MIRA INFORM REPORT

Report No. :	510242
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	JSW STEEL LIMITED (w.e.f. 2005)
Formerly Known As :	JINDAL VIJAYNAGAR STEEL LIMITED
Registered Office :	JSW Centre, 7^thFloor, Opposite MMDRA Grounds, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra
Tel. No.:	91-22-42861000
Country :	India
Financials (as on) :	31.03.2018
Date of Incorporation :	15.03.1994
Com. Reg. No.:	11-152925
Capital Investment / Paid-up Capital :	INR 3020.000 Million
CIN No.: [Company Identification No.]	L27102MH1994PLC152925
IEC No.: [Import-Export Code No.]	0794007368
TIN No.:	27940406928
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	27AAACJ4323N1ZG
PAN No.: [Permanent Account No.]	AAACJ4323N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Subject is primarily engaged in the Business of manufacture and sale of iron and steel products. (Registered Activity)
No. of Employees : [As on 31.03.2017]	11848 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is a part of the JSW Group, which in turn is a part of O.P Jindal group. The JSW Group has presence across various sectors, such as steel, energy, minerals, ports and infrastructure, cement etc. The company in engaged in manufacturing of iron and steel products. It offers mild steel and rolled coils, plates and sheets, tolerances and downstream products include not rolled plates, cold rolled close annealed and galvanized sheets and coils. As per the financials of March 2018, the company has registered a growth of 16.38% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 6.98% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with average debt coverage indicators and good liquidity position. Rating continues to derive strength from company’s significant presence in the Indian Steel Industry, wide product offering with focus in enriching product mix and well experienced management team. Share price is quoted high on Stock Exchanges. (Shares are traded at a price of INR 314.30 against its face value of INR 1.) However, rating strength is partially offset by susceptibility of profit margins to volatility of inputs costs due to lack of captive sources of raw materials, commitment towards various project and related risks, and presence in the inherently cyclical steel industry which is currently in the midst of a slowdown. Payments seems to be slow. In view of aforesaid, the subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

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=AA-
Rating Explanation	High degree of safety and very low credit risk
Date	28.09.2017
Rating Agency Name	CARE
Rating	Short term rating=A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	28.09.2017

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 23.05.2018

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[Contact No: 91-22-42861000]

LOCATIONS

Registered/ Regional Office:	JSW Centre, 7^thFloor, Opposite MMDRA Grounds, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-42861000
Fax No.:	91-22-42863000
E-Mail :	jvsl.blr@sm3.sprintrpg.ems.vsnl.net.in jvsl@jvsl.com lancy.varghese@jsw.in rajesh.choraria@jsw.in
Website :	http://www.jsw.in
Factory:	Gat No 361/362, Takwe Budrak, Pune - 410501 Maharashtra, India
Corporate Office:	The Enclave, Maratha Udhog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai-400025, Maharashtra, India
Tel No. :	91-22-67838000
Fax No. :	91-22-24320740
Marketing Office:	Grande Palladium, 6th Floor, 175, CST Road, Kalina Santacruz (East), Mumbai, Maharashtra, India
Factory 1 :	Vijayanagar Works P.O. Vidyanagar, Toranagallu Village, Sandur Taluk, District Bellary-583275, Karnataka, India
Tel. No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138 / 250665
Factory 2 :	Vasind Works Shahapur Taluk, District Thane - 421604, Maharashtra, India
Tel. No.:	91-2527-220022 to 025
Fax No.:	91-2527-220020 / 84 / 92
Factory 3 :	Tarapur Works MIDC Boisar, District Thane-401506, Maharashtra, India
Tel. No.:	91-2525-270147 / 270149
Fax No.:	91-2525-270148
Factory 4 :	Salem Works Pottaneri, M. Kalipatti Village, Mecheri Post, Mettur Taluk, District Salem - 636453, Tamilnadu, India
Tel. No.:	91-4298-278400 to 404
Fax No.:	91-4298-278618
Factory 5 :	PO Vidyanagar, Toranagallu, District Bellary-583275, Karnataka, India
Tel No.:	91-8395-250120 to 30
Fax No.:	91-8395-250138 / 250665
Factory 6 :	Dolvi Works Geetapuram, Taluka-Pen, District: Dolvi – 402107, Maharashtra, India
Tel. No.:	91-2143-277502-15
Fax No.:	91-2143-277533-42
Factory 7 :	74, Fagun Mansion, 5th Floor, Ethiraj Salai, Egmore, Chennai – 600008, Tamilnadu, India
Foundation :	Jindal Mansion, 5A, G. Deshmukh Marg, Next to Jaslok Hospital, Pedder Road, Mumbai – 400026, Maharashtra, India
Branch Office 1 :	123/124, BM Tower, NPII, New Palasia, Indore, Madhya Pradesh, India
Group Office :	Epi Centre, 2nd Floor, CTS No. 4/6, Wakdewadi, Shivaji Nagar, Pune – 411 005, Maharashtra, India
Other Branch Offices :	Located At: · Karnataka · Tamilnadu · Andhra Pradesh · Coimbatore · New Delhi · Madhya Pradesh
Additional Main Offices :	Located At: · Mumbai · Bangalore · Rajasthan
Overseas Offices :	JSW Steel (USA) Inc. 5200 East MC Kinney Road, Baytown , TEXAS 77523, U.S.A. Office : 1 - 281 - 383 - 5100 Fax : 1 - 281 - 383 - 1803 Website : www.jswsteelusa.com JSW Steel Service Centre (UK) Limited Lake Road , Leeway Industrial Estate, Newport, NP19 4WN, United Kingdom Tel: 44 - 1633290260 Fax: 44 - 1633290911 Website: www.jswsteel.co.uk

