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Annual Report 2014-15

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Annual Report 2014-15 ANNUAL REPORT 2014-15 At JSW Steel, we have always viewed challenges as opportunities. Opportunities that allow us to raise the bar for ourselves, and fine-tune our strategies for growth. We have proven our mettle in the face of adversities since inception. In the process, we demonstrated our ability to stay the course, realise our vision and uphold the faith of our stakeholders. This has seen us emerge as India’s leading steel company in a relatively short timespan of two decades. In 2014-15 too, we were tested against our resolve. In the face of a declining commodity cycle and a challenging domestic environment, we responded in the only way we know. With courage and competence. As a result, we were able to recalibrate our raw material and sales strategies. We were able to enhance our operational efficiencies and optimise our cost. We are now looking towards the future with a greater confidence, a stronger balance sheet and heightened optimism. The strength and durability of our products are a manifestation of our determination to sustain, today and tomorrow. We call it our Will of Steel. CONTENTS 2 Message from the Chairman & Managing Director 4 Sustainability at JSW Steel 5 Corporate Information JSW STEEL AT A GLANCE 6 Management Discussion & Analysis 26 Directors’ Report 6TH 78 Report on Corporate Governance 14.3MTPA Position among Steel making world-class steel makers capacity Standalone Financial Statements as per WSD in 2015 106 Independent Auditors’ Report 110 Balance Sheet JSW Steel is the flagship company of the USD 11 billion JSW Group, part of 111 Statement of Profit & Loss the O. P. Jindal Group. It is one of the lowest cost steel producers globally, 112 Cash Flow Statement and was ranked as the 6th most competitive steel maker, globally by WSD’s 114 Notes to Financial Statements World-Class Steelmaker Rankings, 2015. Consolidated Financial Statements JSW Steel has integrated steel manufacturing facilities, from raw material processing plants to value-added product capacities, supported by 156 Independent Auditors’ Report state-of-the-art technologies. With an installed capacity of 14.3 MTPA, its 162 Consolidated Balance Sheet facilities located across six strategic locations in South and West India. The Company has a robust pan-India distribution network and a reach of over 163 Consolidated Statement of 100 countries across 5 continents. Profit & Loss 164 Consolidated Cash Flow Statement JSW Steel has the widest product portfolio in India that includes a strong 166 Notes to Consolidated Financial and growing share of value added and special steel. Statements 209 Financial Highlights (Standalone) HIGHLIGHTS FY 2014-15 (STANDALONE) 210 Financial Highlights (Consolidated) 12.63 MnT `45,352 Cr `2,166 Cr `8,872 Cr 211 Notice Crude Steel Net Net Operating E -Communication Registration Form Production Turnover Profit EBITDA NECS Mandate Form ^4% ^2% ^62% ^1% Proxy Form 2 WILL OF STEEL MESSAGE FROM THE CHAIRMAN & MANAGING DIRECTOR WE DELIVERED ROBUSTLY IN SPITE OF A FALL IN REALISATION DUE TO SURGE IN IMPORTS BY WAY OF DUMPING, AND INCREASED OUR PROFITABILITY, WHILE BEING QUICK TO CALIBRATE OUR MARKETING STRATEGY. SAJJAN JINDAL CHAIRMAN & MANAGING DIRECTOR JSW STEEL LIMITED Dear Shareholders, currency movements. The year 2014 strategy. Our financial performance The year 2014-15 was a unique year in marked the first time when annualised despite the challenging operating many respects. Chinese steel exports hit the 100 environment underpins the success of million tonne mark. This, in turn, has our strategy. India elected a majority government driven an array of trade restrictive after nearly three decades, leading to measures by several countries as Steel is the most crucial material significant optimism and improved the steel industry is considered in industrial development and sentiment. At the same time, the global strategic for development. For Indian infrastructure construction, and is, commodity cycle reversed due to a players, therefore, the challenge therefore, of strategic importance slowdown in China, and core industries was three fold – scarcity of key raw for national transformation. Large such as steel faced significant materials, moderate domestic demand economies of the world have achieved challenges. Therefore, this was a year and proliferation of unrestrained their economic development, prosperity that brought us face-to-face with both “dumping” of steel. and growth strongly supported by the opportunity that exists for the a robust, sustainable and reliable Indian steel sector and the challenges it JSW Steel’s performance in 2014-15 domestic steel industry. might face going forward. should be evaluated in this context. I am happy to report that we In India too, recognising the The global steel industry is currently demonstrated our ability, agility and importance of manufacturing to foster reeling under the impact of rising responsiveness, once again. This is a development at a sustainable pace, a steel exports from China (due to large direct outcome