BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	JINDAL SAW LIMITED	Principal Name 1	MRS. SAVITRI DEVI JINDAL
Status	Good	Principal Name 2	MR. PRITHVI R. JINDAL
		Registration #	20-023979
Street Address	A-1, UPSIDC INDUSTRIAL AREA, NANDGAON ROAD, KOSI KALAN, DISTRICT MATHURA – 281403, UTTAR PRADESH
Established Date	31.10.1984	SIC Code	--
Telephone#	91-5662-252277	Business Style 1	MANUFACTURING
Fax #	91-5662-232577	Business Style 2	--
Homepage	http://www.jindalsaw.com	Product Name 1	THICK WALLED PIPES, SUBMERGED-ARC-WELDED PIPES
# of employees	1500 (APPROXIMATELY)	Product Name 2	COLD-ROLLED STEEL COILS
Paid up capital	RS.552,458,000/-	Product Name 3	SEAMLESS TUBES.
Shareholders	PROMOTER AND PROMOTER GROUP-46% PUBLIC SHAREHOLDING-54%	Banking	STATE BANK OF PATIALA
Public Limited Corp.	YES	Business Period	28 YEARS
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	A (66)
Related Company
Relation	Country	Company Name	CEO
DIRECT SUBSIDIARIES	--	HEXA SECURITIES AND FINANCE COMPANY LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	23289354000	Current Liabilities	13,720,589,000
Inventories	18035025000	Long-term Liabilities	24,853,584,000
Fixed Assets	20375986000	Other Liabilities	1,696,783,000
Deferred Assets	0000	Total Liabilities	40,270,956,000
Invest& other Assets	14099742000	Retained Earnings	34,976,693,000
		Net Worth	35,529,151,000
Total Assets	75800107000	Total Liab. & Equity	75,800,107,000
Total Assets	68,321,275,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	51,979,031,000	Net Profit	2,241,882,000
Sales	41,879,465,000	Net Profit	4,640,661,000

MIRA INFORM REPORT

Report Date :

15.12.2012

IDENTIFICATION DETAILS

Name :	JINDAL SAW LIMITED (w.e.f. February 07, 2005)
Formerly Known As :	SAW PIPES LIMITED
Registered Office :	A-1, UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura – 281403, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.1984
Com. Reg. No.:	20-023979
Capital Investment / Paid-up Capital :	Rs.552.458 millions
CIN No.: [Company Identification No.]	L27104UP1984PLC023979
TAN No.: [Tax Deduction & Collection Account No.]	AGRS10410B
Legal Form :	A Public Limited Liability Company. The company’s shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Thick Walled Pipes, Submerged-Arc-Welded Pipes, Cold-Rolled Steel Coils and Seamless Tubes.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 160847000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of the Jindal Group. It has the commanding position in India tubular market. It is having good track. There appears sharp fall in the profitability in the current year. However, financial company seems strong. Fundamental are healthy. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trad 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	FIXED DEPOSITS : CRISIL FAA
Rating Explanation	Indicates the degree of safety regarding timely payment of interest and principal is strong.
Date	December, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Factory 1 :	A-1 UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura - 281 403, Uttar Pradesh, India
Tel. No.:	91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03
Fax No.:	91-5662-232577
E-Mail :	jindalsp@del3.vsnl.net.in jindalor@del2.vsnl.net.in sunil.jain@jindalsaw.com
Website :	http://www.jindalsteel.org http://www.jindalsaw.com
Corporate Office :	‘Jindal Centre’, 12, Bhikaji Cama Place, New Delhi – 110 066, India
Tel. No.:	91-11-26188360–74/ 26188345
Fax No.:	91-11-26170691/ 41659575
E-Mail :	jindalor@del2.vsnl.net.in investors@jindalsaw.com
Factories :	MUNDRA - IPU Village: Samaghogha, Pragpar - Mandvi Road, Taluka: Mundra, District Kutch – 370 415, Gujarat, India Phone : 91-2838-240755-756, 240773 Fax : 91-2838-240700 MUNDRA - JCO S.No. 94/1, 94/2 and 96, Village: Nanakapaya Taluka: Mundra, District Kutch – 370 415, Gujarat, India Phone: 91-2838-287305-06 Fax : 91-2838-22700 NASHIK A-59-60 Malegaon MIDC, Sinnar, District Nashik – 422 103, Maharashtra, India Phone : 91-2551-230712-716, 230239-240 Fax : 91-2551-230967
Regional Offices :	MUMBAI Jindal Mansion, 1^st Floor 5-A, G., Deshmukh Marg (Peddar Road), Near Jaslok Hospital, Mumbai - 400 026, Maharashtra, India Phone : 91-22-23513000 Fax : 91-22-23521889 AHMEDABAD 601, Saffron Building, Near Panchvati Char Rasta, Ambawadi, Ahmedabad – 380 006, Gujarat, India Phone : 91-79-26431323 Fax : 91-79-26431433 HYDERABAD H. No. 8-2-618/2/2/A, Plot No. 25, Road No. 10 , Classic Emerald Lane, Near Rainbow Hospital, Banjara Hills, Hyderabad, Andhra Pradesh, India Phone : 91-40-55778694 / 95 BANGALORE 6^th Floor, East Wing, Raheja Towers, M.G. Road , Bangalore – 560 001, Karnataka, India Phone : 91-80-25559869/ 73 Fax : 91-80-25598898 CHENNAI 4-B, Century Plaza 560-562, Anna Salai Teynampet , Chennai – 600 018, Tamilnadu, India Phone : 91-44-4213 2033, 4204 3737 Fax : 91-44-4204 3737

