Jindal Saw-AR-2017-18-NET PDF

ANNUAL REPORT 2017-18
BOARD’S REPORT
To
The Members,
Your Directors are pleased to present the 33rd Annual Report along with Audited Financial Statements of the Company for the year
ended 31st March, 2018.
1 FINANCIAL RESULTS
(` lakhs)
PARTICULARS Year ended Year ended
March 31, 2018 March 31, 2017
Revenue from Operations 7,33,491.11 5,91,555.64
Profit before finance cost, depreciation, exceptional items and tax 1,25,967.22 1,19,674.50
Less:
Finance costs 41,510.99 37,986.76
Depreciation and amortisation expense 25,616.61 22,939.81
Exceptional items - (305.80)
Profit before tax 58,839.62 59,053.73
Tax expense 19,408.77 20,447.00
Profit after tax 39,430.85 38,606.73
Other Comprehensive Income
Items that will not be reclassified to profit and loss 184.72 (702.02)
Total Comprehensive Income for the year 39,615.58 37,904.71
2. REVIEW OF OPERATIONS The Company has sold ~ 4,73,400 lakhs MT of DI Pipe &
The Financial Year 2017-18 has registered increase in Pig Iron in financial year 2017-18 as compared to ~ 4,06,500
production and sales volumes as compared to previous MT in financial year 2016-17.
financial year. The total pipe production (including pig The order book status is quite comfortable at ~ 3,69,000
iron) during 2017-18 was ~ 11,83,800 MT (including ~ 79,670 MT approx.
MT pipes produced on job work) as compared to ~
10,51,800 MT (including ~ 1,56,500 MT pipes produced on Seamless Strategic Business Unit: The production of
job work) during 2016-17. The annual pellet production seamless pipes during financial year 2017-18 was ~ 1,67,000
during 2017-18 was 13.50 lakhs MT as compared to 12 lakhs MT as compared to ~ 97,000 MT during financial year
MT during 2016-17. 2016-17. There is growth of 72% on YoY basis.
During financial year 2017-18, the Company has sold Sale of seamless pipes during financial year 2017-18 was
(including pig iron) ~ 11,71,973 MT (including ~ 79,670 MT ~1,68,100 MT as compared to ~ 98,200 MT during financial
pipes produced on job work) as compared to ~ 10,40,000 year 2016-17.
MT (including ~ 1,56,000 MT pipes produced on job work)
during 2016-17 and thus recorded ~ 13% growth in sales Introduction of anti-dumping measures have improved
volumes in 2017-18. the domestic demand of seamless pipe. The Company
has adopted a strategy of diversification in product
Segments Performance
portfolio and has started catering to niche/premium
Saw Pipe Strategic Business Unit: During the financial segment e.g. T91, 13 chrome and ball bearing industry, etc.
year 2017-18, the Company produced ~ 5,73,100 MT of The strategy has already started yielding results.
pipes (including ~ 79,670 MT pipes produced on job
work) as compared to previous year ~ 5,27,000 MT Current order book stands at ~ 36,000 MT which gives an
(including job work of 1,56,000 MT) registering a improved visibility for 2018-19.
quantitative growth of ~ 8.75% on YoY basis. Iron Ore Mines and Pellet Strategic Business Unit: During
The Company has sold ~ 5,30,360 MT (including ~ 79,670 2017-18, the Company has maintained its production levels
MT on job work) of Saw pipes as compared to previous at ~ 100 % capacity and produced ~ 1.3 million MT pellet.
year ~ 5,35,300 MT (including ~ 1,56,500 MT on job work). The Company has worked very hard in terms of cost
The status of orders booked as on 31st March, 2018 was ~ reduction and improvement in operational efficiency
5,40,000 MT including job work orders for ~ 67,000 MT. which has resulted in improvement in profitability in pellet
segment. The current order book stands at ~ 52,000 MT.
DI and Pig Iron Strategic Business Unit: Operations in this
segment were in line with the planned production in the Oceangoing waterways: During 2017-18, company has
financial year 2017-18. The Company has produced sold remaining two vessels of Ocean business and the
4,43,700 lakhs MT of DI Pipe & Pig Iron in financial year segment has been discontinued.
2017-18 as compared to ~ 4,28,000 MT in financial year
2016-17.
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BOARD’S REPORT
3. DIVIDEND The policy for determining material subsidiaries as
approved may be accessed on the Company’s website
The Board has, subject to the approval of members at the
at the link: http://www.jindalsaw.com/pdf/POLICY-FOR-
ensuing annual general meeting, recommended a
DETERMININ G-MATERIAL-SUBSIDIARIES.pdf
dividend of ` 1.2 per equity share of ` 2/- for the year
ended 31st March, 2018. The Board’s recommendation for 11. DIRECTORS’ RESPONSIBILITY STATEMENT
a stable and steady dividend is linked to Company’s long
Pursuant to the requirement under section 134 of the
term requirements of funds for meeting the working
Companies Act, 2013 with respect to Directors’
capital needs, capital expenditures for its growth plans &
Responsibility Statement, it is hereby confirmed by the
modernization and to finance such plans by retaining
Board of Directors: -
back the profits.
a. that in the preparation of the annual accounts for the
4. TRANSFER TO RESERVES
financial year ended 31st March, 2018, the Indian
Your Board has proposed to transfer ` 358 lakhs to Accounting Standards (Ind AS) has been followed
Debenture Redemption Reserve. On redemption of along with proper explanation relating to material
debentures the proportionate Debenture Redemption departures;
Reserve of ` 2,500 lakhs was transferred to General
b. that they had selected such accounting policies and
Reserve.
applied them consistently and made judgments and
5. SHARE CAPITAL estimates that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the
There is no change during the year 2017-18 in the paid up
Company at the end of the financial year and of the
equity share capital of the Company.
profit of the Company for the year ended on that
6. MANAGEMENT DISCUSSION AND ANALYSIS REPORT period.
Management Discussion and Analysis, as stipulated under c. that they had taken proper and sufficient care for the
Regulation 34 of SEBI (Listing Obligations and Disclosure maintenance of adequate accounting records in
Requirements) Regulations, 2015 forming part of this accordance with the provisions of the Companies Act,
report has been given under separate section. 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other
9. CONSOLIDATED FINANCIAL STATEMENTS
irregularities;
Audited annual consolidated financial statements forming
d. that they had prepared the accounts for the financial
part of the annual report have been prepared in
year ended 31st March, 2018 on a ‘going concern’
accordance with Companies Act, 2013, Indian Accounting
basis.
Standards (Ind AS) 110– ‘Consolidated Financial
Statements’ and Indian Accounting Standards (Ind AS) 28 - e. that they had laid down internal financial controls to
Investments in Associates and Joint Ventures’, notified be followed by the Company and that such internal
under Section 133 of Companies Act, 2013 read with financial controls are adequate and are operating
Companies (Indian Accounting Standards) Rules, 2015 and effectively; and
as amended from time to time.
f. that they had devised proper systems to ensure
10. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE compliance with the provisions of all applicable laws
COMPANIES and that such systems are adequate and operating
effectively.
As on 31st March, 2018 Company has 10 direct subsidiaries,
16 indirect subsidiaries and 1 associate. The Board of 12. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Directors reviewed the affairs of the subsidiaries. During
Ms. Sminu Jindal, Managing Director (DIN: 00005317) and
the year under review the Company had purchased
Shri Neeraj Kumar, Group CEO and Whole-time Director
balance 49% shareholding (i.e. 24,500 equity shares of
(DIN: 01776688) of the Company, retire by rotation and,
` 10/- each) in Quality Iron and Steel Limited. Accordingly,
being eligible, offer themselves for re-appointment.
Quality Iron and Steel Limited become a wholly owned
subsidiary of the Company. As per section 134(3)(q) of the Companies Act, 2013 read
with rule 8(5) of the Companies (Accounts) Rules 2014,
Further, In accordance with Section 129(3) of the
details of Directors or Key Managerial Personnel who was
Companies Act, 2013, the consolidated financial
re-appointed during the year is given below:-
statements of the Company and its subsidiaries along with
a statement containing the salient features of the financial Shri Neeraj Kumar, Group CEO and Whole-time Director
statements of Company’s subsidiaries in Form AOC 1 (DIN: 01776688) has been re-appointed as Group CEO and
forms part of annual report. The statement also provides Whole-time Director of the Company for a further period
the details of performance, financial positions of each of of 5 years w.e.f. 1st July, 2018 by the Board of Directors
the subsidiaries. subject to approval of the shareholders.
As per the provisions of Section 136 of the Companies Act, POLICY ON DIRECTORS’ APPOINTMENT AND
2013, the audited financial statements, including the REMUNERATION
consolidated financial statements and other related
The Nomination and Remuneration Committee selects
information of the Company and audited financial
the candidate to be appointed as the Director on the
statements of each of its subsidiaries, are available on our
basis of the needs and enhancing the competencies of
website www.jindalsaw.com. These documents will also
the Board of the Company.
be available for inspection during business hours at our
registered office till date of annual general meeting.
20
BOARD’S REPORT
The current policy is to have a balance of executive and 17. CONTRACTS AND ARRANGEMENT WITH RELATED
non-executive Independent Directors to maintain the PARTIES
independence of the Board and to separate its functions All contracts / arrangements / transactions entered by the
of governance and management. The composition of Company during the financial year with related parties
Board of Directors during the year ended 31st March, 2018 were in the ordinary course of business and on an arm’s
are in conformity with Regulation 17 of the SEBI (Listing length basis. During the year, the Company had not
Obligations and Disclosures Requirements) Regulations entered into any material contract / arrangement /
2015 (SEBI Listing Regulations) read with Section 149 of the transaction with related parties.
Companies Act, 2013.
The Policy on materiality of related party transactions and
The policy of the Company on directors’ appointment, dealing with related party transactions as approved by
including criteria for determining qualifications, positive the Board may be accessed on the Company’s website at
attributes, independence of a director and other matters, the link: http://www.jindalsaw.com/pdf/140_Download
as required under sub-section (3) of Section 178 of the _RELATEDPARTYTRANSACTIONPOLICY.pdf
Companies Act, 2013 and the remuneration paid to the
Your Directors draw attention of the members to Note 45
directors are governed by the Nomination and
to the financial statement which sets out related party
Remuneration Policy of the Company.
disclosures.
13. DECLARATION BY INDEPENDENT DIRECTORS 18. CORPORATE SOCIAL RESPONSIBILTY (CSR)
The Company has received Declaration of Independence The Company has its Corporate Social Responsibility
from all Independent Directors as stipulated under Policy (CSR Policy), which can be accessed on the
Section 149(7) of the Companies Act, 2013 and Regulation Company’s website at http://www.jindalsaw.com/pdf/
17 of the SEBI (Listing Obligations and Disclosure Jindal-SAW-CSR-Policy.pdf.
Requirements) Regulations, 2015, confirming that they
meet the criteria of Independence. The key philosophy of all CSR initiatives of the Company is
driven by core value of inclusion. Pursuant to CSR Policy
14. BOARD EVALUATION various activities were recommended by the CSR
The Company has devised a Policy for Performance Committee to the Board, which were undertaken by the
Evaluation of Independent Directors, Board, Committees Company. During the year the Company spent ` 756.02
and other Directors which includes criteria for lakhs on CSR activities. A report on CSR activities is
performance evaluation of the non-executive directors annexed herewith as Annexure 1.
and executive directors under section 178(1) of the The Management had, initially at the beginning of the
Companies Act, 2013. This may be accessed on the financial year, estimated / budgeted the amount to be
Company’s website at the link: http://www.jindalsaw.com spent on the CSR activities in the range of ` 710 lakh to
/pdf/Criteia%20for%20Pe rformance%20Evaluation.pdf ` 760 lakh. However, based on the financial results for the
On the basis of the Policy for Performance Evaluation of year the amount required to be spent on CSR activities
Independent Directors, Board, Committees and other was calculated at ` 920.64 lakh. Thus, an amount of
Directors, a process of evaluation was followed by the ` 164.62 lakh is remaining to be spent on above activities
Board for its own performance and that of its committees for the financial year ended 31st March, 2018. The
and individual Directors. The details of the same have Management is in process of finalisation of the suitable
been given in the report on Corporate Governance project(s) and this amount along with the budgeted
annexed hereto. amount for the current year will be spent on CSR activities
during present financial year.
The details of programme for familiarization of
19. RISK MANAGEMENT
Independent Directors, their roles, rights, responsibilities in
the Company, nature of the industry in which the During the year, your Directors constituted a Risk
Company operates, business model of the Company and Management Committee which has been entrusted with
related matters have been uploded on the website of the the responsibility to assist the Board in (a) overseeing and
Company at the link: http://www.jindalsaw.com/pdf/ approving the Company’s enterprise wide risk
Familiarization-Programme-of-Independent-Directors-of-J management framework; and (b) identifying and
indal-Saw-Limited.pdf assessing that all the risks that the organization faces such
as strategic, financial, credit, market, liquidity, security,
15. CORPORATE GOVERNANCE property, IT, legal, regulatory, reputational and other risks
The Company is committed to maintain the highest and to ensure that there is an adequate risk management
standards of corporate governance and adhere to the infrastructure in place capable of addressing those risks.
corporate governance requirement set out by SEBI The Risk Management Policy was reviewed and
(Listing Obligations and Disclosures Requirements) approved by the Committee.
Regulation, 2015. The report on Corporate Governance as The Company manages, monitors and reports on the
stipulated under the Listing Agreement forms an integral principal risks and uncertainties that can impact its ability to
part of this Report. The requisite certificate from the M/s achieve its strategic objectives. The Company’s
S.K. Gupta & Company, Company Secretaries confirming management systems, organisational structures, processes,
compliance with the conditions of corporate governance standards, code of conduct and behaviours together form
is attached with the report on Corporate Governance. the Management System that governs how the Company
16. CREDIT RATING conducts the business and manages associated risks.
The credit rating of your Company for long term 20. INTERNAL CONTROL AND INTERNAL AUDIT SYSTEM
borrowings has been upgraded to “CARE AA-“ (positive AND THEIR ADEQUACY
outlook) revised from “CARE A(+)” and for short-term The company has developed and implemented a robust
borrowings has been reaffirmed as “CARE A1(+)”, by Credit system and framework of internal controls commensurate
Analysis & Research Limited (‘CARE’) on November 24, 2017. with the size, scale and complexity of its operations. The
21
BOARD’S REPORT
framework has been designed to provide reasonable Auditors’ remarks in their report read with the notes to
assurance related to financial and operational information, accounts referred to by them are self-explanatory. There
to comply with the applicable laws and to safeguard the have been no fraud reported by the Statutory Auditors of
assets of the company. This framework contains Entity the Company.
Level Controls as well as Business Process Controls. The SECRETARIAL AUDITOR
operating effectiveness and adequacy of these controls The Board had appointed Shri S. K. Gupta of M/s. S. K.
are periodically tested and validated. The internal control
Gupta & Co., Company Secretaries, to conduct Secretarial
systems are evaluated with respect to their compliance
Audit of the Company for the financial year 2017-18. The
with operating systems and policies of the company
Secretarial Audit Report for the financial year ended 31st
across all locations.
March, 2018 is annexed herewith marked as Annexure 2 to
Your Company uses the latest technology for efficient and this Report. The Secretarial Audit Report does not contain
effective operation which are the prime components of any qualification, reservation or adverse remark.
adequate internal control. SAP is extensively used to EXPLANATIONS OR COMMENTS BY THE BOARD ON
standardised the process and internal control across the EVERY QUALIFICATION, RESERVATION OR ADVERSE
company REMARK OR DISCLAIMER MADE
The Company has a well-defined Delegation of Power i. Auditors’ Report
with authority limits for approving revenue and capex There have been no fraud, qualification, reservation or
expenditure. adverse remark reported by the Statutory Auditors of
Your Company believe in zero tolerance towards the Company.
statutory compliance. The Company has a strong online ii. Secretarial Auditor’s Report
legal compliance management system and it is regularly There are no qualification, reservation or adverse
monitored for compliance. remark reported by the Secretarial Auditors in their
The Company has a strong and independent Internal Audit report.
(IA) department. The scope and authority of the IA function COST AUDIT
is defined in the Internal Audit Charter approved by the Pursuant to Section 148 of the Companies Act, 2013 read
Audit Committee. Every year, the IA department conducts with rules made thereunder, the Board, has re-appointed
Internal Audit as per Annual Internal Audit plan prepared
M/s. R. J. Goel & Co., Cost Accountants (Registration No.
based on risk assessment. This risk-based annual internal
000026), to audit the Cost Accounts of the Company for
audit plan is duly approved by the Audit Committee.
the year ending 31st March, 2019. Further, their
The IA department comprises of In-House Internal Auditors remuneration will be subject to ratification by shareholders.
and Outsourced internal auditors. In-house auditors consist The Company has submitted Cost Audit Report and other
of professionally qualified accountants, engineers and SAP documents for the year ended 31st March, 2017 with the
experienced executives. We had appointed Deloitte Central Government by filing Form CRA-4 vide SRN
Haskins & Sells LLP to carry out the Internal Audit of the G51441772 dated 28th August, 2017.
company. Outsourced auditor are using subject matter
The cost records as specified by Central Government
experts specialists to carry out risk-based audits across all
locations, thereby enabling the identification of areas under sub-section (1) of section 148 of Companies Act,
where risk management processes may need to be 2013, are made and maintained.
strengthened. Significant audit observations and corrective 23. DISCLOSURE:
action plans are presented to the Audit Committee. The MEETINGS OF THE BOARD
Audit Committee of the Board of Directors regularly reviews During the year under review, the Board of Director of the
the adequacy & effectiveness of Internal Audit and Company met 4 (Four) times on 29th May, 2017, 3rd
implementation of the recommendation including August, 2017, 7th November, 2017 and 24th January, 2018.
company’s risk management policies & system. The composition of Board of Directors during the year
The Company has made a high standard of ethics and has ended 31st March, 2018 is in conformity with Regulation 17
an operative Whistle Blower Mechanism for reporting any of the SEBI (Listing Obligations and Disclosures
act which are not in line with our policy, code of conduct Requirements) Regulations 2015 (SEBI Listing Regulations)
and ethics. A designated authority monitored the cases read with Section 149 of the Companies Act, 2013. For
reported for proper redressal. further details, please refer Report on Corporate
Governance attached to this Annual Report.
21. SECRETARIAL STANDARDS
AUDIT COMMITTEE
The Directors state that applicable Secretarial Standards,
As on 31st March, 2018 the Audit Committee comprised of
i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of
5 Independent Directors and 1 Executive Director as its
Directors’ and ‘General Meetings’, respectively, have been
members. The Chairman of the Committee is an
duly followed by the Company.
Independent Director. The Members possess adequate
22. AUDITORS & THEIR REPORT knowledge of accounts, audit, finance, etc. The
STATUTORY AUDITORS composition of the Audit Committee is in conformity with
requirements as per the Section 177 of the Companies
The members of the Company had appointed Price Act, 2013 and Regulation 18 of the Securities and Exchange
Waterhouse Chartered Accountants LLP as Statutory Board of India (Listing Obligation and Disclosure
Auditors of the Company for a term of 5 (five) consecutive Requirements) Regulations, 2015.
years from conclusion of 32nd Annual General Meeting
until the conclusion of 37th Annual General Meeting. The During the year ended 31st March, 2018, the Committee
Price Waterhouse Chartered Accountant LLP have met 4 (four) times on 29th May, 2017, 3rd August, 2017, 7th
confirmed that they are not disqualified from continuing November, 2017 and 24th January, 2018. For further details,
as Auditors of the Company. please refer Report on Corporate Governance attached
to this Annual Report.
22
BOARD’S REPORT
NOMINATION AND REMUNERATION COMMITTEE PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES
As on 31st March, 2018, the Nomination and Remuneration
Committee comprised of 3 Independent Directors. The In terms of the provisions of Section 197(12) of the Act read
Chairman of the Committee is an Independent Director. with rules 5(2) and 5(3) of the Companies (Appointment
The Composition of the Nomination and Remuneration and Remuneration of Managerial Personnel) Rules, 2014, a
Committee is in conformity with requirements of section statement showing the names and other particulars of the
178 the Companies Act, 2013 and SEBI (Listing Obligations employees drawing remuneration in excess of the limits
and Disclosure Requirements) Regulations, 2015 set out in the said rules are provided as Annexure 5.
During the year ended 31st March, 2018 the Committee Disclosures pertaining to remuneration and other details
met 2 (twice) on 29th May, 2017 and 3rd August, 2017. For as required under Section 197(12) of the Act read with rule
further details, please refer Report on Corporate 5(1) of the Companies (Appointment and Remuneration of
Governance attached to this Annual Report. Managerial Personnel) Rules, 2014 are provided as
Annexure 6.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (CSR
COMMITTEE) BUSINESS RESPONSIBILITY REPORT
As on 31st March, 2018, the CSR Committee comprised of As per Regulation 34(f) of SEBI (Listing Obligations and
Dr. Raj Kamal Agarwal, Independent Director, as Chairman Disclosures Requirement) Regulations 2015, the Annual
and Ms. Sminu Jindal, Managing Director and Shri Neeraj Report shall contain business responsibility report (BRR)
Kumar, Group CEO & Whole-time Director as other describing the initiatives taken by the Company from
members. The Composition of the CSR Committee is in environmental, social and governance perspective.
conformity with requirements of the Companies Act, 2013. Having regard to the green initiative, the BRR is made
During the year ended 31st March, 2018 the Committee available on the Company’s website at
met 1 (once) on 30th March, 2018. www.jindalsaw.com.
VIGIL MECHANISM 24. PUBLIC DEPOSITS
The Vigil Mechanism of the Company, which also During the year ended 31st March, 2018, the Company had
incorporates a whistle blower policy in terms of the SEBI not accepted any public deposits and no amount on
(Listing Obligations and Disclosure Requirements) account of principal or interest on public deposits was
Regulations, 2015. As per the said policy the protected outstanding as on 31st March, 2018.
disclosures can be made by a whistle blower through an
e-mail, or a letter to the Compliance Officer or Group 25. ANY SIGNIFICANT AND MATERIAL ORDERS PASSED BY
CEO & Whole-time Director or to the Chairman of the THE REGULATORS OR COURTS OR TRIBUNALS
Audit Committee. IMPACTING THE GOING CONCERN STATUS AND
COMPANY’S OPERATIONS IN FUTURE
The Policy on vigil mechanism and whistle blower may be
accessed on the Company’s website at the link: http:// During the financial year there was no such significant
www.jindalsaw.com/pdf/vigil-mechanism-policy.pdf material orders passed by the regulators or courts or
tribunals impacting the going concern status and
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, Company’s operations in future.
GUARANTEES GIVEN AND SECURITIES PROVIDED
26. THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
Particulars of loans given, investments made, guarantees (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
given and securities provided along with the purpose for
which the loan or guarantee or security were proposed The Company has a policy for prevention of sexual
to be utilized by the recipient are provided in the harassment of women at workplace and a Committee as
standalone financial statements (Please refer to Notes 7, 9, required. No complaint of sexual harassment was
17 & 46 to the standalone financial statements). received during the year.
PARTICULARS REGARDING CONSERVATION OF ENERGY, 27. ACKNOWLEDGEMENT
ETC. Your Directors express their grateful appreciation to
Information pursuant to the provision of Section 134 of concerned Departments of Central / State Governments,
Companies Act, 2013 read with the rule 8 of Companies Financial Institutions & Bankers, Customers and Vendors
(Accounts) Rules, 2014 regarding conservation of energy, for their continued assistance and co-operation. The
technology absorption and foreign exchange earnings Directors also wish to place on record their deep sense of
and outgo are given in the statement annexed hereto as appreciation for the committed services of the
Annexure 3. employees at all levels. They are also grateful for the
confidence and faith that you have reposed in the
ANNUAL RETURN Company as its member.
Extract of Annual Return of the Company is annexed
herewith as Annexure 4.
For and on behalf of the Board
Place : New Delhi Prithavi Raj Jindal

Date : 1st August, 2018 Chairman
23
BOARD’S REPORT
Annexure - 1
Annual Report on Corporate Social Responsibility (CSR) activities for the financial year 2017-18
1 A brief outline of the Company’s CSR Policy including overview of Refer Sections:
projects or programs proposed to be undertaken and a reference to (a) Corporate Social Responsibility and
the web-link to the CSR Policy and projects or programs and the
composition of CSR Committee. (b) Disclosures: CSR Committee in this Report
2 Composition of the CSR Committee a) Dr. Raj Kamal Agarwal, Chairman

b) Ms. Sminu Jindal, Member
c) Mr. Neeraj Kumar, Member
3 Average net profit of the Company for last three financial years ` 46,032.5 lakhs
4 Prescribed CSR expenditure(two percent of the amount mentioned ` 920.64 lakhs
in item 2 above)
5 Details of CSR spent during the financial year:
a) Total amount to be spent for the financial year ` 756.02 lakhs
b) Amount unspent, if any ` 164.62 lakhs
c) Manner in which the amount spent during the financial year details given below
Details of amount spent of CSR activities during the financial year 2017-18
Sr. CSR Project Sector in which the project is covered Project of Amount Amount spent Cummul Amount
No. or Activity (Schedule VII of the Companies Act, Program (1) Outlay on the Projects -ative spent
Identified 2013, as amended) Local Area or (Budget) or or Programs Sub Expenditure direct or
Other (2) Program Heads: (1) Direct upto the through
Specify the state wise (`) Expenditure on reporting Implemen
and district Projects or period i.e. ting
where the Programs (2) FY 2017-18 Agency
projects and Overheads (`) (`)
programs was
undertaken
1 Donation to Promoting education, including special Delhi - 1,49,850 1,49,850 Through
Arya Gurukul education and employment enhancing Implement-
Tihar Gram vocation skills especially among children, ing Agency
women, elderly, and the differently abled
and livelihood enhancement projects

Arya Mahila education and employment enhancing Implement-
Ashram vocation skills especially among children, ing Agency
3 OPJEMS Promoting education, including special Delhi - 35,00,000 38,01,850 Through
donation for education and employment enhancing Implement-
2017-18 vocation skills especially among children, ing Agency
O P Jindal education and employment enhancing Implement-
School vocation skills especially among children, ing Agency
5 Donation to Animal Welfare Delhi - 2,75,000 71,76,850 Through

Shree Implement-
Vaisnav ing Agency

different education and employment enhancing Implement-
agencies vocation skills especially among children, ing Agency
24
BOARD’S REPORT
Identified 2013, as amended) Local Area or (Budget) or or Programs Sub Expenditure direct or
Other (2) Program Heads: (1) Direct upto the through
Specify the state wise (`) Expenditure on reporting Implemen
and district Projects or period i.e. FY ting
where the Programs (2) 2017-18 (`) Agency
projects and Overheads (`)
programs was
undertaken
7 Distribution Ensuring environmental sustainability, Bhilwara, - 22,43,164 95,20,014 Through
of Green ecological balance, protection of flora and Rajasthan Implement-
Fooder for fauna, animal welfare, agro forestry, ing Agency
Cows at conservation of natural resources and
Gaushala maintaining quality of soil, air and water
including contribution to the ‘Clean Ganga
Fund’ set-up by the Central Government
for rejuvenation of river Ganga;
8 Provided Promoting education, including special Bhilwara, - 5,10,014.08 1,00,30,028 Through
tree guard education and employment enhancing Rajasthan Implement-
for Repair vocation skills especially among children, ing Agency
and women, elderly, and the differently abled
Maintenance and livelihood enhancement projects
of Building
9 Donation for Measures for the benefit of armed forces Bhilwara, - 2,00,000 1,02,30,028 Through
FINANCIAL veterans, war widows and their Rajasthan Implement-
ASISITANCE dependents; ing Agency
TO DIST
SOLDIER
WELFARE
10 Donation to Promoting education, including special Bhilwara, - 7,22,000 1,09,52,028 Through
different education and employment enhancing Rajasthan Implement-
agencies vocation skills especially among children, ing Agency
11 Donation for Eradicating hunger, poverty and Bhilwara, - 1,48,500 1,11,00,528 Through
SPINE CARE malnutrition; promoting health care Rajasthan Implement-
& POSTURE including preventive health care and ing Agency
Programe sanitation including contribution to the
‘Swachh Bharat Kosh’ set-up by the
Central Government for the promotion
of sanitation and making available safe
drinking water;
12 Donation to Eradicating hunger, poverty and Bhilwara, - 20,25,194 1,31,25,722 Through
MG malnutrition; promoting health care Rajasthan Implement-
HOSPITAL including preventive health care and ing Agency
sanitation including contribution to the
‘Swachh Bharat Kosh’ set-up by the
Central Government for the promotion
of sanitation and making available safe
drinking water;
13 Donation for Promoting education, including special Bhilwara, - 5,83,66,990 7,14,92,712 Through
construction education and employment enhancing Rajasthan Implement-
in nearby vocation skills especially among children, ing Agency
villages women, elderly, and the differently abled
14 Educational Promoting education, including special Paragpar and - 2,76,734 7,17,69,446 Through
Activities in education and employment enhancing Samaghogha, Implement-
village vocation skills especially among children, Gujarat ing Agency
Paragpar and women, elderly, and the differently abled
Samaghogha and livelihood enhancement projects
25
BOARD’S REPORT
Identified 2013, as amended) Local Area or (Budget) or Programs Sub Expenditure direct or
Other (2) or Heads: (1) Direct upto the through
Specify the state Program Expenditure on reporting Implemen
and district wise (`) Projects or period i.e. FY ting
programs was
undertaken
15 Provided Eradicating hunger, poverty and Paragpar and - 3,63,627 7,21,33,074 Through
Medical malnutrition; promoting health care Samaghogha, Implement-
amenities in including preventive health care and Gujarat ing Agency
nearby sanitation including contribution to the
villages ‘Swachh Bharat Kosh’ set-up by the Central
Government for the promotion of sanitation
and making available safe drinking water;
16 Distribution Ensuring environmental sustainability, Paragpar and - 19,79,613 7,14,12,687 Through
of Green/ ecological balance, protection of flora and Samaghogha, Implement-
Dry Grass in fauna, animal welfare, agro forestry, Gujarat ing Agency
nearby conservation of natural resources and
villages maintaining quality of soil, air and water
Fund’ set-up by the Central Government for
rejuvenation of river Ganga;
17 Provided Eradicating hunger, poverty and Paragpar and - 3,52,748 7,44,65,435 Through
FLOOD malnutrition; promoting health care Samaghogha, Implement-
RELIEF including preventive health care and Gujarat ing Agency
MATERIAL sanitation including contribution to the
RASHAN KIT ‘Swachh Bharat Kosh’ set-up by the Central
FOR Government for the promotion of sanitation
BANASKATHA and making available safe drinking water;
18 SOCIAL Promoting education, including special Paragpar and - 74,820 7,45,40,255 Through
ACTIVITY at education and employment enhancing Samaghogha, Implement-
BHUJPAR vocation skills especially among children, Gujarat ing Agency
VILLAGE women, elderly, and the differently abled
19 Donation to Eradicating hunger, poverty and Kosi - 6,46,679 7,51,86,934 Through
provide safe malnutrition; promoting health care Implement-
drinking including preventive health care and ing Agency
water and sanitation including contribution to the
others ‘Swachh Bharat Kosh’ set-up by the Central
Government for the promotion of sanitation
and making available safe drinking water;
20 Donated Ceiling Promoting education, including special Nashik, - 9,251 7,51,96,184 Through
Fan to Gharkul education and employment enhancing Maharashtra Implement-
Parivar Mentally vocation skills especially among children, ing Agency
challenged women, elderly, and the differently abled
children and livelihood enhancement projects
sansthan
21 Donation of Ensuring environmental sustainability, Nashik, - 80,000 7,52,76,184 Through
fodder at ecological balance, protection of flora and Maharashtra Implement-
gaushala fauna, animal welfare, agro forestry, ing Agency
conservation of natural resources and
maintaining quality of soil, air and water
Fund’ set-up by the Central Government for
rejuvenation of river Ganga;
22 Providing Promoting education, including special Nashik, - 24,000 7,53,00,184 Through
salary to education and employment enhancing Maharashtra Implement-
teachers at vocation skills especially among children, ing Agency
nearby village women, elderly, and the differently abled
26
BOARD’S REPORT
Identified 2013, as amended) Local Area or (Budget) or Programs Sub Expenditure direct or
Other (2) or Heads: (1) Direct upto the through
Specify the state Program Expenditure on reporting Implemen
and district wise (`) Projects or period i.e. FY ting
programs was
undertaken
23 Expenditure Promoting education, including special Bellary, - 1,25,000 7,54,25,184 Through
on education and employment enhancing Karnataka Implement-
improvement vocation skills especially among children, ing Agency
of school women, elderly, and the differently abled
Education and livelihood enhancement projects
24 Donation for Promoting education, including special Bellary, - 2,000 7,54,27,184 Through
World education and employment enhancing Karnataka Implement-
Handicappe vocation skills especially among children, ing Agency
d Day women, elderly, and the differently abled
25 Supply of Eradicating hunger, poverty and Bellary, - 1,75,500 7,56,02,684 Through
safe drinking malnutrition; promoting health care Karnataka Implement-
water and including preventive health care and ing Agency
distribution sanitation including contribution to the
of sweets at ‘Swachh Bharat Kosh’ set-up by the Central
nearby Government for the promotion of sanitation
village and making available safe drinking water;
Neeraj Kumar Dr Raj Kamal Agarwal

Place : New Delhi Group CEO & Independent Director &
Date : 1st August, 2018 Whole time Director Chairman of CSR Committee
27
BOARD’S REPORT
Annexure - 2
SECRETARIAL AUDIT REPORT
For the Financial Year ended on 31st March, 2018
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To,
The Members,
Jindal Saw Limited
A-1, UPSIDC Industrial Area, Nandgaon Road,
Kosi Kalan, Distt. Mathura – 281403 (U.P.)
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by Jindal Saw Limited (hereinafter called the ‘Company’). Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by
the Company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of Secretarial Audit, We hereby report that in our opinion, the Company has during the Financial year ended on 31st March,
2018 (‘Audit Period’) complied with the statutory provisions listed hereunder and also that the Company has proper
Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the
financial year ended on 31st March, 2018 according to the provisions of:
(i) The Companies Act, 2013 (the ‘Act’) and the Rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999 and The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (Not
applicable as the Company has not framed any such Scheme during the Audit Period);
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding
the Companies Act and dealing with client (Not applicable as the Company is not registered as Registrar to issue and Share
Transfer Agent during the Audit Period);
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Not applicable as the Company
has not delisted / proposed to delist its Equity Shares from any Stock Exchange during the Audit Period); and
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (Not applicable to the Company as
the Company has not bought back / proposed to buy-back any of its securities during the Audit Period).
We further report that having regard to the compliance system prevailing in the Company and on examination of the relevant
documents and records in pursuance thereof, on test-check basis and representation made by the Company and its officers, the
Company has complied with the following laws applicable specifically to the Company
(a) The Mines Act, 1952 and the Rules, Regulations made thereunder;
(b) Mines and Minerals (Development & Regulation) Act, 1957 and the Rules, Regulations made thereunder;
(c) Explosives Act, 1884 and Rules made thereunder;
(d) Applicable Environmental laws and Rules made thereunder.
We have also examined compliance with the applicable Clauses of the following:
(i) Secretarial Standards with regard to Meetings of Board of Directors (SS-1) and the General Meetings (SS-2) issued by The
Institute of Company Secretaries of India.
(ii) The Listing Agreements entered into by the Company with BSE Limited (BSE) and National Stock Exchange of India Limited
(NSE) and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards
etc. mentioned above.
28
BOARD’S REPORT
We further report that the Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
the period under review were carried out in compliance with the provisions of the Act. Adequate notice is given to all Directors to
schedule the Board Meetings, Agenda and detailed notes on agenda were sent at least seven days in advance and a system exists
for seeking and obtaining further information and clarifications on the agenda items before the Meeting and for meaningful
participation at the Meeting. All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in
the Minutes of the Meetings of the Board of Directors or Committees of the Board, as the case may be.
We further report that based on the information provided by the Company, its officers and authorised representatives during the
conduct of Audit and review of Internal Auditor’s Report, periodical Compliance Reports submitted by respective Departmental
heads and taken on record by the Audit Committee / Board of Directors of the Company and the Compliance Management System
in place, in our opinion there are adequate systems and processes in the Company commensurate with the size and operations of
the Company to monitor and ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
We further report that during the Audit Period there were following specific events / actions having a major bearing on Company’s
affairs in pursuance of the above-referred laws, rules, regulations, guidelines, standards etc.:-
(a) The members at the 32nd Annual General Meeting of the Company held on 25th September, 2017 by a Special Resolution:
(i) approved the proposal for making issue of Secured / Unsecured Redeemable Non-convertible Debentures, in one or
more trances, aggregating up to ` 1,000 Crores (Rupees One Thousand Crores Only) on private placement basis.
(ii) approved the proposal for issuance of Equity Shares and / or Fully Convertible Debentures / Partly Convertible Debentures
/ Optionally Convertible Debentures / Non-Convertible Debentures with warrants or any other Securities or a combination
thereof to Qualified Institutional Buyers up to an aggregate amount not exceeding ` 1,000 Crores by way of a Qualified
Institutions Placement.
(iii) approved the proposal for issuance of Global Depository Receipts (“GDR”) and / or American Depository Receipts (“ADR”)
and / or Foreign Currency Convertible Bonds (“FCCB”) and / or Convertible Bonds / Debentures and / or Euro-Convertible
Bonds or other types of securities representing either Equity Shares and / or Convertible securities in India or in one or
more foreign market(s) up to US$ 150 million or equivalent to other currencies.
(b) During the Audit period, the following changes have taken place in direct and indirect subsidiary(ies) consequent to acquisition
/ divestment :-
SI. No. Name of Company Status
1. Quality Iron and Steel Limited The Company has acquired 24,500 Equity Shares ` 10/- each representing 49%
of the total Paid-up Share Capital of Quality Iron and Steel Limited thereby
Quality Iron and Steel Limited has become a Wholly-owned Subsidiary of the
Company on 26.03.2018.
2. Jindal ITF Limited Jindal Saw Limited has disposed of 47,65,772 Equity Shares of ` 10/- each in
Jindal ITF Limited (representing 6% of total capital), thereby reducing its stakef
rom 57% to 51% on 30.08.2017.
(c) The Company has redeemed 1000, 10.75% [Series 1(C)] Non-Convertible Debentures (NCDs) of the face value of ` 10,00,000/-
each aggregating to ` 100.00 Crores on 7th April, 2017.
(d) The Company has remitted the last installments of External Commercial Borrowings of US$ 7,600,000 from Deutsche Bank and
US$ 24,826,233.56 from ICICI Bank Limited. Accordingly, the External Commercial Borrowings of US$ 19,000,000 and US$
73,018,334 from the above Banks raised in the year 2011 stand fully repaid.
For S.K.Gupta & Co.,

Company Secretaries
Place : Kanpur (S.K.GUPTA)

Managing Partner
Dated : 24th july, 2018
F.C.S 2589
C P-1920
Note: This Report to be read with our letter of even date which is marked as Annexure and forms an integral part of this Report.
29
BOARD’S REPORT
ANNEXURE TO SECRETARIAL AUDIT REPORT
To,
The Members,
Jindal Saw Limited
[CIN: L27104UP1984PLC023979]
Kosi Kalan,
Distt. Mathura – 281403 (U.P.)
Our Secretarial Audit Report for the Financial year 31st March, 2018 is to be read along with this letter
Management’s Responsibility
1. It is the responsibility of the Management of the Company to maintain Secretarial records, devise proper systems to ensure
compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate
effectively.
Auditor’s Responsibility
2. Our responsibility is to express an opinion on these Secretarial records, Standards and procedures followed by the Company
with respect to Secretarial compliances.
3. We believe that audit evidence and information obtained from the Company’s management is adequate and appropriate for
us to provide a basis for our opinion.
4. Wherever required, we have obtained the management’s representation about the compliance of laws, rules and regulations
and happening of events etc.
Disclaimer
5. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.
6. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

Company Secretaries
Place : Kanpur (S.K.GUPTA)

Managing Partner
Dated : 24th july, 2018
F.C.S 2589
C P-1920
30
BOARD’S REPORT
Annexure - 3
Particulars of Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo required under the
Companies (Accounts) Rules, 2014
I. CONSERVATION OF ENERGY
(A) Steps taken on conservation of Energy
1. To increase power factor, present APFC panel capacity has been extended & another 600 KVAR capacitor panel installed
at JCO-3 plant.
2. Replacement of traditional light (high bay lights, sodium vapour light, mercury vapours lights etc.) with LED lights at various
plants unit.
3. Timer & Light sensors provided in all LD plants for High mast, street light & manual time measurement and installation of
VFD drives.
4. Installed a panel for centralized control of all lighting at final area in 3LPE plant for better controlling and minimizing
unnecessary wastage of power.
5. All new plants erected in this year are equipped with advanced energy efficient drives, automated systems,
6. Tracking of electrical equipment and motors which are very old in nature, and drawing more power due to poor
condition are being replaced with proper planning.
7. The average power factor is maintained at about 0.99 and getting 100% rebate on energy purchased. Moreover, power
factor of all plants are very closely monitored and ensure immediate action in case of any deviation.
8. Replaced all the low rated capacitors with high rated capacitors in harmonics panel and change its module with a
controller to scan and maintain the power factor.
9. Frequency base Inverter drive will be installed on power pack motors of Trolley and swell trolley.
10. Every air points will be controlled through machine operations to optimize compressor output and automation and
frequency based Inverter drive will be installed on Power packs in plant.
11. Energy Management system (Data Logger) will be implemented for measurement and reporting for distribution panels for
controlled monitoring.
12. Provision of thyristorised control for resistive heating furnace at cold Mill Plant.
13. Additional capacitor panel of 300 KVAR installed by analysing energy at internal coating plant which helps in enhancing
power factor.
14. One common Hyd. Power pack provided instead of 5 nos. small power pack in coating plant.
15. Installed Drive panel for Pipe conveying system from 3 LPE final to ICP, Pyrometer for bare pipe and PE film and adhesive
film to monitor temperature,. All these measures are useful for minimising other form of energy loss.
16. Provided Level sensor at PE & induction cooling unit Tank to control wastage of water and ensure proper working of
cooling unit. Additionally, thickener flush water pumps were removed from the circuits by providing water from existing
process water circuit.
17. Feed rates of plants increased from 80 TPH to 151 TPH which reduced the specific power per ton of feed by 5.67 kWh per
MT.
18. Magnet circuit and BM3 slurry pump was modified during the year resulting in energy and cost savings for the company.
19. Dry fog system installed in the plant hoppers to reduce dust in plant which eventually improves working condition and life
of equipment.
20. BM 7 lifter bar of feed end face height increased from 180 mm to 210 mm which increases the life from 6000 run hrs to
8000 run hrs.
21. Grade 60 concentrate diverted from yard to grinding circuit thereby eliminated yard operation (dewatering pump &
flocculent dosing system) and logistic cost ` 23.9 lakhs per year.
22. Energy audit conducted through certified energy auditors.
(B) Steps taken for utilizing alternate source of energy
1. Installation and commissioning of 1870 KW Solar roof top is completed and energy is being used in the operations. Further,
installation and commissioning of up to 1MW solar system on shed roof of Spiral plant is under progress.
31
BOARD’S REPORT
(C) Capital investment on energy conversation equipment
1. To enhance capacity & to upgrade technology to meet stringent requirement of clients converted 12 meter 3 LPE plant &
internal coating plant into 24 meter coating plant (3 LPE & Internal coating plant)
2. Installing robotic system for complete Pipe dimension measurement & pipe marking system at JCO-3 plant & coating plant.
3. Installing coupler plant and weigh feeders for increased process and quality reliability and efficiency.
4. Investment of 35 lacs for installation of LED Light in entire 3 LPE, Coupler & Internal Coating Plant
5. Investment 28 lacs for installation of 1250 KVAR APFC Panel at 3LPE substation
6. Investment of 3.5 lakhs for merging of GEB power.
7. Modification in classification system (Hydro Clones) and magnet circuit for increased capacity and better efficiency.
(C.1) IMPACT OF ABOVE MEASURES
1. Savings of ` 0.40 lakhs per month coming after installation of extended capacitor panel for JCO-3 plant
2. Electrical Power savings benefit up to 91,210 units per month after changing the energy efficient LED lights, installation of
VFD drives and on-grid solar systems i.e. Cost benefit of ` 98.2 lakhs per annum.
3. Replacement of one common power pack instead of 5 small power packs led to energy saving of 10,230 units per month
which further led to cost savings of ` 9.2 lakhs per annum.
4. Power purchase through IEX with proper load analysis and careful bidding led to cost savings of ` 3 crores per annum.
5. ` 2.60 Cr. saved towards power factor incentive during year 2017-18.
6. Installation of an Intelligent Flow Control (IFC) for air compressor system in pellet area, resulted in energy saving of around
1200 KWH per month and cost reduction of 0.84 lakhs per month.
7. Increasing the feed rates of plant reduced the energy consumption by 174.83 lakhs KWH which further resulted in cost
savings of 1,249 lakhs during the year.
II. TECHNOLOGY ABSORPTION
(A) Efforts made towards technology absorption:
The Company has a policy of technology absorption and makes continuous efforts to bring Innovation in all spheres of its
activities. Wherever applicable, the latest technology is sourced by the Company from outside and adopted for its activities.
(B) Benefit derived like product improvement, cost reduction, product development or import substitute:
The Company has embedded R&D activities into its manufacturing process which is continuous activity. The constant efforts are
made to improve production efficiency, maximizing revenue and minimizing expenditure and impact on environment. The
benefits of ongoing continuous R&D as embedded in the manufacturing process are derived by achieving the desired results.
(C) Imported technology:
The Company has not imported technology from outside during the relevant period.
(D) Expenditure incurred on Research and Development:
Since the Research and Development is inbuilt and continuous process, no specific expenditure has been allocated under the
head “Expenditure on R & D”.
III. FOREIGN EXCHANGE REALISATION AND OUTGO:
(` lakhs)
Current year Ended Previous year Ended
March 31, 2018 March 31, 2017
Realisation 2,21,597.50 3,06,628.63

Outgo 3,52,370.89 3,90,551.45

32
BOARD’S REPORT
Annexure - 4
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014.
I. REGISTRATION AND OTHER DETAILS:
1 CIN L27104UP1984PLC023979
2 Registration Date 31.10.1984
3 Name of the Company Jindal Saw Limited
4 Category/Sub-category of the Company Company limited by shares
Indian Non-Government Company
5 Address of the Registered office & contact details A-1,UPSIDC Industrial Area, Nandgaon Road,
Kosi Kalan, Mathura, Uttar Pradesh-281403
Tel. No.- + 91 (11) 26188345; 26188360-74,
Fax no.- 011- 26170691
E-mail- [email protected]
6 Whether listed company Yes
7 Name, Address & contact details of the Registrar & RCMC Share Registry (P) Ltd.
Transfer Agent, if any. B-25/I, 1st Floor, Okhla Industrial Area, Phase-II,
New Delhi- 110020
Phn:- 011- 26387320/21,
E-mail:- [email protected]
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
Sl. Name and Description NIC Code of the % to total turnover of

No. of main products / services Product/ service the company
1 Manufacture of tube and tube fittings of basic iron 24106 84.65%

and steel
2 Mining of Iron ore, beneficiation and pellet production 07100 12.43%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
S Name Address CIN/GLN Holding % of shares Applicable

No. Subsidary/ held Section
Associate
1 Jindal ITF Limited 28, Shivaji Marg, U74900UP2007PLC069247 Subsidiary 51.00% 2(87)(ii)
New Delhi- 110015
2 IUP Jindal Metals & 28, Najafgarh Road, U74999DL2004PLC128194 Subsidiary 80.71% 2(87)(ii)
Alloys Limited New Delhi - 110015
3 S.V. Trading Limited PO Box 556, Main Street, N.A Subsidiary 100.00% 2(87)(ii)
Charlestown Nevis
(West Indies)
4 Quality Iron and 28, Najafgarh Road, U12000DL2007PLC163469 Subsidiary 100.00% 2(87)(ii)
Steel Limited New Delhi - 110015
5 Ralael Holdings Griva Digeni 115, N.A Subsidiary 100.00% 2(87)(ii)
Limited Trident Centre,
3101 Limassol, Cyprus
6 Jindal Saw Holdings P O Box 5232, Fujairah, N.A Subsidiary 100.00% 2(87)(ii)
FZE UAE
7 Greenray Holdings Charter House, N.A Subsidiary 100.00% 2(87)(ii)
Limited Legge Street,
Brmingham B47Eu
33
BOARD’S REPORT
S Name Address CIN/GLN Holding % of shares Applicable

No. Subsidary/ held Section
Associate
8 Jindal Tubular A-1, UPSIDC Industrial U28910UP2015PLC068768 Subsidiary 100.00% 2(87)(ii)
(India) Ltd. Area, Nandgaon Road,
Kosi Kalan, Mathura,
Uttar Pradesh -281403
9 Jindal Quality A-1, UPSIDC Industrial U28910UP2015PLC073321 Subsidiary 67.00% 2(87)(ii)
Tubular Limited Area, Nandgaon Road,
Uttar Pradesh -281403
10 JITF Shipyards Limited 28, Shivaji Marg, U35122UP2007PLC069366 Subsidiary 100.00% 2(87)(ii)
New Delhi- 110015
11 Jindal Intellicom 28, Shivaji Marg, U74899DL1988PLC033588 Subsidiary 98.78% 2(87)(ii)
Limited New Delhi- 110015
12 iCom Analytics 28, Najafgarh Road, U74900DL2010PLC206853 Subsidiary 98.78% 2(87)(ii)
Limited New Delhi - 110015
13 Jindal Intellicom, LLC 120 Bethpage Road Suite N.A Subsidiary 98.78% 2(87)(ii)
304 Hicksville, NY 11801
14 Jindal Saw Gulf L.L.C. Plot No 11 NR 28 & 12 N.A Subsidiary 36.75% 2(87)(ii)
Nr 24 ICAD III,
P. O. Box: 132595,
Plot 11NR 28, ICAD 3,
Musaffah, Abu dhabi,
U.A.E.
15 World Transload & World Transload & N.A Subsidiary 100.00% 2(87)(ii)
Logistics LLC Logistics LLC, 5101
Boone Ave North,
New Hope MN 55428
16 5101 Boone LLP 5101 Boone Avenue N.A Subsidiary 100.00% 2(87)(ii)
North, Minneapolis,
MN-55428
17 Tube Technologies 5101 Boone Avenue N.A Subsidiary 100.00% 2(87)(ii)
INC North, Minneapolis,
MN-55428
18 Jindal Saw USA, LLC 1411, S Fm 565 Rd. Bay N.A Subsidiary 100.00% 2(87)(ii)
Town, Texas 77523
19 Jindal Saw Italia S.P.A. Via K. L Von Bruck, N.A Subsidiary 100.00% 2(87)(ii)
32, 34144, Trieste, Italy
20 Jindal Saw Middle P O Box 5232, N.A Subsidiary 75.00% 2(87)(ii)
East FZC Fujairah, UAE
21 Derwent Sand SARL BT-1 Appt 2/ Dely N.A Subsidiary 99.62% 2(87)(ii)
Abrahim, Alger, Algeria
22 Helical Anchors INC 5101 Boone Avenue N.A Subsidiary 100.00% 2(87)(ii)
North, Minneapolis,
MN-55428
23 Boone Real Property 5101 Boone Avenue N.A Subsidiary 100.00% 2(87)(ii)
Holding LLC North, Minneapolis,
MN-55428
24 Drill Pipe 1411, S FM 565 Rd. Bay N.A Subsidiary 100.00% 2(87)(ii)
International LLC Town, Texas 77523
25 Jindal International P O Box 50326, N.A Subsidiary 100.00% 2(87)(ii)
FZE Fujairah, UAE
26 Sulog Transshipment A-1,UPSIDC Industrial U61200UP2011FLC089538 Subsidiary 51.00% 2(87)(ii)
Services Limited Area, Nandgaon Road,
Uttar Pradesh-281403
27 Jindal Fittings Limited 28, Najafgarh Road, U27100DL2011PLC219075 Associate 36.00% 2(6)
New Delhi - 110015
34
BOARD’S REPORT
IV. SHARE HOLDING PATTERN (Equity share capital breakup as percentage of total equity)
(i) Category-wise Share Holding
Category of No. of Shares held at the beginning of No. of Shares held at the end of the year %
Shareholders the year [As on March 31, 2017] [As on March 31, 2018 ] Change
during
Demat Physical Total % of Total Demat Physical Total % of Total the year
Shares Shares
A. Promoters
(1) Indian
a) Individual/ HUF 68,98,900 - 68,98,900 2.16% 1,04,03,000 - 1,04,03,000 3.25% 1.10%
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp. 10,51,15,305 26,67,000 10,77,82,305 33.71% 10,71,86,305 26,67,000 10,98,53,305 34.36% 0.65%
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Sub Total (A) (1) 11,20,14,205 26,67,000 11,46,81,205 35.87% 11,75,89,305 26,67,000 12,02,56,305 37.61% 1.74%
(2) Foreign
a) NRI Individuals 57,49,400 - 57,49,400 1.80% 1,74,900 - 1,74,900 0.05% -1.74%
b) Other Individuals - - - - - - - - -
c) Bodies Corp. 5,09,22,096 - 5,09,22,096 15.93% 5,09,22,096 - 5,09,22,096 15.93% -
d) Any other - - - - - - - - -
Sub Total (A) (2) 5,66,71,496 - 5,66,71,496 17.72% 5,10,96,996 - 5,10,96,996 15.98% -1.74%
TOTAL (A) 16,86,85,701 26,67,000 17,13,52,701 53.59% 16,86,86,301 26,67,000 17,13,53,301 53.59% -
B. Public
Shareholding
1. Institutions
a) Mutual Funds 2,43,88,807 16,000 2,44,04,807 7.63% 62,21,361 7,000 62,28,361 1.95% -5.68%
b) Banks / FI 6,74,919 1,000 6,75,919 0.21% 3,55,822 1,000 3,56,822 0.11% -0.1%
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital - - - - - - - - -
Funds
f) Insurance 70,40,536 - 70,40,536 2.20% 70,40,536 - 70,40,536 2.20% -
Companies
g) FIIs/FPIs 3,59,56,120 19,500 3,59,75,620 11.25% 4,09,08,597 8,000 4,09,16,597 12.80% 1.55%
h) Foreign Venture - - - - - - - - -
Capital Funds
i) Others (specify) - - - - - - - - -
Sub-total (B)(1):- 6,80,60,382 36,500 6,80,96,882 21.30% 5,45,26,316 16,000 5,45,42,316 17.06% -4.24%
2. Non-Institutions
a) Bodies Corp. 84,92,485 3,02,19,000 3,87,11,485 12.11% 1,42,35,185 3,01,84,250 4,44,19,435 13.89% 1.79%
b) Individuals
i) Individual 3,08,46,989 13,89,380 3,22,36,369 10.08% 3,31,41,116 11,05,250 3,42,46,366 10.71% 0.63%
shareholders
holding nominal
share capital
upto ` 1 lakh
ii) Individual 50,93,707 - 50,93,707 1.59% 1,07,64,228 - 1,07,64,228 3.37% 1.77%
shareholders
holding nominal
share capital in
excess of ` 1 lakh
35
BOARD’S REPORT
Category of No. of Shares held at the beginning of No. of Shares held at the end of the year %
Shareholders the year [As on March 31, 2017] [As on March 31, 2018 ] Change
during
Demat Physical Total % of Total Demat Physical Total % of Total the year
Shares Shares
c) Others (specify)
Non Resident 20,19,468 1,05,000 21,24,468 0.66% 12,99,696 96,250 13,95,946 0.44% -0.23%
Indians
Overseas - - - - - - - - -
Corporate
Bodies
Clearing 19,58,114 - 19,58,114 0.61% 19,26,219 - 19,26,219 0.60% -0.01%
Members
Trusts 44,660 - 44,660 0.01% 8,137 - 8,137 0.00% -0.01%
NBFCs registered 1,35,731 - 1,35,731 0.04% 8,33,208 - 8,33,208 0.26% 0.22%
with RBI
IEPF - - - 0.00% 264,961 - 264,961 0.08% 0.08%
Sub-total (B)(2):- 4,85,91,154 3,17,13,380 8,03,04,534 25.11% 6,24,72,750 3,13,85,750 9,38,58,500 29.35% 4.24%
Total Public (B) 11,66,51,536 3,17,49,880 14,84,01,416 46.41% 11,69,99,066 3,14,01,750 14,84,00,816 46.41% 0.00%
C. Shares held by - - - - - - - - -
Custodian for
GDRs & ADRs
Grand Total 28,53,37,237 3,44,16,880 31,97,54,117 100.00% 28,56,85,367 3,40,68,750 31,97,54,117 100.00% 0.00%
(A+B+C)
(ii) Shareholding of Promoters

S. Shareholder’s Name Shareholding at the beginning Shareholding at the end of the year % change in
No. of the year shareholding
No. of % of total % of total No. of % of total % of total during the
Shares Shares of Shares Shares Shares of Shares year
the Pledged/ the Pledged/
company encumbered company encumbered
to total to total
shares shares
1 Abhyuday Jindal 55,74,500 1.74% - 35,03,500 1.10% - -0.65%

2 Arti Jindal 60,000 0.02% - 60,000 0.02% - -
3 Danta Enterprises 2,35,72,150 7.37% - 2,35,72,150 7.37% - -
Private Limited
4 Deepika Jindal 55,74,500 1.74% - 55,74,500 1.74% - -
5 Divino Multiventures 53,45,350 1.67% - 53,45,350 1.67% - -
Private Limited
6 Estrela Investment 18,77,500 0.59% - 18,77,500 0.59% - -
Company Limited
7 Four Seasons 4,35,30,596 13.61% - 4,35,30,596 13.61% - -
Investments Limited
8 Gagan Trading Co Ltd 2,10,000 0.07% - 2,10,000 0.07% - -
9 Glebe Trading 7,72,620 0.24% - 7,72,620 0.24% - -
Private Limited
10 Indresh Batra 7,50,000 0.23% - 7,50,000 0.23% - -
11 JSL Limited - 0.00% - 20,71,000 0.65% - 0.65%
12 Mendeza Holdings 18,32,500 0.57% - 18,32,500 0.57% - -
Limited
13 Meredith Traders 4,32,000 0.14% - 4,32,000 0.14% - -
Pvt Ltd
14 Nacho Investments 18,25,000 0.57% - 18,25,000 0.57% - -
Limited
36
BOARD’S REPORT
S. Shareholder’s Name Shareholding at the beginning Shareholding at the end of the year % change in
No. of the year
shareholding
No. of % of total % of total No. of % of total % of total during the
Shares Shares of Shares Shares Shares of Shares year
the Pledged/ the Pledged/
company encumbered company encumbered
to total to total
shares shares
15 Nalwa Sons 5,35,50,000 16.75% - 5,35,50,000 16.75% - -
Investments Limited
16 Naveen Jindal 2,18,700 0.07% - 2,18,700 0.07% - -
17 Naveen Jindal 6,600 0.00% - 6,600 0.00% - -
18 OPJ Trading Private 77,74,332 2.43% 99.04% 77,74,332 2.43% 99.04% -
Limited
19 P R Jindal HUF. 21,600 0.01% - 21,600 0.01% - -
20 Parth Jindal 100 0.00% - 100 0.00% - -
21 Prithavi Raj Jindal 98,700 0.03% - 98,700 0.03% - -
22 R K Jindal & Sons HUF. 81,600 0.03% - 81,600 0.03% - -
23 Ratan Jindal 76,200 0.02% - 76,200 0.02% - -
24 S K Jindal And Sons HUF. 21,600 0.01% - 21,600 0.01% - -
25 Sahyog Holdings 100 0.00% - 100 0.00% - -
Private Limited
26 Sajjan Jindal 100 0.00% - 100 0.00% - -
27 Sajjan Jindal As - - 100 0.00% 0.00%
Trustee of Sajjan Jindal
Family Trust
28 Sajjan Jindal As - - - 100 0.00% - 0.00%
Trustee Of Sajjan Jindal
Lineage Trust
29 Sajjan Jindal As - - - 100 0.00% - 0.00%
Trustee Of Sangita
Jindal Family Trust
30 Sajjan Jindal As - - - 100 0.00% - 0.00%
Trustee Of Tarini Jindal
Family Trust
31 Sajjan Jindal As Trustee - - - 100 0.00% - 0.00%
of Tanvi Jindal
Family Trust
32 Sajjan Jindal As Trustee - - - 100 0.00% - 0.00%
of Parth Jindal
Family Trust
33 Sangita Jindal 100 0.00% - 100 0.00% - -
34 Savitri Devi Jindal 1,03,800 0.03% - 1,03,800 0.03% - 0.00%
35 Siddeshwari Tradex 1,30,04,485 4.07% - 1,30,04,485 4.07% - 0.00%
Private Limited
36 Sminu Jindal 15,000 0.00% - 15,000 0.00% - 0.00%
37 Systran Multiventures 2,04,600 0.06% - 2,04,600 0.06% - 0.00%
Private Limited
38 Tanvi Shete 100 0.00% - 100 0.00% - 0.00%
39 Tarini Jindal Handa 100 0.00% - 100 0.00% - 0.00%
40 Templar Investments 18,56,500 0.58% - 18,56,500 0.58% - 0.00%
Limited
41 Tripti Jindal 15,000 0.00% - 15,000 0.00% - 0.00%
42 Urvi Jindal 30,000 0.01% - 30,000 0.01% - 0.00%
43 Vinamra Consultancy 100 0.00% - 100 0.00% - 0.00%
Pvt Ltd
44 Virtuous Tradecorp 29,16,568 0.91% - 29,16,568 0.91% - 0.00%
Private Limited
37
BOARD’S REPORT
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)
S Particulars Date Reason Shareholding at the beginning Cumulative Shareholding

No. of the year during the year
No. of shares % of total No. of shares % of total
shares shares
1 Sajjan Jindal as Trustee of Sajjan Jindal Family Trust
At the beginning of the year - 0.00% - 0.00%
Changes during the year 06/04/2017 Transfer 100 0.00% 100 0.00%
At the end of the year 100 0.00% 100 0.00%
2 Sajjan Jindal as Trustee of Sajjan Jindal Lineage Trust
3 Sajjan Jindal as Trustee of Sangita Jindal Family Trust
4 Sajjan Jindal as Trustee of Tarini Jindal Family Trust
5 Sajjan Jindal as Trustee of Tanvi Jindal Family Trust
6 Sajjan Jindal as Trustee of Parth Jindal Family Trust
7 Abhyuday Jindal
At the beginning of the year 55,74,500 1.74% 55,74,500 1.74%
Changes during the year 26/03/2018 Transfer (20,71,000) -0.65% 35,03,500 1.10%
At the end of the year 35,03,500 1.10% 35,03,500 1.10%
8 JSL Limited
Changes during the year 26/03/2018 Transfer 20,71,000 0.65% 20,71,000 0.65%
At the end of the year 20,71,000 0.65% 20,71,000 0.65%
38
BOARD’S REPORT
(iv) Shareholding Pattern of top ten Shareholders
(Other than Directors, Promoters and Holders of GDRs and ADRs):
S For Each of the Top 10 Date Reason Shareholding at the beginning Cumulative Shareholding
No. Shareholders of the year during the year
shares shares
1 SIGMATECH INC.
At the beginning of the year 3,01,20,000 9.42% 3,01,20,000 9.42%
Changes during the year - 0.00% 3,01,20,000 9.42%
At the end of the year 3,01,20,000 9.42%
2 RELIANCE CAPITAL TRUSTEE COMPANY LIMITED A/C
Changes during the year 02/06/2017 Transfer 1,00,000 0.03% 2,39,29,307 7.48%
23/06/2017 Transfer (3,02,110) -0.09% 2,36,27,197 7.39%
07/07/2017 Transfer (5,00,000) -0.16% 2,31,27,197 7.23%
21/07/2017 Transfer (3,22,882) -0.10% 2,28,04,315 7.13%
28/07/2017 Transfer (3,27,118) -0.10% 2,24,77,197 7.03%
04/08/2017 Transfer (2,00,000) -0.06% 2,22,77,197 6.97%
11/08/2017 Transfer 1,00,000 0.03% 2,23,77,197 7.00%
08/09/2017 Transfer (3,47,074) -0.11% 2,20,30,123 6.89%
15/09/2017 Transfer (25,000) -0.01% 2,20,05,123 6.88%
22/09/2017 Transfer (4,23,500) -0.13% 2,15,81,623 6.75%
06/10/2017 Transfer (4,99,933) -0.16% 2,10,81,690 6.59%
13/10/2017 Transfer (3,50,000) -0.11% 2,07,31,690 6.48%
20/10/2017 Transfer (28,925) -0.01% 2,07,02,765 6.47%
27/10/2017 Transfer (3,50,000) -0.11% 2,03,52,765 6.37%
10/11/2017 Transfer (3,54,560) -0.11% 1,99,98,205 6.25%
24/11/2017 Transfer (5,16,000) -0.16% 1,94,82,205 6.09%
01/12/2017 Transfer (16,98,804) -0.53% 1,77,83,401 5.56%
08/12/2017 Transfer (9,26,219) -0.29% 1,68,57,182 5.27%
15/12/2017 Transfer (7,93,389) -0.25% 1,60,63,793 5.02%
22/12/2017 Transfer (16,62,678) -0.52% 1,44,01,115 4.50%
29/12/2017 Transfer (23,65,992) -0.74% 1,20,35,123 3.76%
05/01/2018 Transfer (7,81,352) -0.24% 1,12,53,771 3.52%
12/01/2018 Transfer (25,50,000) -0.80% 87,03,771 2.72%
19/01/2018 Transfer (2,27,222) -0.07% 84,76,549 2.65%
26/01/2018 Transfer (9,72,778) -0.30% 75,03,771 2.35%
02/02/2018 Transfer (11,32,037) -0.35% 63,71,734 1.99%
09/02/2018 Transfer (33,64,094) -1.05% 30,07,640 0.94%
16/02/2018 Transfer (2,90,652) -0.09% 27,16,988 0.85%
23/02/2018 Transfer (66,887) -0.02% 26,50,101 0.83%
02/03/2018 Transfer (2,33,113) -0.07% 24,16,988 0.76%
09/03/2018 Transfer (5,35,879) -0.17% 18,81,109 0.59%
16/03/2018 Transfer (6,09,248) -0.19% 12,71,861 0.40%
At the end of the year 12,71,861 0.40%
3 CRESTA FUND LTD
Changes during the year - 0.00% 1,13,67,245 3.55%
At the end of the year 1,13,67,245 3.55%
39
BOARD’S REPORT
shares shares
4 LIC OF INDIA PROFIT PLUS GROWTH FUND
Changes during the year - 0.00% 68,74,301 2.15%
5 OLD MUTUAL GLOBAL INVESTORS SERIES PUBLIC LIMITED
Changes during the year 15/09/2017 Transfer (3,50,000) -0.11% 41,87,365 1.31%
22/09/2017 Transfer (8,83,963) -0.28% 33,03,402 1.03%
06/10/2017 Transfer (62,425) -0.02% 32,40,977 1.01%
27/10/2017 Transfer (87,038) -0.03% 31,53,939 0.99%
24/11/2017 Transfer (1,92,918) -0.06% 29,61,021 0.93%
19/01/2018 Transfer (7,06,365) -0.22% 22,54,656 0.71%
09/02/2018 Transfer 43,187 0.01% 22,97,843 0.72%
6 APMS INVESTMENT FUND LTD
Changes during the year - 0.00% 23,58,610 0.74%
7 DIMENSIONAL EMERGING MARKETS VALUE FUND
Changes during the year 16/06/2017 Transfer (20,381) -0.01% 22,85,562 0.71%
30/06/2017 Transfer (51,050) -0.02% 22,34,512 0.70%
07/07/2017 Transfer (21,044) -0.01% 22,13,468 0.69%
01/09/2017 Transfer (17,581) -0.01% 21,95,887 0.69%
08/09/2017 Transfer (66,483) -0.02% 21,29,404 0.67%
15/09/2017 Transfer (23,447) -0.01% 21,05,957 0.66%
22/09/2017 Transfer (40,406) -0.01% 20,65,551 0.65%
8 VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND
Changes during the year 15/07/2016 Transfer 124403 0.04% 19,57,994 0.61%
22/07/2016 Transfer 202188 0.06% 21,60,182 0.68%
9 EMERGING MARKETS CORE EQUITY PORTFOLIO (THE PORTFOLIO) OF DFA INVESTMENT DIMENSIONS GROUP INC. (DFAIDG)
Changes during the year 19/01/2018 Transfer 135890 0.04% 16,39,196 0.51%
23/02/2018 Transfer 30686 0.01% 16,69,882 0.52%
10 VANGUARD EMERGING MARKETS STOCK INDEX FUND, ASERIES OF VANGUARD INTERNATIONAL EQUITY INDE X FUND
07/07/2017 Transfer 2,58,710 0.08% 17,81,779 0.56%
21/07/2017 Transfer 3,75,565 0.12% 21,57,344 0.67%
28/07/2017 Transfer 2,03,038 0.06% 23,60,382 0.74%
04/08/2017 Transfer 1,40,808 0.04% 25,01,190 0.78%
40
BOARD’S REPORT
shares shares
11 CHHATISGARH INVESTMENTS LIMITED
28/04/2017 Transfer 1,00,000 0.03% 15,11,000 0.47%
18/08/2017 Transfer 40,737 0.01% 15,51,737 0.49%
09/02/2018 Transfer 2,00,000 0.06% 17,51,737 0.55%
12 ALANKIT ASSIGNMENTS LTD.
At the beginning of the year 40 0.00% 40 0.00%
Changes during the year 07/04/2017 Transfer 960 0.00% 1,000 0.00%
14/04/2017 Transfer 75 0.00% 1,075 0.00%
21/04/2017 Transfer (475) 0.00% 600 0.00%
28/04/2017 Transfer (600) 0.00% - 0.00%
05/05/2017 Transfer 50 0.00% 50 0.00%
12/05/2017 Transfer (50) 0.00% - 0.00%
19/05/2017 Transfer 1,095 0.00% 1,095 0.00%
26/05/2017 Transfer (710) 0.00% 385 0.00%
02/06/2017 Transfer (75) 0.00% 310 0.00%
09/06/2017 Transfer 75 0.00% 385 0.00%
16/06/2017 Transfer (75) 0.00% 310 0.00%
23/06/2017 Transfer 7,540 0.00% 7,850 0.00%
30/06/2017 Transfer 8,672 0.00% 16,522 0.01%
07/07/2017 Transfer (2,722) 0.00% 13,800 0.00%
14/07/2017 Transfer (50) 0.00% 13,750 0.00%
21/07/2017 Transfer 5,900 0.00% 19,650 0.01%
28/07/2017 Transfer 3,647 0.00% 23,297 0.01%
04/08/2017 Transfer (2,900) 0.00% 20,397 0.01%
11/08/2017 Transfer 50 0.00% 20,447 0.01%
18/08/2017 Transfer (2,025) 0.00% 18,422 0.01%
25/08/2017 Transfer 55 0.00% 18,477 0.01%
01/09/2017 Transfer 1,020 0.00% 19,497 0.01%
08/09/2017 Transfer 7,043 0.00% 26,540 0.01%
15/09/2017 Transfer (10,745) 0.00% 15,795 0.00%
22/09/2017 Transfer 2,580 0.00% 18,375 0.01%
29/09/2017 Transfer 4,781 0.00% 23,156 0.01%
06/10/2017 Transfer (241) 0.00% 22,915 0.01%
13/10/2017 Transfer (250) 0.00% 22,665 0.01%
20/10/2017 Transfer (1,890) 0.00% 20,775 0.01%
27/10/2017 Transfer 1,035 0.00% 21,810 0.01%
03/11/2017 Transfer (7,960) 0.00% 13,850 0.00%
10/11/2017 Transfer 1,442 0.00% 15,292 0.00%
17/11/2017 Transfer 198 0.00% 15,490 0.00%
24/11/2017 Transfer (1,600) 0.00% 13,890 0.00%
01/12/2017 Transfer (2,590) 0.00% 11,300 0.00%
08/12/2017 Transfer 50 0.00% 11,350 0.00%
41
BOARD’S REPORT
shares shares
15/12/2017 Transfer 1,035 0.00% 12,385 0.00%
22/12/2017 Transfer (1,485) 0.00% 10,900 0.00%
29/12/2017 Transfer (2,280) 0.00% 8,620 0.00%
05/01/2018 Transfer (1,685) 0.00% 6,935 0.00%
12/01/2018 Transfer 17,454 0.01% 24,389 0.01%
19/01/2018 Transfer (17,899) -0.01% 6,490 0.00%
26/01/2018 Transfer (2,586) 0.00% 3,904 0.00%
02/02/2018 Transfer 301 0.00% 4,205 0.00%
09/02/2018 Transfer (2,605) 0.00% 1,600 0.00%
16/02/2018 Transfer 2,000 0.00% 3,600 0.00%
23/02/2018 Transfer (1,100) 0.00% 2,500 0.00%
02/03/2018 Transfer (2,500) 0.00% - 0.00%
16/03/2018 Transfer 1,000 0.00% 1,000 0.00%
23/03/2018 Transfer 20,70,500 0.65% 20,71,500 0.65%
30/03/2018 Transfer (20,71,500) -0.65% - 0.00%
At the end of the year - 0.00%
13 ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED
19/01/2018 Transfer 8,20,000 0.26% 25,00,000 0.78%
02/02/2018 Transfer 6,34,000 0.20% 31,34,000 0.98%
16/02/2018 Transfer 1,81,000 0.06% 33,15,000 1.04%
09/03/2018 Transfer (1,25,000) -0.04% 31,90,000 1.00%
23/03/2018 Transfer 1,00,000 0.03% 32,90,000 1.03%
14 ASHISH AGARWAL
19/01/2018 Transfer 15,11,902 0.47% 16,27,073 0.51%
26/01/2018 Transfer 2,00,000 0.06% 18,27,073 0.57%
09/02/2018 Transfer 1,75,000 0.05% 20,02,073 0.63%
15 SOYUZ TRADING COMPANY LIMITED
12/05/2017 Transfer 1,06,500 0.03% 2,48,940 0.08%
16/06/2017 Transfer 2,71,591 0.08% 5,20,531 0.16%
30/06/2017 Transfer 1,32,734 0.04% 6,53,265 0.20%
11/08/2017 Transfer 3,18,991 0.10% 9,72,256 0.30%
18/08/2017 Transfer 3,99,484 0.12% 13,71,740 0.43%
25/08/2017 Transfer 18,872 0.01% 13,90,612 0.43%
15/09/2017 Transfer 4,56,472 0.14% 18,47,084 0.58%
02/02/2018 Transfer (7,06,106) -0.22% 11,40,978 0.36%
42
BOARD’S REPORT
(v) Shareholding of Directors and Key Managerial Personnel:
SN Shareholding of each Date Reason Shareholding at the beginning Cumulative Shareholding

Directors and each Key of the year during the year
Managerial Personnel
shares shares
1 Shri Prithavi Raj Jindal
At the beginning of the year 98,700 0.03% 98,700 0.03%
Changes during the year - - 98,700 0.03%
At the end of the year 98,700 0.03% 98,700 0.03%
2 Ms. Sminu Jindal
3 Ms. Shradha Jatia
At the beginning of the year - - - -
Changes during the year - - - -
At the end of the year - - - -
4 Ms. Tripti Arya
5 Shri Neeraj Kumar
6 Shri Hawa Singh Chaudhary
7 Shri Devi Dayal
8 Shri Ravinder Nath Leekha
9 Dr. Raj Kamal Agarwal
10 Dr. S.K. Gupta
11 Shri Abhiram Tayal
43
BOARD’S REPORT
SN Shareholding of each Date Reason Shareholding at the beginning Cumulative Shareholding

Directors and each Key of the year during the year
Managerial Personnel
shares shares
12 Shri Ajit Kumar Hazarika
13 Shri Narendra Mantri
14 Shri Sunil K. Jain
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
( ` lakhs)
Particulars Secured Loans Unsecured Loans Deposits Total
excluding deposits Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount 3,70,337.31 44,803.30 - 4,15,140.61
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 2,554.95 180.85 - 2,735.81
Total (i+ii+iii) 3,72,892.26 44,984.15 - 4,17,876.41
Change in Indebtedness during the financial year
* Addition 27,560.28 - - 27,560.28
* Reduction (1,299.32) (482.16) - (1,781.48)
Net Change 26,260.96 (482.16) - 25,778.80
Indebtedness at the end of the financial year
i) Principal Amount 3,96,598.27 44,501.99 - 4,41,100.26
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 3,548.37 95.56 - 3,643.93
Total (i+ii+iii) 4,00,146.64 44,597.55 - 4,44,744.19
44
BOARD’S REPORT
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
SN Particulars of Remuneration Name of MD/WTD/ Manager Total
(`)
Name Ms. Sminu Jindal Shri Neeraj Kumar Shri Hawa Singh Chaudhary
Designation Managing Director Group CEO & Whole-time Director
Whole-time Director
1 Gross salary
(a) Salary as per provisions 1,16,95,000 4,86,22,200 57,39,472 6,60,56,672
contained in section 17(1)
of the Income-tax Act, 1961
(b) Value of perquisites u/s 49,53,495 7,27,150 5,46,676 62,27,321
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary - - - -
under section 17(3)
Income- tax Act, 1961
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission - - - -
- as % of profit - - - -
- others, specify 90,00,000 - - 90,00,000
5 Others, please specify
Employer's contribution to PF 10,80,000 12,96,000 4,24,800 28,00,800
Total (A) 2,67,28,465 5,06,45,350 67,10,948 8,40,84,793
Ceiling as per the Act
B. Remuneration to other Directors
SN Particulars of Remuneration Name of Directors Total

(`)
Shri Prithavi Ms. Shradha Ms. Tripti Dr. Raj Kamal Dr. S.K.
Raj Jindal Jatia Arya Agarwal Gupta
1 Independent Directors
Fee for attending board - - - 5,90,000 2,80,000 8,70,000
committee meetings
Commission - - - 1,50,000 5,00,000 6,50,000
Others, please specify - - - - - -
Total (1) - - - 7,40,000 7,80,000 15,20,000
2 Other Non-Executive Directors
Fee for attending board 1,50,000 50,000 1,00,000 - - 3,00,000
committee meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (2) 1,50,000 50,000 1,00,000 - - 3,00,000
Total (B)=(1+2) 1,50,000 50,000 1,00,000 7,40,000 7,80,000 18,20,000
45
BOARD’S REPORT
SN Particulars of Remuneration Name of Directors Total

(`)
Shri Ravinder Shri Devi Shri Abhiram Shri Ajit Kumar
Nath Leekha Dayal Tayal Hazarika
1 Independent Directors
Fee for attending board 5,70,000 3,00,000 2,00,000 3,90,000 14,60,000
committee meetings
Commission 1,00,000 1,00,000 1,00,000 1,00,000 4,00,000
Others, please specify - - - - -
Total (1) 6,70,000 4,00,000 3,00,000 4,90,000 18,60,000
2 Other Non-Executive Directors
Fee for attending board - - - - -
committee meetings
Commission - - - - -
Others, please specify - - - - -
Total (2) - - - - -
Total (B)=(1+2) 6,70,000 4,00,000 3,00,000 4,90,000 18,60,000
Total Managerial Remuneration 36,80,000
Overall Ceiling as per the Act
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
SN Particulars of Remuneration Name of Key Managerial Personnel Total

(`)
Name Shri Narendra Mantri Shri Sunil K. Jain
Designation Chief Financial Officer Company Secretary
1 Gross salary
[a) Salary as per provisions 1,05,69,974 60,86,860 1,66,56,834
contained in section 17(1)
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) 45,970 45,970 91,940
Income-tax Act, 1961
(c) Profits in lieu of salary under - - -
section 17(3) Income- tax
Act, 1961
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission
- as % of profit - - -
- others, specify - - -
5 Others, please specify
Employer's contribution to 5,42,976 3,83,520 9,26,496
Provident Fund
Total 1,11,58,920 65,16,350 1,76,75,270
46
BOARD’S REPORT
XII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES
Type Section of the Brief Description Details of Penalty / Authority Appeal made,
Companies Act Punishment/ [RD / NCLT/ if any (give
Compounding COURT] Details)
fees imposed
A. COMPANY
Penalty
Punishment NIL
Compounding
B. DIRECTORS
Penalty
Punishment NIL
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment NIL
Compounding

47
Annexure – 5
Particulars of employees as per the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part of Directors' Report for the
Financial Year ended 31st March, 2018
A) Employed throughout the Financial Year and in receipt of remuneration aggregating ` 1,02,00,000/- or more per annum
S. Name of The DOB Age Designation/ Remuneration Qualification Experience Date of Last Employment
No. Employee Nature of Duties (`) (Year) of Commencement
Employment
BOARD’S REPORT
1 SMINU JINDAL * 18/01/73 45 Managing Director 2,67,28,495 B. Com. (Hons.), 25 01/08/1992 -

MBA (Finance)
2 NEERAJ KUMAR 02/05/63 55 Group CEO & 5,06,45,350 M.Sc. (Physics), 28 01/07/2013 Infrastructure Leasing
Whole Time Director MBA (Finance & & Financial Services
International Finance) Limited
3 OM PRAKASH SHARMA 01/10/47 71 COO - Large Dia 1,64,15,533 Intermediate 51 14/04/86 Kajeco Industries
Pipe Business
4 DHARMENDRA GUPTA 12/12/66 51 President & Unit 1,66,21,375 Ph.D. (Metallurgical Engg), 29 03/10/11 Shree Ram
Head (Bhilwara) M.E. (Metallurgical Engg), Electrocast Pvt. Ltd.
B.E. (Metallurgical Engg)
5 DINESH CHANDRA SINHA 02/01/62 56 President & SBU 1,19,90,545 B.Tech. 34 19/08/2013 Kalyani Carpenter
Head (Nashik) (Metallurgical Engineering) Special Steels Ltd.
6 VINAY KUMAR GUPTA 13/09/63 55 Global Head - 1,33,30,189 B.Com (Hons.), C.A. 31 27/01/06 Score Information
Treasury Technology Ltd.
48
7 MANEESH KUMAR 24/01/69 49 Global Marketing 1,16,83,752 B.Tech. (Civil), M.Tech. 24 07/05/2004 Electrosteel Casting
Head (DI Business) (Water Resource Engg), Ltd.
M.Planning (Enviromental
Planning)
8 NARENDRA MANTRI 07/07/66 52 Head - Commercial 1,11,58,920 CA 32 19.05.2015 DALMIA BHARAT
LIMITED
9 VIJESH CHAWLA 25/09/62 56 Sr. Vice President 1,04,87,718 B. Tech. (Chem.), MBA 35 12/09/03 HBL Nife Power
(Marketing) Systems Ltd.
Notes:
1 Remuneration includes salary, commission, contribution to provident and other funds and perquisites including medical, leave travel, leave encashment and gratuity on payment basis and
monetary value of taxable perquisites etc.
2 All the above appointments are non contractual except marked * and are terminable by notice by either side.
3 None of the employee is related to any director of the company except Ms. Sminu Jindal who is related to Shri P. R. Jindal.
Prithavi Raj Jindal

Place : New Delhi
BOARD’S REPORT
Annexure - 6
Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and Rule 5(1) of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014.
i. Ratio of the remuneration of each Executive Director to the median remuneration of the employees of the company for
the financial year 2017 – 18.
S.No. Name of Director Designation Ratio of Remuneration of each
director to the median remuneration
1. Ms. Sminu Jindal Managing Director 42.67 : 1
2. Shri Neeraj Kumar Group CEO & 162.40 : 1
Whole-time Director
3 Shri Hawa Singh Chaudhary Whole-time Director 20.29 : 1
ii. Percentage increase in Remuneration of the Chief Executive Officer, Chief Financial Officer and other Executive Director
and Company Secretary during the financial year 2017-18.
S.No. Name of Director / KMPs Designation Percentage increase in remuneration
in the financial year
1. Ms. Sminu Jindal Managing Director -
2. Shri Neeraj Kumar Group CEO & 15.00 %
Whole-time Director
3. Shri Hawa Singh Chaudhary Whole-time Director 9.05%
4. Shri Narendra Mantri Chief Financial Officer 14.16 %
5. Shri Sunil K. Jain Company Secretary 13.90 %
iii. The percentage increase in the median remuneration of Employees in the financial year 2017 – 18 was 12.85 %.
iv. There were 7,165 permanent employees on the rolls of the Company as on 31st March 2018.
v. The average percentage increase in the last financial year 2017-18 made in the salaries of employees other than the managerial
personnel was 12.4%. The average percentage increase in the salaries is an outcome of the individual as well as Company’s
performance and other factors mentioned above.
vi. It is hereby affirmed that the remuneration paid during the year is as per the Remuneration policy of the Company.

