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Jaiprakash Associates Directors Report, Jaiprakash Asso Reports by Directors
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Jaiprakash Associates

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Download Annual Report PDF Format 2015 | 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '15    « Mar 14
The Directors submit their report for the Financial Year ended 31st
 March, 2015.
 
 1.0 WORKING RESULTS
 
 The working results of the Company for the year under report are as
 under:- 
 
                                                    (Rs,in Crores)
 
 Financial year ended                    31.03.2015     31.03.2014
 
 Gross Revenue                            11,185.73      13,327.02
 
 Profit before Interest, 
 Depreciation & Tax                        2,553.74       3,865.77
 
 Less: Finance Costs                       3,436.84       2,752.07
 
 Less : Depreciation                         948.89         773.55
 
 Profit before Tax                        (1,831.99)        340.15 
 
 Less : Provision for Tax
 
 - Current Tax                                 -             44.72
 
 - Deferred Tax                             (553.25)       (118.46)
 
 Total                                      (553.25)         73.74
 
 Profit after Tax                         (1,278.74)        413.89
 
 Add : Profit brought 
 forward from                              4,961.12       4,260.46
  
 Previous Year
 
 Profit available for 
 appropriation                             3,682.38       4,674.35
 
 Add :
 
 - Provision for Dividend 
 Distribution Tax                              -             18.00 
 written -back
 
 - Final Dividend Trans-
 ferred from Trusts                            -              9.47 
 (in which Company is
 sole beneficiary)
 
 - Transfer from 
 Debenture Redemption                        155.40         259.30
 
 Reserve
 
 Total addition                              155.40         286.77
 
 Balance carried to Balance Sheet          3,837.78       4,961.12
 
 Basic Earnings Per Share 
 [Face value Rs. 2                            (5.39)          1.87
 
 per share] in Rupees
 
 Diluted Earnings Per Share                   (5.10)          1.94
 
 [Face value Rs, 2 per Share] in Rupees
 
 The finance cost aggregating Rs, 3,436.84 crores and high provision for
 depreciation aggregating Rs, 948.89 crores had been two major factors
 leading to the deteriorating operating results of the Company during
 the year under report.
 
 In line with its publically stated policy, your Company remains focused
 and committed on reduction of debt through sale of some of its assets,
 to deleverage its Balance Sheet and enhance shareholders' value.
 
 The details of steps taken by the Company/its subsidiaries in this
 regard are given below. The Restructuring Committee which includes
 three of the Independent Directors on the Board continues to consider
 various options to achieve the aforesaid objectives.
 
 Disinvestment Initiatives
 
 a.  Sale of Cement Plants in Gujarat by JCCL
 
 Cement Plants in Gujarat with a capacity of 4.80 MTPA have been
 demerged by Jaypee Cement Corporation Limited (JCCL), a wholly owned
 subsidiary of the Company through a Scheme of Arrangement to UltraTech
 Cement Limited, a company of Aditya Birla Group, at an enterprise value
 of Rs, 3,800 Crores besides the actual net working Capital. The said
 process was consummated on 12th June 2014.
 
 b.  Sale of stake in Bokaro Jaypee Cement Limited
 
 Further, the Company signed an agreement on 24th March 2014 with Dalmia
 Cement (Bharat) Ltd. for sale of its entire 74% stake (9,89,01,000
 equity shares owned by it) in Bokaro Jaypee Cement Limited, a Joint
 Venture between the Company (JAL) and Steel Authority of India Limited
 (SAIL), having a Plant with operating capacity of 2.10 MTPA, at a
 consideration of Rs, 69.74 per share (against its cost of Rs, 18.57 per
 share).  The said transfer was consummated on 29th November 2014 with
 the receipt of consideration of Rs, 667.57 Crore & transfer of the said
 shares to Shri Rangam Securities & Holdings Limited, an
 associate/affiliate of Dalmia Cement (Bharat) Limited.
 
 c.  Sale of Cement Grinding Unit at Panipat, Haryana,
 
 Pursuant to approval of Board of Directors on 25th August 2014, the
 Company signed a Business Transaction Agreement with Shree Cement
 Limited, for sale of Company's 1.5 MTPA Cement Grinding Unit in
 Panipat, Haryana for a total consideration of Rs, 360 Crores approx.,
 subject to adjustment for net working capital & Financial Indebtedness
 taken over. The Transaction has been consummated at Rs, 358.22 Crores
 on April 27, 2015 and will get reflected in the financial results for
 the current year.
 
 d.  Sale of Cement Plants at Bela & Sidhi, M.P.
 
 Pursuant to the approval given by Board of Directors on 23rd January
 2015, the Company signed an Implementation Agreement with UltraTech
 Cement Limited for transfer as slump exchange, of following:
 
 Integrated Cement plant with clinker capacity of 2.1 MTPA & Cement
 Grinding Capacity of 2.6 MTPA at Bela, M.P along with CPP of 25 MW;
 
 Integrated Cement plant with clinker capacity of 3.1 MTPA & Cement
 Grinding Capacity of 2.3 MTPA at Sidhi, M.P along with CPP of 155 MW;
 for an enterprise value of Rs, 5,325 Crore, the said transfer is under
 process.
 
 e.  Sale of Baspa-II & Karcham Wangtoo HEP by JPVL
 
 Jaiprakash Power Ventures Limited (JPVL) signed an agreement with JSW
 Energy Limited for sale of Baspa-II and Karcham Wangtoo Hydro Power
 Plants.  Pursuant to Order of Hon'ble High Court of Himachal Pradesh at
 Shimla dated June 25, 2015, the said plants have been hived off on
 September 8, 2015 by way of sale of entire shareholding in Himachal
 Baspa Power Company Limited (a subsidiary of JPVL), at a value of
 Rs.9700 Crores (excluding minor adjustment for working capital etc.).
 The transaction has been consummated.
 
 f.  Sale of wind Power plants of 49 MW
 
 Your Company on September 30, 2015 has agreed to hive off the entire 49
 MW capacity of wind power plants being operated out of which 40.25 MW
 was in Maharashtra (i.e 16.25 MW at Dhule & 32.75 MW at Sangli) and
 8.75 MW in Gujarat (all at Kutch), on a slump sale basis. The
 transaction has since been consummated and will get reflected in the
 financial results of the current year.
 
 Amalgamation of subsidiary company, Jaypee Sports International
 Limited, into the Company:
 
 Pursuant to Order dated 14th September 2015 of Hon'ble High Court of
 Judicature at Allahabad, Jaypee Sports International Limited (JSIL) a
 wholly owned subsidiary of your Company got merged into JAL.  The said
 Order/Scheme has become effective on 16th October 2015 i.e. the date
 when it has been filed with the Registrar of Companies, U.P., the
 Appointed Date of amalgamation being 1st April, 2014.
 
 By virtue of the said amalgamation, all assets, liabilities, rights,
 privileges, powers, authorities and obligations of the said JSIL have
 become the assets, liabilities, rights, privileges, powers, authorities
 and obligations of the Jaiprakash Associates Limited from the appointed
 date, i.e. 1st April, 2014. As such the results of JSIL stand merged in
 these financial statements of the Company.
 
 2.0 DIVIDEND
 
 Keeping in view the losses during the year and the need to conserve the
 resources of the Company, the Board has decided not to recommend any
 dividend for the financial year 2014-15.
 
 3.0 CHANGES IN SHARE CAPITAL
 
 The Paid up Share Capital of the Company on 1st April 2014 stood at Rs,
 4,438,167,118 divided into 2,219,083,559 Equity Shares of Rs, 2 each.
 
 During the year under report, the Company issued and allotted
 213,373,416 Equity shares of Rs, 2 each under the Qualified
 Institutions Placement issue on 10th July 2014 @ Rs, 70.27 per share
 (including premium of Rs, 68.27 per equity share) to Qualified
 Institutional Buyers.
 
 Thus as on 31st March 2015, the paid-up Equity Share Capital of the
 Company stood increased to Rs, 4,864,913,950 divided into 2,432,456,975
 Equity Shares of Rs, 2/- each.
 
 The Authorized Share Capital has increased from Rs, 2500 crore to Rs,
 3500 crore pursuant to Scheme of Amalgamation of wholly owned
 subsidiary, Jaypee Sports International Limited, into the Company from
 01.04.2014.
 
 4.0 FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs)
 
 The Company presently has only one series of outstanding FCCBs i.e.
 FCCB-IV issued on 7th September 2012 (total size USD 150 million) due
 date 8th September 2017 with an outstanding size of USD 110.40 million.
 
 The particulars about conversion, outstanding amount, coupon, listing
 etc. of all past and present FCCBs are detailed in para 33 of the
 Corporate Governance Report forming part of this Report.
 
 5.0 EMPLOYEE STOCK PURCHASE SCHEME
 
 As the Members are aware, Jaypee Group ESPS, 2009 Trust was created
 in 2009 for administering the Stock Purchase Scheme of the Company
 namely Jaypee Employee Stock Purchase Scheme, 2009 for the ultimate
 benefit of the employees (including Directors) of the Company and its
 subsidiaries.
 
 In terms of the Scheme, the Company issued and allotted 1.25 Crores
 Equity Shares of Rs, 2 each @ Rs, 60 per share (including premium ofRs,
 58 per share) to the said Trust on 14th December 2009. The said Trust
 was also allotted 62,50,000 Equity Shares as Bonus Shares on its
 holding, in terms of the Bonus Issue made by the Company on 19th
 December 2009.
 
 Since inception, the 'Jaypee Group ESPS, 2009 Trust' has allocated/
 transferred Equity Shares to the eligible persons under the scheme, as
 under:
 
 Particulars       No. of      No. of original    No. of    Total no.
                   Eligible    Shares             Bonus     of shares
                   Persons    (excluding          Shares   (including
                               Bonus)                       Bonus)
 
 Total Shares                  12,500,000       6,250,000   18,750,000
 available 
 under ESPS 
 Scheme
 
 Transferred/      8,032       11,263,706       5,631,852   16,895,558
 allocated 
 during
 2010-11
 
 Transferred/          4             3550            1775        5,325
 allocated
 during
 2011-12
 
 Transferred/          -               -              -            -
 allocated 
 during 
 2012-13,  
 2013-14 & 
 2014-15
 
 Balance 
 shares as                      1,232,744         616,373    1,849,117
 on 31.03.2015
 
 During 2014-15, no further shares were allocated/ transferred by the
 Trust.
 
 Thus, a balance of 1,849,117 Equity Shares (including bonus shares) are
 still lying with the Trust for transfer to the eligible persons in due
 course.
 
 It is confirmed that:
 
 there is no employee who has been issued shares in any year amounting
 to 5% or more shares issued during that year; and there is no employee
 who is entitled to shares under the Scheme equal to or exceeding 1% of
 the issued capital of the Company.
 
 
 6.0 OPERATIONS
 
 6.1 ENGINEERING DIVISION
 
 6.1.1 Prequalification's / Bids Under submission
 
 During the year, your Company submitted prequalification applications
 for the following Works:
 
 (i) Execution of Civil, Hydro-Mechanical and Electro-Mechanical Works
 of 390MW Kirthai-I Hydroelectric Project in Jammu & Kashmir. The
 application has been submitted by the Consortium, with JAL as lead
 member.
 
 (ii) Construction of Head Race Tunnels (from RD 1780 onwards), Adit 2,
 Surge Shafts, Pressure Shafts, Underground Power House, Transformers
 Hall, Tail Race Tunnels and Pothead Yard etc. [Teesta-IV : LOT-2] of
 520 MW Teesta Hydroelectric Project (Stage-IV) in the District North
 Sikkim in the State of Sikkim.
 
 (iii) Civil Structure and Track Work between Sahnewal Station and
 Pilkhani Station (Approx. 175 Km route of Single Line) (Contract
 Package 301) of Eastern Dedicated Freight Corridor Project.
 
 (iv) Civil Structure and Track Work between Dadri Station and Khurja
 Station (Approx. 46 Km route of Double Line) (Contract Package 302) of
 Eastern Dedicated Freight Corridor Project.
 
 (v) Construction of Dam, Intake and Underground Power House of 300 MW
 Lakhwar Multi- Purpose Project in Uttarakhand.
 
 (vi) Expression of Interest for Selection of Strategic Joint Venture
 Partner by Druk Green Power Corporation Ltd. for the establishment of a
 Hydropower Construction Company for executing works in Bhutan.
 
 (vii) Expression of Interest for Selection of consortium partner of
 Multipurpose Dam Projects in the Republic of Kenya
 
 6.1.2 The Company has submitted Bid for the following Works:
 
 (i) Execution of Civil and Hydro-Mechanical Works on EPC basis, of 118
 MW Nikachhu Hydropower Project in Bhutan
 
 (ii) Construction of Dindi Balancing Reservoir of SLBC Tunnel Scheme
 across Dindi river near Mothia Thanda of Teldevarapalli (V), Chandampet
 (M), Nalgonda District. in Andhra Pradesh.
 
 However, the Company has not been the lowest bidder for the contract.
 
 6.1.3 Your Company has been prequalified to participate in the tenders/
 bids for the following works:
 
 (i) Construction of Civil Works for Dam, River Diversion, Intake,
 Adit-1, HRT up to RD 9500m including Pranmati Nallah Crossing and
 Diversion Tunnel Gates (PACKAGE-I) of 252 MW Devasari Hydroelectric
 Project, District Chamoli, Uttarakhand.
 
 (ii) Construction of Civil Works of Adits-2, 3 & 4, HRT from RD 9500m
 to RD 17906m, Pressure Shaft, Penstocks, Surge Shaft, Valve House,
 Power House Complex and Tail Race Tunnel (PACKAGE-II) of 252 MW
 Devasari Hydroelectric Project, District Chamoli, Uttarakhand.
 
 (iii) Execution of Civil, Hydro-Mechanical and Electro-mechanical Works
 on EPC basis, of 240 MW Kutehr Hydroelectric Project in Himachal
 Pradesh. For this project the Company has been the lowest bidder.
 
