MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	JSW STEEL LIMITED
Formerly Known As :	JINDAL VIJAYNAGAR STEEL LIMITED
Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.03.1994
Com. Reg. No.:	11-152925
Capital Investment / Paid-up Capital :	Rs.10671.900 Millions
CIN No.: [Company Identification No.]	L27102MH1994PLC152925
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05285A / PNEJ05353F
PAN No.: [Permanent Account No.]	AAACJ4323N / AACT4323N
Legal Form :	A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Iron and Steel Products.
No. of Employees :	11,099 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of “JSW Group”, which inturn is part of the “O.P. Jindal Group” as a result of the merger of “JSW Ispat Steel Limited” with the subject, it is one of the largest steel producers in India. It is a well-established and a reputed company having fine track. The company possesses a decent financial profile marked by healthy networth along with improvement in operational performance whereas, has witnessed a moderation in its capital structure during FY 14. The ratings also take into consideration the susceptibility of profit margins to volatility in input cost due to lack of raw material integration as well as exposure to foreign exchange risk which may be further mitigated by gradual improvement in availability of iron ore in Karnataka. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced management with well-established track brownfield projects and significant presence in the Indian steel sector, the subject 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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	17.10.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	17.10.2014

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 31-03-2014.

INFORMATION DENIED

Management non-cooperative (Tel. No.: 91-22-42861000)

LOCATIONS

Registered/ Regional Office:	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42861000
Fax No.:	91-22-42863000
E-Mail :	jvsl.blr@sm3.sprintrpg.ems.vsnl.net.in admin.vijayanagar@jvsl.com lancy.varghese@jsw.in jvsl@jvsl.com ketan.patel@jsw.in paresh.tewary@jsw.in
Website :	http://www.jsw.in
Corporate Office 1:	Victoria House, 2^nd Floor, Pandurang Budhkar Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel No. :	91-22-24927000 / 43437800
Email :	natalie.barretto@jsw.in
Corporate Office 2:	The Enclave, Maratha Udhog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel No. :	91-22-67838000
Fax No. :	91-22-24320740
Factory 1 :	Vijayanagar Works P.O. Vidyanagar, Toranagallu Village, Sandur Taluk, District Bellary - 583275, Karnataka, India
Tel. No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138 / 250665
Factory 2 :	Vasind Works Shahapur Taluk, District Thane - 421604, Maharashtra, India
Tel. No.:	91-2527-220022 to 025
Fax No.:	91-2527-220020 / 84 / 92
Factory 3 :	Tarapur Works MIDC Boisar, District Thane – 401506, Maharashtra, India
Tel. No.:	91-2525-270147 / 270149
Fax No.:	91-2525-270148
Factory 4 :	Salem Works Pottaneri, M. Kalipatti Village, Mecheri Post, Mettur Taluk, District Salem - 636453, Tamilnadu, India
Tel. No.:	91-4298-278400 to 404
Fax No.:	91-4298-278618
Factory 5 :	PO Vidyanagar, Toranagallu, District Bellary – 583275, Karnataka, India
Tel No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138 / 250665
Works :	Geetapuram, Taluka-Pen, District: Dolvi – 402107, Maharashtra, India
Branch Office :	123/124, BM Tower, NPII, New Palasia, Indore, Madhya Pradesh, India
Other Branch Offices :	Located At: · Karnataka · Tamilnadu · Andhra Pradesh · Coimbatore · New Delhi · Madhya Pradesh
Additional Main Office :	Located At: · Mumbai · Bangalore · Rajasthan
Overseas Office :	JSW Steel (USA) Inc. 5200 East Mc Kinney Road, Baytown , TEXAS 77523, U.S.A. Office : 1 - 281 - 383 - 5100 Fax : 1 - 281 - 383 - 1803 Website : www.jswsteelusa.com JSW Steel Service Centre (UK) Limited Lake Road , Leeway Industrial Estate, Newport, NP19 4WN, United Kingdom Tel: 44 - 1633290260 Fax: 44 - 1633290911 Website: www.jswsteel.co.uk

DIRECTORS

AS ON 31.03.2014

Name :	Mrs. Savitri Devi Jindal
Designation :	Chairperson
Name :	Mr. Sajjan Jindal
Designation :	Vice Chairman and Managing Director
Name :	Mr. Seshagiri Rao M.V.S.
Designation :	Joint Managing Director and Group Chief Finance Officer
Date of Birth/Age :	15.01.1958
Qualification :	AICWA, LCS, CAIIB, Diploma in Business Finance
Date of Appointment :	06.04.1999
Name :	Dr. Vinod Nowal
Designation :	Director and Chief Finance Officer
Name :	Mr. Jayant Acharya
Designation :	Director (Commercial and Marketing)
Date of Birth/Age :	25.01.1963
Qualification :	BE (Chemical), M. Sc (Physics), MBA (Marketing).
Date of Appointment :	07.05.2009
Name :	Mr. V. P. Baligar
Designation :	Nominee Director of KSIIDC
Name :	Mr. Hiromu Oka
Designation :	Nominee Director of JFE Steel Corporation, Japan
Name :	Dr. S K Gupta
Designation :	Director
Name :	Mr. Anthony Paul Pedder
Designation :	Director
Name :	Dr. Vijay Kelkar
Designation :	Director
Name :	Mr. Uday M Chitale
Designation :	Director
Name :	Mr. Sudipto Sarkar
Designation :	Director
Date of Birth/Age :	21.03.1946
Qualification :	B.Sc. (Maths - Hons), BA (Law Tripos), LLM (International Law), MA (Law) Barrister, Gray’s Inn. London.
Date of Appointment :	09.05.2005
Name :	Mr. Kannan Vijayaraghavan
Designation :	Director
Date of Birth/Age :	04.05.1959
Qualification :	Fellow Member of the Institute of Chartered Accountants of India, Certified Management Consultant and Fellow of the Institute of Management Consultants.
Date of Appointment :	16.06.2008
Name :	Mrs. Punita Kumar Sinha
Designation :	Director

