MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	JINDAL INDIA THERMAL POWER LIMITED
Formerly Known As :	INDIAN ZINC LIMITED
Registered Office :	Plot No.12, Sector B-1, Local Shopping Centre, Vasant Kunj, New Delhi – 110 070
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.2001
Com. Reg. No.:	55-109103
Capital Investment / Paid-up Capital :	Rs.9554.666 millions
CIN No.: [Company Identification No.]	U74999DL2001PLC109103
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04690A
PAN No.: [Permanent Account No.]	AAACJ9902H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Power Generation.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 39433000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of B.C. Jindal Group of Companies. It is a well established company having a satisfactory track record. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-11-26139256)

LOCATIONS

Registered Office/ Corporate Office :	Plot No.12, Sector B-1, Local Shopping Centre, Vasant Kunj, New Delhi – 110 070, India
Tel. No.:	91-11-26139256-65
Fax No.:	91-11-26125739/ 26121734
E-Mail :	secretarial_power@jindalgroup.com jitpl@jindalgroup.com
Website :	www.jitpl.com www.jindalgroup.com
Site Office :	Village Derang, PO – Kaniha, District Angul, Odisha, India

DIRECTORS

AS ON 10.07.2013

Name :

Mr. Rashid Jilani

Designation :

Additional Director

Address :

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

Date of Birth/Age :

08.10.1941

Date of Appointment :

04.05.2010

DIN No.:

00010624

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
2	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Additional director	11/02/2010	11/01/2008	-	Active	NO
3	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Additional director	04/05/2010	01/12/2008	-	Active	NO
4	U65923UP2012PLC051433	JINDAL POLY INVESTMENT AND FINANCE COMPANY LIMITED	Additional director	12/07/2013	12/07/2013	-	Active	NO

Name :

Mr. Debi Prasad Bagchi

Designation :

Additional Director

Address :

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

Date of Birth/Age :

21.10.1942

Date of Appointment :

04.05.2010

DIN No.:

00061648

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L40105DL1999PLC099328	PTC INDIA LIMITED	Director	07/05/2004	07/05/2004	28/09/2011	Active	NO
2	U27109OR1982GOI001050	NEELACHAL ISPAT NIGAM LTD	Nominee director	21/02/2005	21/02/2005	-	Active	NO
3	L51109OR1996PLC004601	VISA STEEL LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
4	L26924UP1985PLC007595	KAJARIA CERAMICS LIMITED	Director	26/09/2007	29/06/2007	-	Active	NO
5	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Additional director	04/05/2010	18/12/2007	-	Active	NO
6	U67120DL2008PLC174488	HINDUSTAN POWERGEN LIMITED.	Director	05/03/2008	05/03/2008	04/11/2008	Active	NO
7	U55101OR1982PLC001092	T K INTERNATIONAL LIMITED	Director	14/09/2009	06/05/2009	-	Active	NO
8	U65921UP1993PLC015170	SAHARA PRIME CITY LIMITED	Director	29/08/2009	22/08/2009	-	Active	NO
9	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Additional director	11/02/2010	11/02/2010	04/05/2011	Active	NO
10	U65993AP1995PLC019471	IND-BARATH POWER INFRA LIMITED	Director	27/09/2010	06/05/2010	-	Active	NO
11	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
12	U67120UP1987PLC008909	SAHARA INDIA FINANCIAL CORPORATION LIMITED	Director	12/07/2012	21/11/2011	-	Active	NO
13	L74899DL1992PLC050216	MIDEAST INTEGRATED STEELS LIMITED	Director	26/09/2012	27/03/2012	-	Active	NO

Name :

Mr. Vinod Kumar Gupta

Designation :

Additional Director

Address :

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

Date of Birth/Age :

07.07.1964

Date of Appointment :

03.05.2011

DIN No.:

