MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	JINDAL STEEL AND POWER LIMITED
Registered Office :	O.P. Jindal Marg, Hisar – 125005, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.09.1979
Com. Reg. No.:	05-009913
Capital Investment / Paid-up Capital :	Rs.934.800 Millions
CIN No.: [Company Identification No.]	L27105HR1979PLC009913
TAN No.: [Tax Deduction & Collection Account No.]	JBPJ00181G DELJ03437A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of sponge Iron, steel products and power generation.
No. of Employees :	15000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 490000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “Jindal Group”. It is a well established and a reputed company having excellent track record. There appears slight dip profit of company in 2013. However, the rating reflects consistent track record of profitable operations, diversified product mix and the healthy cash flows generated by the company over the years. Trade relations are reported as trustworthy. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA+ (Long term bank facilities)
Rating Explanation	High credit quality and low credit risk.
Date	November 2013

Rating Agency Name	CARE
Rating	A1+ (Short Term bank facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November 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 PARTED BY

Name :	Mr. Manoj Chauhan
Designation :	Deputy Manger
Contact No.:	91-11-26739100
Date :	09.01.2014

LOCATIONS

Registered Office :	O.P. Jindal Marg, Hisar – 125005, Haryana, India
Tel. No.:	91-1662-222471-75/ 83/ 84
Fax No.:	91-1662-222476/ 499
E-Mail :	jslhsr@nde.vsnl.net.in tksadhu@ngr.jindalsteel.com tksadhu@jindalsteel.com
Website :	http://www.jindalsteelpower.com
Location :	Owned (Industrial Area)
Corporate/ Operating Office :	Jindal Centre, 12, Bhikaiji Cama Place, New Delhi - 110066, India
Tel. No.:	91-11-26188340-50
Fax No.:	91-11-26161271/ 26170691
E-Mail :	jindlorg@del2.vsnl.net.in
Factory 1 :	Karsia Road, Post Box No.16, Raigarh – 496001, Chhattisgarh, India
Tel. No.:	91-7762-304300/ 227001-05
Fax No.:	91-7762-227022-23/ 227050
Factory 2 :	13 KM Stone, G.E. Road, Mandir Hasaud, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2471205/ 07/ 3054600
Fax No.:	91-771-2471404/ 2471214/ 3054666
Factory 3 :	Jindal Nagar, Village Nisha, SH 63, Chhendipada Road, Angul – 759111, Orissa, India
Tel. No.:	91-6761-254191/ 95
Factory 4 :	Balkudra, Patratu, District – Ramgarh – 829143, Jharkhand, India
Tel. No.:	91-6553-275724/ 275726
Fax No.:	91-6553-275744
Factory 5 :	Iron Ore Pellet Plant, P O Box No. 86, Joda – Barbil Highway, Barbil, District – Keonjhar – 758035, Orissa, India
Tel. No.:	91-6767-248817
Fax No.:	91-6767-248620
Factory 6:	Indra Palace, Nag Path, Shiv Pahar, Dumka - 814 101, Jharkhand, India
Tel. No.:	91-6434-231045
Fax No.:	91-6434-231044
Factory 7:	13 K M Stone, G E Road, Mandir Hasaud, Raipur-492 001, Chhattisgarh, India
Factory 8:	Plot No. 751, Near Panchpukhi Chhaka, Simplipada, Angul-759 122, Orissa, India
Factory 9:	Plot No. 507/365, Barbil-Joda Highway, Barbil - 758 035, Orissa, India
Factory 10:	201 to 204 Industrial Park SSD, Punjipatra, Raigarh-496001, Chhattisgarh, India
Factory 11:	Jindal Open Cast Coal Mines, Village Dongamahua, P.O. Dhorabhatta (Tamnar), District Raigarh – 496107, Chhattisgarh, India
Tel. No.:	91-7767-203538/ 203485
Fax No.:	91-7767-281611
Factory 12:	TRB Iron Ore Mines, At P.O. Tensa, District Sundergarh – 770042, Orissa, India
Tel. No.:	91-6625-236023/ 24
Fax No.:	91-6625-236022
Marketing Office :	Located At: · Gurgaon · Raipur · Bhopal · Chandigarh · Kochi · Kolkata · Jamshedpur · Bangalore · Kanpur · Mumbai · Bhubaneswar · Chennai · Jaipur · Hyderabad · Ludhiana · Ahmedabad · Pune · Nagpur · Patna · Ghaziabad · Faridabad · Vizag.
Branch Offices :	Located At: · Bhubaneswar · Ranchi · Kolkata
Stock Yards :	Located At: · Kolkata · Cuttack · Patna · Ahmedabad · Nagpur · Rahuri · Mumbai · Delhi · Faridabad · Ludhiana · Ghaziabad · Kanpur · Chandigarh · Rudrapur · Jaipur · Raipur · Bhopal · Chennai · Hyderabad · Visakhapatnam
International Locations :	Located at: · China · Oman · South Africa · Indonesia · Madagascar · Mozambique · Zambia · Australia

DIRECTORS

As on: 31.03.2013

Name :	Mr. Ratan Jindal
Designation :	Director
Name :	Mr. Naveen Jindal
Designation :	Chairman
Name :	Ms. Shallu Jindal
Designation :	Director
Name :	Mr. Ravi Uppal
Designation :	Managing Director and Group CEO
Name :	Mr. K. Rajagopal
Designation :	Group ChiefFinancial Officer and Director
Name :	Mr. Dinesh Kumar Saraogi
Designation :	Whole time Director
Name :	Mr. R.V. Shahi
Designation :	Independent Director
Name :	Mr. A.K. Purwar
Designation :	Independent Director
Name :	Mr. Arun Kumar
Designation :	Independent Director
Name :	Mr. Haigreve Khaitan
Designation :	Independent Director
Name :	Mr. Hardip Singh Wirk
Designation :	Independent Director
Name :	Mr. Sudershan Kumar Garg
Designation :	Independent Director
Name :	Mr. Ajit M. Ingle
Designation :	Independent Director (Nominee Director, IDBI Bank Limited)

KEY EXECUTIVES

Name :	Mr. T. K. Sadhu
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on: 30.09.2013

Category of Shareholder	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	14995228	1.62
Bodies Corporate	464935550	50.19
Sub Total	479930778	51.81
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	798470	0.09
Bodies Corporate	71997600	7.77
Sub Total	72796070	7.86
Total shareholding of Promoter and Promoter Group (A)	552726848	59.67
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19245324	2.08
Financial Institutions / Banks	406250	0.04
Insurance Companies	24267311	2.62
Foreign Institutional Investors	203160605	21.93
Sub Total	247079490	26.67
(2) Non-Institutions
Bodies Corporate	45163352	4.88
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	71073767	7.67
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2327760	0.25
Any Others (Specify)	7976847	0.86
Trusts	351933	0.04
Non Resident Indians	7624914	0.82
Sub Total	126541726	13.66
Total Public shareholding (B)	373621216	40.33
Total (A)+(B)	926348064	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)	926348064	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of sponge Iron, steel products and power generation.

Products :

Product Description	Item Code No.
Sponge Iron	72.03
Mild Steel	72.07

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity
AT RAIGARH
Sponge Iron	MX.	13,70,000
Mild Steel	MX.	30,00,000
Ferro Alloys	MX.	36,000
Power	MW	893
Hot Metal/Pig Iron	MX.	16,70,000
Rail & Universal Beam Mill	MX.	7.50.000
Plate Mill	MX.	10,00,000
Fabricated Structures	MX.	1,20,000
Cement Plant	MX.	5,00,000
Medium & Light Section Mill	MX.	6,00,000
AT RAIPUR
Machinery and Castings	MX.	11,500
Ingots	MX.	30,000
CF Castings	MX.	3,000
AT BARBIL
Pelletisation Plant	MX.	45,00,000
AT SATARA (MAHARASHTRA)
Wind Energy	MW	24
AT PATRATU
Wire Rod	MX.	6,00,000
Bar Mill	MX.	10,00,000
AT ANGUL
Power	MW	540
Fabricated Structures	MX	84,000
Plate Mill	MX.	15,00,000

Note: Installed capacity is as certified by the management and relied upon by the auditors being a technical matter.

