Business information report

1. Summary Information

		Country	India
Company Name	JAIPRAKASH ASSOCIATES LIMITED	Principal Name 1	Mr. Jaiprakash Gaur
Status	Good	Principal Name 2	Mr. Sarat Kumar Jain
		Registration #	20-19017
Street Address	Sector – 128, Noida – 201304, Uttar Pradesh, India
Established Date	15.11.1995	SIC Code	--
Telephone#	91-120-4609000/ 2470800	Business Style 1	--
Fax #	91-11-26145389/ 26148890/ 26143591	Business Style 2	--
Homepage	http://www.jilindia.com	Product Name 1	Heavy Civil Engineering Construction
# of employees	20000 (Approximately)	Product Name 2	Real Estate
Paid up capital	Rs. 4,438,200,000/-	Product Name 3	Hospitality
Shareholders	Promoter and Promoter Group - 45.12% Public shareholding - 54.88%	Banking	Allahabad Bank
Public Limited Corp.	Yes	Business Period	19 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	A (60)
Related Company
Relation	Country	Company Name	CEO
Subsidiary Company	India	Jaiprakash Power Ventures Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	16,1740,600,000	Current Liabilities	107,190,000,000
Inventories	19,694,800,000	Long-term Liabilities	202,167,100,000
Fixed Assets	13,1576,200,000	Other Liabilities	17,253,000,000
Deferred Assets	0,000	Total Liabilities	326,610,100,000
Invest& other Assets	146921,800,000	Retained Earnings	128,885,100,000
		Net Worth	133,323,300,000
Total Assets	459,933,400,000	Total Liab. & Equity	459,933,400,000
Total Assets (Previous Year)	407,443,200,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales		Net Profit
Sales(Previous yr)	128,531,200,000	Net Profit(Prev.yr)	10,263,800,000

MIRA INFORM REPORT

Report Date :

26.03.2014

IDENTIFICATION DETAILS

Name :	JAIPRAKASH ASSOCIATES LIMITED (w.e.f. 11.03.2004) JAIPRAKASH INDUSTRIES LIMITED AMALGAMATED WITH JAIPRAKASH ASSOCIATES LIMITED
Formerly Known As :	JAYPEE CEMENT LIMITED
Registered Office :	Sector – 128, Noida – 201304, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.11.1995
Com. Reg. No.:	20-019017
Capital Investment / Paid-up Capital :	Rs.4438.200 Millions
CIN No.: [Company Identification No.]	L14106UP1995PLC019017
TAN No.: [Tax Deduction & Collection Account No.]	LKNJ05124A
PAN No.: [Permanent Account No.]	APPLIEDFOR
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is in the business of heavy civil engineering construction, expressways, cement, and real estate and hospitality.
No. of Employees :	20600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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

Maximum Credit Limit :	USD 530000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company of Jaypee group having a fine track record. There seems continuous dip in the profitability recorded by the company. However, general financial position seems to be good. The subject gets strong support from its group companies. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A (Long Term Bank Facilities)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April 2013

Rating Agency Name	CARE
Rating	A1 (Short Term Bank Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	April 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-120-2470800)

LOCATIONS

Registered Office/ Corporate Office :	Sector – 128, Noida – 201304, Uttar Pradesh, India
Tel No.:	91-120-4609000/ 2470800
Fax No.:	91-120-4609464/ 4609496
E-Mail :	jal.investor@jalindia.co.in sectl.dept@jalindia.co.in
Website :	http://www.jilindia.com
Delhi Office :	Jai Annexe House, 63, Basant Lok, Vasant Vihar, New Delhi – 110057, India
Tel. No.:	91-11-26411540/ 26147411/ 26149444/ 26141540
Fax No.:	91-11-26145389/ 26148890/ 26143591
E-Mail :	rajiv.srivastava@jil.co.in

DIRECTORS

As on 31.03.2013

Name :	Mr. Jaiprakash Gaur
Designation :	Founder Chairman
Name :	Mr. Sarat Kumar Jain
Designation :	Vice Chairman
Address :	B1/12, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	19.05.1938
Date of Appointment :	18.03.2004
Election Commission Identify Card No.:	DL02010243649
DIN No.:	00010073
Name :	Mr. Manoj Gaur
Designation :	Executive Chairman and Chief Executive Officer
Address :	A9/27, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	16.06.1964
Date of Appointment :	01.04.2011
DIN No.:	00008480
Name :	Mr. Sunil Kumar Sharma
Designation :	Executive Vice Chairman
Address :	E9/14, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	01.07.1959
Date of Appointment :	18.03.2009
Election Commission Identify Card No.:	DL02010249931
DIN No.:	0008125
Name :	Mr. Ashok Kumar Sahoo
Designation :	Director (LIC Nominee)
Address :	Life Insurance Corporation Of India, Jeevan Bhagya, Opposite Secretari at Saifabad, Hyderabad – 500063, Andhra Pradesh, India
Date of Birth :	15.03.1954
Date of Appointment :	01.03.2007
DIN No.:	01489592
Name :	Mr. Sunny Gaur
Designation :	Managing Director (Cement)
Address :	A9/27, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	30.05.1969
Date of Appointment :	31.12.2009
DIN No.:	00008293
Name :	Mr. Ranvijay Singh
Designation :	Whole-time Director
Address :	E2/11, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	19.10.1966
Date of Appointment :	14.12.2007
DIN No.:	00020876
Name :	Mr. Rahul Kumar
Designation :	Whole-time Director and CFO
Address :	B-67. Sarvodaya Enclave, New Delhi – 110017, India
Date of Birth :	23.02.1968
Date of Appointment :	31.10.2010
DIN No.:	00020779
Name :	Mr. Pankaj Gaur
Designation :	Joint Managing Director (Construction)
Address :	A1/7, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	18.01.1971
Date of Appointment :	01.07.2009
DIN No.:	00008419
Name :	Mr. Shyam Dutt Nailwal
Designation :	Whole-time Director
Address :	75, Shreshta Vihar, Delhi – 110092, India
Date of Birth/ Age :	03.08.1947
Date of Appointment :	01.07.2009
Election Commission Identify Card No.:	DL04043234072
DIN No.:	00008529
Name :	Dr. Bidhubhusan. Samal
Designation :	Director
Address :	Flat No.1101, Lokhandwala Galaxy Junction of NM Joshi and KK Marg, Near S. Bridge Byculla (West), Mumbai – 400011, Maharashtra, India
Date of Birth :	02.03.1943
Date of Appointment :	21.09.2010
DIN No.:	00007256
Name :	Mr. Bal Krishna Taparia
Designation :	Director
Address :	75, Nagina Bagh, Ajmer – 305001, Rajasthan, India
Date of Birth :	27.11.1939
Date of Appointment :	27.12.2005
DIN No.:	00019760
Name :	Mr. Subhash Chandra Bhargava
Designation :	Director
Address :	1305-B Wing, Dosti Aster (Dosti Acres), New Uphill Link Road, Off S. M. Road, Antop Hill, Wadala (East), Mumbai – 400037, Maharashtra, India
Date of Birth :	20.07.1945
Date of Appointment :	27.12.2005
DIN No.:	00020021
Name :	Mr. Raj Narain Bhardwaj
Designation :	Director
Address :	402, Moksh Apartments, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth :	08.05.1945
Date of Appointment :	30.08.2007
DIN No.:	01571764
Name :	Mr. Suresh Chandra Gupta
Designation :	Director
Address :	B-186, Sector-44, Noida – 201303, Uttar Pradesh, India
Date of Birth :	01.08.1936
Date of Appointment :	21.02.2008
DIN No.:	01127801
Name :	Mr. Basant Kumar Goswami
Designation :	Director
Address :	F-4, Kailash Colony, New Delhi – 110048, India
Date of Birth :	29.01.1935
Date of Appointment :	01.03.2007
DIN No.:	00003782
Name :	Mr. Ravindra Kumar Singh
Designation :	Whole-time Director
Address :	404, Palmgrove Apartment, F5, Sector 50, Noida – 201301, Uttar Pradesh, India
Date of Birth :	13.07.1945
Date of Appointment :	27.08.2008
DIN No.:	01859229
Name :	Mr. Viney Kumar
Designation :	Director (IDBI Nominee Director)
Address :	A/132, Twin Tower, Prabha Devi, V S Marg, Mumbai – 400025, Maharashtra, India
Date of Birth :	04.06.1956
Date of Appointment :	01.11.2010
DIN No.:	00191129
Name :	Mr. Vijay Kumar Chopra
Designation :	Director
Address :	4-A, 4^th Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth :	06.03.1946
Date of Appointment :	21.09.2010
Election Commission Identify Card No.:	DL02009192293
DIN No.:	02103940
Name :	Mr. Homai A. Darewalla
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Harish Kumar Vaid
Designation :	Senior President (Corporate Affairs) and Company Secretary
Address :	C1/1172, Vasant Kunj, New Delhi – 110070, India
Date of Birth :	19.01.1954
Date of Appointment :	18.03.2004
PAN No.:	AABPV9638C
Election Commission Identify Card No.:	DL/03/018/256029