00006526

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1981PLC033450	SOYUZ TRADING CO LTD	Director	15/01/2001	15/01/2001	-	Active	NO
2	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Additional director	03/05/2011	02/09/2002	-	Active	NO
3	U72200DL2006PLC188992	INDIAN SOFTWARE CONSULTANCY LIMITED	Director	22/05/2006	22/05/2006	-	Amalgamated	NO
4	U01134DL2004PLC126983	JINDAL MEADOWS LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
5	U80904DL2008PTC172287	N-TECH EDUCATION SYSTEMS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	08/12/2010	Active	NO
6	U70101DL2003PLC121849	JINDAL REALTORS LIMITED	Director	31/01/2008	31/01/2008	16/08/2010	Active	NO
7	U45201DL2005PLC132370	CONSOLIDATED BUILDWELL LIMITED	Director	29/09/2008	31/01/2008	-	Active	NO
8	U77499DL2005PLC135025	AGILE PROPERTIES LIMITED	Director	29/09/2008	31/01/2008	-	Active	NO
9	U67120DL2008PLC174488	HINDUSTAN POWERGEN LIMITED.	Director	05/03/2008	05/03/2008	31/07/2013	Active	NO
10	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Additional director	31/07/2009	31/07/2009	01/04/2012	Active	NO
11	U65990DL2010PLC210154	JINDAL POLY FILMS INVESTMENT LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
12	U25199DL2010PLC210480	JINDAL METAL AND MINING LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
13	U25193DL2011PLC214537	HALDIA SYNTHETIC RUBBER LIMITED	Director	21/02/2011	21/02/2011	-	Strike off	NO
14	U70100DL2011PLC217502	CLIFF PROPBUILD LIMITED	Director	13/04/2011	13/04/2011	-	Active	NO
15	U65100UP2011PLC044786	JINDAL POLY FINANCE LIMITED	Director	13/05/2011	13/05/2011	-	Amalgamated	NO
16	U40104DL2010PLC198949	JINDAL SOLAR POWER TECH LIMITED	Director	28/09/2012	22/03/2012	-	Active	NO
17	U65923UP2012PLC051433	JINDAL POLY INVESTMENT AND FINANCE COMPANY LIMITED	Director	11/07/2012	11/07/2012	25/07/2013	Active	NO

Name :

Mr. Amit Pramod Kumar

Designation :

Whole-time Director

Address :

14, Alipur Road, Delhi – 110 054, India

Date of Birth/Age :

19.02.1979

Date of Appointment :

21.09.2013

DIN No.:

00028335

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	U74899DL1988PLC034289	R N FINANCE LIMITED	Director	08/09/2005	08/09/2005	18/02/2011	Active	NO
2	U74899DL1990PLC041312	LIQUIS MARKETING LIMITED	Director	08/09/2005	08/09/2005	25/04/2007	Active	NO
3	U21019DL1990PLC034708	SHIVA TISSUES AND FLEXPAC LIMITED	Director	08/09/2005	08/09/2005	18/02/2011	Active	NO
4	U65993DL1997PTC089710	GOLDSTONE IMAGING PRIVATE LIMITED	Director	30/08/2007	05/11/2006	-	Active	NO
5	U51900MH1998PTC114777	IDD DISTRIBUTION PRIVATE LIMITED	Director	29/09/2007	24/09/2007	05/12/2008	Active	NO
6	U72300DL2008PTC174957	LIQUIS TECHNOLOGIES PRIVATE LIMITED	Director	05/03/2008	05/03/2008	14/03/2009	Active	NO
7	L93090AP1993PLC088165	SHIVA MEDICARE LIMITED	Director	30/09/2008	12/05/2008	-	Active	NO
8	U24100DL2010PTC204708	CONVEX IMAGING AND CHEMICALS PRIVATE LIMITED	Director	26/08/2013	25/06/2010	-	Active	NO
9	U01403MH2012PTC236121	AAHAN AGRO TECH PRIVATE LIMITED	Director	24/09/2012	24/09/2012	26/08/2013	Active	NO
10	U17291MH2012PTC236116	BROCADE YARNS PRIVATE LIMITED	Director	24/09/2012	24/09/2012	26/08/2013	Active	NO
11	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Whole-time director	21/09/2013	21/09/2013	-	Active	NO