KEY EXECUTIVES

Name :	Lancy Varghese
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4062538	1.68
Central Government / State Government(s)	907952	0.38
Bodies Corporate	84336991	34.89
Sub Total	89307481	36.95
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	11099	0.00
Bodies Corporate	5704612	2.36
Sub Total	5715711	2.36
Total shareholding of Promoter and Promoter Group (A)	95023192	39.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3869877	1.60
Financial Institutions / Banks	3874339	1.60
Central Government / State Government(s)	1237500	0.51
Foreign Institutional Investors	49365292	20.42
Sub Total	58347008	24.14
(2) Non-Institutions
Bodies Corporate	15035804	6.22
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	14396680	5.96
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	9215016	3.81
Any Others (Specify)	49704344	20.56
Trusts	2855204	1.18
Overseas Corporate Bodies	38742	0.02
Non Resident Indians	3256315	1.35
Foreign Corporate Bodies	43554083	18.02
Sub Total	88351844	36.55
Total Public shareholding (B)	146698852	60.69
Total (A)+(B)	241722044	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	241722044	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Iron and Steel Products.

Products :

Item Code (ITC Code)	Product Description
72.08	Hot Rolled Steel Strips/ Sheets/ Plates
72.09	MS Cold Rolled Coils/ Sheet
72.10	MS Galvanized Plain/ Corrugated/Colour coated Coils/ Sheet
720690	Steel Billet
721490	Bar And Rods

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity	Actual Production
MS Slabs	Tonnes	8300000	6541921
Hot Rolled Coils/Steel Plates/Sheets	Tonnes	8200000	6202129
Hot Rolled Steel Plates	Tonnes	320000	79308
Cold Rolled Coils/Sheets	Tonnes	1825000	1658906
Galvanised/Galvalum Coils/Sheets	Tonnes	925000	996530
Colour Coating Coils / Sheets	Tonnes	426000	188569
Steel Billets and Bloom	Tonnes	2500000	1977543
Long Rolled Products	Tonnes	2450000	1798173

NOTES:

1) As certified by the management and accepted by auditors, being a technical matter.

2) Production of Cold Rolled Coils/Sheets includes 59,483 tonnes (previous year 53,438 tonnes) from a third party on a job work basis.

3) Production of Galvanized/Galvalum Coils/Sheets includes 61,107 tonnes (previous year 55,734 tonnes) from a third party on a job work basis.

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

11,099 (Approximately)

Bankers :

· Allahabad Bank

· Bank of Baroda

· Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Bank

· Indian Overseas Bank

· Punjab National Bank

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· Union Bank of India

· Vijaya Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
10.55% Non-Convertible Debentures of Rs.10 Lacs Each	1500.000	0.000
10.50% Non-Convertible Debentures of Rs.10 Lacs Each	1500.000	0.000
10.55% Non-Convertible Debentures of Rs.10 Lacs Each	10000.000	0.000
10.02% Non-Convertible Debentures of Rs.10 Lacs Each	10000.000	0.000
10.34% Non-Convertible Debentures of Rs.10 Lacs Each	10000.000	10000.000
11% Non-Convertible Debentures of Rs.10 Lacs Each	10000.000	10000.000
10.25% Non-Convertible Debentures of Rs.10 Lacs Each	5000.000	5000.000
10.60% Non-Convertible Debentures of Rs.10 Lacs Each	3500.000	3500.000
10.10% Non-Convertible Debentures of Rs.10 Lacs Each	7187.500	9687.500
11.93% Non-Convertible Debentures of Rs.10 Lacs Each	0.000	62.800
11.93% Non-Convertible Debentures of Rs.10 Lacs Each	97.500	175.500
Term Loans
Rupee Term Loans from Banks	91347.700	61725.300
Foreign Currency Term Loans from Banks	6037.000	6956.000
Rupee Term Loans from Financial Institution	30.000	142.300
Short Term Borrowings
Working Capital Loans from Banks	10656.600	2666.100
Foreign Currency Loan from Bank	0.000	8429.200
Rupee Term Loans from Banks	18550.000	0.000
Commercial Paper	10000.000	0.000
Total	195406.300	118344.700

