BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	JINDAL INDIA LIMITED	Principal Name 1	MR. PUNIT JATIA
Status	GOOD	Principal Name 2	MR. VASDEV PRITAM AGGARWAL
		Registration #	21-092393
Street Address	2/1, AHMED MAMUJI STREET, PS BALLY, HOWRAH – 711 204, WEST BENGAL
Established Date	01.04.1991	SIC Code	--
Telephone#	91-33-26556298	Business Style 1	MANUFACTURERS
Fax #	91-33-26555186	Business Style 2	--
Homepage	www.jindalindia.com	Product Name 1	ERW PRECISION TUBES
# of employees	700 (APPROXIMATELY)	Product Name 2	COLD ROLLED STRIPS
Paid up capital	Rs.209,080,000/-	Product Name 3	COLD ROLLED SHEETS
Shareholders	BODIES CORPORATE-77.32% DIRECTORS OR RELATIVES OF DIRECTORS-22.68%	Banking	PUNJAB NATIONAL BANK
Public Limited Corp.	NO	Business Period	20 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	A (59)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,827,720,000	Current Liabilities	314,749,000
Inventories	1,393,244,000	Long-term Liabilities	3,297,777,000
Fixed Assets	1,618,428,000	Other Liabilities	23,629,000
Deferred Assets	0,000	Total Liabilities	3,636,155,000
Invest& other Assets	101,583,000	Retained Earnings	1,095,740,000
		Net Worth	1,304,820,000
Total Assets	4,940,975,000	Total Liab. & Equity	4,940,975,000
Total Assets (Previous Year)	4,525,872,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	10,656,447,000	Net Profit	393,439,000
Sales(Previous yr)	7,799,882,000	Net Profit(Prev.yr)	5,069,000

MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	JINDAL INDIA LIMITED
Registered Office :	2/1, Ahmed Mamuji Street, PS Bally, Howrah – 711 204, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.04.1991
Com. Reg. No.:	21-092393
Capital Investment / Paid-up Capital :	Rs.209.080 Millions
CIN No.: [Company Identification No.]	U51109WB1991PLC092393
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of ERW/HFIW Black and Galvanized Steel Piles and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 5219000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. J.P. Garodia
Designation :	Senior Accountant
Contact No.:	91-33-26556298
Date :	01.12.2011

LOCATIONS

Registered Office :	2/1, Ahmed Mamuji Street, PS Bally, Howrah – 711 204, West Bengal, India
Tel. No.:	91-33-26556298/ 6399/ 26555490/ 0701
Fax No.:	91-33-26555186
E-Mail :	jil@cal2.vsnl.net.in
Website :	www.jindalindia.com
Area :	10000 sq ft
Location :	Owned
Corporate Office :	LMJ Chamber, 2^nd Floor, 15C, Hemanta Basu Sarani, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22481160/ 1162/ 22482266
Fax No.:	91-33-22481059
Location :	Leased
Factory 1 :	Belur Unit 4, Dharamtalla Road, Belurmath, Howrah – 711 202, West Bengal, India
Tel. No.:	91-33-26542606/ 2299
Fax No.:	91-33-26541770
Area :	14000 sq ft
Location :	Owned
Factory 2 :	Jangalpur Unit National Highway No.6, Village – Jangalpur, P.O. Andul, P.S. Sankrail, District Howrah – 711 302 ,West Bengal, India
Tel. No.:	91-33-26696319/ 0727/ 26691800-04
Fax No.:	91-33-26690356
Factory 3 :	Ghusuri Unit 107/2, Jay Bibi Lane, Ghusuri, Howrah – 711 107, West Bengal, India
Tel. No.:	91-33-26555889/ 3734
Fax No.:	91-33-26553028
Branch Office :	6-D, Gopala Towers, 25, Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-45552670-75
Fax No.:	91-11-45552676

DIRECTORS

As on 29.09.2010

Name :

Mr. Punit Jatia

Designation :

Joint Managing Director

Address :

25 Raja Santosh Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.01.1964

Date of Appointment :

01.03.1997

DIN No. :