Name :

Mr. Shiv Kumar Mittal

Designation :

Director

Address :

BFH 131, Shalimarg Bagh, Delhi – 110 088, India

Date of Birth/Age :

10.06.1944

Date of Appointment :

10.07.2013

DIN No.:

00006460

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909WB1981PLC033450	SOYUZ TRADING CO LIMITED	Director	05/12/1995	05/12/1995	14/12/2011	Active	NO
2	U65993DL1996PLC081586	CONSOLIDATED PHOTO AND FINVEST LIMITED	Director	29/08/2002	29/08/2002	30/04/2009	Active	NO
3	U17114UP2004PLC028567	HINDUSTAN THERMAL POWER GENERATION LIMITED	Director	27/04/2004	27/04/2004	02/06/2009	Amalgamated	NO
4	U72200DL2006PLC188992	INDIAN SOFTWARE CONSULTANCY LIMITED	Director	22/05/2006	22/05/2006	-	Amalgamated	NO
5	U70101DL2003PLC121849	JINDAL REALTORS LIMITED	Director	17/08/2006	17/08/2006	21/12/2011	Active	NO
6	U67120DL1999PLC101169	JINDAL PHOTO INVESTMENTS LIMITED	Managing director	15/04/2008	17/08/2006	21/12/2011	Active	NO
7	U51109DL1995PTC259254	JUPAX BARTER PRIVATE LIMITED	Director	24/08/2006	24/08/2006	12/12/2011	Active	NO
8	U13209OR2001PTC006673	AXL RESOURCES PRIVATE LIMITED	Director	17/07/2007	17/07/2007	15/04/2008	Amalgamated	NO
9	L33200UP1993PLC015474	CONSOLIDATED FINVEST AND HOLDINGS LIMITED	Managing director	10/04/2008	31/08/2007	21/12/2011	Active	NO
10	U15146WB1991PTC051471	HANUMAN COKE PLANT PRIVATE LIMITED	Director	06/09/2007	06/09/2007	-	Amalgamated	NO
11	U74120DL2007PLC171201	JINDAL BUILDMART LIMITED	Director	07/12/2007	07/12/2007	25/08/2010	Active	NO
12	U77499DL2005PLC135025	AGILE PROPERTIES LIMITED	Director	29/09/2008	31/01/2008	30/04/2009	Active	NO
13	U45201DL2005PLC132392	CONSOLIDATED REALTORS LIMITED	Director	29/09/2008	31/01/2008	30/04/2009	Active	NO
14	U01134DL2004PLC126983	JINDAL MEADOWS LIMITED	Director	31/01/2008	31/01/2008	25/08/2010	Active	NO
15	U70100DL2008PTC174461	JINDAL REALMART PRIVATE LIMITED	Director	25/02/2008	25/02/2008	-	Amalgamated	NO
16	U00000DL2004PTC126382	PASSION TEA PRIVATE LIMITED	Director	04/04/2008	04/04/2008	12/12/2011	Active	NO
17	U70101DL2010PTC206199	CONSOLIDATED BUILDTECH PRIVATE LIMITED	Director	23/07/2010	23/07/2010	-	Amalgamated	NO
18	U70102WB2010PTC154368	CORNET REALTORS PRIVATE LIMITED	Director	30/10/2010	30/10/2010	03/02/2011	Strike off	NO
19	U70200WB2010PTC154406	CORNET PROPBUILD PRIVATE LIMITED	Director	01/11/2010	01/11/2010	03/02/2011	Strike off	NO
20	U67120DL2010PLC210158	CONSOLIDATED FINVEST AND INVESTMENTS LIMITED	Director	03/11/2010	03/11/2010	21/12/2011	Active	NO
21	L33209DN2004PLC000198	JINDAL PHOTO LIMITED	Director	28/09/2012	30/08/2012	-	Active	NO
22	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Director	10/07/2013	06/10/2012	-	Active	NO
23	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Director	10/07/2013	06/10/2012	-	Active	NO
24	AAA-2491	CORPORATE TRADELINK LLP	Body corporate as Designated Partner	12/10/2010	12/10/2010	-	Strike off	NO

