MIRA INFORM REPORT

Report Date :

20.10.2011

IDENTIFICATION DETAILS

Name :	JINDAL STEEL AND POWER LIMITED

Registered Office :	O.P. Jindal Marg, Delhi Road, Hisar-125005, Haryana

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.09.1979

Com. Reg. No.:	05-9913

Capital Investment / Paid-up Capital :	Rs.934.300 Millions

CIN No.: [Company Identification No.]	L27105HR1979PLC009913

TAN No.: [Tax Deduction & Collection Account No.]	JBPJ00181G / DELJ03437A

Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges

Line of Business :	Manufacturers of Sponge Iron and Mild Steel Slabs, Mining of Ferro Chrome and Generation of Electricity.

No. of Employees :	15000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 340000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Jindal Group. It is a well established and a 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 dealing 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

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

LOCATIONS

Registered Office :	O.P. Jindal Marg, Delhi Road, Hisar-125005, Haryana, India
Tel. No.:	91-1662-222471-75 / 83/ 84
Fax No.:	91-1662-222476
E-Mail :	jslhsr@nde.vsnl.net.in tksadhu@ngr.jindalsteel.com
Website :	http://www.jindalsteelpower.com
Location :	Industrial Area

Corporate Office :	Jindal Centre 12, Bhikaiji Cama Place, New Delhi - 110 066, India
Tel. No.:	91-11-26188345-60
Fax No.:	91-11-26161271/26170691
E-Mail :	jindlorg@del2.vsnl.net.in

Factory 1:	Karsia Road, Post Box No. 16, Raigarh-496 001, Chhattisgarh, India
Tel No.:	91-7762-227001-5 / 227011-227010
Fax No.:	91-7762-227021-23
E-Mail :	jsplrgh@gwr1.dot.net.in raigarh@jindalsteel.com

Factory 2:	13 KM Stone, G.E. Road, Mandir Hasaud, Raipur-492001, Chhattisgarh, India
Tel No.:	91-771-2471205-07
Fax No.:	91-771-2471404-2471214

Factory 3:	TRB Iron Ore Mines, P O Tensa - 770042, District Sundergarh, Orissa, India
Tel No.:	91-6625-236023/24
Fax No.:	91-6625-236023

Factory 4:	Jindal Open Cast Coal Mines Village, Dongamauha, P.O. Dhaurabhata, Taluka Gharghoda, District Raigarh, Chhattisgarh, India
	91-7767-247484-85/ 247539
	91-7767-247485/ 247538

Factory 5:	28, Najafgarh Road, New Delhi-110015, India
Tel No.:	91-11-30589739-41
Fax No.:	91-11-25928677 / 25928118

Factory 6:	Plot No. 751, Near Panchpukhi Chhaka, Simplipada, Angul-759122, Orissa, India

Factory 7:	Balkudra, Patratu, District Ramgarh-829143, Jharkhand, India
Tel No.:	91-6553-275724/ 275726
Fax No.:	91-6553-275744

Stockyards :	Located At: · Ahmedabad · Chennai · Faridabad · Hyderabad · Kolkata · Nagpur

Marketing Office :	Located At: · Mumbai · Chennai

Branch Office :	Located At: · Barbill · Bhubaneshwar · Chennai · Kolkata · Mumbai · Ranchi · Raipur

Overseas Offices:	Located At: · Bolivia · China · Democratic Republic of Congo · Jakarta · Mozambique · Madagascar · South Africa

DIRECTORS

As on 31.03.2011

Name :	Ms. Savitri Jindal
Designation :	Chairperson

Name :	Mr. Naveen Jindal
Designation :	Executive Vice Chairman and Managing Director
Qualification :	M.B.A.

Name :	Mr. Vikrant Gujral
Designation :	Vice Chairman and Chief Executive Officer
Qualification :	Mechanical Engineer
Experience :	40 years

Name :	Mr. Ratan Jindal
Designation :	Director

Name :	Mr. Arun K. Purwar
Designation :	Independent Director

Name :	Mr. Arun Kumar
Designation :	Independent Director

Name :	Mr. Haigreve Khaitan
Designation :	Independent Director

Name :	Mr. Hardip Singh Wirk
Designation :	Independent Director

Name :	Mr. Rahul Mehra
Designation :	Independent Director

Name :	Mr. John C. Elmore
Designation :	Director, Strategy and Business Coordination

Name :	Mr. Rajeev Bhadauria
Designation :	Director Group HR

Name :	Mr. Jasper Marias
Designation :	Director, Coal Gasification

Name :	Mr. Rajesh Jha
Designation :	Executive Director, Angul

Name :	Mr. Jona Pillay
Designation :	Executive Director, CTL

Name :	Mr. Ramesh Raina
Designation :	Executive Director

Name :	Mr. Lalji Dwivedi
Designation :	Executive Director Sales

Name :	Mr. GDS Sohal
Designation :	Executive Director, Cement

Name :	Mr. D N Abrol
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. VR Sharma
Designation :	Dy. Managing Director and CEO (Steel Business)

Name :	Mr. Ramesh Raina
Designation :	Sales and Marketing

Name :	Mr. DK Saraogi
Designation :	Executive President and Head

Name :	Mr. Pravin Purang
Designation :	Advisor-Supply Chain

Name :	Mr. J.B. Karamchandani
Designation :	President, Architectural Cell

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	13,653,592	1.46
Bodies Corporate	461,403,550	49.37
Sub Total	475,057,142	50.83
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	572,400	0.06
Bodies Corporate	71,997,600	7.70
Sub Total	72,570,000	7.77
Total shareholding of Promoter and Promoter Group (A)	547,627,142	58.60
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	28,003,586	3.00
Financial Institutions / Banks	708,466	0.08
Central Government / State Government(s)	8,470	-
Insurance Companies	40,919,148	4.38
Foreign Institutional Investors	204,427,471	21.88
Sub Total	274,067,141	29.33
(2) Non-Institutions
Bodies Corporate	27,329,731	2.92
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	72,004,966	7.71
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3,564,714	0.38
Any Others (Specify)	9,915,901	1.06
Trusts	288,107	0.03
Non Resident Indians	9,627,572	1.03
Foreign Nationals	222	-
Sub Total	112,815,312	12.07
Total Public shareholding (B)	386,882,453	41.40
Total (A)+(B)	934,509,595	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	934,509,595	-

BUSINESS DETAILS

Line of Business :

Manufacturers of Sponge Iron and Mild Steel Slabs, Mining of Ferro Chrome and Generation of Electricity.

Products :

Product Description	Item Code No.
Sponge Iron	72.03
Mild Steel	72.07

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
At Raigarh
Sponge Iron	M.T.	1370000
Mild Steel	M.T.	3000000
Ferro Alloys	M.T.	36000
Power	M.W.	623
Hot Metal/Pig Iron	M.T	1670000
Rail and Universal Beam Mill	M.T	750000
Plate Mill	M.T	1000000
Fabricated Structures	M.T.	60000
Cement Plant	M.T.	500000
Medium and Light Section Mill	M.T.	600000

At Raipur
Machinery and Castings	M.T.	11500
Ingots	M.T.	30000
CF Castings	M.T.	3000

AT Barbil
Pelletization Plant	M.T	4500000

At Satara (Maharashtra)
Wind Energy	MW	24

At Patratu
Wire Rod	M.T.	600000
Bar Mill	M.T.	1000000

At Angul
Power	MW	135

Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matters.