DIRECTORS

As on 31.03.2012

Name :	Mrs. Savitri Devi Jindal
Designation :	Chairperson
Name :	Mr. Prithvi R. Jindal
Designation :	Vice Chairman
Name :	Mr. Indresh Batra
Designation :	Managing Director
Name :	Ms. Sminu Jindal
Designation :	Managing Director
Name :	Mr. Devi Dayal
Designation :	Director
Name :	Dr. S.K. Gupta
Designation :	Director
Name :	Mr. Kuldip Bhargava
Designation :	Director
Name :	Mr. Raj Kamal Agarwal
Designation :	Director
Name :	Mr. Ravinder Nath Leekha
Designation :	Director
Name :	M. Girish Sharma
Designation :	Director
Name :	Mr. H.S. Chaudhary
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. Sunil Jain
Designation :	Compliance Officer, Company Secretary
Name :	O. P. Sharma
Designation :	Chief Operating Officer - Large Dia. Pipe-SBU
Name :	Vikram Puri
Designation :	Vice President-Human Resources

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1635300	0.59
Bodies Corporate	93800500	33.96
Sub Total	95435800	34.55
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	98700	0.04
Bodies Corporate	31514985	11.41
Sub Total	31613685	11.44
Total shareholding of Promoter and Promoter Group (A)	127049485	46.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	24180967	8.75
Financial Institutions / Banks	167300	0.06
Insurance Companies	7041549	2.55
Foreign Institutional Investors	58487601	21.17
Sub Total	89877417	32.54
(2) Non-Institutions
Bodies Corporate	43694949	15.82
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	13290352	4.81
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	567105	0.21
Any Others (Specify)	1744213	0.63
Clearing Members	1065119	0.39
Non Resident Indians	667294	0.24
Trusts	11800	0.00
Sub Total	59296619	21.47
Total Public shareholding (B)	149174036	54.00
Total (A)+(B)	276223521	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	276223521	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Thick Walled Pipes, Submerged-Arc-Welded Pipes, Cold-Rolled Steel Coils and Seamless Tubes.

Products :

Item Code No.	730511
Product Description	Longitudinally Submerged Arc Welded Pipes
Item Code No.	730690
Product Description	Seamless Tubes/Pipes
Item Code No.	7201202
Product Description	Cold Rolled Strips
Item Code No.	730690/ 7304.90/ 7305.90
Product Description	Spiral Pipes
Item Code No.	7304.90/7305.90
Product Description	Steel Pipe

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity per Annum	Actual Production
(a) Iron and Steel Pipes	MT	2,260,000	692,309
(b) Anti-Corrosion Coating on Pipes	Sq.Mtr	12,000,000	4,255,903
(c) Pig Iron	MT	200,000	375
(d) Power	KWH in lacs	1971	938

Notes:

1. The above production also includes goods manufactured for outside parties on job work basis as follows:

	Unit	Year ended 31^st March, 2011
i) Steel Pipes	MT	2,117

2. Above Production includes production before start of Commercial production.

3. The above production of Anti Corrosion coating of Pipes includes the coating done for Steel Pipes Division

4. Licensed capacity is not applicable in view of the Company’s products having been delicensed as per the Liberalised Licensing Policy announced by the Government of India.

