MIRA INFORM REPORT

Report Date :

14.05.2013


Tel No.:	+91-22-24963000

IDENTIFICATION DETAILS

Name :	JSW ENERGY LIMITED

Registered Office :	Jindal Mansion, 5-A, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.03.1994

Com. Reg. No.:	11- 077041

Capital Investment / Paid-up Capital :	Rs.16400.500 Millions

CIN No.: [Company Identification No.]	L74999MH1994PLC077041

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Subject is primarily engaged in the business of generation of power, operation and maintenance of power plants and trading in power.

No. of Employees :	1123 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 250000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is the dynamic Vertical of JSW Group. It is a well established and reputed company having good track record. Even though the company has achieved better growth in its sales during 2012, there appears some dip in the profits. There appears some external borrowing recorded by the company. However, trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities : AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	04.01.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	04.01.2012

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.

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office :	Jindal Mansion, 5-A, Dr. G. Deshmukh Marg, Mumbai – 400 026, Maharashtra, India
Tel. No.:	91-22-23513000/ 43437199
Fax No.:	91-22-23526400
E-Mail :	sampath.madhavan@jsw.in
Website :	http://www.jsw.in
Location :	Owned

Corporate/ Branch Office :	The Enclave, Behind Marathe Udyog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-67838000/ 23513000
Fax No.:	91-22-24320740
Location :	Owned

Vijayanagar Plant :	SBU I and SBU II Post Box No. 9, Toranagallu, District Bellary – 583 123, Karnataka, India
Tel. No.:	91-8395-252124
Fax No.:	91-8395-250757
Location :	Owned

Ratnagiri Plant :	Village Nandiwade, Post Jaigad, Taluka and District Ratnagiri – 415614, Maharashtra, India
Tel. No.:	91-2357-242501
Fax No.:	91-2357-242508
Location :	Owned

Hydro Project :	Kutehr Hydroelectric Project, Village and PO Garola, Tehsil Bharmour, District Chamba – 176 309, Himachal Pradesh, India

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Sajjan Jindal
Designation :	Chairman and Managing Director (till 31.12.2013)
Date of Birth/ Age :	05.12.1959
Qualification :	Bachelor’s Degree in Mechanical Engineering

Name :	Mr. Nirmal Kumar Jain
Designation :	Vice-Chairman and Whole time Director (till 20.01.2015)
Date of Birth/ Age :	03.05.1946
Qualification :	B.Com., FCA, FCS

Name :	Mr. R. R. Pillai
Designation :	Whole Time Director

Name :	Mr. Tilak Raj Bajalia
Designation :	Nominee Director of IDBI Bank Limited
Date of Birth/ Age :	25.12.1953
Qualification :	Bachelor’s Degree in Arts, CAIIB and ICWA

Name :	Mr. P. Abraham, IAS (Retired)
Designation :	Director
Date of Birth/ Age :	01.07.1939
Qualification :	Masters degree in Arts and Diploma in System Management and an IAS

Name :	Mr. D.J. Balaji Rao
Designation :	Director
Date of Birth/ Age :	15.12.1939
Qualification :	Bachelor’s degree in Mechanical Engineering and Post Graduate Diploma in Industrial Engineering

Name :	Mr. Chandan Bhattacharya
Designation :	Director
Date of Birth/ Age :	13.01.1945
Qualification :	B.A (Honours) and CAIIB

KEY EXECUTIVES

Name :	Mr. Sampath Madhavan
Designation :	Company Secretary

Name :	Mr. Sanjay Sagar
Designation :	President

Name :	Mr. Satish Jindal
Designation :	Chief Operating Officer (Power Trading)

Name :	Mr. Navraj Singh
Designation :	Senior Vice President

Name :	Mr. Kamal Kant
Designation :	Senior Vice President

Name :	Mr. Ajai Srivastava
Designation :	Senior Vice President

Name :	Mr. Chhavi Nath Singh
Designation :	Senior Vice President

Name :	Mr. Pramod Menon
Designation :	Chief Financial Officer

Name :	Mr. Vinayak Bhat
Designation :	Vice President

Name :	Mr. Vijay Sinha
Designation :	Associate Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	% of No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	190864432	11.64
Bodies Corporate	1067405842	65.08
Sub Total	1258270274	76.72

(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	370	0.00
Sub Total	370	0.00

Total shareholding of Promoter and Promoter Group (A)	1258270644	76.72

(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4621307	0.28
Financial Institutions / Banks	94535957	5.76
Foreign Institutional Investors	47508724	2.90
Sub Total	146665988	8.94

(2) Non-Institutions
Bodies Corporate	25205384	1.54

Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Millions	49240104	3.00
Individual shareholders holding nominal share capital in excess of Rs.0.100 Millions	49129987	3.00

Any Others (Specify)	111542688	6.80
Trusts	7700	0.00
Non Resident Indians	2735176	0.17
Foreign Nationals	250	0.00
Clearing Members	601515	0.04
Foreign Corporate Bodies	108198047	6.60
Sub Total	235118163	14.34

Total Public shareholding (B)	381784151	23.28

Total (A)+(B)	1640054795	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	--	0.00
(2) Public	--	0.00
Sub Total	--	0.00

Total (A)+(B)+(C)	1640054795	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No

Name of the Shareholder

Details of Shares held

Encumbered shares (*)

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

Top of Form

No. of Shares held

As a % of grand total (A)+(B)+(C)

