MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	JINDAL INDIA THERMAL POWER LIMITED
Formerly Known As :	JINDAL THERMAL POWER LIMITED INDIAN ZINC LIMITED
Registered Office :	Plot No. 12, Sector B-1, Local Shopping Centre, Vasant Kunj, New Delhi – 110 070
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.01.2001
Com. Reg. No.:	55-109103
Capital Investment / Paid-up Capital :	Rs. 5069.410 millions
CIN No.: [Company Identification No.]	U74899DL2001PLC109103
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04690A
PAN No.: [Permanent Account No.]	AAACJ9902H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Setting up of power project.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 21390000
Status :	Project under Implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Jindal India Powertech Limited’. It is a company having moderate track. Mr. Ashish, the Accounts Manager has confirmed that company was incorporated during January 2001; it is yet to commence its project. The company will start its project from December 2012, as its project is under implementation. However, the external borrowings are huge than the networth of the company which can be a threat to its liquidity position. Payment terms are unknown. In view of strong holding, the company can be considered for business dealings with some caution.

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	FITCH
Rating	BB (Long term subordinated bank loans)
Rating Explanation	Moderate risk of default
Date	12 July 2011

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 :	Plot No. 12, Sector B-1, Local Shopping Centre, Vasant Kunj, New Delhi – 110 070, India
Tel. No.:	91-11-26139256-65
Fax No.:	91-11-26125739
E-Mail :	secretarial_power@jindalgroup.com jitpl@jindalgroup.com
Website :	www.jitpl.com
Factory 1 :	Village Derang, PO – Kaniha, District Angul, Odisha

DIRECTORS

As on 30.09.2011

Name :

Mr. Punit Gupta

Designation :

Whole-time Director

Address :

Block C4B, House No.84, JAnakpuri, New Delhi – 110 058, India

Date of Birth/Age :

30.08.1966

Date of Appointment :

01.05.2009

DIN No.:

00011483

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	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Whole-time director	28/04/2000	28/04/2000	28/07/2008	Active	NO
2	U51109WB1995PTC072664	JUPAX BARTER PVT.LTD.	Director	03/02/2003	03/02/2003	16/08/2010	Active	NO
3	U17114UP2004PLC028567	HINDUSTAN THERMAL POWER GENERATION LIMITED	Director	27/04/2004	27/04/2004	-	Active	NO
4	U67120DL1999PLC101169	JINDAL PHOTO INVESTMENTS LIMITED	Director	28/09/2007	30/04/2005	15/04/2008	Active	NO
5	U65999WB2005PLC101057	JESMIN INVESTMENTS LIMITED	Director	31/08/2007	12/04/2007	24/04/2008	Active	NO
6	U01134DL2004PLC126983	JINDAL MEADOWS LIMITED	Director	28/09/2007	30/04/2007	25/08/2010	Active	NO
7	L33200UP1993PLC015474	CONSOLIDATED FINVEST & HOLDINGS LIMITED	Managing director	30/04/2007	30/04/2007	10/04/2008	Active	NO
8	U74899DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Whole-time director	01/05/2009	06/11/2007	-	Active	NO
9	U31902DL2008PLC188991	JINDAL INDIA HYDRO LIMITED	Director	28/01/2008	28/01/2008	-	Amalgamated	NO
10	U67120DL2008PLC174488	HINDUSTAN POWERGEN LIMITED.	Director	05/03/2008	05/03/2008	-	Active	NO
11	U21098DL2008PLC179699	JINDAL PACKAGING FILMS LIMITED	Director	18/06/2008	18/06/2008	28/07/2008	Amalgamated	NO
12	U10100DL2008PLC175417	MANDAKINI COAL COMPANY LIMITED	Director	04/09/2009	19/02/2009	-	Active	NO
13	U40109DL2010PLC198943	JINDAL SOLAR RAJASTHAN LIMITED	Director	10/02/2010	10/02/2010	-	Active	NO
14	U40104DL2010PLC198949	JINDAL SOLAR POWER TECH LIMITED	Director	11/02/2010	11/02/2010	22/03/2012	Active	NO
15	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Director	04/01/2012	04/01/2012	-	Active	NO
16	U70109DL2012PLC242177	SOLACE LAND HOLDING LIMITED	Director	12/09/2012	12/09/2012	-	Active	NO
17	U70109DL2012PLC242303	GAMMA LAND HOLDING LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Mr. Rashid Jilani

Designation :

Additional Director

Address :

