MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	JINDAL STEEL AND POWER LIMITED

Registered Office :	O.P. Jindal Marg, Hisar – 125 005, Haryana

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.09.1979

Com. Reg. No.:	05-009913

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 :	Manufacturer of Sponge Iron, Mild Steel Slabs, Ferro Chrome, Iron Ore, Mild Steel and Coal based Sponge Iron Plant.

No. of Employees :	15000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

Maximum Credit Limit :	USD 347500000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Jindal Group. It is a well established and a reputed company having excellent track. Financial position of the company appears to be sound. Trade relations are reported as praiseworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered excellent 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, Hisar – 125 005, 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 :	Owned (Industrial Area)

Corporate Office :	Jindal Centre, 12, Bhikaiji Cama Place, New Delhi - 110 066, India
Tel. No.:	91-11-26188340-50
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.:	91-7762-304300/ 227001-05
Fax No.:	91-7762-227022-23/ 227050

Factory 2 :	13 KM Stone, G.E. Road, Mandir Hasaud, Raipur – 492 001, Chhattisgarh, India
Tel. No.:	91-771-2471205/ 07/ 3054600
Fax No.:	91-771-2471404/ 2471214/ 3054666

Factory 3 :	Jindal Nagar, Village Nisha, SH 63, Chhendipada Road, Angul – 759 111, Orissa, India
Tel. No.:	91-6761-254191/ 95

Factory 4 :	Balkudra, Patratu, District – Ramgarh – 829 143, Jharkhand, India
Tel. No.:	91-6553-275724/ 275726
Fax No.:	91-6553-275744

Factory 5 :	Iron Ore Pellet Plant, P O Box No. 86, Joda – Barbil Highway, Barbil, District – Keonjhar – 758 035, Orissa, India
Tel. No.:	91-6767-248817
Fax No.:	91-6767-248620

Factory 6 :	Jindal Open Cast Coal Mines, Village Dongamahua, P.O. Dhorabhatta (Tamnar), District Raigarh – 496 107, Chhattisgarh, India
Tel. No.:	91-7767-203538/ 203485
Fax No.:	91-7767-281611

Factory 7 :	TRB Iron Ore Mines, At P.O. Tensa, District Sundergarh – 770 042, Orissa, India
Tel. No.:	91-6625-236023/ 24
Fax No.:	91-6625-236022

Marketing Office :	Located at: · Chennai · Jameshdpur · Bhopal · Bhubaneswar · Kolkata · Raipur · Mumbai · Hyderabad · Bangalore · Ahmedabad

Branch Offices :	Located at: · Ahmedabad · Bangalore · Bhubaneshwar · Hyderabad · Ranchi · Kolkata

Stock Yards :	Located at: · Ahmedabad · Bhopal · Chennai · Faridabad · Ghaziabad · Hyderabad · Kolkata · Ludhiana · Rahuri · Nagpur · Raipur · Cuttack

International Locations :	Located at: · Bolivia · China · Democratic Republic of Congo · Indonesia · Madagascar · Mozambique · South Africa · Oman · Zimbabwe · Australia

DIRECTORS

As on 31.03.2011

Name :	Mrs. Savitri Jindal
Designation :	Chairperson Emeritus

Name :	Mr. Naveen Jindal
Designation :	Chairman and Managing Director

Name :	Mr. Ratan Jindal
Designation :	Director

Name :	Mr. Vikrant Gujral
Designation :	Group Vice Chairman and Head Global Ventures

Name :	Mr. Anand Goel
Designation :	Anand Goel Joint Managing Director

Name :	Mr. Sushil Maroo
Designation :	Director

Name :	Mr. Naushad A. Ansari
Designation :	Whole-time Director

Name :	Mr. S. Ananthakrishnan
Designation :	Nominee Director, Independent - IDBI Bank Limited

Name :	Mr. R.V. Shahi
Designation :	Director, Independent

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

Name :	Mr. Arun Kumar
Designation :	Director - Independent

Name :	Mr. Haigreve Khaitan
Designation :	Director - Independent

Name :	Mr. Hardip Singh Wirk
Designation :	Director - Independent

Name :	Mr. Rahul Mehra
Designation :	Director - Independent

KEY EXECUTIVES

Name :	Mr. T. K. Sadhu
Designation :	Company Secretary

MANAGEMENT TEAM :
Name :	Mr. V R Sharma
Designation :	Deputy Managing Director and CEO (Steel Business)

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, Sales and Marketing

Name :	Mr. Lalji Dwivedi
Designation :	Executive Director Sales, South and West

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

Name :	Mr. D N Abrol
Designation :	Executive Director, Raw Materials

Name :	Mr. DK Saraogi
Designation :	Executive President and Head, Jindal Shadeed Oman

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

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	13644072	1.46
Bodies Corporate	464485550	49.69
Sub Total	478129622	51.15
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	576400	0.06
Bodies Corporate	71997600	7.70
Sub Total	72574000	7.76
Total shareholding of Promoter and Promoter Group (A)	550703622	58.91
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	25755677	2.76
Financial Institutions / Banks	337515	0.04
Central Government / State Government(s)	8660	--
Insurance Companies	38263567	4.09
Foreign Institutional Investors	206942701	22.14
Sub Total	271308120	29.02
(2) Non-Institutions
Bodies Corporate	29252204	3.13
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	70533623	7.55
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	3348149	0.36
Any Others (Specify)	9688100	1.04
Trusts	289692	0.03
Non Resident Indians	9398186	1.01
Foreign Nationals	222	--
Sub Total	112822076	12.07
Total Public shareholding (B)	384130196	41.09
Total (A)+(B)	934833818	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)	934833818	--

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, Mild Steel Slabs, Ferro Chrome, Iron Ore, Mild Steel
and Coal based Sponge Iron Plant.