Particulars	Unit	Production
Sponge Iron	M.T.	1319840
M S Round	M.T.	367787
H.C. Ferro Crome	M.T.	17149
Power	KWH	3420
Hot Metal/Pig Iron	M.T	1652592
Parallel Flange Beam / Columns	M.T	372581
Universal Plate / Coil	M.T	735596
Other Finished Steel Products	M.T.	64653
Other Semi Steel Products	M.T.	1907083
Machineries	M.T.	8613
Wire Rod	M.T.	154734
Bars	M.T	128
Fabricated Structures	M.T	56094
Cement	M.T	145054
Medium and Light Sections	M.T	31411
Iron Ore Pellets	M.T.	2787285
Wind Energy	Million KW/H	46

GENERAL INFORMATION

No. of Employees :

15000 (Approximately)

Bankers :

· State Bank of India, P Block, Connaught Circus, New Delhi-110001, Delhi, India

· Punjab National Bank, B.O. 7, Bhikaji Cama Place, New Delhi-110066, Delhi, India

· State Bank of Patiala

· ICICI Bank Limited

· Canara Bank

· Industrial Development Bank of India

· Export - Import Bank of India

· Jammu and Kashmir Bank Limited

· Indian Overseas Bank

· Bank of Bahrain and Kuwait B.S.C

· Lord Krishna Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
DEBENTURES
9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each (Privately placed with Life Insurance Corporation of India)	10000.000	10000.000
9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each (Privately placed with Life Insurance Corporation of India)	5000.000	5000.000
9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each (Privately placed with SBI Life Insurance Company Limited)	620.000	620.000
8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each (Privately placed with ICICI Lombard General Insurance Company Limited)	250.000	250.000
8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each (Privately placed with ICICI Prudential Life Insurance Company Limited)	750.000	750.000
6.75% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each (Privately placed with LIC Mutual Fund Asset Management Company Limited)	1000.000	1000.000
TERM LOANS
Loans and advances from Banks and Others	36133.400	22163.600
Others	0.000	54.600
Working capital borrowings from banks	1555.900	2513.400
Total	55309.300	42351.600

UNSECURED LOAN
Fixed Deposits from Public	596.700	705.800
Short Term Loans from Banks/Mutual Funds	7958.200	2500.000
Non-Convertible Debentures	0.000	750.000
Inter Corporate Deposits (from subsidiary)	15185.600	11985.600
Buyers’ Credit from Banks	21218.700	9844.500
External Commercial Borrowing from Banks (ECB)	20878.200	15695.100
Total	65837.400	41481.000

NOTE:

DEBENTURES

i) Debentures placed with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual installments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (12.10.2009), Rs. 1500.000 Millions (22.10.2009), Rs. 1500.000 Millions (24.11.2009), Rs. 150 Millions (24.12.2009), Rs. 1500.000 Millions (25.01.2010), Rs. 1500.000 Millions (19.02.2010) and Rs. 1500.000 Millions (26.03.2010). T he debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Orissa in favour of the Debenture Trustees.

ii) Debentures placed with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instilments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (24.08.2009), Rs. 800.000 Millions (08.09.2009), Rs. 800.000 Millions (08.10.2009), Rs. 800.000 Millions (09.11.2009), Rs. 800.000 Millions (08.12.2009) and Rs. 800.000 Millions (08.01.2010). T he debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

iii) Debentures placed with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual installments commencing from the end of 8 years from the date of allotment i.e. 29.12.2009.

The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Orissa in favour of the

Debenture Trustees.

iv) Debentures placed with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

v) Debentures placed with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

vi) Debentures placed with LIC Mutual Fund Asset Management Company Limited on private placement basis are redeemable at par at the end of 23 months from the date of allotment i.e. 22.01.2010. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

TERM LOANS

Loans and Advances from Banks and Others

i) Loans of Rs. 2551.100 Millions (Previous year Rs. 3790.800 Millions ) are secured by exclusive charge on fixed assets created under Steel expansion project at Raigarh, Chhattisgarh;

ii) Loans of Rs. 1968.700 Millions (Previous year Rs. 2872.700 Millions ) are secured by exclusive charge on fixed assets created under Plate M ill project at Raigarh, Chhattisgarh;

iii) Loans of Rs. 1114.300 Millions (Previous year Rs. 1457.100 Millions ) are secured by exclusive charge on fixed assets created under 3x25 MW Power Plant at Raigarh, Chhattisgarh;

iv) Loans of Rs. 4549.900 Millions (Previous year Rs. 3499.100 Millions ) are secured by exclusive charge on fixed assets created/ to be created under the D RI project at Angul, Orissa;

v) Loans of Rs. 7889.700 Millions (Previous year Rs. 4144.600 Millions ) are secured by exclusive charge on fixed assets created under 2X135 MW Power Plant (Phase - 1) at Dongamauha, Raigarh, Chhattisgarh;

vi) Loans of Rs. 1405.500 Millions (Previous year Rs. 670.000 Millions ) are secured by exclusive charge on fixed assets created/to be created under 2X135 MW Power Plant (Phase - 2) at Dongamauha, Raigarh,

vii) Loans of Rs. 10549.700 Millions (Previous year Rs. 200.000 Millions ) are secured by exclusive charge on fixed assets created/ to be created under 1.6 MT PA Integrated Steel Plant and 1.5 MT PA Plate M ill project at Angul, Orissa;

viii) Loans of Rs. 1000.000 Millions (Previous year Rs. Nil) are secured/to be secured by exclusive charge on fixed assets created/to be created under 6x135 MW Power Plant Project at Angul, Orissa; ix) Loan of Rs. 5104.600 Millions (Previous year Rs. 5347.900 Millions ) are secured by subservient charge on current assets of the Company;

x) Loans of Rs. Nil (Previous year Rs. 181.400 Millions) were secured by first pari - passu charge in favour of Banks by way of mortgage of the Company’s immovable properties and hypothecation of fixed assets; out of which loans of Rs. Nil (Previous year Rs. 40.800 Millions) were also secured by a personal guarantee given by a Director of the Company. Repayment due within one year Rs. 4421.600 Millions (Previous year Rs. 2726.400 Millions )

OTHERS

Secured by hypothecation of the specific assets financed.

WORKING CAPITAL BORROWING FROM BANKS

Secured by hypothecation by way of first charge on stocks of finished goods, raw materials, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets.