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	69860317	3.15
Bodies Corporate	741985570	33.44
Any Others (Specify)	189316882	8.53
Trusts	189316882	8.53
Sub Total	1001162769	45.12
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	99760	0.00
Sub Total	99760	0.00
Total shareholding of Promoter and Promoter Group (A)	1001262529	45.12
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	99510563	4.48
Financial Institutions / Banks	7171567	0.32
Insurance Companies	113443520	5.11
Foreign Institutional Investors	608242023	27.41
Sub Total	828367673	37.33
(2) Non-Institutions
Bodies Corporate	89481421	4.03
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	251073285	11.31
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	21485157	0.97
Any Others (Specify)	27413494	1.24
Non Resident Indians	10703505	0.48
Trusts	9349561	0.42
Overseas Corporate Bodies	178250	0.01
Foreign Corporate Bodies	3432447	0.15
Clearing Members	3749731	0.17
Sub Total	389453357	17.55
Total Public shareholding (B)	1217821030	54.88
Total (A)+(B)	2219083559	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2219083559	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of heavy civil engineering construction, expressways, cement, and real estate and hospitality.

Products :

Products Description	ITC Code
Portland Cement	252329.01

PRODUCTION STATUS (AS ON : 31.03.2012)

Particulars	Unit	Actual Production
Cement Production	MT	13,341,389
Clinker Production	MT	9,808,903
Cement and Clinker Sale (MT) (including Self-Consumption)	MT	14,126,107

GENERAL INFORMATION

No. of Employees :

20600 (Approximately)

Bankers :

· Allahabad Bank

· Andhra Bank

· AKA Export Finance Bank

· Axis Bank Limited

· Bank of Baroda Bank

· Bhutan Bank of India

· Bank of Maharashtra

· Canara Bank

· Central Bank of India

· Citi Bank N.A.

· Corporation Bank

· Druk PNB Bank Limited

· Export Import Bank of India

· HDFC Bank Limited

· HSBC Limited

· ICICI Bank Limited

· Indian Bank

· Indian Overseas Bank

· IDBI Bank Limited

· Karur Vysya Bank

· Karnataka Bank

· Kotak Mahindra Bank

· Oriental Bank of Commerce

· Punjab National Bank

· Punjab and Sind Bank

· Rafidian Bank

· Royal Bank of Scotland

· Standard Chartered Bank

· State Bank of India

· State Bank of Hyderabad

· State Bank of Indore

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Sikkim

· State Bank of Travancore

· State Bank of Bikaner and Jaipur

· Syndicate Bank

· The Jammu and Kashmir Bank Limited

· The South Indian Bank Limited

· UCO Bank

· Union Bank of India

· United Bank of India

· Vijaya Bank

· Yes Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Non Convertible Debentures	34716.700	40100.000
Term Loans
From Financial Institutions	7345.900	2606.200
From Banks
In Rupees	101955.600	79890.900
In Foreign Currency	1033.300	1315.200
From Others	2846.300	3911.300
Loan from State Government	2717.800	2188.700
Advances from Clients From Government Departments, Public Sector Undertakings & Others - Secured against Hypothecation of Construction Material and Plant & Machinery Interest Bearing	60.600	60.600
SHORT TERM BORROWINGS
Term Loans from Banks	1040.000	0.000
Working Capital Loans from Banks	3286.300	2276.400
Total	155002.500	132349.300

Banking Relations :	--
Auditors :
Name :	M. P. Singh and Associates Chartered Accountants
Address :	B-8/14, Vasant Vihar, New Delhi-110057, India
Tel. No.:	91-11-26141979
Fax No.:	91-11-26148150
E-Mail :	ravinagpal@vsnl.net
Subsidiary Companies :	· Jaiprakash Power Ventures Limited · Jaypee Infratech Limited · Himalyan Expressway Limited · Jaypee Ganga Infrastructure Corporation Limited · Jaypee Sports International Limited · Jaypee Agra Vikas Limited · Jaypee Cement Corporation Limited · Jaypee Fertilizers and Industries Limited · Himalyaputra Aviation Limited [w.e.f. 23.07.2011] · Jaypee Assam Cement Limited [w.e.f. 10.11.2011] · Sangam Power Generation Company Limited [subsidiary of Jaiprakash Power Ventures Limited] · Prayagraj Power Generation Company Limited [subsidiary of Jaiprakash Power Ventures Limited] · Jaypee Meghalaya Power Limited [subsidiary of Jaiprakash Power Ventures Limited] · Jaypee Health Care Limited [w.e.f. 30.10.2012] [subsidiary of Jaypee Infratech Limited] · Jaypee Cement Cricket (India) Limited [w.e.f. 20.10.2012] [subsidiary of Jaypee Sports International Limited] · Jaypee Cement Hockey (India) Limited [w.e.f. 05.11.2012] [subsidiary of Jaypee Sports International Limited] · Jaiprakash Agri Initiatives Company Limited [w.e.f. 25.03.2013] [subsidiary of Jaypee Cement Corporation Limited]
Joint Venture Subsidiaries :	· Bhilai Jaypee Cement Limited · Bokaro Jaypee Cement Limited · Gujarat Jaypee Cement and Infrastructure Limited · Jaypee Powergrid Limited [Joint Venture Subsidiary Company of Jaiprakash Power Ventures Limited] · Jaypee Arunachal Power Limited [Joint Venture Subsidiary Company of Jaiprakash Power Ventures Limited]
Associate Companies :	· Jaypee Infra Ventures [A Private Company with unlimited liability] · Jaypee Development Corporation Limited · Jaiprakash Kashmir Energy Limited · JIL Information Technology Limited · Gaur and Nagi Limited · Indesign Enterprises Private Limited · Sonebhadra Minerals Private Limited · RPJ Minerals Private Limited · Jaiprakash Agri Initiatives Company Limited [till 24.03.2013] · Tiger Hills Holiday Resort Private Limited · Anvi Hotels Private Limited · Sarveshwari Stone Products Private Limited · Rock Solid Cement Limited · Jaypee International Logistics Company Private Limited · Jaypee Hotels Limited · Jaypee Mining Venture Private Limited · Ceekay Estates Private Limited · Jaiprakash Exports Private Limited · Bhumi Estate Developers Private Limited · PAC Pharma Drugs and Chemicals Private Limited · Jaypee Technical Consultants Private Limited · Jaypee Uttar Bharat Vikas Private Limited [Joint Venture] · Kanpur Fertilizers and Cement Limited [Joint Venture] · Madhya Pradesh Jaypee Minerals Limited [Joint Venture] · MP Jaypee Coal Limited [Joint Venture] · MP Jaypee Coal Fields Limited [Joint Venture] · GM Global Mineral Mining Private Limited · Andhra Cements Limited [w.e.f. 10.02.2012] · Milestone Home Finance Company Private Limited [w.e.f. 28.09.2012] · Jaypee Jan Sewa Sansthan ['Not for Profit' Private Limited Company] [w.e.f. 12.06.2012]

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,344,000,000	Equity Shares	Rs.2/- each	Rs.24688.000 Millions
3,120,000	Preference Shares	Rs.100/- each	Rs.312.000 Millions
	Total		Rs.25000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,219,083,559	Equity Shares	Rs.2/- each	Rs.4438.200 Millions

Issued, Subscribed and Paid-up Share Capital in number comprises of

Shares for consideration in cash

20,219,850 Equity Shares [Previous Year 2,02,19,850] allotted under "Jaypee Employees Stock Purchase Scheme 2002";

12,500,000 Equity Shares [Previous Year 1,25,00,000] allotted under "Jaypee Employees Stock Purchase Scheme 2009";

201,623,717 Equity Shares [Previous Year 17,31,78,150] allotted on conversion of Foreign Currency Convertible

Bonds; 10,000,000 Equity Shares [Previous Year 1,00,00,000] allotted to Promoters on Preferential Basis and

64,204,810 Equity Shares allotted through Qualified Institutional Placement as on 06.02.2013.

Shares for consideration other than cash

860,865,055 Equity Shares [Previous Year 86,08,65,055] allotted in terms of the Scheme of Amalgamation effective from 11.03.2004;

124,378,825 Equity Shares [Previous Year 12,43,78,825] allotted in terms of Scheme of Amalgamation effective

from 22.08.2006;

218,010,985 Equity Shares [Previous Year 21,80,10,985] allotted pursuant to Scheme of Amalgamation effective from 27.05.2009 and

707,280,317 Equity Shares [Previous Year 70,72,80,317] allotted as Bonus Shares .