Particulars	Unit	Production
Sponge Iron	MX.	13,19,976
M.S. Round	MX.	4,03,007
H.C. Ferro Chrome/Silico Mangnese	MX.	33,840
Power	Million KWH	5,973
Hot Metal/Pig Iron	MX.	16,60,898
Parallel Flange Beam/Columns	MX.	4,31,038
Universal Plate/Coil	MX.	7,00,470
Other Finished Steel Products	MX.	93,627
Other Semi Steel Products	MX.	26,20,967
Machineries	MX.	12,510
Wire Rod	MX.	3,24,940
Bars	MX.	3,22,039
Fabricated Structures	MX.	83,487
Cement	MX.	5,10,229
Medium & Light Sections	MX.	2,71,636
Iron Ore Pellets	MX.	40,42,025
Wind Energy	Million KWH	54.82

GENERAL INFORMATION

No. of Employees :

15000 [Approximately]

Bankers :

· State Bank of India

· Punjab National Bank

· State Bank of Patiala

· ICICI Bank Limited

· Canara Bank

· Industrial Development Bank of India

· Export - Import Bank of India

· Jammu and Kashmir Bank Limited

· Indian Overseas Bank

· Bank of Bahrain and Kuwait B.S.C

· Lord Krishna Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWINGS

9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with Life Insurance Corporation of India)

10000.000

10000.000

9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with SBI Life Insurance Company Limited)

620.000

620.000

8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with ICICI Lombard General Insurance Company Limited)

250.000

250.000

8.50% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with ICICI Prudential Life Insurance Company Limited)

750.000

750.000

9.80% Secured Redeemable Non Convertible Debentures of Rs. 10,00,000 each

(Privately placed initially with Life Insurance Corporation of India)

5000.000

5000.000

Term Loans from Banks

85642.100

46966.900

Other Loans from Banks

1499.200

1773.200

SHORT TERM BORROWINGS

Secured Short-term Borrowings

Cash Credit from Banks

5044.900

4476.300

Other Loans

6968.000

2595.800

Total

115774.200

72432.200

NOTES

to the financial statements as at and for the year ended 31st March, 2013

DEBENTURES

· Debentures of Rs. 10000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (12th October, 2009), Rs. 1500.000 Millions (22nd October, 2009), Rs. 1500.000 Millions (24th November, 2009), Rs. 1500.000 Millions (24th December, 2009), Rs. 1500.000 Millions (25th January, 2010), Rs. 1500.000 Millions (19th February, 2010) and Rs. 1500.000 Millions (26th March, 2010). The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.

· Debentures placed initially with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29th December, 2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.

· Debentures placed initially with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 3rd December, 2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

· Debentures placed initially with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 3rd December, 2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the Debenture Trustees.

· Debentures of Rs. 5000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs. 1000.000 Millions (24th August, 2009), Rs. 800.000 Millions (8th September, 2009), Rs. 800.000 Millions (8th October, 2009), Rs. 800.000 Millions (9th November, 2009), Rs. 800.000 Millions (8th December, 2009) and Rs. 800.000 Millions (8th January, 2010) . The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favour of the DebentureT rustees.

TERM LOANS

Security

· Loans of Rs. 979.800 Millions (Previous year Rs. 1765.400 Millions) are secured by exclusive charge on fixed assets created under Steel expansion project at Raigarh, Chhattisgarh;

· Loans of Rs. 1040.400 Millions (Previous year Rs. 1504.000 Millions) are secured by exclusive charge on fixed assets created under Plate Mill project at Raigarh, Chhattisgarh;

· Loans of Rs. 428.600 Millions (Previous year Rs. 771.400 Millions) are secured by exclusive charge on fixed assets created under 3x25 MW Power Plant at Raigarh, Chhattisgarh;

· Loans of Rs. 27994.000 Millions (Previous year Rs. Nil) are secured by exclusive charge on fixed assets created/to be created under the DRI project at Angul, Odisha;

· Loans of Rs. 6095.900 Millions (Previous year Rs. 6984.700 Millions) are secured by exclusive charge on fixed assets created under 2X135 MW Power Plant (Phase-1) at Dongamauha, Raigarh, Chhattisgarh;

· Loans of Rs. 6802.500 Millions (Previous year Rs. 4500.000 Millions) are secured by exclusive charge on fixed assets created/ to be created under 2X135 MW Power Plant (Phase- 2) at Dongamauha, Raigarh, Chhattisgarh;

· Loans of Rs. 31545.500 Millions (Previous year Rs. 18411.000 Millions) are secured by exclusive charge on fixed assets created/to be created under 1.6 MTPA Integrated Steel Plant and 1.5 MTPA Plate Mill project at Angul, Odisha;

· Loans of Rs. 16922.000 Millions (Previous year Rs. 13700.000 Millions) are secured/to be secured by exclusive charge on fixed assets created/to be created under 6x135 MW Power Plant Project at Angul, Odisha;

· Loan of Rs. 2341.400 Millions (Previous year Rs. 2500.000 Millions) are secured by subservient charge on fixed assets of the Company.

Repayments and Interest rates for the above Term Loans are as follows:

Year	2013-14 1	2014-15	2015-16	2016-17 and Above
Amount (Rs. in Millions)	8508.000	14342.300	13569.900	57729.900

The interest rate for the above term loans varies from 8.41% to 13.25% p.a

OTHER LOANS

Security

· Loans of Rs. 957.500 Millions (Previous year Rs. 1355.500 Millions) are Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 4675.000 Millions to secure cash credit from banks and other loans.

· Loans of Rs. 541.700 Millions (Previous year Rs. 417.700 Millions) are secured by hypothecation of book debts and stocks.

Cash Credit from Banks

Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 4675.000 Millions to secure other loans from banks. (iii) and other loans. The cash credit is repayable on demand.

Other Loans

i) Loans of Rs. 2014.300 Millions (Previous year Rs. 2595.800 Millions) are Secured by hypothecation by way of first charge on stocks of finished goods, raw material, work in progress, stores and spares and book debts and second charge in respect of other movable and immovable assets; the charge on immoveable assets being an umbrella charge upto Rs. 4675.000 Millions to secure other loans from banks. (iii) and cash credit from banks.

ii) Loans of Rs. 2953.700 Millions (Previous year nil) are secured by hypothecation of book debts and stocks.

iii) Loans of Rs. 2000.000 Millions (Previous year nil) are secured by sbservient charge by way of hypothecation of current assets.

