MIRA INFORM REPORT

Report Date :

17.11.2014

IDENTIFICATION DETAILS

Name :	JAYPRAKASH ASSOCIATES LIMITED
Registered Office :	Sector 128, Noida – 201304, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.11.1995
Com. Reg. No.:	20-019017
Capital Investment / Paid-up Capital :	Rs. 4438.200 Millions
CIN No.: [Company Identification No.]	L14106UP1995PLC019017
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Heavy Civil Engineering Construction, Expressways, Cement Manufacturing and Selling, Generation of Power, Real Estate and Hospitality Services.
No. of Employees :	21017 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 391300000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Rating reflects above average financial risk profile marked by decent liquidity position and long track record in hydro power project and infrastructure construction business. Rating also factors in company’s position as one of the leading cement manufacturers in India. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealing 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: “A”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	08.08.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	08.08.2014

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 DECLINED

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

LOCATIONS

Registered/ Corporate Office :	Sector 128, Noida – 201304, Uttar Pradesh, India
Tel. No. :	91-120-4609000/ 2470800
Fax No. :	91-120-4609464/ 4609496
E-Mail :	sectl.dept@jalindia.co.in jal.investor@jalindia.co.in
Website :	www.jalindia.com
Project Work Office :	Sardar Sarovar Dam Project, Post- Kevadia Colony, District Narmada - 393151, Gujarat, India
Delhi Office :	JA House, 63, Basant Lok, Vasant Vihar, New Delhi – 110057, India
E-Mail :	jal.investor@jalindia.co.in
Cement Plants and Cement Grinding Plants :	Located at · Rewa, Bela, Sidhi, Tanda, Sadwa Khurd, Dala, Chunar and Sikanderadad in Uttar Pradesh · Roorkee in Uttarakhand · Panipat in Haryana · Baga and Bagheri in Himachal Pradesh
Hotels / Hospitality :	Located at · New Delhi · Mussoorie · Agra · Greater Noida

DIRECTORS

As on 31.03.2014

Name :	Mr. Jaiprakash Gaur
Designation :	Founder Chairman
Name :	Mr. Manoj Gaur
Designation :	Executive Chairman and CEO
Name :	Mr. Sunil Kumar Sharma
Designation :	Executive Vice Chairman
Name :	Mr. Sarat Kumar Jain
Designation :	Vice Chairman
Name :	S.C. Rathi
Designation :	Director (LIC Nominee)
Name :	R. N. Bhardwaj
Designation :	Independent Director
Name :	S. C. Bhargava
Designation :	Independent Director
Name :	V. K. Chopra
Designation :	Independent Director
Name :	Homai A. Daruwalla
Designation :	Independent Director
Name :	B. K. Goswami
Designation :	Independent Director
Name :	Dr. B. Samal
Designation :	Independent Director
Name :	K.N. Bhandari
Designation :	Independent Director
Name :	Mr. Sunny Gaur
Designation :	Managing Director (Cement)
Name :	Pankaj Gaur
Designation :	Jt. Managing Director (Construction)
Name :	Mr. Ranvijay Singh
Designation :	Whole-time Director
Name :	Mr. Rahul Kumar
Designation :	Whole-time Director and CFO
Name :	Mr. Shiva Dixit
Designation :	Whole-time Director

KEY EXECUTIVES

Name :	Mr. Harish K. Vaid
Designation :	Sr. President (Corporate Affairs) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	69655792	2.86
Bodies Corporate	703311585	28.91
Any Others (Specify)	189316882	7.78
Trusts	189316882	7.78
Sub Total	962284259	39.56
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	31760	0.00
Sub Total	31760	0.00
Total shareholding of Promoter and Promoter Group (A)	962316019	39.56
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	65378833	2.69
Financial Institutions / Banks	5756569	0.24
Insurance Companies	112040405	4.61
Foreign Institutional Investors	698517002	28.72
Sub Total	881692809	36.25
(2) Non-Institutions
Bodies Corporate	150682014	6.19
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	347037193	14.27
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	36981535	1.52
Any Others (Specify)	53747405	2.21
Non Resident Indians	17008303	0.70
Trusts	9311671	0.38
Overseas Corporate Bodies	178250	0.01
Foreign Corporate Bodies	3432447	0.14
Clearing Members	23816734	0.98
Sub Total	588448147	24.19
Total Public shareholding (B)	1470140956	60.44
Total (A)+(B)	2432456975	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2432456975	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Heavy Civil Engineering Construction, Expressways, Cement Manufacturing and Selling, Generation of Power, Real Estate and Hospitality Services.
Exports :	--
Imports :	--
Terms :
Selling :	--
Purchasing :	--

GENERAL INFORMATION

Suppliers :

--

Customers :

--

No. of Employees :

21017 (Approximately)

Bankers :

· Allahabad Bank

· Andhra Bank

· Axis Bank Limited

· Bank of Baroda

· Bank of Bhutan

· Bank of India

· Bank of Maharashtra

· Canara Bank

· Central Bank of India

· Citi Bank N.A.

· Druk PNB Bank Limited

· Export Import Bank of India

· HDFC Bank Limited

· HSBC Limited

· ICICI Bank Limited

· Indian Overseas Bank

· IDBI Bank Limited

· Karur Vysya Bank

· Kotak Mahindra Bank

· Oriental Bank of Commerce

· Punjab National Bank

· Punjab and Sind Bank

· Rafidian Bank

· Royal Bank of Scotland

· Standard Chartered Bank

· State Bank of India

· State Bank of Hyderabad

· State Bank of Indore

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Sikkim

· State Bank of Travancore

· State Bank of Bikaner and Jaipur

· Syndicate Bank

· The Jammu and Kashmir Bank Limited

· The South Indian Bank Limited

· UCO Bank

· Union Bank of India

· United Bank of India

· Vijaya Bank

· Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Non-Convertible Debentures	21183.300	34716.700
Term Loans From Financial Institutions	10133.500	7345.900
From Banks In Rupees	126673.200	101955.600
In Foreign Currency	771.800	1033.300
From Others	2549.600	2846.300
Loan from State Government [Interest Free]	3116.200	2717.800
Advances from Clients From Government Departments, Public Sector Undertakings and Others - Secured against Hypothecation of Construction Material and Plant and Machinery Interest Bearing	60.600	60.600
SHORT TERM BORROWINGS
Term Loans from Banks	15465.000	1040.000
Working Capital Loans from Banks	8011.900	3286.300
Total	187965.100	155002.500

