MIRA INFORM REPORT

Report No. :	346373
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	JAIPRAKASH ASSOCIATES LIMITED (w.e.f. 11.03.2004)
Formerly Known As :	JAYPEE CEMENT LIMITED
Registered Office :	Sector – 128, Noida – 201304, Uttar Pradesh
Tel No.:	91-120-4609000, 2470800
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.11.1995
Com. Reg. No.:	20-019017
Capital Investment / Paid-up Capital :	Rs.4438.200 Million
CIN No.: [Company Identification No.]	L14106UP1995PLC019017
TAN No.: [Tax Deduction & Collection Account No.]	LKNJ05124A
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 :	Manufacturing, Importing and Exporting of Portland Cement and Clinker Cement.
No. of Employees (As on 31.03.2014) :	21017 (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 and delayed
Litigation :	Clear
Comments :	Subject is the flagship company of the Jaypee group and it is engaged in engineering and construction, cement, real estate and hospitality businesses. Rating takes into account deterioration in the company’s financial profile characterized in the decline in the operating income and substantial losses as well as weakened debt coverage indicators during FY15. Rating also takes into account of delay in servicing of debt obligations by the company due to its weak liquidity position. However, rating weakness is partially offset by company’s expertise and long track record in the infrastructure construction business and dominant position in key business segments. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe trade and secured 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 – 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	23.07.2015

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	23.07.2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Manish Sharma
Designation :	Secretarial Officer
Contact No.:	91-120-4963100
Date :	20.10.2015

LOCATIONS

Registered Office / Corporate Office :	Sector – 128, Noida – 201304, Uttar Pradesh, India
Tel No.:	91-120-4609000/ 2470800 / 4609800 / 4516000 / 2417176
Fax No.:	91-120-4609464/ 4609496
E-Mail :	jal.investor@jalindia.co.in sectl.dept@jalindia.co.in
Website :	http://www.jilindia.com
Delhi Office :	Jai Annexe House, 63, Basant Lok, Vasant Vihar, New Delhi – 110057, India
Tel. No.:	91-11-26411540/ 26147411/ 26149444/ 26141540
Fax No.:	91-11-26145389/ 26148890/ 26143591
E-Mail :	rajiv.srivastava@jil.co.in

