MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	NALWA STEEL AND POWER LIMITED (w.e.f. 22.12.2006)
Formerly Known As :	NALWA SPONGE IRON LIMITED NALWA SPONGE IRON PRIVATE LIMITED
Registered Office :	28, Najafgarh Road, New Delhi - 110015
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.1989
Com. Reg. No.:	55-035212
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U74899DL1989PLC035212
TAN No.: [Tax Deduction & Collection Account No.]	DELN06112B
PAN No.: [Permanent Account No.]	AABCN3209L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wire Rod, Billet, Sponge Iron, Steel etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 15000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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	Short term A1
Rating Explanation	This rating are considered have very strong degree of safety regarding timely payment of financial obligations such instruments carry lowest credit risk.
Date	March 2012

Rating Agency Name	CARE
Rating	Long term A+
Rating Explanation	This rating are considered to have adequate degree of safety regarding timely servicing of financial obligations such instruments carry low credit risk.
Date	March 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 :	28, Najafgarh Road, New Delhi – 110015, India
Tel. No.:	91-11-25928118
Fax No.:	Not Available
E-Mail :	anuj.jaiswal@nalwa.com legalmcafiling@gmail.com
Website :	http://www.nalwa.com
Branch 1 :	RAIGARH Taraimal, Gharghoda Road, Raigarh – 496001, Chhattisgarh, India
Tel. No.:	91-7762-304700 (8 Lines)
Fax No.:	91-7762-304710/ 261490
E-Mail :	info@nalwa.com sales@nalwa.com
Branch 2 :	NEW DELHI Jindal Steel and Power Limited 12 Bhikaji Cama Place, New Delhi-110066, India
Tel. No.:	91-11-26188340-50
Fax No.:	91-11-26167958, 26161271
E-Mail :	marketing@jindalsteel.com
Branch 3 :	MUMBAI Jindal Steel and Power Limited 1st Floor, Jindal Enclave, Behind Marathe Udyog Bhawan, New Prabhadevi Road, Prabhadevi, Mumbai-400025, Maharashtra, India
Tel. No.:	91-22-66241000
Fax No.:	91-22-66241020
E-Mail :	marketing@jindalsteel.com
Branch 4 :	CHENNAI Jindal Steel and Power Limited 2D, Century Plaza, 560-562, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-42179234/ 43546723
Fax No.:	91-44-42132334
E-Mail :	jsplchennai@airtelbroadband.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Anand Goel

Designation :

Director

Address :

B-3/15 Safdarjung Enclave, New Delhi – 110029, India

Date of Birth/Age :

03.11.1952

Date of Appointment :

30.09.2010

DIN No.:

00001635

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	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Whole-time director	09/05/1998	09/05/1998	-	Active	NO
2	U10102DL1999PTC101293	JINDAL COAL PRIVATE LIMITED	Director	24/08/1999	24/08/1999	31/08/2010	Active	NO
3	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Director	30/09/2010	24/01/2002	-	Active	NO
4	U74899DL1995PLC066506	OPELINA FINANCE AND INVESTMENT LIMITED	Director	30/09/2002	30/09/2002	12/05/2012	Active	NO
5	U40102DL2003PLC118564	POWER PLANT ENGINEERS LIMITED	Director	17/01/2003	17/01/2003	12/05/2012	Active	NO
6	U74899DL1995PTC066056	MINERALS MANAGEMENT SERVICES (INDIA) Private LIMITED	Director	06/09/2003	06/09/2003	-	Active	NO
7	U80902UP2003NPL027884	S N FLAGS FOUNDATION	Director	15/09/2003	15/09/2003	14/05/2010	Active	NO
8	U04010CT1995PLC008985	JINDAL POWER LIMITED	Director	25/07/2005	25/07/2005	25/04/2012	Active	NO
9	U26999CT2005PTC017567	JINDAL REX EXPLORATION PRIVATE LIMITED	Director	04/05/2007	04/05/2007	31/08/2010	Active	NO
10	U11200DL2008PLC173434	GAGAN POWER LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
11	U13100DL2008PTC173486	SHRESHT MINING AND METALS PRIVATE LIMITED	Director	01/02/2008	01/02/2008	-	Active	NO
12	U40101DL2008PLC173537	MMS ENERGY LIMITED	Director	04/02/2008	04/02/2008	21/01/2010	Active	NO
13	U40102DL2008PTC173619	UTTAM VIDYUT TRANSMISSION PRIVATE LIMITED	Director	06/02/2008	06/02/2008	14/09/2010	Active	NO
14	U11101DL2008PLC176261	JINDAL PETROLEUM LIMITED	Director	02/04/2008	02/04/2008	-	Active	NO
15	U40101DL2008PLC177512	JINDAL HYDRO POWER LIMITED	Director	01/05/2008	01/05/2008	21/01/2010	Active	NO
16	U40102DL2008PLC179892	JINDAL POWER TRANSMISSION LIMITED	Director	23/06/2008	23/06/2008	21/01/2010	Active	NO
17	U40109DL2008PLC182519	JINDAL POWER DISTRIBUTION LIMITED	Director	27/08/2008	27/08/2008	21/01/2010	Active	NO
18	U10101DL2008PLC182677	JINDAL SYNFUELS LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
19	U40101AR2009PLC008275	ETALIN HYDRO ELECTRIC POWER COMPANY LIMITED	Director	19/06/2010	09/11/2009	-	Active	NO
20	U40101AR2009PLC008276	ATTUNLI HYDRO ELECTRIC POWER COMPANY LIMITED	Director	19/06/2010	09/11/2009	-	Active	NO
21	U40102AR2010PLC008301	KAMALA HYDRO ELECTRIC POWER COMPANY LIMITED	Director	30/08/2011	21/10/2010	-	Active	NO

Name :

Mr. Prithvi Raj Jindal

Designation :

Director

Address :

6, Prithvi Raj Road, New Delhi – 110011, India

Date of Birth/Age :

27.02.1951

Date of Appointment :

10.03.2012

DIN No.:

00005301

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	L27104UP1984PLC023979	JINDAL SAW LIMITED	Director	31/10/1984	31/10/1984	-	Active	NO
2	U15491WB1983PLC036898	SONABHEEL TEA LIMITED	Director	07/12/1989	07/12/1989	-	Active	NO
3	L27104GJ1979PLC066476	JINDAL SEAMLESS TUBES LIMITED	Director	02/02/1995	02/02/1995	03/12/2007	Active	NO
4	U74899DL1995PTC074107	NALWA FARMS PRIVATE LIMITED	Director	23/11/1995	23/11/1995	-	Active	NO
5	U74899DL1988PLC033588	JINDAL INTELLICOM LIMITED	Director	28/02/2000	28/02/2000	-	Active	NO
6	U74999DL2004PLC128194	IUP JINDAL METALS AND ALLOYS LIMITED	Director	09/08/2004	09/08/2004	-	Active	NO
7	U70101DL1971PLC005675	ROHIT TOWER BUILDING LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
8	U65993DL2006PTC145574	HISAR FINCAP PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
9	U65993GJ2006PTC071736	SUN FINTRADE PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
10	U65993GJ2006PTC071733	JINDAL MANSAROVER INVESTMENTS PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
11	U65993GJ2006PTC071734	JINDAL SOUTH WEST FINANCE INVESTMENTS PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
12	U65993GJ2006PTC071735	STAINLESS FINANCE AND INVESTMENT PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
13	U65993DL2006PLC145991	JINDAL SYNERGY INVESTMENTS LIMITED	Director	07/02/2006	07/02/2006	30/09/2011	Active	NO
14	U65993DL2006PLC146007	SALASAR FINVEST LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
15	U65923DL2006PLC145962	NALWA FINCAP LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
16	U65993DL2006PLC145961	OPJ INVESTMENTS AND HOLDINGS LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
17	U65997DL2006PLC145999	VRINDAVAN FINTRADE LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
18	L72900MH2000PLC124729	ORBIT CORPORATION LIMITED	Director	29/09/2006	16/02/2006	-	Active	NO
19	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Director	02/05/2006	02/05/2006	-	Active	NO
20	U41000DL2006PLC154995	JITF WATER INFRASTRUCTURE LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO
21	U40109DL2006PLC156463	JINDAL COULUMBS LIMITED	Director	12/12/2006	12/12/2006	01/05/2008	Active	NO
22	U35122DL2007PLC158373	JITF WATERWAYS LIMITED	Director	24/01/2007	24/01/2007	-	Active	NO
23	U12000DL2007PLC163469	QUALITY IRON AND STEEL LIMITED	Director	16/05/2007	16/05/2007	24/06/2011	Active	NO
24	U74900DL2007PLC168338	JINDAL ITF LIMITED	Director	18/12/2007	18/12/2007	-	Active	NO
25	U65923DL2008PLC177707	NALWA FINANCIAL SERVICES LIMITED	Director	06/05/2008	06/05/2008	30/09/2011	Active	NO
26	U51101UP2010PLC042382	HEXA TRADEX LIMITED	Director	30/06/2012	01/10/2011	-	Active	NO