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Metha and Company Chartered Accountants
Address :	145-149, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India
Tel. No.:	91-11-46708888
Fax No.:	91-11-66628889
E-Mail :	delhi@sskmin.com
Cost Auditor :
Name :	Ramanath Iyer and Company
Address :	808, Pearls Business Park, Netaji Subhash Place, Delhi - 110 034, India
Subsidiaries, Step Down Subsidiaries:	Subsidiaries · Jindal Power Limited · Jindal Steel Bolivia SA · Jindal Steel and Power(Mauritius) Limited · Skyhigh Overseas Limited (Demerged from JSPML) Subsidiaries of Jindal Power Limited · Attunli Hydro Electric Power Company Limited · Etalin Hydro Electric Power Company Limited · Jindal Hydro Power Limited · Jindal Power Distribution Limited · Ambitious Power Trading Company Limited (Formerly Jindal Power Trading Company Limited) · Jindal Power Transmission Limited · Kamala Hydro Electric Power Company Limited (Formerly Subansiri Hydro Electric Power Company Limited) Subsidiaries of Skyhigh Overseas Limited · Gasto Liquids lnternational S.A Subsidiaries of Jindal Steel & Power (Mauritius) Limited · Enduring Overseas Inc · Harmony Overseas Limited · Jin Africa Limited · Jindal Africa Investments (Pty) Limited · Jindal Africa Liberia Limited · Jindal Africa SA · Jindal Botswana (Pty) Limited · Jindal Brasil Mineracao S/A · Jindal (BVI) Limited · Jindal Investimentos LDA · Jindal Investment Holding Limited · Jindal Madagascar SARL · Jindal Mining and Exploration Limited · Jindal Mining Namibia (Pty) Limited · Jindal Power LLC (ceased to exist as subsidiaryw.e.f6th December, 2012) · Jindal Steel and Minerals Zimbabwe Limited · Jindal Steel and Power(BC)Limited · Jindal Steel and Power(Australia) Pty Limited · Jindal Tanzania Limited · Jindal Zambia Limited · Jindal Mining Industry LLC (ceased to exist as subsidiary w.e.f 6th December, 2012) · JSPL Mozambique Minerais LDA · Jublient Overseas Limited · Osho Madagascar SARL · PT Jindal Overseas · Rolling Hills Resources LLC (Under liquidation) · Shadeed Iron and Steel LLC · Tablet Blue Trade and Invest (Pty) Limited · Trans Asia Mining Pte. Limited · Trans Atlantic Trading Limited · Vision Overseas Limited · Worth Overseas Limited (Merged with JSPML) · Panacore Investment Limited Others · Belde Empreendi mentos Mineiros Limited, a subsidiary of JSPL Mozambique Minerais LDA · Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining and Exploration Limited · PTBHI Mining lndonesia, asubsidiary of Jindal Investment Holding Limited · PT Sumber Surya Gemilang, a subsidiary of PT.BHI Mining Indonesia · PT Maruwai Bara Abadi, a subsidiary of PT.BHI Mining Indonesia · Jindal Mining (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited · Bon-Terra Mining (Pty) Limited, a subsidiary of Jindal (BVI) Limited · CIC(Barbados)Holding Corp, a subsidiary of Jindal (BVI) Limited · CIC Energy (Bahamas) Limited, a subsidiary of Jindal (BVI) Limited · Jindal Energy (Botswana) Pty Limited, a subsidiary of Jindal (BVI) Limited · Jindal Energy (SA) Pty Limited, a subsidiary of Jindal (BVI) Limited · CIC Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Limited · Jindal Resources (Botswana) Pty Limited, a subsidiary of CIC Transafrica (Barbados) Corp · Trans Africa Rail (Pty) Limited, a subsidiary of CIC Transafrica (Barbados) Corp · Sad-Elec (Pty) Limited, a subsidiary of Jindal energy (SA) pty Limited · CIC (Barbados) Mining Corp, a subsidiary of CIC (Barados) Holding Corp · CIC (Barbados) Energy Corp, a subsidiary of CIC (Barados) Holding Corp · Meepong Resources (Mauritus) (Pty) Limited, a subsidiary of CIC (Barbados) Mining Corp · Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritus) (Pty) Limited · Meepong Energy (Mauritus) (Pty) Limited, a subsidiary of CIC (Barbados) Energy Corp · Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritus) (Pty) Limited · Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited · Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited · Core Ambition Limited, a subsidiary of Panacore Investment Limited · Core Forte Limited, a subsidiary of Panacore Investment Limited · Core Integrity Limited, a subsidiary of Panacore Investment Limited · Core Vision Limited, a subsidiary of Panacore Investment Limited
Associates :	· Angul Sukinda Railway Limited · Gujarat NRE Coking Coal Limited · JB Fab lnfra Private Limited · Jindal Info solutions Limited (ceased to exist as subsidiary w.e.f 24th September, 2012) · Koleko Resources · Nalwa Steel and Power Limited · Panacore Shipping Pte Limited , Singapore · Prodisyne (Pty) Limited · Sungu Sungu Pty Limited
Joint Ventures:	· Jindal Synfuels Limited · Shresht Mining and Metals Private Limited · Urtan North Mining Private Limited
Enterprises over which Key Management Personnel and their relatives exercise significant influence and with whom transactions have taken place during the year :	· JSW Steel Limited · JSW Energy Limited · Jindal Saw Limited. · Jindal Stainless Limited. · India Flysafe Aviation Limited · Jindal Reality Private Limited. · Tri Shakti Real Estate Private Limited · Abhinandan lnvestments Limited. · Jindal System Private Limited. · Gagan lnfraenergy Limited. · Colorado Trading Company Limited. · Nalwa Engineering Company Limited. · Opelina Finance and Investment Limited · Jindal Industries Limited · Jindal Coal Private Limited · Minerals Management Services (India) Private Limited. · YNO Finvest Private Limited. · Jindal Rex Exploration Private Limited. · Bir Plantations Private Limited · Nalwa Investment Limited. · Rohit Towers Buildings Limited · Uttam Vidyut Transmission Private Limited · India Venture Advisors Private Limited. · Bonanaza Trading Company Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Rs.1/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
934833818	Equity Shares	Rs.1/- each	Rs.934.800 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	934.800	934.800	934.300
(b) Reserves & Surplus	122545.900	107519.300	85959.100
(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)	123480.700	108454.100	86893.400
(3) Non-Current Liabilities
(a) long-term borrowings	118609.200	84939.200	73597.100
(b) Deferred tax liabilities (Net)	12149.600	10678.100	8783.300
(c) Other long term liabilities	5605.800	1412.400	1406.300
(d) long-term provisions	209.400	187.200	84.900
Total Non-current Liabilities (3)	136574.000	97216.900	83871.600
(4) Current Liabilities
(a) Short term borrowings	76400.200	58785.400	40819.900
(b) Trade payables	6282.000	9983.100	7090.000
(c) Other current liabilities	25843.900	36615.300	26321.300
(d) Short-term provisions	29518.500	24526.300	18878.500
Total Current Liabilities (4)	138044.600	129910.100	93109.700
TOTAL	398099.300	335581.100	263874.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	141421.800	115323.000	99808.800
(ii) Intangible Assets	140.100	167.100	195.400
(iii) Capital work-in-progress	114661.200	104798.600	70778.700
(iv) Intangible assets under development	178.200	141.000	31.900
(b) Non-current Investments	13307.200	14121.700	12100.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12254.600	9971.000	8552.100
(e) Other Non-current assets	5.500	46.300	60.300
Total Non-Current Assets	281968.600	244568.700	191527.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35985.200	30513.100	22041.200
(c) Trade receivables	14261.300	9050.600	7371.200
(d) Cash and cash equivalents	367.700	309.400	437.100
(e) Short-term loans and advances	59435.400	48062.900	39299.200
(f) Other current assets	6081.100	3076.400	3198.700
Total Current Assets	116130.700	91012.400	72347.400
TOTAL	398099.300	335581.100	263874.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operation	149547.000	133339.500	95741.700
		Other Income	1592.800	1844.800	1431.600
		TOTAL (A)	151139.800	135184.300	97173.300
Less	EXPENSES
		Cost of materials consumed	49433.000	45298.400	27303.500
		Purchase of stock-in-trade	2865.800	4527.500	1768.000
		Changes in inventories of finished goods, work-in-process and stock-in-trade	(1482.000)	(3792.400)	(3334.500)
		Employee benefits expense	4478.900	3854.400	2777.800
		Other expenses	54866.800	42826.700	31401.400
		TOTAL (B)	110162.500	92714.600	59916.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40977.300	42469.700	37257.100
Less	FINANCIAL EXPENSES (D)		8207.700	5367.700	2850.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32769.600	37102.000	34407.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10484.600	8671.900	6877.700
	PROFIT BEFORE TAX (E-F) (G)		22285.000	28430.100	27529.400
Less	TAX (H)		6359.500	7323.600	6888.200
	PROFIT AFTER TAX (G-H) (I)		15925.500	21106.500	20641.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87470.500	71120.100	54788.300
Less	APPROPRIATIONS
		Final Dividend	1495.700	1494.600	1401.900
		Corporate tax on Dividend	33.200	31.500	37.500
		General Reserve	1750.000	2200.000	2100.000
		Transfer to Debenture Redemption Reserve	1270.000	1030.000	770.000
	BALANCE CARRIED TO THE B/S		98847.100	87470.500	71120.100
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports Sales	15985.300	14288.400	10736.100
		Others	226.000	0.000	0.000
	TOTAL EARNINGS		16211.300	14288.400	10736.100
	IMPORTS
		Raw Materials	25304.500	29521.800	18715.700
		Components & Spares Parts	2487.400	1719.800	1969.600
		Capital Goods and Others	6737.800	8652.200	12629.400
	TOTAL IMPORTS		34529.700	39893.800	33314.700
	Earnings Per Share (Rs.)
	Basic		17.04	22.58	21.11
	Diluted		17.04	22.58	22.09

QUARTERLY RESULTS

PARTICULARS	30.06.2013
	1^st Quarter
Net Sales	34251.900
Total Expenditure	25775.300
PBIDT (Excl OI)	8476.600
Other Income	62.600
Operating Profit	8539.200
Interest	2317.900
Exceptional Items	0.000
PBDT	6221.300
Depreciation	3036.300
Profit Before Tax	3185.000
Tax	796.400
Provisions and contingencies	0.000
Profit After Tax	2388.600
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	2388.600

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.54	15.61	21.24
Net Profit Margin (PBT/Sales)	(%)	15.90	21.32	28.75
Return on Total Assets (PBT/Total Assets}	(%)	8.26	13.13	15.21
Return on Investment (ROI) (PBT/Networth)		0.18	0.26	0.32
Debt Equity Ratio (Total Debt /Networth)		1.58	1.33	1.32
Current Ratio (Current Asset/Current Liability)		0.84	0.70	0.78

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loans
Other Loans	4280.900	7849.100
Fixed Deposits from public	0.000	60.800
Other Loans and Advances
External Commercial Borrowings	10567.000	11669.200
SHORT TERM BORROWINGS
From Banks
Short Term Loans	18079.900	2572.100
Other Loans	17612.400	22075.600
Other Loans	11250.000	2200.000
Loans and Advances from Related Parties	17385.600	24865.600
Fixed Deposits from Public	59.400	0.000
Total	79235.200	71292.400

OPERATIONAL REVIEW:

The Company has, on a consolidated basis, achieved an aggregate income of Rs. 199432.000 Millions compared to previous year's Rs. 183505.400 Millions. Profit before tax is Rs. 38334.500 Millions in 2012-13 as compared to Rs. 51886.000 Millions in 2011-12. Profit after tax is Rs. 29116.200 Millions in 2012-13 as compared to Rs. 40022.600 Millions in 2011-12. The Reserves and Surplus have touched Rs. 211587.800 Millions.

Sponge Iron

The Company produced 13,19,976 tonnes of Sponge Iron during the year under report as against previous year's production of 13,19,940 tonnes and achieved a capacity utilisation of about 97%.

Pellet

The Company produced 40,42,025 MT of pellets during the year under report as against 37,36,915 MT in the previous year.

Power

The Company generated 6,028 million Kwh of power during the year under report as against last year's 4,725 million Kwh of power registering an increase of 28%

Raipur Unit

Raipur Unit produced 1,933 MT of castings and has done machining of 12,510 MT as against 2,525 MT and 9,060 MT respectively in the previous year.

