MIRA INFORM REPORT

Report No. :	504886
Report Date :	20.04.2018

IDENTIFICATION DETAILS

Name :	JAIPRAKASH ASSOCIATES LIMITED
Registered Office :	Sector-128, Noida – 201304, Uttar Pradesh
Tel. No.:	91-120-4609000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.11.1995
Com. Reg. No.:	20-019017
Capital Investment / Paid-up Capital :	INR 4864.900 Million
CIN No.: [Company Identification No.]	L14106UP1995PLC019017
IEC No.: [Import-Export Code No.]	0603004342
TIN No.:	09602401779
GSTN : [Goods & Service Tax Registration No.]	09AABCB1562A1Z9
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCB1562A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The company is mainly engaged in the business of engineering and construction, manufacturing of cement, real estate development, hotel, sports. [Registered Activity]
No. of Employees :	14405 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Poor
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a flagship company of “Jaypee Group” and was incorporated in the year 1995. Subject is engaged in Heavy Civil Engineering Construction, Expressway, Cement Manufacturing, Generation of Power, Real Estate and Hospitality. The company is a dominant player in the construction business in the specialized field of civil engineering, design and construction of hydro-power, river valley projects. It is also undertaking power generation, power transmission, real estate, and road BOT and fertilizer businesses through its various subsidiaries/SPVs. For the financial year 2017, the revenue of the company has decreased by 27.86% and has incurred operational losses. The adverse financial metrics of the company is reflected by its loss making nature of operations marked by increased debt levels. The rating is constrained on account of delays in debt servicing by the company due to its weak liquidity. The company has its share price trading at around INR 20.8 against the Face Value (FV) of INR 02 on BSE as on 18th April, 2018. Payments seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on fully safe 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating = D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery
Date	06.04.2018
Rating Agency Name	CARE
Rating	Short term rating = D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery
Date	06.04.2018

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 20.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

LOCATIONS

Registered/ Corporate Office :	Sector-128, Noida – 201304, Uttar Pradesh, India
Tel. No.:	91-120-4963100/ 4609000/ 2470800
Fax No.:	91-120-4963122/ 4609464/ 4609496
E-Mail :	mohinderkharbenda@jalindia.co.in jal.investor@jalindia.co.in sectl.dept@jalindia.co.in jaypee@jalindia.com
Website :	http://www.jalindia.com
Head Office :	“JA House”, 63, Basant Lok, Vasant Vihar, New Delhi-110057, India
Tel. No.:	91-11-26141540/ 26147411
Fax No.:	91-11-261453389
E-Mail :	jal.investor@jalindia.co.in
Factory:	Jaypee Rewa Point, Jaypee Nagar, Rewa – 486450, Madhya Pradesh, India
Hotel Division:	Jaypee Greens Golf and Spa Resorts G- Block, Sector 19 and 25, Surajpur Kasna Road, Greater Noida Industrial Development Area, Dist. Gautam Budh – 201306, Uttar Pradesh, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Jaiprakash Gaur
Designation :	Founder Chairman
Name :	Mr. Manoj Gaur
Designation :	Executive Chairman
Address:	A-9/27, Vasant Vihar, New Delhi - 110057, India
Date of Birth/Age :	53 Years
Qualification :	B.E. (Civil Hons)
Experience :	33 Years
Date of Appointment :	31.03.1997
DIN No.:	00008480
Name :	Mr. Sunil Kumar Sharma
Designation :	Executive Vice Chairman
Address:	E-9/14, Vasant Vihar, New Delhi 110057, India
Date of Appointment :	18.03.2004
DIN No.:	00008125
Name :	Mr. Sunny Gaur
Designation :	Managing Director
Address:	A-9/27, Vasant Vihar, New Delhi - 110057, India
Date of Appointment :	16.01.1998
Name :	Mr. Pankaj Gaur
Designation :	Jointly Managing Director
Address:	A-1/7, Vasant Vihar, New Delhi - 110057, India
Date of Appointment :	30.06.2004
DIN No.:	0000008419
Name :	Mr. Ranvijay Singh
Designation :	Wholetime Director
Address:	E-2/11, Vasant Vihar, New Delhi - 110057, India
Date of Appointment :	14.12.2007
DIN No.:	00020876
Name :	Mr. Basant Kumar Goswami
Designation :	Director
Address:	F4, Kailash Colony, Delhi - 110048, India
Date of Appointment :	01.03.2007
DIN No.:	00003782
Name :	Mr. Chandra Prakash Jain
Designation :	Director
Address:	396-C, Sheikh Sarai, Phase-I, New Delhi - 110017, India
Date of Appointment :	27.09.2014
DIN No.:	00011964
Name :	Mr. Rahul Kumar
Designation :	Wholetime Director
Address:	B-67, Sarvodaya Enclave, New Delhi - 110017, India
Date of Appointment :	31.10.2010
DIN No.:	00020779
Name :	Mr. Kailash Nath Bhandari
Designation :	Director
Address:	5, New Power House Road, Sector 7, Jodhpur - 342003, Rajasthan, India
Date of Appointment :	10.02.2014
DIN No.:	00191219
Name :	Mr. Homai Daruwalla
Designation :	Director
Address:	A-26, 13th Floor, Sterling Apartment, Peddar Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	14.02.2012
DIN No.:	00365880
Name :	Mr. Satish Charan Kumar Patne
Designation :	Director
Address:	403, Panchmarhi Tower, Kaushambi, Ghaziabad - 201010, Uttar Pradesh, India
Date of Appointment :	27.09.2014
DIN No.:	00616104
Name :	Mr. Tilak Kakkar
Designation :	Director
Address:	D-284, Ramprashtha (Opp Vivek Vihar) PO Chander Nagar, Ghaziabad - 201011, Uttar Pradesh, India
Date of Appointment :	12.11.2014
DIN No.:	01425589
Name :	Mr. Subrat Kumar Mohapatra
Designation :	Nominee Director
Address:	Flat No. B 64, Maker Kundan Garden, Near Sndt Women's University, Juhu Tara Road, Sant Acruz-West, Mumbai - 400049, Maharashtra, India
Date of Appointment :	28.11.2016
DIN No.:	01468859
Name :	Mr. Raj Narain Bhardwaj
Designation :	Director
Address:	402, Moksh Apartments Upper Govind Nagar, Malad East, Mumbai 400097, Maharshtra, India
Date of Appointment :	14.07.2007
DIN No.:	01571764
Name :	Mr. Keshav Prasad Rau
Designation :	Director
Address:	E-2, Bsnl Staff Quarters, W.M.S Compound 47th Cross, 9th Main, Jayanagar 5th Bloc K, Bangalore - 560041, Karnataka, India
Date of Appointment :	27.09.2014
DIN No.:	02327446
Name :	Mr. Suresh Chand Rathi
Designation :	Nominee Director
Address:	Flat No.A-2, Lic Flats 9, Darya Ganj, Delhi - 110002, India
Date of Appointment :	10.02.2014
DIN No.:	02976025
Name :	Mr. Shailesh Verma
Designation :	Nominee Director
Address:	E-1004, Vijaya Apartments, Mall Road, Ahinsa Khand-2, Indirapuram Ghaziabad - 201014, Uttar Pradesh, India
Date of Appointment :	26.12.2016
DIN No.:	07688801

KEY EXECUTIVES

Name :	Mr. Manmohan Sibbal
Designation :	Company Secretary
Address:	A-14/3, Vasant Vihar, New Delhi - 110057, India
Date of Appointment :	01.06.2017
PAN No.:	AAXPS3742C
Name :	Mr. Suresh Rahul Kumar
Designation :	Wholetime Director
Address:	B-67, Sarvodaya Enclave, New Delhi - 110017, India
Date of Appointment :	31.10.2010
PAN No.:	AASPK1727C