Banking Relations :	--

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	145-149, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India

Subsidiaries and Step-down Subsidiaries:	Subsidiaries · Jindal Minerals and Metals Africa Limited · Jindal Power Limited · Jindal Steel and Power (Mauritius) Limited · Jindal Steel Bolivia SA Subsidiaries of Jindal Power Limited · Attunli Hydro Electric Power Company Limited · Etalin Hydro Electric Power Company Limited · Jindal Hydro Power Limited · Jindal Power Distribution Limited · Jindal Power Trading Company Limited (formerly Chhattisgarh Energy Trading Company Limited) · Jindal Power Transmission Limited · Subansiri Hydro Electric Power Company Limited Subsidiaries of Jindal Minerals and Metals Africa Limited 1. Jindal Minerals and Metals Africa Congo SPRL Subsidiaries of Jindal Steel and Power (Mauritius) Limited · Affiliate Overseas Limited · Enduring Overseas Limited · Harmony Overseas Limited · Jindal Africa Investments (Pty) Limited · Jindal Brasil Mineracao SA · Jindal D RC SPRL · Jindal Investimentos LDA · Jindal Investment Holdings Limited · Jindal Madagascar SARL · Jindal Minerals Mining Limited (Till 03.11.2010) · Jindal Mining and Exploration Limited · Jindal Mining Industry LLC · Jindal Power LLC · Jindal Steel and Power (Australia) Pty Limited (w.e.f. 15.06.2010) · Jindal Steel and Power Zimbabwe Limited (w.e.f. 06.05.2010) · JSPL Mozambique Minerais LDA · Jubilant Overseas Limited · Osho Madagascar SARL · PT Jindal Overseas · Rolling Hills Resources LLC · Shadeed Iron and Steel Company LLC (w.e.f. 29.06.2010) · Skyhigh Overseas Limited · Trans Atlantic Trading Limited · Vision Overseas Limited · Worth Overseas Limited Others · Belde Empreendimentos Mineiros Limited, a subsidiary of JSPL M ozambique Minerais LDA · Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining and Exploration Limited · Gas to Liquids International S.A., a subsidiary of Worth Overseas Limited · Jindal Mining (Pty) Limited, a subsidiary of E astern Solid Fuels (Pty) Limited · Kasai Sud Diamant, a subsidiary of Jindal D RC SPRL

Associates:	· Angul Sukinda Railway Limited · Nalwa Steel and Power Limited · Saras Mineracao de Ferro S.A. (Associate of Jindal Steel and Power M auritius Limited) (Till 02.06.2010) · Jindal Infosolutions Private Limited (w.e.f. 30.03.2011)

Joint Ventures:	· Jindal Synfuels Limited (formerly Jindal Coal to Liquid Limited) · Shresht Mining and Metals Private Limited · Urtan North Mining Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Re.1/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
934269031	Equity Shares	Rs.1/- each	Rs.934.300 Millions

Note:

1. 12,61,22,840 (Previous year 12,61,22,840) Equity shares of Re. 1 each have been allotted as fully paid up to the erstwhile shareholders of Jindal Strips Limited pursuant to the Scheme of Arrangement sanctioned by the Hon’ble High Court of Punjab and Haryana.

2. 30,34,949 (Previous year 9,29,869) Equity Shares of Re. 1 each have been allotted as fully paid up to the employees (including those of subsidiary company) under the Employees Stock Option Scheme.

3. 77,56,51,530 shares of face value of Re. 1 per share were allotted as fully paid bonus shares by utilisation of Rs. 77,56,51,530 from Securities Premium Account during the earlier year.

After 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Re.1/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
934509595	Equity Shares	Rs.1/- each	Rs.934.509 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		934.300	931.200	164.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85941.200	66305.400	53716.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		86875.500	67236.600	53881.300
LOAN FUNDS
1] Secured Loans		55309.300	42351.600	21054.900
2] Unsecured Loans		65837.400	41481.000	28571.600
TOTAL BORROWING		121146.700	83832.600	49626.500
DEFERRED TAX LIABILITIES		8783.300	7150.000	5997.700
EMPLOYEE’S STOCK OPTIONS OUTSTANDING		17.900	223.400	271.900

TOTAL		216823.400	158442.600	109777.400

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		100004.200	67040.600	57459.000
Capital work-in-progress		70778.700	64352.800	23180.100

INVESTMENT		12100.100	10671.100	12334.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22041.200	13285.000	12099.600
	Sundry Debtors	7371.200	6223.600	3914.600
	Cash & Bank Balances	515.600	601.000	3089.600
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51050.000	38659.400	31990.400
Total Current Assets		80978.000	58769.000	51094.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20493.200	22117.100	14715.700
	Other Current Liabilities	7612.900	6866.900	9746.300
	Provisions	18963.400	13437.100	9858.100
Total Current Liabilities		47069.500	42421.100	34320.100
Net Current Assets		33908.500	16347.900	16774.100

MISCELLANEOUS EXPENSES		31.900	30.200	30.200

TOTAL		216823.400	158442.600	109777.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	95736.300	73675.900	76531.900
		Other Income	1437.100	1173.100	1462.400
		TOTAL (A)	97173.400	74849.000	77994.300

Less	EXPENSES
		Materials, Manufacturing and others	48279.200	40632.500	42191.900
		Administrative Expenses	8855.000	2148.700	7986.900
		Personnel	2777.800	5946.500	1775.300
		Miscellaneous Expenses	0.000	0.000	2.000
		TOTAL (B)	59912.000	48727.700	51956.100

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37261.400	26121.300	26038.200

Less	FINANCIAL EXPENSES (D)		2850.100	1924.700	1689.100

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34411.300	24196.600	24349.100

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6877.700	5121.600	4330.300

	PROFIT BEFORE TAX (E-F) (G)		27533.600	19075.000	20018.800

Less	TAX (H)		6892.400	4278.200	4654.000

	PROFIT AFTER TAX (G-H) (I)		20641.200	14796.800	15364.800

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54788.300	43189.500	NA

Less	APPROPRIATIONS
		Transfer to General Reserve	2100.000	1500.000	NA
		Corporate Tax on Proposed Dividend	37.500	42.800	NA
		Debenture Redemption Reserves	770.000	490.000	NA
		Proposed Dividend on Equity Shares	1401.900	1165.200	NA
	BALANCE CARRIED TO THE B/S		71120.100	54788.300	NA

	EARNINGS IN FOREIGN CURRENCY		10736.100	4104.100	10213.700

	IMPORTS
		Raw Materials	18715.700	11129.400	9132.100
		Components and Spare Parts	1969.600	1998.100	879.200
		Capital Goods	12629.400	18132.400	6186.600
	TOTAL IMPORTS		33314.700	31259.900	16197.900

	Earnings Per Share (Rs.)		22.09	15.90	99.44

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	25265.300	33338.100
Total Expenditure	15631.100	22471.000
PBIDT (Excl OI)	9634.200	10867.100
Other Income	166.500	77.200
Operating Profit	9800.700	10944.300
Interest	1324.700	1458.700
Exceptional Items	0.000	(1477.500)
PBDT	8476.000	8008.100
Depreciation	2065.900	2139.200
Profit Before Tax	6410.100	5868.900
Tax	1708.500	1911.000
Profit After Tax	4701.600	3957.900
Net Profit	4701.600	3957.900

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.24	19.76	19.70

Net Profit Margin (PBT/Sales)	(%)	28.76	25.89	26.16

Return on Total Assets (PBT/Total Assets}	(%)	15.21	15.16	18.44

Return on Investment (ROI) (PBT/Networth)		0.32	0.28	0.37

Debt Equity Ratio (Total Liability/Networth)		1.94	1.87	1.56

Current Ratio (Current Asset/Current Liability)		1.72	1.38	1.49

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject, part of the US $ 8 billion Jindal Organisation was came to business in the year 1979, has business interests in steel production, steel products, power generation, mining, sponge iron, ferro chrome and heavy machinery. Subject continuously endeavours to increase the portfolio of the value-added products. The product mix of the company includes Hot Rolled Parallel Flange Beams and Columns, Rails, Channels, Plates, Cathode bar and Continuously Cast Products that includes Billets/Blooms, Beam Blanks, Rounds and Slabs and Metallics and Ferro Alloy. JSPL is an ISO 9002 and ISO 14001 certified Company.

