Balance Sheet of jindal steel and power

limited as on 31 st march 2019

Particular March 19 March 18
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 96.79 96.79
Total Share Capital 96.79 96.79
Reserves and Surplus 22,446.97 22,690.97
Total Reserves and Surplus 22,446.97 22,690.97
Money Received Against Share Warrants 4.8 4.8
Total Shareholders Funds 22,548.56 22,792.56
NON-CURRENT LIABILITIES
Long Term Borrowings 12,338.00 14,411.05
Deferred Tax Liabilities [Net] 3,366.47 3,673.45
Other Long Term Liabilities 3,194.21 3,568.09
Long Term Provisions 67.96 43.08
Total Non-Current Liabilities 18,966.64 21,695.67
CURRENT LIABILITIES
Short Term Borrowings 5,257.37 6,910.19
Trade Payables 4,181.88 3,380.36
Other Current Liabilities 6,674.12 5,266.46
Short Term Provisions 43.67 31.36
Total Current Liabilities 16,157.04 15,588.37
Total Capital And Liabilities 57,672.24 60,076.60
ASSETS
NON-CURRENT ASSETS
Tangible Assets 44,293.04 45,564.06
Intangible Assets 69.68 72.37
Capital Work-In-Progress 1,584.10 2,653.99
Intangible Assets Under Development 40.02 35.3
Other Assets 0.14 0.14
Fixed Assets 45,986.98 48,325.86
Non-Current Investments 1,692.92 1,490.36
Long Term Loans And Advances 103.67 150.43
Other Non-Current Assets 466.89 398.09
Total Non-Current Assets 48,250.46 50,364.74
CURRENT ASSETS
Current Investments 0 0
Inventories 3,893.18 3,098.89
Trade Receivables 903.6 794.31
Cash And Cash Equivalents 100.8 126.11
Short Term Loans And Advances 1,619.52 1,046.54
OtherCurrentAssets 2,904.68 4,646.01
Total Current Assets 9,421.78 9,711.86
Total Assets 57,672.24 60,076.60
Director’s Board Report
Dear Members,
The Board of Directors are pleased to present the Company’s 40th Annual Report and the Company’s
audited financial statements (standalone) for the Financial Year ended March 31, 2019.
MATERIAL CHANGES AND COMMITMENTS AFFECTING
FINANCIAL POSITION AND CHANGE IN BUSINESS
There have been no material change(s) and commitment(s),except elsewhere stated in this report, affecting
the
financial position of the Company between the end of thefinancial year of the Company i.e. March 31,
2019 and thedate of this Report.There has been no change in the nature of business of the Company
during the financial year ended on March 31, 2019.
PRODUCTION HIGHLIGHTS
Steel:
During FY’19, production of crude steel was 5.25Million MT as against 4.02 Million MT in FY’18,
whereas the sales of various steel products duringFY’19, was 5.12 Million MT as compared to 3.77
Million MT in FY’18.
Power:
During FY’19, the power generation was 10,396 MU as against 10,905 MU in FY’18.
DIVIDEND
The Board of Directors of your Company had approved the Dividend Distribution Policy in accordance
with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“ListingRegulations”), The Policy may be accessed under the corporate governance
section on the website of the Company at
https://www.jindalsteelpower.com/img//dmin/report/pdf/dividend_distribution_policy.pdf
The objective of this policy is to establish the parameters to be considered by the Board of Directors of
your Company before declaring or recommending dividend. The Board of Directors of your Company has
not recommended any dividend during the year in view of losses
CREDIT RATING
Your Company’s domestic credit rating is “BBB- Outlook Stable” for the long-term debt/facilities/non-
convertible
debentures and A3 for short term debt/ facilities rated by Credit Analysis & Research Ltd. (CARE),
CRISIL and ICRA Limited. However, credit rating for priority term loan (long term bank facility) is rated
“BBB Outlook Stable” by CARE and “BBB- Outlook Stable” by CRISIL and ICRA Limited.
SHARE CAPITAL
During FY’ 19, there was no change in the Authorised Share Capital and Paid up Share Capital of the
Company. As at the end of FY’19, the Authorised Share Capital of the Company was ` 300,00,00,000/-
(Rupees Three Hundred Crore only) divided into 200,00,00,000 (Two Hundred Crore) equity shares of `
1/- (Rupee One only) each and 1,00,00,000 (One Crore) Preference Shares of ` 100/- (Rupees One
Hundred
only) each and Paid-up Share Capital of the Company was ` 96,79,46,379/- (Rupees Ninety Six Crore
Seventy Nine Lakh Forty Six Thousand Three Hundred and Seventy Nine only) comprising of
96,79,46,379 (Ninety Six Crore Seventy Nine Lakh Forty Six Thousand Three Hundred and Seventy
Nine) equity shares of ` 1/- (Rupee One only) each.
Subsequent to the closure of FY’19, your Company has allotted 4,80,00,000 (Four Crore Eighty Lakh)
equity shares upon conversion of warrants to promoter group entity and 40,69,592 (Forty Lakh Sixty Nine
Thousand Five Hundred and Ninety Two) equity shares to the eligible employees of the Company and its
subsidiaries under Jindal Steel & Power Limited Employee Stock Purchase Scheme-2018. Accordingly, the
paid up share capital of the Company increased from ` 96,79,46,379/- (Rupees Ninety Six Crore Seventy
Nine Lakh Forty Six Thousand Three Hundred and Seventy Nine only) comprising of 96,79,46,379
(Ninety Six Crore Seventy Nine Lakh Forty Six Thousand Three Hundred and Seventy Nine) equity
shares of ` 1/- (Rupee One only) each to ` 1,02,00,15,971/- (Rupees One Hundred Two Crore Fifteen
Thousand Nine Hundred and Seventy
One only) comprising of 1,02,00,15,971 (One Hundred Two Crore Fifteen Thousand Nine Hundred and
Seventy One) equity shares of ` 1/- (Rupee One only) each.
Scheme-2017 would be placed before the members at the ensuing Annual General Meeting (“AGM”) of
the Company and copy of the same shall be available for inspection at the registered office of the
Company.

