File_2012_Document1

164 Jindal Steel & Power Limited Business Leadership Sustainable OperationsExcellent GovernanceRobust FinancialsAnnual Report 2011-12165ConsolidatedStatement pursuantto exemption under Section 212(8) of Companies Act, 1956 relating to Subsidiary CompaniesS.No Name of the subsidiary companies Currency Issued & Reserves Total Assets Total Investments Total Turnover Profit/ Provision Profit/ ProposedSubscribedLiabilities(Loss) before for Taxation (Loss) after DividendLong Term CurrentShare CapitalTaxationTaxation1 Jindal Power Limited ` in Crore 1,348.80 6,727.65 11,342.23 11,342.23 9.70 - - 3,330.45 2,203.34 438.35 1,764.99 -2 Jindal Hydro Power Ltd. ` in Crore 0.05 - 0.05 0.05 0.00 - - - - - - -3 Jindal Power Transmission Limited ` in Crore 0.05 - 0.05 0.05 0.00 - - - - - - -4 Jindal Power Distribution Limited ` in Crore 0.05 - 0.05 0.05 0.00 - - - - - - -5 Attunli Hydro Electric Power Company Limited ` in Crore 1.00 - 17.53 17.53 - - - - - - - -6 Etalin Hydro Electric Power Company Limited ` in Crore 1.00 - 287.80 287.80 - - - - - - - -7 Jindal Power Trading Company Limited ` in Crore 7.60 0.67 8.69 8.69 0.00 0.00 - 0.53 0.20 0.05 0.15 -8 Subansiri Hydro Electric Power Co. Limited ` in Crore 1.00 - 192.86 - - - - - - - - -9 Urtan North Mining Company Limited ` in Crore 1.00 - 8.82 8.82 - - - - - - - -10 Jindal Synfuels Limited ` in Crore 9.00 - 16.60 16.60 - - - - - - - -11 Jindal Infosolutions Limited ` in Crore 0.05 (1.12) 4.26 4.26 - - - - - - - -12 Jindal Steel & Power (Mauritius) Limited US$ in Million 50.00 29.13 793.06 793.06 12.60 19.12 31.72 - (2.51) - (2.51) -` in Crore 255.78 149.04 4,057.04 4,057.04 64.46 97.81 162.27 - (12.83) - (12.83) -13 Trans Atlantic Trading Limited US$ in Million 0.00 4.64 4.64 4.64 - - - 2.20 3.18 - 3.18 -` in Crore 0.00 23.74 23.74 23.74 - - - 11.25 16.27 - 16.27 -14 PT Jindal Overseas IDR in Million 879.10 (18,058.59) 81,070.19 81,070.19 - - - - (6,801.08) - (4,133.59) -` in Crore 0.49 (10.00) 44.91 44.91 - - - - (3.77) - (2.29) -15 Vision Overseas Limited US$ in Million 0.00 (0.01) 4.17 4.17 - - - - (0.00) - (0.00) -` in Crore 0.00 (0.05) 21.34 21.34 - - - - (0.00) - (0.00) -16 Jubiliant Overseas Limited US$ in Million 0.00 (0.01) 4.19 4.19 - - - - (0.00) - (0.00) -` in Crore 0.00 (0.05) 21.44 21.44 - - - - (0.00) - (0.00) -17 Skyhigh Overseas Limited US$ in Million 0.00 (0.01) 0.04 0.04 - - - - (0.00) - (0.00) -` in Crore 0.00 (0.04) 0.21 0.21 - - - - (0.00) - (0.00) -18 Harmony Overseas Limited US$ in Million 0.00 (0.01) 6.77 6.77 - - - - (0.00) - (0.00) -` in Crore 0.00 (0.05) 34.61 34.61 - - - - (0.00) - (0.00) -19 Worth Overseas Limited US$ in Million 4.50 (0.01) 22.50 22.50 21.95 - 21.95 - (0.00) - (0.00) -` in Crore 23.02 (0.08) 115.10 115.10 112.29 - 112.29 - (0.00) - (0.00) -20 Jindal Steel Bolivia SA BOB in Million 425.36 (52.80) 450.41 450.41 0.00 - 0.00 - (25.55) - (25.55) -` in Crore 312.64 (38.81) 331.05 331.05 0.00 - 0.00 - (18.78) - (18.78) -21 Gas to Liquid International SA BOB in Million 140.80 1.62 142.76 142.76 0.02 - 0.02 - - - - -` in Crore 103.49 1.19 104.93 104.93 0.02 - 0.02 - - - - -22 Jindal Power LLC MNT in Million 424.10 (63.00) 378.20 378.20 - - - - 30.89 - 30.89 -` in Crore 1.65 (0.24) 1.47 1.47 - - - - 0.12 - 0.12 -23 Rolling hills Resources LLC MNT in Million 2,260.40 (834.30) 3,436.50 3,436.50 - - - - (277.27) - (277.27) -` in Crore 8.77 (3.24) 13.33 13.33 - - - - (1.08) - (1.08) -24 Jindal Mining Industry LLC MNT in Million 281.19 (29.30) 267.80 267.80 - - - - 21.14 - 21.14 -` in Crore 1.09 (0.11) 1.04 1.04 - - - - 0.08 - 0.08 -25 JSPL Mozambique Minerais LDA MZN in Million 0.02 (59.05) 871.81 871.81 