5. Installed capacity is as certified by the management.

6. The above production of Power includes Captive consumption of 898 lacs KWH.

GENERAL INFORMATION

Customers :

Domestic Customers

v Aban Constructions Limited

v Bharat Petroleum Corporation Limited

v Assam Gas Company Limited

v Engineers India Limited

v Engineers India Limited

v GAIL (India) Limited

v Indian Oil Tanking Limited

v Hindustan Petroleum Corporation Limited

v Gujarat Gas Company Limited

v Indian Oil Corporation

v IBP Limited

v IBP Limited

v Oil and Natural Gas Corporation Limited

v SHELL Hazira LNG Private Limited

International Customers

v AGIP, Nigeria

v Abu Dhabi Gas Industries Limited (GASCO), UAE

v Center Point Energy Gas Transmission, USA

v Burullus Gas Co., Egypt

v China National Petroleum Company, China

v DODSAL, UAE

v International Petroleum Investment Company, Abu Dhabi

v Kuwait Oil Company, Kuwait

v Man GHH Oil And Gas, Germany

v PEDCO Iran

v Oman Gas Company – Oman

v PETRONAS – Malaysia

v Summit Daging Joint Venture, Bangladesh

v TECHNIP Germany Gmbh, Germany

No. of Employees :

1500 (Approximately)

Bankers :

v State Bank of Patiala, 8^th Floor, Chandralok Building, 36 Janpath, Delhi – 110 001, India

v Canara Bank, 6, Bhagwandas Road, Delhi – 110 001, India

v State Bank of India, Delhi, India

v Standard Chartered Bank

v ICICI Bank Limited

v Axis Bank Limited

v State Bank of Mysore

v Karnataka Bank Limited

v Punjab National Bank

v ING Vysya Bank Limited

v Bank of India

v HDFC Bank Limited

v Syndicate Bank

v State Bank of Travancore

v United Bank of India

v Credit Agricole and Investment Bank Limited

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
i) Non Convertible Debentures	3000.000	7857.624
ii) Term Loans
- Term Loans from Banks	1370.000
iii) From Banks
- Working Capital Borrowings	4713.462
- Buyers' Credit	4361.554
Total	13445.016	7857.624

Unsecured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
i) External Commercial Borrowings from Banks	4707.336	8258.974
ii) Deferred Sales Tax Loans	434.248
iii) Deposits from Public	175.153
iv) From Banks
- Short Term loan	2097.417
- Buyers' credit	3993.010
v) Deposits from Public	1.404
Total	11408.568	8258.974

Notes:

(i) Deferred Sales Tax loans amounting to Rs.212.299 millions are guaranteed by one of the Directors.

(ii) External Commercial Borrowing were repaid on 29^th September 2010.

(iii) The Foreign Currency Convertible Bonds (FCCB) were convertible upto the close of business on 24^th June 2011 by holders of the Bonds into newly issued equity shares of Rs.2 each of the company at the option of the Bondholder, at a base conversion price of Rs.135 per share with a fixed rate of exchange on conversion of JPY 2.533 Re.1.00 after adjustments as per terms and conditions of issue of bonds and the same have since been redeemed on 29^th June, 2011.

Banking Relations :	--
Statutory Auditors :
Name :	N.C. Aggarwal and Company Chartered Accountants
Address :	New Delhi, India
Internal Auditors :	Singhi and Company Chartered Accountants T.R. Chadha and Company Chartered Accountants
Subsidiaries :	Direct Subsidiaries: v Jindal ITF Limited v IUP Jindal Metals and Alloys Limited v S.V. Trading Limited v Jindal Fittings Limited (w.e.f. I2th May 20I) v Quality Iron and Steel Limited (w.e.f. 24^th June 2011) v Ralael Holdings Limited (Indirect Subsidiary upto I8th June 2011) v JindalSaw Holdings FZE v Green Ray Holdings Limited (w.e.f.24^th June 2011) v Hexa Securities and Finance Company Limited (upto 31st Dec. 2010) v Hexa Tradex Limited (upto 31st Dec 2010) Indirect Subsidiaries (Control Exist): v Jindal Saw USA, LLC v Jindal Saw Middle East FZC v Jindal Intellicom Limited v JITF Water Infrastructure Limited v JITF Urban Infrastructure Limited v JITF Shipyards Limited v JindalRailInfrastructure Limited v JITF Waterways Limited v JITF Infralogistics Limited v JITF Water Infra (Naya Raipur) Limited v JITF ESIPL CETP (Sitarganj) Limited v Timarpur-Okhla Waste Management Company Private Limited v Jindal Saw Gulf LLC v Jindal Saw Italia S.P.A v JITF Urban Infrastucture Services Limited v Intellicom Insurance Advisors Limited v Derwant Sand SARL (w.e.f. 24th June 2011) v JITF Coal Logistics Limited (w.e.f. 16th Dec 2011) v JITF Shipping and Logistics (Singapore) PTE. Limited (w.e.f.24th May 2011) v Jindal ITF Kobelco Eco Limited (w.e.f. 12th Sep 2011) v JITF Manila Water Development Company Limited (Joint Venture upto 26th Feb 2012) v JITF GlobalWater Holding Pte. Limited (w.e.f. 31st August 2011) v JITF Water Infra (Rajkot) Limited (w.e.f. 23rd May 2011) v JITF Urban Waste Management (Ferozepur) Limited (w.e.f. 10th Oct 2011) v JITF Urban Waste Management (Jalandhar) Limited (w.e.f. 23rd August 2011) v JITF Urban Waste Management (Bathinda) Limited(w.e.f.23rd August 2011)
Joint Venture :	v Jindal Sigma Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.2/- each	Rs.1000.000 millions
10000000	Redeemable Non Convertible Cumulative Preference Shares	Rs.100/- each	Rs.1000.000 millions
	Total		Rs.2000.000 millions