DIRECTORS

As on 31.03.2015

Name :	Mr. Manoj Gaur
Designation :	Executive Chairman and Chief Executive Officer
Address :	A9/27, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	16.06.1964
Date of Appointment :	01.04.2011
DIN No.:	00008480
Name :	Mr. Sunil Kumar Sharma
Designation :	Executive Vice Chairman
Address :	E9/14, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	01.07.1959
Date of Appointment :	18.03.2009
Voter ID :	DL02010249931
DIN No.:	0008125
Name :	Mr. Sarat Kumar Jain
Designation :	Vice Chairman
Address :	B1/12, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	19.05.1938
Date of Appointment :	18.03.2004
Voter ID :	DL02010243649
DIN No.:	00010073
Name :	Mr. Sunny Gaur
Designation :	Managing Director (Cement)
Address :	A9/27, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	30.05.1969
Date of Appointment :	31.12.2009
DIN No.:	00008293
Name :	Mr. Pankaj Gaur
Designation :	Joint Managing Director (Construction)
Address :	A1/7, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	18.01.1971
Date of Appointment :	01.07.2009
DIN No.:	00008419
Name :	Mr. S.C. Rathi
Designation :	Director (LIC Nominee)
Name :	Mr. Raj Narain Bhardwaj
Designation :	Director
Address :	402, Moksh Apartments, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth :	08.05.1945
Date of Appointment :	30.08.2007
DIN No.:	01571764
.Name :	Mr. Subhash Chandra Bhargava
Designation :	Director
Address :	1305-B Wing, Dosti Aster (Dosti Acres), New Uphill Link Road, Off S. M. Road, Antop Hill, Wadala (East), Mumbai – 400037, Maharashtra, India
Date of Birth :	20.07.1945
Date of Appointment :	27.12.2005
DIN No.:	00020021
Name :	Mr. Vijay Kumar Chopra
Designation :	Director
Address :	4-A, 4th Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth :	06.03.1946
Date of Appointment :	21.09.2010
Voter ID :	DL02009192293
DIN No.:	02103940
Name :	Mr. Homai A. Darewalla
Designation :	Director
Name :	Mr. Basant Kumar Goswami
Designation :	Director
Address :	F-4, Kailash Colony, New Delhi – 110048, India
Date of Birth :	29.01.1935
Date of Appointment :	01.03.2007
DIN No.:	00003782
Name :	Dr. Bidhubhusan. Samal
Designation :	Director
Address :	Flat No.1101, Lokhandwala Galaxy Junction of NM Joshi and KK Marg, Near S. Bridge Byculla (West), Mumbai – 400011, Maharashtra, India
Date of Birth :	02.03.1943
Date of Appointment :	21.09.2010
DIN No.:	00007256
Name :	Mr. K.N. Bhandari
Designation :	Independent Director
Name :	Mr. Ranvijay Singh
Designation :	Whole-time Director
Address :	E2/11, Vasant Vihar, New Delhi – 110057, India
Date of Birth :	19.10.1966
Date of Appointment :	14.12.2007
DIN No.:	00020876
Name :	Mr. Rahul Kumar
Designation :	Whole-time Director and CFO
Address :	B-67. Sarvodaya Enclave, New Delhi – 110017, India
Date of Birth :	23.02.1968
Date of Appointment :	31.10.2010
DIN No.:	00020779
Name :	Mr. Shyam Dutt Nailwal
Designation :	Whole-time Director
Address :	75, Shreshta Vihar, Delhi – 110092, India
Date of Birth/ Age :	03.08.1947
Date of Appointment :	01.07.2009
Voter ID :	DL04043234072
DIN No.:	00008529
Name :	Mr. S.D. Nailwal
Designation :	Whole-time Director (Upto 30-06-2014)

SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	67732292	2.78
Bodies Corporate	700883910	28.81
Any Others (Specify)	189316882	7.78
Trusts	189316882	7.78
Sub Total	957933084	39.38
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	21760	0.00
Sub Total	21760	0.00
Total shareholding of Promoter and Promoter Group (A)	957954844	39.38
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	37495350	1.54
Financial Institutions / Banks	6294859	0.26
Insurance Companies	112040405	4.61
Foreign Institutional Investors	473411737	19.46
Sub Total	629242351	25.87
(2) Non-Institutions
Bodies Corporate	128012171	5.26
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	431497101	17.74
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	79911125	3.29
Any Others (Specify)	205839383	8.46
Non Resident Indians	23279341	0.96
Trusts	9374201	0.39
Overseas Corporate Bodies	176250	0.01
Hindu Undivided Families	14331719	0.59
Others	6893047	0.28
Directors & their Relatives & Friends	26375	0.00
Others	151758450	6.24
Sub Total	845259780	34.75
Total Public shareholding (B)	1474502131	60.62
Total (A)+(B)	2432456975	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)	2432456975	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Importing and Exporting of Portland Cement and Clinker Cement.

Products :

Products Description	ITC Code
Portland Cement	252329.01

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees

(As on 31.03.2014) :

21017 (Approximately)

Bankers :

• Allahabad Bank
• Andhra Bank
• Axis Bank Limited
• Bank of Baroda
• Bank of Bhutan
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Citi Bank N.A.
• Druk PNB Bank Limited
• Export Import Bank of India
• HDFC Bank Limited
• HSBC Limited
• ICICI Bank Limited
• Indian Overseas Bank
• IDBI Bank Limited
• Karur Vysya Bank
• Kotak Mahindra Bank
• Oriental Bank of Commerce
• Punjab National Bank
• Punjab & Sind Bank
• Rafidian Bank
• Royal Bank of Scotland
• Standard Chartered Bank
• State Bank of India
• State Bank of Hyderabad
• State Bank of Indore
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Sikkim
• State Bank of Travancore
• State Bank of Bikaner and Jaipur
• Syndicate Bank
• The Jammu and Kashmir Bank Limited
• The South Indian Bank Limited
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank
• Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Non-Convertible Debentures		21183.300
Term Loans
From Financial Institutions		10133.500
From Banks
In Rupees		126673.200
In Foreign Currency		771.800
From Others		2549.600
Loan from State Government		3116.200
Advances from Clients
From Government Departments, Public Sector Undertakings and Others - Secured against Hypothecation of Construction Material and Plant and Machinery Interest Bearing		60.600
SHORT TERM BORROWINGS
Term Loans from Banks		15465.000
Working Capital Loans from Banks		8011.900
Total	NA	187965.100