 6.1.4 Works in Progress
 
 The Company is presently executing the works of the projects listed
 below and the status of works is given below:
 
 
 Sl.  Name of Work/Project 
 No   under execution               Location of       Contract Price
                                    Work/ Project     (Base Value)  
                                                    (Rs, in crores) 
 
 
      Works pertaining to
 
 1.   Sardar Sarovar 
     (Narmada) Project                    Gujarat              624 
                                                         (Revised)      
 
 2.   Baglihar II HEP                    Jammu &              556 
                                          Kashmir         (Revised
 
 3.   Turnkey construction of 
      Srisailam Left Bank Canal         Telangana            1,925
      Tunnel Scheme including 
      Head Regulator etc.  of 
      State Tunnels Alimineti 
      Madhava Reddy Project
 
 4.   Ganga Expressway (Eight 
      lane, 1,047 km long)          Uttar Pradesh           30,000
      connecting Greater Noida 
      & Ballia and related 
      Project activities
 
 5.   Widening and face-lifting 
      of Vrindavan Parikrama         Uttar Pradesh              32
      Marg and construction of
      Kesi Ghat Bridge on Bridge
      Vrindavan Parikrama Marg
 
 6.   Construction of Diversion 
      Tunnel, Dam, Intake and               Bhutan           1,224
      Desilting Arrangement 
      including Hydro-mechanical 
      Works and Highway Tunnel 
     (Contract Package C-1) of
      Punatsanchhu - II 
      Hydroelectric Project,
 
 7.   Construction of Head Race 
      Tunnel (from Surge Shaft              Bhutan             856 
      end), Surge Shaft, 
      Butterfly Valve Chamber, 
      Pressure  Shafts, Power 
      House and Tail Race Tunnel 
      including Hydro-Mechanical 
      Works (Contract Package 
      C-3) of Punatsanchhu - II
      Hydroelectric Project.
 
 8.   Construction of Diversion 
      Tunnel, Dam, Spillway                Bhutan              597 
      & Coffer Dams, Intake 
      Structure, Intake Tunnels,
      Branch HRT, Silt Flushing 
      Tunnels, Vertical Shaft and 
      2 nos. Desilting Chambers 
     (Contract Package-C-1) of
      Mangdechhu Hydroelectric
      Project.
 
 9    Construction of Surge Shaft, 
      2 nos. Pressure Shafts,              Bhutan             316 
      Bifurcation Pressure Shafts,
      Cable cum Ventilation 
      Tunnel, Underground Power 
      House & Transformer 
      Caverns including Bus Duct, 
      Pothead Yard, TRT, 
      Branch Tunnel & Outlet 
      Portals for TRT (Contract
      Package- C-3) of Mangdechhu 
      Hydroelectric Project;
      and Construction of part
      HRT and Adit-5
 
 10.  Refurbishing and Restoring 
      the Radial Gates and                 Gujarat              39 
      its appurtenant parts for
      Sardar Sarovar (Narmada) 
      Project
 
 
      Projects being Executed by 
      Jaiprakash - Gayatri Joint
      Venture
 
 1.   Polavaram Project Right 
      Main Canal Package - 4                Andhra              301
  
 
 2.   Veligonda Feeder and 
      Teegaleru Canal Project-2             Andhra              343
                                           Pradesh 
 
 3.   Rajiv Sagar Lift Irrigation 
      Project (Dummugudem)                  Andhra              282 
                                           Pradesh
 
 4.   GNSS Main Canal from km. 
       119.000 to km 141.350                Andhra              112
      including Construction of
      CM & CD works                        Pradesh
 
      Total                                                  37,256
 
 Sl.  Name of Work/Project              Nature of      Value of work
 No   under execution                   work/project   Completed
                                                       ( excluding
                                                       escalation and
                                                       extra items)as
                                                       on 31.03.2015
                                                       (Rs, in crores)
                
 
      Works pertaining to   
 
 1.   Sardar Sarovar                    Power                 532
     (Narmada) Project               Generation             
                                     (1200 MW)                
 
 2.   Baglihar II HEP                  Power                 511
                                     Generation
                                     (450 MW)                  
 
 3.   Turnkey construction of        IRRIGATION             1,202 
      Srisailam Left Bank Canal      Tunnels        
      Tunnel Scheme including 
      Head Regulator etc.  of 
      State Tunnels Alimineti 
      Madhava Reddy Project
 
 4.   Ganga Expressway (Eight        Expressway                -
      lane, 1,047 km long)           Project        
      connecting Greater Noida 
      & Ballia and related 
      Project activities
 
 5.   Widening and face-lifting      Road and                 18 
      of Vrindavan Parikrama         Bridge      
      Marg and construction of       Works
      Kesi Ghat Bridge on Bridge
      Vrindavan Parikrama Marg
 
 6.   Construction of Diversion      Power                   717
      Tunnel, Dam, Intake and        Generation              
      Desilting Arrangement          (1020MW)
      including Hydro-mechanical 
      Works and Highway Tunnel 
     (Contract Package C-1) of
      Punatsanchhu - II 
      Hydroelectric Project,
 
 7.   Construction of Head Race      Power                   280 
      Tunnel (from Surge Shaft       Generation             
      end), Surge Shaft,             (720MW)
      Butterfly Valve Chamber, 
      Pressure  Shafts, Power 
      House and Tail Race Tunnel 
      including Hydro-Mechanical 
      Works (Contract Package 
      C-3) of Punatsanchhu - II
      Hydroelectric Project.
 
 8.   Construction of Diversion      Power                   225     
      Tunnel, Dam, Spillway          Generation            
      & Coffer Dams, Intake          (720MW) 
      Structure, Intake Tunnels,
      Branch HRT, Silt Flushing 
      Tunnels, Vertical Shaft and 
      2 nos. Desilting Chambers 
     (Contract Package-C-1) of
      Mangdechhu Hydroelectric
      Project.
   
 9    Construction of Surge Shaft,   Power                   174
      2 nos. Pressure Shafts,        Generation      
      Bifurcation Pressure Shafts,   (720 MW)
      Cable cum Ventilation 
      Tunnel, Underground Power                               13
      House & Transformer 
      Caverns including Bus Duct, 
      Pothead Yard, TRT, 
      Branch Tunnel & Outlet 
      Portals for TRT (Contract
      Package- C-3) of Mangdechhu 
      Hydroelectric Project;
      and Construction of part
      HRT and Adit-5
 
 10.  Refurbishing and Restoring     Power                    11
      the Radial Gates and           Generation             
      its appurtenant parts for      (1200MW)
      Sardar Sarovar (Narmada) 
      Project
 
 
      Projects being Executed by 
      Jaiprakash - Gayatri Joint
      Venture
 
 1.   Polavaram Project Right        Irrigation              200
      Main Canal Package - 4         Canel               
  
 
 2.   Veligonda Feeder and           Irrigation              246
      Teegaleru Canal Project-2      Canel           
                                         
 
 3.   Rajiv Sagar Lift Irrigation    Lift                    227
      Project (Dummugudem)           Irrigation               
                                     Project         
                               
                                     
 4.   GNSS Main Canal from km.       Irreigation              -
       119.000 to km 141.350         Canel           
      including Construction of
      CM & CD works                     
 
      Total                          3,390 MW               4,356
                                     
 
 The progress of on-going works is satisfactory except for project at S.
 No. 4 due to non-availability of Environmental clearance.
 
 In September 2015, your Company has been awarded the contract for
 development of Six Lane Eastern Peripheral Expressway (NH No. NE II) in
 the State of Uttar Pradesh - Package III from Km 46.500 to Km 71.000
 on EPC mode Project from NHAI at a contract price of X 747 crores.
 
 
 6.2 CEMENT DIVISION
 
 6.2.1 Operations
 
 The production and sale of Cement/ Clinker during the year, as compared
 to the previous year, is as under:-
 
                                           2014-15       2013-14
                                           (MT)             (MT)
 
 Cement
                                         12,778,182    12,870,840 
 Production (MT)
 
 Clinker                                 10,441,570    10,157,991 
 Production (MT)
 
 Cement and Clinker
 Sale (MT)(including                     13,879,978    14,014,577
 Self-Consumption)
 
 The Cement manufacturing capacity of the Group as a whole is 31.65 MTPA
 (including 3.86 MTPA under implementation).
 
 Plants in West Zone with a capacity of 4.80 MTPA have been hived off by
 Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of
 the Company through a Scheme of Arrangement to UltraTech Cement
 Limited, a company of Aditya Birla Group in June 2014.  Company's stake
 (74%) in Bokaro Jaypee Cement Limited, a Joint Venture between the
 Company (JAL) and Steel Authority of India Limited (SAIL), having a
 Plant with operating capacity of 2.10 MTPA has also been sold to Shri
 Rangam Securities Limited, an associate/ affiliate of Dalmia Cement
 (Bharat) Limited in November 2014.
 
 Further Jaypee Panipat Cement Grinding unit in Haryana with a capacity
 of 1.50 MTPA has been hived off to Shree Cement Limited on 27.04.2015.
 Jaypee Bela Plant & Jaypee Sidhi Cement Plant in Madhya Pradesh with a
 capacity of 4.90 MTPA are under the process of hive off to UltraTech
 Cement Limited. .
 
 Zone-wise operating capacity of Cement and Captive Power Plants in the
 Cement Division of the Company as on 31.03.2015 are as under:-
 
 Jaiprakash Associates Limited-
 
 ZONE               OPERATING       CAPACITY      TOTAL       CAPTIVE
                    CEMENT          UNDER         CAPACITY    THERMAL 
                    CAPACITY        IMPLE-                    POWER
                                    MENTATION
 
                    MTPA            MTPA          MTPA        MW
 
 CENTRAL ZONE
 (Jaypee Rewa
 Plant, Jaypee
 Bela Plant, 
 Jaypee Cement 
 Blending           9.25              -           9.25        244*
 Unit, Jaypee
 Ayodhya 
 Grinding
 Operations,
 Jaypee Sidhi
 Cement Plant)
 
 UP ZONE
 (Dalla Cement 
 Factory, 
 Chunar Cement 
 Factory,
 Jaypee             4.00              -           4.00        244*
 Sikandrabad
 Cement Grinding
 Unit, Jaypee
 Cement Ind.
 Complex)
 
 NORTH ZONE
 (Jaypee
 Himachal
 Cement Plant,
 Jaypee Bagheri
 Cement Grinding
 Unit, Jaypee       6.20              -          6.20          -
 Panipat Cement
 Grinding Unit,
 Jaypee Roorkee
 Cement Grinding
 Unit)
 
 TOTAL             19.45*             -         19.45         488
 
 * Includes 60 MW capacity at Sidhi and 120 MW at Churk under
 implementation.
 
 Jaypee Power Ventures Limited -
 
 ZONE             OPERATING     CAPACITY      TOTAL     CAPTIVE
                  CEMENT        UNDER         CAPACITY  THERMAL
                  CAPACITY      IMPLE-                  POWER
                                MENTATION
 
                  MTPA          MTPA          MTPA      MW
 
 Jaypee Nigrie
 Cement            -             2.00         2.00       -
 Grinding 
 Unit
 
 Bhilai Jaypee Cement Limited -
 
 ZONE             OPERATING     CAPACITY      TOTAL     CAPTIVE
                  CEMENT        UNDER         CAPACITY  THERMAL
                  CAPACITY      IMPLE-                  POWER
                                MENTATION
 
                  MTPA          MTPA          MTPA      MW
 
 Bhilai Jaypee    2.20           -            2.20      -
 Cement Limited
 
 Jaypee Cement Corporation Limited -
 
 ZONE             OPERATING     CAPACITY      TOTAL     CAPTIVE
                  CEMENT        UNDER         CAPACITY  THERMAL
                  CAPACITY      IMPLE-                  POWER
                                MENTATION
 
                  MTPA          MTPA          MTPA      MW
 
 SOUTH ZONE       6.14          1.86*         8.00      120**
 (Jaypee Balaji
 Cement Plant, 
 Jaypee Shahbad
 Cement Project)
 
 GRAND TOTAL      27.79          3.86        31.65     608
 (JAL INCL
 JPVL, JVs
 & JCCL)
 
 Jaypee Shahbad cement Plant successfully commenced production for 1.14
 MnTPA on 30.03.2015.
 
 
 * 1.86 MTPA capacity at Jaypee Shahabad Cement Project under
 implementation.
 
 ** Includes 25 MW capacity at Jaypee Balaji Cement Plant and 60 MW at
 Jaypee Shahabad Cement Project under implementation.
 
 The Company has commenced operation of 60MW CPP at Jaypee Churk
 Industrial Complex, Churk, Uttar Pradesh, at the end of March 2015.
 
 During the financial year 2014-15, Productivity Indices of the
 operating units of JAL (except JCCL & JV) were as under:
 
 Sl   Indices            Lime stone     Raw meal       Clinker  
 No.                     Crushing       Grinding       Production 
      UNIT               (MT)           (MT)          (MT) 
 
 1    Jaypee Rewa 
      Plant, Rewa        35,08,362      35,96,534      23,91,705 
      (MP)
 
 2    Jaypee Bela 
      Plant, Bela        25,58,080      26,43,290      17,53,044 
     (MP)
 
 3    Jaypee Ayodhya 
      Grinding            
      Operations, 
      Tanda (UP)
 
 4    Jaypee Cement
      Blending 
      Unit, Sadva
      Khurd (UP)
 
 5    Jaypee Cement 
      Grinding Unit, 
      Panipat 
     (Haryana)
 
 6    Chunar Cement 
      Grinding Unit, 
      Chunar (UP)
 
 7    Dalla Cement 
      Factory,           29,87,785      29,97,710      19,99,987 
      Dalla (UP)
 
 8    Jaypee Sidhi 
      Cement Plant,      24,58,459      25,20,824      16,80,410 
      Baghwar (MP)
 
 9    Jaypee Himachal 
      Cement             37,23,009      39,51,257      26,16,424 
      Plant - Baga
 
 10   Jaypee Himachal 
      Cement  Plant - 
      Bagheri
 
 11   Jaypee Roorkee 
      Grinding Unit
 
 12   Jaypee 
      Sikandrabad 
      Grinding Unit
 
      TOTAL             1,52,35,395   1,57,10,615     1,04,41,570 
 
 
 Indices               Cement Grinding        Cement Despatch
                                              including clinker sale
 
 UNIT                       (MT)                   (MT) 
 
 Jaypee Rewa 
 Plant, Rewa             22,59,886               23,79,466 
 (MP)
 
 Jaypee Bela 
 Plant, Bela             20,60,938               20,74,689 
 (MP)
 
 Jaypee Ayodhya 
 Grinding                 3,66,373                3,61,933 
 Operations, 
 Tanda (UP)
 
 Jaypee Cement 
 Blending                1,37,413*                1,37,589* 
 Unit, Sadva 
 Khurd (UP)
 
 Jaypee Cement 
 Grinding                2,68,797                 2,69,752 
 Unit, Panipat 
 (Haryana)
 
 Chunar Cement 
 Grinding               25,25,802                25,22,218 
 Unit, Chunar (UP)
 
 Dalla Cement 
 Factory,                3,97,457                 9,65,591
 Dalla (UP)
 
 Jaypee Sidhi 
 Cement Plant,          12,04,459                12,61,806 
 Baghwar (MP)
 
 Jaypee Himachal 
 Cement                  8,30,802                 8,25,088 
 Plant - Baga
 
 Jaypee Himachal 
 Cement                 16,48,353                16,42,489 
 Plant - Bagheri
 
 Jaypee Roorkee 
 Grinding                6,77,877                 6,76,772 
 Unit
 
 Jaypee 
 Sikandrabad             4,00,026                 4,00,053 
 Grinding Unit
 
 TOTAL                1,27,78,182              1,35,17,447
 
 
 *Production and Despatch figures for JCBU (Blending unit) are
 incremental.
 