00082221

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB1991PLC092393	Jindal India Limited	Managing director	01-03-97	01-03-97	-	Active	NO
2	U01132AS1977PLC001713	Bazaloni Group Limited	Director	29-10-98	29-10-98	17-11-11	Active	NO
3	U45202WB1995PLC069086	Sambhu Construction Limited	Director	06-05-10	06-05-10	01-11-11	Active	NO

Name :

Mr. Vasdev Pritam Aggarwal

Designation :

Director

Address :

229-E, Model Town, Hisar – 125 005, Haryana, India

Date of Birth/Age :

11.05.1977

Date of Appointment :

24.09.2008

Date of Ceasing :

01.04.2011

DIN No. :

00082983

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51909WB1982PLC035518	Penrose Mercantiles Limited	Director	17-12-03	17-12-03	10-05-07	Active	NO
2	L33200UP1993PLC015474	Consolidated Finvest and Holdings Limited	Managing director	11-04-06	11-04-06	30-04-07	Active	NO
3	U51109WB1991PLC092393	Jindal India Limited	Director	24-09-08	10-08-07	01-04-11	Active	NO
4	U74899DL2001PLC109103	Jindal India Thermal Power Limited	Director	28-09-07	24-08-07	31-03-09	Active	NO
5	U51109WB1995PTC072664	Jupax Barter Private Limited	Director	28-09-07	24-08-07	31-01-08	Active	NO
6	U65993DL1996PLC081586	Consolidated Photo and Finvest Limited	Managing director	24-08-07	24-08-07	29-08-09	Active	NO
7	U15146WB1991PTC051471	Hanuman Coke Plant Private Limited	Director	06-09-07	06-09-07	04-08-09	Amalgamated	NO
8	U74120DL2007PLC171201	Jindal Buildmart Limited	Director	07-12-07	07-12-07	29-08-09	Active	NO
9	U70100DL2008PTC174461	Jindal Realmart Private Limited	Director	25-02-08	25-02-08	-	Amalgamated	NO
10	U67120DL2008PLC174488	Hindustan Powergen Limited	Director	05-03-08	05-03-08	04-08-09	Active	NO
11	U51909WB1994PTC061826	Shekhawati Vanijya Vikash Private Limited	Director	15-03-08	15-03-08	13-06-08	Amalgamated	NO
12	U51909WB1990PTC049174	Ritu Marketings Private Limited	Director	15-04-08	15-04-08	13-06-08	Amalgamated	NO
13	U65993WB1996PTC080698	Canton Vinimay Private Limited	Director	20-05-08	20-05-08	28-08-09	Amalgamated	NO
14	U74140WB1996PTC076375	Sagar Fintrade Private Limited	Director	06-04-09	06-04-09	30-07-09	Amalgamated	NO
15	U74900HR2010PTC039954	Eminence Corporate Solutions Private Limited	Director	13-01-10	13-01-10	-	Active	NO
16	U74140HR2010PTC041071	Fusion Management Consultants Private Limited	Director	17-08-10	17-08-10	-	Active	NO

Name :

Mr. Purushottam Das Bhoot

Designation :

Director

Address :

26, P.K. Jagore Street, Kolkata – 700 006, West Bengal, India

Date of Birth/Age :

01.03.1929

Date of Appointment :

01.04.1985

DIN No. :

00094087

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L65999DL1984PLC019465	Vikas Globalone Limited	Director	20-07-94	20-07-94	Active	NO
2	U01132AS1977PLC001713	Bazaloni Group Limited	Whole-time director	15-02-96	15-02-96	Active	NO
3	U51109WB1991PLC092393	Jindal India Limited	Director	01-04-01	01-04-01	Active	NO
4	L01132WB1911PLC002077	Bhatkawa Tea Industries Limited	Director	01-06-11	01-06-11	Active	NO

Name :

Mr. Bhavi Chand Jindal

Designation :

Chairman cum Managing Director

Address :

20C, Belvedre Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

15.07.1926

Date of Appointment :

14.01.1952

DIN No. :

00426886

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51109WB1991PLC092393	Jindal India Limited	Managing director	01-08-08	01-04-91	Active	NO

Name :

Mr. Ayush Punit Jatia

Designation :

Whole Time Director

Address :

25, Raja Santosh Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

26.02.1986

Date of Appointment :

24.09.2008

DIN No. :

