MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	JSW CEMENT LIMITED
Registered Office :	Jindal Mansion, 5A, DR. G. Deshmukh Marg, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.2006
Com. Reg. No.:	11-160839
Capital Investment/ Paid-up Capital:	Rs. 2815.117 Millions
CIN No.: [Company Identification No.]	U26957MH2006PLC160839
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cement.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 13200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is JSW Group company. It is a well established and reputed company having satisfactory track record. The management of the company has not field with its latest financial i.e 2011-12 with the government department. From the available financial it has been seen that reserves of the company appears to be low. However, there seems a growth in the turnover and profitability of the company. Trade relations are fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions

NOTES:

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

ECGC Country Risk Classification List – 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	CARE
Rating	A3+ (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	28.03.2012

Rating Agency Name	CARE
Rating	BBB (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	28.03.2012

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 :	Jindal Mansion, 5A, DR. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India
Tel. No.:	91- 22-23513000
Fax No.:	91- 22-23523459
E-Mail :	amit.mundhe@jsw.in
Website :	www.jsw.in
Vasind Works	Village: Vasind, Taluka – Shahapur Dist: Thane - 421604 (Maharashtra), India
Tell No.:	91-2527-220022 to 025
Fax No.:	91-2527-220020/84/92
Vijayanagar Works	R O Vidyanagar, Toranagallu Dist: Bellary - 583275 (Karnataka), India
Tell No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138/250665
Vijayanagar Minerals Private Limited	P.O. Vidyanagar, Toranagallu, Dist: Bellary – 583275 (Karnataka), India
Tell No.:	91-8395 – 250120
Fax No.:	91-8395 – 240365
Jindal Praxair Oxygen Comapny Private Limited	Post Box No .16 Vidyanagar, Dist: Bellary – 583275 (Karnataka), India
Tell No.:	91-8395 – 250856 to 858
Fax No.:	91-8395 – 250781
South West Port Limited	1st floor, Port Users Complex, Mormugao Harbour, Goa – 403803, India
Tell No.:	91-832 – 2523000
Fax No.:	91-832 – 2523006
Raj West Power	308 - 311, Gitanjali Towers, Bomba Walo ka Baug, Ajmer Road Jaipur – 302006, India
Tarapur Works	B/6, Tarapur MIDC Boisar – 401506 Dist: Thane Maharashtra, India
Tell No.:	91-2525 – 270147 / 270149
Fax No.:	91-2525 – 270148
Salem Works	Tel: Fax: Pottaneri M Kalipatti Village , Mecheri, Mettur Taluk, Salem – 636453 Tamil Nadu, India
Tell No.:	91-4298 – 278400 to 404
Fax No.:	91-4298 – 278618
JSW Bengal Steel Limited	Tower A 3rd Floor DLF IT Park 8 major Arterial Road New Town Kolkata 700156, India
Tell No.:	91-33-4000 2020
Fax No.:	91-33-4000 2021
JSW Aluminum Limited	Opposite NSTL, 58-17-1/1, Sanjevaya Nagar, Near NAD Kotha Road Junction, Visakhapatnam – 530009, Andhra Pradesh, India
JSW Energy - Ratnagiri Limited	Ambassador Plaza, 1st floor, Malnaka, Ratnagiri - 415 612, India
JSW Cement Limited	R O Vidyanagar, Toranagallu Dist: Bellary - 583275 (Karnataka), India
Tell No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138/250665
Project Location:	Bilakalagudduru, Gadivemula Mandal, Nandyal, Kurnool – 518538, Andhra Pradesh, India

DIRECTORS

As on 02.08.2012

Name :

Mr. Jugal Kishore Tandon

Designation :

Director

Address :

B 201 Mon Repos 45, H K Bhabua Lands End, Bandra (west), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

16.12.1941

Date of Appointment :

06.06.2007

Din No.:

