MIRA INFORM REPORT

Report No. :	330532
Report Date :	02.07.2015

IDENTIFICATION DETAILS

Name :	JINDAL STAINLESS LIMITED (w.e.f. 07.12.2011)
Formerly Known As :	JSL STAINLESS LIMITED (w.e.f. 06.08.2010) JSL LIMITED
Registered Office :	O. P. Jindal Marg, Hisar – 125005, Haryana
Tel. No.:	91-1662-222471- 483 (15 Lines)
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.09.1980
Com. Reg. No.:	05-010901
Capital Investment / Paid-up Capital :	Rs. 462.400 Million
CIN No.: [Company Identification No.]	L26922HR1980PLC010901
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKJ01831E RTKJ01408B
PAN No.: [Permanent Account No.]	AABCJ1969M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Stainless Steel products.
No. of Employees :	4494 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating constrained by JSL’s weak financial risk profile marked by losses at the net level and the company’s weak capital structure as well as debt coverage indicators. Business is active. Payments are reported to be slow. The company can be considered for business delaings on safe and secured trade term 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 = D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery.
Date	April 21, 2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities = D
Rating Explanation	Instruments with this rating are in default or expected to be in default on maturity.
Date	April 21, 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 Co-operative (91-11-26188345)

LOCATIONS

Registered Office :	O. P. Jindal Marg, Hisar – 125005, Haryana, India
Tel. No.:	91-1662-222471- 483 (15 Lines)
Fax No.:	91-1662-220476 / 220499
E-Mail :	jslhsr@nde.vsnl.net.in hsr.harit@jslhsr.com jindalsp@del3.vsnl.net.in awards@jindalsteel.com ddspace@hanmall.net
Website :	http://www.jindalstainless.com
Bhubaneswar Office :	6^th Floor, INCO Tower, Janpath, Bhubaneswar – 751022, Odisha, India
Tel. No.:	91-647-2545561/2544846
Fax No.:	91-647-2546147
E-Mail :	jsl@bbs.jindalsteel.com
Corporate Office :	Jindal Centre, 12, Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-26188345-60
Fax No.:	91-11-26161271 / 26170691 / 41659169
E-Mail :	jindalsp@del3.vsnl.net.in info@jindalsteel.com
Factory 1 :	P. O. Box No. 6, O.P, Jindal Marg, Hisar – 125005, Haryana, India
Tel. No.:	91-1662-220471-485 (15 Lines)
Fax No.:	91-1662-220476 / 220499
Factory 2 :	Kalinga Nagar Industrial Complex, P. O. Danagadi – 755026, District Jajpur, Odisha, India
Tel. No.:	91-672-6266001
Fax No.:	91-672-6266002
Factory 3 :	Kawasan Industry Maspion, Maspion Unit-V, Desa Sukomylyo-Manyar, Gresik 61151, Jawa Timur-Indonesia
Tel. No.:	62-31-3959565
Fax No.:	62-31-3959566
Factory 4 :	Jindal Nagar, Kothavalasa - 535183, District Vizianagaram, Andhra Pradesh, India
Tel. No.:	91-8966-273327/ 273254/ 273335
Fax No.:	91-8966-273326
E-mail :	jindalkvs@sancharnet.in
Sales/Representative Offices :	C/0. M/s Sangita Industries, H-21/P, G.I.D.C. Industrial Estate,  Near New Water Tank, Odhav, Ahmadabad – 382415, Gujarat, India
Domestic Sales Office :	Located at: · Delhi · Chennai · Mumbai · Hyderabad · Pune · Bangalore · Vadodara · Vishakhapatnam · Kolkata · Rudrapur · Surat · Indore · Jodhpur · Ahmadabad · Bhubaneswar
Overseas Sales Office :	Located at: · Turkey · UAE · Vietnam · South Korea · China · Italy · USA · Spain · Poland · Russia · Thailand · Indonesia
Service Centers Network :	Located at: · Gurgaon · Mumbai · Chennai · Vadodara · Bangalore · Kolkata · Hyderabad · Pune