Issued & Subscribed Capital:

No. of Shares	Type	Value	Amount
276230771	Equity Shares	Rs.2/- each	Rs.552.462 millions
10000000	7.85% Redeemable Non Convertible Cumulative Preference Shares (Note 4)	Rs.100/- each	--
	Total		Rs.552.462 millions

Paid-up Capital:

No. of Shares	Type	Value	Amount
276226771	Equity Shares	Rs.2/- each	Rs.552.454 millions
	Add: Forfeited 4000 Equity Shares of Rs.2/- each (Partly Paid up Re.1/- each)		Rs.0.004 million
10000000	7.85% Redeemable Non Convertible Cumulative Preference Shares (Note 4)	Rs.100/- each	--
	Total		Rs.552.458 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (12 Months)	31.03.2011 (12 Months)	31.03.2010 (15 Months)
SHAREHOLDERS FUNDS
1] Share Capital		552.458	552.458	1547.234
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34976.693	39659.416	34865.264
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35529.151	40211.874	36412.498
LOAN FUNDS
1] Secured Loans		13445.016	7857.624	891.890
2] Unsecured Loans		11408.568	8258.974	6478.698
TOTAL BORROWING		24853.584	16116.598	7370.588
DEFERRED TAX LIABILITIES		1025.159	2266.478	1858.078
TOTAL		61407.894	58594.950	45641.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20375.986	19255.181	18665.434
Capital work-in-progress		6914.080	4252.211	2666.760
INVESTMENT		6989.654	6543.084	6198.712
DEFERRED TAX ASSETS		0.000	0.000	0.000
Other Non Current Assets		196.008	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18035.025	16482.032	7902.667
	Sundry Debtors	12896.217	12346.114	7940.611
	Cash & Bank Balances	1722.158	932.328	1656.094
	Other Current Assets	69.247	0.000	0.000
	Loans & Advances	8601.732	8510.325	9816.255
Total Current Assets		41324.379	38270.799	27315.627
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4368.885	2533.868	2372.423
	Other Current Liabilities	9351.704	6601.152	5956.099
	Provisions	671.624	591.305	876.847
Total Current Liabilities		14392.213	9726.325	9205.369
Net Current Assets		26932.166	28544.474	18110.258
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61407.894	58594.950	45641.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (12 Months)
	SALES
		Income	51979.031
		Other Income	933.311
		TOTAL (A)	52912.342
Less	EXPENSES
		Cost of material consumed	38906.067
		Purchase of stock-in-trade	318.595
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4687.800)
		Employee benefit Expenses	2374.616
		Other Expenses	8727.254
		Exceptional Items	1408.060
		TOTAL (B)	47046.792
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5865.550
Less	FINANCIAL EXPENSES (D)		1139.289
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4726.261
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1496.579
	PROFIT BEFORE TAX (E-F) (G)		3229.682
Less	TAX (H)		987.800
	PROFIT AFTER TAX (G-H) (I)		2241.882
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1444.200
	APPROPRIATIONS
		Transfer to General Reserve	1500.000
		Dividend	276.200
		Tax on Dividend	44.800
		Debenture Redemption Reserve	196.000
	BALANCE CARRIED TO THE B/S		1687.900
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	26887.101
		Interest	17.235
		Conversion Charges	0.000
		Carbon Credits	44.788
		Others	28.780
	TOTAL EARNINGS		26977.904
	IMPORTS
		Raw Materials	21221.886
		Stores & Spares	727.598
		Capital Goods	1111.616
	TOTAL IMPORTS		23061.100
	Earnings Per Share (Rs.)		8.12

