JSW Steel

Consolidated Balance Sheet ------------------- in Rs. Cr. -------------------

Mar '15 Mar '14 Mar '13 Mar '12

Sources Of Funds
Total Share Capital 1,067.19 1,067.19 563.18 563.18
Equity Share Capital 302.75 302.75 284.15 284.15
Share Application Money 0 0 0 0
Preference Share Capital 764.44 764.44 279.03 279.03
Init. Contribution Settler 0 0 0 0

Preference Share Application Money 0 0 0 0

Employee Stock Opiton 0 0 0 0

Reserves 21,986.89 20,871.15 16,780.55 16,186.39
Networth 23,054.08 21,938.34 17,343.73 16,749.57
Secured Loans 23,495.80 21,854.62 12,762.14 8,664.66
Unsecured Loans 11,388.82 9,735.09 6,284.01 5,600.21
Total Debt 34,884.62 31,589.71 19,046.15 14,264.87
Minority Interest 97.64 167.01 197.16 217.67
Policy Holders Funds 0 0 0 0
Group Share in Joint Venture 0 0 0 0
Total Liabilities 58,036.34 53,695.06 36,587.04 31,232.11
Mar '15 Mar '14 Mar '13 Mar '12
Application Of Funds
Gross Block 70,094.48 61,228.39 45,817.56 42,656.95

Less: Revaluation Reserves 0 0 0 0

Less: Accum. Depreciation 17,918.20 14,182.45 11,100.76 8,844.89

Net Block 52,176.28 47,045.94 34,716.80 33,812.06
Capital Work in Progress 8,265.27 9,399.75 5,897.87 2,831.71
Investments 599.25 662.74 1,749.95 2,089.60
Inventories 11,009.04 8,155.12 5,495.23 5,789.26
Sundry Debtors 2,499.75 2,292.44 2,106.29 1,539.39
Cash and Bank Balance 1,913.25 662.97 1,653.37 3,046.97
Total Current Assets 15,422.04 11,110.53 9,254.89 10,375.62
Loans and Advances 9,456.32 9,420.93 6,108.47 5,120.53
Fixed Deposits 0 0 0 0

Total CA, Loans & Advances 24,878.36 20,531.46 15,363.36 15,496.15

Deferred Credit 0 0 0 0
Current Liabilities 27,436.22 23,522.81 20,792.24 22,731.54
Provisions 446.6 422.02 348.7 265.87
Total CL & Provisions 27,882.82 23,944.83 21,140.94 22,997.41
Net Current Assets -3,004.46 -3,413.37 -5,777.58 -7,501.26
Minority Interest 0 0 0 0
Group Share in Joint Venture 0 0 0 0
Miscellaneous Expenses 0 0 0 0
Total Net Assets 58,036.34 53,695.06 36,587.04 31,232.11

Contingent Liabilities 10,486.70 14,769.34 25,500.05 29,307.63

Book Value (Rs) 922.12 875.96 764.83 738.2

Source :Dion Global Solutions Limited

--------------

Mar '11

563.18 Networth
284.15
23,054.08 Networth
0 21,938.34
17,343.73 16,749.57 15,999.
279.03
0
Mar '15 Mar '14 Mar '13 Mar '12 Mar '1
529.38

0
15,436.77 Total Debt
15,999.95
12,172.76 Total Debt
34,884.62 31,589.71
4,301.60
19,046.15 14,264.87 16,474.3
16,474.36
235.83
0 Mar '15 Mar '14 Mar '13 Mar '12 Mar '11
0
32,710.14
Mar '11
Net Block
Net Block
33,777.09 52,176.28 47,045.94
0
34,716.80 33,812.06
26,903.8
6,873.23
26,903.86
Mar '15 Mar '14 Mar '13 Mar '12 Mar '11
6,507.68
2,913.83
4,409.70 Total CA, Loans & Advances
933.3
24,878.36 Total CA, Loans & Advances
279.54 20,531.46 15,363.36 15,496.15 9,841.16
5,622.54
2,450.16 Mar '15 Mar '14 Mar '13 Mar '12 Mar '11
1,768.46

9,841.16

0
Total CL & Provisions
12,527.56
399.45 Total CL & Provisions
12,927.01 27,882.82
23,944.83 22,997.41
-3,085.85 21,140.94
12,927

Mar '15 Mar '14 Mar '13 Mar '12 Mar '1
 Total CL & Provisions
27,882.82
23,944.83 22,997.41
21,140.94
0 12,927
0
0
33,239.52 Mar '15 Mar '14 Mar '13 Mar '12 Mar '1