SHAREHOLDING PATTERN

AS ON MARCH 2018

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	950476337	39.07
(B) Public	1481980638	60.93
Grand Total	2432456975	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	60318232	2.48
ADARSH BALA JAIN	25000	0.00
ANJALI JAIN	1513150	0.06
ANUJA JAIN	5833650	0.24
ARCHANA SHARMA	151237	0.01
ARJUN SINGH	1624775	0.07
BHAVNA KUMAR	154000	0.01
CHANDRA KALA GAUR	111287	0.00
DATTA RAM GOPAL KADKADE	4191247	0.17
GYAN PRAKASH GAUR	41633	0.00
I N DUBEY	675375	0.03
JAIPRAKASH GAUR	38924	0.00
JAYA SINGH	1624775	0.07
JYOTI KAMAT KADKADE	4562	0.00
PEEYUSH SHARMA	217687	0.01
MANJU SHARMA	9750	0.00
MANOJ GAUR	175900	0.01
MAYANK SHARMA	218838	0.01
NANAK CHAND SHARMA	126127	0.01
NANDITA GAUR	19461	0.00
NAVEEN KUMAR SINGH	3088435	0.13
NIRMALA SHARMA	5620	0.00
NIRUPMA SAKLANI	2502500	0.10
P K JAIN	2136082	0.09
PANKAJ GAUR	156750	0.01
PRABODH V VORA	780000	0.03
PRAVIN KUMAR SINGH	3190470	0.13
PUNEET KUMAR JAIN	5092	0.00
RAHUL KUMAR	150750	0.01
RAJ KUMAR SINGH	5043241	0.21
RAJENDER SINGH	300	0.00
RAKESH SHARMA	1562	0.00
RAN VIJAY SINGH	3043015	0.13
RASHI AGRAWAL	67275	0.00
REKHA DIXIT	59461	0.00
RISHABH JAIN	375000	0.02
RITA DIXIT	155711	0.01
SANJANA JAIN	362970	0.01
SARAT KUMAR JAIN	2048016	0.08
SATYENDRA PRAKASH JOSHI	569251	0.02
SHAIL JAIN	143440	0.01
SHASHI KUMAR	315000	0.01
SHIVA DIXIT	124632	0.01
SHRAVAN JAIN	35900	0.00
SHYAM KUMARI SINGH	33840	0.00
SONIA GUPTA	107437	0.00
SUNIL DATTARAM KADKADE	191750	0.01
SUNIL JOSHI	2139000	0.09
SUNIL KUMAR SHARMA	1501	0.00
SUNITA JOSHI	2529000	0.10
SUNNY GAUR	238045	0.01
SUREN JAIN	5742609	0.24
SURESH KUMAR	33000	0.00
URVASHI GAUR	170506	0.01
VARSHA SINGH	1624775	0.07
VIJAY GAUR	886537	0.04
VINITA GAUR	75951	0.00
VINOD SHARMA	156662	0.01
VIREN JAIN	1221581	0.05
VISHALI JAIN	4048187	0.17
Any Other (specify)	890158105	36.60
AKASVA ASSOCIATES PRIVATE LIMITED	2497927	0.10
ESSJAY ENTERPRISES PVT LTD	2901832	0.12
JAI PRAKASH EXPORTS PVT LTD	3431127	0.14
JAYPEE INFRA VENTURES (A PRIVATE COMPANY WITH UNLIMITED LIABILITY)	688306042	28.30
LUCKYSTRIKE FINANCIERS PRIVATE LIMITED	3703500	0.15
PEARTREE ENTERPRISES PVT LTD	795	0.00
REKHA DIXIT TRUSTEE JCL TRUST	49657605	2.04
SAMEER GAUR TRUSTEE JEL TRUST	67848627	2.79
SUNIL KUMAR SHARMA TRUSTEE JHL TRUST	45074914	1.85
SUNNY GAUR TRUSTEE GACL TRUST	26735736	1.10
Sub Total A1	950476337	39.07
A2) Foreign		0.00
A=A1+A2	950476337	39.07

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Mutual Funds/	82901657	3.41
Foreign Portfolio Investors	307624760	12.65
SOCIETE GENERALE	50567876	2.08
BARCLAYS MERCHANT BANK (SINGAPORE) LTD.	28543759	1.17
Financial Institutions/ Banks	16603712	0.68
Insurance Companies	111040405	4.56
Sub Total B1	518170534	21.30
B2) Central Government/ State Government(s)/ President of India		0.00
Central Government/ State Government(s)/ President of India	10506391	0.43
Sub Total B2	10506391	0.43
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	529599668	21.77
Individual share capital in excess of INR 0.200 Million	124237544	5.11
RAKESH JHUNJHUNWALA	30000000	1.23
NBFCs registered with RBI	11340396	0.47
Employee Trusts	2528489	0.10
Any Other (specify)	285597616	11.74
Sub Total B3	953303713	39.19
B=B1+B2+B3	1481980638	60.93

BUSINESS DETAILS

Line of Business :

The company is mainly engaged in the business of engineering and construction, manufacturing of cement, real estate development, hotel, sports. [Registered Activity]

Products / Services :

NIC Code No.	Product Description
414243	Engineering & Construction
23 (239)	Manufacture of Cement

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – (AS ON 2017)

Particulars	Unit	Installed Capacity
power stations	Megawatt	315426.32 (MW)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

14405 (Approximately)

Bankers :

• Allahabad Bank
• Andhra Bank
• AKA Export Finance 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.
• Corporation Bank
• Druk PNB Bank Limited
• Export Import Bank of India
• HDFC Bank Limited
• HSBC Limited
• ICICI Bank Limited
• Indian Bank
• Indian Overseas Bank
• IDBI Bank Limited
• IFCI Limited
• Indusind Bank
• Karur Vysya Bank
• Karnataka Bank
• Kotak Mahindra Bank Limited
• The Lakshmi Vilas Bank Limited
• Oriental Bank of Commerce
• Punjab National Bank
• Punjab & Sind Bank
• Rafidian Bank
• Royal Bank of Scotland
• Small Industries Development Bank of India
• Standard Chartered Bank
• State Bank of India
• Syndicate Bank
• The Jammu & 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	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Non Convertible Debentures	12105.800	21500.000
Term Loans
From Financial Institutions	8987.200	6531.100
From Banks
In Rupees	119841.400	149492.500
From Others	1208.200	1922.800
Loan from State Governments [Interest Free]	2037.300	1939.900
SHORT TERM BORROWINGS
Term Loans from Banks	15400.000	15303.100
Term Loans from Others	300.000	0.000
Working Capital Loans from Banks
In Rupees	9129.300	5877.500
In Foreign Currency	247.500	449.000
Total	169256.700	203015.900