As a percentage

As a % of

Bottom of Form

grand total

JSW Investments Private Limited

53,07,60,647

32.36

140813819

26.53

8.59

32.36

Sun Investments Private Limited

27,08,91,570

16.52

164254295

60.63

10.02

16.52

Vrindavan Services Private Limited

9,09,33,690

5.54

60160610

66.16

3.67

5.54

JSW Steel Limited

7,79,80,500

4.75

Sajjan Jindal

7,41,44,262

4.52

Gagan Trading Company Limited

4,69,00,000

2.86

46900000

100

2.86

Sangita Jindal

4,13,13,125

2.52

Tarini Jindal

2,50,00,000

1.52

Tanvi Jindal

2,50,00,000

1.52

Parth Jindal

2,50,00,000

1.52

JSW Ispat Steel Limited

2,36,25,000

1.44

Vrindavan Services Limited

1,92,12,500

1.17

JSW Investments Private Limited

54,40,500

0.33

JSW Cement Limited

15,59,610

0.1

Saroj Bhartia

1,00,000

0.01

Urmila Bhuwalka

1,00,000

0.01

100000

100

0.01

Seema Jajodia

1,00,000

0.01

Nirmala Goyal

1,00,000

0.01

Gagan Trading Company Limited

59,910

Narmada Fintrade Limited

40,500

Tarini Jindal

2,225

Tanvi Jindal

2,225

Parth Jindal

2,225

Sun Investments Private Limited

600

Jindal South West Holdings Limited

445

Ratan Jindal

370

Nalwa Sons Investments Limited

370

Prithvi Raj Jindal

370

Total

1,25,82,70,644

76.72

412228724

32.76

25.14

76.72

Bottom of Form

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	80475310	4.91	4.91
2	Steel Traders Limited	59372000	3.62	3.62
3	Indus Capital Group Limited	48826047	2.98	2.98
4	Kantilal N Patel	22383283	1.36	1.36
	Total	211056640	12.87	12.87

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of generation of power, operation and maintenance of power plants and trading in power.

Products :

Products Description

Item Code No.

Electrical Energy

27.16

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars

Unit

2010-2011

Licensed and Installed Capacity-Power

(as certified by the management, being a technical matter)

1460

GENERAL INFORMATION

No. of Employees :

1123 (Approximately)

Bankers :

v IDBI Bank Limited

v ICICI Bank Limited

v Punjab National Bank

v State Bank of India

v Canara Bank

v Vijaya Bank

Facilities :

Secured Loans

31.03.2012

(Rs. In Millions)

31.03.2011

(Rs. In Millions)

Debentures:

a) 12,000 (Previous Year 12,000) 9.75% Secured Redeemable Non Convertible Debentures of Rs.1.000 Million each

12000.000

b) 24,000 (Previous Year 24,000) Ranging from 9% to 9.75% Secured Redeemable Non Convertible

Debentures of Rs.1.000 Million each

22800.000

24000.000

c) 140 (Previous Year 140) 20% Secured Redeemable Non Convertible Debentures of Rs.10.000 Million each

14.800

Rupee Term Loans :

a) Banks

12262.400

12398.200

b) Financial Institutions

2547.500

3167.200

Debentures:

Nil (Previous Year 1000) 6.50% Secured Redeemable Non-Convertible Debentures of Rs.1.000 Million each

1000.000

Other Loans and Advances:

Working Capital Loan from Banks

2.000

TOTAL

49609.900

52582.200

Note:

i Terms of Redemption of Debentures:

a) 12,000 nos @ 9.75% Secured Redeemable Non-Convertible Debentures of Rs.1.000 Million each redeemable at par in 10 half yearly equal installments commencing from 20th January/ 30th January/ 16th February 2016 till 20th July/ 30th July/ 16th August, 2020.

b) Coupons Rates ranging from 9% to 9.75% Secured Redeemable Non-Convertible Debentures of 24,000 nos of Rs.1.000 Million each having tranches of Rs.12.000 Millions each aggregating to Rs.24000.000 Millions. Each tranches are redeemable at par at different intervals commencing from 31st March 2013 and ending at 1st November 2022.

c) 20 % Secured Redeemable Non-Convertible Debentures of Rs.10.000 Million each, redeemable at par in 44 quarterly installments commenced from 15th July, 2001.

ii) Terms of Repayment of Rupee Terms Loans:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
From Banks -
1 - 3 Years	5956.700	4936.200
4 - 5 Years	4210.900	3410.800
6 - 10 Years	2094.800	4051.200

Total borrowing from Banks	12262.400	12398.200

From Financial Institutions-
1 - 3 Years	964.200	1489.600
4 - 5 Years	971.800	960.400
6 - 10 Years	611.500	685.800
10 Years and above	--	31.400

Total borrowing from Financial Institutions	2547.500	3167.200

iii) Details of Security:

a) Debentures aggregating to Rs.12000.000 Millions, mentioned in 1 (a) are secured on a pari passu basis by (a) a first ranking charge by way of legal mortgage on the freehold land situated at Mouje Maharajpura, Taluka Kadi, District Mehsana, in the state of Gujarat, (b) a first ranking charge by way of legal mortgage of immovable assets of the Company’s SBU I and SBU II situated in the State of Karnataka, (c) a first ranking charge by way of hypothecation of movable fixed assets of the Company’s SBU I and SBU II. b) Debentures aggregating to Rs.24000.000 Millions, mentioned in 1

(b) are secured on a pari passu basis by (a) a first ranking charge by way of legal mortgage on the freehold land situated at Mouje Maharajpura, Taluka Kadi, District Mehsana, in the state of Gujarat, (b) secured on a pari passu basis by a first ranking charge by way of mortgage on fixed assets of SBU III (4 x 300 MW Power Plant situated at District Ratnagiri, Maharashtra).

(c) Debentures amounting to Rs.14.800 Millions mentioned in 1 (c), Rupee Term Loan aggregating to Rs.17.000 Millions included in 2 (b) are secured on a pari passu basis by (a) a first ranking legal mortgage of immovable property of the Company’s SBU I (2 x 130 MW Thermal Power Plant at Toranagallu, Karanataka) situated in state of Maharashtra, (b) a first ranking charge by way of equitable mortgage of immovable assets of the Company’s SBU I and SBU II (2 x 130 MW Thermal Power Plant at Toranagallu, Karnataka) situated in the State of Karnataka, (c) a first ranking charge by way of hypothecation of movable fixed assets of the Company’s SBU I and II (d) a second ranking charge by way of hypothecation on the current assets of Company’s SBU I and SBU II including stock and receivables (both present and future).