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Membership :	--
Associates :	· Jindal Praxair Oxygen Company Private Limited · JSW Ispat Steel Limited
Subsidiaries :	· JSW Steel (Netherlands) B.V. · JSW Steel (UK) Limited · Argent Independent Steel (Holdings) Limited · JSW Steel Service Centre (UK) Limited · JSW Steel Holding (USA) Inc. · JSW Steel (USA) Inc. · Periama Holdings, LLC · Purest Energy, LLC · Meadow Creek Minerals, LLC · Hutchinson Minerals, LLC · R.C. Minerals, LLC · Keenan Minerals, LLC · Peace Leasing, LLC · Prime Coal, LLC · Planck Holdings, LLC · Rolling S Augering, LLC · Periama Handling, LLC · Lower Hutchinson Minerals, LLC · Caretta Minerals, LLC · JSW Panama Holdings Corporation · Inversiones Eroush Ltda · Santa Fe Mining · Santa Fe Puerto S.A. · JSW Natural Resources Limited · JSW Natural Resources Mozambique Ltda · JSW ADMS Carvo Lda · JSW Mali Resources SA (w.e.f. 18.02.2013) · JSW Steel Processing Centres Limited · JSW Bengal Steel Limited · JSW Natural Resources India Limited · Barbil Beneficiation Company Limited · JSW Jharkhand Steel Limited · JSW Building Systems Limited · JSW Steel East Africa Limited · Amba River Coke Limited · JSW Energy (Bengal) Limited · JSW Natural Resource Bengal Limited (w.e.f. 03.04.2012) · JSW Steel Coated Products Limited (w.e.f. 31.08.2012) · JSW Energy (Bengal) Limited (upto 04.03.2012)
Joint Venture :	· Vijayanagar Minerals Private Limited · Rohne Coal Company Private Limited · JSW Severfield Structures Limited · Gourangdih Coal Limited · Toshiba JSW Turbine and Generator Private Limited · MJSJ Coal Limited · GEO Steel LLC · JSW Structural Metal Decking Limited · JSW MI Steel Service Center Private Limited
Other Related Parties :	· JSW Energy Limited · JSL Limited · JSW Realty and Infrastructure Private Limited · Jindal Saw Limited · Jindal Steel and Power Limited · JSOFT Solutions Limited · Jindal Industries Limited · Jindal Aluminum Limited · JSW Cement Limited · JSW Jaigarh Port Limited · Reynold Traders Private Limited · Raj West Power Limited · JSW Power Trading Company Limited · JSW Aluminim Limited · P Jindal Foundation · JSW Infrastructure Limited · South West Port Limited · JSW Techno Projects Management Limited · South West Mining Limited · JSL Architecture Limited · JSW Projects Limited · Sapphire Technologies Limited · Jindal Technologies and Management Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6015000000	Equity Shares	Rs.10/- each	Rs.60150.000 Millions
3000000000	Preference Shares	Rs.10/- each	Rs.30000.000 Millions
	Total		Rs.90150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
241722044	Equity Shares	Rs.10/- each	Rs.2417.200 Millions
279034907	Preference Shares	Rs.10/- each	Rs.2790.300 Millions
485414604	0.01% Cumulative Redeemable Preference Share Fully Paid-up		Rs.4854.100 Millions
	Equity Shares Forfeited [Amount originally paid-up]		Rs.610.300 Millions
	Total		Rs.10671.900 Millions

Reconciliation of the number of shares outstanding at the beginning and end of the year:

Equity Shares	Number of Shares
Outstanding at the beginning of the year	223117200
Shares issued during the year	18604844
Outstanding at the end of the year	241722044

Preference Shares	Number of Shares
10% Cumulative Redeemable Preference Shares
Outstanding at the beginning and at the end of the year	279034907
0.01% Cumulative Redeemable Preference Shares
Outstanding at the beginning of the year	--
Issued during the year	485414604
Outstanding at the end of the year	485414604

Rights, preferences and restrictions attached to Equity shares

The Company has a single lass of equity shares each shareholder IS eligible for one vote per share held.

The dividend proposed by the Board of Directors IS subject to the approval of the shareholders In the event of Liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential mounts, In proportion to their shareholding.

Rights, preferences and restrictions attached to Preference shares

The Company has two classes of preference shares i.e. 10% Cumulative Redeemable Preference Shares (CRPS1] of Rs.10 per share and 0.1% Cumulative Redeemable Preference Shares (CRPS2) of Rs.10 per share. CRPS1 are redeemable at par in four equal 'quarterly Installments commencing from 15 December 2017. The shares carry a right to receive 10% dividend very year till redemption.

Each holder of CRPS2 is entitled to one vote per share, In proportion to the amount paid on CRPS2 held, only on resolutions placed before the Company which directly affect the rights attached to CRPS2. It carries dividend Id 0.01% p.a., when declared. CRPS2 is redeemable at par eight quarterly Installments commencing from 15th June 2018. In the event of liquidation, the preference shareholders are eligible to receive the outstanding amount including dividend after distribution of all other preferential amounts, in proportion to their shareholding. In the event of winding-up of the Company before redemption of preference shares, the holders of CRPSI and CRPS2 will have priority over equity’s hares in the payment of dividend and repayment of capital.

Shareholders holding more than 5% shares in the company is set out below:

Equity Shares	Number of Shares	% of Holding
JSW Steel International Europe B.V	36258307	15.00%
JSW Holdings Limited	17284923	7.15%
JSW Investment Private Limited	12599601	5.21%
JSW Energy Investments Private Limited	6184200	2.56%

Preference Shares	Number of Shares	% of Holding
10% Cumulative Redeemable Preference Shares
ICICI Bank Limited	125707730	45.05%
IDBI Bank Limited	69734847	24.99%
Life Insurance Corporation of India	36348783	13.03%
IFCI Limited	21262362	7.62%
0.01% Cumulative Redeemable Preference Shares
JSW Logistics Infrastructure Private Limited	338586951	69.75%

Shares allotted as fully paid-up pursuant to contracts without payment being received in cash during the period of five years immediate preceding the date of the balance sheet are as under:

1,86,04,844 equity shares to the shareholders of the erstwhile JSW Ispat Steel Limited pursuant to a composite scheme of amalgamation and arrangement.