 6.2.2 Operational Performance (JAL)
 
 6.3 HOTELS DIVISION
 
 The Company owns and operates five luxury hotels in the Five Star
 category, the finest Championship Golf Course, Integrated Sports
 Complex and Town Centre strategically located for discerning business
 and leisure travelers.  Jaypee Vasant Continental with 119 rooms and
 Jaypee Siddharth with 94 rooms in New Delhi. Jaypee Palace Hotel and
 Convention Centre is the largest property located at Agra with an
 inventory of 341 rooms with luxurious Presidential Suites and Jaypee
 Residency Manor with Valley View Tower at Mussoorie has 135 rooms.
 Jaypee Greens Golf & Spa Resort, Greater Noida is a prestigious &
 Luxury Resort with 170 state of art rooms overlooking the Championship
 18 hole Greg Norman Golf Course.
 
 Jaypee Greens Golf & Spa Resort hosted several prestigious conferences
 from India and abroad. The Resort hosted the conferences like Asian
 Development Bank Conference 2013 in which Prime Ministers, Deputy Prime
 Ministers and Finance Ministers of various countries participated along
 with Heads of the National and International Banks.
 
 Indian Green Building Council has conferred LEED certificate in Gold
 Category to the Jaypee Residency Manor, Mussoorie and Platinum
 Category to Jaypee Vasant Continental, New Delhi for energy &
 environmental design of the building.
 
 The Company's Hotels at New Delhi, Agra and Mussoorie have been
 accredited with ISO 9001 for Quality Management System (QMS), ISO 14001
 for Environment Management System (EMS), ISO 22000 for Food Safety
 Management System (FSMS) and Hazard Analysis and Critical Control Point
 (HACCP).
 
 The International tourist arrivals, worldwide have grown to 1138
 million in 2014, and the forecast indicates a moderate pace of growth
 from 3% to 4% in FY 2015.
 
 Foreign tourist arrivals in India during 2014 was 74.62 Lacs as against
 68.48 Lacs in FY 2013.
 
 The business of the Hotel Division is poised for sustained growth and
 the outlook is bright. The Company is confident to achieve better
 quotient of customers' satisfaction and to achieve higher growth
 coupled with optimization of the resource utilization.
 
 6.4 REAL ESTATE DIVISION
 
 Jaypee Greens, Greater Noida
 
 The Company's prestigious project - Jaypee Greens, Greater Noida spread
 across 452 acres is the maiden golf centric residential development.
 The project integrates Luxury villas and Apartments with an 18 Hole
 Greg Norman Signature golf course, 9 Hole chip & putt golf course,
 landscaped parks and lakes along with an integrated sports complex, 60
 acre Nature Reserve Park, a 5 star spa resort in collaboration with Six
 Senses Spa of Thailand, Town Centre, In the current year the Company
 offered possession of apartments in Castille, Star Court and Crescent
 Court. It also introduced the ready to move in Ashok residences
 apartments which have received an encouraging response.
 
 Jaypee Greens Wish Town Noida
 
 Jaypee Greens Wish Town Noida - being developed by the Jaypee Group is
 a bench mark for extraordinary lifestyle experiences.  Spread over 1063
 acres, it offers wide range of residential options ranging from
 independent homes to high-rise apartments and penthouses, along with
 host of other amenities such as a 18+9 hole Graham Cooke designed golf
 facilities, a 504 bed Super specialty Hospital, educational facilities
 including the already operational Jaypee Public school and Jaypee
 Institute of Information Technology (JIIT), landscaped parks and lakes
 and upcoming recreational facilities, entertainment hubs and commercial
 centers.
 
 During the year the Company offered possession in majority of the
 towers of Pavilion Court and close to 4000 apartments are nearing
 possession in various project. This year also saw the launch of the
 first commercial project Wish Point and it was well received with
 majority of the project being sold out in this year itself.
 
 Jaypee Greens AMAN
 
 Jaypee Greens Aman at Sector 151, Noida is located on the Noida-Greater
 Noida Expressway and offers 2 & 3 BHK apartments. Spread over 89 acres,
 the project also comprises of Chip & Putt golf course, Gardens
 ,Walkways, Fountains, Sports facilities, Social amenities like Shopping
 Complex, Social Club with Swimming pools, Gymnasiums, Primary and
 Senior Secondary Schools, Creche, Kid's play area, etc.
 
 The Project is expected to commence offering possession of apartments
 soon.
 
 Jaypee Greens Sports City
 
 Jaypee Greens Sports City located on the Yamuna Expressway spread over
 5,000 acres, comprises India's first International Motor racing track,
 International standard cricket stadium, a long green boulevard and much
 more. The Project is partly owned by erstwhile Jaypee Sports
 International Ltd., a wholly owned subsidiary of your Company (since
 been merged into your company) successfully hosted India's First F1
 race in October, 2011 followed by two more races in October, 2012 and
 2013. The development of Sports City inter-alia comprises of various
 thematic districts offering residential, sports, commercial and
 institutional facilities. The commercial zone will offer well defined
 areas for elaborate financial and civic centers, along with Residential
 Districts which will have a vast range of products including villas,
 town homes, residential plots and mid to high rise apartment blocks, to
 suit the requirements of all.
 
 While the Projects already launched by the Company, viz., Kassia, Kove,
 Krowns and Country Home-I & II, Greencrest Homes, Buddh Circuit
 studios, Naturvue Apartments, Udaan and Aman are under development, the
 Company has during the year launched new products:, Sports Ville 
 Expandable Villas and Tanishq Square- a unique Shop cum Office complex
 of commercial plots, all of which received a very encouraging response
 from Customers.
 
 Backed by a strong team of Architects, Engineers, Sales and Marketing
 professionals the Company is committed to deliver all of its projects
 in the coming years.
 
 6.5 SPORTS DIVISION
 
 As mentioned above, the erstwhile Jaypee Sports International Limited
 (JSIL) has been amalgamated into the Company on 16.10.2015 w.e.f.
 01.04.2014 and now it is known as Jaypee International Sports, a
 division of Jaiprakash Associates Limited.
 
 JSIL was incorporated on 20th October, 2007.  It was allotted around
 1100 Ha. Of land for development of Special Development Zone (SDZ) with
 sports as a core activity by Yamuna Expressway Industrial Development
 Authority (YEA). This area is inclusive of 100 Ha of land to be used
 for Abadi Development. The core activities are sports which inter-alia
 include Motor Race Track, suitable for Holding Formula One race and
 setting up a Cricket stadium of International Standard to accommodate
 above 1,00,000 spectators and others.
 
 The Motor Race Track known as Buddh International Circuit (BIC) was
 completed well in time and JSIL successfully hosted the three Indian
 Grand Prix held in October, 2011, October, 2012 & October, 2013. The
 success of the event was acknowledged by winning of many awards and
 accolades.
 
 This division is trying its best to generate revenue by placing Buddh
 International Circuit (BIC) as one stop destination for exhibitions,
 shooting of movies, concerts, product launches and other promotional
 entertainment activities.
 
 To design the cricket stadium, M/s. ALA Architects were appointed and
 the first phase of construction is likely to be completed soon.
 
 It has also made significant progress in development of non core area
 planned for group housing, plots, multi storey flats, commercial area,
 institutional area, roads, open space and other social activities.
 
 7.0 DIVERSIFICATION
 
 A.  WIND POWER PROJECT
 
 The Company had been operating Wind Power Project of 49 MW (40.25 MW in
 Maharashtra and 8.75 MW in Gujarat). Out of the aggregate capacity of
 49 MW, 16.25 MW (13 generators each of 1.25 MW) was commissioned during
 December 2006 to March 2007 at Dhule in Maharashtra. The remaining
 32.75 MW was commissioned at Sangli, Maharashtra (24 MW- 16 generators
 each of 1.5 MW) during September 2007 to March 2008 and at Kutchh,
 Gujarat (8.75 MW- 7 generators each of 1.25 MW) in March 2008. The
 electricity generated from the project is being sold to Maharashtra
 State Electricity Distribution Company Ltd.  (MSEDCL) in Maharashtra
 and Gujarat Urja Vikas Nigam Limited (GUVNL) in Gujarat.  The energy
 sold and the revenue from sale of electricity during the year under
 report were 78.12 Million units and Rs, 33.29 crores against 89.41
 Million units and Rs, 37.15 crores respectively in the year 2013-14.
 
 The Board has approved to hive off the said Wind Power Plants (entire
 49 MW) on September 30, 2015 and the transaction has since been
 consummated.
 
 B.  DEVELOPMENT OF COAL BLOCKS IN MADHYA PRADESH
 
 The Company had been granted mining rights in Amelia (North),
 Dongrital-II, Mandla (South) and Mandla (North) Coal Blocks located in
 the State of Madhya Pradesh.  Three separate joint-venture companies
 were set-up for the first three Coal Blocks which had been allocated to
 the Madhya Pradesh State Mining Corporation Ltd.  (MPSMCL), with an
 identical shareholding ratio of 51 : 49 between MPSMCL and company.
 Coal mined from Amelia (North) and Dongrital-II Mines was for supply to
 the 2 x 660 MW Super Critical Thermal Power Plant at Nigrie, M.P. being
 set up by Jaiprakash Power Venture Ltd.(JPVL), a subsidiary of Company.
 Mandla (North) Coal Block was for captive use of Coal for companies
 Cement Plants.
 
 After developing Amelia (North) Coal Block, the JVC namely MPJML had
 started supply of Coal to the Nigrie Super Thermal Power Plant. The
 remaining three Coal Blocks had also achieved substantial progress in
 developing the mines and obtaining clearances / approvals.
 
 On 24th September 2014, the Supreme Court of India through its
 judgement had cancelled 204 Coal Blocks allocated between 1993 and
 2011. Amelia (North), Dongrital- II, Mandla (North) and Mandla (South)
 Coal Blocks were amongst the 204 Coal Blocks cancelled by the Supreme
 Court. The Court however allowed 42 operational Coal Blocks including
 Amelia (North) Coal Block to continue to operate till 31st March, 2015
 by paying additional levy.
 
 Subsequent to the Supreme Court judgement, the Nominated Authority of
 the Ministry of Coal started the process for electronic auction of Coal
 Blocks which had earlier been cancelled pursuant to Court order. In the
 first phase of e-auction, JPVL has emerged successful by bagging Amelia
 (North) Coal Mine, reserved for the power sector. The e-auction for
 this Mine was done through reverse bidding process aimed at minimizing
 impact on power tariff of the end use power plant.
 
 Further, the Company has won Mandla (North) Coal Mine. In the second
 phase, JCCL, wholly owned subsidiary of the Company, has been
 successful in securing Mandla (South) Coal Mine. Both these mines were
 earmarked by the Government for specific end use of iron & steel,
 production of cement, and for captive use in the plants. Accordingly,
 Coal mined from these two Mines would be for captive use of cement
 plants of the respective Company The Company and JPVL have also signed
 Coal Mine Development and Production Agreement (CMPDA) with the
 Government for Mandla North and Amelia North Coal Mines respectively.
 
 Third round of e-auction was held in the month of August 2015 and
 Jaypee Cement Corporation Limited (JCCL), a subsidiary of the Company,
 was declared successful bidder for Majra coal mine. Vesting order was
 issued vide No. 104/34/2015/NA dated 30.09.2015
 
 C.  REFUSE DERIVED FUEL (RDF) FROM MUNICIPAL SOLID WASTE (MSW) AT
 CHANDIGARH
 
 The Plant is operating successfully taking daily garbage of the city of
 Chandigarh as per agreement. The plant is serving the twin purpose of
 keeping the city clean and to conserve the energy resources available
 in the form of producing fuel called Refuse Derived Fuel (RDF). RDF (in
 fluff form), the final product of the plant, is being disposed off
 commercially as a good substitute of conventional fuel in the
 industries and Power plants located around Chandigarh.
 
 D.  DIVERSIFICATION INITIATIVES
 
 Company's other diversification initiatives include setting-up of
 pit-head based Thermal Power Station, Fertilizer business, Aviation
 project and Healthcare, which are being implemented through different
 subsidiaries of the Company. Details of the initiatives implemented
 through subsidiaries are furnished under the heading 'Subsidiaries'.
 
 8.0 SUBSIDIARIES
 
 As on 31st March 2015, in terms of the provisions of Companies Act,
 2013, your Company had following subsidiaries which are engaged in
 different business activities:
 
 1.  Jaiprakash Power Ventures Limited
 
 2.  Jaypee Arunachal Power Limited
 
 3.  Jaypee Powergrid Limited
 
 4.  Sangam Power Generation Co. Limited
 
 5.  Prayagraj Power Generation Co. Limited
 
 6.  Jaypee Meghalaya Power Limited
 
 7.  Himachal Baspa Power Company Limited (no more a subsidiary of JPVL
 w.e.f. 08.09.2015, and consequently of JAL also, as JPVL sold all its
 shares in it on 08.09.2015. Since, it was a subsidiary of Company on
 31.03.2015, its financial statements have been consolidated with the
 financial statements of JAL, the Company.)
 
