MIRA INFORM REPORT

Report No. :	338884
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	JSW STEEL LIMITED

Formerly Known As :	JINDAL VIJAYNAGAR STEEL LIMITED

Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel. No.:	91-22-42861000

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	15.03.1994

Com. Reg. No.:	11-152925

Capital Investment / Paid-up Capital :	Rs.10671.900 Million

CIN No.: [Company Identification No.]	L27102MH1994PLC152925

TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05285A / PNEJ05353F

PAN No.: [Permanent Account No.]	AAACJ4323N / AACT4323N

Legal Form :	A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged in the business of production and distribution of iron and steel products.

No. of Employees :	12271 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is one of the largest steel producers in India. It is a well-established and reputed company having fine track. The company possesses a decent financial profile marked by healthy net worth along with improvement in operational performance and decent operational base of the company. The rating also take into consideration the susceptibility of profit margins to volatility in input cost due to lack of raw material integration and inherent cyclicality of the steel industry. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced management with well-established track brownfield projects and significant presence in the Indian steel sector, the subject can be considered good for business dealings at usual trade terms and conditions.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	ICRA
Rating	Term loans letter of credit facilities : “AA”
Rating Explanation	High degree of safety and very low credit risk.
Date	March 2015

Rating Agency Name	ICRA
Rating	Short term fund based limits : “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 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 31-03-2013.

INFORMATION DENIED

Management non-cooperative (91-22-42861000)

LOCATIONS

Registered/ Regional Office:	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42861000
Fax No.:	91-22-42863000
E-Mail :	jvsl.blr@sm3.sprintrpg.ems.vsnl.net.in jvsl@jvsl.com
Website :	http://www.jsw.in

Corporate Office 1:	Victoria House, 2^nd Floor, Pandurang Budhkar Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel No. :	91-22-24927000 / 43437800
Email :	natalie.barretto@jsw.in

Corporate Office 2:	The Enclave, Maratha Udhog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel No. :	91-22-67838000
Fax No. :	91-22-24320740

Factory 1 :	Vijayanagar Works P.O. Vidyanagar, Toranagallu Village, Sandur Taluk, District Bellary - 583275, Karnataka, India
Tel. No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138 / 250665

Factory 2 :	Vasind Works Shahapur Taluk, District Thane - 421604, Maharashtra, India
Tel. No.:	91-2527-220022 to 025
Fax No.:	91-2527-220020 / 84 / 92

Factory 3 :	Tarapur Works MIDC Boisar, District Thane – 401506, Maharashtra, India
Tel. No.:	91-2525-270147 / 270149
Fax No.:	91-2525-270148

Factory 4 :	Salem Works Pottaneri, M. Kalipatti Village, Mecheri Post, Mettur Taluk, District Salem - 636453, Tamilnadu, India
Tel. No.:	91-4298-278400 to 404
Fax No.:	91-4298-278618

Factory 5 :	PO Vidyanagar, Toranagallu, District Bellary – 583275, Karnataka, India
Tel No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138 / 250665

Factory 6 :	Geetapuram, Taluka-Pen, District: Dolvi – 402107, Maharashtra, India

Foundation :	Jindal Mansion, 5A, G. Deshmukh Marg, Next to Jaslok Hospital, Pedder Road, Mumbai – 400026, Maharashtra, India

Branch Office :	123/124, BM Tower, NPII, New Palasia, Indore, Madhya Pradesh, India

Other Branch Offices :	Located At: · Karnataka · Tamilnadu · Andhra Pradesh · Coimbatore · New Delhi · Madhya Pradesh

Additional Main Office :	Located At: · Mumbai · Bangalore · Rajasthan

Overseas Office :	JSW Steel (USA) Inc. 5200 East MC Kinney Road, Baytown , TEXAS 77523, U.S.A. Office : 1 - 281 - 383 - 5100 Fax : 1 - 281 - 383 - 1803 Website : www.jswsteelusa.com JSW Steel Service Centre (UK) Limited Lake Road , Leeway Industrial Estate, Newport, NP19 4WN, United Kingdom Tel: 44 - 1633290260 Fax: 44 - 1633290911 Website: www.jswsteel.co.uk

DIRECTORS

AS ON 31.03.2015

Name :	Mrs. Savitri Devi Jindal
Designation :	Chairperson

Name :	Mr. Sajjan Jindal
Designation :	Vice Chairman and Managing Director

Name :	Mr. Seshagiri Rao M.V.S.
Designation :	Joint Managing Director and Group Chief Finance Officer
Date of Birth/Age :	15.01.1958
Qualification :	AICWA, LCS, CAIIB, Diploma in Business Finance
Date of Appointment :	06.04.1999

