MIRA INFORM REPORT

Report Date :

10.11.2014

IDENTIFICATION DETAILS

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

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

Maximum Credit Limit :	USD 970000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of “JSW Group”, which inturn is part of the “O.P. Jindal Group” as a result of the merger of “JSW Ispat Steel Limited” with the subject, it is one of the largest steel producers in India. It is a well-established and a reputed company having fine track. The company possesses a decent financial profile marked by healthy networth along with improvement in operational performance whereas, has witnessed a moderation in its capital structure during FY 14. The ratings also take into consideration the susceptibility of profit margins to volatility in input cost due to lack of raw material integration as well as exposure to foreign exchange risk which may be further mitigated by gradual improvement in availability of iron ore in Karnataka. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced management with well-established track brownfield projects and significant presence in the Indian steel sector, the subject can be considered good for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “AA”
Rating Explanation	High degree of safety and very low credit risk.
Date	17.10.2014

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

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

LOCATIONS

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

DIRECTORS

AS ON 31.03.2014

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

KEY EXECUTIVES

Name :	Lancy Varghese
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2014

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Iron and Steel Products.

Products :

Item Code No. (ITC Code)	Product Description
72.08	Hot Rolled Steel Strips/ Sheets/ Plates
72.09	MS Cold Rolled Coils/ Sheet
72.10	MS Galvanized Plain/ Corrugated/Colour coated Coils/ Sheet
720690	Steel Billet
721490	Bar And Rods

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS (AS ON 31.03.2013)

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

NOTES:

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

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

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

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

11,099 (Approximately)

Bankers :

· Allahabad Bank

· Bank of Baroda

· Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Bank

· Indian Overseas Bank

· Punjab National Bank

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· Union Bank of India

· Vijaya Bank

Facilities :

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

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

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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

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

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

Rights, preferences and restrictions attached to Equity shares

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

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

Rights, preferences and restrictions attached to Preference shares

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

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

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

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

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

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

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

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

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

PROFIT & LOSS ACCOUNT

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

KEY RATIOS

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

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

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

YEAR-ON-YEAR GROWTH

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

NET PROFIT MARGIN

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

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 27/02/2014
Lodging No:-	ITXAL/533/2014	Failing Date:-	27/02/2014		Reg. No.:-		ITXA/751/2014	Reg. Date:-	04/04/2014
Petitioner:-	THE COMMISSIONER OF INCOME TAX – CENTRAL EXCISE		Respondent:-		JSW STEEL LIMITED.-
Petn.Adv:-	TEJVEER SINGH MASTAN SINGH (0)		Resp.Adv.:-		ATUL KARSANDAS JASANI (0)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Category:-		TAX APPEALS
Last Date:-	18/12/2014		Stage:-
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act:-	Income Tax Act, 1961			Under Section:-		260A

UNSECURED LOAN:

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

FINANCIAL HIGHLIGHTS:

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

STANDALONE RESULTS:

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

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

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

SCHEME OF ARRANGEMENT AND AMALGAMATION:

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

PROSPECTS:

ECONOMY

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

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

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

STEEL SECTOR

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

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

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

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

AWARDS AND ACCOLADES:

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

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

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

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

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

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

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

• Tamil Nadu Government State Safety Award 2012.

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

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

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

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

• Commendation Certificate, Cll ITC Sustainability Award 2013. Second Prize, National Sustainability Award 2013-14 from Indian Institute of Metals

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended 30.06.2014
		(Unaudited)
1.	Income from Operations
	Sale of Products
	Domestic Turnover	102117.100
	Export Turnover	21891.400
	Total	124008.500
	Less: Excise Duty	10304.300
	Net Sales	113704.200
	Other Operating Income	1759.100
	Total Income From Operations (Net)	115463.300
2.	Expenditure
	Cost of materials consumed	68066.500
	Purchase of stock in trade	683.700
	Changes in inventories of finished goods, work in progress and stock in trade	(3843.700)
	Employee benefits expenses	2360.500
	Depreciation and amortization expenses	6633.800
	Power and Fuel	8268.500
	Other expenses	15317.900
	Total Expenses	97487.200
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	17976.100
4.	Other Income	980.100
5.	Profit Before Interest and Exceptional Items (3+4)	18956.200
6.	Finance Costs	7230.000
7.	Profit After Interest but before Exceptional Items (5-6)	11726.200
8.	Exceptional Items	--
9.	Profit before Tax (7+8)	11726.200
10.	Tax Expense	3712.500
11.	Net Profit after Tax (9-10)	8013.700
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	2417.200
15.	Reserves Excluding Revaluation Reserve
16.	Earnings Per Share (EPS) (Rs.)-
	a) Basic	32.81
	b) Diluted	32.81
17.	Public Shareholding
	-Number of Shares	148566806
	- Percentage of Shareholding	61.46%
18.	Promoters and Promoter Group Shareholding	93155238
	a) Pledged/Encumbered
	- Number of Shares	36660950
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	39.35%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	15.17%
	b) Non Encumbered
	- Number of Shares	56494288
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	60.65%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	23.37%

Particulars	3 Months Ended 30.06.2014
Pending at the beginning of the quarter	--
Received during the quarter	174
Disposed of during the quarter	174
Remaining unresolved at the end of the quarter	--

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. in Millions

Sl. No.	Particulars	Quarter Ended
		30.06.2014
		(Unaudited)
1	Revenue by business segment:
	Steel	116460.500
	Power	10537.800
	Others	658.200
	TOTAL	127656.500
	Less : Inter Segment Revenue	12193.200
	TOTAL INCOME	115463.300
2	Segment Results before finance costs and tax
	Steel	13893.600
	Power	4380.400
	Others	120.300
	TOTAL	18394.300
	Less: Unallocated Items Income
	Finance Cost	7230.000
	Unallocated expenses net of unallocable income	(561.900)
	NET PROFIT (+) / LOSS(-) BEFORE TAX	11726.200
3	CAPITAL EMPLOYED
	(Segment assets less segment liabilities
	Steel	445227.200
	Power	20405.400
	Others	1505.300
	Unallocated	(217839.400)
	TOTAL	249298.500