Reconciliation of the Number of Shares Outstanding at the beginning and at the end of the reporting period:

Particulars	As at 31.03.2013
	Number	Rs. in Millions
Equity Shares at the beginning of the year	2,126,433,182	4252.900
Add: Equity Shares allotted on conversion foreign Currency Convertible Bonds	28,445,567	56.900
Add: Equity Shares allotted on Qualified Institutional Placement	64,204,810	128.400
Equity Shares at the end of the year	2,219,083,559	4438.200

Terms / Rights

The Company has issued only one class of equity shares having a par value of Rs. 2/- per share. Each holder of equity share is entitled to one vote per share. Each share is entitled to equal dividend declared by the Company and approved by the Shareholders of the Company. In the event of liquidation, each share carries equal rights and will be entitled to receive equal amount per share out of the remaining amount available with the Company after making preferential payments.

Details of Shareholder holding more than 5% Shares

Name of Shareholder	As at 31.03.2013
	Number	% holding
Jaypee Infra Ventures [a Private Company with unlimited liability]	717,656,303	32.34
Life Insurance Corporation of India & Mutual Funds	109,139,905	4.92

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4438.200
(b) Reserves & Surplus	128885.100
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	133323.300
(3) Non-Current Liabilities
(a) long-term borrowings	185909.100
(b) Deferred tax liabilities (Net)	13726.800
(c) Other long term liabilities	17043.900
(d) long-term provisions	1802.900
Total Non-current Liabilities (3)	218482.700
(4) Current Liabilities
(a) Short term borrowings	16258.000
(b) Trade payables	26236.500
(c) Other current liabilities	63909.600
(d) Short-term provisions	1723.300
Total Current Liabilities (4)	108127.400
TOTAL	459933.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	131164.000
(ii) Intangible Assets	412.200
(iii) Capital work-in-progress	58008.200
(iv) Intangible assets under development	0.900
(b) Non-current Investments	85980.600
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	18098.400
(e) Other Non-current assets	18317.800
Total Non-Current Assets	311982.100
(2) Current assets
(a) Current investments	2932.100
(b) Inventories	19694.800
(c) Project under development	10082.400
(d) Trade receivables	24350.800
(e) Cash and cash equivalents	13026.600
(f) Short-term loans and advances	34896.600
(g) Other current assets	42968.000
Total Current Assets	147951.300
TOTAL	459933.400

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		4252.900	4252.900
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		118790.100	89720.800
4] (Accumulated Losses)		0.000	0.000
NETWORTH		123043.000	93973.700
LOAN FUNDS
1] Secured Loans		132349.300	131850.300
2] Unsecured Loans		28813.600	57552.900
TOTAL BORROWING		161162.900	189403.200
DEFERRED TAX LIABILITIES		12437.200	11939.800
TOTAL		296643.100	295316.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		109446.600	119668.400
Capital work-in-progress		44815.200	55827.600
INVESTMENT		68824.700	64837.500
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16914.900	16664.500
	Sundry Debtors	28663.700	13005.400
	Cash & Bank Balances	10222.300	24625.200
	Other Current Assets	62100.800	15364.500
	Loans & Advances	43091.900	49378.600
	Project under Development	23363.100	16168.600
Total Current Assets		184356.700	135206.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22255.000	18583.100
	Other Current Liabilities	85925.100	60075.700
	Provisions	2620.000	1564.800
Total Current Liabilities		110800.100	80223.600
Net Current Assets		73556.600	54983.200
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		296643.100	295316.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operation	133583.700	128531.200	130927.900
		Other Income	1537.100	2644.900	2259.200
		TOTAL	135120.800	131176.100	133187.100
Less	EXPENSES
		Cost of Materials Consumed	32786.000	28644.700	30051.700
		Changes in Inventories of Finished Goods & Workin- Progress	(2157.300)	(536.200)	(1366.600)
		Manufacturing, Construction, Real Estate, Hotel/ Hospitality & Power Expenses	42004.200	42345.000	49611.600
		Employee Benefits Expense	8079.500	6613.200	5957.200
		Other Expenses	19619.100	17068.000	15851.300
		TOTAL	100331.500	94134.700	100105.200
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		34789.300	37041.400	33081.900
Less	FINANCIAL EXPENSES		20113.500	17817.400	14583.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		14675.800	19224.000	18498.900
Less/ Add	DEPRECIATION/ AMORTISATION		7261.300	6141.500	6093.800
Add	Prior Period Adjustment		93.000	60.900	8.400
	PROFIT / (LOSS) BEFORE TAX		7507.500	13143.400	17545.100
Less	TAX		2494.700	2879.600	5867.300
	PROFIT / (LOSS) AFTER TAX		5012.800	10263.800	11677.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31484.800	28689.200	26450.300
Less	APPROPRIATIONS
		Reserve for Redemption Premium on FCCBs	0.000	2682.500	1535.400
		Debenture Redemption Reserve	76.500	2693.000	5071.100
		General Reserve	510.000	1026.400	1170.000
		Dividend paid pertaining to Previous Year	0.000	0.000	1.100
		Tax on proposed Final Dividend Reversed	(93.700)	(93.700)	0.000
		Final Dividend Transferred from Trusts (in which Company is sole beneficiary)	(94.700)	(75.700)	(102.200)
		Reserve for Redemption Premium on FCCBs Reversed	(7794.600)	0.000	0.000
		Interim Dividend	0.000	0.000	850.600
		Interim Dividend transferred From Trusts	0.000	0.000	(75.700)
		Proposed Final Dividend	1109.500	1063.200	850.600
		Tax on Proposed Final Dividend	180.000	172.500	138.000
	BALANCE CARRIED TO THE B/S		42604.600	31484.800	28689.200
	EARNINGS IN FOREIGN CURRENCY
		Cement Exports [FOB Value]	116.700	75.200	49.700
		Contract Receipts	3878.500	397.900	0.000
		Hospitality	253.200	258.000	231.200
		Interest	0.200	1.900	2.500
		Others	94.400	0.000	0.200
		Advance received from Real Estate Customers	48.500	46.400	67.300
	TOTAL EARNINGS		4391.500	779.400	350.900
	IMPORTS
		Stores and Spares	900.900	683.900	610.900
		Capital Equipment [including Capital Work-in-Progress]	546.000	1227.900	4659.500
		Steel Plates	4538.400	3081.800	6.800
		Raw Materials	0.000	0.000	640.800
		Hydro Mechanical and Electromechanical Equipment	2.900	482.100	4192.200
		Others	0.000	8.800	11.400
	TOTAL IMPORTS		5988.200	5484.500	10121.600
	Earnings Per Share (Rs.)
	Basic		2.34	4.83	5.49
	Diluted		2.29	4.64	5.27

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	33148.500	31760.600	31635.300
Total Expenditure	25301.900	23857.000	24188.60
PBIDT (Excl OI)	7846.600	7903.600	7446.700
Other Income	370.800	1245.100	182.800
Operating Profit	8217.400	9148.700	7629.500
Interest	5899.700	6541.50	7515.100
Exceptional Items	3951.700	11.200	(1.400)
PBDT	6269.400	2618.400	113.000
Depreciation	1942.800	1962.300	1968.400
Profit Before Tax	4326.600	656.100	(1855.400)
Tax	981.500	(20.600)	(968.300)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	3345.100	676.700	(887.100)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	3345.100	676.700	(887.100)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.71	7.82	8.77
Net Profit Margin (PBT/Sales)	(%)	5.62	10.22	13.40
Return on Total Assets (PBT/Total Assets}	(%)	2.38	4.47	6.88
Return on Investment (ROI) (PBT/Networth)		0.06	0.11	0.19
Debt Equity Ratio (Total Debt /Networth)		1.52	0.90	0.85
Current Ratio (Current Asset/Current Liability)		1.37	1.66	1.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	130927.900	128531.200	133583.700
		(1.831)	3.931

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	130927.900	128531.200	133583.700
Profit	11677.800	10263.800	5012.800
	8.92%	7.99%	3.75%