Name :

Mr. Damodar Mittal

Designation :

Director

Address :

Kharsila Road, Raigarh – 496001, Chhattisgarh, Inda

Date of Birth/Age :

22.11.1966

Date of Appointment :

29.01.2007

DIN No.:

00171650

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	U74910DL2005PTC132363	SUPERIOR MANPOWER SERVICES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	23/01/2012	Active	NO
2	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Director	29/01/2007	15/04/2006	-	Active	NO
3	U74920DL2006PTC146422	SHIKAR MANPOWER SERVICES PRIVATE LIMITED	Director	09/10/2007	31/01/2007	03/02/2012	Active	NO
4	U74920DL2006PTC146423	SUPERIOR FIRE AND SECURITY SERVICES PRIVATE LIMITED	Director	10/08/2007	31/01/2007	09/03/2010	Active	NO
5	U29292WB1989PLC047945	RAIGARH ELECTRODES LIMITED	Director	21/05/2007	21/05/2007	-	Active	NO

Name :

Mrs. Shallu Jindal

Designation :

Whole-time director

Address :

6, Prithvi Raj Road, New Delhi – 110011, India

Date of Birth/Age :

05.07.1961

Qualification :

B.A., Diploma in Business Management

PAN No.:

AFPPJ9014B

Date of Appointment :

30.09.2009

DIN No.:

01104507

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	Company/ LLP Status	Defaulting status
1	U65993GJ1981PLC065676	MANSAROVER INVESTMENTS LIMITED	Director	27/09/1994	27/09/1994	Active	NO
2	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Whole-time director	30/09/2009	23/10/2008	Active	NO
3	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Additional director	27/04/2012	27/04/2012	Active	NO

Name :

Mr. Subhash Chand Jain

Designation :

Whole-time director

Address :

B-1, Executive Block, Taraimal Gharghoda Road, Raigarh – 496001, Chhattisgarh, India

Date of Birth/Age :

24.01.1964

PAN No.:

ACFPJ4524P

Date of Appointment :

29.01.2007

DIN No.:

01305790

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	Company/ LLP Status	Defaulting status
1	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Whole-time director	29/01/2010	29/01/2007	Active	NO

Name :

Mr. Atul Kumar Shiv Kumar Misra

Designation :

Additional director

Address :

D-3/1, Nand Niketan, Hazira Road, Surat - 394510, Gujarat, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

29.05.2012

DIN No.:

05287505

Name :

Mr. Pritam Singh Rana

Designation :

Additional director

Address :