 8.  Bina Power Supply Limited (the name of Himachal Karcham Power
 Company Limited has since been changed to Bina Power Supply Limited
 w.e.f. 28.09.2015)
 
 9.  Bhilai Jaypee Cement Limited
 
 10.  Gujarat Jaypee Cement & Infrastructure Limited
 
 11.  Jaypee Cement Corporation Limited
 
 12.  Jaypee Assam Cement Limited
 
 13.  Jaypee Infratech Limited
 
 14.  Jaypee Ganga Infrastructure Corporation Limited
 
 15.  Himalyan Expressway Limited
 
 16.  Jaypee Agra Vikas Limited
 
 17.  Jaypee Cement Cricket (India) Limited
 
 18.  Jaypee Cement Hockey (India) Limited
 
 19.  Jaypee Fertilizers & Industries Limited
 
 20.  Himalyaputra Aviation Limited
 
 21.  Jaypee Healthcare Limited
 
 22.  Jaiprakash Agri Intiatives Company Limited
 
 Note-1: Bokaro Jaypee Cement Limited (BOJCL) ceased to be a subsidiary
 of the Company w.e.f
 
 29.11.2014, consequent to sale of its entire 74% stake in BOJCL (as
 mentioned above in para 6.2.)
 
 Note-2: Jaypee Sports International Limited, a wholly owned subsidiary
 of your Company, amalgamated into JAL, the Company on 16.10.2015
 pursuant to Order of Hon'ble High Court of Judicature at Allahabad
 dated
 
 14.09.2015, the appointed dated being 01.04.2014. Since the
 amalgamation is with effect from 01.04.2014, in financial statements,
 it has been treated as a division of the Company for financial year
 2014-15.)
 
 Due to merger of Jaypee Sports International Limited into the Company
 and divestment in Himachal Baspa Power Company Limited, as on date of
 signing of this report, your Company has 21 subsidiaries.
 
 
 The status of the aforesaid subsidiaries is as under:
 
 POWER AND RELATED BUSINESS
 
 1.  JAIPRAKASH POWER VENTURES LIMITED (JPVL)
 
 As on 31st March 2015, JPVL had three operative Hydro Power Plants and
 two operative Thermal Power Plants, namely:
 
 i) 300 MW Jaypee Baspa-II Hydro Power Plant in Himachal Pradesh (since
 hived off by JPVL on 8.09.2015);
 
 ii) 400 MW Jaypee Vishnuprayag Hydro Power Plant in Uttarakhand;
 
 iii) 1091 MW Jaypee Karcham Wangtoo Hydro Power Plant in Himachal
 Pradesh (since hived off by JPVL on 08.09.2015);
 
 iv) 500 MW - Phase I (of 1200 MW) Jaypee Bina Thermal Power Plant in
 Madhya Pradesh; and
 
 v) 1320 MW Jaypee Nigrie Super Thermal Power Plant in Nigrie, Distt.
 Singrauli, Madhya Pradesh.
 
 Besides the above mentioned power projects, JPVL has implemented Jaypee
 Nigrie Cement Grinding Unit with capacity of 2 MTPA , the commissioning
 activities of which has started and its commercial operations are
 expected to commence shortly.
 
 Following the cancellation of coal blocks in terms of judgment dated
 25th August, 2014 read with order dated 25th September, 2014 of Hon'ble
 Supreme Court of India, the Central Government conducted e-auction of
 coal mines in which your Company participated and was allotted Amelia
 (North) Coal Mine in Distt.  Singrauli, Madhya Pradesh, during the
 year.
 
 The Plant Availability and Energy Generation of each of the Hydro Power
 Plants & Thermal Power Plants for the Financial Year 2014-15 were as
 under:
 
 Plant                     Plant         Net Saleable 
                       Availability      Energy 
                           (%)           Generation
                                         (M. U.)
 
 Jaypee BASPA-II 
 (300 MW)                 99.84         1100.47
 
 Jaypee 
 Vishnuprayag (400        99.13         1573.96
 MW)
 
 Jaypee Karcham 
 Wangtoo                  99.65         3708.41
 (1091MW)
 
 500 MW - Phase I 
 (of 1200                 92.47         2236.95
 
 MW) Jaypee 
 Bina Thermal
 Power Plant
 
 1320 MW 
 Jaypee Nigrie             58.33        1800.27
 Super Thermal 
 Power Plant
 
 300 MW Jaypee Baspa-II Hydro Power Plant (since hived off by JPVL on
 08.09.2015)
 
 The average tariff for Baspa-II Hydro Power Plant for the year under
 report, as per the Multi Year Tariff (MYT) Order dated 15th July, 2011,
 Order dated 6th September, 2012 and in accordance with the Power
 Purchase Agreement (PPA) works out to Rs, 2.77 per unit. The total
 generation of energy during the year was 1256.96 MUs including 12% free
 Power to State Electricity Board/Government of Himachal Pradesh and
 also auxiliary consumption/transformer losses.  The Net Saleable Energy
 during the year was 1100.47 MUs, out of which 1056.92 MUs was Primary
 Energy and 43.55 MUs was Secondary Energy.
 
 400 MW Jaypee Vishnuprayag Hydro Power Plant
 
 The average tariff during the year under report for 400 MW Vishnuprayag
 Hydro Power Plant works out to Rs, 2.47 per unit. The total generation
 of energy during the year was 1815.92 MUs (including 22.15 MUs deemed
 generation) .The net saleable energy during the year was 1573.96 MUs
 out of which Primary Energy was 1545.87 MUs and Secondary Energy was
 28.09 MUs.
 
 1091 MW Jaypee Karcham Wangtoo Hydro Power Plant (since hived off by
 JPVL on 08.09.2015)
 
 The average realization for the year under report works out to Rs, 3.93
 per unit. The total generation of energy during the year was 4240.25
 MUs including 531.84 MUs free Power to State Government and also
 auxiliary consumption/transformer losses. The Net Saleable Energy
 during the year was 3708.41 MUs.
 
 The performance of the Company's operative Hydro Power Plants, their
 plant availability and the Energy Generation during the year under
 report was satisfactory.
 
 500 MW Phase I (of 1200 MW) Jaypee Bina Thermal Power Plant
 
 Based on the tariff petition filed by JPVL, MPERC has approved final
 tariff for Unit-I and Unit-II on 26th November, 2014. Your Company is
 supplying 70% of the installed capacity on long-term basis to Govt. of
 Madhya Pradesh/Madhya Pradesh Power Management Company Ltd., in terms
 of the Power Purchase Agreement executed with them and balance of
 installed capacity is being sold as merchant power.
 
 The plant performance of 500 MW Jaypee Bina Thermal Power Plant from
 1st April, 2014 to 31st March, 2015 was as under:
 
 
                                              (Million Units)
 
 FY 2014-15                   Actual Generation
 
                  Gross    Net        Aux %      PLF %     PAF % 
                           Saleable
 
 Total          2444.74    2236.95    8.50       55.36     92.47
 
 1320 MW Jaypee Nigrie Super Thermal Power Plant (JNSTPP)
 
 Two units of 660 MW each have successfully achieved commercial
 operation on 3rd September, 2014 and 21st February, 2015 respectively.
 Further, as mentioned above, your Company has acquired coal mine at
 Amelia (North) through e-auction conducted by Government of India for
 meeting the coal requirement of JNSTPP. Madhya Pradesh Electricity
 Regulatory Commission has approved the provisional blended tariff of
 JNSTPP. Your Company is supplying 37.5% of the installed capacity on
 long term basis to Government of Madhya Pradesh and Madhya Pradesh
 Power Management Company Limited in terms of Power Purchase Agreement
 executed with them and the balance capacity is sold on merchant basis.
 
                                                 (Million Units)
 
 FY 2014-15                   Actual Generation
 
                  Gross       Net        Aux %    PLF %     PAF % 
                              Saleable
 
 Total           1970.02      1800.27    7.84     38.03     58.33
 
 Jaypee Nigrie Cement Grinding Unit at Nigrie
 
 The commissioning activities of 2 MTPA Jaypee Nigrie Cement Grinding
 Unit at Nigrie, Distt. Singrauli in Madhya Pradesh, having estimated
 project cost of Rs, 335 crore has started and commercial operations are
 expected to commence shortly. An expenditure of approximately Rs,
 299.56 crore had been incurred till 31st March, 2015. The statutory
 approvals required for the current stage of the project are in place.
 
 Verified/Certified Emissions Reductions (VERs/CERs)
 
 As already reported, 1091 MW Jaypee Karcham Hydro Power Plant has
 already been registered by UNFCCC as a CDM Project w.e.f 1st January,
 2013 for ten years up to 31st December, 2022. The Project has been
 validated and verified by TUV NORD, Germany for issue of VERs for the
 period from 13th May, 2011 to 11th April, 2012. The project is
 validated by TUV NORD JI/CDM Certification Programme, Germany as
 compliant with World Commission on Dams (WCD) Recommendations.
 
 As for financial year 2013-14, JPVL had sold from time to time
 34,79,664 VERs aggregating Rs, 28.95 crores in respect of Jaypee
 Baspa-II Hydro Power Plant and 94,90,664 VERs aggregating Rs, 213.24
 crores in respect of Jaypee Vishnuprayag Hydro Power Plant. No further
 
 VERs could be sold in respect of the aforesaid plants during the
 financial year 2014-15.
 
 The financial position of JPVL for the financial year 2014-15 is given
 as under :
 
                                             (Rs, in Crore)
 
 Year ended Year ended                 31/03/2015     31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the            4,061.92      2,740.50 
   year
 
 2 Total expenses (except               1,353.50        832.71 
   depreciation/ finance
   costs)
 
 3 Finance costs                        2,117.55       1447.68
 
 4 Depreciation &                         465.28        446.59 
 amortization
 
 5 Total Expenses (2+3+4)               3,936.33       2726.98
 
 6 Exceptional/Extra-ordinary              (4.46)         0.08 
   items
 
 7 Profit before Tax                      130.05         13.44
 
 8 Profit after Tax                       137.21         19.73
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                        2,938.00      2,938.00
 
 2 Reserves & Surplus                   3,441.43      3,391.71
 
 3 Deferred Revenue                       633.20        562.66
 
 4 Non Current Liabilities             18,285.41     17,788.40
 
 5 Current Liabilities                  6,822.02      4,652.92
 
 6 Total Equity & Liabilities          32,120.06     29,333.69 
  (1+2+3+4)
 
 7 Non Current Assets                  30,370.68     28,208.61
 
 8 Current Assets                       1,749.38      1,125.08
 
 9 Total Assets (6+7)                  32,120.06     29,333.69
 
 2.  JAYPEE ARUNACHAL POWER LIMITED (JAPL)
 
 Jaypee Arunachal Power Limited (JAPL), a wholly owned subsidiary of
 JPVL is implementing 2700 MW Lower Siang and 500 MW Hirong H.E.
 Projects in the State of Arunachal Pradesh. Your Company along with its
 associates will ultimately hold 89% of the Equity of JAPL and the
 balance 11% will be held by the Government of Arunachal Pradesh.
 
 As already reported, for the 2700 MW Lower Siang Hydro Electric
 Project, CEA approval was obtained in February, 2010 and the
 concurrence has been extended by CEA for another three years. Land
 acquisition is in progress. In-principle Approval has been granted and
 Power Purchase Agreements (PPAs) are to be submitted for final approval
 with respect to the grant of Mega Power status of the project. Draft
 Rehabilitation & Resettlement Plan has been submitted to the State
 Government. The State Government has recommended the forest clearance
 case to Ministry of Environment and Forest (MOEF) and the same is under
 examination by Regional unit of MOEF since February, 2015.
 
 For 500 MW Hirong Hydro Power Project, CEA has accorded Techno-Economic
 Concurrence on 10th April, 2013. For the Environmental/Forest Clearance
 of the Project, the EIA & EMP Reports have been submitted to MoEF. The
 State Government has recommended the forest clearance case to Ministry
 of Environment and Forest (MOEF) and the same is under examination by
 Regional Unit of MOEF since February, 2015.
 
 An aggregate amount of Rs, 228.29 crore has been spent on the Projects
 up to 31st March, 2015.
 
 The financial position of JAPL for the financial year 2014-15 is given
 as under :
 
                                               (Rs, in Crore)
 
                                    Year ended       Year ended 
                                    31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover /                    0.00              0.00 
 Expenditure during 
 the year
 
 2 Profit Before/
 after Tax                             0.00              0.00
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                     228.27            228.23
 
 2 Reserves & Surplus                 (2.25)            (2.25)
 
 3 Deferred Revenue                    0.00              0.00
 
 4 Non Current Liabilities             1.84              1.85
  
 5 Total Equity & Liabilities        227.85            227.83 
 (1+2+3+4)
 
 6 Non Current Assets                227.43            227.44
 
 7 Current Assets                      0.42              0.39
 
 8 Total Assets (6+7)                227.85            227.83 
 
 3.  JAYPEE POWERGRID LIMITED (JPL)
 
 Jaypee Powergrid Limited (JPL), a joint venture of Jaiprakash Power
 Ventures Limited and Power Grid Corporation of India Limited (a Central
 Government Power Utility Undertaking) has set up 217 kms.  long 400 kV
 Quad Bundle Conductor Double Circuit Transmission Line for evacuation
 of Power from the pothead yard of 1091 MW Karcham Wangtoo Plant in the
 State of Himachal Pradesh to Abdullapur in the State of Haryana and
 LILO with the existing Baspa- Jhakri Double circuit line. The
 cumulative availability of transmission system for FY. 2014-15 was
 99.98%.  During the Financial Year 2014-15, JPL earned an aggregate
 transmission tariff of Rs, 195.47 crore. JPL declared two interim
 dividends aggregating to 13% during FY 2014-15 and paid dividend of Rs,
 28.86 crore to the Company.
 