49
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

Industry Structure and Developments Domestic Economic Scenario
ECONOMIC SCENARIO The year 2017 was marked by a number of key structural
initiatives to build strength across macro-economic parameters
World Economic Scenario
for sustainable growth in the future. The growth in the first half
Almost a decade after the global financial crisis, the world of the year suffered due to after effect of the reform process
economy seems to be leaving the legacy of the global financial including implementation of GST etc., despite global tailwinds.
crisis behind and is poised for a convincing recovery in 2018. As However, the weakness seen at the beginning of 2017, seems to
per IMF, World growth strengthened in 2017 to 3.8 percent, with have bottomed out as 2018 set in. Currently, the economy
a notable rebound in global trade. It was driven by an seems to be on the path to recovery, with indicators of
investment recovery in advanced economies, continued strong industrial production, stock market index, auto sales and
growth in emerging Asia, a notable upswing in emerging exports having shown some uptick.
Europe, and signs of recovery in several commodity exporters. The International Monetary Fund (IMF) in its latest World
Global growth is expected to tick up to 3.9 percent this year Economic Outlook (WEO) has projected India to grow at 7.4% in
and next, supported by strong momentum, favourable market 2018 and 7.8% in 2019. It also held that India will again emerge as
sentiment, accommodative financial conditions, and the world’s fastest-growing major economy at least for the next
domestic and international repercussions of expansionary fiscal two years (2019 and 2020).
policy in the United States. The partial recovery in commodity
Over the medium term, India’s growth will gradually rise with
prices should allow conditions in commodity exporters to
continued implementation of structural reforms that will raise
gradually improve.
productivity and incentivize private investment. It will be driven
Recent course adjustments in major trade relationships, such as by recovery from transitory effects of currency exchange
the United Kingdom of Great Britain and Northern Ireland’s initiative and implementation of national GST tax and supported
decision to withdraw from the European Union and the United by strong private consumption growth. India’s progress on
States of America’s decisions to renegotiate the North American structural reforms in recent past, including through
Free Trade Agreement and to reassess the terms of its other implementation of GST will help reduce internal barriers to
existing trade agreements, have raised concerns over a trade, increase efficiency and improve tax compliance.
potential escalation in trade barriers and disputes. These could The key engines supporting the upturn of Indian growth are
be amplified if met by retaliatory measures by other countries. largely domestic and policy-driven, though a synchronous
An increasingly restrictive trade environment may hinder upturn in global growth will provide some tailwind. The vectors
medium-term growth prospects, given the mutually reinforcing include resolution of stressed assets in banking driven by
linkages between trade, investment and productivity growth. National Company Law Tribunal (NCLT), rural rejuvenation,
The oil market is in the process of rebalancing, as demand relentless implementation of reforms, initiatives to attract
growth surpasses supply growth. The level of commercial investments across the globe for Make in India initiative, policies
crude oil stock has already been in decline despite rapid crude to strengthen India’ Manufacturing sector like introduction of
production growth in the United States. World crude oil supply National Steel Policy, and focus on demand and job creation
expected to record a modest rise with strong demand is through spending on rural and labour-intensive infrastructure
expected from China, India and the United States - the world’s space is likely to support growth next fiscal, and push demand
three largest energy consumers. A recovering demand from in the consumer sectors.
Europe is another supporting factor for the solid growth OIL & GAS INDUSTRY
projection coupled with the recent rise in refining margins in Global Scenario
Asia, Europe and the Americas throughout 2017.
The oil and gas sector is one of the most prominent industries in
While the growth outlook for 2018 looks good with emergence the world. Since the Industrial Revolution, both oil and gas have
of new global players like China, India and formations like played a huge part in bringing power to people all over the
Shanghai Cooperation Organization (SCO), possible stability in world, and shaping modern life as we know it. As a resource
oil prices, Saudi Arab charting a new path for itself and that is essential almost everywhere in the world, the production
rebuilding of Iraq etc. but there are also some other possible and use of oil and gas remains vital as we move into the 21st
downside risks for business to bear in mind, including USA century.
getting into regressive protectionist economy using trade
Despite this, the sector is also changing. The rise of renewable
barriers which are expected to face retaliation and counter
energy, new technologies, and new methods of extracting
measures by European countries, China, Canada etc., impact of hydrocarbons from ever-more elusive sources have all
implementation of Brexit; political uncertainty in large impacted the way in which business is done, as has the
economies due to elections as well as continued geopolitical fluctuating supply and demand in areas like Saudi Arabia and
tensions related to Qatar, Syria, Iran, North Korea and other America. The market is opening up, rebounding from the price
nations crash of 2015, and investment in areas like complex capacity is
projected to increase over the years.
50

Over 2017, the sector recovered from the slump of previous that there will be major investments in this industry in future. The
years, with businesses working to decrease their cost bases Government of India has recently revamped the regulatory
with the aim of improving efficiency in a fluctuating and framework in the upstream sector with a view to attract foreign
unstable market. Though the oil market remains unstable, the investment (i.e., a shift from NELP to HELP), and this is also
average Brent oil price was one third higher this year than in consistent with the government’s objective to facilitate ease of
2016, giving positive signs for the market in 2018. There is doing business in India. While the Government of India resolves
currently a higher supply than demand in the market- as Brazil teething issues in the O&NG sector, the landscape in the O&NG
has emerged onto the global scene as an oil producer, sector promises to be dynamic with scope for growth of
competing with America and Saudi Arabia and resulting in business entities.
consistently low prices for oil over the past few years. However,
WATER INDUSTRY
investment is starting to pick up again, despite the uncertainty
that will come with Brexit, and with an increasingly volatile Global Scenario
political climate Water scarcity, changing demographics and operational
However, while the oil prices are getting semblance of stability, efficiency are the top issues for the global water sector, which
gas is enjoying a profound upswing in popularity: an upswing are amplified by the unpredictable impact of climate change.
that is almost certain to continue into 2018. With the boom of Demand for water continues to rise. According to the
renewable energy has come an increased focus on low-carbon Organization for Economic Co-operation and Development
energy, and this has resulted in the rise of natural gas as a power (OECD), by the middle of the century water demand is
generation fuel, overtaking coal as a source of energy for the projected to increase by 55 percent compared with 2015 levels.
first time: indeed, it’s currently growing more quickly than oil or This increase will mainly be driven by population growth.
coal. Urbanization, dietary and lifestyle changes will also accelerate
After several years of oversupply, the oil and gas industry could the growth in demand for water. With rapid population growth
very well be moving headlong into a supply crunch. This may expected in parts of Asia, which are already under water stress,
seem hard to imagine, given the ramping up of U.S. oil these areas face acute water scarcity problems. Declining water
production and the burgeoning sense of optimism that is quality has also grown as a global concern. It can directly
sweeping the sector. In general, the industry feels much influence the cost of providing water by utilities, reduce the
healthier than it did 12 months ago: The price of oil has volume of water available for use, and indirectly affect human
rebounded. After appearing limited to a range between the health. Water loss through leakage is a major issue both in the
mid-$40s and $50 per barrel (bbl), Brent crude is now trading developed and developing world. The majority of the leakage
near $70. The industry is thus recovering from the brutal last few is due to aging infrastructure. The long term impact of climate
years of weak prices, enforced capital discipline, portfolio change is unpredictable, but many expect it to exacerbate
realignments, and productivity efficiencies water scarcity, watershed planning and making aging
infrastructure even more vulnerable to extreme weather
India Scenario
conditions. Therefore, the level of risk that climate change
India is one of the fastest growing major economies in the introduces is likely to make water cycle, infrastructure and
world and the third largest consumer of petroleum products, demand management even more complex and costly.
after US and China. Although there is an increased focus on gas
Ultimately, the world needs flexible and resilient water systems
and renewables, demand for oil has always been on the rise,
that anticipate and monitor changes in circumstances.
and is estimated to grow at least until 2040. As per the report
Sustainable management techniques need to be implemented
published by India Brand Equity Foundation (IBEF), India’s
to protect water cycles and reduce the impact of human
energy demand is expected to double to 1,516 million tonnes of
activity on them. These need to go hand-in-hand with
oil equivalent (Mtoe) by 2035 from 723.9 Mtoe in 2016.
optimizing water and wastewater provision and consumption,
Moreover, India’s share in global primary energy consumption
and will require closer collaboration between utilities, users and
is projected to increase by two-folds by 2035.
regulators to incentivize water conservation, reuse and
India has always been an import dependent nation in the Oil recycling.
and Natural Gas (“O&NG”) sector. India’s domestic crude oil
India Scenario
production of 36.95 million tonnes in 2015- 16 barely met 20
percent of its oil needs. Natural gas output at 32.249 billion Capital expenditure on water and wastewater infrastructure in
cubic meters meets less than half of its needs. As a result of India is set to increase by 83% over the next five years, hitting an
significant dependence on import, Indian Government has set a annual run rate of $16 billion by 2020. The utility market is set to
target to reduce dependence on crude imports by 10% by top $14 billion within five years, while annual spending in the
2022. industrial sector will approach $2 billion. Due to the central and
state governments’ renewed vigour in propounding the
Given the growing demand for crude oil in India and its wide
reduction and eventual elimination of pollution in India’s rivers,
application in household and industrial activities, it is apparent
51

the wastewater treatment sector is expected to grow faster Different type of steel pipes requires different material in its
than water treatment, exhibiting a CAGR of 15.3% to reach $6.78 manufacturing. Countries such as China, U.S.A., India, and Japan
billion in 2020, up from $3.3 billion in 2015. Spending on water are involved in heavy construction activities requiring large
supply will grow from $5.56 billion to $9.4 billion over the next amount of steel. In the energy driven economy, it is necessary
five years. (source- Global Water Intelligence report) to construct advanced means of oil transportation, which has
pressure and thermal resistance.
The present government has unveiled initiatives that promise to
transform India’s rival those in developed nations. In order to As per Nester Research, global steel pipes market is expected
speed up the construction of water and wastewater projects to grow at a compound annual growth rate of 3.6% during
across the country, the government is adding new incentive 2017-2024. Further, the global market is anticipated to reach 79.9
tools – such as priority release of budget allocations on the Million metric tons by the end of 2024. Rapid urbanization;
basis of reforms implemented by states in the previous year – development of new industries and growing construction
whilst also undertaking a review of water tariffs. activities across the world and development of oil & gas
industries are some major factors which are projected to foster
The Atal Mission for Rejuvenation and Urban Transformation
the growth of global market of steel pipes. Moreover, high
(AMRUT) – the present government’s successor to the JNNURM
strength and durability of steel pipes are one of the key reasons
– and the Smart Cities Mission are aimed at realising the
which are likely to fuel the growth of market.
government’s ambition of bringing the quality of India’s water
supply and sanitation to a level currently enjoyed by developed Like other commodities, steel prices also have tendency to
economies. INR500 billion ($7.7 billion) has been allocated for fluctuate as per the economic conditions, which has immediate
investment in 500 towns and cities under AMRUT, with INR480 impact on global steel pipes market, such as surging oil market,
billion ($7.4 billion) put aside for upgrading 100 cities to attain and European Brexit issue. The growth in government
‘smart’ status. Water and wastewater infrastructure is anticipated expenditure over the construction, pipeline projects and
to constitute up to 40% of the total investment under these favorable regulation regarding production of steel are driving
initiatives. the global steel pipes market. In 2016, India introduced
minimum import prices (MIP) across all steel products,
The Indian Rivers Inter-link is a proposed large-scale civil
benefitted the domestic producers revived the growth rate of
engineering project that aims to effectively manage water
India steel pipes market.
resources in India by linking Indian rivers by a network of
reservoirs and canals and so reduce persistent floods in some Based on geography, Asia-Pacific region accounted for largest
parts and water shortages in other parts of India. market share of 53.1% in 2017 of global steel pipes market. High
construction activities and developing oil & gas industries are
The Inter-link project has been split into three parts: a northern
some of the major factors which are expected to allow Asia
Himalayan rivers inter-link component, a southern Peninsular
Pacific to continue its dominance during the forecast period.
component and starting 2005, an intrastate rivers linking
Major users of steel products are China, Japan and India owing
component. The project is being managed by India's National
to application of steel pipes in construction projects that has
Water Development Agency (NWDA), under its Ministry of
major share in China (21% of global construction projects), India
Water Resources. NWDA has studied and prepared reports on
(7%), and Japan (6%). Over the forecast period APAC is
14 inter-link projects for Himalayan component, 16 inter-link
expected to continue its large market share for the demand of
projects for Peninsular component and 37 intrastate river linking
steel pipes across various industries in the developing countries.
projects
North America is the second leading market in steel pipes and
STEEL PIPE INDUSTRY is expected to witness satisfactory growth during 2017-24.
Pipes are a prominent and integral part of every human being’s Factors such as presence of large number of oil and gas
everyday life, which include transportation of fluid products industries and other sectors are envisioned to foster the growth
over long distance such as water, oil & gas, sewage & sanitation, of North America steel pipes market. Additionally, European
etc. Steel pipes are one of the types used in the pipe industry region is also projected to grow at an acceptable pace which
for both industrial and housing purposes. Steel pipes are can be attributed to growing demand for steel pipes in end use
categorised as carbon steel pipe, stainless steel pipes and industries in this region.
others. Carbon steel pipes are usually used in industrial LARGE DIAMETER WELDED PIPES SCENARIO
processes involving extreme cold, high heat or for transporting
GLOBAL
gases, such as steam. Stainless steel has the quality to prevent
from oxidation and corrosion, which makes it a widely used The investments in the Oil & Gas sector are directly proportional
material nowadays. One more category that is structural steel to the crude oil prices. Active rotary rig counts are one of the
pipes, used in the construction industry. Steel pipes are also best indicators to gauge the ongoing exploration and
used in numerous applications that involve the flow of fluid with production activities.
a closed loop.
52

From the highs of 3,494 average rigs deployed during 2011-2014 Resources Ministry, up from Rs 6,887 crore in 2017-18 for
– with the peak in 2014 – the average rig counts slumped to implementing key projects such as Namami Gange, Pradhan
1,594 on account of falling crude prices globally during Mantri Krishi Sinchayi Yojana and river inter-linking etc. There has
2015-2016. However, with the recovery in crude prices in 2017 by also been a major investment in natural gas grid by the Ministry
22.5 percent over 2016, the average rig counts until July 2017 of Petroleum and Natural Gas. India is also seeking to double its
have also increased proportionally by 24.8 percent to 1,990. existing gas pipeline infrastructure of 15,000 km, as the
government aims to provide a clean energy source to
The demand for steel pipes is largely dependent to the
consumers. The Prime Minister’s north-east policy offers
investments made in the oil and gas sector and, therefore, is
immense potential in infrastructure development, which
highly vulnerable to the fluctuations in oil prices. Lower oil
includes transportation of gas and water. The turnaround time
prices reduce the demand for pipes as many projects get
has also started with the implementation of ‘Urja Ganga’ project
postponed or cancelled. Welded tube/pipe production
by the Gas Authority of India Ltd. These initiatives are expected
(ex-China) as well as planned pipeline projects has moved in
to further drive demand up in the next few years for pipes as
tandem with the crude prices albeit with a lag effect.
expansion of national gas grid and new water projects across
As per Pipeline & Gas Journal, more than 130,000 km of oil and the country would mean higher domestic orders and revenues
gas pipeline is expected to be laid over the next 2-3 years, over the next two years at least. Huge demand for large
presenting an opportunity of close to US$30-bn to the steel diameter pipes is expected to follow, with states like Telangana,
pipe manufacturers. Of the 134,866 km, 61,783 km are in Andhra Pradesh, Gujarat, and Madhya Pradesh being the major
engineering and design construction phase, whereas 73,084 drivers.
km are in the construction stage.
Nevertheless, low penetration of pipes coupled with the
With steel pipes accounting for almost 40 percent of the various initiatives taken by the government – setting up National
demand pie, it provides steel pipe manufacturers with a Gas Grid and revamping the water and sanitation infrastructure
business opportunity of more than US$110-bn over the next 15 – provides domestic business opportunity of more than
years. While in the Asia Pacific region, close to 32,000 km of ` 30,000-crore which is expected to benefit the Indian Line Pipe
pipeline is expected to be laid involving 6.4 mn tonnes of steel industry, which is among the top three manufacturing hubs for
pipes over the next 2-3 years, representing investments worth large diameter welded pipes (SAW pipes) . However, the
US$7.0-bn. Investments worth US$3.3-bn in the pipe industry are penetration level of pipelines in oil and gas transportation is
expected in the Middle East. Being in close proximity to the quite low at 32 percent in India as compared to 59 percent in
Middle East, Indian companies have a competitive edge over USA and 79 percent globally. It is this low penetration of pipes in
Japan and Europe, as they are able to save on freight costs. India the domestic market that provides a huge business opportunity.
being one of the largest manufacturers and a leading exporter
Until recently, imports from China were a major challenge for
of Large Diameter Welded pipes, its exports are directly
local manufacturers. But, now the government has addressed
influenced by the price movements of international crude oil
the issue in a recently announced policy, mandating to provide
prices albeit with a lag effect.
preference to domestic products in government procurement.
INDIA Imported steel must undergo a minimum prescribed value
I Increased opportunities in the domestic sector have led to addition of 15 percent in order to be eligible for procurement
increase in domestic consumption of large diameter welded by government departments.
pipes at a faster pace. Over the long term, the outlook of the With the government’s increased thrust on improved water
industry is expected to remain stable as capacity utilisation supply and sanitation infrastructure, the line pipe demand in
levels of domestic large diameter welded pipes players are India is expected to remain robust in the coming 3-5 years. The
expected to improve gradually. Furthermore, realisations are projects funded by the World Bank and Asian Development
expected to improve in FY18 on the back of increase in steel Banks are scheduled to be completed by 2020 which shall be
prices during FY17. beneficial to the large diameter spirally welded pipes (HSAW)
Despite the present economic pressures post-implementation and Ductile Pipe players.
of GST and banks tightening loan disbursals, the balance has DUCTILE IRON PIPES SCENARIO
tilted towards India. Foreign Direct Investment (FDI) received in
India Ductile Iron pipe market is expanding owing to increasing
Construction Development sector from April 2000 to March
water development infrastructure, increasing awareness on
2017 stood at US$24.3-billion, according to the Department of
water conservation and aim to become 100% open defecation
Industrial Policy and Promotion (DIPP). And, one of the sectors
free nation. Further increasing population of the country, huge
that has seen growing interest is the Pipes industry, which has
investment on Water Infrastructure Development, Improving
seen a flood of capital investments, resulting in modernisation
Sanitation Coverage in the Country, Water Conservation
and capacity creation.
Schemes and increasing number of housing units are also the
For 2018-19, the government has given Rs 8,860 crore to Water growth drivers of India’ Ductile Iron Pipe Market. India is the
53

second most populous country in the world but it is leading in largest producers, though its capacity cuts and antidumping
terms of lack of water supply and sanitation facilities. duties on its seamless steel pipes products, production is
expected to suffer here. Commodity Inside expects these
The Ductile Iron pipe market is likely to have strong linkages with
initiatives will help improving market fundamentals in the short
investment in water infrastructure development and India is
term.
witnessing huge investment in water projects under “Swachh
Bharat Abhiyaan”, Atal Mission for Rejuvenation and Urban The global stainless steel and tubes market is projected to
Development (AMRUT) and various other State level projects, display a sustainable growth represented by a CAGR of 3.55 %
the DI & HDPE pipe sector is anticipated to witness a bright during 2017-22, primarily driven by rising energy demand and
outlook in upcoming years. The major aim of these projects is production of vehicles. Increasing R&D in stainless steel
the make sure that every citizen of India has optimum access to manufacturing to improve durability, corrosion resistance, and
safe and hygienic drinking water. The government of India has strength is expected to propel growth. Growing demand from
been focusing on providing housing to each and every citizen end-use industries is also estimated to boost the market over
of India by 2022. Rise in number of houses in the country will the forecast period of 2017-22. The market is expected to
increase the need for constructing pipe infrastructure to witness high growth owing to a substantial increase in
transport water. automobile and building and construction industries. Rising
demand for automobiles in developing economies, such as
In India, Ductile Iron pipe market has also been growing owing
India and China, is likely to be a key driver for the market.
to pipe’s durability, tensile strength, resistance and pressure
bearing ability. The Ministry of Water Resources estimated that INDIA
by the year 2025, the requirement for water in India will increase
The Government is striving to attract investments in oil & gas
to 120 billion cubic meters. This has significantly increased the
exploration in India by bringing out policies to boost oil
demand of DI pipes for construction of potable water supply
exploration and thereby save on imports and precious foreign
projects, sanitation facilities and water supply infrastructures.
exchange. In this context, the implementation of Hydrocarbon
Government of India has been focusing on improving its
Exploration Policy (HELP) will especially necessitate capital
economy and they have initiated Make in India initiative which
expenditure by oil exploration companies, primarily ONGC and
has aided companies to manufacture Ductile Iron Pipes within
Oil India, resulting in generation of good demand for oil & gas
the country.
pipes over next few years.
SEAMLESS AND STAINLESS PIPES AND TUBES SCENARIO
Oil and Gas industry in India is in the midst of drive towards self
GLOBAL -sufficiency and upgrading to meet BS VI standards by 2020.
Investments in domestic oil & gas exploration and refinery
The key factors driving the growth of seamless pipes & tubes
space (ex RIL) is expected to go up from average of ` 65,000 cr
market are increasing demand for oil & gas, accelerating
in 2012-17 to average ` 80,000 cr in 2017-20. Seamless tubes
economic growth, rising energy consumption, growing shale
industry– carbon and stainless steel combined, which
oil production and increasing investment in offshore drilling
constitutes 7-12% of the overall capex in either exploration or
exploration activities. The noteworthy trends that can be
refineries, is set to be a large beneficiary of the underlying
witnessed in this industry is accelerating rig count and upsurge
capex momentum.
in footage of wells drilled.
Further, Government, in its push for “Make in India” programme,
The seamless pipes market is estimated to be USD 183.79 billion
has introduced a policy for providing preference to domestically
in 2017 and is projected to reach USD 237.11 billion by 2022, at a
produced iron & steel products including Pipes. This policy has
CAGR of 5.2% during the forecast period. The demand for
further provided a safeguard for domestic producers of pipes.
seamless pipes is majorly driven by the increasing demand for
seamless pipes from the oil & gas sector. Increasing global COMPANY OVERVIEW
demand for energy has led to a rise in exploration activities and
About us
investments in the oil & gas industry. The significant growth of
the oil & gas industry in emerging markets, such as China, India, We are a leading global manufacturer and supplier of Iron &
and Brazil is expected to drive the demand for seamless pipes. steel pipe products and accessories with manufacturing
However, volatile raw material prices can restrain the growth of facilities in India, USA, Europe and UAE (MENA). Our customers
the seamless pipes market. include world’s leading oil and gas companies, water bodies as
well as engineering companies engaged in constructing oil and
Asia Pacific is expected to lead the global seamless pipes
gas gathering, transportation, power generation and other
market. The growth of the Asia Pacific seamless pipes market is
industrial applications. Our mission is to match the expectation
majorly driven by the growth in the infrastructure & construction
of our customers through product development,
sector in the region. Asia is the key seamless pipe and tube
manufacturing excellence and supply chain management. We
market due to its rapid industrialisation and infrastructural
have developed system for improvement and sharing
developments. China leads the seamless market as one of the
knowledge across the organization globally.
54

We have a unique business model which in itself is diversified in Seamless Pipes & Tubes (Seamless Pipes): Seamless Pipe &
terms of location, markets, products, industry and customers. Tubes covers a wide range of products for various application
This business model itself hedges various risks and allows us to and in different part of Industry. Product range includes Line
operate and perform in most difficult economic and Pipe, Process Pipe, OCTG and Pipes and Tubes for general
geopolitical scenarios. We are one of the largest exporters of Mechanical Engineering. Seamless Pipes and Tubes covers a
Steel pipes out of India. Our business operations are highly wide range of application in Oil & Gas, Petrochemical,
structured with five strategic business divisions including SAW Exploration, Boiler, Heat Exchanger and General Engineering.
Pipes, DI Pipes & Fittings, Seamless and Stainless Steel Pipes and
We have also taken a seamless pipe & tube facility on long term
Tubes and Mining & Pellets.
lease in the State of Maharashtra. With the capacity to produce
We had interests in various businesses including infrastructure these pipes of approx. 0.30 Million MTPA at manufacturing
business along with the core business of pipe through our locations in India and United States we are capable to produce
subsidiaries in India and overseas. In late 2014, we decided to pipes up to 7” Diameter with anti-corrosion coating. With
remain in core business of Pipe and Pellets manufacturing and marginal cost, we are currently working on the plans to expand
after the implementation of scheme of re-arrangement through our production range up to 16’’ diameter. We had been a
a court approved process, we had demerged majority of reliable and regular supplier of major OEM both in INDIA as well
non-core businesses. as abroad. Our current clientele includes ONGC, IOCL, Reliance,
Cain, Energy, ADNOC, KNPC, KOC, GASCO etc.
Strategic Business Divisions
Stainless steel Seamless and Welded Pipes: At a marginal cost,
Large Diameter Submerged Arc Welded Line pipes (SAW
we have set up a Stainless steel seamless tubes and welded
Pipes): Large Diameter Submerged Arc Welded (SAW) Pipes are
pipe facility at Kosi Kalan, Uttar Pradesh and Samaghogha,
primarily used for transportation of Oil & Gas, Water and Slurry.
Gujarat. The facility is housed in a majority owned subsidiary
We are India’ first and now one of the largest manufacturers of
called Jindal Quality Tubular Limited (“JQTL”) where we have
SAW Pipes in the world. SAW Pipes product range includes
created capacity to produce 5000 MTPA of seamless pipes &
Long Seam and Spiral Seam Submerged Arc welded Pipes, Anti
tubes and 20,000 MTPA of stainless welded pipes. The facility
Corrosion and Weight Coating, Induction Bends and Connector
commenced commercial operations in FY 2018 and have
Casings. We are capable to produce SAW pipes up to 50”
received accreditations and approvals from majority of
diameters at our multi-locational manufacturing facilities with
customers. The Facility has also been approved by Engineers
aggregate installed capacity of approx. 2.00 million MTPA. Our
India Limited.
facilities have approvals from almost all the major oil companies
globally. Due to available operational leverage, we expect to We are one of the unique companies which has wide range of
increase the production and sale of SAW Pipes without any products in stainless and carbon steel with facilities for seamless
significant capital expenditure. We are also developing few and welded segments. Our products offered import
value added products which shall help us improving our substitution. We are serving almost all industries including oil &
profitability on sustainable basis. gas, pulp & paper, food, pharmaceuticals, water and sanitation,
petrochemical, boiler and heat exchangers as well as general
Ductile Iron Pipes (DI Pipes): Ductile Iron Pipes are commonly
engineering
used for transportation of potable water & Waste-water. We are
the 3rd largest manufacturer of DI Pipe in the world with Mining and Pellet: We have built an integrated beneficiation
aggregate installed capacity of approx. 0.90 Million MTPA., and pellet production facility with a capacity to produce high
having manufacturing & finishing facilities in India, UAE and quality pellet of 1.50 Million MTPA, at the mine head at Bhilwara
Europe. We are capable to produce DI Pipes up to 2200 mm in the State of Rajasthan. We have been allotted low grade iron
Diameter with external and internal coatings. DI Pipe product ore mines with Mining lease area spread over 1989 hectares for
range includes Ductile Iron Pipe with Socket & Spigot, Flange a period of 50 years. It is the 1st Beneficiation plant in the country
Joints, and related fittings. Our manufacturing facilities in India located at Mine head to upgrade low grade magnetite iron ore
and UAE are approved from majority of the customers. We have to high grade magnetite concentrate above 65% Fe grade.
also developing few value added products including double While majority of the pellets are sold in the market, we have also
chamber pipes, pre-insulated pipes,advanced coatings and started exports of pellets from this facility.
linings which shall help us improving our profitability on
sustainable basis.
55

BUSINESS - STRATEGY, STRENGTH & RISK c) Our human resource around the world with their diverse
knowledge and skills; Unified chain of command across
We are a multiproduct and multi-locational company. Over a
the group helping us in bringing the synergy in the
period of time, group has increased its footprints in core
operations and optimising the available resources within
business across the globe and at present besides India, we
the group;
have significant presence, through subsidiaries, in US, Middle
East and Europe. We have our direct presence for marketing d) diversified customer base and historic relationships with
and services in the major markets of the world. We moved major international companies around the world with
strategically into new product segments over last couple of proximity to customers;
years which has helped us to create synergy in our operations
e) our low cost of operations, with experience of over 30
across the group. This business model provides us an edge on
years, at strategically located production facilities
our competitors and help to reduce the risk of concentrated
market, industry specific challenges or geo political challenges f) maintaining highest standard of governance helping us to
and also help us in achieving business growth and earning, boost the confidence of all the stakeholders; and
Our business strategy g) Strong financial condition.
Our business strategy primarily includes: Principal Risks Factors
a) to consolidate our position as a global supplier of total We work in an environment where risks to the business and
pipeline solution to our customer in water, oil & gas and operations are evaluated regularly and suitable necessary steps
industrial applications; are initiated by the Management to mitigate and alleviate such
risks to the best possible way. We have a Risk Management
b) developing the business model to explore the markets of
Committee with an objective to identify, evaluate, prioritise and
diversified segments and industry with new products and
respond to risks and opportunities affecting our business
widespread customers base to help us minimising the
objectives.
industry specific risks, product specific risks and customer
related exposure; We believe the key risks to our business and operations are:
c) to provide the consistency in our business growth and - Industry and Macroeconomic Risks: Our operations in India
earnings; and other parts of the world are impacted by the level of
investments in infrastructure sector, which generally
d) expanding our comprehensive product range of
closely follows the economic trends. Consequently, our
products and developing new value added products to
earnings are highly sensitive to national, regional and local
meet the needs of customers operating in challenging
economic conditions. Any deterioration in the global
environments. We have developed and added double
economic environment and the financial market
chamber insulated pipes, clad pipes, stainless steel
conditions could have a material adverse effect on the
seamless tubes and welded pipes etc. to other product
Company sales, earnings, cash flow and outlook. Trade
portfolio. Our endeavour is top add value to the
barriers being used as a tool by various countries can also
objectives of our customers.
impact the business of the Company.
e) Our business model has been created in such a way
- Financial Market Risks: In a crisis environment, the
which provides synergies to other business segments
Company may face challenges to raise the necessary
within the total product portfolio which help us to meet
long term and short term finance to cover its funds
the requirements of our customer under the same brand.
requirements in the credit market or the capital market, or
Our strategy to focus on core business and expanding the obtain financing or refinancing on acceptable terms.
presence in the core segment by offering more and more value Stress in the banking system and adverse liquidity
added products, has started yielding results and further guiding conditions in the financial markets can also impact the
us to consolidate the market leadership position with strong business and profitability of the Company.
profitability to maximise the returns to stakeholders
- Foreign Exchange Risks: We deal with significant amount
Our main competitive strengths of foreign exchange denominated transactions for
imports, exports and various other payments. These
We believe our main competitive strengths include:
transactions expose us to a variety of risks related to
a) business model with diversified product portfolio helping currency exchange, interest rates etc. In order to reduce
to cater to needs of oil & gas, water and other industrial the impact related to these exposures, management
sectors evaluates exposures on a consolidated basis to take
b) Presence through global pipe production facilities, advantage of natural hedge. We do hedging of net
finishing and distribution network to provide the product exposure position primarily by entering into various
at door step of end user. transactions through forward contracts.
56

- Risks to Direct costs: The Company is exposed to changes JITF received app. Rs158 crores against interim award for 1st
in the raw material prices, energy prices and other direct year’ MGQ in the month of Jan’18 further received app. Rs198
costs. Raw material prices continue to have a key crores against interim award for 2nd year’ MGQ in the month of
influence on our production costs. The volatility in prices Apr’18. The funds were received against an advance bank
for our major inputs, can adversely affect our margins and guarantee of equivalent amount. JITF has lodged its monetary
results of operations. claim of with the Arbitration Tribunal. The process of the
Arbitration is completed and the tribunal has reserved the
- Legal Risks related to tax structure: We are subject to
order. JITF had also entered into a License Agreement with
various tax payments, in particular, tax on profits, import
Kolkata Port Trust. Disputes arose between the parties which
tax, Goods and Services Tax (GST)etc. Changes in tax
remained unresolved and the parties preferred to refer the
legislation could lead to an increase in tax payments. In
matters to Arbitration panel. The matter is still in hearings. JITF
addition, our sales in various global markets are subject to
has received legal opinions and is expected to receive
changes in anti-dumping laws in various countries. favourable Arbitration orders in both the cases.
- Environmental law Risks: We meet the requirements of Jindal Saw Gulf LLC, Abu Dhabi (UAE)
national environmental regulations. Although there are no
significant environment matters in the countries we Jindal Saw Gulf LLC (“JSGL”) has setup UAE’s first Ductile Iron
operate in, but there is always a risk of compliance and its Pipes (DI Pipes) manufacturing facility which is also the largest
associated costs. facility of DI Pipes in the GCC region with the capacity of
3,00,000 MTPA and size ranging upto 2200 mm. Due to
- Human Resource Risk: The organization’s succession extreme volatile geo-political and war like situation in the GCC
challenges the ability to attract and retain top talent may region, the GCC region had slowed down the investment in
limit our ability to achieve operational targets. However, water sector which impacted the business of JSGL. With
we have implemented suitable structure to ensure improvement in oil prices, the GCC region has restarted the
succession. We have implemented robust performance investments and we expect turnaround of the facility in the year
management system to reward performers which helps 2018-19. JSGL has also refinanced its long term debt with longer
to develop and retain the talent. maturity to match the business profile. The UAE facility has
- Information Technology Risks: Absence of robust received approvals from almost all the customers and has
information technology platform may lead to successfully supplied DI pipes to almost all the countries in GCC
compromise on confidentiality, integrity and availability of and MENA region as well as few other countries outside MENA
information. However, we have made significant region like Australia, Panama, Singapore etc. JSGL has also
investment in developing a team and a robust platform developed new products including double chamber pipes,
with adequate safety structures for safeguard of the foam coated pipes etc to capture premium market which will
hardware and business information. help in better margins in longer term.
Jindal Saw USA LLC
Major Subsidiaries & their Operations:
A 100% step down subsidiary of Jindal Saw Limited, Jindal Saw
Jindal Saw group had interests in various businesses including
USA LLC (JSULLC) is engaged in coating of welded pipes.
infrastructure business along with the core business of pipe
Spread over app. 258-acre complex, the facility is based at
through its subsidiaries in India and overseas. In late 2014,
Baytown Texas, USA. JSULLC also has a 100% subsidiary named
management decided to remain in core business of Pipe
Drill Pipe Inc. which is engaged in the manufacturing of drill
manufacturing and after the implementation of two step
pipes. Business of JSULLC is expected to improve further due to
scheme of re-arrangement through a court approved process,
various trade protection measures initiated by the current US
Jindal saw group had demerged majority of its infrastructure
administration which would help the local manufacturing
businesses from Jindal Saw and remain with fewer subsidiaries
facilities in USA.
which are operating in the core business in India and overseas
as well. Jindal ITF Ltd which is engaged in transhipment and IUP Jindal Metals & Alloys Limited
water borne transportation business is also a subsidiary of Jindal A majority owned subsidiary, IUP Jindal Metals & Alloys Limited
Saw and management has also identified this business as a is engaged into manufacturing of high quality precision stainless
non-core business. steel strips. It offers a wide choice of thin and ultra- thin cold
Jindal ITF Limited rolled strips. The precision stainless strips are useful in
manufacturing of various products like auto components,
A 51% subsidiary of Jindal Saw Limited, Jindal ITF Limited (“JITF”) clocks, watches and electrical equipment.
is engaged in the transhipment and water borne transportation
business. JITF has entered in to contracts for providing these Jindal Tubular (India) Limited
services and one such contract is executed with NTPC Limited. A 100% subsidiary of Jindal Saw Limited, Jindal Tubular (India)
Disputes arises amongst the parties and JITF preferred to invoke Limited (“JTIL”) operates a large Diameter submerged arc
the arbitration clause. Arbitration panel has passed two interim welded spiral pipe in Madhya Pradesh. The facility is currently
awards in favour of JITF. producing pipes for water sector.
57

Jindal Quality Tubular Limited locations, thereby enabling the identification of areas where risk
management processes may need to be strengthened.
A 67% subsidiary of Jindal Saw Limited, Jindal Quality Tubular
Significant audit observations and corrective action plans are
Limited (“JQTL”) is engaged in the manufacturing of stainless
presented to the Audit Committee. The Audit Committee of the
steel tube and welded pipes business. The facility has been set
Board of Directors regularly reviews the adequacy &
up in Kosi Kalan (UP) at a marginal cost, to produce stainless
effectiveness of Internal Audit and implementation of the
steel tubes and welded pipes of app. 25000 MTPA. The plant
recommendation including company’s risk management
was commissioned in FY 2017-18.
policies & system.
Jindal Saw is the only Company which besides Ductile Iron
The Company had made a high standard of ethics and have an
Pipes has wide range of products in stainless and carbon steel
operative Whistle Blower Mechanism for reporting any act
with facilities for seamless and welded segments. We are
which are not in line with our policy, code of conduct and
serving almost all industries including oil & gas, pulp & paper,
ethics. A designated authority monitored the cases reported for
food, pharmaceuticals, water and sanitation, petrochemical,
proper redressal.
boiler and heat exchangers as well as general engineering.
Material Developments in Human resources/ Industrial
INTERNAL CONTROL AND INTERNAL AUDIT SYSTEM AND
Relations
THEIR ADEQUACY
We at Jindal SAW Ltd. understand that employee satisfaction
The company has developed and implemented a robust
and happiness play a nonpareil role in the growth story of an
system and framework of internal controls commensurate with
Organization. We make constant efforts to instill our Core
the size, scale and complexity of its operations. The framework
Values, Team-spirit, Openness & Fairness, Commitment to
has been designed to provide reasonable assurance related to
Excellence, Customer Focus & Care for people within the
financial and operational information, to comply with the
culture of the Organization.
applicable laws and to safeguard the assets of the company.
This framework contains Entity Level Controls as well as Business As Mahatma Gandhi once said “Man becomes great exactly in
Process Controls. The operating effectiveness and adequacy of the degree in which he works for the welfare of his fellow-men”,
these controls are periodically tested and validated. The internal we also believe that an Organization grows with the growth of
control systems are evaluated with respect to their compliance its employees. One of the top priorities of HR is to enhance
with operating systems and policies of the company across all workforce productivity and drive effective employee
locations. engagement. Our efforts are closely driven towards increasing
employee satisfaction levels by the means of effective
Your Company uses the latest technology for efficient and
appraisals, better growth prospects within the Organization,
effective operation which are the prime components of
cohesive culture and effective Training & Development.
adequate internal control. SAP is extensively used to
standardised the process and internal control across the To foster this, we have many efficient & effective Rewards &
company Recognition processes and plans in place. We reiterate our
focus on investments in people through merit oriented pay
The Company has a well-defined Delegation of Power with
revisions and Promotions on yearly basis through a process
authority limits for approving revenue and capex expenditure.
“Target Based Performance Management System (TBPMS)”. All
Your company believe in zero tolerance towards statutory the employees at all the Grades undergo a fair assessment and
compliance. The Company has a strong online legal are appraised on their performances against their pre-decided
compliance management system and it is regularly monitored KRA’s. This process helps us in recognizing our “STAR”
for compliance. employees who can further be considered for Job
The company has a strong and independent Internal Audit (IA) enlargement, Succession planning etc. and also let us identify
department. The scope and authority of the IA function is the employees who require further Trainings, counselling or
defined in the Internal Audit Charter approved by the Audit may be a change in nature of job.
Committee. Every year, the IA department conducts Internal Our Organization deciphers that Training & Development is an
Audit as per Annual Internal Audit plan prepared based on risk integral part of the employee’s whole life cycle. The key is to
assessment. This risk-based annual internal audit plan is duly upskill employees continuously as per the latest technologies,
approved by the Audit Committee. trends and expertise. We use means like Multi-skilling, Job
The IA department comprises of In-House Internal Auditors and rotation, inter-unit deputations and conduct both In-House as
Outsourced internal auditors. In-house auditors consists of well as External Trainings for carrying out Behavioral and
professionally qualified accountants, engineers and SAP Technical Workshops which not only upgrade one’s skills but
experienced executives. We had appointed world best audit also make one aware of the safety standards and norms.
firm Deloitte Haskins & Sells LLP to carry out the Internal Audit of With efficient People Management system in place, we
the company. Outsourced auditor are using Subject Matter religiously strive for Women safety. As a responsible employer,
Experts, Specialists to carry out risk-based audits across all
58

we have laid down strict guidelines for the prevention of making them contemporary & uniform in application is an
Sexual harassment of women at work place, providing them ongoing process. Necessary steps and measures are taken
with a forum for grievance re-dressal and imparting regular constantly to improve processes & systems at Unit levels for
Trainings on this topic. This creates a safe and secure better control & productivity. Our SAP enabled structure
atmosphere for all the females wherein they can work facilitates the sequence of interactions & interventions with a
contentedly. better inter and intra department coordination and make the
whole system steadfast.
We believe that our responsibility extends beyond our
employee and goes till their families as we continuously work A Business cannot develop in isolation from the society and our
for their well-being and secured life. To provide a good quality CSR development activities continue to focus on this belief that
of life, we have covered all our employees under best of benefits percolate to the society in which we habitat and
Insurances which secure both employee and his/her family, co-exist.
regular medical camps/ awareness talks/ life skills talks are
Mutual trust between people at every level of the Organization
conducted for employees and their families, subsidized
is intrinsic to Jindal SAW culture, calling for open, fair and
cafeteria for all the employees, extending best of medical
two-way communication between Management & employees.
benefits to employees & their families, Sports activities are
Our winning workplace culture can be depicted by the lower
conducted with full enthusiasm, celebration of festivals is done
attrition rate and higher level of satisfaction amongst the
with complete zeal.
employees.
Continuous review of Policies / Practices with the view to
59
CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To,
The Members,
Jindal Saw Limited,
Kosi Kalan,
Distt. Mathura – 281403 (U.P.)
We have examined the compliance of the conditions of the Corporate Governance by Jindal Saw Limited (“the Company”) for the
Financial Year ended 31st March, 2018, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2) and para C, D and
E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
[hereinafter referred to as “Listing Regulations”].
The compliance of the conditions of the Corporate Governance is the responsibility of the Management of the Company. Our
examination was limited to review of the procedures and implementation thereof, adopted by the Company for ensuring
compliance with the conditions of Corporate Governance as stipulated in the said Regulations. It is neither audit nor an expression of
the opinion on the Financial Statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us and the representations made by the
Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above
mentioned “Listing Regulations” as applicable during the year ended 31st March, 2018.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Place : Kanpur
Dated : 1st August, 2018
60
CORPORATE GOVERNANCE REPORT

(1) COMPANY’S PHILOSOPHY
The Company’s Philosophy on Corporate Governance envisages the attainment of highest level of transparency, accountability
and equity in all facets of its operations and in all its interactions with its stakeholders including shareholders, employees, lenders
and the Government. The Company believes that all its operations and actions must serve the underlying goal of enhancing
overall shareholder value over a sustained period of time.
(2) BOARD OF DIRECTORS
i) COMPOSITION OF BOARD
TThe composition of Board of Directors during the year ended 31st March, 2018 is in conformity with Regulation 17 of the SEBI
(Listing Obligations and Disclosures Requirements) Regulations 2015 read with Section 149 of the Companies Act, 2013. The
details of their directorships, chairmanships/ memberships of the committees are given below:
No. of Directorships and Committee Memberships/
Chairmanship in other public companies
Name of Director Category of Director DIN Directorship Committee Committee
Chairmanship@ Membership@
Shri Prithavi Raj Jindal Promoter-Non Executive 00005301 6 Nil Nil
(Chairman)
Ms. Sminu Jindal Promoter - Executive 00005317 11 Nil Nil
(Managing Director)
Ms. Shradha Jatia Promoter-Non Executive 00016940 Nil Nil Nil
Ms. Tripti Arya Promoter-Non Executive 00371397 3 Nil Nil
Shri Neeraj Kumar Executive 01776688 6 Nil Nil
(Group CEO &
Whole-time Director)
Shri Hawa Singh Chaudhary Executive 00041370 Nil Nil Nil
(Whole-time Director)
Shri Devi Dayal Independent– Non Executive 01083282 3 Nil Nil
Dr. S. K. Gupta Independent– Non Executive 00011138 1 1 1
Dr. Raj Kamal Agarwal Independent– Non Executive 00005349 6 4 3
Shri Ravinder Nath Leekha Independent–Non Executive 00888433 3 2 1
Shri Abhiram Tayal Independent–Non Executive 00081453 1 Nil Nil
Shri Ajit Kumar Hazarika Independent–Non Executive 00748918 1 Nil Nil
Shri Prithavi Raj Jindal, Ms. Sminu Jindal, Ms. Shradha Jatia and Ms. Tripti Arya are related to each other in terms of definition of
“relative” under the Companies Act, 2013. None of other directors are related to each other.
@ Includes only Audit Committee and Stakeholders’ Relationship Committee.
ii) BOARD MEETINGS AND ATTENDANCE RECORD OF EACH DIRECTOR

The Board of Directors met 4 times during the year ended 31st March, 2018. These meetings of the Board of Directors were held
on 29th May, 2017, 3rd August, 2017, 7th November, 2017 and 24th January, 2018. The attendance of each of the Directors
including at last Annual General Meeting is as follows:-
61
Director No. of Board Attendance During the year ended 31st March, 2018, the Committee met
Meetings Attended At The Last AGM 4 (four) times on 29th May, 2017, 3rd August, 2017, 7th
November, 2017 and 24th January, 2018. The composition and
Shri Prithavi Raj Jindal 3 No attendance of the members in the meetings are as follows: -
Ms. Sminu Jindal 4 No Name of Member Designation Category No. of Meetings
Ms. Shradha Jatia 1 No Attended
Ms. Tripti Arya 2 No Dr. Raj Kamal Agarwal Chairman Independent 4
Shri Neeraj Kumar 4 No Shri Neeraj Kumar Member Executive 4
Shri Hawa Singh Chaudhary 4 Yes Shri Devi Dayal Member Independent 3
Shri Devi Dayal 3 No Dr. S. K. Gupta Member Independent 4
Shri Ravinder Member Independent 4
Dr. S.K. Gupta 4 No
Nath Leekha
Dr. Raj Kamal Agarwal 4 No *Shri Ajit Kumar Member Independent 2
Shri Ravinder Nath Leekha 4 Yes Hazarika
Shri Abhiram Tayal 3 No * Shri Ajit Kumar Hazarika was appointed as member w.e.f. 3rd
Shri Ajit Kumar Hazarika 2 Yes August, 2017.
iii) FAMILIARISATION PROGRAMMES FOR BOARD MEMBERS Shri Sunil K. Jain, Company Secretary, is the Secretary of the
Committee. Head of Finance & Accounts Department, Statutory
The Board members are provided with necessary Auditors, Cost Auditors and Internal Auditors attend the meetings
documents/brochures, reports and internal policies to of the Audit Committee. The Audit Committee deals with the
enable them to familiarize with the Company’s various aspects of financial statements including quarterly, half
procedures and practices. yearly and annual financial results, adequacy of internal controls &
Periodic presentations are made at the Board and Board internal audit functions, compliance with accounting standards
Committee Meetings on business and performance and Company’s financial & risk management policies etc. It
updates of the Company, global business environment, reports to the Board of Directors about its findings &
business strategy and risks involved. Detailed recommendations pertaining to above matters.
presentations on the Company’s business segments were
(ii) TERMS OF REFERENCE
made at the separate meeting of the Independent
Directors held during the year. The role and terms of Audit Committee covers the area of
Updates on relevant statutory changes and landmark Regulation 18 of SEBI (Listing Obligations and Disclosure
judicial pronouncements encompassing important laws Requirements) Regulations, 2015 and section 177 of the
are regularly circulated to the Directors. Site visits to various Companies Act, 2013 besides other terms as may be
plant locations are organized for the Directors to enable referred to by the Board of Directors of the Company. The
them to understand the operations of the Company. minutes of the Audit Committee are taken note by the
Board of Directors.
The details of such familiarization programmes for
Independent Directors are posted on the website of the (4) NOMINATION AND REMUNERATION COMMITTEE
Company and can be accessed at (I) COMPOSITION & MEETINGS
http://www.jindalsaw.com/pdf/Familiarization-Programm
e-of-Independent-Directors-of-Jindal-Saw-Limited.pdf As on 31st March, 2018, the Nomination and Remuneration
Committee comprised of 3 Independent Directors. The
iv) SHAREHOLDING OF NON-EXECUTIVE DIRECTORS IN THE Chairman of the Committee is an Independent Director.
COMPANY AS ON 31ST MARCH, 2018 IS AS FOLLOWS: The Composition of the Nomination and Remuneration
Name of Director No. of equity shares Committee is in conformity with the requirements of the
Companies Act, 2013 and SEBI (Listing Obligations and
Shri Prithavi Raj Jindal 98,700 Disclosure Requirements) Regulations, 2015.
Ms. Shradha Jatia Nil During the year ended 31st March, 2018 the Committee
Ms. Tripti Arya 15,000 met 2 (two) times on 29th May, 2017 and 3rd August, 2017.
Shri Devi Dayal Nil
The composition and attendance of the members of the
Committee are as follows:
Dr. S.K. Gupta Nil
Name of Member Designation Category No. of Meetings
Dr. Raj Kamal Agarwal Nil Attended
Shri Ravinder Nath Leekha Nil Dr. Raj Kamal Agarwal Chairman Independent 2
Shri Abhiram Tayal Nil Shri Ravinder Member Independent 2
Shri Ajit Kumar Hazarika Nil Nath Leekha
Shri Devi Dayal Member Independent 1
(3) AUDIT COMMITTEE
(i) COMPOSITION & MEETINGS (II) THE TERMS OF REFERENCE:-
During the year under review, the Audit Committee was The role and terms of Nomination and Remuneration
re-constituted and as on 31st March, 2018, the Committee Committee covers the area of Regulation 19 of SEBI
comprised of 5 Independent Directors and 1 Executive (Listing Obligations and Disclosure Requirements)
Director as its members. The Chairman of the Committee Regulations, 2015 and section 178 of the Companies Act,
is an Independent Director. The composition of the Audit
Committee are in conformity with the requirements of the 2013 besides other terms as may be referred to by the
Companies Act, 2013 and SEBI (Listing Obligations and Board of Directors of the Company. The minutes of the
Disclosure Requirements) Regulations, 2015. Nomination and Remuneration Committee are taken note
by the Board of Directors.
62

(III) PERFORMANCE EVALUATION (b) REMUNERATION PAID TO EXECUTIVE DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 read The remuneration paid to the Executive Directors during
with SEBI (Listing Obligations and Disclosure Requirements) the year under review is as under:-
Regulations, 2015, a Board Evaluation Framework has been Name of Position Salary Comission* Perquisite Bonus
approved by the Nomination and Remuneration Director (`) (`) (`) (`)
Committee (NRC) and the Board. Ms. Sminu Managing 98,95,000 90,00,000 49,53,495 18,00,000
Jindal Director
The Board carried out an annual performance evaluation of
its own performance, the Independent Directors Shri Neeraj Group CEO 4,65,22,200 Nil 7,27,150 21,00,000
individually as well as of the Board. The performance Kumar & Whole-
evaluation of all the Directors was carried out by the Time Director
Nomination and Remuneration Committee. The Shri Hawa Whole-time 50,36,350 Nil 5,46,676 7,02,912
performance evaluation of the Executive and Singh Director
Non-Executive Directors was carried out by the Chaudhary
Independent Directors. The purpose of the Board The terms of appointment of Managing Director and
evaluation is to achieve persistent and consistent Group CEO & Whole-time Director are on contractual
improvement in the governance of the Company at the basis for a period of 5 years from the date of appointment
Board level with the participation of all concerned in an on rotational basis as per section 152 of Companies Act,
environment of harmony. The Board acknowledges its 2013. Terms of appointment of Whole Time Director are
intention to establish and follow best practices in Board contractual for a period of 2 years from the date
Governance in order to fulfil its fiduciary obligation to the appointment on rotation basis as per section 152 of
Company. The Board believes the evaluation will lead to a Companies Act, 2013. The Company has not issued any
closer working relationship among the Board members, stock option.
greater efficiency in the use of the Board’s time and
* @ 1% on the net profits of the Company computed in the
increased effectiveness of the Board as a governing body.
manner laid down under section 198 of the Companies
A separate exercise was carried out to evaluate the Act, 2013, subject to a maximum of an amount equivalent
performance of individual Directors including the Chairman to one year basic salary.
of the Board, who were evaluated on parameters such as (6) STAKEHOLDERS RELATIONSHIP COMMITTEE
level of engagement and contribution, independence of
judgement, safeguarding the interest of the Company and (i) COMPOSITION & MEETINGS
its minority shareholders, etc. The Directors expressed their During the year under review, the Stakeholders
satisfaction with the evaluation process. Relationship Committee was re-constituted and as on 31st
To approve the payment of remuneration to Managerial March, 2018, the Committee comprised of 3 Independent
Personnel as per the Policy laid down by the Committee. Director, 2 Executive Directors and 1 Non-Executive
The Committee has approved the Nomination and Director. The Chairman of the Committee is a
Non-Executive Director. The Composition of the
Remuneration Policy. The link for policy is
Stakeholders Relationship Committee are in conformity
http://www.jindalsaw.com/pdf/POLICY-REMUNERATION-P
with the requirements of the Companies Act, 2013 and
OLICY-OF-JINDAL-SAW.pdf
SEBI (Listing Obligations and Disclosure Requirements)
(5) DETAILS OF REMUNERATION PAID TO DIRECTORS Regulations, 2015.
(a) REMUNERATION PAID TO NON-EXECUTIVE DIRECTORS During the year ended 31st March, 2018 the Committee met
10 (ten) times on 20th April, 2017, 27th April, 2017, 20th June,
During the year under review the Non-Executive Directors
2017, 24th July, 2017, 14th August, 2017, 18th September, 2017,
were paid the sitting fee and commission as follows:-
23rd October, 2017, 13th November, 2017, 08th January, 2018
Name of Director Sitting Fee Commission* and 19th March, 2018. The composition and attendance of
(`) (`) the members of the Committee are as follows:
Shri Prithavi Raj Jindal 1,50,000 Nil Name of Member Designation Category No. of Meetings
Ms. Shradha Jatia 50,000 Nil Attended
Ms. Tripti Arya 1,00,000 Nil Shri Prithavi Raj Jindal Chairman Chairman- 0
Shri Devi Dayal 3,00,000 1,00,000 Non-Executive
Dr. S. K. Gupta 2,80,000 5,00,000 Ms. Sminu Jindal Member Executive 10
Dr. Raj Kamal Agarwal 5,90,000 1,50,000 Shri Neeraj Kumar Member Executive 10
Shri Ravinder Nath Leekha 5,70,000 1,00,000 Dr. Raj Kamal Agarwal Member Independent 10
Shri Abhiram Tayal 2,00,000 1,00,000 Shri Ravinder Member Independent 5
Shri Ajit Kumar Hazarika 3,90,000 1,00,000 Nath Leekha
*Shri Ajit Kumar Member Independent 5
*The fixed commission on annual basis is paid to all Hazarika
Independent Directors as follows:
* Shri Ajit Kumar Hazarika was appointed as member w.e.f. 3rd
1. Lead Independent Director: ` 5, 00,000 August, 2017.
2. Chairman of Audit committee: ` 1, 50,000 Shri Sunil K. Jain, Company Secretary, is the compliance officer
3. Remaining Directors: ` 1, 00,000 of the Company.
63

(ii) TERMS OF REFERENCE (8) DISCLOSURES
To look at redressing of shareholders/investors (i) Disclosures on materially significant related party
complaints like transfer of shares, non-receipt of dividend transactions, i.e. the Company’s transactions that are
warrants, allotment of securities/ shares on conversion of of material Value:
warrants/bonds, etc.
None of the transactions with any of related parties
(iii) SHAREHOLDERS’ COMPLAINT / TRANSFER OF SHARES
were in conflict with the Company’s interest.
The details of shareholders’ / investors’ complaints Attention of members is drawn to the disclosure of
received / disposed off during the year under review are transactions with related parties set out in note no. 45
as follows:-
of Standalone Financial Statements is forming part of
No. of Sharesholders’ No. of Complaints No. of pending the Annual Report. All related party transactions are
Complaints received Resolved complaints negotiated on an arm’s length basis, and are
during the year intended to further the Company’s interests. The
12 12 - policy on Related Party Transactions is posted on the
website of the Company and can be accessed at
(7) GENERAL BODY MEETINGS http://www.jindalsaw.com/pdf/140_Download_REL
ATEDPARTYTRANSACTIONPOLICY.pdf
(i) The details of general meetings held in last three years at
the regd. office at A-1, UPSIDC Industrial Area, Nandgaon (ii) No penalties, strictures imposed on the Company by
Road, Kosi Kalan-281403, Distt. Mathura, U.P. and that of the Stock Exchanges or SEBI or any statutory authority on
special resolution(s) passed are as under: - any matter related to capital markets during the last
three years. There were no instances of
AGM/EGM DAY Time No. & subject matter non-compliance by the Company.
of special resolutions
(iii) The Company has established a Vigil Mechanism,
EGM 09.11.2014 1.30 p.m. 1* Whistle Blower Policy and the same has been
EGM 23.03.2015 12.30 p.m. 2** uploaded at the website of the Company and no
person has been denied to access to Audit
30th AGM 18.09.2015 1.30 p.m. 4***
Committee.
31st AGM 22.12.2016 1.30 p.m. 3****
(iv) The Policy for determining Material Subsidiaries is
32nd AGM 25.09.2017 12.30p.m. 3***** posted on the website of the Company and can be
* Under Section 62 of the Companies Act, 2013. accessed at http://www.jindalsaw.com/pdf/POLICY-
FOR-DETERMINING-MATERIAL-SUBSIDIARIES.pdf
** Under Section 188 of the Companies Act, 2013.
(v) The Company has complied with the requirement of
*** Under Section 14, 23, 41, 42, 62, 71 of the Companies Act, 2013.
provisions of SEBI (Listing Obligations and Disclosure
**** Under Section 23, 41, 42, 62, 71 of the Companies Act, 2013 Requirements) Regulation, 2015. The Company has
***** Under Section 23, 41, 42, 62, 71 of the Companies Act, 2013 not entirely adopted discretionary requirements as
(ii) No special resolution passed last year through postal specified in Part E of Schedule II of SEBI (Listing
ballot. At the ensuing annual general meeting, there is no Obligations and Disclosure Requirements)
resolution proposed to be passed through postal ballot. Regulation, 2015 non-mandatory requirement of the
said clause during the year under review.
(9) MEANS OF COMMUNICATION
(i) Quarterly Results : The quarterly results of the Company are submitted
to the Stock Exchanges as well as published in the
newspapers as per the requirement of SEBI (Listing
Obligation and Disclosure Requirements) Regulations,
2015. These results are also posted on website of the
Company.
(ii) Newspapers wherein results normally published : English : Financial Express
Hindi : Jansatta/Desh Ratana
(iii) Any website, where displayed : The results are displayed on the website of the
Company, i.e. www.jindalsaw.com
(iv) Whether it also displays official news releases : No
(v) The presentation made to institutional investors or to the analyst : Nil
(vi) NSE Electronic Application Processing System (NEAPS):
The NEAPS is a web based application designed by NSE for corporates. All periodical compliance fillings like shareholding
pattern, corporate governance report, media releases, among others are filed electronically on NEAPS.
(vii) BSE Corporate Compliance & Listing Centre (the ‘Listing Centre’)
BSE’s Listing Centre is a web based application designed for corporates. All periodical compliance fillings like shareholding
pattern, corporate governance report, media releases, among others are filed electronically on Listing Centre.
64

(viii) Corporate Filing and Dissemination System (CFDS):
The CFDS portal jointly owned, managed and maintained by BSE & NSE is single source to view information filed by listed
Companies. All disclosures and communications to BSE and NSE are filed electronically through the CFDS portal. In
particulars, the Company informs BSE and NSE all price sensitive matters or such other matters which in its opinion are
materials and of relevance to the members.
(ix) SEBI Complaints Redressal System (SCORES):
The investor complaints are processed in a centralized web based complaints redress system. The salient features of this
system are: Centralized Data Base of all complaints, online upload of Action Taken Report (ATRs) by the concerned
companies and online viewing by investors of action taken on the complaint and its current status.
(10) GENERAL SHAREHOLDER INFORMATION
(i) Annual General Meeting (AGM)
Day & Date : Monday, 27th September, 2018
Time : 12:30 PM
Venue : A-1, UPSIDC Indl. Area, Nandgaon Road, Kosi Kalan,
Distt. Mathura – 281 403
(ii) Financial year (1st April, 2018 to 31st March, 2019)
(a) First quarterly results : On or Before 14th of August, 2018
(b) Second quarterly results : On or Before 14th of November, 2018
(c) Third quarterly results : On or Before 14th of February, 2019
(d) Audited yearly results for the year ending 31st March, 2019 : On or Before 30th May, 2019
(e) Annual General Meeting for the year 31st March, 2019 : On or Before 30th September, 2019
(iii) Date of Book Closure :
21st September, 2018 to 27th September, 2018 - (Both days inclusive)
(iv) Dividend Payment Date :
Dividend on equity shares when sanctioned will be made payable on or after the 1st October, 2018 to those shareholders
whose names stand on the Company’s Register of Members on 21st September, 2018 to whom dividend warrants will be
posted. In respect of shares held in electronic form, the dividend will be paid on the basis of beneficial ownership as per
details furnished by the depositories at the end of business hours on 20th September, 2018.
(v) Listing on Stock Exchanges :
The Equity Shares of the Company are listed on the following Stock Exchanges:-
BSE Limited, The National Stock Exchange of India Ltd., Exchange Plaza,
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051
The Annual Listing fees for the financial year 2018-19 has been paid to both the exchanges.
(vi) (a) Stock Code :

BSE Limited (BSE) National Stock Exchange of India Ltd. (NSE)
Equity Code Equity Debenture* ISIN NO
Scrip Code 500378 Scrip Code JSAW18 INE324A07138
JINDALSAW JSAW19 INE324A07146
JSAW20 INE324A07153
JSAW21 INE324A07161
JSAW21A INE324A07120
*Debentures are listed in WDM segment of the NSE.
(b) ISIN: Equity Share - INE324A01024
(vii) Debenture Trustees: Axis Trustees Services Limited
Axis Trustee Services Ltd, 2nd Floor - E, Axis House,
Bombay Dyeing Mill Compound, Panduranga
Budhkar Marg, Worli, Mumbai - 400 025
65

(viii) Market Price Data : High, Low during each month in last financial year :
The details of monthly highest and lowest quotations of the equity shares of the Company at BSE Limited and National Stock
Exchange of India Limited during the year from 1st April, 2017 to 31st March, 2018 are as under :-
BSE NSE
Month Highest Rate(`) Lowest Rate(`) Highest Rate(`) Lowest Rate(`)
Apr-17 86.20 78.75 96.35 78.70
May-17 82.95 72.50 82.55 72.55
Jun-17 92.35 72.30 92.20 72.45
Jul-17 103.85 82.20 103.70 82.25
Aug-17 107.80 85.10 107.70 85.40
Sep-17 122.90 95.80 123.00 95.60
Oct-17 127.20 111.50 127.25 111.50
Nov-17 133.60 110.00 133.70 112.10
Dec-17 143.80 108.70 143.70 109.00
Jan-18 182.00 137.25 182.25 137.05
Feb-18 156.00 115.60 155.20 114.85
Mar-18 140.60 113.60 140.55 113.55
(ix) Performance in comparison to broad based indices :

MARKET PRICE DATA
BSE BSE SENSEX
Month Highest Rate(`) Lowest Rate(`) High Low
Apr-17 86.20 78.75 30184.22 29241.48
May-17 82.95 72.50 31255.28 29804.12
Jun-17 92.35 72.30 31522.87 30680.66
Jul-17 103.85 82.20 32672.66 31017.11
Aug-17 107.80 85.10 32686.48 31128.02
Sep-17 122.90 95.80 32524.11 31081.83
Oct-17 127.20 111.50 33340.17 31440.48
Nov-17 133.60 110.00 33865.95 32683.59
Dec-17 143.80 108.70 34137.97 32565.16
Jan-18 182.00 137.25 36443.98 33703.37
Feb-18 156.00 115.60 36256.83 33482.81
Mar-18 140.60 113.60 34278.63 32483.84
BSE PRICE BSE SENSEX

200 40000
180 35000
160
30000
140
120 25000
100 20000
80
15000
60 High Price BSE SENSEX
40 10000 High
20
Low Price 5000 BSE SENSEX
0 0 Low
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
(x) Registrar and Transfer Agent :

RCMC Share Registry (P) Ltd. B-25/1, 1st Floor, Okhla Industrial Area, Phase-II, New Delhi-110 020, Phone:- 011-26387320/21, e-mail:
- [email protected]
The Share Transfer Requests as well as other correspondence relating to shares of the Company are also accepted at our office
at Jindal Centre, 12, Bhikaiji Cama Place, New Delhi - 110 066.
(x) Share Transfer System :
Share transfers are registered and returned within a period of 15 days from the date of receipt, if the documents are clear in all
respects. The Committee of Directors meets regularly to approve the transfer of shares and to oversee other issues relating to
shareholders.
66

(xi) Distribution of Shareholding and Shareholding Pattern :
(a) The shareholding distribution of equity shares as on 31st March, 2018 is given below :-
Distribution of Holdings
Shareholding of Shareholders Share holdings

value of ` Number % to total Share Amount % to total
Upto 5000 50,898 94.00 1,72,35,878 3,44,71,756 5.39
5001 to 10000 1,616 2.98 60,75,759 1,21,51,518 1.90
10001 to 20000 767 1.42 57,77,871 1,15,55,742 1.81
20001 to 30000 232 0.43 30,15,301 60,30,602 0.94
30001 to 40000 149 0.28 26,79,291 53,58,582 0.84
40001 to 50000 91 0.17 21,20,803 42,41,606 0.66
50001 to 100000 166 0.31 59,17,029 1,18,34,058 1.85
100001 and Above 229 0.42 27,69,32,185 55,38,64,370 86.61
Grand Totals 54,148 100.00 31,97,54,117 63,95,08,234 100.00
(b) Shareholding Pattern as on 31st March, 2018:

Category No. of Shares % of Holding 15.03%
53.59%
Promoters 17,13,53,301 53.59 4.26% Promoters
NRI 13,95,946 0.44 NRI
FIIs 4,09,16,597 12.80 FIIs
13.89%
Corporate Bodies 4,44,19,435 13.89 Corporate Bodies
FI/Bank/Mf/ UTI/
FI/Bank/Mf/UTI 1,36,25,719 4.26
Insurance Cos’
Public 4,80,43,119 15.03 12.80% Public
Total 31,97,54,117 100.00 0.44%
(xii) Dematerialization of shares and liquidity:

Number of shares in physical and demat form as on 31st March, 2018 are as follows:
No. of shares Percentage
In Physical Form 3,40,68,750 10.65
In Demat Form 28,56,85,367 89.35
Total 31,97,54,117 100.00
(xiii) Outstanding GDRs/ ADRs/ Warrants or any Convertible instruments, conversion date and likely impact on equity:
There are no outstanding GDRs/ ADRs/ Warrants or any Convertible instruments during the year.
(xiv) Declaration for Code of Conduct
As provided under regulation 34 read with schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Board Members and Sr. Management Personnel have affirmed compliance of Code of Conduct as adopted by the
Board for the year ended 31st March, 2018.
Neeraj Kumar
Group CEO & Whole-time Director
(xv) Plant Locations :
The Plants of the Company are located at Kosi Kalan (Mathura, U.P.), Sinar (Nashik, Maharashtra), Mundra (Kutch, Gujarat), Bhilwara
(Rajasthan) & Bellary (Karnataka).
(xvi) Address for correspondence :
Jindal Saw Ltd.
Jindal Centre,
12, Bhikaiji Cama Place,
New Delhi – 110 066
Telephone no. : 011 - 26188360-74
Fax no. : 011 - 26170691/41659575
E-mail : [email protected]
CIN : L27104UP1984PLC023979

67
AUDITORS' REPORT
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF Jindal SAW Limited
Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements
1. We have audited the accompanying standalone financial statements of Jindal SAW Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive
Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management’s Responsibility for the Standalone Ind AS Financial Statements
2. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these standalone Ind AS financial statements to give a true and fair view of the
financial position, financial performance (including other comprehensive income), cash flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors’ Responsibility
3. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules made thereunder including the accounting and
auditing standards and matters which are required to be included in the audit report under the provisions of the Act and
the Rules made thereunder.
5. We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of
Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements
are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
standalone Ind AS financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s
preparation of the standalone Ind AS financial statements that give a true and fair view, in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the
overall presentation of the standalone Ind AS financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the standalone Ind AS financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March
31, 2018, and its total comprehensive income (comprising of profit and other comprehensive income), its cash flows and
the changes in equity for the year ended on that date.
Other Matter
9. The Ind AS financial statements of the Company for the year ended March 31, 2017, were audited by another firm of
chartered accountants under the Companies Act, 2013 who, vide their report dated May 29, 2017, expressed an unmodified
opinion on those financial statements. Our opinion is not qualified in respect of this matter.
68
AUDITORS' REPORT
Report on Other Legal and Regulatory Requirements
10. As required by the Companies (Auditor’s Report) Order, 2016, issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act (“the Order”), and on the basis of such checks of the books and records of the
Company as we considered appropriate and according to the information and explanations given to us, we give in the
Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.
11. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and
the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section
164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and
the operating effectiveness of such controls, refer to our separate Report in Annexure A.
(g) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and
explanations given to us:
i. The Company has disclosed the impact, if any, of pending litigations as at March 31, 2018 on its financial position in its
standalone Ind AS financial statements – Refer Note 46 and 56;
ii. The Company has made provision as at March 31, 2018, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 40;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund
by the Company during the year ended March 31, 2018 except in respect of dividend amounting to ` 181.75 lakhs which has
been kept in abeyance pursuant to court order.
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March
31, 2018.
For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016
Chartered Accountants
Sougata Mukherjee
Partner
Membership Number: 057084
Date : May 25, 2018
Place : New Delhi
69
AUDITORS' REPORT
Annexure A to Independent Auditors’ Report
Referred to in paragraph 11(f) of the Independent Auditors’ Report of even date to the members of Jindal SAW Limited on the
standalone Ind AS financial statements as of and for the year ended March 31, 2018
Report on the Internal Financial Controls with reference to standalone Ind AS financial statements under Clause (i) of Sub-section 3
of Section 143 of the Act
1. We have audited the internal financial controls with reference to Standalone Ind AS financial statements of Jindal SAW Limited (“the
Company”) as of March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the
year ended on that date.
Management’s Responsibility for Internal Financial Controls
2. The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
3. Our responsibility is to express an opinion on the Company's internal financial controls with reference to Ind AS financial statements
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) and the Standards on Auditing deemed to be prescribed under section 143(10) of the
Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and
both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Ind AS
financial statements was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
with reference to Ind AS financial statements and their operating effectiveness. Our audit of internal financial controls with
reference to Standalone Ind AS financial statements included obtaining an understanding of internal financial controls with
reference to Standalone Ind AS financial statements, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the
auditor’s judgement, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements,
whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system with reference to Standalone Ind AS financial statements.
Meaning of Internal Financial Controls with reference to Standalone Ind AS financial statements
6. A company's internal financial controls with reference to Standalone Ind AS financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Ind AS financial statements
for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with
reference to Standalone Ind AS financial statements includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have
a material effect on the standalone Ind AS financial statements.
Inherent Limitations of Internal Financial Controls with reference to Standalone Ind AS financial statements
7. Because of the inherent limitations of internal financial controls with reference to standalone Ind AS financial statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone Ind AS
financial statements to future periods are subject to the risk that the internal financial control controls with reference to standalone
Ind AS financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to
standalone Ind AS financial statements and such internal financial controls with reference to standalone Ind AS financial statements
were operating effectively as at March 31, 2018 based on the internal control over financial reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Sougata Mukherjee
Date : May 25, 2018 Partner
Place : New Delhi Membership Number: 057084
70
AUDITORS' REPORT
Annexure B to Independent Auditors’ Report
Referred to in paragraph 10 of the Independent Auditors’ Report of even date to the members of Jindal SAW Limited on the
standalone financial statements as of and for the year ended March 31, 2018
i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed
assets.
(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the
items over a period of three years which, in our opinion, is reasonable having regard to the size of the Company and the
nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the
Management during the year and no material discrepancies have been noticed on such verification.
(c) The title deeds of immovable properties, as disclosed in Note 5 on fixed assets to the financial statements, are held in the
name of the Company, except for one land value for gross cost of ` 1,950 lakhs, the conveyance deed of which is yet to
be executed.
ii. The physical verification of inventory excluding stocks with third parties have been conducted at reasonable intervals by the
Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them.
The discrepancies noticed on physical verification of inventory as compared to book records were not material
iii. The Company has granted unsecured loans, to six companies covered in the register maintained under Section 189 of the Act.
(a) In respect of the aforesaid loans, the terms and conditions under which such loans were granted are not prejudicial to the
Company’s interest.
(b) In respect of the aforesaid loans, the schedule of repayment of principal and payment of interest has been stipulated, and
the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable.
(c) In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions
of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security
provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and
the Rules framed there under to the extent notified.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified
under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that, prima
facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed
examination of the records with a view to determine whether they are accurate or complete.
vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our
opinion, the Company is generally regular in depositing undisputed statutory dues in respect of income tax and
employees’ state insurance, though there has been a slight delay in a few cases, and is regular in depositing undisputed
statutory dues, including provident fund, professional tax, labour welfare fund, sales tax, service tax, duty of customs , duty
of excise, value added tax, goods and service tax applicable from July 1, 2017 and other material statutory dues, as
applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company examined by us, the
particulars of dues of income tax, sales tax, service tax, duty of customs and duty of excise duty, stamp duty as at March
31, 2018 which have not been deposited on account of a dispute, are as follows:
Name of the statute Nature of Amount Period to which Forum where the
dues (` lakhs) the amount relates dispute is pending
Custom Act, 1962 Custom Duty 12.50 2009-10 CESTAT, Mumbai

Bombay Stamp Duty Act, 1958 Stamp Duty 1.20 2013-14 High Court of Gujrat,
Ahmedabad
Central Excise Act, 1944 Excise Duty 59.82 December 2010 to July 2011 CESTAT Bangalore
(South Zonal Bench)
Central Excise Act, 1944 Excise Duty 32.21 August 2004 to December 2008 CESTAT Ahmedabad
Central Excise Act, 1944 Excise Duty 141.43 2007-08 to 2009-10 Gujarat High Court
Central Excise Act, 1944 Excise Duty 159.97 2008-09 to 2009-10 CESTAT Ahmedabad
Central Excise Act, 1944 Excise Duty 11.47 2004-05 CESTAT Ahmedabad
Central Excise Act, 1944 Excise Duty 24.07 2007-08 to 2009-10 CESTAT Ahmedabad
Central Excise Act, 1944 Excise Duty 28.25 2003-04 CESTAT Ahmedabad
Service Tax Act, 1994 Service Tax 70.27 December 2012 to February 2014 CESTAT Ahmedabad
Central Excise Act, 1944 Excise Duty 41.28 January 2008 to June 2009 CESTAT, Karnataka
Central Excise Act, 1944 Excise Duty 2.00 2009-10 CESTAT, Mumbai
71
AUDITORS' REPORT
Name of the statute Nature of Amount Period to which Forum where the
dues (` lakhs) the amount relates dispute is pending
Central Excise Act, 1944 Excise Duty 22.26 February 2011 to June-2012 CESTAT Bangalore
(South Zonal Bench)
Central Excise Act, 1944 Excise Duty 0.78 2011-12 December 2015 Commissioner (A), Delhi
Central Excise Act, 1944 Excise Duty 65.91 February 2010 to March 2012 Commissioner (A), Delhi
Service Tax Act, 1994 Service Tax 3.13 2008-09 CESTAT , Mumbai
Service Tax Act, 1994 Service Tax 2.82 2008-09 Commissioner (Appeal),
Nashik
Service Tax Act, 1994 Service Tax 6.17 2007-08 Commissioner (Appeals)
Lucknow
Service Tax Act, 1994 Service Tax 19.70 2008-09 to 2011-12 Commissioner (A), Delhi
VAT Act, Rajasthan Entry Tax 267.95 2011-12 to 2014-15 High Court of Rajasthan,
VAT Act, Uttar Pradesh Sales Tax 17.50 1996-97 High Court of Allahabad
VAT Act, Rajasthan Sales Tax 6.92 2012-13 Deputy Commissioner (A),
Ajmer
VAT Act, Andhra Pradesh Sales Tax 1.09 2010-2011 Tribunal
VAT Act, Rajasthan Sales Tax 201.97 2015-16 Assistant Commissioner,
Commercial Tax, Bhilwara
Income Tax Act, 1961 Income Tax 89.38 2016-17 CIT (Appeals), New Delhi
Income Tax Act, 1961 Income Tax 24.30 2008-09 ITAT, New Delhi
Income Tax Act, 1961 Income Tax 835.37 2000-01 High Court
Income Tax Act, 1961 Income Tax 26.91 1994-95 High Court
viii. According to the records of the Company examined by us and the information and explanation given to us, the Company has
not defaulted in repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture
holders as at the balance sheet date.
ix. The Company had not raised any money by way of initial public offer or further public offer (including debt instruments). In our
opinion, and according to the information and explanations given to us, term loans have been applied for the purposes for
which they were obtained.
x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information and explanations given to us, we have neither come
across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported
during the year, nor have we been informed of any such case by the Management.
xi. The Company has provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the
Order are not applicable to the Company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the
Act. The details of such related party transactions have been disclosed in the financial statements as required under Accounting
Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014/ Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act.
72
AUDITORS' REPORT
xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures
during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company.
xv. The Company has not entered into any non cash transactions with its directors or persons connected with them. Accordingly,
the provisions of Clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the
provisions of Clause 3(xvi) of the Order are not applicable to the Company.