Name :	Dr. Vinod Nowal
Designation :	Director and Chief Finance Officer

Name :	Mr. Jayant Acharya
Designation :	Director (Commercial and Marketing)
Date of Birth/Age :	25.01.1963
Qualification :	BE (Chemical), M. Sc (Physics), MBA (Marketing).
Date of Appointment :	07.05.2009

Name :	Mr. Naveen Raj Singh, IAS
Designation :	Nominee Director, KSIIDC

Name :	Mr. Hiromu Oka
Designation :	Nominee Director of JFE Steel Corporation, Japan

Name :	Dr. S K Gupta
Designation :	Director

Name :	Mr. Kyoichi Kameyama
Designation :	Nominee Director, JFE Steel Corporation, Japan

Name :	Dr. Vijay Kelkar
Designation :	Director

Name :	Mr. Uday M Chitale
Designation :	Director

Name :	Mr. Sudipto Sarkar
Designation :	Director
Date of Birth/Age :	21.03.1946
Qualification :	B.Sc. (Maths - Hons), BA (Law Tripos), LLM (International Law), MA (Law) Barrister, Gray’s Inn. London.
Date of Appointment :	09.05.2005

Name :	Mr. Kannan Vijayaraghavan
Designation :	Director
Date of Birth/Age :	04.05.1959
Qualification :	Fellow Member of the Institute of Chartered Accountants of India, Certified Management Consultant and Fellow of the Institute of Management Consultants.
Date of Appointment :	16.06.2008

Name :	Mrs. Punita Kumar Sinha
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Lancy Varghese
Designation :	Company Secretary

Name :	Mr. Ghanshyam
Designation :	Accounts Manager

Name :	Mr. Rajeev Madhusudan Pai
Designation :	Chief Financial officeer

SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4051047	1.68
Central Government / State Government(s)	907952	0.38
Bodies Corporate	87037115	36.01
Sub Total	91996114	38.06
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	11099	0.00
Bodies Corporate	5704612	2.36
Sub Total	5715711	2.36
Total shareholding of Promoter and Promoter Group (A)	97711825	40.42
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6906125	2.86
Financial Institutions / Banks	4671424	1.93
Central Government / State Government(s)	1237500	0.51
Foreign Institutional Investors	44656961	18.47
Sub Total	57472010	23.78
(2) Non-Institutions
Bodies Corporate	18071393	7.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	13730915	5.68
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10757995	4.45
Any Others (Specify)	43977906	18.19
Trusts	2536298	1.05
Overseas Corporate Bodies	2158	0.00
Non Resident Indians	3209807	1.33
Others	38229643	15.82
Sub Total	86538209	35.80
Total Public shareholding (B)	144010219	59.58
Total (A)+(B)	241722044	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	241722044	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of production and distribution of iron and steel products.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS (AS ON 31.03.2015)

Particulars	Unit	Installed Capacity	Actual Production
MS Slabs	Tonnes	11600000	10387412
Hot Rolled Coils/Steel Plates/Sheets	Tonnes	11500000	10068165
Cold Rolled Coils/Sheets	Tonnes	3125000	1758799
Galvanised/Galvalum Coils/Sheets	Tonnes	400000	2247085
Steel Billets and Bloom	Tonnes	2500000	2059710
Long Rolled Products	Tonnes	2450000	354221

NOTES:

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

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

12271 (Approximately)

Bankers :

· Allahabad Bank

· Bank of Baroda

· Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Bank

· Indian Overseas Bank

· Punjab National Bank

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· Union Bank of India

· UCO Bank

· Vijaya Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
10.34 % Non convertible debentures of Rs.1.000 Million each	10000.000	10000.000
10.02 % Non convertible debentures of Rs.1.000 Million each	10000.000	10000.000
11 % Non convertible debentures of Rs.1.000 Million each	10000.000	10000.000
10.60 % Non convertible debentures of Rs.1.000 Million each	3281.300	3500.000
9.72 % Non convertible debentures of Rs.1.000 Million each	4000.000	0.000
10.40 % Non convertible debentures of Rs. 1.000 Million each	2500.000	0.000
10.60 % Non convertible debentures of Rs. 1.000 Million each	4250.000	0.000
9.66 % Non convertible debentures of Rs.1.000 Million each	3000.000	0.000
10.50 % Non convertible debentures of Rs.10 Million each	1750.000	0.000
10.10 % Non convertible debentures of Rs.1.000 Million each	4687.500	7187.500
10.25 % Non convertible debentures of Rs.1.000 Million each	3333.300	5000.00
9.62 % Non convertible debentures of Rs.10 Million	3000.000	0.000
10.20 % Non convertible debentures of Rs. 1.000 Million each	2000.000	0.000
10.20 % Non convertible debentures of Rs.1.000 Million each	5000.000	0.000
10.40 % Non convertible debentures of Rs. 1.000 Million each	1750.000	0.000
10.55 % Non convertible debentures of Rs. 1.000 Million each	1500.000	1500.000
10.55 % Non convertible debentures of Rs. 1.000 Million each	10000.000	10000.000
10.50 % Non convertible debentures of Rs.1.000 Million each	750.000	1500.000
11.93 % Non convertible debentures of Rs. 1.000 Million each	19.500	97.500
11.93 % Non convertible debentures of Rs. 1.000 Million each	0.000	0.000

