MIRA INFORM REPORT

Report No. :	316513
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	JINDAL STEEL AND POWER LIMITED
Registered Office :	O.P. Jindal Marg, Hisar – 125005, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.1979
Com. Reg. No.:	05-009913
Capital Investment / Paid-up Capital :	Rs. 914.900 Millions
CIN No.: [Company Identification No.]	L27105HR1979PLC009913
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Iron and Steel Products and also Power Generation.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of “Jindal Group”. It is a well-established and a reputed company having excellent track record. There is a slight dip profit of company in the year 2014. However, the rating reflects healthy financial risk profile marked by strong cash flow stream and it’s large and geographically – diversified resource base. Trade relations are reported as trustworthy. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = AA
Rating Explanation	High degree of safety and low credit risk
Date	March 10, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 10, 2015

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 PARTED BY (PARTIAL DETAILS)

Name :	Mr. Rajeev
Designation :	Finance Department
Contact No.:	91-11-41462000
Date :	06.04.2015

LOCATIONS

Registered Office :	O.P. Jindal Marg, Hisar – 125005, Haryana, India
Tel. No.:	91-1662-222471-84
Fax No.:	91-1662-222476/ 499
E-Mail :	jslhsr@nde.vsnl.net.in jagdish.patra@jindalsteel.com tksadhu@ngr.jindalsteel.com tksadhu@jindalsteel.com sustainability@jindalsteel.com
Website :	http://www.jindalsteelpower.com
Location :	Owned
Corporate Office :	Jindal Centre, 12, Bhikaiji Cama Place, New Delhi - 110066, India
Tel. No.:	91-11-26188340-50
Fax No.:	91-11-26161271/ 26170691
E-Mail :	jindlorg@del2.vsnl.net.in info@jindalsteel.com
Factory 1 :	Karsia Road, Post Box No.16, Raigarh – 496001, Chhattisgarh, India
Tel. No.:	91-7762-304300/ 227001-05
Fax No.:	91-7762-227022-23/ 227050
Factory 2 :	13 KM Stone, G.E. Road, Mandir Hasaud, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2471205/ 07/ 3054600
Fax No.:	91-771-2471404/ 2471214/ 3054666
Factory 3 :	Plot No. 751, Near Panchpukhi Chhaka, Simplipada, Angul – 759122, Odisha, India
Factory 4 :	Balkudra, Patratu, District Ramgarh – 829143, Jharkhand, India
Tel. No.:	91-6553-275724/ 275726
Fax No.:	91-6553-275744
Factory 5 :	Iron Ore Pellet Plant, Commercial Office, Plot No. 507/365, Barbil Joda – Highway, Barbil, District Keonjhar – 758035, Odisha, India
Factory 6 :	TRB Iron Ore Mines, At P.O. Tensa, District Sundergarh – 770042, Orissa, India
Tel. No.:	91-6625-236023/ 24
Fax No.:	91-6625-236022
Factory 7 :	Jindal Open Cast Coal Mine, Dhorabatta, Dongamahua, Raigarh – 496001, Chattisgarh, India
Factory 8 :	201 to 204 Industrial Park SSD, Punjipatra, Raigarh - 496001, Chhattisgarh, India
Marketing Office :	SCO-24, Sector 26, Madhya Marg, Chandigarh – 160019, India
Regional Offices :	Located at: · Gurgaon · Ahmedabad · Pune · Kolkata · Patna · Visakhapatnam · Jaipur · Nagpur · Chennai · Chandigarh · Kanpur · Ludhiana · Jammu · Raipur · Bhubaneswar · Mumbai
Retail Sales Team :	Located at: · Gurgaon · Ahmedabad · Pune · Kolkata · Patna · Chennai · Trichy · Nagpur · Hyderabad · Bengaluru · Visakhapatnam · Cochin · Jaipur · Shimla · Jamshedpur · Guwahati · Kanpur · Ludhiana · Chandigarh · Jammu · Raipur · Srinagar · Bhubaneshwar · Mumbai
Other Marketing Offices :	Located At: · Gurgaon · Raipur · Bhopal · Kochi · Kolkata · Jamshedpur · Bangalore · Kanpur · Mumbai · Bhubaneswar · Chennai · Jaipur · Hyderabad · Ludhiana · Ahmedabad · Telangana · Nagpur · Patna  · Ranchi  · Visakhapatnam
International Locations :	Located at: · China · Oman · South Africa · Indonesia · Madagascar · Mozambique · Zambia · Namibia  · Dubai · Tanzania  · Botswana · Australia

DIRECTORS

AS ON 31.03.2014

Name :	Mrs. Savitri Jindal
Designation :	Chairperson Emeritus
Name :	Mr. Naveen Jindal
Designation :	Chairman
DIN:	00001523
Name :	Mr. Ravi Uppal
Designation :	Managing Director and Group CEO
DIN:	00025970
Name :	Mrs. Shallu Jindal
Designation :	Director
Name :	Mr. Ratan Jindal
Designation :	Director
Name :	Mr. K. Rajagopal
Designation :	Group Chief Financial Officer and Director
DIN:	00135666
Name :	Mr. Dinesh Kumar Saraogi
Designation :	Whole time Director
Name :	Mr. R.V. Shahi
Designation :	Independent Director
Name :	Mr. A.K. Purwar
Designation :	Independent Director
Name :	Mr. Arun Kumar
Designation :	Independent Director
Name :	Mr. Haigreve Khaitan
Designation :	Independent Director
Name :	Mr. Hardip Singh Wirk
Designation :	Independent Director
Name :	Mr. Sudershan Kumar Garg
Designation :	Independent Director
Name :	Mr. Ajit M. Ingle
Designation :	Independent Director (Nominee Director, IDBI Bank Limited)

KEY EXECUTIVES

Name :	Mr. T. K. Sadhu
Designation :	Company Secretary
Name :	Mr. Rajeev
Designation :	Finance Department

SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	15581228	1.70
Bodies Corporate	474602642	51.87
Sub Total	490183870	53.58
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	775470	0.08
Bodies Corporate	68033096	7.44
Sub Total	68808566	7.52
Total shareholding of Promoter and Promoter Group (A)	558992436	61.10
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10764358	1.18
Financial Institutions / Banks	1020749	0.11
Insurance Companies	21664990	2.37
Foreign Institutional Investors	182341208	19.93
Sub Total	215791305	23.59
(2) Non-Institutions
Bodies Corporate	38899026	4.25
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	79947088	8.74
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2854405	0.31
Qualified Foreign Investor	586	0.00
Any Others (Specify)	18418954	2.01
Trusts	433549	0.05
Non Resident Indians	7931854	0.87
Foreign Nationals	33480	0.00
Foreign Port Folio Investor Corporate	10020071	1.10
Sub Total	140120059	15.32
Total Public shareholding (B)	355911364	38.90
Total (A)+(B)	914903800	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)	914903800	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel Products and also Power Generation.

Products :

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

Brand Names :

Jindal Panther™

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS (AS ON 31.03.2014)

INSTALLED CAPACITY

SR. NO.	PARTICULARS	UNIT	INSTALLED CAPACITY
	AT RAIGARH
1	Sponge Iron	M.T.	13,70,000
2	Mild Steel	M.T.	30,00,000
3	Ferro Alloys	M.T.	36,000
4	Power	MW	851
5	Hot Metal/Pig Iron	M.T.	16,70,000
6	Rail & Universal Beam Mill	M.T.	7.50.000
7	Plate Mill	M.T.	10,00,000
8	Fabricated Structures	M.T.	1,20,000
9	Cement Plant	M.T.	5,00,000
10	Medium & Light Section Mill	M.T.	6,00,000
	AT RAIPUR	M.T.
11	Steel Casting and Fabrication	M.T.	30,000
12	CF Castings	M.T.	--
	AT BARBIL	M.T.
13	Pelletisation Plant	M.T.	45,00,000
	AT SATARA (MAHARASHTRA)	M.T.
14	Wind Energy	MW	24
	AT PATRATU	M.T.
15	Wire Rod	M.T.	6,00,000
16	Bar Mill	M.T.	10,00,000
	AT ANGUL	M.T.
17	Power	MW	810
18	Fabricated Structures	M.T.	84,000
19	Plate Mill	M.T.	12,00,000
20	Mild Steel	M.T.	15,00,000

NOTE:

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

PRODUCTION

SR. NO.	PARTICULARS	UNIT	PRODUCTION
1	Sponge Iron	M.T.	13,19,985
2	M.S. Round	M.T.	5,68,120
3	H.C. Ferro Chrome/Silico Mangnese	M.T.	35,008
4	Power	MILLION KWH	5,589
5	Hot Metal/Pig Iron	M.T.	16,69,799
6	Parallel Flange Beam/Columns	M.T.	2,52,054
7	Universal Plate/Coil	M.T.	7,99,888
8	Other Finished Steel Products	M.T.	1,00,911
9	Other Semi Steel Products	M.T.	23,17,659
10	Machineries	M.T.	14,033
11	Wire Rod	M.T.	3,67,265
12	Bars	M.T.	3,79,963
13	Fabricated Structures	M.T.	87,401
14	Cement	M.T.	4,76,197
15	Medium & Light Sections	M.T.	2,53,532
16	Iron Ore Pellets	M.T.	41,48,974
17	Wind Energy	M.T.	54.95