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (15 Months)
	SALES
		Sales and Operational Income	41879.465	67774.635
		Other Income	363.513	175.951
		TOTAL (A)	42242.978	67950.586
Less	EXPENSES
		Cost of Material Consumed/ Sold	25003.927	41374.499
		Manufacturing Expenses	4344.075	4936.118
		Employees Remuneration and Benefits	2050.179	2090.668
		Administrative and Other Expenses	584.678	968.939
		Selling Expenses	1783.914	3490.097
		Increase/Decrease in Stock	(180.436)	2207.190
		Excise Duty on Increase/ Decrease in Stock	44.746	49.447
		TOTAL (B)	33631.083	55116.958
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8611.895	12833.628
Less	FINANCIAL EXPENSES (D)		1190.665	1841.849
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7421.230	10991.779
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1366.644	1312.695
	PROFIT BEFORE TAX (E-F) (G)		6054.586	9679.084
Less	TAX (H)		1413.925	2447.402
	PROFIT AFTER TAX (G-H) (I)		4640.661	7231.682
Add	DEBENTURE REDEMPTION RESERVE WRITTEN BACK		--	187.500
Add	FOREIGN EXCHANGE TRANSLATION DIFFERENCE		0.092	0.665
Add	PREVIOUS YEARS’ DEPRECATION WRITTEN BACK		--	11.823
Add	PREVIOUS YEAR TAXATION ADJUSTMENT		(25.055)	60.041
Add	SURPLUS BROUGHT FORWARD ON AMALGMATION		--	34.885
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2191.203	2181.712
Less	APPROPRIATIONS
		Interim Dividend paid on Preference Shares	35.701	94.415
		Corporate dividend tax on above	5.930	16.046
		Proposed Dividend-On Equity Shares	276.228	345.284
		-On Preference Shares	--	3.441
		Corporate Tax on Proposed Dividend Tax	44.811	57.919
		General Reserve	4000.000	7000.000
		Capital Redemption Reserve	1000.000	--
	BALANCE CARRIED TO THE B/S		1444.231	2191.203
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	15792.493	25916.066
		Revenue from Overseas Branch	0.000	35.224
		Interest	22.413	37.703
		Conversion Charges	2.780	0.000
		Carbon Credits	59.952	0.000
		Others	0.780	0.000
	TOTAL EARNINGS		15878.418	25988.993
	IMPORTS
		Raw Materials	21385.261	23783.918
		Stores & Spares	391.650	255.056
		Capital Goods	507.355	973.509
	TOTAL IMPORTS		22284.266	25012.483
	Earnings Per Share (Rs.)
	- Basic		16.57	27.01
	- Diluted		16.00	25.12

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	12904.300	16369.300
Total Expenditure	11301.900	14390.800
PBIDT (Excl OI)	1602.400	1978.500
Other Income	183.700	225.400
Operating Profit	1786.100	2203.900
Interest	323.300	376.700
Exceptional Items	(566.400)	(577.400)
PBDT	896.400	1249.800
Depreciation	387.100	415.600
Profit Before Tax	509.300	834.200
Tax	157.400	223.100
Provisions and contingencies	0.000	0.000
Profit After Tax	351.900	611.100
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	351.900	611.100

KEY RATIOS

PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (12 Months)	31.03.2010 (15 Months)
PAT / Total Income	(%)	4.24	10.99	10.64
Net Profit Margin (PBT/Sales)	(%)	6.21	14.46	14.28
Return on Total Assets (PBT/Total Assets}	(%)	5.23	10.52	21.05
Return on Investment (ROI) (PBT/Networth)		0.09	0.15	0.27
Debt Equity Ratio (Total Liability/Networth)		1.10	0.64	0.46
Current Ratio (Current Asset/Current Liability)		2.87	3.93	2.97

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

The Company produced app. 855000 MT pipes in FY 2011-12 as against 693000 MT in 2011-11 which is higher by app. 23%

Saw Pipe Segment: Sales under this segment remained volatile from quarter to quarter on account of the deliver/ schedules of the buyers as Jell as sales to new/first time customers where approvals for various stages took more than projected time. The operating profit (EBITDA) in Lange Diameter pipes remained under pressure largely due to significant competition, poor demand conditions in domestic and international markets and rising transportation costs.

DI Segment: The Company continued experiencing pressure of lower realization, higher coking coal prices and inconsistent availability of Iron Ore. Partial impact of higher coking coal may also be seen in Ql of FY 2012-13. The coking coal prices have already started softening and the impact on operations would be seen gradually.

Seamless Segment: This segment remained stable and they expect the improvement in production from FY 2012-13. Drill pipe unit has already received API approval and they are now looking at securing orders for the same.

Overview

They are India's most diversified manufacturer and supplier of pipe products for the energy, water industry and other industrial applications. Their customers include most of the world's leading oil and gas companies, municipal corporations as well as engineering companies engaged in oil and gas gathering, water transportation system, power and automobile facilities. Their principal products include (a) large diameter SAW pipes (Longitudinal Submerged Arc Welded (LSAW) and Helically Submerged Arc Welded (HSAW)), (b) Seamless Tubes, and (c) Ductile Iron (DI) pipes. Their manufacturing facilities are located in various parts in western, northern and southern part of India. Their Indian production facilities produce pipes to meet global specifications and standards. They sell approx. 50% of their products (primarily large diameter SAW pipes and Seamless Tubes) in global markets. They have a drill pipe facility in Texas, USA which has also become operational.