01282681

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U13100TZ2005PLC011939	TAMILNADU IRON ORE MINING CORPORATION LIMITED	Director	22/09/2007	27/03/2007	-	Active	NO
2	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	19/07/2007	27/03/2007	-	Amalgamated	NO
3	U27106MH2007PLC170160	JSW Bengal Steel Limited	Director	20/04/2007	20/04/2007	-	Active	NO
4	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	13/08/2007	06/06/2007	-	Active	NO
5	U27310MH2007PLC171405	JSW JHARKHAND STEEL LIMITED	Director	07/06/2007	07/06/2007	-	Active	NO
6	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	22/11/2007	22/11/2007	21/02/2009	Active	NO
7	U45200MH2008PLC180608	JSW BUILDING SYSTEMS LIMITED	Director	28/03/2008	28/03/2008	23/04/2012	Active	NO
8	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Director	23/05/2009	26/09/2008	-	Active	NO
9	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Nominee director	30/09/2008	29/09/2008	09/03/2010	Active	NO
10	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	02/06/2009	23/10/2008	01/06/2010	Active	NO
11	U74900MH2010PLC202725	JSW TECHNO PROJECTS MANAGEMENT LIMITED	Director	31/10/2011	30/06/2011	-	Active	NO
12	U27106MH1985PLC169768	MITTAL CORP LIMITED	Director	28/09/2012	03/09/2012	-	Active	NO

Name :

Roop Chand Sodani

Designation :

Whole-time Director

Address :

House No.C 8/3 JSW Township, P.O Vidyanagar, District, Ballary Karnataka

Date of Birth/Age :

13.05.1954

Qualification :

B.com, FCA

Experience :

31 years

Date of Appointment :

21.07.2007

Din No.:

01712915

Name :

Mr. Nirmal Kumar Jain

Designation :

Director

Address :

302, Suman, Palyground Road, Vile Parle (East), Mumbai – 400057,Maharashtra, India

Date of Birth/Age :

03.05.1946

Date of Appointment :

02.08.2012

Din No.:

00019442

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	15/07/2010	06/04/1998	-	Active	NO
2	U27206DL1996PTC146397	JINDAL COATED STEEL PRIVATE LIMITED tfr. from mumbai to delhi	Director	02/05/1998	02/05/1998	19/05/2008	Active	NO
3	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	05/10/2000	05/10/2000	19/05/2008	Active	NO
4	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	30/09/2010	28/06/2001	-	Active	NO
5	L67120MH2001PLC217751	JINDAL SOUTH WEST HOLDINGS LIMITED tfr. from mumbai to delhi	Director	12/07/2001	12/07/2001	-	Active	NO
6	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	25/11/2004	25/11/2004	27/03/2007	Amalgamated	NO
7	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO
8	U45200MH2005PTC151268	Vinamra Properties Private Limited	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO
9	U62100MH2005PTC151746	HERITAGE AIRLINES PRIVATE LIMITED	Director	03/03/2005	03/03/2005	25/06/2008	Active In Progress	NO
10	U65993MH2005PTC152203	HAMPI INVESTMENTS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	19/05/2008	Dormant	NO
11	U45200MH2005PTC152218	WINDSOR RESIDENCY PRIVATE LIMITED	Director	28/03/2005	28/03/2005	19/05/2008	Active	NO
12	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	18/07/2012	06/08/2005	-	Active	NO
13	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Director	26/07/2006	30/09/2005	01/09/2008	Active	NO
14	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Director	29/10/2005	29/10/2005	-	Active	NO
15	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	18/07/2012	10/02/2006	-	Active	NO
16	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	21/04/2006	21/04/2006	-	Active	NO
17	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	05/05/2006	05/05/2006	23/10/2008	Amalgamated	NO
18	U13100TZ2005PLC011939	TAMILNADU IRON ORE MINING CORPORATION LIMITED	Director	28/06/2006	28/06/2006	27/03/2007	Active	NO
19	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	30/06/2006	30/06/2006	23/10/2008	Amalgamated	NO
20	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	21/09/2007	30/09/2006	-	Active	NO
21	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	06/01/2007	06/01/2007	-	Active	NO
22	U72200KA2006PLC040034	JSOFT SOLUTIONS LIMITED	Additional director	28/06/2007	28/06/2007	31/08/2008	Active	NO
23	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	01/12/2011	21/08/2007	06/09/2012	Active	NO
24	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31/12/2007	31/12/2007	04/10/2008	Active	NO
25	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09/01/2008	09/01/2008	04/10/2008	Active	NO
26	U10300DL2008PTC176675	Rohne Coal Company Private Limited	Director	11/04/2008	11/04/2008	01/09/2008	Active	NO
27	U40300MH2010PLC199844	JSW Energy (Bengal) Limited	Director	08/02/2010	08/02/2010	-	Active	NO
28	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13/03/2010	13/03/2010	28/06/2010	Active	NO
29	U40101MH2011PLC212214	JSW Green Energy Limited	Director	12/01/2011	12/01/2011	01/12/2011	Active	NO
30	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	30/09/2011	27/06/2011	13/12/2011	Active	NO
31	U93030MH2011PTC224380	JSW NANDGAON PORT PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO
32	U31100TN2008FTC069121	Toshiba JSW Turbine and Generator Private Limited	Director	27/09/2012	01/12/2011	-	Active	NO
33	U40102MH2008PLC181433	Jaigad PowerTransco Limited	Nominee director	01/12/2011	01/12/2011	16/07/2012	Active	NO
34	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	02/08/2012	22/06/2012	-	Active	NO