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	State Bank of India
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Punjab National Bank

· State Bank of Patiala

· ICICI Bank Limited

· Canara Bank

· IDBI Bank Limited

· Axis Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
9.80% Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each (Privately placed initially with Life Insurance Corporation of India)	10000.000	10000.000
9.80% Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each (Privately placed initially with Life Insurance Corporation of India)	5000.000	5000.000
9.80% Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each (Privately placed initially with SBI Life Insurance Company Limited)	620.000	620.000
8.50% Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each (Privately placed initially with ICICI Lombard General Insurance Company Limited)	0.000	250.000
8.50% Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each (Privately placed initially with ICICI Prudential Life Insurance Company Limited)	0.000	750.000
Term Loans from Banks	96960.000	85642.100
Other Loans from banks	538.000	1499.200
SHORT TERM BORROWINGS
Loan Repayable on Demand
Cash Credit from Banks	430.900	5044.900
Other Loans and Advances
From Banks	13524.200	6968.000
Total	127073.100	115774.200

LONG TERM BORROWINGS

Debentures

· Debentures of Rs 10000.000 Million placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs.1000.000 Million (12.10.2009), Rs.1500.000 Million (22.10.2009), Rs.1500.000 Million (24.11.2009), Rs.1500.000 Million (24.12.2009), Rs.1500.000 Million (25.01.2010), Rs.1500.000 Million (19.02.2010) and Rs.1500.000 Million (26.03.2010)

The debentures are secured on pari passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.

· Debentures of Rs. 5000.000 Millions placed initially with Life Insurance Corporation of India on private placement basis are redeemable at par in 2 equal annual instalments at the end of 9.5 and 10.5 years from the date of respective allotments i.e. Rs.1000.000 Million (24.08.2009), Rs.800.000 Million (08.09.2009), Rs.800.000 Million (08.10.2009), Rs.800.000 Million (09.11.2009), Rs. 800.000 Million (08.12.2009) and Rs.800.000 Million (08.01.2010). The debentures are secured on pari-passu charge basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favor of the Debenture Trustees.

· Debentures of Rs. 620.000 Million placed initially with SBI Life Insurance Company Limited on private placement basis are redeemable at par in 5 equal annual instalments commencing from the end of 8 years from the date of allotment i.e. 29.12.2009. The debentures are secured on pari passu basis by way of mortgage of immovable properties and hypothecation of movable assets created/to be created on the 6x135 MW Power Plant Project at Angul, Odisha in favour of the Debenture Trustees.

· Debentures of Rs. 250.000 Million placed initially with ICICI Lombard General Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favor of the Debenture Trustees.

· Debentures of Rs. 750.000 Million placed initially with ICICI Prudential Life Insurance Company Limited on private placement basis are redeemable at par at the end of 5 years from the date of allotment i.e. 03.12.2009. The debentures are secured on pari-passu basis by way of mortgage of immovable properties and hypothecation of movable fixed assets of the Company in favor of the Debenture Trustees.

TERM LOANS

Security

• Loans of Rs. 301.300 Million (Previous year Rs. 979.800 Million) are secured by exclusive charge on fixed assets created under Steel expansion project at Raigarh, Chhattisgarh;

• Loans of Rs. 576.200 Million (Previous year Rs. 1040.400 Million) are secured by exclusive charge on fixed assets created under Plate Mill project at Raigarh, Chhattisgarh;

• Loans of Rs.171.400 Million (Previous year Rs. 428.600 Million) are secured by exclusive charge on fixed assets created under 3x25 MW Power Plant at Raigarh, Chhattisgarh;

• Loans of Rs. 34833.800 Million (Previous year Rs. 27994.000 Million) are secured by exclusive charge on fixed assets created/to be created under the DRI project at Angul, Odisha;

• Loans of Rs. 5237.900 Million (Previous year Rs. 6095.900 Million) are secured by exclusive charge on fixed assets created under 2X135 MW Power Plant (Phase-1) at Dongamahua, Raigarh, Chhattisgarh;

• Loans of Rs. 5830.700 Million (Previous year Rs. 6802.500 Million) are secured by exclusive charge on fixed assets created/ to be created under 2X135 MW Power Plant (Phase - 2) at Dongamauha, Raigarh, Chhattisgarh;

• Loans of Rs. 30223.300 Million (Previous year Rs. 31545.500 Million) are secured by exclusive charge on fixed assets created/to be created under 1.6 MTPA Integrated Steel Plant and 1.5 MTPA Plate Mill project at Angul, Odisha;

• Loans of Rs. 14805.000 Millions (Previous year Rs. 1,6922.000 Millions) are secured/to be secured by exclusive charge on fixed assets created/to be created under 6x135 MW Power Plant Project at Angul, Odisha;

• Loan of Rs. 1716.300 Million (Previous year Rs. 2341.400 Million) are secured by subservient charge on fixed assets of the Company.

• Loan of Rs. 15000.000 Million (Previous year NIL) initially placed with ICICI bank on bilateral basis are redeemable by way of ballooning instalments in two tranches. An amount of Rs. 5000.000 Million shall be repayable in a period of 5 (five) years in 16 (sixteen) quarterly instalment whereas an amount of Rs. 10000.000 Million shall be repayable in a period of 10 (Ten) years in 36 (thirty six) quarterly instalment. Above loans are secured by way of a first pari passu charge on all the Borrower’s present movable Fixed Assets of units located at Patratu, District Ramgarh, Jharkand; G E Road, Mandir Hasaud, Raipur; Punjipatra, Raigarh Chhattisgarh; Bhikaji Cama Place, New Delhi; at Village Pachwad, District Satara, Maharashtra and all movable Fixed Assets (present as well as future) located at Kharsia Road, Post Box No. 16, Raigarh, Chhattisgarh. In addition a first ranking mortgage and pari passu charge on part of immovable property of the Borrower pertaining to its unit located at Kharsia Road, Post Box No. 16, Raigarh and part of the immovable property of the Borrower pertaining to its unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur;

• Loan of Rs.3000.000 Million (Previous year NIL) initially placed with HDFC Bank on bilateral basis are redeemable in a period of 8 (eight) years in 28 (twenty eight) quarterly installments. Above loans are secured by way of a fi its located at Pataratu, District Ramgarh, Jharkand; G E Road, Mandir Hasaud, Raipur; Punjipatra, Raigarh Chhattisgarh; Bhikaji Cama Place, New Delhi; at Village Pachwad District Satara, Maharashtra and all movable Fixed Assets (present as well as future) located at Kharsia Road, Post Box No. 16, Raigarh, Chhattisgarh. In addition a first ranking mortgage and pari passu charge on part of immovable property of the Borrower pertaining to its unit located at Kharsia Road, Post Box No. 16, Raigarh and part of the immovable property of the Borrower pertaining to its unit located at 13 KM Stone, G E Road, Mandir Hasaud, Raipur.

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

Year	2014-15	2015-16	2016-17	2017-18 and Above
Amount (Rs. In Million)	15735.900	14535.800	14715.200	83329.000

OTHER LOANS

Security

• Loans of Rs. 538.000 Million (Previous year Rs. 957.500 Million) are Secured by hypothecation by way of First Pari passu Charge over all current assets namely stock of raw materials, semi-finished and finished goods, stores and spares not related to plant and machinery, all export benefits, bills receivables and book debts and second pari passu charge over all other movable fixed assets of the company (both present and future, including plant machinery) to the extent of value of Rs. 4675.000 Million.

• Loans of NIL (Previous year Rs.541.700 Million) are secured by hypothecation of book debts and stocks.

SHORT TERM BORROWINGS

Cash Credit from Banks

• Secured by hypothecation by way of First Pari passu Charge over all current assets namely stock of raw materials, semi-finished and finished goods, stores and spares not related to plant and machinery, all export benefits, bills receivables and book debts and second pari passu charge over all other movable fixed assets of the company (both present and future, including plant machinery) to the extent of value of Rs. 4675.000 Millions. The cash credit is repayable on demand.

Other Loans

• Loans of Rs. 2524.200 Million (Previous year Rs. 2014.300 Million) are Secured by hypothecation by way of First Pari passu Charge over all current assets namely stock of raw materials, semi-finished and finished goods, stores and spares not related to plant and machinery, all export benefits, bills receivables and book debts and second pari passu charge over all other movable fixed assets of the company (both present and future, including plant and machinery) to the extent of value of Rs. 4675.000 Millions.