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 Plany	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	M.T.	135

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

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

· Punjab National Bank

· 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 Loans	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.1.000 Million each	10000.000	10000.000
9.80% Secured Redeemable Non Convertible Debentures of Rs.1.000 Million each	5000.000	5000.000
9.80% Secured Redeemable Non Convertible Debentures of Rs.1.000 Million each	620.000	620.000
8.50% Secured Redeemable Non Convertible Debentures of Rs.1.000 Million each	250.000	250.000
8.50 % Secured Redeemable Non Convertible Debentures of Rs.1.000 Million each	750.000	750.000
6.75 Secured Redeemable Non Convertible Debentures of Rs.1.000 Million each	1000.000	1000.000
Term Loans
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

Notes :

(A) 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.1500.000 Millions (24.12.2009), Rs.1500.000 Millions (25.01.2010), Rs.1500.000 Millions (19.02.2010) and Rs.150 Millions (26.03.2010). The 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 installments 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.

(B) 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, Chhattisgarh;

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)

(C) OTHERS

Secured by hypothecation of the specific assets financed.

(D) 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.

Unsecured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
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


Banking Relations :	--

Statutory Auditors :
Name :	S.S. Kothari Metha and Company Chartered Accountants
Address :	145-149, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India

Cost Auditors :
Name :	Ramanath Iyer and Company
Address :	BL- 4, (Paschmi) Shalimar Bagh, New Delhi – 110 088, India

Subsidiaries and Step-down Subsidiaries :	Subsidiaries · Jindal M inerals 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 :	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 M ining 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 Minerals 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 Mozambique 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 Mauritius 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

Enterprises over which Key Management Personnel and their relatives exercise significant influence and with whom transactions have taken place during the year :	· Advance Sporting Arms Private Limited · Bir Plantation Private Limited · Gagan Infraenergy Limited (formerly Gagan Sponge Iron Limited) · India Flysafe Aviation Limited · Jindal Coal Private Limited · Jindal Realty Private Limited · Jindal Rex Exploration Private Limited · Jindal Saw Limited · Jindal Stainless Limited · Jindal System Private Limited · Minerals Management Services (India) Private Limited (formerly Minerals Management Services (India) Limited) · Nalwa Sons Investment Limited · Opelina Finance and Investment Limited · Trishakti Real E state Infrastructure and Developers (Private) Limited · Uttam Vidyut Transmission Private Limited · YNO Finvest Private Limited

CAPITAL STRUCTURE

As on 29.09.2011

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
934833818	Equity Shares	Re.1/- each	Rs.934.834 Millions

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	Re.1/- each	Rs.934.300 Millions

Notes:

(A) 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.

(B) 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.

(C) 77,56,51,530 shares of face value of Re. 1 per share were allotted as fully paid bonus shares by utilization of Rs.775.651 Millions from Securities Premium Account during the earlier year.

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
Employee’s Stock Options outstanding		18.000	226.700	298.200
Less : Deferred employee compensation expenditure		(0.100)	(3.300)	(26.300)
DEFERRED TAX LIABILITIES		8783.300	7150.000	5997.700

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
DEFERRED 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	40621.600	42191.900
		Administrative, Selling and Others	8855.000	5978.600	7986.900
		Personnel	2777.800	2127.500	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	30478.000

Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	1401.900	1165.200	853.300
		Corporate tax on Proposed Dividend	37.500	42.800	0.000
		General Reserve	2100.000	1500.000	1550.000
		Debenture Redemption Reserve	770.000	490.000	250.000
	BALANCE CARRIED TO THE B/S		71120.100	54788.300	43189.500

	FOB Value of Export Sales		10736.100	4104.100	10213.700

	IMPORTS
		Raw Materials	18715.700	1129.400	9132.100
		Components & Spares Parts	1969.600	1998.100	879.200
		Capital Goods and Others	12629.400	18132.400	6186.600
	TOTAL IMPORTS		33314.700	21259.900	16197.900

	Earnings Per Share (Rs.)
	Basic		22.11	15.90	99.44
	Diluted		22.09	15.78	98.58

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	25265.300	33338.100	32983.200	41740.200
Total Expenditure	15631.100	22471.000	23028.500	28647.600
PBIDT (Excl OI)	9634.200	10867.100	9954.700	13092.600
Other Income	166.500	77.200	202.200	1411.600
Operating Profit	9800.700	10944.300	10156.900	14504.200
Interest	1324.700	1458.700	1553.000	2490.300
Exceptional Items	0.000	(1477.500)	0.000	0.000
PBDT	8476.000	8008.100	8603.900	12013.900
Depreciation	2065.900	2139.200	2102.800	2364.000
Profit Before Tax	6410.100	5868.900	6501.100	9649.900
Tax	1708.500	1911.000	1890.400	1813.700
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	4701.600	3957.900	4610.700	7836.300
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	4701.600	3957.900	4610.700	7836.300

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

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	Yes
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	--
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

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.

Sponge Iron

The Company produced 13,19,840 MT of Sponge Iron in the year as against previous year’s production of 13,09,408 MT and achieved a capacity utilisation of 96.3%.

Ferro Chrome

The Company produced 17,149 MT of HC Ferro Chrome/ silico manganese during the year as against 540 MT in the previous year.

Power

The Company generated 2,942 million Kwh of power during the year as against last year’s 2,976 million Kwh of power.

Raipur Unit

Raipur Unit produced 1,579 MT of casting and has done machining of 8,613 MT as against 1,665 MT and 8,885 MT respectively of previous year.

Mining

The production of calibrated iron ore at captive mine at Tensa in Orissa was 29.09 lacs MT as against previous year’s production of 12.34 lacs MT. The Company has exported 8.42 lacs MT of iron ore fines as against 6.09 lacs MT in the previous year. Coal production at captive mine was 59.99 lacs MT, as against previous year’s production of 59.98 lacs MT.