Excelling the level of steel making, Subject has exceeded the production capacity of 2.90 MTPA with its plant at Raigarh, Chhattisgarh. The Company has a 340 MW power generation facility In Raigarh based on waste heat recovery from rotary kilns, washery rejects and coal fines to meet the captive requirements as well as supply to the State Electricity Boards of Chhattisgarh. Its captive Coal Mines at Dongamahua, Chhattisgarh. Since the coal is of very poor grade and quality it has to be beneficiated. Hence a coal washery with capacity of 6 MTPA to wash 47-48% coal ash to 26% has been commissioned and is operating successfully. The Iron Ore Mines at Tensa, Orissa, to meet the part requirement of its Sponge Iron Plant. Accoutered with fully mechanized techniques, it is currently producing about 555000 MT of sponge grade ore. Subject has worlds largest coal-based sponge iron manufacturing facility, which uses indigenously developed rotary kilns and the Ferro chrome, manufacturing of stainless and special steel requires an important component called Ferro chrome. Ferro chrome is the result of a continuous smelting of chrome ore, coke, coal and quartz at the Submerged Arc Furnace (SAF). Finally, the Subject has set up a state-of-the-art Machinery Division at Raipur, Chhattisgarh, which caters to the in-house machinery and components requirements of the Raigarh plant and other group companies, has machinery-manufacturing capacity of 11,500 MT and production capacity of 30,000 MT of steel ingots and castings.

The Company made foray in to the Power Sector during the year 1995, Jindal Power Limited (JPL) subsidiary of Subject was started to engage the power sector. The Steel Melting Shop of the Company was shut down in May of the year 1998 due to the explosion. The Raigarh and Raipur Divisions of Jindal Strips Limited have been hived off to subject pursuant to the Scheme of Arrangement during the year 1999. In October of the year 1999 again the Steel Melting Shop was commissioned, which was shut downed in a year before. Round Caster Unit of the company sets up in Raigarh has been commissioned in the month of May in the year 2000 and has started producing Rounds, which import substitution product. In the same year, Subject has entered into an agreement with Maharashtra Seamless Limited for selling 50,000 MT of Rounds annually and the company launched Infovergix Technologies, marking the foray of one more old economy company into the Infotech sector. During the year 2001, the company has introduced a new value added product Alloy Steel Rounds, which may suitable for manufacture of seamless tubes. In the same year, Subject signed a memorandum of understanding (MOU) with the Chattisgarh government to invest Rs.64000 millions in various projects in the state over the seven years. A Memorandum of Understanding was signed with the State Government of Chhattisgarh in May 2001 for various investments in the State in the power and steel sectors.

During the year 2003-04, In addition to manufacturing of value added steel products, such as, rounds, billets, blooms and slabs, the Company has started manufacturing Universal beams and structures. The Company signed MOU with Government of Chhattisgarh in January 07, 2005 and also made another one MoU with Jharkand Government on July 05, 2005. In the identical year of 2005, Subject inked agreement with S. African, German Company for coal gasification facility at its proposed six-million-tonne steel plant in Orissa. A revised Memorandum of Understanding (MOU) was signed with the state Government of Orissa on 03.11.2005 to increase production capacity of proposed steel plant from 2.00 million TPA to 6.0 million TPA. Bolivia inked one JV deal with the company for El Mutun development during the year 2006. The Company has signed a Memorandum of Understanding with the Government of Chhattisgarh on 30.03.2007 for setting up 2 million TPA Cement plant and 30 MW Power Plant in Raigarh at an estimated cost of Rs.7200/- millions. The company's Plate Mill of 1.0 million TPA capacity has been commissioned successfully and commercial production has started in April 2007. Subject has signed a Memorandum of Understanding with the Government of Orissa for setting up a 6 Million TPA Integrated Steel Plant near Kerajang Railway Station in Angul District of State of Orissa at an estimated cost of Rs.165600/- millions.

Subject set up an industrial Estate over 750 Acre land in distt. Raigarh, 25 industrial units are already in operation, supplying power from capitive power plant on long-term basis @ Rs. 2.50 per unit. Initiation has been made in exploration for diamond, gold and associated minerals under reconnaissance permit (RP) over 2500 sq.km in Jahspur district of Chhattisgarh State. Jindal Rex Exploration Private Limited has been incorporated under a joint venture with Rex Diamond Mining Company with the headquarters in Canada and the operational centre at Belguim. Carrying out reconnaissance and survey for diamonds in Jahspur Chhattisgarh, in Gumla, Simdega distt in Jharkhand and in Democratic Republic of Congo. Will be soon starting exploration for diamonds in Democratic Republic of Congo.

The Company plans for future, it consist of expand the operations and increase the steel production capacity to 6 MTPA at an additional investment of Rs.80000 millions in Raigarh. Subject is also investing over Rs.135000 millions in Orissa for a steel plant with capacity of 6 MTPA and power generation of 900 MW. In Jharkhand the company is investing over Rs. 150000 millions for a steel plant with capacity of 6 MTPA and power generation of 1000 MW. Subject has taken over Bihar Alloys Limited in Jharkhand and re-constructing the facility for steel production. And also the company has won the development rights for 20 billion tonnes of iron ore reserves in Bolivia (South America). The company is planning to invest US $2.1 billion over next 8 years for mining and setting up an integrated steel plant. This is the largest investment by an Indian company in Latin America and the largest foreign investment in a single project so far in Bolivia.

All the expansions and the future course of actions are a testament to the fact, that at subject, the company working towards a bright future.

FURTHER ISSUE OF CAPITAL

The Company has allotted 30,23,507 equity shares of Re.1/- each on various dates against options granted under the Company’s Employee Stock Option Scheme- 2005 during the period.

OPERATIONAL REVIEW

The Company has, on a consolidated basis, achieved an aggregate income of Rs. 131936.000 Millions, compared to previous year’s Rs. 111518.200 Millions. Profit before tax has increased to Rs. 49880.200 Millions in 2010-11 from Rs. 45534.500 Millions in 2009-10. Profit after tax has also grown to Rs. 38040.100 Millions in the year, from Rs. 36345.600 Millions in the previous year. The Reserves and Surplus have touched Rs. 140150.800 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

BUSINESS REVIEW

Indian economy has demonstrated remarkable resilience in countering the global financial crisis. Although the impact was felt on some critical economic indicators, such as declining GDP growth and shrinking global trade, the recovery was faster than most people expected. Improvement in agriculture and manufacturing sectors has shifted the growth trajectory back to 8.6% in 2010-11, although the performance of the service sector was not that impressive. The performance of the infrastructure sector in 2010-11 was mixed. While some sectors performed well, others failed to put up an impressive show; Telecommunication has performed well, but railways, road and power sectors could not achieve their targets. In addition, momentum in domestic savings and investment has accelerated the GDP growth. However, inflationary pressure continues to be a matter of considerable concern, triggered by high food and energy costs. With global crude prices crossing the $100 mark, the domestic inflationary pressure is bound to aggravate. The political unrest in the Middle East and North Africa had moderate impact on the country’s economy.