d) Rupee Term Loan aggregating to Rs.2739.700 Millions included in 2 (a) and (b) are secured on a pari passu basis by (a) a first ranking charge by way of equitable mortgage of immovable assets of the Company’s SBU I and SBU II situated in the State of Karnataka, (b) a first ranking charge by way of hypothecation of movable fixed assets of the Company’s SBU I and SBU II unit situated in Karnataka, (c) a second ranking charge by way of hypothecation on the current assets of Company’s SBU I & SBU II including stock and receivables (both present and future).

e) Rupee Term Loan aggregating to Rs.1825.400 Millions included in 2 (a) is secured on a pari passu basis by (a) a first ranking legal mortgage of immovable property of the Company’s SBU II situated in state of Maharashtra, (b) a first ranking charge by way of equitable mortgage of immovable assets of the Company’s SBU I and SBU II situated in the State of Karnataka, (c) a first ranking charge by way of hypothecation of movable fixed assets of the Company’s SBU I and II (d) a second ranking charge by way of hypothecation on the current assets of Company’s SBU I and SBU II including stock and receivables (both present and future).

f) Rupee Term Loan included in 2 (a) amounting to Rs.1930.600 Millions is secured by first ranking charge on the JSWEL’s share (i.e. 50%) in the property being developed at Village Kole Kalyan, Taluka South Salsette, District of Mumbai Suburban.

g) Rupee term loan included in 2 (a) and (b) aggregating of Rs.11150.000 Millions are secured on a pari passu basis by (a) first ranking charge by way of legal mortgage on the Company’s SBU III (4x300 MW) immovable property both present and future situated in Ratnagiri and (b) a first ranking charge by way of Hypothecation of movable assets both present and future of Company’s SBU III situated in Ratnagiri, Maharashtra. (c) second ranking charge on current assets of the Company’s SBU III for rupee term loan included in 2 (a) aggregating of Rs.9993.600 Millions.


Banking Relations :	--

Financial Institution :	v Power Finance Corporation Limited v Life Insurance Corporation of India v Infrastructure Development Finance Company Limited

Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
E-Mail :	Mumbai@lodhaco.com


Subsidiaries (Control Exists):	· JSW Power Trading Company Limited · Raj West Power Limited · PT. Param Utama Jaya · Jaigad PowerTransco Limited · JSW Energy (Raigarh) Limited · JSW Green Energy Limited · JSW Energy Natural Resources (BVI) Limited · JSW Energy Minerals Mauritius Limited · JSW Energy Natural Resources Mauritius Limited · JSW Energy Natural Resources South Africa (Pty) Limited · South Africa Coal Mining Holdings Limited · Royal Bafokeng Capital (Pty) Limited · IIanga Coal Mines Proprietary Limited · Jigmining Operations No.1 Proprietary Limited · Jigmining Operations No.3 Proprietary Limited · Mainsail Trading 55 Proprietary Limited · Sacm (Breyten) Proprietary Limited · Sacm (Newcastle) Proprietary Limited · South African Coal Mining Equipment Company Proprietary Limited · Umlabu Colliery Proprietary Limited · Voorslag Coal Handling Proprietary Limited · Yomhlaba Coal Proprietary Limited · South African Coal Mining Operations Proprietary Limited · JSW Energy (Bengal) Limited (Subsidiary up to 4^th March, 2012)

Other Related Parties with whom the Company has entered into transactions during the year:	v JSW Steel Limited v JSoft Solutions Limited v Toshiba JSW Turbine and Generator Private Limited v JSW Cement Limited v Gagan Trading Company Limited v JSW Realty and Infrastructure Private Limited v JSW Techno Projects Management Limited v Barmer Lignite Mining Company Limited** v JSW Jaigarh Port Limited v JSW Infrastructure Limited v Jindal Technologies and Management Services Private Limited v Jindal Steel and Power Limited v JSW Ispat Steel Limited v JSW Energy (Bengal) Limited (Associate from 5^th March, 2012) v JSW Bengal Steel Limited v South West Mining Limited v South West Port Limited v 1MJSJ Coal Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000000	Equity Shares	Rs.10/- each	Rs. 50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1640054795	Equity Shares	Rs.10/- each	Rs. 16400.500 Millions

NOTE:

Details of shareholding	31st March, 2012
a) Details of shareholding more than 5%	No. of Shares

JSW Investments Private Limited	536201147 32.69%
Sun Investments Private Limited	270892170 16.52%
Vrindavan Services Private Limited	110146190 6.72%

b) Terms and Rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.

(ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exists currently.

c) The reconciliation of the number of shares outstanding is set out below:

Particular	31st March, 2012

Balance as at the beginning of the year	1640.055
Issued during the year	--

Balance as at the end of the year	1640.055

d) Aggregate number of Bonus shares issued and shares issued for consideration other than cash during the last five years:

Particular	31st March, 2012

Equity Shares issued as fully paid bonus shares by capitalisation of General Reserve and Surplus in Profit and Loss Statement	987812147
Equity Shares allotted pursuant to the scheme of Amalgamation without consideration being received in cash	31816044

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16400.500	16400.500	16400.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		45186.700	43853.400	37265.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61587.200	60253.900	53666.200
LOAN FUNDS
1] Secured Loans		49609.900	52582.200	20051.800
2] Unsecured Loans		0.000	0.000	1000.000
TOTAL BORROWING		49609.900	52582.200	21051.800
DEFERRED TAX LIABILITIES		1381.700	1405.400	1181.900

TOTAL		112578.800	114241.500	75899.900

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		69152.700	47245.900	22647.200
Capital work-in-progress		8010.500	27431.600	1739.100

INVESTMENT		24882.200	22870.000	43104.100
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7051.400	4808.000	2567.500
	Sundry Debtors	6142.200	5313.500	2678.500
	Cash & Bank Balances	6369.500	8213.000	5410.100
	Other Current Assets	2034.200	1607.400	1042.800
	Loans & Advances	20784.400	12874.500	3530.600
Total Current Assets		42381.700	32816.400	15229.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23845.200	8025.600	5210.000
	Other Current Liabilities	7000.900	6139.500	119.400
	Provisions	1002.200	1957.300	1490.600
Total Current Liabilities		31848.300	16122.400	6820.000
Net Current Assets		10533.400	16694.000	8409.500