DIRECTORS

AS ON 31.03.2014

Name :	Ms. Savitri Jindal
Designation :	Chairperson
Name :	Mr. Ratan Jindal
Designation :	Vice Chairman and Managing Directors
Name :	Mr. Naveen Jindal
Designation :	Director
Name :	Ms. Suman Jyoti Khaitan
Designation :	Director
Name :	Mr. T. S. Bhattacharya
Designation :	Director
Name :	Mr. Girish Sharma
Designation :	Director
Name :	Mr. Gautam Kanjilal
Designation :	Nominee Director of State Bank of India
Name :	Mr. Jitendra P. Verma
Designation :	Executive Director (Finance)
Name :	Mr. Rajinder Parkash Jindal
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Jitendra Kumar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	646087	0.31
Bodies Corporate	52141410	24.98
Sub Total	52787497	25.28
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	7523053	3.60
Bodies Corporate	49450000	23.69
Sub Total	56973053	27.29
Total shareholding of Promoter and Promoter Group (A)	109760550	52.57
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13796904	6.61
Financial Institutions / Banks	261005	0.13
Insurance Companies	2424934	1.16
Foreign Institutional Investors	30739567	14.72
Any Others (Specify)	10301711	4.93
Foreign Portolio Investor ( Corporate)	10301711	4.93
Sub Total	57524121	27.55
(2) Non-Institutions
Bodies Corporate	12079390	5.79
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17427209	8.35
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	218691	0.10
Any Others (Specify)	11760710	5.63
Trusts	16760	0.01
Non Resident Indians	10529318	5.04
Overseas Corporate Bodies	1690	0.00
Foreign Nationals	4175	0.00
Clearing Members	498248	0.24
Hindu Undivided Families	710519	0.34
Sub Total	41486000	19.87
Total Public shareholding (B)	99010121	47.43
Total (A)+(B)	208770671	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	16734984	0.00
(2) Public	869350	0.00
Sub Total	17604334	0.00
Total (A)+(B)+(C)	226375005	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel products.

Products :

Item Code No.	Product Description
72.19/72.20	S. S. Hot Rolled / Cold Rolled Strips and Sheets, Flats and Plates
72.02	Ferro Chrome

· Strip Mill/Tandem Mill

· Plate/Steckel Mill

· Steel Melting

· Cold Rolling Mill

· Cold Rolled Strips

· Cold Rolled Special Steel

· Oxygen Plant

· Oxygen Gas

· Argon Gas

· Industrial Machinery

· High Carbon Ferro Chrome

· Rolling Mill Plant

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

4494 (Approximately)

Bankers :

· Axis Bank Limited

· Bank of Baroda

· Canara Bank

· ICICI Bank Limited

· Punjab National Bank

· State Bank of India

· State Bank of Patiala

· Standard Chartered Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
DEBENTURES
Redeemable Non-Convertible Debentures	NA	2367.500
TERM LOANS FROM BANKS
Rupee Term Loans	NA	57604.523
Foreign Currency Loans	NA	14152.760
FUNDED INTEREST TERM LOANS
From Banks	NA	9729.728
From Others	NA	621.378
BUYER CREDIT AGAINST CAPITAL GOODS
In Foreign Currency	NA	378.958
CAR LOAN FROM BANKS	NA	0.000
Short Term Borrowings
Working Capital Facilities from Bank	NA	17507.296
Buyer Credit in Foreign Currency
Against Working Capital	NA	6466.831
Total	NA	108828.974