• Loans of Rs.5500.000 Million (Previous year Rs. 2953.700 Million) secured by subservient charge by way of Hypothecation of currents assets of the company comprising book debts and stocks.

• Loans of Rs. 5000.000 Million (Previous year Rs. 2000.000 Million) are secured by Subservient charge by way of hypothecation of current assets namely stock of raw materials, semi-finished and finished goods, stores and spares not related to plant and machinery (consumable stores and spares), bills receivables and book debts and all movable current assets up to any amount of Rs. 5000.000 Million.

• Loans of Rs. 500.000 Million (Previous year NIL) are secured by residual charge on all current assets of the company including stock in trade consisting of raw material, finished goods etc.

Banking Relations :

--

Statutory Auditors :

Name :

S.S. Kothari Metha and Company

Chartered Accountants

Address :

145-149, Tribhuwan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India

Tel. No.:

91-11-46708888

Fax No.:

91-11-66628889

E-Mail :

delhi@sskmin.com

Cost Auditors :

Name :

Ramanath Iyer and Company

Cost Accountants

Address :

808, Pearls Business Park, Netaji Subhash Place, Delhi - 110034, India

Subsidiaries, Step Down Subsidiaries:

Subsidiaries

· Jindal Power Limited

· Jindal Steel Bolivia SA

· Jindal Steel and Power(Mauritius) Limited

· Skyhigh Overseas Limited

· Everbest Infrastructure and Development (w.e.f 01.03.2014)

· JSPL Mining and Steel Limited (w.e.f 31.12.2013)

Subsidiaries of Jindal Power Limited

· Attunli Hydro Electric Power Company Limited

· Etalin Hydro Electric Power Company Limited

· Jindal Hydro Power Limited

· Jindal Power Distribution Limited

· Ambitious Power Trading Company Limited

· Jindal Power Transmission Limited

· Jindal Power Ventures (Mauritius) Limited (w.e.f 18.02.2014)

· Kamala Hydro Electric Power Company Limited

· Kineta Power Private Limited (w.e.f 06.09.2013)

· Uttam Infralogix Limited (w.e.f 07.10.2013)

Subsidiaries of Sky high Overseas Limited

· Gasto Liquids lnternational S.A

Subsidiaries of Jindal Steel and Power (Mauritius) Limited

· Blue Castle Ventures Limited (with effect from 17.02.2014)

· Brake Trading (Private) Limited (with effect from 29.07.2013)

· Enduring Overseas Inc

· Fire Flash Investments (Private) Limited (with effect from 20.06.2013)

· Harmony Overseas Limited Jindal Steel and Power Limited

· Jin Africa Limited

· Jindal (BVI) Limited

· Jindal Africa Investments (Private) Limited

· Jindal Africa Liberia Limited

· Jindal Africa SA

· Jindal Botswana (Private) Limited

· JINDAL Brasil Mineração S/A

· Jindal Investimentos LDA

· Jindal Investment Holding Limited.

· Jindal KZN Processing (Private) Limited (with effect from 01.04.2013)

· Jindal Madagascar SARL

· Jindal Mining and Exploration Limited

· Jindal Mining Namibia (Private) Limited

· Jindal Steel and Minerals Zimbabwe Limited

· Jindal Steel and Power (BC) Limited

· Jindal Steel and Power(Australia) Private Limited

· Jindal Tanzania Limited

· Jindal Zambia Limited

· JSPL Mozambique Minerais LDA

· Jublient Overseas Limited

· Landmark Mineral Resources (Private) Limited (with effect from 01.04.2013)

· Osho Madagascar SARL

· Panacore Investment Limited, Mauritius

· PT Jindal Overseas

· Rolling Hills Resources LLC (under liquidation)

· Shadeed Iron and Steel L.L.C

· Sungu Sungu Private Limited (with effect from 14.05.2013)

· Tablet Blue Trade and Invest (Private) Limited

· Trans Asia Mining Private. Limited

· Trans Atlantic Trading Limited

· Vision Overseas Limited

· Wollongong Coal Limited (with effect from 15.11. 2013)

Others

· Belde Empreendi Mentos Mineiros Limited, a subsidiary of JSPL Mozambique Minerais LDA

· Eastern Solid Fuels (Private) Limited, a subsidiary of Jindal Mining and Exploration Limited

· Ericure (Private) Limited, a subsidiary of Tablet blue Trade and Investment (Private) Limited

· PTBHI Mining lndonesia, asubsidiary of Jindal Investment Holding Limited

· PT Sumber Surya Gemilang, a subsidiary of PT.BHI Mining Indonesia

· PT Maruwai Bara Abadi, a subsidiary of PT.BHI Mining Indonesia

· Jindal Mining SA (Private) Limited, a subsidiary of Eastern Solid Fuels (Private) Limited

· Bon-Terra Mining (Private) Limited, a subsidiary of Jindal (BVI) Limited

· CIC(Barbados) Holding Corp, a subsidiary of Jindal (BVI) Limited

· CIC Energy (Bahamas) Limited, a subsidiary of Jindal (BVI) Limited

· Jindal Energy (Botswana) Private Limited, a subsidiary of Jindal (BVI) Limited

· Jindal Energy (SA) Private Limited, a subsidiary of Jindal (BVI) Limited

· CIC Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Limited

· Jindal Resources (Botswana) Private Limited, a subsidiary of CIC Transafrica (Barbados) Corp

· Trans Africa Rail (Private) Limited, a subsidiary of CIC Transafrica (Barbados) Corp

· Sad-Elec (Private) Limited, a subsidiary of Jindal energy (SA) Private Limited

· CIC (Barbados) Mining Corp, a subsidiary of CIC (Barbados) Holding Corp

· CIC (Barbados) Energy Corp, a subsidiary of CIC (Barbados) Holding Corp

· Meepong Resources (Mauritius) (Private) Limited, a subsidiary of CIC (Barbados) Mining Corp

· Meepong Resources (Private) Limited, a subsidiary of Meepong Resources (Mauritius) (Private) Limited

· Meepong Energy (Mauritius) (Private) Limited, a subsidiary of CIC (Barbados) Energy Corp

· Meepong Energy (Private) Limited, a subsidiary of Meepong Energy (Mauritius) (Private) Limited

· Meepong Service (Private) Limited, a subsidiary of Meepong Energy (Private) Limited

· Meepong Water (Private) Limited, a subsidiary of Meepong Energy (Private) Limited

· Core Ambition Limited, a subsidiary of Panacore Investment Limited

· Core Forte Limited, a subsidiary of Panacore Investment Limited

· Core Integrity Limited, a subsidiary of Panacore Investment Limited

· Core Vision Limited, a subsidiary of Panacore Investment Limited

· Peerboom Coal (Private) Limited ,a subsidiary of Jindal Africa Investment (Private) Limited

· Shadeed Iron and Steel Company Limited, a subsidiary of Shadeed Iron and Steel LLC

· Southbulli Holding Private Limited, a subsidiary of Wollongong Coal Limited

· Oceanic Coal Resources NL, a subsidiary of Wollongong Coal Limited

· Wongawilli Coal Private Limited, a subsidiary of Oceanic Coal Resources

Associates :

· Angul Sukinda Railway Limited

· JB Fab lnfra Private Limited

· Koleko Resources (Private) Limited

· Nalwa Steel and Power Limited

· Panacore Shipping Private Limited , Singapore

· Prodisyne (Private) Limited

· Thuthukani Coal (Private) Limited

Joint Ventures:

· Jindal Synfuels Limited

· Shresht Mining and Metals Private Limited

· Urtan North Mining Private Limited

Enterprises over which Key Management Personnel and their relatives exercise significant influence and with whom transactions have taken place during the year :

· Abhinandan Investments Limited.

· Bir Plantations Private Limited

· Bonanaza Trading Company Private Limited

· Colorado Trading Company Limited.

· Gagan Infraenergy Limited.

· India Flysafe Aviation Limited

· IndiaVenture Advisors Private Limited.

· Jindal Coal Private Limited

· Minerals Management Services (India) Private Limited.

· Jindal Industries Limited

· Jindal Reality Private Limited

· Jindal Rex Exploration Private Limited

· Jindal Saw Limited.

· Jindal Stainless Limited.