70-Anupam Apartments, B-13, Vasundhara Enclave, Delhi – 110 096, India

Date of Birth/Age :

08.10.1941

Date of Appointment :

04.05.2010

DIN No.:

00010624

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	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
2	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Additional director	11/02/2010	11/01/2008	-	Active	NO
3	U74899DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Additional director	04/05/2010	01/12/2008	-	Active	NO

Name :

Mr. Debiprasad Bagchi

Designation :

Additional Director

Address :

Y-165, Regency Park II, DLF City, Phase IV, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

21.10.1942

Date of Appointment :

04.05.2010

DIN No.:

00061648

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	L40105DL1999PLC099328	PTC INDIA LIMITED	Director	07/05/2004	07/05/2004	28/09/2011	Active	NO
2	U27109OR1982GOI001050	NEELACHAL ISPAT NIGAM LIMITED	Nominee director	21/02/2005	21/02/2005	-	Active	NO
3	L51109OR1996PLC004601	VISA STEEL LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
4	L26924UP1985PLC007595	KAJARIA CERAMICS LIMITED	Director	26/09/2007	29/06/2007	-	Active	NO
5	U74899DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Additional director	04/05/2010	18/12/2007	-	Active	NO
6	U67120DL2008PLC174488	HINDUSTAN POWERGEN LIMITED.	Director	05/03/2008	05/03/2008	04/11/2008	Active	NO
7	U55101OR1982PLC001092	T K INTERNATIONAL LIMITED	Director	14/09/2009	06/05/2009	-	Active	NO
8	U65921UP1993PLC015170	SAHARA PRIME CITY LIMITED	Director	29/08/2009	22/08/2009	-	Active	NO
9	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Additional director	11/02/2010	11/02/2010	04/05/2011	Active	NO
10	U65993AP1995PLC019471	IND-BARATH POWER INFRA LIMITED	Director	27/09/2010	06/05/2010	-	Active	NO
11	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
12	U67120UP1987PLC008909	SAHARA INDIA FINANCIAL CORPORATION LIMITED	Director	12/07/2012	21/11/2011	-	Active	NO
13	L74899DL1992PLC050216	MIDEAST INTEGRATED STEELS LIMITED	Additional director	27/03/2012	27/03/2012	-	Active	NO

Name :

Mr. Vinod Kumar Gupta

Designation :

Additional Director

Address :

37D, Shivam Enclave, MIG Flats, Pocket C, Jhilmil, Delhi – 110 032, India

Date of Birth/Age :

07.07.1964

Date of Appointment :

03.05.2011

DIN No.:

00006526

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	U51909WB1981PLC033450	SOYUZ TRADING CO LTD	Director	15/01/2001	15/01/2001	-	Active	NO
2	U74899DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Additional director	03/05/2011	02/09/2002	-	Active	NO
3	U72200DL2006PLC188992	INDIAN SOFTWARE CONSULTANCY LIMITED	Director	22/05/2006	22/05/2006	-	Amalgamated	NO
4	U01134DL2004PLC126983	JINDAL MEADOWS LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
5	U80904DL2008PTC172287	N-TECH EDUCATION SYSTEMS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	08/12/2010	Active	NO
6	U70101DL2003PLC121849	JINDAL REALTORS LIMITED	Director	31/01/2008	31/01/2008	16/08/2010	Active	NO
7	U45201DL2005PLC132370	CONSOLIDATED BUILDWELL LIMITED	Director	29/09/2008	31/01/2008	-	Active	NO
8	U77499DL2005PLC135025	AGILE PROPERTIES LIMITED	Director	29/09/2008	31/01/2008	-	Active	NO
9	U67120DL2008PLC174488	HINDUSTAN POWERGEN LIMITED.	Director	05/03/2008	05/03/2008	-	Active	NO
10	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Additional director	31/07/2009	31/07/2009	01/04/2012	Active	NO
11	U65990DL2010PLC210154	JINDAL POLY FILMS INVESTMENT LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
12	U28999DL2010PLC210480	JINDAL METAL AND MINING LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
13	U25193DL2011PLC214537	HALDIA SYNTHETIC RUBBER LIMITED	Director	21/02/2011	21/02/2011	-	Under Process of Striking off	NO
14	U70100DL2011PLC217502	CLIFF PROPBUILD LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
15	U65100UP2011PLC044786	JINDAL POLY FINANCE LIMITED	Director	13/05/2011	13/05/2011	-	Active	NO
16	U40104DL2010PLC198949	JINDAL SOLAR POWER TECH LIMITED	Director	22/03/2012	22/03/2012	-	Active	NO
17	U65923UP2012PLC051433	JINDAL POLY INVESTMENT AND FINANCE COMPANY LIMITED	Director	11/07/2012	11/07/2012	-	Active	NO

