MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	JINDAL PIPES LIMITED

Registered Office :	22^nd Milestone, Delhi-Hapur Road, P.O. Jindal Nagar, Ghaziabad – 201 302, Uttar Pradesh

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	07.05.1970

Com. Reg. No.:	20-020637

Capital Investment / Paid-up Capital :	Rs.187.452 millions

CIN No.: [Company Identification No.]	U27101UP1970PLC020637

PAN No.: [Permanent Account No.]	AAACJ2055K

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Steel Pipes and Tubes.

No. of Employees :	Information declined by the Management.

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 11804000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Jindal Group. It is a well-established and reputed company having a fine track record. Financial position of the company seems to be sound. Directors are reported as experienced and respectable businessmen. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A+ (Long Term Rating)
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	01.11.2013

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	01.11.2013

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.: 91-120-2677601

91-124-2574325

LOCATIONS

Registered Office/ Factory :	22^nd Milestone, Delhi-Hapur Road, P.O. Jindal Nagar, Ghaziabad – 201 302, Uttar Pradesh, India
Tel. No.:	91-120-2677601-605
Fax No.:	91-120-2677703
E-Mail :	contct@jindalpipe.com admnjngr@jindalpipe.com For quality : kdsharma@jindalpipe.com / skjain@jindalpipe.com For customer feedback : shashi@jindalpipe.com Exports : skranka@jindalpipe.com Dealer sales : skjain@jindalpipe.com Actual user sales : jsood@jindalpipe.com For media : shashi@jindalpipe.com
Website :	http://www.jindal.com

Corporate Centre :	Plot No.30, Institutional Sector-44, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2574325/ 26/ 4624000
Fax No.:	91-124-2574327
E-Mail :	contact@jindalpipe.com rprasad@jindalpiepe.com skjain@jindalpipe.com

Factory 2 :	Delhi Road, Hissar – 125 005, Haryana, India

Branch Office :	Located at: · Mumbai · Chennai · Kolkata

DIRECTORS

AS ON 16.09.2013

Name :

Mr. Dharam Pal Jindal

Designation :

Director

Address :

B-57, Greater Kailash Part-I, New Delhi – 110 048, India

Date of Birth/Age :

15.02.1950

Date of Appointment :

07.11.2012

DIN No.:

00405579

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	L27201MH1983PLC233813	JINDAL DRILLING AND INDUSTRIES LIMITED	Whole-time director	08-11-2012	17-10-1983	-	Active	NO
2	L99999MH1988PLC080545	MAHARASHTRA SEAMLESS LIMITED(TRANSFERRED FROM DELHI TO MAH	Director	10-05-1988	10-05-1988	-	Active	NO
3	U29120DL1970PLC005281	JINDAL PIPES LIMITED	Director	01-09-1995	01-09-1995	-	Not Available for eFiling	NO
4	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Director	07-11-2012	01-09-1995	-	Active	NO
5	U08022KA2002NPL030879	PRAGUN JINDAL PHILANTHROPIC ORGANISATION	Director	28-05-2004	28-05-2004	25-11-2008	Active	NO
6	U27203KA1970PLC002806	JINDAL ALUMINIUM LIMITED	Additional director	11-09-2013	16-08-2005	-	Active	NO
7	U65993WB1994PLC152481	JINDAL GLOBAL FINANCE AND INVESTMENT LIMITED	Director	30-08-2008	23-05-2008	-	Active	NO
8	U14200KA2008PLC045891	DAKSHIN MINES AND MINERALS LIMITED	Director	29-09-2009	07-08-2008	17-08-2010	Amalgamated	NO
9	U51109WB1994PLC065299	CRISHPARK VINCOM LTD.	Director	24-09-2009	25-11-2008	-	Active	NO
10	U74999WB1995PTC154565	NEPTUNE BUILDTECH PRIVATE LIMITED	Director	28-09-2010	09-06-2010	30-12-2010	Active	NO
11	L15492WB1916PLC002697	DHUNSERI PETROCHEM AND TEA LIMITED	Director	02-08-2012	02-05-2012	-	Active	NO
12	L01132AS1977PLC001706	WARREN TEA LIMITED	Additional director	09-07-2013	09-07-2013	-	Active	NO