Banking Relations :	--
Auditors :
Name :	M.P. Singh and Associates Chartered Accountants
Address :	B-1/1018, Vasant Kunj, New Delhi – 110070, India
Tel. No. :	91-11-41082626
Fax No. :	91-11-26148150
E-Mail :	ravinagpal@vsnl.net
Subsidiary Companies [including their subsidiaries] :	· Jaiprakash Power Ventures Limited · Jaypee Infratech Limited · Himalyan Expressway Limited · Jaypee Ganga Infrastructure Corporation Limited · Jaypee Sports International Limited · Jaypee Agra Vikas Limited · Jaypee Cement Corporation Limited · Jaypee Fertilizers and Industries Limited · Himalyaputra Aviation Limited · Jaypee Assam Cement Limited · Sangam Power Generation Company Limited [subsidiary of Jaiprakash Power Ventures Limited] · Prayagraj Power Generation Company Limited [subsidiary of Jaiprakash Power Ventures Limited] · Jaypee Meghalaya Power Limited [subsidiary of Jaiprakash Power Ventures Limited] · Jaypee Health Care Limited [w.e.f. 30.10.2012] [subsidiary of Jaypee Infratech Limited] · Jaypee Cement Cricket (India) Limited [w.e.f. 20.10.2012] [subsidiary of Jaypee Sports International Limited] · Jaypee Cement Hockey (India) Limited [w.e.f. 05.11.2012] [subsidiary of Jaypee Sports International Limited] · Jaypee Agri Initiatives Company Limited [w.e.f. 25.03.2013] [subsidiary of Jaypee Cement Corporation Limited] · Himachal Baspa Power Company Limited [w.e.f. 14.03.2014] [subsidiary of Jaiprakash Power Ventures Limited] · Himachal Karcham Power Company Limited [w.e.f. 14.03.2014] [subsidiary of Jaiprakash Power Ventures Limited]
Joint Venture Subsidiaries :	· Bhilai Jaypee Cement Limited · Bokaro Jaypee Cement Limited · Gujarat Jaypee Cement & Infrastructure Limited · Jaypee Powergrid Limited [Joint Venture Subsidiary Company of Jaiprakash Power Ventures Limited] · Jaypee Arunachal Power Limited [Joint Venture Subsidiary Company of Jaiprakash Power Ventures Limited]
Associate Companies:	· Jaypee Infra Ventures [A Private Company with unlimited liability] · Jaypee Development Corporation Limited · Jaiprakash Kashmir Energy Limited · JIL Information Technology Limited · Gaur and Nagi Limited · Indesign Enterprises Private Limited · Sonebhadra Minerals Private Limited · RPJ Minerals Private Limited · Jaiprakash Agri Initiatives Company Limited [till 24.03.2013] · Tiger Hills Holiday Resort Private Limited · Anvi Hotels Private Limited · Sarveshwari Stone Products Private Limited · Rock Solid Cement Limited · Jaypee International Logistics Company Private Limited · Jaypee Hotels Limited · Jaypee Mining Venture Private Limited · Ceekay Estates Private Limited · Jaiprakash Exports Private Limited · Bhumi Estate Developers Private Limited · PAC Pharma Drugs and Chemicals Private Limited · Jaypee Technical Consultants Private Limited · Jaypee Uttar Bharat Vikas Private Limited [Joint Venture] · Kanpur Fertilizers & Cement Limited [Joint Venture] · Madhya Pradesh Jaypee Minerals Limited [Joint Venture] · MP Jaypee Coal Limited [Joint Venture] · MP Jaypee Coal Fields Limited [Joint Venture] · Andhra Cements Limited · Milestone Home Finance Company Private Limited [w.e.f. 28.09.2012 and upto 12.03.2014] · [xxix] Jaypee Jan Sewa Sansthan ['Not for Profit' Private Limited Company] [w.e.f. 12.06.2012]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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

Shares for consideration in cash

20219850 Equity Shares [Previous Year 20219850] allotted under "Jaypee Employees Stock Purchase Scheme

2002";

12500000 Equity Shares [Previous Year 12500000] allotted under "Jaypee Employees Stock Purchase Scheme

2009";

201623717 Equity Shares [Previous Year 201623717] allotted for cash on conversion of Foreign Currency

Convertible Bonds;

10000000 Equity Shares [Previous Year 10000000] allotted for cash to Promoters on Preferential Basis and 64204810 Equity Shares [Previous Year 64204810] allotted through Qualified Institutional Placement as on 06.02.2013.

Shares for consideration other than cash

860865055 Equity Shares [Previous Year 860865055] allotted in terms of the Scheme of Amalgamation effective from 11.03.2004;

124378825 Equity Shares [Previous Year 124378825] allotted in terms of Scheme of Amalgamation effective from 22.08.2006;

218010985 Equity Shares [Previous Year 218010985] allotted pursuant to Scheme of Amalgamation effective from 27.05.2009 and

707280317 Equity Shares [Previous Year 707280317] allotted as Bonus Shares.

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

Particulars	As at 31.03.2014
	Number	Rs. in Millions
Equity Shares at the beginning of the year	2,219,083,559	4438.200
Add: Equity Shares allotted on conversion of Foreign Currency Convertible Bonds	--	--
Add: Equity Shares allotted on Qualified Institutional Placement	--	--
Equity Shares at the end of the year	2,219,083,559	4438.200

Terms / Rights

The Company has issued only one class of equity shares having a par value of Rs.2/- per share. Each holder of equity share is entitled to one vote per share. Each share is entitled to equal dividend declared by the Company and approved by the Shareholders of the Company.

In the event of liquidation, each share carries equal rights and will be entitled to receive equal amount per share out of the remaining amount available with the Company after making preferential payments.

Details of Shareholder holding more than 5% Shares:

Name of Shareholder	As at 31.03.2014
	Number	% holding
Jaypee Infra Ventures [a Private Company with unlimited liability]	726,150,727	32.72