Sougata Mukherjee
Partner
Date : May 25, 2018
Place : New Delhi
73
STANDALONE BALANCE SHEET AS AT MARCH 31, 2018

(` lakhs)
Particulars Note No. As at As at
March 31, 2018 March 31, 2017
ASSETS
(1) Non-Current Assets
(a) Property, plant and equipment 5 5,63,352.61 5,76,942.06
(b) Capital work-in-progress 5 10,775.61 6,549.76
(c) Intangible assets 6 402.33 359.49
(d) Financial assets
(i) Investments 7 64,861.86 59,148.02
(ii) Trade receivables 8 725.82 -
(iii) Loans 9 20,768.81 18,394.24
(iv) Other financial assets 10 4,834.10 6,925.66
(e) Other non-current assets 11 2,280.08 246.70
(2) Current Assets
(a) Inventories 12 1,95,104.01 1,79,927.49
(b) Financial assets
(i) Trade receivables 13 1,64,257.23 1,20,808.90
(ii) Cash and cash equivalents 14 926.49 2,636.12
(iii) Bank balances other than (ii) above 15 3,281.19 1,329.35
(iv) Loans 16 1,06,523.81 70,850.76
(v) Other financial assets 17 3,105.23 3,897.30
(c) Current tax assets (Net) 48 5,453.31 8,677.99
(d) Other current assets 18 31,453.51 36,961.37
(e) Assets held for sale 52 175.86 -
TOTAL ASSETS 11,78,281.86 10,93,655.21
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 19 6,395.19 6,395.19
(b) Other equity 20 5,84,907.50 5,49,991.47
Liabilities
(1) Non-Current Liabilities
(a) Financial liabilities
(i) Borrowings 21 1,79,603.22 1,75,265.91
(ii) Other financial liabilities 22 2,952.17 2,941.00
(b) Provisions 23 9,143.73 7,993.83
(c) Deferred tax liabilities (Net) 41 45,930.16 40,868.54
(d) Other non-current liabilities 24 10,980.04 10,657.04
(2) Current Liabilities
(i) Borrowings 25 2,42,248.72 2,00,028.27
(ii) Trade payables 26 37,888.44 29,105.64
(iii) Other financial liabilities 27 38,998.08 56,817.04
(b) Other current liabilities 28 16,174.82 12,809.36
(c) Provisions 29 1,048.29 781.92
(d) Current tax liabilities (Net) 48 2,011.50 -
TOTAL EQUITY AND LIABILITIES 11,78,281.86 10,93,655.21
This is the Balance Sheet referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
The accompanying notes are integral part of these financial statements.
For Price Waterhouse Chartered Accountants LLP Neeraj Kumar Sminu Jindal
Firm Registration Number: 012754N/N500016 Group CEO & Whole-time Director Managing Director
Chartered Accountants DIN : 01776688 DIN : 00005317
Sougata Mukherjee
Partner Sunil K. Jain Narendra Mantri
Membership Number: 057084 Company Secretary Head Commercial & CFO
Place : New Delhi M. No. FCS 3056
Dated : May 25, 2018
74
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
Particulars Note No. Year ended Year ended
March 31, 2018 March 31, 2017
I Income
Revenue from operations 30 7,33,491.11 5,91,555.64
Other income 31 22,096.96 23,504.28
Total Income (I) 7,55,588.07 6,15,059.92
II Expenses
Cost of materials consumed 4,50,532.11 3,11,165.94
Changes in inventories of finished goods,
stock-in-trade and work-in-progress 32 (22,547.98) (10,318.57)
Employee benefits expense 33 51,336.05 46,500.81
Finance costs 34 41,510.99 37,986.76
Depreciation and amortisation expense 35 25,616.61 22,939.81
Excise duty 5,335.73 23,723.84
Other expenses 36 1,44,964.94 1,24,313.40
Total Expenses (II) 6,96,748.45 5,56,311.99
III Profit/(loss) before exceptional items and tax (I-II) 58,839.62 58,747.93
IV Exceptional items- (income)/expense 54 - (305.80)
V Profit/(loss) before tax (III-IV) 58,839.62 59,053.73
VI Tax expense:
(i) Current tax 48 11,825.07 12,051.59
(ii) Deferred tax 41 7,583.70 8,395.41
Total Tax expense (VI) 19,408.77 20,447.00
VII Profit/(loss) for the year from continuing operations (V-VI) 39,430.85 38,606.73
VIII Profit/(loss) for the year from discontinued operations 52 (4,047.18) (11,982.19)
IX Tax credit/(expense) for the year from
discontinued operations 52 3,196.16 4,145.68
X Profit/(loss) for the year from discontinued operations (VIII+IX) (851.02) (7,836.51)
XI Profit/(loss) for the year (VII+X) 38,579.83 30,770.22
XII Other Comprehensive Income
Items that will not be reclassified to profit and loss
(i) Re-measurement gains/ (losses) on defined benefit plans 283.94 (1,073.56)
(ii) Income tax effect on above (99.22) 371.54
Total Other Comprehensive Income for the year 184.72 (702.02)
XIII Total Comprehensive Income for the year (XI+XII) 38,764.55 30,068.20
(Comprising profit and other comprehensive income for the year)
XIV Earnings per equity share of ` 2 each
(for continuing operation) 50
(1) Basic (`) 12.33 12.07
(2) Diluted (`) 12.33 12.07
XV Earnings per equity share of ` 2 each
(for discontinued operation) 50
(1) Basic (`) (0.27) (2.45)
(2) Diluted (`) (0.27) (2.45)
XVI Earnings per equity share of ` 2 each
(for continuing and discontinued operation) 50
(1) Basic (`) 12.06 9.62
(2) Diluted (`) 12.06 9.62
This is the Statement of Profit and Loss referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
75
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2018
A. Equity Share Capital (` lakhs)
Balance as at Changes in equity Balance as at Changes in equity Balance as at
March 31, 2016 share capital during 2016-17 March 31, 2017 share capital during 2017-18 March 31, 2018
6,090.72 304.47 6,395.19 - 6,395.19
B. Other Equity (` lakhs)
Particulars Notes Equity Items of Other Comprehensive Income Total
Reserves and Surplus
component Items that will not be
of reclassified to profit and loss
compound Securities Debenture General Retained
financial Premium Redemp- Reserve Earnings Re-measurement Equity Instruments
instruments Reserve tion of the net through Other

defined benefit Comprehensive
Reserve
Plans Income
Balance as at April 1, 2016 12,346.25 39,055.52 13,932.00 3,09,662.65 1,49,662.06 (550.83) (31.40) 5,24,076.25
Profit for the year - - - - 30,770.22 - - 30,770.22
Other Comprehensive Income - - - - - (702.02) - (702.02)
Dividend payments including dividend distribution tax $ 37.3 - - - - (3,848.52) - - (3,848.52)
Transfer from retained earnings - - 358.00 - (358.00) - - -
Transfer from debenture redemption reserve - - (3,750.00) 3,750.00 - - - -
76
Addition/ (Transfer) including addition to equity share capital 19 (12,346.25) 12,041.79 - - - - - (304.46)
Balance as at March 31, 2017 - 51,097.31 10,540.00 3,13,412.65 1,76,225.76 (1,252.85) (31.40) 5,49,991.47
Profit for the year - - - - 38,579.83 - - 38,579.83
Other Comprehensive Income - - - 184.72 - 184.72
Dividend payments including dividend distribution tax $ 37.3 - - - - (3,848.52) - - (3,848.52)
Transfer from retained earnings - - 358.00 - (358.00) - - -
Transfer from debenture redemption reserve - - (2,500.00) 2,500.00 - - - -
Balance as at March 31, 2018 - 51,097.31 8,398.00 3,15,912.65 2,10,599.07 (1,068.13) (31.40) 5,84,907.50
$ Dividend paid @ ` 1 per share of ` 2 each during 2016-17 and 2017-18
This is the Statement of Changes in Equity referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
Particulars Year ended Year ended
March 31, 2018 March 31, 2017
A. CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES
Net profit/(loss) before tax and after exceptional items
from continuing operations 58,839.62 59,053.73
Net profit/(loss) before tax and after exceptional items
from discontinued operations (4,047.18) (11,982.19)
Adjustments for :
Add/(less)
(includes items for discontinued operations, wherever applicable)
Depreciation and amortisation 25,853.89 23,936.23
Government grant (842.95) (435.73)
Interest expense and bank charges 38,995.29 34,513.79
Loss on sale of property, plant and equipment and intangibles (net) 4,077.71 3,968.43
Liquidated damages 962.11 114.84
Bad debts written off 389.00 5,291.80
Loan write off - 5,272.97
Provision for doubtful debts and advances 4,192.69 (3,939.00)
Provision for doubtful debts written back (767.78) -
Sundry balance written back/off - (387.37)
Effect of unrealised foreign exchange (gain)/loss (1,835.59) (5,637.29)
Net (gain)/loss on derivatives (277.78) (188.38)
Profit / (loss) on sale of non-current investment-exceptional items - (380.42)
Diminution of investment in subsidiary- exceptional items - 74.62
Profit on sale of current investments - (15.80)
Interest income (16,856.38) 53,890.21 (12,218.66) 49,970.03
Operating profit before working capital changes 1,08,682.65 97,041.57
Changes in operating assets and liabilities:
Inventories (15,176.52) (261.22)
Trade receivables (44,024.24) 32,715.83
Loans, other financial assets and other assets 4,289.82 18,124.86
Trade payables 9,222.82 (240.34)
Other financial liabilities, provisions and other liabilities 354.66 (45,333.46) (6,360.15) 43,978.98
Cash generated from operations 63,349.19 1,41,020.55
Tax paid (6,014.03) (9,342.04)
Net cash inflow / (outflow) from operating activities 57,335.16 1,31,678.51
B. CASH INFLOW/(OUTFLOW) FROM INVESTMENT ACTIVITIES
Purchase of property, plant and equipment and intangibles (21,540.38) (15,771.94)
Sale proceeds from property, plant and equipment and intangibles 2,141.55 635.69
Sale proceeds from current investments (net) - 12,527.36
Sale proceeds from government securities - 0.50
Purchase of non-current investments of subsidiaries (5,880.72) (2,392.92)
Sale of non-current investments of subsidiary 1,429.73 4,132.25
Purchase of non-current investments (0.56) -
Loan given to related parties, inter-corporate and other parties (66,954.94) (27,794.29)
Loan received back from related parties,
inter-corporate and other parties 41,062.63 6,911.85
Interest received 4,382.47 10,656.56
Net cash inflow / (outflow) from investing activities (45,360.22) (11,094.94)
77
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
March 31, 2018 March 31, 2017
C. CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES
Dividend paid including dividend distribution tax (3,519.99) (3,814.28)
Proceeds from non-current borrowings 27,814.95 31,159.00
Repayment of non-current borrowings (40,509.03) (60,345.21)
Repayment of finance lease (165.00) -
Increase/(decrease) in current borrowings 41,134.90 (49,846.78)
Loan from/(repaid) to subsidiaries - (9,592.98)
Interest and bank charges paid (38,440.60) (35,317.51)
Net cash inflow / (outflow) from financing activities (13,684.77) (1,27,757.76)
Net changes in cash and cash equivalents (1,709.83) (7,174.19)
Cash and cash equivalents at beginning of the year 2,636.12 9,811.86
Exchange difference on translation of foreign
currency cash and cash equivalents 0.20 (1.55)
Cash and cash equivalents at end of the year 926.49 2,636.12
NOTES:
1. Increase/(decrease) in current borrowings are shown net of repayments.
2. Figures in bracket indicates cash outflow.
3. The above cash flow statement has been prepared under the indirect method set out in IND AS - 7 'Statement of Cash Flows'
4. Significant non cash movements in borrowings are towards foreign exchange fluctuations and other adjustments ` 1,188.32 lakhs
(Previous Year ` 5,359.93 lakhs).
5. Expenses disclosed in the cash flow above includes those of discontinued operations of the Company whereas in the
statement of profit and loss such expenses are adjusted in arriving at profit/ (loss) for the year from continued operations. Such
presentation is in accordance with the relevant accounting standards.
This is the Statement of Cash Flows referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
78
NOTES TO STANDALONE FINANCIAL STATEMENTS

1. Corporate and General Information
Jindal SAW Limited (“JSAW” or ‘’the Company’’) is domiciled and incorporated in India and its shares are publicly traded on the
National Stock Exchange (‘NSE’) and the Bombay Stock Exchange (‘BSE’), in India. The registered office of JSAW is situated at A-1,
UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura, 281403 (U.P.) India.
The Company is a leading global manufacturer and supplier of Iron & Steel pipes and pellets having manufacturing facilities in
India. Its products have application in oil and gas exploration, transportation, power generation, supply of water for drinking,
drainage, irrigation purposes and other industrial applications.
2. Basis of preparation
The standalone financial statements comply in all material aspects with Indian Accounting Standards (IND AS) notified under
Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant
provisions of the Act.
The Company has consistently applied the accounting policies used in the preparation for all periods presented.
The significant accounting policies used in preparing the financial statements are set out in Note 3 of the Notes to the
Standalone Financial Statements.
3. Significant Accounting Policies
3.1 Basis of Measurement
The standalone financial statements have been prepared on accrual basis and under the historical cost convention except
following which have been measured at fair value:
• certain financial assets and liabilities,
• assets held for sale – measured at fair value less cost of disposal,
• defined benefit plans – plan assets measured at fair value,
• derivative financial instruments,
The standalone financial statements are presented in Indian Rupees (`), which is the Company’s functional and presentation
currency and all amounts are rounded to the nearest lakhs (` 00,000) and two decimals thereof, except as stated otherwise.
3.2 Use of Estimates
The preparation of the financial statements requires management to make estimates and assumptions. Actual results could vary
from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision effects only that period or in the period of
the revision and future periods if the revision affects both current and future years (refer Note 4 on critical accounting estimates,
assumptions and judgements).
3.3 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The board of directors of Jindal SAW Limited has appointed Group CEO which assesses the financial performance and
position of the Company, and make strategic decisions. The Group CEO has been identified as being the chief decision maker.
Refer Note 39 for segment information provided.
3.4 Property, Plant and Equipment
Property, Plant and Equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be
measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Cost of mine development is capitalised as property, plant and equipment under the heading ‘’Mine development’’ in the year
in which they are incurred.
Assets are depreciated to the residual values on a straight line basis over the estimated useful lives based on technical estimates,
except, moulds which are depreciated based on units of production. Assets residual values and useful lives are reviewed at
each financial year end considering the physical condition of the assets and benchmarking analysis or whenever there are
indicators for review of residual value and useful life. Freehold land is not depreciated. Estimated useful lives of the assets are as
follows:
79
Category of Assets Years

- Leasehold Land 25 - 99
- Buildings 3 - 50
- Plant and Equipment 10 - 50
- Moulds Unit of production
- Furniture and Fixtures 3-5
- Vehicles 3 - 10
- Office Equipments and Computers 3-8
- Vessels and Containers 5 - 28
- Mine development 5
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and
Loss in the year of disposal or retirement.
3.5 Intangible Assets
Identifiable intangible assets are recognised a) when the Company controls the asset, b) it is probable that future economic
benefits attributed to the asset will flow to the Company and c) the cost of the asset can be reliably measured.
Computer software’s are capitalised at the amounts paid to acquire the respective license for use and are amortised over the
period of license, generally not exceeding six years on straight line basis. The assets’ useful lives are reviewed at each financial
year end.
3.6 Impairment of non-current assets
Non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the
end of each reporting period.
3.7 Cash and cash equivalents
Cash and cash equivalents includes cash on hand and at bank, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less that are readily convertible to a known amount of cash and are
subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments.
For the purpose of the Statement of Cash Flows, cash and cash equivalents consists of cash and short term deposits, as defined
above, net of outstanding bank overdraft as they are being considered as integral part of the Company’s cash management.
Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.
3.8 Inventories
Inventories are valued at the lower of cost and net realizable value except scrap, which is valued at net realizable value. Net
realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
estimated costs necessary to make the sale. The cost of inventories comprises of cost of purchase, cost of conversion and other
costs incurred in bringing the inventories to their respective present location and condition. Cost is computed on the weighted
average basis.
3.9 Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified
in an arrangement.
A lease is classified at the inception date as a finance lease or an operating lease.
a) Finance lease
Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of
ownership are classified as finance leases.
As a lessor - Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the
present value of the minimum lease payments. Lease receipts are apportioned between the reduction of lease receivable
and finance income so as to achieve a constant rate of interest on the remaining balance of the receivable for each period.
The corresponding rent receivables, net of finance charges, are included in current and non-current other financial asset.
The interest element of lease is accounted in the Statement of Profit and Loss over the lease period.
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As a lessee - Assets taken on leases are capitalised at the commencement of the lease at the inception date at lower of
fair value of the leased property or present value of the minimum lease payments. Lease payments are apportioned
between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are recognised in finance costs in the Statement of Profit or Loss. A leased asset is
depreciated over the useful life of the asset.
b) Operating lease
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Initial direct costs incurred by the lessor in negotiating and arranging an operating lease are added to the
carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent
rents are recognised as revenue in the period in which they are earned. Payments/receipts (excluding costs for services
such as insurance and maintenance) under operating lease are recorded in the Statement of Profit and Loss on a straight
line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation
to compensate for the expected inflationary cost increases.
Assets taken on leases are capitalised at the commencement of the lease at the inception date at lower of fair value of the
leased property or present value of the minimum lease payments. Lease payments are apportioned between finance
charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the
liability. Finance charges are recognised in finance costs in the Statement of Profit or Loss. A leased asset is depreciated
over the useful life of the asset.
3.10 Employee benefits
a) Short term employee benefits are recognized as an expense in the Statement of Profit and Loss of the year in which the
related services are rendered. Liabilities for wages and salaries, including non-monetary benefits that are expected to be
settled wholly within 12 months after the end of the period in which the employees render the related service are
recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in
the balance sheet.
b) Leave encashment is accounted for using the projected unit credit method, on the basis of actuarial valuations carried out
by third party actuaries at each Balance Sheet date. Actuarial gains and losses arising from experience adjustments and
changes in actuarial assumptions are charged or credited to statement of profit and loss in the period in which they arise.
c) Contribution to Provident Fund, a defined contribution plan, is made in accordance with the statute, and is recognised as
an expense in the year in which employees have rendered services.
d) The liability or asset recognised in the balance sheet in respect of gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation denominated in Indian Rupees (`) is determined by discounting the
estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that
have terms approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income. They are included in retained
earnings in the statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are
recognised immediately in profit or loss as past service cost.
The Company operates defined benefit plans for gratuity, which requires contributions to be made to a separately
administered fund. Funds are managed by two trusts. These trusts have policies from an insurance company. These
benefits are partially funded.
3.11 Discontinued operation and non-current assets (or disposal groups) held for sale or distribution.
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at
the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising
from employee benefits, financial assets and contractual rights under insurance contracts, which are specifically exempt from
this requirement.
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs
to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in
excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the
sale of the non-current asset (or disposal group) is recognised at the date of de-recognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified
as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue
to be recognised.
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Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented
separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented
separately from other liabilities in the balance sheet.
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that
represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose
of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of
discontinued operations are presented separately in the statement of profit and loss.
3.12 Foreign currency reinstatement and translation
a) Functional and presentation currency
Standalone financial statements have been presented in Indian Rupees (`), which is the Company’s functional and
presentation currency.
b) Transactions and balances
Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the transaction.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary
assets and liabilities denominated in foreign currencies at the year end exchange rates are recognised in statement of
profit and loss.
Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit and
loss, within finance costs. Exchange gain and loss on debtors, creditors and other than financing and investing activities on
a net basis are presented in the statement of profit and loss, as other expenses. All other foreign exchange gains and losses
are presented in the statement of profit and loss on a net basis within other gains/ (losses).
Non-monetary items that are measured at fair value in foreign currency are translated using the exchange rates at the date
when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part
of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equity
instruments held at fair value through profit and loss are recognised in profit and loss as part of the fair value gain or loss
and translation differences on non-monetary assets such as equity investments classified as FVOCI are recognised in other
comprehensive income.
3.13 Financial instruments – initial recognition, subsequent measurement and impairment
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
a) Financial Assets
Financial Assets are classified at amortised cost or fair value through Other Comprehensive Income or fair value through
Profit or Loss, depending on its business model for managing those financial assets and the assets contractual cash flow
characteristics.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.
For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the company has made an irrevocable election at the time
of initial recognition to account for the equity investment at fair value through other comprehensive income. The company
reclassifies debt investments when and only when its business model for managing these assets changes.
For impairment purposes significant financial assets are tested on an individual basis, other financial assets are assessed
collectively in groups that share similar credit risk characteristics.
Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value through profit or loss are expensed in statement of profit and loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are
solely payment of principal and interest.
Investment in Debt instruments
Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
debt instruments:
• Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Financial assets classified at amortised cost are
subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated
by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
Interest income from these financial assets is included in finance income using the effective interest rate method.
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• Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows
and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are
measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and
losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest
income from these financial assets is included in other income using the effective interest rate method.
• Fair value through profit or loss (FVPL): Any financial asset that does not meet the criteria for classification as at
amortized cost or as financial assets at fair value through other comprehensive income, is classified as at financial assets
at fair value through profit or loss. Financial assets at fair value through profit or loss are at each reporting date fair valued
with all the changes recognized in the statement of profit and loss.
Trade receivables
A receivable is classified as a ‘trade receivable’ if it is in respect to the amount due from customers on account of goods sold
or services rendered in the ordinary course of business. Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest method, less provision for impairment. For some trade
receivables the Company may obtain security in the form of guarantee, security deposit or letter of credit which can be
called upon if the counterparty is in default under the terms of the agreement.
Impairment is made on the expected credit losses, which are the present value of the cash shortfalls over the expected life
of financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. The estimated impairment losses are recognised in a separate provision for impairment and the impairment losses are
recognised in the statement of profit and loss within other expenses.
Subsequent changes in assessment of impairment are recognised in provision for impairment and the change in impairment
losses are recognised in the statement of profit and loss within other expenses.
For foreign currency trade receivable, impairment is assessed after reinstatement at closing rates.
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount of trade
receivable and the amount of the loss is recognised in the statement of profit and loss within other expenses.
Subsequent recoveries of amounts previously written off are credited to other Income.
Investment in equity instruments
Investment in equity securities are initially measured at fair value. Any subsequent fair value gain or loss is recognized through
statement of profit and loss if such investments in equity securities are held for trading purposes. The fair value gains or losses
of all other equity securities are recognized in other comprehensive income. Where the company’s management has
elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent
reclassification of fair value gains and losses to profit and loss. Dividends from such investments are recognised in profit and
loss as other income when the company’s right to receive payments is established. Impairment losses (and reversal of
impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
De-recognition of financial asset
A financial asset is derecognised only when
• The company has transferred the rights to receive cash flows from the financial asset or
• Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay
the cash flows to one or more recipients.
Where the entity has transferred an asset, the company evaluates whether it has transferred substantially all risks and rewards
of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the
financial asset, the financial asset is derecognised if the company has not retained control of the financial asset. Where the
company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing
involvement in the financial asset.
b) Financial liabilities
At initial recognition, all financial liabilities other than fair valued through profit and loss are recognised initially at fair value less
transaction costs that are attributable to the issue of financial liability. Transaction costs of financial liability carried at fair value
through profit or loss is expensed in statement of profit and loss.
i) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading. The Company has not
designated any financial liabilities upon initial measurement recognition at fair value through profit or loss. Financial
liabilities at fair value through profit or loss are at each reporting date at fair value with all the changes recognised in the
statement of profit and loss.
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Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the
establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or
all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for
liquidity services and amortised over the period of the facility to which it relates.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is
recognised in statement of profit and loss as other gains/(losses).
Borrowings are classified as current liabilities unless the Company has unconditional right to defer settlement of the liability
for atleast twelve months after reporting period.
Trade and other payables
A payable is classified as ’trade payable’ if it is in respect of the amount due on account of goods purchased or services
received in the normal course of business. These amounts represent liabilities for goods and services provided to the
Company prior to the end of financial year which are unpaid. Trade and other payables are presented as current liabilities
unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
De-recognition of financial liability
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. The
difference between the carrying amount of a financial liability that has been extinguished or transferred to another party
and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in statement of
profit and loss as other income or finance costs.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and
settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the group or the
counterparty.
3.14 Derivative financial instruments
The Company uses derivative financial instruments, such as forward currency contracts and interest rate swaps to hedge its
foreign currency risks and interest rate risks. Derivative financial instruments are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently re-measured at their fair value at the end of each period. The method
of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, on
the nature of the item being hedged. Any gains or losses arising from changes in the fair value of derivatives are taken directly
to statement of profit and loss.
3.15 Compound financial instruments
The liability component of a compound financial instrument is recognised initially at fair value of a similar liability that does not
have an equity component. The equity component is recognised initially as the difference between the fair value of the
compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction
costs are allocated to the liability and the equity components, if material, in proportion to their initial carrying amounts.
Subsequent to the initial recognition, the liability component of a compound financial instrument is measured at amortised cost
using the effective interest rate method. The equity component of a compound financial instrument is not re-measured
subsequent to initial recognition except on conversion or expiry.
3.16 Equity share capital
Ordinary shares are classified as equity. Incremental costs net of taxes directly attributable to the issue of new equity shares are
reduced from retained earnings, net of taxes.
3.17 Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs eligible for capitalisation.
Other borrowing costs are expensed in the period in which they are incurred.
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3.18 Taxation
Income tax expenses or credit for the period comprised of tax payable on the current period’s taxable income based on the
applicable income tax rate, the changes in deferred tax assets and liabilities attributable to temporary differences and to unused
tax losses, minimum alternative tax (MAT) and previous year tax adjustments.
Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or
other comprehensive income, in such cases the tax is also recognised directly in equity or in other comprehensive income. Any
subsequent change in direct tax on items initially recognised in equity or other comprehensive income is also recognised in
equity or other comprehensive income, such change could be for change in tax rate.
The current income tax charge or credit is calculated on the basis of the tax law enacted after considering allowances,
exemptions and unused tax losses under the provisions of the applicable Income Tax Laws. Current tax assets and current tax
liabilities are off set, and presented as net.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax base of assets
and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates and laws
that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all
deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to
utilise those temporary differences and losses. Deferred tax assets and deferred tax liabilities are off set, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available against which the temporary differences can be utilised.
The Company recognises Credit of MAT as an asset when there is reasonable certainty that the Company will pay normal
income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in
which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit to the
statement of profit and loss account and included in the deferred tax assets. The carrying amount of MAT is reviewed at each
balance sheet date.
3.19 Revenue recognition and other income
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic
benefits will flow to the entity and specific criteria have been met for each of the Company’s activities as described below.
a) Sale of goods
The Company manufactures various types of steel pipes and pellets. Sales are recognized on transfer of significant risk and
rewards of ownership of the goods to the customer.
b) Sale of power
Revenue from the sale of power is recognised when the electricity is supplied and is measured as per the contractually
agreed tariff rates.
c) Sale of services-job work
Revenue from job work charges are recognised on completion of services and transfer of goods subject to Job Work.
Stage of completion is determined as a proportion of cost incurred to date to the total estimated contract cost. Estimated
loss on job work to be undertaken in future years are provided for in the period in which the estimate results in a loss on
job work
d) Ocean waterways business
Freight and demurrage earnings are recognized on completed voyage basis/ upon loading of the Vessel depending upon
the risk and rewards transferred. Time Charter earning are recognized on accrual basis except where the charter party
agreements have not been renewed/ finalized, in which case it is recognized on provisional basis.
e) Other Operating Income
Incentives on exports and other Government Grants related to operations are recognised in books after due consideration
of certainty of utilization/receipt of such incentives. For Government grant refer Note 3.20.
f) Other Income
Interest
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate
applicable.
Dividend
Dividend income is recognised when the right to receive dividend is established
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3.20 Government Grant
Government grants with a condition to purchase, construct or otherwise acquire long-term assets are initially measured based
on grant receivable under the scheme. Such grants are recognised in the Statement of Profit and Loss on a systematic basis over
the useful life of the asset. Amount of benefits receivable in excess of grant income accrued based on usage of the assets is
accounted as Government grant received in advance. Changes in estimates are recognised prospectively over the remaining
life of the assets.
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be
received and the Company will comply with all attached condition.
Government revenue grants relating to income are deferred and recognised in the Statement of Profit and Loss over the period
necessary to match them with the costs that they are intended to compensate.
3.21 Dividend Distribution
Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividends are approved
by the shareholders. Any interim dividend paid is recognised on approval by Board of Directors. Dividend payable and
corresponding tax on dividend distribution is recognised directly in equity.
3.22 Earnings per share
Basic earnings per share is computed using the net profit for the year attributable to the shareholders’ and weighted average
number of shares outstanding during the year. The weighted average numbers of shares also includes fixed number of equity
shares that are issuable on conversion of compulsorily convertible preference shares, debentures or any other instrument, from
the date consideration is receivable (generally the date of their issue) of such instruments.
Diluted earnings per share is computed using the net profit for the year attributable to the shareholder’ and weighted average
number of equity and potential equity shares outstanding during the year including share options, convertible preference
shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are converted during the
year are included in the calculation of diluted earnings per share from the beginning of the year or date of issuance of such
potential equity shares, to the date of conversion.
3.23 Provisions and contingencies
a) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase
in the provision due to the passage of time is recognised as interest expense.
i) Gratuity and leave encashment provision
Refer Note 3.10 for provision relating to gratuity and leave encashment.
ii) Mine restoration/ assets retirement obligation
Mine restoration expenditure is provided for in the Statement of Profit and Loss based on present value of estimated
expenditure required to be made towards restoration and rehabilitation at the time of vacation of mine. The cost
estimates are reviewed periodically and are adjusted to reflect known developments which may have an impact on
the cost estimates or life of operations. The unwinding of the discount on provision is shown as a finance cost in the
Statement of Profit and Loss.
b) Contingencies
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent
liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognised. However, when the
realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an
asset.
3.24 Investment in Subsidiaries
A subsidiary is an entity controlled by the Company. Control exists when the Company has power over the entity, is exposed,
or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power
over entity.
Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the
entity’s returns.
Investments in subsidiaries are carried at cost. The cost comprises price paid to acquire investment and directly attributable cost.
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3.25 Investment in associates
An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in
the financial and operating policy decisions of the investee but is not control or joint control over those policies.
The investment in associate are carried at cost. The cost comprises price paid to acquire investment and directly attributable
cost.
3.26 Current versus non-current classification
The Company presents assets and liabilities in balance sheet based on current/non-current classification.
The Company has presented non-current assets and current assets before equity, non-current liabilities and current liabilities in
accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.
An asset is classified as current when it is:
a) Expected to be realised or intended to be sold or consumed in normal operating cycle,
b) Held primarily for the purpose of trading,
c) Expected to be realised within twelve months after the reporting period, or
d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non-current.
A liability is classified as current when it is:
a) Expected to be settled in normal operating cycle,
c) Due to be settled within twelve months after the reporting period, or
d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents.
3.27 Recent accounting pronouncements
The new standards, amendments to standards that are issued but not yet effective are discussed below:
Title of standard Ind AS 115, Revenue from contracts with customers
Nature of change Ind AS 115, Revenue from contracts with customers deals with revenue recognition and establishes
principles for reporting useful information to users of financial statements about the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.
Revenue is recognised when a customer obtains control of a promised good or service and thus
has the ability to direct the use and obtain the benefits from the good or service in an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods
and services. The standard replaces Ind AS 18 Revenue and Ind AS 11 Construction contracts and
related appendices.
A new five-step process must be applied before revenue can be recognised:
1. identify contracts with customers
2. identify the separate performance obligation
3. determine the transaction price of the contract
4. allocate the transaction price to each of the separate performance obligations, and
5. Recognise the revenue as each performance obligation is satisfied.
The new standard is mandatory for financial years commencing on or after 1 April 2018 and early
application is not permitted. The standard permits either a full retrospective or a modified
retrospective approach for the adoption.
Impact The Company is in the process of assessing the detailed potential impact of Ind AS 115, Revenue
from Contracts with Customer on its financial statements and related disclosures. The Company
primarily derives its revenue from sale of goods, sale of job work services, sale of power and ocean
waterways. Presently, the Company is not able to reasonably estimate the impact that application
of Ind AS 115 is expected to have on its financial statements.
Date of adoption The Company intends to adopt the standard using the modified retrospective approach which
means that the cumulative impact of the adoption will be recognised in retained earnings as of 1
April 2018 and that comparatives will not be restated.
87
Title of standard Appendix B to Ind AS 21 Foreign currency transactions and advance consideration
Nature of change The Ministry of Corporate Affairs (MCA) has notified Appendix B to Ind AS 21, Foreign currency
transactions and advance consideration. The appendix clarifies how to determine the date of
transaction for the exchange rate to be used on initial recognition of a related asset, expense or
income where an entity pays or receives consideration in advance for foreign currency
denominated contracts.
For a single payment or receipt, the date of the transaction should be the date on which the entity
initially recognises the non-monetary asset or liability arising from the advance consideration (the
prepayment or deferred income/contract liability). If there are multiple payments or receipts for
one item, date of transaction should be determined as above for each payment or receipt.
The appendix can be applied:
1. retrospectively for each period presented applying Ind AS 8;
2. prospectively to items in scope of the appendix that are initially recognised
a) on or after the beginning of the reporting period in which the appendix is first applied
(i.e. 1 April 2018 for entities with March year-end); or
b) from the beginning of a prior reporting period presented as comparative information
(i.e. 1 April 2017 for entities with March year-end).
Impact Management has assessed the effects of applying the appendix to its foreign currency transactions
for which consideration is received/ paid in advance. The Company expects this change to impact
its accounting for purchase and revenue contracts involving advance payments in foreign currency.
Presently the Company is not able to reasonably estimate the impact of the application of the
appendix B on the financial statements.
Date of adoption The Company intends to adopt the amendments prospectively to items in scope of the appendix
that are initially recognised on or after the beginning of the reporting period in which the appendix
is first applied (i.e. from 1 April 2018).
4. Critical accounting estimates, assumptions and judgements

In the process of applying the Company’s accounting policies, management has made the following estimates, assumptions
and judgements, which have significant effect on the amounts recognised in the financial statement:
(a) Property, plant and equipment
External adviser or internal technical team assess the remaining useful lives and residual value of property, plant and
equipment. Management believes that the assigned useful lives and residual value are reasonable, the estimates and
assumptions made to determine depreciation are critical to the Company’s financial position and performance.
(b) Intangible assets
Internal technical or user team assess the remaining useful lives of Intangible assets. Management believes that assigned
useful lives are reasonable.
(c) Income taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities.
The Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in
estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported in the
standalone financial statements.
(d) Contingencies
Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/
claim/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.
(e) Allowance for uncollected accounts receivable and advances
Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for
estimated irrecoverable amounts. Individuals trade receivable are written off when management deems them not to be
collectible. Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the
expected life of the financial assets.
(f) Mine restoration obligation
In determining the fair value of the mine restoration obligation the Company uses technical estimates to determine the
expected cost to restore the mines and the expected timing of these costs. Discount rates are determined based on the
government bond of similar tenure.
(g) Insurance claims
Insurance claims are recognised when the Company have reasonable certainty of recovery. Subsequently any change in
recoverability is provided for.
(h) Liquidated damages
Liquidated damages payable are estimated and recorded as per contractual terms; estimate may vary from actuals as levy
by customer.
88
5. Property, Plant and Equipment and Capital work-in-progress

(` lakhs)
Particulars Leasehold Freehold Buildings Plant and Furniture Vehicles Office Vessels Containers Mine Total Capital
Land Land Equipment and Equipments Development Work In
Fixtures and Progress
Computers
Gross Block
As at April 1, 2016 11,362.57 81,825.24 76,950.73 4,29,240.20 951.33 2,086.81 2,303.94 11,950.23 506.92 531.09 6,17,709.06 20,366.57
Additions - 51.21 23.93 7,586.30 24.95 45.10 54.91 - - - 7,786.40 8,468.85
Add/(Less): Transfer - 17.73 2,762.82 18,983.56 - 234.45 287.10 - - - 22,285.66 (22,285.66)
(Add)/Less: Disposal/Adjustments - - 814.76 (545.41) (215.86) 647.60 269.00 4,331.97 - - 5,302.06 -
As at March 31, 2017 11,362.57 81,894.18 78,922.72 4,56,355.47 1,192.14 1,718.76 2,376.95 7,618.26 506.92 531.09 6,42,479.06 6,549.76
Additions 861.46 234.57 308.32 4,590.18 63.01 74.35 146.06 - - - 6,277.95 16,495.27
Add/(Less): Transfer 88.13 589.76 1,491.17 9,709.75 35.01 158.98 196.62 - - - 12,269.42 (12,269.42)
(Add)/Less: Disposal/Adjustments - - 45.90 3,781.43 118.22 57.62 0.91 7,618.26 174.99 - 11,797.33 -
Add/(Less): Transfer to held for sale - - - - - - - - (331.93) - (331.93) -
As at March 31, 2018 12,312.16 82,718.51 80,676.31 4,66,873.97 1,171.94 1,894.47 2,718.72 - - 531.09 6,48,897.17 10,775.61
Accumulated Depreciation
As at April 1, 2016 324.14 - 4,612.60 33,007.68 498.36 550.42 701.64 2,310.07 139.49 338.63 42,483.03 -
Charge for the period- Continued 162.12 - 2,350.56 19,418.11 211.93 93.90 427.55 - - 91.37 22,755.54 -
89
Charge for the period - Discontinued - - - - - - - 938.78 57.64 - 996.42 -
(Add)/Less: Disposal/Adjustments - - 27.93 46.80 - 20.63 27.96 574.67 - - 697.99 -
As at March 31, 2017 486.26 - 6,935.23 52,378.99 710.29 623.69 1,101.23 2,674.18 197.13 430.00 65,537.00 -
Charge for the period- Continued 198.21 - 2,456.61 22,035.08 167.91 218.16 387.58 - - 41.73 25,505.28 -
Charge for the period - Discontinued - - - - - - - 203.33 33.96 - 237.29 -
(Add)/Less: Disposal/Adjustments - - 3.54 2,507.86 58.14 25.41 31.46 2,877.51 75.01 - 5,578.93 -
Add/(Less):Transfer to held for sale - - - - - - - - (156.08) - (156.08) -
As at March 31, 2018 684.47 - 9,388.30 71,906.21 820.06 816.44 1,457.35 - - 471.73 85,544.56 -
Net carrying amount
As at March 31, 2017 10,876.31 81,894.18 71,987.49 4,03,976.48 481.85 1,095.07 1,275.72 4,944.08 309.79 101.09 5,76,942.06 6,549.76
As at March 31, 2018 11,627.69 82,718.51 71,288.01 3,94,967.76 351.88 1,078.03 1,261.37 - - 59.36 5,63,352.61 10,775.61
Notes:
(i) Freehold land includes ` 1,950 lakhs (previous year ` 1,950 lakhs) for which conveyance deed is yet to be executed.
(ii) Refer Note 21 and 25 for Property, Plant and Equipment pledged as security with lenders of the Company.
(iii) Refer Note 42 for borrowing cost and foreign exchange fluctuation capitalised.
(iv) Refer Note 52 for discontinued operations and assets held for sale.

(v) Leased Assets:
Leasehold land and plant and equipment includes following amounts where Company is lessee under finance lease:
(` lakhs)
Particulars As at March 31, 2018 As at March 31, 2017
Leasehold Plant and Leasehold Plant and
land Equipment land Equipment
Gross Block 949.59 1,664.83 - -
Accumulated Depriciation 36.08 33.34 - -
Net carrying amount 913.51 1,631.49 - -
The Company has entered into lease agreements (a) for usage of a facility for production of pipes and (b) purchase of electricity
generated from solar power. Under the terms of the respective lease agreements, the Company has option to renew the lease
facility used for production of pipes after completion of twenty five years of lease period and option to purchase the assets
used for generation of solar power at the end of lease period.
6. Intangible Assets (` lakhs)
Particulars Software
Gross Block
As at April 1, 2016 993.07
Additions 51.89
As at March 31, 2017 1,044.96
Additions 155.03
(Add)/Less: Disposal/Adjustments 1.97
As at March 31, 2018 1,198.02
As at April 1, 2016 501.20
Charge for the period 184.27
As at March 31, 2017 685.47
Charge for the period 111.33
(Add)/Less: Disposal/Adjustments 1.11
As at March 31, 2018 795.69
Net carrying amount
As at March 31, 2017 359.49
As at March 31, 2018 402.33
90

7. Non - Current Investments
No. of Shares/ Face Value (` lakhs) No. of Shares/ Face Value (` lakhs)
Certificates (`) Certificates (`)
Non-trade- unquoted
A. Equity Instruments
(i) Subsidiary Companies (at cost)
a) IUP Jindal Metals & Alloys Limited 1,13,00,000 10 3,269.19 1,13,00,000 10 3,269.19
b) Jindal ITF Limited 4,03,74,889 10 12,112.47 2,98,23,112 10 8,946.93
c) Jindal ITF Limited-Equity Component
of 0.01% Non - Cumulative
Redeemable Preference Shares (Note ii) 10,998.61 10,998.61
d) Jindal Saw Holdings FZE 1,000 AED 97650 10,270.09 1,000 AED 97650 10,270.09
e) S. V. Trading Limited 3 (Note iii) 5,382.71 3 (Note iii) 5,382.71
f) Quality Iron & Steel Limited 50,000 10 2.45 25,500 10 -
g) Greenray Holdings Limited 49,01,969 GBP 1 3,475.12 49,01,969 GBP 1 3,475.12
Less: Provision for impairment (3,475.12) (3,475.12)
- -
h) Ralael Holdings Limited 3,725 EURO 1 4,628.34 3,725 EURO 1 4,628.34
i) JITF Shipyards Limited (Note iv) 20,00,000 10 200.00 20,00,000 10 200.00
j) Jindal Tubular (India) Limited 70,50,000 10 2,105.00 70,50,000 10 2,105.00
k) Jindal Quality Tubular Limited (Note v) 72,47,801 10 2,679.94 50,29,187 10 1,396.95
51,648.80 47,197.82
(ii) Associate Company (at cost)
Jindal Fittings Limited 1,39,96,803 10 1,399.68 1,39,96,803 10 1,399.68
(iii) Others (at cost)
DI Spun Pipe Research and
Development Association 5,560 10 0.56 - - -
(iv) Others (at fair value through
other comprehensive income)
Jindal Overseas Pte. Limited (Note vi) - - - 1,53,000 US$1 -
B. Investment in Debt Component
Subsidiary Company (at cost)
Jindal ITF Limited
Debt Component-Fair Valued-0.01%
Non - Cumulative Redeemable
Preference Shares (Note ii) 11,810.24 10,547.94
C. Government and Other Securities
(at cost) (Note vii)
i) National Saving Certificates 6 10,000 0.60 6 10,000 0.60
ii) National Saving Certificates 30 5,000 1.50 30 5,000 1.50
2.10 2.10
D. Share Application Money
Subsidiary Company (at cost)
a) Ralael Holdings Limited 0.48 0.48
0.48 0.48
Total 64,861.86 59,148.02
Aggregate value of quoted investments - -
Aggregate value of unquoted investments 64,861.86 59,148.02
Aggregate provision for impairment in
value of investments 3,475.12 3,475.12
91

Notes:
(i) No. of shares includes shares held by Companys’ nominee.
(ii) 2,01,00,000 (Previous Year 2,01,00,000) of ` 100 each 0.01% Non- Cumulative Redeemable Preference Shares has been fair
value in earlier year. Equity component amounting to ` 10,998.61 lakhs (Previous Year ` 10,998.61 lakhs) has been disclosed
above as investment in equity and debt component amounting to ` 11,810.24 lakhs including interest accrued ` 2,708.85
lakhs (Previous Year ` 10,547.94 lakhs including interest accrued ` 1,446.55 lakhs) has been disclosed above as investment in
debt.
(iii) Face Value of 1 Share @ US$ 1 each, Face Value of 1 Share @ US$ 19,50,000 each and Face Value of 1 Share @ US$ 70,00,000
each.
(iv) 19,99,300 (Previous Year Nil) Equity shares of JITF Shipyards Limited (formerly known as JITF Waterways Limited) have been
pledged in favour of lenders for loans availed by the subsidiary company.
(v) 36,85,000 (Previous Year 36,85,000) Equity shares of Jindal Quality Tubular Limited have been pledged in favour of lenders
for loans availed by the subsidiary company. Non disposal undertaking for 58,82,613 (Pervious Year 38,28,187) equity shares
of Jindal Quality Tubular Limited given to banks against credit facilities/financial assistance availed by the subsidiary.
(vi) In the current year Jindal Overseas Pte. Limited has been struck off as per the regulation of domicile country.
(vii) National saving certificates are pledged with Government authorities.
(` lakhs)
Particulars As at As at
March 31, 2018 March 31, 2017
8. Non-Current Trade Receivables
Others
Unsecured, considered good 725.82 -
Total Non-Current Trade Receivables 725.82 -
9. Non-Current Loans
Secured, considered good
Loan to other parties (including inter corporate loans) 16,815.84 -
Unsecured, considered good
Loan to related party - 5,272.97
Less: Loan written off - - (5,272.97) -
Loan to other parties (including inter corporate loans) 3,874.83 18,318.46
Loans to employees 78.14 75.78
Total Non-Current Loans 20,768.81 18,394.24
10. Other Non-Current Financial Assets

Security deposits 3,668.59 3,563.80
Bank deposits with remaining maturity of more than 12 months * 1,165.51 3,361.86
Total Other Non-Current Financial Assets 4,834.10 6,925.66
* Pledged with banks, government departments and others.
92

(` lakhs)
March 31, 2018 March 31, 2017
11. Other Non-Current Assets
Capital advances 1,665.51 246.70
Prepaid expenses 614.57 -
Total Other Non-Current Assets 2,280.08 246.70
12. Inventories
Raw materials# 72,479.76 80,278.79
Work-in-progress 41,271.96 28,364.29
Finished goods 49,965.37 43,472.98
Stores and spares## 24,766.33 24,539.12
Loose tools inventory 978.39 778.03
Scrap 5,642.20 2,494.28
Total Inventories 1,95,104.01 1,79,927.49
# Including in transit inventory of ` 618 lakhs (Previous Year ` 25,136.04 lakhs).
## Including in transit inventory of ` 1,709.18 lakhs (Previous Year ` 483.73 lakhs).
13. Trade Receivables

Related Parties
Unsecured, considered good 12,240.16 20,525.21
Others
Secured, considered good 43,877.13 34,830.60
Unsecured, considered good 1,08,139.94 65,453.09
Unsecured, considered doubtful 1,809.39 1,049.99
Less: Allowance for doubtful debts [refer Note 37(1)(c)] (1,809.39) (1,049.99)
Total Trade Receivables 1,64,257.23 1,20,808.90
14. Cash and Cash Equivalents

Balances with banks
In current accounts 922.31 2,626.50
Cheques on hand 0.03 4.28
Cash on hand 4.15 5.34
Total Cash and Cash Equivalents 926.49 2,636.12
There are no repartriation restrictions with regard to cash and
cash equivalents as at the end of the reporting period and prior periods.
15. Other Bank Balances

In unpaid dividend accounts 761.77 433.24
Fixed Deposits with remaining maturity of less than 12 months and
other than considered in cash and cash equivalents * 2,519.42 896.11
Total Other Bank Balances 3,281.19 1,329.35
* Pledged with banks, government departments and others.
93
(` lakhs)
March 31, 2018 March 31, 2017
16. Current Loans
Loans to related parties (refer Note 44 and 45) 1,05,877.31 70,376.84
Loan to other parties (including inter corporate loans) 456.98 317.89
Total Current Loans 1,06,523.81 70,850.76
17. Other Current Financial Assets

Insurance claim 513.50 1,521.80
Earnest money deposit 1,708.78 1,209.93
Interest receivable 95.16 259.94
Security deposits 83.59 458.78
Derivative financial assets 279.35 303.56
Electricity duty refund receivable 142.71 142.71
Other receivables 282.14 0.58
Total Other Current Financial Assets 3,105.23 3,897.30
18. Other Current Assets

Prepaid expenses 2,660.39 2,963.03
Advances to vendors 4,064.20 5,342.91
Advances to related parties (refer Note 45) 2,160.86 931.96
Advance to employees 18.76 47.64
Balances with state and central government authorities 22,549.30 27,675.83
Total Other Current Assets 31,453.51 36,961.37
19. Equity Share Capital

Authorised
(i) 1,77,50,00,000 Equity Shares of ` 2/- each 35,500.00 35,500.00
(ii) 1,00,00,000 Redeemable Non Convertible
Cumulative Preference shares of ` 100/- each 10,000.00 10,000.00
45,500.00 45,500.00
Issued equity share capital
31,97,61,367 (Previous Year 31,97,61,367) Equity Shares of ` 2/- each 6,395.23 6,395.23
6,395.23 6,395.23
Subscribed and fully paid-up equity share capital
31,97,57,367 (Previous Year 31,97,57,367) Equity Shares of ` 2/- each 6,395.15 6,395.15
Add : Forfeited 4,000 (Previous Year 4,000)
Equity Shares of ` 2/- each (Partly paid up ` 1/- each) 0.04 0.04
Total Equity Share Capital 6,395.19 6,395.19
(a) Movement in equity shares issued :
Equity shares
Shares outstanding as at the beginning of the year 31,97,57,367 30,45,33,881
Add : Nil (Previous Year 1,52,23,486)
Equity Shares of ` 2/- each issued during the year - 1,52,23,486
Shares outstanding as at the end of the year 31,97,57,367 31,97,57,367
94

(b) Details of shareholders holding more than 5% shares in the company:
Name of Shareholders No. of % of holding No. of % of holding

shares as at shares as at
March 31, 2018 March 31, 2017
Nalwa Sons Investments Limited 5,35,50,000 16.75 5,35,50,000 16.75
Sigmatech Inc 3,01,20,000 9.42 3,01,20,000 9.42
Four Seasons Investments Limited 4,35,30,596 13.61 4,35,30,596 13.61
Danta Enterprises Private Limited 2,35,72,150 7.37 2,35,72,150 7.37
Reliance Capital Trustee Company Limited A/c
Reliance Growth Fund - - 2,25,57,446 7.05
Total 15,07,72,746 47.15 17,33,30,192 54.20
(c) Aggregate number of bonus shares issued, shares Nil Nil

issued for consideration other than cash and bought
back shares during the period of five years immediately
preceding the reporting date:
(d) 3,250 equity shares have been held in abeyance as a result of attachment orders by Government authorities, lost shares
certificates and other disputes.
(e) Terms/Rights attached to equity shares - The Company has only one class of equity shares having a par value of ` 2/- per
equity share and holder of the equity share is entitled to one vote per share. The dividend proposed by the Board of
Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim
dividend. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the
remaining assets of the Company in proportion to the number of equity shares held.
(` lakhs)
March 31, 2018 March 31, 2017
20. Other Equity
(i) Equity component of compound financial instruments
Opening balance - 12,346.25
Less: Transfer to equity share capital - (12,346.25)
Closing Balance (i) - -
(ii) Retained earnings
Opening balance 1,76,225.76 1,49,662.06
Add: Net profit for the year 38,579.83 30,770.22
Less: Dividend payments including dividend distribution tax (3,848.52) (3,848.52)
Less: Transfer to debenture redemption reserve (358.00) (358.00)
Closing Balance (ii) 2,10,599.07 1,76,225.76
(iii) Items of Other Comprehensive income
a) Re-measurement of the net defined benefit Plans
Opening balance (1,252.85) (550.83)
Add: Addition for the year 184.72 (702.02)
Closing Balance (1,068.13) (1,252.85)
b) Equity Instruments through Other Comprehensive Income
Opening balance (31.40) (31.40)
Closing Balance (31.40) (31.40)
Total Other Comprehensive reserves (iii) (1,099.53) (1,284.25)
95

(` lakhs)
March 31, 2018 March 31, 2017
(iv) Other Reserves
a) General Reserve
Opening balance 3,13,412.65 3,09,662.65
Add: Transfer from debenture redemption reserve 2,500.00 3,750.00
Closing Balance 3,15,912.65 3,13,412.65
b) Debenture Redemption Reserve
Opening balance 10,540.00 13,932.00
Add: Transfer from retained earnings 358.00 358.00
Less: Transfer to debenture redemption reserve (2,500.00) (3,750.00)
Closing Balance 8,398.00 10,540.00
c) Securities Premium Reserve
Add: Addition for the year - 12,041.79
Closing Balance 51,097.31 51,097.31
Total Other Reserves (iv) 3,75,407.96 3,75,049.96
Total Other Equity (i+ii+iii+iv) 5,84,907.50 5,49,991.47
Nature of reserves
Retained earnings represent the undistributed profits of the Company.
Other comprehensive income reserve represent the balance in equity for items to be accounted in other comprehensive
income. OCI is classified into (i) Items that will not be reclassified to profit and loss (ii) Items that will be reclassified to profit and
loss.
Debenture Redemption Reserve represents the statutory reserve for non-convertible debentures issued by the Company. This
is in accordance with Indian Corporate Law wherein a portion of the profits are apportioned each year until the aggregate
amount equals 25% of the face value of the debentures issued and outstanding. The reserve will be released on redemption of
the debentures.
General Reserve represents the statutory reserve, this is in accordance with Indian Corporate law wherein a portion of profit is
apportioned to general reserve. Under Companies Act, 1956 it was mandatory to transfer amount before a company can declare
dividend, however under Companies Act, 2013 transfer of any amount to general reserve is at the discretion of the Company.
Securities Premium Reserve represents the amount received in excess of par value of securities (equity shares, preference
shares and debentures). Premium on redemption of securities is accounted in security premium available. Where security
premium is not available, premium on redemption of securities is accounted in statement of profit and loss. Section 52 of
Companies Act, 2013 specify restriction and utilisation of security premium.
(` lakhs)
March 31, 2018 March 31, 2017
21. Non-Current Borrowings
Secured
Non convertible debentures 32,000.00 35,000.00
Term loan from banks 1,44,265.12 1,39,998.70
Loan from state financial institution 1,299.00 267.21
Finance lease obligations 2,039.10 -
Total Non-Current Borrowings 1,79,603.22 1,75,265.91
96

Secured non-convertible debentures include:
(i) 10.75% Non-Convertible Debentures of ` Nil lakhs (including ` Nil lakhs shown in current maturity) (March 31, 2017 ` 10,000
lakhs, including ` 10,000 lakhs shown in current maturity) are secured by first pari-passu charge by way of English mortgage
on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of
Company's other immovable properties and hypothecation of movable fixed assets both present and future in favour of
Debenture Trustees. The same have been paid on April 07, 2017.
(ii) 10.50% Non-Convertible Debentures of ` 10,000 lakhs (including ` 3,000 lakhs shown in current maturity) (March 31, 2017
` 10,000 lakhs) in three series are secured by first pari- passu charge by way of English mortgage on the Company's specific
immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable
properties and hypothecation of movable fixed assets both present and future in favour of Debenture Trustees. The same
are repayable in three instalments of ` 3,000 lakhs (Series I), ` 3,000 lakhs (Series II) and ` 4,000 lakhs (Series III) on
September 12, 2018, September 12, 2019 and September 12, 2020 respectively.
(iii) 10.38% and 10.73% Non-Convertible Debentures of ` 12,500 lakhs each aggregating to ` 25,000 lakhs (March 31, 2017
` 25,000 lakhs) in two series are secured by first pari-passu charge by way of English mortgage on the Company's specific
immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable
properties and hypothecation of movable fixed assets both present and future in favour of Debenture Trustees. The same
are repayable in single instalment of ` 25,000 lakhs on December 26, 2021.
Secured term loans from banks include:
(i) Term Loan of ` 5,480 lakhs (rate of interest 1.50% p.a.) (Included under current maturity of long term loan ` 5,480 lakhs)
(March 31, 2017 ` 9,590 lakhs, including ` 4,110 lakhs shown in current maturity) is secured by way of second charge on all
the assets of the Company both present and future and also by way of personal guarantee of a Director. Instalment of
` 4,110 lakhs have been paid on January 31, 2018 and Instalment of ` 5,480 lakhs repayable on January 31, 2019.
(ii) Term Loan of ` 36,791.72 lakhs [rate of interest 10.00% p.a. (previous year 11.40% p.a.)] (Including ` 6,000 lakhs shown in
current maturity) (March 31, 2017 ` 38,391.72 lakhs, including ` 1,600 lakhs shown in current maturity) is secured by first
pari-passu charge by way of equitable mortgage on Company's immovable properties and hypothecation of movable
fixed assets both present and future. The loan is repayable in quarterly instalments in five years with annual payments of
` 6,000 lakhs, ` 6,800 lakhs, ` 6,800 lakhs, ` 6,800 lakhs and ` 10,391.72 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22
and 2022-23 respectively.
(iii) Term Loan of ` 9,200 lakhs [rate of interest 10.00% p.a. (previous year 10.45% p.a.)] (Including ` 1,500 lakhs shown in current
maturity) (March 31, 2017 ` 9,600 lakhs, including ` 400 lakhs shown in current maturity) is secured by first pari-passu charge
by way of equitable mortgage on Company's immovable properties and hypothecation of movable fixed assets both
present and future. The loan is repayable in quarterly instalments in five years with annual payments of ` 1,500 lakhs, ` 1,700
lakhs, ` 1,700 lakhs, ` 1,700 lakhs and ` 2,600 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22 and 2022-23 respectively.
(iv) Term Loan of ` 9,500 lakhs [rate of interest 10.35% p.a. (previous year 10.75% p.a.)] (Including ` 500 lakhs shown in current
by way of equitable mortgage on Company's immovable properties and hypothecation of movable fixed assets both
present and future. The loan is repayable in quarterly instalments in six years with annual payments of ` 500 lakhs, ` 700
lakhs, ` 700 lakhs, ` 1,200 lakhs, ` 3,200 lakhs and ` 3,200 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23
(v) Term Loan of ` 28,500 lakhs [rate of interest 9.50% p.a. (previous year 9.35% p.a.)] (Including ` 750 lakhs shown in current
by way of hypothecation of movable fixed assets both present and future and is to be secured by first pari-passu charge
by way of equitable mortgage on Company's immovable properties. The loan is repayable in seven years in half yearly
instalments with annual payments of ` 750 lakhs, ` 2,250 lakhs, ` 4,500 lakhs, ` 4,500 lakhs,` 4,500 lakhs, ` 6,000 lakhs and
` 6,000 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 respectively.
(vi) Term Loan of ` 11,875 lakhs [rate of interest 10.10% p.a. (previous year 10.50% p.a.)] (Including ` 2,031.25 lakhs shown in current
maturity) (March 31, 2017 ` 12,187.50 lakhs, including ` 312.50 lakhs shown in current maturity) is secured by first pari-passu
charge by way of equitable mortgage on Company's immovable properties and hypothecation of movable fixed assets
both present and future. The loan is repayable in five years with annual payments of ` 2,031.25 lakhs, ` 2,812.50 lakhs, `
2,812.50 lakhs, ` 2,812.50 lakhs and ` 1,406.25 lakhs on quarterly rest in financial year 2018-19, 2019-20, 2020-21, 2021-22 and
2022-23 respectively.
(vii) Term Loan of ` 11,875 lakhs (rate of interest 9.70% p.a. (previous year 10.15% p.a.)] (Including ` 2,031.25 lakhs shown in current
maturity) (March 31, 2017 ` 12,187.50 lakhs, including ` 312.50 lakhs shown in current maturity) is secured by first pari-passu
charge by way of equitable mortgage on Company's immovable properties and hypothecation of movable fixed assets
both present and future. The loan is repayable in five years with annual payments of ` 2,031.25 lakhs, ` 2,812.50 lakhs,
` 2,812.50 lakhs, ` 2,812.50 lakhs and ` 1,406.25 lakhs on quarterly rest in financial year 2018-19, 2019-20, 2020-21, 2021-22 and
2022-23 respectively.
97

(viii) Term Loan of ` 9,500 lakhs [rate of interest 9.70% p.a. (previous year 10.50% p.a.)] (Including ` 250 lakhs shown in current
by way of hypothecation of movable fixed assets both present and future and is to be secured by first pari-passu charges
by way of equitable mortgage on Company's immovable properties. The loan is repayable in seven years in half yearly
instalments with annual payments of ` 250 lakhs, ` 750 lakhs, ` 1,500 lakhs, ` 1,500 lakhs, ` 1,500 lakhs, ` 2,000 lakhs and
` 2,000 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 respectively.
(ix) Term Loan of ` 14,500 lakhs (rate of interest 10.35% p.a.) (Including ` 500 lakhs shown in current maturity) (March 31, 2017
` 15,000 lakhs, including ` 750 lakhs shown in current maturity) is secured by first pari-passu charge by way of
hypothecation of movable fixed assets both present and future and is to be secured by first pari-passu charges by way of
equitable mortgage on Company's immovable properties. The loan is repayable in six years in half yearly instalments with
annual payments of ` 500 lakhs, ` 1,500 lakhs, ` 3,000 lakhs, ` 3,000 lakhs, ` 3,000 lakhs and ` 3,500 lakhs in financial year
2018-19, 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 respectively.
(x) Term Loan of ` 9,500 lakhs (rate of interest 9.95% p.a.) (Including ` 250 lakhs shown in current maturity) (March 31, 2017
` 2,500 lakhs, including ` 125 lakhs shown in current maturity) is to be secured by first pari-passu charge by way of equitable
mortgage on Company's immovable properties and hypothecation of movable fixed assets both present and future. The
loan is repayable in seven years in half yearly instalments with annual payments of ` 250 lakhs, ` 750 lakhs, ` 1,500 lakhs,
` 1,500 lakhs, ` 1,500 lakhs, ` 2,000 lakhs and ` 2,000 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24
(xi) Term Loan of ` 3,099 lakhs (rate of interest 9.70% p.a.) (Including ` 287 lakhs shown in current maturity) (March 31, 2017 USD
43,68,681.28, rate of interest 3 months Libor plus 3.60% p.a. (` 2,832.87 lakhs), including USD 1,09,217.03 (` 70.82 lakhs) shown
in current maturity) is secured by first pari-passu charge by way of hypothecation of movable fixed assets both present
and future and is to be secured by first pari-passu charges by way of equitable mortgage on Company's immovable
properties. The loan is repayable in eight years in half yearly instalments with annual payments of ` 287 lakhs, ` 74 lakhs,
` 222 lakhs, ` 444 lakhs, ` 444 lakhs, ` 444 lakhs, ` 592 lakhs and ` 592 lakhs in financial year 2018-19, 2019-20, 2020-21,
2021-22, 2022-23, 2023-24, 2024-25 and 2025-26 respectively.
(xii) Term Loan of USD 2,56,78,722.40 (` 16,734.82 lakhs) (rate of interest 3 months Libor plus 3.18% p.a.) (Including USD
3,26,837.50 - ` 213 lakhs shown in current maturity) (March 31, 2017 ` Nil) is secured by first pari-passu charge by way of
equitable mortgage on Company's immovable properties. The loan is repayable in eight years in half yearly instalments
with annual payments of USD 3,26,837.50- ` 213 lakhs, USD 6,66,979.80- ` 434.67 lakhs, USD 20,00,939.41- ` 1,304.01 lakhs, USD
40,01,878.82- ` 2,608.02 lakhs, USD 40,01,878.82- ` 2,608.02 lakhs, USD 40,01,878.82- ` 2,608.02 lakhs, USD 53,35,838.42-
` 3,477.37 lakhs and USD 53,42,490.82- ` 3,481.71 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24,
2024-25 and 2025-26 respectively.
(xiii) Term Loans include Vehicle Loans of ` 192.33 lakhs (including ` 106.30 lakhs shown in current maturity) (March 31, 2017
` 180.21 lakhs, including ` 84.58 lakhs shown in current maturity ) which are secured by way of hypothecation of Vehicles,
which carries rate of interest ranging from 8.15% to 10.75% p.a. (previous year from 8.20% p.a. to 10.75% p.a.) Loans are
repayable (monthly rest) of ` 106.30 lakhs, ` 66.38 lakhs and ` 19.65 lakhs in financial year 2018-19, 2019-20 and 2020-21
respectively.
(xiv) Interest free loan from state financial institution, for working capital financing secured by bank guarantee for seven years
from the date of disbursement. Loan disbursed ` 2,530.40 lakhs (discounted value including interest outstanding ` 1,344.98
lakhs) (March 31, 2017 ` 520.58 lakhs (discounted value including interest outstanding ` 267.21 lakhs). Discount rate taken 10%
p.a. Repayment in single bullet payment on due date after seven years from the date of disbursement i.e. ` 520.58 lakhs in
financial year 2023-24 and ` 2,009.82 lakhs in financial year 2024-25.
Secured Finance Lease:
(i) Finance lease of ` 1,480.09 lakhs (including ` 154.45 lakhs shown in current maturity) are effectively secured as the rights to
the leased assets recognised in the financial statements revert to the lessor in the event of default. The discount rate
considered for discounting minimum lease payments is 10% p.a. Refer Note 55 for future minimum lease payments.
(ii) Finance lease of ` 895.59 lakhs (including ` 182.13 lakhs shown in current maturity) are effectively secured as the rights to
the leased assets recognised in the financial statements revert to the lessor in the event of default. The discount rate
considered for discounting minimum lease payments is 18.70% p.a. Refer Note 55 for future minimum lease payments.
There is no default in repayment of principal and interest thereon.
98

(` lakhs)
March 31, 2018 March 31, 2017
22. Other Non-Current Financial Liabilities
Total Other Non-Current Financial Liabilities 2,952.17 2,941.00
23. Non-Current Provisions

Provision for employee benefits
Gratuity 4,729.11 3,972.78
Leave encashment 4,395.63 4,006.57
Provision for mines restoration 18.99 14.48
Total Non-Current Provisions 9,143.73 7,993.83
Refer Note 43 and 53.
24. Other Non-Current Liabilities

Unamortised portion of government grant 10,980.04 10,657.04
Total Other Non-Current Liabilities 10,980.04 10,657.04
25. Current Borrowings

Secured - from banks
Working capital loans 41,492.75 54,862.74
Buyers' credit 1,55,470.52 1,21,389.03
Total Secured 1,96,963.27 1,76,251.77
Unsecured - from banks
Total Unsecured 45,285.45 23,776.50
Total Current Borrowings 2,42,248.72 2,00,028.27
Current borrowings are secured by hypothecation of finished goods, raw-materials, work-in-progress, stores and spares, book
debts and second pari-passu charge in respect of movable and immovable property, plant and equipments of the Company.
The rate of interest ranging for INR borrowings from 7.51% p.a. to 11% p.a. and for foreign currency borrowings from 2.06% p.a. to
2.96% p.a.
26. Trade Payables

Trade payables (including acceptances) 36,945.14 28,303.70
Micro and small enterprises* 943.30 801.94
Total Trade Payables 37,888.44 29,105.64
* Principal amount outstanding as at the year end, there is no overdue amount of principal and interest due to Micro and small
enterprises. During the year, no interest has been paid to such parties. This information has been determined to the extent
such parties have been identified on the basis of information available with the Company.
99

(` lakhs)
March 31, 2018 March 31, 2017
27. Other Current Financial Liabilities
Current maturities of non- current borrowings 22,293.84 39,846.42
Current maturities of finance lease obligations 336.58 -
Interest accrued but not due 3,643.93 2,966.85
Unpaid dividend 761.77 433.24
Capital creditors 3,880.49 1,073.81
Security deposit 555.08 444.84
Derivative financial liabilities 181.39 1,068.69
Payable to related parties (Refer Note 45) - 195.19
Payable to employees 2,092.11 1,985.43
Other outstanding financial liabilities # 5,252.89 8,802.57
Total Other Current Financial Liabilities 38,998.08 56,817.04
# Includes provision for expenses etc.
28. Other Current Liabilities

Unamortised portion of government grant 493.31 471.83
Unearned income 154.42 -
Advance from customer 7,523.90 4,429.42
Statutory dues 7,906.05 7,827.29
Other liabilities 97.14 80.82
Total Other Current Liabilities 16,174.82 12,809.36
29. Current Provisions

Gratuity 717.15 515.11
Leave encashment 331.14 266.81
Total Current Provisions 1,048.29 781.92
Refer Note 43 and 53.
(` lakhs)
March 31, 2018 March 31, 2017
30. Revenue From Operations
Sale of products
Finished goods 6,79,062.38 5,30,364.25
Sale of services
Job work charges 25,621.09 34,356.38
Other operating revenues
Sale of scrap 22,746.42 22,012.20
Export and other government incentives 5,174.15 3,768.42
Government grant 842.95 435.73
Liquidated damages received 32.97 618.61
Other income 11.15 0.05
Total Other operating revenues 28,807.64 26,835.01
Total Revenue From Operations 7,33,491.11 5,91,555.64
Revenue from operations (sale of finished goods and scrap) for year ended March 31, 2018 are not comparable with previous year
since sales for the period after July 1, 2017 is net of GST whereas for the period upto June 30, 2017 was inclusive of excise duty.
100

(` lakhs)
March 31, 2018 March 31, 2017
31. Other Income
Interest income 15,577.94 11,058.89
Interest income on compound financial instruments 1,262.30 1,128.15
Net gain/(loss) on sale of current investments - 15.80
Non operational scrap sales 1,476.76 1,202.88
Provision for doubtful debts written back 244.66 -
Profit on sale of property, plant and equipment and intangible assets 5.82 36.62
Net gain on derivatives 5.14 -
Net foreign currency gain/(loss) on loans 836.74 6,778.28
Other non operating income 2,687.60 3,283.66
Total Other Income 22,096.96 23,504.28
32. Changes in Inventories of Finished Goods

Stock-in-Trade and Work-in-Progress
Opening Stock
Finished goods 43,472.98 39,366.06
Scrap 2,494.28 2,005.65
Work in progress 28,364.29 22,641.27
74,331.55 64,012.98
Closing Stock
Finished goods 49,965.37 43,472.98
Scrap 5,642.20 2,494.28
Work in progress 41,271.96 28,364.29
96,879.53 74,331.55
Total Changes in Inventories of Finished Goods,
Stock-in-Trade and Work-in-Progress (22,547.98) (10,318.57)
33. Employee Benefits Expense

Salary and Wages 45,267.96 41,594.86
Contribution to provident and other funds 4,210.04 3,257.62
Workmen and staff welfare expenses 1,858.05 1,648.33
Total Employee Benefits Expense 51,336.05 46,500.81
Also refer Note 43
34. Finance Costs