In DI Pipe segment, they have received approvals of various countries for executing export orders. In FY20I3 the Company expects to export good volumes to MENA region, UK, Europe etc. To create a significant presence and cater to the demand of export market, they have taken various steps including (a) setting up a DI pipe plant in India with focus on export markets; (b) setting up a state -of- the -art DI pipe plant in Abu Dhabi(UAE) primarily for MENA region and West Asia and (c) operating an Italian (Europe) DI Pipe plant producer for operations and sales in Europe and other markets.

They have also executed a mine lease agreement with the State Government of Rajasthan in relation to iron ore mines in district Bhilwara. These mines have low quality iron ore which shall be first improvised and thereafter part of the iron ore shall be used for the Company's DI pipe plants in Mundra (Gujarat) and the balance shall be converted into pallets. They expect to commence and stabilize operations in beneficiation plant in quarter ending September 20I2 and the pallet plant is expected to commence operations in quarter ending June 20I3. Company' efforts in the iron ore vertical shall create jobs in the State of Rajasthan, increase revenue to the exchequer and facilitate conversion of sewage water to industrial water

Pipe Industry Dynamics

For Oil and Gas industry

Dynamics of the steel pipes and tubes industry are closely intertwined with the trends in the construction and oil and gas industries and also influenced by the pace of infrastructure development projects.

As a result, economic development and industrialization are primary growth drivers for the global steel pipes and tubes market. The steel and non-ferrous pipes and tubes market witnessed a sharp decline in demand during the recession. Steel pipe industry, which is largely dependent on the spending in sectors such as natural gas exploration, non-residential and residential construction, consumer goods manufacture, highway spending and agricultural spending, witnessed downward trend due to the weakening economic conditions. The decline was evident across various sectors of the steel industry including tubular steel, stainless steel, substrate metal, and steel tubes.

The increasing energy security investments of global governments particularly from developing regions are likely to generate steady demand for steel pipes. In developed countries, growth opportunities are anticipated due to the need for replacement of existing pipeline systems that are more than 25 years old. Rapidly expanding population, improving standards of living, and steady economic growth are expected to significantly enhance the demand for various forms of energy including oil and gas. While liquid fuels would continue to be used widely, natural gas is set to emerge as the fastest growing fuel source owing to its energy conserving characteristic, which in turn is likely to enhance demand for pipeline systems. The increasing demand for natural gas and oil and the enhanced investment n the production and exploration activities is driving growth n the global oil country tubular goods (OCTG) market. Rising demand for oil and energy from the emerging markets - in particular India and China, and the subsequent growth in drilling activity is expected to fuel the demand OCTG pipes. Escalating prices of oil and gas are also fuelling drilling activity, thereby enhancing the demand for OCTG pipes.

For Water Industry

Pipes are vital to the global water industry; they connect source to consumer efficiently, economically and reliably. Because the journey of water from source to treatment plant to consumer to waste treatment and ultimately back to the source can take many different paths, a wide variety of materials and sizes has arisen to best handle each segment of the trip. In most regions of the world, water must be moved in large volumes from source to market, typically in canals or large diameter pipe.

The market for water pipes is strong and the worldwide demand s approximately $50 billion. Over the next five years, GWI estimates the global domestic water industry will continue to grow at 2.5-3%, and then accelerate to 6.5-7.5% in the next decade as rehabilitation, increased service to growing populations and a surge in private investment which ensures a glowing future for the water pipes industry.

Subject - Operations and strategy

Subject is the most diversified Indian pipe Company with capacity that caters for oil and gas utility companies (SAW pipes), exploratory drilling and industrial capex-related industries (seamless pipes), and water infrastructure (DI pipes). The Company follows a strategy to de-risk its business model by way of horizontal expansion as well as by diversifying in the high value added business areas. Company' initiative in iron ore mining would not only provide a stable source of iron ore for its DI pipe making facilities in India but the value addition s expected to boost its profitability, in the time to come.

The Company believes that a right blend of sales in domestic and global markets with low cost of operations would improve the credit quality and provide superior returns to its shareholders. The Company is also mindful of short to medium term market challenges and thus intends to create a model for long term sustainability.

Jindal Saw- strategic vision

The Company' strategic vision includes:

· Focus on manufacturing products to meet highest standards for domestic and international markets.

· Enhancing Seamless and welded pipe (L SAW and H SAW) product mix to increase productivity, efficiency and product margins.

· Positioning the Company as a global producer and supplier of DI Pipes by having capacities in various parts of the world and through strategic alliances.