48,54,14,604 0.01% cumulative redeemable preference shares fully paid upto the shareholders of the erstwhile JSW Ispat Steel Limited pursuant to a composite scheme of Amalgamation and Arrangement.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10671.900	5631.800	5631.800
(b) Reserves & Surplus	232169.900	193741.900	179343.100
(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)	242841.800	199373.700	184974.900
(3) Non-Current Liabilities
(a) long-term borrowings	210543.200	154342.600	115280.900
(b) Deferred tax liabilities (Net)	19085.100	34502.300	30120.900
(c) Other long term liabilities	4664.000	1940.600	827.200
(d) long-term provisions	406.700	395.100	329.000
Total Non-current Liabilities (3)	234699.000	191180.600	146558.000
(4) Current Liabilities
(a) Short term borrowings	39206.600	11095.300	7741.300
(b) Trade payables	99912.500	92743.600	91844.500
(c) Other current liabilities	64159.700	48739.800	71825.200
(d) Short-term provisions	3437.200	3020.500	2269.200
Total Current Liabilities (4)	206716.000	155599.200	173680.200
TOTAL	684256.800	546153.500	505213.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	372251.200	276044.700	270716.900
(ii) Intangible Assets	699.600	343.200	188.900
(iii) Capital work-in-progress	67896.600	50339.700	24767.700
(iv) Intangible assets under development	678.100	405.700	270.400
(b) Non-current Investments	43128.500	44956.100	42122.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	49614.700	30839.900	26514.400
(e) Other Non-current assets	0.000	0.800	15.800
Total Non-Current Assets	534268.700	402930.100	364596.100
(2) Current assets
(a) Current investments	677.000	1404.500	2012.200
(b) Inventories	61965.700	47991.000	51790.800
(c) Trade receivables	22187.400	18622.000	12846.200
(d) Cash and cash equivalents	4657.200	14017.900	29560.200
(e) Short-term loans and advances	60500.800	61188.000	44407.600
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	149988.100	143223.400	140617.000
TOTAL	684256.800	546153.500	505213.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	452977.200	354918.100	321226.600
		Other Income	3310.500	2608.800	1793.000
		TOTAL (A)	456287.700	357526.900	323019.600
Less	EXPENSES
		Cost of materials consumed	267058.200	225903.700	209601.100
		Purchases of traded goods	4948.100	100.000	775.000
		Changes in inventories of Finished goods, Work-in-progress and Stock-in-Trade	(2441.000)	(1724.600)	(2978.100)
		Employee benefits expense	7995.800	6709.700	6258.700
		Other expenses	87590.200	60841.100	51261.900
		Exceptional Items	16923.000	3672.100	8209.600
		TOTAL (B)	382074.300	295502.000	273128.200
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		74213.400	62024.900	49891.400
Less	FINANCIAL EXPENSES (D)		27401.300	17244.800	11864.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46812.100	44780.100	38027.300
Less	DEPRECIATION/ AMORTISATION (F)		27258.800	19738.900	17081.700
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		19553.300	25041.200	20945.600
Less	TAX (H)		6208.200	7029.000	4687.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		13345.100	18012.200	16258.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33060.200	19873.000	27883.600
Less	PURSUANT TO THE COMPANIES SCHEME OF AMALGAMATION AND ARRANGEMENT		3419.500	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1340.000	1810.000	23250.000
		Dividend on Additional Equity Shares Issued	217.700	0.000	0.000
		Dividend on Preferences Shares	279.000	279.000	279.000
		Proposed Final Dividend on Equity Shares	2658.900	2231.200	1673.400
		Corporate Dividend Tax	499.300	426.600	316.800
		Transfer To Debenture Redemption Reserve	541.600	78.200	(1250.000)
	BALANCE CARRIED TO THE B/S		37449.300	33060.200	19873.000
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	80564.500	69693.500	53752.200
		Sale of Carbon Credits	0.000	170.700	133.700
		Commission and Fees	334.600	0.000	0.000
		Interest Income	1930.400	1808.800	1078.300
	TOTAL EARNINGS		82829.500	71673.000	54964.200
	IMPORTS
		Raw Materials	142583.800	104010.900	123970.500
		Stores & Spares	4014.100	4671.000	3723.900
		Capital Goods	15248.700	17213.900	9755.300
	TOTAL IMPORTS		161846.600	125895.800	137449.700
	Earnings / (Loss) Per Share (Rs.)		53.86	79.28	71.42

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	2.92	5.04	5.03
Net Profit Margin (PBT/Sales)	(%)	4.32	7.06	6.52
Return on Total Assets (PBT/Total Assets}	(%)	3.42	5.56	4.78
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.11
Debt Equity Ratio (Total Debt /Networth)		1.03	0.83	0.67
Current Ratio (Current Asset/Current Liability)		0.73	0.92	0.81

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	5631.800	5631.800	10671.900
Reserves & Surplus	179343.100	193741.900	232169.900
Net worth	184974.900	199373.700	242841.800
long-term borrowings	115280.900	154342.600	210543.200
Short term borrowings	7741.300	11095.300	39206.600
Total borrowings	123022.200	165437.900	249749.800
Debt/Equity ratio	0.665	0.830	1.028

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	321,226.600	354,918.100	452,977.200
		10.488	27.629

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	321,226.600	354,918.100	452,977.200
Profit	16,258.600	18,012.200	13,345.100
	5.06%	5.08%	2.95%

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)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 19/09/2014
Lodging No:-	NMAL/1453/2014	Failing Date:-	26/-62014	Reg. No.:-	NMA/860/2014	Reg. Date:-	03/07/2014
Lodging No:-	Main Matter
Petitioner:-	THE COMMISSIONER OF CENTRAL EXCISI		Respondent:-	M/S JSW STEEL LTD.
Petn.Adv:-	S.D. BHOSALE (0)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Category:-	NOTICE OF MOTION (TAX)
Date:-	29/01/2015		Stage:-	NOTICE OF MOTION FOR HEARING [ORIGINAL SIDE MATTERS]
Coram:-	HON’BLE SHRI JUSTICE S. C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A.SAYED
Act:-	Central Excise and Salt Act

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Foreign Currency Term Loans from Banks	53326.500	45985.500
Deferred Sales Tax Loan	1017.000	1107.700
Total	54343.500	47093.200

FINANCIAL HIGHLIGHTS:

The Scheme of Amalgamation and Arrangement ("the Scheme") between the Company and JSW ISPAT Steel Limited and others, which became effective June 1, 2013 with appointed date of July 1, 2012. Therefore, the numbers of FY 2013-14 are not comparable with FY 2012-13 as the effect of implementation of the Scheme is included in the current year figures.

STANDALONE RESULTS:

The Company produced 12.17 million tonnes of crude steel in FY 2013-14, up 43% over the previous year. Its steel sales grew to 11.86 million tonnes, increasing by 34% year on year. The Company took several initiatives during the last financial year that helped in achieving impressive growth in production and sales volumes. The Company commissioned new facilities to enrich product mix, leveraged the export demand, diversified its inputs sourcing strategy and strengthened market penetration through wider distribution and newer formats.