Statutory Auditors :
Name :	Messrs Lodha and Company Chartered Accountants
Name :	Messrs S.S. Kothari Mehta and Company Chartered Accountants
Cost Auditors :
Name :	Messrs Ramnath Iyer and Company Cost Accountants
Joint Venture [AS ON 31.03.2014] :	· MJSJ Coal Limited · Jindal Synfuel limited
Associates [AS ON 31.03.2014]:	· J.S.S. Steelitalia Limited
Subsidiaries [AS ON 31.03.2014]:	· PT. Jindal Stainless Indonesia · Jindal Stainless Steelway Limited · JSL Lifestyle Limited · JSL Architecture Limited · Jindal Stainless UK Limited · Jindal Stainless FZE · Green Delhi BQS Limited · Jindal Stainless Madencilik Sanayi Ve Ticaret Anonim Sirketi · JSL Media Limited · Jindal Aceros Inoxidables S.L. · JSL Group Holdings Pte. Limited · JSL Logistics Limited · Iberjindal S.L. · Jindal Stainless Italy Srl. · JSL Ventures Pte. Limited · JSL Europe SA · JSL Minerals and Metals SA
Enterprises over which Key Management Personnel and their relatives exercise significant influence with whom transactions have been taken place during the year [AS ON 31.03.2014]:	· Jindal Steel and Power Limited · JSW Steel Limited · Jindal Saw Limited · Jindal Industries Limited · Nalwa Steel and Power Limited · Bir Plantation Private Limited · JSL Overseas Limited · JSL Overseas Holding Limited (Formerly Jindal Overseas Holding Limited) · JSW Ispat Steel Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.462.400 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
445000000	Equity Shares	Rs.2/- each	Rs.890.000 Million
30000000	0.10% Cumulative Compulsory Convertible Preference Shares	Rs.2/- each	Rs.60.000 Million
	Total		Rs.950.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215375005	Equity Shares	Rs.2/- each	Rs.430.750 Million
15810440	0.10% Cumulative Compulsory Convertible Preference Shares	Rs.2/- each	Rs.31.621 Million
	Total		Rs.462.371 Million

RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING YEAR

Particulars	Equity Shares Number of Shares	Preference Shares Number of Shares
Shares outstanding at the beginning of the Year	204077547	--
Shares issued during the Year
On Conversion of Foreign Currency Convertible Bonds	547458	--
On Issue of Shares on Preferential basis	10750000	15810440
Shares outstanding at the end of the Year	215375005	15810440

5,492,833 (4,945,375) Equity shares of Rs.2/- each fully paid up have been allotted to the holders of 3,010 (2,710) Foreign Currency Convertible Bonds of US $ 5000/- each at predetermined (as per scheme) conversion rate of Rs.119.872 each during the last five years.

TERMS/RIGHT ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having a par value of Rs.2/- per share. Each shareholder is eligible for one vote per equity share held [other than the shares represented by Regulation S Global Depositary Shares (the “GDSs”) issued by the Company whose voting rights are subject to certain conditions and procedure as prescribed under the Regulation S Deposit Agreement]. The company declares and pays dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and also has equal right in distribution of profit/surplus in proportions to the number of equity shares held by the shareholders.

As on 31st March 2014, 8,802,167 GDSs (8,802,167 GDSs) with 17,604,334 underlying equity shares (17,604,334 equity shares) were outstanding. Each GDS represents 2 underlying equity shares of the Company.

TERMS/RIGHTS ATTACHED TO CUMULATIVE COMPULSORY CONVERTIBLE PREFERENCE SHARES (CCCPS)

On 31st March, 2014, the Company has issued & allotted 15,810,440 number 0.10% Cumulative Compulsory Convertible Preference Shares (CCCPS) of Rs.2/- each. The holder of the CCCPS shall have an option to apply for and be allotted one Equity Share of face value of Rs.2/- of the Company per CCCPS at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment. The unconverted CCCPS shall compulsorily get converted into equity shares at the end of 18 months from the date of allotment. These CCCPS are subject to the provisions of Memorandum and Articles of Association of the Company. The Equity Shares arising on conversion of CCCPS shall rank pari passu inter se with the then existing Equity Shares of the Company in all respect, including dividend. The holder of CCCPS shall have a right to vote only on resolution placed before the Company which directly affect the rights attached to his preference share.