Term Loans
Rupee Term Loans from Banks	72213.600	91347.700
Foreign Currency Term Loans from Banks	3530.100	6037.000
Rupee Term Loans from Financial Institution	0.000	30.000

Short Term Borrowings
Working Capital Loans from Banks	215.300	10656.600
Foreign Currency Loan from Bank	2158.100	0.000
Total	158938.700	166856.300


Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants

Membership :	--

Associates :	JSW Praxair Oxygen Private Limited (formerly known as Jindal Praxair Oxygen Company Private Limited) Dolvi Minerals & Metals Private Limited (w.e.f. 27.11.2014) Dolvi Coke Projects Limited (w.e.f. 04.12.2014)

Subsidiaries:	JSW Steel (Netherlands) B.V. JSW Steel (UK) Limited Argent Independent Steel (Holdings) Limited JSW Steel Service Centre (UK) Limited JSW Steel Holding (USA) Inc. JSW Steel (USA) Inc. Periama Holdings, LLC Purest Energy, LLC Meadow Creek Minerals, LLC Hutchinson Minerals, LLC R.C. Minerals, LLC Keenan Minerals, LLC Peace Leasing, LLC Prime Coal, LLC Planck Holdings, LLC Rolling S Augering, LLC Periama Handling, LLC Lower Hutchinson Minerals, LLC Caretta Minerals, LLC JSW Panama Holdings Corporation Inversiones Eroush Limitada Santa Fe Mining Santa Fe Puerto S.A. JSW Natural Resources Limited JSW Natural Resources Mozambique Limitada JSW ADMS Carvo Lda JSW Mali Resources SA JSW Steel Processing Centres Limited JSW Bengal Steel Limited JSW Natural Resources India Limited Barbil Beneficiation Company Limited Barbil Iron Ore Company Limited (w.e.f. 29.01.2014) JSW Jharkhand Steel Limited JSW Steel East Africa Limited Amba River Coke Limited JSW Energy (Bengal) Limited JSW Natural Resource Bengal Limited JSW Steel Coated Products Limited Peddar Realty Private Limited Nippon Ispat Singapore (PTE) Limited Erebus Limited Arima Holding Limited Lakeland Securities Limited JSW Steel (Salav) Limited (w.e.f 31.10.2014) Everbest Steel & Mining Holdings Limited (w.e.f. 13.02.2015)

Joint Venture :	Vijayanagar Minerals Private Limited Rohne Coal Company Private Limited JSW Severfield Structures limited Gourangdih Coal Limited Toshiba JSW Power System Private Limited MJSJ Coal Limited GEO Steel LLC JSW Structural Metal Decking Limited JSW MI Steel Service Centre Private Limited JSW Vallabh Tin Plate Private Limited (w.e.f. 07.04.2014)

Enterprises over which key management personnel and relatives of such personnel exercise significant influence:	JSW Energy Limited Jindal Stainless Limited JSW Realty & Infrastructure Private Limited Jindal Saw Limited Jindal Steel & Power Limited JSOFT Solutions Limited Jindal Industries Limited JSW Cement Limited JSW Jaigarh Port Limited Reynold Traders Private Limited Raj West Power Limited JSW Power Trading Company Limited JSW Aluminium Limited (ceased from 15.10.2013 ) P Jindal Foundation JSW Infrastructure Limited South West Port Limited JSW Techno Projects Management Limited South West Mining Limited JSW Projects Limited Sapphire Technologies Limited Jindal Technologies & Management Services Private Limited JITF Shipping & Logistics (Singapore) PTE Limited JSW Foundation JSW Investment Private Limited AVH Private Limited JSW Bengaluru Football Club Private Limited JSW International Trade Corp PTE Limited JSW Dharamatar Port Private Limited JSL Lifestyle Limited JSL Architecture Limited Jindal Power Limited Jindal Fittings Limited Jindal Saw USA LLC M/s Shadeed Iron & Steel Company LLC

