U Frns L 30062023
U Frns L 30062023
U Frns L 30062023
No.18(5)/2008-Sectt. 11.08.2023
Ref: Regulations 33, 52 and 54 of SEBI {Listing Obligations and Disclosure Requirements)
Regulations, 2015; BSE Equity Scrip ID: 543768, NSE Security ID: NSLNISP; BSE
NCO Scrip ID: 959957.
This is to inform that the Board of Directors of the Company in its meeting held on Friday,
11th August 2023, inter-alia approved the Unaudited Financial Results of the Company for the first
quarter ended 30th June 2023 together with the disclosure in financial results in terms of Regulation
33(1)(e) read with Schedule IV of SEBI LODR Regulations, 2015.
1. Unaudited Financial Results of the Company for the first quarter ended 30 1h June 2023;
2. Disclosure in terms of Regulation 33(1 )(e) read with Schedule IV of SEBI LODR Regulations,
2015;
3. Limited Review Report of the Statutory Auditor on the said results;
4. Information pursuant to Regulation 52(4) of SEBl(LODR) Regulation 2015 is covered in
Unaudited financial Results of the company.
5. Statutory Auditors certificate regarding assets cover availability pursuant to Regulation 54 of
SEBI (LODR) Regulation 2015.
The Board Meeting commenced at 05.30 p.m. and concluded at 08.00 p.m.
Thanking you,
Yours faithfully,
for NMDC Steel Limited
DILIP
Digitally signed by DILIP KUMAR
MOHANTY
DN: c=IN, o=Personal,
postalCode=530003, st=Andhra
KUMAR Pradesh,
serialNumber=D926274C13D4DB92470
0982BFACA61BA9D039794C2E15085F5
MOHANTY
BE0615C83E5251, cn=DILIP KUMAR
MOHANTY
Date: 2023.08.11 20:07:09 +05'30'
Corporate Office: Clo NMDC Ltd. 'Khanij Bhavan' 10-3-31 1/A, Castle Hills, Masab Tank, Hyderabad - 500 028
Phone : 040-23538713, 23538723, 23538767 Fax: +91 -40-23538759, E-mail : cs_nisp@nmdc.co.in
Website· https:\\nmdcsteel. nmdc.co.in
Ir Off: +91-40-6661 7089
N G RAO & ASSOCIATES Mobile : 98480 18791
98491 35573
CHARTERED ACCOUNTANTS 95421 87777
To,
The Board of Directors,
NMDC STEEL LIMITED
H.No. 6-3-1186/A/6, (New No. 325), D.No. 39-16-48/S H.No. 8-22-5/1, FF3
2nd Floor, Chinna Balreddy Building, Garuda Hotel Lane, Neeladri Towers, Pattabi Street,
Adjacent Lane to ITC Kakatiya Hotel, Labbipet, Gandhi Nagar,
Begumpet, Hyderabad-500 016. Vijayawada - 520 010. Kakinada - 533 004.
Email : nageswararaog207@gmail.com I nageswararaog@rediffmail.com
•Off: +91-40-6661 7089
N G RAO & ASSOCIATES Mobile : 98480 18791
98491 35573
CHARTERED ACCOUNTANTS 95421 87777
4. Based on our review conducted as above, nothing has come to our attention that
causes us to believe that the accompanying statement, prepared in accordance
with the recognition and measurement principles laid down in the applicable
Indian Accounting Standards ( "Ind AS") specified under section 133 of the
Companies Act, 2013, read with relevant rules issued there under and other
recognized accounting practices and policies has not disclosed the information
required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
including the manner in which it is to be disclosed, or that it contains any material
misstatement.
Partner
M.No. 229564
UDIN: ~ 3 ~~C/~6 4-B 6t xc TJ'11-5/
Place: Hyderabad
Date: 11th August, 2023
H.No. 6-3-1186/A/6, (New No. 325), D.No. 39-16-48/S H.No. 8-22-5/1, FF3
2nd Floor, Chinna Balreddy Building, Garuda Hotel Lane, Neeladri Towers, Pattabi Street,
Adjacent Lane to ITC Kakatiya Hotel, Labbipet, Gandhi Nagar,
Begumpet, Hyderabad-500 016. Vijayawada - 520 010. Kakinada - 533 004.