The Gross Turnover and Net Turnover for the year under review was Rs.485270.000 Millions and Rs.445290.000 Millions, respectively, and showed a growth of 25% and 26%, respectively. The Operating EBITDA was Rs.387830.000 Millions, and showed a growth of 39% with an improvement in EBIDTA margin from 17.8% to 19.4%. The net profit after tax was Rs.13350.000 Millions after considering exceptional loss of Rs.16920.000 Millions. The exceptional loss is due to the significant movement and volatility in the value of the rupee against US dollar.

The net worth of your Company increased to Rs.3242840.000 Millions as on March 31, 2014 from Rs.199370.000 Millions as on March 31, 2013. The Company’s net debt gearing was at 1.10 (compared to 0.82 as on March 31, 2013) and net debt to EBIDTA was at 3.03 (compared to 2.59, as on March 31, 2013).

SCHEME OF ARRANGEMENT AND AMALGAMATION:

A ‘Composite Scheme of Arrangement and Amalgamation’ under Sections 391-394 of the Companies Act, 1956 (the "Scheme") amongst the Company, JSW ISPAT Steel Limited ("JSW ISPAT"), JSW Building Systems Limited ("JSW Building"), JSW Steel Coated Products Limited ("JSW Steel Coated") (formerly known as Maharashtra Sponge Iron Limited) and their respective shareholders and creditors was sanctioned by the Hon’ble Bombay High Court vide its Order dated May 3, 2013. The Appointed Date in terms of the Scheme is July 1, 2012. The said Scheme has become effective June 1, 2013, consequent to the filing of Hon’ble High Court’s Order with the Registrar of Companies.

PROSPECTS:

ECONOMY

In FY 2013-14, India was besieged by high inflation, rapidly depreciating Rupee, rising NPAs, declining manufacturing, stagnant investments and subdued exports with adverse downside risk to future economic growth. However, prudent and timely measures by RBI and the Government restored macroeconomic stability, lowering Current Account Deficit to below 2.5% and contained Fiscal Deficit at 4.6%.

World economy is projected to grow at 3.6% in CY3 2014 up from 3% in CY 2013 majorly aided by steady growth in Europe from 0.2% to 1.6% and US from 1.9% to 2.8%. Emerging Markets are projected to exhibit a moderate growth at 4.9%. China is focusing on ‘Quality’ engineered growth, with emphasis on increasing domestic consumption demand. Emerging countries remain vulnerable to the ongoing tapering of quantitative easing in the US, and gradual withdrawal is expected to reduce this risk.

Global commodity prices are projected to remain moderate and this could support India’s recovery. Sustained growth is expected as the Indian economy over-rides the structural impediments and policy stimulates business confidence and accelerate fiscal correction.

STEEL SECTOR

Indian steel demand grew to 73.9 million tonne during FY 2013-14 with Flat Steel down by 2% while Longs displayed a growth of 2.6%. Impacted by inadequacy and inconsistent quality of iron ore, capacity utilisation for Indian steel declined from 81% in FY 2012-13 to 78% in FY 2013-14.

Sluggish domestic demand with rising capacity and increased production resulted in growing thrust on import substitution, resulting in a sharp decline of imports by 34%. Expanding new-age steel capacities and incorporating world-class technologies and rupee depreciation helped India to increase its steel exports by 13%. This exhibits growing global competitiveness of Indian steel industry; thus transforming India into a net steel exporter.

Global crude steel capacity is projected to increase by 88 million tonnes to 2256 million tonnes during CY 2014. Steel demand in CY 2014 is expected to increase by 53 million tonnes or 3.6% to 1534 million tonnes exhibiting significant demand growth for Europe at 3.1% with Advanced Markets up by 2.5% as against -0.2% in CY 2013. Chinese steel demand projected at 728 million tonnes with its growth moderating to 4% as against 6.6% in CY 2013. There is need for the sector to restructure to increase efficiency.

The Government is undertaking proactive policy initiatives for Infrastructure development and Industrial growth, which will accelerate steel demand in line with economic growth. However, concerns like poor availability of iron ore and inconsistent quality as well as high import dependency of coking coal need to be addressed.

AWARDS AND ACCOLADES:

The Company and its employees received the following awards during the year :

• Prime Minister`s Trophy for excellence in performance in 2012-13 for Vijayanagar Works which was adjudged the Best Integrated Steel Plant in India.

• ‘Industry Leadership Award’ at Platts Global Metals Awards for achievements in steel, metals and mining.

• Golden Peacock Eco-lnnovation Award 2013 by the National Jury.

• IMC Ramakrishna Bajaj National Quality Award 2013 for `Strong Commitment To Sustainability` under category E for Vijayanagar Works.

• IMC Ramknshna Bajaj National Quality (RBNQ) Performance Excellence Trophy 2013-14.

• Silver Prize, 14th Annual Greentech Environment Award 2013 in Metal and Mining sector.

• Tamil Nadu Government State Safety Award 2012.

• Best Supplier Award from Tata Motors and WABCO for Salem Works.

• Green Manufacturing Excellence Award `Green Challengers` 2014 from Frost & Sullivan.

• Silver Prize, India Manufacturing Excellence Award 2013 from Frost & Sullivan.

• Commendation Certificate, CII-EXIM Bank Award 2013 for Significant Achievement at Bangalore.

• Commendation Certificate, Cll ITC Sustainability Award 2013.