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	4438.200	4438.200	4252.900
(b) Reserves & Surplus	132528.900	128885.100	118790.100
(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)	136967.100	133323.300	123043.000
(3) Non-Current Liabilities
(a) long-term borrowings	196224.000	185909.100	150370.000
(b) Deferred tax liabilities (Net)	12542.200	13726.800	12437.200
(c) Other long term liabilities	10333.100	17043.900	16087.800
(d) long-term provisions	1571.900	1802.900	1326.300
Total Non-current Liabilities (3)	220671.200	218482.700	180221.300
(4) Current Liabilities
(a) Short term borrowings	35491.500	16258.000	10792.900
(b) Trade payables	21162.500	24030.200	22255.000
(c) Other current liabilities	73177.200	66115.900	69837.300
(d) Short-term provisions	1046.100	1723.300	1293.700
Total Current Liabilities (4)	130877.300	108127.400	104178.900
TOTAL	488515.600	459933.400	407443.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148502.500	131164.000	119800.700
(ii) Intangible Assets	116.700	412.200	494.100
(iii) Capital work-in-progress	49809.900	58008.200	47023.700
(iv) Intangible assets under development	1.300	0.900	0.000
(b) Non-current Investments	103401.000	85970.500	63560.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	23525.400	18091.000	13523.000
(e) Other Non-current assets	25878.400	18502.600	15689.000
Total Non-Current Assets	351235.200	312149.400	260090.800
(2) Current assets
(a) Current investments	288.500	2932.100	3369.700
(b) Inventories	18687.800	19694.800	16914.900
(c) Projects under Development	9353.300	10082.400	12201.100
(d) Trade receivables	29307.500	25262.400	24541.700
(e) Cash and cash equivalents	8798.100	12858.800	10222.300
(f) Short-term loans and advances	36442.900	33969.800	29568.900
(g) Other current assets	34402.300	42983.700	50533.800
Total Current Assets	137280.400	147784.000	147352.400
TOTAL	488515.600	459933.400	407443.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	131161.100	133354.700	128531.200
		Other Income	2109.100	1789.400	2644.900
		TOTAL (A)	133270.200	135144.100	131176.100
Less	EXPENSES
		Cost of Materials Consumed	34938.400	32786.000	28644.700
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1626.300)	(2157.300)	(536.200)
		Manufacturing, Construction, Real Estate, Hotel, Hospitality and Power Expenses	38729.200	42004.200	42325.000
		Employees benefits expense	7892.800	8079.500	6613.200
		Other expenses	18717.500	19642.400	17088.000
		Profit on Sale of Shares - Exceptional Items	(3952.800)	0.000	0.000
		Prior Period Adjustments	(86.300)	(93.000)	(60.900)
		TOTAL (B)	94612.500	100261.800	94073.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38657.700	34882.300	37102.300
Less	FINANCIAL EXPENSES (D)		27520.700	20113.500	17817.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11137.000	14768.800	19284.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7735.500	7261.300	6141.500
	PROFIT BEFORE TAX (E-F) (G)		3401.500	7507.500	13143.400
Less	TAX (H)		(737.400)	2494.700	2879.600
	PROFIT AFTER TAX (G-H) (I)		4138.900	5012.800	10263.800
	EARNINGS IN FOREIGN CURRENCY
		Cement Exports [FOB Value]	92.700	116.700	75.200
		Contract Receipts	8521.000	3878.500	397.900
		Hospitality	228.500	253.200	258.000
		Interest	0.000	0.200	1.900
		Others	14.300	94.400	0.000
		Advance received from Real Estate Customers	33.800	48.500	46.400
	TOTAL EARNINGS		8890.300	4391.500	779.400
	IMPORTS
		Capital Equipment [including Capital Work-in-Progress]	575.800	546.000	1227.900
		Raw Materials / Construction Materials and Other	5795.900	4538.400	3081.800
		Stores and Spares	1008.000	900.900	683.900
		Hydro Mechanical and Electromechanical Equipment	0.000	2.900	482.100
		Others	0.000	0.000	8.800
	TOTAL IMPORTS		7379.700	5988.200	5484.500
	Earnings Per Share (Rs.)
	Basic		1.87	2.34	4.83
	Diluted		1.94	2.29	4.64

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^stQuarter	2^nd Quarter
Net Sales	3,0304.000	2,6912.100
Total Expenditure	2,2386.800	1,9524.500
PBIDT (Excl OI)	7917.200	7387.600
Other Income	111.600	457.000
Operating Profit	8028.800	7844.600
Interest	7895.900	7932.900
Exceptional Items	(4.300)	11.000
PBDT	128.600	(77.300)
Depreciation	2145.900	1906.500
Profit Before Tax	(2017.300)	(1983.800)
Tax	(1211.200)	(919.000)
Provisions and contingencies	0.000	0.000
Profit After Tax	(806.100)	(1064.800)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(806.100)	(1064.800)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.16	3.76	7.99
Operating Profit Margin (PBDIT/Sales)	(%)	29.47	26.16	28.87
Return on Total Assets (PBT/Total Assets}	(%)	1.01	2.38	4.43
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.11
Debt Equity Ratio (Total Debt/Networth)		1.69	1.52	1.31
Current Ratio (Current Asset/Current Liability)		1.05	1.37	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4252.900	4438.200	4438.200
Reserves & Surplus	118790.100	128885.100	132528.900
Net worth	123043.000	133323.300	136967.100
Long-term borrowings	150370.000	185909.100	196224.000
Short term borrowings	10792.900	16258.000	35491.500
Total borrowings	161162.900	202167.100	231715.500
Debt/Equity ratio	1.310	1.516	1.692

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	128531.200	133354.700	131161.100
		3.753	-1.645

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	128531.200	133354.700	131161.100
Profit	10263.800	5012.800	4138.900
	7.99%	3.76%	3.16%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	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

IN THE HIGH COURT OF DELHI AT NEW DELHI

O.M.P. 855/2012

TEHRI HYDRO DEVELOPMENT LTD ..... Petitioner

Through Ms Smita Bhargava, Adv

versus

JAIPRAKASH ASSOCIATES LTD ..... Respondent

Through Mr Lovkesh Sawhney, Adv

CORAM:

SH. S.S. MALHOTRA (DHJS), JOINT REGISTRAR (JUDICIAL)

ORDER

08.09.2014

LD counsel for the petitioner has supplied the advance copy of its part of convenience file to the ld counsel for respondent in the court today and she undertakes to file the original thereof in the Registry today itself.

LD counsel for the respondent submits that he would go through the convenience file supplied to him and would thereafter file his part of convenience file, if so required. Let the respondent file its part of convenience file, if any, within two weeks from today.

Be renotified for 27^th October, 2014.

S.S. MALHOTRA (DHJS)

JOINT REGISTRAR (JUDICIAL)

September 08, 2014/sm

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Foreign Currency Convertible Bonds FCCB [USD]-2012	6678.100	6049.900
Foreign Currency Loans from Banks [ECB] ECB [USD / JPY]	1965.900	1752.100
ECB [GBP]	514.800	1531.800
ECB [CAD]	575.500	1713.900
ECB [USD]-2012	7770.000	8220.000
Loans From Banks In Foreign Currency	1594.600	1774.600
Fixed Deposits Scheme	12636.900	14190.600
SHORT TERM BORROWINGS
Loans from Banks	3431.900	3888.000
Bills Discounting	8526.800	7912.300
Fixed Deposit Scheme	55.900	131.400
Total	43750.400	47164.600

OPERATIONS

ENGINEERING DIVISION

Prequalifications / Bids Under submission

During the year, the Company submitted prequalification applications for the following Works:

(i) Execution of Civil, Hydro-Mechanical and Electro-Mechanical Works of 390MW Kirthai-I Hydroelectric Project in Jammu & Kashmir. The application has been submitted by the Consortium with JAL as lead member.