Email : nageswararaog207@gmail.com I nageswararaog@rediffmail.com
1(.-:t l(i:t Sl ~ ~a Rlflles
NMDC STEEL LIMITED
Regd. Office: Clo. NMDC Iron & Steel Plant, Post: Nagamar, Dist: Bastar, Pin: 494001, Chhattisgarh
CIN: U2731 OCT2015GOI001618
·1·
Compliance under Part-A: Disclosures in Financial Results (Regulation 33 (1)(e) of SEBI
(Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended) for
Financial Results for the period ended 30th June 2023.
(i) (a) Issue of Equity Shares The Scheme of arrangement between NMDC Limited & NMDC Steel
Limited to demerge the NMDC Iron & Steel Plant (NISP) a division of
NMDC Limited into NMDC Steel Limited was approved by MCA with
effective date as 13.10.2022 & Appointed date as 01 .04.2021 .
(ii) Utilization of fund Pursuant to the scheme of demerger, the assets and liabilities of the
raised above NMDC Iron &Steel Plant (NISP) division of NMDC Limited have been
transferred to NMDC Steel Limited with appointed date as 01 .04.2021
resu lting in an Equity Share Capital of Rs. 2930.61 Cr &
Rs. 1411 7.97 Cr has been recognised as 'Other Equity'. The funds have
been utilized fully.
(iii) Details of investment With respect to the above, Equity Share Capital Amount and amounts
made pending raised through NCDs have been fully utilised for construction of the
utilization project.
Corporate Office: Clo. NMDC Ltd. 'Khanij Bhavan' 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 500 028
Phone: 040-23538713, 23538726,23538767. Fax: +91·040·23538750, E-mail: cs_nisp@nmdc.co.in
Website: https://nmdcsteel.nmdc.co.in
t(~t(ittl~ ~ Rt~es
NMDC STEEL LIMITED
Regd. Office: Clo. NMDC Iron &Steel Plant, Post: Nagarnar, Dist: Bastar, Pin: 494001, Chhattlsgarh
CIN: U27310CT2015GOI001618
·2·
(iv) Brief Description of NMDC Steel Limited (NSL) is setting up a 3MTPA green field integrated
the project which is steel plant at Nagarnar, Bastar Dist, Chattisgarh.
pending completion
The NMDC Iron & Steel Plant (NISP) was a division of NMDC Limited &
as per scheme of arrangement between NMDC Limited & NMDC Steel
Limited, the unit got demerged from NMDC Limited into NMDC Steel
Limited with appointed date as 01 .04.2021 &effective date 13. 10.2022.
(v) Status of the Project The Commissioning activities are in progress as on 30.06.2023.
The Coke Oven Battery #1 along with by Product Plant &Part of
Raw Material Handling System started operation from
28.10.2022 and is under Stabilization.
Coke Oven Battery #2 has also been taken for operation from
24.04.2023 &is under Stabilization.
• All Auxiliary Units/Services like Main Receiving Station(MRS),
Plant Power Distribution System (PPDS), Water Supply,
Compressed Air Station(CAS), DG Station and Central Stores
are ready.
Sinter Plant was put on hot trails on 19.04.2023 along with
relevant conveying and feeding system to ensure supply of
Sinter for Blast Furnace.
Oxygen Plant stream 2 was put into operation w.e.f.
21.04.2023. Commissioning activities of Oxygen Plant- Stream
1 are under progress.
In Blast Furnace, the major pre-commissioning activities have
been completed. Hot commissioning of Blast Furnace is
expected in Aug' 2023.
Commissioning of Steel Melting Shop (SMS), Thin Slab Caster
and Hot Strip Mill (TSC-HSM) is expected in Aug'2023. HSM
has commenced Trial Run with purchased plates and First Coil
from HSM has been rolled out on 30thJune'2023.
(vi) Expected date of By 31 st August'2023
Commencement of
Commercial
production
Corporate Office: C/o. NMDC Ltd. 'Khanlj Bhavan' 10-3-311/A, Castle Hiiis, Masab Tank, Hyderabad - 500 028
Phone: 040-23538713, 23538726,23538767. Fax: +91-040-23538750, E-mail: cs_nlsp@nmdc.co.ln
Website: https://nmdcsteel.nmdc.co.ln
l(Wil(litl\lfl ~a Rt~e'5
NMDC STEEL LIMITED
Regd. Office: C/o. NMDC Iron & Steel Plant, Post: Nagamar, Dist: Bastar, Pin: 494001, Chhattisgarh
CIN: U2731 OCT2015GOI001618
-3-
Statement of Un-Audited Financial Results for the Quarter ended 3oth June 2023
(~in Crore)
Quarter Ended Year Ended
30-Jun-2022
Particulars 30.Jun-2023 31-Mar-2023 31-Mar-2023
(Restated)
Un-audited Audited Un-audited Audited
I. Revenue from operations . . . .
II. Other income . . . .
Ill. Total income (1+11) . . .