EQUITY SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES ARE AS UNDER

Name of Shareholder	Number of Shares	% holding
JSL Overseas Holding Limited (Formerly Jindal Overseas Holdings Limited)	27700000	12.86%
Reliance Capital Trustee Co. Limited Account Reliance Diversified Power Sector Fund	11872681	5.51%
Citigroup Global Markets Mauritius Private Limited	11904296	5.53%
Hypnos Fund Limited	10301711	4.78%

PREFERENCE SHARES IN THE COMPANY HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES ARE AS UNDER

Name of Shareholder	Number of Shares	% holding
JSL Overseas Limited	15810440	100.00%

EQUITY SHARES RESERVED FOR ISSUE UNDER OPTIONS

1. For details of shares reserved for issue under the Employee Stock Option Scheme, 2010 of the company.

2. For details of shares reserved for issue on conversion of Foreign Currency Convertible Bonds.

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	462.400	462.371	408.155
(b) Reserves & Surplus	(5888.700)	1473.392	14350.337
(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)	(5426.300)	1935.763	14758.492
(3) Non-Current Liabilities
(a) long-term borrowings	80702.300	85085.553	87643.533
(b) Deferred tax liabilities (Net)	0.000	0.000	159.261
(c) Other long term liabilities	2090.700	2765.027	1212.405
(d) long-term provisions	107.700	74.014	95.264
Total Non-current Liabilities (3)	82900.700	87924.594	89110.463
(4) Current Liabilities
(a) Short term borrowings	31868.600	24029.783	20231.222
(b) Trade payables	26341.000	28394.869	29753.406
(c) Other current liabilities	15705.900	14606.984	11380.993
(d) Short-term provisions	67.000	34.476	28.359
Total Current Liabilities (4)	73982.500	67066.112	61393.980
TOTAL	151456.900	156926.469	165262.935
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91765.000	94181.151	98041.608
(ii) Intangible Assets	0.000	195.121	29.203
(iii) Capital work-in-progress	0.000	1533.839	1459.034
(iv) Intangible assets under development	0.000	0.000	84.676
(b) Non-current Investments	1537.600	1697.676	1711.120
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2348.300	1420.966	1557.614
(e) Other Non-current assets	90.200	121.128	177.289
Total Non-Current Assets	95741.100	99149.881	103060.544
(2) Current assets
(a) Current investments	3.100	6.919	21.954
(b) Inventories	30167.700	33048.752	32764.211
(c) Trade receivables	18802.000	16893.582	19090.173
(d) Cash and cash equivalents	432.200	486.566	877.894
(e) Short-term loans and advances	6266.600	7300.525	9403.244
(f) Other current assets	44.200	40.244	44.915
Total Current Assets	55715.800	57776.588	62202.391
TOTAL	151456.900	156926.469	165262.935

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	128024.700	119530.392	102862.094
		Other Income	724.000	400.588	441.315
		TOTAL (A)	128748.700	119930.980	103303.409
Less	EXPENSES
		Cost of Material Consumed	84271.400	78625.069	72939.863
		Purchase of Trading Goods	0.000	263.100	262.951
		Changes in Inventories of Finished Goods, Work in progress and Trading Goods	1435.400	1196.328	(3638.297)
		Employee Benefits Expenses	2633.100	2393.256	2463.261
		Manufacturing Expenses	0.000	22693.654	19682.569
		Store and Spare consumed	7602.800	0.000	0.000
		Power and Fuel	13023.000	0.000	0.000
		Administrative Expenses	0.000	1507.934	1294.388
		Selling Expenses	0.000	3994.449	3707.641
		Exceptional Items	(289.900)	4168.993	1669.606
		Other Expnses	8651.400	0.000	0.000
		TOTAL (B)	117327.200	114842.783	98381.982
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11421.500	5088.197	4921.427
Less	FINANCIAL EXPENSES (D)		13630.600	12347.010	9902.931
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2209.100)	(7258.813)	(4981.504)
Less	DEPRECIATION/ AMORTISATION (F)		5052.900	6876.600	7013.096
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(7262.000)	(14135.413)	(11994.600)
Less	TAX (H)		(14.500)	(234.524)	3786.420
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(7247.500)	(13900.889)	(8208.180)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9567.431)	0.000	6186.876
Add	Denture Redemption Reserve Written Back		NA	31.359	37.712
Less	Being Deficit, Set off from General Reserve		NA	4302.099	1983.592
	BALANCE CARRIED TO THE B/S		NA	(9567.431)	0.000
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export	NA	33609.964	30473.945
		Interest	NA	3.428	3.281
	TOTAL EARNINGS		NA	33613.392	30477.226
	IMPORTS
		Raw Materials	NA	42142.106	44444.687
		Trading Goods	NA	0.000	262.951
		Stores & Spares	NA	4386.164	1637.430
		Capital Goods	NA	46.979	392.163
	TOTAL IMPORTS		NA	46575.249	46737.231
	Earnings Per Share (Rs.)		(33.17)	(68.03)	(43.15)