Name :

Mr. Kantilal Narandas Patel

Designation :

Director

Address :

12, Yesho Mangal, 64, Lallubhai, Shmaldas Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

30.05.1951

Date of Appointment :

29.03.2006

Din No.:

00019414

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22210MH1996PTC099042	ART INDIA PUBLISHING COMPANY PRIVATE LIMITED	Director	25/10/2001	25/10/2001	-	Active	NO
2	U74920GJ1993PLC069400	JINDAL STEEL & ALLOYS LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
3	U72200MH2003PTC143356	JINDAL TECHNOLOGIES AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	26/06/2004	26/06/2004	22/08/2012	Active	NO
4	U45200MH2005PTC151268	Vinamra Properties Private Limited	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO
5	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO
6	U62100MH2005PTC151746	HERITAGE AIRLINES PRIVATE LIMITED	Director	03/03/2005	03/03/2005	25/06/2008	Active In Progress	NO
7	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	31/03/2005	31/03/2005	14/07/2011	Active	NO
8	L67120MH2001PLC217751	JINDAL SOUTH WEST HOLDINGS LIMITED tfr. from mumbai to delhi	Managing director	28/04/2010	28/04/2005	-	Active	NO
9	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	08/07/2005	08/07/2005	-	Active	NO
10	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Director	29/10/2005	29/10/2005	-	Active	NO
11	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	29/03/2006	29/03/2006	-	Active	NO
12	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	21/08/2006	21/08/2006	21/02/2009	Active	NO
13	U85110KA1996PLC021242	SOUTH-WEST MINING LIMITED	Director	06/10/2006	06/10/2006	30/09/2010	Active	NO
14	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	13/09/2007	27/10/2006	-	Active	NO
15	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	16/08/2007	26/06/2007	-	Active	NO
16	U14200MH2007PLC173687	JSW NATURAL RESOURCES INDIA LIMITED	Director	31/08/2007	31/08/2007	07/07/2010	Active	NO
17	U65923MH2007PTC167960	JSW ENERGY INVESTMENTS PRIVATE LIMITED	Director	14/07/2008	04/12/2007	-	Active	NO
18	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31/12/2007	31/12/2007	10/10/2011	Active	NO
19	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09/01/2008	09/01/2008	10/10/2011	Active	NO
20	U92100MH2008PTC186594	JSW IMAGINEERING PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
21	U45400MH2009PTC192483	DesignDeli Development Private Limited	Director	01/11/2010	19/05/2009	30/03/2012	Active	NO
22	U51900MH1946PTC013532	GOPAL TRADERS PRIVATE LIMITED	Director	30/09/2011	20/07/2011	-	Active	NO
23	U92412MH2012PTC237320	JSW SPORTS PRIVATE LIMITED	Director	30/10/2012	30/10/2012	-	Active	NO

Name :

Mr. Pankaj Kulkarni

Designation :

Director

Address :

A -602, Dipti Sapphire Natwar Road, Vile Parle (East), Mumbai – 400057, Maharashtra , India

Date of Birth/Age :

07.12.1957

Date of Appointment :

02.08.2012

Din No.:

00725144

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Managing director	01/08/2006	01/02/2006	13/02/2008	Amalgamated	NO
2	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	23/05/2008	24/03/2008	01/09/2008	Active	NO
3	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	02/08/2012	02/02/2012	-	Active	NO