(ii) Diversion Tunnel, Concrete Gravity Dam, Intake, Silt Excluder Arrangement, Pressure Shafts, Underground Power House and Tail Race Tunnels (Kiru Civil: Lot-1) for 660MW Kiru Hydroelectric Project in Jammu & Kashmir.

(iii) Construction of Head Race Tunnels (from RD 1780 onwards), Adit 2, Surge Shafts, Pressure Shafts, Underground Power House, Transformers Hall, Tail Race Tunnels and Pothead Yard etc. [Teesta- IV : LOT-2] of 520 MW Teesta Hydroelectric Project (Stage-IV) in the District North Sikkim in the State of Sikkim.

(iv) Execution of Agra to Lucknow Expressway (in 5 Packages) in Uttar Pradesh

􀆔 Agra to Firozabad (village Gurha) (km -1.8 to 0.0 to 53.5) Access Controlled Expressway

􀆔 Firozabad (village Gurha) to Etawah (village Moonj) (km 53.5 to km 115.5) Access Controlled Expressway

􀆔 Etawah (village Moonj) to Kannauj (village Narmau) (km 115.5 to km 172.5) Access Controlled Expressway

􀆔 Kannauj (village Narmau) to Unnao (village Neval) (km 172.5 to km 236.5) Access Controlled Expressway

􀆔 Unnao (village Neval) to Lucknow (km 236.5 to km 299.5) Access Controlled Expressway

(v) Design, Execution and Completion of the Contract Package CP1 Works: Expansion of Karkh Sewage Treatment Plant including Operation and Maintenance Services during the Defects Notification Period for Baghdad Sewerage Facilities Improvement Project in Iraq.

(vi) Design, Execution and Completion of the Contract Package CP2 Works: Rehabilitation of Pumping Stations (RQ, Kadissiya and PN) including Operation and Maintenance Services during the Defects Notification Period for Baghdad Sewerage Facilities Improvement Project, in Iraq. And

(vii) Design, Execution and Completion of the Contract Package CP3 Works: Rehabilitation of Pumping Stations (P5,P2, N3, N2 and TC1) including Operation and Maintenance Services during the Defects Notification Period Baghdad for Sewerage Facilities Improvement Project inIraq.

The Company has been prequalified to participate in the tenders/ bids for the following works:

(i)Construction of Diversion Tunnel, Coffer Dam, Concrete Gravity Dam, Intake Structure and Diversion Tunnel Gates and Hoist, Desilting Chambers, Head Race Tunnels up to RD 1780m etc. [Teesta-IV : LOT-1] of 520 MW Teesta Hydroelectric Project (Stage-IV) in the District North Sikkim in the State of Sikkim.

(ii) Construction of Civil Works for Dam, River Diversion, Intke, Adit-1, HRT upto RD 9500m including Pranmati Nallah Crossing and Diversion Tunnel Gates (PACKAGE-I) of 252 MW Devasari Hydroelectric Project, District Chamoli, Uttarakhand; and

(iii) Construction of Civil Works of Adits-2, 3 & 4, HRT from RD 9500m to RD 17906m, Pressure Shaft, Penstocks, Surge Shaft, Valve House, Power House Complex and Tail Race Tunnel (PACKAGEII) of 252 MW Devasari Hydroelectric Project, District Chamoli, Uttarakhand.

CEMENT DIVISION

Particulars	2013-14 (MT)
Cement Production (MT)	12,870,840
Clinker Production (MT)	10,157,991
Cement and Clinker Sale (MT) (including Self- Consumption)	14,014,577

The total capacity of the Group as a whole is 38.30 MTPA (including 4.75 MTPA under implementation).

Plant in West Zone with a capacity of 4.80 MTPA is under the process of demerger by Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of the Company through a Scheme of Arrangement to UltraTech Cement Limited, a company of Aditya Birla Group.

Further, the Company has signed an agreement on 24th March, 2014 with Dalmia Cement (Bharat) Ltd. for sale of its entire 74% stake (9,89,01,000 equity shares owned by it) in Bokaro Jaypee Cement Limited, a Joint Venture between the Company (JAL) and Steel Authority of India Limited (SAIL), having the Plant with operating capacity of 2.10 MTPA, which is subject to the approval of SAIL and other requisite approvals.

HOTELS DIVISION

The Company owns and operates five luxury hotels in the Five Star category, the finest Championship Golf Course, Integrated Sports Complex and Town Centre strategically located for discerning business and leisure travelers Jaypee Vasant Continental with 119 rooms and Jaypee Siddharth with 94 rooms in New Delhi. Jaypee Palace Hotel and Convention Centre is the largest property located at Agra with an inventory of 341 rooms with luxurious Presedential Suites and Jaypee Residency Manor at Mussoorie has 94 rooms with new 45 rooms in Valley View Tower overlooking Doon Valley. Jaypee Greens Golf & Spa Resort, Greater Noida is a prestigious & Luxury Resort with 170 state of art rooms overlooking the Championship 18 hole Greg Norman Golf Course.

Jaypee Greens Golf & Spa Resort hosted several prestigious conferences from India and abroad. The Resort hosted the conferences like Asian Development Bank Conference 2013 in which Prime Ministers, Deputy Prime Ministers and Finance Ministers of various countries participated alongwith Heads of the National and International Banks. ONGC Petronet Conference was held in which the Cabinet Ministers and Oil Ministers of different countries attended the conference and stayed in the hotel. RSSIDC Conference was held for Doctors from all over the world. The leaders of the Automobile Industry from all over the world stayed to participate in the Auto Expo Mart held at Expo Centre, Greater Noida. Besides this, Prestigious car companies like Audi, Mercedes, Porsche, Tata Motors etc. organized car launch events and conferences at Jaypee Greens Golf & Spa Resort. The Formula One Management, F-1 Race Drivers and renowned celebrities from across the world during the Formula-1 and related events patronize the world-class services at Jaypee Greens Golf & Spa Resort, Atlantis-The Club & Jaypee DelCourt in October, 2013.

Jaypee Palace Hotel and Convention Centre, Agra has been conferred the award by Hon’ble Shri Shashi Tharoor, the then Minister of State (Human Resource Development) under the category “Best Hotel Based Meeting Venue” atThe National Tourism Award 2012-13 by Ministry of Tourism, Government of India. The award is aimed to recognize the world class hospitality and tourism facilities in India.

Jaypee Hotels being the division of the Company was conferred 2nd Prize at the National Energy Conservation Award by Hon’ble President of India Shri Pranab Mukherjee in the august presence of Shri Jyotiraditya Madhavrao Scindia, the then Minister of State for Power. The award is the recognition of the implementation of the energy conservation measures with perfection at Jaypee Vasant Continental.