0.03 - 0.03 - 3.70 - 3.70 -` in Crore 0.00 (10.82) 159.74 159.74 0.01 - 0.01 - 0.68 - 0.68 -26 Enduring Overseas Limited US$ in Million 0.05 (2.98) 12.80 12.80 - - - - (0.69) - (0.69) -` in Crore 0.26 (15.23) 65.48 65.48 - - - - (3.53) - (3.53) -27 Jindal Mining & Exploration Limited US$ in Million 0.00 2.49 20.49 20.49 11.71 - 11.71 - 2.05 - 2.05 -` in Crore 0.00 12.73 104.81 104.81 59.90 - 59.90 - 10.50 - 10.50 -28 Jindal Investment Holdings Limited US$ in Million 0.00 (0.01) 2.30 2.30 - - - - (0.00) - (0.00) -` in Crore 0.00 (0.05) 11.79 11.79 - - - - (0.00) - (0.00) -29 Jindal Africa Investments (Pty) Ltd ZAR in Million 0.00 0.05 19.31 19.31 - - - 3.21 (1.23) - (1.23) -` in Crore 0.00 0.04 12.86 12.86 - - - 2.14 (0.82) - (0.82) -30 Osho Madagascar SARL MGA in Million 3.00 (579.84) 3,234.56 3,234.56 - - - - 1.33 1.33 - -` in Crore 0.01 (1.41) 7.88 7.88 - - - - 0.00 0.00 - -31 Jindal Madagascar SARL MGA in Million 3.00 (369.91) 2,757.50 2,757.50 - - - - (182.52) 4.48 (186.99) -` in Crore 0.01 (0.90) 6.71 6.71 - - - - (0.44) 0.01 (0.46) -32 Jindal Investimentos Limitada MZN in Million 0.02 - 1.91 1.91 - - - - - - - -` in Crore 0.00 - 0.35 0.35 - - - - - - - -33 Belde Empreendimentos Mineiros Ltd. MZN in Million 0.03 - 0.59 0.59 - - - - - - - -` in Crore 0.01 - 0.11 0.11 - - - - - - - -34 Eastern Solid Fuels Pty. Ltd. ZAR in Million 0.02 5.55 165.03 165.03 0.96 - 0.96 - 9.94 2.78 7.16 -` in Crore 0.01 3.70 109.90 109.90 0.64 - 0.64 - 6.62 1.85 4.77 -35 Jindal Mining SA (PTY) Ltd. ZAR in Million 0.00 66.30 326.36 326.36 - - - 674.18 78.81 21.82 56.99 -` in Crore 0.00 44.15 217.33 217.33 - - - 448.96 52.48 14.53 37.95 -36 Jindal Brasil Mineracao SA. BRL in Million 0.41 (0.31) 0.51 0.51 - - - - (0.05) - (0.05) -` in Crore 1.16 (0.87) 1.44 1.44 - - - - (0.14) - (0.14) -37 Shadeed Iron & Steel Co. LLC US$ in Million 2.60 3.56 629.57 629.57 - - - 546.57 47.73 - 47.73 -` in Crore 13.29 18.21 3,220.66 3,220.66 - - - 2,796.06 244.17 - 244.17 -38 Jindal Steel & Power (Australia) Pty Limited AUS$ in Million 0.00 (0.75) 18.25 18.25 - - - - (0.62) - (0.62) -` in Crore 0.00 (3.68) 89.75 89.75 - - - - (3.03) - (3.03) -39 Jindal Steel & Power Zimbabwe Limited US$ in Million 0.00 (1.35) 0.03 0.03 - - - - (0.08) - (0.08) -` in Crore 0.01 (6.92) 0.17 0.17 - - - - (0.40) - (0.40) -40 Jindal Tanzania Limited US$ in Million 0.01 (0.91) 0.49 0.49 - - - - (0.91) - (0.91) -` in Crore 0.03 (4.66) 2.49 2.49 - - - - (4.66) - (4.66) -41 Jindal Zambia Limited US$ in Million 0.00 (1.37) 0.65 0.65 - - - - (1.37) - (1.37) -` in Crore 0.01 (7.00) 3.33 3.33 - - - - (7.00) - (7.00) -42 Jin Africa Limited US$ in Million 0.00 (0.00) 0.36 0.36 - - - - (0.00) - (0.00) -` in Crore 0.01 (0.02) 1.84 1.84 - - - - (0.02) - (0.02) -*Exchange Rate as on 31.03.2012: US$1= ` 51.15650 IDR 1= ` 0.00554 BOB 1= ` 7.35000 MNT 1= ` 0.03879 MZN 1= ` 1.83225 ZAR 1= ` 6.659272 MGA 1= ` 0.02435 AUD 1= ` 49.17945 BRL1= ` 28.0833Auditors’ Report to the Members of Jindal Steel & Power Limited1. We have audited the attached Consolidated Balance Sheetof Jindal Steel & Power Limited, and its subsidiaries,associates and joint ventures (collectively referred to as “theGroup”) as at 31st March, 2012, and also the ConsolidatedStatement of Profit and Loss and the Consolidated CashFlow statement for the year ended on that date, annexedthere to. These Consolidated Financial Statements arethe responsibility of the Company’s management. Ourresponsibility is to express an opinion on these financialstatements based on our audit.2. We conducted our audit in accordance with the auditingstandards generally accepted in India. Those standardsrequire that we plan and perform the