DIRECTORS

AS ON 31.03.2018

Name :	Mrs. Savitri Devi Jindal
Designation :	Chairperson
Name :	Mr. Sajjan Jindal
Designation :	Vice Chairman And Managing Director
Address :	Jindal House 32, Walkeshwar Road, Mumbai-400006, Maharashtra, India
Date of Appointment :	07.07.2007
DIN No.:	00017762
Name :	Mr. Vijay Laxman Kelkar
Designation :	Director
Address :	A - 701, Blossom Boulevard, Plot No. 421/2, South Main Road, Koregaon Park, Pune-411001, Maharashtra, India
Date of Appointment :	20.01.2010
DIN No.:	00011991
Name :	Haigreve Khaitan
Designation :	Director
Address :	1104, Sterling Seaface, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Date of Appointment :	30.09.2015
DIN No.:	00005290
Name :	Mr. Sheshagiri Rao M.V.S.
Designation :	Whole time Director
Address :	B 1603, Valencia, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India
Date of Birth/Age :	15.01.1958
Qualification :	AICWA, LCS, CAIIB, Diploma In Business Finance
Date of Appointment :	06.04.1999
Name :	Dr. Vinod Nowal
Designation :	Director and Chief Finance Officer
Address :	Bunglow No. 11B, JVSL Township Po Vidyanagar Bellary - 583275, Karnataka, India
Date of Appointment :	30.04.2007
DIN No.:	00046144
Name :	Mr. Jayant Acharya
Designation :	Wholetime Director
Address :	F-303, Great Eastern Gardens, L.B.S. Marg, Kanjur Marg West, Mumbai-400078, Maharashtra, India
Date of Birth/Age :	25.01.1963
Qualification :	Be (Chemical), M. SC (Physics), MBA (Marketing).
Date of Appointment :	07.05.2009
DIN No.:	00106543
Name :	Mr. Mahalingam Seturaman
Designation :	Director
Address :	6, Subbaraya Iyer Avenue, Abhiramapuram, Chennai – 600018, Tamilnadu, India
Date of Appointment :	27.07.2016
DIN No.:	00121727
Name :	Mr. Vijaya Kannan
Designation :	Director
Address :	6-3-1099/1100, Plot 15B Behind Babu Khan Millennium, Somajiguda Hyderabad-500082, Telangana, India
Date of Appointment :	16.06.2008
DIN No.:	00544730
Name :	Mr. Malay Mukherjee
Designation :	Director
Address :	81, Templars Avenue Golders Green, London 110nr
Date of Appointment :	29.07.2015
DIN No.:	02861065
Name :	Mrs. Punita Kumar Sinha
Designation :	Director
Address :	51, Gate House Road, Newton Ma Massachusetts 024671320 US
Date of Appointment :	28.10.2012
DIN No.:	05229262
Name :	Hiroyuki Ogawa
Designation :	Nominee Director
Address :	2 Chome, 29 Ban 3 go, Takanodai, Yotsukaidoshi Chiba ken 0 Japan
Date of Appointment :	17.05.2017
DIN No.:	07803839
Name :	Mr. Jayaram Narasimhaiah
Designation :	Nominee Director
Address :	565/7, 5th Main, 9th Cross, Sadashivanagar, Bangalore – 560080, Karnataka, India
Date of Appointment :	31.10.2017
DIN No.:	03302626