· Capitalize on Iron Ore mines for long term sustainable benefits while complying to all the regulations

Jindal Saw - Competitive Strengths

The Company's main competitive strengths include:

· Its multi-location and primarily port based production facilities and most diversified product range;

· Its solid and diversified customer base and historic relationships with major international oil and gas companies around the world with proximity to customers;

· Its human resources;

· Its low-cost operations, primarily at state-of-the art, strategically located production facilities with favourable access to raw materials, energy and labour, and 25 years of operating experience; and

· Its strong financial condition.

Business Outlook

India is currently witnessing huge oil & gas activity on the E & P front. With the current oil and gas activities on the E & P front, the demand for pipes is expected to pick up to meet the domestic demand and for sustaining the demand for future supplies. So it will drive the demand for pipes and fittings. The industry has a promising future with the demand for crude oil expected to go up with resurging economic activities and this will benefit the ancillary industries like pipe.

Owing to the accelerated growth in the infrastructure industry, resulting in large-scale construction and development activity, the pipes and fittings industry is a rapidly growing industry. In common parlance, pipes are essential for connectivity, be it for water supply inlets to provide for clean and waste water distribution systems, agriculture watering system, liquid discharge installations, water sprinkling systems, sanitation and sewerage disposals etc.

After seeing a slowdown in previous years, the domestic pipe industry is expected to witness strong growth due to huge investments in oil and gas in India. The government thrust on water supply and irrigation is also expected to contribute to the domestic demand. With an established track record, proximity to key markets like the Middle East and rising international client accreditations, the industry is increasing its presence in global market. It expects exports to grow at compounded rate of 8-9 percent over the next years. The export opportunity could be further propelled by the expected emergence of replacement demand from USA. With the current oil and gas activities on the E&P front, the demand for pipes will pick up to meet the domestic demand and for sustaining the demand for the future supplies. Domestic market conditions more particularly Boiler and automobiles sectors, have also improved. Also the demand outlook in export market has improved and demand is likely to move up gradually.

CONTINGENT LIABILITIES

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
a) Guarantee issued by the Company’s bankers on behalf of the Company	8740.313	9326.313
b) Letter of Credit Outstanding	9290.142	9036.715
c) Bills discounted by banks	0.000	893.000
d) Claims against the company not acknowledged as debts	49.521	85.600
e) Corporate guarantees/ undertaking issued to lenders of subsidiary companies	4360.991	1287.851
f) Disputed Excise Duty, Custom Duty and Service Tax	21.213	16.229
g) Income tax demands against which company has preferred appeals	195.058	122.466
h) Disputed Sales Tax	65.000	59.593
i) Liability in respect of Corporate Guarantee/ Duty Saved for availing various export based incentive schemes	1147.951	1024.926

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2012

 (Rs. In Millions)

S. No.	Particulars	Quarter Ended		Half Year Ended
		30.09.2012	30.06.2012	30.09.2012
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net Sales /Income from Operations	16352.100	12900.600	29252.700
	(Net of excise duty)
	(b) Other Operating Income	17.200	03.700	20.900
	Total Income from Operations (net)	16369.300	12904.300	29273.600
2	Expenses
	(a) Cost of materials consumed	9846.800	10352.600	20199.400
	(b) Purchases of Stock-in-Trade	-	-	-
	(c) Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1127.900	(1915.300)	(787.400)
	(d) Employee benefits expense	628.500	618.800	1247.300
	(e) Depreciation and amortization expense	415.600	387.100	802.700
	(f) Other expenses	2787.600	2245.800	5033.400
	Total expenses	14806.400	11689.000	26495.400
3	Profit/ (Loss) from Operations before other Income, finance costs and Exceptional Items (1 -2)	1562.900	1215.300	2778.200
4	Other Income	225.400	183.700	409.100
5	Profit / (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)	1788.300	1399.000	3187.300
6	Financial costs	376.700	323.300	700.000
7	Profit/(Loss) from ordinary activities after finance costs but before Exceptional Items (5-6)	1411.600	1075.700	2487.300
8	Exceptional Items (refer note 1)	577.400	566.400	1143.800
9	Profit/(Loss) from Ordinary Activities
	before tax (7-8)	834.200	509.300	1343.500
10	Tax expense (refer note 2)	223.100	157.400	380.500
11	Net Profit/(Loss) from Ordinary Activities after tax (9-10)	611.100	351.900	963.000
12	Extraordinary Items (Net of Tax expense)	-	-	-
13	Net Profit/(Loss) for the period (11-12)	611.100	351.900	963.000
14	Paid up equity share capital (? 2 per share)	552.500	552.500	552.500
15	Reserves excluding Revaluation Reserves
16.i	Earnings Per Share before Extraordinary items
	(on Face Value of ? 21- each) (not annualized):
	Basic	2.21	1.27	3.49
	Diluted	2.21	1.27	3.49
16.N	Earnings Per Share after Extraordinary items
	(on Face Value of ?2/- each) (not annualized):
	Basic	2.21	1.27	3.49
	Diluted	2.21	1.27	3.49
17	Debt Equity Ratio			0.85
18	Debt Service Coverage Ratio			3.58
19	Interest Service Coverage Ratio			4.07
PART II
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	— Number of shares	149,174,036	149,174,036	149,174,036
	— Percentage of shareholding	54.00	54.00	54.00
2	Promoters and promoter group Shareholding
	a) Pledged/Encumbered
	— Number of shares	-	-	-
	— 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 company)	-	-	-
	b) Non-encumbered
	— Number of shares	127,049,485	127,049,485	127,049,485
	— Percentage of shares (as a % of the total
	shareholding of promoter and promoter group)	100.00	100.00	100.00
	— Percentage of shares (as a % of the total
	share capital of company)	46.00	46.00	46.00