PROJECTS COMPLETED

Following projects were completed during the year:

1. Steel Melting Shop: With the modification in mini blast furnace and by commissioning of steel melting shop (SMS - III) in May 2010, the production capacity of Hot Metal / Pig Iron has increased from 1.5 MTPA to 1.67 MTPA and of Mild Steel from 2.4 MTPA to 3.0 MTPA.

2. Captive Power Plant: Out of the four captive power generating units of 135 MW each to be set up in two phases at Dongamahua, Raigarh, two units of 135 MW each under Phase – I were synchronised in May and September 2010 respectively and are generating power. Both the units have stabilised their operations and power generated is utilised for Raigarh works.

810 MW (6x135 MW) captive power plant is a part of steel plant proposed to be set up at Angul, Orissa.

The first unit of 135 MW has been commissioned in March 2011.

The Company’s total power generation capacity has increased to 782 MW which includes 24 MW of windmill power plant at Satara, Maharashtra.

3. Cement Plant: A 0.5 MTPA capacity slag grinding unit at Raigarh, Chhattisgarh has been completed and is operating since May 2010. This plant is utilising the slag produced by blast furnace I and II and clinker, purchased from outside, is mixed with slag to produce cement. A part of the production is used in-house for various civil works and balance is sold in the market.

4. Medium and Light Section Mill: A 0.6 MTPA medium and light section mill at Raigarh, Chhattisgarh has been completed and commenced production from January 2011. This mill has the capacity to produce 400 mm beams, 300 mm channels and 200 mm channels which are in great demand. This mill will complement the product range of rail and universal beam mill (RUBM) which produces 100 mm beams and 400 mm columns and rails. The capacity to produce a range of products has provided the Company a strong market edge.

5. 6 Strand Billet caster: This unit is a part of SMS- III and started commercial production from March 2011. The billets are used as raw material for the production of medium sections, beams, channels, wire rods used by construction sector and angels used for construction of transmission towers.

6. Wire Rod Mill and Bar Mill: A 0.6 MTPA capacity wire rod mill and 1.0 MTPA capacity bar mill, at Patratu, Jharkhand has commenced production on 29th March, 2010 and 30th March, 2011 respectively. Wire rod mill produces wire rods of 5.2 mm to 22 mm and rebars of 6, 8 10 and 12 mm, which are used in the manufacture of springs, high tension fasteners, electrodes, nails, concrete wires. Bar mill produces rebars of 8 mm to 40 mm size, angels of 50x50x5 mm to 90x90x9 mm and rounds of 20-63 mm diameter and RCS of 40-63 mm diameter. These products are used in civil construction, fabrication and structural work and for the production of fasteners and bolts, among others.

7. Shadeed Sponge Iron Plant: The Company through its 100% subsidiary Jindal Steel and Power (Mauritius) Limited, Mauritius (JSPLM), has acquired Shadeed Iron and Steel Company LLC (SISCO), a Company incorporated under the laws of the Sultanate of Oman, in June 2010. SISCO has a 1.5 MTPA gas-based Hot Briquetted Iron (HBI) plant at the industrial port area of Sohar, Oman. The plant has been commissioned in record time and commercial operations started in December 2010, three months ahead of its schedule. The plant has a 600 meter long quay with 19 meter draught capable to handle cape size vessels. The Company proposes to set up a 1X200 T/hr EAF and a billet caster and the orders for the same will be placed in the current financial year.

8. Producer Gas Plant: 2x48500 Nm3/hr producer gas plant has been set up at Barbil, Orissa and is operating since March 2010. The gas produced by this plant is a substitute for furnace oil, which is used in the pellet plant.

PROJECTS UNDER IMPLEMENTATION

1. Captive Power Plant in Raigarh, Chhattisgarh: Under Phase – II, 270 MW (2 x 135 MW) captive power plant, is being set up at Dongamahua, Raigarh. Environment clearance and consent to establish have been obtained. Complete BOP packages like CHP, AHP and Water Treatment Plant, Switchyard, CandI Packages etc. have been awarded to different vendors. Target date for the synchronisation of the Unit I of Phase II is September 2011 and for Unit II is December 2011.

2. Steel Plant in Angul, Orissa: The Company is at an advanced stage of implementation of this project. All major orders for engineering, equipment supply and construction works have been placed. Out of 4,331 acres of land required for the project, 4,067 acres of land have already been acquired. The following facilities are being set up viz., plate mill (1.5 MTPA), coal gasification plant (225,000Nm3/hr), sponge iron plant (1.8 MTPA), steel melting shop (1.64 MTPA), slab caster (1.62 MTPA), oxygen plant (2x1200 TPD), lime and dollime plant

(2x500 TPD), coal washery (2x600 TPH) and captive power plant (6x135 MW). Target date of commissioning of the steel plant is March 2012.

3. Steel plant in Patratu, Jharkhand: The Company is setting up an integrated steel plant in Patratu in the state of Jharkhand with the following key facilities viz. Blast Furnace (10,000 TPD), Sinter Plant (5.04 MTPA), Coke Ovens (1.70 MTPA), billet caster (2 X 8 strands), Oxygen Plant (2 X 1300 TPD), Lime and Dollime Plant (3 X 600 TPD), BOF Shop (2 X 180/200 Tons). Orders for major technological packages have been finalised/are in the advanced stages of finalisation. The steel plant is expected to be commissioned in second half of 2013.