Second Prize, National Sustainability Award 2013-14 from Indian Institute of Metals

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.09.2014

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended 30.09.2014	Quarter Ended 30.06.2014	Half Year Ended 30.09.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Income from Operations
	Sale of Products
	Domestic Turnover	109097.300	102117.100	211214.400
	Export Turnover	20860.700	21891.400	42752.100
	Total	129958.000	124008.500	253966.500
	Less: Excise Duty	11100.100	10304.300	21404.400
	Net Sales	118857.900	113704.200	232562.100
	Other Operating Income	1677.000	1759.100	3436.100
	Total Income From Operations (Net)	120534.900	115463.300	2359982
2.	Expenditure
	Cost of materials consumed	75560.000	68066.500	143626.500
	Purchase of stock in trade	661.200	683.700	1344.900
	Changes in inventories of finished goods, work in progress and stock in trade	(9712.200)	(3843.700)	(13555.900)
	Employee benefits expenses	2369.700	2360.500	4730.200
	Depreciation and amortization expenses	6991.800	6633.800	13625.600
	Power and Fuel	9531.200	8268.500	17799.700
	Other expenses	17821.100	15317.900	33139.000
	Total Expenses	103222.800	97487.200	200710.000
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	17312.100	17976.100	35288.200
4.	Other Income	1191.600	980.100	2171.700
5.	Profit Before Interest and Exceptional Items (3+4)	18503.700	18956.200	37459.900
6.	Finance Costs	7196.300	7230.000	14426.300
7.	Profit After Interest but before Exceptional Items (5-6)	11307.400	11726.200	23033.600
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit before Tax (7+8)	11307.400	11726.200	23033.600
10.	Tax Expense	3690.500	3712.500	7403.000
11.	Net Profit after Tax (9-10)	7616.900	8013.700	15630.600
12.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	2117.200	2417.200	2417.200
13.	Reserves Excluding Revaluation Reserve
14.	Earnings Per Share (EPS) (Rs.)-
	a) Basic	31.16	32.81	63.97
	b) Diluted	31.16	32.81	63.97
15.	Public Shareholding
	-Number of Shares	146698852	148566806	146698852
	- Percentage of Shareholding	60.69%	61.46%	60.69%
16.	Promoters and Promoter Group Shareholding	95023192	93155238	95023192
	a) Pledged/Encumbered
	- Number of Shares	33502200	36660950	33502200
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	35.26%	39.35%	35.26%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	13.86%	15.17%	13.86%
	b) Non Encumbered
	- Number of Shares	61520992	56494288	6152099.200
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	64.74%	60.65%	64.74%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	25.45%	23.37%	25.45%

Particulars	3 Months Ended 30.06.2014
Pending at the beginning of the quarter	--
Received during the quarter	209
Disposed of during the quarter	209
Remaining unresolved at the end of the quarter	--

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. in Millions

Sl. No.	Particulars	Quarter Ended	Quarter Ended	Half Year Ended
		30.09.2014	30.06.2014	30.09.2014
		(Unaudited)	(Unaudited)
1	Revenue by business segment:
	Steel	123106.400	116460.500	239566.900
	Power	8088.900	10537.800	18626.700
	Others	528.900	658.200	1187.100
	TOTAL	131724.200	127656.500	259380.700
	Less : Inter Segment Revenue	11189.300	12193.200	23382.500
	TOTAL INCOME	120554.900	115463.300	235998.200
2	Segment Results before finance costs and tax
	Steel	15722.900	13893.600	29616.500
	Power	3460.500	4380.400	7840.900
	Others	60.000	120.300	180.300
	TOTAL	19243.400	18394.300	37637.700
	Less: Unallocated Items Income
	Finance Cost	7196.300	7230.000	14426.300
	Unallocated expenses net of unallocable income	739.700	(561.900)	177.800
	NET PROFIT (+) / LOSS(-) BEFORE TAX	11307.400	11726.200	23033.600
3	CAPITAL EMPLOYED
	(Segment assets less segment liabilities
	Steel	442733.800	441648.100	442733.800
	Power	19977.700	20405.400	19977.700
	Others	1542.000	1505.300	1542.000
	Unallocated	(209260.500)	(214260.300)	(209260.500)
	TOTAL	254993.000	249298.500	254993.000

SOURCES OF FUNDS	30.09.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10671.900
(b) Reserves & Surplus	244321.100
Total Shareholders’ Funds (1) + (2)	254993.000
(3) Non-Current Liabilities
(a) long-term borrowings	215968.700
(b) Deferred tax liabilities (Net)	26244.600
(c) Other long term liabilities	3558.000
(d) long-term provisions	449.700
Total Non-current Liabilities (3)	246221.000
(4) Current Liabilities
(a) Short term borrowings	45309.400
(b) Trade payables	101999.800
(c) Other current liabilities	69994.000
(d) Short-term provisions	0.000
Total Current Liabilities (4)	217303.200
TOTAL	718517.200
II. ASSETS
(1) Non-current assets
a) Fixed Assets	450899.100
b) Goodwill on consolidation	0.000
c) Non-current Investments	43156.600
d) Deferred tax assets (net)	0.000
e) Long-term Loan and Advances	51072.000
f) Other Non-current assets	0.000
Total Non-Current Assets	545127.700
(2) Current assets
(a) Current investments	0.000
(b) Inventories	79667.800
(c) Trade receivables	29371.500
(d) Cash and cash equivalents	3352.600
(e) Short-term loans and advances	60997.600
(f) Other current assets	0.000
Total Current Assets	173389.500
TOTAL	718517.200