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507492	20/06/2014	3,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, B ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C09236902
2	10502682	21/05/2014	145,700,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	C06473250
3	10504341	08/08/2014 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, B ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C18343269
4	10496749	06/05/2014	12,000,000,000.00	STATE BANK OF INDIA	THE CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C05211198
5	10483585	04/03/2014	24,864,720,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B98902851
6	10474855	31/12/2013	43,700,000,000.00	STATE BANK OF INDIA	CAG BRANCH, BKC, 16TH FLOOR,, THE CAPITAL, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B95192829
7	10445945	18/11/2013 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B90510785
8	10445949	18/11/2013 *	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B90511361
9	10428403	03/05/2013	10,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE,, 3RD FLOOR, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B75979476
10	10423803	16/07/2013 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B80707193
11	10362658	20/07/2012 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B44716967
12	10360372	04/03/2014 *	37,460,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C00220749
13	10358176	04/03/2014 *	8,910,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B98902224
14	+”10343108	04/03/2014 *	37,600,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C00220376
15	10298721	04/03/2014 *	43,020,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C00221424
16	10272434	23/12/2011 *	9,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B28534402
17	10233825	30/06/2010	340,970,000.00	STATE BANK OF INDIA	15 KING STREET, EC2V 8EA, LONDON, - NA, UNITED KINGDOM	A91481903
18	10233501	25/06/2010	3,500,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER, 'E',, CUFFE PRADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A91267377
19	10222139	15/05/2010	5,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A86176286
20	10211215	16/01/2012 *	12,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B30731293
21	10197574	20/04/2010 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A84127356
22	10204722	19/01/2010	1,464,000,000.00	INDIAN OVERSEAS BANK	2, WOOD STREET,, KOLKATA, WEST BENGAL - 700016, INDIA	A80332638
23	10180764	01/10/2009 *	3,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A72963622
24	10167430	17/01/2012 *	4,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B30684906
25	10134587	16/06/2009 *	12,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A65390387
26	10129517	11/11/2008	1,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A50574839
27	10124470	21/04/2011 *	5,500,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B10999902
28	10121024	07/07/2014 *	1,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C14126635
29	10116670	12/02/2014 *	92,700,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B97628200
30	10112495	30/06/2008	784,000,000.00	GE CAPITAL SERVICES INDIA	AIFCS BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELH I, DELHI - 110001, INDIA	A41269978
31	10111209	15/07/2008 *	7,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A43996214
32	10106072	16/01/2012 *	31,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B30732614
33	10105055	07/07/2014 *	3,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING , GROUND FLOOR, 17 R KAMANI MARG, B ALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C14127849
34	10110717	12/05/2008	12,500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	A40697252
35	10103470	07/03/2008	1,000,000,000.00	ICICI BANK LTD BAHRAIN BRANCH	SUITE 15,GROUND AND MEZZANINE FLOOR,PART 3, MUNIC IPALITY NO.116,BUILDING 114,GOVERNMENT AVENUE, MAN AMA, - 316, BAHRAIN	A38776613
36	10110873	07/03/2008	1,000,000,000.00	WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED	161, MITTAL COURT,, NARIMAN POINT, MUMBAI, MAHARA SHTRA - 400021, INDIA	A40734071
37	10093329	31/01/2009 *	366,300,000.00	BANK OF BARODA	82 BANK ROAD, COIMBATORE, TAMIL NADU - 641018, INDIA	A59061028
38	10082900	29/12/2007	1,540,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER, 'E',, CUFFE PRADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A30455505
39	10084210	21/11/2007	4,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A27398387
40	10084654	17/11/2007	784,000,000.00	GE CAPITAL SERVICES INDIA	AIFCS BUILDING,IST FLOOR,, 1,RAFI MARG,, NEW DELHI, DELHI - 110001, INDIA	A30711345
41	10064526	11/07/2007	1,350,000,000.00	WESTERN INDIA TRUSTEE AND EXECUTOR COMPANY LIMITED	161, MITTAL COURT,, NARIMAN POINT, MUMBAI, MAHARA SHTRA - 400021, INDIA	A21410857
42	10057288	07/06/2007	4,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A17715111
43	10056798	17/05/2007	10,000,000,000.00	STATE BANK OF INDIA	STATE BANK BHAVAN, MADAME CAMA ROAD,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A17326778
44	10052138	29/03/2007	2,350,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA	A15497456
45	10052141	29/03/2007	3,000,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	A15505563
46	10052147	29/03/2007	650,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA	A15506348
47	10052204	29/03/2007	1,500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	A15517071
48	10036026	03/02/2007	1,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A10352763
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* Date of charge modification

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Intangible Assets

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PRESS RELEASE:

JSPL WORST HIT; SEE LEAST IMPACT ON TATA STEEL: P LILLADHER

Supreme Court’s verdict that 218 coal blocks allocated since 1993 to 2009 are illegal and unconstitutional has sent ripples across the mining sector with stocks like Jindal Steel and Power ,  Hindalco  and  Tata Steel  taking a beating. 

No clarity has been provided on deallocation of this coal mines hence there concerns cancellation of these blocks could be a possibility. The apex court would hear the consequences of illegality of coal blocks September 1, 2014.

Brokerage house Prabhudas Lilladhar belongs to the camp which expects coal blocks to be cancelled followed by auctions.

Also Read: Neutral on metals, shun JSPL; like cement, energy, says Religare

“Our interaction with legal fraternity suggests that coal blocks would eventually be cancelled given the definition provided by the Court. Simultaneously, the Court would direct the Govt to organise the auctions for these blocks in time bound manner. Operational coal blocks would be allowed to operate by the existing allocatees till the auction takes place, the report says.

On stock specific impact, Naveen Jindal promoted Jindal Steel and Power (JSPL) would be worst hit because its entire 12 million tonne of production come from mines allocated after 1993. Further, it will delay the process of securing mining rights for its much awaited Utkal B-1 mine, critical for its Angul steel cum power project, it adds.

Second in line would be Hindalco as its Talabira-I mine, which was allocated in 1994, supplies 2.5MTPA of coal to meet one-third of its coal requirement.

However, Tata Steel, SAIL   and  JSW Steel  will be least impacted. “Our earnings estimates as well as valuations for Tata, SAIL and JSTL had not factored any contribution from any of their coal blocks given the slow pace of their clearances,” it adds.

ANALYST VIEWS: HOW WILL COAL BLOCKS RULING IMPACT METAL COS

The Supreme Court on Monday ruled that the allocation of around 200 coal blocks between 1993 and 2009 were illegal .