 The financial position of JPL for the financial year 2014-15 is given
 as under :
 
                                                (Rs, in Crore)
 
                                        Year ended       Year ended 
                                        31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during                  199.98           199.94 
   the year
 
 2 Total expenses (except                   7.35             7.12 
   depreciation/ finance
   costs)
 
 3 Finance costs                           71.55            76.08
 
 4 Depreciation &                          52.77            52.44 
   amortization
 
 5 Total Expenses (2+3+4)                 131.67           135.65
 
 6 Profit before Tax                       68.31            64.29
 
 7 Profit after Tax                        68.31            53.78
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                          300.00           300.00
 
 2 Reserves & Surplus                      45.67            24.15
 
 3 Non Current Liabilities                550.38           584.19
 
 4 Current Liabilities                    103.81            94.70
 
 5 Total Equity & Liabilities             999.86         1,003.04 
  (1+2+3+4)
 
 6 Non Current Assets                     924.95           923.67
 
 7 Current Assets                          74.91            79.38
 
 8 Total Assets (6+7)                     999.86         1,003.04
 
 4.  SANGAM POWER GENERATION COMPANY LIMITED (SPGCL)
 
 Sangam Power Generation Company Limited was acquired by JPVL from Uttar
 Pradesh Power Corporation Limited (UPPCL) through competitive bidding
 process, for the implementation of 1980 MW (3 x 660 MW) Thermal Power
 Project in Tehsil Karchana of District Allahabad, Uttar Pradesh.
 
 SPGCL executed Deed of Conveyance with Uttar Pradesh Power Corporation
 Limited (UPPCL) but the District Administration could not hand over
 physical possession of land to the company due to local villagers
 agitation. As such, no physical activity could be started on the
 ground. SPGCL has written to UPPCL and all procurers that the Power
 Purchase Agreement is rendered void and cannot be enforced. As such,
 the Company's claims be settled amicably for closing the agreement(s).
 As already reported, necessary supporting documents in support of the
 company's claim have been furnished to UPPCL which is under their
 review.
 
 An aggregate amount of Rs, 548.60 crore has been spent on the Projects
 up to 31st March, 2015.
 
 
 The financial position SPGCL for the financial year 2014-15 is given as
 under:
 
                                                 (Rs, in Crore)
 
                                       Year ended       Year ended
                                       31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the year           -                -
 
 2 Profit Before/after Tax                  -                -
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                         551.98           551.98
 
 2 Reserves & Surplus                     (0.07)           (0.07)
 
 3 Non Current Liabilities                 0.01             0.03
 
 4 Current Liabilities                     0.02             0.40
 
 5 Total Equity & Liabilities            551.94           552.35 
 (1+2+3+4)
 
 6 Non Current Assets                    542.88           541.88
 
 7 Current Assets                          9.06            10.47
 
 8 Total Assets (6+7)                    551.94           552.35
 
 5.  PRAYAGRAJ POWER GENERATION COMPANY LIMITED (PPGCL)
 
 Prayagraj Power Generation Company Limited, acquired by JPVL, from
 Uttar Pradesh Power Corporation Limited (UPPCL) through competitive
 bidding process, is implementing 1980 MW (3x660 MW) Thermal Power
 Project (with permission to add two additional generation units of
 660MW each) in Tehsil Bara of District Allahabad, Uttar Pradesh.
 
 Power Purchase Agreement with UPPCL has been executed for 25 years for
 90% Sale of Power with balance 10% to be sold on merchant basis.
 
 Fuel Supply Agreement between PPGCL & NCL has been executed on 29th
 August, 2013 for Coal linkages for Phase-I.
 
 All Statutory/ Regulatory approvals required for the project are in
 place. The supplies from BHEL for Boiler, Turbine and Generator for
 Phase-I of the Project are in progress. All major packages have been
 awarded and supply of materials is in progress.
 
 The delay in receiving startup power has delayed the commissioning
 activities of the power plant. Startup power was finally received on
 10th November, 2014 and pre-commissioning activities related to Unit-1
 have commenced thereafter.
 
 The revised Project Cost of Rs, 13,870 crores, as approved by the
 lenders, would be financed through Rs, 4,021 crores as equity and Rs,
 9849 crore as Debt. PPGCL is in the process of arranging additional
 debt requirement of Rs, 1,764 crores of the revised project cost. An
 expenditure of approximately Rs,11,540 crore has been incurred on the
 implementation of the Project up to 31st March, 2015.
 
 Boiler light up of Unit-I has been achieved on 31 st March, 2015. At
 the current stage of the implementation of the project, it is envisaged
 to achieve COD of the project by January, 2016.
 
 The financial position of PPGCL for the financial year 2014-15 is given
 as under:
 
                                            (Rs, in Crore)
 
                                      Year ended       Year ended 
                                      31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the year        -                 -
 
 2 Profit Before / after Tax             -                 -
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                       3123.19          2148.19
 
 2 Reserves & Surplus                    (0.06)           (0.06)
 
 3 Non Current Liabilities             8413.36          6766.38
 
 4 Current Liabilities                 1036.99          1006.69
 
 5 Total Equity & Liabilities         12573.48         10121.20 
 (1+2+3+4)
 
 6 Non Current Assets                 12192.91          9789.46
 
 7 Current Assets                       380.57           331.74
 
 8 Total Assets (6+7)                 12573.48         10121.20
 
 6.  JAYPEE MEGHALAYA POWER LIMITED (JMPL)
 
 Jaypee Meghalaya Power Limited was incorporated by JPVL as its wholly
 owned subsidiary to implement 270 MW Umngot H.E.P. in the Umngot River
 Basin of Meghalaya and 450 MW Kynshi-II Hydro-Electric Power Projects
 in the Kynshi River Basin on BOOT (Build, Own, Operate and Transfer)
 basis. Your Company along with its associates will ultimately hold 74%
 of the equity of JMPL and the balance 26% will be held by the
 Government of Meghalaya.
 
 With respect to 450 MW Kynshi-II the field work of survey &
 investigation and EIA studies have already been completed. Drilling and
 drifting in Power house area have been completed. The revised proposal
 for Kynshi-II HEP with involvement of lesser forest area has been
 submitted to State Government and Ministry of Environment and Forest
 (MOEF). Based on the observation of the MOEF, Uranium Corporation of
 India issued No Objection Certificate with respect to uranium deposit
 in the vicinity of the Project.  Accordingly revised proposal for
 issuance of terms of reference for environment impact assessment
 studies is under preparation. The control levels i.e. full reservoir
 level & tail reservoir level for Kynshi-II Project have been approved
 by State Government. Approval of Central Electricity Authority has been
 accorded to the water availability series for power potential studies.
 
 With respect to the 270 MW Umngot H.E.P, the State Government has
 advised that the project will not be operational zed as per Memorandum
 of Agreement till further orders. The matter is being pursued with the
 State Government for permission to resume the works.
 
 An aggregate amount of Rs, 8.50 crore has been spent on the Projects up
 to 31st March, 2015.
 
 The financial position of JMPL for the financial year 2014-15 is given
 as under:
 
                                              (Rs, in Crore)
 
                                       Year ended     Year ended 
                                       31/03/2015     31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the year          -              -
 
 2 Profit Before / after Tax               -              -
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                          8.36           8.36
 
 2 Reserves & Surplus                    (0.02)         (0.02)
 
 3 Non Current Liabilities
 
 4 Current Liabilities                    0.75            0.76
 
 5 Total Equity & Liabilities             9.09            9.10
  (1+2+3+4)
 
 6 Non Current Assets                     8.95            8.94
 
 7 Current Assets                         0.14            0.16
 
 8 Total Assets (6+7)                     9.09            9.10
 
 7.  HIMACHAL BASPA POWER COMPANY LIMITED (HBPCL)
 
 Himachal Baspa Power Company Limited (HBPCL) was incorporated on 14th
 March, 2014 and it had received Certificate of Commencement of Business
 on 24th March, 2014.  HBPCL is 99% subsidiary of the JPVL.
 
 Pursuant to the Scheme of Arrangement between the JPVL and HBPCL, 300
 MW Jaypee Baspa-II Hydro Power Plant and 1091 MW Jaypee Karcham Wangtoo
 Hydro Power Plant were transferred to and vested in HBPCL w.e.f.
 01.09.2015. JPVL has since sold its entire stake in HBPCL on 08.09.2015
 and thus w.e.f. 08.09.2015, it is no more a subsidiary of JPVL as well
 as of JAL.
 
 The financial position of HBPCL for the financial year 2014-15 is given
 as under:
 
                                            (Rs, in Crore)
 
                                       Year ended      Year ended 
                                       31/03/2015      31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during                  0.02             -  
   the year
 
 2 Total expenses                         0.01             -
 
 3 Exceptional/Extra- 
   ordinary items
 
 4 Profit before Tax                      0.01             -
 
 5 Profit after Tax                       0.00             -
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                          0.05             -
 
 2 Reserves & Surplus                     0.00             -
 
 3 Non Current Liabilities
 
 4 Current Liabilities                    0.00             -
 
 5 Total Equity & Liabilities             0.06             -
 (1+2+3+4)
 
 6 Non Current Assets
 
 7 Current Assets                         0.06             -
 
 8 Total Assets (6+7)                     0.06             -
 
 8.  BINA POWER SUPPLY LIMITED (BPSL)
 
 Bina Power Supply Limited (BPSL) was originally incorporated as
 Himachal Karcham Power Company Limited (HKPCL) on 14th March, 2014 and
 it had received Certificate of Commencement of Business on 24th March,
 2014. The name of HKPCL has since been changed to Bina Power Supply
 Limited w.e.f.  28.09.2015.
 
 It is a wholly owned subsidiary of the JPVL and it is not carrying on
 any operations.
 
 The financial position of BPSL for the financial year 2014-15 is given
 as under:
 
                                           (Rs, in Crore)
 
                                        Year ended    Year ended 
                                        31/03/2015    31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the
 year
 
 2 Total Expenses Turnover                 0.01             -
 during the year
 
 3 Profit Before / after Tax              (0.01)            -
 
 (B) LIABILITIES & ASSETS  
 
 1 Share Capital                           0.05             -
 
 2 Reserves & Surplus                     -0.01             -
 
 3 Non Current Liabilities
 
 4 Current Liabilities                     0.00            __
 
 5 Total Equity & Liabilities              0.04
 
 (1+2+3+4)
 
 6 Non Current Assets                       -               -
 
 7 Current Assets                          0.04             -
 
 8 Total Assets (6+7)                      0.04             __
    
 CEMENT BUSINESS
 
 9.  BHILAI JAYPEE CEMENT LIMITED (BJCL)
 
 The Clinkerisation plant of BJCL, a joint venture between JAL & SAIL at
 Satna continued to function satisfactorily. During the period under
 report, the Company has achieved a gross turnover of Rs, 615.54 crore,
 as against Rs, 697.78 crore during the Financial Year 2013-14.
 
 The operations of the Company during the year resulted in an operating
 profit of Rs, 39.42 crore as against Rs, 55.62 crore during the
 previous year. After taking into account the impact of interest
 (Rs,42.82 crore) and considering depreciation of Rs,35.87 crore, the
 Company has incurred loss of Rs, 39.27 crore before tax.
 
 The financial position of BJCL for the financial year 2014-15 is given
 as under:
 
                                            (Rs, in Crore)
 
                                    Year ended       Year ended 
                                    31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during               615.54          697.78 
   the year
 
 2 Total expenses (except              584.67          643.92 
   depreciation/ finance
   costs)
 
 3 Finance costs                        42.82           53.56
 
 4 Depreciation &                       35.87           44.54 
   amortization
 
 5 Total Expenses (2+3+4)              663.36          742.01
 
 6 Exceptional/Extra-                    8.55            1.76 
   ordinary items
 
 7 Profit before Tax                   (39.27)         (42.48)
 
 8 Profit after Tax                    (20.14)         (28.93)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                       379.68          379.68
 
 2 Reserves & Surplus                 (131.90)        (111.29)
 
 3 Non Current Liabilities               2.84          122.02
 
 4 Current Liabilities                 665.82          550.05
 
 5 Total Equity & Liabilities          916.45          940.47 
   (1+2+3+4)
 
 6 Non Current Assets                  777.67          794.81
 
 7 Current Assets                      138.78          145.66
 
 8 Total Assets (6+7)                  916.45          940.47
 
 10.  GUJARAT JAYPEE CEMENT & INFRASTRUCTURE LIMITED (GJCIL)
 
 GJCIL, a Joint Venture between Jaiprakash Associates Limited (JAL) and
 Gujarat Mineral Development Corporation Limited (GMDC) was
 incorporated, inter- alia, to implement a 2.4 Million tons per annum
 capacity cement plant in District Kutch, Gujarat.
 
 Out of approximately 484 hectares of land required for setting up the
 Project, 27 hectares are Private land and 457 hectares are Government
 land. Major part of Private land (22 hectares) has been purchased by
 the Company. However pending necessary approval from the Government of
 Gujarat, the Government land is yet to be acquired by the Company. The
 Board is examining various options on the way forward for the Company.
 
 The financial position of GJCIL for the financial year 2014-15 is given
 as under:
 
                                               (Rs, in Crore)
 
                                      Year ended     Year ended 
                                      31/03/2015     31/03/2014
 
 (A) PROFITABILITY
 
 1 Other income during the               0.03           0.03
 year
 
 2 Total expenses                        0.03           0.02 
 (depreciation/ finance
 costs being nil)
 
 3 Exceptional/Extra-                    0.10           0.00 
 ordinary items
 
 4 Profit before Tax                    (0.10)          0.01
 
 5 Profit after Tax                     (0.11)         (0.00)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                         0.73           0.73
 
 2 Reserves & Surplus                   (0.29)         (0.19)
 
 3 Non Current Liabilities                -              -
 
 4 Current Liabilities                   0.01           0.01
 
 5 Total Equity & Liabilities            0.45           0.55
 (1+2+3+4)
 
 6 Non Current Assets                    0.10           0.20
 
 7 Current Assets                        0.35           0.35
 
 8 Total Assets (6+7)                    0.45           0.55
 
 11.  JAYPEE CEMENT CORPORATION LIMITED (JCCL)
 
 Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of
 your Company, has a 5.0 MTPA capacity integrated cement plant along
 with captive power plant of 35 MW at Jaggaiahpet, District Krishna,
 Andhra Pradesh. Another captive power plant of 25 MW is under
 implementation at this plant.
 
 JCCL has, during the year, also commissioned a 1.14 MTPA cement
 grinding unit at Shahabad District Gulbarga, Karnataka. A 60 MW captive
 power plant is in advanced stage of implementation at this site.
 
 JCCL's Plant in West Zone with a capacity of 4.8 MTPA was demerged,
 through a Scheme of Arrangement pursuant to Section 391-394 of the
 Companies Act, 1956, to UltraTech Cement Limited, a com pany of Aditya
 Birla Group. The said transaction was consummated on 12th June 2014.
 