KEY EXECUTIVES

Name :	Mr. Lancy Varghese
Designation :	Company Secretary
Address :	61/604, Evershine Millinium Paradise, Thakur Villa, Kandivali (East), Mumbai-400101, Maharashtra, India
Date of Appointment :	30.04.2007
PAN No.:	ABMPV9451B
Name :	Mr. Rajeev Madhusudan Pai
Designation :	Chief Financial Officer
Address :	Flat No 104, 10th Floor, Shravan - A, Tarangan Society, Pokhran Road No.1, Near Cadbury, Thane-400606, Maharashtra, India
Date of Appointment :	27.05.2014
PAN No.:	ACBPP6303L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2018

Category of Shareholder	No. of Shares	Percentage Holding
(A) Promoter & Promoter Group	1009155780	41.68
(B) Public	1397075800	57.89
(C) Non Promoter-Non Public	10988860	0.43
Grand Total	2417220440	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Individuals/Hindu undivided Family	14510770	0.60
NAVEEN JINDAL	27790	0.00
SAJJAN JINDAL	1000	0.00
PR JINDAL HUF	45550	0.00
DEEPIKA JINDAL	148650	0.01
SMINU JINDAL	55970	0.00
PRITHVI RAJ JINDAL	84580	0.00
NAVEEN JINDAL	27200	0.00
SK JINDAL AND SONS HUF	58000	0.00
SAVITRI DEVI JINDAL	75300	0.00
TRIPTI JINDAL	50660	0.00
ARTI JINDAL	227550	0.01
SANGITA JINDAL	1000	0.00
TARINI JINDAL HANDA	4913890	0.20
URMILA BHUWALKA	260000	0.01
NIRMALA GOYAL	120000	0.00
TANVI SHETE	4883630	0.20
AIYUSH BHUWALKA	10000	0.00
PARTH JINDAL	3520000	0.15
Central Government/ State Government(s)	9079520	0.38
KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION	9079520	0.38
Any Other (specify)	935543950	38.70
NALWA SONS INVESTMENTS LTD	45486370	1.88
REYNOLD TRADERS PRIVATE LTD	1000	0.00
JSW HOLDINGS LIMITED	177306230	7.34
JSW POWER TRADING COMPANY	70038350	2.90
JSW PROJECTS LTD	1000	0.00
HEXA TRADEX LIMITED	13620	0.00
JSW TECHNO PROJECTS MANAGEMENT LTD	229326950	9.49
JSW LOGISTICS INFRASTRUCTURE PVT LTD	17125770	0.71
tanvi jindal family trust	100	0.00
TARINI JINDAL FAMILY TRUST	100	0.00
PARTH JINDAL FAMILY TRUST	100	0.00
DANTA ENTERPRISES PVT LTD	60368250	2.50
GLEBE TRADING PVT LTD	17157930	0.71
VIRTUOUS TRADECORP PVT LTD	60368250	2.50
VIVIDH FINVEST PRIVATE LTD	140726690	5.82
JSW INVESTMENTS PRIVATE LTD	1000	0.00
SAJJAN JINDAL FAMILY TRUST	100	0.00
SAJJAN JINDAL LINEAGE TRUST	100	0.00
SANGITA JINDAL FAMILY TRUST	100	0.00
SIDDESHWARI TRADEX PRIVATE LTD	7024580	0.29
SAHYOG HOLDINGS PRIVATE LTD	110597360	4.58
Sub Total A1	959134240	39.68
A2) Foreign		0.00
Any Other (specify)	50021540	2.07
ESTRELA INVESTMENT COMPANY LTD	4160070	0.17
NACHO INVESTMENTS LIMITED	4207380	0.17
BEAUFIELD HOLDINGS LTD	16409910	0.68
JSL OVERSEAS LTD	21026090	0.87
MENDEZA HOLDINGS LTD	4218090	0.17
Sub Total A2	50021540	2.07
A=A1+A2	1009155780	41.75