Name :

Mr. Raghav Jindal

Designation :

Managing Director

Address :

B-57, Greater Kailash Part-I, New Delhi – 110 048, India

Date of Birth/Age :

11.01.1980

Date of Appointment :

01.02.2005

DIN No.:

00405984

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	L27201MH1983PLC233813	JINDAL DRILLING AND INDUSTRIES LIMITED	Managing director	01-01-2012	19-05-1998	-	Active	NO
2	U51109WB1994PLC064822	SPARLERK DEALCOMM LIMITED	Director	31-03-2009	01-01-2003	20-03-2013	Active	NO
3	U29120DL1970PLC005281	JINDAL PIPES LIMITED	Managing director	01-02-2005	01-02-2005	-	Not Available for eFiling	NO
4	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Managing director	01-02-2010	01-02-2005	-	Active	NO
5	U74991DL2006PLC148826	JCO GAS PIPE LIMITED	Director	16-05-2006	16-05-2006	30-09-2011	Active	NO
6	U67120MH1983PLC031110	BRAHMA DEV HOLDING AND TRADING LIMITED	Director	29-09-2009	12-03-2009	-	Active	NO
7	U14200KA2008PLC045891	DAKSHIN MINES AND MINERALS LIMITED	Director	29-09-2009	31-03-2009	17-08-2010	Amalgamated	NO
8	U10100DL2009PLC191466	GONDKHARI COAL MINING LIMITED	Director	22-06-2009	22-06-2009	-	Active	NO
9	U11101DL2009PLC193022	JINDAL HYDROCARBONS LIMITED	Director	29-09-2010	11-01-2010	15-03-2013	Active	NO
10	U11100HR2010PLC039993	JINDAL EXPLODRILL LIMITED	Director	27-09-2010	10-05-2010	15-03-2013	Active	NO
11	U72200WB1996PTC153567	SIGMA INFRASTRUCTURE PRIVATE LIMITED.	Director	28-09-2010	09-06-2010	09-03-2011	Active	NO
12	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LIMITED	Director	30-09-2011	25-06-2011	-	Active	NO
13	U67190UP2012PLC049090	JINDAL PIPES FINANCE LIMITED	Director	28-02-2012	28-02-2012	-	Active	NO

Name :

Mr. Saket Jindal

Designation :

Director

Address :

B-57, Greater Kailash Part-I, New Delhi – 110 048, India

Date of Birth/Age :

09.08.1974

Date of Appointment :

25.03.2009

DIN No.:

00405736

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	L99999MH1988PLC080545	MAHARASHTRA SEAMLESS LIMITED(TRANSFERRED FROM DELHI TO MAH	Managing director	01-09-2001	01-09-2001	-	Active	NO
2	U27100MH2004PTC148789	JINDAL PREMIUM CONNECTIONS PRIVATE LIMITED	Director	23-09-2004	23-09-2004	-	Active	NO
3	L27209MH1998PLC236139	HARYANA CAPFIN LIMITED	Director	15-12-2006	12-09-2006	-	Active	NO
4	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Director	25-09-2009	20-10-2008	-	Active	NO
5	U51909WB1990PTC152482	ODD AND EVEN TRADES AND FINANCE PRIVATE LIMITED	Director	25-09-2009	12-03-2009	-	Active	NO
6	U70102DL2010PTC197862	SRIDHI INFRA PRIVATE LIMITED	Director	09-04-2010	09-04-2010	14-09-2011	Active	NO
7	U67190MH2012PLC226596	MAHARASHTRA SEAMLESS FINANCE LIMITED	Director	08-02-2012	08-02-2012	-	Active	NO

Name :

Mr. Suresh Baid

Designation :

Director

Address :

91, Sainik Vihar, Pitampura, New Delhi, India

Date of Birth/Age :

11.09.1954

Date of Appointment :

25.09.2009

DIN No.:

00030585

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	U33205WB1984PLC037929	NEELANCHAL UDYOG LIMITED	Director	22-10-1984	22-10-1984	-	Active	NO
2	U51909DL1991PLC046869	JAGUAR OVERSEAS LIMITED	Director	01-09-1994	01-09-1994	12-11-2009	Active	NO
3	U74899DL1974PLC007178	SUREKA COATED TUBES AND SHEETS LIMITED	Director	16-08-2002	16-08-2002	01-12-2011	Active	NO
4	U51909WB1950PLC019254	THE WAXPOL INDUSTRIES LIMITED	Whole-time director	01-04-2012	02-06-2006	-	Active	NO
5	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Additional director	30-10-2006	30-10-2006	28-09-2007	Active	NO
6	L40200WB1995PLC068251	EASTERN GASES LIMITED	Director	31-01-2008	31-01-2008	12-11-2013	Active	NO
7	U74140DL2001PTC112464	V2 INSURANCE PROFESSIONALS PRIVATE LIMITED	Additional director	26-02-2008	26-02-2008	-	Active	NO
8	U55101WB2008PLC129604	WAXPOL HOTELS AND RESORTS LIMITED	Director	24-09-2008	24-09-2008	-	Active	NO
9	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Director	25-09-2009	01-01-2009	-	Active	NO
10	U74991DL2006PLC148826	JCO GAS PIPE LIMITED	Additional director	27-03-2009	27-03-2009	30-09-2009	Active	NO
11	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LTD	Director	30-09-2009	01-04-2009	-	Active	NO
12	U67190DL2010PTC204955	PARITY FINSOLVE PRIVATE LIMITED	Director	09-09-2011	01-09-2010	-	Active	NO
13	U01111DL2010PTC210360	Blueberry Farms Private Limited	Director	12-11-2010	12-11-2010	-	Active	NO
14	U27109HR2003PTC035091	VIBHOR STEEL TUBES PRIVATE LIMITED	Director	24-03-2011	24-03-2011	-	Active	NO
15	U70109DL2011PTC221140	BAID BUILDCON PRIVATE LIMITED	Director	20-06-2011	20-06-2011	-	Active	NO

Name :

Mr. Vinod Kumar Aggarwal

Designation :

Director

Address :

3/37, Punjabi Bagh, New Delhi – 110 026, India

Date of Birth/Age :

19.10.1961

Date of Appointment :

26.09.2011

DIN No.:

00375239

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	U28999DL1971PLC005782	STEEL AND METAL TUBES (INDIA) LIMITED	Whole-time director	01-07-2012	21-04-1980	-	Active	NO
2	U27101DL1998PTC097100	PROTON INDIA PRIVATE LIMITED	Director	16-11-1998	16-11-1998	-	Active	NO
3	U51398MH1987PTC184943	D GAUTAM INTERNATIONAL PRIVATE LIMITED	Director	27-06-2005	27-06-2005	05-12-2007	Active	NO
4	U27203KA1970PLC002806	JINDAL ALUMINIUM LIMITED.	Director	03-09-2010	06-11-2009	11-09-2013	Active	NO
5	U74899DL1985PTC022821	SIDHI VINAYAK TUBES PRIVATE LIMITED	Director	28-09-2010	28-12-2009	-	Active	NO
6	U27101UP1970PLC020637	JINDAL PIPES LIMITED	Director	26-09-2011	27-06-2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anand Garg
Designation :	Secretary
Address :	H. No. 1331, First Floor, Sector-45, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	26.10.1970
Date of Appointment :	20.09.2007
PAN No.:	AGFPG1472R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.09.2013

Names of Shareholders	No. of Shares
Dharam Pal Jindal (HUF)	1290000
Dharam Pal Jindal	58800
Saket Jindal	1860000
Raghav Jindal	1906820
Savita Jindal	1062000
Crispark Vincom Limited, India	1560000
Sudha Apparels Limited, India	3741740
Dytop Commodeal Limited, India	3738200
Jindal Global Finance and Investment Limited, India	3527640
Total	18745200

AS ON 16.09.2013

Equity Shares Break Up	Percentage of Holding
Bodies corporate	67.04
Directors or relatives of Directors	32.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Pipes and Tubes.