Mining

The production of calibrated iron ore at captive mine at Tensa in Odisha was 0.564 million MT as against previous year's production of 0.506 million MT. The Company has exported 0.051 million MT of iron ore

ECONOMIC REVIEW

Global Economy

The global economy failed to raise hopes of a quick turnaround in FY 2012-13. Europe continued to reel under an escalating debt burden and emergency rescue efforts by the European Central Bank helped avoid a financial crisis. On the other side of the Atlantic, the US economy showed early signs of recovery driven by improving manufacturing and housing sectors, steady fiscal consolidation and rising employment. Most of the emerging economies remained resilient to headwinds during the last few years. However, most of them experienced moderate growth. Global GDP experienced a growth rate of 3.1% in FY 2012. It is likely to touch 3.1% in FY 2013 and improve to 3.8% in FY 2014

Global GDP Snapshot

Countries 1	2012 1	2013e 1	2014e
World output	3.1	3.1	3.8
Advanced economies	1.2	1.2	2.1
Emerging market and developing economies	4.9	5.0	5.4

USA

According to the International Monetary Fund (IMF), the fundamentals of the US economy are stabilising, although at a slow pace. There are still powerful headwinds, which need to be addressed with greater fiscal prudence. The expiration of the payroll tax cut earlier this year and the impact of government spending cut is expected to dampen growth in 2013. However, the IMF predicts a slightly brighter picture and expects economic activity to accelerate to 2.7% in 2014, as the fiscal drag subsides and the negative legacies of the financial crisis wane further. The rate of unemployment is also expected to decline in 2014

Eurozone

The recent developments in the Euro region have not been very promising. The region is still plagued by financial vulnerabilities, resulting in an estimated contraction in growth rate in 2013 as well. Lack of formation of comprehensive set of banking, financial and fiscal policies has added to the existing problems of rising debt, plummeting growth and social unrest.

Japan

After years of recession and slow growth, Japan's economy is on its way to recovery. It was plagued with high level of public debt, low investor confidence and minimal manufacturing activity. However, the new government is working on aggressive quantitative easing, a positive inflation target, fiscal stimulus and structural reforms.

Indian Economy

Weakening global scenario, declining investments and inconsistent domestic demand-supply situation resulted in a slowdown in India's growth rates in 2012-13. Besides, tightened liquidity scenario to rein in inflation dampened the investment sentiment. The country posted a decade-low GDP growth of 5% in 2012-13. India's economy, now estimated at $1.78 trillion (around Rs. 100 trillion), is expected to move ahead with a stronger resilience.

Silver lining

India's fiscal deficit stood at 4.89% of gross domestic product (GDP), compared with the revised estimate of 5.2% of GDP earlier. The revenue deficit was also lower in 2012-13 at 3.6% of GDP, compared with the revised estimate of 3.9% of GDP in 2011-12. The government is implementing pro-growth policies, including a sharp cut in expenditure, to reduce fiscal deficit and drive India's economic growth.

INDUSTRY REVIEW AND OUTLOOK

Global Steel Industry

The year 2012 turned out to be a challenging one for the global steel industry. This was mainly due to the Eurozone crisis, which persisted through major part of the year. Besides, emerging economies failed to sustain a high steel demand and witnessed supply growth outpacing demand. Recent data from the World Steel Association shows that global crude steel production peaked at 1,547.8 billion tonnes in 2012, up 1.2% over the previous year.

Under utilisation - an area of concern

Unutilised capacity remains one of the gravest issues in the global steel sector. With capacity utilisation rates remaining below 80%, global steel supply continues to outpace demand. Subdued demand from China with pressure on prices, will continue to impact the global steel sector's growth rates in 2013.

India's Steel Industry

The domestic steel industry has a significant role to play in the country's economic growth. Over the years, India has acquired a prominent position on the global steel map. This was driven by the growing capacities of India's steel industry. Besides, strategic acquisition of global players, continuous modernisation and up gradation of old plants, improving energy-efficient methodologies and backward integration into raw material sourcing also played a major role in enhancing capacities of the country's steel industry.

Anticipated Growth

India is ranked fourth largest globally for its crude steel capacity production and is expected to become the second largest by 2015-16. It is also the world's largest sponge iron producer with a host of coal-based units located in its mineral-rich states. The country's crude steel production is estimated to grow at a compound annual growth rate (CAGR) of around 10% from 2010 to 2013, whereas the finished steel consumption is anticipated to grow at a CAGR of around 12% during FY 2012-14. With an estimated US$1 trillion infrastructure investment plan in pipeline under the 12th Five Year Plan, the country's demand for steel is expected to escalate.

Demand Drivers

Real Estate: With an investment volume of US$3.4 billion, India was ranked 20th in the list of the world's top real estate investment markets in 2012. By 2020, the sector is expected to earn revenues of US$180 billion. The country's real estate investment market is likely to grow at a CAGR of 19% between 2010 and 2014, with theTier-l (metropolitan) cities anticipated to witness maximum growth.

Automotive: India is one of the fastest growing passenger car markets globally and the second largest two-wheeler manufacturer globally. The Indian small and light vehicle segments are expected to more than double by 2015-16 and grow at 18.5% CAGR over the next five years.

Construction: The sector plays a vital role in India's economic growth, supported by the country's expanding economy, increased government spending on public infrastructure, high urbanisation and a supportive foreign direct investment (FDI) system. The infrastructure, industrial and commercial construction markets collectively contributed 74.2% of the total Indian construction industry in 2012. Consequently, the contributions of these three markets are expected to be significant in the overall growth of India's construction industry over the forecast period.

India's Power Industry

Power sector is integral to a country's economic growth and prosperity. However, India's power sector grew by only 5% in the previous fiscal - the lowest growth rate in the last 10 years. India's demand for electricity is growing significantly, as people are aspiring for a better quality of life. It is expected to increase further in the coming years. In view of the increasing demand, India's Power Ministry has targeted a capacity addition of 85,000 MW in the Twelfth Five Year Plan (2012-17).

India's Metals and Mining Industry

The Indian metals and mining industry has been valued at US$ 141.9 billion in 2011 and is expected to grow to US$ 305.5 billion by 2015. The country accounted for 7.3% of the Asia Pacific metal and mining industry in 2011. It is likely to import 1.0 million metric tonnes of iron ore each month from the current fiscal, despite its long held status as the world's third largest exporter. The country witnessed its lowest ever iron ore export in 2012-13, estimated at close to 18 million tonnes (mt), a decline of 69% compared to the previous year. This is primarily due to a decline in domestic output on account of a ban on illegal mining operations in some mineral-rich states. Despite the Supreme Court lifting its ban on most mines, it would take some time for them to be operational to their fullest extent.

Operational Review

JSPL operates with capacities of 3 MTPA of steel, 15 MTPA of iron ore and coal mining, 2,457 MW of power generation, 1.5 MTPA of hot briquetted iron and 4.5 MTPA of pellet. The Company is among the few in the world operating as a fully integrated steel manufacturer with presence across the value chain of flats and longs.

CONTINGENT LIABILITIES:

(Rs. in Millions)

Description	31.03.2013	31.03.2012
Guarantees issued by the Company's Bankers on behalf of the Company	4300.500	3760.200
Letter of credit opened by banks	7867.200	6289.000
Corporate guarantees/undertakings issued on behalf of third parties.	50441.500	33337.900
Disputed Excise Duty and Other demands	9371.700	7809.600
Future liability on account of lease rent for unexpired period	100.500	131.500
Bonds executed for machinery imports under EPCG Scheme	30814.100	27732.200
Income Tax demands where the cases are pending at various stages of appeal with the authorities	1919.400	1877.600
Claims against the Company, not acknowledged as debt	361.600	-
Uncalled liability towards partly paid up shares	732.700	-

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED ON 30th SEPTEMBER 2013

(Rs. in Millions)

PARTICULARS			Unaudited	Unaudited	6 months Unaudited
			30.09.2013	30.06.2013	30.09.2013
1	Income From Operations
	a)	Net Sales / Income from Operations (net of excise duty)	36339.400	33851.400	70190.800
	b)	Other Operating Income	217.000	400.500	617.500
		Total Income from Operations (net) [1(a) + 1(b)]	36556.400	34251.900	70808.300
2	Expenses
	a)	Cost of materials consumed	9380.500	11206.100	20586.600
	b)	Purchase of stock-in-trade	795.400	837.900	1633.300
	c)	Change in inventories of finished goods, work-in-progress and stock-in-trade	2376.700	708.200	3084.900
	d)	Employee benefits expenses	1343.700	1313.500	2657.200
	e)	Depreciation and amortisation expenses	3036.000	3036.300	6072.300
	f)	Stores & Spares consumed	4392.700	4546.600	8939.300
	g)	Power & Fuel	2537.200	2239.700	4776.900
	h)	Other Expenditure	5897.100	4923.300	10820.400
		Total expenses	29759.300	28811.600	58570.900
3	Profit /(Loss) from Operations before other income, finance costs and exceptional items (1-2)		6797.100	5440.300	12237.400
4	Other Income		55.800	62.600	118.400
5	Profit / (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)		6852.900	5502.900	12355.800
6	Finance costs		3336.600	2317.900	5654.500
7	Profit / (Loss) from ordinary activties after finance cost but before exceptional Items (5-6)		3516.300	3185.000	6701.300
8	Exceptional Items		--	--	--
9	Profit / (Loss) from ordinary activities before tax (7-8)		3516.300	3185.000	6701.300
10	Tax expense		949.500	796.400	1745.900
11	Net Profit / (Loss) from ordinary activities after tax (9-10)		2566.800	2388.600	4955.400
12	Extraordinary item		--	--	--
13	Net Profit/ (Loss) for the period (11-12)		2566.800	2388.600	4955.400
14	Share of profit / (loss) of associates
15	Minority interest
16	Other Related Items
17	Net Profit / (Loss) after taxes, minority interest and shares of profit / (loss) of associates (13+14+15+16)		2566.800	2388.600	4955.400
18	Cash Profit		5815.300	5553.700	11369.000
19	Paid up equity share capital (Face Value Re. 1/- per share)		934.800	934.800	934.800
20	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year				19620.000
21 .i	Earnings Per Share (EPS) (before Extraordinary items) (of Re. 1/- each) (not annualised):
	a)	Basic	2.75	2.56	5.30
	b)	Diluted	2.75	2.56	5.30
21.ii	Earnings Per Share (EPS) (after Extraordinary items) (of Re. 1/- each) (not annualised):
	a)	Basic	2.75	2.56	5.30
	b)	Diluted	2.75	2.56	5.30
	PARTICULARS OF SHARESHOLDING
	Public shareholding
		- Number of shares	382118720	382,106,970	382118720
	_	- Percentage of shareholding	40.88	40.87	40.88
2	Promoters and promoter group Shareholding
	a)	Pledged/Encumbered
		- Number of shares	40448	40,448	40448
		- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	0.01	0.01	0.01
		- Percentage of shares (as a% of the total share capital of the company)	0.00	0.00	0.00
	b)	Non-encumbered
		- Number of Shares	552686400	552,686,400	352686400
		- Percentage of shares (as a% of the total shareholding of promoter and promoter group)	99.99	99.99	99.99
		- Percentage of shares (as a % of the total share capital of the company)	59.12	59.13	59.12