00557505

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65993WB1923PTC004723	Praise Company Private Limited	Director	31-12-05	31-12-05	Active	NO
2	U51109WB1991PLC092393	Jindal India Limited	Whole-time director	24-09-08	16-04-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Purushottam Das Bhoot
Designation :	Company Secretary
Address :	26 P K Jagore Street, Kolkata – 700006, West Bengal, India
Date of Birth/Age :	01.03.1929
Date of Appointment :	16.04.2008
PAN No.:	ADAPB7504R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Shyam Sunder Jindal	500
Subhadra Jindal	2935
Consolidated Photo and Investment Limited, India	190000
Sunita Jatia	114435
Punit Jatia	56825
Bazaloni Group Limited, India	111000
Jindal Photo Investment Limited, India	178300
Ayush Jatia	20000
Utkarsh Jatia	20000
Safe Holdings Private Limited, India	106750
Penrose Mercantiles Limited, India	150000
Shyam Sunder Jindal (HUF)	400
Flexstar Sales Private Limited, India	95000
Punit Jatia (HUF)	23000
Soyuz Trading Company Limited, India	196413
Rishi Trading Company Limited, India	125242
Bhavesh Jindal	100000
Total	1490800

As on 29.09.2010

Names of Shareholders (Preference Shares)	No. of Shares
Bazaloni Group Limited, India	500000

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	77.32
Directors or relatives of directors	22.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of ERW/HFIW Black and Galvanized Steel Piles and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.

Products :

Item Code No. ITC Code

730690.01

7209.30

7209.20

7211.51

7211.41

7210.19

7210.11

Product Description

ERW Precision Tubes

Cold Rolled Strips

Cold Rolled Sheets

Exports :

Products :

v ERW Precision Tubes

v Cold Rolled Strips

v Cold Rolled Sheets

Countries :

v America

v Africa

Imports :

Products :

Raw Materials

Countries :

v Japan

v Korea

Terms :

Selling :

L/C and cash

Purchasing :

L/C, Cash and Credit (180 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
M.S. Pipes and Tubes	M.T.	200000	67649.847
M.S. Pipes and Fittings	M.T.	6912	--
Steel Structurals and Poles	M.T.	4680	--
C.R. Strips	M.T.	350000	142820.839
G.P. Coils/Sheets and G.C. Sheets	M.T.	400000	168773.486

Notes:

• Licensed capacity is not applicable in terms of new liberalized licensing policy announced by the government of India
• Installed capacity is as certified by the management and accepted by auditors, being a technical matter

GENERAL INFORMATION

Suppliers :

v Tata Steel Company

v Hindustan Zinc Limited

Customers :

Retailers, Government and Manufacturer

v M. Raj Krishna and Company Private Limited

v Madras Steel and Tubes

v Tubes India Private Limited

v P.B. Traders Private Limited

No. of Employees :

700 (Approximately)

Bankers :

Punjab National Bank, 268/2, G.T. Road, Liluah, Howrah – 711 204, West Bengal, India

Facilities :

Cash Credit – Rs.2000.000 millions

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Punjab National Bank
Cash Credit, Packing Credit, FOBNLC (Secured by hypothecation of Stocks, Bills, domestic and foreign Book Debts and also collaterally secured by way of charges on Fixed Assets situated at Calcutta and Howrah, West Bengal).	1578.881	890.634
Term Loan [Secured by charge on land, buildings, factory sheds, plant And machinery and other fixtures of the Company situated at Jangalpur, Ghusuri and Belur (West Bengal)}	255.101	332.389
From Other Banks
Buyers Credit (Foreign Currency Loans) (Secured by letter of undertakings issued by Punjab National Bank) (the above loans are also guaranteed by Directors of the company)	1453.592	1537.710
Total	3287.574	2760.733
Note: Term loan repayable within one year Rs. 9.184 millions (previous year Rs.114.865 millions) Includes interest accrued and due Rs.5.407 millions (previous year Rs.5.189 millions)
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Other Loans and advances
From Bodies Corporate	10.000	5.000
Interest accrued and due thereon	0.203	0.089
Total	10.203	5.089