CURRENT MATURITIES OF LONG TERM Borrowings DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term Borrowings	NA	3068.094	1109.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	(5.66)	(11.63)	(7.98)
Operating Profit Margin (PBDIT/Sales)	(%)	8.92	4.26	4.78
Return on Total Assets (PBT/Total Assets}	(%)	(4.84)	(9.20)	(7.40)
Return on Investment (ROI) (PBT/Networth)		1.34	(7.30)	(0.81)
Debt Equity Ratio (Total Debt/Networth)		(20.75)	56.37	7.31
Current Ratio (Current Asset/Current Liability)		0.75	0.86	1.01

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.38.40/-

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	408.155	462.371	462.400
Reserves & Surplus	14350.337	1473.392	(5888.700)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	14758.492	1935.763	(5426.300)
long-term borrowings	87643.533	85085.553	80702.300
Short term borrowings	20231.222	24029.783	31868.600
Total borrowings	107874.755	109115.336	112570.900
Debt/Equity ratio	7.309	56.368	(20.745)

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	102862.094	119530.392	128024.700
		16.205	7.106

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	102862.094	119530.392	128024.700
Profit / Loss	(8208.180)	(13900.889)	(7247.500)
	(7.98%)	(11.63%)	(5.66%)

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	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	No
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	Yes
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	No
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

  ITA 749/2009 and ITA 1424/2008

  THE COMMISSIONER OF INCOME TAX..... Appellant
  Through: Ms Rashmi Chopra

versus

  JINDAL STAINLESS LTD.....
  Respondent
  Through: Mr Ajay Vohra with Ms Kavita Jha
  and
  Mr Sriram Krishna.

  CORAM:
   HON'BLE MR JUSTICE BADAR DURREZ AHMED
   HON'BLE MR JUSTICE V.K. JAIN

   O R D E R
   04.05.2010
  There is no time left to hear this appeal today.
  Renotify on 22.07.2010.
  BADAR DURREZ AHMED, J

  V.K. JAIN, J
  May 04, 2010
  SR

  $ 33

UNSECURED LOAN

PARTICULARS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
BONDS
Foreign Currency Convertible Bonds	NA	0.000
PUBLIC FIXED DEPOSITS	NA	212.249
LONG TERM MATURITIES OF FINANCE LEASE OBLIGATIONS	NA	18.457
Short Term Borrowings
Public Fixed Deposits	NA	55.656
Total	NA	286.362