Particulars		30.09.2013
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	4
	Disposed of during the quarter	4
	Remaining unresolved at the end of the quarter	0

SEGMENT WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED ON 30th SEPTEMBER, 2013

(Rs. in Millions)

		Unaudited	Unaudited	6 months Unaudited
		30.09.2013	30.06.2013	30.09.2013
1	Segment Revenue
	a) Iron & Steel	34262.600	31522.000	65784.600
	b) Power	4678.800	4910.500	9589.300
	c) Others	1627.800	1691.800	3319.600
	Sub Total	40569.200	38124.300	78693.500
	Less: Inter-segment Revenue	4012.800	3872.400	7885.200
	Net Sales/Income from Operations	36556.400	34251.900	70808.300
	Segment Results (Profit(+)/Loss(-) before Tax and interest from each segment)
	a) Iron & Steel	6468.800	5375.800	11844.600
	b) Power	1189.700	1373.100	2562.800
	c) Others	722.700	463.500	1186.200
	Sub Total	8381.200	7212.400	15593.600
	Less : Interest	3336.600	2317.900	5654.500
	Other un-allocable expenditure (net off Un-allocable income)	1528.300	1709.500	3237.800
	Exceptional Items	--	-	--
	Total Profit Before Tax	3516.300	3185.000	6701.300
3	Capital Employed (Segment Assets - Segment Liabilities)
	a) Iron & Steel	135536.200	120952.000	135536.200
	b) Power	56038.400	56955.600	56038.400
	c) Others	6610.700	5880.000	6610.700
	Total Segment Capital Employed	198185.300	183787.600	198185.300

SOURCES OF FUNDS	30.09.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	934.800
(b) Reserves & Surplus	128186.000
	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	129120.800
(3) Non-Current Liabilities
(a) long-term borrowings	125329.500
(b) Deferred tax liabilities (Net)	12490.900
(c) Other long term liabilities	6685.900
(d) long-term provisions	207.100
Total Non-current Liabilities (3)	144713.400
(4) Current Liabilities
(a) Short term borrowings	83121.600
(b) Trade payables	8480.700
(c) Other current liabilities	33255.100
(d) Short-term provisions	29491.100
Total Current Liabilities (4)	154348.500
TOTAL	428182.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	278264.800
(b) Goodwill on consolidation	0.000
(c) Non-current Investments	13307.300
(d) Long-term Loan and Advances	15362.100
(e) Other Non-current assets	55.200
Total Non-Current Assets	306989.400
(2) Current assets
(a) Inventories	34180.200
(b) Trade receivables	20165.700
(c) Cash and cash equivalents	4551.500
(d) Short-term loans and advances	59834.500
(e) Other current assets	2461.400
Total Current Assets	121193.300
TOTAL	428182.700

Notes:

Previous quarter/period figures have been regrouped and reclassified to make them comparable. 

The above unaudited results were reviewed by the Audit Committee and have been taken on record by the Board of Directors in their meeting held on 30.09.2013.

The above results have been reviewed by auditors as per clause 41 of the listing agreement.

Jindal Power Limited, 1000 MW (4*250 MW) station at Tamnar, Raigarh has ranked no.1 for the first six months of the current financial year in the station category of 200 MW and above.

* Paid up Debt Capital represents Non‐Convertible Debentures

** Debt Equity Ratio: Net Debt / Net Worth

(Net Debt: Secured Loan + Unsecured Loan ‐ Cash & Bank ‐ Current Investments)

(Net Worth: Equity Share Capital + Reserves & Surplus ‐ Miscellaneous Expenditure to the extent not written off o adjusted ‐ Foreign Currency Translation Reserve)

***Debt Service Coverage Ratio: EBIT / (Net Finance Charges + Principal repayment during the Period) (EBIT: Profit Before Taxes + Net Finance Charges)

**** Interest Service Coverage Ratio: EBIT / Net Finance Charges

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10366407	03/01/2013 *	35,030,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B66375148
2	10363335	13/06/2012	8,100,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamilnadu - 600031, INDIA	B42761205
3	10329346	07/01/2012	8,100,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamilnadu - 600031, INDIA	B29746468
4	10332392	24/12/2011 *	17,460,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B30960819
5	10328994	20/12/2011	2,500,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, Delhi - 110001, INDIA	B29526126
6	10301388	02/08/2011	2,960,000,000.00	LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED	MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, Tamilnadu - 600089, INDIA	B18449215
7	10298803	27/07/2011	1,000,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, Delhi - 110001, INDIA	B17459678
8	10300002	19/07/2011	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B17997842
9	10294063	04/07/2011	2,000,000,000.00	STATE BANK OF BIKANER & JAIPUR	G-72, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA	B15758329
10	10294997	16/06/2011	2,000,000,000.00	STATE BANK OF PATIALA	CHANDRALOK BUILDING, 36, JANPATH, New Delhi, Delhi - 110001, INDIA	B16114910
11	10291656	23/05/2011	2,000,000,000.00	State Bank of Travancore	Travancore House,, KG Marg, New Delhi, Delhi - 110001, INDIA	B14803803
12	10274937	28/03/2011	5,000,000,000.00	UCO Bank	Flagship Corporate Centre, 5, Parliament Street, New delhi, Delhi - 110001, INDIA	B08966897
13	10232015	09/03/2011 *	6,000,000,000.00	Punjab National Bank	Tolstoy House, Tolstoy Marg, New Delhi, Delhi - 110001, INDIA	B09356254
14	10229566	09/03/2011 *	1,820,000,000.00	Bank of Baroda	Corporate Financial Service Large Corporate Branch, GF, Bank of Baroda Building, 16, Sansad Marg, New Delhi, Delhi - 110001, INDIA	B09953746
15	10224813	25/06/2013 *	14,500,000,000.00	State Bank of India	Corporate Financial Service Large Corporate Branch, GF, Bank of Baroda Building, 16, Sansad Marg, New Delhi, Delhi - 110001, INDIA	B82488420
16	10224815	09/03/2011 *	1,500,000,000.00	Bank of India	Large Corporate Branch, PTI Building, 4 Sansad Marg,, New Delhi, Delhi - 110001, INDIA	B08649642
17	10217830	09/03/2011 *	3,000,000,000.00	Vijaya Bank	Barakhamba Road, New Delhi, Delhi - 110001, INDIA	B09537846
18	10215941	14/06/2010 *	620,000,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	A87424313
19	10208423	09/03/2011 *	3,000,000,000.00	Andhra Bank	R-3,, Green Park (Main), New Delhi, Delhi - 1100 16, INDIA	B09313040
20	10205973	04/05/2010 *	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	A85150571
21	10215942	27/02/2010	8,840,000,000.00	CORPORATION BANK	M-41,, CONNAUGHT CIRCUS BRANCH, NEW DELHI, Delhi - 110001, INDIA	A83581777
22	10200323	09/03/2011 *	3,000,000,000.00	State Bank of Hyderabad	Commercial Branch,, 74, Janpath, New Delhi, Delhi - 110001, INDIA	B09293846
23	10199666	10/04/2010 *	10,000,000,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	A82735507
24	10194373	30/12/2009	20,420,000,000.00	Corporation Bank	M-41, P. B. No. 162,, Connaught Circus,, New Delhi, Delhi - 110001, INDIA	A76440460
25	10186765	17/02/2010 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	A78888815
26	10148066	27/09/2010 *	1,083,000,000.00	Bharti Airtel Limited	Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II,, New Delhi, Delhi - 110070, INDIA	A96394689
27	10128631	01/11/2008	2,300,000,000.00	AXIS BANK LTD.	Statesman House,, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	A49855984
28	10116315	13/08/2008	3,750,000,000.00	STATE BANK OF PATIALA	36, JANPATH,, CHANDRALOK BUILDING, NEW DELHI, Delhi - 110001, INDIA	A43178342
29	10115981	16/06/2008	3,000,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	1ST FLOOR, RAMON HOUSE,169 BACKBAY RECLAMATION, H.T. Parekh Marg, Churchgate, MUMBAI, Maharashtra - 400020, INDIA	A43024009
30	10091036	24/07/2008 *	1,340,000,000.00	Corporation Bank	M-41, P.B. No. 162, Connaught Circus, New Delhi, Delhi - 110001, INDIA	A43633676
31	10075987	28/11/2008 *	1,510,000,000.00	IDBI Bank Ltd.	11th floor, Surya Kiran Building, 19 K. G. Marg, New Delhi, Delhi - 110001, INDIA	A52884418
32	10070235	30/08/2008 *	5,625,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	A44808038
33	10033829	29/12/2006	240,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA, 86C, TOPSIA ROAD (SOUTH), KOLKATA, West Bengal - 700046, INDIA	A09202441
34	10023535	28/09/2006	1,000,000,000.00	UCO BANK	5,PARLIAMENT STREET, NEW DELHI, DELHI, Delhi - 110001, INDIA	A05706155
35	10008812	15/05/2006	3,150,000,000.00	State Bank of India	Corporate Accounts Group, Jawahar Vyapar Bhawan,, 11th and 12th floor, 1 Tolstoy Marg, New Delhi, Delhi - 110001, INDIA	A02016152
36	10000995	01/02/2006	1,500,000,000.00	UNITED BANK OF INDIA	106-109, ANSAL TOWER, 1ST FLOOR, 38, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA	A00118620
37	80051566	28/11/2005	750,000,000.00	STATE BANK OF HYDERABAD	19, K.G MARG, , NEW DELHI, Delhi - 110001, INDIA	-
38	80013913	25/09/2006 *	2,500,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	-
39	80013910	25/09/2006 *	500,000,000.00	UCO BANK	OVERSEAS BRANCH, 5 PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	-
40	80013908	25/09/2006 *	3,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	-
41	80051565	12/07/2005	1,500,000,000.00	CANARA BANK	NEW DELHI, NEW DELHI, Delhi - 110001, INDIA	-
42	80013903	25/09/2006 *	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	-
43	80003723	03/04/2006 *	350,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	-
44	80009779	25/07/2012 *	47,998,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS, GROUP BRANCH JAWAHAR VYAPAR, BHAWAN 11TH and 12TH FLOOR TOLSTOYMARG, New Delhi, Delhi - 110001, INDIA	B56093297