Auditors :
Name :	M. P. Singh and Associates Chartered Accountants
Address :	B-8/14, Vasant Vihar, New Delhi-110057, India
Tel. No.:	91-11-26141979
Fax No.:	91-11-26148150
E-Mail :	ravinagpal@vsnl.net
Subsidiary Companies [including their subsidiaries]: (As on 31.03.2014)	Jaiprakash Power Ventures Limited Jaypee Infratech Limited Himalyan Expressway Limited Jaypee Ganga Infrastructure Corporation Limited Jaypee Sports International Limited Jaypee Agra Vikas Limited Jaypee Cement Corporation Limited Jaypee Fertilizers and Industries Limited Himalyaputra Aviation Limited Jaypee Assam Cement Limited Sangam Power Generation Company Limited [subsidiary of Jaiprakash Power Ventures Limited] Prayagraj Power Generation Company Limited [subsidiary of Jaiprakash Power Ventures Limited] Jaypee Meghalaya Power Limited [subsidiary of Jaiprakash Power Ventures Limited] Jaypee Health Care Limited [w.e.f. 30.10.2012] [subsidiary of Jaypee Infratech Limited] Jaypee Cement Cricket (India) Limited [w.e.f. 20.10.2012] [subsidiary of Jaypee Sports International Limited] Jaypee Cement Hockey (India) Limited [w.e.f. 05.11.2012] [subsidiary of Jaypee Sports International Limited] Jaypee Agri Initiatives Company Limited [w.e.f. 25.03.2013] [subsidiary of Jaypee Cement Corporation Limited] Himachal Baspa Power Company Limited [w.e.f. 14.03.2014] [subsidiary of Jaiprakash Power Ventures Limited] Himachal Karcham Power Company Limited [w.e.f. 14.03.2014] [subsidiary of Jaiprakash Power Ventures Limited]
Joint Venture Subsidiaries : (As on 31.03.2014)	Bhilai Jaypee Cement Limited Bokaro Jaypee Cement Limited Gujarat Jaypee Cement and Infrastructure Limited Jaypee Powergrid Limited [Joint Venture Subsidiary Company of Jaiprakash Power Ventures Limited] Jaypee Arunachal Power Limited [Joint Venture Subsidiary Company of Jaiprakash Power Ventures Limited]
Associate Companies : (As on 31.03.2014)	Jaypee Infra Ventures [A Private Company with unlimited liability] Jaypee Development Corporation Limited Jaiprakash Kashmir Energy Limited JIL Information Technology Limited Gaur & Nagi Limited Indesign Enterprises Private Limited Sonebhadra Minerals Private Limited RPJ Minerals Private Limited Jaiprakash Agri Initiatives Company Limited [till 24.03.2013] Tiger Hills Holiday Resort Private Limited Anvi Hotels Private Limited Sarveshwari Stone Products Private Limited Rock Solid Cement Limited Jaypee International Logistics Company Private Limited Jaypee Hotels Limited Jaypee Mining Venture Private Limited Ceekay Estates Private Limited Jaiprakash Exports Private Limited Bhumi Estate Developers Private Limited PAC Pharma Drugs and Chemicals Private Limited Jaypee Technical Consultants Private Limited Jaypee Uttar Bharat Vikas Private Limited [Joint Venture] Kanpur Fertilizers and Cement Limited [Joint Venture] Madhya Pradesh Jaypee Minerals Limited [Joint Venture] MP Jaypee Coal Limited [Joint Venture] MP Jaypee Coal Fields Limited [Joint Venture] Andhra Cements Limited Milestone Home Finance Company Private Limited [w.e.f. 28.09.2012 and upto 12.03.2014] Jaypee Jan Sewa Sansthan ['Not for Profit' Private Limited Company] [w.e.f. 12.06.2012]