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	-----
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	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10475099	29/01/2014	4,000,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SIDBI TOWER, 15, ASHOK MARG, LUCKNOW - 226001, UTTAR PRADESH, INDIA	B95300836
2	10481988	11/01/2014	2,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B98272230
3	10468633	21/02/2014 *	12,500,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B97530653
4	10470965	30/12/2013	4,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B93810547
5	10470968	30/12/2013	7,500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B93811164
6	10470726	30/12/2013	15,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B93716660
7	10466649	22/11/2013	2,100,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B92151935
8	10465053	20/11/2013	7,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 11TH & 12TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA	B91491944
9	10452219	05/02/2014 *	7,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 11TH & 12TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA	B96012299
10	10453671	08/11/2013 *	7,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B90618190
11	10452729	30/09/2013	1,000,000,000.00	UNITED BANK OF INDIA	106-109, ANSAL TOWER, 38, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B86527041
12	10451897	28/09/2013	2,000,000,000.00	AXIS BANK LIMITED	STATEMENT HOUSE, 2ND FLOOR, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B86116357
13	10438036	30/12/2013 *	2,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B95061149
14	10437993	25/06/2013	5,250,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B80107964
15	10432854	22/07/2013 *	1,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B80697956
16	10432851	19/06/2013	2,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARAS HTRA, INDIA	B77863900
17	10431895	07/06/2013	362,000,000.00	U.P. FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR - 208001, UTTAR PRADESH, INDIA	B77433415
18	10430044	19/12/2013 *	413,837,403.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE NGAL - 700046, INDIA	B92812437
19	10427280	11/11/2013 *	5,000,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH-I, PLOT NO.1, DDA BUILDING , IST FLOOR, NEHRU PLACE, NEW DELHI, DELHI - 11001 9, INDIA	B90043035
20	10423791	22/04/2013	60,465,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B74449273
21	10413036	21/03/2013	1,500,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH,, CHANDRALOK BUILDING, 36, JANP ATH, NEW DELHI, DELHI - 110001, INDIA	B71202444
22	10399708	18/03/2013 *	3,000,000,000.00	BANK OF MAHARASHTRA	SOUTH EXTENSION, PART - 1, NEW DELHI, DELHI - 110049, INDIA	B71996375
23	10394448	24/12/2012	8,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B64990054
24	10391653	11/11/2013 *	8,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B90089194
25	10384313	22/10/2012	2,130,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B61270476
26	10381260	22/10/2012 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B60701885
27	10378199	11/09/2012	4,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B58777798
28	10372351	13/08/2012	395,100,000.00	U.P. FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR - 208001, UTTAR PRADESH, INDIA	B56326424
29	10353674	26/04/2012	750,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B38918512
30	10353654	26/04/2012	12,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B38914198
31	10345027	24/02/2012	2,500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B36087526
32	10334500	19/06/2013 *	47,650,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH - I, 1ST FLOOR, DDA BUILDI NG, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B77763894
33	10321260	29/05/2013 *	6,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B77034015
34	10317811	30/09/2011	3,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25370529
35	10318953	29/09/2011	4,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25766114
36	10318954	29/09/2011	8,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25766346
37	10311234	24/02/2012 *	1,500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B36088649
38	10312097	24/02/2012 *	13,100,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B36090298
39	10306373	04/10/2012 *	6,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B59401976
40	10307454	24/02/2012 *	1,000,000,000.00	SYNDICATE BANK	18 C-BLOCK MARKET., PASCHIMI MARG, VASANT VIHAR, NEW DELHI, DELHI - 110057, INDIA	B35794692
41	10293032	30/06/2011	1,000,000,000.00	THE SOUTH INDIAN BANK LTD.	SIB HOUSE, T.B. ROAD, THRISSUR, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B15298128
42	10294662	30/09/2011 *	5,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25366824
43	10293882	30/09/2011 *	13,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B25691403
44	10288176	01/06/2011	1,000,000,000.00	AXIS BANK LTD.	4/10, OPG HOUSE,, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B13452065
45	10291464	30/05/2011	1,650,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B14743041
46	10284360	13/05/2011	81,700,000.00	UP FINANCIAL CORPORATION	14/68, CIVIL LINES, KANPUR - 208001, UTTAR PRADESH, INDIA	B12131074
47	10284359	13/05/2011	405,800,000.00	UP FINANCIAL CORPORATION	14/68, CIVIL LINES, KANPUR - 208001, UTTAR PRADESH, INDIA	B12130795
48	10286966	30/09/2011 *	3,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25377037
49	10283092	30/09/2011 *	1,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25372921
50	10280654	30/09/2011 *	3,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B25375502

* Date of charge modification

UNSECURED LOAN

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Foreign Currency Convertible Bonds
FCCB [USD]-2012	6049.900	0.000
Foreign Currency Loans from Banks [ECB]
ECB [USD / JPY]	1752.100	4370.700
ECB [GBP]	1531.800	2126.000
ECB [CAD]	1713.900	2196.100
ECB [USD]-2012	8220.000	0.000
Loans From Banks In Foreign Currency	1774.600	2037.600
Fixed Deposits Scheme	14190.600	9566.700
SHORT TERM BORROWINGS
Loans from Banks	3888.000	3885.900
Bills Discounting	7912.300	4510.000
Fixed Deposit Scheme	131.400	120.600
Total	47164.600	28813.600

FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs)

During the year, following developments pertaining to FCCBs took place:

Issue of FCCB - IV on September 7, 2012-5.75% FCCBs-IV were issued by the Company on September 7, 2012 for a total size of US $ 150 million to part pay the redemption of FCCB-III. These FCCBs, with maturity date of September 8, 2017, are convertible into equity shares of 7 2 each @ 7 77.50 per share (including premium of 7 75.50 per share). As on March 31, 2013, the outstanding amount against FCCB-IV was US $ 110.40 Million (i.e. 73.60%).

Redemption of FCCB - III on September 12, 2012 - Zero coupon FCCB-III issued on September 11, 2007 (with an issue size of US $ 400 million) and having an outstanding aggregate amount of US $ 354.475 Million as on the maturity date i.e. September 12, 2012 were redeemed at a premium of 47.701% on the due date, thus resulting into a total outflow in US$ 523.563 Million.

Redemption of FCCB - II on March 9, 2013 - 0.5% FCCB-

II, issued on March 9, 2006 (with a issue size of Euro 165 million) and having an aggregate outstanding amount of Euro 0.255 million as on the maturity date i.e. March 9, 2013 were redeemed at a premium of 32.071% on the due date, resulting in an outflow of Euro 0.337 Million.

As reported earlier, FCCBs-I (Issue size US $ 100 million) had already been redeemed on February 17, 2010.

Thus the Company presently has only one series of outstanding FCCB i.e. FCCB - IV, aggregating US $ 110.40 million.

The particulars about conversion, outstanding amount, coupon, listing etc. of all past and present FCCBs are detailed in para 26 of the Corporate Governance Report forming part of this Report.

POWER AND RELATED BUSINESS

JAIPRAKASH POWER VENTURES LIMITED (JPVL)

OPERATIONS

JPVL has three operative Hydro Power Plants and one operative Thermal Power Plant, namely:

i) 300 MW Jaypee Baspa-II Hydro Power Plant in Himachal Pradesh;

ii) 400 MW Jaypee Vishnuprayag Hydro Power Plant in Uttarakhand;

iii) 1000 MW Jaypee Karcham Wangtoo Hydro Power Plant in Himachal Pradesh; and

iv) 500 MW – Phase I (of 1200 MW) Jaypee Bina Thermal Power Plant in Madhya Pradesh.

1320 MW JAYPEE NIGRIE SUPER THERMAL POWER PROJECT

The implementation of 1320 MW (2 X 660 MW) Jaypee Nigrie Super Thermal Power Project in Nigrie, Distt. Singrauli in Madhya Pradesh is progressing satisfactorily to achieve commissioning of both the units in the year 2014. Supplies from L and T- MHI and Larsen and Toubro Limited for Boiler, Steam Turbine and Generator respectively are being timely received. All major statutory approvals required at the current stage of the project are in place. Entire requirement of 5 Million MTPA coal for the project will be met through Amelia (North) and Dongri Tal-II Coal Blocks.

AWARD

JPVL has been awarded Certificate of Merit 'For Most Admired Emerging Infrastructure Company in Power' at the 5th KPMG-Infrastructure Today Awards, 2013, New Delhi.

VERIFIED EMISSION REDUCTIONS (VERs)

JPVL 1000 MW Jaypee Karcham Hydro Power Plant has been registered by United Nations Framework Convention on Climate Change (UNFCCC) as a CDM project w.e.f. 12th April, 2012 for ten years upto 11th April, 2022. The process for issuance of CERs for the first period from 12.04.2012 to 31.07.2012 is in progress.

DIVERSIFICATION TO SET-UP CEMENT GRINDING UNITS

JPVL has decided to diversify its operations by setting up Cement Grinding Units at Nigrie (4 MTPA) and Bina (2MTPA) to optimally utilize the fly ash to be generated by Company's thermal power plants. Necessary action has been initiated in that direction.