* Date of charge modification

FIXED ASSETS:

· Land Freehold

· Land Leasehold

· Live Stock

· Buildings

· Plant and Equipment

· Electrical Fittings

· Furniture and Fixtures

· Vehicles

· Air Craft

· Office equipment

AS PER WEBSITE DETAILS:

PRESS RELEASES:

JSPL SIGNS PACT WITH GERMAN FIRM LURGI FOR RS 550000.000 Millions

March 15, 2013

Angul: Jindal Steel and Power Limited (JSPL) on Friday said it has signed a pact with Lurgi for roping it in as the technology partner for its Rs. 550000.000 Millions coal to liquid (CTL) project, but will not offer any equity to the German firm.

"We have entered into an MoU (Memorandum of Understanding) with Lurgi of Germany for CTL technology but without any investment participation from Lurgi in the project," JSPL deputy managing director and CEO (steel business) V R Sharma told PTI.

The Frankfurt-based Lurgi is an engineering firm with hi-tech expertise in the entire process chain of CTL projects. It also has a wholly-owned subsidiary in India - Lurgi India Company.

JSPL's subsidiary, Jindal Synfuels, would develop the project in Odisha's Angul district at a total cost of Rs. 550000.000 Millions, Mr Sharma said.

Mr Sharma said for other products such as methanol, JSPL is looking for technology partners from the US and Europe, other than Lurgi.

JSPL has already been allocated a coal mine for the project. The company expects to get the prospecting licence soon. The coal from the mine would be used as raw material for the project.

Mr Sharma said JSPL did not tie-up with South Africa's Sasol because the technology provided by the firm can't absorb high-ash coal which is in abundance in the country.

JSPL TO RAISE STAKE IN AUSTRALIA'S APOLLO MINERALS TO 11.70 PER CENT

February 27, 2013

New Delhi: Jindal Steel and Power Limited (JSPL) will increase stake in Australia's Apollo Minerals to 11.70 per cent by acquiring additional 10 million shares of the firm for about about Rs. 22.000 Millions.

Apollo Minerals said in a statement that "it has signed a share subscription agreement with one of the Company's major shareholders, Jindal Steel and Power Australia Pty Limited (a subsidiary of JSPL)."

Prior to this, JSPL had 9.25 per cent in the Australian company, which is primarily into iron ore mining.

Apollo further said the deal will be completed this week and is not subject to regulatory approvals from any Australian or state government agency.

Prior to acquiring 9.25 per cent stake in Apollo Minerals, the Naveen Jindal-led firm's presence in Australia was limited to the coal sector with six exploration permits in Queensland and 27.27 per cent stake in Rockland Richfield and over 19 per cent stake in Gujarat NRE Coking Coal.

JSPL shares were trading at Rs. 353.25 on the Bombay Stock Exchange (BSE) as of 12.20 p.m., down 0.11 per cent from the previous close.

JINDAL STEEL AND POWER BAGS RS 500 CRORE ORDER FROM POWER GRID

January 24, 2013

New Delhi: Jindal Steel and Power Limited (JSPL) today said it has bagged a Rs. 5000.000 Millions order from Power Grid Corporation of India (PGCIL) for the supply of 80,000 tonnes of steel, which will be used in setting up two transmission towers in Southern India.

"We are happy to bag the PGCIL order for supplying 80,000 tonnes of steel for setting up transmission towers. Worth Rs. 5000.000 Millions, the order will be executed from February onwards," a company spokesperson told PTI.

The Naveen Jindal-led steelmaker will be supplying rolled back angle sections for tower packages associated with 765 KV d/c current Vamgiri-Khammam-Hyderabad transmission line and 765 KV d/c Nagapattinam-Salem-Madhugiri transmission line.

JSPL emerged as the lowest bidder for the order, the spokesperson said, adding "it further reinforces the strength, credibility and tenacity of the company's products". The city-based company currently has a total steel production capacity of 3 million tonnes per annum (MTPA) at  its Raigarh plant in Chhattisgarh.

Besides, it also has a 0.6 MTPA wire rod mill and a 1 MTPA capacity bar mill at Patratu, Jharkhand, and a plate mill to produce up to 5 metre wide plates at Angul, Odisha.

The company has chalked out an ambitious growth plan to have 20 MTPA steel making capacity by 2020. Shares of the company were being traded at Rs. 423.85 apiece on the BSE at 1.20 p.m. which fell 0.50 per cent from the previous close.

JSPL TO SET PELLET PLANT IN ODHISA, TO INVEST RS 14000.000 Millions

Sep 25, 2013

Jindal Steel and Power today said it plans to set up a 7 million tonnes per annum (mtpa) pellet plant at Angul in Odisha with an investment of up to Rs 14000.000 Millions.

"We are going to set up a pellet plant at Angul. We already have the clearance from the state government to put up the plant," Jindal Steel and Power's (JSPL) Deputy Managing Director and CEO (Steel) V R Sharma told reporters here.

"The investment for a pellet plant of 7 mtpa size varies somewhere between Rs 12000.000-14000.000 Millions," he added. JSPL has a 4.5 mtpa pellet plant at Barbil in Odisha and and is in the process of doubling the capacity. The additional 7 mtpa capacity would come as a part of its expansion project at Angul, where the company is expanding its steel-making capacity to 3.5 mtpa from 2.5 mtpa now.

"The pellet plant will come with our second phase of expansion at Angul. We are going to put up blast furnace, another DRI, another coke oven battery at Angul. With that we are going to put up the pellet plant," Sharma said.

The expansion work at Angul would start as soon as JSPL secures the financial closure for which it is in talks with the prospective banks. Sharma said JSPL was keen on adding value to the iron ore fines by setting up the pellet plant as in the areas closer to Angul plant, there is hardly any pelletisation taking place now.

"Fines are available in plenty there, but people are not converting (fines) to pelletes. So, we will happy to convert them (fines) into pellets," he said. Sharma said India currently has around 50 mtpa pellet capacity and with the ongoing expansions, it would go up to 70 mtps in the next five years. He also expressed hope that the capacity would go up to 120 mtpa by 2022.

CCI REVIEWS IMPEDING PROJECTS CLEARED IN PREVIOUS MEETINGS

Sep 17, 2013

The Cabinet Committee on Investments (CCI) on Tuesday reviewed issues impeding seven big infrastructure ticket projects spread across petroleum, power and steel sectors and status of road projects and fuel supply agreements.

Sources present in the meeting, chaired by Prime Minister Manmohan Singh also analysed the progress of projects that the high powered committee had taken up in its previous meetings, reports CNBC-TV18’s Rituparna Bhuyan and Anshu Sharma.

The seven infrastructure projects on Tuesday’s CCI agenda accounted for Rs 1.6 lakh crore worth of investments, which included the phase 3 expansion of Mangalore Refinery and Petrochemicals ( MRPL ) (Rs 121600.000 Millions), JSW 's Jharkhand steel plant (Rs 350000.000 Millions), expansion of IOC 's Paradip refinery (Rs 29800 0.000 Millions), JSPL 's Angul project (Rs 293000.000 Millions) and Reliance Power ’s Tilaiya UMPP, which is plagued by land acquisition problems.

According to sources, CCI devoted a considerable amount of time in analysing implementation of projects that it had considered in previous meetings. Since its inception, CCI has addressed problems of about 210 projects worth more that Rs 3840000.000 Millions.