 The financial position of JCCL for the financial year 2014-15 is given
 as under:
 
                                             (Rs, in Crore)
 
                                      Year ended      Year ended 
                                      31/03/2015      31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the            1,094.85        1,728.53 
   year
 
 2 Total expenses (except                 986.71        1,751.69 
   depreciation/finance costs)
     
 3 Finance costs                          265.44          519.36
 
 4 Depreciation & amortization            274.29          413.39
 
 5 Total expenses (2+3+4)               1,526.44        2,684.44
 
 6 Exceptional/Extra-ordinary               2.47            4.74 
   items
 
 7 Profit before Tax                     (429.12)        (951.17)
 
 8 Profit after Tax                      (367.16)        (692.36) 
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                        3,627.50        2,827.50
 
 2 Reserve & Surplus                   (1,616.41)      (1,130.89)
 
 3 Non Current Liabilities              1,499.07        2,260.04
 
 4 Current Liabilities                  2,151.98        5,644.50
 
 5 Total Equity & Liabilities           5,662.14        9,601.15 
   (1+2+3+4)
 
 6 Non Current Assets                   4,797.72        8,700.31
 
 7 Current Assets                         864.42          900.84
 
 8 Total Assets (6+7)                   5,662.14        9,601.15
 
 12.  JAYPEE ASSAM CEMENT LIMITED (JACL)
 
 Jaypee Assam Cement Limited (JACL) was incorporated, as a special
 purpose vehicle, initially as a wholly-owned subsidiary of Jaiprakash
 Associates Limited (JAL) for the purpose of setting up a 2 Mn tpa
 capacity Cement Plant in the North Cachar Hills Distt of Assam, in
 Joint Venture with Assam Mineral Development Corporation Ltd. (AMDC).
 The same shall be converted as a Joint Venture Company (JVC) between
 JAL and Assam Mineral Development Corporation Ltd.(AMDC) as JV partners
 having a shareholding ratio of 82:18 between themselves, as per the
 Shareholders' Agreement. While JAL shall hold the shares for cash
 consideration, shares shall be allotted to AMDC in consideration of the
 exclusive mining rights of the mineral block identified for this
 Company. Under the SHA, the management and control of the JVC is vested
 in JAL.
 
 As reported last year, prior to incorporation of JACL 750 bighas of
 land was allotted by Dima Hasao Autonomous Council (DHAC) on 30 years
 lease basis to Jaiprakash Associates Limited (JAL) for the project of
 the Company.  Necessary payment in this regard to DHAC was made by JAL
 as a promoter of the Company. An agreement was also executed between
 DHAC and JAL.
 
 Besides the payment of Rs, 3.77 crore for the above land, JAL had also
 paid Rs, 10 crore to DHAC in advance as the share of royalty on
 limestone for a period of one year as per the Agreement executed
 between JAL and DHAC.
 
 JACL had deployed necessary resources in right earnest for setting-up
 the 2 million tonnes per annum cement plant with a 35 MW captive power
 plant.  For getting environment clearance for the proposed project, the
 Company started expeditious collection of data and preparation of
 Environmental Impact Assessment/Environmental Management Plan Reports
 for submission to Government of India, Ministry of Environment &
 Forest.
 
 JACL was, however, compelled to suspend all project activities since
 January 2012 due to adverse security situation in the vicinity of the
 project, as reported last year. Your directors are in regular touch
 with concerned authorities for resumption of project activities as and
 when the security situation is improved.
 
 The financial position of JACL for the financial year 2014-15 is given
 as under:
 
                                           (Rs, in Crore)
 
                                    Year ended       Year ended 
                                    31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the year
 
 2 Total expenses (except              0.02              0.01 
   depreciation/ finance
   costs)
 
 3 Exceptional/Extra-                  0.44               -
   ordinary items
 
 4 Profit before Tax                  (0.46)            (0.01)
 
 5 Profit after Tax                   (0.46)            (0.01)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                       0.06              0.06
 
 2 Reserves & Surplus                 (1.01)            (0.55)
 
 3 Non Current Liabilities             1.01              1.01
 
 4 Current Liabilities                 0.01              0.01
 
 5 Total Equity &                      0.07              0.53 
   Liabilities (1+2+3+4)
 
 6 Non Current Assets                  0.00              0.44
 
 7 Current Assets                      0.07              0.09
 
 8 Total Assets (6+7)                  0.07              0.53
 
 EXPRESSWAYS AND RELATED BUSINESS
 
 13.  JAYPEE INFRATECH LIMITED (JIL)
 
 Jaypee Infratech Limited (JIL) Yamuna Expressway was opened for public
 on 9th August, 2012 and commenced toll collection w.e.f. 16th August,
 2012. Highlights of performance there at is as under:
 
 The Average Annual Daily Traffic (AADT) for the year ended on 31st
 March, 2015 was 16,490 PCUs as compared to 13,477 PCUs for the previous
 year ended on 31st March, 2014, higher by 22.36%. The revenue from Toll
 Collection for the year ended 31st March, 2015 aggregated to Rs, 168.65
 Crores as compared to Rs,135.17 Crores for the previous year ended 31st
 March, 2014, higher by 24.77%. The Average Annual Daily Traffic (AADT)
 and Toll revenue has registered a Compound Annual Growth Rate (CAGR) of
 29.16% and 33.88% respectively since commencement of the commercial
 operation on 16th August, 2012.
 
 JIL is developing five integrated Townships over 25 million square
 meters of land for commercial, amusement, industrial, institutional &
 residential purposes etc. across five different locations along the
 Yamuna Expressway- one in Noida, two locations in District Gautam Budh
 Nagar (part of NCR) and one location in each of District Aligarh &
 District Agra, Uttar Pradesh. The Company has commenced development of
 its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur, U.P. and Land
 Parcel-5 at Agra.  The Company has launched approx.113.06 million sq.ft
 area and has sold approx.107.10 million sq.feet area till 31st March,
 2015 aggregating to sales value of Rs, 21,943 Crores.
 
 The Financial Year has been a successful year for JIL since revenue
 from toll collection and real estate sale has shown an increasing
 trend.
 
 During the year, Jaypee Healthcare Limited, the wholly owned subsidiary
 of JIL also commenced operations at its 504 bedded super specialty
 hospital namely Jaypee Hospital located at Wishtown, Sector-128,
 Noida.
 
 The financial position of JIL for the financial year 2014-15 is given
 as under:
 
                                            (Rs, in Crore)
 
                                    Year ended       Year ended 
                                    31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during              3,257.78         3,332.13 
   the year
 
 2 Total expenses (except             1,907.09         2,016.23 
   depreciation/finance
   costs
 
 3 Finance costs                        893.56           894.02
 
 4 Depreciation &                        28.28            21.43
 amortization
 
 5 Total expenses (2+3+4)             2,828.93         2,931.68
 
 6 Profit before Tax                    428.85           400.45
 
 7 Profit after Tax                     355.00           299.17
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                      1,388.93         1,388.93
 
 2 Reserve & Surplus                  4,963.42         4,665.63
 
 3 Non Current Liabilities            6,892.20         8,162.89
 
 4 Current Liabilities                7,329.76         6,142.80
 
 5 Total Equity & Liabilities        20,574.31        20,360.25 
   (1+2+3+4)
 
 6 Non Current Assets                10,721.45        10,777.51
 
 7 Current Assets                     9,852.86         9,582.74
 
 8 Total Assets (6+7)                20,574.31        20,360.25
 
 14.  JAYPEE GANGA INFRASTRUCTURE CORPORATION LIMITED (JGICL)
 
 Jaypee Ganga Infrastructure Corporation Limited (JGICL) was
 incorporated as a wholly owned subsidiary of Jaiprakash Associates
 Limited for implementation of the 1047 Km long 8- lane Access-
 Controlled Ganga Expressway Project connecting Greater Noida with
 Ghazipur-Ballia along the left bank of river Ganga on Design, Build,
 Finance and Operate (DBFO) basis together with the development of
 12,281 hectares of land parcels at eight different locations in Uttar
 Pradesh in terms of the Concession Agreement executed between Uttar
 Pradesh Expressways Industrial Development Authority and JGICL on March
 23, 2008.
 
 Preparatory work for the Project was started.  Consequent upon the
 Order of Hon'ble High Court of Allahabad dated 29.05.2009 quashing the
 environment clearance earlier issued by State Environment Impact
 Assessment Authority (SEIAA), fresh application for the Environmental
 Clearance was filed which is still pending. Since there are lot of
 uncertainties in respect of Environment clearance, due to various
 developments like farmers unrest etc., upon the discussion with the
 Government / Authority, a supplementary agreement was signed with the
 Authority on 30th November, 2011 and UPEIDA has returned the Bank
 Guarantee after taking an undertaking from JGICL that the Company would
 revive the Bank Guarantee, when the project gets environmental
 clearance. In the meeting held on 12th September, 2014, it was agreed
 between UPEIDA and JGICL to terminate the Agreement of Ganga Expressway
 and the settlement agreement has been forwarded to the Government of
 U.P for approval which is pending.
 
 The financial position of JGICL for the financial year 2014-15 is given
 as under:
 
                                              (Rs, in Crore)
 
                                     Year ended      Year ended 
                                     31/03/2015      31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during 
   the year
 
 2 Profit Before/ after Tax
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                       564.99         564.99
 
 2 Reserves & Surplus
 
 3 Non Current Liabilities                -             0.01
 
 4 Current Liabilities                   3.37           2.60
 
 5 Total Equity & Liabilities          568.36         567.60 
  (1+2+3+4)
 
 6 Non Current Assets                  556.53         555.64
 
 7 Current Assets                       11.83          11.96
 
 8 Total Assets (6+7)                  568.36         567.60
 
 15.  HIMALYAN EXPRESSWAY LIMITED (HEL)
 
 Himalyan Expressway Limited was incorporated as a Special Purpose
 Vehicle (SPV) for implementing the Zirakpur-Parwanoo Expressway project
 in the States of Punjab, Haryana and Himachal Pradesh.  The Expressway
 connecting the three states became operational and the toll collection
 started from 6th April, 2012. Being the first in the country with Radio
 Frequency Identification Device (RFID) technology based electronic toll
 collection system, the Expressway has provided a seamless travel to
 long journey road users while saving cost and time.
 
 The highlights of HEL's performance during 2014-15 , are as under:
 
 The revenue from Toll Collection for the year ended 31st March, 2015
 was Rs, 33.62 crores, as compared to Rs, 30.84 crores for the previous
 year ended 31st March, 2014, higher by approx. 9%.
 
 The Average Annual Daily Traffic (AADT) for the year ended 31st March,
 2015 was 44,295 PCUs, as compared to 43,883 PCUs for the previous year
 ended 31st March, 2014, higher by approx. 1%.
 
 The Average Annual Daily Toll Revenue (AADR) for the year ended 31st
 March, 2015 was Rs, 9.21 Lacs, as compared to Rs, 8.45 Lacs for the
 previous year ended 31st March, 2014, higher by approx. 9%.
 
 During the third year of commercial operation, HEL has shown an
 improved performance over the previous years.
 
 The financial position of HEL for the financial year 2014-15 is given
 as under:
 
                                           (Rs, in Crore)
 
                               Year ended        Year ended 
                               31/03/2015        31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during          33.67           30.86 
   the year
 
 2 Total expenses (except          8.33            8.87 
   depreciation/ finance
   costs)
 
 3 Finance costs                  39.49           40.21
 
 4 Depreciation &                 11.92           10.82 
   amortization
 
 5 Total Expenses (2+3+4)         59.74           59.90
 
 6 Profit/(Loss) before Tax      (26.07)         (29.04)
 
 7 Profit / (Loss) after Tax     (26.21)         (29.03)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                 143.09          143.09
 
 2 Reserves & Surplus             28.97           55.18
 
 3 Non Current Liabilities       522.26          507.97
 
 4 Current Liabilities            11.68           10.22
 
 5 Total Equity & Liabilities    706.00          716.46 
  (1+2+3+4)
 
 6 Non Current Assets            700.90          711.22
 
 7 Current Assets                  5.10            5.24
 
 8 Total Assets (6+7)            706.00          716.46
 
 16.  JAYPEE AGRA VIKAS LIMITED (JAVL)
 
 Jaypee Agra Vikas Limited (JAVL) was incorporated as Special Purpose
 Vehicle for implementing project for development of Inner Ring Road for
 Agra and other infrastructure facilities, under integrated Urban
 Rejuvenation Plan on Design, Build, Finance, Operate and Transfer
 basis. The Company signed a Concession Agreement dated 4th February,
 2010 with Agra Development Authority (ADA).
 
 The project could not progress as ADA has not been able to fulfill its
 obligation in respect of 'Condition Precedent'. Recently, as per the
 decision taken by ADA, the Company has received part refund of the
 advance given to ADA for acquisition of land and the balance amount of
 Rs,24.31 cr approx shall be refunded to JAVL after the direction of
 GoUP (Revenue Department).
 
 The financial position of JAVL for the financial year 2014-15 is given
 as under:
 
                                        (Rs, in Crore)
 
                                    Year ended        Year ended 
                                    31/03/2015        31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during               0.49                - 
    the year
 
 2 Total expenses (except             19.30                -
   depreciation/ finance
   costs)
 
 3 Finance costs                     192.50                -
 
 4 Depreciation &                      0.05                -
   amortization
 
 5 Total Expenses (2+3+4)            211.85                -
 
 6 Exceptional/Extra- 
   ordinary items
 
 7 Profit before Tax                (211.36)
 
 8 Profit after Tax                 (211.36)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                     375.92             375.92
 
 2 Reserves & Surplus               (213.36)             (2.00)
 
 3 Non Current Liabilities           111.27             123.76
 
 4 Current Liabilities                16.18              14.97
 
 5 Total Equity & Liabilities        290.00             512.65 
  (1+2+3+4)
 
 6 Non Current Assets                  0.41             193.33
 
 7 Current Assets                    289.60             319.32
 
 8 Total Assets (6+7)                290.00             512.65
 
 SPORTS AND RELATED BUSINESS
 
 17.  JAYPEE CEMENT CRICKET (INDIA) LIMITED (JCCIL)
 
 JCCIL was incorporated on 20th October, 2012, as wholly owned
 subsidiary of Jaypee Sports International Limited (JSIL)/ now of JAL
 (due to merger of JSIL into JAL) to undertake the business of Cricket
 Sport. It obtained the certificate of commencement of business on 23rd
 October, 2012. The progress in the Company will commence once the
 cricket stadium is ready.
 