Interest expense
Debentures 3,709.37 4,934.07
Term loans 17,003.20 13,931.85
Bank borrowings 13,305.25 10,231.93
Finance lease 14.72 -
Other interest 83.14 1,996.90
Other finance cost 78.27 9.03
Bank and finance charges 4,798.98 3,406.43
Net (gain)/loss on derivatives (459.16) 208.91
Net foreign currency (gain)/loss 2,977.22 3,267.64
Total Finance Costs 41,510.99 37,986.76
101

(` lakhs)
March 31, 2018 March 31, 2017
35. Depreciation and Amortisation Expense
Depreciation 25,505.28 22,755.54
Amortisation 111.33 184.27
Total Depreciation and Amortisation Expense 25,616.61 22,939.81
36. Other Expenses

Stores and spares consumed 21,652.62 22,075.20
Power and fuel 33,385.24 28,369.91
Job work expenses 2,971.46 13,007.39
Mining expenses 7,545.71 7,489.43
Royalty expenses 2,445.34 3,373.99
Internal material handling charges 7,749.03 6,980.48
Other manufacturing expenses 2,015.52 2,208.00
Repairs to buildings 269.29 207.85
Repairs and maintenance to plant and equipment 1,043.04 1,384.25
Other repair and maintenance 1,518.14 1,338.58
Rent [refer Note 55] 353.79 416.38
Rates and taxes 115.63 105.25
Insurance 536.95 517.07
Water and electricity 241.04 299.07
Security expenses 586.79 498.01
Travelling and conveyance 2,998.51 2,697.93
Vehicle upkeep and maintenance 239.43 223.75
Postage and telephones 375.37 413.44
Legal and professional fees 1,723.20 1,448.24
Directors' meeting fees 26.30 21.90
Corporate social responsibility [refer Note 44(b)] 685.22 624.75
Charity and donation (includes ` 82.47 lakhs
(previous year ` 55.61 lakhs towards CSR expenses) [refer Note 44(b)] 83.84 123.48
Auditors' remuneration [refer Note 44(a)] 63.71 37.42
Commission on sales 895.45 853.49
Advertisement 127.55 108.99
Forwarding charges (net)* 42,408.06 20,543.44
Export selling expenses 5,752.70 4,946.19
Other selling expenses 2,149.84 4,097.48
Liquidated damages 962.11 114.84
Bad debts written off 225.92 219.69
Provision for doubtful debts and advances 4,192.69 736.54
Loss on sale/discard of property, plant and equipment and intangible assets 1,270.45 577.28
Net (gain)/loss on derivatives (376.43) (397.29)
Net foreign currency (gain)/loss (2,609.71) (2,803.51)
Miscellaneous expenses 1,341.14 1,454.49
Total Other Expenses 1,44,964.94 1,24,313.40
*Net of recoveries ` 6,469.54 lakhs (previous year ` 19,798.77 lakhs).
102

37. Financial risk management
37.1 Financial risk factors
The Company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, and financial
guarantee contracts. The main purpose of these financial liabilities is to manage finances for the Company’s operations. The
Company has loan and other receivables, trade and other receivables, and cash and short-term deposits that arise directly from
its operations. The Company also enters into derivative transactions. The Company’s activities expose it to a variety of financial
risks:
i) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as
equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits,
investments, and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value
or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. This is based on the
financial assets and financial liabilities held as at March 31, 2018 and March 31, 2017.
ii) Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss.
iii) Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses.
The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Company’s financial performance. The Company uses derivative financial
instruments to hedge certain risk exposures. The Company does not acquire or issue derivative financial instruments for
trading or speculative purposes.
Risk management is carried out by the treasury department under policies approved by the board of directors. The
treasury team identifies, evaluates and hedges financial risks in close co-operation with the Company’s operating units. The
board provides principles for overall risk management, as well as policies covering specific areas, such as foreign
exchange risk, interest rate risk, and credit risk, use of derivative financial instruments and non-derivative financial
instruments, and investment of excess liquidity.
Market Risk
The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit
obligations provisions and on the non-financial assets and liabilities. The sensitivity of the relevant Statement of Profit and Loss
item is the effect of the assumed changes in the respective market risks. The Company’s activities expose it to a variety of
financial risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company uses
derivative financial instruments such as foreign exchange forward contracts and interest rate swaps of varying maturity
depending upon the underlying contract and risk management strategy to manage its exposures to foreign exchange
fluctuations and interest rate.
(a) Foreign exchange risk and sensitivity
The Company transacts business primarily in Indian Rupee, USD, JPY, OMR and Euro. The Company has obtained foreign
currency loans and has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange
risk. Certain transactions of the Company act as a natural hedge as a portion of both assets and liabilities are denominated
in similar foreign currencies. For the remaining exposure to foreign exchange risk, the Company adopts a policy of
selective hedging based on risk perception of the management. Foreign exchange hedging contracts are carried at fair
value.
103

Exposure to foreign currency risk expressed in Indian rupees:-
(` lakhs)
Particulars As at March 31, 2018
USD Euro GBP OMR JPY CHF QAR AUD CAD
Financial assets
Trade receivables 52,340.45 1,550.17 - 2,312.63 - - - - -
Loans 15,672.90 5,485.96 - - - - - - -
Cash and cash equivalents 39.97 - - - - - - - -
Other financials assets - - - - - - - - -
Financial liabilities
Borrowings 1,06,229.54 - - - - - - - -
Trade payables 6,383.51 517.89 - 92.92 12.27 4.35 0.19 2.53 6.32
Other financials liabilities 3,247.79 21.93 2.61 103.81 - - - - -
(47,807.52) 6,496.31 (2.61) 2,115.90 (12.27) (4.35) (0.19) (2.53) (6.32)
Currency forward 16,734.82 (4,416.28) - - - - - - -
Net exposure to foreign currency risk (31,072.70) 2,080.03 (2.61) 2,115.90 (12.27) (4.35) (0.19) (2.53) (6.32)
(` lakhs)
USD Euro GBP AED OMR JPY CHF QAR
Financial assets
Trade receivables 29,869.60 1,395.24 - 108.34 10,826.85 - - -
Loans 14,598.50 4,472.74 - - - - - -
Cash and cash equivalents 39.94 - - - - - - -
Other financials assets - - - - - - - -
Borrowings 1,25,389.61 19,923.97 - - - - - -
Trade payables 7,707.01 136.32 0.22 - 1,028.25 (22.15) 6.86 0.19
Other financials liabilities 1,956.24 24.86 - - 267.80 2,115.19 - -
(90,544.82) (14,217.17) (0.22) 108.34 9,530.80 (2,093.04) (6.86) (0.19)
Currency forward 35,555.96 13,287.95 - - - - - -
Net exposure to foreign currency risk (54,988.86) (929.22) (0.22) 108.34 9,530.80 (2,093.04) (6.86) (0.19)
The following table demonstrates the sensitivity in the USD, Euro, JPY and other currencies to the Indian Rupee with all other
variables held constant. The impact on the Company’s profit/(loss) before tax in the fair value of monetary assets and liabilities
is given below:
Particulars Net monetary items in Change in currency Effect on profit /(loss)
respective currency outstanding exchange rate before tax (` lakhs)
on reporting date (Amount)
For the year ended March 31, 2018
USD (4,76,79,453) +5% (1,553.63)
-5% 1,553.63
Euro 25,90,466 +5% 104.00
-5% (104.00)
GBP (2,855) +5% (0.13)
-5% 0.13
OMR 12,49,893 +5% 105.79
-5% (105.79)
JPY (20,01,138) +5% (0.61)
-5% 0.61
Others (25,007) +5% (0.67)
-5% 0.67
104
Particulars Net monetary items in Change in currency Effect on profit /(loss)

respective currency outstanding exchange rate before tax (` lakhs)
on reporting date (Amount)
USD (8,48,00,468) +5% (2,749.44)
-5% 2,749.44
Euro (13,45,399) +5% (46.46)
-5% 46.46
GBP (267) +5% (0.01)
-5% 0.01
AED 6,13,644 +5% 5.42
-5% (5.42)
OMR 56,57,927 +5% 476.54
-5% (476.54)
JPY (35,95,07,756) +5% (104.65)
-5% 104.65
Others (11,696) +5% (0.35)
-5% 0.35
The assumed movement in exchange rate sensitivity analysis is based on the currently observable market environment.
Summary of exchange difference accounted in Statement of Profit and Loss:
(` lakhs)
March 31, 2018 March 31, 2017
Currency fluctuations
Net foreign exchange (gain) / losses shown as other expenses (2,609.71) (2,803.51)
Net foreign exchange (gain) / losses shown as finance cost 2,977.22 3,267.64
Net foreign exchange (gain) / losses shown as other income (836.74) (6,778.28)
Derivatives
Net foreign exchange (gain) / losses shown as other income (5.14) -
Currency forwards (gain) / losses shown as other expenses (376.43) (397.29)
Interest rate swaps (gain) / losses shown as finance cost (459.16) 208.91
Total (1,309.96) (6,502.53)
(b) Interest rate risk and sensitivity

The Company’s exposure to the risk of changes in market interest rates relates primarily to long term debt. The Company
has entered into interest rate swap contracts, in which it agrees to exchange, at specific intervals, the difference between
fixed and variable interest amounts calculated by reference to an agreed upon principal amount. The management also
maintains a portfolio mix of floating and fixed rate debt. Borrowings issued at variable rates expose the Company to cash
flow interest rate risk. As at March 31, 2018, after taking into account the effect of interest rate swaps, approximately 59.86%
of the Company’s borrowings are at a fixed rate of interest (March 31, 2017: 63.76%). Borrowings issued at fixed interest rate
exposes the Company to fair value interest rate risk.
With all other variables held constant, the following table demonstrates the impact of borrowing cost on floating rate
portion of loans and borrowings and loans on which interest rate swaps are taken:
105

(` lakhs)
Interest rate sensitivity Increase/(Decrease) Effect on profit/(loss)
in basis points before tax
INR borrowings +50 (824.35)
-50 824.35
USD borrowings +25 (41.84)
-25 41.84
INR borrowings +50 (717.52)
-50 717.52
USD borrowings +25 (8.10)
-25 8.10
The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market
environment.
Interest rate and currency of borrowings
The below details do not necessarily represents foreign currency or interest rate exposure to the income statement, since the
Company has taken derivatives for offsetting the foreign currency and interest rate exposure.
(` lakhs)
Particulars Total Floating rate Fixed rate Weighted average
borrowings borrowings borrowings interest rate (%)
INR 3,38,547.77 1,61,977.00 1,76,570.77 9.15%

USD 1,05,934.59 16,439.87 89,494.72 2.64%
Total as at March 31, 2018 4,44,482.36 1,78,416.87 2,66,065.49
INR 2,53,772.71 1,45,532.12 1,08,240.59 9.75%
USD 1,41,443.92 23,815.40 1,17,628.52 1.54%
Euro 19,923.97 - 19,923.97 0.05%
Total as at March 31, 2017 4,15,140.60 1,69,347.52 2,45,793.08
(c) Commodity price risk and sensitivity

The Company is exposed to the movement in price of key raw materials in domestic and international markets. The
Company has in place policies to manage exposure to fluctuations in the prices of the key raw materials used in
operations. The Company enter into contracts for procurement of material, most of the transactions are short term fixed
price contract and a few transactions are long term fixed price contracts.
Credit risk
The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks, mutual funds and financial institutions and other financial instruments.
Trade Receivables
The Company extends credit to customers in normal course of business. The Company considers factors such as credit
track record in the market and past dealings for extension of credit to customers. The Company monitors the payment
track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the
concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and
industries and operate in largely independent markets. The Company has also taken advances and security deposits from
its customers & distributors, which mitigate the credit risk to an extent.
Provision for expected credit losses
The Company extends credit to customers as per the internal credit policy. Any deviation are approved by appropriate
authorities, after due consideration of the customers credentials and financial capacity, trade practices and prevailing
business and economic conditions. The Company’s historical experience of collecting receivables and the level of default
indicate that credit risk is low and generally uniform across markets; consequently, trade receivables are considered to be
a single class of financial assets. All overdue customer balances are evaluated taking into account the age of the dues,
specific credit circumstances, the track record of the customers etc. Loss allowances and impairment is recognised, where
considered appropriate by the management.
106

The ageing of trade receivable and allowance for doubtful debts/ expected credit loss (ECL) are provided below:
(` lakhs)
Particulars Neither due Past ageing Total
nor impaired upto 6 months 6-12 months above 12 months
Non-Current Trade Receivables
As at March 31, 2018
Unsecured
Others 725.82 - - - 725.82
Total 725.82 - - - 725.82

Unsecured
Others - - - - -
Total - - - - -
Current Trade Receivables
Secured
Others 37,705.14 5,801.20 360.17 10.62 43,877.13
Unsecured
Related Parties 5,619.85 5,864.65 630.52 125.14 12,240.16
Others 66,858.77 33,130.65 3,436.48 6,523.43 1,09,949.33
Gross Total 1,10,183.76 44,796.50 4,427.17 6,659.19 1,66,066.62
Less: Allowance for doubtful debts 5.75 1,235.80 172.65 395.19 1,809.39
Net Total 1,10,178.01 43,560.70 4,254.52 6,264.00 1,64,257.23
Expected credit loss rate (average) 0.01% 2.76% 3.90% 5.93% 1.08%
Secured
Others 26,926.10 7,200.56 361.72 342.22 34,830.60
Unsecured
Related Parties 10,383.23 7,201.65 1,147.15 1,793.18 20,525.21
Others 28,661.44 22,872.28 7,594.43 7,374.93 66,503.08
Gross Total 65,970.77 37,274.49 9,103.30 9,510.33 1,21,858.89
Less: Allowance for doubtful debts - - - 1,049.99 1,049.99
Net Total 65,970.77 37,274.49 9,103.30 8,460.34 1,20,808.90
The movement of the expected loss provision (allowance for bad and doubtful loans and receivables etc.) made by the
Company are as under:
Particulars (` lakhs)
Loss allowance as at April 1, 2016 773.40
Add: Provision made 1,324.76
Less : Utilisation for impairment/ de-recognition 1,048.17
Loss allowance as at March 31, 2017 1,049.99
Add: Provision made 1,261.80
Less : Utilisation for impairment/ de-recognition 502.40
Loss allowance as at March 31, 2018 1,809.39
107

Financial instruments and cash deposits
The Company considers factors such as track record, size of the institution, market reputation and service standards to select
the banks with which balances and deposits are maintained. Generally, the balances are maintained with the institutions with
which the Company has also availed borrowings. The Company does not maintain significant cash and deposit balances other
than those required for its day to day operations.
Liquidity risk
The Company’s objective is to; at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The
Company relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The
current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors
rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining
sufficient headroom on its undrawn committed borrowing facilities at all times so that the Company does not breach borrowing
limits or covenants (where applicable) on any of its borrowing facilities.
The table below provides undiscounted cash flows towards non-derivative financial liabilities and net-settled derivative financial
liabilities into relevant maturity based on the remaining period at the balance sheet to the contractual maturity date.
The Company is required to maintain ratios (including total debt to EBIDTA / net worth, EBIDTA to gross interest, debt service
coverage ratio and secured coverage ratio) as mentioned in the loan agreements at specified levels. In the event of failure to
meet any of these ratios these loans become callable at the option of lenders, except where exemption is provided by lender.
As at March 31, 2018 (` lakhs)
Particulars On Demand/ Less than 6 to 12 > 1 years Total
overdue 6 months months
Interest bearing borrowings
(including current maturities)* - 2,52,082.59 13,401.53 1,82,233.14 4,47,717.26
Financial derivatives - - 181.39 - 181.39
Other liabilities 667.49 12,269.46 3,249.32 2,952.17 19,138.44
Trade and other payables 5,034.11 31,870.43 983.90 - 37,888.44
Total 5,701.60 2,96,222.48 17,816.14 1,85,185.31 5,04,925.53

Particulars On Demand/ Less than 6 to 12 > 1 years Total
overdue 6 months months
(including current maturities)* - 1,88,743.41 51,577.05 1,77,471.60 4,17,792.06
Financial derivatives - 921.80 146.89 - 1,068.69
Other liabilities 2,286.93 9,390.75 4,224.25 2,941.00 18,842.93
Trade and other payables 7,226.85 18,025.39 3,853.40 - 29,105.64
Total 9,513.78 2,17,081.35 59,801.59 1,80,412.60 4,66,809.32
*Included effective interest rate.
Unused line of credit#
Total Available in Total Available in
next one year next one year
Secured 1,02,430.99 1,02,430.99 93,927.26 93,927.26
Unsecured 709.55 709.55 5,223.50 5,223.50
Total 1,03,140.54 1,03,140.54 99,150.76 99,150.76
#Excluding non fund based facilities.
108

37.2 Competition and price risk
The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage in
terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its customers.
37.3 Capital risk management
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The primary objective of the Company’s capital
management is to maximize the shareholder value. The Company’s primary objective when managing capital is to ensure that
it maintains an efficient capital structure and healthy capital ratios and safeguard the Company’s ability to continue as a going
concern in order to support its business and provide maximum returns for shareholders. The Company also proposes to
maintain an optimal capital structure to reduce the cost of capital. No changes were made in the objectives, policies or
processes during the year ended March 31, 2018 and year ended March 31, 2017.
For the purpose of the Company’s capital management, capital includes issued capital, compulsorily convertible debentures, share
premium and all other equity reserves. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents.
The Company monitors capital using gearing ratio, which is net debt divided by sum of capital and net debt.
During year ended March 31, 2018, the Company’s strategy, which was unchanged from 2016-17, was to maintain a gearing ratio
within 40% to 50%. The gearing ratios at March 31, 2018 and March 31, 2017 are as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Loans and borrowings 4,44,482.36 4,15,140.60
Less: cash and cash equivalents 926.49 2,636.12
Net debt (A) 4,43,555.87 4,12,504.48
Total capital 5,91,302.69 5,56,386.66
Capital and net debt (B) 10,34,858.56 9,68,891.14
Gearing ratio (A/B) 43% 43%
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been
no breaches of the financial covenants of any interest bearing loans and borrowing for reported periods.
Dividend paid and proposed during the year
(` lakhs)
March 31, 2018 March 31, 2017
Dividend paid for equity shareholders @ ` 1 per share 3,197.57 3,197.57

Dividend Distribution Tax (DDT) on above dividend 650.95 650.95
Dividend proposed for equity shareholders @ ` 1.20
(previous year ` 1) per share (excluding DDT) 3,837.09 3,197.57
38. Fair value of financial assets and liabilities
Set out below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that are
recognised in the financial statements.
(` lakhs)
Carrying Fair Carrying Fair
Amount Value Amount Value
Financial assets designated at fair value through profit and loss
Derivatives - not designated as hedging instruments
- Forward contracts 279.35 279.35 303.56 303.56
Financial assets designated at amortised cost
Fixed deposits with banks 3,684.93 3,684.93 4,257.97 4,257.97
Cash and bank balances 926.49 926.49 2,636.12 2,636.12
Investment 11,812.34 11,812.34 10,550.04 10,550.04
Trade and other receivables (net of provision) 1,64,983.05 1,64,983.05 1,20,808.90 1,20,808.90
Other financial assets 1,34,548.86 1,34,548.86 96,835.78 96,835.78
3,16,235.02 3,16,235.02 2,35,392.37 2,35,392.37
109

(` lakhs)
Financial liabilities designated at fair value through profit or loss
- Interest rate swaps - - 179.81 179.81
Financial liabilities designated at amortised cost
Borrowings- fixed rate 2,66,065.49 2,65,641.60 2,45,793.08 2,44,700.86
Borrowings- floating rate 1,78,416.87 1,78,416.87 1,69,347.52 1,69,347.52
Trade & other payables 37,888.44 37,888.44 29,105.64 29,105.64
Other financial liabilities 19,138.44 19,138.44 18,842.93 18,842.93
5,01,690.63 5,01,266.74 4,64,157.86 4,63,065.64
Fair valuation techniques

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most
relevant data available. The fair values of the financial assets and liabilities are included at the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
The following methods and assumptions were used to estimate the fair values:
1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.
2) Long-term fixed-rate and variable-rate receivables / borrowings are evaluated by the Company based on parameters
such as interest rates, specific country risk factors, credit risk and other risk characteristics. Fair value of variable interest rate
borrowings approximates their carrying values. For fixed interest rate borrowing fair value is determined by using the
discounted cash flow (DCF) method using discount rate that reflects the issuer’s borrowings rate. Risk of non-performance
for the company is considered to be insignificant in valuation.
3) The fair values of derivatives are estimated by using pricing models, where the inputs to those models are based on readily
observable market parameters basis contractual terms, period to maturity, and market parameters such as interest rates,
foreign exchange rates, and volatility. These models do not contain a high level of subjectivity as the valuation techniques
used do not require significant judgement, and inputs thereto are readily observable from actively quoted market prices.
Management has evaluated the credit and non-performance risks associated with its derivative counterparties and believe
them to be insignificant and not warranting a credit adjustment.
Fair Value hierarchy
The following table provides the fair value measurement hierarchy of Company’s asset and liabilities, grouped into Level 1 to
Level 3 as described below:
• Quoted prices / published NVA (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value
of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and
financial instruments like mutual funds for which net assets value (NAV) is published mutual fund operators at the balance
sheet date.
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded
in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the
company specific estimates. If all significant inputs required to fair value an instrument are observable then instrument is
included in level 2.
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). If one or
more of the significant inputs is not based on observable market data, the instrument is included in level 3.
110

Fair value hierarchy
The following table provides the fair value measurement hierarchy of Company’s asset and liabilities, grouped into Level 1 to
Assets / Liabilities measured at fair value (Accounted)
(` lakhs)
Level 1 Level 2 Level 3
Financial assets
- Forward contracts - 279.35 -
(` lakhs)
Financial assets
- Interest rate swaps - 179.81 -
Assets / Liabilities at which fair value is disclosed
(` lakhs)
Borrowings - fixed rate - 2.65,641.60 -
Other financial liabilities - 19,138.44 -
(` lakhs)
Borrowings - fixed rate - 2,44,700.86 -
Other financial liabilities - 18,842.93 -
During the year ended March 31, 2018 and year ended March 31, 2017, there were no transfers between Level 1 and Level 2 fair
value measurements, and no transfer into and out of Level 3 fair value measurements. There is no transaction / balance under
level 3.
111

Following table describes the valuation techniques used and key inputs to valuation for level 2 of the fair value hierarchy as at
March 31, 2018 and March 31, 2017, respectively:
Assets / Liabilities measured at fair value
Particulars Fair value Valuation Inputs used

hierarchy technique
Financial assets
Derivatives - not designated as
hedging instruments
- Forward contracts Level 2 Market valuation Forward foreign currency
techniques exchange rates, Interest rates to
discount future cash flow
- Interest rate swaps Level 2 Market valuation Prevailing/forward interest
techniques rates in market, Interest rates to
Derivatives - not designated as
hedging instruments
- Forward contracts Level 2 Market valuation Forward foreign currency
techniques exchange rates, Interest rates to
- Interest rate swaps Level 2 Market valuation Prevailing/forward
techniques interest rates in market, Interest
rates to discount future cash flow
b) Assets / Liabilities for which fair value is disclosed

hierarchy technique
Other borrowings- fixed rate Level 2 Discounted Cash Flow Prevailing interest rates in market,
Future payouts
Other financial liabilities Level 2 Discounted Cash Flow Prevailing interest rates to
discount future cash flows
39. Segment Information

The Company is engaged primarily into manufacturing of Iron and steel pipes and pellets. The Company’s reportable segments
as identified by management are Iron and steel products and Ocean Waterways.
Segments have been identified taking into account nature of product and differential risk and returns of the segment. These
business segments are reviewed by the Group CEO of the Company (Chief operating decision maker).
Iron and Steel products
The segment comprises of manufacturing of Iron and Steel pipes and pellets in India.
Ocean Waterways:
The segment comprises of ocean going shipping business.
The measurement principles for segment reporting are based on IND AS. Segment’s performance is evaluated based on
segment revenue and profit or loss from operating activities:
1. Operating revenues and expenses related to both third party and inter-segment transactions are included in determining
the segment results of each respective segment.
2. Finance income earned and finance expense incurred are not allocated to individual segment and the same has been
reflected at the Company level for segment reporting.
3. The total assets disclosed for each segment represent assets directly managed by each segment, and primarily include
receivables, property, plant and equipment, intangibles, inventories, operating cash and bank balances, intersegment
assets and exclude derivative financial assets, deferred tax assets and income tax recoverable.
4. Segment liabilities comprise operating liabilities and exclude external borrowings, provision for taxes, deferred tax
liabilities and derivative financial liabilities.
5. Segment capital expenditure comprises additions to property, plant and equipment and intangible assets (net of rebates,
where applicable).
6. Unallocated expenses/ results, assets and liabilities include expenses/ results, assets and liabilities (including inter-segment
assets and liabilities) and other activities not allocated to the operating segments. These also include current taxes,
deferred taxes and certain financial assets and liabilities not allocated to the operating segments.
112

A) Operating segments
For the year ended March 31, 2018 (` lakhs)
Particulars Iron and steel Ocean Unallocated Total
products Waterways
Revenue from external customer
Continued Operations 7,33,491.11 7,33,491.11
Discontinued Operations 505.46 505.46
Total Revenue 7,33,491.11 505.46 7,33,996.57
Segment Result before interest, exceptional items and Taxes
Continued Operations 82,673.62 82,673.62
Discontinued Operations (1,149.02) (1,149.02)
Finance income 17,693.14
Finance costs (41,513.35)
Exceptional Items (refer Note 52) (2,911.95) (2,911.95)
Profit before tax 54,792.44
Less: Tax expense 16,212.61
Net profit after tax 38,579.83
Other segment items
Additions to Property, Plant and Equipment and Intangible assets 18,702.40 18,702.40
Depreciation and amortisation for the year
Segment assets* 9,80,218.86 - 1,98,063.00 11,78,281.86
Segment liabilities* 94,373.76 - 4,92,605.41 5,86,979.17
* Including ` 871.82 lakhs and ` 563.46 lakhs of segment assets and liabilities respectively of ocean waterways segment which
ceases to be a reportable segment.
Finance income, finance cost and tax expense disclosed above includes those of discontinued operations of the Company where
as in statement of profir and loss such items are adjusted in arriving at profit/(loss) for the year from continued operations. Such
For the year ended March 31, 2017 (` lakhs)
Particulars Iron and steel Ocean Unallocated Total
products Waterways
Continued Operations 5,91,555.64 5,91,555.64
Discontinued Operations 1,740.76 1,740.76
Total Revenue 5,91,555.64 1,740.76 5,93,296.40
Segment Result before interest, exceptional items and Taxes
Discontinued Operations (8,582.49) (8,582.49)
Finance costs (37,990.34)
Exceptional items
Continued Operations (refer Note 54) 305.80 305.80
Discontinued Operations (refer Note 52) (3,427.78) (3,427.78)
Less: Tax expense 16,301.32
Other segment items
Additions to Property, Plant and Equipment and Intangible assets 30,123.95 30,123.95
Depreciation and amortisation for the year
Segment assets 9,27,927.21 8,353.43 1,57,374.57 10,93,655.21
Segment liabilities 78,616.54 1,574.18 4,57,077.83 5,37,268.50
Finance income, finance cost and tax expense disclosed above includes those of discontinued operations of the Company where
as in statement of profir and loss such items are adjusted in arriving at profit/(loss) for the year from continued operations. Such
Operating expenses comprises of consumption of materials, employee benefit expenses, depreciation and amortisation and
other expenses.
113

Unallocated assets comprises of:
(` lakhs)
March 31, 2018 March 31, 2017
Investments 64,861.86 59,148.02
Loans 1,27,292.62 89,245.00
Current tax assets (Net) 5,453.31 8,677.99
Assets held for sale 175.86 -
Total 1,98,063.00 1,57,374.57
Unallocated liabilities comprises of:
(` lakhs)
March 31, 2018 March 31, 2017
Borrowings 4,44,482.36 4,15,140.60
Deferred tax liabilities (Net) 45,930.16 40,868.54
Current tax liabilities (Net) 2,011.50 -
Total 4,92,605.41 4,57,077.83
B) Information about Geographical Segment

The Company’s operations are located in India. The following table provides an analysis of the Company’s sales by geography in
which the customer is located, irrespective of the origin of the goods.
(` lakhs)
Particulars 2017 - 18 2016-17
Within Outside Total Within Outside Total
India India India India
Revenue from Operations
Continued Operations 5,96,812.16 1,36,678.95 7,33,491.11 4,39,448.52 1,52,107.12 5,91,555.64
Discontinued Operations 505.46 - 505.46 1,740.76 - 1,740.76
Non current Assets 5,76,806.79 3.84 5,76,810.63 5,84,088.50 9.51 5,84,098.01
40. Derivative financial instruments

The Company uses foreign currency forward and Interest rate swap contracts to manage some of its transactions exposure. The
details of derivative financial instruments are as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Assets
Currency forward 279.35 303.56
Total 279.35 303.56
Liabilities
Interest rate swaps - 179.81
Total 181.39 1,068.69
Bifurcation of above derivative instruments in current and non-current:
Current assets 279.35 303.56
Current liabilities 181.39 1,068.69
Interest rate swaps
The Company had variable interest foreign currency borrowings, to offset the risk of variation in interest rates, the Company has
entered into, fix pay and variable receipt, interest rate swaps, these swap contracts are in US$. Outstanding amortised notional
value of loan for swap contracts was US$ Nil and US$ 24.83 million as on March 31, 2018 and March 31, 2017 respectively.
114

Composite swaps
The Company has composite swap, to offset the risk of variation in interest rate and currency fluctuations. Outstanding
amortised notional value of loan for composite swap contracts was US$ 25.68 million and US$ 4.37 million as on March 31, 2018
and March 31, 2017 respectively.
Forward Contracts
The Company has foreign currency sale and purchase forward contracts to offset the risk of currency fluctuations. These contracts
are for settlement of operational receivable and payable. As at March 31, 2018 outstanding contracts are for sale of Euro 5.5 million.
As at March 31, 2017 outstanding contracts are for net purchase of Euro 19.24 million and purchase of US$ 50.46 million.
41. Deferred Income Tax
The analysis of deferred tax assets and deferred tax liabilities dealt in the statement of profit and loss is as follows. (` lakhs)
March 31, 2018 March 31, 2017
Book base and tax base of property, plant and equipment and intangible assets 5,627.78 3,252.33
(Disallowance)/Allowance (net) under Income Tax (5,582.98) 1,101.91
Brought forward losses set off 1,391.38 11,810.67
1,436.18 16,164.91
Minimum alternate tax (MAT) credit entitlement/(utilisation) 3,344.23 (7,769.50)
Total 4,780.41 8,395.41
Component of tax accounted in Other Comprehensive Income (` lakhs)

March 31, 2018 March 31, 2017
Component of OCI
Deferred Tax (credit)/expense on defined benefit 99.22 (371.54)
Deferred tax liabilities (Net) (` lakhs)

March 31, 2018 March 31, 2017
Temporary difference
(i) Deferred tax liabilities
(i) Difference between book & tax base related to property, 90,600.19 84,972.39
plant and equipment and intangible assets
(ii) Expenses allowed under income tax but deferred in books 1,522.54 -
Total deferred tax liabilities 92,122.73 84,972.39
(ii) Deferred tax assets
(i) Disallowance under income tax act 6,626.50 4,310.50
(ii) Carried forward losses 2,803.29 334.50
(iii) Finance Lease receivable 830.15 -
Total deferred tax assets 10,259.94 4,645.00
(iii) Net liabilities of temporary differences (i-ii) 81,862.79 80,327.39
(iv) MAT credit entitlement (35,932.63) (39,458.85)
(v) Net Deferred Tax Liabilities (iii+iv) 45,930.16 40,868.54
42. Borrowing cost and currency fluctuations capitalised

a) Borrowing cost
(` lakhs)
March 31, 2018 March 31, 2017
Borrowing cost capitalised Nil 955.34
b) Foreign currency fluctuation on non-current borrowings

The Company has capitalised exchange gain fluctuation to property, plant and equipment amounting to ` 105.47 lakhs
(Previous Year ` 171.12 lakhs).
115

43. Employee Benefit Obligations
1. Expense recognised for Defined Contribution plan
(` lakhs)
March 31, 2018 March 31, 2017
Company's contribution to provident fund 2,039.35 1,867.65
Company's contribution to ESI 52.54 20.45
Total 2,091.89 1,888.10
2. Below tables sets forth the changes in the projected benefit obligation and plan assets and amounts recognised in the
standalone Balance Sheet as at March 31, 2018 and March 31, 2017, being the respective measurement dates:
2.a. Movement in Defined Benefit Obligations
(` lakhs)
Particulars Gratuity Leave Encashment
(funded) (unfunded)
Present value of obligation - April 1, 2016 6,721.62 3,437.02
Current service cost 1,020.69 659.54
Interest cost 504.12 257.78
Benefits paid (120.78) (403.44)
Remeasurements - actuarial loss/ (gain) 1,132.96 322.48
Present value of obligation - March 31, 2017 9,258.61 4,273.38
Past service cost 470.22 -
Benefits paid (216.11) (499.71)
Remeasurements - actuarial loss/ (gain) (258.01) (51.86)
2.b. Movement in plan assets – gratuity (` lakhs)

March 31, 2018 March 31, 2017
Fair value of plan assets at beginning of year 4,770.72 3,902.04

Expected return on plan assets 369.73 292.66
Employer contributions 698.29 637.40
Benefits paid (216.11) (120.78)
Actuarial gain / (loss) 25.93 59.40
Fair value of plan assets at end of year 5,648.56 4,770.72
Present value of obligation 11,094.82 9,258.61
Net funded status of plan (5,446.26) (4,487.89)
Actual return on plan assets 395.66 352.05
116

The components of the gratuity & leave encashment cost are as follows:
2.c. Recognised in statement of profit and loss
(` lakhs)

Expected return on plan assets (292.66) -
Remeasurement - Actuarial loss/(gain) - 322.48
For the year ended March 31, 2017 1,232.15 1,239.80
Actual return on plan assets 352.05
Past service cost 470.22 -
Remeasurement - Actuarial loss/(gain) - (51.86)
For the year ended March 31, 2018 1,940.60 953.10
Actual return on plan assets 395.66
2.d. Recognised in other comprehensive income
(` lakhs)
Particulars Gratuity
Remeasurement - Actuarial loss/(gain) 1,073.56
Total for the year ended March 31, 2017 1,073.56
Remeasurement - Actuarial loss/(gain) (283.94)
Total for the year ended March 31, 2018 (283.94)
2.e. The principal actuarial assumptions used for estimating the Company’s defined benefit obligations are set out below:
Weighted average actuarial assumptions As at As at

March 31, 2018 March 31, 2017
Attrition rate 5% PA 5% PA
Discount rate 7.75% PA 7.5% PA
Expected rate of increase in salary 11% PA 11% PA
Expected rate of return on plan assets 7.75% PA 7.5% PA
Mortality rate IALM 2006-08 IALM 2006-08
Ultimate Ultimate
Expected average remaining working lives of employees (years) 22 years 22.9 years
The assumption of future salary increase takes into account the inflation, seniority, promotion and other relevant factors such
as supply and demand in employment market.
2.f. Sensitivity analysis:
Particulars Change in Gratuity
assumption obligation
Discount rate +1% 9,942.56
-1% 12,464.70
Salary growth rate +1% 12,397.43
-1% 9,975.89
Withdrawal rate +1% 10,811.21
-1% 11,420.86
117

-1% 10,430.60
-1% 8,304.38
-1% 9,569.23
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been
applied as when calculating the defined benefit obligation recognised within the Balance Sheet.
2.g. History of experience adjustments is as follows:
(` lakhs)
For the year ended March 31, 2017:
Plan Liabilities - (loss)/gain (158.14)
Plan Assets - (loss)/gain 59.40
For the year ended March 31, 2018:
2.h. Expected contribution during the next annual reporting period (` lakhs)
March 31, 2018 March 31, 2017
Expected contributions to be paid for next year 1,010.72 887.50
2.i. Maturity profile of defined benefit obligation

March 31, 2018 March 31, 2017
Weighted average duration (based on discounted cash flows) in years 18 19
2.j. Estimate of expected benefit payments (In absolute terms i.e. undiscounted)
(` lakhs)
01 Apr 2018 to 31 Mar 2019 675.02
01 Apr 2019 to 31 Mar 2020 525.91
01 Apr 2020 to 31 Mar 2021 501.55
01 Apr 2021 to 31 Mar 2022 540.22
01 Apr 2022 to 31 Mar 2023 552.21
01 Apr 2023 Onwards 5,402.59
2.k. Employee benefit provision (` lakhs)

March 31, 2018 March 31, 2017
Gratuity 5,446.26 4,487.89

Total 10,173.03 8,761.27
118

The following table sets out the funded status of the plan and the amounts recognised in the Company’s balance sheet.
2.l. Current and non-current provision for gratuity and leave encashment
(` lakhs)
Current provision 717.15 331.14

Non- current provision 4,729.11 4,395.63
Total Provision 5,446.26 4,726.77
Current provision 515.11 266.81

Non- current provision 3,972.78 4,006.57
Total Provision 4,487.89 4,273.38
2.m. Employee benefit expenses (` lakhs)

March 31, 2018 March 31, 2017
Salaries and Wages (excluding leave encashment) 44,321.08 40,358.61

Costs-defined benefit plan 1,999.90 1,282.57
Costs-defined contribution plan (including leave encashment) 3,157.02 3,211.30
Welfare expenses 1,858.05 1,648.33
Total 51,336.05 46,500.81
For discontinued operations, refer Note 52.
(Figures in no.)
March 31, 2018 March 31, 2017
Average no. of people employed 7,171 7,255

OCI presentation of defined benefit plan
Gratuity is in the nature of defined benefit plan, Re-measurement gains/(losses) on defined benefit plans is shown under OCI as
Items that will not be reclassified to profit or loss and also the income tax effect on the same.
Presentation in Statement of Profit & Loss and Balance Sheet
Expense for service cost, net interest on net defined benefit liability/ (asset) is charged to Statement of Profit & Loss.
IND AS 19 do not require segregation of provision in current and non-current, however net defined liability/ (assets) is shown as
current and non-current provision in balance sheet as per IND AS 1.
Actuarial liability for leave encashment is shown as current and non-current provision in balance sheet.
When there is surplus in defined benefit plan, company is required to measure the net defined benefit asset at the lower of; the
surplus in the defined benefit plan and the assets ceiling, determined using the discount rate specified, i.e. market yield at the
end of the reporting period on government bonds, this is applicable for domestic companies.
The Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. The
mortality rates are used from IALM 2006-08 Ultimate as per actuary certificate.
The Company has taken policy from an insurance company for managing gratuity fund. The major categories of plan assets for
the year ended March 31, 2018 has not been provided by the insurance company. Accordingly, the disclosure for major
categories of plan assets has not been provided.
Risk exposure
The Company has taken gratuity policies from an insurance company. Contribution towards policies are done annually basis
demand from insurance company.
The insurance policy is non participating variable insurance plan and will not participate in the profits of the insurance company.
These policies provide for minimum floor rate (MFR), i.e. a guaranteed interest rate that the policy account will earn during the
entire policy term. In addition to MFR the insurance company shall also declare a non-zero positive additional interest rate (AIR)
at the beginning of every financial quarter on the policy account and AIR shall remain guaranteed for that financial quarter. In
addition to these both the policy also earn residual addition.
119

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed
below:
Asset volatility
This may arise from volatility in asset values due to market fluctuations. Most of the plan asset investments are in fixed
income securities.
Changes in government bond yields
The plan liabilities are calculated using a discount rate set with reference to government bond yields. A decrease in
government bond yields will increase plan liabilities and vice-versa, although this will be partially offset by an increase in
the value of the plans’ holdings in such bonds.
Salary Cost Inflation Risk
The present value of the Defined Benefit Plan liability is calculated with reference to the future salaries of participants under
the Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.
44. Other disclosures
a) Auditors Remuneration (` lakhs)
March 31, 2018 March 31, 2017
i. Audit Fee 45.92 27.06

ii. Tax Audit Fee - 4.00
iii. Certification/others 9.91 3.49
iv. Out of pocket expenses 7.88 2.87
Total 63.71 37.42
b) Corporate Social Responsibility

Details of expenditure on Corporate Social Responsibility Activities as per Section 135 of the Companies Act, 2013 read with
schedule III are as below:
(` lakhs)
March 31, 2018 March 31, 2017
Amount required to be spent 913.48 660.68
(` lakhs)
Particulars Year ended March 31, 2018 Year ended March 31, 2017
Total In cash Yet to Total In cash Yet to
be paid be paid
Details of amount spent:
Eradicating hunger, preventive health care
and sanitation 41.22 30.66 10.56 594.89 583.87 11.02
Charity and Donation - - - 55.61 54.59 1.02
Expenses for differently abled 80.27 80.01 0.26 - - -
Rural development - - - 29.86 28.78 1.08
Animal Welfare 51.73 50.88 0.85 - - -
Measures for benefit of armed forces,
war widows 2.00 2.00 - - - -
Livelihood Enhancement Projects 592.47 592.47 - - - -
Total 767.69 756.02 11.67 680.36 667.24 13.12
120
c) Disclosure as per amendments to clause 34(3) and 53(f) Schedule- V of the Listing Agreement :
Details of Inter Corporate Loans:
(A) Loans to Subsidiaries:
(` lakhs)
S. Name of Company Amount Maximum Balance Amount Maximum Balance
No. outstanding as at outstanding during outstanding as outstanding during
March 31, 2018 the year 2017-18 at March 31, 2017 the year 2016-17
i S.V.Trading Limited 3,975.58 3,975.58 3,703.80 8,757.57
ii IUP Jindal Metals & Alloys Limited - 810.14 810.14 2,660.22
iii Ralael Holdings Limited 5,485.96 5,485.96 4,472.73 4,620.24
iv Jindal ITF Limited 68,598.30 68,598.30 35,250.52 35,250.52
v Jindal Saw Holdings FZE 11,694.14 11,694.14 10,894.70 15,947.27
vi Jindal Shipyards Limited - 14.00 - -
vii Jindal Tubular (India) Limited - 6,474.00 - -
Total 89,753.98 97,052.12 55,131.89 67,235.82
(B) Loans to associate : (` lakhs)

i Jindal Fittings Limited - 126.66 - -
Total - 126.66 - -
(c) Loans & Advances to Companies in which Directors are interested :-

(` lakhs)
i Colorado Trading Company Limited 183.21 183.21 164.74 164.74
ii Stainless Investments Limited - 481.93 475.43 529.30
iii Jindal Equipment Leasing and Consultancy
Services Limited - 100.57 100.57 114.31
iv JITF Urban Infrastructure Services Limited 15,940.12 15,940.12 14,504.21 14,504.21
Total 16,123.33 16,705.83 15,244.95 15,312.56
d) Details of loans given, investment made and Guarantees given, covered u/s 186(4) of the Companies Act 2013.
- Loans given and investment made are given under the respective heads
- Corporate guarantees have been issued on behalf of subsidiary companies, details of which are given in related party
transactions. Refer Note 45.
e) Disclosure of Specified Bank Notes
During the previous year, the Company had Specified Bank Notes (SBN’s) or other denomination notes as defined in the MCA
notification, G.S.R. 308(E), dated March 31, 2017. The details of SBN’s held and transacted during the period from November 8,
2016 to December 30, 2016, the denomination wise SBN’s and other notes as per the notification are as follows:
(` lakhs)
Particulars SBNs Other Total
denomination
notes
Closing Cash in Hand as on 8.11.2016 15.99 0.39 16.38
(+) Permitted Receipts - 30.32 30.32
(-) Permitted Payments 0.07 12.34 12.41
(-) Amount deposited in Banks 15.92 0.01 15.93
Closing Cash in Hand as on 30.12.2016 - 18.36 18.36
For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of
the Government of India, Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated November 8, 2016.
121

45. Related party transactions
In accordance with the requirements of IND AS 24, on related party disclosures, name of the related party, related party
relationship, transactions and outstanding balances including commitments where control exists and with whom transactions
have taken place during reported periods (including transactions with discontinued operations), are:
Related party name and relationship
1. Key Management personnel
S.No. Name Designation
1 Mr. Prithavi Raj Jindal Chairman-Non Executive Director
2 Ms. Sminu Jindal Managing Director
3 Ms. Shradha Jatia Non Executive Director
4 Ms. Tripti Arya Non Executive Director
5 Mr. Neeraj Kumar Group CEO & Whole-time Director
6 Mr. Hawa Singh Chaudhary Whole-time Director
7 Dr. S.K.Gupta Independent Director*
8 Mr. Devi Dayal Independent Director*
9 Dr. Raj Kamal Agarwal Independent Director*
10 Mr. Ravinder Nath Leekha Independent Director*
11 Mr. Abhiram Tayal Independent Director*
12 Mr. Ajit Kumar Hazarika Independent Director*
13 Mr. O P Sharma Chief Operating Officer (Large Dia Pipe- SBU)
14 Dr. Dharmendra Gupta President & Unit Head
15 Mr. Dinesh Chandra Sinha President & SBU Head
16 Mr. Sunil K.Jain Company Secretary
17 Mr. Narendra Mantri Head Commercial & CFO
18 Mr. V. Rajasekaran Vice President-Operations
19 Mr. Devi Prasad Tiwari (upto August 31, 2016) Business head (Ocean waterways)
*Independent directors are included only for the purpose of compliance with definition of key management personnel given
under IND AS 24.
2. Entities where control exist – direct and indirect subsidiaries:
S.No. Name of the entity Principal place Principal Activities % Shareholding /

of operation / Voting Power
Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
Direct Subsidiaries
1 Jindal ITF Limited India Waterborne transportation 51% 51%
2 IUP Jindal Metals & Alloys Limited India Precision Stainless steel strips 80.71% 80.71%
3 S. V. Trading Limited Nevis Investment holding 100% 100%
4 Quality Iron and Steel Limited India Investment holding 100% 51%
5 Ralael Holdings Limited Cyprus Investment holding 100% 100%
6 Jindal Saw Holdings FZE UAE Investment holding 100% 100%
7 Greenray Holdings Limited UK Investment holding 100% 100%
8 Jindal Tubular (India) Limited India Steel Pipe manufacturing 100% 100%
9 JITF Shipyards Limited India Inland shipping 100% 100%
10 Jindal Quality Tubular Limited India Steel Pipe manufacturing 67% 67%
122

Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
Indirect Subsidiaries
1 Jindal Saw USA, LLC USA Pipes for oil and gas 100% 100%
2 Jindal Saw Italia S.P.A. Italy Ductile Iron Pipe manufacturing 100% 100%
3 Jindal Saw Middle East FZC UAE Ductile Iron Pipe and Fittings manufacturing 75% 75%
4 Derwent Sand SARL Algeria Trading of pipes 99.62% 99.62%
5 Jindal Saw Gulf L.L.C. UAE Ductile Iron Pipe and Fittings 36.75% 36.75%
6 Jindal International FZE UAE Investment holding 100% 100%
7 Jindal Intellicom Limited India BPO and Call centre 98.78% 98.78%
8 iCom Analytics Limited India Call Centre and advisory 98.78% 98.78%
9 Jindal Intellicom, LLC USA Call Centre and advisory 98.78% 98.78%
10 World Transload & Logistics LLC USA Investment holding 100% 100%
11 5101 Boone LLP USA Property holding 100% 100%
12 Tube Technologies INC USA Pipes for oil and gas 100% 100%
13 Helical Anchors INC USA Helical anchor manufacturing 100% 100%
14 Boone Real Property Holding LLC USA Property holding 100% 100%
15 Drill Pipe International LLC USA Tools and fittings 100% 100%
16 Sulog Transshipment Services Limited India Transloading in deep sea 51% 51%
3. Entities where key management personnel and their relatives exercise significant influence:
S. No. Name of the entities S. No. Name of the entities
1 Abhinandan Investments Limited 28 JITF Infralogistics Limited
2 Bir Plantation Private Limited 29 JITF Water Infrastructure Limited
3 Colorado Trading Company Limited 30 JSW Power Trading Company Limited
4 Danta Enterprises Private Limited 31 JSW Reality & Infrastructure Private Limited
5 Amba River Coke Limited 32 JSW Steel Coated Products Limited
6 Divino Multiventures Private Limited 33 JSW Steel Limited
7 Gagan Trading company Limited 34 JITF Urban Infrastructure Services Limited
8 Glebe Trading Private Limited 35 Maa Bhagwati Travels
9 Estrela Investments Limited 36 Mansarover Investments Limited
10 Four Seasons Investments Limited 37 Nalwa Investment Limited
11 Hexa Securities and Finance Company Limited 38 Nalwa Sons Investments Limited
12 Hexa Tradex Limited 39 O. P. Jindal Charitable Trust
13 Jindal Equipment Leasing & Consultancy Services Limited 40 OPJ Trading Private Limited
14 Jindal Industries Private Limited 41 P. R. Jindal HUF
15 Jindal Stainless (Hisar) Limited 42 Naveen Jindal HUF
16 Jindal Stainless Limited 43 R. K. Jindal & Sons HUF
17 Jindal Steel & Power Limited 44 Rohit Tower Building Limited
18 Jindal Systems Private Limited 45 S. K. Jindal & Sons HUF
19 Jindal Tubular USA LLC (w.e.f. March 31, 2017) 46 Sahyog Tradecorp Private Limited
20 JITF Commodity Tradex Limited 47 Siddeshwari Tradex Private Limited
21 Gagan Infraenergy Limited 48 Stainless Investment Limited
22 JITF Urban Infrastructure Limited 49 Virtuous Tradecorp Private Limited
23 Ms. Sminu Jindal Charitable Trust 50 Mendeza Investments Limited
24 Raj West Power Limited 51 Nacho Investments Limited
25 Templar Investments Limited 52 Timarpur- Okhla Waste Management
Company Private Limited
26 Systran Multiventures Private Limited 53 Jindal Urban Waste Management (Guntur)
Limited
27 Jindal Rail Infrastructure Limited
123

4. Relatives of key management personnel where transactions have taken place
S.No. Name of Relatives Relationship
1 Ms. Savitri Devi Jindal Mother of Mr. Prithavi Raj Jindal
2 Mr. Ratan Jindal Brother of Mr. Prithavi Raj Jindal
3 Mr. Sajjan Jindal Brother of Mr. Prithavi Raj Jindal
4 Mr. Naveen Jindal Brother of Mr. Prithavi Raj Jindal
5 Ms. Arti Jindal Wife of Mr. Prithavi Raj Jindal
6 Mr. Indresh Batra Husband of Ms. Sminu Jindal
7 Ms. Madhulika Jain Wife of Mr. Sunil K. Jain
8 Ms. Sangita Mantri Wife of Mr. Narender Mantri
9 Mr. Mukesh Chandra Sinha Brother of Dinesh Chandra Sinha
10 Mr. Randhir Singh Chaudhary Brother of Hawa Singh Chaudhary
11 Mr. Vinay Chaudhary Son of Hawa Singh Chaudhary
12 Ms. Bimla Chaudhary Wife of Hawa Singh Chaudhary
5. Associate
Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
1 Jindal Fittings Limited India Ductile iron fittings manufacturing 36% 36%
6. Trust under common control
S.No. Name of the entity Principal place Principal Activities

of operation /
Country of
Incorporation
1 Jindal Saw Employees Group India Company's employee gratuity trust
Gratuity Scheme
2 JITF Waterways Limited Employee India Company's employee gratuity trust
group gratuity trust
Related Parties Transactions

(` lakhs)
S. Particulars Subsidiaries/ Associate KMP, Relatives of KMP and
No. Enterprises over which KMP
and their relatives having
significant influence
2017-18 2016-17 2017-18 2016-17
A Transactions
1 Sale of Fixed Assets
Jindal Quality Tubular Limited - 1.45 - -
2.i Sale of Goods/Material/Services
Drill Pipe International LLC 458.78 - - -
Jindal Fittings Limited 165.09 93.84 - -
Jindal Saw Gulf L.L.C. 4,288.38 1,725.46 - -
Jindal Saw Italia S.P.A. 1,900.29 2,093.05 - -
Jindal Saw USA, LLC 280.61 0.33 - -
Helical Anchors INC 118.26 704.84 - -
Jindal Stainless Limited - - 4.56 -
Jindal Stainless (Hisar) Limited - - 63.37 49.76
Jindal Steel & Power Limited - - 183.94 517.82
124

(`lakhs)
2017-18 2016-17 2017-18 2016-17
Jindal Tubular USA LLC - 115.08 - -
JITF Water Infrastructure Limited - - 2,478.75 11,406.91
JSW Steel Limited - - 12,809.12 19,947.67
Tube Technologies INC 220.54 194.33 - -
Jindal ITF Limited 42.69 23.59 - -
Jindal Saw Middle East FZC 20.19 - - -
Jindal Quality Tubular Limited 1,547.26 10,207.85 - -
Jindal Tubular (India) Limited 74.32 143.00 - -
Jindal Urban Waste Management (Guntur) Limited - - 14.26 -
Raj West Power Limited - - 121.52 -
Jindal Systems Private Limited - - 1.19 -
3 Vessel hire Income
Jindal ITF Limited 525.78 1,853.02 - -
4 Guarantee Commission Charges
Jindal Saw Middle East FZC 191.27 478.62 - -
Jindal Saw Italia S.P.A. 16.51 15.53 - -
Jindal Saw Holdings FZE 17.62 39.73 - -
5.i Purchase of Raw Materials /
Consumables / Services
IUP Jindal Metals & Alloys Limited - 3.40 - -
Jindal Industries Private Limited - - 381.14 123.64
Jindal Quality Tubular Limited 20.13 208.27 - -
Jindal Saw Gulf L.L.C. 479.09 - - -
Jindal Saw USA, LLC - 828.35 - -
Jindal Steel & Power Limited - - 65,971.78 19,616.95
Jindal Systems Private Limited - - 166.47 333.65
JSW Power Trading Company Limited - - 1,896.74 4,582.59
JSW Steel Coated Products Limited - - 77.79 116.96
JITF Infralogistics Limited - - - 59.99
JITF Water Infrastructure Limited - - - 1,575.00
Ms. Sangita Mantri - - 8.96 7.98
Maa Bhagwati Travels - - 4.70 -
Ms. Madhulika Jain - - 8.96 6.54
Icom analytics Limited 96.16 - - -
5.ii Purchase return of Raw Materials / Consumables
JSW Steel Limited - - - 645.14
125

(` lakhs)
2017-18 2016-17 2017-18 2016-17
6 Purchase of Capital Items
Icom analytics Limited - 1.12 - -
Jindal Industries Private Limited - - - 25.96
Jindal Saw Gulf L.L.C. - 97.75 - -
Jindal Saw USA, LLC 701.91 1,166.67 - -
JSW Steel Limited - - 338.54 7.72
Jindal Tubular (India) Limited - 0.22 - -
Jindal ITF Limited 30.66 - - -
Jindal Intellicom Limited 35.40 - - -
JITF Water Infrastructure Limited - - 1,180.00 -
7 Interest Income
Colorado Trading Company Limited - - 18.30 17.47
IUP Jindal Metals & Alloys Limited 18.91 166.58 - -
Jindal Equipment Leasing & Consultancy
Services Limited - - 6.43 13.63
Jindal ITF Limited 6,294.96 3,892.71 - -
Jindal Saw Holdings FZE 739.71 874.69 - -
Jindal Tubular (India) Limited 236.47 - - -
JITF Urban Infrastructure Services Limited - - 1,595.46 1,539.68
Ralael Holdings Limited 273.55 240.08 - -
S.V. Trading Limited 251.49 320.60 - -
Stainless Investment Limited - - 50.19 63.48
Jindal Fittings Limited 1.85 - - -
JITF Shipyards Limited 0.30 - - -
8 Share Capital/CCD/Share Application Money
invested/converted during the year
Greenray Holdings Limited - 2,102.17 - -
Ralael Holdings Limited - 2,666.64 - -
S.V. Trading Limited - 4,443.79 - -
9 Investment Sold/Transfer/Purchase
Investment in Jindal ITF Limited sold to Glebe
Trading Private Limited - - 1,429.73 3,847.92
Investment in Quality Iron and Steel Limited
purchased from Mr. Prithavi Raj Jindal - - 0.50 -
purchased from Ms. Arti Jindal - - 0.50 -
10 Share Application Money Received Back
Jindal Saw Holdings FZE - 8.19 - -
126

(` lakhs)
2017-18 2016-17 2017-18 2016-17
11 Loan given during the year
Services Limited - - - 6.73
Jindal Saw Holdings FZE - 3,323.25 - -
Jindal Tubular (India) Limited 11,804.00 - - -
JITF Urban Infrastructure Services Limited - - - 5,002.28
Stainless Investment Limited - - 6.50 -
12 Advance given during the year
Jindal Fittings Limited - 92.62 - -
JSW Steel Coated Products Limited - - - 11.18
Glebe Trading Private Limited - - - 667.85
Jindal Steel & PowerLimited - - - 156.26
JSW Power Trading Company Limited - - - 30.52
Quality Iron and Steel Limited 1,300.00 - - -
13 Advance received/received back/Loan
converted during the year
JITF Shipyards Limited - 138.54 - -
Jindal Steel & Power Limited - - - 46.81
Quality Iron and Steel Limited 1,300.00 - - -
14 Loan recovered during the year
IUP Jindal Metals & Alloys Limited 827.16 2,000.00 - -
Jindal Tubular (India) Limited 12,073.62 - - -
S.V. Trading Limited - 4,825.32 - -
15 Loan repaid during the year
Danta Enterprises Private Limited - - - 8,719.98
Glebe Trading Private Limited - - - 45,096.85
Jindal Tubular (India) Limited - 7,365.00 - -
JITF Commodity Tradex Limited - 9,592.98 - -
127

(` lakhs)
2017-18 2016-17 2017-18 2016-17
16 Loan taken during the year
Danta Enterprises Private Limited - - - 8,719.98
Jindal Tubular (India) Limited - 7,365.00 - -
17 Rent expense
Bir Plantation Private Limited - - 4.69 6.40
Jindal Intellicom Limited 117.76 120.68 - -
Jindal Stainless Limited - - - 3.00
JSW Steel Limited - - 0.06 -
Rohit Tower Building Limited - - 23.00 18.00
Mr. Prithavi Raj Jindal - - 8.40 8.40
Jindal Saw USA, LLC 35.24 - - -
18 Interest expense
Danta Enterprises Private Limited - - - 742.43
JITF Commodity Tradex Limited - 652.81 - -
19 Rent income
Hexa Tradex Limited - - 0.38 0.68
Nalwa Investment Limited - - 0.14 0.12
Mr. Prithavi Raj Jindal - - - 18.00
Abhinandan Investments Limited - - 0.14 0.12
Mansarover Investments Limited - - 0.14 0.12
20 Expenses in curredand recovered by the Company
Hexa Securities and Finance Company Limited - - 2.99 3.14
Jindal Stainless Limited - - 18.00 59.16
JITF Water Infrastructure Limited - - 17.87 57.42
128

(` lakhs)
2017-18 2016-17 2017-18 2016-17
Rohit Tower Building Limited - - - 11.83
JITF Urban Infrastructure Limited - - - 3.39
JITF Urban Infrastructure Services Limited - - - 3.39
Jindal Rail Infrastructure Limited - - - 7.87
21 Expenses incurred by others and reimbursed
by company
Jindal Intellicom Limited - 4.68 - -
Jindal ITF Limited - 27.86 - -
Jindal Saw Gulf L.L.C. - 1.34 - -
Jindal Tubular USA LLC - 25.05 - -
JSW Power Trading Company Limited - - 1.15 -
Maa Bhagwati Travels - - - 4.66
Ms. Sminu Jindal Charitable Trust - - - 1.41
JITF Urban Infrastructure Limited - - 3.05 -
22 Remuneration Paid
Mr. Mukesh Chandra Sinha - - 16.17 14.13
Mr. Randhir Singh Chaudhary - - 7.15 6.27
23 Discount & rebate on sales/Balance written off
JITF Water Infrastructure Limited - - - 302.77
Abhinandan Investments Limited - - 0.07 -
Services Limited - - 1.15 -
Mansarover Investments Limited - - 0.98 -
Nalwa Investment Limited - - 1.05 -
24 Dividend Paid
Danta Enterprises Private Limited - - 235.72 235.72
Four Seasons Investments Limited - - 435.31 435.31
Gagan Trading Company Limited - - 2.10 2.10
Gagan Infraenergy Limited - - - 0.03
Glebe Trading Private Limited - - 7.73 7.73
Nalwa Sons Investments Limited - - 535.50 535.50
OPJ Trading Private Limited - - 77.74 77.74
P.R. Jindal HUF - - 0.22 0.22
Sahyog Tradecorp Private Limited - - - 53.45
129

(` lakhs)
2017-18 2016-17 2017-18 2016-17
Siddeshwari Tradex Private Limited - - 130.04 130.04
Virtuous Tradecorp Private Limited - - 29.17 29.17
Mr. Naveen Jindal - - 2.25 2.25
Ms. Savitri Devi indal - - 1.04 1.04
R.K. Jindal & Sons HUF - - 0.82 0.82
Mr. Ratan Jindal - - 0.76 0.76
Mr. Sajjan Jindal - - - 0.76
Ms. Arti Jindal - - 0.60 0.60
S.K. Jindal & Sons HUF - - 0.22 0.22
Mr. Indresh Batra - - 7.50 7.50
Mr. Vinay Chaudhary - - 0.01 -
Ms. Bimla Chaudhary - - 0.03 -
Divino Multiventures Private Limited - - 53.45 -
Estrela Investments Limited - - 18.78 -
Mendeza Investments Limited - - 18.33 -
Nacho Investments Limited - - 18.25 -
Naveen Jindal HUF - - 2.19 -
Templar Investments Limited - - 18.57 -
Systran Multiventures Private Limited - - 2.05 -
25 Provision for doubtful debts/bad debts written off
JITF Shipping & Logistics (Singapore) Pte. Limited - 49.49 - -
26 Contribution towards gratuity fund
Jindal Saw Employees Group Gratuity Scheme - - 757.58 687.80
27 Discount & rebate on purchases
Amba River Coke Limited - - 3.59 -
(` lakhs)
2017-18 2016-17 2017-18 2016-17
B. Outstanding Balance
1 Loans given
IUP Jindal Metals & Alloys Limited - 810.14 - -
Jindal Saw Holdings FZE 11,694.14 10,894.70 - -
Ralael Holdings Limited 5,485.96 4,472.73 - -
S.V. Trading Limited 3,975.58 3,703.80 - -
Stainless Investment Limited - - - 475.43
ServicesLimited - - - 100.57
130

(` lakhs)
2017-18 2016-17 2017-18 2016-17
2 Advances Recoverable
JITF Water Infrastructure Limited - - 21.59 -
JSW Reality & Infrastructure Private Limited - - - 231.15
Jindal Systems Private Limited - - - 3.45
Jindal Steel & Power Limited - - 2,914.76 1.74
Hexa Securities and Finance Company Limited - - 1.46 -
3 Advances Payable
4 Security Deposit Payable
Jindal Industries Private Limited - - 9.32 -
5 Security Deposit Receivable
Bir Plantation Private Limited - - 100.00 -
6 Corporate Guarantees outstanding
Greenray Holdings Limited 3,736.23 3,668.71 - -
Jindal Rail Infrastructure Limited - - 6,435.00 7,975.00
Jindal Saw Middle East FZC 37,906.41 42,759.64 - -
Jindal Tubular (India) Limited 155.19 3,865.40 - -
JITF Urban Infrastructure Limited - - - 5,000.00
Timarpur-Okhla Waste Management Company
Private Limited - - 11,129.43 13,522.14
7 Receivables
Bir Plantation Private Limited - - - 93.39
Helical Anchors INC 70.49 371.19 - -
Hexa Tradex Limited - - - 2.28
Jindal ITF Limited 0.79 1,906.95 - -
Jindal Saw Gulf L.L.C. 3,629.23 986.91 - -
Jindal Saw Holdings FZE - 42.24 - -
Jindal Saw Middle East FZC 202.04 2,166.21 - -
131

(` lakhs)
2017-18 2016-17 2017-18 2016-17
Tube Technologies INC - 19.14 - -
8 Payables
Drill Pipe International LLC 49.72 46.24 - -
Hexa Securities and Finance Company Limited - - - 0.27
Icom analytics Limited 25.25 1.17 - -
JITF Shipyards Limited - 178.49 - -
Jindal Saw Gulf L.L.C. 193.47 0.03 - -
Jindal Steel & Power Limited - - 232.21 2,838.58
JSW Steel Limited - - 7,740.89 683.43
Maa Bhagwati Travels - - 0.39 0.39
Mr. Abhiram Tayal - - 0.90 0.90
Mr. Devi Dayal - - 0.90 0.90
Mr. Mukesh Chandra Sinha - - - 1.13
Dr. Ra jKamal Agarwal - - 1.35 1.35
Mr. Randhir Singh Chaudhary - - - 0.37
Mr. Ravinder Nath Leekha - - 5.40 0.90
Dr. S.K. Gupta - - - 4.50
Mr. Ajit Kumar Hazarika - - 0.90 -
Mr. Prithavi Raj Jindal - - 0.48 -
Jindal Saw Holdings FZE 6.69 - - -
132

Key Management Personnel (KMP)
(` lakhs)
March 31, 2018 March 31, 2017
Short-Term benefits * 1,476.63 1,350.07
Post-Employment benefits
- Defined contribution plan $ # 88.77 82.29
- Defined benefit plan # - -
Dividend paid 1.72 1.71
Total 1,567.12 1,434.07
(` lakhs)
Name Year ended Year ended
March 31, 2018 March 31, 2017
Ms. Sminu Jindal 267.43 279.65
Mr. Neeraj Kumar 506.45 464.08
Mr. O P Sharma 164.16 149.35
Dr. Dharmendra Gupta 166.21 151.66
Others 462.87 389.33
1,567.12 1,434.07
* Including bonus, sitting fee, commission on accrual basis and value of perquisites.
# The liability for gratuity and leave encashment are provided on actuarial basis for the Company as a whole. Accordingly,
amounts accrued pertaining to key managerial personnel are not included above.
$ including PF, leave encashment paid and any other benefit.
46. Contingent liabilities
i) Guarantees
(` lakhs)
March 31, 2018 March 31, 2017
Guarantees issued by the Company's bankers on behalf of the Company 90,381.09 78,504.77
Corporate guarantees/ undertaking issued to lenders of subsidiary companies 79,289.14 1,33,700.94
Performance guarantees issued on behalf of subsidiary company 3,452.73 2,969.86
Duty saved for availing various export based incentive schemes 4,659.06 1,118.58
Total 1,77,782.02 2,16,294.15
ii) Letter of Credit Outstanding

(` lakhs)
March 31, 2018 March 31, 2017
Letter of Credit Outstanding 89,237.16 10,980.71
iii) Other contingent liabilities

(` lakhs)
March 31, 2018 March 31, 2017
Disputed Excise duty, Custom Duty and service tax 609.00 169.43
Income tax demands against which company has preferred appeals 2,196.67 1,789.27
Disputed Sales Tax and Entry Tax 459.84 236.56
Total 3,265.51 2,195.26
It is not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal
opinions received, that it has meritorious defences to the claims. The management believe the pending actions will not require
outflow of resources embodying economic benefits and will not have a material adverse effect upon the results of the
operations, cash flows or financial condition of the Company.
133

47. Estimated amount of contract remaining to be executed on capital account and not provided for (net of advances)
(` lakhs)
March 31, 2018 March 31, 2017
Capital Commitment:
Property, Plant and Equipment 13,066.04 4,164.25
48. Income Tax

Total tax expense reconciliation
(` lakhs)
March 31, 2018 March 31, 2017
Tax expense
Current tax 11,441.31 7,998.99
Adjustments in respect of income tax of previous year (9.11) (93.08)
11,432.20 7,905.91
Deferred tax (refer note 41)
- Relating to origination & reversal of temporary differences 1,436.18 16,164.91
- Minimum alternate tax (MAT) credit (entitlement)/utilisation 3,344.23 (7,769.50)
4,780.41 8,395.41
Total 16,212.61 16,301.32
Amount disclosed above includes continued and discontinued operations of the Company.
Effective tax reconciliation

Numerical reconciliation of tax expense applicable to profit before tax at the latest statutory enacted tax rate in India to income
tax expense reported is as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Net profit/(loss) before taxes 54,792.44 47,071.54
Enacted tax rates 34.608% 34.608%
Computed tax expense 18,962.56 16,290.53
Increase/(decrease) in taxes on account of:
Previous year tax adjustments (9.11) (93.08)
Deferred tax of previous years (813.34) 336.62
Other non deductible expenses 335.33 457.58
Income not taxable /exempt from tax (3,200.51) (786.61)
Tax on which no deduction is admissible 151.51 96.28
Change in rate of tax 786.17 -
ncome tax expense reported 16,212.61 16,301.32
Amount disclosed above includes continued and discontinued operations of the Company.
Current tax assets/(liabilities) (net)
(` lakhs)
March 31, 2018 March 31, 2017
Advance taxation (net) 5,453.31 8,677.99
Provision for taxation (net) 2,011.50 -
134

49. Government Grant
Packaged Scheme of Incentive (PSI) – Maharashtra
The Company’s manufacturing facility at Nashik has been granted “Mega Project Status” by Government of Maharashtra and
therefore is eligible for Industrial Promotion Subsidy (IPS) under Packaged Scheme of Incentive (PSI) 2007. The purpose of the
scheme is for intensifying and accelerating the process of dispersal of industries to the less developed regions and promoting
high tech industries in the developed areas of the state coupled with the object of generating mass employment opportunities.
Entitlements under the scheme consists of the following:
a) Electricity Duty exemption for a period of 7 years from the date of commencement of commercial production- from
September 10, 2009 to September 09, 2016
b) 100% exemption from payment of stamp duty.
c) VAT and CST payable to the State Government (on sales made from Nashik plant, within a period of 7 years starting from
September 10, 2009).
IPS will be payable so as to restrict up to 75% of the Eligible Fixed Capital investments made from September 13, 2007 to
September 10, 2009 . The Eligibility Certificate issued allows maximum Fixed Capital Investment of ` 35,000 lakhs and restricts
IPS to 75% of ` 35,000 lakhs i.e. ` 26,250 lakhs.
In terms of the Indian Accounting Standard (IND AS 20) “Accounting for Government Grants”, Government grants relating to
income are deferred and recognised in the profit or loss over the period necessary to match them with the costs that they are
intended to compensate and presented within other operating revenue. Government grants relating to the purchase of
property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a
straight-line basis over the expected lives of the related assets and presented within other operating revenue. There are no
unfulfilled conditions or other contingencies attaching to these grants.
Balances of Government grant received in advance and income recognized during the period are as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Government grant- opening 9,357.75 9,035.71
Addition During the Year - 730.71
Revenue recognized 416.59 408.67
Government grant received in advance- closing 8,941.16 9,357.75
Rajasthan Investment Promotion Scheme (RIPS) Rajasthan

The Company’s manufacturing facility at Bhilwara has been granted “Customized Package” by Government of Rajasthan and
therefore is eligible for Investment Promotion Subsidy (IPS) under Rajasthan Investment Promotion Scheme – 2010 (RIPS-2010).
The purpose of the Customize Package Scheme of RIPS-2010 is to promote investment in the State of Rajasthan and to further
generate employment opportunities through such investment. Modalities of payment of IPS consists of the following:
a). 50% exemption from payment of Electricity Duty for a period of 10 years from the date of issuance of Entitlement Certificate
- from December 09, 2015 to December 08, 2025.
b). Investment subsidy equivalent to 70% of taxes (VAT & CST) which have become due and have been deposited into the
Government exchequer, for a period of 07 years from the date of issuance of Entitlement Certificate - from December 09,
2015 to December 08, 2022.
c). Employment Generation Subsidy – for General category: ` 15000/- per employee & for Women/SC/ST/PwD: ` 18000/- per
employee per completed year of service, subject to maximum, 05% of Taxes (VAT & CST) which have become due and
have been deposited into the Government exchequer, for a period of 07 years from the date of issuance of Entitlement
Certificate - from December 09, 2015 to December 08, 2022.
d). 50% exemption from payment of stamp duty & conversion charges for change of land use.
135

(` lakhs)
March 31, 2018 March 31, 2017
Government grant- opening 1,480.60 272.51
Addition/(Adjustment) during the Year (197.34) 1,232.86
Revenue recognised 27.58 24.77
Government grant received in advance- closing 1,255.68 1,480.60
Kosi Unit
The Government of Uttar Pradesh implemented an Industrial Investment Promotion Scheme, 2003 for the purpose of providing
interest free loan under the scheme by way of working capital assistance during the initial years of production to promote
setting up of a Mega unit. Company has an Industrial unit having investment exceeding ` 2,500 lakhs at Kosi Kalan as per above
mentioned scheme and became eligible for sanction of Interest Free Loan as a Mega unit. PICUP, on behalf of the state
Government has given Interest Free Loan.
As per Indian Accounting Standard (IND AS 20) “Accounting for Government Grants” the benefit derived from concessional or
without interest loan from PICUP is treated as a Government Grant and accounted for accordingly.
(` lakhs)
March 31, 2018 March 31, 2017
Government grant- opening 259.25 -
Addition during the Year 1,008.87 261.31
Government grant received in advance- closing 1,248.38 259.25
Bellary Unit
The Company’s manufacturing facility at Bellary has been granted, "Subsidy for setting up of ETP Plant" by Government of
Karnataka. As per operational guidelines of Karnataka Industrial Policy 2009-2014 and package of incentive and concession
scheme offered for investment, Bellary unit is eligible for subsidy for setting up of ETP Plant (Effluent treatment plant).
Eligibility: One time capital subsidy up to 50% of the cost of Effluent Treatment Plants (ETPs) is available to Manufacturing Micro,
Small and Medium Enterprises and Service Enterprises, Manufacturing SEZ Enterprises, Large and Mega industries both for
establishment of new enterprises or for expansion, diversification, and modernization of existing industries, subject to a ceiling
of ` 100 lakhs per manufacturing enterprises in zone-1, 2 and 3 and a ceiling of ` 50 lakhs in zone-4. Since our unit is eligible, we
applied for capital subsidy on Effluent Treatment Plants (ETPs) and get it sanctioned from District Industries Centre, Bellary and
Directorate of Industries and Commerce, Bengaluru for capital subsidy on ETP of ` 31.50 lakhs.
unfulfilled conditions or other contingencies attaching to these grants
(` lakhs)
March 31, 2018 March 31, 2017
Government grant- opening 31.28 -
Addition during the Year - 31.50
Government grant received in advance- closing 28.13 31.28
136

Export Promotion Capital Goods (EPCG)
The Company avails export promotion capital goods licenses. The objective of the EPCG Scheme is to facilitate import of capital
goods for producing quality goods and services and enhance manufacturing competitiveness.
EPCG Scheme
(a) EPCG Scheme allows import of capital goods for pre-production, production and post-production at zero customs duty.
(b) Capital goods imported under EPCG Authorisation for physical exports are also exempt from IGST and Compensation
Cess up to 31.3.2018 only, leviable thereon under the sub-section (7) and sub-section (9) respectively of section 3 of the
Customs Tariff Act, 1975 (51 of 1975).
(c) Capital Goods can also be procured from indigenous sources, Capital goods for the purpose of the EPCG scheme shall
include:
(i) Capital Goods means plant, machinery, equipment or accessories required for manufacture or production, either directly
or indirectly, of goods or for rendering services, including those required for replacement, modernisation, technological
up-gradation or expansion. It includes packaging machinery and equipment, refrigeration equipment, power generating
sets, machine tools, equipment and instruments for testing, research and development, quality and pollution control;
(ii) Computer systems and software which are a part of the Capital Goods being imported;
(iii) Spares, moulds, dies, jigs, fixtures, tools & refractories; and
(iv) Catalysts for initial charge plus one subsequent charge.
(d) Import of capital goods for Project Imports notified by Central Board of Excise and Customs is also permitted under EPCG
Scheme.
(e) Import under EPCG Scheme shall be subject to an export obligation equivalent to 6 times of duties, taxes and cess saved
on capital goods, to be fulfilled in 6 years reckoned from date of issue of authorisation.
(f) Authorisation shall be valid for import for 18 months from the date of issue of authorisation. Revalidation of EPCG
authorisation shall not be permitted.
(g) In case Integrated Tax and Compensation Cess are paid in cash on imports under EPCG, incidence of the said Integrated
Tax and Compensation Cess would not be taken for computation of net duty saved provided Input Tax Credit is not
availed.
(h) EPCG scheme covers manufacturer exporters with or without supporting manufacturer(s), merchant exporters tied to
supporting manufacturer(s) and service providers. Name of supporting manufacturer(s) shall be endorsed on the EPCG
authorisation before installation of the capital goods in the factory / premises of the supporting manufacturer(s).
Actual User Condition.
Imported capital goods shall be subject to Actual User condition till export obligation is completed and EODC is granted.
Export Obligation (EO)
(a) EO shall be fulfilled by the authorisation holder through export of goods which are manufactured by him or his supporting
manufacturer, for which the EPCG authorisation has been granted.
(b) EO under the scheme shall be, over and above, the average level of exports achieved by the applicant in the preceding
three licensing years for the same.
(c) In case of indigenous sourcing of Capital Goods, specific EO shall be 25% less than the EO stipulated in Para 5.01.
(d) Shipments under Advance Authorisation, DFIA, Drawback scheme or reward schemes would also count for fulfillment of
EO under EPCG Scheme.
(e) Export shall be physical export. However, supplies as specified in paragraph 7.02 (a), (b), (e), (f) & (h) of FTP shall also be
counted towards fulfillment of export obligation, along with usual benefits available under paragraph 7.03 of FTP.
straight-line basis over the expected lives of the related assets and presented within other operating revenue.
Since the purpose of the scheme is specifically to allow import of capital goods and spares and also there is export obligation
against the duty foregone. The duty foregone is accounted as government grant and to be added to the cost of the capital
goods and corresponding credit to deferred revenue. The deferred revenue is accrued to revenue on meeting the export
obligation against the duty foregone. The capital goods can be used as spares, capital spares and fixed assets, accordingly the
cost of capital goods including duty foregone has been accounted as expense, capital work in progress and fixed assets.
As on the reporting date there is outstanding export obligation against the EPCG licenses. There are no other contingencies
relating to these grants.
137