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 4864.900 Million

As on 27.09.2014

Authorised Capital : Rs.60600.000 Million

Issued, Subscribed & Paid-up Capital : Rs.4864.914 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12344000000	Equity Shares	Rs.2/- each	Rs.24688.000 Million
3120000	Preference Shares	Rs.100/- each	Rs.312.000 Million
	Total		Rs.25000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2219083559	Equity Shares	Rs.2/- each	Rs.4438.200 Million

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

Shares for consideration in cash

20,219,850 Equity Shares allotted under "Jaypee Employees Stock Purchase Scheme 2002"

12,500,000 Equity Shares allotted under "Jaypee Employees Stock Purchase Scheme 2009"

201,623,717 Equity Shares allotted for cash on conversion of Foreign Currency Convertible Bonds;

10,000,000 Equity Shares allotted for cash to Promoters on Preferential Basis and

64,204,810 Equity Shares allotted through Qualified Institutional Placement as on 06.02.2013.

Shares for consideration other than cash

860,865,055 Equity Shares allotted in terms of the Scheme of Amalgamation effective from 11.03.2004;

124,378,825 Equity Shares allotted in terms of Scheme of Amalgamation effective from 22.08.2006;

218,010,985 Equity Shares allotted pursuant to Scheme of Amalgamation effective from 27.05.2009 and

707,280,317 Equity Shares allotted as Bonus Shares

b) 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 at the beginning of the year	2,219,083,559	4438.200
Add: Equity Shares allotted on conversion foreign Currency Convertible Bonds	---	---
Add: Equity Shares allotted on Qualified Institutional Placement	---	---
Equity Shares at the end of the year	2,219,083,559	4438.200

c) Terms / Rights

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

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

d) Details of equity shares held by shareholders holding more than 5% shares:

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

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	4864.900	4438.200	4438.200
(b) Reserves & Surplus	133207.400	132528.900	128885.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	138072.300	136967.100	133323.300
(3) Non-Current Liabilities
(a) long-term borrowings	189999.900	196224.000	185909.100
(b) Deferred tax liabilities (Net)	7456.600	12542.200	13726.800
(c) Other long term liabilities	6410.000	10333.100	17043.900
(d) long-term provisions	673.900	1571.900	1802.900
Total Non-current Liabilities (3)	204540.400	220671.200	218482.700
(4) Current Liabilities
(a) Short term borrowings	38321.700	35491.500	16258.000
(b) Trade payables	20782.900	21162.500	24030.200
(c) Other current liabilities	97147.000	73177.200	66115.900
(d) Short-term provisions	36.100	1046.100	1723.300
Total Current Liabilities (4)	156287.700	130877.300	108127.400
TOTAL	498900.400	488515.600	459933.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	196025.700	148502.500	131164.000
(ii) Intangible Assets	0.000	116.700	412.200
(iii) Capital work-in-progress	0.000	49809.900	58008.200
(iv) Intangible assets under development	0.000	1.300	0.900
(b) Non-current Investments	107647.800	103401.000	85970.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32454.000	23525.400	18091.000
(e) Other Non-current assets	29155.600	25878.400	18502.600
Total Non-Current Assets	365283.100	351235.200	312149.400
(2) Current assets
(a) Current investments	35.000	288.500	2932.100
(b) Inventories	20342.300	18687.800	19694.800
(c) Projects Under Development	37068.700	9353.300	10082.400
(d)Trade receivables	10465.900	29307.500	25262.400
(e) Cash and cash equivalents	9644.000	8798.100	12858.800
(f) Short-term loans and advances	36892.000	36442.900	33969.800
(g) Other current assets	19169.400	34402.300	42983.700
Total Current Assets	133617.300	137280.400	147784.000
TOTAL	498900.400	488515.600	459933.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	108543.300	131161.100	133354.700
		Other Income	1351.600	2109.100	1789.400
		TOTAL (A)	109894.900	133270.200	135144.100
Less	EXPENSES
		Cost of Materials Consumed	31860.100	34938.400	32786.000
		Purchases of Stock-in-Trade	365.400	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(944.100)	(1626.300)	(2157.300)
		Employees benefits expense	7552.000	7892.800	8079.500
		Other expenses	19259.900	18717.500	19642.400
		Manufacturing, Construction, Real Estate, Hotel/Hospitality and Power Expenses	29112.100	38729.200	42004.200
		Prior Period Adjustment	(4.700)	(86.300)	(93.000)
		Profit on sale of shares - Exceptional items	(5081.300)	(3952.800)	0.000
		Provision for Diminution in Value of Non-current Investment	2651.800	0.000	0.000
		TOTAL (B)	84771.200	94612.500	100261.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25123.700	38657.700	34882.300
Less	FINANCIAL EXPENSES (D)		33143.800	27520.700	20113.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(8020.100)	11137.000	14768.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8163.100	7735.500	7261.300
	PROFIT BEFORE TAX (E-F) (G)		(16183.200)	3401.500	7507.500
Less	TAX (H)		(5085.500)	(737.400)	2494.700
	PROFIT AFTER TAX (G-H) (I)		(11097.700)	4138.900	5012.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49611.200	42604.600	31484.800
Add	Provision For Dividend Distribution Tax Written-Back			180.000	93.700
Add	Final Dividend Transferred From Trusts			94.700	94.700
Add	Transfer From Reserve For Premium On Foreign Currency Convertible Bonds			0.000	7794.600
Add	Transfer From Debenture Redemption Reserve			2,593.000	0.000
Less	APPROPRIATIONS
		Transfer from Reserve for Premium on FCCBs		0.000	0.000
		Transferred to Debenture Redemption Reserve		0.000	76.500
		Transferred to General Reserve	NA	0.000	510.000
		Proposed Final Dividend		0.000	1109.500
		Tax on Proposed Final Dividend		0.000	180.000
	BALANCE CARRIED TO THE B/S			49611.200	42604.600
	EARNINGS IN FOREIGN CURRENCY
		Cement Export (FOB Value)		92.700	116.700
		Contract Receipts		8521.000	3878.500
		Hospitality		228.500	253.200
		Interest		0.000	0.200
		Others		14.300	94.400
		Advance received from Real Estate Customers		33.800	48.500
	TOTAL EARNINGS			8890.300	4391.500
	IMPORTS
		Capital Equipment (including Capital Work in Progress)		575.800	546.000
		Raw Materials / Construction Materials and other		5795.900	4538.400
		Stores and Spares	NA	1008.000	900.900
		Hydro Mechanical and Electromechanical Equipment	NA	0.000	2.900
		Others	NA	0.000	0.000
	TOTAL IMPORTS		NA	7379.700	5988.200
	Earnings Per Share (Rs.)
	Basic		(4.67)	1.87	2.34
	Diluted		(4.41)	1.94	2.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Secured Loans	NA	38143.600	26502.600
Unsecured Loans	NA	11780.500	14763.400
Total	NA	49924.100	41266.000
Cash generated from operations	NA	4076.300	17059.100
Net cash flows from (used in) operation	NA	2628.600	15211.200

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(10.22)	3.16	3.76
Operating Profit Margin (PBIDT/Sales)	(%)	23.15	29.47	26.16
Return on Total Assets (PBT/Total Assets}	(%)	(4.14)	1.01	2.38
Return on Investment (ROI) (PBT/Networth)		(0.12)	0.02	0.06
Debt Equity Ratio (Total Debt /Networth)		1.65	2.06	1.83
Current Ratio (Current Asset/Current Liability)		0.85	1.05	1.37

STOCK PRICES

Face Value	Rs.2.00
Market Value	Rs.14.00

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	4438.200	4438.200	4864.900
Reserves & Surplus	128885.100	132528.900	133207.400
Net worth	133323.300	136967.100	138072.300
long-term borrowings	185909.100	196224.000	189999.900
Short term borrowings	16258.000	35491.500	38321.700
Total borrowings	202167.100	231715.500	228321.600
Debt/Equity ratio	1.516	1.692	1.654