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	58562246	2.42
Foreign Portfolio Investors	480062536	19.86
LOTUS GLOBAL INVESTMENTS LTD	41709650	1.73
THE INDIAMAN FUND (MAURITIUS) LIMITED	30772853	1.27
APMS INVESTMENT FUND LIMITED	36885000	1.53
Financial Institutions/ Banks	8610097	0.36
Any Other (specify)	362598440	15.00
LOTUS GLOBAL INVESTMENTS LTD	41709650	1.73
THE INDIAMAN FUND (MAURITIUS) LIMITED	30772853	1.27
APMS INVESTMENT FUND LTD	36885000	1.53
jfe steel international europe bv	362583070	15.00
Sub Total B1	909833319	37.64
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	12375000	0.51
Sub Total B2	12375000	0.51
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	109288476	4.52
Individual share capital in excess of INR 0.200 Million	108154861	4.47
NBFCs registered with RBI	25845	0.00
Any Other (specify)	257398299	10.65
SHAMYAK INVESTMENT PRIVATE LTD	25333230	1.05
GAGANDEEP CREDIT CAPITAL PVT LTD	45982650	1.90
ENAM SECURITIES PVT LTD	24846750	1.03
Sub Total B3	474867481	19.65
B=B1+B2+B3	1397075800	57.80

BUSINESS DETAILS

Line of Business :	The Subject is primarily engaged in the Business of manufacture and sale of iron and steel products. (Registered Activity)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

[As on 31.03.2017]

11848 (Approximately)

Bankers :

[As on 31.03.2017]

· Allahabad Bank

· Bank of Baroda

· Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Bank

· Indian Overseas Bank

· Punjab National Bank

· State Bank of India

· Union Bank of India

· Vijaya Bank

Facilities :

Secured Loan	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
LONG-TERM BORROWINGS
Bonds		32419.300
Debentures		37031.300
Term loans		103201.000
SHORT-TERM BORROWINGS
Working capital loans from banks (secured)
Rupee loan		514.000
Total	NA	173165.600

Auditors 1: [As on 31.03.2017]
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Tower 3, 27^th- 32^ndFloor, Senapati Bapat Marg, Elphistone Road (West), Mumbai-400013, Maharashtra, India
Tel No.:	91-22-61854000
Fax No.:	91-22-61854501/4601
Auditors 2: [As on 31.03.2017]
Name :	SRBC and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (East), Mumbai – 400028, Maharashtra, India
Tel No.:	91-22-61920000
Fax No.:	91-22-61921000
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries : [As on 31.03.2017]	JSW Steel (Netherlands) B.V. JSW Steel (UK) Limited Argent Independent Steel (Holdings) Limited (ceased w.e.f. 17.11.2015) JSW Steel Service Centre (UK) Limited (ceased w.e.f. 18.10.2016) JSW Steel Holding (USA) Inc. (ceased w.e.f. 28.03.2017) JSW Steel (USA) Inc. Periama Holdings, LLC (w.e.f. 23.01.2017) Periama Holdings, LLC (ceased w.e.f. 16.03.2017) Purest Energy, LLC Meadow Creek Minerals, LLC Hutchinson Minerals, LLC R.C. Minerals, LLC Keenan Minerals, LLC Peace Leasing, LLC Prime Coal, LLC Planck Holdings, LLC Rolling S Augering, LLC Periama Handling, LLC Lower Hutchinson Minerals, LLC Caretta Minerals, LLC JSW Panama Holdings Corporation Inversiones Eurosh Limitada Santa Fe Mining