 The financial position of JCCIL for the financial year 2014-15 is given
 as under:
 
                                           (Rs, in Crore)
 
                                     Year ended    Year ended
                                     31/03/2015    31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover 
   during the year
 
 2 Total expenses (except               -             0.51 
   depreciation/ finance
   costs)
 
 3 Finance costs                        -                0
 
 4 Depreciation & amortization          -                0
 
 5 Total Expenses (2+3+4)               -             0.51
 
 6 Exceptional/Extra-ordinary
   items
 
 7 Profit /(Loss) before Tax            -            (0.51)
 
 8 Profit / Loss) after Tax             -            (0.51)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                       0.05           0.05
 
 2 Reserves & Surplus                 (0.52)         (0.51)
 
 3 Non Current Liabilities              -              -
 
 4 Current Liabilities                 0.52           0.51
 
 5 Total Equity & Liabilities          0.05           0.05 
   (1+2+3+4)
 
 6 Non Current Assets                   -              -
 
 7 Current Assets                      0.05           0.05
 
 8 Total Assets (6+7)                  0.05           0.05
 
 18.  JAYPEE CEMENT HOCKEY (INDIA) LIMITED (JCHIL)
 
 JCHIL was incorporated on 5th November, 2012, as wholly owned
 subsidiary of Jaypee Sports International Limited (JSIL)/ now of JAL
 (due to merger of JSIL into JAL) to undertake the business of Hockey
 Sport. It obtained the certificate of commencement of business on 12th
 November, 2012.
 
 JCHIL entered into the Franchisee Agreement with Hockey India League
 [HIL] for the Team Jaypee Punjab Warriors. The performace of Jaypee
 Punjab Warriors in HIL conducted in the year 2013 & 2014 was well
 appreciated.
 
 HIL season 2015 was scheduled from 22nd January, 2015 to 22nd February,
 2015 Jaypee Punjab warriors finished second in the leaugue and was also
 awarded with Airtel Maximum Goal Award.
 
 The financial position of JCHIL for the financial year 2014-15 is given
 as under:
 
                                          (Rs, in Crore)
 
                                      Year ended     Year ended  
                                      31/03/2015     31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during the              10.30         16.62
 year
 
 2 Total expenses (except                 16.38         29.03 
   depreciation/ finance
   costs)
 
 3 Finance costs                            -             -
 
 4 Depreciation & amortization              -             -
 
 5 Total Expenses (2+3+4)                 16.38         29.03
 
 6 Profit /(Loss)before Tax               (6.08)       (12.41)
 
 7 Profit / (Loss) after Tax              (6.08)       (12.41)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                           1.00          1.00
 
 2 Reserves & Surplus                    (18.50)       (12.41)
 
 3 Non Current Liabilities                  -             -
 
 4 Current Liabilities                    27.43         18.18
 
 5 Total Equity & Liabilities              9.93          6.77
 (1+2+3+4)
 
 6 Non Current Assets                       -             -
 
 7 Current Assets                          9.93          6.77
 
 8 Total Assets (6+7)                      9.93          6.77
 
 FERTILIZER AND RELATED BUSINESS
 
 19.  JAYPEE FERTILIZERS & INDUSTRIES LIMITED (JFIL)
 
 JFIL was incorporated on 03.06.2010 to carry on the business directly
 or by making investment in other companies having similar objects
 including that of manufacturers, fabricators, processors, producers,
 importers, exporters, buyers, sellers etc. of all kinds of fertilizers
 and chemicals. It is a wholly owned subsidiary of Jaiprakash Associates
 Limited and undertook the business of fertilizers and chemicals.  The
 Company had participated as a strategic investor in the 'Rehabilitation
 Scheme' (Scheme) of fertilizer undertaking of Duncans Industries Ltd.
 (DIL) which was approved by the Board for Industrial & Financial
 Reconstruction (BIFR) in January, 2012.
 
 Pursuant to the Scheme, the said fertilizer undertaking which is famous
 for 'Chand Chhap' Urea stood vested in Kanpur Fertilizers & Cement
 Limited (KFCL), in which JFIL has been making investments through
 Jaypee Uttar Bharat Vikas Private Limited (JUBVPL), a Joint Venture,
 which held 99.73% (approx.) equity shares of KFCL as on 31.03.2015.
 
 KFCL has been moving progressively towards implementation of its Scheme
 and has so far spent a sum of Rs, 1,232 crore up to 31.03.2015 towards
 Capex (including Capital Advances) on its ongoing revamping,
 modernization and up gradation of its fertilizer plant. The commercial
 operations at the plant commenced w.e.f. 01.06.2014 and all the 03 Urea
 and Ammonia streams, all the 04 bagging lines in bagging plant, 02
 boilers having capacity of 70 TPH & 01 boiler with the capacity of 35
 TPH and Hydrolyser stripper unit for treating nitrogenous effluent are
 operating satisfactory whereas ETP plant is under commissioning and new
 AFBC boiler construction job is in progress.
 
 During the year under report, KFCL has generated gross revenue of Rs,
 2,614.71 crore and its Urea production stood at 6,41,488 MT and sales
 at 6,49,801 MT. The Net Profit during the financial year 2014-15 was at
 Rs, 12.63 crore translating to basic earnings per equity share at Rs,
 0.63 for the financial year 2014-15.
 
 The financial position of JFIL for the financial year 2014-15 is given
 as under:
 
                                         (Rs, in Crore)
 
                                  Year ended       Year ended 
                                  31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover 
   during the year                    130             1.36
 
 2 Total expenses (except            2.23             1.61 
   depreciation/ finance
   costs)
 
 3 Finance costs                    38.25            38.04
 
 4 Depreciation & 
   amortization                      0.00             0.00
 
 5 Total Expenses (2+3+4)           40.48            39.65
 
 6 Exceptional/Extra-
   ordinary items                     -                -
 
 7 Profit/(Loss) before Tax        (39.18)          (38.30)
 
 8 Profit / (Loss) after Tax       (39.18)          (38.30)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                   286.64           281.93
 
 2 Reserves & Surplus              295.93           335.11
 
 3 Non Current Liabilitier         105.13           210.16
 
 4 Current Liabilitier             127.15             3.40
 
 5 Total Equity & Liabilities      814.85           830.60
 (1+2+3+4)
 
 6 Non Current Assets              780.97           769.95
 
 7 Current Assets                   33.88            60.65
 
 8 Total Assets (6+7)              814.85           830.60
 
 
 AVIATION BUSINESS
 
 20.  HIMALYAPUTRA AVIATION LIMITED (HAL)
 
 HAL was incorporated as a wholly-owned subsidiary of your Company, to
 undertake the civil aviation business. HAL has obtained initial NOC
 from Ministry of Aviation to operate Non-Scheduled Air Transport
 Services.
 
 The financial position of HAL for the financial year 2014-15 is given
 as under:
 
                                          (Rs, in Crore)
 
                                  Year ended       Year ended
                                  31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover 
   during the year                    8.94             8.46
 
 2 Total expenses (except            20.98            22.85 
   depreciation/ finance
   costs)
 
 3 Finance costs                      2.90             3.57
 
 4 Depreciation & 
   amortization                       1.92             2.21
 
 5 Total Expenses (2+3+4)            25.80            28.63
 
 6 Exceptional/
   Extra-ordinary items
 
 7 Profit before Tax                (16.86)          (20.17)
 
 8 Profit after Tax                 (16.86)          (20.17)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                     25.00            25.00
 
 2 Reserves & Surplus               (47.43)          (30.57)
 
 3 Non Current Liabilities            8.44            14.41
 
 4 Current Liabilities               52.22            29.59
 
 5 Total Equity & 
   Liabilities                       38.24            38.43 
  (1+2+3+4)
 
 6 Non Current Assets                34.66            36.58
 
 7 Current Assets                     3.57             1.85
 
 8 Total Assets (6+7)                38.24            38.43
 
 HEALTHCARE BUSINESS
 
 21.  JAYPEE HEALTHCARE LIMITED (JHL)
 
 Jaypee Healthcare Limited ( JHL) was incorporated on 30th October, 2012
 as a wholly owned subsidiary of JIL for the establishment of Jaypee
 Hospital with the vision of promoting world-class healthcare amongst
 the masses by providing quality and affordable medical care with
 commitment.
 
 Jaypee Hospital, the flagship hospital of Jaypee Group, is located at
 Wish Town, Sector - 128, NOIDA, U.P.
 
 It has been built across a sprawling 25 acre campus comprising of 504
 Beds & is operational with various facilities like OPD, Radiology, Lab,
 and Executive Health Check up in first phase from 1st April, 2014. This
 healthcare facility is Jaypee Group's noble intention to make its foray
 into the healthcare domain.
 
 The financial position of JHL for the financial year 2014-15 is given
 as under:
 
                                        (Rs, in Crore)
 
                                   Year ended       Year ended 
                                   31/03/2015       31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover
   during the year                    10.27             -
 
 2 Total expenses (except             11.03             -
   depreciation/ finance
   costs)
 
 3 Finance costs                       1.77             -
 
 4 Depreciation & amortization         2.03
 
 5 Total Expenses (2+3+4)             14.83             1.26
 
 6 Exceptional/Extra-ordinary items
 
 7 Profit before Tax                  (4.56)           (1.26)
 
 8 Profit after Tax                   (4.56)            (126)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                     427.50           250.00
 
 2 Reserves & Surplus                 (5.83)           (1.26)
 
 3 Non Current Liabilities           324.16           238.80
 
 4 Current Liabilities                97.95            38.12
 
 5 Total Equity & Liabilities        843.78           525.65 
   (1+2+3+4)
 
 6 Non Current Assets                710.93           513.76
 
 7 Current Assets                    132.85            11.89
 
 8 Total Assets (6+7)                843.78           525.65
 
 AGRI BUSINESS
 
 22.  JAIPRAKASH AGRI INITIATIVES COMPANY LIMITED (JAICO)
 
 Jaiprakash Agri Initiatives Company Limited (JAICO), was acquired by
 Jaypee Cement Corporation Limited, a wholly owned subsidiary of the
 Company on 25th March, 2013 to diversify into agri business.
 
 JAICO had set up soya and mustard processing plant at Rewa, Madhya
 Pradesh. Jaypee Oilseeds Processing Complex has facilities to handle
 all types of products and by-products from Soya and Mustard.  However,
 the production activities of Soya/ Mustard oil has been stopped and the
 plant is under preventive maintenance since February, 2013.
 
 Two milk processing undertakings of JAICO in the name of Shree Krishna
 Dugdh Sanyantra which were set up in October 2012 at Mathura and Tappal
 in the State of Uttar Pradesh had been incurring operating losses.
 Therefore, the company sold the said two undertakings in January &
 February, 2015, after taking approval from Shareholders in January,
 2015.
 
 The accounting year of JAICO will close on 30.06.2015 and the financial
 position of JAICO up to 31.03.2015 is given as under:
 
                                        (Rs, in Crore)
 
                                 Year ended      Year ended
                                 31/03/2015      31/03/2014
 
 (A) PROFITABILITY
 
 1 Total Turnover during            12.67           17.71 
   the year
 
 2 Total expenses (except           17.87           23.32 
   depreciation/ finance
   costs)
 
 3 Finance costs                     6.48            8.51
  
 4 Depreciation &                    7.50            6.01 
   amortization
 
 5 Total Expenses (2+3+4)            31.85          37.84
 
 6 Exceptional/Extra-
 ordinary items
 
 7 Profit before Tax                (19.18)        (20.13)
 
 8 Profit after Tax                 (19.18)        (20.13)
 
 (B) LIABILITIES & ASSETS
 
 1 Share Capital                    155.10         155.10
 
 2 Reserves & Surplus               (96.58)        (77.40)
 
 3 Non Current Liabilities           22.41          30.79
 
 4 Current Liabilities               36.04          35.20
 
 5 Total Equity & Liabilities       116.97         143.69
 (1+2+3+4)
 
 6 Non Current Assets               109.88         121.55
 
 7 Current Assets                     7.09          22.14
 
 8 Total Assets (6+7)               116.97         143.69
 
 9.0 CONSOLIDATED FINANCIAL STATEMENTS
 
 The statement (in prescribed form AOC-1) as required under Section 129
 of the Companies Act, 2013, in respect of the subsidiaries and
 associates of the Company is annexed and forms an integral part of this
 Report. The consolidated financial statements of the Company and its
 subsidiary companies for the year ended 31st March 2015 , prepared in
 accordance with Accounting Standard AS-21 Consolidated Financial
 Statements prescribed by the Institute of Chartered Accountants of
 India, form part of the Annual Report and Accounts.
 
 The annual accounts of the subsidiary companies and the related
 detailed information will be made available to the shareholders of the
 Company and subsidiary companies seeking such information. The annual
 accounts of the subsidiary companies will also be kept for inspection
 by any shareholders in Company's Head Office and also that of the
 subsidiaries. Further, the Company shall furnish a hardcopy of annual
 accounts of subsidiaries to any shareholder on demand.
 
 The Company has also uploaded the details of the accounts of individual
 subsidiary companies on its website i.e. www.jalindia.com.
 
 10.0 OUTLOOK
 
 Keeping in view the performance and future prospects of the Company's
 business, the business of its subsidiaries and the Company's resolve to
 reduce the debt, your Company is committed to enhance the shareholders'
 value.
 
 11.0 DIRECTORATE
 
 A.  Cessation of Directorships:
 
 Shri Viney Kumar, a nominee of IDBI Bank Limited ceased to be on the
 Board of the Company w.e.f.  June 23, 2014 consequent upon the
 withdrawal of his nomination by the Bank.
 
 Shri V. K Chopra and Dr. B. Samal, Independent Directors resigned from
 Directorship of the Company w.e.f. September 16, 2014 and September 30,
 2014 respectively due to personal reasons.
 
 Shri Shiva Dixit, Wholetime Director resigned w.e.f. 20th July 2015 due
 to his personal reasons.
 