A snapshot of what brokerages are saying about the likely impact of the ruling on various companies:

Hindalco

CLSA: This judgement substantially reduces the probability of Hindalco getting the Mahan coal mine for the Mahan smelter or the Talabira-II coal mine for the Aditya smelter, which lowers the long-term profitability outlook for Hindalco’s India business.

BoAML: We see marginal impact from potential cancellation of Mahan and Talabira II coal block on our FY16e EPS and valuation as a) we expect limited (0.4mt) captive coal from Mahan in 2HFY16 and expect full ramp only by FY19 and b) we do not factor in Talabira II coal block in our estimates

Macquarie: Even in the worst case scenario where Hindalco is forced to import their total requirements, it remains profitable enough with interest coverage ratios in excess of 2x (two times).

JSPL

CLSA: Our estimates for JSPL don’t include any benefit from the Utkal coal mine but de-allocation of the existing coal mines will impact our consolidated FY16-17 EPS estimate by 28-30% (if the company sources entire coal via
linkage) and by a higher 50-60% (if the entire coal comes from e-auctions).

BoaML: Utkal 1B coal block is critical for profitability of its Angul Steel and captive power project. We estimate EBITDA/tonne at Angul could be hit by around USD84/t in absence of captive coal. Assuming, worst casescenario of all coal blocks being cancelled, we estimate impact on FY16 EBIDTA could be 10-23 percent.

Macquarie: Even in the worst case scenario where JSPL is forced to import their total requirements, it remains profitable enough with interest coverage ratios in excess of 2x (two times)

Tata Steel

CLSA: : No impact since its captive coking coal mines were allocated pre 1993

Goldman Sachs: Tata Steel India gets 40% of its coking coal needs through captive coal mines; however, all these coal mines (mainly in West Bokaro and Jharia regions) were allocated pre-1993.

JSW Steel

CLSA: No impact as JSW does not have any operational/upcoming coal mines.

Goldman Sachs: JSW has no captive coal or iron ore mines in India and hence is not impacted.

Sesa Sterlite

Goldman Sachs: For Sesa Sterlite the Durgapur II/Taraimar coal block (4mt capacity) for Balco’s 1,000 MW captive power plant does not impact our valuation as we assume commissioning post FY16.

CLSA: This judgement means that the probability of Balco (51% sub of Sesa Sterlite) getting the mining lease signed for its captive coal mine reduces substantially. This will impact future profitability of Sesa Sterlite’s aluminium business. 

JSW STEEL TO ACQUIRE STAKE HELD BY WELSPUN ENTERPRISES IN WELSPUN MAXSTEEL

JSW Steel Ltd has informed BSE about Acquisition of entire equity stake held by Welspun Enterprises Limited ("WEL") in Welspun Maxsteel Limited ("WMSL") by JSW Steel Limited. JSW Steel has entered into a definitive agreement with Welspun Enterprises (WEL) pursuant to which the company shall acquire the entire equity stake held by WEL in Welspun Maxsteel (WMSL) for an enterprise value of Rs 1000 crore plus net current assets as of an agreed dated of August 31, 2014.

JSW STEEL CRUDE STEEL PRODUCTION RISES 12% IN JULY' 14

JSW Steel Ltd has informed BSE regarding a Press Release dated August 08, 2014, titled "Crude Steel production growth : 12% in July' 14". JSW Steel reported crude steel production for July 2014 at 11.13 lakh tons showing a growth of 12 percent over corresponding month of previous year.

JSW STEEL PROMOTER HIKES STAKE IN CO TO 4.74%

JSW Investments, a promoter group firm of JSW Steel  , has increased stake in the company by 0.13 percent to 4.74 percent for nearly Rs 32 crore through open market transactions. JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

On December 20, it bought 4,132 shares for Rs 13.35 lakh, followed by another 12,000 shares for Rs 1.18 crore on December 23. It again bought 1.35 lakh shares for Rs 13.35 crore on December 24 and 1.69 lakh shares on December 26 for Rs 16.93 crore. Following the transactions, JSW Investments now holds 4.74 per cent stake or 1.13 lakh shares in JSW Steel.

As on September 30, JSW Steel's promoters held 36.25 per cent stake in the firm. Jindal South West Holdings and Jindal Energy Investments have more than five per cent stake in the company. Shares of the company closed at Rs 1,020 apiece, up 1.30 per cent on the BSE today.

JSW STEEL HIKES PRICES BY 2%; EYES BETTER VOLUMES IN FY15

JSW Steel has decided to hike prices by up to 2 percent across the board from January. Seshagiri Rao, Joint MD & Group CFO, JSW Steel, said though the demand is flat, there are pressure on the cost side, particularly iron ore (there's a shortage of iron ore), thus the prices have gone up substantially. "There's a freight increase and and a cost increase which we need to pass it on. At the sametime, there had been a hike in the steel prices internationally," he said on CNBC-TV 18.

Also Read: Steel makers may to raise prices by Rs 1,000/tonne nxt mth

According to World Steel Association's estimates, the steel demand is expected to go up by 48 million tonne in 2014.

JSW Steel has USD 1.6 billion open forex payables.It intends to keep hedging costs to zero and plans to balance forex exposure. The company has a net debt of Rs 30, 435 crore.

JSW Steel expects the exports In FY15 to be at 4 million tonne versus 3 million tonne (YoY). The company expects sales volumes in FY15 to improve by 1 million tonne to 12.6 million tonne (YoY) and to continue to spend Rs 1,000 crore per quarter.

Goldman Sachs rates JSW Steel as buy, as the company's major capex phase is behind it and it is set to generate FCF (free cash flow) in FY15E. "It is also one of the lowest cost convertors and highest CROCI (cash return on capital invested) generators globally and stands to benefit from better domestic iron ore availability," it said.

Below is the edited transcript of Seshagiri Rao interview on CNBC-TV18

Q: You all have raised prices so let us start over there, what is the situation looking like, will you be able to pass on prices, is demand good enough?

A: Demand is flattish. We are not seeing any big revival in demand but there are pressures on the cost, particularly in the iron ore side where there are shortages in India. So the prices have gone up quite substantially in India even when internationally the prices are coming down. So there is freight increases, cost increases which we need to pass on. At the same time we are seeing price increases internationally in the steel prices by almost USD 15-20 per tonne. Scrap prices went up by USD 30 per tonne internationally. So taking that into account if I see the landed cost of imports versus the domestic prices, there is justification to increase the prices from cost side and also taking into account the international prices.