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

6015000000	Equity Shares	Rs.10/- each	Rs.60150.000 Million
3000000000	Preference Shares	Rs.10/- each	Rs.30000.000 Million

	Total		Rs.90150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

241722044	Equity Shares	Rs.10/- each	Rs.2417.200 Million
279034907	Preference Shares	Rs.10/- each	Rs.2790.300 Million
485414604	0.01% Cumulative Redeemable Preference Share Fully Paid-up		Rs.4854.100 Million
	Equity Shares Forfeited [Amount originally paid-up]		Rs.610.300 Million
	Total		Rs.10671.900 Million

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

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

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

Rights, preferences and restrictions attached to Equity shares

The Company has a single class of equity shares. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution

of all preferential amounts, in proportion to their shareholding.

Rights, preferences and restrictions attached to Preference shares

The Company has two classes of preference shares i.e. 10% cumulative redeemable preference shares (CRPS1) of ` 10 each and 0.01% cumulative redeemable preference shares (CRPS2) of ` 10 each. Each holder of CRPS1 is entitled to one vote per share, in proportion to the amount paid on CRPS1 held, only on resolutions placed before the Company which directly affect the rights attached to CRPS1. CRPS1 are redeemable at par in four equal ‘quarterly installments commencing from 15 December 2017. The shares carry a right to receive 10% dividend every year till redemption. Each holder of CRPS2 is entitled to one vote per share, in proportion to the amount paid on CRPS2 held, only on resolutions placed before the Company which directly affect the rights attached to CRPS2. It carries dividend @ 0.01% p.a., when declared. CRPS2 is redeemable at par in eight quarterly installments commencing from 15th June 2018. In the event of liquidation, the preference shareholders are eligible to receive the outstanding amount including dividend after distribution of all other preferential amounts, in proportion to their shareholding. In the event of winding-up of the company before redemption of preference shares, the holders of CRPS1 and CRPS2 will have priority over equity shares in the payment of dividend and repayment of capital

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

Equity Shares	Number of Shares	% of Holding
JSW Steel International Europe B.V	36258307	15.00%
JSW Holdings Limited	17284923	7.15%
Vividh Consultancy and advisory Services Private Limited	13885669	5.74%
JSW Investment Private Limited	13516309	5.59%

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

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

(i) 1,86,04,844 Equity shares fully paid up to the shareholders of the erstwhile JSW Ispat Steel Limited pursuant to a Composite Scheme of Amalgamation and Arrangement. (refer note 25(4)).

(ii) 48,54,14,604 0.01% Cumulative redeemable preference shares fully paid up to the shareholders of the erstwhile JSW Ispat Steel Limited pursuant to a composite scheme of amalgamation and arrangement. (refer note 25(4)).

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10671.900	10671.900	5631.800
(b) Reserves & Surplus	246574.100	232169.900	193741.900
(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)	257246.000	242841.800	199373.700

(3) Non-Current Liabilities
(a) long-term borrowings	254968.900	210543.200	154342.600
(b) Deferred tax liabilities (Net)	29665.900	19085.100	34502.300
(c) Other long term liabilities	2361.000	4664.000	1940.600
(d) long-term provisions	567.800	406.700	395.100
Total Non-current Liabilities (3)	287563.600	234699.000	191180.600

(4) Current Liabilities
(a) Short term borrowings	2643.400	39206.600	11095.300
(b) Trade payables	125153.900	99912.500	92743.600
(c) Other current liabilities	72781.100	64159.700	48739.800
(d) Short-term provisions	3536.000	3437.200	3020.500
Total Current Liabilities (4)	204114.400	206716.000	155599.200

TOTAL	748924.000	684256.800	546153.500

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	384975.600	372251.200	276044.700
(ii) Intangible Assets	718.300	699.600	343.200
(iii) Capital work-in-progress	75938.500	67896.600	50339.700
(iv) Intangible assets under development	1960.100	678.100	405.700
(b) Non-current Investments	41972.800	43128.500	44956.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53119.100	49614.700	30839.900
(e) Other Non-current assets	0.000	0.000	0.800
Total Non-Current Assets	558684.400	534268.700	402930.100

(2) Current assets
(a) Current investments	0.000	677.000	1404.500
(b) Inventories	85847.400	61965.700	47991.000
(c) Trade receivables	20268.300	22187.400	18622.000
(d) Cash and cash equivalents	17950.600	4657.200	14017.900
(e) Short-term loans and advances	66173.300	60500.800	61188.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	190239.600	149988.100	143223.400

