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Credit Suisse clarifies JSW Steel’s debt as “effectively higher”: Report

09 Jul 2012 Evaluate

Leading global financial services company, Credit Suisse has clarified the Research report on JSW Steel which stated that the company has understated FY12 debt by at least Rs 119 billion, after strong confutation put forth by the company, as mentioned in a media report.  Clarifying its stance, Credit Suisse issued a statement, which said that the phrase “debt effectively higher” better describes what it sought to put across.

The research report had raised three issues. First, acceptances were up from Rs 6,800 crore in FY11 to Rs 7,500 crore in FY12. Secondly, the report observed that securitised receivables were up from Rs 2,600 crore in FY 11 to Rs 3,100 crore in FY12. Lastly, loss of Rs 1,200 crore due to rupee depreciation was in absence of hedging of liabilities.

However, the company in strong resentment clarified that its annual financial statements were very much in accordance with the Indian Generally Accepted Accounting Principles (GAAP), which included the conformance with the latest Schedule VI of the Companies Act.

JSW Steel Share Price

1239.90 24.35 (2.00%)
17-Apr-2026 16:59 View Price Chart
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