JAYPEE ARUNACHAL POWER LIMITED (JAPL)

Jaypee Arunachal Power Limited (JAPL), a wholly owned subsidiary of the JPVL is implementing the 2700 MW Lower Siang and 500 MW Hirong H.E. Projects in the State of Arunachal Pradesh. JPVL alongwith its associates will ultimately hold 89% of the Equity of JAPL and the balance 11% will be held by the Government of Arunachal Pradesh.

For the 2700 MW Lower Siang Hydro-Electric Project, CEA approval was obtained in February, 2010 and revalidation of DPR is being in process with Central Electricity Authority (CEA). Land acquisition is inprogress. Seismic data upto 31st March, 2013 has been collected and clearance from the Ministry of Environment and Forest is in process.

For 500 MW Hirong Hydro-electric Project, CEA has accorded Techno- Economic Concurrence on 10th April, 2013. The Environmental/Forest Clearence for the project is yet to be accorded.

As on 31st March, 2013 an aggregate amount of appox. 7 228 crores has been spent on the aforesaid two projects

JAYPEE POWERGRID LIMITED (JPL)

Jaypee Powergrid Limited (JPL), a joint venture of Jaiprakash Power Ventures Limited and Power Grid Corporation of India Limited (a Central Government Power Utility Undertaking) has set up a 213 Km long 400 Kv Quad-Bundle Conductor Double Circuit Transmission Line for evacuation of power from the pothead yard of 1000 MW Karcham Wangtoo plant in the state of Himachal Pradesh to Abdullapur in the state of Haryana and LILO the existing Baspa-Jhakri Double circuit line.

Transmission system has been put under commercial operations w.e.f. 1st April, 2012. Capitalized value of tangible assets as on 31st March, 2013 aggregate to 7 995.98 crores.

The cumulative availability of transmission system for FY 2012-13 was 99.69%.

SANGAM POWER GENERATION CO. LIMITED (SPGCL)

Sangam Power Generation Company Limited (SPGCL), a wholly owned Subsidiary of JPVL, was acquired from Uttar Pradesh Power Corporation Limited ('UPPCL') through competitive bidding process, for the implementation of 1980 MW-(3 x 660 MW) Thermal Power Project in Tehsil Karchana of district Allahabad, Uttar Pradesh. Conveyance Deed of land was executed but physical possession is yet to be handed over. As reported last year Hon'ble High Court of Judicature at Allahabad has quashed the notification issued by Uttar Pradesh State Government for acquisition of land for the project subject to the deposit of compensation, received by the land owners. SPGCL has approached UPPCL for amicable settlement for closing the agreement(s) and payment of dues with UPPCL and the matter is under discussion.

PRAYAGRAJ POWER GENERATION CO. LIMITED (PPGCL)

Prayagraj Power Generation Company Limited (PPGCL), a wholly owned subsidiary of JPVL, acquired from Uttar Pradesh Power Corporation Limited through competitive bidding process, is implementing 1980 MW Thermal Power Project (with approval to add two additional generation units of 660 MW each) in Tehsil Bara of district Allahabad, Uttar Pradesh.

All Statutory/Regulatory approvals required for the project are in place. Financial Closure has been achieved. The supplies from BHEL for Boiler, Turbine and Generator are in progress and the progress on the implementation of project is satisfactory.

An expenditure of approx. 7 6394 crores has been incurred on the implementation of the project till 31st March, 2013.

JAYPEE MEGHALAYA POWER LIMITED (JMPL)

Jaypee Meghalaya Power Limited (JMPL) was incorporated by Jaiprakash Power Ventures Limited as its wholly owned subsidiary to implement 270 MW Umngot H.E.P. in the Umngot River Basin of Meghalaya and 450 MW Kynshi-II H.E.P in the Kynshi River Basin on BOOT (Build, Own, Operate and Transfer) basis. JPVL alongwith its associates will ultimately hold 74% of the equity of JMPL and the balance 26% will be held by the Government of Meghalaya.

The field work of survey and investigation and EIA studies have been completed. The revised proposal for Kynshi-II HEP with involvement of lesser forest area has been submitted to State Government and Ministry of Environment and Forest. The control levels i.e. FRL and TWL for Kynshi-II Project have been approved by State Government. Approval of Central Electricity Authority has been accorded to the water availability series for power potential studies.

As on 31st March, 2013, an aggregate amount of approx. 7 8.50 crores has been spent on the projects.

CEMENT BUSINESS

BHILAI JAYPEE CEMENT LIMITED (BJCL)

The Clinkerisation plant of BJCL, a joint venture between JAL and SAIL at Satna continued to function satisfactorily with 100% utilization of installed capacity. However, Bhilai grinding unit's capacity utilization remained at sub-optimal level due to lesser availability of slag from Bhilai Steel Plant.

During the period, comprising a period of six months, the Company has achieved a gross turnover of 7 454 crore, as against 71116 crore during the Financial Year 2011-12 which comprised a period of 18 months. The working results of BJCL for the year (6 months) resulted in an operating profit of 7 55.46 crore as against 7 72.86 crore during the previous year (18 months).

With the positive signs as above, BJCL is hopeful that once the grinding unit is able to operate at full capacity, the Company would be in a position to improve its financial position further.

BOKARO JAYPEE CEMENT LIMITED (BOJCL)

The Grinding Unit of BOJCL, a joint venture between JAL and SAIL, at Bokaro, Jharkhand achieved an overall capacity utilization of 59% during the year. Lower production level was due to lesser availability of slag from Bokaro Steel Plant. Slag supply position, however, gradually started improving in the last quarter of the year and the unit achieved 85% capacity utilization in the month of March 2013. Considering the recent trend of supply, BOJCL is hopeful that during 2013-14 slag availability is likely to improve which would enable the grinding unit to achieve a higher capacity utilisation.

Despite lower capacity utilization, the Company has achieved a gross turnover of 7 627.36 crores during the year, backed by a strong brand image and resultant higher realization for its product. The turnover increased by 130.49% over previous year's turnover.

GUJARAT JAYPEE CEMENT AND INFRASTRUCTURE LIMITED (GJCIL)

Gujarat Jaypee Cement and Infrastructure Limited (GJCIL), a Joint Venture between Jaiprakash Associates Limited (JAL) and Gujarat Mineral Development Corporation Limited (GMDC) was incorporated, inter-alia, to implement a 2.4 Million tones per annum capacity cement plant in District Kutch, Gujarat.

Out of approximately 484 hectares of land required for setting up the Project, 27 hectares are Private land and 457 hectares are Government land. Major part of Private land (22 hectares) has been purchased by GJCIL. However pending necessary approval from the Government of Gujarat, the Government land is yet to be acquired. The matter is under persuasion with the State Government.

Further activities on Project implementation can commence after acquisition of Government land.

JAYPEE CEMENT CORPORATION LIMITED (JCCL)

Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of the Company, is setting up an integrated cement plant alongwith captive power plant at Shahabad district Gulbarga, Karnataka.

The project is scheduled to be commissioned by October, 2014.

JAYPEE ASSAM CEMENT LIMITED (JACL)

For the purpose of setting up a 2 Mn tpa capacity Cement Plant in the North Cachar Hills Distt of Assam, in Joint Venture with Assam Mineral Development Corporation Ltd. (AMDC), Jaypee Assam Cement Limited has been formed, as a special purpose vehicle, initially as wholly-owned subsidiary of JAL. The same shall be converted as a Joint Venture Company (JVC) with JAL and AMDC as JV partners having a shareholding ratio of 82:18 between themselves, as per the Shareholders' Agreement. While JAL shall hold the shares for cash consideration, shares shall be allotted to AMDC in consideration of the exclusive mining rights of the mineral block identified for this Company. Under the SHA, the management and control of the JVC is vested in JAL.

As reported last year, prior to incorporation of JACL, 750 bighas of land was allotted by Dima Hasao Autonomous Council (DHAC) on 30 years lease basis to Jaiprakash Associates Limited (JAL) for the project of JACL. Necessary payment in this regard to DHAC was made by JAL as a promoter of JACL. An agreement was also executed between DHAC and JAL.

Besides the payment of 7 3.77 crore for the above land, JAL had also paid 7 10 crore to DHAC in advance as the share of royalty on limestone for a period of one year as per the Agreement executed between JAL and DHAC. JACL had deployed necessary resources in right earnest for setting-up the 2 Mn tpa cement plant with a 35 MW captive power plant. For getting environment clearance for the proposed project, JACL started expeditious collection of data and preparation of Environmental Impact Assessment/Environmental Management Plan Reports for submission to Government of India, Ministry of Environment and Forest.

JACL was, however, compelled to suspend all project activities since January 2012 due to adverse security situation resulting in loss of precious human life after abduction of one of the Senior Executives of the Company, as reported last year. JACL is in touch with concerned authorities for resumption of project activities as and when the security situation is improved.