· Jindal System Private Limited

· JSW Energy Limited

· JSW Steel Limited

· Nalwa Engineering Company Limited

· Nalwa Investment Limited

· Opelina Finance and Investment Limited

· Rohit Towers Buildings Limited

· Trishakti Real Estate Private Limited

· Uttam Vidyut Transmission Private Limited

· YNO Finvest Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
914885984	Equity Shares	Re.1/- each	Rs. 914.900 Million

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period:

Equity Shares	Number of Shares	Rs. In Million
Equity Shares outstanding at the beginning of the year	934833818	934.800
Add: Equity Shares issued under Employees Stock Purchase Scheme	11750	0.000
Less: Equity Shares extinguished as per buy back scheme (see note f below)	19959584	20.000
Equity Shares outstanding at the close of the year	914885984	914.900

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Rs.1 per share. Each holder of equity share is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2014, the amount of per share dividend proposed, subject to approval of shareholders in annual general meeting, for distribution to equity shareholders is Rs. 1.50 (Previous Year Rs.1.60)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

During five years immediately preceeding 31st March, 2014, the Company has bought back equity shares as under:

During the Year ended	No of shares
31st March, 2014	19959584
31st March, 2013	-
31st March, 2012	-
31st March, 2011	-
31st March, 2010	-
31st March, 2009	-
Total	19959584

During the year ended 31st March, 2010, the Company allotted 775,651,530 equity shares as fully paid bonus shares by capitalising securities premium reserve.

In addition the Company allotted the following equity shares during the preceding five years under its various Employees Stock Option Schemes / Employee Stock Purchase Scheme

During the Year ended	Scheme	No. of Shares
31st March, 2014	Employee Stock Purchase Scheme	11750
31st March, 2013		-
31st March, 2012	Employee Stock Option Scheme	564787
31st March, 2011	Employee Stock Option Scheme	3034949
31st March, 2010	Employee Stock Option Scheme	929869
31st March, 2009	Employee Stock Option Scheme	691343
Total		5232698

d) Details of shareholders holding more than 5% shares in the Company

Name of Shareholders	Number of Shares	% holding
Danta Enterprises Private Limited	62238816	6.80%
Gagan Infraenergy Limited	49709952	5.43%
Opelina Finance and Investment Limited	79838960	8.73%
OPJ Trading Private Limited	187937898	20.51%
Virtuous Tradecorp Private Limited	62238816	6.80%

As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

e) Forfeited shares:

Pursuant to the resolution passed at the extra ordinary general meeting dated 4th September, 2009, the Company reclassified the authorised share capital of the Company by cancellation of 10,000,000 Preference Shares of Rs. 100 each and simultaneous creation of 1,000,000,000 fresh Equity Shares of Rs. 1 each and increased the authorised share capital to Rs. 2000.000 Million.

“Consequently, the Company had cancelled 20,00,000 preference shares of Rs. 100 each ( Rs. 5 paid up) which were forfeited earlier. Upon cancellation of such shares, the amount of Rs. 10,000,000 was transferred to General Reserve.

f) Buy back of equity shares:

In accordance with Section 77 of the Companies Act,1956 and buy back regulations of SEBI, the Company during the financial year 2013-14 bought back and extinguished 19,959,584 number of equity shares of Re. 1 each and created a Capital Redemption Reserve of Rs.20.000 Million out of surplus in the Statement of Profit and Loss. The premium on buy back of Rs.4988.000 Million has been utilised from Securities Premium Account by Rs.1229.600 Million and out of surplus in Statement of Profit and Loss by Rs.3758.400 Million.

g) Employees Stock purchase Scheme

In accordance with SEBI(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999, a) As per resolution passed by the Compensation Committee held on 22.07.2013, during the year on 31.07.2013, 11,750 Equity Shares of Re. 1/- at a premium of Rs. 2015.500 Million were allotted to Mr. Ravi Uppal, Managing Director and Group CEO, as per the provisions of Employee Stock Purchase Scheme 2013 (hereinafter referred to as JSPL ESPS 2013 Scheme), duly approved through postal ballot as on 21.06.2013.

h) As per the resolution passed by Compensation

Committee dated 29.08.2013, it is proposed to offer 21000 equity shares of Re. 1/- equivalent of Rs. 5.000 Million at an average price of Rs. 2368.300 Million to Mr. Ravi Uppal, Managing Director and Group CEO as per JSPL ESPS 2013 Scheme. This offer will be for one year from the date of this offer letter as per his entitlement of Employee Stock Option worth Rs. 50 Lacs per annum.

FINANCIAL DATA

[all figures are in Rupees Million]

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	914.900	934.800	934.800
(b) Reserves & Surplus	129,728.400	122,545.900	107,519.300
(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)	130,643.300	123,480.700	108,454.100
(3) Non-Current Liabilities
(a) long-term borrowings	135,207.800	118,609.200	84,939.200
(b) Deferred tax liabilities (Net)	13,454.600	12,149.600	10,678.100
(c) Other long term liabilities	6,951.100	5,605.800	1,412.400
(d) long-term provisions	195.900	209.400	187.200
Total Non-current Liabilities (3)	155,809.400	136,574.000	97,216.900
(4) Current Liabilities
(a) Short term borrowings	91,461.300	76,400.200	58,785.400
(b) Trade payables	16,373.400	6,282.000	9,983.100
(c) Other current liabilities	34,549.500	25,843.900	36,615.300
(d) Short-term provisions	32,659.700	29,518.500	24,526.300
Total Current Liabilities (4)	175,043.900	138,044.600	129,910.100
TOTAL	461,496.600	398,099.300	335,581.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	181,923.200	141,421.800	115,323.000
(ii) Intangible Assets	670.100	140.100	167.100
(iii) Capital work-in-progress	116,402.500	114,661.200	104,798.600
(iv) Intangible assets under development	229.200	178.200	141.000
(b) Non-current Investments	13,505.200	13,307.200	14,121.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16,157.100	12,254.600	9,971.000
(e) Other Non-current assets	6.300	5.500	46.300
Total Non-Current Assets	328,893.600	281,968.600	244,568.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39,362.500	35,985.200	30,513.100
(c) Trade receivables	14,609.600	14,261.300	9,050.600
(d) Cash and cash equivalents	7,620.000	367.700	309.400
(e) Short-term loans and advances	65,436.500	59,435.400	48,062.900
(f) Other current assets	5,574.400	6,081.100	3,076.400
Total Current Assets	132,603.000	116,130.700	91,012.400
TOTAL	461,496.600	398,099.300	335,581.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	145,440.200	149,547.000	133,339.500
		Other Income	1,468.500	1,592.800	1,844.800
		TOTAL (A)	146,908.700	151,139.800	135,184.300
Less	EXPENSES
		Cost of Materials Consumed	42,657.100	49,433.000	45,298.400
		Purchases of Stock-in-Trade	2,733.100	2,865.800	4,527.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3,860.300	(1,482.000)	(3,792.400)
		Employees benefits expense	5,523.200	4,478.900	3,854.400
		Other expenses	53,077.900	54,866.800	42,826.700
		TOTAL (B)	107,851.600	110,162.500	92,714.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39,057.100	40,977.300	42,469.700
Less	FINANCIAL EXPENSES (D)		10,836.300	8,207.700	5,367.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28,220.800	32,769.600	37,102.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12,214.400	10,484.600	8,671.900
	PROFIT BEFORE TAX (E-F) (G)		16,006.400	22,285.000	28,430.100
Less	TAX (H)		3,086.900	6,359.500	7,323.600
	PROFIT AFTER TAX (G-H) (I)		12,919.500	15,925.500	21,106.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98,847.100	87,470.500	71,120.100
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	1,460.000	1,270.000	1,030.000
		Transfer to General Reserve	1,291.900	1,750.000	2,200.000
		Transfer to Capital Redemption Reserve	20.000	0.000	0.000
		Utilized for premium on buy-back of equity shares	3,758.400	0.000	0.000
		Proposed dividend on equity shares	1,372.300	1,495.700	1,494.600
		Corporate tax on proposed dividend	12.200	33.200	31.500
	BALANCE CARRIED TO THE B/S		103,851.800	98,847.100	87,470.500
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export Sales	28320.200	15985.300	14288.400
		Others	0.000	226.000	0.000
	TOTAL EARNINGS		28320.200	16211.300	14288.400
	IMPORTS
		Raw Material & Fuel	19763.800	25304.500	29521.800
		Components & Spare Parts	2774.300	2487.400	1719.800
		Capital Goods & Others	13459.700	6737.800	8652.200
	TOTAL IMPORTS		35997.800	34529.700	39893.800
	Earnings Per Share (Rs.)		13.89	17.04	22.58

QUARTERLY RESULTS

Particulars	30.06.2014 (Unaudited)	30.09.2014 (Unaudited)	31.12.2014 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	3,5839.100	31969.100	35410.100
Total Expenditure	2,3919.600	22324.400	25410.200
PBIDT (Excl OI)	1,1919.500	9644.700	9999.900
Other Income	218.700	1634.300	346.300
Operating Profit	1,2138.200	11279.000	10346.200
Interest	4283.100	4471.700	5548.700
Exceptional Items	0.000	0.000	(7871.400)
PBDT	7855.100	6807.300	(3073.900)
Depreciation	4154.800	4439.900	4593.200
Profit Before Tax	3700.300	2367.400	(7667.100)
Tax	637.600	(505.400)	(971.100)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	3062.700	2872.800	(6696.000)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	3062.700	2872.800	(6696.000)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.88	10.65	15.83
Operating Profit Margin (PBIDT/Sales)	(%)	26.85	27.40	31.85
Return on Total Assets (PBT/Total Assets}	(%)	4.83	8.26	13.13
Return on Investment (ROI) (PBT/Networth)		0.12	0.18	0.26
Debt Equity Ratio (Total Debt /Networth)		1.74	1.58	1.33
Current Ratio (Current Asset/Current Liability)		0.76	0.84	0.70

