File_2012_Document1

184 Jindal Steel & Power LimitedBusiness Leadership Sustainable Operations Excellent Governance Robust FinancialsAnnual Report 2011-12185ConsolidatedNOTES to the consolidated financial statements as at and for the year ended 31st March, 2012 NOTES to the consolidated financial statements as at and for the year ended 31st March, 2012v) Debentures placed with ICICI Prudential Life InsuranceCompany Limited on private placement basis areredeemable at par at the end of 5 years from the dateof allotment i.e. 03.12.2009. The debentures are securedon pari-passu basis by way of mortgage of immovableproperties and hypothecation of movable fixed assets ofthe Company in favour of the Debenture Trustees.vi)vii)Debentures placed with LIC Mutual Fund Asset ManagementCompany Limited on private placement basis are redeemableat par at the end of 23 months from the date of allotmenti.e. 22.01.2010. The debentures are secured on pari-passubasis by way of mortgage of immovable properties andhypothecation of movable fixed assets of the Company infavour of the Debenture Trustees.Debentures placed with United India Insurance CompanyLimited on private placement basis are redeemable at parat the end of 23 months from the date of allotment i.e.22.01.2010. The debentures are secured on pari-passubasis by way of mortgage of immovable properties andhypothecation of movable fixed assets of the Company infavour of the Debenture Trustees.TERM LOANSi) Loans of ` 176.54 crore (Previous year ` 255.11 crore) aresecured by exclusive charge on fixed assets created underSteel expansion project at Raigarh, Chhattisgarh;ii)Loans of ` 150.40 crore (Previous year ` 196.87 crore) aresecured by exclusive charge on fixed assets created underPlate Mill project at Raigarh, Chhattisgarh;iii)iv)Loans of ` 77.14 crore (Previous year ` 111.43 crore) aresecured by exclusive charge on fixed assets created under3x25 MW Power Plant at Raigarh, Chhattisgarh;Loans of ` NIL crore (Previous year ` 454.99 crore) aresecured by exclusive charge on fixed assets created/to becreated under the DRI project at Angul, Odisha;v) Loans of ` 698.47 crore (Previous year ` 788.97 crore)are secured by exclusive charge on fixed assets createdunder 2X135 MW Power Plant (Phase - 1) at Dongamauha,Raigarh, Chhattisgarh;vi)vii)Loans of ` 450.00 crore (Previous year ` 140.55 crore)are secured by exclusive charge on fixed assets created/to be created under 2X135 MW Power Plant (Phase - 2) atDongamauha, Raigarh, Chhattisgarh;Loans of ` 1,841.10 crore (Previous year ` 1,054.97 crore)are secured by exclusive charge on fixed assets created/tobe created under 1.6 MTPA Integrated Steel Plant and 1.5MTPA Plate Mill project at Angul, Odisha;viii) Loans of ` 1,370.00 crore (Previous year ` 100.00) aresecured/to be secured by exclusive charge on fixed assetscreated/to be created under 6x135 MW Power PlantProject at Angul, Odisha;ix)Loan of ` 250.00 crore (Previous year ` 244.25 crore) aresecured by subservient charge on current assets of theCompany;5 LONG-TERM BORROWINGS (Contd.)(` in Crore)Non-Current PortionCurrent Portion31st March, 2012 31st March, 2011 31st March, 2012 31st March, 2011b) Unsecured Long term borrowingsi) Term LoansUnsecured Term Loans from banksOther Loans 1,176.24 772.29 - -Unsecured Loans from OthersFixed Deposits from public 6.08 37.94 31.14 21.731,182.32 810.23 31.14 21.73ii) Other Loans & AdvancesExternal Commercial Borrowings 1,166.92 1,882.50 993.75 205.321,166.92 1,882.50 993.75 205.32Unsecured Long-term borrowings 2,349.24 2,692.73 1,024.89 227.05Total Long-Term Borrowings 11,179.63 7,377.64 1,341.86 669.21Amount disclosed under othercurrent- - (1,341.86) (669.21)Liabilities {Note no.-10 (a)}Total Long-Term Borrowings 11,179.63 7,377.64 - -As at31st March, 2012(` in Crore)As at31st March, 20116 OTHER LONG-TERM LIABILITIESSecurity Deposits and Advances 142.06 141.25Total Other Long-Term Liabilities 142.06 141.25Repayments and Interest rates for the above Term Loans are as follows:Year 2012-2013 2013-2014 2014-2015 2015-2016 & AboveAmount 316.97 619.92 667.20 3409.57The interest rate for the above term loans varies from 8.41% to 13.75% p.aTERM LOANS (in foreign subsidiaries)Loan of ` 2,429.93 crore (Previous Year ` NIL) is secured by first ranking legal charge in respect of all the fixed assets of Shadeed Iron &Steel LLC 1.5 MTPA Hot briquetted Iron Project of at Sohar, Oman, and assignment of Intercorporate loans of USD 475 Million grantedby Jindal Steel & Power (Mauritius) Limited to Shadeed Iron & Steel LLC in favour of the lenders with further lien on the designatedaccount used for repayment of loan by Shadeed Iron & Steel LLC to Jindal Steel & Power (Mauritius) Limited.The above loan has beenfurther guaranteed by the ultimate holding comapany.Repayment schedule50% at the end of 4.5 years from the date of first disbursement of loan and the balance 50% at the end of 5 years from firstdisbursement.As at31st March, 2012(` in Crore)As at31st March, 20117 LONG-TERM PROVISIONSProvision for Employee benefitsGratuity 10.61 9.31Other defined benefit plans {Note no.-35(b)} 10.38 -Leave Encashment 12.55 10.16Total Long term Provisions 33.54 19.47