Auditors :
Name :	M. P. Singh and Associates Chartered Accountants
Address :	B-1/1018, Vasant Kunj, New Delhi-110070, India
Tel. No.:	91-11-41082626
Fax No.:	91-11-26148150
Email:	ravinagpal@vsnl.net mpsa18@gmail.com
Cost Auditor:	J. K. Kabra and Company Cost Accountants
Address:	New Delhi, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies:	Jaypee Infratech Limited [JIL] Himalyan Expressway Limited Jaypee Ganga Infrastructure Corporation Limited Jaypee Agra Vikas Limited Jaypee Cement Corporation Limited [JCCL] Jaypee Fertilizers and Industries Limited Himalyaputra Aviation Limited Jaypee Assam Cement Limited Jaypee Health Care Limited [subsidiary of JIL] Jaypee Infrastructure Development Limited [formerly known as Jaypee Cement Cricket (India) Limited] Jaypee Cement Hockey (India) Limited Jaiprakash Agri Initiatives Company Limited [Subsidiary of JCCL] Himachal Baspa Power Company Limited [Subsidiary till 07.09.2015] Yamuna Expressway Tolling Limited [Subsidiary w.e.f 25.03.2017] Bhilai Jaypee Cement Limited Gujarat Jaypee Cement & Infrastructure Limited Jaiprakash Power Ventures Limited [JPVL] Sangam Power Generation Company Limited [Subsidiary of JPVL] Prayagraj Power Generation Company Limited [Subsidiary of JPVL] Jaypee Meghalaya Power Limited [Subsidiary of JPVL] Bina Power Supply Limited [Subsidiary of JPVL] Jaypee Powergrid Limited [Subsidiary of JPVL] Jaypee Arunachal Power Limited [Subsidiary of JPVL] Companies mentioned at Sl.No.17 to 23 ceased to be Subsidiary of the Company w.e.f. 18.02.2017.
Associate Companies:	Jaiprakash Power Ventures Limited [JPVL] Jaypee Powergrid Limited [Subsidiary of JPVL] Jaypee Arunachal Power Limited [Subsidiary of JPVL] Sangam Power Generation Company Limited [Subsidiary of JPVL] Prayagraj Power Generation Company Limited [Subsidiary of JPVL] Jaypee Meghalaya Power Limited [Subsidiary of JPVL] Bina Power Supply Limited [Subsidiary of JPVL] Jaypee Infra Ventures [A Private Company with unlimited liability] Jaypee Development Corporation Limited JIL Information Technology Limited Gaur and Nagi Limited Indesign Enterprises Private Limited Sonebhadra Minerals Private Limited RPJ Minerals Private Limited Tiger Hills Holiday Resort Private Limited Sarveshwari Stone Products Private Limited Rock Solid Cement Limited Jaypee International Logistics Company Private Limited Jaypee Hotels Limited Yamuna Expressway Tolling Private Limited [formerly known as Jaypee Mining Venture Private Limited] [associate till 24.03.2017] Ceekay Estates Private Limited Jaiprakash Exports Private Limited Bhumi Estate Developers Private Limited Jaypee Technical Consultants Private Limited Jaypee Uttar Bharat Vikas Private Limited Kanpur Fertilizers and Cement Limited Madhya Pradesh Jaypee Minerals Limited MP Jaypee Coal Limited MP Jaypee Coal Fields Limited Andhra Cements Limited Jaypee Jan Sewa Sansthan [‘Not for Profit’ Private Limited Company] Think Different Enterprises Private Limited JC World Hospitality Pvt. Ltd. Ibonshourne Limited [w.e.f. 11.01.2016] JC Wealth and Investment Private Limited CK World and Hospitality Private Limited Librans Venture Private Limited Librans Real Estate Private Limited Samvridhi Advisors LLP Jaiprakash Kashmir Energy Limited Anvi Hotels Private Limited PAC Pharma Private Limited Kram Infracon Private Limited Companies mentioned at Sl.No.1 to 7 became an associate company in place of subsidiary w.e.f. 18.02.2017.

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorized Capital:

No. of Shares	Type	Value	Amount
16094000000	Equity Shares	INR 2/- each	INR 32188.000 Million
28120000	Preference Shares	INR 100/- each	INR 2812.000 Million
	Total		INR 35000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2432456975	Equity Shares	INR 2/- each	INR 4864.900 Million

a. Issued, Subscribed and Paid-up Share Capital in number comprises of Shares for consideration in cash

20219850 Equity Shares allotted under "Jaypee Employees Stock Purchase Scheme 2002";

12500000 Equity Shares allotted under "Jaypee Employees Stock Purchase Scheme 2009";

201623717 Equity Shares allotted for cash on conversion of Foreign Currency Convertible Bonds;

10000000 Equity Shares allotted for cash to Promoters on Preferential Basis;

64204810 Equity Shares allotted through Qualified Institutional Placement as on 06.02.2013 and

213373416 Equity Shares allotted through Qualified Institutional Placement as on 08.07.2014.

Shares for consideration other than cash

860865055 Equity Shares allotted in terms of the Scheme of Amalgamation effective from 11.03.2004;

124378825 Equity Shares allotted in terms of Scheme of Amalgamation effective from 22.08.2006;

218010985 Equity Shares allotted pursuant to Scheme of Amalgamation effective from 27.05.2009 and

707280317 Equity Shares allotted as Bonus Shares effective from 19.12.2009.

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

Particular	As on 31.03.2017
	Number	INR in Million
Equity Shares at the beginning of the year	2432456975	4864.900
Add: Equity Shares allotted on Qualified Institutional Placement	--	--
Equity Shares at the end of the year	2432456975	4864.900

c. Terms / Rights

The Company has issued only one class of equity shares having a par value of INR 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 Shareholder holding more than 5% Shares:

Particular	As on 31.03.2017
	Number	% holding
Jaypee Infra Ventures [a Private Company with unlimited liability]	688306042	28.30
Orbis Global Equity Fund Limited	169805997	6.98

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4864.900	4864.900	4864.900
(b) Reserves & Surplus	70725.000	114376.800	179093.600
(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)	75589.900	119241.700	183958.500
(3) Non-Current Liabilities
(a) long-term borrowings	152561.700	198826.700	202934.400
(b) Deferred tax liabilities (Net)	0.000	4858.000	7300.100
(c) Other long term liabilities	8748.200	8450.100	6409.100
(d) long-term provisions	993.600	644.700	676.300
Total Non-current Liabilities (3)	162303.500	212779.500	217319.900
(4) Current Liabilities
(a) Short term borrowings	30076.800	26629.600	38321.700
(b) Trade payables	21673.300	19617.500	24272.100
(c) Other current liabilities	174886.400	117852.800	106785.000
(d) Short-term provisions	21.600	21.300	36.100
Total Current Liabilities (4)	226658.100	164121.200	169414.900
TOTAL	464551.500	496142.400	570693.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64490.200	66824.500	177389.100
(ii) Intangible Assets	1.400	4.300	68.400
(iii) Capital work-in-progress	17893.000	16523.500	43235.800
(iv) Intangible assets under development	0.000	0.000	1.300
(b) Non-current Investments	19961.300	19731.400	102998.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1019.400	735.200	23786.800
(e) Other Non-current assets	182019.400	196133.900	29155.500
Total Non-Current Assets	285384.700	299952.800	376635.800
(2) Current assets
(a) Current investments	445.400	220.500	35.000
(b) Inventories	90345.000	95674.300	20326.000
(c) Trade receivables	43052.200	53388.200	36920.100
(d) Cash and cash equivalents	2957.700	3077.700	10134.000
(e) Short-term loans and advances	15941.300	17429.000	37566.400
(f) Other current assets	26425.200	26399.900	89076.000
Total Current Assets	179166.800	196189.600	194057.500
TOTAL	464551.500	496142.400	570693.300

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	66158.400	91704.600	110503.100
	Other Income	1408.400	1360.700	1354.200
	TOTAL	67566.800	93065.300	111857.300
Less	EXPENSES
	Cost of Materials Consumed	20066.100	25051.800	31767.700
	Purchases of Stock-in-Trade	67.700	1177.100	365.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2518.300	3377.500	(1050.000)
	Employees benefits expense	6393.400	7093.900	7409.900
	Event duty on sale of goods	19170.600	5145.000	30557.800
	Excise duty on sales of goods	3965.200	23484.100	(2434.200)
	Exceptional items - Loss/(Gain)	4803.400	3049.800	0.000
	Other expenses	14581.800	17871.300	19703.300
	TOTAL	71566.500	86250.500	86319.900
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(3999.700)	6814.800	25537.400
Less	FINANCIAL EXPENSES	35672.800	37572.400	34368.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(39672.500)	(30757.600)	(8831.000)
Less	DEPRECIATION/ AMORTISATION	8782.000	9137.100	9488.900
	PROFIT/ (LOSS) BEFORE TAX	(48454.500)	(39894.700)	(18319.900)
Less	TAX	(4838.800)	(11688.600)	(5532.500)
	PROFIT/ (LOSS) AFTER TAX	(43615.700)	(28206.100)	(12787.400)
	EARNINGS IN FOREIGN CURRENCY
	Cement Exports [FOB Value]		19.800	112.600
	Contract Receipts		7757.600	11704.800
	Hospitality		244.700	197.900
	Others		41.100	6.600
	Advance received from Real Estate Customers		19.200	25.200
	TOTAL EARNINGS	6353.000	8082.400	12047.100
	IMPORTS
	Capital Equipment [including Capital Work-in-Progress]	NA	3.900	312.300
	Components and Stores parts	NA	2204.700	4987.200
	Stores and Spares	NA	688.700	532.500
	TOTAL IMPORTS	NA	2897.300	5832.000
	Earnings / (Loss) Per Share (INR)
	Basic	(17.93)	(11.60)	(5.39)
	Diluted	(17.10)	(10.99)	(5.10)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt
Secured Loans	53797.600	40590.400	49911.100
Unsecured Loans	19431.500	11603.500	17690.500
Total	73229.100	52193.900	67601.600
Cash generated from operations	34129.900	38289.200	10799.300
Cash Inflow / (Outflow) From Operating Activities	35073.800	38920.900	10111.600