Banking Relations :	--
Auditors :
Name :	G. Sanyal and Company Chartered Accountants
Address :	6, Old Post Office Street, Kolkata – 700 001, West Bengal, India
PAN No.:	AAEFG5079K
Related Parties (Common Control – Companies/ Other Entity) :	Bazaloni Group Limited * Consolidated Finvest and Holdings Limited * Consolidated Photo and Finvest Limited Jindal Photo Limited * Jindal Poly Films Limited * Jindal Poly Investments Limited * Jindal Imaging Limited Soyuz Trading Company Limited * Rishi Trading Company Limited M.D. Jindal Medical Institute and Research Centre * Gunjan Trust Universal Foils Limited * Safe Holding Private Limited * Jindal India Thermal Power Limited * * where transaction exist during the financial year

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions
2000000	Preference Shares	Rs.100/- each	Rs.200.000 Millions
	Total		Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1490800	Equity Shares	Rs.100/- each	Rs.149.080 Millions
600000	10% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.60.000 Millions
	Total		Rs.209.080 Millions

Notes:

1. Of the above equity shares 15136 shares were allotted pursuant to schemes of amalgamation without payments being received in cash.
2. The 10% Redeemable Cumulative Preference Shares, are redeemable at par within a period of twenty years from the date of allotment i.e. 06.02.2010.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		209.080	211.580	261.180
2] Share Application Money		0.000	0.000	1.600
3] Reserves & Surplus		1095.740	899.059	1041.705
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1304.820	1110.639	1304.485
LOAN FUNDS
1] Secured Loans		3287.574	2760.733	1419.007
2] Unsecured Loans		10.203	5.089	25.610
TOTAL BORROWING		3297.777	2765.822	1444.617
DEFERRED TAX LIABILITIES		17.484	8.369	0.000
TOTAL		4620.081	3884.830	2749.102
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1618.428	1209.673	887.897
Capital work-in-progress		27.422	583.532	391.816
INVESTMENT		74.161	74.161	43.736
DEFERRED TAX ASSETS		0.000	0.000	14.483
Foreign Currency Monetary Item Translation Difference Account		0.000	142.493	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1393.244	1061.549	1064.264
	Sundry Debtors	971.835	734.781	850.255
	Cash & Bank Balances	287.755	181.564	108.463
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	568.130	538.119	281.525
Total Current Assets		3220.964	2516.013	2304.507
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.697	537.939	862.434
	Other Current Liabilities	113.052	99.560	19.374
	Provisions	6.145	3.543	11.529
Total Current Liabilities		320.894	641.042	893.337
Net Current Assets		2900.070	1874.971	1411.170
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4620.081	3884.830	2749.102

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	10656.447	7799.882	7320.009
		Other Income	138.457	183.958	53.290
		TOTAL (A)	10794.904	7983.840	7373.299
Less	EXPENSES
		Raw Material Consumed	8414.547	6319.102	5923.441
		Manufacturing and Operating Expenses	835.761	551.010	584.728
		Employees Cost	78.073	60.731	53.549
		Administrative, Selling and General Expenses	568.461	324.452	342.820
		Increased / Decreased in Stock	(250.234)	289.024	(163.371)
		TOTAL EXPENSES (B)	9646.608	7544.319	3741.167
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1148.296	439.521	3632.132
Less	INTEREST & FINANCIAL EXPENSES (D)		213.194	191.206	197.361
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		935.102	248.315	3434.771
Less/ Add	DEPRECIATION/ AMORTISATION (F)		358.224	215.855	206.547
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		576.878	32.460	228.225
Less	TAX (H)		183.439	27.460	66.261
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		393.439	5.069	161.964
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		82.680	77.612	42.756
Less	APPROPRIATIONS
		Transfer to General Reserve	300.000	0.000	100.000
		Dividend on Preference Share	14.909	0.000	23.170
		Corporate Tax on Dividend	2.534	0.000	3.938
	BALANCE CARRIED TO THE B/S		158.576	82.680	77.612
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	3751.146	2795.728	2747.968
		Others (Freight)	215.787	170.470	190.552
		Miscellaneous	3.667	10.617	0.000
	TOTAL EARNINGS		3970.600	2976.815	2938.520
	IMPORTS
		Raw Materials	2732.966	1669.984	2807.677
		Stores & Spares	54.693	99.370	66.717
		Capital Goods	3.089	407.715	191.541
	TOTAL IMPORTS		2790.748	2177.069	3065.936
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		263.22	(0.19)	102.64
	- Diluted		263.22	(0.19)	61.89