The exports have picked up during 2010-11 and are expected to achieve the growth target. Foreign exchange reserves have increased during the year but the exchange rate has depreciated. The Reserve Bank of India (RBI) has begun withdrawing the accommodating policy announced during the economic crisis as the shadows of the recession quickly became a thing of the past. India’s financial market has remained steady and continues to strengthen the economy.

In sharp contrast, advanced economies are still grappling with uncertainty on account of deficit, high public debt and unemployment. The process of recovery was jeopardized by sovereign debt crisis in the euro zone, concerns

about the US fiscal policy and the sharp increase in commodity prices – food and energy. The rate of recovery for matured economies has been gradual in 2010. The economic recovery experienced in the US and EU during the second half of calendar year 2010 is expected to be reinforced in 2011.

The Finance Bill 2011-12 is likely to have a neutral impact on the Indian Steel Industry. The export duty on iron ore fines and lumps has been hiked to 20% each from 5% and 15%, respectively. This will curtail iron ore exports, and is likely to benefit Indian steel industry in the long term as it will help India to be self reliant in iron ore.

Growth in the Indian steel sector will continue to be driven by construction, oil and gas, transportation, refining, telecom, ship building, power, automobiles, capital goods, consumer durables and infrastructure sector. Infrastructure sector is a priority sector for the Government and plan funds are sufficiently made available for its growth.

The steel industry faces major hurdles relating to project implementation and raw material security. The capacity expansion plans of major steel players (domestic and international) are facing issues related to land acquisition, raw material linkages and environmental clearances resulting in inordinate delay in project implementation, cost overruns and low investor confidence. The industry is facing shortage of coking coal and is largely dependent upon its import.

OUTLOOK

India’s steel industry plays a significant role in the country’s economic growth and enjoys a stronghold in the traditional sectors, such as infrastructure and construction, automobile, transportation, industrial applications, among others. With economic expansion, application of diverse steel grades and varieties will grow. The country’s steel sector has acquired considerable prestige on the global steel map with its giant steel mills, acquisition of global scale capacities, continuous modernisation and upgradation of old plants, improving energy efficiency and backward integration into global raw material sources. Global steel giants have shown interest in the industry due to its phenomenal performance and growth potential. The industry is poised for a quantum growth through sustained performance, which will elevate it to the next level.

The steel consumption in India is expected to grow significantly in the coming years as per capita finished steel consumption is far less than its regional counterparts. Demand for steel in India is expected to grow at a CAGR of 10-12% in the financial year 2010-11 to financial year 2014-15.

The Company envisages setting up of steel plants in Angul (Orissa) and Patratu (Jharkhand). It has set up 0.6 MTPA wire rod mill and 1.0 MTPA bar mill at Patratu, which were commissioned in March 2010 and March 2011 respectively. It plans to increase its sale through MoU customers and by selling value-added products and increase its market share particularly in structurals, plates, TMT rebars and Wire Rods. Additional stock yards and marketing offices are being set up in the country to enhance geographic reach and proximity to customers.

Power is one of the key inputs for steel making. The Company has commissioned 270 MW (2x135MW) phase–I out of 600 MW (4x150 MW) power project at Dongamahua, Chhattisgarh and this will meet the additional requirements of power of the Company. Units under phase-II will be commissioned during the current year. The setting up of captive power plants is part of the integrated steel plants being set up at Angul (Orissa) and Patratu (Jharkhand) for meeting their power requirement.

Apart from power, iron ore and coal are two other main inputs of steel making. The Company has captive iron ore and coal mines and is consistently making efforts for seeking allotment of such mines/ raw material linkages from

the Central/ State Governments.

India’s power sector growth lags far behind the exponential escalation in demand, resulting in energy and peak shortages. Energy deficit averaged 9% and the peak power deficit averaged 12.6% during Fiscal 2003 to Fiscal 2011. The demand for power will grow in direct correlation with country’s economic growth. In line with this, the Company’s subsidiary, Jindal Power Limited (JPL), is directly as well as through its subsidiaries planning to set up thermal and hydro power projects in various parts of the country with an aggregate power generation capacity of 10,480 MW.

FINANCIAL PERFORMANCE

The Company’s overall operational performance has been satisfactory. During the financial year 2010-11, it achieved sales and other income of Rs. 97173.400 Millions as against last year’s Rs. 74849.000 Millions, registering an impressive growth of about 30%. Profit before interest and depreciation increased from Rs. 26121.300 Millions to Rs. 37261.400 Millions, registering a remarkable growth of about 43%. Profit before tax increased from Rs. 19075.000 Millions to Rs. 27533.600 Millions, registering an impressive growth of about 44%. Net profit increased by about 39% from Rs. 14796.800 Millions to Rs. 20641.200 Millions. Cash profit increased from 21070.700 Millions to Rs. 29152.200 Millions growing by about 38%. Reserves and surplus stood at Rs. 85941.200 Millions. Net block of assets including capital work in progress stood at Rs. 170782.900 Millions.

FINANCIAL MANAGEMENT

The Company’s expansion of production capacities at existing works and setting up of new plants have resulted

in increased borrowings from banks, financial institutions and other lenders nationally and internationally. It has been availing multiple financial facilities from banks, financial institutions and other lenders to meet fund requirements for working capital and project implementation. Available credit options are thoroughly examined and sufficient care is taken to avail of these facilities at competitive terms and conditions. Financial facilities are appropriately secured as per terms of sanction. The Company’s senior management monitors the arrangement of funds, servicing of debts and management of internal accruals. The Company has arranged Rs. 27170.000 Millions from banks and FIs to meet capital expenditure during the financial year 2010-11.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^thJUNE, 2011

(Rs. In Millions)