Santa Fe Puerto S.A. JSW Natural Resources Limited JSW Natural Resources Mozambique Limitada JSW ADMS Carvao Lda JSW Mali Resources SA (ceased w.e.f. 18.06.2015) JSW Steel East Africa Limited (ceased w.e.f. 08.04.2016) Nippon Ispat Singapore (PTE) Limited Erebus Limited Arima Holding Limited Lakeland Securities Limited JSW Steel Processing Centre Limited JSW Bengal Steel Limited JSW Natural Resources India Limited JSW Energy (Bengal) Limited JSW Natural Resource Bengal Limited Barbil Beneficiation Company Limited (ceased w.e.f. 27.01.2017) Barbil Iron Ore Company Limited (ceased w.e.f. 19.10.2016) JSW Jharkhand Steel Limited Amba River Coke Limited JSW Steel Coated Products Limited Peddar Realty Private Limited JSW Steel (Salav) Limited Everbest Steel and Mining Holdings Limited (ceased w.e.f. 04.12.2015) Dolvi Minerals and Metals Private Limited Dolvi Coke Projects Limited JSW Industrial Gases Private Limited (w.e.f. 16.08.2016) (formerly JSW Praxair Oxygen Private Limited) JSW Realty and Infrastructure Private Limited JSW Steel Italy S.R.L.(w.e.f. 30.01.2017)
Associates : [As on 31.03.2017]	JSW Industrial Gases Private Limited (ceased w.e.f. 15.08.2016) (formerly JSW Praxair Oxygen Private Limited)
Joint ventures : [As on 31.03.2017]	Vijayanagar Minerals Private Limited Rohne Coal Company Private Limited JSW Severfield Structures Limited Gourangdih Coal Limited GEO Steel LLC JSW Structural Metal Decking Limited JSW MI Steel Service Center Private Limited JSW Vallabh Tinplate Private Limited AcciaItalia S.p.A. (w.e.f. 30.11.2016)
Post-Employment Benefit Entity : [As on 31.03.2017]	JSW Steel EPF Trust JSW Steel Group Gratuity Trust JSW Steel Limited Employee Gratuity Fund
Enterprises over which Key Management Personnel and Relatives of such personnel exercise significant Influence: [As on 31.03.2017]	JSW Energy Limited Jindal Stainless Limited Jindal Saw Limited Jindal Saw USA LLC Jindal Steel and Power Limited JSoft Solutions Limited Jindal Industries Private Limited JSW Cement Limited JSW Jaigarh Port Limited Reynold Traders Private Limited Raj West Power Limited JSW Power Trading Company Limited JSW Infrastructure Limited South West Port Limited JSW Techno Projects Management Limited JSW Global Business Solutions Limited (formerly Sapphire Technologies Limited) South West Mining Limited JSL Architecture Limited JSW Projects Limited JSW Foundation P Jindal Foundation Jindal Technologies and Management Services Private Limited JSW Dharamatar Port Private Limited Jindal Tubular (India) Limited M/s Shadeed Iron and Steel Co. LLC JSW Investment Private Limited JSW IP Holdings Private Limited (w.e.f. 01.04.2015) Epsilon Carbon Private Limited (formerly AVH Private Limited) JSW International Trade Corp PTE Limited Heal Institute Private Limited (ceased w.e.f 19.10.2016) JSL Lifestyle Limited Jindal Power Limited Jindal Fittings Limited Jindal Education Trust JSW Paints Private Limited Khaitan and Company Toshiba JSW Power System Private Limited MJSJ Coal Limited