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		112578.800	114241.500	75899.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	50164.200	38690.500	23728.700
		Other Income	1140.200	1121.000	681.600
		TOTAL (A)	51304.400	39811.500	24410.300

Less	EXPENSES
		Cost of Fuel	34602.800	20780.500
		Employee Benefits Expenses	809.000	669.400
		Other Expenses	2610.200	1941.800	10850.000
		Exceptional Items – Net Foreign Exchange Loss	1516.100	0.000
		TOTAL (B)	39538.100	23391.700	10850.000

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11766.300	16419.800	13560.300

Less	FINANCIAL EXPENSES (D)		5081.600	3410.000	2623.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6684.700	13009.800	10937.300

Less/ Add	DEPRECIATION/ AMORTISATION (F)		3772.200	2116.100	1243.200

	PROFIT BEFORE TAX (E-F) (G)		2912.500	10893.700	9694.100

Less	TAX (H)		566.100	2037.600	1227.400

	PROFIT AFTER TAX (G-H) (I)		2346.400	8856.100	8466.700

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	12044.300	12280.200

Less	APPROPRIATIONS
		Debenture Redemption Reserve	NA	1815.700	0.000
		Proposed Dividend	NA	1640.100	1230.000
		Dividend Distribution Tax	NA	266.100	204.300
		Utilised for issue of Bonus Shares	NA	0.000	7268.300
	BALANCE CARRIED TO THE B/S		NA	17178.500	12044.300

	IMPORTS
		Coal	27756.800	12498.900	4892.000
		Stores and Spares	11.400	3.600	3.300
		Plant and Machinery	643.200	342.300	0.100
		Furniture and Fixtures	19.500	1.100	0.000
	TOTAL IMPORTS		28430.900	12845.900	4895.400

	Earnings Per Share (Rs.)		1.43	5.40	5.86

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	16060.400	15140.100	17273.400	15490.600
Total Expenditure	11534.600	10533.900	10856.200	9982.400
PBIDT (Excl OI)	4525.800	4606.200	6417.200	5508.200
Other Income	1012.600	607.500	577.700	850.000
Operating Profit	5538.400	5213.700	6994.900	6358.200
Interest	1443.200	1407.100	1477.000	1390.700
Exceptional Items	(2259.100)	945.100	(510.900)	125.400
PBDT	1836.100	4751.700	5007.00	5092.900
Depreciation	1042.100	1059.500	1068.700	1079.100
Profit Before Tax	794.000	3692.200	3938.300	4013.800
Tax	224.700	644.100	975.100	664.100
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	569.300	3048.100	2963.200	3349.700
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	569.300	3048.100	2963.200	3349.700

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.57	22.25	34.68

Net Profit Margin (PBT/Sales)	(%)	5.81	28.16	40.85

Return on Total Assets (PBT/Total Assets}	(%)	2.61	13.61	25.59

Return on Investment (ROI) (PBT/Networth)		0.05	0.18	0.18

Debt Equity Ratio (Total Debt/Networth)		0.81	0.87	0.39

Current Ratio (Current Asset/Current Liability)		1.33	2.04	2.23

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	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

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Acceptances	21103.600	6547.800	1885.600
Trade Payables	2741.600	1477.800	2673.400
Project Related Creditors	0.000	0.000	651.00

TOTAL	23845.200	8025.600	5210.000

FINANCIAL PERFORMANCE

STANDALONE

· The total revenue of the company for fiscal 2012 stood at Rs.51304.400 Million as against Rs.39811.500 Millions for fiscal 2011 showing an increase of 29%.

· The EBIDTA (before exceptional Items) decreased by 19% from Rs.16419.800 Millions in fiscal 2011 to Rs.13282.400 Millions in fiscal 2012.

· Profit after tax declined by 74% from Rs.8856.100 Millions in fiscal 2011 to Rs.2346.400 Millions in fiscal 2012.

· The net worth of the company increased to Rs.61587.200 Millions at the end of fiscal 2012 from Rs.60253.900 Millions at the end of fiscal 2011.

· The debt gearing of the company was at 0.87 times as at the end of fiscal 2012 compared to 0.91 times at the end of fiscal 2011.

SUBSIDIARIES

Raj WestPower Limited (RWPL)

RWPL, a wholly owned subsidiary of the Company, is implementing the 8X135 MW Lignite based Thermal Power

Plant in Village Bhadresh, Barmer District, Rajasthan at a total estimated cost of Rs.68650.000 Millions.

During the year, RWPL commenced commercial operation of its 3rd Unit of 135 MW on 7th November, 2011 and 4th Unit of 135 MW on 4th December, 2011, thereby increasing its installed capacity to 540 MW. Further, Unit 5 also achieved Synchronization on oil on 30th March, 2012. The project is now expected to be fully commissioned in fiscal 2013 in phases.

RWPL had executed Implementation Agreement (IA) with the Government of Rajasthan on 29th May, 2006 for the implementation, operation and maintenance of Lignite Mining cum Thermal Power Plant, with associated facilities, of 8X135 MW Power Plant based on Lignite mined from the Jalipa and Kapurdi Mines in the Barmer District of Rajasthan.

In accordance with the IA, Barmer Lignite Mining Company Limited (BLMCL) was incorporated on 19th January, 2007 as a Joint Venture Company between Rajasthan State Mines and Minerals Limited (RSMML), a Government of Rajasthan enterprise and RWPL, with equity participation of 51% and 49% respectively to develop lignite mines in two contiguous blocks viz. Kapurdi and Jalipa in the district of Barmer for supplying lignite to the mine-head located 1080 MW (8x135 MW) capacity Thermal Power Plant of RWPL. BLMCL will meet the entire fuel requirement of the Power Plant. Mining lease of Kapurdi mining block was transferred in favor of BLMCL in October 2011, subsequent to which BLMCL commenced supply of lignite to RWPL. BLMCL is in the process of taking possession of the land for the Jalipa Lignite block. BLMCL has also initiated steps for enhancing the capacity of the Kapurdi Mine to enable it to supply the lignite required for operating all eight units of the Power Plant. BLMCL has incurred Rs.12234.600 Millions till 31st March, 2012. RWPL has invested equity of Rs.98.000 Millions in BLMCL besides providing it unsecured subordinate debt of Rs.3616.300 Millions as at 31st March, 2012.