Bungalow No. JG-01, Jindalgarh, Jindal Steel And Power Limited, Post Box No. 16, Kharsia Road, Raigarh – 496001, Chhattisgarh, India

Date of Birth/Age :

01.01.1950

Date of Appointment :

10.03.2012

DIN No.:

00286236

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	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Whole-time director	27/09/2006	27/09/2006	01/04/2008	Active	NO
2	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Whole-time director	10/03/2012	10/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anuj Jaiswal
Designation :	Secretary
Address :	Taraimal Gharghoda Road, Raigarh – 496001, Chhattisgarh, India
Date of Birth/Age :	04.01.1973
Date of Appointment :	01.05.2007
PAN No.:	ADXPJ3666R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Jindal Steel and Power Limited, India	2000000
Anand Goel	10
Rajeev Jain	10
Surinder Pal Singh	10
Naveen Jindal	450000
Opelina Finance and Investment Limited, India	1350000
Gagan Infraenergy Limited, India	1199970
Total	5000000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	90.99
Directors or relatives of directors	9.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wire Rod, Billet, Sponge Iron, Steel etc.
Products :	Ø Sponge Iron Ø Billet Ø Wire Rods Ø TMT Ø Power

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Installed Capacity
Sponge Iron	M.T.	1,98,000
MS Billet	M.T.	1,72,800
Wire Rod and TMT	M.T.	2,50,000
Power	MW	24
Oxygen	Cu. M.	7,99,680
Producer Gas Plant	Cu. M.	9,50,40,000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Sector – 1, Bhillai – 490001, Chhattisgarh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	60.000	120.000
Working capital loans banks secured	(4.296)	(4.629)
Total	55.704	115.371
Note: (A) These are secured by first pari passu charge in favour of banks by way of mortgage of the Company's immovable properties and hypothecation of movable assets except those charged in favour of the Company's bankers for securing working capital facilities. These are also secured by second pari passu charge over existing as well as future current assets and fixed assets owned by the Company at its factory located at Taraimal, Gharghora Road, Raigarh, CG and at other places approved by the Company. (B) Secured by way of a first charge against hypothecation of stocks of finished goods, raw materials, stock in process, stores and spares and book debts and by way of second charge in respect of other movable and immovable assets. (C) Amount due within next 12 months-Rs. 60.000 Millions

