mar '07 Mar '08

Earnings Per Share 16.41 22.37 12.23 25.92 15.60

Book Value 55.77 72.13 77.30 101.42 115.67


17/21

Yearly result -------in cr. -----

JSL Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Sales Turnover 3,189.19 3,200.70 4,877.50 5,169.16 4,862.20

Other Income 5.67 17.45 18.93 27.55 10.91

Total Income 3,194.86 3,218.15 4,896.43 5,196.71 4,873.11

Total Expenses 2,679.88 2,777.40 4,052.25 4,391.97 4,514.30

Operating Profit 509.31 423.3 825.25 777.19 347.9



Gain/Loss On Foreign Exchange -- -- -- -- --


Other Extraordinary Income/Expenses -- -- -- -- --

Total Extraordinary Income/Expenses -- -- -- -36.13 -599.14

Tax On Extraordinary Items -- -- -- -- --

Net Extra Ordinary Income/Expenses -- -- -- -- --

Gross Profit 514.98 440.75 844.18 804.74 358.81

Interest 26.18 59.04 70.35 152.81 313.39

PBDT 488.8 381.71 773.83 615.8 -553.96

Depreciation 130.99 136.34 216.1 253.54 313.08


Assets -- -- -- -- --

PBT 357.81 245.37 557.73 362.26 -867.04

Tax 111.96 81.76 204.72 134.14 -287.23

Net Profit 245.85 163.61 353.01 228.12 -579.81




Dividend -- -- -- -- --


Dividend (%) -- -- -- -- --

Earnings Per Share 22.37 12.53 25.54 14.76 --

Book Value -- -- -- -- --

Equity 21.98 26.11 27.64 30.92 32.43

Reserves 770.79 -- 1,374.13 -- 1,257.91



18/21

FINDINGS :

The Short-term Liquidity of the company is satisfactory, as liquid assists of the

company shows an upward trend .

The company maintains average Inventory turnover ratio, which indicates that the

company adopted proper inventory management.

The Debtors of the company were liquid more in 2005 as compare to 2006 , 07, 08 & 09.

The Creditors turnover ratio is less than the debtors turnover ratio for all the years

from 2005 to 2009.

The Long term financing policy of the company is to finance maximum of outsiders

fund in order to take lesser risk of their investment & to increase their earnings.

The policy of the company is to finance the fixed assets through long term funds.

The long term solvency of the company is quite satisfactory as available profit for all

the years is sufficient to cover fixed interest charges.

The trend of sales of the company shown an upward except in 2006, 2007 & 2008.

The trend of the operating expenditure shows that operating expenditure has shown an

upward for all the years from 2005 to 2009.

The trend of operating profit and net profit of the company shown an upward except in

2006.

SUGGESTIONS:

Though the company is the market leader in stainless steel industry, the

company has to conduct continuous research work to develop the quality of their

product and provide it to the society at a reasonable price, as many competitorsare coming in this industry.

The company has to provide strict control over their cost of production and cost

control majors.

As the company utilize the natural resources, should ensure the maximum

utilisation of these resources, as the resources are limiting in nature.

Though the main purpose of the company is to earn profit & maximise the value

of the shareholder, still the company have certain responsibility to develop the

society. Thus the company should conduct certain welfare activities.

As the company utilize the natural resources coal, iron and chrome ores, coke for their raw material and powergeneration in huge quantity, proper utilisation of raw materials will save substantially.

By and saleable products from Sewerage treatment plant required to be installed in a pace so as to market the by

products to for maximize profit for profit for sustaining in the market.

Outsourcing Inbound logistics costs and Process Improvement.


19/21

Yearly result -------in cr. -----

JSL Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Sales Turnover 3,189.19 3,200.70 4,877.50 5,169.16 4,862.20

Other Income 5.67 17.45 18.93 27.55 10.91

Total Income 3,194.86 3,218.15 4,896.43 5,196.71 4,873.11

Total Expenses 2,679.88 2,777.40 4,052.25 4,391.97 4,514.30

Operating Profit 509.31 423.3 825.25 777.19 347.9



Gain/Loss On Foreign Exchange -- -- -- -- --


Other Extraordinary Income/Expenses -- -- -- -- --

Total Extraordinary Income/Expenses -- -- -- -36.13 -599.14

Tax On Extraordinary Items -- -- -- -- --

Net Extra Ordinary Income/Expenses -- -- -- -- --

Gross Profit 514.98 440.75 844.18 804.74 358.81

Interest 26.18 59.04 70.35 152.81 313.39

PBDT 488.8 381.71 773.83 615.8 -553.96

Depreciation 130.99 136.34 216.1 253.54 313.08


Assets -- -- -- -- --

PBT 357.81 245.37 557.73 362.26 -867.04

Tax 111.96 81.76 204.72 134.14 -287.23

Net Profit 245.85 163.61 353.01 228.12 -579.81




Dividend -- -- -- -- --


Dividend (%) -- -- -- -- --

Earnings Per Share 22.37 12.53 25.54 14.76 --

Book Value -- -- -- -- --

Equity 21.98 26.11 27.64 30.92 32.43

Reserves 770.79 -- 1,374.13 -- 1,257.91



20/21

Poised to Join Global league of Top 10 Stainless Steel Producers Worldwide.l

As part of the massive expansion plans across locations, JSL is setting up one of world's largest single

location fully integrated stainless

steel plant at Orissa; the 1.6 Million Tons Per Annum Greenfield Project envisages complete integration

from mining to cold rolling,

along with 500MW captive power plant.

Entailing investments of INR 2257 Million in Phase I & INR

5597 Million in Phase II, the project is being commissioned in

phases, with majority of Phase I envisaging the Ferro Alloy

shops

and thermal power already become operational in 2007 -08.

JSL Orissa Greenfield Phase II (0.8 MTPA Stainless

Steel)

facilities include :

Stainless Steel Making & Continuous Casting Plant

100 MT EAF for Steel making

100 MT EAF for liquid Ferro Chrome150 MT AOD converter

150 MT ladle furnace

8.5 m radius continuous bending vertical caster

Slab conditioning facilities

Rolling Mill 1.6 MTPA with provision for upgrading

to

3.2 MTPA

Cold rolling facilities HRAP (0.8 MT/Y) and WRAP

JSL Orissa Greenfield Phase I facilities include :

2 x 60MVA Ferro Chrome Furnaces with 150000Tper annum

Capacity

1 x 27.5MVA Ferro Manganese Furnace with 50000T per

annum Capacity

2 x 27.5MVA Silico Manganese Furnaces with 50000T per

annum Capacity

2 x 125MW Power Plant

Coke Oven Battery 425000T Per annum Coke

While the facilities are set up, JSL Orissa has taken care to ensure the best

eco-friendly

processes & practices. Pollution control equipments with state-of-art

technology have

been installed and emissions are ensured within norms. Further, provisions

were made

at project conceptualization stage, for dust extraction, dust suppression, bag

filters and

ESPs in all the Units.

With complete commissioning, the Orissa plant would reach a capacity of

1.6 Million Tonnes, and this along with expansion at Hisar, JSL is poised toturn a new leaf joining the top league of leading global stainless steel

producers

in the world, with 2.5 Million Tonnes capacity.


21/21

Certain audit Report is not covered because of their confidentiality.

Concerned department heads were too busy with their schedules and time factors were a

restriction.

Analysis is done only in respect of Jindal stainless Limited, rather than whole industry.

The study is restricted only to secondary data

collected from

Annual reports

Different websites

Journals.

an over eye scenario on sez - chapter 4

Documents