Details of government grant availed and export obligation are as follows-
(` lakhs)
March 31, 2018 March 31, 2017
Value of capital goods imported 4,912.46 -
Government grant- duty forgone 375.89 -
Revenue recognised 375.89 -
Export obligation fulfilled 2,255.34 -
Export obligation outstanding - -
50. Earnings per share
The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share
(Number of Shares)
March 31, 2018 March 31, 2017
Issued equity shares 31,97,57,367 30,45,33,881
Equity shares compulsorily issuable on conversion of CCD - 1,52,23,486
Weighted average shares outstanding - Basic and Diluted - A 31,97,57,367 31,97,57,367
Net profit available to equity holders of the Company used in the basic and diluted earnings per share was determined as
follows: (` lakhs)
March 31, 2018 March 31, 2017
Profit/(loss) from continuing operations after tax for EPS- B 39,430.85 38,606.73
Basic Earnings per share (B/A) (`) 12.33 12.07
Diluted Earnings per share (B/A) (`) 12.33 12.07
Profit/(loss) from discontinued operations after tax for EPS- C (851.02) (7,836.51)
Basic Earnings per share (C/A) (`) (0.27) (2.45)
Diluted Earnings per share (C/A) (`) (0.27) (2.45)
Profit/(loss) from continuing and discontinued operations after tax
for EPS- D 38,579.83 30,770.22
Basic Earnings per share (D/A) (`) 12.06 9.62
Diluted Earnings per share (D/A) (`) 12.06 9.62
The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.
The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity.
51. Impairment review
Assets are tested for impairment annually or whenever there are any indicators for impairment. Impairment test is performed at
the level of each Cash Generating Unit (‘CGU’) or group of CGUs within the Company at which assets are monitored for internal
management purposes within an operating segment. The impairment assessment is based on higher of value in use and fair
value less cost.
52. Discontinued operation
During the current year, the Company sold all vessels held in its Ocean waterways segment. Consequent to such sale, the ocean
waterways segment has been considered as discontinued operations and accordingly the results of the ocean waterways
segment is presented as discontinued operations in the financial statements and the residual assets not sold as at the year end
are disclosed as assets held for sale. (` lakhs)
Assest held for sale As at As at
March 31, 2018 March 31, 2017
Non- Current Assets- Property, plant and equipment 175.86 -
Current Assets - -
Non- Current Liabilities - -
Current Liabilities - -
138

(` lakhs)
March 31, 2018 March 31, 2017
Revenue from operations 505.46 1,740.76
Other income 550.10 (1,765.11)
Expenses 2,190.79 8,530.06
Profit/(loss) from discontinuing operations before exceptional item and tax (1,135.23) (8,554.41)
Exceptional items- (income)/expense 2,911.95 3,427.78
Profit/(loss) from discontinuing operations before tax (4,047.18) (11,982.19)
Tax expense (3,196.16) (4,145.68)
Profit/(loss) for the year from discontinued operations (after tax) (851.02) (7,836.51)
Earnings per equity share of ` 2 each
(for discontinued operation)
(1) Basic (`) (0.27) (2.45)
(2) Diluted (`) (0.27) (2.45)
Details of sale of vessels presented as exceptional items

(` lakhs)
March 31, 2018 March 31, 2017
Consideration received 1,828.80 329.52
Carrying amount of vessels 4,740.75 3,757.30
Loss on sale of vessels disclosed as exceptional items 2,911.95 3,427.78
The net cash flow incurred by discontinued operations are as follows (` lakhs)
March 31, 2018 March 31, 2017
Operating (1,364.85) (1,916.53)
Investing 2,021.85 329.52
53. Provisions
Movement in each class of provision during the financial year are provided below:
(` lakhs)
Particulars Employee Restoration Total
Benefits Obligation
As at April 1, 2016 6,256.60 10.52 6,267.12
Provision during the year 1,486.08 2.88 1,488.96
Remeasurement losses accounted for in OCI 1,073.56 - 1,073.56
Payment during the year (524.22) - (524.22)
Interest charge 469.25 1.08 470.33
As at March 31, 2017 8,761.27 14.48 8,775.75
Remeasurement gains accounted for in OCI (283.94) - (283.94)
As at March 31, 2018 10,173.03 18.99 10,192.02
Current 781.92 - 781.92
Non Current 7,979.35 14.48 7,993.83
Current 1,048.29 - 1,048.29
Non Current 9,124.74 18.99 9,143.73
The expected outflow of provisions for asset retirement obligation is 42 to 44 years.
Refer Note 3.10 for nature and brief of employee benefit provision and refer Note 3.23 for nature and brief of restoration obligation.
139

54. Exceptional Items
(` lakhs)
March 31, 2018 March 31, 2017
A. Diminution in the Value of Investments made
Greenray Holdings Limited - 74.62
B. Profit on sale of investment of Jindal ITF Limited - (413.05)
C. Profit on sale of investment of JITF Shipping &
Logistics (Singapore) Pte. Ltd. - (1.39)
D. Loss on sale of investment of Jindal Saw Espana S.L. - 34.02
Total- continued operations- (income)/expense - (305.80)
Refer Note 52 for discontinued operations
55. Lease Disclosure

Operating Lease- As lessee
The Company’s obligations arising from non-cancellable lease are mainly related to lease arrangements for real estate.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on
such a basis.
Operating leases are in relation to the office premises, office equipment and other assets, some of which are cancellable and
some are non-cancellable. There is an escalation clause in the lease agreements during the primary lease period. There are no
restrictions imposed by lease arrangements and there are no sub leases. There are no contingent rents. The total of the future
minimum lease payments under non-cancellable leases are as follows:
These leases have various extension options and escalation clause. The aggregate lease rentals payable are charged as ‘Rent’
under Note 36.
The future minimum lease payments obligations for non-cancellable leases are as follows:-
(` lakhs)
March 31, 2018 March 31, 2017
Obligations on non-cancellable leases:
Within one year of the balance sheet date 31.06 27.23
Later than one year but not later than five years from the balance sheet date 18.87 49.93
Later than five years from the balance sheet date - -
Total 49.93 77.16
Finance Lease - As lessee

Assets held under finance leases are recognised as assets of the Company at their fair value at the inception of the lease or, if
lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance
sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to
the Income Statement, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance
with the Company’s policy on borrowing costs.
The Company has reviewed the terms and conditions of the lease arrangements and determined that all risks and rewards of
ownership lie with the Company and has therefore accounted for the contracts as finance leases.
Finance lease obligation of the Company as lessee as of March 31, 2018 is as follows:-
a. The Company has entered into an agreement effective April 1, 2017 for taking seamless pipe manufacturing facility in
Maharastra State on lease for 25 years. The Company has evaluated the transaction and has accounted for the lease
transaction as finance lease.
(` lakhs)
Particulars Future minimum Interest Present value
lease payments
Within one year of the balance sheet date 180.00 25.55 154.45
Later than one year but not later than five years 720.00 235.38 484.62
from the balance sheet date
Later than five years from the balance sheet date 3,419.99 2,578.97 841.02
Total 4,319.99 2,839.90 1,480.09
140

b. The Company has entered into an agreement effective January 18, 2018 for Installation and maintenance of Solar Power
panels at one of the manufacturing units, the contract is for 18 years. The Company has evaluated the transaction and has
accounted for the lease transaction as finance lease.
(` lakhs)
lease payments
Later than one year but not later than five years 706.02 322.98 383.04
from the balance sheet date
Total 3,052.11 2,156.52 895.59
56. Jindal ITF Limited, the subsidiary of the Company has secured interim awards of ` 15,850.05 lakhs during 2017-18 and ` 19,781.14
lakhs in the month of April 2018 in respect of dispute with one of its customers. The arbitration proceeding in this matter is at an
advanced stage. Based on the current status of the matter and the legal advice obtained, the Company is of the view that the
final outcome of the dispute resolution process would not have any negative impact on carrying amount of investments and
loans & advances in Jindal ITF Limited amounting to ` 1,03,519.61 lakhs and consequently no adjustment is required to be made
on the said carrying amount.
57. These financial statements were approved and adopted by board of directors of the Company in their meeting dated May 25,
2018.
58. Events after the Balance Sheet Date
The Board of directors have recommended dividend for financials year 2017-18. For details of dividend, refer Note 37.3
59. Previous year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year’s
classification
For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
141
Statement containing salient features of the financial statement of subsidiaries pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014
Form AOC - I
Part “A”: Subsidiaries
S. Name of the subsidiary Date of Note Reporting Financial Ex- Report- Share Reserves Total Total Invest- Turnover Profit/ Provision Profit/ Proposed % of
No. becoming a period period change ing Capital & Surplus Assets Liabilities ments (Loss) for (Loss) Dividend sharehol
subsidiary ended rates # Cur- before taxation after -ding/
(acquisition) rency taxation taxation Voting
Power
1 Jindal ITF Limited March 31, 2008 a, d Apr'17-Mar'18 March 31, 2018 1.00 INR 7,916.06 (49,745.62) 93,602.29 1,35,431.85 0.28 2,476.87 (35,915.64) (6,339.12) (29,576.52) - 51.00%
2 IUP Jindal Metals & Alloys Limited August 9, 2004 a Apr'17-Mar'18 March 31, 2018 1.00 INR 1,400.00 9,529.95 14,880.12 3,950.17 - 20,704.57 2,196.47 549.68 1,646.79 - 80.71%
3 S.V. Trading Limited September 5, 2007 a, c, d Apr'17-Mar'18 March 31, 2018 65.17 USD 5,832.72 23,283.42 33,096.45 3,980.31 9,179.86 - (253.91) - (253.91) - 100.00%
4 Quality Iron and Steel Limited June 24, 2011 a, b Apr'17-Mar'18 March 31, 2018 1.00 INR 5.00 (6.38) - 1.38 - - (0.09) - (0.09) - 100.00%
5 Ralael Holdings Limited June 19, 2011 a Jan'17-Dec'17 December 31, 2017 76.62 Euro 3.37 7,542.05 38,920.95 31,375.53 - - (1,187.03) 10.08 (1,197.11) - 100.00%
6 Jindal Saw Holdings FZE October 19, 2009 a Apr'17-Mar'18 March 31, 2018 17.74 AED 17,327.91 (9,141.14) 37,704.44 29,517.67 - 0.77 (1,196.57) - (1,196.57) - 100.00%
7 Greenray Holdings Limited June 19, 2011 a, e Apr'17-Mar'18 March 31, 2018 91.34 GBP 8,778.92 (9,038.06) 20.33 279.47 - - (68.79) - (68.79) - 100.00%
8 Jindal Tubular (India) Limited February 5, 2015 a Apr'17-Mar'18 March 31, 2018 1.00 INR 705.00 (689.67) 6,813.31 6,797.98 - 11,784.42 910.63 522.55 388.08 - 100.00%
9 Jindal Quality Tubular Limited September 15, 2015 a Apr'17-Mar'18 March 31, 2018 1.00 INR 956.76 616.41 23,422.45 21,849.28 - 8,287.78 (3,304.55) (919.36) (2,385.19) - 67.00%
10 JITF Shipyards Limited August 5, 2016 a Apr'17-Mar'18 March 31, 2018 1.00 INR (2,200.00) 11,327.29 9,998.23 870.94 - 255.18 (33.53) 19.17 (52.70) - 100.00%
11 Jindal Intellicom Limited August 5, 2016 a, d Apr'17-Mar'18 March 31, 2018 1.00 INR 1,076.00 2,577.86 4,333.18 679.32 1,757.28 3,051.51 24.63 1.89 22.74 - 98.78%
12 iCom Analytics Limited August 9, 2010 a Apr'17-Mar'18 March 31, 2018 1.00 INR 15.00 (27.46) 251.13 263.59 84.21 158.82 4.21 1.00 3.21 - 98.78%
13 Jindal Saw Gulf L.L.C. October 19, 2009 a Apr'17-Mar'18 March 31, 2018 17.74 AED 51,426.89 (21,637.41) 42,495.67 12,706.19 - 42,627.05 (4,652.48) - (4,652.48) - 36.75%
14 World Transload & Logistics LLC May 22, 2014 a, f Apr'17-Mar'18 March 31, 2018 65.17 USD 3,261.41 4,239.37 9,180.07 1,679.29 - 9,206.68 589.20 (185.60) 774.80 - 100.00%
15 Jindal Saw USA, LLC July 18, 2007 a Apr'17-Mar'18 March 31, 2018 65.17 USD 9,775.50 19,194.30 49,356.92 20,387.12 - 21,381.98 4,768.03 20.38 4,747.65 - 100.00%
142
16 Jindal Saw Italia S.P.A. October 1, 2010 a Jan'17-Dec'17 December 31, 2017 76.62 Euro 33,482.28 (32,711.56) 21,519.87 20,749.15 - 9,489.21 (3,553.48) 229.86 (3,783.34) - 100.00%
17 Jindal Saw Middle East FZC October 19, 2009 a Apr'17-Mar'18 March 31, 2018 17.74 AED 19,067.33 (10,216.49) 99,825.52 90,974.68 - 4,519.53 (1,919.82) - (1,919.82) - 75.00%
18 Derwent Sand SARL June 19, 2011 a, e Jan'17-Dec'17 December 31, 2017 0.56 DZD 304.45 (1,581.94) 2,624.32 3,901.81 - - (230.99) - (230.99) - 99.62%
19 Drill Pipe International LLC May 22, 2014 a Apr'17-Mar'18 March 31, 2018 65.17 USD 4,864.79 (3,851.01) 8,262.55 7,248.77 - 3,337.81 (820.98) - (820.98) - 100.00%
20 Jindal International FZE July 8, 2015 a, b Apr'17-Mar'18 March 31, 2018 17.74 AED 26.62 (25.61) 8.10 7.09 - - (7.29) - (7.29) - 100.00%
21 Jindal Intellicom LLC August 6, 2016 a Apr'17-Mar'18 March 31, 2018 65.17 USD - (6.35) 0.55 6.91 - - (6.27) - (6.27) - 98.78%
22 Sulog Transshipment Services Limited June 29, 2016 a Apr'17-Mar'18 March 31, 2018 1.00 INR 2,690.06 4,303.17 13,621.14 6,627.91 - - (844.87) - (844.87) - 51.00%
Notes:
a) Financial information has been extracted from the audited standalone financial statements.
b) Subsidiaries yet to commence operations
c) The financial statements for these subsidiaries are not required to be prepared as per the local laws of the countries where they are incorporated
d) Investment excludes investment in subsidiary.
e) Subsidiaries included in discontinued operations.
f) Comprises of consolidated results of following subsidiaries 1) Tube Technologies INC, 2) 5101 Boone LLP, 3) Helical Anchors INC, 4) Boone Real Property Holding LLC
# Exchange rates on financial year ending date.

Statement containing salient features of the financial statement of associate pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014
Form AOC - I
Part “B”: Associate
S.No. Name of the associate Date of Financial year Share in associate held by the company on Description
Networth Profit / (loss) for the year ended
becoming an ended March 31, 2018 of how there
attributable to March 31, 2018
associate is significant
shareholders as
Number of Amount of Extent of Considered Not considered
(acquisition) influence per latest in consolidation in consolidation
shares investment in holding %
audited balance
associate (` lakhs)
sheet (` lakhs)
1 Jindal Fittings Limited March 29, 2016 March 31, 2018 1,39,96,803 - 36.00% % of share capital 217.90 (540.76) -
143
CONSOLIDATED
FINANCIAL
STATEMENTS
AUDITORS' REPORT
INDEPENDENT AUDITORS’ REPORT
To the Members of Jindal SAW Limited
Report on the Consolidated Indian Accounting Standards (Ind AS) Financial Statements
1. We have audited the accompanying consolidated Ind AS financial statements of Jindal SAW Limited (“hereinafter referred to as
the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), and
associate company; (refer Note 3.3 and 58 to the attached consolidated financial statements), comprising of the consolidated
Balance Sheet as at March 31, 2018, the consolidated Statement of Profit and Loss (including Other Comprehensive Income), the
consolidated Cash Flow Statement for the year then ended and the Statement of Changes in Equity for the year then ended,
and a summary of significant accounting policies and other explanatory information prepared based on the relevant records
(hereinafter referred to as “the Consolidated Ind AS Financial Statements”).
Management’s Responsibility for the Consolidated Ind AS Financial Statements
2. The Holding Company’s Board of Directors is responsible for the preparation of these consolidated Ind AS financial statements
in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the
consolidated financial position, consolidated financial performance, consolidated cash flows and changes in equity of the
Group including its associates in accordance with accounting principles generally accepted in India including the Indian
Accounting Standards specified in the Companies (Indian Accounting Standards) Rules,2015 (as amended) under Section 133 of
the Act. The Holding Company’s Board of Directors is also responsible for ensuring accuracy of records including financial
information considered necessary for the preparation of consolidated Ind AS financial statements.The respective Board of
Directors of the companies included in the Group and of its associates are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associates respectively and
for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies;
making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error, which has been used for the purpose of preparation of the
consolidated Ind AS financial statements by the Directors of the Holding Company, as aforesaid.
3. Our responsibility is to express an opinion on these consolidated Ind AS financial statements based on our audit. While
conducting the audit, we have taken into account the provisions of the Act and the Rules made thereunder including the
accounting standards and matters which are required to be included in the audit report.
4. We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing specified
under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the consolidated Ind AS financial statements are free from
material misstatement.
5. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated Ind
AS financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of
material misstatement of the consolidated Ind AS financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Holding Company’s preparation of the consolidated
Ind AS financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Holding Company’s Board of Directors, as well as evaluating the overall presentation
of the consolidated Ind AS financial statements.
6. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their
reports referred to in sub-paragraph 9 of the Other Matters paragraph below is sufficient and appropriate to provide a basis for
our qualified audit opinion on the consolidated Ind AS financial statements.
Basis for Qualified Opinion included in Auditors report of Subsidiary Companies
7. The audit report on the financial statements of DERWENT SAND SARL and Jindal Saw USA LLC subsidiaries of the Company issued
by an independent firm of Chartered Accountants vide its Report dated April 05, 2018 and April 23, 2018 respectively contains
the following qualification, which is reproduced by us as under
a) In respect of DERWENT SAND SARL - The net situation of the Company is negative i.e. (-) 229,309,879.65 DA (equivalent INR
1347.30 Lakhs) that directly impacts the business continuity principle. The Company must comply with current regulations,
in particular article 589 of the Commercial Code (of the country) in which subsidiary company is incorporated. Since the
regulated period of 4 months has elapsed, no capital increase has been made to date (as stipulated in the AGEX resolution
held on 30.06.2017 and handle the other remarks mentioned in the technical report.
147
AUDITORS' REPORT
b) In respect of Jindal Saw USA LLC – As discussed in Note 2 to the financial statements which are for Jindal Saw USA LLC
standalone financial statements, the Company reports its investment in Drill Pipe International LLC, a 100% owned subsidiary
on cost method of accounting. The financial statements of the subsidiary company do not consolidate the financial
position or results of the operations from its subsidiary in accordance with generally accepted accounting principles
accepted in the USA and are not intended to be a full presentation under generally accepted accounting principles. In our
opinion, disclosure of this information is required by accounting principle generally accepted in the USA.
The above qualifications, as included in the subsidiary auditor’s reports do not impact our opinion on the consolidated financial
statements as:
(a) In respect of DERWENT SAND SARL – As the assets and liabilities of this subsidiary is classified and disclosed as held for sale
in the consolidated financial statements, there is no further impact of this matter on the consolidated financial statements.
(b) In respect of Jindal Saw USA LLC – Drill Pipe International LLC, the step down subsidiary, has been included in the
preparation of the Group’s consolidated financial statements. Consequently, there is no impact of this matter on the
consolidated financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated Ind
AS financial statements give the information required by the Act in the manner so required give a true and fair view in conformity
with the accounting principles generally accepted in India of the consolidated state of affairs of the Group and its associates as
at March 31, 2018, and their consolidated total comprehensive income (comprising of consolidated loss or profit and
consolidated other comprehensive income), their consolidated cash flows and consolidated changes in equity for the year
ended on that date.
Other Matter
9. We did not audit the financial statements/financial information of 26 subsidiaries whose financial statements/ financial
information reflect total assets of ` 510,129.86 lakhs and net assets of ` 110,686.46 lakhs as at March 31, 2018, total revenue of `
136,846.62 lakhs, total comprehensive income (comprising of loss and other comprehensive income) of ` (-)38,405.74 lakhs and
net cash flows amounting to ` (-)810.77 lakhs for the year ended on that date, as considered in the consolidated Ind AS financial
statements. The consolidated Ind AS financial statements also include the Group’s share of total comprehensive income
(comprising of loss and other comprehensive income) of ` (-) 540.76 lakhs for the year ended March 31, 2018 as considered in
the consolidated Ind AS financial statements, in respect of one associate company respectively, whose financial statements/
financial information have not been audited by us. These financial statements/ financial information have been audited by other
auditors whose reports have been furnished to us by the Management, and our opinion on the consolidated Ind AS financial
statements insofar as it relates to the amounts and disclosures included in respect of these subsidiaries and associate company
and our report in terms of sub-section (3) of Section 143 of the Act insofar as it relates to the aforesaid subsidiaries and associates,
is based solely on the reports of the other auditors.
Our opinion on the consolidated Ind AS financial statements and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the
other auditors.
10. The consolidated Ind AS financial statements of the Holding Company for the year ended March 31, 2017, were audited by
another firm of chartered accountants under the Companies Act, 2013 who, vide their report dated May 29, 2017, expressed an
unmodified opinion on those financial statements. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
11. As required by Section143 (3) of the Act, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit of the aforesaid consolidated Ind AS financial statements.
(b) In our opinion, proper books of account as required by law maintained by the Holding Company, its subsidiaries included
in the Group and associate companies incorporated in India including relevant records relating to preparation of the
aforesaid consolidated Ind AS financial statements have been kept so far as it appears from our examination of those books
and records of the Holding Company and the reports of the other auditors.
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including other comprehensive income),
Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity dealt with by this Report are in
agreement with the relevant books of account maintained by the Holding Company, its subsidiaries included in the Group
and associate companies incorporated in India including relevant records relating to the preparation of the consolidated
Ind AS financial statements.
(d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.
148
AUDITORS' REPORT
(e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2018 taken
on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary
companies and associate companies incorporated in India, none of the directors of the Group companies and its associate
companies incorporated in India is disqualified as on March 31, 2018 from being appointed as a director in terms of Section
164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding
Company, its subsidiary companies and associate companies incorporated in India and the operating effectiveness of
such controls, refer to our separate Report in Annexure A.
(g) With respect to the other matters to be included in the Auditors’ Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The consolidated Ind AS financial statements disclose the impact, if any, of pending litigations as at March 31, 2018 on the
consolidated financial position of the Group and its associate companies– Refer Note 47 and 60 to the consolidated Ind
AS financial statements.
ii. Provision has been made in the consolidated Ind AS financial statements, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts as at
March 31, 2018– Refer (a) Note 41 to the consolidated Ind AS financial statements in respect of such items as it relates to the
Group and its associates and (b) the Group’s share of net loss in respect of its associates.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund
by the Holding Company and its subsidiary companies and associate company incorporated in India during the year
ended March 31, 2018 except in respect of dividend amounting to ` 181.75 lakhs which has been kept in abeyance due to
pursuant to court order.
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March
31, 2018

Sougata Mukherjee
Partner
Date : May 25, 2018
Place : New Delhi
149
AUDITORS' REPORT
Annexure A to Independent Auditors’ Report
Referred to in paragraph 11(f) of the Independent Auditors’ Report of even date to the members of Jindal SAW Limited on the
consolidated financial statements for the year ended March 31, 2018
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March 31, 2018,
we have audited the internal financial controls over financial reporting of Jindal SAW Limited (hereinafter referred to as “the
Holding Company”) and its subsidiary companies and its associate companies, which are companies incorporated in India, as of
that date.
Management’s Responsibility for Internal Financial Controls
2. The respective Board of Directors of the Holding company, its subsidiary companies and its associate company, to whom
reporting under clause (i) of sub section 3 of Section 143 of the Act in respect of the adequacy of the internal financial controls over
financial reporting is applicable, which are companies incorporated in India, are responsible for establishing and maintaining
internal financial controls based on “internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (ICAI)”. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the “Guidance Note”) issued by the ICAI and the Standards on Auditing deemed to be prescribed under section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal
financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their
reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on
the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal financial control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Holding Company, its subsidiary companies and its associate company, which are companies incorporated in
India, have, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
150
AUDITORS' REPORT
Other Matters
9. Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial
controls over financial reporting insofar as it relates to nine subsidiary companies and one associate, which are companies
incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India. Our
opinion is not qualified in respect of this matter.

Sougata Mukherjee
Partner
Date : May 25, 2018
Place : New Delhi
151
CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2018

(` lakhs)
Particulars Note No. As at As at
March 31, 2018 March 31, 2017
ASSETS
(1) Non-Current Assets
(a) Property, plant and equipment 5 7,11,261.48 7,44,905.29
(b) Capital work-in-progress 5 12,638.40 10,192.95
(c) Intangible assets 6 757.63 560.83
(d) Financial assets
(i) Investments 7 10,890.02 11,723.92
(ii) Trade receivables 8 1,261.86 -
(iii) Loans 9 27,492.62 30,207.56
(iv) Other financial assets 10 18,978.97 19,748.83
(e) Deferred tax assets (Net) 43 32,742.80 26,988.70
(f) Other non-current assets 11 2,473.26 287.41
(2) Current Assets
(a) Inventories 12 2,46,310.50 2,30,983.79
(b) Financial assets
(i) Investments 13 134.26 181.23
(ii) Trade receivables 14 1,92,978.95 1,37,042.72
(iii) Cash and cash equivalents 15 7,190.77 9,727.34
(iv) Bank balances other than (iii) above 16 7,178.39 3,513.44
(v) Loans 17 19,172.44 16,304.91
(vi) Other financial assets 18 3,315.31 6,357.79
(c) Current tax assets (Net) 42 7,342.85 9,958.33
(d) Other current assets 19 47,453.09 50,918.63
(e) Assets held for sale 55 2,820.51 2,971.88
TOTAL ASSETS 13,52,394.11 13,12,575.55
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 20 6,395.19 6,395.19
(b) Other equity 20.1 5,43,244.51 5,32,218.56
Non-controlling interest (29,640.08) (12,660.46)
Liabilities
(1) Non-Current Liabilities
(i) Borrowings 21 3,31,145.54 3,30,222.68
(iii) Other financial liabilities 23 2,952.17 2,941.00
(b) Provisions 24 10,008.53 8,748.90
(c) Deferred tax liabilities (Net) 43 49,604.15 46,082.28
(d) Other non-current liabilities 25 11,776.26 11,586.04
(2) Current Liabilities
(i) Borrowings 26 2,72,553.22 2,19,799.28
(iii) Other financial liabilities 28 48,192.28 1,00,629.71
(b) Other current Liabilities 29 36,325.72 15,522.64
(c) Provisions 30 1,475.70 1,160.53
(d) Current tax liabilities (Net) 42 2,939.99 103.95
(e) Liabilities associated with assets held for sale 55 3,819.30 4,049.30
TOTAL EQUITY AND LIABILITIES 13,52,394.11 13,12,575.55
This is the consolidated balance sheet referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
152
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
March 31, 2018 March 31, 2017
I. Income
Revenue from operations 31 8,53,593.92 7,34,306.42
Other income 32 15,613.22 19,784.91
Total Income (I) 8,69,207.14 7,54,091.33
II. Expenses
Cost of materials consumed 5,14,620.05 3,81,788.13
Purchase of stock-in-trade 1,188.43 12.54
Changes in inventories of finished goods,
stock-in- trade and work-in-progress 33 (25,788.22) (690.70)
Employee benefits expense 34 75,727.14 78,429.10
Finance costs 35 57,915.28 56,863.46
Depreciation and amortisation expense 36 36,348.21 33,740.53
Excise duty 5,770.96 27,294.28
Other expenses 37 1,80,431.27 1,66,078.36
Total Expenses (II) 8,46,213.12 7,43,515.70
III. Profit/(loss) before exceptional items and tax (I-II) 22,994.02 10,575.63
IV. Exceptional items - income / (expense) 57 (9,080.78) 9,589.21
V. Share of profit/ (loss) of associate (540.43) (858.72)
VI. Profit/ (loss) before tax (III+IV+V) 13,372.81 19,306.12
VII. Tax expense:
(1) Current tax 42 13,022.70 11,945.58
(2) Deferred tax 43 288.85 (5,671.59)
Total Tax expense (VII) 13,311.55 6,273.99
VIII. Profit/ (loss) for the year from continuing operations (VI-VII) 61.26 13,032.13
IX. Profit/(loss) from discontinued operations (4,355.52) (13,325.84)
X. Tax credit / (expenses) of discontinued operations 3,196.16 4,145.67
XI. Profit/(loss) from discontinued operations
(after tax) (IX+X) 55 (1,159.36) (9,180.17)
XII. Profit/(loss) for the year (VIII+XI) (1,098.10) 3,851.96
XIII. Profit/(loss) for the year attributable to:
Owners of the parent 17,849.71 11,377.05
(1,098.10) 3,851.96
XIV. Other Comprehensive Income:
A. Items that will not be reclassified to profit or loss
(i) Re-measurement gain/ (loss) on defined benefit plans 265.28 (1,144.94)
Income tax effect on above (93.97) 395.06
(ii) Share of profit/ (loss) of associate (0.33) (0.20)
(iii) Equity instruments through other comprehensive income (867.89) 0.08
Income tax effect on above (0.10) (0.02)
153
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
March 31, 2018 March 31, 2017
B. Items that will be reclassified to profit or loss
(i) Exchange differences in translating the financial statements
of a foreign operation (2,330.35) 1,116.11
(ii) Debt instruments through other comprehensive income 72.84 129.98
Income tax effect on above (16.70) (28.65)
(2,971.22) 467.42
XV. Total Comprehensive Income for the year (XIII+XIV) (4,069.32) 4,319.38
(Comprising profit/ (loss) and other comprehensive
income for the year)
XVI. Other Comprehensive Income for the year attributable to:
Owners of the parent (2,877.38) 385.79
Non-controlling interest (93.84) 81.63
(2,971.22) 467.42
XVII. Total Comprehensive Income for the year attributable to:
Owners of the parent 14,972.33 11,762.84
(4,069.32) 4,319.38
XVIII. Earning per Equity Share (face value of ` 2/- each)
(for continuing operation) 52
(1) Basic 5.91 6.13
(2) Diluted 5.91 6.13
XIX. Earning per Equity Share (face value of ` 2/- each)
(for discontinued operation) 52
(1) Basic (0.36) (2.87)
(2) Diluted (0.36) (2.87)
XX. Earning per Equity Share (face value of ` 2/- each) 52
(for discontinued and continuing operation)
(1) Basic 5.55 3.26
(2) Diluted 5.55 3.26
This is the consolidated statement of profit and loss referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
154
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2018
A. Equity Share Capital (` lakhs)

As at Changes in equity Balance as at Changes in equity Balance as at
April 1, 2016 share capital during 2016-17 March 31, 2017 share capital during 2017-18 March 31, 2018
6,090.72 304.47 6,395.19 - 6,395.19
B. Other Equity (` lakhs)
Particulars Note No Equity Reserves and Surplus Items of Other Comprehensive Income Total Non-
component items that will be reclassified items that will not be reclassified controlling
Securities Debenture General Capital Retained
of to profit and loss to profit and loss interest
Premium Redemption Reserve Reserve on Earnings
compound
Reserve Reserve Consolidation Exchange Debt Re- Equity Total other
financial
instruments differences instruments measure- Instruments compre-
on translating through ments of through hensive
the financial Other the net Other income
statements of Compre- defined Compre-
a foreign hensive benefit hensive
operation Income Plans Income
Balance as at April 1, 2016 12,346.25 53,232.97 13,932.00 3,09,662.65 - 1,09,690.78 7,782.64 76.70 (549.07) (29.38) 7,280.89 5,06,145.54 (597.72)
Profit for the year - - - - - 11,377.05 - - - - - 11,377.05 (7,525.09)
Other comprehensive Income - - - - - - 1,033.75 100.09 (748.11) 0.06 385.79 385.79 81.63
Dividend payments including dividend distribution tax $ 38.3 - - - - - (3,848.52) - - - - - (3,848.52) -
Transfer from retained earnings - - 358.00 - - (358.00) - - - - - - -
Transfer from debenture redemption reserve - - (3,750.00) 3,750.00 - - - - - - - - -
Capital reserve on business combination - - - - 1,975.81 - - - - - - 1,975.81 -
155
Addition/(transfer) including addition to equity share capital 20 (12,346.25) 12,041.78 - - - - - - - - - (304.47) -
Provision for premium on redemption of debenture - (945.77) - - - - - - - - - (945.77) -
Transaction with non-controlling interests - - - - - 17,349.45 82.37 - 1.31 - 83.68 17,433.13 (4,619.28)
Balance as at March 31, 2017 - 64,328.98 10,540.00 3,13,412.65 1,975.81 1,34,210.76 8,898.76 176.79 (1,295.87) (29.32) 7,750.36 5,32,218.56 (12,660.46)
Profit for the year - - - - - 17,849.71 - - - - - 17,849.71 (18,947.81)
Other comprehensive Income - - - - - - (2,241.68) 55.45 176.84 (867.99) (2,877.38) (2,877.38) (93.84)
Dividends payments including dividend distribution tax $ 38.3 - - - - - (3,848.52) - - - - - (3,848.52) -
Transfer from retained earnings - - 358.00 - - (358.00) - - - - - - -
Transfer from debenture redemption reserve - - (2,500.00) 2,500.00 - - - - - - - - -
Provision for premium on redemption of debenture - (95.02) - - - - - - - - - (95.02) -
Transaction with non-controlling interests - - - - - (2.84) - - - - - (2.84) 2,062.03
Balance as at March 31, 2018 - 64,233.96 8,398.00 3,15,912.65 1,975.81 1,47,851.11 6,657.08 232.24 (1,119.03) (897.31) 4,872.98 5,43,244.51 (29,640.08)
This is the consolidated statement of changes in equity referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee Narendra Mantri
Partner Head Commercial & CFO
Sunil K. Jain
Membership Number: 057084 Company Secretary
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
March 31, 2018 March 31, 2017
A. CASH INFLOW/ (OUTFLOW) FROM THE OPERATING ACTIVITIES
Net profit/(loss) before tax and after exceptional
items from continuing operations 13,372.81 19,306.12
Net profit/(loss) before tax and after exceptional
items from discontinued operations (4,355.52) (13,325.84)
Adjustments for :
Add/(less)
Depreciation and amortisation 36,589.36 34,743.19
Income from government grant (894.08) (435.73)
Interest expense and bank charges 55,541.05 53,396.63
Interest from finance lease (656.15) (2,134.80)
Loss on sale of fixed assets (net) (Including exceptional items) 13,012.64 7,807.79
Provision for doubtful debts written back (791.32) (56.66)
Liquidated damages 1,025.19 119.65
Bad debts 457.57 4,775.43
Provision for doubtful debts 4,196.80 2,281.23
Share of profit/(loss) of associate 540.43 858.72
Dividend received on investments (0.30) -
Effect of Unrealised foreign exchange (gain)/loss 778.44 (4,406.15)
Net (gain)/loss on derivatives (2,746.98) (5,222.00)
Gain/(loss) on sale of current investments (52.01) (35.36)
Gain/(loss) on fair valuation of investment (0.68) (1.05)
Liquidated damages received (49.29) (626.96)
Interest income (9,507.70) 97,442.97 (8,760.49) 82,303.44
Operating profit before working capital changes 1,06,460.26 88,283.72
Adjustments for :
Inventories (16,355.06) 7,917.24
Trade receivables (64,399.35) 25,782.17
Loans, other financial assets and other assets 3,338.65 23,035.01
Trade payables 16,633.04 (8,900.16)
Other financial liabilities, provisions and other liabilities 17,812.69 (42,970.03) (9,138.16) 38,696.10
Cash generated from operations 63,490.23 1,26,979.82
Tax paid (6,979.28) (10,704.01)
Net cash inflow / (outflow) from operating activities 56,510.95 1,16,275.81
B. CASH INFLOW/(OUTFLOW) FROM INVESTMENT ACTIVITIES
Purchase/sale of current investments (net) 99.60 12,591.60
Purchase of non-current investments (4,094.67) (9,521.38)
Purchase/sale of government securities - 0.50
Investment in mutual funds (100.00) (300.00)
Sale of mutual funds 164.88 -
Sale of interest in subsidiary - 3,971.20
Acquisition of subsidiaries - (6,171.67)
Dividend received on Investments 0.30 -
Purchase of property, plant and equipment and intangibles (27,425.38) (29,189.02)
Sale proceeds from property, plant and equipment and intangibles 8,604.40 580.87
Lease rent (net of investments) 1,286.58 3,859.76
Loans given to related parties (2,486.21) (26,451.26)
Loans received back from related parties 6,737.91 2,190.10
156
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2018
(` lakhs)
March 31, 2018 March 31, 2017
Inter-corporate loans and other parties loans given (1,107.41) (3,327.12)
Inter-corporate loans and other parties loans received back 509.76 514.24
Interest received 5,781.03 8,699.50
Net cash inflow/(outflow) from investing activities (12,029.21) (42,552.68)
C. CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES
Dividend paid including dividend distribution tax (3,519.99) (3,814.28)
Transaction with non controlling interest 2,059.19 12,690.73
Interest and bank charges paid (54,509.75) (53,564.01)
Increase/(decrease) in loan from related parties 11,308.00 25,591.68
Increase/(decrease) in current borrowings 54,153.95 (46,690.82)
Proceeds from non-current borrowings 32,547.51 62,587.18
Repayment of long- term borrowings (80,612.15) (56,143.16)
Payment of finance lease (165.00) -
Redemption of debentures including premium (8,217.50) (22,250.56)
Net cash inflow/(outflow) from financing activities (46,955.74) (81,593.24)
Net changes in cash and cash equivalents (2,474.00) (7,870.11)
Cash and cash equivalents at beginning of the year
of continuing operations 9,727.34 17,745.08
Cash and cash equivalents at beginning of the year
of discontinued operations 4.69 76.65
Add: Upon acquisition of subsidiary - 6.31
Less: Upon disposal of subsidiaries - (112.38)
Exchange difference on translation of foreign
currency cash and cash equivalents (46.39) (113.52)
Cash and cash equivalents at end of the year 7,211.64 9,732.03
Cash and cash equivalents at end of the year
of continuing operations 7,190.77 9,727.34
Cash and cash equivalents at end of the year
of discontinued operations 20.87 4.69
Cash and cash equivalents at end of the year 7,211.64 9,732.03
NOTES:
1. Increase/(decrease) in short term borrowings are shown net of repayments.
2. Figures in bracket indicates cash out flow.
3. The above cash flow statement has been prepared under the indirect method set out in IND AS - 7 'Statement of Cash Flows'
4. Significant non cash movements in borrowings are towards foreign exchange fluctuations and other adjustments amounting
to 4356.94 lakhs (March 31, 2017 - ` 5,217.99)
5. Expenses disclosed in the cash flow above includes those of discontinued operations of the Group whereas in the statement
of profit and loss such expenses are adjusted in arriving at profit/ (loss) for the year from continued operations. Such
This is the consolidated statement of cash flows referred to in our report of even date For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
157
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Corporate and General Information
Jindal SAW Limited (“JSAW” or ‘’Parent’’) is domiciled and incorporated in India and its shares are publicly traded on the National
Stock Exchange (‘NSE’) and the Bombay Stock Exchange (‘BSE’), in India. The registered office of JSAW is situated at A-1, UPSIDC
Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura, 281403 (U.P.) India.
Under Companies Act, 2013, Group is defined as parent, subsidiaries, joint ventures and associates. For the purpose of these
financial statements, the aforesaid definition under Companies Act, 2013 has been considered.
Group is a leading global manufacturer and supplier of Iron & Steel pipe products, fittings and accessories with manufacturing
facilities in India, USA, Europe and UAE. Its products have application in oil and gas exploration, transportation, power
generation, supply of water for drinking, drainage, irrigation purposes and other industrial applications.
Information of principal shareholders of the Parent is provided in Note 20.
2. Basis of preparation
The consolidated financial statements comply in all material aspects with Indian Accounting Standards (IND AS) notified under
Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant
provisions of the Act.
The Group has consistently applied the accounting policies used in the preparation for all periods presented.
The Significant accounting policies used in preparing the consolidated financial statements are set out in Note 3 of the Notes to
the consolidated financial statements.
3. Significant Accounting Policies
3.1 Basis of Measurement
The consolidated financial statements have been prepared on an accrual basis and under the historical cost convention except
following which have been measured at fair value:
• Certain financial assets and liabilities except certain Investments and borrowings carried at amortised cost,
• assets held for sale – measured at fair value less cost of disposal,
• defined benefit plans – plan assets measured at fair value,
• derivative financial instruments,
The consolidated financial statements are presented in Indian Rupees (`), which is the Group’s functional and Group’s
presentation currency and all amounts are rounded to the nearest lakhs (` 00,000) and two decimals thereof, except as stated
otherwise.
3.2 Use of Estimates
The preparation of the financial statements requires management to make estimates and assumptions. Actual results could vary
from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision effects only that period or in the period of
the revision and future periods if the revision affects both current and future years (refer Note 4 on significant accounting
estimates, assumptions and judgements).
3.3 Basis of consolidation
The consolidated financial statements relate to Parent company, subsidiaries and associates (‘Group’). Subsidiary are those
entities in which the Parent directly or indirectly, has interest more than 50% of the voting power or otherwise control the
composition of the board or governing body so as to obtain economic benefits from activities. The group controls an entity
when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the group. They are deconsolidated from the date that control ceases. The consolidated financial
statements have been prepared on the following basis:-
a) The financial statements of the subsidiaries are combined on a line-by–line basis by adding together the like items of
assets, liabilities, income and expenses after fully eliminating intra-group balances and intra-group transactions and
unrealized profits or losses in accordance with IND AS 110 –‘Consolidated Financial Statements’ notified under Section 133
of the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as amended time to time.
b) Interest in associates and joint ventures are consolidated using equity method as per IND AS 28 – ‘Investment in Associates
and Joint Ventures’. Under the equity method, post-acquisition attributable profit/losses are adjusted in the carrying value
of investment upto the Group investment in the joint venture and associate.
c) In the case of foreign subsidiaries, being non-integral foreign operations, revenue items are consolidated at the average
exchange rates prevailing during the year. All assets and liabilities are converted at rates prevailing at the end of the year.
Components of equity are translated at closing rate. Any gain / (loss) on exchange difference arising on consolidation is
recognized in the Foreign Currency Translation Reserve (FCTR).
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d) The acquisitions of businesses outside the Group are accounted for using the acquisition method. The difference between
the cost of investment in the subsidiaries and the Parent's share of net assets at the time of acquisition of control in the
subsidiaries is recognised in the financial statement as goodwill. However, resultant gain (bargain purchase) is recognized
in other comprehensive income on the acquisition date and accumulated to capital reserve in equity.
e) Non-controlling Interest (NCI) in the net assets of the consolidated subsidiaries is identified and presented in the
consolidated Balance Sheet separately from liabilities and the equity attributable to the Parent's shareholders. NCI in the net
assets of the consolidated subsidiaries consists of:
- The amount of equity attributable to NCI at the date on which investment in a subsidiary is made; and
- The NCI share of movement in the equity since the date the parent subsidiary relationship came into existence.
f) NCI in the total comprehensive income (comprising of profit and loss and other comprehensive income) for the year, of
consolidated subsidiaries is identified and adjusted against the total comprehensive income of the Group. Where
accumulated losses attributable to the NCI before the date of transition to IND AS i.e. April 1, 2014 are in excess of their
equity, in the absence of actual obligation of the NCI, the same is accounted for by Parent. However, losses attributable
over and above the share of NCI are borne by NCI even if it results in their deficit balance subsequent to IND AS transition
date.
g) Where Group has contractual obligation (Put, call or any other) to deliver cash or another financial asset and to settle any
compound financial instruments classified by subsidiary as equity or mix of equity and liability, to the extent there is such
an obligation or a component of it subject to obligation, the equity component considered by subsidiary is classified as
financial liability in consolidated financial statement.
h) For acquisitions of additional interests in subsidiaries, where there is no change in control, the Group recognises a reduction
to the non-controlling interest of the respective subsidiary with the difference between this figure and the cash paid,
inclusive of transaction fees, being recognised in equity. In addition, upon dilution of non-controlling interests the
difference between the cash received from sale or listing of the subsidiary shares and the increase to non-controlling
interest is also recognised in equity. If the Group loses control over a subsidiary, it derecognises the related assets
(including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is
recognised in profit and loss. Any investment retained is recognised at fair value. The results of subsidiaries acquired or
disposed of during the year are included in the consolidated Profit and Loss Statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
i) The consolidated financial statements are prepared using uniform accounting policies for like transactions and other events
in similar circumstances and are presented in the same manner as the companies separate financial statements.
3.4 Business Combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the
• fair values of the assets transferred;
• liabilities incurred to the former owners of the acquired business;
• equity interests issued by the group; and
• fair value of any asset or liability resulting from a contingent consideration arrangement.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the
acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share
of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred.
The excess of the
• consideration transferred;
• amount of any non-controlling interest in the acquired entity, and
• acquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of
the net identifiable assets of the business acquired, the difference is recognised in other comprehensive income and
accumulated in equity as capital reserve provided there is clear evidence of the underlying reasons for classifying the business
combination as a bargain purchase. In other cases, the bargain purchase gain is recognised directly in equity as capital reserve.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at
which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.
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Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity
interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement
are recognised in profit or loss or other comprehensive income, as appropriate.
3.5 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The board of directors of Jindal SAW Limited has appointed Group CEO which assesses the financial performance and
position of the Group, and make strategic decisions. The Group CEO has been identified as being the chief decision maker.
Refer Note 40 for segment information provided.
3.6 Property, Plant and Equipment
Property, Plant and Equipment are carried at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the group and the cost of the item can be
measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Cost of mine development is capitalised as Property, Plant and Equipment under the heading ‘’Mine development’’ in the year
in which they are incurred.
Assets are depreciated to the residual values on a straight line basis over the estimated useful lives based on technical estimates,
except, moulds which are depreciated based on units of production method. Assets residual values and useful lives are
reviewed at each financial year end considering the physical condition of the assets and benchmarking analysis or whenever
there are indicators for review of residual value and useful life. Freehold land is not depreciated. Estimated useful lives of the
assets are as follows:
Category of assets Years
Leasehold Land 25-99
Leasehold improvements 7-60
Moulds Units of production
Buildings 3-50
Plant and Machinery 10-50
Electrical Installations 10-25
Containers, Barges and Vessels 5-30
Mine Development 5
Computer Equipments 3-8
Furniture and Fixtures 3-5
Office Equipments 3-5
Vehicles 3-10
The gain or loss arising on the disposal or retirement of an item of Property, Plant and Equipment is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss in the
year of disposal or retirement.
3.7 Intangible Assets
Identifiable intangible assets are recognised a) when the Group controls the asset, b) it is probable that future economic
benefits attributed to the asset will flow to the Group and c) the cost of the asset can be reliably measured.
Computer software’s are capitalised at the amounts paid to acquire the respective license for use and are amortised over the
period of license, generally not exceeding six years on straight line basis. The assets’ useful lives are reviewed at each financial
year end.
3.8 Impairment of non-current assets
Non-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the
end of each reporting period.
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3.9 Cash and cash equivalents
Cash and cash equivalents includes cash on hand and at bank, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less that are readily convertible to a known amount of cash and are
subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments.
For the purpose of the Statement of Cash Flows, cash and cash equivalents consists of cash and short term deposits, as defined
above, net of outstanding bank overdraft as they being considered as integral part of the Group’s cash management. Bank
overdrafts are shown within borrowings in current liabilities in the balance sheet.
3.10 Inventories
Inventories are valued at the lower of cost and net realizable value except scrap, which is valued at net realizable value. Net
realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
estimated costs necessary to make the sale. The cost of inventories comprises of cost of purchase, cost of conversion and other
costs incurred in bringing the inventories to their respective present location and condition. Cost is computed on the weighted
average basis.
3.11 Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified
in an arrangement.
A lease is classified at the inception date as a finance lease or an operating lease.
a) Finance lease
Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of
ownership are classified as finance leases.
As a lessor - Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the
present value of the minimum lease payments. Lease receipts are apportioned between the reduction of lease receivable
and finance income so as to achieve a constant rate of interest on the remaining balance of the receivable for each period.
The corresponding rent receivables, net of finance charges, are included in current and non-current other financial asset.
The interest element of lease is accounted in the Statement of Profit and Loss over the lease period.
As a lessee - Assets taken on leases are capitalised at the commencement of the lease at the inception date at lower of fair
value of the leased property or present value of the minimum lease payments. Lease payments are apportioned between
finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of
the liability. Finance charges are recognised in finance costs in the Statement of Profit or Loss. A leased asset is depreciated
b) Operating lease
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Initial direct costs incurred by the lessor in negotiating and arranging an operating lease are added to the
carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent
rents are recognised as revenue in the period in which they are earned. Payments/receipts (excluding costs for services
such as insurance and maintenance) under operating lease are recorded in the Statement of Profit and Loss on a straight
line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation
to compensate for the expected inflationary cost increases.
Assets taken on leases are capitalised at the commencement of the lease at the inception date at lower of fair value of the
leased property or present value of the minimum lease payments. Lease payments are apportioned between finance
charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the
liability. Finance charges are recognised in finance costs in the Statement of Profit or Loss. A leased asset is depreciated
3.12 Employee benefits
a) Short term employee benefits are recognized as an expense in the Statement of Profit and Loss of the year in which the
related services are rendered. Liabilities for wages and salaries, including non-monetary benefits that are expected to be
settled wholly within 12 months after the end of the period in which the employees render the related service are
recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in
the balance sheet.
b) Leave encashment benefit is accounted for using the projected unit credit method, on the basis of actuarial valuations
carried out by third party actuaries at each Balance Sheet date. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited to profit and loss in the period in which they
arise.
c) Contribution to provident fund, a defined contribution plan, is made in accordance with the statute, and is recognised as
an expense in the year in which employees have rendered services.
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d) The liability or asset recognised in the balance sheet in respect of gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation denominated in INR is determined by discounting the estimated future
cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms
approximating to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income. They are included in retained
earnings in the statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are
recognised immediately in profit or loss as past service cost.
The Group operates number of defined benefit plans for gratuity, which requires contributions to be made to a separately
administered funds. These funds are managed by a various trusts. These trusts have taken policies from an insurance
company. These benefits are partially funded.
3.13 Discontinued operation and non-current assets (or disposal groups) held for sale or distribution
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at
the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising
from employee benefits, financial assets and contractual rights under insurance contracts, which are specifically exempt from
this requirement.
An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs
to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in
excess of any cumulative impairment loss previously recognised.
A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the
date of de-recognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified
as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue
to be recognised.
Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented
separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented
separately from other liabilities in the balance sheet.
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that
represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose
of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of
discontinued operations are presented separately in the statement of profit and loss.
3.14 Foreign currency translation
a) Functional and presentation currency
Consolidated financial statements have been presented in Indian Rupees (`), which is the Group’s functional currency and
Group’s presentation currency. Each entity in the Group determines its own functional currency (the currency of the
primary economic environment in which the entity operates) and items included in the financial statements of each entity
are measured using that functional currency.
b) Transaction and balances
Transactions in foreign currencies are initially recorded by the entities in Group at their respective functional currency rates
prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the year-end
exchange rates are recognised in profit and loss.
Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit and
loss, within finance costs. Exchange gain and loss on debtors, creditors and other than financing and investing activities on
a net basis are presented in the statement of profit and loss, as other expenses. All other foreign exchange gains and losses
are presented in the statement of profit and loss on a net basis within other gains/ (losses).
Non-monetary items that are measured at fair value in foreign currency are translated using the exchange rates at the date
when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part
of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equity
instruments held at fair value through profit and loss are recognised in profit and loss as part of the fair value gain or loss
and translation differences on non-monetary assets such as equity investments classified as FVOCI are recognised in other
comprehensive income.
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3.15 Financial instruments – initial recognition, subsequent measurement and impairment
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
a) Financial Assets
Financial Assets are classified at amortised cost or fair value through other comprehensive income or fair value through
profit and loss, depending on its business model for managing those financial assets and the assets contractual cash flow
characteristics.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.
For investments in debt instruments, this will depend on the business model in which the investment is held. For
investments in equity instruments, this will depend on whether the Group has made an irrevocable election at the time of
initial recognition to account for the equity investment at fair value through other comprehensive income.
The Group reclassifies debt investments when and only when its business model for managing these assets changes.
For impairment purposes significant financial assets are tested on an individual basis, other financial assets are assessed
collectively in groups that share similar credit risk characteristics.
Measurement
At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of
financial assets carried at fair value through profit or loss are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are
solely payment of principal and interest.
Investment in Debt instruments
Subsequent measurement of debt instruments depends on the group’s business model for managing the asset and the cash
flow characteristics of the asset. There are three measurement categories into which the group classifies its debt instruments:
• Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Financial assets classified at amortised cost are
subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. Interest
income from these financial assets is included in finance income using the effective interest rate method.
• Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and
for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are
measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and
losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest
income from these financial assets is included in other income using the effective interest rate method.
• Fair value through profit or loss (FVPL): Any financial asset that does not meet the criteria for classification as at amortized
cost or as financial assets at fair value through other comprehensive income, is classified as at financial assets at fair value
through profit or loss. Financial assets at fair value through profit or loss are at each reporting date fair valued with all the
changes recognized in the statement of profit or loss.
Trade receivables
A receivable is classified as a ‘trade receivable’ if it is in respect to the amount due from customers on account of goods sold or
services rendered in the ordinary course of business. Trade receivables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest rate method, less provision for impairment. For some trade receivables
the Group may obtain security in the form of guarantee, security deposit or letter of credit which can be called upon if the
counterparty is in default under the terms of the agreement.
Impairment is made on the expected credit losses, which are the present value of the cash shortfalls over the expected life of
financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
The estimated impairment losses are recognised in a separate provision for impairment and the impairment losses are
recognised in the Statement of Profit and Loss within other expenses.
Subsequent changes in assessment of impairment are recognised in provision for impairment and changes in impairment
losses are recognised in the Statement of Profit and Loss within other expenses.
For foreign currency trade receivable, impairment is assessed after reinstatement at closing rates.
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount of trade receivable
and the amount of the loss is recognised in the Statement of Profit and Loss within other expenses.
Subsequent recoveries of amounts previously written off are credited to other Income
Investment in equity instruments
Investment in equity securities are initially measured at fair value. Any subsequent fair value gain or loss is recognized through
Profit and Loss if such investments in equity securities are held for trading purposes. Fair value gains or losses of all other equity
securities are recognized in Other Comprehensive Income. Where the Group’s management has elected to present fair value
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gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value
gains and losses to profit and loss. Dividends from such investments are recognised in profit and loss as other income when the
Group’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other changes in fair value.
De-recognition of financial asset
A financial asset is derecognised only when
• The Group has transferred the rights to receive cash flows from the financial asset or
• Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay
the cash flows to one or more recipients.
Where the entity has transferred an asset, the Group evaluates whether it has transferred substantially all risks and rewards of
ownership of the financial asset. In such cases, the financial asset is derecognised. Where the entity has not transferred
substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the
financial asset, the financial asset is derecognised if the Group has not retained control of the financial asset. Where the Group
retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the
financial asset.
b) Financial Liabilities
At initial recognition, all financial liabilities other than fair valued through profit and loss are recognised initially at fair value
less transaction costs that are attributable to the issue of financial liability. Transaction costs of financial liability carried at fair
value through profit or loss is expensed in profit or loss.
Financial liabilities at fair value through profit and loss
Financial liabilities at fair value through profit and loss include financial liabilities held for trading. The Group has not designated
any financial liabilities upon initial measurement recognition at fair value through profit and loss. Financial liabilities at fair value
through profit and loss are accounted at each reporting date at fair value with all the changes recognized in the Statement of
Profit and Loss.
Financial liabilities measured at amortised cost
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan
facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be
drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable
that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised
over the period of the facility to which it relates.
Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these
preference shares are recognised in profit or loss as finance costs.
The fair value of the liability portion of an optionally convertible bonds is determined using a market interest rate for an
equivalent non-convertible bonds. This amount is recorded as a liability on an amortised cost basis until extinguished on
conversion or redemption of the bonds. The remainder of the proceeds is attributable to the equity portion of the compound
instrument. This is recognised and included in shareholders’ equity, net of income tax effects, and not subsequently
re-measured.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or
expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another
party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss
as other gains/(losses).
Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period
with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as
current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to
demand payment as a consequence of the breach.
Borrowings are classified as current liabilities unless the Group has unconditional right to defer settlement of the liability for at
least twelve months after reporting period.
Trade and other payables
A payable is classified as ’trade payable’ if it is in respect of the amount due on account of goods purchased or services
received in the normal course of business. These amounts represent unpaid liabilities for goods and services provided to the
Group till the end of financial year which are unpaid. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months after the reporting period. Trade payables are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest rate method.
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De-recognition of financial liability
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. The difference
between the carrying amount of a financial liability that has been extinguished or transferred to another party and the
consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in Profit and Loss as other
income or finance costs.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the group or the counterparty.
3.16 Derivative financial instruments and hedging activities
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps to hedge its foreign
currency risks and interest rate risks. Derivative financial instruments are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently re-measured at their fair value at the end of each period. The method of
recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, on
the nature of the item being hedged. Any gains or losses arising from changes in the fair value of derivatives are taken directly
to profit or loss.
3.17 Compound financial instruments
The liability component of a compound financial instrument is recognised initially at fair value of a similar liability that does not
have an equity component. The equity component is recognised initially as the difference between the fair value of the
compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction cost
is allocated to the liability and the equity component, if material, in proportion to their initial carrying amounts.
Subsequent to the initial recognition, the liability component of a compound financial instrument is measured at amortised cost
using the effective interest rate method. The equity component of a compound financial instrument is not re-measured
subsequent to initial recognition except on conversion or expiry.
3.18 Equity share capital
Ordinary shares are classified as equity. Incremental costs net of taxes directly attributable to the issue of new equity shares are
reduced from retained earnings, net of taxes.
3.19 Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs eligible for capitalisation.
Other borrowing costs are expensed in the period in which they are incurred.
3.20 Taxation
Income tax expenses or credit for the period comprise of tax payable on the current period’s taxable income based on the
applicable income tax rate, the changes in deferred tax assets and liabilities attributable to temporary differences and to unused
tax losses, minimum alternative tax (MAT) and previous year tax adjustments.
Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or
other comprehensive income, in such cases the tax is also recognised directly in equity or in other comprehensive income. Any
subsequent change in direct tax on items initially recognised in equity or other comprehensive income is also recognised in
equity or other comprehensive income, such change could be for change in tax rate.
The current income tax charge or credit is calculated on the basis of the tax law enacted or substantively enacted at the end of
the reporting period in the countries where the Parent and its subsidiaries and associates operate and generate taxable income
after considering allowances, exemptions and unused tax losses under the provisions of the applicable Income Tax Laws.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to tax
authorities. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax base of
assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from
initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates and laws that
have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.
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Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments
in subsidiaries, branches and associates and interest in joint arrangements where the group is able to control the timing of the
reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets are not recognised for temporary differences between the carrying amount and tax bases of investments
in subsidiaries, branches and associates and interest in joint arrangements where it is not probable that the differences will
reverse in the foreseeable future and taxable profit will not be available against which the temporary difference can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and
when the deferred tax balances relate to the same taxation authority.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available against which the temporary differences can be utilised.
The Group recognises Credit of MAT as an asset when there is reasonable certainty that the Group will pay normal income tax
during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the MAT
credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit to the statement of profit and
loss account and included in the deferred tax assets. The carrying amount of MAT is reviewed at each balance sheet date.
3.21 Revenue recognition and other operating income
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic
benefits will flow to the entity and specific criteria have been met for each of the Group’s activities as described below.
a) Sale of goods
The Group manufactures various types of steel pipes and pellet. Sales are recognized on transfer of significant risk and
rewards of ownership of the goods to the customer.
b) Sale of power
Revenue from the sale of power is recognised when the electricity is supplied and is measured as per the contractually
agreed tariff rates.
c) Sale of services-job work
Revenue from job work charges are recognised on completion of services and transfer of goods subject to Job Work.
Stage of completion is determined as a proportion of cost incurred to date to the total estimated contract cost. Estimated
loss on job work to be undertaken in future years are provided for in the period in which the estimate results in a loss on
job work.
d) Transportation
Revenue from Coal transportation through inland waterways is recognised on complete voyage basis/upon unloading of
the vessel/barge depending upon the risk and rewards transferred.
e) Ocean waterways business
Freight and demurrage earnings are recognized on completed voyage basis/ upon loading of the Vessel depending upon
the risk and rewards transferred. Time Charter earning are recognized on accrual basis except where the charter party
agreements have not been renewed/ finalized, in which case it is recognized on provisional basis.
f) Business Process Outsourcing and Information Technology Services
i) Business Process Outsourcing Services which comprise of call centre, back office and other support services. The
revenue from these sale of services which are continuous in nature is recognized on periodic basis.
ii) Information Technology Services which comprise of software development and support services, IT maintenance and
other development services. The revenue from sale of these services is recognized on periodic basis in case of
continuous supply of services and in case of others, on the basis of completion of service.
g) Other Operating Income
Incentives on exports and other Government Grants related to operations are recognised in books after due consideration
of certainty of utilization/receipt of such incentives. For Government grant refer Note 3.22.
h) Other Income
Interest
Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate
applicable.
Dividend
Dividend income is recognised when the right to receive dividend is established.
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3.22 Government grants
Government grants with a condition to purchase, construct or otherwise acquire long-term assets are initially measured based
on grant receivable under the scheme. Such grants are recognised in the Statement of Profit and Loss on a systematic basis over
the useful life of the asset. Amount of benefits receivable in excess of grant income accrued based on usage of the assets is
accounted as government grant received in advance. Changes in estimates are recognised prospectively over the remaining
life of the assets.
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be
received and the Group will comply with all attached conditions.
Government revenue grants relating to income are deferred and recognised in the Statement of Profit and Loss over the period
necessary to match them with the costs that they are intended to compensate.
3.23 Dividend distribution
Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividends are approved
by the shareholders. Any interim dividend paid is recognised on approval by Board of Directors. Dividend payable and
corresponding tax on dividend distribution is recognised directly in equity.
3.24 Earnings per share
Basic earnings per Share is computed using the net profit attributable to the equity shareholders’ of the Parent and weighted
average number of shares outstanding during the year. The weighted average numbers of shares also includes fixed number
of equity shares that are issuable on conversion of compulsorily convertible preference shares, debentures or any other
instrument, from the date consideration is receivable (generally the date of their issue) for such instruments.
Diluted earnings per share is computed using the net profit for the year attributable to the equity shareholder’ of the Parent and
weighted average number of equity and potential equity shares outstanding during the year including share options,
convertible preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are
converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year or date
of issuance of such potential equity shares, to the date of conversion.
3.25 Provisions and Contingencies
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to
the passage of time is recognised as interest expense.
i) Gratuity and leave encashment provision
Refer Note 3.12, for provision relating to gratuity and leave encashment.
ii) Mine restoration/ assets retirement obligation
Mine restoration expenditure is provided for in the Statement of Profit and Loss based on present value of estimated
expenditure required to be made towards restoration and rehabilitation at the time of vacation of mine. The cost estimates
are reviewed periodically and are adjusted to reflect known developments which may have an impact on the cost
estimates or life of operations. The unwinding of the discount on provision is shown as a finance cost in the Statement of
Profit and Loss.
Contingencies
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will
be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the
Notes to the financial statements. Contingent assets are not recognised. However, when the realisation of income is virtually
certain, then the related asset is no longer a contingent asset, but it is recognised as an asset.
3.26 Investment in associate
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee but is not control or joint control over those policies.
Investment in associates are accounted at equity method.
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3.27 Current versus non-current classification
The Group presents assets and liabilities in Balance Sheet based on current/non-current classification.
The Group has presented non-current assets and current assets before equity, non-current liabilities and current liabilities in
accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.
An asset is classified as current when it is:
a) Expected to be realised or intended to be sold or consumed in normal operating cycle,
c) Expected to be realised within twelve months after the reporting period, or
d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non-current.
A liability is classified as current when it is:
a) Expected to be settled in normal operating cycle,
c) Due to be settled within twelve months after the reporting period, or
d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
3.28 Recent accounting pronouncements
The new standards, amendments to shtandards that are issued but not yet effective are discussed below:
Title of standard Ind AS 115, Revenue from contracts with customers
Nature of change Ind AS 115, Revenue from contracts with customers deals with revenue recognition and establishes
principles for reporting useful information to users of financial statements about the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.
Revenue is recognised when a customer obtains control of a promised good or service and thus
has the ability to direct the use and obtain the benefits from the good or service in an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods
and services. The standard replaces Ind AS 18 Revenue and Ind AS 11 Construction contracts and
related appendices.
A new five-step process must be applied before revenue can be recognised:
1. Identify contracts with customers
2. Identify the separate performance obligation
3. Determine the transaction price of the contract
4. Allocate the transaction price to each of the separate performance obligations, and
5. Recognise the revenue as each performance obligation is satisfied.
The new standard is mandatory for financial years commencing on or after 1 April 2018 and early
application is not permitted. The standard permits either a full retrospective or a modified
retrospective approach for the adoption.
Impact The Group is in the process of assessing the detailed potential impact of Ind AS 115, Revenue from
Contracts with Customer on its financial statements and related disclosures. The Group primarily
derives its revenue from sale of goods, sale of job work services, sale of power, transportation and
ocean waterways and business process outsourcing and information technology services.
Presently, the Group is not able to reasonably estimate the impact that application of Ind AS 115 is
expected to have on its financial statements.
Date of adoption The Group intends to adopt the standard using the modified retrospective approach which means
that the cumulative impact of the adoption will be recognised in retained earnings as of 1 April 2018
and that comparatives will not be restated.
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Title of standard Appendix B to Ind AS 21 Foreign currency transactions and advance consideration
Nature of change The Ministry of Corporate Affairs (MCA) has notified Appendix B to Ind AS 21, Foreign currency
transactions and advance consideration. The appendix clarifies how to determine the date of
transaction for the exchange rate to be used on initial recognition of a related asset, expense or
income where an entity pays or receives consideration in advance for foreign currency
denominated contracts.
For a single payment or receipt, the date of the transaction should be the date on which the entity
initially recognises the non-monetary asset or liability arising from the advance consideration (the
prepayment or deferred income/contract liability). If there are multiple payments or receipts for
one item, date of transaction should be determined as above for each payment or receipt.
The appendix can be applied:
1. retrospectively for each period presented applying Ind AS 8;
2. prospectively to items in scope of the appendix that are initially recognised
a) on or after the beginning of the reporting period in which the appendix is first applied (i.e. 1
April 2018 for entities with March year-end); or
b) from the beginning of a prior reporting period presented as comparative information (i.e. 1
April 2017 for entities with March year-end).
Impact Management has assessed the effects of applying the appendix to its foreign currency transactions
for which consideration is received/paid in advance. The Group expects this change to impact its
accounting for purchase and revenue contracts involving advance payments in foreign currency.
Presently the Group is not able to reasonably estimate the impact of the application of the appendix
B on the financial statements.
Date of adoption The Group intends to adopt the amendments prospectively to items in scope of the appendix that
are initially recognised on or after the beginning of the reporting period in which the appendix is
first applied (i.e. from 1 April 2018).
Title of standard Amendments to Ind AS 12 Income taxes regarding recognition of deferred tax assets on
unrealised losses
Nature of change The amendments clarify the accounting for deferred taxes where an asset is measured at fair value
and that fair value is below the asset’s tax base. They also clarify certain other aspects of accounting
for deferred tax assets set out below:
1. A temporary difference exists whenever the carrying amount of an asset is less than its tax base
at the end of the reporting period.
2. The estimate of future taxable profit may include the recovery of some of an entity’s assets for
more than its carrying amount if it is probable that the entity will achieve this. For example, when
a fixed-rate debt instrument is measured at fair value, however, the entity expects to hold and
collect the contractual cash flows and it is probable that the asset will be recovered for more
than its carrying amount.
3. Where the tax law restricts the source of taxable profits against which particular types of
deferred tax assets can be recovered, the recoverability of the deferred tax assets can only be
assessed in combination with other deferred tax assets of the same type.
4. Tax deductions resulting from the reversal of deferred tax assets are excluded from the
estimated future taxable profit that is used to evaluate the recoverability of those assets. This is to
avoid double counting the deductible temporary differences in such assessment.
An entity shall apply the amendments to Ind AS 12 retrospectively in accordance with Ind AS 5.
However, on initial application of the amendment, the change in the opening equity of the earliest
comparative period may be recognised in opening retained earnings (or in another component of
equity, as appropriate), without allocating the change between opening retained earnings and
other components of equity.
Impact The Group is in the process of assessing the potential impact of Ind AS 12, Income taxes on its
financial statements and related disclosures. Presently, the Group is not able to reasonably estimate
the impact that application of Ind AS 12 is expected to have on its financial statements.
Date of adoption The Group intends to adopt the standard using the modified retrospective approach which means
that the cumulative impact of the adoption will be recognised in retained earnings as of 1 April 2018
and that comparatives will not be restated.
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Title of standard Amendment to Ind AS 112, disclosure of interest in other entities

Nature of change The amendment clarify that disclosure requirements for interests in other entities also apply to
interests that are classified (or included in a disposal group that is classified) as held for sale or as
discontinued operations in accordance with Ind AS 105, Non-current assets held for sale and
discontinued operations.
Impact The Group has assessed the effect of clarification and does not expect any material impact on its
financial statements.
Date of adoption The Group intends to adopt the amendments retrospectively on transactions that are initially
recognised on or after the beginning of the reporting period in which the amendment is first
applied (i.e. from 1 April 2018).
4. Critical accounting estimates, assumptions and judgements

In the process of applying the Group’s accounting policies, management has made the following estimates, assumption and
judgements, which have significant effect on the amounts recognised in the financial statement:
(a) Property, Plant and Equipment
External adviser or internal technical team assess the remaining useful lives and residual value of property, plant and
equipment. Management believes that the assigned useful lives and residual value are reasonable, the estimates and
assumptions made to determine depreciation are critical to the Group’s financial position and performance.
(b) Intangible assets
Internal technical team or users assess the remaining useful lives of Intangible assets. Management believes that assigned
useful lives are reasonable.
(c) Income taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities.
The Group reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in estimates
may differ from actual outcome which could lead to significant adjustment to the amounts reported in the Consolidated
Financial Statements.
(d) Contingencies
Management judgement is required for estimating the possible outflow of resources, if any, in respect of
contingencies/claim/litigations against the Group as it is not possible to predict the outcome of pending matters with
accuracy.
(e) Allowance for uncollected accounts receivable and advances
Trade receivables do not carry any interest and are stated at their normal value as reduced by appropriate allowances for
estimated irrecoverable amounts. Individual trade receivables are written off when management deems them not to be
collectible. Impairment is made on the expected credit losses, which are the present value of the cash shortfall over the
expected life of the financial assets.
(f) Mine restoration obligation
In determining the fair value of the mine restoration obligation the Group uses technical estimates to determine the
expected cost to restore the mines and the expected timing of these costs. Discount rates are determined based on the
government bond of similar tenure.
(g) Insurance claims
Insurance claims are recognised when the Group has reasonable certainty of recovery. Subsequently any change in
recoverability is provided for.
(h) Liquidated damages
Liquidated damages payable are estimated and recorded as per contractual terms; estimate may vary from actuals as levy
by customer.
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5. Property, Plant and Equipment and Capital work-in-progress

(` lakhs)
Particulars Freehold Leasehold Leasehold Buildings Plant and Furniture Vehicles Office Mine Barges Containers Vessels Total Capital
Land Land Improvements Machinery and Equipments Development Work in
Fixtures and Computers Progress
Gross Block
As at April 1, 2016 94,622.21 11,789.66 2,424.63 1,27,619.74 5,73,003.38 1,516.28 3,288.27 3,421.22 531.09 29,442.90 506.92 20,590.48 8,68,756.78 25,443.73
Assets acquired in
business combinations - - - - 21.87 - 5.23 - - - - 14,863.82 14,890.92 -
Additions 51.21 - 123.26 89.89 8,861.75 61.58 88.31 169.63 - (420.42) - 8,041.47 17,066.68 16,337.67
Add/(Less): Transfer 17.73 - 33.27 2,762.82 26,364.48 46.29 234.45 350.29 - - - 1,436.89 31,246.22 (31,246.22)
(Add)/Less: Disposal/Adjustments - - 69.69 816.91 254.03 (170.53) 683.46 269.52 - 4,653.57 - 4,331.97 10,908.62 -
Add/(Less): Currency translation (94.87) - (25.86) (1,036.81) (3,421.14) (10.51) (21.57) (11.94) - - - - (4,622.70) (73.34)
Add/(Less): Transfer to held for sale - - - - - 27.76 33.14 - - - - - 60.90 -
(Add)/Less: Disposal of subsidiary - - 1,028.95 22,726.48 45,500.42 59.20 19.71 76.32 - - - - 69,411.08 268.89
As at March 31, 2017 94,596.28 11,789.66 1,456.66 1,05,892.25 5,59,075.89 1,752.73 2,924.66 3,583.36 531.09 24,368.91 506.92 40,600.69 8,47,079.10 10,192.95
Additions 234.57 861.46 - 311.90 5,991.72 90.11 182.76 328.17 - - - - 8,000.69 18,503.13
Add/(Less): Transfer 589.76 88.13 117.97 1,491.17 13,246.88 69.95 168.80 295.15 - - - - 16,067.81 (16,067.81)
(Add)/Less: Disposal/Adjustments 23.22 - 25.66 45.90 4,988.48 126.25 89.93 6.58 - - 174.99 23,272.41 28,753.42 -
Add/(Less): Currency translation 21.79 - 1.40 125.40 475.49 2.60 4.90 9.02 - - - - 640.60 10.13
Add/(Less): Transfer to held for sale - - - - - - - - - - (331.93) - (331.93) -
As at March 31, 2018 95,419.18 12,739.25 1,550.37 1,07,774.82 5,73,801.50 1,789.14 3,191.19 4,209.12 531.09 24,368.91 - 17,328.28 8,42,702.85 12,638.40
As at April 1, 2016 - 431.95 298.95 10,001.26 53,579.68 853.41 1,143.93 1,192.06 338.63 1,954.86 139.49 2,567.54 72,501.76 -
171
Charge for the period- Continued - 175.02 158.23 3,848.99 25,784.09 292.24 253.86 621.74 91.37 954.88 - 1,284.88 33,465.30 -
Charge for the period - Discontinued - - - - - 1.23 4.53 0.33 - - 57.64 938.78 1,002.51 -
(Add)/Less: Disposal/Adjustments - - 21.78 30.85 489.49 35.45 49.17 27.67 - 480.34 - 574.67 1,709.42 -
Add/(Less): Currency translation - - (4.14) (126.24) (485.50) (7.85) (13.18) (7.59) - - - - (644.50) -
Add/(Less): Transfer to held for sale - - - - - 19.05 22.93 (0.31) - - - - 41.67 -
(Add)/Less: Disposal of subsidiary - - 134.85 1,327.83 973.96 17.97 9.02 19.88 - - - - 2,483.51 -
As at March 31, 2017 - 606.97 296.41 12,365.33 77,414.82 1,104.66 1,353.88 1,758.68 430.00 2,429.40 197.13 4,216.53 1,02,173.81 -
Charge for the period- Continued - 211.11 86.90 3,382.24 28,494.11 249.72 335.39 523.36 41.73 837.72 - 1,975.67 36,137.95 -
Charge for the period - Discontinued - - - - - - - - - - 33.96 203.33 237.29 -
(Add)/Less: Disposal/Adjustments - - 11.57 3.54 2,924.98 64.58 39.93 35.18 - - 75.01 3,982.45 7,137.24 -
Add/(Less): Currency translation - - 0.52 28.05 143.77 2.26 3.59 7.45 - - - - 185.64 -
Add/(Less): Transfer to held for sale - - - - - - - - - - (156.08) - (156.08) -
As at March 31, 2018 - 818.08 372.26 15,772.08 1,03,127.72 1,292.06 1,652.93 2,254.31 471.73 3,267.12 - 2,413.08 1,31,441.37 -
Net carrying amount
As at March 31, 2017 94,596.28 11,182.69 1,160.25 93,526.92 4,81,661.07 648.07 1,570.78 1,824.68 101.09 21,939.51 309.79 36,384.16 7,44,905.29 10,192.95
As at March 31, 2018 95,419.18 11,921.17 1,178.11 92,002.74 4,70,673.78 497.08 1,538.26 1,954.81 59.36 21,101.79 - 14,915.20 7,11,261.48 12,638.40
Notes:
(i) Freehold land includes ` 1,950 lakhs (March 31, 2017 - ` 1,950 lakhs) for which conveyance deed is yet to be executed.
(ii) Addition to vessels include dry docking expenses on lease hold vessel.
(iii) Refer Note 21 and 26 for property, plant and equipment pledged as security with lenders of the Group.
(iv) Refer Note 46 for borrowing cost and foreign exchange capitalised.
(v) Refer Note 54 for disposal of subsidiaries.
(vi) Refer Note 55 for discontinued operations and assets held for sale.
(vii) Details of assets taken on finance lease are as under

(` lakhs)
Leasehold Plant and Vessel Leasehold Plant and Vessel
land Equipment land Equipment
Gross Block 949.59 1,664.83 - - - 5,487.52
Accumulated Depreciation 36.08 33.34 - - - 208.53
Net carrying amount 913.51 1,631.49 - - - 5,278.99
6. Intangible assets and Intangible assets under development