TOTAL	748924.000	684256.800	546153.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	460873.200	452977.200	354918.100
		Other Income	4667.700	3310.500	2608.800
		TOTAL (A)	465540.900	456287.700	357526.900

Less	EXPENSES
		Cost of materials consumed	273456.000	267058.200	225903.700
		Purchases of traded goods	3856.400	4948.100	100.000
		Changes in inventories of Finished goods, Work-in-progress and Stock-in-Trade	(16669.300)	(2441.000)	(1724.600)
		Employee benefits expense	9468.300	7995.800	6709.700
		Other expenses	102045.400	87590.200	60841.100
		Exceptional Items	3963.000	16923.000	3672.100
		TOTAL (B)	376119.800	382074.300	295502.000

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		89421.100	74213.400	62024.900

Less	FINANCIAL EXPENSES (D)		29086.900	27401.300	17244.800

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60334.200	46812.100	44780.100

Less	DEPRECIATION/ AMORTISATION (F)		27845.000	27258.800	19738.900

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		32489.200	19553.300	25041.200

Less	TAX (H)		10824.400	6208.200	7029.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		21664.800	13345.100	18012.200

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37449.300	33060.200	19873.000

Less	PURSUANT TO THE COMPANIES SCHEME OF AMALGAMATION AND ARRANGEMENT		0.000	3419.500	0.000

Less	Depreciation on transition to schedule II of the Companies Act, 2013		472.900	0.000	0.000

Less	APPROPRIATIONS
		Transfer to General Reserve	2170.000	1340.000	1810.000
		Dividend on Additional Equity Shares Issued	0.000	217.700	0.000
		Dividend on Preferences Shares	279.000	279.000	279.000
		Proposed Final Dividend on Equity Shares	2658.900	2658.900	2231.200
		Corporate Dividend Tax	598.100	499.300	426.600
		Transfer To Debenture Redemption Reserve	643.200	541.600	78.200
	BALANCE CARRIED TO THE B/S		52292.000	37449.300	33060.200

	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	78817.300	80564.500	69693.500
		Sale of Carbon Credits	0.000	0.000	170.700
		Commission and Fees	515.500	334.600	0.000
		Interest Income	1603.100	1930.400	1808.800
	TOTAL EARNINGS		80935.900	82829.500	71673.000

	IMPORTS
		Raw Materials	145177.400	142583.800	104010.900
		Stores & Spares	6433.300	4014.100	4671.000
		Capital Goods	21338.900	15248.700	17213.900
	TOTAL IMPORTS		172949.600	161846.600	125895.800

	Earnings / (Loss) Per Share (Rs.)		88.24	53.86	79.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	23728.800	22094.500	13645.700
Cash generated from operations	70712.700	56269.700	44069.400
Net Cash Generated From Operating Activities	63604.800	52741.800	39246.600

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.70	6.68	6.11

Operating Profit Margin (PBDIT/Sales)	(%)	19.40	20.12	18.51

Return on Total Assets (PBT/Total Assets}	(%)	4.60	6.37	6.37

Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.14

Debt Equity Ratio (Total Debt /Networth)		1.09	1.12	0.90

Current Ratio (Current Asset/Current Liability)		0.93	0.73	0.92

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.852.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5631.800	10671.900	10671.900
Reserves & Surplus	193741.900	232169.900	246574.100
Net worth	199373.700	242841.800	257246.000

long-term borrowings	154342.600	210543.200	254968.900
Short term borrowings	11095.300	39206.600	2643.400
Current maturities of long-term debts	13645.700	22094.500	23728.800
Total borrowings	179083.600	271844.300	281341.100

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	354918.100	452977.200	460873.200
		27.629	1.743

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	354918.100	452977.200	460873.200
Profit	21684.300	30268.100	21664.800
	6.11%	6.68%	4.70%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS:

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 06/02/2015
Lodging No. :	CEXAL/33/2015	Failing Date:-	06/02/2015	Reg. No.:-		CEXA/82/2015
Reg. Date:-	11/03/2015

Petitioner:-	THE COMMISSIONER CENTRAL EXCISE THANE -1	Respondent:-	M/S JSW STEEL LIMITED
Petn.Adv:-	JITENDRA BRIJBHUSHAN MISHRA (12937)
District:-	MUMBAI

Bench:-	DIVISION	Category:-	CENTRAL EXCISE APPEAL (CEXA)
Status:-	Pre-Admission	Stage:-	FOR ADMISSION [ORIGINAL SIDE MATTERS]
Next Date:-	20/08/2015
Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADIKARI HON’BLE SHRI JUSTICE B.P. COLABAWALLA
Act. :	Central Excise & Salt Act		Under Section:		35G