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	934.800	934.800	914.900
Reserves & Surplus	107519.300	122545.900	129728.400
Net worth	108454.100	123480.700	130643.300
Long-term borrowings	84939.200	118609.200	135207.800
Short term borrowings	58785.400	76400.200	91461.300
Total borrowings	143724.600	195009.400	226669.100
Debt/Equity ratio	1.325	1.579	1.735

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	133,339.500	149,547.000	145,440.200
		12.155	-2.746

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	133,339.500	149,547.000	145,440.200
Profit	21,106.500	15,925.500	12,919.500
	15.83%	10.65%	8.88%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	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	No
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

HIGH COURT OF PUNJAB AND HARYANA CHANDIGARH

Case Details for Case CM-3399-CII-2015

Diary Number:	1269614	District:	NEW-DELHI
Category:	-	Main Case Detail:	ITA-48-2015

Party Detail:

THE COMMISSIONER OF INCOME TAX HISAR V/S JINDAL STEEL AND POWER LIMITED HISAR

Advocate Name:	TAJENDER JOSHI	List Type:	ORDINARY
Status:	PENDING	Next date:	--

Case Listing Details

No Listing Data Available

Judgment Details For Case: CM-3399-CIT-2015

Party Detail: THE COMMISSIONER OF INCOME TAX HISAR V/S JINDAL STEEL AND POWER LIMITED HISAR

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10547420	06/02/2015	5,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C42667832
2	10544612	31/12/2014	6,000,000,000.00	STATE BANK OF INDIA	CAG BRANCH, JAWAHAR VYAPAR BHAWAN,, 11TH AND 12TH FLOOR, 1, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA	C41229204
3	10541962	31/12/2014	10,000,000,000.00	YES BANK LIMITED	48, NYAYA MARG,, CHANAKYAPURI,, NEW DELHI, DELHI  - 110021, INDIA	C39914171
4	10540233	29/12/2014	5,000,000,000.00	AXIS BANK LIMITED	13TH FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C38982104
5	10543093	29/12/2014	5,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, VATIKA ATRIUM, A-WING, 2ND FLOOR,  GOLF COURSE ROAD, SECTOR-53, GURGAON, HARYANA -  122002, INDIA	C40476665
6	10501763	06/05/2014	15,000,000,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA CAG BRANCH, 12TH FLOOR, JAWAH  AR VYAPAR BHAWAN 1, TOLSTOY MARG, NEW DELHI, DELHI  - 110001, INDIA	C06004147
7	10487119	27/06/2014 *	10,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	C15409733
8	10487226	29/03/2014 *	15,000,000,000.00	ICICI BANK LIMITED	ICICI BANK LIMITED, ALKAPURI, BARODA, GUJARAT - 3  90015, INDIA	C03329216
9	10366407	14/02/2014 *	35,030,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	B98001043
10	10363335	13/06/2012	8,100,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMILNADU - 600031, INDIA	B42761205
11	10329346	07/01/2012	8,100,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA	B29746468
12	10332392	24/12/2011 *	17,460,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B30960819
13	10328994	20/12/2011	2,500,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH,, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B29526126
14	10301388	02/08/2011	2,960,000,000.00	LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED	MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, TAMIL NADU - 600089, INDIA	B18449215
15	10298803	27/07/2011	1,000,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH,NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	B17459678
16	10300002	19/07/2011	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	B17997842
17	10294063	04/07/2011	2,000,000,000.00	STATE BANK OF BIKANER & JAIPUR	G-72, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B15758329
18	10294997	16/06/2011	2,000,000,000.00	STATE BANK OF PATIALA	CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B16114910
19	10291656	23/05/2011	2,000,000,000.00	STATE BANK OF TRAVANCORE	TRAVANCORE HOUSE, KG MARG, NEW DELHI, DELHI - 110001, INDIA	B14803803
20	10274937	28/03/2011	5,000,000,000.00	UCO BANK	FLAGSHIP CORPORATE CENTRE,, 5, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B08966897
21	10232015	09/03/2011 *	6,000,000,000.00	PUNJAB NATIONAL BANK	TOLSTOY HOUSE,, TOLSTOY MARG,, NEW DELHI, DELHI -  110001, INDIA	B09356254
22	10229566	09/03/2011 *	1,820,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICE LARGE CORPORATE BRANCH, GF, BANK OF BARODA BUILDING, 16, SANSAD MARG,,  NEW DELHI, DELHI - 110001, INDIA	B09953746
23	10224813	25/06/2013 *	14,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 12TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B82488420
24	10224815	09/03/2011 *	1,500,000,000.00	BANK OF INDIA	LARGE CORPORATE BRANCH, PTI BUILDING, 4 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	B08649642
25	10217830	09/03/2011 *	3,000,000,000.00	VIJAYA BANK	BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B09537846
26	10215941	14/06/2010 *	620,000,000.00	AXIS TRUSTEE SERVICES LIMITED	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A87424313
27	10208423	09/03/2011 *	3,000,000,000.00	ANDHRA BANK	R-3, GREEN PARK (MAIN), NEW DELHI, DELHI - 110016, INDIA	B09313040
28	10215942	27/02/2010	8,840,000,000.00	CORPORATION BANK	M-41, CONNAUGHT CIRCUS BRANCH, NEW DELHI, DELHI  - 110001, INDIA	A83581777
29	10200323	09/03/2011 *	3,000,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B09293846
30	10199666	10/04/2010 *	10,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A82735507

* Date of charge modification

UNSECURED LOANS:

PARTICULARS

31.03.2014

Rs. In Million

31.03.2014

Rs. In Million

LONG TERM BORROWINGS

Term Loans

Debenture

3000.000

0.000

Loan from Banks

Other Loans

8758.900

4280.900

Others Loans and Advances

External Commercial Borrowings

10330.900

10567.000

SHORT TERM BORROWINGS

From Banks

Short Term Loans

30513.000

18079.900

Other Loans

7442.600

17612.400

Commercial Papers

15000.000

11250.000

Loans and advances from related parties

Inter Corporate Deposits (from subsidiary)

24550.600

17385.600

Fixed Deposits from Public

0.000

59.400

Total

99596.000

79235.200

LONG TERM BORROWINGS

Repayments and Interest rates for the above unsecured debentures and External Commercial Borrowings are as follows:

Year	2014-15	2015-16	2016-17	2017-18 and Above
Amount (Rs. In Million)	1287.400	7297.400	4287.400	1746.100

The interest rate for the unsecured debentures is 9.63% p.a. The interest rate for the above term External Commercial Borrowings varies from 0.5730 % to 2.4829 % p.a.

OVERVIEW

Subject is one of the India’s leading steel producers with significant presence in sector like mining and power generation. It is listed on the National Stock Exchange of India and Bombay Stock Exchange in India. Its business is spread across India and overseas. The corporate office is situated in New Delhi and the manufacturing plants in India are in the states of Chhattisgarh, Odisha, Jharkhand etc. The Company has global presence in Australia, Botswana, China, Dubai, Indonesia, Liberia, Mauritania, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Sultanate of Oman, Tanzania and Zambia. There are several business initiatives running simultaneously across continents.

OPERATIONAL REVIEW

The Company has, on a consolidated basis, achieved an aggregate income of Rs. 200696.700 Million compared to previous year’s Rs. 199432.000 Million. Profit before tax is Rs. 25120.100 Million in 2013-14 as compared to Rs. 38334.500 Million in 2012-13. Profit after tax is Rs. 18938.000 Million in 2013-14 as compared to Rs. 29116.200 Million in 2012-13. The Reserves and Surplus have touched Rs. 225190.500 Million.

Sponge Iron

The Company produced 13,19,985 MT of Sponge Iron during the year as against previous year’s production of 13,19,976 MT and achieved a capacity utilisation of about 96.35%.

Steel

The production of steel products during the year under report, compared to previous year is given below:

Sr. No.	Product	Production in MTs
		(2013-14)	(2012-13)
1	Finished steel products	21,53,613	21,43,750
2	Semi steel products	28,85,779	30,23,974

Pellet

The Company produced 41,48,974 MT of pellets during the year as against 40,42,025 MT in the previous year.

Power

The Company generated 5,643.95 million Kwh of power during the year as against last year’s 6,027.82 million Kwh of power.

Raipur Unit

Raipur Unit produced 1,791 MT of castings and has done machining of 14,033 MT as against 1,933 MT and 12,510 MT respectively in the previous year.