Name :

Mr. Prabhat Kumar Budhwar

Designation :

Whole-time Director

Address :

459, Mount Kailash Tower – 2, East of Kailash, New Delhi – 110 065, India

Date of Birth/Age :

02.03.1950

Date of Appointment :

01.07.2011

DIN No.:

03510967

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	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Additional director	04/05/2011	04/05/2011	-	Active	NO
2	U74899DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Whole-time director	01/07/2011	01/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunit Maheshwari
Designation :	Secretary
Address :	B-58, Flat No. 7. 2^nd Floor, Ramprstha, Ghaziabad – 200 011, Uttar Pradesh, India
Date of Birth/Age :	12.10.1962
Date of Appointment :	01.12.2009
PAN No.:	AFZPM8478E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

SHAREHOLDERS FILE ATTACHED

As on 09.02.2012

Names of Allottees	No. of Shares
Jindal India Powertech Limited, India	80000000
Sonakshi Bagla	50000
Aniksha Bagla	50000
Sandeep Bansal	50000
TOTAL	80150000

As on 09.03.2012

Names of Allottees	No. of Shares
Jindal India Powertech Limited, India	5000000
Punit Gupta	10000
Sarvesh Kumar Rajya	5000
Sanjeev Kumar Aggarwal	5000
Girish .P	20000
Sunil Kumar Aggarwal	20000
Ashok Kumar Sehdev	10000
Raja Chandra Sekhara Rao	20000
Ravi Kant Gupta	5000
Harish Chandra Malik	5000
Dharma Deo Mishra	5000
Ghanshyam Dass Singal	5000
Ajay Khandelwal	5000
Suresh Kumar Bansal	10000
Bishamber Lai Dua	5000
Anuj Jain	5000
TOTAL	5135000

As on 04.07.2012

Names of Allottees	No. of Shares
Ajay Khandelwal, Service	5000
Punit Gupta Service	10000
Prabhat Kumar Budhwar, Service	5000
Sarvesh Kumar Rajya, Service	5000
Anil Kumar, Service	5000
Sanu Das, Service	10000
Unnati Pandey, Service	2000
Devendra Kumar Mody, Service	5000
P.R. Shriram, Service	5000
Girish. P, Service	5000
Pankaj Madhavrao Jadav, Service	5000
Kailash Chandra Aggarwal, Service	5000
Sushil Tan war, Service	5000
Ravi Kant Gupta, Service	5000
Rabinarayan Sahoo, Service	5000
Arjun Singh, Service	2500
Satpal Sharma, Service	5000
Upendra Kumar Jena, Service	5000
D.S. Arun Kumar, Service	5000
Subhas Choudhary, Service	5000
Nave en Kumar Goel, Service	5000
Prakash K.G., Service	5000
Subhas Chandra Gupta, Service	5000
Alok Paliwal, Service	2000
TOTAL	121500

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	88.66
Directors or relatives of Directors	0.03
Other top fifty shareholders	11.29
Others	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Setting up of power project.

Products :

ITC Code	Product Descriptions
980100.13	Power Project

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Large Corporation Branch, Tolstoy House, Tolstoy Marg, New Delhi – 110 001, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Terms Loans -From Banks Secured on a pari passue basis by;- a) First mortgage and charge on all immovable properties, present and future b) First charge by way of hypothecation of all movable properties and assets, present and future c) First charge on operating cash flow, current assets, receivables and revenues, present and future d) First charge on all intangible assets, present and future e)First charge on ail letters of credit, escrow accounts, trust and retention accounts Buyers Credit - From Bank Secured against lien on specified plant and machinery imported /to be imported under	7193.363 586.570	985.200 0.000
Total	7779.933	985.200