EXPRESSWAYS AND RELATED BUSINESS

JAYPEE INFRATECH LIMITED (JIL)

The Yamuna Expressway has commenced its commercial operation and was opened for Public w.e.f. 09.08.2012 and the toll collection commenced from 16.08.2012. The vehicular movements and revenue generation till date is satisfactory.

JIL has also been provided the right to develop 25 million square meters of land for commercial, amusement, industrial, institutional and residential purposes etc. across five different locations along the Yamuna Expressway-one in Noida, two locations in District Gautam Budh Nagar (part of NCR) and one location in each of District Aligarh and District Agra, Uttar Pradesh. JIL has commenced development of its land parcels at Noida, Mirzapur, Distt. Gautam Budh Nagar and Agra and has sold 527 million sq. feet of area as of 31.03.2013.

JAYPEE GANGA INFRASTRUCTURE CORPORATION LIMITED (JGICL)

The Jaypee Ganga Infrastructure Corporation Limited (JGICL) was incorporated as a wholly owned subsidiary of Jaiprakash Associates Limited for implementation of the 1047 km long 8-lane Access-Controlled "Ganga Expressway Project" connecting Greater Noida with Ghazipur-Ballia along the left bank of river Ganga on Design, Build, Finance and Operate (DBFO) basis together with the development of 12,281 hectares of land parcels at eight different locations in Uttar Pradesh in terms of the Concession Agreement executed between Uttar Pradesh Expressways Industrial Development Authority and JGICL on March 23, 2008.

Preparatory work for the Project was started. Consequent upon the Order of Hon'ble High Court of Allahabad dated 29.05.2009 quashing the environment clearance earlier issued by State Environment Impact Assessment Authority (SEIAA), fresh application for the Environmental Clearance was filed which is still pending. Since there are lot of uncertainties in respect of Environment clearance, due to various developments like farmers unrest etc, upon the discussion with the Government/Authority, a supplementary agreement was signed with the Authority on 30th November, 2011 and UPEIDA has returned the Bank Guarantee after the undertaking from JGICL that the Company would revive the Bank Guarantee, when the project gets environmental clearance.

HIMALYAN EXPRESSWAY LIMITED (HEL)

HEL was incorporated as a Special Purpose Vehicle (SPV) for the implementation of Zirakpur-Parwanoo Expressway Project in the States of Punjab, Haryana and Himachal Pradesh. The Expressway connecting the three states has become operational and the toll collection at the rates approved by the National Highways Authority of India (NHAI) has started with effect from 6th April, 2012.

JAYPEE AGRA VIKAS LIMITED (JAVL)

Jaypee Agra Vikas Limited was incorporated as a Special Purpose Vehicle for implementing Project for development of Inner Ring Road at Agra and other infrastructure facilities, under Integrated Urban Rejuvenation Plan on design, build, finance, operate and transfer basis.

During the year, the project almost halted as Agra Development Authority has not been able to fulfill its obligation in respect of 'Condition Precedent' viz handing over of 90% of ROW Land to Company by December 31, 2011. Due to change in State Government policies, there is a rethinking on the project.

SPORTS AND RELATED BUSINESS

JAYPEE SPORTS INTERNATIONAL LIMITED (JSIL)

Jaypee Sports International Limited was incorporated on 20th October, 2007. It was allotted around 1100 Ha of land for development of Special Development Zone (SDZ) with sports as core activity by Yamuna Expressway Industrial Development Authority (YEA). This area is inclusive of 100 Ha of land to be used for Abadi Development. The core activities are Motor Race Track, suitable for holding Formula One race and setting up a Cricket Stadium of International standard to accommodate above 1,00,000 spectators and others.

The Motor Race Track known as Buddh International Circuit (BIC) was completed well in time and JSIL successfully hosted the First Indian Grand Prix from 28th to 30th October, 2011. The success of the event was acknowledged by winning of many awards and accolades.

During the year, JSIL once again successfully hosted Formula One, Grand Prix from 26th to 28th October, 2012. Besides this, many other events to promote sports of motor bike and cycles were conducted at the Buddh International Circuit (BIC) and major events included: Auto Cross Event (21st to 23rd December, 2012), Gautam Singhania Track Day (10th and 11th January, 2013), General Motors Car Launch (22nd and 23rd January, 2013), Tata Motors Car Launch (27th to 29th January, 2013), Lamborghini Track Days (22nd to 24th February,

2013).

JSIL is trying its best to generate revenue by placing Buddh International Circuit (BIC) as one stop destination for various games, launching promotional activities like motor cars, bikes and other products.

JSIL has also made significant progress in development of non core area planned for group housing, plots, multi storey flats, commercial area, institutional area, roads, open space and other social activities.

JAYPEE CEMENT CRICKET (INDIA) LIMITED (JCCIL)

JCCIL was incorporated on 20th October, 2012, as wholly owned subsidiary of Jaypee Sports International Limited {JSIL} to undertake the business of Cricket Sport. It obtained the certificate of Commencement of business on 23rd October, 2012. The first financial year of JCCIL shall close on 31.03.2014.

FERTILIZER AND RELATED BUSINESS

JAYPEE FERTILIZERS AND INDUSTRIES LIMITED (JFIL)

JFIL was incorporated as a wholly owned subsidiary of Jaiprakash Associates Limited to undertake the business of fertilizers and chemicals. The Company had participated as a strategic investor in the Rehabilitation scheme (Scheme) of fertilizer undertaking of Duncans Industries Limited (DIL) which was approved by the Board of Industrial and Financial Reconstruction (BIFR) in January, 2012.

Pursuant to the scheme, the said fertilizer undertaking stands vested in Kanpur Fertilizers and Cement Ltd (KFCL). in which the Company is making investments through Jaypee Uttar Bharat Vikas Pvt. Ltd. (JUBVPL). JUBVPL is a joint venture company (with equal participation) of the Company and ISG Traders Ltd., an investment arm of DIL.

It is expected that KFCL will start the production of Urea under the brand name "Jaypee Chand Chaap Urea" by the end of May, 2013.

AVIATION BUSINESS

HIMALYAPUTRA AVIATION LIMITED (HAL)

HAL was incorporated as a wholly-owned subsidiary of the Company, pursuant to the Shareholders' approval accorded on July 19, 2011, to undertake the civil aviation business. HAL has obtained initial NOC from Ministry of Aviation to operate Non-Scheduled Air Transport Services.

During the year, HAL has acquired some flying machines for its operations and obtained necessary permits to operate the same. HAL is taking steps to acquire more flying machines and other assets for its

HEALTHCARE BUSINESS

JAYPEE HEALTHCARE LIMITED (JHL)

Jaypee Healthcare Limited (JHCL) was incorporated on 30th October, 2012 as a wholly owned subsidiary of the Jaypee Infratech Limited (JIL). JHCL is developing a state-of-the-art 504 bed multi-speciality hospital in village Shahpur Bangur, Noida, UP, which is expected to be launched in the current financial year. The First financial year of JHL shall close on 31.03.2014

AGRI BUSINESS

JAIPRAKASH AGRI INITIATIVES COMPANY LIMITED (JAICO)

JAICO was acquired by Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of the Company on 25th March, 2013 to diversify into agri business. Currently JAICO has set up a Soya and Mustard processing plant at Rewa, Madhya Pradesh known as 'Jaypee Oilseeds Processing Complex' which is unique in its approach and has facilities to handle all types of products and by-products from Soya and Mustard.

JAICO has also launched a dairy project which will source milk from villages along the Yamuna Expressway, that is, across Gautam Budh Nagar, Bulandshahr, Aligarh, Mathura and Agra. Work has begun on a milk-processing plant at Tappal. With the operation of this plant, JAICO plans to have its own brand of dairy products, including packaged milk, flavoured milk, long shelf-life milk, curd, drinkable yogurt, cheese spreads, ghee and butter.