“Atlantis-The Club”, an integrated sports complex located at Jaypee Greens offers world class facilities for International and National sporting events & tournaments with rooms & conference halls. Atlantis has emerged as

Sports Academy Destination. Yuvraj Singh, Cricket for Excellence (YSCE), Cricket Academy under the supervision of celebrity Mr. Yuvraj Singh conducting coaching for more than 100 students. Bhaiching Bhutia Football School (BBFS), the Soccer Academy under the supervision of Mr. Bhaiching Bhutia, Former Captain – Indian Soccer Team conducting coaching on Soccer.

“Jaypee DelCourt”, A Town Centre offers well appointed rooms for corporate entrepreneurs, expats, business and leisure stays.

The Company’s Hotels at New Delhi, Agra and Mussoorie have been accredited with ISO 9001 for Quality Management System (QMS), ISO 14001 for Environment Management System (EMS), ISO 22000 for Food Safety Management System (FSMS) and Hazard Analysis and Critical Control Point (HACCP).

Global economic recovery has been very gradual with the Eurozone volatility continuing during the year, albeit at a lower intensity. The Eurozone countries continued to adopt austerity measures, as part of the fiscal adjustment. The International tourist arrivals, worldwide have grown to 1087 billion in 2013, and are forecast to grow at moderate pace of 3% to 4% in 2014.

Foreign tourist arrivals in India during 2013 was 68.48 Lacs as against 65.78 Lacs in 2012. The Foreign exchange

earnings from tourism grew by 1.6% in 2013 registering a growth of 4% in tourist arrivals in 2013.

Indian economic growth in 2013 had slowed down to 4.5%- 5% which is the lowest in a decade. The high borrowing cost to combat inflation coupled with lower private consumption, low investment in infrastructure and other sectors were responsible for this.

The low economic growth appears to have bottomed out and a gradual increase in economic activity is expected

from the middle of 2014.

The business of the Hotel Division is poised for sustained growth and the outlook is bright. The Company is confident to achieve better quotient of customers’ satisfaction and to achieve higher growth coupled with optimization of the resource utilization.

REAL ESTATE DIVISION

Jaypee Greens, Greater Noida

The Company’s prestigious project - Jaypee Greens, Greater Noida spread across 452 acres is the maiden golf centric residential development. The project integrates Luxury villas and Apartments with an 18 Hole Greg Norman Signature golf course, 9 Hole chip & putt golf course, landscaped parks and lakes along with an integrated sports complex, 60 acre Nature Reserve Park, a 5 star spa resort in collaboration with Six Senses Spa of Thailand, Town Centre, etc. The project has received an overwhelming response and majority of the launched units have been sold.

Jaypee Greens Wish Town Noida

Second real estate project – Jaypee Greens Noida – being developed by the Jaypee Group is a bench mark for

extraordinary lifestyle experiences. Spread over 1063 acres, it has been designed as a new exciting place to Live-Work- Play. It offers wide range of residential options ranging from independent homes to high-rise apartments and penthouses, along with host of other amenities such as a 18+9 hole Graham Cooke designed golf facilities, a 525 bed Super specialty Hospital, educational facilities including the already operational Jaypee Public school and JIIT, landscaped parks and lakes, various recreational facilities and entertainment hubs and commercial centers.

During the year the Company offered possession in Pavilion Court towers and completed construction of couple of its projects launched in the earlier years and further consolidated its position in the premium residential segment with the launch of new Projects like Pavilion Court Royale and Tiara Tower.

Jaypee Greens AMAN

Jaypee Greens third residential project Jaypee Greens Aman at Sector 151, Noida is located on the Noida-Greater Noida Expressway and offers 2 & 3 BHK apartments. Spread over 89 acres, the project also comprises of Chip & Putt golf course, Gardens, Walkways, Fountains, Sports facilities, Social amenities like Shopping Complex, Social Club with Swimming pools, Gymnasiums, Primary and Senior Secondary Schools, Creche, Kid’s play area, etc.

The Project is being developed at a fast pace and is expected to be completed soon.

Jaypee Greens Sports City

Jaypee Greens Sports City located on the Yamuna Expressway spread over 5,000 acres, is the latest project launched by Jaypee Greens and comprises of Indias first International Motor racing track, International standard cricket stadium, a long green boulevard and much more. The Project owned by Jaypee Sports International Ltd., a subsidiary of the company successfully hosted the India’s First F1 race in October, 2011 followed by two more races in October, 2012 and 2013. The development of Sports City inter-alia comprises of various thematic districts offering residential, sports, commercial and institutional facilities. The commercial zone will offer well defined areas for elaborate financial and civic centers, along with Residential Districts which will have a vast range of products including villas, town homes, residential plots and mid to high rise apartment blocks, with regular water supply and 24 hours electric power supply, to suit the requirements of all.

While the Projects already launched by the Company, viz., Kassia, Kove, Krowns and Country Home-I & II, Greencrest Homes and Buddh Circuit studios are being developed at a faster pace, the Company has during the year launched new products: Naturvue Apartments, Udaan - low & high rise apartments and Aman-III for the affordable housing segment, all of which received a very encouraging response from the Customers.

Backed by a strong team of Architects, Engineers and Sales and Marketing professionals the Company is poised to launch many more new projects in the coming years.

OUTLOOK

Keeping in view the performance and future prospects of the Company’s business, the expansions and diversifications being undertaken and the business of its subsidiaries coupled with the Company’s resolve to reduce the debt, the Company is committed to enhance the shareholders value.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OVERVIEW

GLOBAL ECONOMY

As per ‘RBI Macroeconomic and Monetary Developments 2014-15 (an update)’ released by Reserve Bank of India on April 1, 2014, Recovery of Global economy is on track in 2014, though tightening financial conditions and the divergence in inflation pose risks. Since the January 2014 global growth outlook remains broadly unchanged though weaker initial data to some extent cloud optimism. Global economic activity had strengthened in second half of 2013. On the current reckoning, global growth is likely to be in the vicinity of 3.5% in 2014, about .% higher than in 2013. The expansion in global output is expected to be led by Advanced Economies (AEs), especially the US. However, downside risks to growth trajectory arise from ongoing tapering of Quantitative Easing (QE) in the US, continuing deflation concerns and weak balance sheets in the euro area and inflationary pressures in the Emerging Market and Developing Economies (EMDEs). Weakening growth and financial fragilities in China that have arisen from rapid credit in recent years pose a large risk to global trade and growth. RBI further stated that:

1. Growth also picked up in the EMDEs during second half of 2013, but the momentum looks weaker than in the Advanced Economies and it faces new risks. Improved EMDE growth emanated largely from external demand on the back of currency depreciation in these countries. Going forward, drag on its sustainability may emerge from tightening monetary and financial conditions that can intensify further in case of a faster than - anticipated withdrawal of monetary accommodation by the AEs. Recent sovereign rating downgrade for Brazil and downward

revision in rating outlook for Russia has also added to the growth risks for EMDEs.