Q: What is the exact quantum of price hike that you guys have undertaken and will you need to take more in order to cover the rise in input costs?

A: Today we have announced a price increase of close to 2 percent but there are various products in steel which we produce, so it depends on which product we will be selling, it may be more in case of flat and less in the long.

Q: How will the Indian hot rolled coil (HRC) prices trend in 2014 because a couple of reports suggested that Chinese capacity is expected to peak in 2014 and that will be beneficial for Indian HRC prices, do you think they will trend upwards?

A: If we see the World Steel Association (WSA) estimates for the year 2014, they expect the steel demand to go up by 48 million tonnes in the next year. So out of this 48 million tonnes China is slowing down where they have shown a growth of 6 percent, they are showing a growth of only 3 percent. So China is slowing down that is one good thing which is happening, at the same time developed economies are making up so the demand is going up. So even excluding China if you look at, the world steel demand from developed economies Africa and Middle East, even Asia is slowing down.

The growth is expected to be much better in the year 2014 as per the WSA estimates. So taking that cue into account we expect 2014 the demand will be better than what we have seen in the year 2013.

Q: What might be your EBITDA per tonne in the second half?

A: We don't give guidance for EBITDA. The Rs 7,000 per tonne was the average for the first half but H2 would be better majorly due to two-three reasons, one is the Dolvi unit is doing better where the APM gas is increasing relative to what we have got in the last half year. So that is reducing the gas cost in the Dolvi unit, plus volumes are increasing in the Dolvi unit. In addition to that we are also commissioning our pellet plant and battery at Dolvi that will get commissioned in January, February and March. So by the end of March we will be commissioning the entire backward integration at the Dolvi unit.

So with that there is lot of upside which we could see from the Dolvi unit contributing to the EBITDA per tonne on a weighted average basis.

At the same time, at Vijaynagar, we are also changing the product mix so that gives again a high end value added product, which in return will provide better realizations.

Q: So some 10 percent can we both put together?

A: I don't want to give any number but it will be better. We are increasing our capacity of the color coated plus galvanizing this year. We are increasing it from 1.2 million tonnes to 1.7 million tonnes. Out of that 1.5 million tonnes is already completed. Another two lakh tonnes we will be commissioned in the next quarter. So there is a huge amount of change in the product mix which is going to happen in the next financial year. In addition to that Dolvi unit is contributing more because backward integration is complete. If iron ore situation improves in India, including Karnataka, I think there is huge upside which we could see in the next financial year.

Q: Can you guide us on the volumes, overall volume that you will produce, how much might go to the domestic market, how much to the global markets?

A: We are producing 12 million tonnes in FY14. Out of 12 million tonnes, 11.6 million tonnes are the sales. Out of this 11.6 million tonnes, we will be exporting 3 million tonnes. So 8.6 million tonnes we are selling in the domestic market. So that is the number for this year. However, the next year the way we are working right now of course we will finalise by the end of financial year so we expect one million tonne more production in volumes.

Q: What is the capex requirement at this point?

A: We are spending total Rs 4000 crore, Rs 1000 crore on an average per quarter so that will continue even in the next year.

Steel makers may to raise prices by Rs 1,000/tonne nxt mth

Steel makers are mulling to raise price by Rs 1,000 a tonne from the beginning of next month to counter the cost push arising out of costlier iron ore and higher freight charges.

The proposed hike is likely to take the price of hot rolled coil (HRC), the benchmark steel product, to Rs 38,500 a tonne from Rs 37,500 per tonne now, said an industry source, declining to be identified.

Steel makers had previously hiked the price in September by up to Rs 2,500 per tonne, but holding on to it since then despite the  NMDC  hiking iron ore price by Rs 100 a tonne and the Railways imposing peak session charge from October.

Subdued market conditions, due to poor demand from the end-use segments such as construction and white goods, also prevented them from jacking up the price. India's steel demand grew by just 0.4 per cent during April-November period of the current fiscal.

"Steel prices are set to go up again. This is primarily on account of increase in iron ore price and Railway freight increase. These together inflated the cost of steel production in the region of approximately Rs 700 per tonne," an official of a private steel maker said.

Barring Tata Steel   and Steel Authority of India  , domestic steel makers mainly source their iron ore requirements from NMDC. A further hike of Rs 200 a tonne in December by the state-owned iron ore producer has impacted private sector steel makers.

It generally takes 1.6 tonne iron ore to produce a tonne of steel.  The cost push went up further by around Rs 200 per tonne with the Railways imposing its annual busy season charge on freights from October, he said.

"Steel makers have been rolling over prices since October this year. It has now started to pinch their bottomlines. Hence steel prices are expected go up by around Rs 1,000 pertonne," he added.

Steel makers have also found a new reason to pass-on the inflated costs to consumers as their share of exports are on the rise leading to overcapacity situation in the domestic market evening out. The price at the international level too is inching up and now holding at the level of USD 650 a tonne.

JSW Steel's main plant battling iron ore shortage

JSW Steel  said its 10 million-tonne-per-year plant in Karnataka will not operate at more than 80 percent capacity in the near future as mining restrictions have stifled the supply of iron ore, a key feedstock.

Difficulty in sourcing iron ore has forced the company to go slow on plans to nearly triple annual capacity to 40 million tonnes in the next decade, which, along with ArcelorMittal SA and Posco recently pulling out of projects, could derail India’s steel production ambitions.

“After having invested here there is no way you can plan to get iron ore from outside of Karnataka (on a long term basis),” Seshagiri Rao, joint managing director of country’s largest private steel producer, told Reuters on Wednesday.

“Logistically it is not possible.”

Restrictions aimed at curbing illegal mining and delays in obtaining various approvals have meant that Karnataka’s iron ore output is expected to be 18 million tonnes this fiscal year compared with the state’s requirement of 40 million tonnes.

JSW Steel , whose second biggest shareholder JFE Steel is the world’s ninth largest steel company and a unit of Japan’s JFE Holdings Inc , will have to wait for supply in Karnataka to improve to raise the plant’s capacity from 70-80 percent currently, Rao said.