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507492	20/06/2014	3,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, B ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C09236902
2	10502682	21/05/2014	145,700,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	C06473250
3	10504341	08/08/2014 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, B ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C18343269
4	10496749	06/05/2014	12,000,000,000.00	STATE BANK OF INDIA	THE CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C05211198
5	10483585	04/03/2014	24,864,720,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B98902851
6	10474855	31/12/2013	43,700,000,000.00	STATE BANK OF INDIA	CAG BRANCH, BKC, 16TH FLOOR,, THE CAPITAL, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B95192829
7	10445945	18/11/2013 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B90510785
8	10445949	18/11/2013 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B90511361
9	10428403	03/05/2013	10,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE,, 3RD FLOOR, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B75979476
10	10423803	16/07/2013 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B80707193
11	10362658	20/07/2012 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B44716967
12	10360372	04/03/2014 *	37,460,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C00220749
13	10358176	04/03/2014 *	8,910,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B98902224
14	+”10343108	04/03/2014 *	37,600,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C00220376
15	10298721	04/03/2014 *	43,020,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C00221424
16	10272434	23/12/2011 *	9,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B28534402
17	10233825	30/06/2010	340,970,000.00	STATE BANK OF INDIA	15 KING STREET, EC2V 8EA, LONDON, - NA, UNITED KINGDOM	A91481903
18	10233501	25/06/2010	3,500,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER, 'E',, CUFFE PRADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A91267377
19	10222139	15/05/2010	5,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A86176286
20	10211215	16/01/2012 *	12,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B30731293
21	10197574	20/04/2010 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A84127356
22	10204722	19/01/2010	1,464,000,000.00	INDIAN OVERSEAS BANK	2, WOOD STREET,, KOLKATA, WEST BENGAL - 700016, INDIA	A80332638
23	10180764	01/10/2009 *	3,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A72963622
24	10167430	17/01/2012 *	4,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B30684906
25	10134587	16/06/2009 *	12,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A65390387
26	10129517	11/11/2008	1,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A50574839
27	10124470	21/04/2011 *	5,500,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B10999902
28	10121024	07/07/2014 *	1,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C14126635
29	10116670	12/02/2014 *	92,700,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B97628200
30	10112495	30/06/2008	784,000,000.00	GE CAPITAL SERVICES INDIA	AIFCS BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELH I, DELHI - 110001, INDIA	A41269978
31	10111209	15/07/2008 *	7,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A43996214
32	10106072	16/01/2012 *	31,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B30732614
33	10105055	07/07/2014 *	3,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING , GROUND FLOOR, 17 R KAMANI MARG, B ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C14127849
34	10110717	12/05/2008	12,500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	A40697252
35	10103470	07/03/2008	1,000,000,000.00	ICICI BANK LTD BAHRAIN BRANCH	SUITE 15,GROUND AND MEZZANINE FLOOR,PART 3, MUNIC IPALITY NO.116,BUILDING 114,GOVERNMENT AVENUE, MAN AMA, - 316, BAHRAIN	A38776613
36	10110873	07/03/2008	1,000,000,000.00	WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED	161, MITTAL COURT,, NARIMAN POINT, MUMBAI, MAHARA SHTRA - 400021, INDIA	A40734071
37	10093329	31/01/2009 *	366,300,000.00	BANK OF BARODA	82 BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	A59061028
38	10082900	29/12/2007	1,540,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER, 'E',, CUFFE PRADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A30455505
39	10084210	21/11/2007	4,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A27398387
40	10084654	17/11/2007	784,000,000.00	GE CAPITAL SERVICES INDIA	AIFCS BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELHI, DELHI - 110001, INDIA	A30711345
41	10064526	11/07/2007	1,350,000,000.00	WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED	161, MITTAL COURT,, NARIMAN POINT, MUMBAI, MAHARA SHTRA - 400021, INDIA	A21410857
42	10057288	07/06/2007	4,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A17715111
43	10056798	17/05/2007	10,000,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAME CAMA ROAD,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A17326778
44	10052138	29/03/2007	2,350,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA	A15497456
45	10052141	29/03/2007	3,000,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	A15505563
46	10052147	29/03/2007	650,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA	A15506348
47	10052204	29/03/2007	1,500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	A15517071
48	10036026	03/02/2007	1,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A10352763
49	10036060	20/12/2007 *	8,230,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400001, MAHARASHTRA, INDIA	A33699018
50	80051268	29/11/2005	2,250,000,000.00	PUNJAB NATIONAL BANK	MAKER TOWER 'E', NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
51	80003350	28/04/2006 *	250,000,000.00	DENA BANK	DENA CORPORATE CENTRE, C-10, G BLOCK, BANDRA KURLA COMPLEX, BANDRA E, MUMBAI 400051,, MAHARASHTRA, INDIA	-
52	80003542	28/04/2006 *	2,000,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA - E, MUMBAI, MAHARASHTRA - 400051, INDIA	-
53	90230059	27/06/2005 *	1,000,000,000.00	STATE BANK OF INDIA	123 VOLTAS HOUSE J N HEREDLA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
54	80044429	25/02/2005	500,000,000.00	STATE BANK OF INDORE	B WING, MITTAL COURT, GROUND FLOOR,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400001, INDIA	-
55	80044433	25/02/2005	3,000,000,000.00	STATE BANK OF INDIA	VOLTAS HOUSE, 123,J.N.HEREDIA MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	-
56	80001093	30/05/2003	550,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	-
57	80000435	09/02/2006 *	57,500,000.00	BANK OF BARODA	CORPORATE BANKING BRANCH, 82, BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	-
58	90232547	14/09/2005 *	12,500,000.00	UTI BANK LTD	MAKER TOWER F CUFFE PARADE COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	-
59	80000433	08/02/2006 *	73,000,000.00	BANK OF BARODA	CORPORATE BANKING BRANCH, 82, BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	-
60	90232512	15/09/2005 *	1,040,500,000.00	THE WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LTD	NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
61	80022633	24/11/1997	150,000,000.00	INDUSTRIAL RECONSTRUCTION BANK OF INDIA LIMITED	19, NETAJI SUBHASH ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA	-
62	80031433	22/11/2008 *	3,317,500,000.00	INDIAN BANK	COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE, TAMIL NADU - 641001, INDIA	A54482773
63	80037324	31/01/2009 *	257,900,000.00	INDIAN OVERSEAS BANK	UPPLIPALAYAM, COIMBATORE, TAMIL NADU - 641018, INDIA	A59080374
64	80013602	31/01/2009 *	626,200,000.00	PUNJAB NATIONAL BANK	OPPANAKARA STREET,, COIMBATORE, TAMIL NADU - 641001, INDIA	A59042234
65	80061021	19/07/1995	840,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O F INDIA LIMITED	163, BACKBAY RECLAMATION, , MUMBAI, MAHARASHTRA - 400020, INDIA	-
66	90375701	12/10/1994	1,000,000.00	CANARA BANK	BASHEERBAGH, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture And Fixtures