Products :

Product Description

ITC Code

ERW Pipes and Tubes

7305.11

GENERAL INFORMATION

Customers :

Indian Oil Corporation Limited
National Thermal Power Corporation
Oil and Natural Gas Corporation Limited
Bharat Heavy Electricals Limited
Oil India Limited
Bharat Petroleum Corporation Limited
Gas Authority of India Limited
EIL
H P C L
Reliance Industries Limited
Larsen & Toubro
Consolidated Construction Consortium Limited

No. of Employees :

Information declined by the Management.

Bankers :

State Bank of Bikaner and Jaipur, G-72, Cannaught Circus, New Delhi – 110 001, India
State Bank of Patiala
Standard Chartered Bank

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans From Others	1.173	2.342
Public Deposits	8.075	46.830
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks	102.868	110.242
Total	112.116	159.414


Banking Relations :	--

Auditors :
Name :	L B Jha and Company Chartered Accountants
Address :	404 and 405 Yogeshwar Building M 2, Connaught Place, India
PAN No.:	AABFL0464G

Joint Venture :	Dev Drilling Pte. Limited

Associates :	Solar Renewable Urja Private Limited

Subsidiaries :	Jindal Hydro Carbon Limited Jindal Pipes Finance Limited Jindal Pipes (Singapore) PTE. Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18745200	Equity Shares	Rs.10/- each	Rs.187.452 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	187.452	187.452	187.452
(b) Reserves & Surplus	2763.496	2613.403	2719.240
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2950.948	2800.855	2906.692

(3) Non-Current Liabilities
(a) Long-term borrowings	209.248	49.172	38.042
(b) Deferred tax liabilities (Net)	93.419	118.703	48.493
(c) Other long term liabilities	164.850	69.158	24.788
(d) Long-term provisions	2.708	3.947	3.591
Total Non-current Liabilities (3)	470.225	240.980	114.914

(4) Current Liabilities
(a) Short term borrowings	586.943	1103.051	967.453
(b) Trade payables	1174.358	1221.180	430.497
(c) Other current liabilities	198.183	169.710	263.114
(d) Short-term provisions	22.235	0.024	127.420
Total Current Liabilities (4)	1981.719	2493.965	1788.484

TOTAL	5402.892	5535.800	4810.090

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1742.438	1731.720	1344.784
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	22.211	92.593	237.693
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	777.695	689.336	155.194
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.871	55.537	236.956
(e) Other Non-current assets	69.790	17.783	13.038
Total Non-Current Assets	2646.005	2586.969	1987.665

(2) Current assets
(a) Current investments	50.563	0.000	0.000
(b) Inventories	1089.319	1701.715	1607.874
(c) Trade receivables	738.523	903.539	537.564
(d) Cash and cash equivalents	2.382	11.497	169.989
(e) Short-term loans and advances	814.963	271.213	428.917
(f) Other current assets	61.137	60.867	78.081
Total Current Assets	2756.887	2948.831	2822.425

TOTAL	5402.892	5535.800	4810.090

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	10538.307	8821.739	5961.121
		Other Income	51.000	46.990	65.182
		TOTAL (A)	10589.307	8868.729	6026.303

Less	EXPENSES
		Cost of materials consumed	6011.966	6490.726	4744.199
		Purchases of stock-in-trade	3079.692	1431.880	480.595
		Employee benefit expense	113.124	126.031	108.804
		Other expenses	644.658	813.936	563.195
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	430.443	(113.849)	(349.059)
		TOTAL (B)	10279.883	8748.724	5547.734

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		309.424	120.005	478.569

Less	FINANCIAL EXPENSES (D)		98.733	76.045	34.675

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		210.691	43.960	443.894

Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.599	33.987	18.995

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		177.092	9.973	424.899

Less	TAX (H)		(36.914)	72.059	141.298

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		214.006	(62.086)	283.601


	Earnings / (Loss) Per Share (Rs.)		11.00	(3.00)	15.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.02	(0.70)	4.71