Banking Relations :	--
Auditors :
Name :	B K Shroff and Company Chartered Accountants
Address :	3/7-B, Asaf Ali Road, 1^st Floor, Flat no. 4, New Delhi – 110 002, India
Tel. No.:	91-11-23271407/23284825/23284826
Fax No.:	91-11-232370362
E-Mail :	bkshroffdelhi@yahoo.com bkshroffdelhi@rediffmail.com
PAN No.:	AADFB4923G
Holding Company:	Jindal India Powertech Limited, India [CIN: U74999UP2007PLC034310]
Subsidiaries :	Hindustan Powergen Limited, India [CIN : U67120DL2008PLC174488]
Fellow Subsidiaries:	Jindal India Power ventures Limited, India Jindal Solar Rajasthan Limited, India Jindal Solar Powertech Limited, India
Others:	Jindal Poly Films Limited, India Jindal Photo Limited, India

CAPITAL STRUCTURE

After 30.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
1650000000	Equity Shares	Rs. 10/- each	Rs. 16.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
895466550	Equity Shares	Rs. 10/- each	Rs. 8954.665 millions

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
950000000	Equity Shares	Rs. 10/- each	Rs. 9500.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
5069410000	Equity Shares	Rs. 10/- each	Rs. 5069.410 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		5069.410	2415.662	2415.662
2] Share Application Money		116.410	0.000	0.000
3] Reserves & Surplus		161.690	96.849	2.263
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5347.510	2512.511	2417.925
LOAN FUNDS
1] Secured Loans		7779.933	985.200	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		7779.933	985.200	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		13127.443	3497.711	2417.925
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1025.560	769.439	54.624
Capital work-in-progress		10095.045	2396.487	1160.435
INVESTMENT		2159.737	195.423	733.280
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	395.826	165.726	479.585
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	220.645	9.900	24.192
Total Current Assets		616.471	175.626	503.777
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	659.218	17.563	1.667
	Other Current Liabilities	104.709	11.666	7.273
	Provisions	9.487	11.319	25.542
Total Current Liabilities		773.414	40.548	34.482
Net Current Assets		(156.943)	135.078	469.295
MISCELLANEOUS EXPENSES		4.044	1.284	0.291
TOTAL		13127.443	3497.711	2417.925

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	--
		Other Income	70.136	124.963	--
		TOTAL	70.136	124.963	--
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2.975	0.036	--
	PROFIT BEFORE TAX		67.161	124.927	--
Less	TAX		2.321	30.341	--
	PROFIT AFTER TAX		64.841	94.586	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		94.586	0.000	--
	BALANCE CARRIED TO THE B/S		159.427	94.586	--
	IMPORTS
		Capital Goods	686.090	0.000	--
	TOTAL IMPORTS		686.090	0.000	--
	Earnings Per Share (Rs.)		0.19	0.39	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	92.45	75.69	--
Return on Total Assets (PBT/Total Assets}	(%)	4.09	13.21	--
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	--
Debt Equity Ratio (Total Liability/Networth)		1.59	0.40	0.01
Current Ratio (Current Asset/Current Liability)		0.79	4.33	14.60

LOCAL AGENCY FURTHER INFORMATION

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

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	As at 31st March 2011
Estimated amount of contracts remaining to be executed on capital account and not provided for	32709.039
Guarantees issued by the company's bankers on behalf of the company	644.304
Outstanding Letters of Credit	2745.275
Claims against company not acknowledged as debts	2.500
Disputed demand of entry tax for which the company has preferred appeal	36.181
Disputed demand of royalty for which the company has preferred appeal	36.067

STATUS OF PROJECT

The Company is implementing 1800 MW coal-based thermal power project in Village Derang, District Angul, Odisha at an estimated cost of Rs.91210.000 millions. The project is a pithead thermal power project to be implemented in 3 phases consisting of three units of 600 MW each. The project is strategically located with access to captive coal and linkage coal.

The Company has already acquired 1063 acres of land for the project. In addition, about 300 acres of land is under acquisition. The Company has already obtained necessary Governmental clearances for the implementation of the project. Adequate arrangement for water for all the three phases of the project has been made through allocation of 48 cusecs received from the Government of Odisha. The environment clearance for Phase-1 and Phase-2 has been obtained and for Phase-3, the process is in progress.

With the financial closure for Phase-3 of the project achieved during the year, the project is now fully financially tied-up. For sale of power, the Company has signed a Power Purchase Agreement (PPA) for 700 MW with Tata Power Trading Company Limited and has obtained Letter of Intent for additional 400 MW. During the year under review, the Company also entered into a PPA with West Bengal State Electricity Distribution Company Limited (WBSEDCL) for 200 MW at levelised tariff of Rs.3.14 per unit and a PPA with Grid Corporation of Orissa Limited (GRIDCO) has been executed for the supply of 240 MW at variable cost.