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	133354.700	131161.100	108543.300
		(1.645)	(17.244)

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	133354.700	131161.100	108543.300
Profit	5012.800	4138.900	(11097.700)
	3.76%	3.16%	(10.22%)

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	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)	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	No
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

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Foreign Currency Convertible Bonds
FCCB [USD]-2012	6678.100
Foreign Currency Loans from Banks [ECB]
ECB [USD / JPY]	1965.900
ECB [GBP]	514.800
ECB [CAD]	575.500
ECB [USD]-2012	7770.000
Loans From Banks In Foreign Currency	1594.600
Fixed Deposits Scheme	12636.900
SHORT TERM BORROWINGS
Loans from Banks	3431.900
Bills Discounting	8526.800
Fixed Deposit Scheme	55.900
Total	43750.400

OPERATIONS (As on 31.03.2014)

ENGINEERING DIVISION

PREQUALIFICATIONS / BIDS UNDER SUBMISSION

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

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

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

3. Construction of Head Race Tunnels (from RD 1780 onwards), Adit 2, Surge Shafts, Pressure Shafts, Underground Power House, Transformers Hall, Tail Race Tunnels and Pothead Yard etc.

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

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

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

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

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

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

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

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

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

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

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

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

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

AWARDS

JPVL was conferred with the undermentioned “National Awards for the Meritorious Performance in the Power Sector” by the then Hon’ble Union Minister of State for Power on 4th February, 2014:

1. Gold Shield for the year 2012-13 for Baspa-II Hydro Electric plant in the category of ‘Performance of Hydro Power Stations’.

2. Gold Shield for the year 2011-12 for Baspa-II Hydro Electric plant in the category of ‘Performance of Hydro Power Stations’.

3. Gold Shield for the year 2011-12 for Unit–IV of Karcham Wangtoo Hydro Electric plant in the category of ‘Early completion of Hydro Power Projects.

4. Silver Shield for the year 2011-12 for Unit–II of Karcham Wangtoo Hydro Electric plant in the category of ‘Early completion of Hydro Power Projects’.

BUSINESS SEGMENT HAS BEEN DISCLOSED AS THE PRIMARY SEGMENT

[i] Construction

Civil Engineering Construction/EPC Contracts/Expressway

[ii] Cement

Manufacture and Sale of Cement and Clinker

[iii] Hotel/Hospitality

Hotels, Golf Course, Resorts and Spa

[iv] Real Estate

Real Estate Development

[v] Power

Generation and Sale of Energy

[vi] Investments

Investments in Subsidiaries and Joint Ventures for Cement, Power, Expressway, Sports etc.

[vii] Others

Includes Coal, Waste Treatment Plant ,Heavy Engineering Works, Hitech Castings, Man Power Supply etc.

MANAGEMENT DISCUSSION and ANALYSIS REPORT

ECONOMIC OVERVIEW

GLOBAL ECONOMY

As per ‘RBI Macroeconomic and Monetary Developments 2014-15 (an update)’ released by Reserve Bank of India on April 1, 2014, Recovery of Global economy is on track in 2014, though tightening financial conditions and the divergence in inflation pose risks. Since the January 2014 global growth outlook remains broadly unchanged though weaker initial data to some extent cloud optimism. Global economic activity had strengthened in second half of 2013.

On the current reckoning, global growth is likely to be in the vicinity of 3.5% in 2014, about ½% higher than in 2013. The expansion in global output is expected to be led by Advanced Economies (AEs), especially the US. However, downside risks to growth trajectory arise from ongoing tapering of Quantitative Easing (QE) in the US, continuing deflation concerns and weak balance sheets in the euro area and inflationary pressures in the Emerging Market and Developing Economies (EMDEs). Weakening growth and financial fragilities in China that have arisen from rapid credit in recent years pose a large risk to global trade and growth. RBI further stated that:

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

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

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

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

INDIAN ECONOMY

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

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

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

3. Since, second half of 2012-13, demand management through monetary and fiscal policies has been brought in better sync with each other with deficit targets being largely met. Delayed fiscal adjustment materialised only in second half of 2012-13, by which time the Current Account Deficit (CAD) had widened considerably. The easing course of monetary policy was disrupted by ‘tapering’ fears in May 2013 that caused capital outflows and exchange rate pressures amid unsustainable CAD, as also renewed inflationary pressures on the back of the rupee depreciation and a vegetable price shock. The Reserve Bank resorted to exceptional policy measures for further tightening the monetary policy. As a first line of defence, shorterm interest rates were raised by increasing the Marginal Standing Facility (MSF) rate by 200 bps and curtailing liquidity available under the liquidity adjustment facility (LAF) since July 2013. As orderly conditions were restored in the currency market by September 2013, the Reserve Bank quickly moved to normalise the exceptional liquidity and monetary measures by lowering the MSF rate by 150 bps in three steps. However, with a view to containing inflation that was once again rising, the policy repo rate was hiked by 75 bps in three steps.

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

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

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

OUTLOOK

The Company has an established growth record as a leading infrastructure Company with decisive competitive advantages. We believe that the next decade in India belongs to infrastructure sector. While even the smallest constituents of infrastructure sector will immensely benefit from it, Jaiprakash Associates Limited shall not only benefit from the ensuing growth phase of Infrastructure but actually lead the Infrastructure development of India. Its future outlook appears bright for the following reasons:

• It is “Right Placed” in the core infrastructure sectors of cement, power, roads, and realty.

• It has “Right Blend” i.e. diverse business mix leading to de-risked business model.

• It is “Right Scaled” as it has leadership positions in almost all of its business domains and scaling up of capacities across all of them. Ready and rolling capacities will help it maximise from the growing demand. and

• It has the “Right Span” from northern to southern India, western to eastern through central India within its span of reach. It is based on the above facts that the Company’s outlook appears very positive and given the favorable conditions, the Company should grow at a rate higher than the economy and most of the industry sub-verticals it operates in.

Erstwhile Jaypee Hotels Limited (since merged with JAL)

Dividend history and transfer of Unclaimed Dividend to Investor Education and Protection Fund (IEPF) of erstwhile Jaypee Hotels Ltd.(JHL) which got merged with Jaiprakash Associates Limited (JAL) consequent upon the sanction of the Scheme of Amalgamation of JHL alongwith three other group companies (Transferor Companies) with JAL (Transferee Company) by the Hon’ble High Court of Judicature at Allahabad on May 15, 2009, effective from May 27, 2009.

INDEX OF CHARGES :

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10596372	16/09/2015	1,750,000,000.00	UCO Bank	FCC, 5,, Parliament Street, New Delhi, Delhi - 110001, INDIA	C66979394
2	10595297	15/09/2015	250,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C66352014
3	10595299	15/09/2015	2,000,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C66354242
4	10595306	15/09/2015	400,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C66358458
5	10595308	15/09/2015	300,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C66358011
6	10595311	15/09/2015	420,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C66362047
7	10595313	15/09/2015	900,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	C66362690
8	10595315	15/09/2015	420,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C66363987
9	10592685	01/09/2015	22,500,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C65043200
10	10592686	01/09/2015	205,090,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	C65043846

FIXED ASSETS:

• Land
• Building
• Purely Temporary Erections
• Railway siding
• Plant and Machinery
• Captive Thermal Power Plant
• Wind Turbine generators
• Golf Course
• Miscellaneous Fixed Assets
• Motor Vehicles
• Furniture and Office Equipment
• Ships: Boat
• Aero plane / Helicopter
• Technical Books

WEBSITE DETAILS :

75% OF JAYPEE GROUP’S DEBT HAS DEFAULT RATING

CARE Ratings revises its rating on Rs118850.000 cr of long-term bank facilities of Jaiprakash Power Ventures to ‘D’

As of March 2015, Jaypee Group had a total debt of Rs. 639991.500 Million, including Jaiprakash Power Ventures’ consolidated debt of Rs. 320651.500 Million

Debt-laden infrastructure conglomerate Jaypee Group has a default rating on more than 75% of its total outstanding debt, with most of the downgrades coming in the last four months.