7,364.68
704.6
 16,749.57 15,999.95

Mar '12 Mar '11

14,264.87 16,474.36

Mar '12 Mar '11

33,812.06
26,903.86

Mar '12 Mar '11

dvances
es
15,496.15 9,841.16

Mar '12 Mar '11

isions
s
22,997.41

12,927.01

Mar '12 Mar '11

s
22,997.41

12,927.01

Mar '12 Mar '11

 JSW Steel

Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------

Mar '15 Mar '14 Mar '13

Income
Sales Turnover 57,492.80 55,431.51 38,209.65
Excise Duty 4,521.29 4,211.89 0
Net Sales 52,971.51 51,219.62 38,209.65
Other Income 64.34 -1,626.94 -265.3
Stock Adjustments 1,488.21 192.18 152.44
Total Income 54,524.06 49,784.86 38,096.79
Expenditure
Raw Materials 33,753.80 32,763.58 25,997.60
Power & Fuel Cost 4,123.10 3,813.31 2,041.00
Employee Cost 1,532.84 1,298.24 980.25
Other Manufacturing Expenses 33.74 88.79 10.86
Selling and Admin Expenses 0 0 0
Miscellaneous Expenses 5,613.95 4,282.42 2,828.46
Preoperative Exp Capitalised 0 0 0
Total Expenses 45,057.43 42,246.34 31,858.17
Mar '15 Mar '14 Mar '13
Operating Profit 9,402.29 9,165.46 6,503.92
PBDIT 9,466.63 7,538.52 6,238.62
Interest 3,493.03 3,047.86 1,967.46
PBDT 5,973.60 4,490.66 4,271.16
Depreciation 3,434.49 3,182.61 2,237.48
Other Written Off 0 0 0
Profit Before Tax 2,539.11 1,308.05 2,033.68
Extra-ordinary items 0 0 0
PBT (Post Extra-ord Items) 2,539.11 1,308.05 2,033.68
Tax 819.41 920.08 845.25
Reported Net Profit 1,719.70 387.97 1,188.43
Minority Interest -74.77 -50.44 0
Share Of P/L Of Associates -2.1 -13.54 225.32

Net P/L After Minority Interest & Share Of Associates 1,843.67 2,164.70 1,298.14

Total Value Addition 11,303.63 9,482.76 5,860.57

Preference Dividend 27.9 27.9 27.9
Equity Dividend 265.89 287.66 223.12
Corporate Dividend Tax 59.81 49.93 42.66

Per share data (annualised)

Shares in issue (lakhs) 2,417.22 2,417.22 2,231.17

Earning Per Share (Rs) 69.99 14.9 52.01
Equity Dividend (%) 0 0 0
Book Value (Rs) 922.12 875.96 764.83

Ratio Analysis of JSW Ltd

Ratio of Ratio Mar '15 Mar '14 Mar '13
Operating Profit 9,402.29 9,165.46 6,503.92
Net Sales 52,971.51 51,219.62 38,209.65
Operating Profit Ratio(Op
profit/Net Sales) 0.1775 0.17894 0.17022
PBDIT 9,466.63 7,538.52 6,238.62
Depreciation 3,434.49 3,182.61 2,237.48
PBIT or EBIT 12,901.12 10,721.13 8,476.10
Reported Net Profit(PAT) 1,719.70 387.97 1,188.43
Total Net Assets 58,036.34 53,695.06 36,587.04
Total Debt 34,884.62 31,589.71 19,046.15
Networth 23,054.08 21,938.34 17,343.73
DE Ratio(Total Debt/Net worth) 1.51316 1.43993 1.09816
Total CA, Loans & Advances 24,878.36 20,531.46 15,363.36
Total CL & Provisions 27,882.82 23,944.83 21,140.94
Current Ratio 0.89225 0.85745 0.72671
Return On Capital Employed(%) 10.49 11.33 11.91
Total Assets 58,036.34 53,695.06 36,587.04
Net Block 52,176.28 47,045.94 34,716.80
Asset Structure Ratio 0.899028 0.876169 0.948882
Earning Per Share (Rs) 69.99 14.9 52.01
Du Pont Analysis
Return on Equity(PAT/NW) in % 7.459417 1.768457 6.852217
Return on Net Assets(EBIT/NA) in % 22.22938 19.9667 23.16695
Financial Leverage(PAT/EBIT) in % 13.32985 3.618742 14.02095
Profit Margin(EBIT/Sales) in % 24.35483 20.93169 22.18314
Assets Turnover(Sales/Net Assets) 0.91273 0.953898 1.044349

Interpretation 1 : As per above mentioned table of Ratio anlysis, operating profit ratio is
stable and less fluctuation it is good sign for the company. It can be increased with the help
of reducing cost of production.