4. Machinery Division, Raipur, Chhattisgarh: The Company is expanding production capacity of this division from 5,100 to 10,000 metric tons per annum. During the year, two sheds were completed and the CNC machines have been commissioned enhancing the production capacity to 9,000 metric tons per annum. During the current financial year, two more sheds will be constructed in which cranes will be installed thereby increasing the production capacity to 10,000 metric tons per annum. This division is capable of manufacturing equipment for steel melting shop, blast furnace, sponge iron plant, sinter plant etc. The production capacity of foundry division has been increased to 4,600 metric tons. Work for setting up of Pressure Vessel Division with production capacity of 2,500 metric tons per annum is going ahead and sheds have been completed.

5. El-Mutun Iron Ore Mine, Bolivia: Jindal Steel Bolivia S.A (JSB), a subsidiary of the Company, has been allotted land for setting up of an integrated 1.7 MTPA steel plant, a 6 MTPA sponge iron plant, a 10 MTPA iron ore pellet plant and a 450 MW power plant. EIA clearance for mining and beneficiation plant has been obtained and the mining activity is progressing smoothly. Engineering consultant for the project has been appointed. All major packages for the project are in the process of finalization. The dispatch of the ore being produced is expected to start by June 2011.

SUBSIDIARY COMPANIES AND THEIR BUSINESS

Jindal Power Limited (JPL) is operating 1,000 MW (4 X 250 MW) power plant in Raigarh (Chhattisgarh). JPL has closed financial year 2010-11 with a total income of Rs.35643.500 Millions and earned a profit after tax of Rs.20016.000 Millions. The Company is expanding its power generation capacity by setting up 2,400 MW (4 X 600 MW) power plant adjacent to the existing site at Tamnar, Raigarh. JPL envisages setting up of 1,320 MW thermal power plant in Dumka, Jharkhand and 1,320 MW thermal power plant in Godda, Jharkhand and Hydro Electric Power Plants of 6,100 MW power generation capacity in the state of Arunachal Pradesh in Joint Venture with Hydro Power Development Corporation of Arunachal Pradesh Limited.

The Company has deepened and expanded its roots in the African continent and has its presence in Mozambique, South Africa, Congo, Madagascar, Zimbabwe, Tanzania and Zambia through subsidiary companies for undertaking the mining activities related to coal, limestone, base metals and precious metals.

MANAGEMENT DISCUSSION AND ANALYSIS

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.

OPPORTUNITIES AND THREATS

Steel represents the essential foundation, which anchors the modern world and its consumption provides a credible index to measuring the growth of an economy and the quality of life in a particular country. Steel consumption is crucial to enable the economy to move towards a more sustainable future. As the world is moving towards greener paradigms of economic growth, steel has acquired more importance; whether in the manufacture of lighter and more efficient transport vehicles, renewable energy generation, highly efficient power stations, construction of smart electrical grids, transport infrastructure development or high-energy efficient residential housing and commercial buildings.

India became the world’s fifth largest steel producer in 2010, compared to the eighth position in 2003, and is expected to become the second largest producer of crude steel by 2015 globally. The country has also maintained its leadership as the world’s largest producer of Direct Reduced Iron (DRI) or sponge iron.

Global steel production recovered strongly in 2010 to reach 1,414 million tons, registering a 15% rise over 2009, which is expected to sustain in 2011. Apparent steel use has increased by 13.1% to 1,272 million tons in 2010 after contracting by 6.6% in 2009. In 2011, it is expected that world steel demand will grow by 5.3% to reach a record 1,340 million tons. In India steel use is expected to increase by 13.6%; in China by 3.5%; Commonwealth of Independent States (CIS) countries by 11.1%; in European Union by 5.7% and North American Free Trade Agreement (NAFTA) countries by 8.7%.

The steel prices started rising steadily after June–July 2010 but increased sharply from January 2011 onwards on account of rising raw material costs and strengthening international demand. Prices of HR coil, HR plates, TMT and Billets, in particular, have increased sharply. International steel prices are expected to rise further in the financial year 2011-12 and are expected to drive domestic steel prices by 5-6%.

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 Rs.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.

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED ON 31^st MARCH 2012

(Rs. In Millions)

PARTICULARS	31.03.2012	31.03.2012
	Standalone
	For The Quarter Ended	Audited Financial Results for the year ended on
1. a) Net Sales / Income from Operations	41508.600	132706.700
b) Other Operating Income	231.600	632.800
Total Income	41740.200	133339.500
2. Expenditure
a) Cost of Materials Consumed	13357.100	46106.100
b) Purchase of stock-in-trade	1711.800	4527.500
c) Change in inventories of finished goods, work-in-progress and stock-in-trade	2060.900	(3792.400)
d) Employee benefits expenses	1182.500	3911.700
e) Depreciation and amortisation expenses	2364.000	8671.900
f) Stores & Spares consumed	4140.000	14571.700
g) Power & Fuel	2772.600	9305.600
h) Other Expenditure	3422.700	15148.000
Total	31011.600	98450.000
3. Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	10728.600	34889.500
4. Other Income	141.600	1844.800
5. Profit before Interest and Exceptional Items (3+4)	12140.200	36734.300
6. Finance costs	2490.300	6826.700
7. Profit after Interest but before Exceptional Items (5-6)	9649.900	29907.600
8. Exceptional Items	--	1477.500
9. Profit (+)/ Loss (-) from ordinary activities before tax (7-8)	9649.900	28430.100
10. Tax expense	1813.700	7323.600
11. Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10)	7836.300	21106.500
12. Extraordinary item (net of tax expense Rs. Nil )	--	--
13. Net Profit(+)/ Loss(-) for the period (11-12)	7836.300	21106.500
14. Minority Interest	--	--
15. Share of Associates	--	--
16. Other Related Items	--	--
17. Net Profit / (Loss) after taxes, minority interest and shares of profit / (loss) of associates (13+14+15+16)	--	--
18. Cash Profit	10564.300	31673.200
19. Paid-up Equity Share Capital (Face Value of Rs.1/- Each)	934.800	934.800
20. Reserves Excluding Revaluation Reserve	--	--
21. Earning Per Share
a) Basic and diluted EPS before extraordinary items	8.38	22.58
b) Basic and diluted EPS after extraordinary items	8.38	22.58