audit to obtainreasonable assurance about whether the financialstatements are prepared, in all material respects, inaccordance with an identified financial reporting framework and are free of material misstatement. An auditincludes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements.An audit also includes assessing the accounting principlesused and significant estimates made by the management,as well as evaluating the overall financial statementpresentation. We believe that our audit provides are as onable basis for our opinion.3. The financial statements of one associate company and onejoint venture have been audited by us in which the share ofprofit of the group is ` 20.23 crore. Investment in associatecompany has been reported in accordance with AccountingStandard (AS)-23 and in joint venture in accordance withAccounting Standard (AS)-27.4. (a) We did not audit the financial statements ofsubsidiaries, whose financial statements reflect totalassets (net) of ` 13,498.11 crore as at 31st March,2012, total revenues of ` 6,150.90 crore and netcash flows amounting to ` (295.44) crore for the yearthen ended. These financial statements and otherfinancial information have been audited by otherauditors whose reports have been furnished to usand our opinion is based solely on the report of theother auditors, in so far as it relates to the amountsincluded in respect of the subsidiaries.(b)In the case of certain subsidiaries & joint venturesof the Company, having total assets (net) of` 549.23 crore as at 31st March, 2012, total revenuesof ` 69.17 crore and net cash flows amounting to` (5.38) crore for the year ended, the figures usedfor consolidation are based on the management’sestimate and are, therefore, unaudited.5. We report that the Consolidated Financial Statements havebeen prepared by the Company in accordance with therequirements of Accounting Standard (AS)-21, ‘ConsolidatedFinancial Statements’, Accounting Standard (AS)-23‘Accounting for Investments in Associates in ConsolidatedFinancial Statements’ and Accounting Standard (AS)-27,‘Financial Reporting of Interest in Joint Ventures’ notifiedby the Companies (Accounting Standards) Rules, 2006,(as amended) and on the basis of the separate financialstatements of the subsidiaries, associates and joint venturesincluded in the Consolidated Financial Statements.6. Attention is invited to note no. 4 (a) of ConsolidatedFinancial Statements regarding accounting for sales taxincluded in the sales price of products sold out of sales taxexempted unit under Sales Tax / Capital Subsidy reserveaccount in the circumstances as explained in the said note.7. Based on our audit and on consideration of the reportsof the other auditors on separate financial statementsand on the other financial information of the subsidiaries,associates and joint ventures and to the best of ourinformation and according to the explanations given tous, we are of the opinion that the attached ConsolidatedFinancial Statements together with the Notes thereongive a true and fair view in conformity with the accountingprinciples generally accepted in India:(a)(b)(c)Place: New Delhiin the case of Consolidated Balance Sheet, of theconsolidated state of affairs of the Group as at31st March, 2012;in the case of Consolidated statement of Profit andLoss, of the consolidated results of operations of theGroup for the year ended on that date; andin the case of Consolidated Cash Flow statement, ofthe consolidated cash flows of the Group for the yearended on that date.For S. S. KOTHARI MEHTA & CO.Chartered AccountantsFRN No. 000756N(Arun K. Tulsian)PartnerDated: 27th April, 2012 Membership No. 89907