NON-CONVERTIBLE DEBENTURES
The aggregate outstanding amount of Non-Convertible Debentures (“NCDs”) of the Company as on
March 31, 2019 was ` 1,747.20 Crore. During FY’19, NCDs amounting to ` 1,752.40 Crore has been
redeemed. There is no delay in servicing of NCDs interest during FY’19. The Company had paid all the
dues including interest on NCDs during FY’19. Necessary Disclosures in this connection under Listing
Regulations have been made to the Stock Exchange where the debentures of the Company are listed.
DEPOSITS
The Company has not accepted/received any deposits during the year under report falling within the
ambit of
Section 73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014.
RELATED PARTY TRANSACTIONS
In terms of Section 188 of the Act read with rules framed thereunder and Regulation 23 of the Listing
Regulations, your Company has in place Related Party Transactions Policy dealing with related party
transactions. The policy may be accessed under the Corporate Governance section on the website of the
Company at: https://www.jindalsteelpower. com/img/admin/report/pdf/RPT_Policy.pdf All the related
party transactions that were entered and executed during the year under review were on arm’s length basis
and in the ordinary course of business and within permissible framework of Section 188 of the Act and
Rules made thereunder read with Regulation 23 of Listing Regulations. There were no materially
significant related
party transactions made by the Company during the year that would have required the approval of the
shareholders. The details of the transactions with the related parties are provided in the accompanying
financial statements. There were no related party transactions made during the year required to be
disclosed in the Form AOC-2.
The Securities Purchase Agreement entered with JSW Energy Limited for the divestment of 1000 MW
(4x250
MW) thermal power plant of Jindal Power Limited, a subsidiary company, located at Village Tamnar,
District
Raigarh, Chhattisgarh stands terminated due to elapsing of long stop date without completion of the
stipulated
conditions precedent as on June 30, 2019
DIRECTORS AND KEY MANAGERIAL
PERSONNEL
Directors:
Resignation/Cessation:
 Mr. Pradyumna Singh Dubey and Dr. Amar Singh resigned from the Directorship w.e.f. May 2,
2018.
 Mr. Rajeev Rupendra Bhadauria, stepped down from the position of wholetime Director from the
close of
business hours of January 31, 2019.
 Mr. Arun Kumar, having attained the age of 75 years ceased to be director of the Company w.e.f.
April 1, 2019, consequent to the regulation 17(1A) of the Listing Regulations.