Name :

Mr. Sanjay Bhattacharya

Designation :

Director and Chief Executive Officer

Address :

Flat No.4, Ren Basera, Plot No.14, Sector 28, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

02.01.1960

Qualification :

M.E. (Mechanical)

B.E. (Mechanical)

Experience :

Above 28 Years

Date of Appointment :

10.07.2013

DIN No.:

06380746

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	U10100DL2008PLC175417	MANDAKINI COAL COMPANY LIMITED	Additional director	11/09/2012	11/09/2012	-	Active	NO
2	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Director	10/07/2013	06/10/2012	-	Active	NO

Name :

Mr. Punit Gupta

Designation :

Whole-time Director

Address :

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

Date of Birth/Age :

30.08.1966

Qualification :

B.A. (Hons.), MBA

Experience :

Above 24 Years

Date of Appointment :

01.08.2013

DIN No.:

00011483

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Whole-time director	28/04/2000	28/04/2000	28/07/2008	Active	NO
2	U51109DL1995PTC259254	JUPAX BARTER PRIVATE LIMITED	Director	03/02/2003	03/02/2003	16/08/2010	Active	NO
3	U17114UP2004PLC028567	HINDUSTAN THERMAL POWER GENERATION LIMITED	Director	27/04/2004	27/04/2004	-	Amalgamated	NO
4	U67120DL1999PLC101169	JINDAL PHOTO INVESTMENTS LIMITED	Director	28/09/2007	30/04/2005	15/04/2008	Active	NO
5	U65999WB2005PLC101057	JESMIN INVESTMENTS LIMITED	Director	31/08/2007	12/04/2007	24/04/2008	Active	NO
6	U01134DL2004PLC126983	JINDAL MEADOWS LIMITED	Director	28/09/2007	30/04/2007	25/08/2010	Active	NO
7	L33200UP1993PLC015474	CONSOLIDATED FINVEST AND HOLDINGS LIMITED	Managing director	30/04/2007	30/04/2007	10/04/2008	Active	NO
8	U74999DL2001PLC109103	JINDAL INDIA THERMAL POWER LIMITED	Whole-time director	01/08/2013	06/11/2007	-	Active	NO
9	U31902DL2008PLC188991	JINDAL INDIA HYDRO LIMITED	Director	28/01/2008	28/01/2008	-	Amalgamated	NO
10	U67120DL2008PLC174488	HINDUSTAN POWERGEN LIMITED	Director	05/03/2008	05/03/2008	-	Active	NO
11	U21098DL2008PLC179699	JINDAL PACKAGING FILMS LIMITED	Director	18/06/2008	18/06/2008	28/07/2008	Amalgamated	NO
12	U10100DL2008PLC175417	MANDAKINI COAL COMPANY LIMITED	Director	04/09/2009	19/02/2009	-	Active	NO
13	U40109DL2010PLC198943	JINDAL SOLAR RAJASTHAN LIMITED	Director	10/02/2010	10/02/2010	-	Amalgamated	NO
14	U40104DL2010PLC198949	JINDAL SOLAR POWER TECH LIMITED	Director	11/02/2010	11/02/2010	22/03/2012	Active	NO
15	U74999UP2007PLC034310	JINDAL INDIA POWERTECH LIMITED	Director	22/09/2012	04/01/2012	23/07/2013	Active	NO
16	U70109DL2012PLC242177	SOLACE LAND HOLDING LIMITED	Director	12/09/2012	12/09/2012	-	Active	NO
17	U70109DL2012PLC242303	GAMMA LAND HOLDING LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO
18	U70109DL2012PLC245128	GINGER LAND HOLDING LIMITED	Director	21/11/2012	21/11/2012	-	Active	NO
19	U70100DL2012PLC245127	BETA LAND HOLDING LIMITED	Director	21/11/2012	21/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunit Maheshwari
Designation :	Secretary
Address :	B-58, Flat No.7, 2^nd Floor, Ramprstha, Ghaziabad – 200 011, Uttar Pradesh, India
Date of Birth/Age :	12.10.1962
Date of Appointment :	01.12.2009
PAN No.:	AFZPM8478E
Name :	Mr. Sanjeev Aggarwal
Designation :	Chief Financial Officer
Name :	Mr. Rabinarayam Sahoo
Designation :	Vice President-BTG
Employed for the part of the year 2012-13
Name :	Mr. Sunit Ghosh
Designation :	Project Director
Name :	Mr. Alok Kumar Jain
Designation :	Vice President – Head – Civil