STANDALONE & CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

S. N.	Particulars		31.03.2012
			Standalone
			Audited Standalone for the year ended

A	EQUITY AND LIABILITIES
1	Shareholders Funds
	a)	Share Capital	934.800
	b)	Reserves & Surplus	10905.300
	c)	Money received against share warrants	--
	Sub-total- Shareholders' funds		109980.200
2	Share application money pending allotment
3	Minority Interest
4	Non- Current Liabilities
	a)	Long-term borrowings	84939.100
	b)	Deferred Tax-liabilities (net)	10678.100
	c)	Other long-term liabilities	1412.400
	d)	Long-term provisions	187.200
	Sub-total-Non-current liabilities		97216.800
5	Current liabilities
	a)	Short-term borrowings	58649.000
	b)	Trade payables	18838.600
	c)	Other current liabilities	27255.200
	d)	Short-term provisions	23000.100
	Sub-total-current liabilities		127743.000
	TOTAL-EQUITY AND LIABILITIES		334940.000
B	ASSETS
1	Non-current assets
	a)	Fixed assets	220429.800
	b)	Goodwill on consolidation	--
	c)	Non-current investments	14121.800
	d)	Deferred tax assets (net)	--
	e)	Long-term loans and advances	9971.000
	f)	Other non-current assets	--
	Sub-total-Non-current assets		244522.500
	a)	Current investments	--
	b)	Inventories	30513.100
	c)	Trade receivables	9050.600
	d)	Cash and cash equivalents	219.400
	e)	Short-term loans and advances	47557.900
	f)	Other current assets	3076.400
	Sub-total-current assets		90417.400
	TOTAL-ASSETS		334940.000

STANDALONE AND CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particulars	31.03.2012	31.03.2012
	Standalone
	For The Quarter Ended	Audited Financial Results for the year ended on
1. Segment Revenue
a) Iron and Steel	39914.100	127382.400
b) Power	5252.000	16627.100
c) Others	607.700	2138.100
Sub Total	45773.800	146147.700
Less: Inter-segment Revenue	4033.700	12808.200
Net Sales/Income from Operations	41740.200	133339.500
2. Segment Results (Profit(+)/Loss(-) before Tax and interest from each segment)
a) Iron and Steel	10956.500	36654.400
b) Power	2283.300	6053.100
c) Others	84.600	0.300
Sub Total	13324.400	42707.700
Less : Interest and Other Financial Charges	2490.300	6826.700
Other un-allocable expenditure (net of un-allocable income)	1184.300	5973.400
Exceptional Items	--	1477.500
Total Profit Before Tax	9649.900	28430.100
3. Capital Employed (Segment Assets - Segment Liabilities)
a) Iron and Steel	82835.800	82835.800
b) Power	56131.200	56131.200
c) Others	5387.500	5387.500
Total Segment Capital Employed	144354.500	144354.500

NOTES:

# The figures of last quarter ended on 31.03.2012 are the balancing figures between audited figures in respect of the full financial year ended on 31.03.2012 and published year to date (nine months) figures upto the third quarter ended on 31.12.2011.

1. The Board of Directors has recommended dividend of Rs 1.60 per equity of Re. 1/- each (160 %).

2. Jindal Power Limited(JPL), a subsidiary company, declared an interim dividend of 10% JPL has informed JSPL that this interim dividend is to be treated as final dividend for the year ending March 31, 2012. Our share works out to Rs 1300.500 Millions (Previous year Rs. 1170.500 Millions) which is included in other income.

3. Consolidated Profit for the Quarter ended 31.03.2012, includes Net Profit of Rs. 4213.800 Millions from Jindal Power Limited, (Previous Year Rs. 4957.700 Millions).

4. 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 27.04. 2012.

5. The above results have been audited by auditors as per clause 41 of the listing agreement.

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

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF (AS ON 31.03.2011):

a) Guarantees issued by the Company’s Bankers on behalf of the Company – Rs.3511.100 Millions

b) Letter of credit opened by banks – Rs.14531.200 Millions

c) Corporate guarantees/undertakings issued on behalf of third parties – Rs.33595.000 Millions

d) Disputed Excise Duty and Other demands – Rs.6847.700 Millions

e) Future liability on account of lease rent for unexpired period Rs. Nil

f) Bonds executed for machinery imports under EPCG Scheme – Rs.30399.900 Millions

g) Income Tax demands where the cases are pending at various stages of appeal with the authorities – Rs.1872.100 Millions

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, 2011, the Company’s installed capacity at its Raigarh Unit include: 13,70,000 metric tons of sponge Iron; 30,00,000 metric tons of mild steel; 36, 000 metric tons of ferro alloys; 623 megawatts of power; 16,70,000 metric tons of hot metal/pig iron; 7,50,000 metric tons of rail and universal beam mill; 10,00,000 metric tons of plate mill, 60,000 metric tons of fabricated structures; 5,00,000 metric tons of cement plant and 6,00,000 metric tons of medium and light section mill. The Company’s segments include iron and steel; power, and others. The Company’s manufacturing plants are located at Raigarh in Chhattisgarh, Angul in Orissa and Patratu in Jharkhand. Its machinery division is located in Raipur. Its coal mines are located at Dongamahua and Tamnar, Chhattisgarh, iron ore mine at Tensa, Orissa and iron ore pelletisation plant at Barbil, Orissa. For the three months ended 30 June 2011, Jindal Steeland Power Limited's revenues increased 24% to RS39.73B. Net income decreased 3% to RS9.19B. Revenues reflects an increase in income from Iron and Steel and higher income from other business segments. Net income was 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 Jindal (Chairperson Emeritus)

Smt. 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)

Shri. 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 Limited, 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)

Shri. 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)

Shri 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)

Shri. 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’s 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)

Shri. 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 finance, 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 Co 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 Company. He is member of 8 committees in the above mentioned companies.