2. Global inflation remains benign with activity levels staying below potential in the Advanced Economies as well as in some large EMDEs and a softer bias for global commodity prices continuing into 2014. However, inflation in many EMDEs remains high, though actions in tightening monetary policy and slack in output are expected to help generate some disinflationary momentum. The divergent trends in inflation between Advanced Economies and EMDEs pose an added risk to global growth.

3. After the unexpected shock from the May 2013 tapering indication by the US Fed, global financial markets have weathered the initial dose of actual tapering of the Quantitative Easing (QE) quite well. However, the global interest rate cycle has just begun to turn.

4. Moreover, a large part of the withdrawal of monetary accommodation by Advanced Economies (AEs) remains to play out. Consequently, capital flows to EMDEs could remain volatile, even if they do not retrench. Also, with corporate leverage rising in many EMDEs, capital flow volatility could translate into liquidity shocks impacting asset prices.

INDIAN ECONOMY

The Reserve Bank of India in its said report further stated that:

1. The Indian economy is set on a disinflationary path, but more efforts may be needed to secure recovery, while the global environment remains challenging, policy action in India has rebuilt buffers to cushion it against possible spillovers. These buffers effectively bulwarked the Indian economy against the two recent occasions of spillovers to EMDEs, the first, when the US Fed started the withdrawal of its large scale asset purchase programme and the second, which followed escalation of the Ukraine crisis. On both these occasions, Indian markets were less volatile than most of its emerging market peers. With the narrowing of the twin deficits – both current account and fiscal – as well as the replenishment of foreign exchange reserves, adjustment of the rupee exchange rate, and more importantly, setting in motion disinflationary impulses, the risks of near-term macro instability have diminished. However, this in itself constitutes only a necessary, but not a sufficient, condition for ensuring economic recovery. Much more efforts in terms of removing structural impediments, building business confidence and creating fiscal space to support investments will be needed to secure growth.

2. Annual average CPI inflation has touched double digits or stayed just below for the last six years. This has had a debilitating effect on macro-financial stability through several channels and has resulted in a rise in inflation expectations and contributed to financial disintermediation, lower financial and overall savings, a wider current account gap and a weaker currency. A weaker currency was an inevitable outcome given the large inflation differential with not just the AEs, but also EMDEs. High inflation also had adverse consequences for growth. With the benefit of hindsight, it appears that the monetary policy tightening cycle started somewhat late in March 2010 and was blunted by a series of supply-side disruptions that raised inflation expectations and resulted in its persistence. Also, the withdrawal of the fiscal stimulus following the global financial crisis was delayed considerably longer than necessary and may have contributed to structural increases in wage inflation through inadequately targeted subsidies and safety net programmes.

3. Since, second half of 2012-13, demand management through monetary and fiscal policies has been brought in better sync with each other with deficit targets being largely met. Delayed fiscal adjustment materialised only in second half of 2012-13, by which time the Current Account Deficit (CAD) had widened considerably. The easing course of monetary policy was disrupted by ‘tapering’ fears in May 2013 that caused capital outflows and exchange rate pressures amid unsustainable CAD, as also renewed inflationary pressures on the back of the rupee depreciation and a vegetable price shock. The Reserve Bank resorted to exceptional policy measures for further tightening the monetary policy. As a first line of defence, shorterm interest rates were raised by increasing the Marginal Standing Facility (MSF) rate by 200 bps and curtailing liquidity available under the liquidity adjustment 39 facility (LAF) since July 2013. As orderly conditions were restored in the currency market by September 2013, the Reserve Bank quickly moved to normalize the exceptional liquidity and monetary measures

by lowering the MSF rate by 150 bps in three steps. However, with a view to containing inflation that was once again rising, the policy repo rate was hiked by 75 bps in three steps.

4. Recent tightening, especially the last round of hike in January 2014, was aimed at containing the second round effects of the food price pressures felt during June-November 2013. Since then, inflation expectations have somewhat moderated and the temporary relative price shock from higher vegetable prices has substantially corrected along with a seasonal fall in these prices, without further escalation in ex-food and fuel CPI inflation. While headline CPI inflation receded over the last three months from 11.2 per cent in November 2013 to 8.1 per cent in February 2014, the persistence of ex-food and fuel CPI inflation at around 8 per cent for the last 20 months poses difficult challenges to monetary policy.

5. Against this background there are three important considerations for the monetary policy ahead. First, the disinflationary process is already underway with the headline inflation trending down in line with the glide path envisaged by the Urjit Patel Committee, though inflation stays well above comfort levels.

6. Second, growth concerns remain significant with GDP growth staying sub-5 per cent for seven successive quarters and Index of Industrial Production (IIP) growth stagnating for two successive years. Third, though a negative output gap has prevailed for long, there is clear evidence that potential growth has fallen considerably with high inflation and low growth. This means that monetary policy needs to be conscious of the impact of supply-side constraints on long-run growth, recognizing that the negative output gap may be minimal at this stage.

OUTLOOK

The Company has an established growth record as a leading infrastructure Company with decisive competitive advantages. They believe that the next decade in India belongs to infrastructure sector. While even the smallest constituents of infrastructure sector will immensely benefit from it, Jaiprakash Associates Ltd. shall not only benefit from the ensuing growth phase of Infrastructure but actually lead the Infrastructure development of India. Its future outlook appears bright for the following reasons: (i) It is “Right Placed” in the core infrastructure sectors of cement, power, roads, and realty. (ii) It has “Right Blend” i.e. diverse business mix leading to de-risked business model. (iii) It is “Right Scaled” as it has leadership positions in almost all of its business domains and scaling up of capacities across all of them. Ready and rolling capacities will help it maximise from the growing demand. and (iv) It has the “Right Span” from northern to southern India, western to eastern through central India within its span of reach.