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.07.2013

Note:

Shareholding details file attached.

AS ON 10.07.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	90.19
Directors or relatives of directors	0.03
Other top fifty shareholders	9.73
Others	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Power Generation.

Products/ Services :

ITC Code No.	Product Descriptions
980100.13	Power Project

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
- From Banks
a) Rupee Loan *	25461.800	10601.114
b) Foreign Currency Loan *	4329.932	4110.264
SHORT TERM BORROWINGS
From Banks (Secured against lien on specified plant and machinery imported/ to be imported under foreign letter of credit.)	0.000	457.740
Total	29791.732	15169.118

Notes:

LONG TERM BORROWINGS

* a) Secured on a first pari passu charge bash in favour of senior lenders, ECB lenders and on second pari passu charge basis In favour of subordinate lenders on the following assets of 2x600 MW TPP at Village Derang, Angul, Odisha :-

i) Mortgage and Charge on all Immovable Properties, both present and future.

ii) Hypothecation of all Movable Properties and Assets, Tangible and Intangible, both present and future.

iii) Operation Cash Flow, Current Assets, Receivables and Revenues, present and future.

b) Pledge of 51% of equity shareholding of the company by Jindal India Powertech Limited, its holding company (promoter and sponsor) to secure the term loans.

Long Term Loans Repayment Schedule

Maturity Profile	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
0-1 Year	--	906.000
1-2 Years	906.400	3482.500
2-3 Years	4091.850	4095.000
3-4 Years	4806.100	4701.600
4-5 Years	5075.700	4802.700
5-6 Years	5379.000	5072.300
6-7 Years	5648.600	5375.600
7-8 Years	5716.000	5645.200
8-9 Years	4098.400	5712.600
9-10 Years	4098.400	4095.000
10-11 Years	5139.800	3189.000
11-12 Years	2142.600	612.500
12-13 Years	587.150	--
Total	47690.000	47690.000

a) There is no default on payment of interest and installments during the year.

b) Total sanctioned loans Rs.47690.000 millions (previous year Rs.47690.000 millions) including ECB USD 150 million equal to Rs.6740.000 millions. The above repayment schedule is based on sanctioned loans. Against sanctioned loans company has taken disbursement of Rs.29791.732 millions (previous year Rs.15617.378 millions).

c) Repayment of Senior debt is considered as per the sanction from Lenders. The supplementary common loan documents for Phase 1 executed on 26.3.2013 and it is under finalization, for execution for Phase 2 of the Project.

d) Disbursement of Sub-Debt of Phase 2 is yet to take place. Further it’s reschedulement is under consideration. Repayments considered above are as per the proposal submitted to Banks.