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	25854.400	8424.300	11086.000
Total Expenditure	18263.800	8032.800	9680.200
PBIDT (Excluding Other Income)	7590.600	391.500	1405.800
Other Income	174.600	292.800	306.100
Operating Profit	7765.200	684.300	1711.900
Interest	4047.900	1813.300	2084.200
Exceptional Items	6062.200	225.800	(111.500)
PBDT	9779.500	(903.200)	(483.800)
Depreciation	2129.600	961.600	997.200
Profit Before Tax	7649.900	(1864.800)	(1481.000)
Tax	NA	NA	NA
Provisions and contingencies	NA	NA	NA
Profit After Tax	7649.900	(1864.800)	(1481.000)
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	7649.900	(1864.800)	(1481.000)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	237.52	212.49	121.95
Account Receivables Turnover (Income / Sunday Debtors)	1.54	1.72	2.99
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	392.91	273.00	275.71
Inventory Turnover (Operating Income / Inventories)	(0.04)	0.07	1.26
Asset Turnover (Operating Income / Net Fixed Assets)	(0.05)	0.08	0.12

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.97	0.84	0.77
Debt Equity Ratio (Total Liability / Networth)	3.38	2.33	1.68
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.00	1.38	0.92
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.09	0.70	1.20
Interest Coverage Ratio (PBIT / Financial Charges)	(0.11)	0.18	0.74

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	(65.93)	(30.76)	(11.57)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(9.39)	(5.69)	(2.24)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(57.70)	(23.65)	(6.95)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.79	1.20	1.15
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.39	0.61	1.03
G-Score Ratio Financial (Networth / Total Assets)	0.16	0.24	0.32
G-Score Ratio Debt (Debts / Equity Capital)	52.59	57.07	63.49
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.79	1.20	1.15

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 20.80/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	4864.900	4864.900	4864.900
Reserves & Surplus	179093.600	114376.800	70725.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	183958.500	119241.700	75589.900
long-term borrowings	202934.400	198826.700	152561.700
Short term borrowings	38321.700	26629.600	30076.800
Current Maturities of Long term debt	67601.600	52193.900	73229.100
Total borrowings	308857.700	277650.200	255867.600
Debt/Equity ratio	1.679	2.328	3.385

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	110503.100	91704.600	66158.400
		(17.012)	(27.857)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	110503.100	91704.600	66158.400
Profit / (Loss)	(12787.400)	(28206.100)	(43615.700)
	(11.57%)	(30.76%)	(65.93%)

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4864.900	4864.900
(b) Reserves & Surplus	33238.200	120303.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority interest	14646.300	49892.300
Total Shareholders’ Funds (1) + (2)	52749.400	175060.200
(3) Non-Current Liabilities
(a) long-term borrowings	266396.600	528610.500
(b) Deferred tax liabilities (Net)	0.000	4104.600
(c) Other long term liabilities	5889.800	23237.200
(d) long-term provisions	968.400	1428.500
Total Non-current Liabilities (3)	273254.800	557380.800
(4) Current Liabilities
(a) Short term borrowings	35491.800	39360.000
(b) Trade payables	24211.200	23639.000
(c) Other current liabilities	228434.100	206376.500
(d) Short-term provisions	44.500	56.200
Total Current Liabilities (4)	288181.600	269431.700
TOTAL	614185.800	1001872.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	98820.000	331594.700
(ii) Intangible Assets	93082.100	96251.100
(iii) Capital work-in-progress	23697.600	102837.400
(iv) Intangible assets under development	4981.400	10368.900
(b) Non-current Investments	6900.300	26884.000
(c) Deferred tax assets (net)	4121.000	0.000
(d) Long-term Loan and Advances	1235.900	1995.600
(e) Other Non-current assets	166840.900	184379.300
Total Non-Current Assets	399679.200	754311.000
(2) Current assets
(a) Current investments	445.400	220.500
(b) Inventories	125035.100	134589.100
(c) Trade receivables	48553.300	30403.700
(d) Cash and cash equivalents	4318.800	6688.400
(e) Short-term loans and advances	2768.800	5554.200
(f) Other current assets	33385.200	70105.800
Total Current Assets	214506.600	247561.700
TOTAL	614185.800	1001872.700

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	142595.600	190912.900
	Other Income	1443.200	1057.700
	TOTAL	144038.800	191970.600
Less	EXPENSES
	Cost of Materials Consumed	51997.200	51704.800
	Purchases of Stock-in-Trade	1134.400	2451.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1582.100	1916.100
	Employees benefits expense	9075.900	8875.200
	Event duty on sale of goods	38442.000	45336.800
	Excise duty on sales of goods	5005.300	6947.800
	Exceptional items - Loss/(Gain)	30899.900	2073.000
	Share of profit/(loss) of associates	(1.300)	0.000
	Other expenses	18981.700	24255.400
	TOTAL	157117.200	143560.300
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(13078.400)	48410.300
Less	FINANCIAL EXPENSES	74065.400	77413.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(87143.800)	(29003.300)
Less	DEPRECIATION/ AMORTISATION	18883.000	18202.600
	PROFIT/ (LOSS) BEFORE TAX	(106026.800)	(47205.900)
Less	TAX	(11900.900)	(15562.300)
	PROFIT/ (LOSS) AFTER TAX	(94125.900)	(31643.600)
Add	Non-controlling interest	7065.100	2135.400
	PROFIT/(LOSS) AFTER TAX ON NON CONTRLLING INTEREST	(87060.800)	(29508.200)
	Other Comprehensive Income
	Items that will not be reclassified to Profit or Loss	(3.500)	(15.400)
	Income tax Relating to Items that will not be reclassified to Profit or Loss	1.300	5.600
	Total	(2.200)	(9.800)
	Non Controlling Interest (Other Comprehensive Income)	1.600	4.800
	OTHER COMPREHENSIVE INCOME AFTER NON CONTROLLING INTEREST	(3.800)	(14.600)
	Total Comprehensive Income for the period [Comprising Profit/(Loss) and Other Comprehensive Income]	(94128.100)	(31653.400)
	Total Non Controlling Interest	(7063.500)	(2130.600)
	TOTAL COMPREHENSIVE INCOME FOR THE PERIOD AFTER NON CONTROLLING INTEREST [COMPRISING PROFIT/ (LOSS) AND OTHER COMPREHENSIVE INCOME ]	(87064.600)	(29522.800)
	Earnings / (Loss) Per Share (INR)
	Basic	(28.26)	(8.44)
	Diluted	(27.11)	(7.93)

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	No
8	Designation of contact person	No
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	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	No
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

CORPORATE INFORMATION

The company is a Public Limited Company domiciled in India with its registered office located at Sector-128, Noida-201304 (U.P). The shares of the Company are listed on the National Stock Exchange and the Bombay Stock Exchange. The company is mainly engaged in the business of Engineering and Construction, Manufacturing of Cement, Real Estate development, Hotel, Sports. The company’s financial statements are approved for issue in accordance with a resolution of the directors on 29th May, 2017.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

GLOBAL ECONOMY

As per the ‘Global Economic Prospects’, published by ‘THE WORLD BANK’ in June 2017, Global activity is firming broadly as expected. Manufacturing and trade are picking up, confidence is improving, and international financing conditions remain benign. A recovery in industrial activity has coincided with a pickup in global trade, after two years of marked weakness. Global growth is projected to strengthen to 2.7 percent in 2017 and 2.9 percent in 2018- 19.