Name :

Mr. Sunil Chandra Mathur

Designation :

Nominee Director

Address :

H- 62, Maker Kundan Gardens, Juhu Tara Road, Sanrtacruz West, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

07.12.1957

Date of Appointment :

28.02.2011

Din No.:

01143204

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U66010MH2007PLC167164	IDBI Federal Life Insurance Company Limited	Director	22/01/2007	22/01/2007	11/12/2007	Active	NO
2	U74999PN1946PLC005181	THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED	Director	08/12/2007	17/07/2007	28/12/2007	Amalgamated	NO
3	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Nominee director	05/04/2010	05/04/2010	04/11/2010	Active	NO
4	U26957MH2006PLC160839	JSW CEMENT LIMITED	Nominee director	28/02/2011	28/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amitkumar Prabhakar Mundhe
Designation :	Secretary
Address :	802, A/B Wing, Emeraid Tower, Wadhwa Meadows, Near Cimemax, Kalyan -421301, Maharashtra, India
Date of Birth/Age :	15.09.1979
Date of Appointment :	22.06.2012
Pan No.:	ALPPM5465M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.08.2012

Names of Shareholders	No. of Shares
JSW Investments Private limited, India	301436450
Sapphire Technologies Limited, India	74750
Balwant Ranka	100
Seshagiri Rao	100
K.N. Patel	100
P.K Kedia	100
Jayant Acharya	100
Total	301511700

Equity Share Break up (Percentage of Total Equity)

As on 02.08.2012

Category	Percentage
Bodies corporate	100.00
Total

BUSINESS DETAILS

Line of Business :

Manufacturer of Cement.

Products :

ITEM CODE NUMBER	PRODUCT DESCRIPTION
00002523	Ground Granulated Blast Furnace Slag
00002523	Portland Slag Cement

PRODUCTION STATUS

Particulars	2011 Tonnes
Licensed Capacity (Note a)
Installed Capacity [Note "b"]	590,000
Production:
Ground Granulated Blast Furnace Slag	368,720.81
Portland Slag Cement	173,499.43

Note:

a The Company's product is exempt from licensing requirements under New Industrial Policy in terms of Notification no S.O. 477 (E) dated 25^th July, 1991.

b Installed Capacity is as certified by the management and being a technical matter, accepted by the Auditor

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited IDBI TOWERWTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	(A)6970.204	2750.000
Total	6970.204	2750.000

(A) Rupee Term Loan includes 4628.940 Millions from Bank and 2341.264 Millions as Buyers Credit. The Rupee Term Loan from banks are secured on a pari passu basis by hypothecation on all movable assets and and mortgage over all immovable assets . Buyers' Credit includes bills discounted with local banks agaunst LC established for purchase of capital goods.

Banking Relations :	--
Financial Institution:	IDBI Trusteeship Services Limited Asian Buliding, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Shah Gupta and Company Chartered Accountant
Address :	38, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai-400001, Maharahstra, India
Pan No.:	AAAFS7702S
Holding Company :	· JSW Investments Private Limited CIN No.:U65993MH2005PTC152325
Fellow Subsidiary :	· JSW Aluminium Limited CIN No.:U27203MH2005PLC154612 · JSW Energy Investments Private Limited CIN No.:U65923MH2007PTC167960 · JSW Green Private Limited CIN No.:U01117MH2007PTC21697 · JSW Infrastructure Fintrade Private Limited CIN No.:U45206MH2010PTC203280 · JSW Projects Limited CIN No.:U74999MH2006PLC163924 · Sapphire Technologies Limited CIN No.:U72900MH2000PLC129020 · South-West Mining Limited CIN No.:U85110KA1996PLC021242
Associates :	· JSW Steel Limited CIN No.:L27102MH1994PLC152925 · JSW Energy Ltd (erstwhile JSW Energy (Ratnagiri) Limited CIN No.:L74999MH1994PLC077041 · JSW Realty and Infrastructure Private Limited CIN No.:U02710MH2003PTC187132 · JSW Severfield Structures Limited CIN No.:U28112MH2009PLC191045 · JSoft Solutions Limited CIN No.:U72200KA2006PLC040034