· Vehicles and Aircrafts

Intangible Assets

· Software

PRESS RELEASE:

INDIA'S STEEL CONSUMPTION GROWS BY 1.3% IN APR-NOV

India's steel consumption grew by a moderate 1.3 per cent to 48.62 million tonnes during the April-November period of current fiscal on lingering effect of the economic slowdown and slow growth in production.

The country, the world's fourth largest steel producer, had consumed 48 MT steel in the corresponding period of the last fiscal, Joint Plant Committee (JPC), a unit under Steel Ministry, said today.

"The slow growth numbers appear to reflect the lingering effect of the economic slowdown and is further depressed by the slow growth in production for sale in April-November, 2014 as compared to the same period of last year," it said in a note sent to the Ministry.

Domestic real consumption of steel in November 2014 at 5.488 MT was down by 9 per cent compared to October. Year-on-year, it increased by 8 per cent, it said.

Production of crude steel during April-November period of the current fiscal was higher by 2.5 per cent at 55.29 MT to which main producers SAIL  , RINL, Tata Steel  , Essar,  JSW and &  JSPL together contributed 29.769 MT. The rest produced 25.52 MT during the period.

The production in November at 6.81 MT was higher by 3.5 per cent over the same month last year.

Export of total finished steel was down by 5.3 per cent during the first eight months of the current fiscal at 3.5 MT over the same period last year.

Also Read: WTO issues mixed ruling in Indian challenge on steel duties

Imports, however, zoomed to 5.5 MT, a 49 per cent growth during the April-November period. "India remained a net importer of total finished steel in April-November, 2014," JPC said.

LOUD SOUND FROM JSW STEEL SCARES VILLAGERS

People in JSW Steel of Vidyanagar township in Torangal and surrounding villages woke up to a loud sound on Tuesday morning and were gripped with fear.

The deafening sound was caused due to the opening of safety valve of a gas pipeline from the Corex IInd plant. However, there was no casualty as the Corex plant was tripped in less than one-and-a-half minute.

According to sources in JSW Steel, pressure developed in one of the gas pipelines caused the valve to open, making the loud sound.

The valve is designed for safety in case pressure accumulated in the pipeline to avoid any kind of disaster. The safety valve was at the highest point of the plant.

Immediately after the noise was heard, people were scared apprehending the bursting of some hazardous gas-pipeline.

Under the Corex technology in steel making, which is considered eco-friendly, as some of the gases generated in the process of steel making, including hazardous, are tapped and used as fuel for power generation, while the rest is diffused by way of burning before letting it out through the chimney.

JSW STEEL'S NOVEMBER CRUDE STEEL PRODUCTION UP 3 PER CENT

NEW DELHI: JSW Steel today said its crude steel production grew by 3 per cent in November to 1.107 Million tonnes.

The Sajjan Jindal-led steel maker had produced 1.072 Million tonnes of steel in the same month last year, it said in a statement.

JSW Steel had produced 1.046 Million tonnes steel in October reporting a 2 per cent decline over the same month last year.

JSW STEEL CATCHING UP FAST WITH TATA STEEL

Earlier scale advantage over JSW shrinks with slower capex in India and poor volume growth and other headaches in Europe

Tata Steel, India’s oldest steel maker, appears to be losing the race for the domestic market in the wake of its try at climbing the global ladder with the acquisition of Corus, nowTata Steel Europe (TSE).

Tata Steel has slipped to number three position in the India market, after JSW Steel, from being the second largest at the time of the Corus acquisition in 2007. During the September quarter, it sent 2.11 million tonnes (mt) of finished steel in the domestic market against JSW Steel’s 3.07 mt and Steel Authority of India’s (SAIL’s) 2.93 mt.

At the consolidated level, too, its scale advantage over JSW has been shrinking, due to a slower capital expenditure (capex) in India and poor volume growth in Europe. The Corus acquisition had made Tata Steel the world’s sixth largest producer, with production capacity nearly 10 times that of JSW. At present, its global deliveries are a little over twice as large as JSW. And, the gap is shrinking, with the latter having aggressively expanded its capacity through a mix of organic capex and acquisitions. Tata Steel has seen a fall in production and deliveries in Europe, its largest market, due to poor economic conditions on the continent.

In the second quarter, Tata Steel shipped 6.5 mt of steel globally, against JSW Steel’s 3.07 mt. Tata Steel deliveries outside India declined to 4.39 mt in the September quarter this year from 4.44 mt a year ago.

Analysts agree. “It is obvious that its huge operations in Europe will get the maximum attention of Tata Steel’s senior management, while the domestic business will take a back seat, especially when the former is making losses while the latter remains profitable,” says a steel analyst with a brokerage house here.

“Moreover, downsizing the European operations, which it had to post the 2008 Lehman crisis, would have also been time consuming for the management, leaving little resources to chase the growth opportunity in India,” adds an analyst with a foreign brokerage house, on condition of anonymity.

When acquired, TSE had a capacity of 21 mt, with plants in the UK and Netherlands. This is down to 17 mt and could fall further by up to five mt, as the company plans to sell it long products division, for which the due-diligence is on.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.97.20
Euro	1	Rs.77.48

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.