In emerging market and developing economies (EMDEs), growth is predicted to recover to 4.1 percent in 2017 and reach an average of 4.6 percent in 2018-19, as obstacles to growth in commodity exporters diminish, while activity in commodity importers continues to be robust. Activity in advanced economies is expected to gain momentum in 2017, supported by an upturn in the United States, as previously anticipated. In the Euro Area and Japan, growth forecasts have been upgraded, reflecting strengthening domestic demand and exports. Investment

across advanced economies has firmed, while private consumption growth has moderated. Advanced economy growth is expected to accelerate to 1.9 percent in 2017, before moderating gradually in 2018-19.

Risks to the global outlook remain tilted to the downside. These include increased trade protectionism, elevated economic policy uncertainty, the possibility of financial market disruptions, and, over the longer term, weaker potential growth. A policy priority for EMDEs is to rebuild monetary and fiscal space that could be drawn on were such risks to materialize. Over the longer term, structural policies that support investment and trade are critical to boost productivity and potential growth. The forecast for growth in commodity importers remains stable, at an average of 5.7 percent in 2017-19. In lowincome countries, growth is rebounding, as rising metals prices lift production in metals exporters and infrastructure investment continues in non-resourceintensive economies. However, some low-income countries are still struggling with declining oil production, conflict, drought, and security and political challenges. Growth in major advanced economies has strengthened, and their short-term outlook has improved, despite elevated policy uncertainty. A modest recovery should continue, with output gaps narrowing and inflation gradually converging toward central bank targets. U.S. monetary policy normalization is expected to proceed at a measured pace. China’s policy-guided gradual transition to slower but more sustainable growth continues as expected.

In 2017, growth is expected to pick up in the United States and Japan, and to remain broadly stable in the Euro Area. In United States, private consumption moderated in early 2017, despite strong consumer Confidence; private investment strengthened, whereas capital expenditures in the energy sector showed signs of bottoming out; Economic slack is diminishing, but unused capacity remains above pre-crisis levels. In Euro Area, unemployment fell rapidly throughout 2016, but remains slightly above structural levels. Actual and expected inflation increased somewhat since the start of the year. Investment is recovering, but remains on a lower trajectory than in previous upturns. Russia is emerging from recession, with a diminishing contraction of consumer demand amid increasing price and currency stability, and a positive contribution from exports.

Global goods trade growth has rebounded since mid- 2016, supported by a recovery in manufacturing activity, and remained strong in the first quarter of 2017. The improvement coincided with the bottoming out of global investment, which is relatively trade-intensive. Services trade continued to play a stabilizing role, outperforming goods trade during a period of marked weakness inthe first half of 2016. The number of newly adopted protectionist measures has generally been in line with past years. Global trade growth is expected to rebound to 4 percent in 2017.

After averaging $53 per barrel (bbl) during the first quarter of 2017, oil prices dropped below $50/bbl in early May. Global oil consumption is expected to grow at a moderate 1.4 percent in 2017-18 despite global growth gathering momentum. Oil prices are expected to average $53/bbl in 2017. Large stocks are expected to unwind during the second half of the year. This will support an increase in oil prices to $56/bbl on average in 2018. Metals prices, which are largely influenced by fluctuations in demand from China, are projected to rise 16 percent in 2017. Agricultural prices are expected to remain stable, with global stocks of the three key grains (wheat, rice & maize) at 15-year highs.

Growth in commodity importers remains generally robust. In East Asia and Pacific and in South Asia, solid domestic demand, strong infrastructure spending, FDI-led investment into highly competitive manufacturing sectors and services, and rising global demand are benefiting many countries (e.g. Bangladesh, Cambodia, India, the Philippines, Vietnam).

In East Asia and Pacific, regional growth is projected to inch down from 6.2 percent in 2017 to 6.1 percent on average in 2018-19. In Europe and Central Asia, regional activity has picked up since the end of 2016, and the 2017 growth forecast of 2.5 percent is in line with January projections; Growth in the region is expected to edge up to an average of 2.8 percent in 2018-19. In Latin America and the Caribbean, regional output contracted 1.4 percent in 2016; Growth is expected to be 0.8 percent in 2017 and projected to increase to 2.1 percent in 2018. In Middle East and North Africa, regional growth is projected to decline from 3.2 percent in 2016 to 2.1 percent in 2017; regional growth is forecast to pick up gradually, reaching 3.1 percent by 2019. Growth in Sub-Saharan Africa is projected to recover to 2.6 percent in 2017 from the sharp deceleration to 1.3 percent in 2016, and to strengthen somewhat in 2018.

Growth in South Asia remains strong, with regional output projected to grow by 6.8 percent in 2017 and an average of 7.2 percent in 2018-19. Excluding India, growth is projected to average 5.8 percent in 2017-2019, with some cross-country variation.

In India (the region’s largest economy), regional output expanded by an estimated 6.7 percent in 2016, despite temporary disruptions associated with the November withdrawal and replacement of large-denomination currency notes. In India, activity was underpinned by favorable monsoon rains that supported agriculture and rural consumption, an increase in infrastructure spending, and robust government consumption. India’s growth is forecast to increase to 7.2 percent in FY2017 (April 1, 2017 - March 31, 2018) and accelerate to 7.7 percent by the end of the forecast horizon—slightly below previous projections. Domestic demand is expected to remain, supported by ongoing policy reforms, especially the introduction of the nationwide Goods and Services Tax (GST). Significant gains by the ruling party in state elections should support the government’s economic reform agenda, which aims at unlocking supply constraints, and creating a business environment that is more conducive to private investment. There is a need for a multi-pronged agenda to pair trade liberalization with improved human capital development and institutional reforms to ensure that the gains from increased trade contribute effectively to poverty reduction and the promotion of shared prosperity.

As per the ‘World Economic Situation and Prospects 2017’ published by ‘UNITED NATIONS’, in January 2017. The global economy remains trapped in a prolonged episode of slow growth. In 2016, the world economy expanded by just 2.2 per cent, the slowest rate of growth since the Great Recession of 2009. Underpinning the sluggish global economy are the feeble pace of global investment, dwindling world trade growth, flagging productivity growth and high levels of debt. Low commodity prices have exacerbated these factors in many commodityexporting countries since mid-2014, while conflict and geopolitical tensions continue to weigh on economic prospects in several regions. World gross product is forecast to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, with this modest recovery more an indication of economic stabilization than a signal of a robust and sustained revival of global demand. The slight increase in gross domestic product (GDP) growth projected for developed economies in 2017 is largely driven by the end of the destocking cycle in the United States of America and additional policy support in Japan.

Economies in transition are expected to expand by 1.4 percent in 2017, following two consecutive years of decline, as the region has largely absorbed the sharp terms-oftrade shock that several countries suffered in 2014-2015. Commodity exporters in developing countries are also expected to see some uptick in growth, as commodity prices stabilize and inflationary pressures driven by sharp exchange rate depreciations ease. East and South Asia will continue to grow more rapidly than other regions, benefiting from robust domestic demand and space for more accommodative macroeconomic policy. The outlook remains subject to significant uncertainties and downside risks.