During the year, pending fixation of the power tariff and transfer price of Lignite and due to non availability of tariff based on imported coal, the Units 1 and 2, which had commenced Commercial operation in November 2009 and October 2010 respectively on imported coal, temporarily suspended production w.e.f. 23rd April, 2011 and 21st April, 2011 respectively. Subsequently, after RERC declared the adhoc interim tariff, Units 1 and 2 re-started operations w.e.f 11th October, 2011 using Lignite as fuel.

RWPL achieved Plant Load Factor (PLF) of 77.72% based on operational period of the plant and has generated

1,641 million units (gross) during the year. Out of the gross generation, RWPL has sold 1,430 million units to Rajasthan Distribution Companies (Discoms) and generated revenues of Rs.5345.900 Millions and loss after tax of Rs.267.800 Millions on standalone basis and revenues of Rs.4873.600 Millions and loss after tax of Rs.703.800 Millions on consolidated basis during the FY 2011-2012.

RWPL has incurred Rs.63943.800 Millions for the project (excluding investment in BLMCL and towards expansion project) as on 31^st March, 2012. The Company has invested Rs.17260.500 Millions in RWPL (including equity for BLMCL) till 31st March, 2012. The Company has advanced Rs.11392.800 Millions as loan as at 31st March, 2012.

RWPL has received the in-principle consent for the proposed expansion for setting up another 2X135 MW Power Plant at the same location. The cost of this Project was estimated at Rs.13500.000 Millions and was proposed to be financed with a Debt to Equity ratio of 75:25. RWPL has incurred a cost of Rs.612.500 Millions towards the expansion project and the entire amount has been funded by the Company.

RWPL and BLMCL had filed a tariff petition with RERC and RERC has issued the order interalia determining the adhoc interim tariff for all the four units and lignite transfer price on ad-hoc basis for FY 2012-13.

JSW Power Trading Company Limited (JSWPTC)

JSWPTC, a wholly owned subsidiary of the Company, is engaged in power trading activities with a category “I” license, which is the highest Power Trading license issued by Central Electricity Regulatory Commission (CERC) to trade in power in whole of India.

During FY 2011-2012, JSWPTC has procured power from the Company and its associates as well as other suppliers. The Company has achieved total trading volume of 8,247.30 MUs as against 6,227.10 MUs during the previous financial year thereby generated total sales turnover of Rs.37064.100 Millions with Profit after Tax of Rs.116.000 Millions. JSWPTC is a member in both the Power Exchanges namely, India Energy Exchange (IEX) and Power Exchange of India Limited (PXIL). JSWPTC has, through its efforts over a period of time, emerged as one of the leading Power Trading Companies in India. It has been one of the active members in various Power Committees for discussing and resolving issues with key regulatory authorities, both at the Central and State level (such as CEA, CERC, Ministry of Power, RLDC’s, etc.) on behalf of the industry players. Also JSWPTC represents in the Central Advisory Committee of Honorable CERC.

Jaigad PowerTransco Limited (JPTL)

The Company had entered into a Joint Venture Agreement with Maharashtra State Electricity Transmission Company Limited (MSETCL), where the company has shareholding of 74% and MSETCL has balance 26% equity for development of Transmission System as an integral part of Intra-state Transmission System aimed at evacuation of power generated from 1200 MW Ratnagiri Power Plant and also from other proposed projects in the region.

JPTL was granted Transmission License to establish, maintain and operate the Transmission System for 25 years by Maharashtra Electricity Regulatory Commission (MERC). JPTL is one of the few private players to have entered into development of Transmission System in the State of Maharashtra under the Public Private Partnership (PPP) model and has demonstrated exceptional capabilities in terms of successfully executing and commissioning the Transmission Project passing through difficult terrain.

The 400kV Double Circuit Quad Jaigad - New Koyna Transmission Line of about 55 route km was commissioned on 7th July, 2010 and the 400kV Double Circuit Quad Jaigad - Karad Transmission Line of about 110 route km was commissioned on 2nd December, 2011. With this the entire Transmission Project has become fully operational. The Transmission Project consisting of 400kV Double Circuit Quad Jaigad – New Koyna Transmission Line was completed in a record duration of less than 24 months against the Nation benchmark of 39 months and 400kV Double Circuit Quad Jaigad – Karad Transmission Line undertaken by JPTL was completed in less than 39 months against Nation benchmark of 40 months. JPTL has incurred Rs.5461.300 Million on the Project till 31^st March, 2012. The Company has invested Rs.1017.500 Millions as Equity contribution till 31st March, 2012. JPTL has generated revenues of Rs.942.800 Millions and Profit after tax of Rs.308.700 Million during the FY 2011-2012.

The petition for Annual Revenue Requirement (ARR) for the FY 2010-2011 was approved by Hon’ble MERC on 25^th May, 2011. However as MERC had already issued the tariff order for FY 2010-2011 for other transmission companies before approval of ARR of JPTL, the cash flows to JPTL will accrue in the Transmission tariff order for FY 2011-12. The petition for true up of ARR of FY 2010-2011 and petition for approval of ARR for FY 2011-2012 was filed with MERC.

This Transmission System is presently evacuating power from 1200 MW Ratnagiri Power Plant as well as transmitting intra-state power of State Utilities. JPTL has maintained the availability of Transmission System as high as 98.11% for the FY 2011-12.

JSW Energy (Raigarh) Limited (JERL)

JERL, a wholly owned subsidiary of the Company, was incorporated on 31st August, 2009 for setting up 1320 MW Power Plant in Raigarh District, Chhattisgarh based on coal. Total land required for the Project is approximately 795 acres and major acquisition process is completed. Environment clearance has been obtained from Ministry of Environment and Forest. The total Project Cost is estimated at Rs.65000.000 Million and is proposed to be financed with a debt equity ratio of 75:25. The Company has invested Rs.932.000 Millions as Equity contribution till 31st March, 2012.