JINDAL STEEL AND POWER: DOWN BUT NOT OUT

September 21, 2012

The Inter Ministerial Group (IMG) reviewing non-performing coal blocks has recommended deduction of bank guarantees given for Jindal Steel and Power’s (JSPL) Jitpur block (81 million tonnes of geological reserves), allocated in February 2007. While none can predict how things will eventually shape up, given the public interest litigation filed in the Supreme Court regarding these allocations, for now this latest bit of news is positive for JSPL, as it removes one of the key overhangs on the stock, feel analysts.

Says Atul Tiwari, analyst, Citi Research, “JSPL can now focus on the development of the coal block, which will supply coal to half of the 1,320 Mw Godda project. JSPL, no doubt, will have to pay the bank guarantee but the amount involved is not large.” While a few analysts are still sceptical, the Street has welcomed the move. Since Monday’s closing, JSPL’s stock is up 8.3 per cent to Rs 403, taking the total gains to 27 per cent from a three-year low of Rs 324 on September 12.

What’s also giving confidence to analysts is the company’s business model and strategy of having captive resources for both the steel and power business, which helps it earn high operating profit margins of a little over 35 per cent. Notably, unlike most steel companies, JSPL has low debt on its books (debt-equity ratio of 0.6 times). Says Chirag Shah, analyst, Barclays Equity Research, “We believe JSPL offers a relatively superior business model, both in the steel and power business.” With a valuation of nine times FY14 estimated consolidated earnings, even after the recent rally from its three year lows, the stock is seen as attractive. However, given the near-term uncertainties, investors could consider the stock but from a long-term perspective.

JSPL’S STEEL PLANT IN ODISHA GETS MOEF NOD

New Delhi, February 15, 2011:

The Ministry of Environment and Forests (MoEF) has given a go- ahead to Jindal Steel and Power Limited’s (JSPL) 6 MTPA (million tonnes per annum) integrated steel plant and 1,000 MW Captive Power plant at Kerjang, Angul in Odisha.

The directions to this effect were posted on the MoEF’s website on 14.02.11.

On November 22, 2010, the Ministry had issued a show cause notice to JSPL under Section 5 of the Environment (Protection) Act, 1986 subsequent to a complaint made by some NGO to the MoEF.

JSPL replied to all the points followed by a personal hearing on 29.12.2010 and also furnished additional information sought by MoEF during the meeting. MoEF, after examining/analyzing all submissions of JSPL, has issued the said letter giving certain conditions u/s 5 of the EPA, 1986.

JSPL has been asked to earmark 2% of the net profit as the CSR budget and to adopt dry quenching in coke oven plant to conserve water, use 100% fly ash generated for cement and brick manufacturing and back filling in the captive coal mine and abandoned coal mines. Further 33% of the area is to be developed as a green belt,

coal gasification technology is to be used for manufacture of DRI, to achieve particulate emissions below 50 mg/m³ and adopt rainwater harvesting measures.

The company will comply with all directions given in the MoEF communication.

JSPL is planning to invest Rs. 500000.000 Millions to set up a 12.5 million tonne integrated steel plant and 2600 MW captive power plant in Odisha in phases. The company is also investing close to Rs 450000.000 Millions on the coal to liquid project in the state to produce an estimated 80,000 barrels per day (4.0 MMTPA) crude oil using environment-friendly indirect coal liquefaction technology from M/s. Lurgi of Germany.

JINDAL STEEL and POWER LIMITED SIGNS MOU WITH THE LIBERIAN GOVERNMENT TO SET UP TWO UNITS OF POWER PLANTS IN LIBERIA

· MoU signed in presence of Ms. Ellen Johnson Sirleaf, President of Republic of Liberia on her visit to Jindal Steel and Power Limited facilities in Chhattisgarh

· Ms. Ellen Johnson Sirleaf, President of Republic of Liberia, is on a five day state visit

· Two units each of 175 megawatt of thermal power plant will be built in two phases starting next year in Liberia

New Delhi, 11th Sept 2013: Jindal Steel and Power Limited has signed a memorandum of understanding with the Liberian government to set up two units of 175 MW each power project in Liberia. The MoU was signed in presence of Ms. Ellen Johnson Sirleaf, Nobel Peace Prize laureate and President of Republic of Liberia who is on a five-day state visit. The president visited Jindal Steel and Power Limited’s state-of-art 3 MTPA Steel plant in Raigarh and 1000 MW power plant in Tamnar, Chattisgarh.

On her visit to the Raigarh facility, Ms. Ellen Johnson Sirleaf President of Republic of Liberia said that she was very impressed seeing what JSPL has achieved. The manner in which the company have built plants in difficult circumstances and worked with villagers gives them confidence, and they are open to all possibilities of a strong partnership. Liberian government would be working closely with JSPL to achieve the objective of industrial growth in the country.

The President on her visit to India is accompanied by a high-level delegation including the Liberian Ministers of Foreign Affairs, Finance, Agriculture, Commerce and Industry, Information, Culture and Tourism, Lands, Mines and Energy and Gender development, besides senior Government officials and representatives of apex trade bodies.

Liberia is one of the stable West African countries, growing at a rate of 8-10%. The countries rich natural resources and various infrastructure and industrial development provide significant potential for enhancement of trade and investment ties between the two countries.

Speaking on the Liberian President’s visit, Shri. Naveen Jindal, Chairman, JSPL said “At JSPL, we are committed to add value to our stakeholders and as part of our business expansion plans in the mining and power sector, we are exploring available opportunities in Africa. Liberia is a stable country with good governance practices, and the fact that it is led by a Nobel laureate extends further credibility to the nation. I have a dream to light up Africa.”

Speaking about the project, Mr. Ravi Uppal, MDandCEO, JSPL said, “The power project would be set up under Public Private Partnership (PPP) model and will have two units of 350 MW total of power. JSPL is committed to fulfil the country’s power requirement and the work on the project would start soon.”

About Jindal Steel and Power Limited (JSPL)

Jindal Steel and Power Limited (JSPL) is one of India’s major corporate houses with a significant presence in sectors like Steel, Mining, Power Generation and Infrastructure. With an annual turnover exceed up US$ 3.5 billion, JSPL is a part of the over US$ 18 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa, Indonesia and Australia.

The company produces economical and efficient steel and power. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to major infrastructure and housing projects in the country. It also has the distinction of producing the world’s longest 121 metre long rails and large size parallel flange beams, high strength angle irons for transmission towers and high strength earthquake-resistant construction rebars.

JSPL has always believed in inclusive growth, supporting the communities around its plants, endeavouring to improve the quality of life of the people in the areas it operates in. Its focus on community development and social issues around its facilities in Chhattisgarh, Jharkhand and Odisha has changed the living standards of the people, heralding a turnaround in these areas.

As part of its sustainable growth programme, JSPL has been focusing on health, education and women empowerment, sports, art and culture, infrastructure development, skill development and raising employability in 42 adopted villages around the periphery of Raigarh facility. Jindal Hospital, Jindal School, Jindal Institute of Technology, 'Asha - The Hope' school for the differently-abled, computer labs, musical fountain, auditorium, management of three ITIs (through public private partnership) and Institute Management Committee (IMC) collectively comprise JSPL's social commitments.

For skill development OP Jindal Community College (OPJCC), a private technical vocational education offers practical and relevant skill enhancement for youth to meet the requirement of semi-skilled/ skilled workforce in the industries and to improve their employability. OPJCC has five colleges across India at the moment at Angul and Barbil (Odisha), Patratu and Godda (Jharkhand) and Raigarh (Chhattisgarh).

For Africa JSPL has already started a student exchange program and also sponsored students to study the OP Jindal Global University at Sonepat and OP Jindal Engineering College ,Raigarh. As a philanthropic gesture an Imaging center is proposed to be constructed at Liberia , apart from donation of expensive medical equipment like MRI, Mammography machine, Ambulances etc

JINDAL STEEL AND POWER LIMITED Q1 FY 13-14 RESULTS

JSPL, notwithstanding a continued slowdown of economy, turbulence in the Forex markets, all time low steel prices and a Monsoon dominated period, increased the steel sales in volume by 16% and in value terms by 2% compared to Q2 FY12-13 on a standalone basis. The steel business in volume and value terms grew by 11% and 7% respectively compared to the previous quarter (Q1 FY13-14). JSPL achieved a spectacular growth in its export volumes which in volume and value terms grew by 32% and 104% for the same period (Q2 FY 12-13) last year. While EBITDA, and PBT for Q2 FY 13-14 grew by 15.8% and 10.4% over Q1 FY 13-14, there was a decline of the same parameters by 22% and 58% for the same period (Q2 FY 12-13). The drop in earnings were caused largely due to drop of 12-15% in the price levels and interest & depreciation burden of investments made in Angul Phase – 1 Steel plant and upgradation of Raigarh Steel plant.

The company successfully completed the SMS plant in Angul and is in the process of stabilizing production. Jindal Power Ltd. also synchronized the first 600 MW Power unit of Tamnar Phase – 2 power plant. The installation of remaining units of Angul Phase – 1 is on track and all of them are expected to be commissioned by the end of next quarter. 2 MTPA Steel Plant being set up in Oman is also progressing well and will be commissioned by January 2014. At least, 3 units of JPL’s Tamnar Phase – 2 will be commissioned by March 31,2014. The new 4 MTPA Pellet plant will go into production by January 31, 2014. JSPL is all set to harvest the benefits of the new investments maturing into operational units from the start of Q4, 2013.