The order for the supply of Boiler Turbine & Generator (BTG) for Phase-1 and 2 has been placed on Bharat Heavy Electricals Limited (BHEL). The Company has already placed orders for the Balance of Plant (BoP) packages, such as Civil & Structural works of BTG, Coal Handling Plant, Chimney Construction, Cooling Towers and General Civil Works etc. Significant progress in implementation of Phase-1 and Phase-2 of the project has been made during the year.

AMALGAMATION

A scheme of amalgamation of Jindal Packaging Films Limited, Jindal India Hydro Limited, Jindal Realmart Private Limited, Indian Software Consultancy Limited and India Fincap Limited with Hindustan Powergen Limited (HPL) was approved by the Honorable Delhi High Court, whereby the aforesaid companies have been amalgamated with HPL with effect from the appointed date i.e. 01-04-2009 and shall become effective from the effective date which shall be the last date on which all conditions referred to in High Court order are fulfilled. Upon amalgamation, HPL will issue shares to the shareholders of the erstwhile amalgamating companies in the ratio specified in the High Court order. Consequent to such issue HPL would no longer be a subsidiary of Jindal India Thermal Power Limited as its investment in HPL would come down from 60% to 7.06%. Allotment of shares by HPL to the shareholders of the amalgamating companies has since been made on 27-04-2010. The company acquired further 190000 shares of HPL on 25.06.2010 as the result of which HPL became subsidiary of the company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL2001PLC109103
Name of the company	JINDAL INDIA THERMAL POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 12, Sector B-1, Local Shopping Centre, Vasant Kunj, New Delhi – 110 070, India e-mail: secretarial_power@jindalgroup.com
This form is for	Modification of charge
Charge identification number of the modified	10314487
Type of charge	Immovable Property Movable Property Rights, Titles and Project Documents
Particular of charge holder	Punjab National Bank, Large Corporation Branch, Tolstoy House, Tolstoy Marg, New Delhi – 110 001, India e-mail: bo2164@pnb.co.in
Nature of description of the instrument creating or modifying the charge	An indenture of mortgage deed dated 25.07.2012 in favour of Punjab National Bank security agent acting on behalf of ECB project lenders namely ICICI Bank Limited, Singapore and Axis Bank Limited, Dubai.
Date of instrument Creating the charge	25.07.2012
Amount secured by the charge	Rs. 6740.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest USD 150,000,000 (USD One Hundred Fifty Million) Terms of Repayment As Per Sanction Margin As Per Sanction Extent and Operation of the charge As Per Sanction Others As Per Sanction
Short particulars of the property charged	Immovable properties i.e. First mortgaged premises as per schedule ii as per principal indenture of mortgage dated 22.10.2009 on first pari- passu basis. Movavble properties i.e. Second mortgaged premises as per schedule iii as per principal indenture of mortgage dated 22.10.2009 on first pari- passu basis. Project documents as per schedule iv as per principal indenture of mortgage dated 22.10.2009 on first pari - passu basis.
Particulars of the present modification	The charge created vide deed of hypothecation dated 29.09.2011 in favour of Punjab National Bank, security agent acting on behalf of ECB lenders is modified on 25.07.2012 by giving security on first pari - passu charge basis on first mortgaged premises, second mortagaged premises and project documents as per principal indenture of mortgage dated 22.10.2009.

BOARD OF DIRECTORS

Mr. Debiprasad Bagchi - Non-Executive Director (Independent)

Mr. Debiprasad Bagchi holds a Bachelor's (Honour's) Degree in arts from Utkal University and Master's Degree in Economics from Utkal University. Mr. Bagchi also holds a M.Phil Degree in public administration from Punjab University. He has over 37 years of experience and was the chairman of the dispute resolution committee, Minerals and Metals Trading Corporation and a member of the governing body of Entrepreneurial Development Institute, Ahmedabad and has retired as the Chief Secretary of Odisha Government.

Mr. Punit Gupta - Whole Time Director

Mr. Punit Gupta holds a Bachelor's Degree (Honour's) in mathematics from University of Delhi and Master's in Business Administration. He has 22 years of experience in the field of setting up of projects, plant operations, supply chain management, marketing, information and technology and imports.