Given the close linkages between demand, investment, trade and productivity, the extended episode of weak global growth may prove self-perpetuating in the absence of concerted policy efforts to revive investment and foster a recovery in productivity. This would impede progress towards the Sustainable Development Goals (SDGs), particularly the goals of eradicating extreme poverty and creating decent work for all.

Weak investment is at the foundation of the slowdown in global growth. Investment growth has slowed significantly in many of the major developed and developing economies, as well as in many economies in transition. Protracted weak global demand has reduced incentives for firms to invest, while economic and political uncertainties have also weighed on investment.

The extended period of weak investment is a driving factor behind the slowdown in productivity growth. Labour productivity growth has slowed markedly in most developed economies, and in many large developing and transition countries. Investment in new capital can affect factors such as the rate of innovation, labour force skills and the quality of infrastructure. These in turn drive the technological change and efficiency gains underpinning labour productivity growth in the medium term.

Aggregate growth in the least developed countries (LDCs) remains well below the Sustainable Development Goal (SDG) target of “at least 7 per cent GDP growth”. Aggregate growth in the LDCs will remain well below the SDG target in the near term, but is expected to rise modestly from an estimated 4.5 per cent in 2016 to 5.2 per cent and 5.5 per cent in 2017 and 2018, respectively.

Sustained improvements in carbon emissions mitigation will require concerted efforts to improve energy efficiency and promote renewable energy. The level of global carbon emissions has stalled for two consecutive years. This positive development reflects the declining energy intensity of economic activities, a rising share of renewables in the overall energy structure, and slower economic growth in major emitters.

International trade and finance - World trade at a standstill. Dwindling world trade growth is both a contributing factor and a symptom of the global economic slowdown. World trade volumes expanded by just 1.2 per cent in

2016, the third-lowest rate in the past 30 years. Cyclical factors — such as the composition of global demand and heightened uncertainty — continue to restrain global trade growth, while the impact of a number of structural shifts that favoured the rapid expansion of global trade in the 1990s and 2000s have started to wane, coupled with slower progress in trade liberalisation. World trade is projected to expand by 2.7 per cent in 2017 and 3.3 per cent in 2018.

Closing the investment gap to achieve the SDGs by 2030 requires the mobilization of significant financial resources. The prolonged slowdown in global economic growth makes generating the long-term investment necessary for achieving the SDGs particularly challenging. International finance is a critical complement to domestic revenue mobilization, which has grown steadily in developing countries over the last 15 years, but has yet to close investment financing gaps. However, international capital inflows remain volatile, and net flows to developing countries are estimated to remain negative at least through 2017, underscoring the challenges of financing long-term sustainable development.

Aligning institutional investment with sustainable development requires a change in the incentive structure. Aligning investment with the SDGs, including building sustainable and resilient infrastructure, requires policies and regulatory frameworks that incentivize changes in investment patterns. Current FDI patterns are not fully aligned with sustainable development, and the bulk of recent flows have been directed towards cross-border mergers and acquisitions, which may have limited impact on jobs and development.

Uncertainties and risks- The materialization of several key downside risks could prolong the period of weak global growth. Global economic prospects remain subject to significant uncertainties and risks that are weighted on the downside, with the potential to obstruct the modest acceleration in growth that is currently forecast for 2017- 2018. Some of these risks stem from monetary policy actions in major developed economies. The impact of introducing untested monetary policy instruments — such as the negative interest rate policies in Japan and Europe — remains unclear. There is a risk that such measures could lead to a deterioration of bank balance sheets, causing credit conditions to tighten, with the potential to destabilize fragile and undercapitalized banks. The timing of interest rate rises in the United States is another area of uncertainty.

Policy challenges and the way forward- A more balanced policy mix is needed, moving beyond excessive reliance on monetary policy. Many economies continue to place excessive dependence on monetary policy to support their objectives. In order to restore the global economy to a healthy growth trajectory over the medium-term, as well as tackle issues in the social and environmental dimensions of sustainable development, a more balanced policy approach is needed. In addition to a more effective use of fiscal policy, balanced achievement of the SDGs

requires moving beyond demand management, to ensure that macroeconomic policy measures are fully integrated with structural reforms and policies that target, for example, poverty, inequality and climate change.

Enhancing international policy coordination under the new 2030 Agenda. International coordination is needed to ensure consistency and complementarities among trade policy, investment policy and other public policies and to better align the multilateral trading system with the 2030 Agenda for Sustainable Development, ensuring inclusive growth and decent work for all. Deeper international cooperation is also needed in many other areas, such as expediting clean technology transfer, supporting climate finance, expanding international public finance and ODA, strengthening international tax cooperation and tackling illicit financial flows, providing a global financial safety net and coordinating policy to address the challenges posed by large movements of refugees and migrants.

INDIAN ECONOMY

According to ‘ASIAN DEVELOPMENT BANK’, as per its publication “Asian Development Outlook, 2017’ of April 2017, Developing Asia continued to perform well even as recovery in the major industrial economies remained weak. The region is forecast to expand by 5.7% in 2017 and 2018, nearly the 5.8% growth achieved in 2016, as moderation in the People’s Republic of China is balanced by a healthy pickup in most other economies in the region. Decades of rapid growth transformed developing Asia from a low-income region to middle income. Sustaining growth to power the transition into high income will depend on much greater improvement to productivity. Innovation, human capital, and infrastructure are the three pillars of productivity growth. Supportive institutions and policies, underpinned by macroeconomic stability, can strengthen all three pillars. Asia’s dynamic track record suggests that the journey to high income, while challenging, is achievable.

Continued expansion helps developing Asia deliver more than 60% of global growth. Gross domestic product (GDP) for the region as a whole is expected to grow by 5.7% in 2017 and 2018, a tick down from the 2016 outcome of 5.8% as the controlled moderation of growth in the People’s Republic of China (PRC) is balanced by expected healthy growth elsewhere. Excluding the high-income newly industrialized economies— the Republic of Korea, Singapore, Taipei, China, and Hong Kong, China— regional growth is expected to reach 6.3% in 2017 and 6.2% in 2018.

India’s expansion will bounce back from a temporary liquidity squeeze. The decision to demonetize highdenomination banknotes in November 2016 quelled cashintensive economic activity, but the impact is expected to be short lived. Government deregulation and reform of taxes on goods and services, among other areas, should improve confidence and thus business investment and growth prospects. Growth is expected to edge up to 7.4% in 2017 and 7.6% in 2018. Growth in Southeast Asia is forecast to accelerate further. After rising 0.1 percentage points to 4.7% in 2016, growth will continue to improve to 4.8% in 2017 and 5.0% in 2018, with nearly all Southeast Asian economies showing an upward trend.

RECENT DEVELOPMENTS & THE COMPANY’S PERCEPTION ABOUT FUTURE GROWTH:

The recent developments in the Indian Economy pertaining to industrial development are reasonably encouraging. Though the Global Economy still remains sluggish, it is expected to improve gradually in near future. In India, the Government at centre is quite stable and is providing positive sentiments all-around. The expected growth of Indian Industry as per Government data is reasonably encouraging. The industry looks towards a strong growth path in the years ahead. In the given environment of India being fairly poised towards growth, the Company stands in a strong position to grow rapidly due to its presence basically in the infrastructure sector, which is the backbone of country’s overall growth & development.

The economy is gradually gaining momentum and the Company will join this race with equal vigour and positivity. The Company is making every effort to increase its business and profitability while reducing costs to the extent possible. The Company has made considerable efforts in reducing its debt substantially (details of which are given in the Directors Report) and consequently, reduce the interest burden on its profitability. The management expects reasonable growth & increase in shareholders’ value in the years ahead.