of the ‘Will of Steel’ – a series of policy initiatives have been surplus capacities and a slowing credo that epitomises our approach announced. Perhaps the most visible domestic demand), weak demand to business. We delivered robustly of these initiatives is the ‘Make-in- conditions (largely due to falling fixed in spite of a fall in realisation due to India’ theme, designed to facilitate asset investments across countries surge in imports by way of dumping, investment, foster innovation, enhance caused by sharp oil price correction and increased our profitability, while skill development and job creation, and fiscal adjustments) and volatile being quick to calibrate our marketing and build best-in-class manufacturing COMPANY OVERVIEW MESSAGE FROM THE CHAIRMAN & MANAGING DIRECTOR JSW STEEL LIMITED • ANNUAL REPORT 2014-15 3 capability. The steel industry will no mentioned above, the outlook for steel products. This has enabled us doubt play an important part both the industry remains robust and the to strengthen our relationship with as an investor and as a beneficiary prospect of capital investments are leading OEMs. of this programme. It syncs well with bright, subject to, however, the timely the ‘Vision 300 Million Tonnes’ of the intervention by policy makers to We continue to adopt and use Government which entails having a remove the constraints faced by the innovative technologies in steel steel production capacity of 300 million industry. As a result, India is well poised manufacturing, facilitated through tonnes in India by the year 2025, a to improve its ranking even further in our partnership with JFE Steel. Most three-fold increase from current levels. the coming years, growing in capacity, importantly, we have remained quality and cost leadership. confident in the India story and have Indian steel producers, especially focused our efforts to develop new the large ones, are already regarded Given the capital intensive nature of markets and expand existing markets as among the globally acclaimed the steel industry and its significant within the country. Our ability to adapt competitive producers. However, for multiplier effect on the wider economy quickly to emerging market realities the industry to perform to its potential the Government’s support and supports our determination to view and command a greater influence on facilitation assume importance. While challenges as opportunities. the global stage, it must be accorded the industry is keen to create new a level playing field. To illustrate, capacities to meet the strong domestic At JSW Steel we look forward to although domestic steel demand grew demand, it is also important for the consolidating our industry leading by 3.1% in FY2015, imports of finished Government to address the bottlenecks position in the year ahead. I must steel into India surged by 71% to 9.3 around new capacity creation. These acknowledge the immense contribution million tonnes. This was effectively include ease of doing business, land of the entire JSW team, including ‘dumping’ by China and Russia as well acquisition, environmental clearances, JSW Foundation, who push their as countries like Japan and Korea who resource allocation, boundaries, rise above challenges enjoy concessional rates of import duty and infrastructure bottlenecks, among and leave no stone unturned to grow for steel under Free Trade Agreements others. sustainably and improve the lives of (FTA). This unprecedented surge communities around our facilities. I in imports is hurting and causing An important step in this direction is am also grateful to all our stakeholders injury to the domestic steel industry the Mines and Minerals Development for their support and co-operation since steel is being sold at a price and Regulation (MMDR) Act, recently in building this value generating significantly lower than their domestic passed by Parliament. It enables a enterprise. home-country prices. Besides, the transparent auction of iron ore mines Government of India’s initiatives to to user industries. JSW Steel has been I look forward to your continued implement ‘Quality Order’ to ensure a long-standing votary of transparent support in our endeavour towards safety and quality in usage are being procedures for allocation of mineral nation building. resisted by vested interests. resources. It is encouraging to see this process finally being adopted, and Best Wishes Not just this, the domestic raw I congratulate the Government for material availability remained bleak, this, and the other initiatives that are and its pricing was not fully aligned to underway. global benchmarks. This impacted our industry, despite its cost-leadership and At JSW Steel, we are pushing ourselves Sajjan Jindal competitiveness, and is therefore, a further, in readiness for emerging Chairman & Managing Director source of concern. While cheap imports opportunities. We are ensuring that may benefit user industries in the we maintain our edge as one of the short-term, surely reliance on imported country’s leading steel players by steel cannot be a sustainable business improving our operating efficiencies.
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