JSW Green Energy Limited (JSWGEL)

JSWGEL was incorporated on 12th January, 2011 as a wholly owned subsidiary of the Company for taking up the business pertaining to Renewable Energy. The Company has invested Rs.0.500 Million as Equity contribution till 31st March, 2012 and has advanced Rs.47.800 Millions as a loan as at 31st March, 2012.

OVERSEAS SUBSIDIARIES

PT Param Utama Jaya (PTPUJ)

The Company had acquired controlling interest in FY 2007 in PTPUJ, an Indonesian Company. PTPUJ is rendering management and technical consultancy services to Coal Mining Companies in Indonesia.

JSW Energy Minerals Mauritius Limited (JSWEMML)

JEMML was incorporated on 19th April, 2010 in Mauritius as wholly owned subsidiary of the Company for overseas acquisition of coal assets. It has downstream equity investment of Rs.306.900 Millions in JSW Energy Natural Resources Mauritius Limited (JENRML) and advanced of Rs.2127.300 Millions as loan as on 31st March, 2012 for acquiring and developing Coal mining assets in South Africa. The Company has equity investment of R. 355.500 Millions in JEMML and advanced Rs.2026.800 Million as loan as on 31st March, 2012.

JSW Energy Natural Resources Mauritius Limited (JSWENRML)

JENRML was incorporated on 19th April, 2010 in Mauritius as a wholly owned subsidiary of JEMML for overseas acquisition of coal assets. It has downstream investment of Rs.304.800 Millions in equity of JSW Energy Natural Resources South Africa (PTY) Limited (JSWNRSAL) and advanced Rs.2127.600 Millions as loan as on 31st March, 2012.

JSW Energy Natural Resources South Africa (PTY) Limited (JSWENRSAL)

JSWNRSAL has invested an amount of Rs.481.200 Millions in Equity of Royal Bafokeng Capital (Proprietary) Limited (RBC) and has also given an advance of Rs.66.600 Millions to RBC. Further JSWNRSAL has invested an amount of Rs.315.200 Millions in Equity of South African Coal Mining Holdings Limited (SACMH) and advanced Rs.1287.800 Millions as loan to SACMH and its subsidiaries. JSWNRSAL has invested Rs.104.700 Million in Mainsail Trading 55 Proprietary Limited (Mainsail), an wholly owned subsidiary, as on 31st March, 2012.

JSW Energy Natural Resources (BVI) Limited (JSWENRBL)

JENRBL was incorporated on 3rd December, 2010 in British Virgin Islands as a wholly owned subsidiary of the Company for achieving the objective of overseas acquisition of coal assets in Botswana. The Company had invested Rs.35.300 Millions as equity in JENRBL, which has been entirely provided for during the year, as the acquisition of CIC Energy Corp did not materialise.

SOUTH AFRICAN COAL MINING HOLDINGS LIMITED (SACMH)

The Company through JSWNRSAL had acquired 49.80% shareholding of Royal Bafokeng Capital (Proprietary) Limited (RBC), a majority shareholder of SACMH with 54.06% shareholding. JSWNRSAL has acquired an additional 34.79% stake in SACMH under the open offer for acquiring the shares of SACMH.

The Company through JSWNRSAL has acquired the balance 50.20% stake in RBC, upon exercise of the put option by Royal Bafokeng Ventures Proprietary Limited. It has also acquired through JSWNRSAL the entire share capital of Mainsail Trading 55 Proprietary Limited (Mainsail) upon exercise of the put option by RBH Resources Holdings Proprietary Limited, a subsidiary of Royal Bafokeng Holdings Limited.

Pursuant to the acquisition, the effective shareholding of the Company in SACMH as at 31st March, 2012 stands at 93.27%.

NEW PROJECTS, INITIATIVES AND JOINT VENTURES

240 MW Kuther Hydro Project

The Company is implementing the 240 MW (3X80 MW) run of the river Hydro Electric Project (HEP) on the upper reaches of river Ravi in district Chamba of Himachal Pradesh. An Implementation Agreement (IA) is signed with Himachal Pradesh (HP) Government on 4th March, 2011.

Environment clearance to the project has been accorded by the Ministry of Environment and Forest (MoEF) on 5th July, 2011 after Forest Stage-I clearance for diversion of 61.4083 hectares of Forest Land for implementation of the project on 22nd June, 2011.

Under Section 4 of the Land Acquisition Act, 1894, HP Government has issued Notification on 16th June, 2011 for acquisition of private land required for the implementation of the project and the acquisition process is at an advanced stage.

Reputed construction entities, for the construction of the project have been shortlisted, through International Competitive Bidding (ICB).

The Project is progressing well and your Company has invested Rs.1380.000 Millions into the Project upto 31st March, 2012.

660 MW Power Plant at Vijayanagar

The Company proposes to expand the capacity at Vijayanagar by setting up one unit of 660 MW based on super critical technology. Term of Reference (ToR) has been cleared by Expert Appraisal Committee of Ministry of Environment and Forest on 4th April, 2011 and soil investigation has been completed. Further steps have been initiated to obtain necessary consents to set up and operate the Power Plant. The project is now estimated to cost Rs.33000.000 Millions and proposed to be financed with a debt equity ratio of 75:25.

3200 MW Power Plant at Ratnagiri

The Company is also considering the development of the 3200 (4X800) MW super-critical coal-based power plant at Ratnagiri, Maharashtra. The Environment Clearance for this project is pending on account of the review being undertaken by Western Ghat Expert Ecology Panel constituted by Ministry of Environment and Forests.

The Company has acquired certain portion of the land and also proposes to acquire/lease further land for this project as may be required / necessary. The estimated project cost is approximately Rs.150000.000 Millions. The Company has invested approximately Rs.790.000 Millions on this project as on 31st March, 2012 primarily towards land acquisition.