CAPITAL STRUCTURE

AS ON 31.03.2018

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : INR 3013.300 Million

AFTER: 29.06.2017

Authorised Capital : INR 90150.000 Million

Issued, Subscribed & Paid-up Capital : INR 3013.300 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
60150000000	Equity Shares	INR 1/- each	INR 60150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2417220440	Issued and subscribed: (A) Outstanding at the beginning and end of the year	INR 1/- each	INR 2417.200 Million
Less :	Shares held under ESOP Trust (B) Treasury shares at end of the year		INR 14.200 Million
2,402,984,690	Equity Shares ( Net of treasury shares) (A - B) Outstanding at the end of the year	INR 1/- each	INR 2403.000 Million
Add :	Paid-up Capital : Equity shares forfeited (amount originally paid-up) (C)		INR 610.300 Million
	Total		INR 3013.300 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3020.000	3013.300	3009.000
(b) Reserves & Surplus	276050.000	237967.700	201093.500
(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)	279070.000	240981.000	204102.500
(3) Non-Current Liabilities
(a) Long-term borrowings	295510.000	283578.200	301448.100
(b) Deferred tax liabilities (Net)	20710.000	13293.300	0.000
(c) Other long term liabilities	7020.000	859.100	26.200
(d) long-term provisions	1150.000	9604.600	11513.100
Total Non-current Liabilities (3)	324390.000	307335.200	312987.400
(4) Current Liabilities
(a) Short term borrowings	21720.000	48753.700	20699.000
(b) Trade payables	139880.000	126087.600	110113.200
(c) Other current liabilities	89340.000	84634.800	86118.700
(d) Short-term provisions	1110.000	1321.300	1056.700
Total Current Liabilities (4)	252050.000	260797.400	217987.600
TOTAL	855510.000	809113.600	735077.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	495030.000	502151.300	464981.100
(ii) Intangible Assets	650.000	511.100	618.200
(iii) Capital work-in-progress	30710.000	27454.300	62035.400
(iv) Intangible assets under development	3210.000	2817.200	2357.800
(b) Non-current Investments	48780.000	47496.700	47640.300
(c) Deferred tax assets (net)	0.000	0.000	4795.400
(d) Long-term Loan and Advances	51650.000	33497.400	2417.500
(e) Other Non-current assets	32950.000	17337.300	15595.900
Total Non-Current Assets	662980.000	631265.300	600441.600
(2) Current assets
(a) Current investments	0.000	3000.900	0.000
(b) Inventories	100820.000	92702.600	67417.400
(c) Trade receivables	46920.000	39480.000	25107.100
(d) Cash and cash equivalents	6010.000	10270.200	5985.400
(e) Short-term loans and advances	1580.000	1211.300	13253.100
(f) Other current assets	37200.000	31183.300	22872.900
Total Current Assets	192530.000	177848.300	134635.900
TOTAL	855510.000	809113.600	735077.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Revenue from Operations	662340.000	569132.500	408589.600
	Other Income	2130.000	2554.600	3183.000
	TOTAL	664470.000	571687.100	411772.600
Less	EXPENSES
	Cost of Materials Consumed	359950.000	283998.800	187633.200
	Purchases of Stock-in-Trade	10630.000	9446.600	1527.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4120.000	(13895.800)	10835.600
	Employees benefits expense	12600.000	11675.800	9532.900
	Power and Fuel	47710.000	0.000	0.000
	Excise duty expense	12590.000	46231.400	41520.400
	Exceptional items	2340.000	0.000	58604.500
	Other expenses	77330.000	116243.500	93851.800
	TOTAL	527270.000	453700.300	403505.600
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	137200.000	117986.800	8267.000
Less	FINANCIAL EXPENSES	35910.000	36427.900	32187.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	101290.000	81558.900	(23920.300)
Less/ Add	DEPRECIATION/ AMORTISATION	30540.000	30246.100	28472.400
	PROFIT/ (LOSS) BEFORE TAX	70750.000	51312.800	(52392.700)
Less	TAX	24500.000	15547.400	(17096.000)
	PROFIT/ (LOSS) AFTER TAX	46250.000	35765.400	(35296.700)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		100513.200	24851.700
	Sale of Carbon Credits		0.000	0.000
	Commission and Fees		0.000	392.400
	Interest Income		982.600	1735.600
	TOTAL EARNINGS	NA	101495.800	26979.700
	IMPORTS
	Capital Goods		5269.500	15317.200
	Raw Materials (including Power and Fuel)		148140.900	86097.600
	Stores & Spare Parts		10648.100	5834.300
	TOTAL IMPORTS	NA	164058.500	107249.100
	Earnings / (Loss) Per Share (INR)
	Basic	19.24	14.89	(14.75)
	Diluted	19.14	14.89	(14.75)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	47040.200	31785.700
Cash generated from operations	NA	80405.700	58233.600
Net cash flow from operating activity	NA	80174.500	56694.900

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	25.86	25.32	22.43
Account Receivables Turnover (Income / Sundry Debtors)	14.12	14.42	16.27
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	137.77	156.83	212.47
Inventory Turnover (Operating Income / Inventories)	1.36	1.27	0.12
Asset Turnover (Operating Income / Net Fixed Assets)	0.26	0.22	0.02

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.64	0.73	0.75
Debt Equity Ratio (Total Liability / Networth)	1.14	1.57	1.73
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.90	1.08	1.07
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.90	2.21	2.60
Interest Coverage Ratio (PBIT / Financial Charges)	3.82	3.24	0.26

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	6.98	6.28	-8.64
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.41	4.42	-4.80
Return on Investment (ROI) ((PAT / Networth) * 100)	%	16.57	14.84	-17.29

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	0.76	0.68	0.62
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.36	0.33	0.31
G-Score Ratio Financial (Networth / Total Assets)	0.33	0.30	0.28
G-Score Ratio Debt (Debts / Equity Capital)	105.04	125.90	117.62
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.76	0.68	0.62

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

STOCK PRICES

Face Value	INR 1.00/-
Market Value	INR 314.30/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	3009.000	3013.300	3020.000
Reserves & Surplus	201093.500	237967.700	276050.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	204102.500	240981.000	279070.000
long-term borrowings	301448.100	283578.200	295510.000
Short term borrowings	20699.000	48753.700	21720.000
Total borrowings	322147.100	332331.900	317230.000
Debt/Equity ratio	1.578	1.379	1.137

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	408589.600	569132.500	662340.000
		39.292	16.377

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	408589.600	569132.500	662340.000
Profit/ (Loss)	(35296.700)	35765.400	46250.000
	(8.64%)	6.28%	6.98%