He did not say if that would affect JSW Steel’s plans to produce 9.25 million tonnes of steel this fiscal year, a forecast that assumed a sufficient quantity of iron ore would be available. Its other plants in Tamil Nadu and Maharashtra make up its 14.3 million tonne capacity.

Iron ore production in Karnataka is expected to rise to 22.18 million tonnes in the year ending March 2015, according to a Karnataka government petition with the Supreme Court seeking to relax an annual mining cap of 30 million tonnes.

Capacity utilisation at steel mills fell to a low of 81 percent last fiscal year, making India a net steel importer for at least the fourth straight year. The situation had been expected to improve this year after the Supreme Court in April conditionally lifted a mining ban in Karnataka, but very few mines have restarted.

India produced 77.6 million tonnes of steel last fiscal year, well below its capacity of 90 million tonnes. Asia’s third-largest economy, the world’s fourth largest producer of steel, is targeting a capacity of 142.3 million tonnes by 2017 and 300 million tonnes by 2025.

But delays in obtaining iron ore mining rights and opposition to land acquisitions forced South Korea’s Posco and top steelmaker ArcelorMittal earlier this year to pull out of two projects with planned capacity of 18 million tonnes in total.

To ensure steady supply of iron ore, JSW Steel is looking to buy UK trader Stemcor’s Indian assets that include an iron ore mine and processing facilities in eastern Odisha state, valued by an industry source at up to USD 750 million.

“We’re doing due diligence but have not taken a call,” Rao said, adding that the final date for submitting bids was January 6 and a deal should be in place in the first half of next year.

“We are keen of course,” he added.

JSW STEEL TO ACQUIRE WELSPUN MAXSTEEL FOR RS1,000 CRORE

Mumbai: JSW Steel Ltd, India’s third largest steel maker by capacity, has agreed to buy Welspun Maxsteel Ltd (WMSL) in a transaction that values the company at Rs.1,000 crore as JSW seeks to expand production of the alloy.

WMSL, a unit of Welspun Enterprises Ltd, has long-term debt of Rs.1,087 crore, Welspun Enterprises said in a BSE filing on Monday.

JSW linked the acqusition to its goal of enhancing its steel production to 40 million tonnes per annum (mtpa) in the next decade, from 14.3 mtpa now.

“WMSL is situated in close proximity (within 40km) to company’s Dolvi unit (in Maharashtra), offering complementary infrastructure and location to augment the current envisaged expansion at Dolvi. In line with this objective, JSW wishes to acquire the entire equity shares of WMSL,” said JSW Steel.

WMSL has an installed capacity of 900,000 tonnes per annum at its gas-based plant, with a captive jetty and a captive railway siding, at Salav village in Raigad district of Maharashtra. The captive jetty, with an existing capacity of 2.5 mtpa, is located 1.8km from the plant, while the captive railway siding is located at Roha junction, 35km from the plant.

“This acquisition is value-accretive to JSW Steel due to synergies in supplying surplus pellets to Welspun Maxsteel and use of DRI (direct reduced iron) from WMSL in company’s steel-making operations at Dolvi plant,” said Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel.

WMSL also has approximately 480 acres of vacant land available for future expansions.

“The company (JSW Steel) has surplus pellets in its subsidiary Amba River Coke Ltd which will be supplied to WMSL. The cost of production in WMSL is expected to come down due to replacement of significant portion of its bought-out pellets with captive pellets. The DRI produced by WMSL shall initially be used partly by the company’s Dolvi unit, and would be consumed in the entirety post completion of its ongoing expansion to 5 mtpa,” JSW Steel said in its statement.

EY and Luthra and Luthra carried out financial and legal due diligence for JSW Steel on the transaction.

JSW Steel Ltd gained 0.14% to Rs.1276.50 on Monday on BSE, while the exchange’s benchmark Sensex gained 1.1% to 26,390.96 points.

In 2010, the company acquired debt-laden Ispat Industries Ltd for Rs.2,157 crore.

“The land and the port and its integration with JSW’s Dolvi unit seems the main strategy behind this acquisition,” said Goutam Chakraborty, a metal analyst at Emkay Global Financial Services Ltd. “This acquisition, together with that of Ispat one made earlier, will help JSW strengthen its position in the western Indian market.”

Chakraborty said the 480 acres of free land could be used for brownfield expansion such as putting up a pellet plant or mills for making value-added products such as a bars, wire rods and rails and that would be value-accretive since JSW has been focusing on producing more of the high-margin products.

“This is useful especially at a time when land is elusive and greenfield ventures are difficult. This is a strategy they have enforced to overcome the iron ore problems in Karnataka where their main plan operates,” Chakraborty said.

The logistical bottlenecks in the country have also prompted JSW management to invest in facilities near the ports from where shipping in raw materials and shipping out exports becomes easier.

Sajjan Jindal-promoted JSW Steel is looking for other strategic acquisitions too; in Italy, it has bid for parts of the insolvent Lucchini SpA which it can use as a processing centre to sell to Europe at a low cost. The company has also bid for UK steel trader Stemcor’s Indian assets that has mines and a plant in Odisha for $750 million, but talks have not moved further since the January bid.

CRUDE STEEL PRODUCTION GROWTH : 78% IN NOVEMBER’13

JSW Steel Limited has informed BSE regarding a Press Release dated December 09, 2013 titled "Crude Steel production growth: 78% in November'13". JSW Steel reports crude steel production foe November 2013 at 10.72 lakh tons showing a growth of 78 percent over corresponding month of previous year.

AS MINING CURBS BITE, INDIA OFFERS MARKET TO GLUT-HIT IRON ORE

An oversupplied global iron ore market may find some relief from an unlikely source as former No.3 exporter India turns into a big importer due to a cutback in domestic production.

The country may ship in up to 45 million tonnes over the next three years as home-grown iron ore output falls short of domestic steel production needs, an executive at an influential industry group said.

India imported just 0.37 million tonnes of the steelmaking raw material in 2013/14, government data showed. But already JSW Steel, India’s third-largest maker of the alloy, has said it will import 6 million tonnes of iron ore in 2014/15 against zero a year earlier.

“There’s no option but to import to meet the shortfall. We’re looking at between 10 and 15 million tonnes every fiscal year over the next three years,” Basant Poddar, vice president of the Federation of Indian Mineral Industries, the only industry group for mining firms in the country, told Reuters by phone.