	For The Quarter Ended 30.06.2011
1. a) Net Sales / Income from Operations	25225.900
b) Other Operating Income	39.400
Total Income	25265.300
2. Expenditure
a) (Increase)/decrease in stock in trade and work in progress	(2130.400)
b) Consumption of raw materials	8061.000
c) Purchase of traded goods	751.000
d) Employee cost	880.700
e) Depreciation	2065.900
f) Stores and Spares consumed	2934.900
g) Power and Fuel	1888.200
h) Other Expenditure	3245.700
Total	17697.000
3. Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	7568.300
4. Other Income	166.500
5. Profit before Interest and Exceptional Items (3+4)	7734.800
6. Interest and other Financial Expenses	1324.700
7. Profit after Interest but before Exceptional Items (5-6)	6410.100
8. Exceptional Items	--
9. Profit (+)/ Loss (-) from ordinary activities before tax (7+8)	6410.100
10. Tax expense	1708.500
11. Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10)	4701.600
12. Extraordinary item (net of tax expense Rs. - )	--
13. Net Profit(+)/ Loss(-) for the period (11-12)	4701.600
14. Minority Interest	--
15. Share of Associates	--
16. Other Related Items	--
17. Consolidated Net Profit (+) / Loss (-) for the period	--
18. Cash Profit	7193.500
19. Paid up equity share capital (Face Value Re. 1/- per share)	934.500
20. Reserves excluding Revaluation Reserves	--
21. Earnings Per Share (EPS)
a) Basic and diluted EPS before Extraordinary items for the period and for the previous year	5.03 5.02
b) Basic and diluted EPS after Extraordinary items for the period and for the previous year	5.03 5.02
22. Public shareholding
- Number of shares	388800173
- Percentage of shareholding	41.60
23. Promoters and promoter group Shareholding
a) Pledged/Encumbered - Number of shares	6000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--
- Percentage of shares (as a% of the total share capital of the Company)	--
b) Non-encumbered - Number of Shares	545703422
- Percentage of shares (as a% of the total shareholding of promoter and promoter group)	100.00
- Percentage of shares (as a % of the total share capital of the Company)	58.40

STANDALONE SEGMENT WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED ON 30^thJUNE, 2011

(Rs. In Millions)

Particulars	For The Quarter Ended 30.06.2011
1. Segment Revenue
a) Iron and Steel	24097.700
b) Power	3606.100
c) Others	296.200
Sub Total	28000.000
Less: Inter-segment Revenue	2734.700
Net Sales/Income from Operations	25265.300
2. Segment Results (Profit(+)/Loss(-) before Tax and interest from each segment)
a) Iron and Steel	7670.600
b) Power	1312.800
c) Others	(29.700)
Sub Total	8953.700
Less : Interest and Other Financial Charges	1324.700
Other un-allocable expenditure	1218.900
(net of un-allocable income)
Total Profit Before Tax	6410.100
3. Capital Employed (Segment Assets - Segment Liabilities)
a) Iron and Steel	85772.200
b) Power	33680.300
c) Others	5258.200
Total Segment Capital Employed	124710.700

NOTES:

1. Consolidated sales and profit for the quarter ended 30.06.2011, includes sales of Rs.7495.400 millions and net profit after tax of Rs.4528.300 millions in respect of Jindal Power Limited, a subsidiary company, as against Rs.9276.000 millions and Rs.5600.500 millions respectively, for the corresponding quarter last year.

2. Two Units of 250 MW each of Jindal Power Limited, a subsidiary company, at Tamnar, Raigarh, Chattisgarh, will remain under planned annual maintenance shutdown for 15 days in the next quarter.

3. No investor complaint was pending on 01.04.2011. During the quarter ended 30.06.2011, 7 (Seven) complaints were received and resolved.

4. Previous quarter/period figures have been regrouped and reclassified to make them comparable.

5. The above audited results were reviewed by the Audit Committee and have been taken on record by the Board of Directors in their meeting held on 28.07.2011.

6. The above standalone results have been reviewed by auditors as per clause 41 of the listing agreement.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Guarantees issued by the Company’s Bankers on behalf of the Company	3511.100	3233.900
Letter of credit opened by banks	14531.200	12348.900
Corporate guarantees/undertakings issued on behalf of third parties	33595.000	18259.500
Disputed Excise Duty and Other demands	6847.700	6323.000
Future liability on account of lease rent for unexpired period	0.000	88.500
Bonds executed for machinery imports under EPCG Scheme	30399.900	25291.500
Income Tax demands where the cases are pending at various stages of appeal with the authorities	1872.100	1110.300
Total	90757.000	66655.600

FIXED ASSETS

· Land – Freehold

· Land – Leasehold

· Live Stock

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Vehicles

· Air Craft (GE Lease)

· Air Craft (Owned)

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is a sponge iron manufacturer in India. As of March 31, 2010, the Company’s installed capacity at its Raigarh Unit include: 1,370, 000 metric tons of sponge Iron; 2,400,000 metric tons of mild steel; 36, 000 metric tons of ferro alloys; 353 megawatts of power; 1,500, 000 metric tons of hot metal/pig iron; 750, 000 metric tons of rail and universal beam mill; 1,000, 000 metric tons of plate mill, and 45, 000 metric tons of fabricated structures. The Company’s segments comprised: iron and steel; power, and others. Its subsidiaries include Jindal Minerals and Metals Africa Limited, Jindal Power Limited, Jindal Power Trading Company Limited , Jindal Steel and Power (Mauritius) Limited, Jindal Steel Bolivia SA and Urtan North Mining Company Limited. For the fiscal year ended 31 March 2011, Jindal Steel and Power Limited's revenues increased 18% to RS131.94B. Net income increased 5% to RS37.54B. Revenues reflects an increase in income from Iron and Steel and higher income from other business segments. Net income was partially offset by an increase in consumption of raw materials, higher employee costs, an increase in depreciation expenses and higher other expenses.

Board of Directors:

Savitri Devi Jindal

Chairperson Emeritus

Mrs. Savitri Jindal serves as the Chairperson Emeritus of Subject She is Chairperson of JSW Steel Limited, Jindal Saw Limited, Jindal Stainless Limited, Jindal Industries Limited, Jindal ITF Limited and JITF Water Infrastructure Limited and Director on the Board of Rohit Tower Building Limited and Sonabheel Tea Limited. She is a member of Haryana Legislative Assembly since 2005 and she was reelected as member of Haryana Legislative Assembly in 2010.

Naveen Jindal

Executive Chairman of the Board, Managing Director

Mr. Naveen Jindal has been appointed as the Executive Chairman of the Board, Managing Director of Subject. He has done his M.B.A in 1992 from University of Texas at Dallas, U.S.A. and B.com (Hons) from Hans Raj College, Delhi University. He was the Joint Managing Director of Jindal Strips Limited for three and a half years and the Managing Director of Jindal Overseas (ME) FZE, Dubai for a period of nine months. He is the Managing director of the Company for the past nine years and possesses knowledge and experience in managing the affairs of the business and industry. In his capacity as Managing Director, he is managing all the affairs of the Company and international business activities. During the period of nine years and under his leadership, the Company has completed various expansion plans , completed new projects and achieved higher levels of growth. He is the Director of Jindal Stainless Limited, Jindal Power Limited, Salasar Finvest Ltd, Jindal Synergy Investment Limited and Nalwa Farms Private Limited. In his maiden attempt, he won Lok Sabha seat from Kurukshetra Constituency in the State of Haryana on 13.05.04 with a very high margin and is one of the young members of Parliament.

Vikrant Gujral

Group Executive Vice Chairman of the Board, Head - Global Ventures

Mr. Vikrant Gujral is Group Executive Vice Chairman of the Board, Head - Global Ventures of Subject. He is Mechanical Engineer and possesses 48 years experience of working in Steel industry out of which he has worked in Plants of Steel Authority of India Limited (SAIL) for 38 years. He has made substantial contribution towards growth of the Company during the last ten years.