Mining

The production of calibrated iron ore at captive mine at Tensa in Odisha was 5.41 lacs MT as against previous year’s production of 5.64 lacs MT. Coal production at captive mine was 59.99 lacs MT and was close to last year’s production.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY

The year 2013 witnessed changing global dynamics with a renewed focus on the developed nations. The developed economies gathered momentum even as consumer demand recovered modestly in the US and Japan. However, emerging economies experienced external and localised vulnerabilities and market turmoil.

There has been a reduction in the fiscal cliff in the US recently, coupled with encouraging economic data about the region’s housing and employment scenario. It is likely that structural policies across emerging nations like China and India will bolster the investment climate. Owing to these developments, globally economies are estimated to grow at an average rate of 3.6% in 2014 compared to 3% in 2013.

INDIAN ECONOMY

India faced significant portfolio equity outflows in FY 2013-14 due to the US announcement for withdrawal of the fiscal stimulus. On the industry front, sluggishness in the Indian economy continued with contraction in the industrial output and services sector. High inflation and high interest rates affected all economic sectors.

Inflation has, since then, moderated, along with an improvement in the fiscal and current account deficit. A good monsoon also enhanced rural demand. The government’s clearance of stalled infrastructure projects in the last quarter of FY 2013-14 has improved business sentiments. The outlook for FY 2014-15 is positive as order books are being filled up and iron ore projects have been unlocked. Going forward, it is estimated that GDP will grow by 5.5% in FY 2014-15 compared to 4.7% in FY 2013-14.

Any external vulnerabilities should be reduced considerably due to an improved export environment, easing of supply bottlenecks to shrink import demand, and a lower fiscal deficit. Exchange flexibility will be necessary only if capital account pressures begin to re-emerge. Removing barriers to investment should be the new government’s top-most priority.

GLOBAL STEEL INDUSTRY

SUPPLY AND DEMAND

World crude steel production stood at 1,607 million tonnes (MT) for the year 2013, higher by 3.5% compared to 2012. Supply increased from Asia and the Middle East, whereas crude steel production in other regions decreased in 2013 compared to 2012.

Global steel demand rose by around 3.6% in 2013 compared to 2012 due to increased infrastructural and construction related activity, especially in Asia. China’s global steel demand grew by 6.1% in 2013 compared to 2.9% in 2012. The demand for steel for the rest of the world in 2013 remained much lower than expected. The majority of demand came from the emerging economies (+4.9%), whereas demand in the EU continued to contract (–3.8%). There was, however, a minor rise in apparent steel usage in North America (+0.2%) [Source: World Steel, October 2013 and World Steel Association, May 2014].

The crude steel capacity utilisation ratio for 65 countries in March 2014 was 79.0%, which is 0.4% lower than that for March 2013.

The steel producers are facing a problem of overcapacity, besides cost concerns, repair and maintenance and labour costs. The producers have invested capital in upstream raw material security and reduced costs with considerable vertical integration in 2013-14. The steelmakers have also bought financial instruments for hedging and margin protection.

The operational efficiencies and flexibility of production across the value chain is another way to tame the volatility. Steelmakers are now expected to produce high-end differentiated products to capture a greater share of the downstream value chain.

In 2013, global seaborne iron ore demand increased by about 9% Year on Year due to strong Chinese steel production. Global prices averaged US$133 per tonne during the year. However, an oversupplied iron ore market is slowly expected to move from a deficit of over 8% of seaborne demand in 2013 to a likely surplus of almost 9% by 2018.

The downward pressure on iron ore and coking coal prices is expected, going ahead. However, global trade in iron ore and coking coal is dominated by some large players who can lower production to influence prices.

OUTLOOK

Steel usage is expected to grow by 3.1% to 1,527 MT in 2014. It is estimated that world steel demand will grow by a further 3.3% in 2015 to reach 1,576 MT. A continued steady recovery in advanced economies and improvement in emerging economies is further expected in 2015. However, downside risks remain in the form of the Euro zone’s fragile economic recovery, structural constraints in emerging economies and China’s debt and real estate concerns.

In 2013, world steel demand grew at 3.6% because of the strengthened recovery in the US markets in the second half of the year. Steel demand in the Euro zone is likely to rise with a 4.5% increase in steel usage in Germany in 2014, 2.6% in Italy, 1.0% in France and 3.0% in Spain.

India’s steel demand is estimated to grow by 3.3% to 76.2 MT in 2014-15, following 1.8% growth in 2013-14. This is due to improved sentiments for the construction and manufacturing sectors, even though structural issues and persistent inflation continue to pose challenges.

Overall steel demand in developed economies will be above 2% in 2014 and 2015, while that in developing economies will continue to grow faster [Source: World Steel Association, Short

Range Outlook, 2014-15].

INDIAN STEEL INDUSTRY

In 2013-14 crude steel production was 81.5 MT and consumption was 73.9 MT [Source: JPC]. Steel production is expected to grow at 5.2% and demand estimated to grow at over 3%.

The industry has integrated as well as standalone steel players in the market. Capacity additions are being planned in the industry. The constrained iron ore availability in 2013-14 affected some players. Exports surged due to a depreciating currency. Steel exports grew by 4.2%, while steel imports crashed by 31.3% during the period [Source: JPC February 2014].

OPERATIONAL REVIEW

The Company operates the largest coal-based sponge iron plant in the world. It has an installed capacity of 3 MTPA of crude steel and is operating a 0.6 MTPA medium and light structural mill, a 1.0 MTPA plate mill and a 0.75 MTPA rail and universal Beam mill at Raigarh in Chhattigarh. It is also operating a 1.5 MTPA steel melting shop and a 1.2 MTPA plate mill to produce plates up to 5.00 metres in width at Angul in Odisha. The Company also has a 0.6 MTPA wire rod mill and a 1.0 MTPA capacity bar mill at Patratu in Jharkhand. It has 1,685 MW of power generation capacity i.e. 851 MW in Raigarh (Chhattisgarh), 810 MW in Angul (Odisha) and 24 MW wind power in Satara (Maharashtra). The Company, through its subsidiary, operates a 1.5-MTPA gas-based Hot Briquetted Iron (HBI) plant and has completed a 2 MTPA Steel Melting Shop in Oman (Middle East).

The Company produces the world’s longest (121-metre) rails and it is the first in the country to manufacture large-size parallel flange beams. The Company also has the distinction of producing high strength angle iron for transmission towers and high strength earthquake-resistant construction TMT rebars. The Company has recently launched a new retail brand, “Jindal Panther™” in India. The first product launched under the brand is Jindal Panther™ TMT Rebars.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 31.12.2014

[RS. IN MILLION]

Particulars	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
Net Sales / Income from Operations (net of excise duty)	36200.800	34135.200	105576.000
Captive sales for own projects	(1196.300)	(2306.800)	(5759.100)
Other Operating Income	405.600	140.700	800.800
Total Income from Operations (net) [1(a) + 1(b)]	35410.100	31969.100	100617.700
Expenses
Cost of materials consumed	12077.300	9898.600	32040.000
Purchase of stock-in-trade	763.000	832.300	2250.400
Change in inventories of finished goods, work-in-progress and stock-in-trade	(1136.600)	(183.900)	(1822.100)
Employee benefits expenses	1802.300	1628.300	4812.900
Depreciation and amortisation expenses	4593.200	4439.900	13187.900
Stores & Spares consumed	3689.100	4048.200	12223.500
Foreign Exchange	3556.300	2457.300	8464.400
Power & Fuel	(258.700)	(1382.500)	(1985.800)
Other Expenditure	5855.100	5950.400	17188.200
Cost of Octave Sales	(1196.300)	(2306.800)	5759.100)
Total expenses	29744.700	125381.800	80600.800
Profit /(Loss) from Operations before other income, finance costs and exceptional items	5665.400	6587.300	20017.400
Other Income	87.600	251.800	558.100
Profit / (Loss) from ordinary activities before finance costs and Exceptional Items	5753.000	6839.100	20575.500
Finance costs	5548.700	4471.700	14303.500
Profit / (Loss) from ordinary activities after finance cost but before exceptional Items	204.800	2367.400	6272.000
Exceptional Items	7871.400	0.000	7871.400
Profit / (Loss) from ordinary activities before tax	(7667.100)	2367.400	(1599.400)
Tax expense	(971.100)	(505.400)	(838.900)
Net Profit / (Loss) from ordinary activities after tax	(6696.000)	2872.800	(760.500)
Extraordinary item	-	-	-
Net Profit/ (Loss) for the period	(6696.000)	2872.800	(760.500)
Share of profit / (loss) of associates	-	-	-
Minority interest	-	-	-
Other Related Items	-	-	-
Net Profit / (Loss) after taxes, minority interest and shares of profit / (loss) of associates	(6696.000)	2872.800	(760.500)
Cash Profit	(3049.500)	9445.300	14250.900
Paid up equity share capital (Face Value Re. 1/- per share)	914.900	914.900	914.900
Paid up debt capital of the company
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
Debenture Redemption Reserves
Earnings Per Share (EPS) (before Extraordinary items) (of Re. 1/- each) (not annualised):
Basic	(7.32)	3.14	(0.83)
Diluted	(7.32)	3.14	(0.83)
Earnings Per Share (EPS) (after Extraordinary items) (of Re. 1/- each) (not annualised):
Basic	(7.32)	(3.14	(0.83)
Diluted	(7.32)	(3.14	(0.83)