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India
Tel. No.:	91-11-46708888
Fax No.:	91-11-66628889
E-Mail :	delhi@sskmin.com
Income-tax PAN of auditor or auditor's firm :	AABFS6730L
Joint ventures :	Jindal Synfuels Limited [U10101DL2008PLC182677]
Associates :	Jindal Steel and Power Limited [L27105HR1979PLC009913]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ø Jindal Systems Private Limited [U74899DL1982PTC012940] Ø Gagan Infraenergy Limited [U40300DL1989PLC035213] Ø Opelina Finance and Investment Limited [U74899DL1995PLC066506] Ø Jindal Coal Private Limited [U10102DL1999PTC101293] Ø Advance Sporting Arms Private Limited [U36939DL2000PTC106383] Ø Minerals Management Services (India) Private Limited [U74899DL1995PTC066056] Ø Jindal Rex Exploration Private Limited [U26999CT2005PTC017567] Ø Yno Finvest Private Limited [U74899DL1996PTC079010]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Share	Rs.10/- each	Rs. 50.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3922.594	3528.097	3181.762
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3972.594	3578.097	3231.762
LOAN FUNDS
1] Secured Loans		55.704	115.371	387.731
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		55.704	115.371	387.731
DEFERRED TAX LIABILITIES		278.612	290.742	135.207
TOTAL		4306.910	3984.210	3754.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2131.793	2265.427	2329.083
Capital work-in-progress		22.596	38.893	27.901
INVESTMENT		1.000	51.000	1.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1550.169	933.560	1016.415
	Sundry Debtors	479.364	235.759	591.036
	Cash & Bank Balances	15.195	65.371	2.556
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1008.772	816.758	710.838
Total Current Assets		3053.500	2051.448	2320.845
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	633.458	189.941	340.174
	Other Current Liabilities	225.642	211.159	228.821
	Provisions	42.879	21.458	355.134
Total Current Liabilities		901.979	422.558	924.129
Net Current Assets		2151.521	1628.890	1396.716
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4306.910	3984.210	3754.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4543.563 (Gross)	3534.104	6324.062
		Other Income	N.A.	121.918	41.413
		TOTAL (A)	N.A.	3656.022	6365.475
Less	EXPENSES
		Material, Manufacturing and Others		2651.640	4878.153
		Personnel Expenses		136.891	113.797
		Administrative Expenses		78.295	164.836
		TOTAL (B)	N.A.	2866.826	5156.786
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		664.287	789.196	1208.689
Less	FINANCIAL EXPENSES (D)		N.A.	15.071	46.193
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		N.A.	774.125	1162.496
Less/ Add	DEPRECIATION/ AMORTISATION (F)		N.A.	170.185	160.187
	PROFIT BEFORE TAX (E-F) (G)		N.A.	603.940	1002.309
Less	TAX (H)		N.A.	257.605	12.440
	PROFIT AFTER TAX (G-H) (I)		394.497	346.335	989.869
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3528.097	3181.762	2191.893
	BALANCE CARRIED TO THE B/S		3922.594	3528.097	3181.762
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	131.948	Nil	Nil
	IMPORTS
		CIF Value of Import	32.702	0.000	0.000
		Stores & Spares	N.A.	1.527	23.061
		Capital Goods	N.A.	7.592	5.379
	TOTAL IMPORTS		N.A.	9.119	28.440
	Earnings Per Share (Rs.)		78.96	97.75	197.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	9.47	15.55
Net Profit Margin (PBT/Sales)	(%)	N.A.	17.09	15.85
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	13.99	23.58
Return on Investment (ROI) (PBT/Networth)		N.A.	0.17	0.31
Debt Equity Ratio (Total Liability/Networth)		0.24	0.15	0.41
Current Ratio (Current Asset/Current Liability)		3.39	4.85	2.51

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONAL REVIEW

During the year, the company has earned gross sales and operational income of Rs. 4543.563 Millions which has increased by 19.85% in comparison to previous year. Profit before interest, depreciation and tax has declined to Rs. 664.287 Millions (previous year Rs. 804.633 Millions) reflecting decrease of 17.44%. Profit after tax has increased to Rs. 394.497 Millions (previous year Rs. 346.335 Millions) reflecting increase of 13.91%. The Company has achieved increase in production of all its products as compared to previous year. This has enabled the Company to attain increase in gross sales and operational income and net profits. Sponge Iron. The Company has produced 172104 MT (previous year 168521 MT) of Sponge Iron during the year registering an increase of 2.13% over previous year which includes the production of 17376 MT (previous year nil) on job work basis. Billet The Company has produced 82404 MT (previous year 68660 MT) of Billet during the year under review registering an increase of 20.02%. Wire Rod and TMT Production of Wire Rod and TMT during the year was 142629 MT (previous year 132939 MT) registering an increase of 7.29% which includes the production of 80749 MT (previous year 125528 MT) on job work basis. Power Captive Generation of power of the company has increased to 183.817 Millions KWH (previous year 164.731 Millions KWH) registering an increase of 11.59%.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1989PLC035212
Name of the company	NALWA STEEL AND POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	28, Najafgarh Road, New Delhi – 110015, India Email ID: anuj.jaiswal@nalwa.com
This form is for	Modification of charge
Charge identification number of the modified	90043549
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank Of India, Commercial Branch, Sector-1, Bhilai – 490001, Chattisgarh, India Email ID: sbi.08532@sbi.co.in
Nature of description of the instrument creating or modifying the charge	No due certificate received from state bank of India vide its letter no. Com/nku/09/230 dated 25.01.2010 mentioning therein about repayment in full of term loan of Rs. 307.100 Millions taken from it.
Date of instrument Creating the charge	25.01.2010
Amount secured by the charge	Rs. 225.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit: 11.75% p.a. minimum with monthly rest subject to changes as per Bank's/ RBI guidelines or interest rate charged by any member of the consortium whichever is higher Terms of Repayment Cash credit: On demand. Margin a) Raw Material: 25% b) Stores/Consumables 25% c) Finished Goods 25 % d)Receivables/Book Debts 30% e) LC and BG 05% Extent and Operation of the charge a) For WC exposure - First Pari Passu charge with PNB/SBOP by way of hypothecation of the entire (existing and proposed) stocks of raw materials, finished goods, SIP, stores and spares, packing materials including goods in transit, book debts, claims and bills at the factory premises or in transit. Others Collateral Security: a) For WC - Second Pari-Passu in the form of hypothecation of movable fixed assets of Company.
Short particulars of the property charged	Current Assets and Fixed Assets
Particulars of the present modification	Term loan amounting to Rs. 307.100 Millions taken from State Bank of India has been repaid in full. Accordingly charge on properties of the Company has reduced to that extent.