UNSECURED LOAN:

Unsecured Loan	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long-term Borrowings
4.75 % Foreign currency bonds	31295.400	0.000
Foreign currency term loans from banks	66179.600	53326.500
Deferred sales tax loan	928.600	1017.000

Short Term Borrowings
Rupee Term Loans from Banks	270.000	18550.000
Commercial Paper	0.000	10000.000

Total	98673.600	82893.500

FINANCIAL PERFORMANCE

Gross Turnover and Net Turnover for FY 2014-15 stood at Rs.496580.000 Million and Rs. 453520.000 Million respectively with an growth of 2% on YOY basis.

The Operating EBIDTA was marginally up at Rs. 8,872 Million in the FY 2014-15 The Company posted a Profit after Tax of Rs. 21660.000 crores up by 62% on YOY basis.

The Company’s net gearing as on 31^st March 2015 stood at 1.01 (as against 1.10 as on 31st March 2014). The weighted average interest cost of Debt was at 7.75% for FY 2014-15 (as against 9.03% for FY 2013-14). FY 2014-15 was particularly challenging for the steel industry.

The global industry was burdened by the issue of overcapacity and surplus steel which made global steel prices weaker. The dramatic drop in crude oil prices impacted the investment cycle. Lower steel demand and the economic slowdown in China also added to the steep fall in steel prices. Further, while most global currencies depreciated against the US Dollar, the Rupee remained range bound making India’s steel exports less competitive. In this scenario, JSW Steel’s performance was relatively strong with improvement in absolute volumes. This was driven by a focus on value added and branded products and operational efficiency in addition to developing existing and new markets.

HIGHLIGHTS FY 2014-15

• Sales of cold rolled products surged by 54% in FY 2014-15 compared to FY 2013-14.

• TMT volumes increased by 10% compared to FY 2013-14.

• Retail sales in the domestic market grew by 8%and Sales of branded products, grew by 7% compared to FY 2013-14.

RESULTS OF OPERATIONS:

Standalone Results

The Company produced 12.63 million tonnes (MnT) of crude steel in FY 2014-15, up 4% over the previous year. Its steel sales touched 12.03 MnT, increasing by 1.43% year on year. The Company took several initiatives during the last financial year that helped in achieving and consolidating growth in production and sales volumes. It commissioned new facilities to enrich product mix, leverage the export demand, diversify its inputs sourcing strategy and strengthen market penetration through branded and value added special products.

The gross turnover and net turnover for the year was Rs. 496580.000 Million and Rs. 453520.000 Million, respectively, and showed a growth of 2.33% and 1.85%, respectively. The operating EBITDA was Rs. 88720.000 Million, and showed a growth of 1% with marginal decline in EBIDTA margin from 19.4% to 19.3%. The net profit after tax was Rs. 21660.000 Million after considering exceptional item of Rs. 3960.000 Million. The exceptional item includes provisioning towards diminution in carrying value of investments in JSW Steel (USA) Inc. of Rs. 334 Million and balance towards other subsidiaries. The Company’s net worth touched Rs. 25725.000 Million as on March 31, 2015 from Rs. 242840.000 Million as on March 31, 2014. The Company’s net debt gearing stood at 1.02 (compared to 1.10 as on March 31, 2014) and net debt to EBIDTA was at 3.17 (compared to 3.03, as on March 31, 2014).

AWARDS AND ACCOLADES

JSW Steel continues to be recognised by the world for its expertise and capabilities. The awards won during FY 2014-15 include the following:

1. Vijayanagar Plant won the prestigious Prime Minister’s Trophy for excellence in performance of Integrated Steel Plants for the year 2012-13.

2. CII-EXIM Bank Business Excellence Award – 2014, awarded by the Confederation of Indian Industry (CII): Commendation Certificate for Significant Achievement received on November 20, 2014.

3. CII-ITC Sustainability Award 2014: Awarded Commendation Certificate for Significant Achievement received on December 19, 2014.

4. IMC Ramakrishna Bajaj National Quality Award 2014: Won the IMC Ramakrishna Bajaj National Quality Award in the Manufacturing Category award received on March 20, 2015.