Sushil Kumar Maroo (Non-Executive Director)

Shri. 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)

Shri. 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 and member of the Audit Committee of Directors)

Shri. Ram Vinay Shahi has been appointed as Non-Executive Independent Director and member of the Audit Committee of Directors of subject 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)

Shri. 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 Shri 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 firm 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

JUNE 9, 2012

Jindal Steel Bolivia – a subsidiary of Jindal Steel and Power Limited (JSPL) has sent a letter to Government of Bolivia on 08-06-2012 conveying its intension to terminate the contract for investment of US $ 2.1 billion – largest foreign investment in Bolivia, due to non fulfillment of the contractual obligations on the part of Government of Bolivia. The details are given below:

Jindal Steel and Power Limited (JSPL) had signed a Contract with Government of Bolivia in the year 2007 for investing US $ 2.1 Billion in Iron Ore Mining, Pelletization (10 million ton per annum), DRI (6 million ton per annum) and Steel making (1.7 million ton per annum) with investment of US $ 2.1 billion in Bolivia. This was the single largest foreign investment in Bolivia.

JSPL had set up offices and deployed manpower soon after entering into contract in 2007 and started developing the project. JSPL has made investment of more than US $90 Million on this project and has made investment commitments exceeding US $ 600 million till March 2012 for purchase of technology, machinery and other equipment and advances to vendors.

As per the contract, Government of Bolivia was to sign an agreement for supply of natural gas required for the project - 10 million cubic meter per day (MCD) within 180 days of signing of the contract. The same has not been signed till date. Government of Bolivia is now willing to commit only 2.5 MCD of gas (as against total requirement of 10 MCD) from 2014 onwards due to non availability of gas in the country, whereas company is being asked to make investment as per capacities originally envisaged under the Joint Venture Contract.

Also Government of Bolivia did not provide substantial land for the project until 2010 and therefore work on the project could not start early. Even now, till date, full land required for the project has not been provided by the Bolivian Government

From the above, it will be quite clear that Government of Bolivia has not fulfilled the obligations as per the contract.

On the other hand, Government of Bolivia encashed Bank Guarantee of US$ 18 million in March 2010 and Bank Guarantee of US $ 18 million on 1^st May 2012 on flimsy and legally untenable grounds. On the one hand Government of Bolivia wants billion of dollars of investment in the country, on the other hand they had gone and encashed the bank guarantee twice of US $ 18 million each. That shows the Government of Bolivia wants to kill the goose which lays the golden eggs.

There is a strong sentiment amount the people of Bolivia that Jindal should stay in Bolivia and invest. After watching recent interview of our CMD Mr. Naveen Jindal on a Leading TV channel of Bolivia, 91% of the people surveyed wanted that Government of Bolivia should not allow JSPL to leave the country.

As per terms of Joint Venture Contract, we have served our intent to terminate the contract on 08‐06‐2012 and Government of Bolivia has 30 days time to resolve the issues failing which JSPL can terminate the contract within 7 days thereafter. In case Government of Bolivia comes out clean and informs as to how much gas it can actually supply and agrees to reconfigure plant capacity and investment and amend the contract JSPL can consider staying back and continue investing in Bolivia.

JINDAL STEEL AND POWER TO SET UP POLYTECHNIC, HOSPITAL IN ARUNACHAL PRADESH

JUNE 4, 2012

ITANAGAR: Jindal Steel and Power Limited (JSPL) has agreed to set up a polytechnic, a multi-purpose hall and a 20-bed hospital at Raga assembly constituency in Upper Subansiri district of Arunachal Pradesh.

CMD and owner of JSPL Naveen Jindal told this to Chief Minister Nabam Tuki during a meeting at New Delhi yesterday, official sources said.

The chief minister along with Marina Nido, chairperson of Arunachal Pradesh State Social Welfare Board, met Jindal and requested several proposals for overall development in the area that was earlier submitted to him by Subansiri Power Project Local Implementation Committee.

In a positive response to the demands in the memorandum, Jindal agreed to the proposals for establishment of a polytechnic besides a multipurpose hall and a hospital, sources said.

Jindal also assured Tuki that JSPL would adopt a government school in Raga assembly constituency and develop the same on its own, sources added.

APRIL 27, 2012

1. Financial Results

Highlights of 4th quarter ended March 31, 2012

Standalone

· Net Profit after tax up by 21% to Rs. 7836.300 Millions (Rs. 6483.300 Millions)*

· Turnover up by 52% to Rs. 41740.200 Millions (Rs. 27421.900 Millions)*

Consolidated

· Net Profit after tax up by 16% to Rs. 11615.500 Millions (Rs. 10017.000 Millions)*

· Turnover up by 42% to Rs. 54823.300 Millions (Rs. 38545.400 Millions)*

Final Dividend 160 % Rs. 1.60 for each share of Re 1/- for the year

*figures in brackets are for the financial year 2010-11

Highlights of Financial Year 2011-12

Standalone

· Net Profit after Tax up by 2% to Rs. 21106.500 Millions (Rs. 20641.200 Millions)*

· Turnover is up by 39% to Rs. 133339.500 Millions (Rs. 95741.800 Millions)*

Consolidated

· Net Profit after Tax up by 5% to Rs. 40022.600 Millions (Rs. 38040.100 Millions)*