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Guarantees issued by the Company’s Bankers on behalf of the Company	15.046	16.146
Bill of Exchange discounted	0.000	10.000
Disputed Sales Tax demands	0.978	269.574
Excise duty demand under dispute	101.069	90.623
Service tax demand under dispute	10.500	2.891
Energy Development Cess demand under dispute	77.172	58.790
Income Tax demands where cases are pending at various stages of appeal with the authorities	24.426	0.096
Estimated amount of contracts remaining to be executed on capital account and not provided for	112.673	8.333
CST/VAT exemption claim	119.600	64.642
Electricity duty exemption claim	141.698	106.794
Based on legal opinion taken by the Company, discussions with the solicitors etc, the Company believes that there is a fair chance of decisions in respect of the items listed above and hence no provision is considered necessary against the same.

FIXED ASSETS:

Ø Land and Site Development

Ø Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Electrical Installation

Ø Furniture and Fixture

Ø Heavy Vehicle

Ø Light Vehicle

Ø Office Equipment

Ø Low Value Assets

Ø Intangible assets

WEBSITE DETAILS

PROFILE:

Subject is a part of the O.P. Jindal Group founded by the great visionary Late Shri O.P. Jindal in 1952. The Group has emerged as one of the Largest Steel Producer in the country and has been a symbol of Innovativeness and Excellence right from its inception. It has taken over the Pole Position in the modern day steel manufacturing sector. It is a Multi Location, Multi-Product Group with diverse interest in Mining, Steel, Coal, Diamond, Oil and Power. The Group has established its plants under the name of Jindal Steel and Power Limited at Raigarh, Barbil, Patratu, Angul; Jindal Power Limited at Raigarh; Jindal Steel Bolivia at, EI Mutun Bolivia in South America; Jindal Petroleium Limited at India, Georgia and Bolivia; Jindal Stainless Limited at Hissar and Jajpur; JSW Steel Limited at Bellary and Mumbai. Jindal Saw Limited at Kosi and Mundra in Gujarat.

The Group also acquired the development rights for 20 million tonnes of EI Mutun Iron Ore Reserves in Bolivia(South America). This is the largest investment by an Indian company in Latin America and also the largest foreign investment in a single project in Bolivia. The company will invest US $2.1 billion over the next 8 years for mining and setting up of an integrated steel plant with the capacity of 1.7 million tonnes per annum.

Their primary motto is Customer Satisfaction, Quality, Health, Safety and Environment. The Group has also received the prestigious ISO 9001-2000, ISO 14001 standards of accredition.

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. 55.52
UK Pound	1	Rs. 88.49
Euro	1	Rs. 70.20

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		65

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

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.