Appointment / Re-appointment:
On the recommendations of Nomination and Remuneration Committee (“NRC”), the Board approved the
appointment of Mr. N.A. Ansari as an Additional Director w.e.f. March 29, 2019 and also subject to the
approval of shareholders, approved his appointment as Wholetime Director designated as Jt. Managing
Director for a period of 3 years w.e.f. March 29, 2019. On the recommendations of NRC, the Board,
subject to the approval of the shareholders, approved the re-appointments of Mr. Ram Vinay Shahi, Mr.
Arun Kumar Purwar, Mr. Sudershan Kumar Garg, Mr. Hardip Singh Wirk, Independent Directors for a
further term of 2 years w.e.f. July 30, 2019.
Subsequently, the Shareholders of the Company by passing resolutions by way of postal ballot on July 8,
2019, approved the appointment of Mr. N.A. Ansari, as Director and Wholetime Director designated as
Jt. Managing Director for a period of 3 years w.e.f. March 29, 2019 and re-appointments of Mr. Ram
Vinay Shahi, Mr. Arun Kumar Purwar, Mr. Sudershan Kumar Garg, Mr. Hardip Singh Wirk,
Independent Directors for a further term of 2 years w.e.f. July 30, 2019. On the recommendations of NRC,
the Board approved the appointment of Mr. V.R. Sharma as an Additional Director w.e.f. August 14, 2019
and also subject to the approval of shareholders, approved his appointment as Managing Director for a
period of 3 years w.e.f. August 14, 2019.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from each Independent Directors that they meet the criteria of
independence prescribed under Section 149 read with Schedule IV of the Act and rules made thereunder,
as well
as Regulations 16 and 25(8) of the Listing regulations. The Board considered the independence of each of
the
Independent Director in terms of above provisions and is of the view that they fulfill/meet the criteria of
independence.
MEETINGS OF THE BOARD AND COMMITTEES
The Board of Directors met 5 (five) times during the period under review. The details of number of
meetings of the Board and various Committees of your Company are set out in the Corporate Governance
Report which forms part of this report.

SECRETARIAL STANDARDS
The Directors state that applicable secretarial standards i.e. SS-1 and SS-2, relating to meetings of the
board of the directors and general meetings, have been duly followed by the Company
STATUTORY AUDITORS
M/s Lodha & Co., Chartered Accountants (ICAI Firm Registration No. 301051E), New Delhi, were
appointed as the Statutory Auditors for a period of 5 years from the conclusion of 37th AGM till the
conclusion of 42nd AGM of the Company. The Statutory Auditors have confirmed that they are not
disqualified from continuing as the auditor of the Company. Explanations on qualification, reservation or
adverse remark by the Statutory Auditors:
A. The Board is of the view that as of now there is no requirement for adjustment to the carrying value of
investment made in mining assets by the Company and difference, if any shall be accounted for when the
matter is finally settled.
B. The respective step down subsidiary companies accounts are since audited on consolidated basis
considering the impairment testing by independent valuer in respect of two step down subsidiaries. The
statement of impact of Audit Qualification has been disclosed on the website of the Company There are no
instances of any fraud reported by the Auditor to the Audit Committee or the Board pursuant to
section 143(12) of the Act.
COST AUDITORS
In terms of sub-section (1) of Section 148 of the Act read with Companies (Cost Records and Audit) Rules,
2014, as amended from time to time, the Company is required to maintain the cost records and
accordingly such accounts and records are made and maintained. M/s Ramanath Iyer & Co., (FRN
000019), Cost Accountants,
were appointed as the Cost Auditors of the Company for auditing the cost records of the Company for the
financial year 2019-20, subject to ratification of remuneration by the Shareholders of the Company in the
40th AGM of the Company. Accordingly, an appropriate resolution seeking ratification of the
remuneration for the financial year 2019- 20 of M/s Ramanath Iyer & Co. is included in the Notice
convening the 40th AGM of the Company.
RISK MANAGEMENT
The Company has in place a robust risk management framework which identifies and evaluates business
risks
and opportunities. The Company recognises that these risks need to be managed and mitigated to protect
the
interest of the shareholders and stakeholders, to achieve business objectives and enable sustainable growth.
The risk management framework is aimed at effectively mitigating the Company’s various business and
operational risks, through strategic actions. Risk management is embedded in our critical business
activities, functions and processes. The risks are reviewed for the change in the nature and extent of the
major risks identified since the last assessment. It also provides control measures for risk and future action
plans.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with reference to financial statements and
such
internal financial controls are operating effectively. Your Company has adopted policies and procedures
for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s
policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and
completeness of the accounting records, and timely preparation of reliable financial disclosures.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 134(3) (c) of the Act, your Directorsstate that:
(a) in the preparation of the annual accounts for the year ended March 31, 2019, the applicable accounting
standards and Schedule III to the Act, have been followed and there are no material departures from
the same;
(b) the Directors have selected such accounting policies and applied them consistently and made
judgments
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
your Company as at March 31, 2019 and of the loss of the Company for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
(d) The Directors have prepared the annual accounts on a going concern basis;
(e) The Directors have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and are operating effectively; and
(f ) The Directors have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems are adequate and operating effectively.
Acknowledgements
The Directors wish to place on record their appreciation for the sincere services rendered by company’s
staffs
and workers at all levels. Your Directors also wish to place on record their appreciation for the valuable
cooperation and support received from the Government of India, various State Governments, the Banks/
Financial Institutions and other stakeholders such as, shareholders, customers and suppliers, among
others. The Directors also commend the continuing commitment and dedication of the employees at all
levels, which has been critical for the Company’s success. The Directors look forward to their continued
support in future.