Banking Relations :	--
Auditors :
Name :	B K Shroff and Company Chartered Accountants
Address :	3/7-B, Asaf Ali Road, 1^st Floor, Flat No.4, New Delhi – 110 002, India
Tel. No.:	91-11-23271407/ 23284825/ 23284826
Fax No.:	91-11-232370362
E-Mail :	bkshroffdelhi@yahoo.com bkshroffdelhi@rediff.com
PAN No.:	AADFB4923G
Holding Company:	Jindal India Powertech Limited, India (CIN No.: U74999UP2007PLC034310)
Ultimate Holding Company:	Jindal Photo Limited
Fellow Subsidiaries:	Hindustan Powergen Limited (till 19^th March 2013 Hindustan Powergen Limited was subsidiary and w.e.f. 20^th March 2013 became subsidiary of holding company Jindal India Powertech Limited)
Enterprises owned by major Shareholder of the Reporting Enterprises:	Jindal Solar Powertech Limited, India

CAPITAL STRUCTURE

AFTER 10.07.2013

Authorized Capital: Rs.16500.000 millions

Issued, Subscribed & Paid-up Capital: Rs.10157.666 millions

AS ON 10.07.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
950000000	Equity Shares	Rs.10/- each	Rs.9500.000 millions
700000000	Preference Shares	Rs.10/- each	Rs.7000.000 millions
	Total		Rs.16500.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
605466550	Equity Shares	Rs.10/- each	Rs.6054.666 millions
350000000	Preference Shares	Rs.10/- each	Rs.3500.000 millions
	Total		Rs.9554.666 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	9554.666	6053.451	5069.410
(b) Reserves & Surplus	303.530	258.788	161.690
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2900.000	116.410
Total Shareholders’ Funds (1) + (2)	9858.196	9212.239	5347.510
(3) Non-Current Liabilities
(a) Long-term borrowings	29791.732	14711.378	5872.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	22.242	22.068	7.693
(d) Long-term provisions	9.340	7.224	5.174
Total Non-current Liabilities (3)	29823.314	14740.670	5885.167
(4) Current Liabilities
(a) Short term borrowings	0.000	457.740	586.570
(b) Trade payables	3746.298	3654.133	1985.202
(c) Other current liabilities	196.363	1158.106	92.096
(d) Short-term provisions	3.074	3.671	4.313
Total Current Liabilities (4)	3945.735	5273.650	2668.181
TOTAL	43627.245	29226.559	13900.858
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1156.320	1098.838	1025.560
(ii) Intangible Assets	6.251	7.717	0.000
(iii) Capital work-in-progress	39959.270	24316.065	6382.394
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.200	2.200	2.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	513.425	838.313	3925.535
(e) Other Non-current assets	4.045	4.045	4.045
Total Non-Current Assets	41641.511	26267.178	11339.734
(2) Current assets
(a) Current investments	1272.132	1359.128	2157.537
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	631.912	1543.309	395.826
(e) Short-term loans and advances	71.789	55.753	7.761
(f) Other current assets	9.901	1.191	0.000
Total Current Assets	1985.734	2959.381	2561.124
TOTAL	43627.245	29226.559	13900.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	0.000	0.000	0.000
		Other Income	43.245	104.382	70.136
		TOTAL	43.245	104.382	70.136
Less	EXPENSES
		Salaries Wages and Other Allowances	1.676	0.000	0.000
		Travelling and Conveyance	0.123	0.000	0.000
		Loss on Redemption of Mutual Fund	0.000	3.756	2.975
		TOTAL	1.799	3.756	2.975
	PROFIT BEFORE TAX		41.446	100.626	67.161
Less	TAX		(3.295)	3.527	2.320
	PROFIT AFTER TAX		44.741	97.099	64.841
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		256.526	159.427	94.586
	BALANCE CARRIED TO THE B/S		301.267	256.526	159.427
	IMPORTS
		Capital Goods	0.000	58.710	686.090
	TOTAL IMPORTS		0.000	58.710	686.090
	Earnings Per Share (Rs.)		0.07	0.18	0.19