CAPITAL STRUCTURE

As on 02.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
301511700	Equity Shares	Rs.10/- each	Rs.3015.117 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28,15,11,700	Equity Shares	Rs.10/- each	Rs.2815.117 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2815.117	2332.117	605.117
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		473.001	184.013	0.196
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3288.118	2516.13	605.313
LOAN FUNDS
1] Secured Loans		6970.204	2750.000	2755.956
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		6970.204	2750.000	2755.956
DEFERRED TAX LIABILITIES		120.469	90.472	0.217
TOTAL		10378.791	5356.602	3361.486
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1386.203	1410.305	1331.211
Capital work-in-progress		8809.411	2440.271	1906.608
INVESTMENT		24.183	1404.266	24.183
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.612	88.603	7.470
	Sundry Debtors	82.413	72.943	20.884
	Cash & Bank Balances	85.288	131.240	287.083
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	871.916	312.178	250.283
Total Current Assets		1191.229	604.964	565.720
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	892.557	421.851	419.252
	Other Current Liabilities	113.433	72.973	40.190
	Provisions	26.245	8.380	6.794
Total Current Liabilities		1032.235	503.204	466.236
Net Current Assets		158.994	101.760	99.484
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10378.791	5356.602	3361.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1624.246	1293.047	49.824
		Other Income	35.335	8.368	0.000
		TOTAL (A)	1659.581	1301.415	49.824
Less	EXPENSES
		Consumption materials changes inventories	616.835	553.277
		Manufacturing service costs	298.245	203.141
		Employee related expenses	61.543	65.976	47.969
		Administrative selling other expenses	92.615	65.119
		TOTAL (B)	1069.238	887.513	47.969
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		590.343	413.902	1.855
Less	FINANCIAL EXPENSES (D)		77.616	77.772	0.759
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		512.727	336.130	1.096
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.185	62.058	0.457
	PROFIT BEFORE TAX (E-F) (G)		445.542	274.072	0.639
Less	TAX (H)		158.997	90.255	0.443
	PROFIT AFTER TAX (G-H) (I)		286.545	183.817	0.196
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		184.013	0.196	0.000
	BALANCE CARRIED TO THE B/S		470.558	184.013	0.196
	Earnings Per Share (Rs.)		1.19	2.09	0.003

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	17.27	14.12	0.39
Net Profit Margin (PBT/Sales)	(%)	27.43	21.20	1.28
Return on Total Assets (PBT/Total Assets}	(%)	17.29	13.60	0.03
Return on Investment (ROI) (PBT/Networth)		0.14	0.11	0.00
Debt Equity Ratio (Total Liability/Networth)		2.43	1.29	5.32
Current Ratio (Current Asset/Current Liability)		1.15	1.20	1.21

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

INDUSTRY OVERVIEW

Cement Industry in the country witnessed demand growth of about 4.50% during the year under review. This was lesser than previous year but one of the highest amongst various developing countries except China.

Government's continued thrust on infrastructure development as need to remove logistics constraints, which continue to impede country's overall development, was well recognized. Many unexpected factors like prolonged and scattered monsoon, delay in land acquisition and MoEF clearances, political instability due to elections in five states, etc impacted the cement demand during the year under review and are likely to be removed during current year which may result in accelerated growth in this sector and better utilization of capacity.

The Indian Cement industry recorded capacity addition of ~40 million tonnes during fiscal 2011 of which ~17 million tonnes was in Southern Region, taking the total effective cement capacity of the country to ~270 million tonnes annually.

Setting up of most modern, fuel efficient and environment friendly plants in backward areas highlights growth of cement industry in the country. The Company is one of the leaders in setting up of the most “Green” Cement plant in conformity with concept of “Low CO2” based industrial growth.

The Company ended the year under review with improved performance in overall sales volume and revenue as highlighted herein below.

HIGHLIGHTS OF PERFORMANCE

· PSC production increased by 21 % to 0.173 Millions tones (PY 0.143 Millions tones).

· GGBS production increased by 26 % to 0.369 Millions tones (PY 0.292 Millions tones).

· PSC, GGBS and Slag sales volume increased by 22 %, 24 % and 92 % respectively.