· Turnover up by 39% to Rs. 182086.000 Millions (Rs. 131126.000 Millions)*

*figures in brackets are for the financial year 2010-11

Major Highlights of the Financial Year 2011-12

· Consolidated EBIDTA has increased by 10% in the current year to Rs. 71292.400 Millions (previous year Rs. 64746.000 Millions)

· Consolidated Cash profit has increased by 9% to Rs. 55776.700 Millions (Previous year Rs. 51150.200 Millions)

2. Production

JSPL has shown tremendous growth in production of Steel and Power. Details of growth in production for the quarter and financial year ended March 31, 2012 with the corresponding quarter in the previous financial year are as under:

For the Quarter IV ended March 31, 2012:

Product (MT)	Qtr IV		Growth (%)
Product (MT)	2011-12	2010-11	Growth (%)
Sponge Iron	304,314	322,335	(6%)
Pig Iron / Hot metal	393,853	426,044	(8%)
Pellets	1,071,770	866,725	24%
Steel Products*	762,971	622,594	23%
Power (million kWh)	1,417	1,000	42%

* Only Slab/Round/Bloom/Beam Blank

For the Financial Year 2011-12

Product (MT)	Qtr IV		Growth (%)
Product (MT)	2011-12	2010-11	Growth (%)
Sponge Iron	1,319,940	1,319,840	-%
Pig Iron / Hot metal	1,667,851	1,665,581	-%
Pellets	3,736,915	2,787,285	34%
Steel Products*	2,756,881	2,272,692	21%
Power (million kWh)	4,630	3,420	35%

* Only Slab/Round/Bloom/Beam Blank

3. Sales

Details of sales for the quarter and the financial year ended March 31, 2012 with the corresponding quarter in the previous financial year are as under:

For the Quarter IV ended March 31, 2012:

Product (MT)	Qtr IV		Growth (%)
Product (MT)	2011-12	2010-11	Growth (%)
Sponge Iron*	25,285	8,258	206%
Pig Iron*	2,614	40,694	(94%)
Pellets	690,566	224,958	207%
Steel Products* *	736,838	531,104	39%
Power (million kWh)	557	299	86%

For the Financial Year 2011-12:

Product (MT)	Qtr IV		Growth (%)
Product (MT)	2011-12	2010-11	Growth (%)
Sponge Iron*	78,457	113,894	(31%)
Pig Iron*	85,428	201,688	(58%)
Pellets	2,028,330	564,510	259%
Steel Products* *	2,385,224	1,900,338	26%
Power (million kWh)	1,446	926	56%

*Sponge Iron / Pig Iron sale is down due to higher captive consumption

**Slabs/Bloom/Billets/Structural’s and Rails/Universal Plate/Coil/Converted Angle/Channel/ Wire Rod/TMT/Fabricated Beams/Plates

4. Jindal Power Limited (JPL) – Qtr IV

Consolidated audited financial result includes result of Jindal Power Limited, a subsidiary of the Company, as under:-

For the Quarter IV ended March 31, 2012:

· Turnover : Rs. 7732.000 Millions

· Profit After Tax : Rs. 4213.800 Millions

· Generation : 2124.92 million units

· PLF : 97.29%

For the Financial Year 2011-12:

· Turnover : Rs. 29796.700 Millions

· Profit After Tax : Rs. 17649.900 Millions

· Generation : 8588.93 million units

· PLF : 97.78%

MR. NAVEEN JINDAL CONFERRED WITH JUSTICE P.N. BHAGWATI AWARD FOR HIS OUTSTANDING CONTRIBUTION TO LEGAL EDUCATION

New Delhi, December 06, 2011

New Delhi, December 06, 2011: The Chancellor of O.P. Jindal Global University, Mr. Naveen Jindal has been conferred with the Justice P.N. Bhagwati Award in recognition of his outstanding contribution to legal education and corporate philanthropy.

Instituted by the Capital Foundation, this award was presented by Dr. A.P.J. Abdul Kalam, former President of India, at a function in New Delhi on Dec. 6th evening at which Supreme Court Judge, Mr. Justice Altamas Kabir was also present.

Mr. Naveen Jindal is the Founding Chancellor of the O.P. Jindal Global University. He is a Member of Parliament, the Chairman and Managing Director of Jindal Steel and Power Limited (JSPL), and a sports enthusiast. The O.P. Jindal Global University has four schools: Jindal Global Law School (JGLS); Jindal Global Business School (JGBS); Jindal School of International Affairs (JSIA); and Jindal School of Government and Public Policy (JGSP).

The citation of the award notes that Mr. Jindal’s contribution to legal education and higher education has been truly extraordinary. Commenting on this development, Professor Stephen P. Marks from the Harvard University and Member, Governing Body, O.P. Jindal Global University said, “Friends of India - and I certainly count myself among them—have lamented with enlightened Indians the gap between India's leadership in legislation and judicial review, on the one hand, and the quality of legal education in India, on the other. The best of India's young jurists have reached the summits of legal education outside of India. However, this gap is closing and one of the most outstanding agents of this change has been Mr. Naveen Jindal and his funding of the Jindal Global Law School. Mr. Naveen Jindal has seen the future and has understood how a significant investment in legal education through JGLS will pay great dividends for India and the world. Through this extraordinary and inspired act of corporate philanthropy, Mr. Jindal threw down the gauntlet for other industrialists to make similar philanthropic contribution to legal education. I hope they will.”

In his reaction, Professor Peter Schuck, Emeritus Professor of Law, Yale Law School and Chair, International Board of Advisors, Jindal Global Law School said, “Mr. Naveen Jindal is an institution builder and pioneering figure in the new India. The future generations who flourish through his generosity and vision will be his greatest legacy and gift to his country.”