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	103.46	93.02	92.45
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.13	2.05	0.89
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		3.02	1.65	1.21
Current Ratio (Current Asset/Current Liability)		0.50	0.56	0.96

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10372952	25/07/2012	1,550,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPOARTE BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B56531932
2	10314487	25/07/2012 *	6,740,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B56559271
3	10263328	29/07/2011 *	3,250,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, TOLSTOY MARG, TOLSTOY HOUSE, NEW DELHI, DELHI - 110001, INDIA	B18916528
4	10263323	07/06/2013 *	19,850,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, TOLSTOY MARG, TOLSTOY HOUSE, NEW DELHI, DELHI - 110001, INDIA	B79203345
5	10252530	30/10/2010	23,700,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BANK, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	A99830036
6	10135276	26/03/2013 *	1,430,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B74933748
7	10135275	26/03/2013 *	18,120,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B74934308

* Date of charge modification

Note:

The registered office of the company has been shifted from 56/2, Hanuman Road, Cannaught Place, New Delhi – 110 001 to the present address w.e.f. 07.02.2008.

STATUS OF PROJECT

Subject promoted by B.C Jindal group is developing a domestic coal based thermal power project with a generation capacity of 1800 MW (3 x 600 MW) at Angul, Orissa, India, The Company has already progressed substantially on the construction of Phase-1 and Phase-2 of 600 MW each.

The project is fully financially tied up and has already made an investment of more than 38000.000 millions in the project up-till 31^st March, 2013.

During the year, the Company made a significant progress in implementation of Phase-1 and Phase-2 of the project and has achieved an overall progress of around 80%. The hydro test of boiler Phase-1 and Phase-2 was conducted in the months of November 2012 and February 2013 respectively and the boiler light up is expected to be performed soon for Phase-1. The switchyard erection, cooling tower and chimney civil and mechanical works have already been completed; while turbine/condenser, CW pumps, fuel oil system, DM plant erection are in-advanced stage of completion. The township, roads and drains and other facilities are also in advance stages of progress.

The coal for the project shall be procured from the captive mine, which is just 3 kms from the project site and also from Mahanadi Coalfields Limited (a subsidiary of Coal India Limited). The Company has already signed a Coal Offtake Agreement for the captive mine coal and has also signed partial Fuel Supply Agreement (equivalent to 72 MW of Power) with MCL. The mine project is also progressing very well, which is being implemented in Mandakini Coal Company Limited (MCCL).

AMALGAMATION

A scheme of amalgamation of Jindal Packaging Films Limited, Jindal India Hydro Limited, Jindal Realmart Private Limited, Indian Software Consultancy Limited and India Fincap Limited with Hindustan Powergen Limited (HPL) was approved by the Honorable Delhi High Court, whereby the aforesaid companies have been amalgamated with HPL with effect from the appointed date i.e. 01.04.2009 and shall become effective from the effective date which shall be the last date on which all conditions referred to in High Court order are fulfilled. Upon amalgamation, HPL will issue shares to the shareholders of the erstwhile amalgamating companies in the ratio specified in the High Court order. Consequent to such issue HPL would no longer be a subsidiary of Jindal India Thermal Power Limited as its investment in HPL would come down from 60% to 7.06%. Allotment of shares by HPL to the shareholders of the amalgamating companies has since been made on 27.04.2010.

The company acquired further 190000 shares of HPL on 25.06.2010 as the result of which HPL became subsidiary of the company.

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Guarantees issued by the company's bankers on behalf of the company (Net of Margin)	614.101	735.310
Outstanding Letters of Credit	845.938	2731.824
Claims against company not acknowledged as debts	--	0.090
Disputed demand of entry tax for which the company has preferred appeal	310.279	198.421
Disputed demand of royalty for which the company has preferred appeal	47.653	36.067

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computers

Intangible Assets

· Computer 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 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.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.