5. Salem Plant has won Second prize in IIM Sustainability Award under the Alloy Steel category.

6. Salem Plant has won Gold Trophy from ASSOCHAM for the Best ITI Skill Development through PPP Scheme in India.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC SCENARIO

The world economic growth remained modest at 3.4% in CY 2014 amidst divergent growth trend in advanced and emerging economies. While the developed economies led by the US & UK continued to strengthen the growth in most emerging economies slowed down during the year. Many oil exporting economies were under stress due to a sharp drop in oil prices. Despite their slower growth, emerging markets and developing economies still accounted for three-fourths of global growth in CY 2014.

OUTLOOK

Global economic growth indicators are moderately positive, but the volatility in energy prices, currency adjustments threat of hike in interest rates in USA and swings in capital flows can potentially impact emerging economies.

The IMF forecasts world economy to expand at 3.5% this year and 3.8% in 2016, terming global growth prospects as moderate and uneven in its latest April 2015 World Economic Outlook. The growth in advanced economies, aided by fall in oil prices, is projected to strengthen, for the third year in a row, to 2.4% in CY 2015 compared to 1.8% in CY 2014. The growth in emerging markets and developing economies, on the other hand, is expected to weaken to 4.3% in CY 2015 compared to 4.6% in the previous year.

The economic growth in the United States is expected to exceed 3.1% during 2015. The growth is aided by strong domestic demand on back of the sharp fall in oil prices, declining unemployment rate, moderate fiscal adjustment and the continuation of an extremely accommodative monetary policy stance.

The Eurozone, supported by lower oil prices, large monetary stimulus and a weaker euro also displayed some initial sign of recovery in the later half of the year. For Japan the IMF projects growth expansion in CY 2015 primarily due to a weaker yen and lower oil prices. The global steel demand in CY 2015 is expected to increase by 0.5% to 1,544 MnT, while in CY 2016 it is projected to grow by 1.4% to 1,566 MnT. Steel demand in the developed economies is projected to grow by 0.2% in CY 2015 and by 1.8% in CY 2016. Chinese steel demand is projected to record a negative growth of 0.5% in CY 2015 as well as in CY 2016

CONTINGENT LIABILITIES:

a) Bills discounted with re-course Rs.1449.800 Million (previous year Rs.1590.900 Million).

b) Guarantees provided on behalf of subsidiaries Rs.12739.700 Million (previous year Rs.13725.700 Million).

c) Standby letter of credit facility availed from resident Indian Banks secured by specific fixed assets of the Company in relation to overseas long term borrowing by JSW Steel Holding (USA) Inc and JSW Steel (Netherlands) B.V. (wholly owned subsidiaries of the Company) is Rs.2,503.63 Million (previous year Rs.24039.900 Million) and Rs.14395.900 Million (previous year Rs.4808.000 Million) respectively.

d) Disputed claims/levies (excluding interest, if any), in respect of:

(i) Excise duty Rs.4668.800 Million (previous year Rs.4419.500 Million);

(ii) Custom duty Rs.4370.300 Million (previous year Rs.4601.200 Million);

(iii) Income tax Rs.1706.800 Million (previous year Rs.17.400 Million);

(iv) Sales tax / Special entry tax Rs.155.94 Million (previous year Rs.2233.700 Million);

(v) Service tax Rs.1465.400 Million (previous year Rs.1292.500 Million);

(vi) Miscellaneous Rs.0.500 Million (previous year Rs.0.500 Million);

(vii) Levies by local authorities Rs.3.040 Million (previous year Rs.30.400 Million); and

(viii) Claims by suppliers and other parties (including for Forest Development Tax of Rs.665.46 Million (previous year Rs.669.54 Million)) Rs.1016.260 Million (Previous year Rs.1039.60 Million)

In 2008, the State of Karnataka levied a Forest Development Tax (FDT) treating iron ore as a forest produce. Writ petitions filed by various stakeholders challenging the levy before Karnataka High Court are pending disposal. The Management of the Company has been legally advised that this is a fairly arguable case from the Company’s perspective and accordingly, the tax is considered as recoverable. Tax payments made under protest in the earlier years (refer note 14)/tax payable are considered as ‘contingent liabilities’.

e) Arrears of fixed cumulative dividend on preference shares (CPRS) Rs.5.100 Million (previous year Rs.4.600 Million)

INDEX OF CHARGE:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10556047	18/02/2015	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KAMINI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C46387809
2	10541935	19/12/2014	16,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C39902663
3	10537602	25/11/2014	2,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KAMINI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C36871085
4	10532797	31/10/2014	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KAMINI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C34118307
5	10530052	11/02/2015 *	10,250,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C46012951
6	10528989	27/09/2014	4,925,760,000.00	EXPORT IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C32190027
7	10507492	19/09/2014 *	3,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C28356111
8	10502682	21/01/2015 *	145,542,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C41857004
9	10504341	08/08/2014 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C18343269
10	10496749	06/05/2014	12,000,000,000.00	STATE BANK OF INDIA	THE CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C05211198