STATEMENT OF ASSETS AND LIABILITIES AS AT 30th SEPTEMBER, 2012 (UNAUDITED)

(Rs. In Millions)

Particulars	As at 30.09.2012
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital	552.500
Reserves and Surplus	36023.500
Sub total - Shareholders' Funds	36576.000
Non-Current Liabilities
Long-term borrowings	11669.300
Deferred tax liabilities (Net)	1405.600
Other Long term liabilities	0.800
Long term provision	288.800
Sub total - Non-Current Liabilities	13364.500
Current Liabilities
Short-term borrowings	19035.000
Trade payables	8112.000
Other current liabilities	7667.600
Short-term provisions	385.300
Sub total - Current Liabilities	35199.900
TOTAL EQUITY AND LIABILITIES	85141.400
ASSETS
Non- Current Assets
Fixed assets	31901.800
Non-current investments	7899.600
Long term loans and advances	2499.800
Other non-current assets	226.800
Sub total - Non - Current Assets	42528.000
Current Assets
Current investments	0.000
Inventories	19317.000
Trade receivables	13611.600
Cash and Bank balance	730.300
Short-term loans and advances	8859.600
Other current assets	94.900
Sub total - Current Assets	42613.400
TOTAL ASSETS	85141.400

1. Exceptional items for the quarter ended 30th September, 2012 include (i) loss on account of settlement of foreign exchange denominated derivative contracts of Rs.452.900 Millions and (ii) net loss on foreign exchange monetary items, other than exchange differences related to sale and purchase transactions. During the quarter, the company has settled all previous outstanding derivative contracts.

2. Tax Expense consists of Income Tax and Deferred Tax.

3. The Company has only one business segment namely 'Iron and Steel Products" as primary segment.

4. Previous period/year figures have been re-grouped/re-arranged wherever considered necessary.

5. Formulae for computation of Ratios are as follows:

i) Debt Equity Ratio: Total Debt/ Net Worth Total Debt: Secured Loans + Unsecured Loans

Net Worth: Equity Share Capital + Reserves (Excluding Revaluation Reserve)

ii) Debt Service Coverage Ratio: EBDIT/ (Finance costs + Principal repayment during the period)

(iii) Interest Service Coverage Ratio : EBDIT/ Finance costs

EBDIT: Profit before Taxes + Depreciation + Finance costs

6. These results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 30th October, 2012. The Statutory Auditors have carried out Limited Review of these financial results.

FIXED ASSETS

Tangible Assets

v Freehold Land

v Leasehold Land

v Buildings

v Plant and Machinery

v Furniture and Fixtures

v Vehicles

Intangible Assets

v Computer Software

PRESS RELEASE

JINDAL SAW LIMITED ANNOUNCES THE UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE 2ND QUARTER ENDED 30TH SEPTEMBER 2012

30.10.2012

Jindal SAW Limited, a total pipe solutions company in the country, announced its Unaudited Financial Results for the 2nd quarter ended September 30th, 2012 as adopted by the Board of Directors in the meeting held today.

The Net Turnover for the second quarter stands at Rs. 16352.000 Million in comparison to Rs. 14459.000 Million in the corresponding quarter last year. Blended EBITDA of the second quarter ended September 30th, 2012, is approximately Rs. 8595 PMT of total pipes sold whereas the EBITDA for the 2nd quarter ended September 30th 2011 was approximately Rs. 7313 PMT of pipes sold.

Company is witnessing a progressive demand along with a healthy trend in medium to long term but currently the demand is witnessing a weaker trend due to mismatch in demand and supply leading to pressure on realization and profitability. Further, the company is expected to get benefits of the investments made / to be made in various projects including iron ore and pallet plant which would add to the turnover and profitability of the company in future.

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 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.54.39
UK Pound	1	Rs.87.78
Euro	1	Rs.71.29

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--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	YES
--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.