IV. Expenses
(a) Consumption of raw materials . . . .
(b) Consumption of s1ores & spares . . . .
(c) Changes in inven1ories of finished goods and . . . .
work -in- progress
(d) Employee benefit expense . . . .
(e) Royalty and other levies . . . .
(f) Selling exps incl. freight . . . .
(g) Depreciation and amortisation . . . .
(h) Finance cost . . . .
(i) Other expenses . . . .
Total expenses .
V. Profit from ordinary activities before exceptional . . . .
items and Tax (Ill-IV)
VI. Exceptional items - Expenses/(lncome) . . . .
VII. Profit before tax (V-VI) . .
VIII. Tax expense
a) Current Tax . . . .
b) Earlier Year Tax (Net) . . . .
c) Deferred Tax . . . .
Total tax expense . . . .
IX. Net Profit for the period from continuing
o perations (VII-VIII)
. .
X Profit/(Loss) from discontinued operations . . - -
XI. Tax Expenses of discontinued operations - . . -
XJI. Profit(Loss) from Discontinued operations (after . .
- -
tax)
XIII. Profit for t he period (IX+Xll ) : . .
XIV. Other Comprehensive income/(expenses):
item that will not be reclassified 1o profit or loss . - - -
(net of income taxl
XV. Total Comprehensive Income for the period
- .
(Xlll+XIV)
XVI. Paid-up Equity Share Capital 2,930.61 2,930.61 - 2,930.61
XVII. Bo rro wings 4,875.51 3,818.30 2, 196.09 3,818.30
XVIII. Total Interest on Borrowings 78.76 59.10 33.69 185.45
XIX. Other e quity excluding revaluation reserve as
14, 117.97 14,117.97 17,048.58 14.117.97
per balance sheet
XX. Net Worth 17,048.58 17,048.58 17,048.58 17,048.58
XXL Debenture redemption reserve - . -
XXll. Face value per share (Re) 10 10 - 10
XXlll. EPS for the peliod (Rs.)-basic and diluted . . . .
before and after extraordinary items
XXIV. Debt e quity ratio 0.29 0.23 0. 13 0.23
XXV. Debt service coverage ratio (DSCR) NA NA NA NA
XXVI. Interest service coverage ratio (ISCO) NA NA NA NA
Not Annualised Annualised
The Coflllany has not yet started Corrmercial Producton as of 30-06-2023. Hence no ProlVLoss reported br the Ouamr ended 30-06-2023.
Corporate Office: C/o. NMDC Ltd. 'Khanij Bhavan' 10-3·311/A, Castle Hills, Masab Tank, Hyderabad- 500 028
Phone: 040-23538713, 23538726,23538767. Fax: +91 -040-23538750, E-mail: cs_nisp@nmdc.co.ln
Website: https:l/nmdcsteel.nmdc.co.in
l(.-:tl("ltt~ ~ ra~es
NMDC STEEL LIMITED
Regd. Office: Clo. NMDC Iron & Steel Plant, Post: Nagamar, Dist: Bastar, Pin: 494001 , Chhattisgarh
CIN: U2731 OCT2015GOI001618
.4.
Compliance under regulation 52(4) and regulation 52(2) of SEBI (Listing Obligation and Disclosure Requinnents) Regulations 2015 (as
ammended) for Standalone Financial Results for quarter and year ended Jlth June-2023
4
( Qment Asset/ CUITllnt Uabifities)
Corporate Office: Clo. NMDC Ltd. 'Khanij Bhavan' 10-3-31 1/A, Castle Hills, Masab Tank, Hyderabad - 500 028
Phone: 040-2353871 3, 23538726,23538767. Fax: +91-040·23538750, E-mail: cs_nisp@nmdc.co.in
Website: https://nmdcsteel.nmdc.co.in
l(.-:t ((it tt ~ tllt11 Rlfll e'5
NMDC STEEL LIMITED
Regd. Office: Clo. NMDC Iron & Steel Plant, Post: Nagamar, Dist: Bastar, Pin: 494001, Chhattisgarh
CIN: U2731 OCT2015GOI001618
.5.