· Gross Turnover and Net Turnover (excluding excise duty) for the year stood at Rs.16,899.60 Millions and Rs.1624.246 Millions showing growth of 27 % and 26 % respectively.

· EBITDA margin for the year was 36 % as against 32 % in the previous year.

· PAT margin for the year was 18% against 14% in the previous year.

INDUSTRY OUTLOOK

India is world's second largest producer of cement. However, the per capita consumption is significantly lower when compared to global average as well as other large markets like China and US. The Indian cement industry is expected to outpace the growth rates of other prominent industries in the country on the back of various factors viz. rising demand from housing sector, increased activity in infrastructure, construction recovery and boosting demand from the rural segment due to relatively good monsoon. In fiscal 2011, the cement demand is projected to increase by 9% and the additional cement capacity of ~30 million tonnes is likely to go on stream the bulk of which to come up in Southern region.

The constraint in availability of coal linkages and increase in international coal prices is expected to impact power and fuel costs. Besides, inflation will put pressure on cost of other major inputs and increase in petroleum product prices would continue to impact freight costs. The pricing environment may remain challenging and with the impact of surplus capacity, margins may remain under pressure.

The long term outlook for the cement industry is expected to remain extremely bright given the high growth of the Indian economy, continued Government spending on the rural sector and stimulus for enhancing rural income, revival of housing sector, growing demand from the infrastructure sector and the gradual increase in the number of infrastructure projects being executed by the private sector.

EXPANSION PLAN

The Company had earlier set up grinding facility of 0.60 mtpa at Vijayanagar, Karnataka for production of Ground Granulated Blast Furnace Slag (GGBS) and Portland Slag Cement (PSC) under Phase-I of expansion plans which commenced commercial operations in March 2009.

Under Phase-II of expansion plans, the Company is setting up green field cement plant comprising of clinkerisation and cement grinding & blending facilities in the State of Andhra Pradesh. Post completion of Phase II expansion, the Company will be having ~5.20 mtpa Portland Slag Cement (PSC) by integrating with Phase-I operations.

The above expansion project is envisaged to commence commercial operation in current financial year.

The Company is looking out for acquiring mineral resources/ores across various regions in India geographical segments for expanding its business and having pan India presence.

FORM 8

Corporate identity number of the company	U26957MH2006PLC160839
Name of the company	JSW CEMENT LIMITED
Address of the registered office or of the principal place of business in India of the company	Jindal Mansion, 5A, DR. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India Email: amit.mundhe@jsw.in
This form is for	Creation of charge
Type of charge	Book debts Others
Particular of charge holder	IDBI Trusteeship Services Limited Asian Buliding, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India Email: itsl@idbitrustee.co.in
Nature of instrument creating charge	Deed of Hypothecation dated June 30, 2012
Date of instrument Creating the charge	30.06.2012
Amount secured by the charge	Rs.1500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Floating rate of interest at the rate of 1% p.a. (including tenor premium of 0.50% p.a.) over the Bank's Base Rate (BR) p.a. subject to minimum of NIL% p.a. with monthly rests. Term of Payment: It is a cash credit facility. Margin 25% - Stocks (including Raw Material, WIP, Finished Goods, Stores & Spares, Consumables, Packing Materials, etc.) 25% - Book Debts (not exceeding 90 days) Extent and operation of the charge Charge created in favour of IDBI Trusteeship Services Limited, Security Trustee to secure working capital facilities of Rs. 1500.000 Millions
Short particulars of the property charged (Including location of the property)	The whole of the current assets mainly includes Raw Materials, Stock in process, Finished Goods, Stock in trade, Stores & Spares, Consumables, Packing Materials and Book Debts and Receivables.

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions )

	31.03.2011	31.03.2010
a) Bank Guarantee provided to :
i) Indian Bureau of Mines, Hyderabad for granting Mining Lease	4.782	4.782
ii) Commissioner of Customs, Chennai for Project Import	31.600	0.000
b)Letter of Credit	14.408	1504.632
C) Disputed statutory claims/ levies:
i) Excise Duty credit in respect of capital goods and input services	78.762	0.000
ii) Cess under the Building and other Constructions Workers Act, 1946	20.000	0.000

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.54.97
UK Pound	1	Rs.87.50
Euro	1	Rs.70.16

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.