LEGAL CASE

Bench:- Bombay
Presentation Date:23.10.2017
Lodging No:-		NMCDL/688/2017	Failing Date:-		23.10.2017		Reg. No.:-	NMCD/647/2017	Reg. Date:-	26.10.2017
Main Matter
Lodging No.:	CARBPL/454/2017
Petitioner:-	OBULAPURAM MINING COMPANY PRIVATE LIMITED			Respondent:-		JSW STEEL LIMITED
Petn.Adv:-	ASHOK SINGH (I1402)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE
Status:-	Pre-Admission			Category:		NOTICE OF MOTIONS IN COMMERCIAL DIVISION MATTERS
Act:-	Arbitration and Conciliation Act 1996

Bench:- Bombay
Presentation Date:23.10.2017
Lodging No:-	NMCDL/688/2017	Failing Date:-	23.10.2017
Main Matter
Lodging No.:	CARBPL/454/2017
Petitioner:-	OBULAPURAM MINING COMPANY PRIVATE LIMITED		Respondent:-	JSW STEEL LIMITED
Petn.Adv:-	ASHOK SINGH (I1402)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE
Status:-	Pre-Admission		Category:	NOTICE OF MOTIONS IN COMMERCIAL DIVISION MATTERS
Act:-	Code of Civil Procedure 1908
Bench:- Bombay
Presentation Date:23.10.2017
Lodging No:-	CARBPL/454/2017	Failing Date:-	23.10.2017
Main Matter
Petitioner:-	OBULAPURAM MINING COMPANY PRIVATE LIMITED		Respondent:-		JSW STEEL LIMITED
Petn.Adv:-	ASHOK SINGH (I1402)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE
Status:-	Pre-Admission		Category:		ARBITRATION PETITION U/S 34 OF ARBITRATION AND CONCILIATION ACT, 1996
Act:-	Arbitration and Conciliation Act 1996				Under Section:-	34

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:15.07.2017
Lodging No:-	ITXAL/1739/2017	Failing Date:-	15.07.2017		Reg. No.:-		ITXA/1486/2017		Reg. Date:-	07.10.2017
Petitioner:-	PR. COMMISSIONER OF INCOME TAX, CENT		Respondent:-		JSW STEEL LIMITED
Petn.Adv:-	TEJVEER SINGH MASTAN SINGH (I3678)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission			Category:	TAX APPEALS
Next Date:-	04.05.2018		Stage:-		FOR ADMISSION - FRESH
Coram :	ACCORSING TO SITTING LIST ACCORSING TO SITTING LIST
Last Date:-	01.11.2017
Last Coram :	HON’BLE SHRI JUSTICE A.S. OKA HON’BLE SHRI JUSTICE A.K. MENON
Act:-	Income Tax Act, 1961					Unser Section :-		260A

Bench:- Bombay
Presentation Date:25.05.2017
Lodging No:-	ITXAL/1353/2017	Failing Date:-	25.05.2017
Petitioner:-	PR. COMMISSIONER OF INCOME TAX, CENT		Respondent:-	JSW STEEL LIMITED
Petn.Adv:-	PADMA DIVAKAR (I3287)
District:-	NASHIK
Bench:-	SINGLE		Category:	TAX APPEAL
Status:-	Pre-Admission		Stage:-	FOR REJECTION [ORIGINAL SIDE MATTERS]
Last Date:-	31.08.2017
Last Coram:-	REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER
Act:-	Income Tax Act, 1961				Unser Section :-	260A

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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G84259647	100170087	BANK OF BARODA	26/03/2018	-	-	15000000000.0	3rd Floor, 10/12, Mumbai Samachar Marg,FortMumbaiMH400001IN
2	G71554059	100142370	BANK OF BARODA	21/12/2017	-	-	15000000000.0	CORPORATE FINANCIAL SERVICES FOR BRANCH, 4TH FLOOR10/12, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400001IN
3	G71552244	100142367	Bank of India	02/12/2017	-	-	5000000000.0	LARGE CORPORATE BRANCH, BANK OF INDIA BUILDING,4TH FLOOR, 70/80 M.G.ROAD,MUMBAIMH400001IN
4	G41299991	100090531	UNION BANK OF INDIA	16/03/2017	-	-	10000000000.0	239, Vidhan Bhavan Marg,Nariman PointmumbaiMH400021IN
5	G37842556	100081944	EXPORT-IMPORT BANK OF INDIA	28/02/2017	-	-	5000000000.0	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRECUFFE PARADEMUMBAIMH400005IN
6	G38803433	100084512	BANK OF BARODA	28/02/2017	-	-	5000000000.0	1ST FLOOR, 3 WALCHAND HIRACHAND MARGBALLARD PIERMUMBAIMH400001IN
7	C78237534	10618506	State Bank of India	22/01/2016	-	-	12500000000.0	The Capital, 16th Floor, Bandra Kurla Complex,Bandra (East)MumbaiMH400051IN
8	C78734019	10619473	ICICI BANK LIMITED	22/01/2016	-	-	7500000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
9	C78235330	10618504	Punjab National Bank	22/01/2016	-	-	3500000000.0	Maker Tower E, Ground Floor, Cuffe ParadeMumbaiMH400005IN
10	C58998030	10580093	ICICI BANK LIMITED	22/06/2015	-	-	10000000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN

UNSECURED LOANS

PARTICULARS	31.03.2018 (INR In Million)	31.03.2017 (INR In Million)
LONG-TERM BORROWINGS
Term loans: secured		61087.100
Deferred payment liabilities		732.600
Other loans:
Finance lease obligations		45203.700
Preference shares		5366.200
Unamortised upfront fees on borrowing		(1463.000)
SHORT TERM BORROWINGS
Foreign currency loan from bank		1029.700
Rupee loans from banks		4050.000
Commercial papers		43160.000
Total	NA	159166.300

GENERAL INFORMATION [AS ON 31.03.2017]

Subject (“the Company”) is primarily engaged in the business of manufacture and sale of Iron and Steel Products.

The Company is an integrated manufacturer of diverse range of steel products with its manufacturing facilities located at Vijaynagar Works in Karnataka, Dolvi Works in Maharashtra and Salem works in Tamil Nadu.

JSW Steel Limited is a public limited company incorporated in India on March 15, 1994 under the Companies Act, 1956 and listed on the Bombay Stock Exchange and National Stock Exchange. The registered office of the Company is JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2018 (INR In Million)	31.03.2017 (INR In Million)
a) Guarantees/ Standby letter of credit facility given on behalf of subsidiaries.
Guarantees	NA	21179.200
Standby letter of credit facility	NA	30603.800
Less: Loss allowance against aforesaid	NA	(8860.000)
b) Disputed claims/levies in respect of:
Excise Duty	NA	3068.600
Custom Duty	NA	5749.500
Income Tax	NA	1689.400
Sales Tax / VAT / Special Entry tax	NA	1559.400
Service Tax	NA	4574.600
Miscellaneous	NA	0.500
Levies by local authorities	NA	95.700
Claims by Suppliers and other parties	NA	940.700
c) Forest Development Tax/Fee:
Claims related to Forest Development Tax/Fee	NA	12997.200
Amount paid under protest	NA	7258.400
Note: The Hon’ble High Court of Karnataka has granted partial relief by a judgement dated 3 December, 2015 in response to a petition filed by the mine owners and purchasers (including JSW Steel Limited) of iron ore contesting levy of Forest Development Tax (FDT) by the State of Karnataka. The High Court vide its judgment has directed refund of the entire amount of FDT collected by State Government on sale of iron ores by Private Lease operators and NMDC. The State Government has filed an appeal before the Supreme Court of India. The Hon’ble Court has not granted stay on the operation of the judgment but only stayed refund of FDT amounting to INR 15167.600 Million. The matter is yet to be heard by the Hon’ble Supreme Court of India. Based on merits of the case and supported by a legal opinion, the Company has not recognised FDT of INR 10428.900 Million, and treated the same as a contingent liability. The State of Karnataka on 27 July, 2016, has amended Section 98-A of the Forest Act retrospectively and substituting the levy as Forest Development Fee instead of FDT. In response to the writ petition filed by the Company, the Hon’ble High Court of Karnataka has restrained the State of Karnataka from collecting FDF against furnishing of Bank Guarantee for an amount of 25%of the FDF. The State Government of Karnataka filed a Special Leave Petition with the Supreme Court of India (SCI) against the said order and SCI directed the Company and other parties to pay 50% of FDF as deposit and balance to be secured through a bond, by its order dated 13th February, 2017, and remitted the appeal back to the Karnataka High court with a direction to dispose the appeal within 6 months. Based on merits of the case and supported by a legal opinion, the Company has not recognized FDF of INR 2568.300 Million (Paid under protest - INR 608.400 Million) pertaining to the private lease operators and NMDC, and treated the same as a contingent liability.

FIXED ASSETS [AS ON 31.03.2017]

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles and Aircrafts

· Office equipments

Intangible Assets

· Software

· Licences

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 68.02
UK Pound	1	INR 91.25
Euro	1	INR 80.07

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	VIV
Report Prepared by :	IND

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

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.