The Company received breakthrough order for its Rails from both domestic and export markets. Its success in securing Rail order from DFCC for the prestigious Delhi – Kolkata corridor and export order from Ferrotech Alloys, UK are noteworthy.

JSPL launched its new Brand “Jindal Panther” on a companywide basis on August 5 and has appointed 34 distributors and 650 dealers across the country as of September 30th, 2013. JSPL’s foray into the retail segment has been very successful and the sale during Q2 FY13-14 grew over 5 times compared to Q2 FY 12-13 and 16% over Q1 of the current year. The Company with its focus on inventory reduction reduced its total stock to its lowest level which is 12% lower than last Quarter.

Jindal Power Limited, a subsidiary of JSPL achieved PLF 95.1% during Q2 compared to 85 % for the same period last year. Company’s Sales grew by 17.7% while PBT and PAT increased by 16.9% and 15.7% respectively in Q2 this year compared to Q2 FY12-13. While its 4x250 MW continues to be the most efficient unit of the country, first 600 MW unit was commissioned in a record time of 33 months. The company signed FSA for the first two units during Q2 FY 13-14.

On the Global Operations front, Mozambique mining operations gathered further momentum and is now all set to achieve its rated capacity of 3 MTPA by March 31, 2014. Both Oman and South Africa units also exceeded their performance over the same Quarter of the previous year.

The Company has a positive and optimistic outlook for Q3 and Q4.

FINANCIAL RESULTS

Standalone

· Turnover up by 2% to Rs. 36556.400 Millions (Rs. 35889.700 Millions)*

· Export grew by 104%

· Net Profit for the quarter is Rs. 2566.800 Millions (Rs. 5822.100 Millions)*#

*figures in brackets are for the financial year 2012-13

Net Profit is after tax but before minority interest and share of profit/(loss) Of associates.

SALES

Details of sales for the quarter ended September 30, 2013 with the corresponding quarter in the Previous financial year are as under:

For the Quarter I ended September 30, 2013:

Product (MT)	Quarter II		Growth (%)
	2013-14	2012-13
Sponge Iron	---	25274	--
Steel Products**	739879	639349	16%
Pellets	639227	435742	47%
Power (million kWh)	116	547	(79%)

* Sponge Iron sale is nil due to captive consumption

** Slabs/ Bloom/ Billets/ Structural's and Rails/ Universal Plate/ Coil/ Converted Angle/ Channel/ Wire Rod/ TMT/ Fabricated Beams/ Plates

JINDAL STEEL AND POWER LIMITED (JSPL) INCREASES PRICES OF PLATES, HR COILS, TMT AND WIRE RODS

New Delhi, 2nd January 2014: Jindal Steel and Power Limited (JSPL) today announced that it will increase the price of its steel products effective 1st January 2014. The price revision has been done for Plates, Hot Rolled Coils, Wired Rod Coils and TMT rebars.

Minimum Price increase for New Orders

1. PLATES/HR Coils - INR 1000/- pmt (per metric ton)

2. Wire Rod Coils - increase of Rs 1000/- pmt

3. TMT - Increase of Rs 1000/- pmt

About Jindal Steel and Power Limited (JSPL)

Jindal Steel and Power Limited (JSPL) is one of India’s major steel producers with a significant presence in sectors like Steel, Mining, Power Generation and Infrastructure. With an annual turnover of over US$ 3.5 billion, JSPL is a part of the over US$ 18 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa and Australia.

The company produces economical and efficient steel and power. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to major infrastructure & housing projects in the country. It also has the distinction of producing the world’s longest 121 metre long rails and large size parallel flange beams, high strength angle irons for transmission towers and high strength earthquake-resistant construction rebars.

The company is equally concerned about the environment and is committed towards restoring nature’s balance by maintaining a clean and green environment. JSPL’s Corporate Social Responsibility policy aims at bringing about a radical transformation in the quality of people’s lives in and around the operation areas of the company through positive intervention in social upliftment and revenue generation programs.

JINDAL STEEL AND POWER LIMITED SIGNS MOU WITH THE LIBERIAN GOVERNMENT TO SET UP TWO UNITS OF POWER PLANTS IN LIBERIA

· MoU signed in presence of Ms. Ellen Johnson Sirleaf, President of Republic of Liberia on her visit to Jindal Steel and Power Limited facilities in Chhattisgarh

· Ms. Ellen Johnson Sirleaf, President of Republic of Liberia, is on a five day state visit

· Two units each of 175 megawatt of thermal power plant will be built in two phases starting next year in Liberia

New Delhi, 11th Sept 2013: Jindal Steel and Power Limited has signed a memorandum of understanding with the Liberian government to set up two units of 175 MW each power project in Liberia. The MoU was signed in presence of Ms. Ellen Johnson Sirleaf, Nobel Peace Prize laureate and President of Republic of Liberia who is on a five-day state visit. The president visited Jindal Steel and Power Limited.'s state-of-art 3 MTPA Steel plant in Raigarh and 1000 MW power plant in Tamnar, Chattisgarh.

On her visit to the Raigarh facility, Ms. Ellen Johnson Sirleaf President of Republic of Liberia said that she was very impressed seeing what JSPL has achieved. The manner in which the company have built plants in difficult circumstances and worked with villagers gives them confidence, and they are open to all possibilities of a strong partnership. Liberian government would be working closely with JSPL to achieve the objective of industrial growth in the country.

The President on her visit to India is accompanied by a high-level delegation including the Liberian Ministers of Foreign Affairs, Finance, Agriculture, Commerce and Industry, Information, Culture and Tourism, Lands, Mines and Energy and Gender development, besides senior Government officials and representatives of apex trade bodies.

Liberia is one of the stable West African countries, growing at a rate of 8-10%. The countries rich natural resources and various infrastructure and industrial development provide significant potential for enhancement of trade and investment ties between the two countries.

Speaking on the Liberian President's visit, Shri. Naveen Jindal, Chairman, JSPL said "At JSPL, we are committed to add value to their stakeholders and as part of their business expansion plans in the mining and power sector, we are exploring available opportunities in Africa. Liberia is a stable country with good governance practices, and the fact that it is led by a Nobel laureate extends further credibility to the nation. I have a dream to light up Africa."

Speaking about the project, Mr. Ravi Uppal, MD and CEO, JSPL said, "The power project would be set up under Public Private Partnership (PPP) model and will have two units of 350 MW total of power. JSPL is committed to fulfil the country's power requirement and the work on the project would start soon."

About Jindal Steel and Power Limited (JSPL)

Jindal Steel and Power Limited (JSPL) is one of India's major corporate houses with a significant presence in sectors like Steel, Mining, Power Generation and Infrastructure. With an annual turnover exceed up US$ 3.5 billion, JSPL is a part of the over US$ 18 billion diversified O. P. Jindal Group. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa, Indonesia and Australia.

The company produces economical and efficient steel and power. From the widest flat products to a whole range of long products, JSPL today sports a product portfolio that caters to major infrastructure and housing projects in the country. It also has the distinction of producing the world's longest 121 metre long rails and large size parallel flange beams, high strength angle irons for transmission towers and high strength earthquake-resistant construction rebars.

JSPL has always believed in inclusive growth, supporting the communities around its plants, endeavouring to improve the quality of life of the people in the areas it operates in. Its focus on community development and social issues around its facilities in Chhattisgarh, Jharkhand and Odisha has changed the living standards of the people, heralding a turnaround in these areas.

As part of its sustainable growth programme, JSPL has been focusing on health, education and women empowerment, sports, art and culture, infrastructure development, skill development and raising employability in 42 adopted villages around the periphery of Raigarh facility. Jindal Hospital, Jindal School, Jindal Institute of Technology, 'Asha - The Hope' school for the differently-abled, computer labs, musical fountain, auditorium, management of three ITIs (through public private partnership) and Institute Management Committee (IMC) collectively comprise JSPL's social commitments.

For skill development OP Jindal Community College (OPJCC), a private technical vocational education offers practical and relevant skill enhancement for youth to meet the requirement of semi-skilled/ skilled workforce in the industries and to improve their employability. OPJCC has five colleges across India at the moment at Angul and Barbil (Odisha), Patratu and Godda (Jharkhand) and Raigarh (Chhattisgarh).

For Africa JSPL has already started a student exchange program and also sponsored students to study the OP Jindal Global University at Sonepat and OP Jindal Engineering College ,Raigarh. As a philanthropic gesture an Imaging center is proposed to be constructed at Liberia , apart from donation of expensive medical equipment like MRI, Mammography machine, Ambulances etc.

JINDAL STEEL AND POWER LIMITED (JSPL) INCREASES PRICES OF PLATES, HR COILS, TMT AND WIRE RODS

New Delhi, 2nd January 2014: Jindal Steel and Power Limited (JSPL) today announced that it will increase the price of its steel products effective 1st January 2014. The price revision has been done for Plates, Hot Rolled Coils, Wired Rod Coils and TMT rebars.

Minimum Price increase for New Orders

1. PLATES/HR Coils - INR 1000/- pmt (per metric ton)

2. Wire Rod Coils - increase of Rs 1000/- pmt

3. TMT - Increase of Rs 1000/- pmt

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.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.