(` lakhs)
Particulars Software Intangible assets
under development
Gross Block
As at April 1, 2016 1,861.72 -
Additions 78.81 1.96
Transfer 1.96 (1.96)
(Add)/Less: Disposal/Adjustments (2.89) -
Add/(Less): Currency translation (8.66) -
Add/(Less): Transfer to held for sale 0.28 -
As at March 31, 2017 1,937.00 -
Additions 235.34 169.57
Transfer 169.57 (169.57)
(Add)/Less: Disposal/Adjustments 1.97 -
Add/(Less): Currency translation 42.67 -
As at March 31, 2018 2,382.61 -
As at April 1, 2016 1,107.17 -
Charge for the period- Continued 275.23 -
Charge for the period - Discontinued 0.12 -
(Add)/Less: Disposal/Adjustments (1.35) -
Add/(Less): Currency translation (7.86) -
Add/(Less): Transfer to held for sale 0.16 -
As at March 31, 2017 1,376.17 -
Charge for the period- Continued 210.26 -
(Add)/Less: Disposal/Adjustments 1.11 -
Add/(Less): Currency translation 39.66 -
As at March 31, 2018 1,624.98 -
Net carrying amount
As at March 31, 2017 560.83 -
As at March 31, 2018 757.63 -
Note:
Refer Note 55 for discontinued operations.
172

7. Non - Current Investments
No. of Shares/ Face value (` lakhs) No. of Shares/ Face value (` lakhs)
Certificates/ (`) Certificates (`)
Units Units
Non trade
A. Equity Shares- quoted
(At fair value through profit and loss)
a) Adani Ports Limited 10 2 0.03 10 2 0.03
b) Coal India Limited 10 10 0.03 10 10 0.03
c) ONGC Limited 15 5 0.03 10 5 0.04
d) PFC Limited 20 10 0.02 10 10 0.02
e) Reliance Industries Limited 10 10 0.17 10 10 0.10
0.28 0.22
Equity Shares- unquoted
(At fair value through other
comprehensive income)
a) Jindal Overseas Pte. Limited (Note i) - - - 1,53,000 US$ 1 -
b) Jindal System Private Limited 500 100 34.78 500 100 34.67
c) Jindal Tubular USA LLC (Note ii) 13,31,900 US$ 1 - 13,31,900 US$ 1 863.67
(At cost)
a) DI Spun Pipe Research and
Development Association 5,560 10 0.56 - - -
35.34 898.34
B. Associate
(At equity method)
Jindal Fittings Limited 1,39,96,803 10 - 1,39,96,803 10 540.76
C. Debt Component - 0.01% non cumulative
preference shares
(At amortised cost)
Jindal Tubular USA LLC (Note iii) 1,56,78,100 US$ 1 9,179.86 1,56,78,100 US$ 1 8,657.90
D. Government and other securities- unquoted
(At amortised cost)
a) National Saving Certificates (Note iv) 6 10,000 0.60 6 10,000 0.60
b) National Saving Certificates (Note iv) 30 5,000 1.50 30 5,000 1.50
2.10 2.10
E. Investment in mutual funds- unquoted
(At fair value through other
comprehensive income)
a) ICICI Prudential Fixed Maturity Plan -
Series 75 - 1100 Days - - - 12,50,000 10 161.09
b) Franklin India Corporate Bond
Opportunities Fund-Growth 10,97,864 10 198.10 10,97,864 10 183.39
c) HDFC Corporate Debt Opportunity
Fund- Growth 13,72,487 10 197.79 13,72,487 10 186.08
d) Reliance Corporate Bond Fund-Growth 27,38,181 10 383.70 27,38,181 10 360.50
e) Birla Sun Life Medium Term Plan 8,32,145 10 182.89 8,32,145 10 169.84
f) Reliance Regular Savings Fund-Debt 7,52,434 10 182.15 7,52,434 10 170.48
g) Indiabulls FMP Series V - (Plan 1) -
1175D Reg (G) 7,00,000 10 83.24 7,00,000 10 77.40
h) DSP BlackRock Fund FMP
Ser 192-36M Reg-G 10,00,000 10 121.78 10,00,000 10 112.60
i) Reliance Fixed Horizon Fund XXXII-
Series-2 Growth 10,00,000 10 110.64 10,00,000 10 102.29
j) DSP BlackRock Income Opportunities
Fund - Regular - Growth 3,75,477 10 107.43 3,75,477 10 100.93
k) Kotak Income Opportunities Fund
Reg- Growth 2,73,739 10 52.35 - - -
l) L & T Income Opportunities
Fund- Growth 2,63,091 10 52.37 - - -
1,672.44 1,624.60
Total 10,890.02 11,723.92
173
Aggregate value of unquoted non- current investments 10,889.74 11,723.70

Aggregate value of quoted non- current investments 0.28 0.22
Market value of quoted non- current investments 0.28 0.22
Aggregate net asset value of mutual fund investment 1,672.44 1,624.60
Notes
(i) In the current year Jindal Overseas Pte. Limited has been struck off as per the regulation of domicile country.
(ii) Refer Note 54 for disposal of subsidiaries
(iii) 15,678,100 shares (March 31, 2017 - 15,678,100 shares) of USD 1 each has been fair valued in previous year. Equity component has been eliminated on
consolidation and debt component of ` 9,179.86 Lakhs (including interest accrued of ` 477.38 Lakhs) (March 31, 2017 - ` 8,657.90 Lakhs (including interest accrued
of ` Nil) has been disclosed as investment in debt.
(iv) National saving certificates are pledged with government authorities.
(` lakhs)
March 31, 2018 March 31, 2017
8. Non-Current Trade Receivables
Others
Unsecured, considered good 1,261.86 -
Total Non-Current Trade Receivables 1,261.86 -
9. Non-Current Loans
Secured, considered good
Loan to other parties (including inter corporate loans) 16,815.84 -
Loans to related parties (refer Note 49) 6,723.48 11,813.32
Loan to other parties (including inter corporate loans) 3,874.83 18,318.46
Total Non-Current Loans 27,492.62 30,207.56
10. Other Non-Current Financial Assets

Lease rent receivable 13,663.95 12,311.83
Bank deposits with remaining maturity of more than 12 months # 1,455.34 3,757.55
Interest accrued but not due 21.48 7.74
Total Other Non-Current Financial Assets 18,978.97 19,748.83
# Includes ` 1328.57 lakhs (Previous year - ` 3,614.33 lakhs)
pledged with banks/government departments and others.
11. Other Non-Current Assets

Capital advances 1,845.96 275.08
Prepaid expenses 627.30 12.33
Total Other Non-Current Assets 2,473.26 287.41
12. Inventories
Raw materials # 89,470.18 1,00,036.83
Work-in-progress * 46,909.26 32,327.90
Finished goods * 67,232.95 60,094.98
Stores and spares ## 35,391.74 34,985.22
Loose tools inventory 1,161.54 918.48
Scrap * 6,144.83 2,620.38
Total Inventories 2,46,310.50 2,30,983.79
# Inventory in transit of ` 2,690.47 lakhs (previous year ` 25,231.74 lakhs).
* Excludes finished goods ` Nil (Previous year ` 1201.11 lakhs), work in progress ` Nil (Previous year ` 1006.70 lakhs) and scrap ` Nil (Previous year ` 27.84 lakhs) relating
to subsidiary sold in previous year.
## Inventory in transit of ` 428.12 lakhs (previous year ` 559.16 lakhs).
174

13. Current Investments
No. of (` lakhs) No. of (` lakhs)
Units Units
Mutual funds - unquoted
(designated as fair value through profit and loss)
IDBI Liquid Fund - Direct Plan - Growth 7,216 134.26 10,409 181.23
Total Current Investments 134.26 181.23
Aggregate value of unquoted current investments 134.26 181.23
Aggregate net asset value of mutul fund investments 134.26 181.23
(` lakhs)
March 31, 2018 March 31, 2017
14. Trade Receivables
Related Parties
Unsecured, considered good 4,389.38 13,239.51
Others
Secured, considered good 62,804.46 43,289.98
Unsecured, considered good 1,25,785.11 80,513.23
Unsecured, considered doubtful 4,923.36 3,417.85
Less: Allowance for doubtful debts [Refer Note 38(1)(c)] (4,923.36) (3,417.85)
Total Trade Receivables 1,92,978.95 1,37,042.72
15. Cash and Cash Equivalents

Balances with Banks
In current accounts 7,167.06 9,695.30
Cheques on hand 1.09 5.08
Cash-on-hand 22.62 26.96
Total Cash and Cash Equivalents 7,190.77 9,727.34
16. Other Bank Balances

In unpaid dividend accounts 761.77 433.24
Fixed deposits (with original maturity of less than 12 months and
other than considered in cash and cash equivalents)* 6,416.62 3,080.20
Total Other Bank Balances 7,178.39 3,513.44
* Includes ` 5516.62 lakhs (Previous year - ` 1,789.03 lakhs)
pledged with banks/government departments and others.
17. Current Loans

Loans to related parties (refer Note 49) 18,404.29 15,698.88
Loan to other parties (including inter corporate loans) 457.40 318.30
Total Current Loans 19,172.44 16,304.91
175

(` lakhs)
March 31, 2018 March 31, 2017
18. Other Current Financial Assets
Earnest money deposits 1,708.78 1,209.93
Interest receivable 151.04 292.47
Lease rent receivable - 1,982.55
Unbilled revenue 45.67 0.84
Insurance claims 513.50 1,529.40
Electricity Duty Refund Receivable 142.71 142.71
Other receivables 287.03 308.01
Total Other Current Financial Assets 3,315.31 6,357.79
19. Other Current Assets

Prepaid expenses 5,454.07 5,133.26
Advance to vendors 4,618.78 7,335.28
Advance to related parties (refer Note 49) 3,107.25 2,856.93
Balances with state and central government authorities 33,844.01 35,168.68
Advance to employees 428.98 424.48
Total Other Current Assets 47,453.09 50,918.63
20. Equity Share Capital

Authorised
i) 1,77,50,000 Equity Shares of ` 2/- each 35,500.00 35,500.00
ii) 1,00,00,000 Redeemable Non- Convertible
Cumulative Preference shares of ` 100/- each 10,000.00 10,000.00
45,500.00 45,500.00
Issued equity share capital
31,97,61,367 (previous year - 31,97,61,367) Equity Shares of ` 2/- each 6,395.23 6,395.23
6,395.23 6,395.23
Subscribed and fully paid-up equity share capital
31,97,57,367 (previous year - 31,97,57,367) Equity Shares of ` 2/- each 6,395.15 6,395.15
Add: Forfeited 4,000 (previous year 4,000)
Equity Shares of ` 2/- each (Partly paid up ` 1/- each) 0.04 0.04
Total Equity Share Capital 6,395.19 6,395.19
(a) Movement in equity shares issued
Equity shares
Shares outstanding as at the beginning of the year 31,97,57,367 30,45,33,881
Add : Nil (previous year 1,52,23,486)
Equity Shares of ` 2/- each issued during the year - 1,52,23,486
Shares outstanding as at the end of the year 31,97,57,367 31,97,57,367
176

(b) Details of shareholders holding more than 5% shares in the parent:
Name of Shareholders No. of % of holding No. of % of holding

shares as at shares as at
March 31, 2018 March 31, 2017
Nalwa Sons Investments Limited 5,35,50,000 16.75 5,35,50,000 16.75
Sigmatech Inc 3,01,20,000 9.42 3,01,20,000 9.42
Four Seasons Investments Limited 4,35,30,596 13.61 4,35,30,596 13.61
Danta Enterprises Private Limited 2,35,72,150 7.37 2,35,72,150 7.37
Reliance Capital Trustee Company Limited A/c
Reliance Growth Fund - - 2,25,57,446 7.05
Total 15,07,72,746 47.15 17,33,30,192 54.20
(c) Aggregate number of bonus shares issued, shares Nil Nil

issued for consideration other than cash and bought
back shares during the period of five years immediately
preceding the reporting date:
(d) 3,250 equity shares have been held in abeyance as a result of attachment orders by Government authorities, lost shares
certificates and other disputes.
(e) Terms/Rights attached to equity shares
Parent has only one class of equity shares having a par value of ` 2/- per equity share. Each equity shareholder is entitled
to one vote per share.
(` lakhs)
March 31, 2018 March 31, 2017
20.1. Other Equity
(A) Equity component of other financial instruments
Compulsorily Convertible Debentures
Opening balance - 12,346.25
Transfer to equity share capital - (12,346.25)
Closing Balance (A) - -
(B) Retained Earnings
Opening balance 1,34,210.76 1,09,690.78
Add: Profit/(loss) after tax transferred from Statement of Profit and Loss 17,849.71 11,377.05
Add: Transaction with non controlling interest (2.84) 17,349.45
Less: Dividend payments including dividend distribution tax (3,848.52) (3,848.52)
Less: Transfer to debenture redemption reserve (358.00) (358.00)
Closing Balance (B) 1,47,851.11 1,34,210.76
(C) Other Comprehensive Income (OCI) reserve
(i) Foreign Currency Translation Reserve
Addition during the year (2,330.35) 1,116.11
Share of non controlling interest 88.67 (82.36)
Transaction with non controlling interest - 82.37
Closing Balance (i) 6,657.08 8,898.76
(ii) Re-measurement gains/(losses) on defined benefit plans
Opening balance (1,295.87) (549.07)
Addition during the year 170.98 (746.14)
Share of non controlling interest 5.86 (1.97)
Transaction with non controlling interest - 1.31
Closing Balance (ii) (1,119.03) (1,295.87)
177

(` lakhs)
March 31, 2018 March 31, 2017
(iii) Equity Instruments through Other Comprehensive Income
Opening balance (29.32) (29.38)
Addition during the year (867.99) 0.06
Closing Balance (iii) (897.31) (29.32)
(iv) Debt Instruments through Other Comprehensive Income
Opening balance 176.79 76.70
Addition during the year 54.76 100.09
Share of non controlling interest 0.69
Closing Balance (iv) 232.24 176.79
Total Other Comprehensive income to owner of the parent (C = i+ii+iii+iv) 4,872.98 7,750.36
(D) Other Reserve
(i) Capital Reserve
Opening balance 1,975.81 -
Add: Capital reserve on business combination - 1,975.81
Closing Balance (i) 1,975.81 1,975.81
(ii) General Reserve
Opening balance 3,13,412.65 3,09,662.65
Add: Transfer from debenture redemption reserve 2,500.00 3,750.00
Closing Balance (ii) 3,15,912.65 3,13,412.65
(iii) Debenture Redemption Reserve
Add: Transfer during the year from Retained Earnings 358.00 358.00
Less: Transfer to General Reserve (2,500.00) (3,750.00)
Closing Balance (iii) 8,398.00 10,540.00
(iv) Securities Premium Account
Addition during the year - 12,041.78
Less: Premium on redemption of debentures (95.02) (945.77)
Closing Balance (iv) 64,233.96 64,328.98
Total Other Reserves (D = i+ii+iii+iv) 3,90,520.42 3,90,257.44
Total other equity to owner of the parent (A+B+C+D) 5,43,244.51 5,32,218.56
Nature of reserves
Retained Earnings represent the undistributed profits of the Group.
Other Comprehensive Income Reserve represents the balance in equity for items to be accounted in Other Comprehensive
Income. OCI is classified into (i) Items that will not be reclassified to profit and loss and (ii) Items that will be reclassified to profit
and loss.
Debenture Redemption Reserve represents the statutory reserve for non-convertible debentures issued. This is in accordance
with Indian Corporate Law wherein a portion of the profits are apportioned each year until the aggregate amount equals to 25%
of the face value of the debentures issued and outstanding. The reserve will be released on redemption of the debentures.
General Reserve represents the statutory reserve in accordance with Indian Corporate law wherein a portion of profit is
apportioned to general reserve. Under Companies Act, 1956 it was mandatory to transfer amount before a entity can declare
dividend, however under Companies Act, 2013 transfer of any amount to General reserve is at the discretion of the entities in
the Group.
Securities Premium Reserve represents the amount received in excess of par value of securities (equity shares, preference
shares and debentures). Premium on redemption of securities is accounted in security premium available. Where security
premium is not available, premium on redemption of securities is accounted in statement of profit and loss. Section 52 of
Companies Act, 2013 specify restriction and utilisation of security premium.
Capital Reserve on Consolidation represents gain on business combination.
178
21. Non- Current Borrowings

(` lakhs)
March 31, 2018 March 31, 2017
Secured
Non- convertible debentures 32,000.00 35,000.00
Term loans from banks 1,69,185.77 1,89,574.09
Term loans from financial Institution 6,567.56 7,862.48
Term loans from NBFC 25,979.17 16,354.36
Finance lease obligation 2,039.10 -
Loan from state financial institution 1,299.00 267.21
Loan from other parties - 919.20
Total Secured 2,37,070.60 2,49,977.34
Unsecured
Loan from related parties (refer Note 49) 68,150.64 56,501.13
Loan from others 25,924.30 23,744.21
Total Non- Current Borrowings 3,31,145.54 3,30,222.68
Secured non-convertible debentures include:

(i) 10.75% Non-Convertible Debentures of ` Nil lakhs (including ` Nil lakhs shown in current maturity) (March 31, 2017 ` 10,000
lakhs, including ` 10,000 lakhs shown in current maturity) are secured by first pari-passu charge by way of English mortgage
on the Parent Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage
of Parent Company's other immovable properties and hypothecation of movable fixed assets both present and future in
favour of Debenture Trustees. The same have been paid on April 07, 2017.
(ii) 10.50% Non-Convertible Debentures of ` 10,000 lakhs (including ` 3,000 lakhs shown in current maturity) (March 31, 2017
` 10,000 lakhs) in three series are secured by first pari- passu charge by way of English mortgage on the Parent Company's
specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Parent Company's
other immovable properties and hypothecation of movable fixed assets both present and future in favour of Debenture
Trustees. The same are repayable in three instalments of ` 3,000 lakhs (Series I), ` 3,000 lakhs (Series II) and ` 4,000 lakhs
(Series III) on September 12, 2018, September 12, 2019 and September 12, 2020 respectively.
(iii) 10.38% and 10.73% Non-Convertible Debentures of ` 12,500 lakhs each aggregating to ` 25,000 lakhs (March 31, 2017
` 25,000 lakhs) in two series are secured by first pari-passu charge by way of English mortgage on the Parent Company's
specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Parent Company's
other immovable properties and hypothecation of movable fixed assets both present and future in favour of Debenture
Trustees. The same are repayable in single instalment of ` 25,000 lakhs on December 26, 2021.
(iv) 9.50% Non-Convertible Debentures of ` Nil lakhs (March 31, 2017 ` 3,065 lakhs, including ` 3,065 lakhs shown in current
maturity) in Jindal ITF Limited are secured by hypothecation by way of subservient and continuing charge on movable
assets and pledge of 3,60,000 equity shares of Jindal ITF Limited held by Parent in favour of the debenture trustee.
Redeemable on July 16, 2017 at an IRR of 13.25% p.a. compounded annually including coupon rate of 9.50% p.a. The
debentures also have put option with investors from parent to buy the NCD's and also call option with parent.
Secured term loans from banks, financial institutions and state financial institutions include:
(i) Term Loan of ` 5,480 lakhs (rate of interest 1.50% p.a.) (Included under current maturity of long term loan ` 5,480 lakhs)
(March 31, 2017 ` 9,590 lakhs, including ` 4,110 lakhs shown in current maturity) is secured by way of second charge on all
the assets of the Parent Company's both present and future and also by way of personal guarantee of a Director. Instalment
of ` 4,110 lakhs have been paid on January 31, 2018 and Instalment of ` 5,480 lakhs repayable on January 31, 2019.
(ii) Term Loan of ` 36,791.72 lakhs [rate of interest 10.00% p.a. (March 31, 2017 - 11.40% p.a.)] (Including ` 6,000 lakhs shown in
current maturity) (March 31, 2017 ` 38,391.72 lakhs, including ` 1,600 lakhs shown in current maturity) is secured by first
pari-passu charge by way of equitable mortgage on Parent Company's immovable properties and hypothecation of
movable fixed assets both present and future. The loan is repayable in quarterly instalments in five years with annual
payments of ` 6,000 lakhs, ` 6,800 lakhs, ` 6,800 lakhs, ` 6,800 lakhs and ` 10,391.72 lakhs in financial year 2018-19, 2019-20,
2020-21, 2021-22 and 2022-23 respectively.
(iii) Term Loan of ` 9,200 lakhs [rate of interest 10.00% p.a. (March 31, 2017 - 10.45% p.a.)] (Including ` 1,500 lakhs shown in current
by way of equitable mortgage on Parent Company's immovable properties and hypothecation of movable fixed assets
both present and future. The loan is repayable in quarterly instalments in five years with annual payments of ` 1,500 lakhs,
` 1,700 lakhs, ` 1,700 lakhs, ` 1,700 lakhs and ` 2,600 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22 and 2022-23
respectively.
179
(iv) Term Loan of ` 9,500 lakhs [rate of interest 10.35% p.a. (March 31, 2017 - 10.75% p.a.)] (Including ` 500 lakhs shown in current
by way of equitable mortgage on Parent Company's immovable properties and hypothecation of movable fixed assets
both present and future. The loan is repayable in quarterly instalments in six years with annual payments of ` 500 lakhs,
` 700 lakhs, ` 700 lakhs, ` 1,200 lakhs, ` 3,200 lakhs and ` 3,200 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22,
(v) Term Loan of ` 28,500 lakhs [rate of interest 9.50% p.a. (March 31, 2017 - 9.35% p.a.)] (Including ` 750 lakhs shown in current
by way of hypothecation of movable fixed assets both present and future and is to be secured by first pari-passu charge
by way of equitable mortgage on Parent Company's immovable properties. The loan is repayable in seven years in half
yearly instalments with annual payments of ` 750 lakhs, ` 2,250 lakhs, ` 4,500 lakhs, ` 4,500 lakhs, ` 4,500 lakhs, ` 6,000 lakhs
and ` 6,000 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 respectively.
(vi) Term Loan of ` 11,875 lakhs (rate of interest 10.10% p.a. (March 31, 2017 - 10.50% p.a.)] (Including ` 2,031.25 lakhs shown in
current maturity) (March 31, 2017 ` 12,187.50 lakhs, including ` 312.50 lakhs shown in current maturity) is secured by first
movable fixed assets both present and future. The loan is repayable in five years with annual payments of ` 2,031.25 lakhs,
` 2,812.50 lakhs, ` 2,812.50 lakhs, ` 2,812.50 lakhs and ` 1,406.25 lakhs on quarterly rest in financial year 2018-19, 2019-20,
(vii) Term Loan of ` 11,875 lakhs (rate of interest 9.70% p.a. (March 31, 2017 - 10.15% p.a.)] (Including ` 2,031.25 lakhs shown in
current maturity) (March 31, 2017 ` 12,187.50 lakhs, including ` 312.50 lakhs shown in current maturity) is secured by first
movable fixed assets both present and future. The loan is repayable in five years with annual payments of ` 2,031.25 lakhs,
` 2,812.50 lakhs, ` 2,812.50 lakhs, ` 2,812.50 lakhs and ` 1,406.25 lakhs on quarterly rest in financial year 2018-19, 2019-20,
(viii) Term Loan of ` 9,500 lakhs [rate of interest 9.70% p.a. (March 31, 2017 - 10.50% p.a.)] (Including ` 250 lakhs shown in current
by way of hypothecation of movable fixed assets both present and future and is to be secured by first pari-passu charges
by way of equitable mortgage on Parent Company's immovable properties. The loan is repayable in seven years in half
yearly instalments with annual payments of ` 250 lakhs, ` 750 lakhs, ` 1,500 lakhs, ` 1,500 lakhs, ` 1,500 lakhs, ` 2,000 lakhs
and ` 2,000 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 respectively.
(ix) Term Loan of ` 14,500 lakhs (rate of interest 10.35% p.a.) (Including ` 500 lakhs shown in current maturity) (March 31, 2017
` 15,000 lakhs, including ` 750 lakhs shown in current maturity) is secured by first pari-passu charge by way of
equitable mortgage on Parent Company's immovable properties. The loan is repayable in six years in half yearly
instalments with annual payments of ` 500 lakhs, ` 1,500 lakhs, ` 3,000 lakhs, ` 3,000 lakhs, ` 3,000 lakhs and ` 3,500 lakhs in
financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 respectively.
(x) Term Loan of ` 9,500 lakhs (rate of interest 9.95% p.a.) (Including ` 250 lakhs shown in current maturity) (March 31, 2017
` 2,500 lakhs, including ` 125 lakhs shown in current maturity) is to be secured by first pari-passu charge by way of equitable
mortgage on Parent Company's immovable properties and hypothecation of movable fixed assets both present and
future. The loan is repayable in seven years in half yearly instalments with annual payments of ` 250 lakhs, ` 750 lakhs,
` 1,500 lakhs, ` 1,500 lakhs, ` 1,500 lakhs, ` 2,000 Lakhs and ` 2,000 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22,
(xi) Term Loan of ` 3,099 lakhs (rate of interest 9.70%) (Including ` 287 lakhs shown in current maturity) (March 31, 2017 USD
43,68,681.28 (` 2,832.87 lakhs), including USD 1,09,217.03 (` 70.82 lakhs) shown in current maturity, rate of interest 3 months
Libor plus 3.60% p.a.), is secured by first pari-passu charge by way of hypothecation of movable fixed assets both present
and future and is to be secured by first pari-passu charges by way of equitable mortgage on Parent Company's immovable
properties. The loan is repayable in eight years in half yearly instalments with annual payments of ` 287 lacs, ` 74 lacs, ` 222
lacs, ` 444 lacs, ` 444 lacs, ` 444 lacs, ` 592 lacs and ` 592 lacs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23,
(xii) Term Loan of USD 2,56,78,722.40 - ` 16,734.82 lakhs (rate of interest 3 months Libor plus 3.18% p.a.) (Including USD 3,26,837.50
- ` 213 lacs shown in current maturity) (March 31, 2017 ` Nil) is secured by first pari-passu charge by way of hypothecation
of movable fixed assets both present and future and is to be secured by first pari-passu charges by way of equitable
mortgage on Parent Company's immovable properties. The loan is repayable in eight years in half yearly instalments with
annual payments of USD 3,26,837.50- ` 213 lakhs, USD 6,66,979.80- ` 434.67 lakhs, USD 20,00,939.41- ` 1,304.01 lakhs, USD
40,01,878.82- ` 2,608.02 lakhs, USD 40,01,878.82- ` 2,608.02 lakhs, USD 40,01,878.82- ` 2,608.02 lakhs, USD 53,35,838.42-
` 3,477.37 lakhs and USD 53,42,490.82- ` 3,481.71 lakhs in financial year 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, 2023-24,
(xiii) Interest free loan from state financial institution, for working capital financing secured by bank guarantee for seven years
from the date of disbursement. Loan disbursed ` 2,530.40 lakhs (discounted value including interest outstanding ` 1,344.98
lakhs) (March 31, 2017 ` 520.58 lakhs (discounted value including interest outstanding ` 267.21 lakhs). Discount rate taken 10%
p.a. Repayment in bullet repayments on due date after seven years from the date of disbursement i.e. ` 520.58 lakhs in
financial year 2023-24 and ` 2,009.82 lakhs in financial year 2024-25.
180
(xiv) Term loan AED Nil - ` Nil (March 31, 2017 AED 3,93,00,000 - ` 6,906.64 lakhs, including current maturity of AED 39,300,000 -
` 6,906.64 lakhs) was obtained from a financial institution with a sanction limit of Euro 1,00,00,000 to meet the working
capital requirements. The loan carries interest @ 2.25% p.a. and was fully repaid in FY 2017-18. The said loan was secured
by the corporate guarantee of Parent.
(xv) Term Loans include Vehicle Loans of ` 206.88 lakhs (including ` 114.45 lakhs shown in current maturity) (March 31, 2017
` 186.07 lakhs, including ` 88.21 lakhs shown in current maturity) which are secured by way of hypothecation of Vehicles,
which carries rate of interest ranging from 8.15% to 10.75% p.a. (previous year from 8% p.a. to 10.75% p.a.) Loans are
repayable (monthly rest) of ` 114.45 lakhs, ` 72.78 lakhs and ` 19.65 lakhs in financial year 2018-19, 2019-20 and 2020-21
respectively.
(xvi) Term Loans include Vehicle Loan of AED 83,839 - ` 14.88 lakhs (including AED 59,172 - ` 10.50 lakhs shown in current
maturity) (As on March 31, 2017 AED 143,011 - ` 25.25 lakhs, including AED 59,172 - ` 10.45 lakhs shown in current maturity) is
secured by way of hypothecation of Vehicles, which carries rate of interest of 2.99%. The loan is repayable of AED 59,172
and AED 24,667 in financial year 2018-19 and 2019-20 respectively.
(xvii) Term loan of AED Nil- ` Nil (March 31, 2017 AED 17,41,37,269 - ` 30,744.80 lakhs) from consortium of banks (including AED
4,35,34,317- ` 7,686.20 lakhs shown in current maturity), interest rate was six month LIBOR plus 3.25% p.a. Loan was secured
by way of mortgage of immovable properties and hypothecation of movable assets (save and except book debts) both
present and future, subject to charge created/to be created in favour of banker. The loan was also secured by corporate
guarantee of parent and by personal guarantee of a director of Jindal Saw Middle East FZC.
(xviii) Term loan of AED 14,03,77,500 (` 24,909.87 lakhs) (March 31, 2017 ` Nil) carries interest rate @Libor+2.50% p.a. and is
repayable in 9 unequal instalments commencing from May 15, 2019. The loan is secured by way of commercial mortgage
on fixed and non-fixed assets of the entity and Jindal Saw Gulf LLC. Further, the loan is secured by corporate guarantee of
Jindal SAW Ltd, pledge of 49% equity interest in Jindal Saw Gulf LLC held by the Jindal Saw Middle East FZC and pledge
of 75% equity shares of Jindal Saw Middle East FZC held by Jindal Saw Holdings FZE.
(xix) Term Loan of ` Nil (March 31, 2017 ` 3,300 lakhs, including current maturity ` 3,300 lakhs) (rate of interest 11.35% p.a.) drawn
out of sanctioned limit of ` 5,000 lakhs, was secured by first charge over all current assets. The loan was repaid in June 2017.
(xx) Equipment, Real Estate and vehicles loans of USD 1,21,25,156 - ` 7,901.96 lakhs (including USD 20,47,581 - ` 1,334.40 lakhs
shown in current maturity) (March 31, 2017 USD 1,41,62,010 - ` 9,183.36 lakhs, including current maturity USD 20,36,980 -
` 1,320.88 lakhs) is obtained from financial institutions for equipment’s financing. The loan carries interest @ 3.44% to 4.15%
p.a. (previous year 3.53% to 3.99% p.a.) and is repayable in year 2018-19, 2019-20, 2020-21, 2021-22 and 2022-23 amounting
to USD 20,47,581 – ` 1,334.41 lakhs, USD 20,54,980 – ` 1,339.23 lakhs, USD 24,11,947 – ` 1,571.87 lakhs, USD 6,13,326 – ` 399.70
lakhs, USD 3,50,000 – ` 228.09 lakhs respectively and USD 46,47,322 - ` 3,028.66 lakhs from FY 2023-24 to FY 2037-38 till final
maturity.
Term loans from non-banking finance companies (NBFC)
(i) Term Loan of ` 10,000 lakhs (including ` 1,052 lakhs shown in current maturity) (March 31, 2017 ` 29,199.76 lakhs, including `
992.79 lakhs shown in current maturity) is secured by first pari-passu charge on barges and fixed infrastructures and
hypothecation of all movable fixed assets both present and future. The loan is further secured by corporate guarantee of
Parent and corporate guarantees of group companies along with pledge of equity shares held by group companies. The
loan of ` 19,199.76 lakhs was repaid in FY 2017-18. Term loan carries interest @10.60% p.a. and repayable as follows: FY
2018-19 ` 1,052 lakhs, FY 2019-20 ` 1,580 lakhs, FY 2020-21 ` 3,156 lakhs, FY 2021-22 ` 3,156 lakhs and FY 2022-23 ` 1,056 lakhs.
(ii) Term Loan of ` 9,200 lakhs (including ` 1,800 lakhs shown in current maturity) (March 31, 2017 ` 10,000 lakhs, including
current maturity of ` 800 lakhs) is secured by way of first and exclusive charge on land at Bharuch owned by subsidiary.
Further the loan is also secured by way of pledge of 100% shares of JITF Shipyard Ltd and corporate guarantee of Parent.
Term loan carries interest @ 13.10% p.a. repayable as follows: FY 2018-19 ` 1,800 lakhs, FY 2019-20 ` 2,500 lakhs, FY 2020-21
` 3,200 lakhs and FY 2021-22 ` 1,700 lakhs.
(iii) Term Loan ` 9,800 lakhs (Rate of interest 11.95% p.a.) (March 31, 2017 - ` 7,350 lakhs) is secured by first pari-passu charge on
properties. Loan is also secured by the way of pledge of 51% shares of Jindal Quality Tubular Limited and non-disposal
undertaking of 49% equity shares of Jindal Quality Tubular Ltd. The term loan is also guaranteed by Directors/Shareholder
of the subsidiary. The term loan facility are payable in monthly instalment of ` 238 lakhs each in 42 instalments starting from
FY 2019-20 ` 2,857 lakhs, 2020-21 ` 2,857 lakhs, 2021-22 ` 2,857 lakhs and 2022-23 ` 1,229 lakhs.
Secured loan from others:
Loan from other parties includes loan of USD 9,25,131 - ` 602.91 lakhs (including USD 9,25,131 - ` 602.91 lakhs shown under current
maturity) (March 31, 2017 USD 1,06,67,524 ` 6,917.36 lakhs, including current maturity of USD 92,49,994 ` 5,998.16 lakhs). Interest
rate on these loans is 1 year LIBOR plus 6% p.a.
Secured Finance Lease:
(i) Finance lease of ` 1,480.09 lakhs (including ` 154.45 lakhs shown in current maturity) (March 31, 2017 ` Nil) are effectively
secured as the rights to the leased assets recognised in the financial statements revert to the lessor in the event of default.
The discount rate considered for discounting minimum lease payments is 10% p.a. Refer Note 50 for future minimum lease
payments.
(ii) Finance lease of ` 895.59 lakhs (including ` 182.13 lakhs shown in current maturity) (March 31, 2017 ` Nil) are effectively
secured as the rights to the leased assets recognised in the financial statements revert to the lessor in the event of default.
The discount rate considered for discounting minimum lease payments is 18.70% p.a. Refer Note 50 for future minimum
lease payments.
181

Terms of unsecured borrowings:
0% Compulsorily Convertible Debentures (CCD's) through Pass through Certificates (PTC) of ` Nil (including current maturity
` Nil) (March 31, 2017 - ` 2,220 lakhs including current maturity ` 2,220 lakhs) has been purchased by the parent in current year as
per the terms of the subscription agreement.
Terms of repayment of Unsecured ECB:
(i) External Commercial Borrowings of USD Nil - ` Nil (March 31, 2017 USD 76,00,000 - ` 4,928.22 lakhs, including USD 76,00,000
- ` 4,928.22 lakhs shown in current maturity) repayable in single instalment of USD 76,00,000 - ` 4,928.22 lakhs on
November 27, 2017. The rate of Interest is 6 months USD LIBOR plus 2.30% p.a.
(ii) External Commercial Borrowing of USD Nil - ` Nil (March 31, 2017 USD 2,48,26,233.56 - ` 16,098.57 lakhs, including USD
2,48,26,233.56 - ` 16,098.57 lakhs shown in current maturity) repayable in single instalment of USD 2,48,26,233.56 -
` 16,098.57 lakhs on June 30, 2017, respectively. The rate of Interest is 6 months USD LIBOR plus 2.55% p.a.
Loan from related parties:
(i) Term loan from related parties includes loan of AED 29,19,89,178 - ` 51,813.24 lakhs (March 31, 2017 AED 18,73,94,178 -
` 33,085.38 lakhs). These loans are interest free and do not have any fixed repayment schedule.
(ii) Term loan from related parties includes loan of ` 16,337.40 lakhs (March 31, 2017 ` 23,415.75 lakhs). These loans carry interest
rate 10.75% to 11% p.a. (March 31, 2017 - 12% p.a.)
Loan from others:
Loan from other parties includes loan of Euro 3,41,59,324 - ` 25,924.30 lakhs (March 31, 2017 Euro 3,32,53,189 - ` 23,744.21 lakhs)
carry interest at rate of 3 months Libor plus 4.65% p.a., the loan is repayable by August 29, 2019.
There is no default in repayment of principal and interest thereon.
(` lakhs)
March 31, 2018 March 31, 2017
22. Non- Current Trade Payables
Total Non-Current Trade Payables 4,973.75 4,635.27
There are no amount outstanding towards Micro and small enterprises
23. Other Non-Current Financial Liabilities

Total Other Non-Current Financial Liabilities 2,952.17 2,941.00
24. Non- Current Provisions

Gratuity 4,906.47 4,105.59
Other retirement benefits 515.25 434.26
Provision for mines restoration 18.99 14.48
Total Non- Current Provisions 10,008.53 8,748.90
Refer Note 44 and 56
25. Other Non-Current Liabilities

Unamortised portion of government grant 10,980.04 10,657.04
Advances 796.22 929.00
Total Other Non-Current Liabilities 11,776.26 11,586.04
182
(` lakhs)
March 31, 2018 March 31, 2017
26. Current Borrowings

Secured - from banks
Buyers' credit 1,62,362.10 1,29,584.75
Secured - from others
Working capital loans 5,594.42 -
Total Secured 2,22,869.56 1,91,560.50
Unsecured
Working capital loans from banks 45,295.28 23,779.30
Loan from other parties 4,388.38 4,459.48
Total Current Borrowings 2,72,553.22 2,19,799.28
Terms of secured current borrowings

Loan of ` 3,524.42 lakhs (March 31, 2017 - Nil) (Rate of interest 9.50% p.a.) is secured against pledge of equity shares held by
promoter owned company. The loan has put/call option with the lender/borrower.
Loan of ` 2,069.00 lakhs (March 31, 2017 - Nil) (Rate of interest 9.50% p.a.) is secured against pledge of equity shares held by a
group company.
Borrowings from banks amounting to ` 2,17,276.14 lakhs (March 31, 2017 ` 1,91,560.50 lakhs) are secured by hypothecation of
finished goods, raw-materials, work-in-progress, stores and spares, lease hold rights, book debts and second pari-passu charge
in respect of other movable and immovable properties. Borrowings amounting to ` 11,254.41 lakhs (March 31, 2017 ` 8,397.05
lakhs) are also guaranteed by corporate guarantee given by the parent. The rate of interest for INR borrowings are in range of
7.51% to 11.25% and for foreign currency borrowings are in range of 2.06% to 5.63%.
27. Trade Payables

Micro and small enterprises* 988.15 841.47
Total Trade Payables 56,627.88 41,140.68
* Principal amount outstanding as at the year end, there is no overdue amount of principal and interest due to Micro and small
enterprises. During the year, no interest has been paid to such parties. This information has been determined to the extent
such parties have been identified on the basis of information available with the Group.
28. Other Current Financial Liabilities

Current maturities of non-current borrowings 27,091.31 72,168.16
Current maturities of finance lease obligation 336.58 -
Interest accrued but not due 4,181.71 4,546.05
Unpaid dividend 761.77 433.24
Capital creditors 3,964.07 1,204.37
Payable to employees 3,221.99 3,141.07
Other outstanding financial liabilities # 7,665.15 14,781.38
Provision for premium on redemption of debentures - 2,837.48
Total Other Current Financial Liabilities 48,192.28 1,00,629.71
# includes provision for expenses etc.
183
(` lakhs)
March 31, 2018 March 31, 2017
29. Other Current Liabilities

Unamortised portion of government grant 493.31 471.83
Unearned interest income 154.42 -
Advance from customers 8,985.86 4,953.21
Statutory dues 9,963.60 8,388.25
Others liabilities* 16,728.53 1,709.35
Total Other Current Liabilities 36,325.72 15,522.64
* Comprises of arbitration liability etc.
30. Current Provisions

Gratuity 846.11 602.30
Leave encashment 408.73 325.61
Other retirement benefits 220.86 232.62
Total Current Provisions 1,475.70 1,160.53
Refer Note 44 and 56
(` lakhs)
March 31, 2018 March 31, 2017
31. Revenue From Operations

Sale of Products
Finished goods 7,70,131.19 6,47,074.02
Sale of Services
Job work charges 48,690.00 54,288.42
Coal handling and transportation charges 477.11 542.99
Other services 3,097.58 4,037.33
Charter and container hire income 820.94 1,124.01
Cargo freight revenue - 5.02
Total Sale of Products and Services 8,23,216.82 7,07,071.79
Other Operating revenues
Sale of scrap 23,402.77 20,177.45
Government grant 894.08 435.73
Export and other government incentives 5,228.60 3,772.07
Interest from finance lease 656.15 2,134.80
Liquidated damages received 49.29 626.95
Other operating income 146.21 87.63
Total Other Operating Revenues 30,377.10 27,234.63
Total Revenue from Operations 8,53,593.92 7,34,306.42
Revenue from operations (sale of finished goods and scrap) for year ended March 31, 2018 are not comparable with previous
year since sales for the period after July 1, 2017 is net of GST whereas for the period upto June 30, 2017 was inclusive of excise
duty.
184

(` lakhs)
March 31, 2018 March 31, 2017
32. Other Income

Interest income 9,491.56 8,728.86
Dividend on non-current investment 0.30 -
Net gain/(loss) on sale of current investments 52.01 35.36
Net gain/(loss) on fair valuation of investments 0.68 1.05
Non operational scrap sales 1,482.43 1,203.69
Provision for doubtful debts written back 268.20 -
Profit on sale of property, plant and equipment and intangible assets 175.12 86.61
Net foreign currency gain/(loss) on loans 965.02 6,778.28
Net gain/(loss) on derivatives 20.99 -
Other non- operating income 3,156.91 2,951.06
Total Other Income 15,613.22 19,784.91
33. Changes in inventories of Finished Goods, Stock-in-Trade and Work-in-Progress

Opening Stock*
Finished goods 60,094.98 64,039.82
Scrap 2,620.38 2,204.33
Work in progress 31,783.46 30,194.28
Stock transferred from pre-operative stage
Finished goods - 36.47
Scrap - 113.31
94,498.82 96,588.21
Closing Stock
Finished goods 67,232.95 61,296.09
Scrap 6,144.83 2,648.22
Work in progress 46,909.26 33,334.60
1,20,287.04 97,278.91
Total Changes in Inventories for Finished Goods,
Stock-in-Trade and Work-in-Progress (25,788.22) (690.70)
* Excludes finished goods ` Nil (Previous year ` 1201.11 lakhs), work in progress ` Nil (Previous year ` 1006.70 lakhs) and scrap
` Nil (Previous year ` 27.84 lakhs) relating to subsidiary sold in previous year. Also work in progress excludes ` 544.44 lakhs
(Preivous year ` Nil) included under raw material consumption.
34. Employee Benefits Expense
Salary and wages 67,179.26 70,045.35
Contribution to provident and other funds 5,461.61 4,568.58
Workmen and staff welfare 3,086.27 3,815.17
Total Employee Benefits Expense 75,727.14 78,429.10
Refer Note 44
35. Finance Cost

Interest expense
Debentures 3,889.48 7,148.50
Term loans 24,871.57 23,289.94
Bank borrowings 14,974.87 12,849.93
Finance lease 152.91 335.71
Other interest 2,037.12 3,994.25
Other finance cost 80.78 9.03
Bank and finance charges 9,152.75 5,519.00
Net (gain)/loss on derivatives (221.42) 449.46
Net foreign currency (gain)/loss 2,977.22 3,267.64
Total Finance Cost 57,915.28 56,863.46
185

(` lakhs)
March 31, 2018 March 31, 2017
36. Depreciation and Amortisation Expense

Depreciation 36,137.95 33,465.30
Amortisation 210.26 275.23
Total Depreciation and Amortisation Expense 36,348.21 33,740.53
37. Other Expenses

Stores and spares consumed 26,651.34 28,222.92
Power and fuel 43,176.18 37,924.60
Ship and container management expenses 1,512.28 2,324.09
Job work, sub contract and other project expense 4,255.37 14,530.18
Mining expenses 7,545.71 7,489.43
Royalty expenses 2,445.36 3,373.99
Internal material handling charges 7,909.66 6,997.31
Other manufacturing expenses 3,187.04 3,665.30
Repairs to buildings 339.57 289.59
Repair and maintenance to plant and equipments 3,032.74 4,612.56
Equipment and vessel hire charges 1,169.94 2,618.15
Telecommunication link and process expenses 272.47 285.19
Rent (Refer Note 50) 3,094.15 3,103.19
Rates and taxes 507.91 997.82
Insurance 1,620.60 2,419.29
Water and electricity expense 467.90 684.74
Security expense 1,195.57 1,284.55
Repair and maintenance-others 2,058.30 1,989.75
Travelling and conveyance 4,009.60 4,100.04
Vehicle upkeep and maintenance 502.18 499.02
Postage and telephones 589.87 693.16
Legal and professional fees 3,887.06 2,775.49
Directors' meeting fees 74.10 71.45
Charity and donation [includes ` 82.47 lakhs (previous year ` 55.61 lakhs)
towards CSR expenses] [Refer Note 45(b)] 99.80 133.77
Corporate Social Responsibility [Refer Note 45(b)] 685.22 624.75
Auditors' remuneration [Refer Note 45(a)] 178.50 165.32
Commission on sales 2,227.14 3,721.86
Advertisement 151.50 162.79
Forwarding charges (net) * 44,383.77 23,862.73
Export selling expenses 5,992.89 5,300.71
Other selling expenses 2,647.66 3,807.79
Liquidated damages 1,025.19 119.65
Bad debts written off 294.50 327.14
Provision for doubtful debts and advances 4,196.80 499.42
Loss on sale/discard of property, plant and equipment and intangible assets 1,288.10 2,009.29
Net (gain)/loss on derivatives (2,525.56) (5,671.46)
Net foreign currency (gain)/loss (2,361.96) (3,456.04)
Miscellaneous expenses 2,642.82 3,518.83
Total Other Expenses 1,80,431.27 1,66,078.36
*Net of recoveries ` 9,409.57 lakhs (Previous year ` 24,048.09 lakhs]
186

38. Financial risk management
38.1 Financial risk factors
The Group’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, and financial
guarantee contracts. The main purpose of these financial liabilities is to manage finances for the Group’s operations. The Group
has loan and other receivables, trade and other receivables, finance lease receivable and cash and short-term deposits that
arise directly from its operations. The Group also enters into derivative transactions. The Group’s activities expose it to a variety
of financial risks:
i) Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as
equity risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits,
investments, and derivative financial instruments. Foreign currency risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value
or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. This is based on the
financial assets and financial liabilities held as at March 31, 2018 and March 31, 2017.
ii) Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss.
iii) Liquidity risk
Liquidity risk is the risk that the Group may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses.
The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments
to hedge certain risk exposures. The Group does not acquire or issue derivative financial instruments for trading or
speculative purposes.
Risk management is carried out by the treasury department under policies approved by the board of directors. The
treasury team identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating units. The
board provides principles for overall risk management, as well as policies covering specific areas, such as foreign
exchange risk, interest rate risk, and credit risk, use of derivative financial instruments and non-derivative financial
instruments and investment of excess liquidity.
Market Risk
The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit
obligation provisions and on the non-financial assets and liabilities. The sensitivity of the relevant Statement of Profit and Loss
item is the effect of the assumed changes in the respective market risks. The Group’s activities expose it to a variety of financial
risks, including the effects of changes in foreign currency exchange rates and interest rates. The Group uses derivative financial
instruments such as foreign exchange forward contracts and interest rate swaps of varying maturity depending upon the
underlying contract and risk management strategy to manage its exposures to foreign exchange fluctuations and interest rate.
(a) Foreign exchange risk and sensitivity
The Group transacts business primarily in Indian Rupee, USD, AED, EURO, JPY, OMR, GBP and SAR. The Group has obtained
foreign currency loans and has foreign currency trade payables and receivables and is therefore, exposed to foreign
exchange risk. Certain transactions of the respective entities under the Group act as a natural hedge as a portion of both
assets and liabilities are denominated in similar foreign currencies. Group profit and loss is also impacted due to change in
fair value of intra group monetary items in foreign currency, and foreign currency trade receivables designated as cash
flow hedge of a highly probable forecast transaction impact other comprehensive income. For the remaining exposure to
foreign exchange risk, the Group adopts a policy of selective hedging based on risk perception of the management.
Foreign exchange hedging contracts are carried at fair value.
187

The Group’s exposure to foreign currency risk represented in Indian Rupee at the end of the financial year are as follows:
Particulars USD EUR OMR SAR GBP JPY AED Others
Financial assets (A)
Trade receivable 52,949.88 1,604.75 2,349.68 1,732.45 - - - -
Cash and Cash Equivalents 39.97 28.02 - 11.36 - - - -
Current financial assets 15,672.90 9,533.38 - - - - - -
Financial liabilities (B)
Non-current borrowings 25,532.77 - - - - - - -
Current borrowings 85,177.52 6.69 - - - - - -
Trade payables 12,891.24 551.27 92.92 1.17 0.49 13.34 0.80 13.40
Other financial liabilities 1,146.50 - 103.81 - 2.36 - - -
Net (A-B) (56,085.28) 10,608.19 2,152.95 1,742.64 (2.85) (13.34) (0.80) (13.40)
Currency forward 17,875.30 (4,416.28) - - - - - -
Net exposure to foreign
currency risks (38,209.98) 6,191.91 2,152.95 1,742.64 (2.85) (13.34) (0.80) (13.40)

Particulars USD EUR OMR GBP JPY AED Others
Financial assets (A)
Trade receivable 30,219.90 1,403.97 10,826.85 - - 108.34 -
Cash and Cash Equivalents 39.94 34.73 - - - - -
Current financial assets 14,598.55 7,944.76 - - (22.12) - -
Financial liabilities (B)
Non-current borrowings 12,624.47 - - - 2,115.20 - -
Current borrowings 1,12,765.15 19,923.96 - - - - -
Trade payables 8,832.58 653.59 1,028.25 5.66 - 2.27 46.42
Other financial liabilities 1,247.24 6,939.57 267.80 - - - -
Net (A-B) (90,611.05) (18,133.66) 9,530.80 (5.66) (2,093.08) 106.07 (46.42)
Currency forward 36,658.32 13,287.95 - - - - -
Net exposure to foreign
currency risks (53,952.73) (4,845.71) 9,530.80 (5.66) (2,093.08) 106.07 (46.42)
188

The following table demonstrates the sensitivity in the USD, AED, Euro, JPY, OMR, GBP, SAR and other currencies to the Indian
Rupee with all other variables held constant. The impact on the Group’s profit/ (loss) before tax due to changes in the fair value
of monetary assets and liabilities is given below:
Particulars Change in currency Effect on profit/ (loss) before tax (` lakhs)

exchange rate
For the year ended For the year ended
March 31, 2018 March 31, 2017
USD +5% (1,910.50) (2,752.75)
-5% 1,910.50 2,752.75
EURO +5% 309.60 (242.29)
-5% (309.60) 242.29
GBP +5% (0.14) (0.28)
-5% 0.14 0.28
AED +5% (0.04) 5.30
-5% 0.04 (5.30)
OMR +5% 107.65 476.54
-5% (107.65) (476.54)
JPY +5% (0.67) (104.65)
-5% 0.67 104.65
SAR +5% 87.13 -
-5% (87.13) -
Others +5% (0.67) (2.32)
-5% 0.67 2.32
The assumed movement in exchange rate sensitivity analysis is based on the currently observable market environment.
Summary of exchange difference accounted in Statement of Profit and Loss:
(` lakhs)
March 31, 2018 March 31, 2017
Currency fluctuations
Net foreign exchange (gain)/ losses shown as other expenses (2,361.96) (3,456.04)
Net foreign exchange (gain)/ losses shown as finance costs 2,977.22 3,267.64
Net foreign exchange (gain)/ losses shown as other income (965.02) (6,778.28)
Derivatives
Currency forwards (gain)/ losses shown as other expenses (2,525.56) (5,671.46)
Net (gain)/ loss on derivatives - finance costs (221.42) 449.46
Net (gain)/ loss on derivatives - other income (20.99) -
Total (3,117.73) (12,188.68)
Reconciliation of the exchange differences recognised in other comprehensive income and accumulated in a separate
component of equity.
(` lakhs)
March 31, 2018 March 31, 2017
Currency translation adjustments

Opening 8,898.76 7,782.64
Addition (2,330.35) 1,116.11
Non controlling interest 88.67 (82.36)
Transaction with non-controlling interest - 82.37
Closing 6,657.08 8,898.76
189

(b) Interest rate risk and sensitivity
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long term debt. The
Group has enter into interest rate swap contracts, in which it agrees to exchange, at specific intervals, the difference
between fixed and variable interest amounts calculated by reference to an agreed upon principal amount. The
management also maintains a portfolio mix of floating and fixed rate debt. Borrowings issued at variable rates expose the
Group to cash flow interest rate risk. As at March 31, 2018, after taking into account the effect of interest rate swaps,
approximately 56.93% of the Group’s borrowings are at a fixed rate of interest (March 31, 2017: 55.66%). Borrowing issued at
fixed interest rate exposes the Group to fair value interest rate risk.
With all other variables held constant, the following table demonstrates the impact of borrowing cost on floating rate
portion of loans and borrowings and loans on which interest rate swaps are taken.
Particulars Change in currency Effect on profit/ (loss) before tax (` lakhs)

exchange rate
For the year ended For the year ended
March 31, 2018 March 31, 2017
INR borrowings +50 (955.60) (919.78)
-50 955.60 919.78
USD borrowings +25 (117.48) (49.25)
-25 117.48 49.25
AED borrowings +25 (28.11) (94.62)
-25 28.11 94.62
Euro borrowings +25 (64.58) (76.71)
-25 64.58 76.71
The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market
environment.
Interest rate & currency of borrowings
The below details do not necessarily represents foreign currency or interest rate exposure, since the Group has taken
derivatives for off setting the foreign currency and interest rate exposure.
(` lakhs)
Particulars Total Floating rate Fixed rate Weighted
borrowings borrowings borrowings average
interest rate (%)
INR 3,96,649.92 1,88,056.65 2,08,593.27 9.44%
USD 1,97,386.04 46,698.75 1,50,687.29 2.33%
AED 11,258.78 11,243.91 14.87 4.96%
Euro 25,831.91 25,831.91 - 5.26%
Total as at March 31, 2018 6,31,126.65 2,71,831.22 3,59,295.43
INR 3,33,707.11 1,85,984.34 1,47,722.77 10.18%
USD 1,95,435.59 40,263.28 1,55,172.31 1.63%
AED 42,440.64 37,847.56 4,593.08 4.59%
Euro 50,606.78 30,682.82 19,923.96 2.80%
Total as at March 31, 2017 6,22,190.12 2,94,778.00 3,27,412.12
(c) Credit risk

The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,
including deposits with banks, mutual funds and financial institutions and other financial instruments.
Trade Receivables
The Group extends credit to customers in normal course of business. The Group considers factors such as credit track record
in the market and past dealings with the Group for extension of credit to customers. The Group monitors the payment track
record of the customers. Outstanding customer receivables are regularly monitored. The Group evaluates the concentration of
risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in
largely independent markets. The Group has also taken advances and security deposits from its customers & distributors, which
mitigate the credit risk to an extent.
190

Provision for expected credit losses
The Group extends credit to customers as per the internal credit policy. Any deviation are approved by appropriate authorities,
after due consideration of the customers credentials and financial capacity, trade practices and prevailing business and economic
conditions. The Group’s historical experience of collecting receivables and the level of default indicate that credit risk is low and
generally uniform across markets; consequently, trade receivables are considered to be a single class of financial assets. All
overdue customer balances are evaluated taking into account the age of the dues, specific credit circumstances, the track record
of the customers etc. Loss allowances and impairment is recognised, where considered appropriate by the management.
The ageing of trade receivable and allowance for doubtful debts/ expected credit loss (ECL) are provided below:
(` lakhs)
Particulars Neither due Past due Total
nor impaired upto 6 months 6-12 months above 12 months
(including unbilled)
Non-Current Trade Receivables
Unsecured
Others 1,261.86 - - - 1,261.86
Net Total 1,261.86 - - - 1,261.86
Unsecured
Others - - - - -
Net Total - - - - -
Current Trade Receivables
Secured
Others 50,264.79 12,125.52 402.98 11.17 62,804.46
Unsecured
Related Parties 293.80 3,918.63 145.47 31.48 4,389.38
Others 73,738.02 38,752.24 5,729.85 12,488.36 1,30,708.47
Gross Total 1,24,296.61 54,796.39 6,278.30 12,531.01 1,97,902.31
Allowance for doubtful debts 5.75 1,235.80 172.65 3,509.16 4,923.36
Net Total 1,24,290.86 53,560.59 6,105.65 9,021.85 1,92,978.95
Secured
Others 35,357.16 7,228.88 361.72 342.22 43,289.98
Unsecured
Related Parties 7,888.73 4,902.95 190.95 256.88 13,239.51
Others 35,021.37 27,767.25 10,606.75 10,535.71 83,931.08
Gross Total 78,267.26 39,899.08 11,159.42 11,134.81 1,40,460.57
Allowance for doubtful debts - 24.49 14.34 3,379.02 3,417.85
Net Total 78,267.26 39,874.59 11,145.08 7,755.79 1,37,042.72
Financial instruments and cash deposits

The Group considers factors such as track record, size of the institution, market reputation and service standards to select the
banks with which balances and deposits are maintained. Generally, the balances are maintained with the institutions with which
the Group has also availed borrowings. The Group does not maintain significant cash and deposit balances other than those
required for its day to day operations.
(d) Liquidity risk
The Group’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The
Group relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The
current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Group monitors
rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining
sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach
borrowing limits or covenants (where applicable) on any of its borrowing facilities.
The table below provides undiscounted cash flows towards non-derivative financial liabilities and net-settled derivative
financial liabilities into relevant maturity based on the remaining period at the balance sheet to the contractual maturity date.
191

The Group is required to maintain ratios (including total debt to EBIDTA / net worth, EBIDTA to gross interest, debt service
coverage ratio and secured coverage ratio) as mentioned in the loan agreements at specified levels. In the event of failure
to meet any of these ratios these loans become callable at the option of lenders, except where exemption is provided by
lender.
(` lakhs)
On Demand 0-12 months > 1 years Total
(including current maturities)* - 3,00,586.07 3,33,944.30 6,34,530.37
Financial derivatives - 184.32 - 184.32
Other liabilities 447.65 20,132.42 2,952.17 23,532.24
Trade and other payables 403.30 56,224.58 4,973.75 61,601.63
Total 850.95 3,77,127.39 3,41,870.22 7,19,848.56
(` lakhs)
On Demand 0-12 months > 1 years Total
(including current maturities)* - 2,92,427.20 3,34,331.23 6,26,758.43
Financial derivatives - 1,068.69 - 1,068.69
Other liabilties 2,635.61 24,757.25 2,941.00 30,333.86
Trade and other payables 8,529.23 32,611.45 4,635.27 45,775.95
Total 11,164.84 3,50,864.59 3,41,907.50 7,03,936.93
*Included effective interest rate.
Unused line of credit #

Total Available in Total Available in
next one year next one year
Secured 1,20,755.70 1,20,755.70 1,27,885.07 1,27,885.07
Unsecured 2,012.95 2,012.95 5,223.50 5,223.50
Total 1,22,768.65 1,22,768.65 1,33,108.57 1,33,108.57
# Excluding non fund based facilities.
(e) Commodity price risk and sensitivity

The Group is exposed to the movement in price of key raw materials in domestic and international markets. The Group has
in place policies to manage exposure to fluctuations in the prices of the key raw materials used in operations. The Group
enter into contracts for procurement of material, most of the transactions are short term fixed price contract and a few
transactions are long term fixed price contracts.
38.2 Competition and price risk
The Group faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage in
terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its
customers.
38.3 Capital risk management
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment
to shareholders including to non-controlling interest in subsidiary, return capital to shareholders or issue new shares. The
primary objective of the Group’s capital management is to maximise the shareholder’s value. The Group’s primary objective
when managing capital is to ensure that it maintains an efficient capital structure and healthy capital ratios and safeguard the
Group’s ability to continue as a going concern in order to support its business and provide maximum returns for shareholders.
The Group also proposes to maintain an optimal capital structure to reduce the cost of capital. No changes were made in the
objectives, policies or processes during the year ended March 31, 2018 and March 31, 2017.
For the purpose of the Group’s capital management, capital includes issued capital, compulsorily convertible debentures, share
premium and all other equity reserves. Net debt includes, interest bearing loans and borrowings, trade and other payables less
cash and short term deposits, excluding discontinued operations.
The Group monitors capital using a gearing ratio, which is net debt divided by sum of total capital and net debt.
192

During 2017-18, the Group’s strategy, which was unchanged from 2016-17, was to maintain a gearing ratio within 50% to 60%. The
gearing ratios as at March 31, 2018 and March 31, 2017 are as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Loans and borrowings 6,31,126.65 6,22,190.12
Less: cash and cash equivalents 7,190.77 9,727.34
Net debt (A) 6,23,935.88 6,12,462.78
Total capital 5,49,639.70 5,38,613.76
Capital and net debt (B) 11,73,575.58 11,51,076.54
Gearing ratio (A/B) 53% 53%
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches
in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no
breaches of the financial covenants of any interest bearing loans and borrowings for reported periods.
Dividend paid and proposed during the year
(` lakhs)
March 31, 2018 March 31, 2017
Dividend paid for equity shareholders @ ` 1 per share 3,197.57 3,197.57

Dividend Distribution Tax (DDT) on above dividend 650.95 650.95
Dividend proposed for equity shareholders @ ` 1.20
(previous year ` 1) per share (excluding DDT) 3,837.09 3,197.57
39. Fair value of financial assets and liabilities

Set out below is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments that are
recognised in the financial statements.
(` lakhs)
Financial assets designated at fair value through profit and loss
- Interest rate swaps
Investment
- Mutual funds 134.26 134.26 181.23 181.23
- Equity shares 0.28 0.28 0.22 0.22
Financial assets designated at fair value through other
comprehensive income
Investment
- Mutual funds 1,672.44 1,672.44 1,624.60 1,624.60
- Equity shares 35.34 35.34 898.34 898.34
Financial assets designated at amortised cost
Fixed deposits with banks 7,871.96 7,871.96 6,837.75 6,837.75
Cash and bank balances 7,190.77 7,190.77 9,727.34 9,727.34
Investment 9,181.96 9,181.96 8,660.00 8,660.00
Trade and other receivables (net of provision) 1,94,240.81 1,94,240.81 1,37,042.72 1,37,042.72
Other financial assets 67,974.19 67,974.19 68,918.87 68,918.87
2,88,593.59 2,88,593.59 2,34,266.98 2,34,266.98
193

(` lakhs)
Financial liabilities designated at fair value through profit or loss
- Interest rate swaps - - 179.81 179.81
- Composite swap
Financial liabilities designated at amortised cost
Borrowings- fixed rate 3,59,295.43 3,58,871.55 3,27,412.12 3,26,208.61
Borrowings- floating rate 2,71,831.22 2,71,831.22 2,94,778.00 2,94,778.00
Trade & other payables 61,601.63 61,601.63 45,775.95 45,775.95
Other financial liabilities 23,532.24 23,532.24 30,333.86 30,333.86
7,16,444.84 7,16,020.96 6,99,368.62 6,98,165.11
Fair valuation techniques

The Group maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data
available. The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The following methods and assumptions were used to estimate the fair values:
1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.
2) Long-term fixed-rate and variable-rate receivables / borrowings are evaluated by the Group based on parameters such as
interest rates, specific country risk factors, credit risk and other risk characteristics. Fair value of variable interest rate
borrowings approximates their carrying values. For fixed interest rate borrowing fair value is determined by using the
discounted cash flow (DCF) method using discount rate that reflects the issuer’s borrowings rate. Risk of non-performance
for the Group is considered to be insignificant in valuation.
3) The fair values of derivatives are estimated by using pricing models, where the inputs to those models are based on readily
observable market parameters basis contractual terms, period to maturity, and market parameters such as interest rates,
foreign exchange rates, and volatility. These models do not contain a high level of subjectivity as the valuation techniques
used do not require significant judgement, and inputs thereto are readily observable from actively quoted market prices.
Management has evaluated the credit and non-performance risks associated with its derivative counterparties and believe
them to be insignificant and not warranting a credit adjustment.
Fair Value hierarchy
The following table provides the fair value measurement hierarchy of Group’s asset and liabilities, grouped into Level 1 to
• Quoted prices / published NVA (unadjusted) in active markets for identical assets or liabilities (level 1). It includes fair value
of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and
financial instruments like mutual funds for which net assets value (NAV) is published mutual fund operators at the balance
sheet date.
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices) (level 2). It includes fair value of the financial instruments that are not traded
in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the
Group specific estimates. If all significant inputs required to fair value an instrument are observable then instrument is
included in level 2.
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). If one or
more of the significant inputs is not based on observable market data, the instrument is included in level 3.
194

Fair value hierarchy
The following table provides the fair value measurement hierarchy of Group’s asset and liabilities, grouped into Level 1 to Level
3 as described below:
Assets / Liabilities measured at fair value (Accounted)
(` lakhs)
Financial assets
- Forward contracts 291.58
Investment
- Mutual funds 1,806.70
- Equity shares 0.28 35.34
(` lakhs)
Financial assets
Investment
- Mutual funds 1,805.83
- Equity shares 0.22 898.34
- Interest rate swaps 179.81
Assets / Liabilities for which fair value is disclosed (` lakhs)

Borrowings - fixed rate 3,58,871.55
Other financial liabilities 23,532.24
(` lakhs)
Borrowings - fixed rate 3,26,208.61
Other financial liabilities 30,333.86
During the year ended March 31, 2018 and March 31, 2017, there were no transfers between Level 1 and Level 2 fair value
measurements, and no transfer into and out of Level 3 fair value measurements. There is no transaction / balance under Level 3.
195

Following table describes the valuation techniques used and key inputs to valuation for level 2 of the fair value hierarchy as at
March 31, 2018 and March 31, 2017 respectively:
a) Assets / Liabilities measured at fair value
hierarchy technique
Financial assets
Investments Level 1
- Equity shares Market valuation Quoted price
techniques
- Mutual fund Market valuation Quoted price
techniques
Derivatives - not designated
as hedging instruments
- Forward contracts Level 2 Market valuation Forward foreign currency exchange rates,
techniques Interest rates to discount future cash flow
- Interest rate swaps Level 2 Market valuation Prevailing/forward interest rates in market,
Derivatives - not designated
as hedging instruments
- Forward contracts Level 2 Market valuation Forward foreign currency exchange rates,
- Interest rate swaps Level 2 Market valuation Prevailing/forward interest rates in market,
b) Assets / Liabilities for which fair value is disclosed

hierarchy technique
Other borrowings- fixed rate Level 2 Discounted Prevailing interest rates in market,
Cash Flow Future payouts
Other financial liabilities Level 2 Discounted Prevailing interest rates to discount
Cash Flow future cash flows
40. Segment information

Information about primary segment
The Group is diversified and engaged primarily into manufacturing of Iron and steel products, logistics, infrastructure
development and fabrication activities. The Group’s primary segment as identified by management is Iron and steel products,
waterways logistics and others. Activities not meeting the quantitative threshold as specified in IND AS 108 are reported as
‘Others’.
Segments have been identified taking into account nature of product and differential risk and returns of the segment. These
business segments are reviewed by the Group CEO (Chief operating decision maker).
Iron and steel products:
The segment comprises of manufacturing of Iron and Steel pipes and pellets.
Waterways logistics:
The segment comprises of inland and ocean going shipping business.
Others:
The segment comprises of call centre and information technology services.
Segment measurement:
The measurement principles for segment reporting are based on IND AS 108. Segment’s performance is evaluated based on
segment revenue and profit and loss from operating activities.
1. Operating revenues and expenses related to both third party and inter-segment transactions are included in determining
the segment results of each respective segment.
196
2. Operating expenses comprises of consumption of materials, employee benefits expense, depreciation and amortisation,
excise duty and other expenses.
3. Finance income earned and finance expense incurred are not allocated to individual segment and the same has been
reflected at the Group level for segment reporting.
4. The total assets disclosed for each segment represent assets directly managed by each segment, and primarily include
receivables, property, plant and equipment, intangibles, inventories, operating cash and bank balances, intersegment assets
and exclude assets held for sale, derivative financial assets, deferred tax assets and income tax recoverable.
5. Segment liabilities comprise operating liabilities and exclude liabilities associated with assets held for sale, external
borrowings, provision for taxes, deferred tax liabilities and derivative financial liabilities.
6. Segment capital expenditure comprises additions to property, plant and equipment, intangible assets (net of rebates, where
applicable).
7. Unallocated expenses/ results, assets and liabilities include expenses/ results, assets and liabilities (including inter-segment
assets and liabilities) and other activities not allocated to the operating segments. These also include current taxes, deferred
taxes and certain financial assets and liabilities not allocated to the operating segments.
A) Primary business segment
(` lakhs)
Particulars Iron and steel Waterways others Eliminations Unallocated Total
products Logistics
Continued Operations 8,48,006.12 2,490.22 3,097.58 - - 8,53,593.92
Discontinued operations - 505.46 - - - 505.46
Inter Segment Sales 33.42 - 112.74 (146.16) - -
Total Revenue 8,48,039.54 2,995.68 3,210.32 (146.16) - 8,54,099.38
Segment Result before interest
income, interest expense,
exceptional items and Taxes
Continued Operations 82,801.45 (12,231.74) (116.98) - - 70,452.73
Discontinued operations 50.35 (1,149.02) - - - (1,098.67)
Finance costs 58,276.32
Exceptional items (11,992.73)
Continued Operations
(refer Note 57) - (9,080.78) - - - (9,080.78)
Discontinued operations
(refer Note 55) - (2,911.95) - - - (2,911.95)
Share of results of associates (540.43) - - - - (540.43)
Tax expense 10,115.39
Net profit after tax (1,098.10)
Other segment items
Additions to Property, Plant
and Equipment and
Intangible assets 23,926.82 80.72 465.87 - - 24,473.41
Depreciation and
amortisation for the year
Continued operations 33,228.78 2,938.36 181.07 - - 36,348.21
Discontinued operations 3.86 237.29 - - - 241.15
Segment assets 11,77,678.82 71,213.81 2,614.40 - 1,00,887.08 13,52,394.11
Segment liabilities 1,23,332.13 20,481.52 906.43 - 6,87,674.41 8,32,394.49
197

Finance income, finance cost and tax expense disclosed above includes those of discontinued operations of the Group whereas in
the statement of profit and loss such items are adjusted in arriving at profit/ (loss) for the year from continued operations. Such
(` lakhs)
Particulars Iron and steel Waterways others Eliminations Unallocated Total
products Logistics
Continued Operations 7,26,555.69 3,698.96 4,051.77 - - 7,34,306.42
Discontinued operations 113.70 1,740.76 - - - 1,854.46
Inter Segment Sales 57.50 1.07 120.68 (179.25) - -
Total Revenue 7,26,726.89 5,440.79 4,172.45 (179.25) - 7,36,160.88
Segment Result before interest
income, interest expense,
exceptional items and Taxes
Continued operations 67,834.66 (16,449.22) 514.92 - - 51,900.36
Discontinued operations (435.66) (8,550.83) - - - (8,986.49)
Finance costs 57,775.03
Exceptional items 6,161.43
Continued operations
(refer Note 57) 12,028.68 (2,457.33) 17.86 - - 9,589.21
Discontinued operations
(refer Note 55) - (3,427.78) - - - (3,427.78)
Share of results of associates (858.72) - - - - (858.72)
Tax expense 2,128.32
Other segment items
Additions to Property, Plant
and Equipment and
Intangible assets 39,433.60 8,784.53 175.54 - - 48,393.67
Depreciation and amortisation
for the year
Continued Operations 31,173.34 2,385.34 181.90 - - 33,740.58
Discontinued operations 6.21 996.42 - - - 1,002.63
Segment assets 11,16,394.48 95,162.38 2,306.25 - 98,712.44 13,12,575.55
Segment liabilities 98,557.19 13,925.07 645.66 - 6,73,494.34 7,86,622.26
Finance income, finance cost and tax expense disclosed above includes those of discontinued operations of the Group whereas in
the statement of profit and loss such items are adjusted in arriving at profit/ (loss) for the year from continued operations. Such
Unallocated assets comprises of:
(` lakhs)
March 31, 2018 March 31, 2017
Investments 11,024.28 11,905.15
Loans 46,665.06 46,512.47
Deferred tax assets (Net) 32,742.80 26,988.70
Current tax assets (Net) 7,342.85 9,958.33
Assets held for sale 2,820.51 2,971.88
Total 1,00,887.08 98,712.44
198

Unallocated liabilities comprises of:
(` lakhs)
March 31, 2018 March 31, 2017
Borrowings 6,31,126.65 6,22,190.12
Deferred tax liabilities (net) 49,604.15 46,082.28
Current tax liabilities (Net) 2,939.99 103.95
Liabilities associated with assets held for sale 3,819.30 4,049.30
Total 6,87,674.41 6,73,494.34
B) Information about Geographical Segment – Secondary

The Group’s operations are located in India, USA, Italy, UAE and Algeria. The following table provides an analysis of the Group’s
sales by geography in which the customer is located, irrespective of the origin of the goods.
(` lakhs)
Particulars 2017 - 18 2016-17
Within Outside Total Within Outside Total
India India India India
Revenue from Operations
Continued Operations 5,96,350.53 2,57,243.39 8,53,593.92 4,99,293.90 2,35,012.53 7,34,306.42
Discontinued operations 505.46 - 505.46 1,740.76 113.70 1,854.46
Non current Assets
Continued Operations 6,39,164.52 87,966.25 7,27,130.77 6,62,603.50 93,342.98 7,55,946.48
41. Derivative financial instruments and hedging activities

The Group uses foreign currency forward and Interest rate swap contracts to manage some of its transactions exposure. The
details of derivative financial instruments are as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Assets
Total 291.58 375.91
Liabilities
Interest rate swaps - 179.81
Total 184.32 1,068.69
Bifurcation of above derivative instruments in current and non-current
Current assets 291.58 375.91
Current liabilities 184.32 1,068.69
Interest rate swaps

The Group has variable interest foreign currency borrowings, to offset the risk of variation in interest rates, the Group has entered
into, fix pay and variable receipt, interest rate swaps, these swap contracts are in US$. Outstanding amortised notional value of
loan for swap contracts was US$ Nil and US$ 24.83 million as on March 31, 2018 and March 31, 2017 respectively.
Composite swaps
The Group has composite swap, to offset the risk of variation in interest rate and currency fluctuations. Outstanding notional
value of loan for composite swap contracts was US$ 25.68 million and US$ 4.37 million as on March 31, 2018 and March 31, 2017
respectively.
Forward Contracts
The Group has foreign currency sale and purchase forward contracts to offset the risk of currency fluctuations. These contracts
are for settlement of operational receivable and payable. As at March 31, 2018 outstanding contracts are for sale of Euro 5.5
million and sale of USD 1.75 million. As at March 31, 2017 outstanding contracts are for purchase of Euro 19.24 million and purchase
of US$ 48.76 million.
199

42. Income tax expense (` lakhs)
March 31, 2018 March 31, 2017
Current tax 13,343.39 8,838.84

Deferred tax (refer Note 43)
- Relating to origination and reversal of temporary differences (12,013.75) 2,501.01
- Relating to change in tax rate 5,909.58 58.05
Tax expense attributable to current year's profit 7,239.22 11,397.90
Minimum alternate tax (MAT) credit utilisation/ (entitlement) 3,367.71 (8,230.65)
Adjustments in respect of income tax of previous year
- Current income tax (713.57) (1,038.93)
- Deferred tax 222.03 -
Total Tax expense 10,115.39 2,128.32
Amounts disclosed above includes continued and discontinued operations of the Group.
Effective tax reconciliation
Numerical reconciliation of tax expense applicable to profit before tax at the latest statutory enacted tax rate in India to income
tax expense reported is as follows:
Net profit before tax 9,017.29 5,980.28
Enacted tax rate for Parent 34.6080% 34.6080%
Computed tax expense 3,120.70 2,069.65
Increase / (decrease) in taxes on account of:
Previous year tax adjustments (493.40) (5,949.39)
Deferred tax of previous years (3,715.29) 645.50
Other non deductible expenses 1,989.06 (124.69)
Income not taxable / exempt from tax 36.05 (1,196.82)
Tax on which no deduction is admissible 152.94 98.63
Change in rate of tax 6,329.22 1,041.02
Difference in tax rates 2,704.69 5,217.84
Tax impact on share of loss of associate 208.30 326.58
Difference in tax rate on long-term capital gain (5.87) -
Others (211.01) -
Income tax expense reported 10,115.39 2,128.32
Current tax assets and liabilities (net) (` lakhs)
March 31, 2018 March 31, 2017
Advance taxation (net) 7,342.85 9,958.33
Provision for taxation (net) 2,939.99 103.95
43. Deferred income tax

The analysis of deferred tax assets and deferred tax liabilities dealt in the statement of profit and loss is as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Book base and tax base of property, plant and equipment and intangible assets 2,098.00 7,253.19
(Disallowance) / allowance (net) under Income Tax (4,771.86) (134.16)
Brought forward losses set off (8,313.81) (4,595.12)
Relating to change in tax rate 5,123.66 35.15
Minimum alternate tax (MAT) credit utilisation / (entitlement) 3,367.71 (8,230.65)
Post employment benefits (18.13) -
Total (2,514.43) (5,671.59)
200