COMPANY’S BUSINESS

The Company’s business (directly or through subsidiary companies) can broadly be classified in the following sectors:

1. Engineering & Construction

2. Manufacture & Marketing of Cement (including through subsidiaries)

3. Energy (Power & Transmission) (through its Associate Companies which were its subsidiaries till 17th February 2017)

4. Expressways (through subsidiaries)

5. Real Estate (including through subsidiaries)

6. Hospitality and

7. Sports.

FUTURE OUTLOOK IN CEMENT

The outlook of cement is bright considering the following factors:

A. HOUSING: The Housing segment accounts for a major portion of the total domestic demand for cement in India; Real estate market is expected to grow in future at a consistent pace. Growing urbanisation, an increasing number of households and higher employment are primarily driving the demand for housing. Initiatives by the government are expected to provide an impetus to construction activity in rural and semi-urban areas through large infrastructure and housing development projects respectively.

B. INFRASTRUCTURE: THE government is strongly focused on infrastructure development to boost economic growth. It plans to increase investment in infrastructure projects such as dedicated freight corridors as well as new and upgraded airports and ports are expected to further drive construction activity. The government intends to expand the capacity of the railways and the facilities for handling and storage to ease the transportation of cement and reduce transportation costs.

C. COMMERCIAL: The demand for Commercial Real Estatesegments, comprising retail space, office space and hotels, as well as civic facilities including hospitals, multiplexes and schools, has been rising due to the growth in economy. The demand for office space in India is being driven by the increasing number of multinational companies and the growth of the services sector Strong growth in tourism, including both business and leisure travel, has boosted the construction of hotels in the country. The management is of the view that as the economic growth is expected to be stable, the cement demand is expected to sustain an average growth in demand. The key drivers of this demand shall be the continued expansion in infrastructure, real estate and industrial sectors.

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Liability Component of Compound Financial instrument
Foreign Currency Convertible Bonds FCCB [USD]-2012	0.000	6813.100
Foreign Currency Loans from Banks [ECB]
ECB [USD]-2012	0.000	5217.000
Finance Lease Obligation	1906.400	1911.200
Loans From Banks
In Rupees	4103.400	0.000
In Foreign Currency	348.200	765.400
Loans From Subsidiary	617.500	0.000
Deferred Payment for Land	1406.300	2733.700
Short-term borrowings
Loans from Banks - In Rupees	5000.000	5000.000
Total	13381.800	22440.400

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G70926373	100141482	IDBI Bank Limited	30/11/2017	-	3325900000.0	IDBI Tower, Plot No. C-7, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
2	G63109623	100134705	IDBI TRUSTEESHIP SERVICES LIMITED	10/11/2017	-	18170000000.0	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
3	G72660319	100145716	SREI EQUIPMENT FINANCE LIMITED	05/11/2017	-	135000000.0	'Vishwakarma', 86C, Topsia Road, Kolkata-700046, West Bengal, India
4	G63603815	100135545	YES BANK LIMITED	07/10/2017	-	7000000000.0	9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
5	G59485417	100130421	IFCI LIMITED	03/10/2017	-	800000000.0	IFCI Tower, 61 Nehru Place, New Delhi-110019, India
6	G69424703	100139055	SREI EQUIPMENT FINANCE LIMITED	15/09/2017	-	265462609.0	'Vishwakarma', 86C, Topsia Road, Kolkata-700046, West Bengal, India
7	G76276484	100154100	SREI EQUIPMENT FINANCE LIMITED	16/08/2017	-	200000000.0	'Vishwakarma', 86C, Topsia Road, Kolkata-700046, West Bengal, India
8	G48599740	100110693	SREI EQUIPMENT FINANCE LIMITED	15/04/2017	-	300000000.0	'Vishwakarma', 86C, Topsia Road, Kolkata-700046, West Bengal, India
9	G32435117	100069999	AXIS TRUSTEE SERVICES LIMITED	30/12/2016	-	210815000000.0	Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India
10	G47113089	100068491	AXIS TRUSTEE SERVICES LIMITED	02/12/2016	28/06/2017	400000000.0	Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR In Million)

Particulars	Quarter ended		Half year ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
INCOME FROM OPERATIONS
Revenue from operations	11086.000	8424.300	45364.700
Other Income	306.100	292.800	773.500
Total Income from Operations	11392.100	8717.100	46138.200
EXPENSES
Cost of materials consumed	3588.500	3339.200	11688.500
Purchase of Stock in Trade	363.800	67.200	431.000
Changes in inventories of finished goods and work-in-progress and stock-in-trade	(323.500)	(202.500)	248.600
Direct construction, manufacturing of finished goods, work in progress	3576.800	2574.100	13118.400
Excise duty on sale off goods	0.000	0.000	940.400
Employee benefits expense	1107.400	1180.500	3996.200
Finance costs	2084.200	1813.300	7945.400
Depreciation and Amortization expenses	997.200	961.600	4088.400
Other Expenditure	1367.200	1074.300	5553.700
Total Expenses	12761.600	10807.700	48010.600
Profit / (Loss) from ordinary activities before Net Exceptional income / (Expenditure)	(1369.500)	(2090.600)	(1872.400)
Net Exceptional Income / (Expenditure)	(111.500)	225.800	6176.500
Profit / (Loss) before Tax	(1481.000)	(1864.800)	4304.100
Tax Expense	0.000	0.000	0.000
Profit / (Loss) after Tax	(1481.000)	(1864.800)	4304.100
Profit/(Loss) from Continuing Operations	(1481.000)	(1864.800)	4304.100
Tax expense of Continuing Operations	0.000	0.000	6183.700
Profit/(Loss) from Continuing Operations after Tax	(1481.000)	(1864.800)	6183.700
Profit/(Loss) from Discontinued Operations	(1481.000)	(1864.800)	(1879.600)
Net Profit/(Loss) after Tax	(1481.000)	(1864.800)	4304.100
Other Comprehensive lncome
ltems that will not be reclassified to Profit/(Loss)	(18.600)	(18.900)	(43.600)
Total Comprehensive lncome	(18.600)	(18.900)	(43.600)
Total Comprehensive lncome for the period [comprising Profit/(Loss) and Other Comprehensive lncome]	(1499.600)	(1883.700)	4260.500
Paid-up Equity Share Capital (Face value INR 2/- per share)	4864.900	4864.900	4864.900
Earning per share (in INR)
Basic	(0.61)	(0.76)	1.77
Diluted	(0.61)	(0.73)	1.77

SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES

Sr. No.	Particular	Quarter ended		Half year ended
		31.12.2017	30.09.2017	31.12.2017
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Segment Revenue
	Cement	4380.000	3485.600	15563.600
	Construction	3929.100	3093.200	12986.500
	Power	539.800	483.300	1553.900
	Hotel/Hospitality and Golf Course	752.400	549.800	1929.100
	Sport Events	18.300	14.100	62.600
	Real Estate	1354.400	832.200	13090.100
	Others	215.100	94.900	518.500
	Unallocated	14.300	12.600	42.500
	Total	11203.400	8565.700	45746.800
	Less: Inter segment revenue	117.400	141.400	382.100
	Revenue from operations	11086.000	8424.300	45364.700
2.	Segment Result
	Cement	282.800	133.600	(1623.600)
	Construction	62.600	(570.300)	(48.600)
	Power	15.800	85.800	140.600
	Hotel/Hospitality and Golf Course	131.600	(29.300)	143.800
	Sport Events	(261.200)	(292.200)	(822.400)
	Real Estate	449.500	252.200	8206.400
	Investments	98.100	135.700	236.500
	Others	(90.700)	(59.500)	(213.400)
	Total	688.500	(344.000)	6019.300
	Less : i. Interest	2084.200	1813.300	7945.400
	ii. Other Un-allocable expenditure net off un-allocable income	(26.200)	(66.700)	(53.700)
	Total Profit/(Loss) before tax	(1369.500)	(2090.600)	(1872.400)
	Exceptional items	(111.500)	225.800	6176.500
	Profit/(Loss) from Ordinary Activities before Tax	(1481.000)	(1864.800)	4304.100
3.	Segment Assets
	Cement	52221.200	52085.600	52221.200
	Construction	50765.800	49955.100	50765.800
	Power	21706.800	21373.700	21706.800
	Hotel/Hospitality and Golf Course	8275.500	8251.500	8275.500
	Sport Events	25630.700	25932.500	25630.700
	Real Estate	107494.400	106090.900	107494.400
	Investments	76180.600	76557.200	76180.600
	Others	1622.800	1634.400	1622.800
	Unallocated	23555.300	22055.400	23555.300
	Total Segment Assets	367453.100	363936.300	367453.100
	Segment Liabilities
	Cement	8816.400	8816.000	8816.400
	Construction	16488.000	16257.700	16488.000
	Power	1397.500	1535.600	1397.500
	Hotel/Hospitality and Golf Course	1530.600	1458.000	1530.600
	Sport Events	4901.200	4817.000	4901.200
	Real Estate	22499.300	21820.600	22499.300
	Investments	0.000	0.000	0.000
	Others	416.200	435.500	416.200
	Unallocated	24593.100	28535.400	24593.100
	Total Segment Liabilities	80642.300	83675.800	80642.300