NOTES:
1. The above results have been reviewed and approved by the Board of Directors in the meeting
held on 11 1hAug 2023.
2. The unaudited financial results for the quarter ended 301h June 2023 have been reviewed by
the Statutory Auditors as required under Regulation 33 and Regulation 52 of SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015 as amended.
3. The financial results of the Company have been prepared in accordance with Indian
Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards)
Rules 2015 (as amended). The financial results have been prepared in accordance with the
recognition and measurement principles of Ind-AS, prescribed under Section 133 of the
Companies Act, 2013 read with the relevant rules issued there under and the other
accounting principles generally accepted in India.
4. As per clause E of Part A of Schedule IV of Regulation 33(1 )(e) of SEBI (Listing Obligation
and Disclosure Requirements) Regulations, 2015, "If the listed entity had not commenced
commercial production or commercial operations during the reportable period, the listed entity
shall, instead of submitting financial results, disclose the following details:
(i) details of amount raised i.e. proceeds of any issue of shares or debentures made by the
listed entity;
(ii) the portions thereof which is utilized and that remaining unutilized;
(iii) the details of investment made pending utilisation;
(iv) brief description of the project which is pending completion;
(v) status of the project and
(vi) expected date of commencement of commercial production or commercial operations.
Pursuant to the above clause and since the Company had not started the Commercial
Production as on 30th June'2023, the Company has disclosed the details as per the above
stipulated clause. Accordingly, no profit & Loss has been reported for the period ended as on
3Qth June 2023. Therefore, "NIL" financial result is disclosed additionally.
5. The Company had not commenced commercial production as on 3QthJune 2023 and hence
no reportable operating segments are identified as per Ind As 108· "Operating Segmenf'.
Corporate Office: Clo. NMDC Ltd. 'Khanij Bhavan' 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 500 028
Phone: 040-23538713, 23538726,23538767. Fax: +91·040-23538750, E-mail: cs_nisp@nmdc.co.in
Website: https://nmdcsteel.nmdc.co.in
~91~Ji81~ ~ Rt~e'5
NMDC STEEL LIMITED
Regd. Office: Clo. NMDC Iron & Steel Plant, Post: Nagamar, Dist: Bastar, Pin: 494001, Chhattisgarh
CIN: U27310CT2015GOI001618
-6·
6. NMDC Board in its 525th meeting held on 10.12.2019 has accorded approval for borrowing
up to a limit of Rs. 5,000 crores for capex requirements of the company by raising terms loans
from Banks/ Financial Institutions etc., Accordingly, Rupee term Loan facility (RTL) of
Rs. 4476.20 crores were availed from State Bank of India (SBI) for part funding of Nagarnar
Integrated Steel Plant (NISP), at an interest rate fixed at 7.10% p.a. till the Date of
Commencement of Commercial Operation (DCCO) and there after 15 bps above the six
months MCLR. The same has been transferred to the Books of accounts of NMDC Steel
Limited (NSL) at the time of demerger of NISP from NMDC. NMDC Steel Limited (NSL), as a
security, has hypothecated the entire Fixed Assets including Plant and Machinery, equitable
mortgage of Land & Building (except forest land) and First charge on the entire cash flows of
the NSL. The availability period of the loan is 6 months from the Date of commencement of
Commercial Operation repayable in 30 quarterly instalments.
The common Loan agreement has been entered on 10.06.2021 with SBI for RTL not
exceeding Rs. 4476.20 crore and a drawdown of Rs.4351.71 crore have been made till
30.06.2023 against the loan.
7. The Non-Convertible Debentures of Rs. 523.80 Cr were issued by NMDC Ltd at a coupon
rate of 7.30% for a tenure of 5 years from the date of allotment i.e., 28th Aug,2020 to meet the
capex requirement of the Steel Plant. The NCDs are unsecured, non-cumulative, non-
convertible, redeemable taxable bonds (Series 1-2020) of face value Rs. 10 Lakhs each
issued through private placement. The bonds are rated by ICRA Limited as "ICRA AAA"
(pronounced as "ICRA Triple A" with outlook on the long term is stable) And India Rating and
Research Private Limited as "IND AAA" (pronounced as "IND Triple A" with outlook on the
long term is stable) at the time of Issue by NMDC Ltd.