It is based on the above facts that the Company’s outlook appears very positive and given the favourable conditions, the Company should grow at a rate higher than the economy and most of the industry sub-verticals it operates in.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
[a] Claims against the Company / Disputed Liability [excluding Income Tax] not acknowledged as debts The above includes VAT/Sales Tax matter under Appeal to the extent of Rs.2320.000 Millions [Previous Year Rs.2348.800 Millions], Excise Tax matter under Appeal to the extent of Rs.1125.900 Millions [Previous Year Rs.665.800 Millions] and Entry Tax matter under Appeal to the extent of Rs.4088.400 Millions [Previous Year Rs.3600.300 Millions]	23069.900	20078.300
Amount deposited under Protest	6974.500	5842.200
Bank Guarantee deposited under Protest	2073.800	1918.100
[b] Outstanding amount of Bank Guarantees	16934.200	13996.000
Margin Money deposited against the above Bank Guarantee includes Bank Guarantee for Rs.3000.000 Millions [Previous Year Rs.3161.500 Millions] to Subsidiaries and also includes Guarantee amounting to Rs.2575.900 Millions [Previous Year Rs.327.800 Millions] given to Banks and Others on behalf of Subsidiaries/Joint Ventures/Associates.	49.500	42.800
[c] Income Tax Matters
[i] The Income Tax Assessments of the company have been completed upto Assessment Year 2011-12. Tax value for matters under appeal is Rs.6812 Millions for A.Y. 2011-12. Based on the decision of the Appellate authorities and the interpretation of relevant tax provisions, the Company has been legally advised that the additions made in the assessments are likely to be deleted or substantially reduced. As at 31.03.2014 there is no outstanding tax demand against the Company.	--	--
[ii] The Company has received a demand of Rs.13112.200 Millions towards TDS assessment for the A.Y. 2006-07 to A.Y. 2013-14. The Company has filed an appeal with Commissioner of Income Tax [Appeals] against the above said demand. The Company has also filed an application U/s 154 of the Income Tax Act for rectifying the mistakes apparent from in the demand order and the same will substantially reduce the demand. Based on the advice of the Counsels and the interpretation of relevant tax provisions, the Company believes it has strong grounds for success of the appeal. Hence no provision is considered in the Financial statements.	--	--
[d] The Competition Commission of India (“CCI”) passed an order on 20th June, 2012 imposing penalty on 11 cement manufacturers including the Company, allegeing contravention of the provisions of the Competition Act, 2002, and imposed a penalty of Rs.13236.000 Millions on the Company. The Company has filed an appeal against the said order before the Competition Appellate Tribunal. The matter is currently pending before the Competition Appellate Tribunal. However, the Competition Appellate Tribunal has, by its orders dated September 13, 2012 and October 11, 2012, ordered that no coercive steps be taken against the Company for recovery of the penalty imposed. As per directions of the Competition Appellate Tribunal an amount of Rs.1323.600 Millions has been deposited which will remain with them and not to be disbursed during the pendency of the appeal. Based on the advice of the Counsels, as well as its own assessment, the Company believes it has strong grounds for success of the appeal. Hence no provision is considered in the Financial statements.	--	--
[e] The Hon'ble High Court of Himachal Pradesh, vide order dated 04.05.2012, imposed damages of Rs.1000.000 Millions holding certain contraventions of the Water (Prevention and Control of Pollution ) Act, 1974, Air (Prevention and Control of Pollution) Act, 1981 and Environment Impact Assessment Notification in respect of the Company’s Cement plant at Bagheri, Himachal Pradesh. The Company has filed Special Leave Petition before the Hon'ble Supreme Court against the said Order which is pending for disposal. As per directions of the Hon'ble Supreme Court an amount of Rs.500.000 Millions has been deposited with the State Government which will remain with them and not to be disbursed during the pendency of the appeal. Based on advice of the Counsels no provision is considered in the Financial Statements.	--	--

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2014

(RS. IN MILLIONS)

PART I
Sr. No.	Particulars	30.09.2014	30.06.2014	30.09.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	26641.200	29936.600	56577.800
	b. Other Operating Income	270.900	367.400	638.300
	Total Income from Operations (Net)	26912.100	30304.000	57216.100
2	Expenses
	a. Cost of material Consumed	7975.100	7855.000	15830.100
	b. Changes in inventory of finished Goods and work- in-progress	(1484.300)	249.400	(1234.900)
	c. Direct Construction, Manufacturing, Real Estate, Hotel/ Hospitality and Power Expenses	6776.500	7365.000	14141.500
	d. Employees Benefit Expenses	1890.100	1916.200	3806.300
	e. Depreciation and Amortisation Expenses	1906.500	2145.900	4052.400
	f. Other expenses	4367.100	5001.200	9368.300
	Total Expenses	21431.000	24532.700	45963.700
3	Profit/(Loss) from Operations before Other Income, finance costs and Exceptional Items	5481.100	5771.300	11252.400
4	Other Income	457.000	111.600	568.600
5	a. Profit/(Loss) from ordinary activities before finance cost & exceptional items b. EBIDTA (5a+2e)	5938.100 7844.600	5882.900 8028.800	11821.000 15873.400
6	Finance Costs
7	Profit/(Loss) from ordinary activities after finance costs & exceptional items	7932.900	7895.900	15828.800
8	Exceptional items – Profit on sale of shares	11.000	0.000	11.000
9	Prior period Adjustments	0.000	(4.300)	(4.300)
10	Profit/(Loss) from ordinary activities before tax
11	Tax Expense
	Current tax	0.000	0.000	0.000
	Deferred tax	(919.000)	(1211.200)	(2130.200)
	Total tax expenses	(919.000)	(1211.200)	(2130.200)
12	Net Profit/(Loss) for the period	(1064.800)	(806.100)	(1870.900)
13	Paid-up equity share capital (face value of Rs.10/- each)	4864.900	4438.200	4864.900
14	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year
15	Earning Per Share (EPS) (not annualized) [Face Value of Rs. 2/- per share]
	Basic	(0.45)	(0.36)	(0.81)
	Diluted	(0.40)	(0.32)	(0.72)
PART II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- No. of shares	1470140956	1218925355	1470140956
	- Percentage of shareholding	60.44%	54.93%	60.44%
2	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	13472500	11072500	13472500
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	1.40%	1.11%	1.40%
	- Percentage of shareholding (as a % of the total share capital of the company)	0.55%	0.50%	0.55%
	b) Non-encumbered
	- No. of shares	948843519	989085704	948843519
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	98.60%	98.89%	98.60%
	- Percentage of shareholding (as a % of the total share capital of the company)	39.01%	44.57%	39.01%

B	INVESTOR COMPLAINTS (NO.)	3 Months ended 30.09.2014
	Pending at the beginning of the quarter	NIL
	Received during the quarter	155
	Disposed of during the year	155
	Remaining unresolved at the end of the quarter	NIL

UAUDITED STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED AND SIX MONTHS ENDED 30^TH SEPTEMBER, 2014

(RS. IN MILLIONS)