In relation to the working of the Jindal Global Law School, the Bar Council of India’s Legal Education Committee observed: “Having regard to the material as well as the inspection report, there is no manner of doubt that the Jindal Law School is maintaining standards and imparting legal education of high quality…”

In a recent report relating to higher education in India entitled: “New Realities, New Possibilities: The Changing Face of Indian Higher Education” published by Ernst and Young and FICCI, the Jindal Global Law School (JGLS) of O.P. Jindal Global University (JGU) has been recognised along with the Indian School of Business (ISB), Hyderabad as the only two key institutions in India, which have been classified as “Premium Higher Education Institutes” (HEIs).

The Ernst and Young-FICCI report has observed in relation to the recognition of our institution that, “Premium HEIs have evolved over the last decade and are comparable to the best in the world...offering their students with the best of global standards in terms of infrastructure, curriculum, faculty, systems and processes.”

The other recipient of the Justice P.N. Bhagwati award was Dr. Arun Mohan, Senior Advocate, Supreme Court of India who was given the award in recognition of his outstanding contribution to access to justice.

Mr. Kapil Sibal, Union Minister for Human Resource Development and Communications and Information Technology and Mr. Salman Khurshid, Union Minister for Law and Justice and Minority Affairs were conferred with the Justice V. R. Krishan Iyer Award at the same ceremony.

Delivering the Capital Foundation Annual Lecture on the theme `Empowering three billion’, Dr. A.P.J. Abdul Kalam stressed the need to address poverty, lack of education, ill health and other such challenges in rural areas worldwide. In this connection, he called for new type of leaders to usher in global prosperity.

The Capital Foundation Society is a registered, non-governmental, non-profit, voluntary organisation which brings together persons of thought and learning to deliberate and articulate public opinion on vital issues. It promotes free flow of information and ideas from diverse sources to influence decision-making.

JSPL TO INVEST RS.200.000-250.000 MILLIONS

Ranchi, December 27 -- Corporate major Jindal Steel and Power Limited (JSPL) will invest about Rs.200.000-250.000 Millions for developing and renovating the airstrip at Dumka and also set up a flying school over there. A Memorandum of Understanding in this regard was signed between the company and Jharkhand Government on Monday in presence of Chief Minister Arjun Munda and JSPL chairman and managing director Naveen Jindal.

As per the agreement the Government would hand over the present 4,000 feet long airstrip to JSPL for its development and maintenance at its own cost for the period of ten years, subject to renewal. The company would ensure the airworthiness of the strip within six months time and in the next two years the length and breadth of the runway, lighting facilities and other facilities would be installed.

The company would also build air traffic control building after the two years of extension of the airstrip and a hanger and administrative building would be also be constructed without any investment from the State Government. The Government in its part would pave way for developing the strip by facilitating various clearances involving Centre and various Departments of the State.

Speaking on the occasion, the Chief Minister said that the cooperation between the two parties would connect the second capital of the State from rest of the country and different parts of Jharkhand more easily. "Development of airstrip would also make night landing facility at Dumka. Under its CSR activity or otherwise the JSPL would enhance the length and its airworthiness. The capital of Santhal Pargana and the entire region apart from rail and road would now be connected through airways," he said.

He also added that the initiative would infuse better economic growth for the entire region as the process of connecting Giridih, Dumka, Deoghar and Rampur Haat by National Highway was on progress. The CM said the 1000 km of National Highway had been allocated to the State and a notification in this regard from the Center was due.

Naveen Jindal said that the strip would be elongated up to 6,000 ft for its commercial utilisation and hangers would also be developed at Dumka. "The airstrip was of 2,500 feet long during the Second World War and developed up to 4,000 feet in 2005. We will develop it to 6,000 feet and develop other facilities required for that. The company is committed for the State and wants to be partner in the growth path of Jharkhand. We are also coming up with 6,000 MT steel plant at Patratu and power plants at Dumka and Godda."

The airstrip can be used by the Government for its owned or hired aircrafts and helicopters free of cost whereas the company would collect charges from other private and commercial aircrafts at the Government approved rates.

JINDAL VISITS ESSAR PLANT AT PARADIP

PARADIP, December 26 -- Managing Director of Jindal Steel and Power Limited (JSPL) and Member of Parliament Naveen Jindal on Monday came to the Paradip Port and visited Essar Steel Plant which is under construction.

Interacting with mediapersons, Jindal said the purpose of his visit to the Essar plant was to see the plant as the Jindal Steel and Power Limited is also establishing a 6-million-tonne-per-annum steel plant at Anugul in Odisha.

He expressed his satisfaction about the expeditious construction and utilistation of modern technology in the Essar plant with minimum environmental damaging effect.

Sources said the Jindal Steel and Power Limited is also contemplating to acquire a cargo berth of the Paradip Port Trust as a captive berth to handle exclusively the import and export cargo of the Jindal Steel and Power Limited at Paradip.

EXPANSION OF DUMKA AIRPORT TO BRING IN NEW ERA OF DEV: CM

Ranchi, December 26 -- Chief Minister Arjun Munda today said the expansion of the Dumka airport will not only help in to usher a new era of development in the Santhal Pargana region but will also help boost up industrial development in the area. Speaking at the Memorandum of Understanding (MoU) signing ceremony between his government and Jindal Steel and Power Limited at the state hangar located at Birsa Munda Airport here, the chief minister said the development of air strip at Dumka will also fecilitate air traffic movement in the night. The state government welcomes all steps being taken by the industrial houses for the betterment of this state and it is only possible that by combined efforts Jharkhand can be brought in the league of developed states, Mr. Munda said. As per the MoU, the Jindal group will be responsible for developing the air strip and maintaing it for the next 10 years alongwith two years of maintance of the ATC building. The steel major will also be responsible for construction of the hangar at the airport. Deputy Chief Minister Hemant Soren was also present during the occasion.

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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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

19.70

26.16

18.44

0.37

1.56

1.49

Unit