Post-demerger of NI SP from NMDC and part of NSL, the rating agencies M/s ICRA Limited
and M/s India Ratings & Research have downgraded the ratings to "ICRA A" on Rating watch
with Developing Implications and "I nd A-/Stable" respectively. As the lowest credit rating i.e.,
"A-" has been downgraded from "AAA", by six notches and therefore the coupon rate worked
out to 8.80% from the existing rate of 7.30%. The above coupon rate of 8.80% rate is payable
from 161h Feb'2023 i.e., from the date of downgrade of the Rating. The additional financial
Implications per Annum shall be Rs. 7.85 Cr. The financial Implications from April to June'23
is Rs. 1.96 Cr.
8. Cabinet Committee on Economic Affairs ("CCEA"), in its meeting dated October 27, 2016,
gave in-principle approval for strategic disinvestment ("Strategic Disinvestment") of several
CPSEs including the NISP unit of NMDC Ltd. Subsequently, on October 14, 2020, CCEA
gave its 'in-principle' approval to the demerger of NISP from NMDC and strategic
disinvestment of the resulting entity by selling entire stake of Government of India ("Gol").
As per the Preliminary Information Memorandum and Request for Expression of Interest
invited , GOI had decided to divest its 50.79% shareholding in Resulting Company ("NM DC
Steel Limited" or "NSL") along with management control to strategic buyer. Additionally, Gol
l('1l(litl~ ~ Rl~e\S
NMDC STEEL LIMITED
Regd. Office: Clo. NMDC Iron & Steel Plant, Post: Nagamar, Dist: Bastar, Pin: 494001, Chhattisgarh
CIN: U2731 OCT2015GOl001618
.7.
shall offer 10% stake in Resulting Company to NMDC Limited after the strategic buyer has
been identified through the bidding process.
9. During the quarter Apr' 23 to June'23, a total amount of Rs. 227. 12 Cr of sales were made to
different parties of Nut Coke, BF Coke, Coke dust and Coal tar. The Sales income has been
credited to the Capital Account.
10. Figures for the previous period have been regrouped wherever considered necessary so as to
conform to the classification of the current period.
For M/s. N.G Rao & Associates For NMDC Steel Limited
Chartered Accountants
FR No: 009399S
Corporate Office: C/o. NMDC Ltd. 'Khanij Bhavan' 10-3-311/A, Castle Hills, Masab Tank, Hyderabad - 500 028
Phone: 040-23538713, 23538726,23538767. Fax: +91 -040-23538750, E-mail: cs_nisp@nmdc.co.in
Website: https://nmdcsteel.nmdc.co.in
'Ir Off: +91-40-6661 7089
N G RAO & ASSOCIATES Mobile: 98480 18791
98491 35573
CHARTERED ACCOUNTANTS 95421 87777
CERTIFICATE
To,
Beacon Trusteeship Limited
Mumbai.
Independent Statutory Auditor's Certificate with respect to maintenance of Asset Cover in respect
of listed non-convertible debt securities of NMDC Steel Limited as on 30th June' 2023.
We understand that NMDC Steel Ltd. ("the Company") (CIN: U27310CT2015GOI001618) having its
registered office at Clo. NMDC Iron & Steel Plant, Nagarnar, Bastar, Chattisgarh, India, 494001 is
required to obtain a certificate from the statutory auditors for the purpose of submission with Beacon
Trusteeship Limited with respect to maintenance of asset cover in respect of listed non-convertible debt
securities of the Company as per Regulation 54 read with Regulation 56(1 )(d) of Securities and Exchange
Board of India (Listing Obligation & Disclosure Requirements) Regulation, 2015 ("Regulations"} in the
format notified by SEBI vide circular no. SEBI/ HO/ MIRSD/ CRADT/ CIR/ P I 20201230 dated 12th
Novamber, 2020.
Management's Responsibility
The Company's Management is responsible for preparation and maintenance of all accounting and other
relevant supporting records and documents. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and calculation of asset cover with respect to
listed non-convertible debt securities of the Company as on 30th June'2023 in the format notified by SEBI
vide circular no. SEBI/ HO/ MIRSD/ CRADT/ CIR/PI 20201230 dated 12th November, 2020.
Auditor's Responsibility
Our responsibility is to provide reasonable assurance with respect to asset cover maintained by the
Company with respect to listed non-convertible debt securities as on 30thJune'2023.
We conducted our examination in accordance with the Guidance Note on Reports or Certificates for
Special Purposes issued by the Institute of Chartered Accountants of India. The Guidance Note requires
that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered
Accountants of India.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC)
1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and
Other Assurance and Related Services Engagements.