1620 MW - Coal based Thermal Power Plant at Jharkhand

The Company has plans to develop a 1620 MW Power Plant near Baranda, Jharkhand. The Company is still in the process of finalizing the location for the Power Plant and initiating steps to secure the fuel linkage for the proposed power project.

Toshiba JSW Turbine and Generator Private Limited (Toshiba JSW)

Toshiba JSW has been incorporated with a shareholding of 75% by Toshiba Corporation Limited, Japan (Toshiba) and 25% by JSW Group to design, manufacture, marketing and maintenance services of large sized Supercritical Steam Turbines and Generators of size 500 MW to 1000 MW. Technology transfer agreement was signed between Toshiba and Toshiba JSW for transferring supercritical turbine manufacturing technology.

The Company has invested Rs.640.000 Millions equivalent to 21.33% of the paid up equity in Toshiba JSW, the Joint Venture Company (JVC) to carry on the business of design, manufacture, marketing and maintenance services of mid to large sized Supercritical Steam Turbines and Generators with JSW Steel Limited holding 3.67% and Toshiba holding 75%. The JV with Toshiba would provide the Company with an advantage of being a preferred client for sourcing of power project equipment.

The construction activities of Turbine-Generator Manufacturing Facility have been completed and the Factory near Ennore Port, Chennai was inaugurated on 12^th February, 2012 by the Hon’ble Chief Minister of Tamilnadu. Toshiba JSW has already secured orders from National Thermal Power Corporation for Engineering, Manufacturing and Supply of 2x660 MW and 3x800 MW supercritical Turbine Generator sets. Trial production of different Turbine-Generator components and manufacturing of different types of Turbine Blades are under progress.

MJSJ Coal Limited (MJSJ)

In terms of the Joint Venture Agreement to develop Utkal-A and Gopal Prasad (West) Thermal coal block in Odisha, the Company has participated in the 11% equity of MJSJ, Odisha along with four other partners. The Government of India decided to allot 1,522 acres of Gopal Prasad west area to MJSJ. Mahanadi Coalfields Limited, a public sector Company holds 60% of the equity. Land acquisition is under progress. The Company has invested Rs.77.100 Millions in MJSJ for 11% stake as on 31st March, 2012.

Power Exchange of India Limited (PXIL)

The Company has invested Rs.12.500 Millions in PXIL which provides the platform for trading in electricity. PXIL is promoted by National Stock Exchange of India Limited and National Commodities and Derivatives Exchange Limited.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMIC REVIEW

The global economic activity during year 2011-12 witnessed a slowdown relatively across the world – the socio-economic turbulence in the Middle East and North Africa, tsunami in Japan, the sovereign debt crisis in the Eurozone and fragile growth in US. The downturn in the economic activity during the course of the year had impacted the commodity prices while the uncertainty in middle-east region lead oil prices to remain firm. In mature markets, debt crises and slow recovery remain unresolved whilst emerging markets are grappling with persistent inflation and high energy prices. As technology advances, competition increases and the balance of economic power flows to high-growth markets such as Brazil, Russia, China and India, the global economy is seemingly entering a new phase with continued uncertainty.

INDIAN ECONOMIC REVIEW

Against the backdrop of a turbulent world, the Indian economy is facing its own share of pain: persistent inflation, ballooning fiscal deficit, weakening rupee, mediocre industrial performance, sluggish exports and spiralling fuel prices. The Reserve Bank of India (RBI) was prompted to hike the interest rates 13 times since 2010 to tame inflation. The combined impact of all the adverse factors is evident in the GDP figures. The country’s GDP growth has slumped to 6.5% in 2011-12 from 8.4% in 2010-11, lowest in nine years. The manufacturing, services and agriculture sector growth declined to 2.5%, 8.9% and 2.8% from the levels of 7.6%, 9.3% and 7%, respectively in the previous fiscal.

Annual GDP growth (%)

2007-08

2008-09

2009-10

2010-11

2011-12

9.3

6.7

8.4

6.5

The government is concerned about the slowdown, but is optimistic about managing around 6.5-7% GDP growth in 2012-13, owing to the following reasons:

􀁳 Agricultural sector to maintain momentum on expectation of normal monsoon

􀁳 Manufacturing sector rebound on the back of expected increase in investments

􀁳 Increased focus on reviving key sectors (mining and power) with emphasis on increasing coal production

POWER SECTOR OVERVIEW

Power is an essential and critical element in accelerating India’s socio-economic progress with a direct correlation to the country’s GDP growth. India has the world’s fifth largest power generation capacity, and is the sixth largest consumer, accounting for 3.4% of global consumption. However, India’s per capita power consumption is still quite low as compared to that of the high-growth developing economies like China, Brazil and Russia.

COMPANY REVIEW

Incorporated in 1994, JSW Energy is the power vertical of the JSW Group. It ventured into the power generation business in 2000 and gradually forayed into the trading and transmission business. It has 2,600 MW operational capacities and 540 MW of capacities in the construction phase and targets to have a combined installed capacity of 11,770 MW. It sells a significant portion of the power generated on a merchant basis. It also has lignite mining rights of 3 million tonnes per annum (MTPA) at Barmer and mineral rights (coal) of 0.50 MTPA in South Africa.

OPERATIONAL REVIEW

During the year, the Company achieved a historically high generation capacity of 2,600 MW translating into an increase in net power generation by 51% to 13,594 million units as against 9,016 million units in the previous year.

Some of the major developments during the year comprise:

􀁳 Achieved COD for the 3rd and 4th unit of 300 MW each at Ratnagiri

􀁳 Achieved COD for 3rd and 4th unit of 135 MW each at Barmer

􀁳 Commencement of commercial operations of the lignite mines at Kapurdi in Barmer

􀁳 400 kV double circuit Jaigad – Karad transmission line commissioned

During FY 2012, the Barmer project received consent from Rajasthan Electricity Regulatory Commission (RERC) for an adhoc interim tariff which facilitated the resumption of operations of Unit 1 and Unit 2 at Barmer, after a shutdown of around 6 months, from 12th October, 2011. RERC is still in the process of considering the petition to provide the final tariff, which once granted, will become effective retrospectively. Presently, the Company has recognized the income based on adhoc interim tariff. In case of the transmission project, the Company has filed the Annual Revenue Requirement (ARR) for FY 2012 based on the approval provided by Maharashtra Electricity Regulatory Commission (MERC) for FY 2011 and revenue for FY 2012 has been recognized based on the ARR filed, though MERC approval had not been received.