S. Ananthakrishnan

Non-Executive Independent Director - Nominee Director (IDBI Bank Limited)

Mr. S. Ananthakrishnan is Non-Executive Independent Director of Subject . He is a qualified Company Secretary and a Cost Accountant. He is also a Certified Associate of the Indian Institute of Bankers. He has to his credit over 30 years of banking experience. He joined IDBI in 1983 and has held different portfolios in the Bank. He is at present Chief General Manager, Corporate Branch (LCB) of IDBI. He has also worked in Central Bank of India before joining IDBI. He is on the Board of Pratibha Syntex Limited.

Naushad Akhter Ansari

Whole Time Director

Mr. Naushad Akhter Ansari is the Whole Time Director of Subject. He is B.Sc. Engineering (Mechanical) from Aligarh Muslim University, Aligarh and has completed Management courses from Wharton School of Business, USA, and INSEAD, Singapore and from Indian School of Business, Hyderabad. He has experience of 36 years in steel industry. He joined the Company on 1st September, 2008 as an Executive Director - Patratu works and was later on transferred to Raigarh works. Prior to joining the Company he had worked with Tata Steel Limited, Jamshedpur for 34 years in various capacities.

Anand Goel

Joint Managing Director, Executive Director

Mr. Anand Goel is Joint Managing Director, Executive Director of Subject. He is MBA from BITS Pilani and has thirty six years of working experience in steel industry. He has served Jindal Strips Limited for 26 years in various managerial capacities. He was appointed on the Board of the Company on 9th May, 1998. He was appointed as a Wholetime Director of the Company w.e.f. 1st August, 2000 and was promoted to Deputy Managing Director from 1st August, 2006 and Joint Managing Director from 27th May, 2009. He is Director of Jindal Power Limited, Subansiri Hydro Electric Power Company Limited, Etalin Hydro Electric Power Company Limited, Attunli Hydro Electric Power Company Limited, Minerals Management Services (India) Private Limited, Gagan Power Limited, Power Plant Engineers Limited, Opelina Finance and Investment Limited, Shresht Mining and Metals Private Limited, Jindal Petroleum Limited, Jindal Synfuels Limited, Worth Overseas Limited, Jindal Minerals and Metals Africa Congo SPRL, Jindal Steel and Power (Mauritius) Limited, Jindal Mineral and Metals Africa Limited, Jindal Petroleum (Georgia) Limited, Jindal Petroleum (Mautitius) Limited, Enduring Overseas Limited and Synergy Infrastructure Private Limited (Nepal).

Ratan Jindal

Non-Executive Director

Mr. Ratan Jindal is Non-Executive Director of Subject. He is a commerce graduate and has attended the Advanced Management Programme at Wharton Business School, USA. He was appointed as Director of Jindal Strips Limited in 1979 and became its Managing Director in 1989. After restructuring of this company he became Vice Chairman and Managing Director of JSL Stainless Limited (formerly JSL Limited) in July, 2003. He has wide knowledge and working experience of steel industry. He is Director of Nalwa Farms Private Limited, Shalimar Paints Limited, Jindal Stainless Mauritius Limited, Sonabheel Tea Limited, Jindal Stainless, FZE, Jindal Industries Limited, OPJ Investments and Holdings Limited, Nalwa Financial Services Limited, JSL Group Holding Pte. Limited, JSL Ventures Pte. Limited, JSL Europe SA. He is on the Board of the International Stainless Steel Forum (“ISSF”), a forum established to focus on the development of stainless steel worldwide. He is currently the chairman of the Economics and Statistics Committee of the ISSF. He is a member of various national and international organisations, including the US based Young President Organisation, the CII, FICCI, the Punjab, Haryana and Delhi Chamber of Commerce and Industry, International Iron and Steel Institute, ISSDA and Nickel Development Institute. He is member of Board of Management of CCS Haryana Agriculture University.

Haigreve Khaitan

Non-Executive Independent Director

Mr. Haigreve Khaitan serves as Non-Executive Independent Director of Subject He is a law graduate from Kolkata University and a member of Bar Council of West Bengal; Incorporated Law Society, Kolkata; International Bar Association, London; The Indian Council of Arbitration; The India Law Institute; The Bar Association of India and Young Entrepreneurs Association. He has experience in mergers and acquisitions, cross border transactions, project fi nance, takeovers, buy backs, foreign investments, joint ventures and foreign collaborations across various business sectors. He is practicing as an Advocate since 1995. He is also on Board of Ceat Limited, Dhunseri Tea and Industries Limited, Harrisons Malayalam Limited, Hindustan Composites Limited, Inox Leisure Limited, Rama Newsprint and Papers Limited, National Engineering Industries Limited, Sterlite Technologies Limited, TCPL Packaging Limited, Khaitan Consultants Limited, I.G.E. (India) Limited, Great Eastern Energy Corporation Limited, Bennett, Coleman and Company Limited, AVTEC Limited, Xpro India Limited, The Oudh Sugar Mills Limited, The Madras Aluminium Company Limited, BTS Investment Advisors Private Limited, Vinar System Private Limited, Millipore India Private Limited and a partner in Khaitan and Co. He is member of 8 committees in the above mentioned companies.

Arun Kumar

Non-Executive Independent Director

Mr. Sushil Kumar Maroo serves as Non-Executive Director of Subject. He is a chartered accountant and has over 24 years of working experience. Before joining the Company he has worked with Hindustan Lever Limited, Voltas Limited, RPG Dholpur Power Company Limited and Chambal Fertilizers and Chemicals Limited and possesses financial and managerial experience. He joined the Company in January 2001 as Vice President- Finance and was elevated to the position of Wholetime Director on 20.05.2004 and is currently working as Deputy Managing Director of Jindal Power Limited. He is also Director of Gagan Sponge Iron Limited, Jindal Power Transmission Limited, Jindal Power Distribution Limited, Jindal Hydro Power Limited, Nalwa Steel and Power Limited, Shresht Mining and Metals Private Limited, Uttam Vidyut Transmission Private Limited, Jindal Petroleum Limited, MMS Energy Limited, Gagan Power Limited, Jindal Coal To Liquid Limited, Power Plant Engineers Limited, Chhattisgarh Energy Trading Company Limited, Jindal Rex Exploration Private Limited, Jindal Minerals and Metals Africa Limited, Worth Overseas Limited, Jindal Petroleum (Mauritius) Limited, Jindal Petroleum (Georgia) Limited, Jindal Mining and Exploration Limited, Jindal Investment Holdings Limited and Jindal Africa Investments (Pty) Limited. He is member of 2 committees and chairman of 1 committee in the above mentioned companies.

Rahul Mehra

Non-Executive Independent Director

Mr. Rahul Mehra serves as Non-Executive Independent Director of Subject. He is a law graduate from Delhi University, is a member of Bar Council of Delhi and is practicing as an Advocate in Supreme Court and High Court, Delhi since 1998. He is on the panel of lawyers of Union of India for Supreme Court matters and also for the Ministry of External Aff airs, Government of India for extradition matters.