H.No. 6-3-1186/A/6, (New No. 325), D.No. 39-16-48/S H.No. 8-22-5/1, FF3
2nd Floor, Chinna Balreddy Building, Garuda Hotel Lane, Neeladri Towers, Pattabi Street,
Adjacent Lane to ITC Kakatiya Hotel, Labbipet, Gandhi Nagar,
Begumpet, Hyderabad-500 016. Vijayawada - 520 010. Kakinada - 533 004.
Email : nageswararaog207@gmail.com I nageswararaog@rediffmail.com
ti Off: +91-40-6661 7089
N G RAO & ASSOCIATES Mobile : 98480 18791
98491 35573
CHARTERED ACCOUNTANTS 95421 87777
Opinion
As per Annexure - 1
Restriction on Use: This certificate is being issued to Beacon Trusteeship Limited with respect to asset
cover maintained by the NMDC Steel Limited with respect to listed non-convertible debt securities of the
Company as on 30th June'2023. Our certificate should not to be used for any other purpose or by any
person other than the addressees of this certificate. Accordingly, we do not accept or assume any liability
or duty of care to any other person to whom this certificate is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
tlvVV ~I/~~· 1~
CA MVV Sivaramayya
Partner
M.No.229564
UDIN: ~3~~'1~64-8f:, XCTf: ~G-:f-
Place: Hyderabad
Date: 11th Aug-2023
H.No. 6-3-1186/A/6, (New No. 325), D.No. 39-16-48/S H.No. 8-22-5/1, FF3
2nd Floor, Chinna Balreddy Building, Garuda Hotel Lane, Neeladri Towers, Pattabi Street,
Adjacent Lane to ITC Kakatiya Hotel, Labbipet, Gandhi Nagar,
Begumpet, Hyderabad-500 016. Vijayawada - 520 010. Kakinada - 533 004.
Email : nageswararaog207@gmail.com I nageswararaog@rediffmail.com "
Annexure -1
Based on the unaudited financial statements for the period from 1st April 2023 to 30th June'2023,
other related records, management representation, further information and explanations given to
us, we hereby certify the matters given in para (a), (b) and (c) below
a) The Company i.e. NMDC Limited had vide its Board Resolution and information memorandum/
offer document and under various Debenture Trust Deeds, has issued the following listed
debt securities on 28/08/2020:
i. The financial information as on 30th June'2023 has been extracted from the books of accounts of
NMDC Steel Limited (Resulting Company, post demerger as per scheme of arrangement approved by
Ministry of Corporate Affairs on 06/10/2022 and filling of the same with the RoC on 13/10/2022) for the
quarter ended on 30-06-2023 and other relevant records of the entity;
ii. The assets of the NMDC Steel Limited provide coverage of "NIL" times of the interest and
principal amount, which is in accordance with the terms of issue/ debenture trust deed
(calculation as per statement of asset cover ratio for the Secured debt securities - table -1.
iii. The total assets of the NMDC Steel Limited provide coverage of 28.92 times of the principal plus
accrued interest, which is in accordance with the terms of issue (calculation as per statement of
asset coverage ratio available for the unsecured debt securities - table - 11) (as per requirement
of Regulation 54 read with Regulation 56(1) (d) of LODR Regulations).
Table-I:
ii. Total borrowing through issue of secured Debt Securities (secured by either B
pari passu or exclusive charge on assets)
• Debt Securities (Provide details as per table below) NA
• IND - AS adjustment for effective Interest rate on secured Debt Securitie NA
s
• Interest accrued/payable on secured Debt Securities NA
SN Particulars Amount Rs in
Crore
i. Net assets of the NM DC Steel Limited A
entity available for unsecured lenders (Property Plant & Equipment
(excluding intangible assets and prepaid expenses) + Investments +
Cash & Bank Balances + Other current/ Non-current assets excluding 16,160.99
deferred tax assets (-) Total assets available for secured
lenders/creditors on pari passu/exclusive charge basis under
the above heads (-) unsecured current/ non-current liabilities (-)
interest accrued/payable on unsecured borrowings)
c) Compliance of all the covenants/terms of the issue in respect of listed debt securities of
the NMDC Steel Limited:
We have examined the compliances made by the company in respect of the covenants/terms
of the issue of the listed debt securities (NCD's) and certify that such covenants/terms of the
issue have been complied by the company.