OUTLOOK

Keeping in view the performance and future prospects of the Company’s business, the expansions and diversifications being undertaken and the business of its subsidiaries, the Company is poised for sustained growth and the outlook is bright.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OVERVIEW

As per 'Monetary Policy Statement 2013-14' released by Reserve Bank of India (RBI) on May 3, 2013, the Annual Policy is formulated in an environment of incipient signs of stabilization in the global economy and prospects of a turnaround, albeit modest, in the domestic economy. In the advanced economies (AEs), near-term risks have receded, aided by improving financial conditions and supportive macroeconomic policies. RBI has also highlighted that:

a) With output expansion of only 4.5 per cent in Q3 of 201213, the lowest in 15 quarters, cumulative GDP growth for 3 the period April-December 2012 declined to 5.0 per cent from 6.6 per cent a year ago. This was mainly due to the protracted weakness in industrial activity aggravated by domestic supply bottlenecks, and slowdown in the services sector reflecting weak external demand. The Central Statistics Office (CSO)'s advance estimate of GDP growth for 2012-13 of 5.0 per cent implies that the economy would have expanded by 4.7 per cent in Q4.

b) The growth of industrial production slid to 0.6 per cent in February 2013 from 2.4 per cent a month ago. Consequently, on a cumulative basis, growth in industrial production decelerated to 0.9 per cent during 2012-13 (April-February) from 3.5 per cent in the corresponding period of the previous year.

c) On the demand side, the persisting decline in capital goods production during April 2012-February 2013 reflects depressed investment conditions. The moderation in corporate sales and weakening consumer confidence suggest that the slowdown could be spreading to consumption spending.

d) Headline inflation, as measured by the wholesale price index (WPI), moderated to an average of 7.3 per cent in 2012-13 from 8.9 per cent in the previous year. The easing was particularly significant in Q4 of 2012-13, with the year-end inflation recording at 6.0 per cent. Largely driven by food inflation, retail inflation, as measured by the new combined (rural and urban) consumer price index (CPI) (Base: 2010=100), averaged 10.2 per cent during 2012-13.

e) An analysis of corporate performance during Q3 of 201213, based on a common sample of 2,473 non-government non-financial companies, indicates that growth of sales as well as profits decelerated significantly. Early results of corporate performance in Q4 indicate continuing moderation in sales though profit margins increased slightly.

f) In consonance with the cuts in the policy repo rate and the cash reserve ratio (CRR) during 2012-13, the modal term deposit rate declined by 11 basis points (bps) and the modal base rate by 50 bps. Liquidity remained under pressure throughout the year because of persistently high government cash balances with the Reserve Bank and elevated incremental credit to deposit ratio for much of the year.

g) The revised estimates (RE) of central government finances for 2012-13 show that the gross fiscal deficit-GDP ratio at 5.2 per cent was around the budgeted level and within the target set out in the revised roadmap. The current account deficit (CAD) came in at an all-time high of 6.7 per cent of GDP in Q3 of 2012-13.

h) For GDP growth during 2012-13, the CSO's advance estimate of 5.0 per cent is lower than the Reserve Bank's baseline projection of 5.5 per cent set out in the Third Quarter Review (TQR) of January 2013, reflecting slower than expected growth in both industry and services.

i) During 2013-14, economic activity is expected to show only a modest improvement over last year, with a pick-up likely only in the second half of the year. Conditional upon a normal monsoon, agricultural growth could return to trend levels. The outlook for industrial activity remains subdued, with the pipeline of new investment drying up and existing projects stalled by bottlenecks and implementation gaps.
With global growth unlikely to improve significantly from 2012, growth in services and exports may remain sluggish. Accordingly, the baseline GDP growth for 2013-14 is projected at 5.7 per cent.

j) Keeping in view the domestic demand-supply balance, the outlook for global commodity prices and the forecast of a normal monsoon, WPI inflation is expected to be range-bound around 5.5 per cent during 2013-14.

According to 'Macroeconomic and Monetary Developments in 2012-13', issued by RBI with the Monetary Policy Statement 2013-14, on May 2, 2013, RBI has given following indications on domestic as well as global economy:

1. The impact of monetary policy in boosting GDP growth is contingent upon resolution of supply bottlenecks, governance issues impeding investments and the government's efforts towards fiscal consolidation. Domestic energy price adjustments, inadequate supply response and sustained wage pressures on inflation are expected to drag down growth for some more time. These factors, coupled with subdued domestic business confidence, are likely to keep recovery in 2013-14 modest.

2. Global growth turned weaker in 2012 and is expected to stay sluggish in 2013 as fiscal adjustments drag growth in advanced economies (AEs) and, in turn, delay cyclical recovery in emerging market and developing economies (EMDEs). The International Monetary Fund (IMF) in its World Economic Outlook has forecast global growth to stay sluggish at 3.3 per cent in 2013 before improving to 4.0 per cent in 2014. While downside tail risks have reduced in early 2013 because of the supportive policy action in the euro area and the measures to tackle the fiscal cliff in the US, risks to global recovery have increased consequent to the Chinese economy slowing down.

3. The Indian economy remained sluggish in Q3 of 13, with slowdown turning visibly pervasive across most sectors. The deceleration in the services sector growth, which has been the mainstay of high growth in the recent period, had dragged down overall economic activity and employment creation. Domestic policy uncertainties, governance concerns, the impact of earlier monetary tightening and the slacking of external demand continue to adversely impact growth.

4. External imbalances were in focus as the current account deficit (CAD) to GDP ratio reached a historic high of 6.7 per cent in Q3 of 2012-13. However, CAD in Q3 was adequately financed by capital inflows, without any reserve depletion. Current account in 14 is likely to benefit from moderation in global commodity prices of oil, gold and other metals.

5. Headline, and especially the non-food manufactured product inflation pressures, softened during 201213, even as consumer price inflation firmed up. The average headline WPI inflation during 2012-13 at 7.4 per cent was significantly lower than the 9.0 per cent recorded in the preceding year.

6. Growth continued to slow down in 2012-13, but could witness a slow-paced recovery later this year, contingent on improved governance and concerted action to resolve structural bottlenecks. Subdued business and consumer confidence, reflected in various surveys, is expected to drag growth down.

7. Growth in the index of industrial production (IIP) witnessed a slowdown to 0.9 percent during April-February 2012-13, largely due to infrastructure and input constraints, rising costs and moderation of external demand. Contraction in capital goods and the mining sector continue to affect the overall performance of the industrial sector. Excluding the volatile items, the truncated IIP (96 per cent of IIP) growth in April-February 2012-13 is 1.5 per cent.

8. Shortage of power was a major constraining factor for the growth of the industrial sector. Growth in electricity generation decelerated during 2012-13 to 4.0 per cent from 8.2 per cent in the year before. The gap between requirement and availability of power increased to 8.7 per cent during the period. Shortages in coal supply, delays in capacity addition and a delayed and skewed monsoon have contributed to the slower growth of power generation.

9. Apart from domestic constraints, weak global growth was also responsible for the domestic industrial slowdown given the strong co-movement between the domestic and global IIP. Core industries are faced with various supply constraints, such as shortage of coal and Natural gas, stoppage of mining in some states and delays in commissioning of large projects.

10. Going forward, sustained efforts by the government to expediting environmental clearances and land acquisition are needed to turnaround growth in core industries. Constraints facing the infrastructure sector need to be addressed. The Reserve Bank, on its part, has also recently relaxed the norms for external commercial borrowings for infrastructural finance companies.

'Asian Development Bank (ADB) Outlook 2013' on Indian Economy stated that India's growth further decelerated as a slump in industry and investment spread to consumption and exports. Though inflation and the fiscal deficit were reined in, the current account deficit rose to a record high. Delays in resolving structural impediments to growth were compounded by a global trade slowdown. Boosting investment is critical for a return to high growth, but requires reforms to eliminate bottlenecks that are stalling projects. Recent steps to address some of these challenges are expected to help growth pick up modestly.

Economic growth in fiscal year 2012 (ended 31 March 2013) decelerated to 5%, it's lowest in a decade, from 6.2% in FY2011. While tepid industrial growth and downdraft in investment continued from FY2011, the downturn was exacerbated by a slump in services activity, weakening consumption, and contracting exports.

Selected Economic Indicators (%) - India	2013	2014
Gross Domestic Product (GDP) growth	6.0%	6.5%
Inflation	7.2%	6.8%
Current Account Balance (share in GDP)	-4.4%	-3.7%

The slowdown in domestic investment in India will need to be reversed for growth to trend upward in a sustained manner. However, recent data from the Centre for Monitoring Indian Economy on planned capital expenditures are not encouraging, as they continue to show a downward trend in announced new projects and an increase in the number of shelved projects. Clearly, turning this trend around will be a major challenge.

Recent reforms include the creation of the Cabinet Committee on Investment to expedite government clearances for large projects and cabinet clearance of a land acquisition bill. However, these are only first steps toward improving the investment climate in India, and further measures will have to be undertaken for the investment cycle to turn around. These would include tough economic and politically difficult policy decisions related to delays in environmental clearances, parliamentary approval of the land acquisition bill that involves complex issues, improving the availability of fuel sources and infrastructure linking fuel sources with power generating plants, and attaining fiscal consolidation without sacrificing capital expenditure.

A normal monsoon is expected to substantially boost agriculture growth from the depressed base a year earlier. This will strengthen rural consumer demand and ease price pressures. Industry growth should improve on better domestic and external demand, but unresolved structural issues will continue to constrain investment, mining and power. Services are expected to see a stronger pickup in activity than industry, though growth will continue to be restrained by the limited demand.