“The mine closures all over India, starting from Karnataka, Goa, Odisha and Jharkhand, have created a massive disruption to supply,” Mr Poddar said.

Mining in the key iron ore states of Karnataka and Goa was banned in 2011 and 2012, respectively, following a crackdown on illegal mining by the Supreme Court and the government. Several mines in top producing Odisha state and in Jharkhand too were closed this year following government-imposed restrictions on the renewal of mining licenses.

While the bans have since been lifted, delays in restarting mining operations in Goa and Karnataka and the latest mine closures in the other states have limited local iron ore supply.

The disruptions have cut India’s iron ore production to 152 million tonnes in the year ended March 31, from about 218 million in 2009/10, according to the Indian Bureau of Mines.

The prospect of higher demand from India comes at an opportune time for global iron ore miners, whose margins have been shrunk by a 40 per cent slump in iron ore prices this year.

Iron ore fell to $81.90 a tonne last week, its lowest since September 2009.

The bulk of India’s imports may come from Australia and South Africa, said Mr Poddar, and unlikely from Brazil where shipments are usually made in big vessels. “Indian ports are not geared to handle large vessels,” he said.

But the potential import volume won’t be enough to absorb the total projected global surfeit. Morgan Stanley, which sees a global surplus of 79 million tonnes this year doubling to 158 million tonnes in 2015, expects the price to drop to $70.

In addition, any relief from Indian demand may be temporary, as the domestic shortage is due to government policy measures that could eventually be reversed.

Bureaucratic Route

For the present, resuming operations has been slow due to the long bureaucratic route to renew mining leases, said Mr Poddar.

Only 22 mines out of 122 that are eligible to restart in Karnataka have resumed operations, said Mr Poddar who owns Mineral Enterprises Ltd which has five mines in the state that have a combined capacity of 1.2 million tonnes but have remained shut. Mines in Goa have not reopened.

In Odisha, around a third of 56 iron ore mines are still closed and in Jharkhand, the third biggest producer in the past fiscal year, 12 out of 17 mines are shut.

India used to be the world’s No.3 iron ore exporter until higher costs along with the mining bans slashed shipments by 85 per cent, or 100 million tonnes, over the past two years.

Amid the shortage in local supply, iron ore prices in India are defying the global weakness.

In Odisha, 63 per cent grade iron ore would cost about $105 a tonne, including taxes and the royalty, to export, way above the current global market price of $67-$68, said Dhruv Goel, managing partner at industry consultancy SteelMint.

But miners make a profit of $15-$20 a tonne selling the same grade to local steelmakers, said Mr Goel.

“It is certainly profitable to sell in the domestic market.”

JSW STEEL BIDS FOR LUCCHINI'S ASSETS

Private steel giant  JSW Steel   confirmed that it is bidding for assets of Italy’s Lucchini plant. JSW is yet to receive a response to its bid. This USD 100 million deal will mark JSW’s entry into Europe. CNBC-TV18 broke this news three months ago.

Lucchini is Italy's second-largest steel plant by capacity. It was declared insolvent in 2012. The company is engaged in producing speciality long products like rolling mills manufacturing for European railways, bars for specialised auto industry and wire rod mills.

JSW INTERESTED IN BUYING ITALY'S ILVA STEEL PLANT - SOURCES

JSW Steel is considering buying the Ilva steel plant in Italy, union sources said on Thursday.

Ilva, privately-owned by the Riva family, is Europe's largest steel plant by output capacity and is of strategic importance to the southern European steel sector, where it supplies carmakers and other manufacturers.

The Taranto plant, however, is at the centre of an environmental scandal which led the Italian government to place it under "special administration", a procedure designed to save large companies and avoid big job losses.

JSW Steel, controlled by Sajjan Jindal wrote a letter to Ilva's special commissioner Piero Gnudi to express interest in Ilva, according to the sources.

A JSW delegation is expected to visit the plant, one of the largest employers in the southern Italian region of Puglia, in the next few days.

Ilva declined to comment.

JSW did not immediately reply to a request for comment.

ArcelorMittal, the world's largest steelmaker last month sent a letter to express its interest in Ilva to Gnudi and is expected to propose an industrial plan for the plant by the end of September, according to sources.

JSW is also in talks to buy parts of another steel plant, Lucchini, Italy's second-largest.

JSW STEEL PROMOTER HIKES STAKE IN COMPANY TO 4.74%

NEW DELHI: JSW Investments, a promoter group firm of JSW Steel, has increased stake in the company by 0.13 per cent to 4.74 per cent for nearly Rs 32 crore through open market transactions.

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

JSW STEEL LAUNCHES NEW RETAIL FORMAT - JSW EXPLORE

Bangalore, 8 September 2014: With an aim to efficiently cater the customized steel needs of end consumer pan-India, JSW Steel, the flagship company of $11 billion Indian conglomerate JSW Group, launched its branded retail format - "JSW explore" in Bangalore.

The franchise-based authorized retail format will create a sustainable differentiator for JSW Steel’s exclusive value added products and service offerings. This win-win partnership shall further strengthen JSW’s bond with its committed JSW Shoppe channel partners taking the association to the next level.

Mr. Vinay Shroff, Sr. Vice President- Retail, JSW Steel said, “This new branded retail format will cater to end consumers requirements through value added products and services, initially in the construction sector. The branded format will be scaled up in future to cater to customised needs across product categories and sectors. viz, Hot Rolled, Cold Rolled, Colour Coated, TMT etc. It will sell superior quality products to brand conscious consumers at the retail level nurturing innovation and growth.”

The company has a unique strength in terms of reach to the customers, particularly in Retail segment. This initiative will further enhance its retail penetration.

The state of the art retail format adhering to JSW prescribed quality norms and processing standards will provide an opportunity for select channel partners to open and brand their processing facilities enhancing their capabilities to create a new benchmark in customer experience.

JSW STEEL FALL OVER 4% AFTER CBI ENQUIRY ON OFFICIALS

Shares of JSW Steel fell by over 4 percent in the backdrop of the CBI registering a Preliminary Enquiry (PE) against unknown officials of the company over alleged diversion of forest land for a mining project in Jharkhand.

Following this, JSW Steel's scrip lost 4.43 percent to Rs 1,180 on the BSE. On the NSE, it was down 4.32 percent to Rs 1,180.