The operations of the Company had been impacted during the year due to impact on plant performance due to early and unprecedented rainfall, deferment of power procurement by distribution licensees, frequent back down of power sold on merchant basis, delay in receipt of approval from regulatory commission and tariff being granted on adhoc interim basis. During the year, the Company had entered into banking of power during certain lean periods and has successfully been able to schedule the power during the peak season. The Company had entered into a power conversion agreement with a group Company, to provide power on conversion basis against the fuel provided by them at the Vijayanagar location.

FINANCIAL PERFORMANCE

Fiscal 2012 witnessed a squeeze in margins resulting from drop in realizations on merchant sales combined with significant increase in fuel costs. The significant increase in fuel cost primarily has been on the back of increase in cost of imported coal, levy of counter-vailing duty on imported coal and depreciation in the rupee against US dollar. The enhancement of generation capacity and transmission projects has lead to an increase in interest and depreciation costs. These factors had a bearing on the financial performance of the Company.

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2012

(RS. IN MILLIONS)

	Particulars	Quarter Ended 30.06.2012
		Unaudited
1	Income from Operations
	a) Net Sales / Income from Operations	1,5688.300
	b) Other Operating Income	372.100
	Total Income from Operations (a+b) (net)	1,6060.400

2	Expenses
	a) Fuel Cost	1,0544.200
	b) Staff Cost	271.700
	c) Depreciation	1042.100
	d) Other Expenditure	718.700
	e) (Increase) / Decrease in Banked Energy	--
	Total Expenses	1,2576.700

3	Profit from Operations before Other income, Interest
	Tax and Exceptional Items (1-2)	3483.700
4	Other Income (Refer note no.4)	1012.600
5	Profit before Interest Tax and Exceptional Items (3+4)	4496.300
6	Interest and Finance Charges	1443.200
7	Profit after Interest but before Exceptional Items (5-6)	3053.100
8	Exceptional Items (Refer note no.3)	2259.100
9	Profit / (Loss) from Ordinary Activities before tax (7-8)	794.000
10	Tax Expense	224.700
11	Profit / (Loss) from Ordinary Activities after Tax (9-10)	569.300
12	Extraordinary Items (Net of Taxes)	--
13	Net Profit / (Loss) for the period (11-12)	569.300

14	Paid-up Equity Share Capital
	(Face Value of Rs. 10 per share)	16400.500

15	Reserves excluding Revaluation Reserves, as per balance sheet of previous accounting year	--

16	Earnings per Share (EPS) (not annualised) (before and after extraordinary items)
	- Basic EPS ( X )	0.35
	- Diluted EPS ( ? )	0.35

A	Particulars of Shareholding
1	Public shareholding
	- Number of shares	381,784,151
	- Percentage of shareholding	23.28

2	Promoters and Promoter Group Shareholding (a) Pledged / Encumbered
	Number of shares	372,807,034
	Percentage of shares (as a % of the total
	shareholding of promoter and promoter group) Percentage of shares (as a % of the total	29.63
	share capital of the Company)	22.73

	(b) Non-encumbered
	Number of shares	885,463,610
	Percentage of shares (as a % of the total
	shareholding of promoter and promoter group) Percentage of shares (as a % of the total	70.37
	share capital of the Company)	53.99

Information on investor's complaints for the quarter ended 30.06.2012

Complaints	Nos.
Pending at the beginning of the quarter	Nil
Received during the quarter	28
Disposed of during the quarter	28
Remaining unresolved at the end of the quarter	Nil

NOTE:

1. The above results have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 20.07.2012.

2. The Operating Results for the current quarter ended on 30.06.2012 are primarily in respect of Thermal Power Plants with aggregate operating capacity of 2060 MW, located in the States of Karnataka and Maharashtra. The figures for the corresponding quarter ended on 30.06.2011 are primarily for an aggregate operating capacity of 1760 MW Thermal Power Plants located in the State of Karnataka and Maharashtra and hence not comparable.

3. Due to the unusual depreciation in the value of the rupee against US dollar, the net foreign exchange loss/ (gain) has been considered by the Company to be exceptional in nature.

4. Other Income for the current quarter includes Rs.410.800 Millions, being claim settled with vendor.

5. The Statutory Auditors have carried out a limited review of the Standalone Financial Results.

6. As the Company is primarily engaged in only one segment viz. "Generation and Sale of power", there are no seperate reportable segments as per Accounting Standard 17 prescribed by the Companies (Accounting Standards) Rules 2006.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs in Millions)

Bank guarantees	1209.000	1966.400
Corporate guarantees	5000.000	5000.000
Other Money for which the company is contingently liable:
- Pledge of Shares	5178.200	4343.800
- Disputed Income Tax matters (excluding further interest leviable, if any)	784.800	783.500
- Other disputed tax matters	169.500	8.400
- Claims not acknowledge as debts	86.700	--

FIXED ASSETS

v Freehold Land

v Leasehold Land

v Buildings

v Plant and Machinery

v Furniture and Fittings

v Motor Vehicles

v Specialized Software

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.54.91
UK Pound	1	Rs.84.44
Euro	1	Rs.71.31

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.

7051.400

4808.000

2567.500

6142.200

5313.500

2678.500

6369.500

8213.000

5410.100

2034.200

1607.400

1042.800

20784.400

12874.500

3530.600

42381.700

32816.400

15229.500

23845.200

7000.900

6139.500

119.400

1002.200

1957.300

1490.600

31848.300

16122.400

6820.000

10533.400

16694.000

8409.500

4.57

22.25

34.68

5.81

28.16

40.85

2.61

13.61

25.59

0.05

0.18

0.18

0.81

0.87

0.39

1.33

2.04

2.23

2741.600

23845.200

Unit