Particulars	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	355911364	361596452	355911364
- Percentage of shareholding	38.90	39.52	38.90
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	64855263	40448	64855263
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	11.60	0.01	11.60
Percentage of shares (as a % of total share capital of the company)	7.09	0.00	7.09
b) Non Encumbered
Number of shares	494137173	553266900	494137173
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	88.40	99.99	88.40
Percentage of shares (as a % of total share capital of the company)	54.01	60.48	54.01
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	5
Disposed of during the quarter	5
Remaining unreserved at the end of the quarter	0

SEGMENT WISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED ON 31.12.2014

Particulars	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
Segment Revenue
a) Iron & Steel	32784.100	30389.700	94487.800
b) Power	7772.400	6131.700	19742.600
c) Others	538.500	352.600	1456.100
Sub Total	41095.000	36874.000	115686.500
Less: Inter-segment Revenue	5684.900	4904.900	15068.800
Net Sales/Income from Operations	35410.100	31969.100	100617.700
Segment Results (Profit(+)/Loss(-) before Tax and interest from each segment)
a) Iron & Steel	3860.900	4673.000	14029.100
b) Power	3109.100	2447.200	9013.600
c) Others	9.800	(123.300)	(16.800)
Sub Total	6979.700	6996.900	23025.900
Less : Finance Cost (net)	5548.700	4471.700	14303.500
Other un-allocable expenditure (net off Un-allocable income)	1226.700	157.800	2450.400
Exceptional Items	7871.400	0.000	7871.400
Total Profit Before Tax	(7667.100)	2367.400	(1599.400)
Capital Employed (Segment Assets - Segment Liabilities)
a) Iron & Steel	265939.200	248662.100	265939.200
b) Power	57052.400	56761.400	57052.400
c) Others	4695.300	5127.200	5695.300
d) Unallocated	(200727.700)	(176648.300)	(200727.700)
Total Segment Capital Employed	126959.200	133902.400	126959.200

NOTES:

1) During the quarter, one of the subsidiaries of the Company has acquired an additional 7.65% stake in Wollongong Coal Limited, Australia, for AUD 49.60 Million (Rs. 2738.000 Million).

2) In accordance with the companies Act 2013, the Company and its subsidiaries/Joint Ventures have revised the useful life of their fixed assets to comply with the useful life as mentioned in Schedule II of the said Act. As per the transitional provisions the Company and its subsidiaries/joint ventures have adjusted Rs. 1537.200 Million and Rs.1815.000 Million from the opening balance of retained earnings from the standalone and consolidated financial results respectively. Had the Company and its subsidiaries/joint ventures continue to follow earlier useful lifes the depreciation expense for the quarter would have been by lower by Rs. 309.100 Million (Rs. 1187.500 Million for nine months period ended 31 December, 2014) and Rs. 153.200 Million (Rs. 717.000 Million for nine months period ended 31 December, 2014) in the standalone and consolidated Financials respectively.

3) The Hon'ble Supreme Court of India by its Order dated 24 September 2014 has cancelled number of coal blocks allocated to various entities which include nine coal blocks consisting of three operational and six under development allotted to the Company and its group companies by Ministry of Coal, Government of India and directed to pay an additional levy of Rs. 295 per MT on gross coal extracted from the operational mines from 1993 to till date. The final hearing of the Hon'ble Supreme Court of India for review petition filed by the Company and its group companies towards order relating to challenging cancellation of coal blocks is still pending.

1. The Company has paid such levy on coal extracted during the period from 1993 to 24 Sep 2014 of Rs. 30892.200 Million (including Rs. 10994.200 Million by a subsidiary). The management based on legal opinion has accounted for Rs. 17936.300 Million (including Rs. 10247.200 Million by a subsidiary) computed on net extraction (run of mines less shale, rejects and ungraded middling) of coal by the Company and subsidiary company during the current quarter. The said amount has been shown as exceptional item in the result and balance amount of Rs. 12955.900 Million has been shown as recoverable from the Government Authority since the entire amount of additional levy has been paid under protest.
2. 
   Consequent to above, The Company has also provided Rs 615.200 Million (including Rs. 432.900 Million by a subsidiary) as levy against coal extracted (run of mines less shale, rejects and ungraded middling) from 25th September 2014 till 31st December 2014. The said amount has also been shown as exceptional item in the result.
3. 
   The Company and its group companies having book value of investment made in mining assets including land, infrastructure and clearance etc. of Rs. 8766.400 Millions. The difference if any, shall be accounted for when the final compensation is received pursuant to directive vide letter dated December 26, 2014 given by the Ministry of Coal on such mines.

4) The consolidated net trade receivable of the group includes disputed debts receivable by an overseas subsidiary Company of AUD 61 Million (Rs. 3169.300 Million) which is due from the former ultimate parent company and its associated entities. No provision for such disputed debts has been made as the Company is confident that the above amount is fully recoverable based on legal advice obtained.

5) Previous period/year figures have been regrouped and reclassified to make them comparable.

6) The above unaudited results were reviewed by the audit committee and have taken on record by the Board of Directors in their meeting held on 3rd February 2015.

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

# Cash Profit = Profit after Tax + Deferred Tax + Depreciation and Amortization expenses.

CONTIENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Guarantees, Undertakings and Letter of Credit
a) Guarantees issued by the Company’s Bankers on behalf of the Company	8229.000	4300.500
b)Letter of credit opened by banks	4741.300	7867.200
c) Corporate guarantees/undertakings issued on behalf of third parties.	68274.800	50441.500
Statutory Demands
d) Disputed Excise Duty and Other demands	14320.000	9371.700
e) Income Tax demands where the cases are pending at various stages of appeal with the authorities	5558.400	1919.400
f) Bonds executed for machinery imports under EPCG Scheme	24702.200	30814.100
Others
g) Future liability on account of lease rent for unexpired period	100.500	100.500
h) Claims against the company, not acknowledge as debt	781.300	361.600
i) Uncalled liability towards partly paid up shares	601.500	732.700
j) The company has provided a shortfall undertaking to fund the debt service reserve account (DSRA) of a subsidiary. As the subsidiary continues to maintain succeeding 3 months interest and principle in DSRA, hence the company does not have any present liability to fund the said account

FIXED ASSETS:

Tangible Assets

· Land

· Live Stock

· Building

· Plant and Equipment

· Electrical Fittings

· Computer

· Vehicles

· Air Craft (GE Lease)

· Air Craft (Owned)

· Office equipment

· Furniture and Fixture

Intangible Assets

· Computer software

· Copyrights, and patents and other intellectual property rights, services and operating rights

· Design and Drawings

· Licenses and franchise

PRESS RELEASES

ADANI POWER OUTBIDS JINDAL IN FIRST COAL AUCTION WIN

In phase-II of the auction, which began on Wednesday, private companies can bid for 11 about-to-produce mines

New Delhi  

March 5, 2015

Adani Power made a debut in the second phase of coal e-auction by winning the Jitpur mine in Jharkhand for Rs 302 a tonne. It outbid Jindal Steel and Power, the earlier lessee, to win the block with an extractable capacity of 2.5 million tonnes. The mine has power generation as end-use.

This would be Adani’s first captive coal mine in the country. The private power producer has an installed capacity of 8,620 Mw.

The company has a coal project in Australia, which got $1-billion financing from State Bank of India in November last year.

The second phase of the coal e-auction, which started on Wednesday, has put 11 about-to-produce mines from schedule-III for private companies to bid for. It has five blocks for end-use power generation and the rest for unregulated sectors — iron, steel and cement. Adani Group is also leading the pack in the auction with multiple bids per block, totalling 10, racing closely with the Jindal group’s 11 bids.

On the first day, outbidding another incumbent in the unregulated segment, JSW Steel won the Moitra mine in Jharkhand, at Rs 1,512 a tonne. The mine was formerly owned by Jayaswal Neco, which was also in the fray. The mine has an extractable capacity of 1.5 million tonnes per annum. Usha Martin won Brinda & Sasai block in Jharkhand with a extractable reserve of 25.4 million tonnes. The block went to Usha Martin for Rs 1,802 a tonne.

In the blocks kept for the power sector, there is reverse bidding. For the unregulated categories, there is forward bidding. However, if any bidder puts a zero-rupee bid, even the power sector goes into reverse bidding. This results in power rates getting cheaper by at least six paise per Rs 100 fall in the bid amount. The third block put for auction on Wednesday, Moitra in Jharkhand, saw an opening bid of Rs 1,004 a tonne.