The CBI had yesterday registered a PE against unknown officials of JSW Steel Private Limited and the Ministry of Environment and Forests over alleged diversion of forest land for a mining project in Jharkhand.

Sources in the CBI said the clearance for the project for mining in Ankua reserve forest was given in 2013.

The allegation made by the CBI in the PE was that unknown officials of JSW and the Ministry of Environment and Forests entered into a criminal conspiracy for getting approval for this mining activity.

A JSW spokesperson, when asked to comment on the CBI move, had said yesterday, "We are not aware of any such move nor have we received any official communication to this effect."

LOOKING FOR TRANSPARENT E-AUCTION OF COAL BLOCKS: JSW STEEL

JSW Steel has turned profitable in the quarter ended September 2014 and beat street expectations on all parameters. The company’s consolidated net profit stood at Rs 748.7 crore during the quarter as against loss of Rs 115.5 crore in the year-ago period. Consolidated total income from operations grew by 7 percent to Rs 13,895 crore in July-September quarter compared to Rs 12,984 crore in same quarter last year, even operating profit jumped 18.9 percent on yearly basis to Rs 2,791 crore. In an interview to CNBC-TV18, Seshagiri Rao, joint MD & Group CFO of JSW Steel, discusses the company’s earnings and its future plans.

Below is the transcript of Seshagiri Rao’s interview with Kritika Saxena on CNBC-TV18.

Q: Will you participate in e-auctions?

A: Any steel company is looking for backward integration as a long-term strategy. So JSW Steel - even though we expanded our capacities based on backward integration, which has been committed both in terms of iron ore and coal by various governments in India, we have invested a huge amount of money in the steel sector. So we are very anxiously looking for a transparent policy where the steel companies, which are doing value addition, creating employment and contributing taxes to the exchequer, they should get the iron ore mining concessions and the coal concessions. So if they are available in a transparent manner in e-auction, I think JSW Steel will definitely participate.

Q: What is the conversation that you have with the government with respect to the coal block e-auction or rather what are the demands that you have put forth specifically, any option from their side that they have given with respect to concessions?

A: JSW Steel has got some coal concessions but even though they have not reached a stage where it is in operations but we have invested money in the coal mining concessions, which have been allotted to JSW Steel and its associates and subsidiaries. So as a policy, we have been advocating right from beginning that the coal or iron ore or any natural resource should be allocated in a transparent manner as long as there is a discretion that is given either to the state government or the central government, the problem remains that the real user is not getting the mining concessions. Therefore, I think we welcome the step of the government of India to do the auction of the coal mining concessions in a transparent manner. I think JSW Steel will definitely participate in that.

Q: In the race for pretty much most of the attractive assets available internationally or domestically, break it up for me, there is the Italian plant that you are looking at, actively what are the plants that you are looking at so far, how much would you be open to spending for that?

A: Today, generally what is happening any acquisition which is there in the steel sector, JSW Steel name is attributed to that but we have been clarifying from time to time that JSW Steel strategy is to backward and forward integration and we continue to expand our capacities in India. First through Brownfield expansion and balance through either inorganic growth or through Greenfield expansions, so we are sticking to that. We have been continuously scanning various opportunities either forward or backward. Unless it is value accretive and it gives the long-term benefits to the company and the stakeholders, I don’t think we will go and do the acquisitions just like that. So we are very careful in acquisitions. Therefore I don’t want to comment any specific target right now. Once it matures to a stage where we can share, definitely we will share the information.

Q: This would be largely international that you are looking at or are there domestic assets that you are also exploring. If yes, what areas? If you could tell me the areas that you need to fit the company’s strategy?

A: Even in India or overseas, we are looking at backward and forward but India there are opportunities today because of the stress in the steel sector for inorganic growth, the way we have done Ispat industries and turned around and managed with JSW Steel today. So there are opportunities in India also in the steel sector. So we continue to evaluate those options but only one very important point as per inorganic growth in India is concerned, we are able to set up capacities at a very low specific investment cost per tonne. We can set up a million tonne capacity in the steel sector by investing only Rs 3,000 crore whereas today, the companies which have invested in the steel sector for creating capacity is close to Rs 6,000-7,000 crore or even Rs 8,000 crore. So that is too expensive for us to do any inorganic growth acquisitions. Therefore it should be attractive and they should fit in our strategy then definitely we will continue to look at even in India the inorganic growth opportunities.

JSW STEEL IN ADVANCED STAGES OF ACQUIRING LONDON MINING

NEW DELHI: Set to expand its global footprint, the country's third-largest steelmaker JSW Steel is close to acquiring embattled West African iron ore miner London Mining in a bid to secure raw material for its plant.

"JSW Steel is very close to finalising a deal to acquire London Mining which is battling big debts amid crashing iron-ore prices and the Ebola outbreak in Africa, where it operates a mine," a source privy to the information said.

The announcement of acquisition may be made on October 21 along with the financial results, the source said without divulging details of the deal or financial considerations.

Queries sent to the company about any possible acquisition of London Mining remained unanswered.

However, the Sajjan Jindal-led firm last week had said that it is open to expansions through acquisitions besides augmenting present capacities.

The statement had followed reports that the steel major is in advanced stages of acquiring London Mining.

"As a long term strategy, we would like to expand both organically by means of brownfield and greenfield expansions and inorganically by acquiring some existing assets," the company had said in a filing to the BSE.

It had said that the company kept on scanning suitable opportunities, which have a strategic fit.

The debt-ridden UK-firm London Mining operates a small mine in Sierra Leone producing high grade iron-ore but is expensive to run. Sierra Leone is one of the worst-affected African nations by the ebola pandemic.

JSW Steel is about $ 9 billion global conglomerate spread over six locations in India and a footprint that extends to the US, South America and Africa.

The flagship company of about $ 11 billion JSW Group, JSW Steel has steel plants in Karnataka, Tamil Nadu and Maharashtra with a combined installed capacity of 14.3 million tonnes per annum (MTPA) which it plans to take to 40 MTPA in the next decade.

Set to foray into European market with the acquisition of an Italian steel firm, JSW Steel has on its radar a handful of potential companies for takeover both in the space of steel making as well as raw material.

Last month Sajjan Jindal had said there are many such units which are potential takeover targets, adding, "We are looking at iron ore assets all over -- in Australia, Africa, North America and South America."