Particulars	31.03.2011
Sales Turnover (Approximately)	12700.000

Expected Sales (2011-2012): Rs.15000.000 millions

The above information has been parted by Mr. J.P. Garodia (Senior Accountant).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.64	0.06	2.19
Net Profit Margin (PBT/Sales)	(%)	5.41	0.42	3.11
Return on Total Assets (PBT/Total Assets}	(%)	11.92	0.87	7.15
Return on Investment (ROI) (PBT/Networth)		0.44	0.03	0.17
Debt Equity Ratio (Total Liability/Networth)		2.77	3.07	1.79
Current Ratio (Current Asset/Current Liability)		10.04	3.92	2.57

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS:

During the current financial year, the company took various strategic steps to improve its production and turnover volumes and profitability. As a result of this sincere effort, the company posted an impressive performance during the year and earned a profit after tax of Rs.393.400 millions as compared to Rs.5.100 millions in the previous year.

During the year the overall operation of the company is satisfactory. The domestic and export sales volume continued to show rising trend and total gross turnover for the year stood at Rs.11239.400 millions as compared to Rs. 8361.200 millions in the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on 31.03.2010)

a) Unredeemed Bank Guarantees Rs.4292.214 millions

b) Sales Tax demand in dispute and under appeal Rs.254.997 millions

c) Excise matters in dispute and under appeal Rs.12.408 millions

d) Income Tax demand in dispute and under appeal Rs.31.903 millions

FORM 8:

Corporate identity number of the company

U51109WB1991PLC092393

Name of the company

JINDAL INDIA LIMITED

Address of the registered office or of the principal place of business in India of the company

2/1, Ahmed Mamuji Street, PS Bally, Howrah – 711 204, West Bengal, India

E-Mail: jil@cal2.vsnl.net.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90245046

Type of charge

Immovable Property

Book Debts

Movable Property

Particular of charge holder

Name :	Punjab National Bank
Address :	268/2, G.T. Road, Liluah, Howrah – 711 204, West Bengal, India
Email :	ramanujam@pnb.co.in

Nature of instrument creating charge

1. Hypothecation of Plant and Machinery and other assets dated 15.07.2010

2. Deed of Hypothecation to secure LC on DA basis/DPG/FLG dated 15.07.2010

3. Hypothecation of Goods and Book Debt to secure Cash Credit facilities dated 15.07.2010

4. Hypothecation of Current Assets dated 15.07.2010

5. Agreement for Cash Credit dated 15.07.2010

6. Supplementary Agreements dated 15.07.2010

7. General Counter Indemnity (three) dated 15.07.2010

8. Seven letters of continuity evidencing extension of charge on immovable properties on 15.07.2010

Date of instrument Creating the charge

15.07.2010

Amount secured by the charge

Rs.7300.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - BPLR with monthly rests, which is 11% p.a. subject to change from time to time.

Terms of Repayment - Repayable in quarterly installments and interest is payable as and when debited/ due.

Margin - 5 to 25%

Extent and Operation of the charge - Charge on the entire assets of Jindal India Limited created in favour of Punjab National Bank.

Particulars of the property charged

Stocks of all sorts of Raw Materials, pipes and tubes, old structures, all sorts of finished and semi finished goods manufactured by Jindal India Limited, Liluah (Howrah) lying at there Premises and Godown. Book Debts including export receivables. Spares and Components. R/R/Bills of Lading covering consignment of Raw Materials. Raw Materials of Finished Goods. Government, Semi-Government and Other parties supplies Bills, and Block of Assets of the Company.

Date of instrument modifying the charge

26.03.2009

Particulars of the present modification

By the aforesaid modification the overall limit has been enhanced to Rs.7300.000 millions by way of various credit facilities.

TRADE REFERENCES:

v Tata Steel Company

v Hindustan Zinc Limited

v P.B. Traders Private Limited

v M. Raj Krishna and Company Private Limited

v Madras Steel and Tubes

v Tubes India Private Limited

FIXED ASSETS

v Freehold Land

v Leasehold Land

v Buildings

v Plant and Machinery

v Electric Equipments and Others

v Computers

v Furniture and Fittings

v Live Stock

v Vehicles

v Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.