Mr. Prabhat Kumar Budhwar - Director (Technical)

Mr. Prabhat Kumar Budhwar, aged 61 years, is Director (Technical) and carries the overall responsibility of project planning and control. He joined our Company on April 5, 2010. He holds a Bachelors degree in Engineering from IIT, Roorkee and has done Advanced Management course from IIM Ahemdabad. He has over 38 years of experience in construction and project management of several EPC power projects. He has worked with Stewarts and Lloyds of India (11years) and with Bharat Heavy Electricals Limited (BHEL-27years). Prior to joining the Company he was working with Bharat Heavy Electricals Limited in different positions including General Manager (Construction-Northern Region) , General Manager and Head of International Operations Projects Division , Head of Corporate Monitoring group and Head of Corporate Quality , last two positions being Executive Director level positions.

Mr. Rashid Jilani - Non-Executive Director (Independent)

Mr. Rashid Jilani holds a Bachelor's Degree in commerce and a Master's Degree in Commerce from Aligarh Muslim University, Aligarh. Mr. Jilani is also a Certified Associate of the Indian Institute of Bankers. He has 40 years of experience in Banking and Finance and is a former CMD of Punjab National Bank.

Mr. V.K.Gupta - Non-Executive Director (Independent)

Mr. Vinod Kumar Gupta, aged 46 years, is a Chartered Accountant and Company Secretary. He is having a rich experience of 21 years in the field of Accounts, Taxation, Banking, Commercial, Secretarial and other related matters. Presently he is working with Jindal Photo Limited as Company Secretary. He has also served to various reputed corporates like Usha Rectifiers Limited, Havells India Limited, Shree Krishna Paper Mills and Industries Limited.

NEWS

The Hindu - Online edition of India's National Newspaper

BHEL despatches 600 MW capacity boiler drum

TIRUCHI: A. V. Krishnan, Executive Director, Bharat Heavy Electricals Limited (BHEL), Tiruchi, flagged off the 600 MW boiler drum meant for the Unit I of Jindal India Power Limited (JITPL) here on Thursday. The huge boiler drum will be erected in Derang in Angul district of Odisha.

R. K. Agarwal, Chief Executive Officer and Director, JITPL was present. BHEL, Tiruchi has despatched the boiler drum three months ahead of schedule.

JOB WELL DONE: A.V. Krishnan, Excecutive Director, BHEL, flagging off the boiler drum

The boiler drum, 28.5-metres in length, weighs 254 tonnes. Its diameter is 2.1 metres. The boiler was despatched by road using a special trailer fitted with 20 hydraulic axels. Negotiations on BHEL secured the contract for the main plant package involving two units of 600 MW each, designed to sub critical parameters. Negotiations are on with the customer for setting up the third 600 MW unit in Derang.

Valued at Rs.26000.000 millions, BHEL will commission the plant within 35 months. JITPL, incorporated to set up thermal power plants in India, is a part of B C Jindal Group of Companies, which is a leading business conglomerate with interest in diverse industries in India including steel products, flexible packaging films and photographic products.

PRESS RELEASE

JINDAL INDIA THERMAL POWER TO COMMISSION 600 MW UNIT BY MAR 2012

Jindal India Thermal Power Limited (JITPL) expects to commission the first 600 MW unit of its 1200 MW (2x600) power plant at Derang near Talcher by March 2012.

The boundary wall for the power plant is 100 per cent complete and the primary equipment for the project including boiler, turbine and generator (BTG) has already arrived at the plant site and is set to be installed soon.

The foundation work is in progress for the installation of BTG and Electro Static Precipitator (ESP).

"JITPL has made good progress on its power plant and the first unit (600 MW) is expected to be commissioned by March 2012”, an official source told Business Standard.

Shyam Jindal, chairman of JITPL on Thursday met the state Chief Minister Naveen Patnaik and apprised him on the status of the power project. However, he refused to brief mediapersons after emerging out of the meeting with the Chief Minister.

Jindal India Thermal Power Plant (JITPL) has acquired 95 per cent of the land needed for its project. JITPL had proposed to set up a 1200 MW power plant at Derang on 1055 acres of land.

Out of 1055 acres needed for the project, government land comprised 262 acres with the remaining 793 acres being private land.

The company has been alloted the Mandakini coal block with a reserve of 96.84 million tonnes of coal.

The company had proposed to expand its capacity to 1800 MW and the proposal was cleared by the State Level Single Window Clearance Authority.

JITPL has been alloted 40 cusecs of water from the Brahmani River.

The company has achieved financial closure for the first unit.

FIXED ASSETS

• Freehold Land
• Leasehold land
• Sheds and Building
• Plant and Machinery
• Furniture and Fixtures
• Computers
• Office Equipment
• Vehicles

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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		30

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.