Ram Vinay Shahi

Non-Executive Independent Director

Mr. Ram Vinay Shahi has been appointed as Non-Executive Independent Director and member of the Audit Committee of Directors of Jindal Steel and Power Limited with effect from 15.10.2007.He is Post Graduate in Industrial Engineering and in Business Management and Graduate in Mechanical Engineering. He was Secretary, Ministry of Power, Government of India from April 2002, January 2007. Prior to his appointment as Secretary, Ministry of Power, he was Chairman and Managing Director of BSES Limited from 1994 to 2002. He has also worked with NTPC for 16 years at various positions including member on the Board of Directors of NTPC. Prior to this, he worked with Hindustan Steel Limited and Steel Authority of India Limited for over 10 years. Presently he is Chairman (Executive) of Energy Infratech Private Limited, an Engineering and Project development company and Chairman of Advisory Group on Energy set up by Infrastructure Development Finance Company Limited (IDFC). He is Director on the Board of Global Heavy Electricals Limited, Asian Infrastructure Private Limited and Jindal Power Limited.

Hardip Singh Wirk

Non-Executive Independent Director

Mr. Hardip Singh Wirk serves as Non-Executive Independent Director of Subject. He is a law graduate from Delhi University and started his career in 1998 as a lawyer with Mr. P. V. Kapur, Sr. Advocate and has handled various cases in Delhi High Court, Company Law Board, Consumer Forum and Supreme Court of India. Thereafter, he joined M/s Trilegal, a Corporate Law fi rm where he specialized in foreign investments, real estate and general corporate advice. In 2005 he started his independent practice specializing in foreign investment and real estate. He is also director in Mandira Wirk Design Private Limited.

PRESS RELEASES:

‘ANGUL PROJECT TO GO ON STREAM BY JUNE 2012'

14 October 2011

BHUBANESWAR, Oct. 14 -- Managing Director of Jindal Steel and Power Limited (JS and PL) Naveen Jindal on Thursday exuded confidence that the steel project in Angul district will go on commercial production from June 2012.

'The progress at the Angul steel project is very fast and the plant with a production capacity of two million tonnes will be commissioned in June next year,' Jindal told mediapersons.

Jindal, a member of the Lok Sabha, called on Steel and Mines Minister Raghunath Mohanty at the Secretariat and briefed him on the progress of the steel and power projects in Angul district. The company which has signed an MoU with the State Government to set up a six- million tonne capacity steel plant is planning to achieve full capacity by 2014. Plans are afoot to go for capacity addition up to 20 million tonne per annum by 2020, the Minister said.

The company is also putting up a 1320-MW thermal power plant at Boinda in Angul district.

Jindal expressed concern over delay in the finalisation of coal linkage to the steel and power projects. The company did not develop the allotted coal block in Utkal B-1 area of Talcher due to delay in obtaining statutory clearances.

To a query, Jindal said he was committed to the industrial park at Angul. He was hopeful of signing an MoU with the Government for the project by next month-end. However, everything depends on the availability of land for the project, he added.

He further said that the company is keen to set up a coal-to-liquid (CTL) project in Angul district as it was cleared by the high-level clearance authority of the State Government in May.

The project is of much strategic importance because of the depleting crude oil reserves leading to volatile oil prices. Jindal said that the project would go a long way in ensuring energy security for the country. An MoU with the State Government is likely to be signed soon, he said. The Tatas are the other industrial group interested in the CTL project in Orissa.

The pre-feasibility study for the project has been taken up. However, the location for the project has not been finalised. Sources said that the company had zeroed in on Durgapur in the district.

Land requirement for the project has been estimated at 2,247 hectares (5,500 acres) out of which 413 acres is forest land while 1,677 acres belonged to the Government. The rest 3,863 acres is private. Jindal said that the company had been allotted a coal block for going ahead with the project.

HISAR BY-ELECTION: ANNA'S ANTI-CORRUPTION CAMPAIGN WILL NOT AFFECT CONGRESS, SAYS SAVITRI JINDAL

13 October 2011

Hisar, Oct 13 (ANI): The Chairperson of Jindal Steel and Power Limited, Savitri Jindal, on Thursday said veteran social activist Anna Hazare's anti-corruption campaign will not trim down the votes of the Congress Party in the Hisar by-poll.

Jindal, who is also a Congress MLA and a member of the Haryana Vidhan Sabha, after casting her vote a polling booth here, said Hazare's campaign against the Congress Party would not impact its position in the by-polls, as the public was bound to support their candidate with the development occurring in the state.

"The Anna (Hazare) factor won't impact Congress in the by-polls. They are asking people to not vote for Congress party over corruption but everyone knows about the other two parties as they started the corruption. In Hisar, the issue of major concern is development not corruption," said Jindal.

"Our honourable Chief Minister (Bhupinder Singh Hooda) had initiated many developmental works in the region and we are seeking public votes on the basis of it. I am sure people would give their votes to us for the sake of more development in the state. If our government would rule for three more years, than we would do more developments," she added.

Nearly 34 per cent polling was recorded till noon in the bypolls for the Hisar Lok Sabha seat which is witnessing a triangular contest with the Anna factor looming large raising the stakes for the ruling Congress.

The Hisar seat fell vacant after the death of former Haryana Chief Minister Bhajan Lal in June this year.

The Congress has fielded three-time MP from Hisar, Jai Prakash. He is pitted against Haryana Janhit Congress candidate Kuldeep Bishnoi, son of Bhajan Lal, and main opposition INLD"s Ajay Singh Chautala, MLA from Dabwali and son of INLD President Om Prakash Chautala. (ANI)

UT DALLAS' SCHOOL OF MANAGEMENT HAS BIG PLANS FOR RECORD-SETTING GIFTS

12 October 2011

Oct. 12--DALLAS -- A record $30 million in combined gifts to the University of Texas at Dallas from Indian tycoon Naveen Jindal and Noble Energy CEO Chuck Davidson and his wife, Nancy, will support School of Management programs, including the creation of endowed chairs and fellowships.

The university recently announced the gifts, which came as the UT System Board of Regents approved $20 million to help add about 100,000 square feet to the building, according to UT Dallas' website. That project will add classrooms, laboratories and seminar rooms to the School of Management.

"The gifts and the matching funds played a very important role in making the building addition possible," university President David Daniel said in a recent news release. "This support came together all at once and represents a major investment in the school on multiple fronts."

The School of Management will be renamed the Naveen Jindal School of Management in honor of his donation. The Management Honors Program will be called the Charles and Nancy Davidson Honors Program.

Jindal's contribution will be used to create endowed chairs, scholarships and graduate fellowships. It will also be used to establish the Naveen Jindal Institute of Indo-American Business Studies.

Jindal, chairman and managing director of Jindal Steel and Power Limited, earned an MBA at the university in 1992. He is a selected member of Parliament in India.

Charles Davidson earned a master's degree in management and administrative sciences in 1980 at the university. Nancy Davidson earned a bachelor's degree in business and public administration the same year.

The Davidsons' gift will provide endowed fellowships for graduate students in business management. It will also help fund chaired faculty positions.

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.49.17
UK Pound	1	Rs.77.49
Euro	1	Rs.67.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.

MIRA INFORM REPORT

22041.200

7371.200

515.600

0.000

51050.000

80978.000

20493.200

7612.900

18963.400

47069.500

33908.500

21.24

19.70

28.76

26.16

15.21

18.44

0.32

0.37

1.94

1.56

1.72

1.49

Unit