Interpretation 2: As a conventional rule, a current ratio of 2:1 or more is considered

satisfactory. As per above mentioned table company's liquidity position is not sound due to
high level of current liabilities and provisions. Company should try to focus on receivable an
inventory management respectively to maintain sound liquidity position.
Interpretation 2: As a conventional rule, a current ratio of 2:1 or more is considered
satisfactory. As per above mentioned table company's liquidity position is not sound due to
high level of current liabilities and provisions. Company should try to focus on receivable an
inventory management respectively to maintain sound liquidity position.

Interpretation 3: Several debt ratios may be used to analyze the long term solvency of a fir
The firm may be interested in knowing the proportion of the interest bearing debt in the
capital structure. As per above mentioned table company is moderate level of debt driven
from the year 2011 to 2015. In this case lender's contribution is average. Company should
try to reduce debt portion in the capital structure.
 Net Sales
in Rs. Cr. -------------------
Net Sales

Mar '12 Mar '11

52,971.51 51,219.62

34,368.05 25,867.80 38,209.65

34,368.05
0 2,031.99
34,368.05 23,835.81 2
-748.09 219.87
443.65 697.81
34,063.61 24,753.49

Mar '15 Mar '14 Mar '13 Mar '12

23,751.56 16,391.01
1,751.87 1,206.71
846.39
48.94
636.75
458.66
Total Income
0 897.22
Total Income
2,311.05 279.32 54,524.06
49,784.86
0 0
38,096.79
28,709.81 19,869.67 34,063.61
Mar '12 Mar '11 2
6,101.89 4,663.95
5,353.80 4,883.82
1,427.30 1,056.94
Mar '15 Mar '14 Mar '13 Mar '12
3,926.50 3,826.88
1,933.15 1,559.71
0 0
1,993.35 2,267.17 Total Expenses
0 161.89
1,993.35 2,429.06 Total Expenses
500.15 769.68 45,057.43
42,246.34
1,493.20 1,659.38
18.92 -23.87
31,858.17
936.6 -70.73 28,709.81

1,362.62 1,592.09 1
4,958.25 3,478.66
27.9 27.9
167.34 273.32
31.68 48.87
Mar '15 Mar '14 Mar '13 Mar '12

2,231.17 2,231.17
65.67 73.12
Operating Profit
Operating Profit
9,402.29 9,165.46
 0 0
Operating Profit
738.2 704.6
Operating Profit
9,402.29 9,165.46

6,503.92
6,101.89
4

W Ltd
Mar '12 Mar '11
6,101.89 4,663.95 Mar '15 Mar '14 Mar '13 Mar '12
34,368.05 23,835.81

0.17755 0.19567
5,353.80 4,883.82 Reported Net Profit
1,933.15 1,559.71
7,286.95 6,443.53 Reported Net Profit
1,493.20 1,659.38
31,232.11 33,239.52
1719.7
14,264.87 16,474.36
16,749.57 15,999.95 1493.2
0.85166 1.02965
15,496.15 9,841.16 1188.43
22,997.41 12,927.01
0.67382 0.76129
13.68 9.94
31,232.11 33,239.52
33,812.06 26,903.86
1.082606 0.809394 387.97
65.67 73.12

8.914856 10.37116
23.3316 19.38515 Mar '15 Mar '14 Mar '13 Mar '12
20.49143 25.75265
21.20269 27.03298
1.100408 0.717092

s, operating profit ratio is

an be increased with the help

r more is considered
position is not sound due to
try to focus on receivable and
y position.
he long term solvency of a firm.
terest bearing debt in the
oderate level of debt driven
s average. Company should
ales
es

65
34,368.05

23,835.81

3 Mar '12 Mar '11

come
me

9
34,063.61
24,753.49

Mar '12 Mar '11

enses
nses

7
28,709.81

19,869.67

Mar '12 Mar '11

Profit
Profit
 Profit
Profit

2
6,101.89
4,663.95

Mar '12 Mar '11

Net Profit
et Profit

1659.38
1493.2

3 Mar '12 Mar '11