The bidding was in process at the time of going to press.

The government is re-allocating the blocks cancelled by the Supreme Court.

The first phase on February 14 to 22 saw auctioning of 18 blocks, earning the respective state government accumulative revenue of Rs 1.35 lakh-crore.

GOVT NEEDS TO BE PRAGMATIC ON COAL BLOCK SALE: JSPL'S UPPAL

JSPL is bidding for some fresh blocks in addition to the ones it already owns, the company’s CEO Ravi Uppal told CNBC-TV18 in an interview. In a reprieve to the company, the Delhi High Court on Wednesday overruled the government’s decision to reserve the Gare Palma IV/6 and Utkal B blocks for the power sector. According to Uppal, the government needs to take a pragmatic view on the allocation of coal blocks. He said his steel plants will be unviable if there is no coal from the two mines. JSPL has invested around Rs 30,000 crore in the Palma and Utkal steel plants. He said the task of managing power production cannot be handled by public sector undertakings alone.

COAL ALLOCATION: ADANI POWER ARRIVES WITH 11 BIDS FOR SIX BLOCKS

JSPL, ESSAR, GMR, SESA STERLITE, HINDALCO AND BALCO AMONG CONTESTANTS

February 16, 2015

Gautam Adani-promoted Adani Power has joined the race for coal block reallocation with all its might. Adani ower has made 11 bids for six of a total 19 blocks being auctioned under the second phase of the coal block allocation rocess. These blocks belong to Schedule-III, about-to-produce mines without any associated end-use infrastructure.

The technical bids for these 19 blocks was opened on Sunday. Naveen Jindal's Jindal Steel & Power, the biggest oser as the fallout of a Supreme Court's judgment in August 2014, closely followed with eight bids, four each for two blocks.

Two of its richest de-allocated blocks, Utkal B1 & B2 with a cumulative mineable capacity of 200 million tonnes (mt), were dropped out of the bid process, following a review petition in the Delhi High Court. 

Six blocks kept for the power sector would witness a massive fight in the e-auction, as the sector majors have put in multiple technical bids. Blocks for the unregulated sector, which has some of the biggest mines in its kitty, are likely to see the former owners put in a tough fight. Gare Palma-IV/8, with a capacity of 107 million tonnes, has 13 bidders in the fray, with four bids from JSPL alone. The block belonged to Jayaswal Neco.

Utkal-C coal blocks saw the highest bids of 16 with Adani Power putting three bids and Jindal Steel & Power two. GMREnergy, Lanco, Essar and Sesa Sterlite were also among the bidders. Ganeshpur (137 mt) coal block also witnessed high interest with 10 bids.

The names of those who submitted technical bids for the coming e-auction of Schedule-III mines were disclosed on Sunday. These will be evaluated by a multi-disciplinary technical evaluation committee to shortlist bidders for participation in the electronic auction to be conducted on the MSTC portal from February 25 running till March 3.

The government plans a two-pronged strategy for e-auction of cancelled coal blocks. Where end-use is generation of power, there will be a reverse auction. Unregulated sectors - steel, cement, iron ore and captive power generation - will follow the forward-bidding model.

The government promulgated an ordinance for re-allocating the blocks cancelled by the Supreme Court last year, citing these illegal.

COAL BLOCK AUCTION BEGINS; AMBANIS, ADANIS IN THE RACE

February 14, 2015

Auction of coal blocks began on Saturday for the first time with corporate honchos Ambanis, Adanis and Birlas queuing up for the two mines being offered on day one.

After clearing the technical bidding stage, entities from Reliance, Adani, Essar, GMR, Vedanta and Aditya Birla groups became eligible to bid for these blocks — one in Odisha and the other one in Madhya Pradesh.

The Supreme Court had in September last year cancelled the allocation of 204 mines.

The two blocks which have been put on offer are Talabira-I mine in Odisha for power sector and Sial Ghoghri mine in Madhya Pradesh for non-power sector.

The five bidders who have technically qualified for the Talabira mine are Adani Power, Essar Power MP Limited, GMR Chhattisgarh Energy Limited, OPG Power Generation Private Limited and Sesa Sterlite Limited

Around 134 bidders have cleared the initial stages of eligibility for coal auction for 21 blocks put up by the government.

Hindalco, Jindal Steel and Power Limited (JSPL), Bharat Aluminium Company Limited (Balco), GMR Chhattisgarh Energy Limited, GVK Power, JSW Energy, Ambuja Cement and Hindustan Zinc are other major companies which have technically qualified for bidding.

JINDAL STEEL AND POWER LTD. 3Q RESULTS FY 14-15

JSPL Braves the External Challenges

JSPL’s standalone as well as Group consolidated performance during 3QFY15 was negatively impacted due to a combination of several adverse developments which interlaid include imposition of additional levy on the coal extracted since the start of mining operation in its captive mines; low demand for steel in the domestic as well as export markets and the consequent decline in Market Price levels; continued suspension of iron ore supplies from its major supplier, M/s SMPL and non – availability of coal for its Tamnar Phase – II 4 x 600 MW Power plants.

While JSPL managed to achieve an EBITDA level of 29% and 28% for its standalone and Consolidated entities respectively, it’s Profit before tax was adversely affected due to unfavorable market conditions and high cost of raw materials. The results were also affected by substantially higher costs on account of depreciation and interest which for the consolidated operations during 3QFY15 increased by Rs.5280.000 Million compared to the same quarter in the previous year. The 3QFY15 PAT of JSPL Standalone and Consolidated excluding exceptional item were Rs.1180.000 Million and Rs.1800.000 Million. Respectively. As a result of Supreme Court’s decision to impose additional levy retrospectively, JSPL was forced to pay a lump sum amount of Rs.30890.000 Million which caused it to post a loss of Rs. 6700.000 Millions and Rs.16750.000 Million for JSPL Standalone and Consolidated respectively.

Although JSPL successfully commissioned its 2.3 MTPA billet caster and 0.175 MTPA Heat treatment shop in Angul during 3Q, its plant capacity could not be fully utilized due to subdued demand for plates and semi – finished products during the last quarter. All recently commissioned and upgraded units delivered stable and targeted performance levels. However, the Company had to meet a substantial part of its requirements of iron ore and thermal coal either from auction sales or imports resulting in higher raw material and production costs. The Company during 3Q undertook multiple steps to reduce its costs including reduction of manpower by over 5%.

JPL Although, Jindal Power Ltd. (JPL)’s existing 4x250 MW plant continued to operate at PLF of 96%, the Phase II units could not be operated due to shortage of coal and relatively low merchant rates. COD Certification for three (3) out of the four units have been completed and the units have achieved stable performance at the rated capacity levels. The Company secured two new long term PPAs from KSEB with a combined capacity of

350 MW. JPL’s continued focus on “Operational Excellence” also resulted in reduction of “Gross Heat Rate” as well as Auxiliary Power Consumption.

Global Ventures

While JSPL’s Oman unit notwithstanding the tough market conditions, operated to near full capacity, its units in Australia and South Africa suffered setback in performance due to issues of Environmental Clearance and labor productivity. Both these issues are in advance stage of resolution and are expected to resume normal production during 4QFY15.

Future Outlook

It is believed that with a stable and dynamic Government at the center and multiple development initiatives and policy reforms initiated by the latter, the GDP is set to grow at 6.5% during 2014–15. The confidence of both domestic and international investors is on the rise and markets are already trading on all-time high. All major countries including US, Japan, China and Europe appear all set to invest big time in India’s infrastructure and manufacturing sector.

The Government is also quite aware of some countries’ attempt to dump steel products in the Indian market causing major setback to the local steel producers. It is expected that the Government in the coming Financial Budget would take remedial steps to curb dumping of steel. This would help the Indian Steel Industry to regain its health and growth tempo. The production and demand of Steel is expected to grow between 2.5% to 3% during 4QFY15 and 3.0–3.5% during 1QFY16.

Once the coal auction is completed and mines are allocated, the State Electricity Boards (SEBs) are expected to invite offers for fresh PPAs and thus create additional demand for supply of power. Several transmission projects are set to be completed within the next 6 months, thus easing the evacuation constraints. It is estimated that both steel and power sectors would revive and the demand growth during the 2nd half of FY15-16 would be between 4.0 – 4.5% for Steel and 8.0 - 8.5% for Power.

With economy gradually looking up, JSPL is targeting a double digit growth in turnover in both Standalone and Consolidated level starting from 1QFY16. It is also expecting its raw material issues to be resolved by the end of 4QFY15. With All the new production facilities fully operational, JSPL is fully geared to meet any enhanced demand opportunities in the market.

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. 62.20
UK Pound	1	Rs. 94.71
Euro	1	Rs. 68.60

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		74

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.