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

PARTICULARS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
a) Counter Guarantee given to Company’s Bankers for the Guarantee given by them on behalf of Company	NA	744.109
b) Letter of Credit outstanding	NA	9225.035
c) Bills discounted with Banks	NA	5621.184
d) i) Sale Tax/Entry Tax demands against which company preferred appeals	NA	923.671
ii) Excise Duty/Custom/Service Tax Show Cause Notices/ Demands against which company has preferred appeals	NA	1783.003
iii) Income tax demands against which Company has preferred appeals	NA	420.091
iv) Claims and other liabilities against the company not acknowledged as debt	NA	1058.826
e) Demand made by Dy. Director of Mines, notified authority, Jaipur Road Circle, Orissa on Cess on Chromite Ore production. The matter being pending with Hon’ble Supreme Court	NA	32.049
f) Demand made by Dy. Director of Mines, Jajpur Road Circle, Orissa against which company has preferred appeal.	NA	13.956
B i) Guarantee given to custom authorities for import under EPCG Scheme. {Custom duty saved/to be saved as on 31st March, 2014 Rs.19,08.063 Million	NA	5948.456
ii) Custom Duty saved on material consumed imported under Advance License	NA	33.712
C Letter of Comfort to banks against credit facilities/ financial assistance availed by subsidiaries	NA	5503.661

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10437270	18/07/2013	6,331,100,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHAR  ASHTRA - 400005, INDIA	B79781340
2	10244207	18/07/2013 *	160,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUM  BAI, MAHARASHTRA - 400005, INDIA	B79868766
3	10244214	18/07/2013 *	360,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUM  BAI, MAHARASHTRA - 400005, INDIA	B79870341
4	10244215	18/07/2013 *	660,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHAR  ASHTRA - 400005, INDIA	B80050842
5	10252542	24/03/2011 *	670,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER,, 25, BARAKHAMBA  ROAD,, NEW DELHI, DELHI - 110001, INDIA	B10341840
6	10244216	18/07/2013 *	760,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUM  BAI, MAHARASHTRA - 400005, INDIA	B80063688
7	10244217	18/07/2013 *	1,800,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHAR  ASHTRA - 400005, INDIA	B80050396
8	10244258	18/07/2013 *	3,416,600,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E,, CUFFE PARADE,, MUMBAI, MAHAR  ASHTRA - 400005, INDIA	B80064090
9	10244254	18/07/2013 *	4,407,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARAS  HTRA - 400005, INDIA	B80050008
10	10244257	18/07/2013 *	4,639,200,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARAS  HTRA - 400005, INDIA	B80050669

* Date of charge modification

FINANCIAL RESULTS [AS ON 31.03.2014]

During the year, the Gross Revenue from operations of subject on standalone basis has increased by 16.64% at Rs.129727.300 Million as compared to Rs.111218.800 Million during previous financial year 2012-13. The Profit before other income, Finance Cost, Depreciation, Exceptional Items, Tax and Amortization on standalone basis stood at Rs.8856.600 Million as compared to Rs.6149.700 Million during previous year.

· The financial results of the Company during the year 2013-14 have been adversely impacted inter alia on account of Continued dumping of stainless steel flat products in India and in particular the continued influx of cheap stainless steel from China.

· Continued build up of capacity in China despite the prevailing situation of excess production vis-à-vis local consumption and continued slowdown in local demand.

· Adverse Duty Structure for the Domestic Stainless Steel Industry, both in terms of import duty on raw materials as well as finished goods vis-à-vis other countries and in particular with reference to China.

· Increase in basic custom duty on import of Steel Scrap.

· Increase in raw material cost due to volatile currency.

AWARDS AND ACCOLADES [AS ON 31.03.2014]

· Hisar Unit of Jindal Stainless has been conferred with First Prize in the National Energy Conservation Award – 2013 for its efforts to continuously optimize the consumption of energy for its operation in the Steel Re-rolling Sector.

· Hisar Unit of Jindal Stainless has received 1st Prize in Secondary Steel Plants/Alloy Steel Plants Category in “IIM National Sustainability Award”.

· OHC of Jajpur Unit has been awarded as BEST OCCUPATIONAL HEALTH CENTRE by the Directorate of Factories & Boilers, Odisha.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electric Installation

· Vehicles

· Furniture, fixtures and Equipments

· Power line and bay extension

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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. 63.62
UK Pound	1	Rs. 99.89
Euro	1	Rs. 70.77

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		16

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.