For and on behalf of the Board of Directors

Naveen Jindal
Cash Flow Statement
for the year ended 31st March,2019
Particulars Year ended Year ended
31st 31st
March,2019 March,2018
Operating Activities
Profit before tax (569.78) (671.78)
Adjustments to reconcile profit before tax to net cash flows
Depreciation & Amortisation 2,307.06 1,909.66
Loss/(Gain) on disposal of property, plant & equipment (0.69) 143.42
Loss/(Gain) on exceptional items (refer note no. 62) 1,398.38
Gain on sale of Investments (249.40)
Liability / Provisions no longer required written back/ written off(net) (140.05) 284.78
Bad debts written off/ Provision for Doubtful debts & advances 11.47 30.00
Unbilled revenue written off 86.53
Unrealised foreign exchange loss/(Gain) (34.41) 23.16
Adjustment in the value of Non current investments (9.90) (7.11)
Share Option Outstanding Account/ ESPS 2.78
Finance costs (Net) 2,895.76 2,391.15
Operating Profit before Working Capital Changes 5,947.15 3,853.88
Working capital adjustments
Decrease/ (Increase) in trade and other receivables (120.76) (27.11)
Decrease/ (Increase) in inventories (772.12) (1,211.92)
Decrease/ (Increase) in Financial Assets 85.81 178.26
Decrease/ (Increase) in Non Current/ Current term Loans (5.20) (56.89)
Decrease/ (Increase) in Other Non Current/ Current Assets 248.15 831.05
Increase/ (decrease) in trade and other payables 864.17 1,012.16
Increase/ (decrease) in Other Financial Liabilities (441.88) (197.98)
Increase/ (decrease) in Other Current Liabilities 1,083.80 490.94
Increase/ (decrease) in Provisions 23.30 (2.01)
6,912.42 4,870.38
Income - tax paid 75.09 (10.19)
Net cash flows from (used in) operating activities (after exceptional) 6,987.51 4,860.19

Investing activities
Purchase of property, plant & equipment, including CWIP and capital (716.37) (1,918.70)
Advances
Proceeds from sale of property, plant & equipment 12.48 969.70
Short term loans given/ taken (net) (668.36) (275.00)
Interest Received 25.64 87.93
Proceeds from sale of non current investment 251.40
Deposit with original maturity more than three months 1.87 251.40
Unpaid dividend accounts (1.82) (1.47)
Advance for sale of Investment 8.13
Net cash flows from (used in) investing activities (1,346.56) (869.68)

Financing activities
Proceeds from issue of shares 1,219.92
Proceeds from issue of share warrant 168.37
Working Capital Borrowings from Banks/other short term loans (net) (1,583.93) (851.18)
Proceeds from long term Borrowings 1,408.36 598.04
Proceeds from long term Borrowings nterest Paid (2,763.67) (1,912.26)
 Interest Paid (2,736.34) (3,250.11)
Net cash flows from (used in) financing activities (5,675.58) (4,027.22)
Net increase (decrease) in cash and cash equivalents (34.63) (36.71)
Cash and cash equivalents at the beginning of the year 101.19 137.90
Cash and cash equivalents at year end 66.56 101.19
Components of cash and cash equivalent
Cash on hand 0.46 0.37
Cheques/Drafts in hand 0.54 0.02
Balances with banks:
On current accounts 32.61 85.73
On deposits accounts with original maturity of less than three months 32.93 15.06
on others 0.02 0.01
Cash and bank balances 66.56 101.19
Cash and cash equivalents 66.56 101.19
Statement of profit and loss
for the year ended 31 st march 2019
Year ended Year ended
Income 31st 31st
march,2019 march,2018
Sales Turnover 27,715.97 17,523.04
Excise Duty 0 457.87
Net Sales 27,715.97 17,065.17
Other Income -1,383.93 -344.02
Stock Adjustments 109.71 279.21
Total Income 26,441.75 17,000.36
Expenditure
Raw Materials 15,546.99 8,625.46
Power & Fuel Cost 3,423.24 2,841.90
Employee Cost 619.77 525.18
Miscellaneous Expenses 2,218.71 1,378.79
Total Expenses 21,808.71 13,371.33
Operating profit 6,016.97 3,973.05
PBDIT 4,633.04 3,629.03
Interest 2,895.76 2,391.15
PBDT 1,737.28 1,237.88
Depreciation 2,307.06 1,909.66
Profit Before Tax -569.78 -671.78
PBT (Post Extra-ord Items) -569.78 -671.78
Tax -306.88 -310.17
Reported Net Profit -262.9 -361.61
Total Value Addition 6,261.72 4,745.87
Per share data (annualised)
Shares in issue (lakhs) 9,679.46 9,679.46
Earning Per Share (Rs) -2.72 -3.74
Book Value (Rs) 232.9 235.42