'MAKE IN INDIA' PUSH TO DEPEND ON CHINESE STEEL

India's steel consumption is expected to grow at its fastest pace in five years next year on Prime Minister Narendra Modi's infrastructure push, but a scarcity of raw materials means it will be at the expense of another key goal - curbing imports.

In his triumphant election campaign, Modi criticised the last government for exporting iron ore but importing steel. But his first five months as the prime minister has coincided with a surge in imports of both, denting his high-decibel drive to make India an export powerhouse.

India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand.

While India's consumption is expected to rise, China will continue to see a downtrend, likely leading to a flood of cheap steel from China just as Modi pushes ahead with a signature 'Make in India' initiative to boost industry.

Charged by the strongest electoral mandate in three decades, Modi has staked his reputation on making India an export hub, launching his pet campaign with much fanfare in September with a lion as its logo.

Soaring steel imports, however, underscore the challenges Modi faces in realising his dream. Steelmakers, such as JSW, are clamouring for higher import tariffs.

"The 'Make in India' slogan has to be true for steel also," said Ravinder Bhan, deputy general manager of marketing at state-owned Steel Authority of India. "Let steel firms get iron ore and other raw materials. But that's not happening."

India, Asia's third-largest economy, has become a major importer of iron ore and coal despite having big reserves of both at home. Once a top exporter, India is now bringing in shiploads of iron ore due to court action against illegal mining that has stifled supply, while coal behemoth Coal India is struggling to boost production.

The shortages mean that India's steel industry is running at 80 percent of capacity. But the World Steel Association expects Modi's pro-business plans - building 100 new 'smart' cities, creating new logistic hubs and residential townships - to spur steel demand that has been weak in recent years.

CHINA IMPORTS JUMP

World Steel expects India's demand to rise 3.4 percent to 76.2 million tonnes in 2014, after growth of 1.8 percent in 2013. Structural reforms and improving confidence will support a further 6 percent growth in 2015, it said.

Indian steelmakers such as JSW, Tata Steel and Jindal Steel and Power Ltd, however, run the risk of being priced out by their Chinese competitors.

"The global market is such that the only thing that you can do is take some protective action to save the (Indian) industry," said A.S. Firoz, chief economist at a Steel Ministry unit. "Otherwise you can't decide what the global prices will be or at what price China will export steel."

A Steel Ministry spokesman said he had no immediate comment on whether authorities would consider raising tariffs, although a government official who spoke on condition of anonymity said the issue was being looked into.

China, the world's largest steel producer, rolls more steel in a month than India, the fourth largest producer, manages in nine months. But a slowdown in China means it is set to end with a surplus of about 100 million tonnes a year.

"MADE OUTSIDE INDIA"

A tonne of reinforcement steel produced in India for use in buildings can cost up to 15,000 rupees ($244) more than that from China, according to Firoz.

Shipments into India jumped 33 percent to 4.19 million tonnes in April-September from a year ago, with imports from China leaping 108 percent to 1.34 million tonnes. Total steel imports in the fiscal year to next March 31 could nearly double to 9 million tonnes, JSW predicts.

"Through 'Make in India', Modi is saying that India should be the hub for the rest of the world and of course to meet our full demand," said N.C. Mathur, president of the Indian Stainless Steel Development Association.

"Instead something made outside India is coming into the country. That's a big threat. It's a week after week, month after month survival issue."

JSW PLANS TO RAISE USD 500 MN TO PART-REFINANCE RUPEE DEBT

With the aim to refinance a part of its rupee debt,  JSW Steel  is planning to raise USD 500 million through a bond sale to investors in Asia and Europe, investment banking sources said.

The roadshows for the bond sale would start next week and the company representatives would visit Singapore, Hong Kong and London to woo investors, they added.

Confirming the schedule of the roadshows, JSW Steel's Joint Managing Director and Group CFO M V S Seshagiri Rao told PTI that the proposed bond sale was aimed at refinancing part of the rupee debt and aimed at reducing the interest outgo.

He, however, did not confirm the amount, tenor and timing of the bond, saying the call would be taken on the movement of the market which is "a little stable" now.

JSW Steel has Rs 35,750 crore net debt out of which 35 percent is in foreign currency.

In a statement to the stock exchanges, JSW Steel said it "is contemplating issuing of debt instruments in the form of US Dollar denominated senior notes. The notes, if issued, will be listed on the Singapore Stock Exchange."

"A preliminary offering circular has been prepared and shall be made available to prospective investors in relation to the contemplated issue of notes. The notes will not be offered or sold in India or in the US," JSW Steel added.

Meanwhile, the company has been assigned Ba 1 rating with stable outlook by Moody's and BB+ rating with stable outlook by Fitch.

Moody's said JSW Steel's Ba1 rating reflects its large scale and competitive conversion costs and its track record of managing growth, both organic and by acquisition, while at the same time controlling consolidated leverage to moderate levels relative to its steel industry peers.

Fitch assigned JSW Steel a senior unsecured rating of 'BB+' and the company's proposed US dollar denominated notes an expected rating of 'BB+'.

Fitch said JSW Steel benefits from its low cost base due to its low conversion costs. It's efficient operations were reflected in its strong profitability, with EBITDA margin of 17.9 percent in FY'14.

The rating agency expects JSW Steel's profitability to remain strong over the medium term because it would continue initiatives to reduce costs.

JSW STEEL FALL OVER 4% AFTER CBI ENQUIRY ON OFFICIALS

Shares of  JSW Steel  fell by over 4 percent in the backdrop of the CBI registering a Preliminary Enquiry (PE) against unknown officials of the company over alleged diversion of forest land for a mining project in Jharkhand.

Following this, JSW Steel's scrip lost 4.43 percent to Rs 1,180 on the BSE. On the NSE, it was down 4.32 percent to Rs 1,180.

The CBI had yesterday registered a PE against unknown officials of JSW Steel Private Limited and the Ministry of Environment and Forests over alleged diversion of forest land for a mining project in Jharkhand.

Sources in the CBI said the clearance for the project for mining in Ankua reserve forest was given in 2013.

The allegation made by the CBI in the PE was that unknown officials of JSW and the Ministry of Environment and Forests entered into a criminal conspiracy for getting approval for this mining activity.

A JSW spokesperson, when asked to comment on the CBI move, had said yesterday, "We are not aware of any such move nor have we received any official communication to this effect."

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.97.39
Euro	1	Rs.76.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.