Net Profit Margin (PBT/Sales)	(%)	1.68	0.11	7.13

Return on Total Assets (PBT/Total Assets}	(%)	3.85	0.21	9.62

Return on Investment (ROI) (PBT/Networth)		0.06	0.00	0.15

Debt Equity Ratio (Total Debt /Networth)		0.27	0.41	0.35

Current Ratio (Current Asset/Current Liability)		1.39	1.18	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	187.452	187.452	187.452
Reserves & Surplus	2719.24	2613.403	2763.496
Net worth	2906.692	2800.855	2950.948

Long-term borrowings	38.042	49.172	209.248
Short term borrowings	967.453	1103.051	586.943
Total borrowings	1,005.495	1,152.223	796.191
Debt/Equity ratio	0.346	0.411	0.270

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	5961.121	8821.739	10538.307
		47.988	19.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	5961.121	8821.739	10538.307
Profit	283.601	(62.086)	214.006
	4.76%	(0.70%)	2.03%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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

Note:

No Charges Exist for Company.

Unsecured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Inter-corporate Borrowings	200.000	0.000
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks	92.044	54.360
Inter-corporate Borrowings	392.031	938.449
Total	684.075	992.809

OPERATIONS

The Gross Turnover of the Company during the year was Rs.11370.300 millions against Rs9564.300 millions in the previous year. Profit before tax for the year was Rs.177.100 millions s as against Rs.9.900 millions in the previous year. The Profit after Tax was 214.000 millions as against Loss after tax of Rs.62.100 millions in the previous year.

OIL AND GAS EXPLORATION SERVICES

The Company has decided to diversify its activities into the area of providing Oil and Gas exploration services by offering deployment and operation of offshore rigs to oil exploring companies. The proposed activities are expected to substantially improve the operational performance of the Company

SUBSIDIARY COMPANIES

The Company has three subsidiary companies, namely, Jindal Hydrocarbons Limited, Jindal Pipes (Singapore) Pte. Limited, Singapore and Jindal Pipes Finance Limited. An Offshore jack-up rig, ordered by Jindal Pipes (Singapore) Pte. Limited is in an advanced stage of construction at Dubai.

All three subsidiaries of the Company namely, Jindal Hydrocarbons Limited, Jindal Pipes (Singapore) Pte. Limited, Singapore and Jindal Pipes Finance Limited are yet to commence their business activities.

FIXED ASSETS:

· Land Freehold

· Building

· Shed and Building

· Trade Mark

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office Equipments

· Computer

WEBSITE DETAILS:

PROFILE:

Subject was incorporated in 1970 with a production capacity of 3,000 TPA for manufacturing of Steel Pipes and Tubes. Since then, the Company has brought phenomenal development in Pipe, Black and Galvanized Steel Pipes Manufacturing Process through many innovative measures. Today, it has an annual turnover of Approx. Rs.7000.000 millions. Induction of sophisticated state-of-the-art technical know-how and highly motivated and skilled workforce have made possible for the company to augment its production capacity to 2,50,000 TPA.

It is now synonymous with India's one of the best and largest manufacturer of ERW, Black and Galvanized Steel Pipes and Tubes in different thickness from 2.00 mm to 10.00 mm having an Outer Diameter (OD) ranging from 1/2" to 14" NB conforming to various National and International Standards.

Recently the company has started manufacturing of RHS and SHS Pipes of various sizes which are used for various applications i.e. Architectural and Industrial.

The company received 'Regional Special Shield' for export performance for the year 1977-78 and from 1984 to 1988. It was also awarded the 'Certificate for Export Excellence 1990-91' by the EEPC.

True to D.P. Jindal Group's way of life, quality is at the helm of affairs as a perpetual phenomenon. It is their constant endeavor to produce pipes of highest quality and sustainability. To achieve this, they stick to strict quality standards and in-house evaluations and they continuously educate and train their workers.

Their plant have been constantly executing need based and demanding orders for Pipes to meet the requirements of sectors like Agriculture, Oil, Public Health, Housing, Irrigation, Engineering etc.

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	PLK

Analysis Done by :	RAS

Report Prepared by :	SMN

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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.

MIRA INFORM REPORT

2.02

1.68

3.85

0.06

0.27

1.39

Unit