In this scenario, GDP growth nudges up to 6% in FY2013. Improved global prospects, some easing of price pressures, and forward movement in resolving structural bottlenecks would allow India's growth to increase to 6.5% in FY2014.

In the given environment of India being fairly poised towards growth, the Company stands in a strong position to grow due to its presence basically in the infra-structure sector, which is the backbone of country's overall growth & development.

COMPANY'S BUSINESS

The Company's business can be broadly classified in the following sectors:

1. Engineering and Construction

2. Manufacture and Marketing of Cement

3. Energy (Power, Transmission, Oil and Gas)

4. Expressways

5. Real Estate and

6. Hospitality

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
[a] Claims against the Company / Disputed Liability [including Tax] not acknowledged as debts	20078.300	16834.700
Amount deposited under Protest	5842.200	4274.500
Bank Guarantee deposited under Protest [included in (b) below]	1918.100	1494.500
[b] Outstanding amount of Bank Guarantees	13996.000	16392.700
Margin Money deposited against the above	42.800	88.400
[c] The Income Tax Assessments of the company have been completed upto Assessment Year 2010-11. Tax value for matters under appeal is Rs. 627.000 Millions for A.Y. 2010-11. Based on the decision of the Appellate authorities and the interpretation of relevant tax provisions, the Company has been legally advised that the additions made in the assessments are likely to be deleted or substantially reduced. As at 31.03.2013 there is no outstanding tax demand against the Company.
[d] The Competition Commission of India ("CCI") passed an order on 20th June, 2012 imposing penalty on 11 cement manufacturers including the Company, allegeing contravention of the provisions of the Competition Act, 2002, and imposed a penalty of Rs. 13236.000 Millions on the Company. The Company has filed an appeal against the said order before the Competition Appellate Tribunal. The matter is currently pending before the Competition Appellate Tribunal. However, the Competition Appellate Tribunal has, by its orders dated September 13, 2012 and October 11, 2012, ordered that no coercive steps be taken against the Company for recovery of the penalty imposed. Based on the advice of the Counsels, as well as its own assessment, the Company believes it has strong grounds for success of the appeal. Hence no provision is considered in the Financial statements.
[e] The Hon'ble High Court of Himachal Pradesh, vide order dated 04.05.2012, imposed damages of Rs. 1000.000 Millions holding certain contraventions of the Water (Prevention & Control of Pollution ) Act, 1974 , Air (Prevention & Control of Pollution) Act, 1981 & Environment Impact Assessment Notification in respect of the Company's Cement plant at Bagheri, Himachal Pradesh. The Company has filed Special Leave Petition before the Hon'ble Supreme Court against the said Order which is pending for disposal. As per directions of the Hon'ble Supreme Court an amount of Rs. 250.000 Millions has been deposited with the State Government which will remain with them and not to be disbursed during the pendency of the appeals. Based on advice of the Counsels no provision is considered in the Financial Statements.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2013

(Rs. In Millions)

	Particulars		Quarter Ended		Nine Months Ended
			31.12.2013	30.09.2013	31.12.2013
			(Unaudited)	(Unaudited)	(Unaudited)
1	Income from operations
	a. Net Sales (Net of excise duty)		31378.800	31494.000	85705.400
	b. Other Operating Income		256.500	266.600	839.000
	Total Income from Operations (Net)		31635.300	31760.600	86544.400
2	Expenses
	a. Cost of Materials Consumed		8845.700	8296.000	24919.700
	b. Changes in Inventories of Finished Goods & Stock in trade		(701.900)	716.600	214.900
	c. Direct Construction, Manufacturing, Real Estate, Hotel/ Hospitality and Power Expenses		9873.200	8365.200	28534.300
	d. Employee Benefits Expenses		1947.400	1965.500	5814.400
	e. Depreciation and amortisation Expense		1968.400	1962.300	5973.500
	f. Other Expenses		4224.200	4510.700	13864.200
	Total Expenses		26157.000	25819.300	79221.000
3	Profit from Operations before Other Income, Finance Costs & Exceptional Items		5478.300	5941.300	17323.400
4	Other Income		182.800	1245.100	1798.700
5	Profit Before Finance Costs & Exceptional Items		5661.100	7186.400	19122.100
6	Finance Costs		7515.100	6541.500	19956.300
7	Profit after Finance Cost but before exceptional items		(1854.000)	644.900	(834.200)
8	Exceptional Items		--	--	--
9	Prior Period Adjustments		(1.400)	11.200	8.700
10	Profit/ (Loss) from ordinary Activities before Tax		(1855.400)	656.100	3127.300
11	Tax Expense
	Current tax		(390.000)	(67.800)	397.200
	Excess provision for income tax in earlier years reversed		--	--	--
	Deferred tax		(576.300)	47.200	(404.600)
12	Net Profit for the period (9-10)		(887.100)	676.700	3134.700
13	Paid up Equity Share Capital (Face Value of Rs.2/- Each)		4438.200	4438.200	4438.200
14	Reserves excluding Revaluation Reserves
15	Basic and Diluted Earnings Per Share (Rs.2 /- per share)
	Basic		(0.40)	0.30	1.41
	Diluted		(0.34)	0.33	1.47
PART - II SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER 2013
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	a.	Number of shares	1217821030	1217765630	1217821030
	b.	Percentage of shareholding	54.88%	54.88%	54.88%
2	Promoters and promoter group shareholding
	a.	Pledged/Encumbered
	Number of shares		8072500	8072500	8072500
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	0.81%	0.81%	0.81%
		Percentage of shares (as a % of the total share capital of the Company)	0.36%	0.36%	0.36%
	b.	Non-encumbered
	Number of shares		993190029	993190029	993190029
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	99.19%	99.19%	99.19%
		Percentage of shares (as a % of the total share capital of the Company)	44.76%	44.76%	44.76%

Particulars	Quarter ended 31.12.2013
B INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	Nil
Received during the quarter	120
Disposed of during the quarter	118
Remaining unresolved at the end of the quarter	2

STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2013

(Rs. In Millions)

	Particulars	Nine Months Ened
		31.12.2013	30.09.2013	31.12.2013
		(Unaudited)	(Unaudited)	(Unaudited)
1	Segment Revenue
	a) Cement and Cement Products	13711.300	13632.800	42737.500
	b) Construction	14593.400	14528.200	41629.100
	c) Power	37.900	159.500	322.900
	d) Hotel/ Hospitality and Golf Course	761.900	439.700	1749.400
	e) Real Estate	2541.500	2957.900	10042.100
	f) Investments	33.000	1074.200	1354.300
	g) Others	403.100	491.800	1432.300
	h) Unallocated	173.000	195.600	527.100
	Total	32255.100	33479.700	99794.700
	Less: Inter-segment Revenue	437.000	474.000	1451.600
		31818.100	33005.700	98343.100
	Total Sales/ Incoem
2.	Segment Results
	a) Cement and Cement Products	275.500	637.700	2631.000
	b) Construction	4327.200	4251.000	11610.100
	c) Power	(14.900)	106.900	164.700
	d) Hotel/ Hospitality and Golf Course	172.100	(83.100)	94.800
	e) Real Estate	1033.200	1314.300	3882.000
	f) Investments	(26.900)	1066.000	1283.300
	g) Others	(36.100)	(24.600)	(77.000)
	h) Profit on Sale of Equity Shares	--	--	3952.800
	Less:
	Finance Costs	7515.100	6541.500	19956.300
	Other Un-allocable Expenditure net off Un-allocable Income	70.400	70.600	458.100
	Profit/ (Loss) before tax	(1855.400)	656.100	3127.300
3.	Capital Employed
	a) Cement and Cement Products (includiung capital work-in-progress)	137508.600	139267.000	137508.600
	b) Construction (Including capital work-in-progress)	58492.400	54637.500	58492.400
	c) Power (Including capital work-in-progress)	28141.300	26999.700	28141.300
	d) Hotel/ Hospitality and Golf Course (Including capital work-in-progress)	6011.500	6050.700	6011.500
	e) Real Estate (Including capital work-in-progress)	6011.500	6050.700	6011.500
	f) Investments	90210.100	89595.600	90210.100
	g) Others (Including capital work-in-progress)	4955.700	447.500	4955.700
	h) Un-allocated	55605.100	57486.100	55505.100
	Total	420158.400	418129.400	420158.400

FIXED ASSETS:

· Land

· Building

· Purely Temporary Erections

· Railway siding

· Plant and Machinery

· Captive Thermal Power Plant

· Wind Turbine generators

· Golf Course

· Miscellaneous Fixed Assets

· Motor Vehicles

· Furniture and Office Equipment

· Ships: Boat

· Aeroplane / Helicopter

· Technical Books

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 exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.49
UK Pound	1	Rs.99.77
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
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		60

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.