Notes:

1. Figures for the previous periods have been regrouped to conform to the classification of the current period, wherever necessary. Further, the Results exclude the financial results for the identified Cement Plants transferred to M/s UltraTech Cement Limited on 29th June, 2017 and hence figures for the three months and nine months ended 31st December, 2017 are not comparable with the previous corresponding period.

2. As a part of restructuring / reorganisation / realignment of the debt of the Company, the Board of Directors of Jaiprakash Associates Limited in their meeting held on 07th October 2017 has approved Demerger of the Undertaking (SDZ Real Estate Undertaking) comprising identified moveable and immoveable assets and liabilities [including estimated debt to the tune of ? 11834 Million] to be transferred to and vested in the wholly owned subsidiary of the Company, namely, Jaypee Infrastructure Development Limited as a going concern, on a slump exchange basis. Further steps as per the directions of National Company Law Tribunal, Allahabad and as per laid down procedures are underway.

3. The Bond Holders of US$ 150,000,000, 5.75% Convertible Bonds due September, 2017 (amount outstanding US$ 110,400,000) have approved exchange of outstanding existing Bonds, along with certain accrued but unpaid interest on the outstanding principal amount with the US$ 38,640,000, 5.75% Convertible Bonds due September, 2021 of the Company (the "Series A Bonds") and the US$ 81,696,000, 4.76% Amortising Bonds due September, 2020 of the Company (the "Series B Bonds") subject to other terms and conditions through an extraordinary Resolution in their meeting held on 15th June 2017. The transaction was also approved by the Shareholders and Reserve Bank of India. The Consent Solicitation and the Proposed exchange offer got completed and Upfront payments of US$ 31,805,933 have been made in terms of the Consent Solicitation on 28th November, 2017.

4. [a] The Competition Commission of India vide its Order dated 31st August, 2016 held various cement manufacturers liable for alleged contravention of certain provisions of the Competition Act, 2002 during F.Y. 2009-10 & 2010-11 and imposed a penalty of INR 1,3236.000 Million on the Company. The Company filed an Appeal against the said Order before the Competition Appellate Tribunal wherein the Tribunal vide its order dated 15th November, 2016 read with Order dated 7th December, 2016 granted stay on deposit of the penalty imposed subject to the condition that the company shall deposit 10% of the penalty calculated on the profit earned by the cement business i.e. INR 237.700 Million, which was duly deposited. Thereafter, the matter was heard on various dates by Hon'ble National Company Law Appellate Tribunal (to whom the powers in such matters have been transferred) and the Order has been reserved.

[b] The Competition Commission of India vide its other order dated 19th January, 2017 held various cement manufacturers liable for alleged contravention of certain provisions of the Competition Act, 2002 in the state of Haryana during F.Y. 2012- 13 to F.Y. 2014-15 and imposed a penalty of INR 380.200 Million on the Company. The Company had filed an appeal against the Order before Competition Appellate Tribunal. The Tribunal vide its interim Order dated 10th April, 2017 stayed the operation of impugned order. Thereafter, the matter was heard by Hon'ble National Company Law Appellate Tribunal (to whom the powers in such matters have been transferred) and further proceedings will commence after the Order in the matter referred at SI. No.5[a] above, is passed.

Based on the advice of the Company's counsels, the Company believes it has strong reasons to succeed in appeal in the above cases. Hence no provision is considered necessary in the above financial results.

5. During the quarter under report, State Bank of India has invoked the pledge of 100.000 Crore Equity Shares of Jaypee Infratech Limited held by the Company. Pending disposal of shares by the Lender at which the transfer shall be considered, the transaction has not been included in the above stated financial results.

6. The principal outstanding of privately placed listed Non-Convertible Debentures (NCDs) is fully secured by way of equitable mortgage/registered mortgage/hypothecation of certain fixed assets of the Company and of its subsidiary having security cover of more than 100%. The said NCDs are proposed to be converted into Rupee Term Loan which is in process.

7. IDBI Bank Limited had filed Petition with Hon'ble National Company Law Tribunal, Allahabad Bench [the Bench] U/s 7 of Insolvency & Bankrupty Code, 2016 in respect of Jaypee Infratech Limited [Subsidiary of the Company] which was admitted vide Order dated 9th August, 2017 and Interim Resolution Professional (IRP) was appointed to carry the functions as mentioned under the Code.

8. The above results for the quarter & nine months ended 31st December, 2017 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on 19th January, 2018. These results have also been subjected to limited review by the Statutory Auditors. 

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

PRESS RELEASE

SUPREME COURT ASKS JAIPRAKASH ASSOCIATES TO DEPOSIT INR 1000.000 MILLION WITH ITS REGISTRY BY MAY 10

DATE: APRIL 16, 2018

The firm, on January 25, deposited INR 1250.000 million in the court, after being directed to do so, to safeguard the interests of homebuyers.

The Supreme Court on Monday directed realty firm Jaiprakash Associates Limited (JAL) to deposit INR 1000.000 million with its registry by May 10.

A Bench headed by Chief Justice of India Dipak Misra also directed the Insolvency Resolution Professional (IRP) to consider the representation of JAL on revival plans as per law.

Meanwhile, counsel for the firm told the court that it had deposited INR 100 million on April 12 in pursuance of an earlier order.

The firm also sought to consider its revival proposal, saying it has been completing 500 houses a month.

The court, on March 21, asked JAL to deposit INR 2000.000 million with its registry in two instalments for paying back homebuyers, who have opted for refund instead of getting possession of flats.

The real estate major had said it had deposited INR 5500.000 million so far with the court registry and sought indulgence on the ground that only 8% of the over 30,000 homebuyers had opted for refund and rest 92% wanted delivery of flats.

The firm, on January 25, deposited INR 1250.000 million in the Supreme Court, after being directed to do so, to safeguard the interests of homebuyers.

Court seeks details of housing projects

The court, on January 10, directed JAL, the holding firm of Jaypee Infratech Ltd. (JIL), to provide details of its housing projects in the country, saying homebuyers should either get their houses or their money back.

It had refused to accord an hearing on a plea of the Reserve Bank of India, seeking its nod to initiate insolvency proceedings before the National Company Law Tribunal (NCLT) against JAL, saying it would be dealt with at a later stage.

Homebuyers, including Chitra Sharma, had moved the apex court, stating that around 32,000 people had booked flats and were now paying instalments.

The plea further stated that hundreds of homebuyers were left in the lurch after the NCLT, on August 10 last, admitted the IDBI Bank’s plea to initiate insolvency proceedings against the debt-ridden realty company for defaulting on a INR 5260.000 million loan.

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	INR
US Dollar	1	INR 65.78
UK Pound	1	INR 93.42
Euro	1	INR 81.39

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	BHG

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.