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture And Fixtures

· Vehicles and Aircrafts

Intangible Assets

· Software

STATEMNET OF UNAUDITES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH JUNE 2015

(STANDALONE RESULTS)

(Rs. In Million)

PARTICULARS	3 Months ended
	30.06.2015
	(Unaudited)
1. Income from operations
a) Sales of Products
Domestic Turnover	101365.400
Export Turnover	9303.600
Total	110669.000
Less : Excise Duty	10850.300
Net Sales	99818.700

b) Other Operating Income	1462.800

Total Income from Operations(net)	101281.500
2.Expenditure
a) Cost of material consumed	56817.500
b) Purchases of stock in trade	910.800
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	1170.800
d) Employees benefit expenses	2612.300
e) Depreciation and amortization expenses	7522.200
f) Power and Fuel	8427.400
g) Other expenditure	16295.600
Total expenses	93756.600

3. Profit from operations before other income and financial costs	7524.900
4. Other income	924.700
5. Profit from ordinary activities before finance costs	8449.600
6. Finance costs	6533.600
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	19160.000
8. Exceptional item
Provision for Diminution in value of Investments	(1455.400)
9. Profit from ordinary activities before tax Expense:	460.600
10.Tax expenses	153.100
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	307.500
12.Net Profit / (Loss) for the period (11-12)
13.Paid-up equity share capital (Nominal value Rs.10/- per share)	2417.200
14. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
15.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	0.92
(b) Diluted	0.92

PARTICULARS	3 Months ended
	30.06.2015
A. Particulars of shareholding	(Unaudited)
1. Public Shareholding
- Number of shares	144010219
- Percentage of shareholding	59.58%

2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	97711825
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	43.07%
Percentage of shares (as a % of total share capital of the company)	17.41%

b) Non Encumbered
Number of shares	55624725
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	56.93%
Percentage of shares (as a % of total share capital of the company)	23.01%

PARTICULAR	3 months ended 30.06.2015
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	64
Disposed of during the quarter	64
Remaining unreserved at the end of the quarter	Nil

REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS

PARTICULARS	3 Months ended
	30.06.2015
1. Segment Revenue
Steel	104028.300
Power	10821.400
Others	0.000
Total	114849.700
Less : Inter Segment revenue	13568.200
Total Income	10281.500

2. Segment Result (Profit Before tax and interest)
Steel	2393.900
Power	5232.700
Others	0.000
Total	7626.600
Less : Unallocable Items
Finance Costs	6533.600
Exceptional Item	1455.400
Unallocable expenses net of Unallocable Income	(823.000)
Total Profit Before Tax	460.600

3. Capital Employed (Segment Assets-Segment Liabilities)
Steel	450798.800
Power	18260.600
Others	0.000
Unallocated	(212313.900)
Total	256745.500

Note :

1. Provision for diminution include Rs. 14480 lacs (Rs. 3337.500 Million for the year ended March 31, 2015) relating to investment of Rs. 7665.400 Million in JSW Steel USA Inc., a subsidiary of the Company, is recognised during the current quarter based on assessment of recoverable value of the investment considering the latest valuation of its fixed assets by an independent valuer. Having regard to the said valuation, no provision is considered necessary against the loans aggregating to Rs. 27055.900 Million and the financial guarantees of Rs. 37487.900 Million as at June 30, 2015, relating to the said subsidiary.

2. In view of subdued production from iron ore and coal mines pertaining to JSW Panama Holding Corporation and Periama Holding LLC, respectively, over last few years, the Company has assessed recoverable value of investments and loans aggregating to Rs. 8242.800 Million relating to JSW Panama Holding Corporation and Rs. 7751.100 Million relating to Periama Holding LLC, considering valuation of the mineral reserves carried out by independent valuers, and concluded that no provision is presently necessary.

3. Comparative financial information has been regrouped and reclassified, wherever necessary, to correspond to the figures of the current quarter / year.

4. The figures of the quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures up to third quarter of the relevant financial year.

5. The Standalone and Consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 29, 2015. The auditors of the Company have carried out limited review of the Standalone Financial Results for the quarter ended June 30, 2015 in compliance with Clause 41 of the Listing Agreement.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.71
UK Pound	1	Rs. 105.10
Euro	1	Rs. 77.10

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	KAR

Report Prepared by :	JYTK

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	8
--RESERVES	1~10	8
--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		72

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

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

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

RATING EXPLANATIONS

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

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

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