	Particulars	30.09.2014	30.06.2014	30.09.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Segment Revenue
	a. Cement and Cement Products	14037.500	16774.500	30812.000
	b. Construction	10844.300	11972.700	22817.000
	c. Power	376.700	270.900	647.600
	d. Hotel/ Hospitality and Golf Course	524.100	560.800	1084.900
	e. Real Estate	904.900	744.100	1649.000
	f. Others	611.800	437.200	1049.000
	g. Unallocated	23.000	23.900	46.900
	Total	27322.300	30784.100	58106.400
	Less: Inter- Segment Revenue	410.200	480.100	890.300
	Total Sales/ Income from Operations	26912.100	30304.000	57216.100
2.	Segment Results
	a. Cement and Cement Products	1020.500	1715.600	2736.100
	b. Construction	4548.100	4213.800	8761.900
	c. Power	50.300	10.200	60.500
	d. Hotel/ Hospitality and Golf Course	(43.900)	(17.100)	(61.000)
	e. Real Estate	190.300	112.200	302.500
	f. Investments	282.600	(6.200)	276.400
	g. Others	(42.800)	(25.400)	(68.200)
	h. Profit on Sale of Shares	11.000	0.000	11.000
	Less:
	a. Finance Costs	7932.900	7895.900	15828.800
	b. Other Un-allocable Expenditure net off Un-allocable income	67.000	124.500	191.500
	Profit/ (Loss) before tax	(1983.800)	(2017.300)	(4001.100)
3.	Capital Employed
	a. Cement and Cement Products (Including capital work-in-progress)	137700.800	135086.600	137700.800
	b. Construction (Including Capital Work-in-Progress)	76779.400	67496.800	76779.400
	c. Power (Including Capital Work-in-Progress)	29595.300	29369.700	29595.300
	d. Hotel/ Hospitality and Golf Course (Including Capital Work-in-Progress)	5702.300	5917.500	5702.300
	e. Real Estate (Including Capital Work-in-Progress)	42162.600	39055.800	42162.600
	f. Investments	98912.400	96793.700	98912.400
	g. Others (Including Capital Work-in-Progress)	5915.000	5830.500	5915.000
	h. Un-allocated	33605.500	30791.300	33605.500
	Total	430373.300	410341.900	430373.300

STATEMENT OF ASSETS AND LIABILITIES

(RS. IN MILLIONS)

PARTICULARS		30.09.2014
A. EQUITY AND LIABILITIES		[Unaudited]
1. Shareholders Funds
a] Share Capital		4864.900
b] Reserves and Surplus		136080.900
Sub-total – Shareholders’ funds		140945.800
2. Non-current Liabilities
a] Long term Borrowings		203699.300
b] Deferred Tax Liabilities		10412.000
c] Other current liabilities		6230.000
d] Long term provisions		1220.600
Sub-total - Non-current Liabilities		221561.900
3. Current Liabilities
a] Short term Borrowings		18232.800
b] Trade Payables		22818.900
c] Other Current Liabilities		88987.100
d] Short Term Provision		38.900
Sub-total - Current Liabilities		130077.700
TOTAL - EQUITY AND LIABILITIES		492585.400
B ASSETS
1. Non-current assets
a] Fixed assets		196750.000
b] Non-current investment		96572.400
c] long Term loans and Advances		29544.200
d] Other non-current assets		28369.900
Sub-total – Non- current assets		351236.500
2. CURRENT ASSETS
	Current Investments	2340.000
	Inventories	20016.100
	Project under Development	11380.100
	Trade Receivables	35302.000
	Cash & Bank Balances	12600.600
	Short Term loans and advances	38442.200
	Other Current Assets	21267.900
Sub-total – Current Assets		141348.900
TOTAL - ASSETS		492585.400

NOTES:

1) Previous Quarter's / Half Year / Year figures have been regrouped / rearranged / recast wherever necessary.

2) During the quarter, the Company has issued 213373416 Equity Shares of Rs. 2/- each at an issue price of Rs. 70.27 per share to Qualified Institutional Buyers. The Company has received Rs. 14993.700 Millions through the above said Qualified Institutional Placement.

3) During the current year, the Company has implemented Schedule II of the Companies Act, 2013, and has accordingly computed the depreciation as prescribed under Schedule II to the Act. The carrying value of assets which have completed their depreciation period as on 1st April, 2014 have been adjusted against the General Reserve. The remaining assets have been depreciated over their remaining useful life. Had there not been any change in useful life of the assets, the depreciation would have been higher by Rs. 254.200 Millions and Rs. 237.000 Millions for the quarter and six months ended 30th September, 2014 respectively.

4) The Hon'ble Supreme Court, vide its judgement dated September 24, 2014, held that the allocation of various coal blocks is arbitary and illegal, and hence cancelled. These include one coal block allocated to the Company, namely, Mandla (North) and three coal blocks, namely, Amelia (North), Mandla (South) and Dongri Tal-ll allocated to Madhya Pradesh State Mining Corporation Limited ('MPSMCL’). Three Joint Venture Companies were formed for development and mining of three coal blocks allocated to MPSMCL in which the company and MPSMCL holds 49% and 51% respectively.

The Hon'ble Supreme Court has allowed operations of the mines of Amelia (North) and Mandla North, which are already in operation, till 31st March 2015.

The management based on its contractual rights under its JV agreements, its interpretation of the Ordinance and on the basis of the legal advice, believes that the financial loss or operational impact, if any, on this account needs a detailed assessment.

5) In terms of the Scheme of Arrangement between Jaypee Cement Corporation Limited, wholly owned subsidiary of the Company and UltraTech Cement Limited for sale of Gujarat Cement Plant comprising an integrated 2.4 MTPA Cement Plant at Kutch and 2.4 MTPA Cement Grinding Unit at Wanakbori, 27,261 additional equity shares of Rs. 10/- each, fully paid up, of Ultratech Cement Limited have been allotted to the Company as final consideration during the quarter.

6) The Company has received requisite "No objection" from the Stock Exchanges (both NSE and BSE) for amalgamation of Jaypee Sports International Limited (JPSI) (the wholly owned subsidiary of the Company), with the Company. Necessary steps are being taken to move the application before Hon'ble High Court of Judicature of Allahabad.

7) 189,316,882 Equity Shares held by the four Trusts, of which the Company is the sole beneficiary, have been pledged for securing the loans obtained by the Company.

8) The above results for the quarter ended 30.09.2014 are Unaudited. The above results have been subjected to a limited review by the Statutory Auditors in terms of the Clause 41 of the Listing Agreement. The above results have been reviewed by the Audit Committee and then approved by the Board of Directors in their respective meetings held on 12th November, 2014

FIXED ASSETS:

TANGIBLE ASSETS

· Land

· Buildings

· Purely Temporary Erections

· Railway siding

· Plant and Equipment

· Captive Thermal Power Plants

· Wind Turbine Generators

· Golf Course

· Miscellaneous Fixed Assets (Hotel)

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Ships: Boat

· Aeroplane / Helicopter

INTANGIBLE ASSETS

· Computer Softwares

· Deferred Revenue Expenditure

· Fees Paid to Franchiser

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.61.65
UK Pound	1	Rs.96.54
Euro	1	Rs.76.70

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUM
Report Prepared by :	BVA/ MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.