Component of tax accounted in Other Comprehensive Income (` lakhs)
March 31, 2018 March 31, 2017
Deferred tax (credit) / expense on defined benefits (93.97) 395.06

Tax on fair value of equity instruments (0.10) (0.02)
Tax on fair value of debt instruments (16.70) (28.65)
(110.77) 366.39
Deferred tax assets (net) (` lakhs)

March 31, 2018 March 31, 2017
Assets
Disallowance under Income Tax Act 462.84 757.22
Difference between book and tax base related to property, plant and
equipment and intangible assets 49.49 1,075.38
Carried forward losses 36,582.56 31,815.80
Total (A) 37,094.89 33,648.40
Liabilities
equipment and intangible assets 4,379.46 6,633.88
Expense allowed under Income tax Act but deferred in books 27.77 25.82
Total (B) 4,407.23 6,659.70
Net deferred tax assets 32,687.66 26,988.70
Add: Minimum alternate tax (MAT) credit entitlement 55.14 -
Total deferred tax assets 32,742.80 26,988.70
Deferred tax liabilities (net) (` lakhs)

March 31, 2018 March 31, 2017
Liabilities
equipment and intangible assets 94,873.65 91,868.11
Expense allowed under Income tax Act but deferred in books 1,600.00
Others - 78.14
Total (A) 96,473.65 91,946.25
Assets
Disallowance under Income Tax Act 6,804.46 -
equipment and intangible assets - 5,011.87
Finance lease payable / receivable 830.16 -
Carried forward losses 2,813.72 826.10
Total (B) 10,448.34 5,837.97
Net deferred tax liabiities 86,025.31 86,108.28
Less: Minimum alternate tax (MAT) credit entitlement 36,421.16 40,026.00
Total deferred tax liabilites 49,604.15 46,082.28
201

44. Employee benefit obligations
1. Expense recognised for defined contribution plan (` lakhs)
March 31, 2018 March 31, 2017
Group’s contribution to provident fund 2,255.82 2,128.67

Group’s contribution to ESI 104.02 58.00
Group’s contribution to superannuation fund 0.64 9.10
Total 2,360.48 2,195.77
2. Below tables set forth the changes in the projected benefit obligation and plan assets and amounts recognised in the
Consolidated Balance Sheet as on March 31, 2018 and March 31, 2017, being the respective measurement dates:
2.a. Movement in Defined Benefit Obligations
(` lakhs)
(funded) (unfunded)
Transferred in pursuant to acquire of subsidiary 0.17 0.52
Benefits paid (204.77) (486.06)
Remeasurements - actuarial loss/ (gain) 1,205.32 381.70
Past Service Cost 547.66 -
Benefits paid (263.66) (561.58)
Remeasurements - actuarial loss/ (gain) (242.32) (67.10)
2.b. Movement in plan assets – gratuity (` lakhs)

March 31, 2018 March 31, 2017
Fair value of plan assets at beginning of year 5,002.63 4,108.68

Expected return on plan assets 387.70 308.15
Employer contributions 753.70 660.55
Benefits paid (249.77) (135.11)
Actuarial gain / (loss) 22.96 60.36
Fair value of plan assets at end of year 5,917.22 5,002.63
Present value of obligation 11,669.80 9,692.43
Net funded status of plan (5,752.58) (4,689.64)
Actual return on plan assets 411.35 368.33
202
The components of the gratuity and leave encashment cost are as follows:
2.c. Recognised in profit and loss
(` lakhs)
Current Service cost 1,090.62 740.27

Remeasurement - Actuarial loss/(gain) - 381.70
Actual return on plan assets 368.33 -
Current Service cost 1,186.26 735.72
Past Service Cost 547.66 -
Remeasurement - Actuarial loss/(gain) - (67.10)
Actual return on plan assets 411.35 -
2.d. Recognised in other comprehensive income
(` lakhs)
Remeasurement - Actuarial loss/(gain) 1,144.96
Total for the year ended March 31, 2017 1,144.96
Remeasurement - Actuarial loss/(gain) (265.28)
Total for the year ended March 31, 2018 (265.28)
2.e. The principal actuarial assumptions used for estimating the Group’s defined benefit obligations are set out below:
Weighted average actuarial assumptions As at As at

March 31, 2018 March 31, 2017
Attrition rate 2% PA to 5% PA 8% PA
Discount rate 6.75% PA to 7.75% PA 7.5% PA
Expected rate of increase in salary 5% PA to 11% PA 11% PA
Expected rate of return on plan assets 7.75% PA 8% PA
Mortality rate IALM 2006-08 IALM 2006-08
Ultimate Ultimate
Expected Average remaining working lives of employees (years) 16.30 years to 23.18 years
30.60 years
The assumption of future salary increase takes into account the inflation, seniority, promotion and other relevant factors such as
supply and demand in employment market.
2.f. Sensitivity analysis:

-1% 13,041.66
-1% 10,489.13
-1% 11,960.49
203

-1% 10,884.25
-1% 8,708.79
-1% 9,995.24
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been
applied as when calculating the defined benefit obligation recognised within the Balance Sheet.
2.g. History of experience adjustments is as follows:
2.h. Expected contribution during the next annual reporting period (` lakhs)
March 31, 2018 March 31, 2017
Expected contributions to be paid for next year 1,097.87 972.02
2.i. Maturity profile of defined benefit obligation

March 31, 2018 March 31, 2017
Weighted average duration (based on discounted cash flows) in years 11 to 37 years 12 to 41 years
2.j. Estimate of expected benefit payments (In absolute terms i.e. undiscounted)
(` lakhs)
01 Apr 2018 to 31 Mar 2019 848.44
01 Apr 2019 to 31 Mar 2020 651.88
01 Apr 2020 to 31 Mar 2021 627.31
01 Apr 2021 to 31 Mar 2022 667.89
01 Apr 2022 to 31 Mar 2023 698.49
01 Apr 2023 Onwards 5,666.31
2.k. Employee benefit provision (` lakhs)

March 31, 2018 March 31, 2017
Gratuity 5,752.58 4,707.89

Other employee benefits 736.11 666.88
Total 11,465.24 9,894.95
204

The following table sets out the funded status of the plan and the amounts recognised in the Group’s balance sheet.
2.l. Current and non-current provision for gratuity, leave encashment and other benefits
(` lakhs)
Particulars Gratuity Leave Encashment Others benefits
Current provision 846.11 408.73 220.86
Non current provision 4,906.47 4,567.82 515.25
Total Provision 5,752.58 4,976.55 736.11
Current provision 602.30 325.61 232.62
Non current provision 4,105.59 4,194.57 434.26
Total Provision 4,707.89 4,520.18 666.88
Provision for gratuity is net of plan assets in few subsidiaries amounting to ` Nil and ` 18.08 lakhs for year ended March 31, 2018
and March 31, 2017 respectively.
2.m. Employee benefit expenses (` lakhs)
March 31, 2018 March 31, 2017
Salaries and Wages (excluding leave encashment) 65,950.07 68,816.16

Costs-defined benefit plan 2,232.84 1,451.03
Costs-defined contribution plan (including leave encashment) 4,457.96 4,346.74
Welfare expenses 3,086.27 3,815.17
Total 75,727.14 78,429.10
For discontinued operations, Refer Note 55
2.n. Number of employees (Figures in no.)
March 31, 2018 March 31, 2017
Average no. of people employed 9,216 8,594

OCI presentation of defined benefit plan
Gratuity is in the nature of defined benefit plan, re-measurement gains/(losses) on defined benefit plans is shown under OCI as
Items that will not be reclassified to profit and loss and also the income tax effect on the same.
Presentation in Statement of Profit & Loss and Balance Sheet
Expense for service cost, net interest on net defined benefit liability (asset) is charged to Statement of Profit and Loss.
IND AS 19 does not require segregation of provision in current and non-current, however net defined liability/assets is shown as
current and non-current provision in Balance Sheet as per IND AS 1. Actuarial liability for leave encashment is shown as current
and non-current provision in Balance Sheet.When there is surplus in defined benefit plan, Group is required to measure the net
defined benefit asset at the lower of; the surplus in the defined benefit plan and the assets ceiling, determined using the
discount rate specified, i.e. market yield at the end of the reporting period on government bonds, this is applicable for domestic
companies, foreign companies can use corporate bonds rate.
The Group assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. The
mortality rates are used from IALM 2006-08 Ultimate as per actuary certificate.
The Group has taken policies from an insurance company for managing gratuity fund. The major categories of plans assets for
the year ended March 31, 2018 has not been provided by the insurance company. Accordingly, the disclosure for major
categories of plan assets has not been provided.
Risk exposure
The Group has taken group gratuity policies from an insurance company. Contribution towards policies are done annually basis
demand from insurance company.
The insurance policy is non participating variable insurance plan and will not participate in the profits of the insurance company.
These policies provide for minimum floor rate (MFR), i.e. a guaranteed interest rate that the policy account will earn during the
entire policy term. In addition to MFR the insurance company shall also declare a non-zero positive additional interest rate (AIR)
at the beginning of every financial quarter on the policy account and AIR shall remain guaranteed for that financial quarter. In
addition to these both the policy also earn residual addition.
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility
This may arise from volatility in asset values due to market fluctuations. Most of the plan asset investments are in fixed income
securities.
205

Changes in government bond yields
The plan liabilities are calculated using a discount rate set with reference to government bond yields. A decrease in government
bond yields will increase plan liabilities and vice-versa, although this will be partially offset by an increase in the value of the
plans’ holdings in such bonds.
Salary Cost Inflation Risk
The present value of the Defined Benefit Plan liability is calculated with reference to the future salaries of participants under the
Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.
45. Other disclosures required by statute
a) Auditors Remuneration (` lakhs)
March 31, 2018 March 31, 2017
i. Audit Fee 161.93 148.67

ii. Tax Audit Fee 1.10 6.20
iii. Certification/others 16.82 7.08
iv. Out of pocket expenses 8.09 3.37
Total 187.94 165.32
b) Corporate Social Responsibility

Details of expenditure on Corporate Social Responsibility Activities as per Section 135 of the Companies Act, 2013 read with
schedule III are as below:
(` lakhs)
March 31, 2018 March 31, 2017
Amount required to be spent 920.64 660.68
Particulars Year ended March 31, 2018 Year ended March 31, 2017
Total In cash Yet to Total In cash Yet to
be paid be paid
Details of amount spent:
Eradicating hunger, preventive
health care and sanitation 41.22 30.66 10.56 594.89 583.87 11.02
Charity and Donation - - - 55.61 54.59 1.02
Expenses for differently abled 80.27 80.01 0.26 - - -
Rural development - - - 29.86 28.78 1.08
Animal Welfare 51.73 50.88 0.85 - - -
Measures for benefit of armed
forces, war widows 2.00 2.00 - - - -
Livelihood Enhancement Projects 592.47 592.47 - - - -
Total 767.69 756.02 11.67 680.36 667.24 13.12
206

c) Disclosure of Specified Bank Notes
During the previous year, the Group had Specified Bank Notes (SBN’s) or other denomination notes as defined in the MCA
notification, G.S.R. 308(E), dated March 31, 2017. The details of SBN’s held and transacted during the period from November
8, 2016 to December 30, 2016, the denomination wise SBN’s and other notes as per the notification are as follows:
(` lakhs)
Particulars SBNs Other Total
denomination
notes
Closing Cash in Hand as on 8.11.2016 21.41 2.67 24.08
(+) Permitted Receipts 0.07 48.00 48.07
(-) Permitted Payments 1.74 25.44 27.18
(-) Amount deposited in Banks 19.74 2.44 22.18
Closing Cash in Hand as on 30.12.2016 - 22.79 22.79
For the purposes of this clause, the term ‘ Specified Bank Notes’ shall have the same meaning provided in the notification of the
Government of India, Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated November 8, 2016.
46. Borrowing cost and forex capitalised
(` lakhs)
March 31, 2018 March 31, 2017
Borrowing Cost Capitalised - 955.34
Forex gain capitalised during the year (105.47) (171.12)
47. Contingent liabilities and Commitments

i) Guarantees (` lakhs)
March 31, 2018 March 31, 2017
Guarantees issued by the Group's bankers on behalf of the Group 1,15,311.31 86,896.99
Corporate guarantees/ undertaking 36.59 395.11
Duty Saved for availing various export based incentive schemes 4,675.07 1,142.81
Total 1,20,022.97 88,434.91
Contingencies with respect to group's share of associate is ` 100.13 lakhs
and ` 13.90 lakhs as at March 31, 2018 and March 31, 2017 respectively.
Corporate guarantees given to lenders of related parties 26,746.61 38,200.32
Discontinued operations 3,736.23 3,668.71
30,482.84 41,869.03
ii) Letter of Credit Outstanding
Letter of Credit Outstanding 92,539.64 11,868.84
iii) Other contingent liabilities

Claims against the Group not acknowledged as debt - 260.44
Disputed Excise duty, Custom Duty and service tax 609.00 169.43
Income tax demands against which Group has preferred appeals 2,326.68 1,905.23
Disputed Sales Tax 459.84 236.56
Total 3,395.52 2,571.66
It is not possible to predict the outcome of the pending litigations with accuracy, the Group believes, based on legal
opinions received, that it has meritorious defences to the claims. The management believe the pending actions will not
require outflow of resources embodying economic benefits and will not have a material adverse effect upon the results of
the operations, cash flows or financial condition of the Group.
207

iv) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)
(` lakhs)
March 31, 2018 March 31, 2017
Capital Commitment:
Property, Plant and Equipment 13,275.17 4,960.54
Intangible assets - 2.36
13,275.17 4,962.90
Capital commitments with respect to group's share of associate is ` 57.13 lakhs and ` 253.64 lakhs as at March 31, 2018 and
March 31, 2017 respectively.
48. Interest in Subsidiary, Joint venture and Associate
Interest in subsidiary
The details (Principal place of operation/country of incorporation, principal activities and percentage of ownership interest and
voting power (direct held by the Group) of subsidiaries are set out in Note 58.
Summarised financial information of subsidiaries having material non-controlling interests is as follows:-
(` lakhs)
Particulars Jindal IUP Jindal Metals Jindal Saw Middle Jindal Saw Gulf LLC
ITF Limited & Alloys Limited East FZC
As at As at As at As at As at As at As at As at
March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017 March 31, 2018 March 31, 2017
Assets
Non Current Assets 78,445.99 91,533.67 7,242.87 7,579.20 99,030.51 95,028.83 8,086.83 8,022.11
Current Assets 15,156.31 14,351.79 7,637.25 5,525.59 795.02 3,625.49 34,408.84 29,032.97
Liabilities
Non current Liabilities 41,676.91 92,254.17 698.56 1,416.69 77,696.71 67,183.01 1,285.79 1,211.37
Current Liabilities 93,754.94 20,345.47 3,251.61 2,394.32 13,277.97 20,754.92 11,420.40 8,261.20
Equity (41,829.56) (6,714.18) 10,929.95 9,293.78 8,850.84 10,716.38 29,789.48 27,582.51
Percentage of
ownership held by
non-controlling interest 0.49 0.49 0.19 0.19 0.25 0.25 0.63 0.63
Accumulated non
controlling interest (25,715.65) (12,623.90) 2,107.92 1,792.37 (1,113.70) (42.88) (8,121.73) (5,705.31)
(` lakhs)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Revenue 2,476.87 3,700.03 20,704.57 17,229.78 4,508.15 4,461.53 42,519.65 36,655.76
Net profit/(loss) (29,576.52) (19,819.72) 1,646.79 1,136.59 (1,914.99) (1,668.63) (4,616.31) (4,652.46)
Other Comprehensive
Income 8.05 2.16 (10.62) (11.75) (46.65) (450.98) (121.76) (723.46)
Total Comprehensive
Income (29,568.47) (19,817.56) 1,636.17 1,124.84 (1,961.64) (2,119.61) (4,738.07) (5,375.92)
Profit/(loss ) allocated to
Non controlling Interests (14,521.48) (4,294.52) 315.55 216.93 (1,070.82) (833.80) (2,416.41) (2,443.68)
208

(` lakhs)
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
Net cash inflow/(outflow)
from operating activities (2,835.31) (17,842.13) 668.23 1,481.04 471.04 1,627.89 (3,378.59) (4,156.74)
from investing activities 5,590.10 (9,727.42) (65.51) (149.90) (6,842.61) (1,499.56) (1,118.33) (863.76)
from financing activities (2,758.81) 27,499.88 223.86 (1,405.17) 5,187.26 (142.74) 4,874.79 5,113.68
Net cash inflow/(outflow) (4.03) (69.68) 826.58 (74.03) (1,184.31) (14.41) 377.87 93.19
Dividend paid to
Non-controlling
interests (including tax) - - - - - - - -
Interest in Associate
The group has only one material associate, details (Principal place of operation/country of incorporation, principal activities and
percentage of ownership interest and voting power (direct / indirect) held by the Group) of associate are set out in Note 61.
Summarised financial information of associate is as follows
(` lakhs)
March 31, 2018 March 31, 2017
Carrying value of investment - 540.76
Summary of balance sheet of associate

(` lakhs)
March 31, 2018 March 31, 2017
Assets
Non Current Assets 11,641.07 11,137.57
Current Assets 8,754.81 8,050.44
Liabilities
Non Current Liabilities 14,291.19 12,553.50
Current Liabilities 5,500.73 4,294.50
Equity 603.96 2,340.01
Summary of statement of profit and loss of associate

(` lakhs)
March 31, 2018 March 31, 2017
Revenue 6,877.48 4,702.25

Net profit/(loss) (1,735.14) (2,385.32)
Other Comprehensive Income (0.91) 0.56
Total Comprehensive Income (1,736.05) (2,384.76)
Refer Note 47 for Group's share of associates contingent liabilities and commitments.
209

49. Related party transactions
In accordance with the requirements of IND AS 24, on related party disclosures, name of the related party, related party
relationship, transactions and outstanding balances including commitments where control exists and with whom transactions
have taken place during reported periods (including transactions with discontinued operations), are:
1. Key Management personnel
S.No. Name Designation
1 Mr. Prithavi Raj Jindal Chairman-Non Executive Director
2 Ms. Sminu Jindal Managing Director
3 Ms. Shradha Jatia Non Executive Director
4 Ms. Tripti Arya Non Executive Director
5 Mr. Neeraj Kumar Group CEO & Whole-time Director
6 Mr. Hawa Singh Chaudhary Whole-time Director
7 Dr. S.K.Gupta Independent Director*
8 Mr. Devi Dayal Independent Director*
9 Dr. Raj Kamal Agarwal Independent Director*
10 Mr. Ravinder Nath Leekha Independent Director*
11 Mr. Abhiram Tayal Independent Director*
12 Mr. Ajit Kumar Hazarika Independent Director*
13 Mr. O P Sharma Chief Operating Officer (Large Dia Pipe- SBU)
14 Dr. Dharmendra Gupta President & Unit Head
15 Mr. Dinesh Chandra Sinha President & SBU Head
16 Mr. Sunil K.Jain Company Secretary
17 Mr. Narendra Mantri Head Commercial & CFO
18 Mr. V. Rajasekaran Vice President-Operations
19 Mr. Devi Prasad Tiwari (upto August 31, 2016) Business head (Ocean waterways)
*Independent directors are included only for the purpose of compliance with definition of key management personnel
given under IND AS 24.
2. Entities where control exists – Subsidiaries and indirect subsidiaries

Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
Direct Subsidiaries
3 Jindal Saw Middle East FZC UAE Ductile Iron Pipe and Fittings 75% 75%
manufacturing
210

Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
3. Associate
Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
4. Trust under common control

of operation /
Country of
Incorporation
Gratuity Scheme
Group Gratuity trust
3 IUP Jindal Metals & Alloys Limited India Company's employee gratuity trust
Employee Group Gratuity Scheme
4 JITF Shipyards Limited Employee India Company's employee gratuity trust
Group Gratuity trust
5. Entities where key management personnel and their relatives exercise significant influence
S.No. Name of the entities S.No. Name of the entities
1 Abhinandan Investments Limited 32 JITF Infralogistics Limited
2 Bir Plantation Private Limited 33 JITF Water Infrastructure Limited
3 Colorado Trading Company Limited 34 JSW Power Trading Company Limited
4 Danta Enterprises Private Limited 35 JSW Reality & Infrastructure Private Limited
5 Amba River Coke Limited 36 JSW Steel Coated Products Limited
6 Divino Multiventures Private Limited 37 JSW Steel Limited
7 Gagan Trading company Limited 38 JITF Urban Infrastructure Services Limited
8 Glebe Trading Private Limited 39 Maa Bhagwati Travels
9 Estrela Investments Limited 40 Mansarover Investments Limited
10 Four Seasons Investments Limited 41 Nalwa Investment Limited
11 Hexa Securities and Finance Company Limited 42 Nalwa Sons Investments Limited
12 Hexa Tradex Limited 43 O. P. Jindal Charitable Trust
13 Jindal Equipment Leasing & Consultancy Services Limited 44 OPJ Trading Private Limited
14 Jindal Industries Private Limited 45 P. R. Jindal HUF
15 Jindal Stainless (Hisar) Limited 46 Naveen Jindal HUF
16 Jindal Stainless Limited 47 R. K. Jindal & Sons HUF
17 Jindal Steel & Power Limited 48 Rohit Tower Building Limited
18 Jindal Systems Private Limited 49 S. K. Jindal & Sons HUF
211
S.No. Entities S.No. Entities

19 Jindal Tubular USA LLC (w.e.f. March 31, 2017) 50 Sahyog Tradecorp Private Limited
20 JITF Commodity Tradex Limited 51 Siddeshwari Tradex Private Limited
21 Gagan Infraenergy Limited 52 Stainless Investment Limited
22 JITF Urban Infrastructure Limited 53 Virtuous Tradecorp Private Limited
23 Ms. Sminu Jindal Charitable Trust 54 Mendeza Investments Limited
24 Raj West Power Limited 55 Nacho Investments Limited
25 Templar Investments Limited 56 Timarpur- Okhla Waste Management
Company Private Limited
26 Systran Multiventures Private Limited 57 Jindal Urban Waste Management (Guntur) Limited
27 Jindal Rail Infrastructure Limited 58 Sathi International FZE
28 Quality Foils (India) Private Limited 59 Quality Stainless Private Limited
29 Sahyog Holdings Private Limited 60 JITF Urban Waste Management (Bhatinda) Limited
30 JITF Urban Waste Management (Jalandhar) Limited 61 JITF Urban Waste Management (Ferozepur) Limited
31 AB Travels
6. Relatives of key management personnel where transactions have taken place

S.No. Name of Relatives Relationship
1 Ms. Savitri Devi Jindal Mother of Mr. Prithavi Raj Jindal
2 Mr. Ratan Jindal Brother of Mr. Prithavi Raj Jindal
3 Mr. Sajjan Jindal Brother of Mr. Prithavi Raj Jindal
4 Mr. Naveen Jindal Brother of Mr. Prithavi Raj Jindal
5 Ms. Arti Jindal Wife of Mr. Prithavi Raj Jindal
6 Mr. Indresh Batra Husband of Ms. Sminu Jindal
7 Ms. Madhulika Jain Wife of Mr. Sunil K. Jain
8 Ms. Sangita Mantri Wife of Mr. Narender Mantri
9 Mr. Mukesh Chandra Sinha Brother of Dinesh Chandra Sinha
10 Mr. Randhir Singh Chaudhary Brother of Hawa Singh Chaudhary
11 Mr. Vinay Chaudhary Son of Hawa Singh Chaudhary
12 Ms. Bimla Chaudhary Wife of Hawa Singh Chaudhary
Related Parties Transactions

(` lakhs)
S. Particulars Associate Key Management Personnel
No. (KMP),their relatives and Enterprises
over which KMP and their relatives
having significant influence
2017-18 2016-17 2017-18 2016-17
A Transactions
1 Sale of Goods/Material/Services
Jindal Stainless (Hisar) Limited - - 1,156.39 11,387.97
Jindal Rail Infrastructure Limited - - 0.53 -
Jindal Systems Private Limited - - 1.19 -
Timarpur- Okhla Waste Management
Company Private Limited - - 0.03 -
Jindal Stainless (Hisar) Limited - - 1,156.39 -
Jindal Urban Waste Management (Guntur) Limited - - 14.26 -
212

(` lakhs)
2017-18 2016-17 2017-18 2016-17
2 Purchase of Raw Materials/Consumables/Services
Jindal Stainless (Hisar) Limited - - 15,198.58 1,488.76
Jindal Stainless Limited - - 3,826.47 663.70
JSW Power Trading Company limited - - 1,896.74 4,582.59
JITF Water Infrastructure Limited - - - 1,862.50
Quality Foils (India) Private Limited - - 678.91 -
Quality Stainless Private Limited - - 278.52 -
JITFCommodity Tradex Limited - - 3,166.48 -
Maa Bhagwati Travels - - 4.70 -
Ms. Madhulika Jain - - 8.96 6.54
Ms. Sangita Mantri - - 8.96 7.98
3 Purchase return of Raw Materials/Consumables
4 Purchase of Capital Items
JITF Water Infrastructure Limited - - 1,180.00 -
5 Advance given during the year
JSW Power Trading Company limited - - - 30.52
6 Advance Repaid during the year
7 Contribution towards gratuity fund
Jindal Saw Employees Group Gratuity Scheme - - 757.58 687.80
IUP Jindal Metals & Alloys Limited Employee Group
Gratuity Scheme - - 56.07 24.54
8 Dividend Paid
Four Seasons Investments Limited - - 435.31 435.31
Gagan Trading Company Limited - - 2.10 2.10
Glebe Trading Private Limited - - 7.73 7.73
Mr. Indresh Batra - - 7.50 7.50
Mr. Naveen Jindal - - 2.25 2.25
Mr. Ratan Jindal - - 0.76 0.76
Mr. Sajjan Jindal - - - 0.76
213

(` lakhs)
2017-18 2016-17 2017-18 2016-17
Ms. Arti Jindal - - 0.60 0.60
Ms. Savitri Devi Jindal - - 1.04 1.04
Nalwa Sons Investments Limited - - 535.50 535.50
OPJ Trading Private Limited - - 77.74 77.74
P.R. Jindal HUF - - 0.22 0.22
R.K. Jindal & Sons HUF - - 0.82 0.82
S.K. Jindal & Sons HUF - - 0.22 0.22
Sahyog Holdings Private Limited - - - 53.45
Virtuous Tradecorp Private Limited - - 29.17 29.17
Siddeshwari Tradex Private Limited - - 130.04 130.04
Gagan Infraenergy Limited - - - 0.03
Divino Multiventures Private Limited - - 53.45 -
Estrela Investments Limited - - 18.78 -
Mendeza Investments Limited - - 18.33 -
Mr. Vinay Chaudhary - - 0.01 -
Ms. Bimla Chaudhary - - 0.03 -
Nacho Investments Limited - - 18.25 -
Nalwa Sons Investments Limited - - 535.50 -
Naveen Jindal HUF - - 2.19 -
Systran Multiventures Private Limited - - 2.05 -
Templar Investments Limited - - 18.57 -
Virtuous Tradecorp Private Limited - - 29.17 -
9 Remuneration Paid
Mr. Mukesh Chandra Sinha - - 16.17 14.13
Mr. Randhir Singh Chaudhary - - 7.15 6.27
10 Expenses incurred by others and
reimbursed by company
JSW Power Trading Company limited - - 1.15 -
Maa Bhagwati Travels - - - 4.66
Ms. Sminu Jindal Charitable Trust - - - 1.41
AB Travels - - 5.42 2.71
11 Expenses incurred/recovered by the Company
Hexa Securities and Finance Company Limited - - 2.99 3.14
JITF Water Infrastructure Limited - - 20.52 62.46
Rohit Tower Building Limited - - - 11.83
JITF Urban Infrastructure Services Limited - - - 3.39
214

(` lakhs)
2017-18 2016-17 2017-18 2016-17
12 Interest expense
Glebe Trading Private Limited - - 489.42 1,397.04
JITF Commodity Tradex Limited - - 1,068.35 1,104.03
13 Interest Income
Glebe Trading Private Limited - - 110.15 -
Jindal Rail Infrastructure Limited - - 62.77 61.33
JITF Urban Infrastructure Limited - - 309.55 299.70
14 Investment Sold/Transfer
Investment in Jindal ITF Limited sold to Glebe
Trading Private Limited - - 1,429.73 3,847.92
Investment in JITF Coal Logistics Limited sold to
Investment in Jindal Tubular USA Inc. sold to Four
Seasons Investment Limited - - - 11,023.65
purchased from Mr. Prithavi Raj Jindal - - 0.50 -
purchased from Ms. Arti Jindal - - 0.50 -
15 Loan given during the year
Services Limited - - - 6.73
Stainless Investment Limited - - 6.50 -
Jindal Tubular USA LLC - - 2,280.95 -
16 Loan Received Back during the year
17 Loan repaid during the year
Danta Enterprises Private Limited - - 9,332.00 8,719.98
Glebe Trading Private Limited - - 15,641.00 52,216.74
JITF Urban Infrastructure Services Limited - - 200.00 -
Jindal Tubular USA LLC - - - 907.83
18 Loan taken during the year
Sathi International FZE - - 25,778.01 7,600.53
JITF Urban Infrastructure Services Limited - - 5,150.00 -
215

(` lakhs)
2017-18 2016-17 2017-18 2016-17
19 Advance received back/Loan
converted during the year
20 Rent expense
Mr. Prithavi Raj Jindal - - 8.40 8.40
21 Rent Income
Abhinandan Investments Limited - - 0.14 0.12
Mansarover Investments Limited - - 0.14 0.12
Mr. Prithavi Raj Jindal - - - 18.00
Nalwa Investment Limited - - 0.14 0.12
Jindal Steel & Power Limited - - 5.98 -
22 Discount & rebate on sales/Balance w/off.
Abhinandan Investments Limited - - 0.07 -
Services Limited - - 1.15 -
Mansarover Investments Limited - - 0.98 -
Nalwa Investment Limited - - 1.05 -
23 Discount & rebate on purchases
Amba River Coke Limited - - 3.59 -
(` lakhs)
2017-18 2016-17 2017-18 2016-17
B Outstanding balances
1 Advances Recoverable
Jindal Systems Private Limited - - - 3.45
JSW Reality & Infrastructure Private Limited - - - 231.15
Jindal Steel & Power Limited - - 2,914.76 1.74
Hexa Securities and Finance Company Limited - - 1.46 -
Jindal Stainless Limited - - - 2,025.65
216

(` lakhs)
2017-18 2016-17 2017-18 2016-17
2 Corporate Guarantees outstanding
Jindal Rail Infrastructure Limited - - 6,435.00 10,703.54
JITF Urban Infrastructure Limited - - - 5,000.00
JITF Urban Waste Management (Bhatinda) Limited - - 1,916.36 2,395.51
JITF Urban Waste Management (Jalandhar)Limited - - - 1,000.00
JITF Water Infrastructure Limited - - 93.17 1,884.01
Timarpur-Okhla Waste Management
Company Private Limited - - 18,302.08 13,550.59
3 Interest Accrued (Receivable) -
4 Investments in equity share capital -
Jindal Tubular USA LLC - - - 863.67
5 Investments in preference share capital -
Jindal Tubular USA LLC - - - 8,657.90
6 Loan payable
Sathi International FZE - - 51,813.25 33,085.38
7 Loans given
Jindal Equipment Leasing &
Consultancy Services Limited - - - 100.57
JITF Urban Infrastructure Limited - - 3,104.90 2,739.81
JITF Urban Waste Management (Bhatinda) Limited - - - 3.28
JITF Urban Waste Management (Ferozepur) Limited - - - 4.81
JITF Urban Waste Management (Jalandhar) Limited - - - 3.28
Stainless Investment Limited - - - 475.43
Company Private Limited - - - 10.80
Jindal Tubular USA LLC - - 2,280.95 907.83
8 Payables
Hexa Securities & Finance Company Limited - - - 0.27
Jindal Stainless Limited - - 2,122.84 754.82
Maa Bhagwati Travels - - 0.39 0.39
Quality Foils (India) Private Limited - - 47.69 -
Danta Enterprises Private Limited - - - 3.04
217

(` lakhs)
2017-18 2016-17 2017-18 2016-17
Nalwa Sons Investments Limited - - - 2,400.00
Dr. S.K. Gupta - - - 4.50
Mr. Abhiram Tayal - - 0.90 0.90
Mr. Devi Dayal - - 0.90 0.90
Mr. Mukesh Chandra Sinha - - - 1.13
Mr. Raj Kamal Agarwal - - - 1.35
Mr. Randhir Singh Chaudhary - - - 0.37
Mr. Ravinder Nath Leekha - - 5.40 0.90
AB Travels - - 0.89 -
Dr. Raj Kamal Agarwal - - 1.35 -
JITF Commodity Tradex Limited - - 1,436.68 -
Mr. Ajit Kumar Hazarika - - 0.90 -
Mr. Prithavi Raj Jindal - - 0.48 -
9 Receivables
Bir Plantation Private Limited - - - 93.39
Company Private Limited - - 0.03 -
10 Advances Payable
11 Security Deposit Payable
Jindal Steel & Power Limited - - 2,941.00 -
12 Security Deposit Receivable
13 Interest Payable
Danta Enterprises Private Limited - - 42.87 -
218

Key Management Personnel (KMP)
(` lakhs)
March 31, 2018 March 31, 2017
Short-Term benefits * 1,476.63 1,350.07
Post-Employment benefits - -
- Defined contribution plan $ # 88.77 82.29
- Defined benefit plan # - -
Dividend paid 1.72 1.71
Total 1,567.12 1,434.07
(` lakhs)
Name Year ended Year ended
March 31, 2018 March 31, 2017
Ms. Sminu Jindal 267.43 279.65
Mr. Neeraj Kumar 506.45 464.08
Mr. O P Sharma 164.16 149.35
Dr. Dharmendra Gupta 166.21 151.66
Others 462.87 389.33
1,567.12 1,434.07
* Including bonus, sitting fee, commission on accrual basis and value of perquisites.
# The liability for gratuity and leave encashment are provided on actuarial basis for the Group as a whole. Accordingly, amounts
pertaining to key managerial personnel has not been included above.
$ including PF, leave encashment paid and any other benefit.
50. Lease disclosure

Operating Lease- As lessee
The Group’s obligations arising from non-cancellable lease are mainly related to lease arrangements for real estate.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on
such a basis.
Operating leases are in relation to the office premises, office equipment and other assets, some of which are cancellable and
some are non-cancellable. There is an escalation clause in the lease agreements during the primary lease period. There are no
restrictions imposed by lease arrangements and there are no sub leases. There are no contingent rents. The total of the future
minimum lease payments under non-cancellable leases are as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Obligations on non-cancellable leases :
Within one year of the balance sheet date 851.35 843.38
Later than one year but not later than five years from the balance sheet date 3,300.05 3,314.57
Later than five years from the balance sheet date 13,944.98 14,690.87
Total 18,096.38 18,848.82
These leases have various extension options and escalation clause. The aggregate lease rentals payable are charged as ‘Rent’
under Note 37.
Finance lease – As lessor
The Group has entered into an agreement with NTPC Limited dated August 11, 2011 to develop the Jetty and Conveyor System
at Farakka for transportation and discharge of coal at NTPC’s yard. As per the said agreement NTPC will provide land for
developing the said jetty and conveyor system and the Group will hand over the said assets to NTPC at ` 1 at the expiry of lease
period i.e. Seven years. The Group has incurred total amount of ` 18,778 lakhs to develop the said infrastructure. Hence, the total
expenditure incurred on development of said Jetty and Conveyor system shall be recovered in equated monthly instalments
over the project period from NTPC.
219

The future minimum lease receivable of the Group as lessor as at March 31, 2018 are as follows:-
(` lakhs)
Particulars Future minimum Present value
lease receivables
Within one year of the balance sheet date - -
Total 18,977.11 13,663.95
Unearned finance income as at March 31, 2018 is ` 5,313.16 lakhs.
The future minimum lease receivable of the Group as lessor as at March 31, 2017 are as follows:-
(` lakhs)
lease receivables
Within one year of the balance sheet date 3,859.75 1,982.55
Later than five years from the balance sheet date 964.94 944.65
Total 20,263.70 14,294.38
Unearned finance income as at March 31, 2017 is ` 5,969.32 lakhs.
Finance lease – As lessee
Assets held under finance leases are recognised as assets of the Group at their fair value at the inception of the lease or, if lower,
at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet
as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation
so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to the Income
Statement, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the
Group’s policy on borrowing costs.
The Group has reviewed the terms and conditions of the lease arrangements and determined that all risks and rewards of
ownership lie with the Group and has therefore accounted for the contracts as finance leases.
Finance lease obligation of the Group as lessee as of March 31, 2018 is as follows:-
a. The Group has entered into an agreement effective April 1, 2017 for taking seamless pipe manufacturing facility in
Maharastra State on lease for 25 years. The Group has evaluated the transaction and has accounted for the lease
transaction as finance lease.
(` lakhs)
lease payments
Later than one year but not later than five years
from the balance sheet date 720.00 235.38 484.62
Total 4,320.00 2,839.90 1,480.10
b. The Group has entered into an agreement effective January 18, 2018 for Installation and maintenance of Solar Power panels
at one of the manufacturing units, the contract is for 18 years. The Group has evaluated the transaction and has accounted
for the lease transaction as finance lease.
(` lakhs)
lease payments
from the balance sheet date 706.02 322.98 383.04
Total 3,052.11 2,156.52 895.59
220

c. The Group entered into an agreement for hire of a vessel for two years with option to purchase the vessel after six months,
the agreement also includes obligation on Group to purchase the vessel after two years. Vessel was capitalised at
discounted value of cash outflows over two years. In the current year the vessel has been sold and lease obligation has
been settled. Accordingly, disclosure for future minimum lease payments as at March 31, 2018 has not been provided.
The future minimum lease payments of the Group as lessee as at March 31, 2017 are as follows:-
(` lakhs)
lease payments
Within one year of the balance sheet date 3,895.58 3,699.36
from the balance sheet date - -
Total 3,895.58 3,699.36
Finance expense not due as at March 31, 2017 is ` 196.22 lakhs.
51. Government Grant
Packaged Scheme of Incentive (PSI) – Maharashtra
The Group’s manufacturing facility at Nashik has been granted “Mega Project Status” by Government of Maharashtra and
therefore is eligible for Industrial Promotion Subsidy (IPS) under Packaged Scheme of Incentive (PSI) 2007. The purpose of the
scheme is for intensifying and accelerating the process of dispersal of industries to the less developed regions and promoting
high tech industries in the developed areas of the state coupled with the object of generating mass employment opportunities.
Entitlements under the scheme consists of the following:
a) Electricity Duty exemption for a period of 7 years from the date of commencement of commercial production- from
September 10, 2009 to September 09, 2016
b) 100% exemption from payment of stamp duty.
c) VAT and CST payable to the State Government (on sales made from Nashik plant, within a period of 7 years starting from
September 10, 2009).
IPS will be payable so as to restrict up to 75% of the Eligible Fixed Capital investments made from September 13, 2007 to
September 10,2009 . The Eligibility Certificate issued allows maximum Fixed Capital Investment of ` 35,000 lakhs and
restricts IPS to 75% of ` 35,000 lakhs i.e. ` 26,250 lakhs.
Balances of Government grant received in advance and income recognized during the period are as follows
(` lakhs)
March 31, 2018 March 31, 2017
Government grant - opening 9,357.75 9,035.71
Addition during the year - 730.71
Revenue recognized 416.59 408.67
Government grant received in advance - closing 8,941.16 9,357.75
Rajasthan Investment Promotion Scheme (RIPS) Rajasthan

The Group’s manufacturing facility at Bhilwara has been granted “Customized Package” by Government of Rajasthan and
therefore is eligible for Investment Promotion Subsidy (IPS) under Rajasthan Investment Promotion Scheme – 2010 (RIPS-2010).
The purpose of the Customize Package Scheme of RIPS-2010 is to promote investment in the State of Rajasthan and to further
generate employment opportunities through such investment. Modalities of payment of IPS consists of the following:
a) 50% exemption from payment of Electricity Duty for a period of 10 years from the date of issuance of Entitlement Certificate
- from December 09, 2015 to December 08, 2025.
b) Investment Subsidy equivalent to 70% of Taxes (VAT & CST) which have become due and have been deposited into the
Government exchequer, for a period of 07 years from the date of issuance of Entitlement Certificate - from December 09,
2015 to December 08, 2022.
c) Employment Generation Subsidy – for General category: ` 15,000/- per employee & for Women/SC/ST/PWD: ` 18,000/-
per employee per completed year of service, subject to maximum, 05% of Taxes (VAT & CST) which have become due
and have been deposited into the Government exchequer, for a period of 07 years from the date of issuance of
Entitlement Certificate - from December 09, 2015 to December 08, 2022.
221

d) 50% exemption from payment of Stamp duty & Conversion charges for change of land use.
Balances of Government grant received in advance and income recognized during the period are as follows (` lakhs)
March 31, 2018 March 31, 2017
Government grant - opening 1,480.60 272.51
Addition/Adjustment during the year (197.34) 1,232.86
Government grant received in advance - closing 1,255.68 1,480.60
Kosi Unit
The Government of Uttar Pradesh implemented an Industrial Investment Promotion Scheme, 2003 for the purpose of providing
interest free loan under the scheme by way of working capital assistance during the initial years of production to promote
setting up of a Mega unit.
The Group has an Industrial unit having investment exceeding ` 2,500 lakhs at Kosi Kalan as per above mentioned scheme and
became eligible for sanction of Interest Free Loan as a Mega unit.
PICUP, on behalf of the state Government, has given Interest Free Loan. As per Indian Accounting Standard (IND AS 20)
“Accounting for Government Grants” the benefit derived from concessional or without interest loan from PICUP is treated as a
Government Grant and accounted for accordingly.
(` lakhs)
March 31, 2018 March 31, 2017
Government grant - opening 259.25 -
Addition during the year 1,008.87 261.31
Government grant received in advance - closing 1,248.38 259.25
Bellary Unit
The Group’s manufacturing facility at Bellary has been granted, "Subsidy for setting up of ETP Plant" by Government of Karnataka.
As per operational guidelines of Karnataka Industrial Policy 2009-2014 and package of incentive and concession scheme offered
for investment, Bellary unit is eligible for subsidy for setting up of ETP Plant (Effluent treatment plant).
Eligibility: One time capital subsidy up to 50% of the cost of Effluent Treatment Plants (ETPs) is available to Manufacturing Micro,
Small and Medium Enterprises and Service Enterprises, Manufacturing SEZ Enterprises, Large and Mega industries both for
establishment of new enterprises or for expansion, diversification, and modernization of existing industries, subject to a ceiling
of ` 100 lakhs per manufacturing enterprises in zone-1, 2 and 3 and a ceiling of ` 50 lakhs in zone-4. Since our unit is eligible, we
applied for capital subsidy on Effluent Treatment Plants (ETPs) and get it sanctioned from District Industries Centre, Bellary and
Directorate of Industries and Commerce, Bengaluru for capital subsidy on ETP of ` 31.50 lakhs.
Balances of Government grant received in advance and income recognized during the period are as follows: (` lakhs)
March 31, 2018 March 31, 2017
Government grant - opening 31.28 -
Addition during the year - 31.50
Government grant received in advance - closing 28.13 31.28
222

Export Promotion Capital Goods (EPCG)
The Group avails export promotion capital goods licenses. The objective of the EPCG Scheme is to facilitate import of capital
goods for producing quality goods and services and enhance manufacturing competitiveness.
EPCG Scheme
(a) EPCG Scheme allows import of capital goods for pre-production, production and post-production at zero customs duty.
(b) Capital goods imported under EPCG Authorisation for physical exports are also exempt from IGST and Compensation Cess
up to 31.3.2018 only, leviable thereon under the sub-section (7) and sub-section (9) respectively, of section 3 of the Customs
Tariff Act, 1975 (51 of 1975).
(c) Capital Goods can also be procured from indigenous sources, Capital goods for the purpose of the EPCG scheme shall
include:
(i) Capital Goods means plant, machinery, equipment or accessories required for manufacture or production, either directly
or indirectly, of goods or for rendering services, including those required for replacement, modernisation, technological
up-gradation or expansion. It includes packaging machinery and equipment, refrigeration equipment, power generating
sets, machine tools, equipment and instruments for testing, research and development, quality and pollution control;
(ii) Computer systems and software which are a part of the Capital Goods being imported;
(iii) Spares, moulds, dies, jigs, fixtures, tools & refractories; and
(iv) Catalysts for initial charge plus one subsequent charge.
(d) Import of capital goods for Project Imports notified by Central Board of Excise and Customs is also permitted under EPCG
Scheme.
(e) Import under EPCG Scheme shall be subject to an export obligation equivalent to 6 times of duties, taxes and cess saved
on capital goods, to be fulfilled in 6 years reckoned from date of issue of authorisation.
(f) Authorisation shall be valid for import for 18 months from the date of issue of authorisation. Revalidation of EPCG
authorisation shall not be permitted.
(g) In case Integrated Tax and Compensation Cess are paid in cash on imports under EPCG, incidence of the said Integrated
Tax and Compensation Cess would not be taken for computation of net duty saved provided Input Tax Credit is not
availed.
(h) EPCG scheme covers manufacturer exporters with or without supporting manufacturer(s), merchant exporters tied to
supporting manufacturer(s) and service providers. Name of supporting manufacturer(s) shall be endorsed on the EPCG
authorisation before installation of the capital goods in the factory / premises of the supporting manufacturer(s).
Actual User Condition
Imported capital goods shall be subject to Actual User condition till export obligation is completed and EODC is granted.
Export Obligation (EO)
(a) EO shall be fulfilled by the authorisation holder through export of goods which are manufactured by him or his supporting
manufacturer, for which the EPCG authorisation has been granted.
(b) EO under the scheme shall be, over and above, the average level of exports achieved by the applicant in the preceding
three licensing years for the same.
(c) In case of indigenous sourcing of Capital Goods, specific EO shall be 25% less than the EO stipulated in Para 5.01.
(d) Shipments under Advance Authorisation, DFIA, Drawback scheme or reward schemes would also count for fulfillment of
EO under EPCG Scheme.
(e) Export shall be physical export. However, supplies as specified in paragraph 7.02 (a), (b), (e), (f) & (h) of FTP shall also be
counted towards fulfillment of export obligation, along with usual benefits available under paragraph 7.03 of FTP.
straight-line basis over the expected lives of the related assets and presented within other operating revenue.
Since the purpose of the scheme is specifically to allow import of capital goods and spares and also there is export obligation
against the duty foregone. The duty foregone is accounted as government grant and to be added to the cost of the capital
goods and corresponding credit to deferred revenue. The deferred revenue is accrued to revenue on meeting the export
obligation against the duty foregone. The capital goods can be used as spares, capital spares and property,plant and
equipment, accordingly the cost of capital goods including duty foregone will be accounted as expense, capital work in
progress and property,plant and equipment.
As on the reporting date there is outstanding export obligation against the EPCG licenses. There are no other contingencies
relating to these grants.
223

Details of government grant availed and export obligation is as follows-
(` lakhs)
March 31, 2018 March 31, 2017
Value of capital goods imported 5,550.87 -
Government grant- duty forgone 427.02 -
Revenue recognised 427.02 -
Export obligation fulfiled 2,562.13 -
Export obligation outstanding - -
52. Earnings per share

The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share:
(Number of shares)
March 31, 2018 March 31, 2017
Issued equity shares 31,97,57,367 30,45,33,881
Equity shares compulsorily issuable on conversion of CCD - 1,52,23,486
Weighted average shares outstanding - Basic and Diluted - A 31,97,57,367 31,97,57,367
Net profit available to equity holders of the Group used in the basic and diluted earnings per share was determined as follows:
(` lakhs)
March 31, 2018 March 31, 2017
Profit/ (loss) for the year from continuing operations after tax 19,008.15 20,547.95
Less : Premium on redemption of debentures 95.02 945.77
Profit/ (loss) for the year from continuing operations after tax for EPS = (B) 18,913.13 19,602.18
Basic Earnings per share (B/A) (`) 5.91 6.13
Diluted Earnings per share (B/A) (`) 5.91 6.13
Profit/(loss) from discontinued operations after tax for EPS = (C) (1,158.44) (9,170.90)
Basic Earnings per share (C/A) (`) (0.36) (2.87)
Diluted Earnings per share (C/A) (`) (0.36) (2.87)
Profit/(loss) from from continuing and discontinued operations after tax for EPS 17,849.71 11,377.05
Less : Premium on redemption of debentures 95.02 945.77
Profit/ (loss) for the year from continuing and discontinued
operations after tax for EPS = (D) 17,754.69 10,431.28
Basic Earnings per share (D/A) (`) 5.55 3.26
Diluted Earnings per share (D/A) (`) 5.55 3.26
The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.
The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity.
53. Impairment review

Assets are tested for impairment annually or whenever there are any indicators for impairment. Impairment test is performed at
the level of each Cash Generating Unit (‘CGU’) or group of CGUs within the Group at which assets are monitored for internal
management purposes within an operating segment. The impairment assessment is based on higher of value in use and fair
value less cost.
224
54. Business combinations, loss of control and Transactions with Non-controlling interest
Acquisition of Sulog Transshipment Services Limited
On June 29, 2016 the Group acquired Sulog Transshipment Services Limited. The subsidiary is engaged into transloading in deep
sea business and operates a bulk cargo transhipper. The acquisition was accounted for in the books, using the acquisition
method and accordingly, all the assets and liabilities were measured at their preliminary fair values as on the acquisition date
and the purchase consideration was allocated to the net assets.
The following table summarises the fair value of the consideration paid, the amount at which assets acquired and the liabilities
assumed are recognised for Sulog Transshipment Services Limited as on the date of acquisition.
(` lakhs)
Particulars As determined As determined As determined on
on acquisition date on March 31, 2017 measurement date
Purchase consideration
Cash 6,171.67 6,171.67 6,171.67
Promissory note issued
Total (A) 6,171.67 6,171.67 6,171.67
Acquisition related cost (included in selling, general
and administrative expenses in the consolidated
statement of profit and loss) - - -
Recognised amount of Identifiable assets acquired and liabilities assumed (` lakhs)

Particulars As determined As determined As determined on
on acquisition date on March 31, 2017 measurement date
Assets acquired
Property, Plant and equipment 14,890.92 14,890.92 14,890.92
Other non-current assets 1.44 1.44 1.44
Current assets 80.90 80.90 80.90
Liabilities assumed
Non current liabilities 0.69 0.69 0.69
Current liabilities 6,825.09 6,825.09 6,825.09
Net identifiable assets (B) 8,147.48 8,147.48 8,147.48
Non controlling Interest (C) - - -
Capital reserve (A-B+C) (1,975.81) (1,975.81) (1,975.81)
The details of trade receivables acquired through business combination are as follows: (` lakhs)
Particulars Gross Contractual Best estimate of Best estimate of
Amount of amount expected amount expected
Receivable not to be collected to be collected
As determined on the date of acquisition 17.30 - 17.30
As determined on March 31, 2017 17.30 - 17.30
As determined on the measurement date 17.30 - 17.30
Analysis of Cash Flows on Acquisition

(` lakhs)
Particulars Year ended
March 31, 2017
Cash consideration paid 6,171.67
Net cash acquired with subsidiary 6.31
Investment in subsidiary net of cash acquired (A) 6,165.36
(included in cash flows from investing activities)
Transaction cost of acquisition (included incash flows from operating activities) (B) -
Total in respect to business combination (A+B) 6,165.36
Post-acquisition the undertaking has contributed in Profit/ (loss) of ` (1,127.26) lakhs for the year ended March 31, 2017.
225
Disposal of interest and loss of control in subsidiary JITF Shipping & Logistics (Singapore) Pte. Limited
The group has disposed of 100% shareholding in subsidiary JITF Shipping & Logistics (Singapore) Pte. Limited effective March 17,
2017, details of consideration and profit/ (loss) on disposal is as follows
Particulars Foreign currency Rate (` lakhs)

amount
Cash consideration received (SGD) 3,000 46.7093 1.40
Less: Net assets/(liabilities) of subsidiary sold (USD) (80.74) 65.5411 (5,291.93)
Less: Currency translation adjustment 939.20
Less: Provison for doubtful loan given 5,272.97
Profit/(loss) on disposal of subsidiary (918.84)
Assets and liabilities transferred
Assets disposed
Trade receivables 574.14
Cash and cash equivalents 5.13
Other current financial assets 5.49
Other current assets 84.14
Liabilities disposed
Non-current borrowings 5,753.86
Trade payables 60.11
Other financial liabilities 141.08
Other current liabilities 5.78
Net identifiable assets (5,291.93)
Disposal of interest and loss of control in subsidiary JITF Coal Logistics Limited
The group has disposed of 100% shareholding in subsidiary JITF Coal Logistics Limited effective June 30, 2016, details of
consideration and profit/ (loss) on disposal is as follows:
Consideration received 5.00
Less : Net assets/(liabilities) of subsidiary sold (12.86)
Profit/(loss) on disposal of subsidiary 17.86
Assets disposed
Loans given 18,524.39
Current tax assets (Net) 36.01
Trade payables 2.81
Net identifiable assets (12.86)
226

Disposal of interest and loss of control in subsidiary Universal Tube Accessories Private Limited
The group has disposed of 100% shareholding in subsidiary Universal Tube Accessories Private Limited effective April 12, 2016,
during previous year the subsidiary included in discontinued operations. Details of consideration and profit/ (loss) on disposal
is as follows:
Consideration received 279.31
Non-controlling interesst derecognised 253.41
Less : Net assets of subsidiary sold 517.18
Disposal of interest and loss of control in subsidiary Jindal Saw Espana,S.L.

The group has disposed of 100% shareholding in subsidiary Jindal Saw Espana, S.L. effective March 10, 2017, during previous year,
the subsidiary included in discontinued operations. Details of consideration and profit/ (loss) on disposal is as follows:
Particulars Euro Rate (` lakhs)
Consideration received 5000.00 70.6426 3.53
Less : Net assets/(liabilities) of subsidiary sold (71,533.23) 70.6426 (50.53)
Less: Currency translation adjustment (200.53)
Assets disposed
Property, Plant and Equipment 2.10
Investments 6.36
Trade receivables 7.66
Non-current borrowings 56.51
Trade payables 22.24
Net identifiable assets (50.53)
Disposal of interest and loss of control in subsidiary Jindal Tubular U.S.A. LLC
The group has disposed of 81% shareholding in subsidiary Jindal Tubular U.S.A. LLC effective March 30, 2017, details of
consideration and profit/ (loss) on disposal is as follows:
Particulars USD Rate (` lakhs)
Consideration received 56,78,100.00 64.845 3,681.96
Fair value of investment retained 13,31,900.00 64.845 863.67
Less: Net assets/(liabilities) of subsidiary sold (1,55,04,452.69) 64.845 (10,053.86)
Less: Currency translation adjustment 413.54
Less: Impairement of equity component of
preference shares 23,26,415.81 64.845 1,508.56
Profit/(loss) on disposal of subsidiary 12,677.39
227

Assets disposed
Property, Plant and Equipment 66,927.59
Capital work-in-progress 1,367.41
Goodwill 706.01
Other non-current financial assets 40.77
Deferred tax assets (Net) 9,500.31
Inventories 7,865.53
Trade receivables 3,775.03
Current borrowings 5,843.27
Trade payables 1,854.52
Other financial liabilities 452.02
Other current Liabilities 535.37
Net identifiable assets (10,053.86)
55. Discontinued operations

During the current year, the Group sold all vessels held in its Ocean waterways segment. Consequent to such sale, the ocean
waterways segment has been considered as discontinued operations and accordingly the results of the ocean waterways
segment is presented as discontinued operations in the financial statements and the residual assets not sold as at the yearend
are disclosed as assets held for sale.
The Group had identified and decided to dispose of operations in Algeria and Spain. Operation in Spain is disposed off with
effect from March 10, 2017, refer Note 54 for details of consideration received and profit / (loss) on disposal. Businesses in Algeria
continued to be discontinued operations.
Balance sheet of disposal group

(` lakhs)
March 31, 2018 March 31, 2017
Property, Plant and Equipment 180.01 8.54

Other Intangible assets 0.73 0.92
Other non current financial assets 17.17 19.01
Deferred tax assets (net) 0.47 0.53
Other non-current assets 5.32 7.17
Inventories 0.64 1.97
Trade receivables 1,603.22 1,872.88
Cash and cash equivalents 20.87 4.69
Current Tax Assets (Net) 0.21 0.26
Other current assets 991.87 1,055.91
Assets classified as held for sale 2,820.51 2,971.88
Current borrowings 3,644.36 3,825.93
Trade payables 166.96 182.39
Other financial liabilities 1.92 4.88
Other current liabilities 6.06 36.10
Liabilities associated with assets classified as held for sale 3,819.30 4,049.30
Net liabilities associated with disposal group 998.79 1,077.42
228

Statement of Profit and loss of disposal group
(` lakhs)
March 31, 2018 March 31, 2017
Revenue From Operations 505.46 1,854.46
Other Income 569.23 (1,519.73
Expenses 2,518.26 10,232.79
Exceptional items 2,911.95 3,427.78
Profit/(loss) from discontinued operations (4,355.52) (13,325.84
Tax expense/ (Income) 3,196.16 4,145.67
Profit/(loss) for the year from discontinued operations (1,159.36) (9,180.17)
Earning per share ( discontinued operations)
Basic (`) (0.36) (2.87)
Diluted (` ) (0.36) (2.87)
The net cash flow incurred by discontinued operations are as follows

(` lakhs)
March 31, 2018 March 31, 2017
Operating 3,791.71 7,876.41
Investing (3,213.32) 3.85
Financing (563.14) 7,897.86
56. Provisions
Movement in each class of provision during the financial year are provided below:
(` lakhs)
Particulars Employee Restoration Total
Benefits Obligation
As at April 1, 2016 7,016.46 10.52 7,026.98
Remeasurement losses accounted for in OCI 1,144.94 - 1,144.94
As at March 31, 2017 9,894.95 14.48 9,909.43
Remeasurement gains accounted for in OCI (265.28) - (265.28)
As at March 31, 2018 11,465.24 18.99 11,484.23
Current 1,160.53 - 1,160.53
Non Current 8,734.42 14.48 8,748.90
Current 1,475.70 - 1,475.70
Non Current 9,989.54 18.99 10,008.53
The expected outflow of provisions for restoration obligation is 42 to 44 years.
Refer Note 3.25 for nature and brief of employee benefit provision and restoration obligation.
229

57. Exceptional Items
a) for the year ended March 31, 2018
Description of exceptional item (` lakhs)
Loss on sale of vessels 9,080.58
Total 9,080.58
b) for the year ended March 31, 2017
Description of exceptional item (` lakhs)

Loss on sale of vessels 2,457.33
Loss/(Profit) on cessation of holding subsidiary relationship # (12,046.54)
Total (9,589.21)
# Refer note no 54 for loss/(profit) on disposal of subsidiaries
58. Subsidiaries in the group, Joint venture, joint operation and associate
a) The subsidiaries considered in the consolidated financial statements are:-
Subsidiaries
A. Direct Subsidiaries

Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
Direct Subsidiaries
230

B. Indirect Subsidiaries

Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
3 Jindal Saw Middle East FZC UAE Ductile Iron Pipe and Fittings
manufacturing 75% 75%
The associate considered in the consolidated financial statements is:

Country of
As at As at
Incorporation
March March
31, 2018 31, 2017
Details of controlled trust:

of operation /
Country of
Incorporation
Gratuity Scheme
3 IUP Jindal Metals & Alloys Limited India Company's employee gratuity trust
Employee group gratuity scheme
4 JITF Shipyards Limited Employee India Company's employee gratuity trust
231
59. Financial information pursuant to Schedule III of Companies Act, 2013
S.No. Name of the entity Net Assets i.e. total Share in profit and Share in other Share in total
assets minus total loss comprehensive comprehensive
liabilities income income
As % of (` lakhs) As % of (` lakhs) As % of (` lakhs) As % of (` lakhs)
consoli- consoli- consolida consolida
dated dated -ted other -ted Total
net profit and Compreh- Compreh-
assets loss ensive ensive
income income
Parent
Jindal SAW Limited 108% 5,91,302.68 198% 35,383.64 -6% 184.72 238% 35,568.36
Subsidiaries
Indian
1 Jindal ITF Limited -8% (41,829.56) -166% (29,576.52) 0% 8.05 -197% (29,568.47)
2 IUP Jindal Metals & Alloys Limited 2% 10,929.95 9% 1,646.79 0% (10.62) 11% 1,636.17
3 Jindal Intellicom Limited 1% 3,653.86 0% 22.74 -2% 67.77 1% 90.51
4 JITF Shipyards Limited 2% 9,127.29 0% (52.70) 0% (2.22) 0% (54.92)
5 iCom Analytics Limited 0% (12.46) 0% 3.21 0% 0.36 0% 3.57
6 Quality Iron and Steel Limited 0% (1.38) 0% (0.09) 0% - 0% (0.09)
7 Jindal Tubular (India) Limited 0% 15.33 2% 388.08 0% 3.31 3% 391.39
8 Jindal Quality Tubular Limited 0% 1,573.17 -13% (2,385.19) 1% (23.94) -16% (2,409.13)
9 Sulog Transshipment Services Limited 1% 6,993.23 -5% (844.87) 0% - -6% (844.87)
Foreign
1 Jindal Saw Gulf L.L.C. 5% 29,789.48 -26% (4,616.31) 4% (121.76) -32% (4,738.07)
2 Jindal Saw Holdings FZE 1% 8,186.77 -7% (1,193.56) 1% (16.61) -8% (1,210.17)
3 Jindal Saw Middle East FZC 2% 8,850.84 -11% (1,914.99) 2% (46.65) -13% (1,961.64)
4 Jindal International FZE 0% 1.01 0% (7.27) 0% (0.11) 0% (7.38)
5 Ralael Holdings Limited 1% 7,545.42 -6% (1,156.37) -19% 548.67 -4% (607.70)
6 Jindal Saw Italia S.P.A. 0% 770.72 -16% (2,922.01) 102% (2,921.15) -39% (5,843.16)
7 Greenray Holdings Limited 0% (259.14) 0% (65.03) 5% (147.30) -1% (212.33)
8 Derwent Sand SARL 0% (1,277.49) -1% (243.31) -30% 871.51 4% 628.20
9 S.V. Trading Limited 5% 29,116.14 -1% (253.27) -4% 116.75 -1% (136.52)
10 World Transload & Logistics LLC * 1% 7,500.78 4% 776.80 -1% 18.02 5% 794.82
11 Jindal Saw USA, LLC 5% 28,969.80 27% 4,737.03 -3% 82.67 32% 4,819.70
12 Drill Pipe International LLC 0% 1,013.78 -5% (805.58) 1% (30.52) -6% (836.10)
13 Jindal Intellicom LLC 0% (6.35) 0% (6.27) 0% - 0% (6.27)
Non-Controlling Interest in all Subsidiaries -5% (29,640.08) -106% (18,947.81) 3% (93.84) -127% (19,041.65)
Associate - (investment as per equity method)
1 Jindal Fittings Limited 0% - -3% (540.43) 0% (0.33) -4% (540.76)
Consolidation adjustments -22% (1,22,674.09) 226% 40,423.00 47% (1,364.16) 261% 39,058.84
Total 100% 5,49,639.70 100% 17,849.71 100% (2,877.38) 100% 14,972.33
The above figures for Parent, its subsidiaries and associate are before inter-company eliminations and consolidation
adjustments.
* Comprises of consolidated results of following subsidiaries:
1 5101 Boone LLP
2 Tube Technologies INC
3 Boone Real Property Holding LLC
4 Helical Anchors INC
232
60. Jindal ITF Ltd., the subsidiary of the Parent has secured interim awards of ` 15,850.05 lakhs during 2017-18 and ` 19,781.14 lakhs in
the month of April 2018 in respect of dispute with one of its customers. The arbitration proceeding in this matter is at an
advanced stage. Based on the current status of the matter and the legal advice obtained, the Group is of the view that the final
outcome of the dispute resolution process would not have any negative impact on carrying amount of investments and loans
& advances in Jindal ITF Limited amounting to ` 1,03,519.61 lakhs and consequently no adjustment is required to be made on the
said carrying amount.
61. Information related to standalone financial statement
Parent Company is listed on stock exchange in India. Parent Company has prepared standalone financial statement as required
under Companies Act, 2013 and listing requirements. The standalone financial statement is available on Parent’s web site for
public use.
62. Events occurring after the balance sheet date
The Board of directors of the Parent Company have recommended dividend for financial year 2017-18. For details of dividend,
refer Note 38.3.
63. Previous year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year’s
classification.
64. The Consolidated financial statement for the year ended March 31, 2018 are adopted and authorised for issue by Board of
Directors of the Parent on dated May 25, 2018.
For and on behalf of Board of Directors of Jindal SAW Limited
Sougata Mukherjee
233
NOTICE
NOTICE
NOTICE is hereby given that the 33rd Annual General Meeting of the Members of Jindal Saw Ltd. will
be held at registered office at A-1, UPSIDC Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.)
– 281 403 on Thursday, 27th September, 2018, at 12:30 p.m. to transact the following businesses:-
ORDINARY BUSINESS:
1. To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements
of the Company for the financial year ended 31st March, 2018 and the reports of the Directors
and Auditors thereon.
2. To declare a dividend on equity shares.
3. To appoint a Director in place of Ms. Sminu Jindal, Managing Director (DIN: 00005317), who retires
by rotation and, being eligible, offers herself for re-appointment.
4. To appoint a Director in place of Shri Neeraj Kumar, Group CEO & whole-time Director (DIN:
01776688), who retires by rotation and, being eligible, offers himself for re-appointment.
SPECIAL BUSINESS:
5. To consider and, if thought fit, to pass, with or without modification(s), the following resolution as
a Special Resolution:
“RESOLVED THAT in accordance with the provisions of Section 196, 197, 198 & 203 read with
Schedule V and all other applicable provisions of the Companies Act, 2013 and subject to such
approvals as may be necessary, Shri Neeraj Kumar be and is hereby proposed to re-appoint as
Group CEO & Whole-time Director of the Company for a further period of 5 years with effect from
1st July, 2018 on the following terms and conditions including remuneration with authority to the
Board of Directors to alter and vary the terms and conditions of the said arrangement and/or
remuneration subject to the same not exceeding the limits specified in Section 197 read with
Schedule V to the Companies Act, 2013 as may be agreed between the Board of Directors and
Shri Neeraj Kumar :-
CTC : Not exceeding an overall ceiling of ` 10 crores per annum as recommended by the
Nomination & Remuneration Committee.
Perks :
1. One Club membership for self and family.
2. Company maintained 2 chauffeur driven vehicles.
3. Medical Insurance for self and Family (Dependants).
4. Other allowances and perquisites as per the Company policy as is customary for such a
position.
The Group CEO & Whole-time Director so long as he functions as such shall not be paid any
sitting fee for attending the meetings of Board of Directors or Committees thereof and he shall
be liable to retire by rotation.
“RESOLVED FURTHER THAT his appointment can be terminated by giving two months notice or
salary in lieu thereof by either party.
236
NOTICE
6. To consider and, if thought fit, to pass, with or without modification(s), the following resolution
as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions, if
any, of the Companies Act, 2013 and the Companies (Audit and Auditors)Rules, 2014 (including
any statutory modification(s) or re-enactment thereof, for the time being in force), the
remuneration of ` 10,00,000 (Rupees Ten Lakhs only) plus other applicable taxes and
reimbursement of actual travel and out of pocket expenses, to be paid to M/s R. J. Goel & Co.,
Cost Accountants (Registration No. 000026), Cost Auditors of the Company, for the financial year
2018-19 be and is hereby ratified.”
“RESOLVED THAT pursuant to the provisions of section 197 and other applicable provisions, if any,
of the Companies Act, 2013 (Act), as amended from time to time, a sum not exceeding one
percent per annum of the net profits of the Company calculated in accordance with the
provisions of section 198 of the Act, be paid to and distributed amongst the Non-Executive
Directors of the Company (other than the Managing Director and Whole-time Directors) in such
amounts or proportions and in such manner and in all respects as may be decided by the Board
of Directors and such payments shall be made in respect of the profits of the Company for each
year, for a period of five years, starting from the year ended 31st March, 2017.”
“RESOLVED THAT pursuant to the provisions of Sections 23, 42, 71 and all other applicable
provisions, if any, of the Companies Act, 2013, read with the rules made thereunder (including
any statutory modification(s) or re-enactment thereof, for the time being in force), and subject to
applicable Regulations, Rules and Guidelines prescribed by the Securities and Exchange Board
of India and subject to the provisions of the Articles of Association of the Company, the consent
of the members be and is hereby accorded to the Board of Directors of the Company, for
making offer(s) or invitations to subscribe to secured/unsecured redeemable non-convertible
debentures, in one or more tranches, aggregating up to ` 1,000 crores (Rupees one thousand
crores Only) on private placement basis, on such terms and conditions as the Board of Directors
of the Company may, from time to time, determine and consider proper and most beneficial to
the Company including as to when the said debentures be issued, the consideration for the
issue, utilisation of the issue proceeds and all matters connected with or incidental thereto.
RESOLVED FURTHER THAT the Board be and is hereby authorised to do all such acts, deeds and
things and to take all such steps as may be necessary for the purpose of giving effect to this
resolution.
RESOLVED FURTHER THAT the Board be and is hereby authorised to delegate all or any of the
powers herein conferred to any Committee of Directors or any one or more Directors of the
Company.”
“RESOLVED THAT in accordance with the provisions of Section 23, 42, 62, 71 and all other
applicable provisions, if any, of the Companies Act, 2013 (including any statutory modification or
re-enactment thereof, for the time being in force), read with the rules made thereunder, the
provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended from time to time (hereinafter referred to as the
237
NOTICE
“SEBI Regulations”), the provisions of the Foreign Exchange Management Act, 1999 (FEMA), the
Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside
India) Regulations, 2000, and such other applicable statutes, notifications, clarifications, circulars,
regulations, and guidelines (including any amendment thereto or re-enactment thereof) issued
by the Government of India (the “GOI”), the Reserve Bank of India (the “RBI”), the Securities and
Exchange Board of India (the “SEBI”), Stock Exchanges and any other appropriate authorities,
institutions or bodies, as may be applicable, and the enabling provisions of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”) and the
Memorandum of Association and Articles of Association of the Company, and subject to all such
approvals, consents, permissions and sanctions, if any, of the GOI, RBI, SEBI, Stock Exchanges and
any other appropriate authorities, institutions or bodies, as may be necessary or desirable, and
subject to such conditions and modifications as may be prescribed or imposed by any of them
while granting any such consents, permissions, approvals and/or sanctions (hereinafter singly or
collectively referred to as “the requisite approvals”) which may be agreed to by the Board (or
any Committee(s), constituted or hereafter constituted by the Board in this behalf), the Board be
and is hereby authorised in its absolute discretion, to create, offer, issue and allot in one or more
tranches, Equity Shares and/or Fully Convertible Debentures/ Partly Convertible Debentures/
Optionally Convertible Debentures/ Non-Convertible Debentures with warrants or any other
Securities (other than warrants) or a combination thereof, which are convertible into or
exchangeable with equity shares of the Company at a later date (hereinafter collectively
referred to as the “Specified Securities”), to Qualified Institutional Buyers (as defined in the SEBI
Regulations) by way of a Qualified Institutions Placement, as provided under Chapter VIII of the
SEBI Regulations for an aggregate amount not exceeding ` 1,000 crores (Rupees one thousand
crores only), inclusive of such premium as may be decided by the Board, at a price which shall
not be less than the price determined in accordance with the pricing formula stipulated under
Chapter VIII of the SEBI Regulations.
RESOLVED FURTHER THAT the relevant date for the purpose of arriving at the aforesaid minimum
issue price of the Specified Securities shall be
- In case of allotment of equity shares, the date of the meeting in which the Board or a
Committee of the Board decides to open the proposed issue.
- In case of allotment of eligible convertible securities.
i. either the date of the meeting in which the Board or a Committee of the Board decides to
open the issue of such convertible securities; or
ii. the date on which the holders of such convertible securities become entitled to apply for
the equity shares.
as may be determined by the Board.
RESOLVED FURTHER THAT :
i. The Specified Securities to be created, offered, issued and allotted shall be subject to the
provisions of the Memorandum of Association and Articles of Association of the Company;
ii. The equity shares that may be issued on conversion of the Specified Securities issued shall
rank pari passu with the then existing equity shares of the Company in all respects including
dividend; and
iii. The number and/or conversion price in relation to equity shares that may be issued and
allotted on conversion of the Specified Securities that may be issued shall be appropriately
adjusted in accordance with the SEBI Regulations for corporate actions such as bonus issue,
rights issue, split and consolidation of share capital, merger, demerger, transfer of
undertaking, sale of division or any such capital or corporate restructuring.
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RESOLVED FURTHER THAT without prejudice to the generality of the above, the aforesaid
Specified Securities may have such features and attributes or any terms or combination of terms
that provide for the tradability and free transferability thereof in accordance with the prevailing
practices in the capital markets, the Board, subject to applicable laws, regulations and guidelines,
be and is hereby authorised to dispose off such Specified Securities that are not subscribed, in
such manner as it may in its absolute discretion deem fit.
RESOLVED FURTHER THAT for the purpose of giving effect to this resolution, the Board be and is
hereby authorised to do all such acts, deeds, matters and things including but not limited to
finalisation and approval of the preliminary as well as final offer document(s), determining the
form, manner and timing of the issue, including the investors to whom the Specified Securities
are to be issued and allotted, the number of Specified Securities to be allotted, issue price, face
value, premium amount on issue/ conversion of Specified Securities, if any, rate of interest,
execution of various agreements/ deeds/ documents/ undertakings, creation of
mortgage/charge/encumbrance in addition to the existing mortgages, charges and
hypothecation by the Company as may be necessary on such of the assets of the Company
both present and future, in such manner as the Board may direct, in accordance with Section
180(1)(a) of the Companies Act, 2013, in respect of any of the Specified Securities issued either on
pari passu basis or otherwise, and to settle all questions, difficulties or doubts that may arise in
regard to the issue, offer or allotment of the Specified Securities and utlilisation of the issue
proceeds, as it may in its absolute discretion deem fit without being required to seek any further
consent or approval of the members to that end and intent that the members shall be deemed
to have given their approval thereto expressly by virtue of this resolution.
RESOLVED FURTHER THAT the Board be and is hereby authorised to appoint such Consultants,
Lead Managers, Underwriters, Guarantors, Depositories, Custodians, Registrars, Trustees,
Bankers, Solicitors, Lawyers, Merchant Bankers and any such Agencies and intermediaries as
may be involved or concerned in such offerings of Specified Securities and to remunerate all
such agencies by way of commission, brokerage, fees or the like, and to enter into or execute
Agreements/ Arrangements/ MOUs with any such Agency or intermediary and also to seek the
listing of any or all of such Specified Securities or securities representing the same on one or
more Stock Exchanges.
RESOLVED FURTHER THAT the Board be and is hereby authorised to delegate all or any of the
powers herein conferred, to any Committee of Directors or any one or more Directors or
Officers of the Company.”
“RESOLVED THAT in accordance with the provisions of Section 23, 41, 42, 62, and 71 and all other
applicable provisions of the Companies Act, 2013 read with Companies (Issue of Global
Depository Receipt) Rules, 2014, Foreign Exchange Management Act, 1999 (including any
regulation, statutory modification(s) or re-enactment(s) thereof for the time being in force
including but not limited to Foreign Exchange Management (Transfer or Issue of Securities by a
Person Resident Outside India) Regulation, 2000, the Issue of Foreign Currency Convertible
Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993 and also the
provisions of any other applicable law(s), rules, regulations and in accordance with relevant
provisions of Memorandum and Articles of Association of the Company and subject to the
approval, consent, permission and / or sanction of the Ministry of Finance (MOF), Government
of India (GOI), the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI),
Stock Exchanges and / or any other appropriate authorities, institutions or bodies, as may be
necessary and subject to such conditions and modifications as may be prescribed in granting
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such approvals, consents and permissions, which may be agreed to by the Board of Directors of
the Company (hereinafter referred to as the “Board” which terms shall include a Committee of
Directors), the consent of the Company be and is hereby accorded to the Board to offer, issue
and allot, in one or more tranches, any securities including Global Depository Receipts (“GDR”)
and / or American Depository Receipts (“ADR”) and / or Foreign Currency Convertible Bonds
(“FCCB”) and / or Convertible Bonds / Debentures and / or Euro–Convertible Bonds whether
cumulative / redeemable / partly / fully convertible and / or securities partly or fully convertible
into equity shares and / or securities linked to equity shares and / or any instruments or securities
with or without detachable warrants, or such other types of securities representing either equity
shares and / or convertible securities, (hereinafter collectively referred to as “Securities”) in India
or in one or more foreign market(s) to be subscribed in foreign currency(ies) / Indian Rupees by
Foreign / Domestic Investors, including Non-residents, Foreign Institutional Investors,
Non-Resident Indians, Foreign Nationals, Corporate Bodies, Banks, Institutions, Mutual Funds or
such other eligible entities or persons as may be decided by the Board in accordance with
applicable laws, whether or not such persons / entities / investors are members of the Company,
through Prospectus, Offering Letter, Circular Memorandum or through any other mode, from
time to time, as may be deemed appropriate by the Board on such terms and conditions as the
Board may, in its sole and absolute discretion, deem fit upto US$ 150 million or equivalent to other
currencies (with a right to the Board to retain additional allotment, such amount of subscription
not exceeding 25% of the amount of initial offer of each tranche as the Board may deem fit) on
such terms and conditions including pricing (subject to the maximum pricing norms prescribed
by SEBI, RBI and / or any other authorities), as the Board may in its sole and absolute discretion
decide including the form and all other terms and conditions and matters connected therewith
and wherever necessary in consultation with the lead managers, underwriters, stabilization
agents, guarantors, financial and / or legal advisors, depositors, custodians, principal / paying /
transfer / conversion agents, listing agents, registrars and issue such Securities in any market and
/ or to the persons as may be deemed fit by the Board so as to enable the Company to get listed
at any stock exchange in India and / or any other overseas stock exchange(s).
RESOLVED FURTHER THAT these Securities will be disposed of by the Board in its absolute
discretion in such manner as the Board may deem fit and proper.
RESOLVED FURTHER THAT without prejudice to the generality of the above and subject to the
applicable laws, the aforesaid issue of the Securities may have all or any terms or combination
of terms in accordance with normal practices including but not limited to conditions relating to
payment of interest, dividend, premium or redemption or early redemption at the option of the
Company and / or to the holder(s) of the Securities and other debt-service payment whatsoever
and all such terms as are provided in offerings of this nature, including terms for issue of
additional equity shares, of variation of interest payment and / or variation of the price and / or
the period of conversions of Securities into equity shares or issue of equity shares during the
duration of the Securities and / or voting rights or options for early redemption of Securities, and
the Board is empowered to finalize and approve the same or any modification thereof.
RESOLVED FURTHER THAT the Company and / or any agency or body authorized by the Board
may issue depository receipts representing the underlying equity shares or other Securities or
FCCBs in registered form with such features and attributes as are prevalent in international capital
markets for instruments of this nature and provide for the tradability or free transferability thereof
as per the international practices and regulations and under the forms and practices prevalent in
the international markets including filing any registration statement and any other document and
any amendment thereto with any relevant authority(ies) for securities listing and trading in the
overseas Stock / Securities Exchange(s).
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RESOLVED FURTHER THAT the Board be and is hereby authorized to issue and allot such number
of equity shares as may be required to be issued and allotted upon conversion of any Securities
referred above or as may be necessary in accordance with the terms of the offering(s).
RESOLVED FURTHER THAT subject to the applicable laws, the Board, as and when it deems fit and
proper, be and is hereby also authorized to issue and allot equity shares (including equity shares
issued and allotted upon conversion of any Securities) with differential rights including
differential rights as to dividend and / or voting.
RESOLVED FURTHER THAT the Securities issued in foreign markets shall be deemed to have been
made abroad and / or in the market and / or at the place of issue of the Securities in the
International market and may be governed by applicable foreign laws.
RESOLVED FURTHER THAT for the purpose of giving effect to any issue or allotment of Securities
or instruments representing the same, the Board be and is hereby authorized to determine the
form, terms and timing of the offering(s), including the class of investors to whom the Securities
are to be allotted, number of Securities to be allotted in each tranche, issue price, face value,
premium amount of issue / conversion of Securities / redemption of Securities, rate of interest,
redemption period, utilization of issue proceeds, listing on one or more stock exchanges
abroad / India as the Board in its sole and absolute discretion may deem fit and to make and
accept any modifications in the proposal as may be required by the authorities involved in such
issues and on behalf of the Company, to do all such acts, deeds, matters and things as it may, at
its sole and absolute discretion, deem necessary or desirable for such purpose, including
without limitation the appointment of Registrars, Book-runners, Lead-Managers, Trustees, Agents,
Bankers, Global Co-coordinators, Custodians, Depositories, Consultants, Solicitors, Accountants,
or such other Agencies, entering into arrangements for underwriting, marketing, listing, trading,
depository and such other arrangements and agreements, as may be necessary and to issue
any offer document(s) and sign all deeds, documents and to pay and remunerate all agencies /
intermediaries by way of commission, brokerage, fees, charges, out of pocket expenses and the
like as may be involved or connected in such offerings of Securities, with power on behalf of the
Company to settle any question, difficulty or doubt that may arise in regard to any such issue,
offer or allotment of Securities and in complying with any regulations, as it may in its sole and
absolute discretion deem fit, without being required to seek any further consent or approval of
the members or otherwise to the end and intent that the members shall be deemed to have
given their approval thereto expressly by the authority of this resolution.
RESOLVED FURTHER THAT the Board be and is hereby authorized to delegate all or any of the
powers herein conferred to any Committee of Directors or Whole-time Director(s), Directors or
any other Officer(s) of the Company to give effect to the aforesaid resolution.”
“RESOLVED THAT in accordance with the provisions of Section 62(3) and other applicable
provisions, if any, of the Companies Act, 2013 (including un-repealed provisions of the
Companies Act, 1956, if any), and the relevant rules issued and notified thereunder, as amended
from time to time, the Memorandum and Articles of Association of the Company, and all other
applicable laws (including any statutory modification(s) or re-enactment thereof for the time
being in force), consent of the shareholders of the Company be and is hereby accorded to the
Board of Directors of the Company that in the event of default by the Company to comply with
the terms and conditions of the Working Capital Facility Agreement (subject to cure periods /
grace periods, where provided for), the Lenders shall have the right to convert the whole or part
of the outstanding due amounts under the Working Capital Facility, into equity shares of the
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Company at a value as determined by the Lenders, subject to the provisions of the Companies
Act, 2013 and the applicable law, and in the manner specified by the Lenders, in accordance
with the Working Capital Facility Agreement.
RESOLVED FURTHER THAT the Board of Directors be and are hereby authorized to issue and allot
to the Lenders the number of equity shares for conversion of the said portion of the outstanding
due amounts under the Working Capital Facility or for such lesser amount as may be desired by
the Lenders on exercise of such option in accordance with the Working Capital Facility
Agreement and for the purpose of giving effect to this resolution, the Board of Directors be and
is hereby authorized to do all such acts, deeds, and things as the Lenders may require, proper
or desirable and to settle any question, difficulty or doubt that may arise in regard to the offer /
issue, allotment, size and terms and conditions of the offer / issue, including but not limited to
valuation of the equity shares and the premium to be charged at the time of conversion, if any,
to accept and give effect to any modifications, changes, variations, alterations, deletions and
additions as the Lenders may require without requiring any further approval of the members, to
finalize and execute all documents and writings and to give such directions and / or instructions
as may be necessary, proper, desirable or expedient as it may deem fit from time to time.
RESOLVED FURTHER THAT the Board of Directors be and are hereby authorized to accept such
modifications, amendments and to accept such terms and conditions as may be imposed or
required by the Lenders arising from or incidental to the aforesaid terms providing for such
option and to do all such acts and things as may be necessary to give effect to the above
resolution.”
"RESOLVED THAT in accordance with the provisions of Section 62(1)(b) and all other applicable
provisions of the Companies Act, 2013 (the "Act") read with rules framed thereunder and the
Securities and Exchange Board of India (“SEBI”) (Share Based Employee Benefits) Regulations,
2014 (“SBEB Regulations”) (including any statutory modification(s) or re-enactment(s) thereof, for
the time being in force) and in accordance with circulars / guidelines issued by SEBI, the Articles
of Association of the Company, the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“Listing Regulations”) and other applicable regulations, rules and circulars /
guidelines in force, from time to time and subject to any approval(s) of any authorities as may be
required, and subject to any such condition(s) or modification(s), if any, as may be prescribed or
imposed by such authorities while granting such approval(s) and subject to acceptance of such
condition(s) or modification(s) by the Board of Directors of the Company (hereinafter referred to
as the “Board”, which term shall include the committee constituted by the Board or any other
committee which the Board may constitute to act as the “Compensation Committee” under the
SBEB Regulations or their delegated authority and to exercise its powers, including the powers
conferred by this resolution), the consent of the members be and is hereby accorded to the
Board to design, formulate , implement , grant, vest and allot, from time to time and in one or
more tranches, Options (as defined below) or units (by whatever name called) under the ‘Jindal
Saw Limited Stock Appreciation Rights’ Scheme 2018 (“SAR Scheme 2018”), the salient features of
which are set out in the statement annexed to this notice, to or to the benefit of such person(s)
as decided by the Board including but not limited to persons who are employees of the
Company/ subsidiaries/group companies whether working in India or outside India, and / or to
the directors of the Company, and to such other persons as may be decided by the Board and
/ or permitted under SBEB Regulations and the Act (hereinafter referred to as “Eligible
Employees”) but does not include an employee who is a promoter or a person restricted from
being granted rights under the SAR Scheme 2018 under the SBEB Regulations or any other
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regulations framed by SEBI or under the Act, to receive the benefits of increase/ appreciation in
the price of shares of the Company (“Options”) on such terms and conditions, as may be
determined by the Board in accordance with the provisions of SAR Scheme 2018 and in due
compliance with the SBEB Regulations and other applicable laws, rules and regulations;
RESOLVED FURTHER THAT the Board be and is hereby authorized to devise, formulate, evolve,
decide upon and bring into effect SAR Scheme 2018 as per the terms approved in this resolution
read with the statement annexed to this notice and at any time to modify, alter or amend the
said terms or suspend, withdraw or terminate SAR Scheme 2018, subject to compliance with the
SBEB Regulations, other regulations framed by SEBI and the Act and other applicable laws, rules
and regulations, as may be prevailing at that time;
RESOLVED FURTHER THAT, subject to the applicable laws, rules and regulations, as may be
prevailing at that time, consent of the member(s) of the Company be and is hereby accorded to
the Board to implement the SAR Scheme 2018 and grant the Options (and any other benefits
under any other employee benefit scheme as may be approved by the Board and the
shareholders of the Company) through the Jindal Saw Employee Welfare Trust or such other
name as may be permitted by the relevant sub-registrar at the time of settlement (“Jindal Saw
Employee Welfare Trust”), to be settled in a manner permissible under the SBEB Regulations;
RESOLVED FURTHER THAT the Options may be allotted in accordance with SAR Scheme 2018
either directly to the Eligible Employees or to /through the Jindal Saw Employee Welfare Trust;
RESOLVED FURTHER THAT the Company shall conform to the accounting policies prescribed
from time to time under SBEB Regulations and any other applicable laws and regulations to the
extent relevant and applicable to SAR Scheme 2018;
RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds,
matters and things as it may, in its absolute discretion deem fit, for the aforesaid purpose and
also to settle any issues, questions, difficulties or doubts that may arise in this regard at any stage,
without being required to seek any further consent or approval of the members of the
Company to the end and intent that the members shall be deemed to have given their approval
thereto expressly by the authority of this resolution, and further to execute all such deeds,
documents, writings and to give such directions and / or instructions as may be necessary,
proper or expedient to give effect to any modification, alteration, amendment, suspension,
withdrawal or termination of SAR Scheme 2018 and to take all such steps and do all acts as may
be incidental or ancillary thereto.”
"RESOLVED THAT in accordance with the provisions of Section 62(1)(b) and all other applicable
provisions of the Companies Act, 2013 (the "Act") read with rules framed thereunder and the
Securities and Exchange Board of India (“SEBI”) (Share Based Employee Benefits) Regulations,
2014 (“SBEB Regulations”) (including any statutory modification(s) or re-enactment(s) thereof, for
the time being in force) and in accordance with circulars / guidelines issued by SEBI, the Articles
of Association of the Company, the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“Listing Regulations”) and other applicable regulations, rules and circulars /
guidelines in force, from time to time and subject to any approval(s) of any authorities as may be
required, and subject to any such condition(s) or modification(s), if any, as may be prescribed or
imposed by such authorities while granting such approval(s) and subject to acceptance of such
condition(s) or modification(s) by the Board of Directors of the Company (hereinafter referred to
as the “Board”, which term shall include the committee constituted by the Board or any other
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conferred by this resolution), the consent of the members be and is hereby accorded to the
Board to extend the benefits of the Jindal Saw Limited Stock Appreciation Rights’ Scheme 2018
(“SAR Scheme 2018”) referred to in the Special Resolution under Item No. 12 above, also to or to
the benefit of such person(s) who are permanent employees of subsidiary companies/ group
company of the Company, whether working in India or outside India, and / or to the directors
of the subsidiary/ group companies of the Company, and to such other persons as may be
decided by the Board and / or permitted under SBEB Regulations and the Act (hereinafter
referred to as “Eligible Employees”) but does not include an employee who is a promoter or a
person restricted from being granted rights under the SAR Scheme 2018 under the SBEB
Regulations or any other regulations framed by SEBI or under the Act, to receive the benefit of
increase/ appreciation in the price of shares of the Company (“Options”) on such terms and
conditions, as may be determined by the Board in accordance with the provisions of SAR
Scheme 2018 and in due compliance with the SBEB Regulations and other applicable laws, rules
and regulations to the extent that the Options offered under SAR Scheme 2018 to the Eligible
Employees of the subsidiary/group companies shall be subsumed in the aggregate limit set out
in SAR Scheme 2018;
decide upon and bring into effect SAR Scheme 2018 as per the terms approved in this resolution
said terms or suspend, withdraw or terminate SAR Scheme 2018, subject to compliance with the
the Board to implement the SAR Scheme 2018 and grant the Options (and any other benefits
under any other employee benefit scheme as may be approved by the Board and the
RESOLVED FURTHER THAT the Options may be allotted in accordance with SAR Scheme 2018
either directly to the Eligible Employees or through/to the Jindal Saw Employee Welfare Trust;
extent relevant and applicable to SAR Scheme 2018;
withdrawal or termination of SAR Scheme 2018 and to take all such steps and do all acts as may
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“RESOLVED THAT, subject to the Applicable Laws, consent of the member(s) of the Company be
and is hereby accorded for acquisition of equity shares of the Company, in one or more tranches,
from the secondary market subject to the overall limits specified under the Securities and Exchange
Board of India (Share Based Employee Benefits) Regulations, 2014 and other applicable laws, by the
Jindal Saw Employee Welfare Trust or such other name as may be permitted by the relevant
sub-registrar at the time of settlement (“Jindal Saw Employee Welfare Trust”), to be settled in a
manner permissible under the SBEB Regulations, for the purpose of implementation of the SAR
Scheme 2018 from time to time;
RESOLVED FURTHER THAT, in case of any corporate action(s) such as rights issue, bonus issue,
buy-back of shares, split or consolidation of shares, etc. of the Company, the number of shares of
the Company to be acquired from the secondary market by the Jindal Employee Welfare Trust shall
be appropriately adjusted in accordance with the SBEB Regulations;
RESOLVED FURTHER THAT for the purpose of giving effect to the above resolution, the Board
including any committee thereof or the officers authorized by the Board in this regard be and are
hereby authorized to do all such acts, deeds, matters and things as may be necessary or expedient
and to settle any questions, difficulty or doubts that may arise in this regard without requiring the
Board to secure any further consent or approval of the member(s) of the Company.”
"RESOLVED THAT in accordance with the provisions of the Companies Act, 2013 (the "Act") read with
rules framed thereunder and the Securities and Exchange Board of India (“SEBI”) (Share Based
Employee Benefits) Regulations, 2014 (“SBEB Regulations”) (including any statutory modification(s) or
re-enactment(s) thereof, for the time being in force) and in accordance with circulars / guidelines
issued by SEBI, the Articles of Association of the Company, the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and other applicable regulations,
rules and circulars / guidelines in force, from time to time and subject to any approval(s) of any
authorities as may be required, and subject to any such condition(s) or modification(s), if any, as
may be prescribed or imposed by such authorities while granting such approval(s) and subject to
acceptance of such condition(s) or modification(s) by the Board of Directors of the Company
(hereinafter referred to as the “Board”, which term shall include the committee constituted by the
Board or any other committee which the Board may constitute to act as the “Compensation
Committee” under the SBEB Regulations or their delegated authority and to exercise its powers,
including the powers conferred by this resolution), the consent of the members be and is hereby
accorded to the Board to design, formulate , implement , grant, vest and allot, from time to time and
in one or more tranches, options/benefits (by whatever name called) under the ‘Jindal Saw
Limited General Employee Benefit Scheme 2018 (“GEB Scheme 2018”), the salient features of which
are set out in the statement annexed to this notice, to or to the benefit of such person(s) as decided
by the Board including but not limited to persons who are employees of the Company/
subsidiaries/group companies whether working in India or outside India, and / or to the directors
of the Company, and to such other persons as may be decided by the Board and / or permitted
under SBEB Regulations and the Act (hereinafter referred to as “Eligible Employees”) but does not
include an employee who is a promoter or a person restricted from being granted rights under the
GEB Scheme 2018 under the SBEB Regulations or any other regulations framed by SEBI or under the
Act, to receive the benefit and rights such as loan for personal expenses, marriage, education,
children’s study medical expenses, etc., (“General Benefits”) on such terms and conditions, as may
be determined by the Board in accordance with the provisions of GEB Scheme 2018 and in due
compliance with the SBEB Regulations and other applicable laws, rules and regulations;
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decide upon and bring into effect GEB Scheme 2018 as per the terms approved in this resolution
said terms or suspend, withdraw or terminate GEB Scheme 2018, subject to compliance with the
the Board to implement the GEB Scheme 2018 and grant the General Benefits (and any other
benefits under any other employee benefit scheme as may be approved by the Board and the
RESOLVED FURTHER THAT the General Benefits may be allotted in accordance with GEB Scheme
2018 directly to the Eligible Employees through the Jindal Saw Employee Welfare Trust;
extent relevant and applicable to GEB Scheme 2018;
withdrawal or termination of GEB Scheme 2018 and to take all such steps and do all acts as may
"RESOLVED THAT in accordance with the provisions of the Companies Act, 2013 (the "Act") read
with rules framed thereunder and the Securities and Exchange Board of India (“SEBI”) (Share
Based Employee Benefits) Regulations, 2014 (“SBEB Regulations”) (including any statutory
modification(s) or re-enactment(s) thereof, for the time being in force) and in accordance with
circulars / guidelines issued by SEBI, the Articles of Association of the Company, the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) and other
applicable regulations, rules and circulars / guidelines in force, from time to time and subject to
any approval(s) of any authorities as may be required, and subject to any such condition(s) or
modification(s), if any, as may be prescribed or imposed by such authorities while granting such
approval(s) and subject to acceptance of such condition(s) or modification(s) by the Board of
Directors of the Company (hereinafter referred to as the “Board”, which term shall include the
committee constituted by the Board or any other committee which the Board may constitute to
act as the “Compensation Committee” under the SBEB Regulations or their delegated authority
and to exercise its powers, including the powers conferred by this resolution), the consent of
the members be and is hereby accorded to the Board to extend the benefits of the Jindal Saw
Limited General Employee Benefit Scheme 2018 (“GEB Scheme 2018”) referred to in the Special
Resolution under Item No. 15 above, also to or to the benefit of such person(s) who are
employees of subsidiary/ group companies of the Company, whether working in
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India or outside India, and / or to the directors of the subsidiary companies/ group company of
the Company, and to such other persons as may be decided by the Board and / or permitted
under SBEB Regulations and the Act (hereinafter referred to as “Eligible Employees”) but does not
include an employee who is a promoter or a person restricted from being granted rights under
the GEB Scheme 2018 under the SBEB Regulations or any other regulations framed by SEBI or
under the Act, to receive the benefits and rights such as loan for personal expenses, marriage,
education, children’s study medical expenses, etc., (“General Benefits”) on such terms and
conditions, as may be determined by the Board in accordance with the provisions of GEB
Scheme 2018 and in due compliance with the SBEB Regulations and other applicable laws, rules
and regulations [to the extent that the General Benefits offered under GEB Scheme 2018 to the
Eligible Employees of the subsidiary/group companies shall be subsumed in the aggregate limit
under the GEB Scheme 2018];
decide upon and bring into effect GEB Scheme 2018 as per the terms approved in this resolution
said terms or suspend, withdraw or terminate GEB Scheme 2018, subject to compliance with the
the Board to implement the GEB Scheme 2018 and grant the General Benefits (and any other
RESOLVED FURTHER THAT the General Benefits may be allotted in accordance with GEB Scheme
2018 directly to the Eligible Employees through the Jindal Saw Employee Welfare Trust;
extent relevant and applicable to GEB Scheme 2018;
withdrawal or termination of GEB Scheme 2018 and to take all such steps and do all acts as may
and is hereby accorded for acquisition of equity shares of the Company, in one or more
tranches, from the secondary market subject to the overall limits specified under the Securities
and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and other
applicable laws, by the Jindal Saw Employee Welfare Trust or such other name as may be
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permitted by the relevant sub-registrar at the time of settlement (“Jindal Saw Employee Welfare
Trust”), to be settled in a manner permissible under the SBEB Regulations, for the purpose of
implementation of the Jindal Saw Limited General Employee Benefit Scheme 2018 (“GEB Scheme
2018”) from time to time;
buy-back of shares, split or consolidation of shares, etc. of the Company, the number of shares
of the Company to be acquired from the secondary market by the Jindal Employee Welfare
Trust shall be appropriately adjusted in accordance with the SBEB Regulations;
hereby authorized to do all such acts, deeds, matters and things as may be necessary or
expedient and to settle any questions, difficulty or doubts that may arise in this regard without
requiring the Board to secure any further consent or approval of the member(s) of the Company.”
the members be and is hereby accorded to the Board to design, formulate , implement , grant,
vest and allot, from time to time and in one or more tranches, options/benefits (by whatever
name called) under the ‘Jindal Saw Limited Retirement Benefit Scheme 2018 (“RB Scheme 2018”),
the salient features of which are set out in the statement annexed to this notice, to or to the
benefit of such person(s) as decided by the Board including but not limited to persons who are
employees of the Company/subsidiaries/group companies whether working in India or outside
India, and / or to the directors of the Company, and to such other persons as may be decided
by the Board and / or permitted under SBEB Regulations and the Act (hereinafter referred to as
“Eligible Employees”) but does not include an employee who is a promoter or a person
restricted from being granted rights under the RB Scheme 2018 under the SBEB Regulations or
any other regulations framed by SEBI or under the Act, to receive the retirement benefit and
rights (“Retirement Benefits”) on such terms and conditions, as may be determined by the Board
in accordance with the provisions of RB Scheme 2018 and in due compliance with the SBEB
Regulations and other applicable laws, rules and regulations;
decide upon and bring into effect RB Scheme 2018 as per the terms approved in this resolution
said terms or suspend, withdraw or terminate RB Scheme 2018, subject to compliance with the
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the Board to implement the RB Scheme 2018 and grant the Retirement Benefits (and any other
RESOLVED FURTHER THAT the Retirement Benefits may be allotted in accordance with RB
Scheme 2018 directly to the Eligible Employees through the Jindal Saw Employee Welfare Trust;
extent relevant and applicable to RB Scheme 2018;
withdrawal or termination of RB Scheme 2018 and to take all such steps and do all acts as may
the members be and is hereby accorded to the Board to extend the benefits of the Jindal Saw
Limited Retirement Benefit Scheme 2018 (“RB Scheme 2018”) referred to in the Special Resolution
under Item No. 18 above, also to or to the benefit of such person(s) who are employees of
subsidiary/ group companies of the Company, whether working in India or outside India, and /
or to the directors of the subsidiary / group companies of the Company, and to such other
persons as may be decided by the Board and / or permitted under SBEB Regulations and the
Act (hereinafter referred to as “Eligible Employees”) but does not include an employee who is a
promoter or a person restricted from being granted rights under the RB Scheme 2018 under the
SBEB Regulations or any other regulations framed by SEBI or under the Act, to receive the
benefits and rights such as loan for personal expenses, marriage, education, children’s study
249
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NOTICE
medical expenses, etc., (“Retirement Benefits”) on such terms and conditions, as may be
determined by the Board in accordance with the provisions of RB Scheme 2018 and in due
compliance with the SBEB Regulations and other applicable laws, rules and regulations [to the
extent that the Retirement Benefits offered under RB Scheme 2018 to the Eligible Employees of
the subsidiary/group companies shall be subsumed in the aggregate limit under the RB Scheme
2018];
decide upon and bring into effect RB Scheme 2018 as per the terms approved in this resolution
said terms or suspend, withdraw or terminate RB Scheme 2018, subject to compliance with the
the Board to implement the RB Scheme 2018 and grant the Retirement Benefits (and any other
RESOLVED FURTHER THAT the Retirement Benefits may be allotted in accordance with RB
Scheme 2018 directly to the Eligible Employees through the Jindal Saw Employee Welfare Trust;
extent relevant and applicable to RB Scheme 2018;
withdrawal or termination of RB Scheme 2018 and to take all such steps and do all acts as may
and is hereby accorded for acquisition of equity shares of the Company, in one or more
tranches, from the secondary market subject to the overall limits specified under the Securities
and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and other
applicable laws, by the Jindal Saw Employee Welfare Trust or such other name as may be
permitted by the relevant sub-registrar at the time of settlement (“Jindal Saw Employee Welfare
Trust”), to be settled in a manner permissible under the SBEB Regulations, for the purpose of
implementation of the Jindal Saw Limited General Employee Benefit Scheme 2018 (“RB Scheme
2018”) from time to time;
250
223
NOTICE
buy-back of shares, split or consolidation of shares, etc. of the Company, the number of shares
of the Company to be acquired from the secondary market by the Jindal Employee Welfare
Trust shall be appropriately adjusted in accordance with the SBEB Regulations;
hereby authorized to do all such acts, deeds, matters and things as may be necessary or
expedient and to settle any questions, difficulty or doubts that may arise in this regard without
requiring the Board to secure any further consent or approval of the member(s) of the Company.”
“RESOLVED THAT, subject to the applicable laws, rules and regulations, as may be prevailing at
that time, consent of the member(s) of the Company be and is hereby accorded to the board
of directors of the Company (including the committee constituted by the Board or any other
conferred by this resolution) (“Board”) to create, formulate, design and implement the (i) Jindal
Saw Limited Stock Appreciation Rights Scheme 2018 (“SAR Scheme 2018”); (ii) Jindal Saw Limited
General Employee Benefit Scheme 2018 (“GEB Scheme 2018”); and (iii) Jindal Saw Limited
Retirement Benefit Scheme 2018 (“RB Scheme 2018”); and grant the options (by whatever name
called and provided in the SAR Scheme 2018), the general benefits (by whatever name called
and provided under the GEB Scheme 2018) and the retirement benefits (by whatever name
called and provided in the RB Scheme 2018) respectively to the eligible employees (as
prescribed by the board ) through the Jindal Saw Employee Welfare Trust or such other name
as may be permitted by the relevant sub-registrar at the time of settlement (“Jindal Saw
Employee Welfare Trust”), to be settled in a manner permissible under the Securities and
Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
withdrawal or termination of SAR Scheme 2018, GEB Scheme 2018 and RB Scheme 2018 by the
Board (any committee including but not limited to the compensation committee thereof) and/or
the Jindal Saw Employee Welfare Trust and to take all such steps and do all acts as may be
incidental or ancillary thereto.”
Place : New Delhi By order of the Board

Date : 14th August, 2018 for JINDAL SAW LTD.
Regd. Office:
A-I ,UPSIDC Indl. Area Nandgaon Road, SUNIL K. JAIN
Kosi Kalan Distt. Mathura (U.P.)-281 403 Company Secretary
CIN-L27104UP1984PLC023979 Membership No.: F-3056
251
223
NOTICE
NOTES :
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ABOVE MEETING IS ENTITLED TO APPOINT A
PROXY TO ATTEND AND VOTE ON BEHALF OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE
A MEMBER OF THE COMPANY. PROXIES, IN ORDER TO BE VALID & EFFECTIVE, MUST BE RECEIVED
BY THE COMPANY AT THE REGISTERED OFFICE NOT LATER THAN FORTY EIGHT HOURS BEFORE
THE COMMENCEMENT OF THE ABOVE MEETING.
A person can act as a proxy on behalf of members not exceeding fifty and holding in aggregate
not more than ten percent of the total share capital of the company carrying voting rights. A
member holding more than ten percent of the total share capital of the company carrying
voting rights may appoint a single person as proxy and such person shall not act as a proxy for
any other person or shareholder.
2. For the convenience of members the route map of the venue of the meeting is depicted at the
end of the Notice.
3. Members who hold shares in physical form in multiple folios in identical names or joint holding
in the same order of names are requested to send the share certificates to the Company’s
Registrar and Transfer Agents, for consolidation into a single folio.
4. Corporate members intending to send their authorized representatives to attend the meeting
are requested to send to the Company a certified copy of the Board Resolution authorizing their
representative to attend and vote on their behalf at the meeting.
5. The Explanatory Statement pursuant to section 102(1) of the Companies Act, 2013 relating to
Special Business to be transacted is annexed hereto.
6. The Register of Members and Share Transfer Books of the Company will remain closed from 21st
September, 2018 to 27th September, 2018 (both days inclusive).
7. The Dividend, if approved, will be paid to those shareholders whose names appear : (a) as
Beneficial Owners as at the end of the business hours on 20th September, 2018 as per the list to
be furnished by NSDL and CDSL in respect of shares held in the Electronic Form; and (b) as
Members in the Register of Members of the Company after giving effect to all valid share
transfers in physical form lodged with the Company on or before 20th September, 2018.
8. Brief resume of Directors proposed to be appointed / re-appointed, nature of their expertise in
specific functional areas, names of companies in which they hold directorships and
memberships/chairmanships of Board Committees, shareholding and relationship between
directors inter-se as stipulated under Regulation 36(3) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 with the Stock Exchanges, is given hereunder
forming part of the Annual Report.
9. Relevant documents referred to in the accompanying Notice and the Statement are open for
inspection by the Members at the Registered Office of the Company on all working days,
except Saturdays, during business hours up to the date of the Meeting.
10. The Members are requested to notify promptly any change in their address to the Company or
their depository participant, as the case may be.
11. Pursuant to the provisions of Section 125 of Companies Act, 2013(corresponding section 205A of
the Companies Act, 1956), as amended, dividend for the year ended 31st March, 2010 which have
been remaining unpaid for a period of 7 years was transferred to the Investor Education and
Protection Fund established by the Central Government on 31st October, 2017.
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NOTICE
12. Members are advised that details of unclaimed dividend in respect of the financial year ended
31st March, 2011 up to the financial year ended 31st March, 2017 are available on the Company’s
corporate website www.jindalsaw.com under the section ‘Investor Relations’. Members who
have not encashed the dividend warrants for the said period are requested to make their claim
to the Company at Jindal Centre, 12, Bhikaiji Cama Place, New Delhi – 110 066 . Further, as per the
provisions of Section 124(6) of the Companies Act, 2013 read with the Investor Education &
Protection Fund Authority (Accounting, Audit, Transfer & Refund) Rules, 2016 (IEPF Rules), the
shares in respect of which the dividend has not be claimed for seven consecutive years are
required to be transferred by the Company to the designated Demat account of the IEPF
Authority.
13. Members are entitled to make nomination in respect of shares held by them in physical form as
per the provisions of section 72 of the Companies Act, 2013. Members desirous of making
nomination are requested to send Form SH-13 either to the Company or its Registrar and Share
Transfer Agent. Members holding shares in DEMAT form may contact their respective Depository
Participant for recording nomination in respect of their shares.
Members are requested to note that pursuant to directions given by SEBI/Stock Exchanges, the
Company has appointed M/s RCMC Share Registry Pvt. Ltd., B-25/1, 1st Floor, Okhla Industrial
Area, Phase-II, New Delhi-110020 as Registrar and Transfer Agent to look after the work related to
shares held in physical as well as demat mode.
14. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent
Account Number (PAN) by every participant in securities market. Members holding shares in
electronic form are, therefore, requested to submit the PAN to their Depository Participants with
whom they are maintaining their demat accounts. Members holding shares in physical form shall
provide their PAN details to the Company/Registrars and Transfer Agent, M/s RCMC Share
Registry Pvt. Ltd.
15. As per SEBI Circular dated 8th June, 2018, No transfer of shares except in case of transmission or
transposition of securities, requests for effecting transfer of securities shall not be processed
unless the securities are held in the dematerialized form with a depository
16. Members are informed that the Company is sending Annual Report through mail to those
shareholders who have registered their E-mail ID with the Company/Depository Participant(s).
For members who have not registered their email address with Company/ Depository
Participant(s), physical copies of the Annual Report for FY 2017-18 is being sent through permitted
mode and also be available on the Company’s website www.jindalsaw.com for their download.
17. In terms of Section 108 of the Companies Act, 2013 read with rule 20 of the Companies
(Management and Administration) Rules, 2014, the Company has engaged the services of NSDL
to provide the facility of electronic voting (‘e-voting’) in respect of the Resolutions proposed at
this AGM. Mr. Awanish Kumar Dwivedi of M/s Awanish Dwivedi & Associates, Company
Secretaries, New Delhi shall act as the Scrutinizer for this purpose.
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NOTICE
The procedure with respect to e-voting is provided below: -
The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are
mentioned below:
Step 1 : Log-in to NSDL e-Voting system at https://www.evoting.nsdl.com/
Step 2 : Cast your vote electronically on NSDL e-Voting system.
Details on Step 1 is mentioned below:
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available
under ‘Shareholders’ section.
3. A new screen will open. You will have to enter your User ID, your Password and a Verification
Code as shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at
https://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices
after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your
vote electronically.
4. Your User ID details are given below :
Manner of holding shares i.e. Demat Your User ID is:

(NSDL or CDSL) or Physical
a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID For
demat account with NSDL. example if your DP ID is IN300*** and Client ID
is 12****** then your user ID is IN300***12******.
b) For Members who hold shares in 16 Digit Beneficiary ID
demat account with CDSL. For example if your Beneficiary ID is 12**************
then your user ID is 12**************
c) For Members holding shares in EVEN Number followed by Folio Number registered
Physical Form. with the company
For example if folio number is 001*** and EVEN is
101456 then user ID is 101456001***
5. Your password details are given below:

a) If you are already registered for e-Voting, then you can use your existing password to
login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial
password’ which was communicated to you. Once you retrieve your ‘initial password’,
you need to enter the ‘initial password’ and the system will force you to change your
password.
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NOTICE
c) How to retrieve your ‘initial password’?
i) If your email ID is registered in your demat account or with the company, your ‘initial
password’ is communicated to you on your email ID. Trace the email sent to you from
NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open
the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account,
last 8 digits of client ID for CDSL account or folio number for shares held in physical form.
The .pdf file contains your ‘User ID’ and your ‘initial password’.
i) If your email ID is not registered, your ‘initial password’ is communicated to you on your
postal address.
6. If you are unable to retrieve or have not received the “initial password” or have forgotten
your password:
a) Click on “Forgot User Details/Password?” (If you are holding shares in your demat account
with NSDL or CDSL) option available on www.evoting.nsdl.com.
b) “Physical User Reset Password?” (If you are holding shares in physical mode) option
available on www.evoting.nsdl.com.
If you are still unable to get the password by aforesaid two options, you can send a
request at [email protected] mentioning your demat account number/folio number,
your PAN, your name and your registered address.
7. After entering your password, click on Agree to “Terms and Conditions” by selecting on
the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open
Details on Step 2 are mentioned below:
How to cast your vote electronically on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see the Home page of e-Voting. Click
on e-Voting. Then, click on Active Voting Cycles.
2. After click on Active Voting Cycles, you will be able to see all the companies “EVEN” in
which you are holding shares and whose voting cycle is in active status.
3. Select “EVEN” of company for which you wish to cast your vote
4. Now you are ready for e-Voting as the Voting page opens
5. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the
number of shares for which you wish to cast your vote and click on “Submit” and also
“Confirm” when prompted.
6. Upon confirmation, the message “Vote cast successfully” will be displayed.
7. You can also take the printout of the votes cast by you by clicking on the print option on
the confirmation page.
8. Once you confirm your vote on the resolution, you will not be allowed to modify your
vote.
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NOTICE
General Guidelines for shareholders:
1. Institutional shareholders (i.e., other than individuals, HUF, NRI, etc.) are required to send
scanned copy (PDF/JPG format) of the relevant Board resolution/authority letter, etc.,
together with attested specimen signature of the duly authorized signatory(ies) who are
authorized to vote, to the scrutinizer through an email to [email protected]
with a copy marked to [email protected].
2. It is strongly recommended not to share your password with any other person and take
utmost care to keep your password confidential. Login to the e-voting website will be
disabled upon five unsuccessful attempts to key in the correct password. In such an event,
you will need to go through the “Forgot User Details/Password?” or “Physical User Reset
Password?” option available on www.evoting.nsdl.com to reset the password.
3. In case of any queries, you may refer to the Frequently Asked Questions (FAQs) for
Shareholders and e-voting user manual for Shareholders available at the download
section of www.evoting.nsdl.com or call on toll free no.: 1800-222-990 or send a request
at [email protected]
Other Instructions:
A. The e-voting period commences at 9.00 a.m. on Monday, 24th September, 2018 and ends
at 5.00 p.m. on Wednesday, 26th September, 2018. During this period shareholders of the
Company holding shares either in physical form or in dematerialized form, as on the
cut-off date of 20th September, 2018 may cast their vote electronically. The e-voting
module shall be disabled by NSDL for voting thereafter.
B. The voting right of shareholders shall be in proportion to their shares of the paid-up equity
share capital of the Company as on the cut-off date of 20th September, 2018.
C. Mr. Awanish Kumar Dwivedi of M/s Awanish Dwivedi & Associates, Company Secretaries,
New Delhi has been appointed as the Scrutinizer to scrutinize the voting through poll at
AGM and remote e-voting process in a fair and transparent manner.
D. The Scrutinizer shall after the conclusion of voting at AGM, first count the votes cast at the
meeting, thereafter unblock the votes cast through remote e-voting in the presence of at
least two (2) witnesses not in employment of the Company and shall not later than two
days submit a consolidated scrutinizer’s report of the total votes cast in favour and against,
if any, forthwith to the Chairman of the Company.
E. The Results declared along with the scrutinizer’s report shall be placed on the Company’s
website www.jindalsaw.com and on the website of NSDL within 48 hours of conclusion of
the AGM of the Company and communicated to the NSE and BSE where Company’s
equity shares are listed.
F. Members/Proxies are requested to bring their copies of the Annual Report to the
meeting.

Regd. Office:
256
NOTICE
EXPLANATORY STATEMENT UNDER SECTION 102 (1) OF THE COMPANIES ACT, 2013
Item No. 5:
The members of the Company in their meeting held on 28th September, 2013 approved the
appointment of Shri Neeraj Kumar as Group CEO and Whole-time Director of the Company, liable
to retire by rotation, for the period of Five years effective from 01st July, 2013.
Your Directors in their meeting held on 25th May, 2018, based on the recommendation of
Nomination and Remuneration Committee, recommended the re-appointment of Shri Neeraj
Kumar as Group CEO and Whole-time Director of the Company, liable to retire by rotation, for
further period of five year effective from w.e.f. 1st July, 2018 subject to the approval of members in a
general meeting. Shri Neeraj Kumar has brought in new style of management with his energetic and
complete clarity in the thought and the performance at Group Level had improved because of his
efforts and contribution. Considering his result oriented approach and improvement in the
performance of the Company, it would in the best interest of the company that shri Neeraj Kumar
shall continue as the Group CEO and Whole-time director of the Company.
Shri Neeraj Kumar is not disqualified being appointed as Director in terms of Section 164 of the
Companies Act, 2013 and has given his consent to act as Director. The remuneration of Shri Neeraj
Kumar is fixed by the Board of Directors from time to time such that salary and aggregate value of
all perquisites and allowance like house allowance, bonus, performance incentive, medical
reimbursement, contribution to provident fund, gratuity, earned leave with full pay or encashment,
etc. as per the policy of the Company, provision for the Company’s car for official duties, etc. as may
be agreed by the Board of Directors and Shri Neeraj Kumar shall not exceed the overall
remuneration to be approved by the members in this annual general meeting as below:
CTC : Not exceeding an overall ceiling of ` 10 crores per annum as recommended by the
Nomination & Remuneration Committee.
Perks :
1. One Club membership for self and family.
2. Company maintained 2 chauffeur driven vehicles.
3. Medical Insurance for self and Family (Dependants).
4. Other allowances and perquisites as per the Company policy as is customary for such a position.
The Group CEO & Whole-time Director so long as he functions as such shall not be paid any sitting
fee for attending the meetings of Board of Directors or Committees thereof.
For the purpose of calculating the above ceiling, perquisites shall be evaluated as per the provisions
of the Income Tax Act, 1961, wherever applicable. In the absence of any such provisions, the
perquisites shall be evaluated at actual cost.
In the event of loss or inadequacy of profits in any financial year, the remuneration to be paid to Shri
Neeraj Kumar by way of salary and perquisites as specified above shall be subject to the approval
by the Central Government, if required.
The Board of Directors may, in its absolute discretion lower remuneration than the maximum
remuneration here-in-above stipulated and revise the same from time to time within the maximum
limit stipulated by this resolution.
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NOTICE
The proposed remuneration is within the limits prescribed under section I of Part II of the Schedule
V to the Companies Act, 2013. The terms of remuneration have been approved by the Nomination
and Remuneration Committee of the Board.
The Office of Group CEO and Whole-time Director may be terminated by the Company or by the
concerned Director by giving 3 months prior notice in writing.
Save and except Shri Neeraj Kumar, none of the other Director/Key Managerial Personnel of the
Company/their relatives are in any way concerned or interested, financially or otherwise in the
resolution set out at Item No. 5 of the Notice.
The Board recommends resolution as set out at Item No. 5 of the Notice for approval by the
shareholders as special resolution.
Item No. 6:
The Board, on the recommendation of the Audit Committee, has approved the appointment and
remuneration of M/s R.J. Goel & Co., Cost Accountants as Cost Auditors to conduct the audit of the
cost records of the Company for the financial year 2018-19.
In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules 2014, remuneration payable to the Cost Auditors is to be
ratified by the shareholders. Hence, the consent of shareholders is being sought by way of
ordinary resolution as set out at Item No. 6 of the Notice for ratification of the remuneration payable
to the Cost Auditors for the financial year 2018-19.
None of the Directors, Managers, key Managerial Personnel of the Company and their respective
relatives are, in any way concerned or interested, financially or otherwise in the resolution except
to the extent of their shareholding in the Company.
shareholders as ordinary resolution.
Item No. 7:
The Members at the annual general meeting on 27th September, 2012 had approved the payment
of remuneration by way of commission to the Directors in accordance with the provisions of than
applicable Companies Act, 1956 for the period of 5 years from the year ended 31st March, 2012.
The Non-Executive Directors including the Independent Directors of your Company bring with
them significant professional expertise and rich experience across a wide spectrum of functional
areas such as marketing, technology, corporate strategy, information systems, and finance. The
Board is of the view that it is necessary that adequate compensation be given to the Non-Executive
Directors and the Independent Directors so as to compensate them for their time and efforts.
Accordingly, it is proposed that in terms of section 197 of the Act, the Non-Executive Directors (apart
from the Managing Director and Whole-time Directors) be paid, for each of the five consecutive
years from the year ended 31st March, 2017, remuneration by way of commission, not exceeding
one percent per annum of the net profits of the Company computed in accordance with the
provisions of the Act. This remuneration will be distributed amongst Directors in accordance with
the directions given by the Board
Save and except all the non-executive Directors, none of the other Director/Key Managerial
Personnel of the Company/their relatives are in any way concerned or interested, financially or
otherwise in the resolution set out at Item No. 7 of the Notice.
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NOTICE
Item No. 8:
In terms of Section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and
Allotment of Securities) Rules, 2014, a Company shall not make a private placement of its securities
unless the proposed offer of securities or invitation to subscribe to the securities has been
previously approved by the members of the Company by a special resolution. In case of an offer
or invitation to subscribe to non-convertible debentures on private placement, a Company can
obtain prior approval of its shareholders by means of a special resolution once a year for all the
offers or invitations for such non-convertible debentures during the year. In order to augment the
long-term resources for financing inter alia, the ongoing capital expenditure, for refinancing of part
of the existing loans, to reduce interest costs and for general corporate purposes, the Company
may offer or invite subscription to secured/unsecured redeemable non-convertible debentures, in
one or more tranches on private placement basis.
An enabling resolution as set out at Item No. 8 of the Notice is, therefore, being proposed to borrow
funds by offer or invitation to subscribe to secured/ unsecured redeemable non-convertible
debentures for an amount not exceeding ` 1,000 crores (Rupees one thousand crores only). This
resolution would be valid for a period of one year from the date of this annual general meeting.
The price at which the securities will be issued will be determined by the Board of Directors of the
Company in accordance with applicable law and in consultation with the appropriate advisors.
None of the Directors, Key Managerial Personnel of the Company / their relatives are in any way
concerned or interested, financially or otherwise in the special resolution except to the extent of
their shareholding in the Company.
The Board recommends the resolution as set out at Item No. 8 of the Notice for approval by the
Item No. 9:
It is in the interest of the Company to raise long term resources with convertible option so as to
optimise capital structure for future growth. The proceeds of the issue will be used for long-term
funding to meet the planned capital expenditure and for other corporate purposes, including
refinancing of expensive debt, to reduce interest costs and to meet any unlikely shortfall in
unforeseen circumstances.
It is, therefore, proposed that the Board of Directors be authorised by way of an enabling special
resolution as at Item No. 9 of the Notice to raise additional long term resources depending on
market dynamics by way of Issue of equity shares and/or fully convertible debentures/ partly
convertible debentures/ optionally convertible debentures/ non-convertible debentures along
with warrants and/ or convertible securities other than warrants convertible into equity shares, in
one or more tranches, through a Qualified Institutional Placement, not exceeding a sum of ` 1,000
crores (Rupees one thousand crores only) in the aggregate. The price at which the equity shares
or other securities to be issued will be determined by the Board of Directors of the Company in
accordance with applicable law and in consultation with the experts/ investment bankers/ advisors.
However, the basis of pricing of such Specified Securities shall be the pricing formula as prescribed
under Regulation 85 of the SEBI Regulations. The end use of the issue proceeds will be in
compliance with applicable laws and regulations.
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NOTICE
None of the Directors, Managers, Key Managerial Personnel of the Company / their relatives are in
any way concerned or interested, financially or otherwise in the special resolution except to the
extent of their shareholding in the Company.
Item No. 10
In order to mobilize funds for the normal capital expenditure, expansion, modernization, general
corporate purposes, working capital requirements, etc., the Company may, at an appropriate time,
make an offering by way of public offer and / or private placement of Global Depository Receipts
(GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs),or any
other equity and / or preference share related instruments amounting in aggregate to US$ 150
million or equivalent to other currencies to the international investor(s) in one or more tranches, at a
price, in accordance with the applicable laws and otherwise on such terms and conditions as may
be deemed appropriate by the Board at the time of issue of these instruments / securities. The
detailed terms and conditions of the offer will be determined in consultation with the lead
managers, advisors and underwriters to be appointed by the Company at an appropriate time. Since
pricing of the offering can be decided only at a later stage, it is not possible to state the price or the
exact number of securities or instruments to be issued and hence an enabling resolution in broader
terms is proposed to give adequate flexibility and discretion to the Board / Committee to finalise the
terms in consultation with the lead managers and underwriters or such other authority(ies) as need
to be consulted including in relation to the pricing of the issue which will be a free market pricing
and may be at a premium or discount to market price in accordance with the international practices.
The discussions will be initiated with internationally reputed consultants and merchant bankers at an
appropriate time for identifying the parties and negotiating the terms and conditions of the offering.
Pursuant to the issuance and allotment of these securities / instruments by the Company the
holders of such securities / instruments would be entitled to convert their respective securities /
instruments into the equity / preference shares, as the case may be, of the Company. These shares
will rank pari-passu in all respects with the existing equity of the Company.
Pursuant to the applicable provisions of the Companies Act, 2013 and Rules made thereunder your
consent is being bought by way of special resolution.
None of the Directors, Managers, Key Managerial Personnel of the Company and their respective
relatives are, in any way concerned or interested, financially or otherwise in the resolution except
to the extent of their shareholding in the Company.
Item No. 11:
The Company has availed various working capital facilities from the consortium of banks headed by
State Bank of India. One of the conditions of working capital facilities granted by the consortium of
banks is in case of default committed by the Company either in repayment of working capital
facilities or interest on it, the banks can convert the whole or part of the outstanding due amounts
under the Working Capital Facility including interest into the equity shares of the company at the
value determined by these banks subject to the applicable laws and in the manner specified by
them. At present, the Company has availed the working capital facilities from consortium of banks
up to ` 5000 crores in aggregate.
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NOTICE
As per the provisions of Section 62 of the Companies Act, 2013, the working capital facilities including
interest can be converted into equity shares of the Company with the approval of the shareholders
by way of special resolution. Therefore, the consortium of banks has insisted that the Company
should obtain the approval of the shareholders by way of special resolution. Therefore, the
shareholders of the Company are requested to accord their approval to the proposed resolution.
None of the Directors and Key Managerial Personnel of the Company and their relatives may be
deemed to be interested/concerned in this resolution, except to their respective shareholdings in
the Company, if any.
The Board recommends the Special Resolutions set out at Item No.11 of the Notice for approval by
the members
Item No. 12 to 14:
With a view to encourage value creation and value sharing with the employees, the Board of
committees of the board and any other committee which the Board may constitute to act as the
Compensation Committee under the SBEB Regulations or their delegated authority) has proposed
‘Jindal Saw Stock Appreciation Rights Scheme 2018’ (“SAR Scheme 2018”). As members are aware,
employee benefit schemes such as the SAR Scheme 2018 are considered as an effective tool to
attract and retain the best talent and also serves to attract, incentivise and motivate professionals and
reward exceptional performance.
The salient features of SAR Scheme 2018 are set out as per SEBI circular and are as under:
a. Brief description of the scheme – SAR Scheme 2018
SAR Scheme 2018 is intended to reward the Eligible Employees (as described under clause (c)
herein below), for their performance and to motivate them to contribute to the growth and
profitability of the Company. SAR Scheme 2018 will help to retain talent in the organization as the
Company views stock appreciation rights (“Options”) as an instrument that would enable the
Eligible Employees to share the value they create for the Company and align individual
objectives with the objectives of the Company in the years to come.
b. Total number of Options to be granted
The Options to be granted to the Eligible Employees under SAR Scheme 2018, in one or more
tranches, shall be within the overall limit and subject to the Securities and Exchange Board of
India (Share Based Employee Benefits) Regulations, 2014 (“SBEB Regulations”) such that there is no
breach of the limits set out under the SBEB Regulations.
The Options which do not vest would be available for re-grant to be disposed of by the Board
in the manner provided under the SBEB Regulations.
c. Identification of class of employees entitled to participate in SAR Scheme 2018
Following classes of employees are entitled to participate in SAR Scheme 2018 (“Eligible
Employees”):
(i) employee of the Company who has been working in India or outside India, as decided by the
Board or any committee thereof; or
(ii) director of the Company, whether whole-time or not but excluding independent director; or
261
NOTICE
(iii) employee as defined in (i) or (ii) above of subsidiary companies, in India or outside India, or
of a group company of the Company; or
(iv) such other persons as decided by the Board in compliance with the terms of the SBEB
Regulations.
Following persons are not entitled to participate in SAR Scheme 2018:
(i) an employee who is a promoter or a person belonging to the promoter group; or
(ii) a director who either by himself or through his relative or through any body corporate,
directly or indirectly, holds more than 10% of the outstanding equity shares of the Company.
d. Requirements of vesting, period of vesting and maximum period within which the Options shall
be vested
The Options granted can vest only to the Eligible Employees. The Board may, at its discretion, lay
down certain performance matrix on the achievement of which such Options can vest, the
detailed terms and conditions relating to such performance-based vesting, and the proportion
in which Options granted can vest, subject to the minimum vesting period of one year between
grant of Options and vesting of Options.
The maximum vesting period may extend up to five years from the date of grant of Options or
such other period as may be decided by the Board exceeding one year.
e. Exercise price or pricing formula
The Board will determine the exercise price in case of each grant subject to the same not being
less than the face value of the equity shares of the Company and not more than the ‘market price’
(that is, latest available closing price on a recognised stock exchange, having highest trading
volume, on which the equity shares of the Company are listed) of the equity shares at the time
of grant.
f. Exercise period and the process of Exercise
Exercise Period would commence from the vesting date and would expire not later than five
years from the date of grant of Options or such other period as may be decided by the Board.
The vested Options are exercisable by the Eligible Employees by a written application to the
Company expressing his/ her desire to exercise such Options in such manner and on execution
of such documents, as may be prescribed by the Board from time to time.
g. Appraisal process for determining the eligibility under SAR Scheme 2018
The Eligible Employees as per the criteria determined by the Board can be granted Options
based on performance linked parameters such as work performance, company performance,
business performance and such other parameters as may be decided from time to time.
h. Maximum number of Options to be issued
The number of Options to be granted to an Eligible Employee under SAR Scheme 2018 can be
decided by the Board. However, the maximum number of Options that may be granted shall
not exceed the limit as set out under the SBEB Regulations.
262
NOTICE
i. Maximum quantum of benefits to be provided per employee under SAR Scheme 2018
[The maximum quantum of benefits underlying the Options granted to an Eligible Employee
shall be equal to the appreciation in the value of the Company’s equity shares determined as on
the date of exercise of Options, on the basis of difference between the Option exercise price
and the market price of the equity shares on the exercise date.] Eligible Employee shall not have
the right to receive dividend or to vote or in any manner enjoy the benefits of a shareholder in
respect of the Option granted.
j. Whether SAR Scheme 2018 is to be implemented and administered directly by the Company or
through Jindal Saw Employee Welfare Trust
SAR Scheme 2018 may be implemented either by the Company directly or through the Jindal
Saw Employee Welfare Trust or such other name as may be permitted by the relevant
sub-registrar at the time of settlement (“Jindal Saw Employee Welfare Trust”), to be set up in a
manner as permissible under the SBEB Regulations and subject to applicable compliances, as
may be decided by the Board.
k. Whether SAR Scheme 2018 involves new issue of shares by the Company or secondary
acquisition by the Jindal Saw Employee Welfare Trust or both
SAR Scheme 2018 may be implemented either by issuance of new shares of the Company or
by secondary acquisition or by both.
l. The amount of loan to be provided for implementation of SAR Scheme 2018 by the Company
to the Jindal Saw Employee Welfare Trust
The Company may provide a loan to the Jindal Saw Employee Welfare Trust, in compliance with
the applicable law including SBEB Regulations and other regulations issued by SEBI from time to
time for implementation of SAR Scheme 2018.
m. Maximum percentage of Secondary Acquisition that can be made by the trust for the purpose
of the SAR Scheme 2018
The total number of shares held by the Jindal Saw Employee Welfare Trust shall [not exceed 5%]
of the paid up share capital of the Company as at the end of the preceding financial year,
subject to the terms and provisions of the SBEB Regulations.
n. Accounting and Disclosure Policies
The Company shall follow the relevant Indian Accounting Standards (Ind-AS), prescribed from
time to time, including the disclosure requirements.
Regulation 6(1) of SBEB Regulations requires that every stock appreciation right scheme shall be
approved by the members of the company by passing a special resolution in a general
meeting. Accordingly, the Special Resolution set out at Item No. 12 of this Notice is proposed for
approval by members.
As per Regulation 6(3) of SBEB Regulations, a separate special resolution is required to be
passed if the benefits of an employee stock option scheme are to be extended to employees
of the subsidiary company (ies). Accordingly, the Special Resolution set out at Item No. 13 of this
Notice is proposed for approval by members.
263
NOTICE
The special resolutions set out at Item No. 14 propose to authorize the Board to implement the
SAR Scheme 2018 through the Jindal Saw Employee Welfare Trust and to authorize the Jindal Saw
Employee Welfare Trust to acquire equity shares of the Company from the secondary market in
future, if required. In terms of the SBEB Regulations, employees’ welfare schemes such as the SAR
Scheme 2018 can be implemented by way of secondary acquisition. It is proposed that the SAR
Scheme 2018 be implemented by way of inter-alia secondary acquisition through Jindal Saw
Employee Welfare Trust.
The SAR Scheme 2018 shall conform to the SBEB Regulations.
The SBEB Resolutions inter-alia provide that if the scheme involves secondary acquisition, then it is
mandatory for the Company to implement such scheme through a trust, subject to compliance of
conditions stated in the SBEB Regulations. It is intended that the Jindal Saw Employee Welfare Trust
acquires equity shares of the Company from the secondary market and/or by way of a gift and
utilize the same upon exercise of stock appreciation options by option holders.
Directors / Key Managerial Personnel of the Company / their relatives who may be granted Options
under SAR Scheme 2018 may be deemed to be concerned or interested in the Special Resolutions
at Item Nos. 12 to 14 of this Notice.
Save as aforesaid, none of the Directors / Key Managerial Personnel of the Company / their relatives
are, in any way, concerned or interested, financially or otherwise, in the said Special Resolutions.
The Board recommends the Special Resolutions set out at Item Nos.12 to 14 of this Notice for
approval by the members
Item No. 15 to 17
‘Jindal Saw General Employee Benefit Scheme 2018’ (“GEB Scheme 2018”). As members are aware,
employee benefit schemes such as the GEB Scheme 2018 are considered as an effective tool to
attract and retain the best talent and also serves to attract, incentivise and motivate professionals
and reward exceptional performance.
At no point will the equity shares of the Company exceed 10 % of the book value or market value or
fair value of the total assets of the scheme, whichever is lower, as appearing in the latest balance
sheet of the Company for the purpose of the GEB Scheme 2018.
The salient features of GEB Scheme 2018 are set out as per SEBI circular and are as under:
a. Brief description of the scheme – GEB Scheme 2018
GEB Scheme 2018 is intended to reward the Eligible Employees (as described under clause (c)
profitability of the Company. GEB Scheme 2018 will help to retain talent in the organization as the
Company views general employee benefit rights as an instrument that would enable the Eligible
Employees to share the value they create for the Company and align individual objectives with
the objectives of the Company in the years to come.
b. Benefits under the GEB Scheme 2018
The eligible employees to be granted employment benefits such as loan for personal expenses,
marriage, education, children’s study medical expenses, etc., (“General Benefits”) under GEB
Scheme 2018, in one or more tranches, and on such terms as prescribed under the GEB Scheme
2018, in compliance with the SBEB Regulations.
264
223
NOTICE
c. Identification of class of employees entitled to participate in GEB Scheme 2018

Following classes of employees are entitled to participate in GEB Scheme 2018 (“Eligible
Employees”):
(i) employee of the Company who has been working in India or outside India, as decided by the
Board or any committee thereof; or
(iii) employee as defined in (i) or (ii) above of subsidiary/ group companies, in India or outside
India; or
Regulations.
Following persons are not entitled to participate in GEB Scheme 2018:
d. Requirements for availing the benefits under the GEB Scheme 2018
The Board may, at its discretion, lay down certain performance matrix, other terms and
conditions on the achievement of which General Benefits may be availed under the GEB
Scheme 2018 by an Eligible Employee.
e. Process of Exercise
The vested General Benefits are exercisable by the Eligible Employees by a written application
to the Company expressing his/ her desire to exercise such benefits in such manner and on
execution of such documents, as may be prescribed by the Board from time to time.
f. Appraisal process for determining the eligibility under GEB Scheme 2018
The Eligible Employees as per the criteria determined by the Board can be granted General
Benefits based on performance linked parameters such as employment period, work
performance, company performance, business performance and such other parameters as may
be decided from time to time.
g. Whether GEB Scheme 2018 is to be implemented and administered directly by the Company or
through a trust
GEB Scheme 2018 may be implemented either by the Company directly or through the Jindal
Saw Employee Welfare Trust or such other name as may be permitted by the relevant
sub-registrar at the time of settlement (“Jindal Saw Employee Welfare Trust”), to be set up in a
manner as permissible under the SBEB Regulations and subject to applicable compliances, as
may be decided by the Board.
h. Whether corpus for the GEB Scheme 2018 involves new issue of shares by the Company or
secondary acquisition by the trust or both
GEB Scheme 2018 may be implemented utilising the corpus generated either by issuance of
new shares of the Company or by secondary acquisition or by both.
i. The amount of loan to be provided for implementation of GEB Scheme 2018 by the Company
to the Jindal Saw Employee Welfare Trust
265
NOTICE
time for implementation of GEB Scheme 2018.
j. Maximum percentage of Secondary Acquisition that can be made by the trust for the purpose
of the corpus for the GEB Scheme 2018
of the paid up share capital of the Company as at the end of the preceding financial year, subject
to the other terms and provisions of the SBEB Regulations.
k. Accounting and Disclosure Policies
Regulation 6(1) of SBEB Regulations requires that every general employee benefit right scheme
shall be approved by the members of the company by passing a special resolution in a general
meeting. Accordingly, the Special Resolution set out at Item No. 15 of this Notice is proposed for
approval by members.
As per Regulation 6(3) of SBEB Regulations, a separate special resolution is required to be passed
if the benefits of a general employee benefit scheme are to be extended to employees of the
subsidiary company (ies). Accordingly, the Special Resolution set out at Item No. 16 of this Notice
is proposed for approval by members.
GEB Scheme 2018 through the Jindal Saw Employee Welfare Trust and to authorize the Jindal
Saw Employee Welfare Trust to acquire equity shares of the Company from the secondary
market in future, if required. In terms of the SBEB Regulations, employees’ welfare schemes such
as the GEB Scheme 2018 can be implemented by way of secondary acquisition. It is proposed
that the GEB Scheme 2018 be implemented by way of inter-alia secondary acquisition through
Jindal Saw Employee Welfare Trust.
The GEB Scheme 2018 shall conform to the SBEB Regulations.
The SBEB Resolutions inter-alia provide that if the scheme involves secondary acquisition, then it
is mandatory for the Company to implement such scheme through a trust, subject to
compliance of conditions stated in the SBEB Regulations. It is intended that the Jindal Saw
Employee Welfare Trust acquires equity shares of the Company from the secondary market
and/or by way of a gift and utilize the same upon exercise of General Benefits rights by the right
holders.
Directors / Key Managerial Personnel of the Company / their relatives who may be granted
General Benefits under GEB Scheme 2018 may be deemed to be concerned or interested in the
Special Resolutions at Item Nos. 15 to 17 of this Notice.
Save as aforesaid, none of the Directors / Key Managerial Personnel of the Company / their
relatives are, in any way, concerned or interested, financially or otherwise, in the said Special
Resolutions.
Item No. 18 to 20
266
NOTICE
‘Jindal Saw Retirement Benefit Scheme 2018’ (“RB Scheme 2018”). As members are aware, employee
benefit schemes such as the RB Scheme 2018 are considered as an effective tool to attract and retain
the best talent and also serves to attract, incentivise and motivate professionals and reward
exceptional performance.
At no point will the equity shares of the Company exceed 10 % of the book value or market value or
fair value of the total assets of the scheme, whichever is lower, as appearing in the latest balance
sheet of the Company for the purpose of the RB Scheme 2018.
The salient features of RB Scheme 2018 are set out as per SEBI circular and are as under:
a. Brief description of the scheme – RB Scheme 2018
RB Scheme 2018 is intended to reward the Eligible Employees (as described under clause (c)
profitability of the Company. RB Scheme 2018 will help to retain talent in the organization as the
Company views retirement benefits as an instrument that would enable the Eligible Employees
to share the value they create for the Company and align individual objectives with the
objectives of the Company in the years to come.
b. Benefits under the RB Scheme 2018
The eligible employees to be granted retirement benefits (“Retirement Benefits”) under RB
Scheme 2018, in one or more tranches, and on such terms as prescribed under the RB Scheme
2018, in compliance with the SBEB Regulations.
c. Identification of class of employees entitled to participate in RB Scheme 2018
Following classes of employees are entitled to participate in RB Scheme 2018 (“Eligible
Employees”):
(i) employee of the Company who has been working in India or outside India, as decided by
the Board or any committee thereof; or
(iii) employee as defined in (i) or (ii) above of subsidiary/ group companies, in India or outside
India; or
Regulations.
Following persons are not entitled to participate in RB Scheme 2018:
d. Requirements for availing the benefits under the RB Scheme 2018
The Board may, at its discretion, lay down certain performance matrix, other terms and
conditions on the achievement of which benefits may be availed under the RB Scheme 2018 by
an Eligible Employee.
e. Process of Exercise
The vested Retirement Benefits are exercisable by the Eligible Employees by a written
application to the Company expressing his/ her desire to exercise such benefits in such manner
and on execution of such documents, as may be prescribed by the Board from time to time.
267
NOTICE
f. Appraisal process for determining the eligibility under RB Scheme 2018

The Eligible Employees as per the criteria determined by the Board can be granted Retirement
Benefits based on performance linked parameters such as employment period, work
performance, company performance, business performance and such other parameters as may
be decided from time to time.
g. Whether RB Scheme 2018 is to be implemented and administered directly by the Company or
through a trust
RB Scheme 2018 may be implemented either by the Company directly or through the Jindal Saw
Employee Welfare Trust or such other name as may be permitted by the relevant sub-registrar
at the time of settlement (“Jindal Saw Employee Welfare Trust”), to be set up in a manner as
permissible under the SBEB Regulations and subject to applicable compliances, as may be
decided by the Board.
h. Whether corpus for the RB Scheme 2018 involves new issue of shares by the Company or
secondary acquisition by the trust or both
RB Scheme 2018 may be implemented utilising the corpus generated either by issuance of new
shares of the Company or by secondary acquisition or by both.
i. The amount of loan to be provided for implementation of RB Scheme 2018 by the Company to
the Jindal Saw Employee Welfare Trust
time for implementation of RB Scheme 2018.
j. Maximum percentage of Secondary Acquisition that can be made by the trust for the purpose
of the corpus for the RB Scheme 2018
of the paid up share capital of the Company as at the end of the preceding financial year, subject
to the other terms and provisions of the SBEB Regulations.
k. Accounting and Disclosure Policies
Regulation 6(1) of SBEB Regulations requires that every retirement benefit scheme shall be
approved by the members of the company by passing a special resolution in a general meeting.
Accordingly, the Special Resolution set out at Item No. 18 of this Notice is proposed for approval
by members.
As per Regulation 6(3) of SBEB Regulations, a separate special resolution is required to be passed
if the benefits of a retirement benefit scheme are to be extended to employees of the subsidiary
company(ies). Accordingly, the Special Resolution set out at Item No. 19 of this Notice is
proposed for approval by members.
RB Scheme 2018 through the Jindal Saw Employee Welfare Trust and to authorize the Jindal Saw
Employee Welfare Trust to acquire equity shares of the Company from the secondary market in
future, if required. In terms of the SBEB Regulations, employees’ welfare schemes such as the RB
Scheme 2018 can be implemented by way of secondary acquisition. It is proposed that the RB
Scheme 2018 be implemented by way of inter-alia secondary acquisition through Jindal Saw
Employee Welfare Trust.
268
223
NOTICE
The RB Scheme 2018 shall conform to the SBEB Regulations.

The SBEB Resolutions inter-alia provide that if the scheme involves secondary acquisition, then it is
mandatory for the Company to implement such scheme through a trust, subject to compliance of
conditions stated in the SBEB Regulations. It is intended that the Jindal Saw Employee Welfare Trust
acquires equity shares of the Company from the secondary market and/or by way of a gift and
utilize the same upon exercise of Retirement Benefit right by the right holders.
Directors / Key Managerial Personnel of the Company / their relatives who may be granted
Retirement Benefits under RB Scheme 2018 may be deemed to be concerned or interested in the
Special Resolutions at Item Nos. 18 to 20 of this Notice.
Item No. 21
In accordance with the provisions of the applicable law, the Companies Act, 2013 read with rules
framed thereunder and the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 (“SBEB Regulations”), the (i) Jindal Saw Limited Stock Appreciation Rights Scheme
2018 (“SAR Scheme 2018”); (ii) Jindal Saw Limited General Employee Benefit Scheme 2018 (“GEB
Scheme 2018”); and (iii) Jindal Saw Limited Retirement Benefit Scheme 2018 (“RB Scheme 2018”); and
grant the options (by whatever name called and provided in the SAR Scheme 2018), the general
benefits (by whatever name called and provided under the GEB Scheme 2018) and the retirement
benefits (by whatever name called and provided in the RB Scheme 2018) respectively to the eligible
employees (as prescribed by the Board ) are proposed to be implemented by the ‘Jindal Saw
Employee Welfare Trust’ or such other name as may be permitted by the relevant sub-registrar at
the time of settlement, to be settled in a manner permissible under the applicable law including the
SBEB Regulations (“Jindal Saw Welfare Trust”) .
Jindal Saw Welfare Trust shall conform to the regulations under the SBEB Regulations
Directors / Key Managerial Personnel of the Company / their relatives who may be granted options
and/or rights (by whatever name called) under the SAR Scheme 2018, GEB Scheme 2018 and/or RB
Scheme 2018 may be deemed to be concerned or interested in the Special Resolutions at Item Nos.
21 of this Notice.
The Board recommends the Special Resolutions set out at Item No.21 of this Notice for approval by
the members

Regd. Office:
269
NOTICE
Additional Information on directors recommended for appointment/re-appointment as required under
Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Name of Director Ms. Sminu Jindal Shri Neeraj Kumar

Director Identification No. 00005317 01776688
Date of Birth 18.01.1973 02.05.1963
Date of Appointment 01.09.1997 01.07.2013
Qualification MBA M.Sc (Physics) & MBA
Brief Resume of the Sminu Jindal is the first lady entrant While steering Jindal SAW Ltd. under
Director in the country to do her gender the valued guidance of board,
proud by breaking the glass Mr. Neeraj Kumar is successfully
ceiling in the Steel, Oil and Gas leading the Company towards a
sector in India. Having been paradigm shift. Being a Masters in
appointed as the Managing Physics and a Post graduate in Finance
Director of Jindal SAW Ltd. Sminu & International Finance, he is equipped
Jindal's contribution to the growth with strong analytical ability and
of the organization has been conceptual clarity. He was associated
phenomenal. An alumnus of Shri with IL & FS, Essar Group, Tata Lucent
Ram College of Commerce. Technologies Ltd. brings a
Sminu Jindal went on to pursue well-rounded and holistic perspective.
MBA from Fore School of He is currently managing the entire
Management, with specialization gamut of Jindal SAW Ltd. including
in Finance. Her outstanding operations at Indian and Off-shore
academic performance won her Units, subsidiaries and affiliates. Being
a Silver Medal and later on at the critical positions during his
Institute of Marketing and career, Mr. Kumar has been featured a
Management bestowed upon her number of times in Print Media and
the Award for Excellence as the Electronic Media.
top woman entrepreneur.
Expertise in Specific Industrialist Management and Finance

Functional Area
Relationship between Ms. Sminu Jindal related with Shri Nil
directors inter-se Prithavi Raj Jindal, Ms. Shradha
Jatia and Ms. Tripti Arya.
Directorship in other Listed Nil JITF Infralogistics Limited
Companies as on 31.03.2018
Chairman/ Membership of Nil Nil
Committees in other Listed
Companies as on 31.3.2018
(C=Chairman; M=Member)
No. of equity shares 15,000 Nil
held
270
Form No. MGT-11
Proxy form
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3)
of the Companies (Management and Administration) Rules, 2014]
CIN:- L27104UP1984PLC023979
Name of the Company- Jindal Saw Limited
Registered Office:- A-1,UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, Mathura, Uttar Pradesh-281403.
Name of the Member(s)…………………………………………… Folio No/Client ID*………………………………………………

Registered Address…………………………………………………… D.P. ID …………………………………………………………………….
………………………………………………………………………………………….
E-mail Id…………………………………………………………………………
I/We, being the member(s) of…………………………………………………………shares of the above named company. Hereby appoint
Name……………………………………………………………………………… E-mail Id ………………………………………………………………..

Address………………………………………………………………………….. Signature ………………………………………………………………
………………………………………………………………………………………….
or failing him
Name……………………………………………………………………………… E-mail Id ………………………………………………………………..

………………………………………………………………………………………….
or failing him
Name……………………………………………………………………………… E-mail Id ………………………………………………………………..

………………………………………………………………………………………….
or failing him
as my/ our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 33rd Annual General
Meeting of the Company, to be held on the Thursday, 27th September, 2018 at 12:30 p.m. at A-1,UPSIDC
Industrial Area, Nandgaon Road, Kosi Kalan, Mathura, Uttar Pradesh-281403 and at any adjournment thereof in
respect of such resolutions as are indicated below:
S No. Resolution(s) Vote

For Against
1. Adoption of the Audited Standalone & Consolidated Financial
Statements of the Company for the financial year ended 31st March,
2018 and the reports of the Directors and Auditors thereon.
2. Declaration of dividend.
3. Appoint a Director in place of Ms. Sminu Jindal, who retires by rotation
and, being eligible, offers herself for re-appointment.
S No. Resolution(s) Vote
For Against
4. Appoint a Director in place of Shri Neeraj Kumar, who retires by rotation and,
being eligible, offers himself for re-appointment.
5. Re-appointment of Shri Neeraj Kumar, Group CEO and Whole-time Director
of the Company for a period of 5 years w.e.f. 1/07/2018.
6. Ratification of remuneration paid to M/s R. J. Goel & Co., Cost Accountants for
the year 2018-19.
7. Payment of Commission to Non-executive directors for the period of five
year from the year ended 31st March, 2017
8. Approval for raising of debentures on private placement basis.
9. Approval for issuing of securities to Qualified Institutional Buyers.
10. Approval for issuing of ADR, GDR & FCCB in foreign market.
11. Approval for conversion of Loan into Equity share Capital, in case of default in
repayment.
12. Approval for authorization of the “Jindal Saw Limited Stock Appreciation Right
Scheme 2018”(“SAR Scheme 2018”)
13. Approval for authorization of the “Jindal Saw Limited Stock Appreciation Right
Scheme 2018” (“SAR Scheme 2018”) for the benefit of the employees of the
subsidiaries/group companies of the Company
14. Approval for authorization to the Jindal Saw Employee Welfare Trust for
Secondary Acquisition for implementing the SAR Scheme 2018
15. Approval for authorization of the “Jindal Saw Limited General Employee
Benefit Scheme 2018” (“GEB Scheme 2018”)
Benefit Scheme 2018” (“GEB Scheme 2018”) for the benefit of the employees
of the subsidiaries/holding companies of the Company
Secondary Acquisition for implementing the GEB Scheme 2018
18. Approval for authorization of the “Jindal Saw Limited Retirement Benefit
Scheme 2018 (“RB Scheme 2018”)
Benefit Scheme 2018” (“RB Scheme 2018”) for the benefit of the employees of
the subsidiaries/group companies of the Company
Secondary Acquisition for implementing the RB Scheme 2018
21. Approval for implementation of the SAR Scheme 2018, GEB Scheme 2018 and
RB Scheme 2018 through the Jindal Saw Employee Welfare Trust.
Affix
Revenue
Signed this……………………………………..day of……………………………..2018 Stamps
……………………………………………… ………………………………………………… …………………………………………………………

Signature of Shareholder Signature of Proxy holder Signature of the Shareholder
across Revenue Stamp
Note:
1) This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the
Company not less than 48 hours before the commencement of the Meeting.
2) The proxy need not be a member of the company.
3) This is only optional. Please put a ‘X’ in the appropriate column against the resolutions indicated in the Box. If you
leave the ‘For’ or ‘Against’ column blank against any all the resolutions, your Proxy will be entitled to vote in the
manner as he/she thinks appropriate.
ATTENDANCE SLIP
CIN : L27104UP1984PLC023979
Registered Office : A-1, UPSIDC Indal. Area, Nandgaon Road, Kosi
Kalan, Distt. Mathura (U.P.) – 281 403
PLEASE BRING THIS ATTENDANCE SLIP TO THE MEETING HALL AND HAND IT OVER AT THE ENTRANCE
Joint shareholders may obtain additional Slip at the venue of the meeting
D.P. ID................................................................................. Folio No. ………………………………………………………………………..

Client ID* ..................................................................................... No. of Shares …………………………………………………………………
Name of the Shareholder: …………………………………………………………………..
Address: ………………………………………………………………………………………………………
………………………………………………………………………………………………………………………..
I/We hereby record my /our presence at the 33rd Annual General Meeting of the Company at A-1, UPSIDC
Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.) – 281 403 on Thursday, the 27th September, 2018
at 12:30 PM
Signature of Shareholder/proxy
*Applicable for investors holding shares in electronic form.

Route map to the venue of the meeting

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ANNUAL REPORT 2017-18

For and on behalf of the Board

Place : New Delhi Prithavi Raj Jindal

2 Composition of the CSR Committee a) Dr. Raj Kamal Agarwal, Chairman

2 Donation to Promoting education, including special Delhi - 1,52,000 3,01,850 Through

5 Donation to Animal Welfare Delhi - 2,75,000 71,76,850 Through

6 Donation to Promoting education, including special Delhi - 1,00,000 72,76,850 Through

Neeraj Kumar Dr Raj Kamal Agarwal

For S.K.Gupta & Co.,

Place : Kanpur (S.K.GUPTA)

For S.K.Gupta & Co.,

Place : Kanpur (S.K.GUPTA)

Realisation 2,21,597.50 3,06,628.63

For and on behalf of the Board

Place : New Delhi Prithavi Raj Jindal

I. REGISTRATION AND OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sl. Name and Description NIC Code of the % to total turnover of

1 Manufacture of tube and tube fittings of basic iron 24106 84.65%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S Name Address CIN/GLN Holding % of shares Applicable

S Name Address CIN/GLN Holding % of shares Applicable

(ii) Shareholding of Promoters

1 Abhyuday Jindal 55,74,500 1.74% - 35,03,500 1.10% - -0.65%

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

S Particulars Date Reason Shareholding at the beginning Cumulative Shareholding

SN Shareholding of each Date Reason Shareholding at the beginning Cumulative Shareholding

SN Shareholding of each Date Reason Shareholding at the beginning Cumulative Shareholding

B. Remuneration to other Directors

SN Particulars of Remuneration Name of Directors Total

SN Particulars of Remuneration Name of Directors Total

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

SN Particulars of Remuneration Name of Key Managerial Personnel Total

For and on behalf of the Board

Place : New Delhi Prithavi Raj Jindal

1 SMINU JINDAL * 18/01/73 45 Managing Director 2,67,28,495 B. Com. (Hons.), 25 01/08/1992 -

For and on behalf of the Board

Prithavi Raj Jindal

For and on behalf of the Board

Place : New Delhi Prithavi Raj Jindal

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

Our business strategy g) Strong financial condition.

Our business strategy primarily includes: Principal Risks Factors

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE

For S.K.Gupta & Co.,

CORPORATE GOVERNANCE REPORT

ii) BOARD MEETINGS AND ATTENDANCE RECORD OF EACH DIRECTOR

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT

CORPORATE GOVERNANCE REPORT