On Tuesday, rating agency CARE Ratings revised its rating on Rs.118850.000 Million worth of long-term bank facilities of Jaiprakash Power Ventures Ltd to “D”, or a default rating.

Default rating, according to CARE, implies that instruments with this rating are in default or are expected to be in default soon.

Since July, Rs.49,038 Million worth of credit and loan facilities of Jaypee Group’s three listed entities—Jaypee Infratech Ltd, Jaiprakash Power Ventures and Jaiprakash Associates Ltd—have been assigned a default rating on account of delay in servicing of debt obligations. Of the Rs.490380.000 Million, Rs.53230.000 Million is in the form of non-convertible debentures while the remaining amount includes short-term and long-term bank facilities.

A detailed email query sent to a spokesperson of Jaypee Group on Tuesday evening remained unanswered.

As of March 2015, Jaypee Group had a total debt of Rs.639991.500 Million This includes Jaiprakash Power Ventures’ consolidated debt of Rs.32,0651.500 Million, Jaypee Infratech’s consolidated debt of Rs.9,1018.400 Million and another Rs.22,8321.6000 Million in stand-alone debt for Jaiprakash Associates. For the June quarter, the three listed companies had a combined interest cost of Rs.18500.000 Million.

CARE is the only one among the four major rating agencies that has ratings on the group.

“CARE has revised the ratings assigned to the bank facilities of Jaiprakash Power Ventures Ltd in respect of those availed for Nigrie thermal power project to ‘CARE D’ on account of the ongoing delays in debt servicing of these loans. The cash flows of the project have weakened as a result of subdued operating performance and the proposal for refinancing and additional financial assistance is under consideration with the lenders,” said the rating agency on Tuesday while sharing its rationale for the default rating.

Jaiprakash Power Ventures is in discussion with banks to refinance loans for the Nigrie thermal power project under the 5/25 policy which allows banks to extend loan repayment periods up to 25 years, with an option of refinancing the loan every five years.

Stress in the group’s financials is not limited to its power business alone. While downgrading corporate term loans and cement unit loans of Jaiprakash Power to “D” on Tuesday, CARE Ratings said this was due to weak liquidity and impending large repayment obligations in the near term for which funds are yet to be tied up.

Some bankers, though, remain hopeful that the group will be able to regularize repayments. “The funds from sales will flow in and that should take care of any delays in repayment. So this is only a temporary accounting issue,” said an executive of a public sector bank who did not want to be identified.

Jaiprakash Power last month completed the sale of its two hydropower projects with capacity of 1,391 megawatts (MW) to JSW Energy Ltd for Rs.92000.000 Million. Further cash flows are expected from its Rs.54000.00 Million deal with UltraTech Cement Limited to sell two cement units in Madhya Pradesh. The cement unit sale though is facing uncertainty due to rules which do not permit the transfer of limestone mining rights.

“The group is going to find it difficult to service debt beyond the December quarter, any road blocks on the deal with UltraTech for the Madhya Pradesh assets, will further detoriate the situation,” an investment banker who has worked on Jaypee Group’s deals said on condition of anonymity.

To be sure, there are more assets up for sale, however, a definite agreement with an enterprise value for the asset is still to be finalized.

In September, JSW Energy inked a so-called memorandum of understanding with Jaiprakash Power Ventures to separately acquire its 500MW Bina Thermal Power Plant in Madhya Pradesh. The deal value is still under discussion. Later in the same month, Jaiprakash Associates said it would sell its wind power plants with a total capacity of 49MW as it tries to bring down debt.

Kameswara Rao, leader (energy, utilities and Mining) at PricewaterhouseCoopers Private Limited, refused to comment on the company specifically, but said that power generators face many challenges such as low PLFs (plant load factor), uncontracted capacity, higher operating costs from coal blocks won in auction, part capacity under development, revision of capital costs mainly for hydro projects pending, and limited upside in open trade.

“Some companies suffer more than a few of these issues. On top of this, global funds are moving between asset classes, originally triggered by commodities slump, but now showing a wider impact, and so global financial and strategic investors who otherwise could ride to rescue, are on a watch mode,

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.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	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	NO
--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		18

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.