 B.  Appointments of Independent Directors:
 
 The Board in its meetings held on September 27, 2014 and November 12,
 2014, based on the recommendation of the Nomination & Remuneration
 Committee, appointed the following persons as Additional/ Independent
 Directors for a period of three consecutive years from the date of
 their appointment by the Board, subject to approval of the
 shareholders, keeping in view their integrity, relevant expertise and
 experience, to comply with the provisions of revised Clause 49 of the
 Listing Agreement of having at least half of the Board as Independent
 Directors.
 
 Shri C. P. Jain, Shri K. P. Rau and Shri S.C.K. Patne were appointed as
 Independent Directors on the Board of the Company w.e.f. September 27,
 2014, not liable to retire by rotation.
 
 Shri T.R. Kakkar was appointed as Independent Director on the Board of
 the Company w.e.f.  November 12, 2014, not liable to retire by
 rotation.
 
 Shri MV Phadke was appointed as IDBI Nominee Director on the Board of
 the Company w.e.f. 10th June 2015, not liable to retire by rotation.
 
 With the above co-options, the composition of the Board is in
 compliance of the requirements of the Companies Act, 2013 and the
 Listing Agreement.
 
 Necessary proposals for their appointment as Director of the Company
 have been included in the Notice of the Annual General Meeting for your
 approval.
 
 C.  Retirement by rotation:
 
 Shri Ranvijay Singh and Shri Pankaj Gaur, Directors would retire by
 rotation at the forthcoming Annual General Meeting of the Company. The
 proposals for their re-appointment have also been included in the
 Notice of the Annual General Meeting for your approval.
 
 
 12.0 DEPOSITS
 
 Your Company had a track record of being regular in repayment of
 deposits and payment of interest thereon. As on 1st April, 2014, the
 Company had outstanding fixed deposits and interest payable thereon
 aggregating Rs, 2,722.53 Crores, which were to be repaid over a period
 of three years from the date of their respective acceptance. However,
 under the new provisions, the outstanding deposits were required to be
 repaid by 31st March, 2015. Due to the changed provisions under the
 Companies Act, 2013, the Company decided to stop accepting fresh
 deposits/ renewing the existing deposits. Since the amount raised by
 the Company stood deployed in its business, it was not feasible to
 repay such a huge amount within the staid period. Accordingly, the
 Company approached Hon'ble Company Law Board for extension of time for
 repayment of outstanding Fixed Deposits. Seeing the satisfactory
 progress, Hon'ble Company Law Board has from time to time extended the
 time for such repayment, finally till 31st December, 2015. In the
 meantime, the Company, in compliance with the orders of the Hon'ble
 Company Law Board, had been making repayments of deposits and payment
 of interest due thereon. As on 31st March, 2015, an aggregate amount of
 Rs,1,816.18 Crores was payable towards repayment of deposits and
 interest thereon.  Since 1st April, 2014, against an aggregate
 outstanding of Rs, 2,722.53 Crores, the Company has, till date, settled
 FDs aggregating Rs, 1,215.11 Crores including interest payable thereon.
 Your Company has a firm resolve to repay the outstanding deposits and
 interest payable thereon, aggregating approximately Rs, 1,507 Crores,
 at the earliest possible, out of its resources including the proceeds
 of the impending divestments.
 
 13.0 AUDITORS
 
 A) STATUTORY AUDITORS:
 
 M/s. M.P. Singh & Associates, Chartered Accountants, Auditors of the
 Company are appointed as Statutory Auditor of the Company for a term of
 three consecutive financial years i.e. for 2014-15, 2015-16 & 2016-17.
 They hold office from the conclusion of the last Annual General Meeting
 held on 27th September 2014 till conclusion of the Annual General
 Meeting of the Company to be held in the year 2017, subject to
 ratification by the shareholders at every Annual General Meeting.
 Necessary proposal for ratification of their appointment has been
 included in the Notice of the AGM for your approval.
 
 B) SECRETARIAL AUDITORS:
 
 M/s Chandrasekaran Associates, Company Secretaries, were appointed as
 Secretarial Auditor of the Company by the Board of Directors as per
 Section 204 of the Companies Act 2013 for the financial year 2014-15.
 The Secretarial Audit Report for the financial year ended 31st March
 2015 forms part of the Director Report.
 
 Based on the recommendations of the Audit Committee, the Board has
 further re-appointed M/s Chandrasekaran Associates, Company
 Secretaries, to conduct the Secretarial Audit for the financial year
 2015-16 as per Section 204 of the Companies Act, 2013.
 
 C) COST AUDITORS:
 
 For the financial year 2014-15, the Board of Directors of the Company
 re-appointed, based on recommendations of the Audit Committee, M/s.
 J.K. Kabra & Co., Cost Accountants, (Firm's Registration No. 2890), as
 Cost Auditors, for auditing the cost accounts in respect of applicable
 businesses of the Company. The remuneration is subject to ratification
 by shareholders for which a proposal is contained in the Notice of AGM.
 
 14.0 CORPORATE GOVERNANCE
 
 Report on Corporate Governance and Management Discussion & Analysis
 Report, in terms of Clause 49 of the Listing Agreement are annexed and
 form part of this Annual Report. A certificate from the Auditors
 confirming compliance with the conditions of Corporate Governance is
 also annexed.
 
 The Company is complying with the Corporate Governance norms laid down
 in Clause 49 of the Listing Agreement.
 
 15.0 BUSINESS RESPONSIBILITY REPORT
 
 In terms of Clause 55 of the Listing Agreement, a Business
 Responsibility Report (BRR), in the prescribed format, is annexed and
 forms part of this Annual Report describing the initiatives taken by
 the Company from an environmental, social and governance perspective,
 towards adoption of responsible business practices. The BRR as well as
 the Company's Policy on Sustainable Development are accessible on the
 Company's website www.jalindia.com.
 
 16.0 EMPLOYEE RELATIONS & PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT
 WORK PLACE
 
 EMPLOYEE RELATIONS
 
 Employee relations continued to be cordial throughout the year. Your
 Directors wish to place on record their sincere appreciation for the
 excellent spirit with which the entire team of the Company worked at
 all sites and all offices and achieved commendable progress.
 
 CASES FILED PERTAINING TO SEXUAL HARASSMENT OF WOMEN AT WORK PLACE
 
 There was no case filed by any woman during the Calendar year 2014 nor
 during Calendar year 2015 (till date) pertaining to sexual harassment
 of women at work place. The Company has formed an 'Internal Complaints
 Committee' pursuant to the provisions of 'The Sexual Harassment of
 Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013'
 for the purpose of prevention of sexual harassment of women at
 workplace. The said Committee gave its Report for the Calendar Year
 2014 as well as Interim Report for the Calendar year 2015 (till date)
 confirming that no such case has been filed during the said periods.
 
 
 17.0 REQUIREMENTS AS PER SECTION 134 (3) OF COMPANIES ACT, 2013
 
 17.1 EXTRACT OF THE ANNUAL RETURN UNDER SECTION 92 (3) 
 
 The extract of the Annual Return as provided u/s 92(3) (in form MGT-9)
 is enclosed as Annexure- 1.
 
 17.2 THE NUMBER OF MEETINGS OF THE BOARD 
 
 The total no. of meetings of the Board of Directors held during the
 Financial year 2014- 15 is 8 (Eight). The Board Meetings were held on:
 i) 27.05.2014, ii) 12.08.2014, iii) 25.08.2014, iv) 27.09.2014, v)
 12.11.2014, vi) 23.12.2014, vii) 23.01.2015 and viii) 10.02.2015.
 
 17.3 DIRECTORS' RESPONSIBILITY STATEMENT
 
 Based on internal financial controls, work performed by the internal,
 statutory, cost and secretarial auditors and external agencies, the
 reviews performed by the management and with the concurrence of the
 Audit Committee, pursuant to Section 134(5) of the Companies Act, 2013,
 the Board states having:
 
 (a) Followed the preparation of the annual accounts, the applicable
 accounting standards with proper explanation relating to material
 departures.
 
 (b) Selected such accounting policies and applied them consistently and
 made judgments and estimates that are reasonable and prudent so as to
 give a true and fair view of the state of affairs of the Company at the
 end of the financial year and of the profit and loss of the Company for
 that period.
 
 (c) Taken proper and sufficient care for the maintenance of adequate
 accounting records in accordance with the provisions of Companies Act,
 2013 for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 (d) Prepared the annual accounts on a going concern basis.
 
 (e) Laid down internal financial controls to be followed by the Company
 and that such internal financial controls are adequate and were
 operating effectively; and
 
 (f) Devised proper systems to ensure compliance with the provisions of
 all applicable laws and that such systems were adequate operating
 effectively and the same are being strengthened on continuous basis
 from time to time.
 
 17.4 STATEMENT ON DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS UNDER
 SECTION 149 (6) & (7)
 
 In Compliance with the provisions of Section 149(6) & 149 (7) the
 Companies Act, 2013 and Clause 49 of Listing Agreement, Company has
 received declarations from all the Independent Directors of the
 Company.
 
 17.5 NOMINATION AND REMUNERATION POLICY UNDER SECTION 178(3).
 
 The Company has a policy on Nomination and Remuneration as approved by
 Board and its details are given under Corporate Governance Report.
 
 17.6 COMMENT ON QUALIFICATION, RESERVATION OR ADVERSE REMARK OR
 DISCLAIMER MADE (IF ANY)- a.  by the Statutory Auditors
 
 The observation of Statutory Auditors and Notes to the financial
 statements are self- explanatory.
 
 The qualification of Statutory Auditors in para (vii)(a) of the
 Annexure referred to in para 1 of their Report on the standalone
 financial statements pertains to non-payment of some dues which were
 subsequently made/being made good.
 
 The qualification in para (ix) of the said Annexure pertains to some
 delay in repayment of principal amount of loans and interest on loans,
 which has been subsequently repaid/being repaid.
 
 The delays occurred due to cash flow problem faced by the Company, for
 which your Directors are taking necessary steps including the
 divestment initiatives as mentioned in the beginning of the Directors
 Report.
 
 The qualified opinion given on the consolidated financial statements
 pertains to:
 
 (i) Sangam Power Generation Company Limited (SPGCL), a subsidiary of
 the Company relating to the inability to comment on the requirement of
 adjustment in carrying value of assets and liabilities.
 
 SPGCL was incorporated for implementation of Thermal Power project at
 Karchana, Distt.  Allahabad (U.P.) with 2x660 MW capacity.  SPGCL had
 executed conveyance deeds in respect of the land for the project but
 physical possession of the land could not be handed over by the
 District Administration due to continuous agitation by the local
 villagers.  Despite various steps having been taken by SPGCL for
 implementation of the project, no physical activity could be started on
 the ground because of non-availability of the land for the reasons
 beyond the control of SPGCL.  SPGCL is in correspondence with U.P.
 Power Corporation Limited and State Government to close Power Purchase
 Agreement/ other agreements and to refund the amounts incurred by SPGCL
 and the matter is under examination of the authorities. However, the
 management of SPGCL does not expect any material adjustment in carrying
 value of assets including Capital Work in Progress.  The Auditors were
 unable to comment on whether any adjustment in carrying value of assets
 and liabilities were to be made and its possible effects on SPGCL.
 However, the management of SPGCL expects that the claims filed by SPGCL
 would be amicably settled soon.
 
 (ii) Jaypee Fertilizers & Industries Limited (JFIL), a subsidiary of
 the Company in para (iii) for non-repayment of a loan given by JFIL:
 
 The reply of management is given in Audit Report itself and hence needs
 no further explanation.
 
 (iii) Para (vii)(a) of the Annexure referred to in para 1 of their
 Report on non- payment of some dues of the Company:
 
 The reply of management is same as given above related to standalone
 financial statement.
 
 (vi) Para (ix) of the Annexure referred to in para 1 on some delay in
 repayment of principal amount of loans and interest on loans of Company
 and some of its subsidiaries:
 
 The reply of management is same as given above related to standalone
 financial statement.
 
 b.  by the Company Secretary in Practice in Secretarial Audit Report
 
 The observations of Secretarial Auditors are self- explanatory. There
 are no qualifications/ adverse remarks.
 
 17.7 PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
 
 The particulars of Loans, Guarantees or Investments are given in the
 notes to financial statements especially under Note No. 13, 16, 38 &
 39.
 
 17.8 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
 REFERRED TO IN SECTION 188(1)
 
 The particulars are given as per the prescribed Format enclosed as
 Annexure 2. All the related party transactions during the year were on
 an arm's length basis and in ordinary course of business.
 
 17.9 STATE OF COMPANY AFFAIRS
 
 The state of Company affairs is given in para no.  1, 6 & 7 above.
 
 17.10 AMOUNT, IF ANY, WHICH COMPANY PROPOSES TO CARRY TO ANY RESERVES
 
 NIL.
 
 17.11 AMOUNT, IF ANY, WHICH COMPANY RECOMMENDS SHOULD BE PAID BY WAY OF
 DIVIDEND
 
 NIL.
 
 17.12 MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
 POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
 FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
 AND THE DATE OF THE REPORT.
 
 There are no material changes and commitments, affecting the financial
 position of the Company between 31.03.2015 and the date of this report
 except the amalgamation and divestments reported above.
 
 17.13 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Particulars with respect to conservation of energy, technology
 absorption, foreign exchange earnings & outgo, pursuant to Section 134
 of the Companies Act, 2013, read with Companies (Accounts) Rules 2014
 for the year ended 31st March 2015 are annexed as Annexure-3 and form
 an integral part of this Report.
 
 17.14 STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF A RISK
 MANAGEMENT POLICY FOR THE COMPANY INCLUDING IDENTIFICATION THEREIN OF
 ELEMENTS OF RISK, IF ANY, WHICH IN THE OPINION OF THE BOARD MAY
 THREATEN THE EXISTENCE OF THE COMPANY.
 
 (i) The Company has a Risk Management policy as approved by Board and
 its details are given in the Corporate Governance Report.
 
 (ii) In the opinion of the Board, there is no risk which may threaten
 the existence of the Company.
 
 17.15 DETAILS ABOUT THE POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY
 ON CORPORATE SOCIAL RESPONSIBILITY INITIATIVES TAKEN DURING THE YEAR
 
 The details about the Corporate Social Responsibility (CSR) Policy are
 given in Corporate Governance Report. The said Policy is available on
 following link [www.jalindia.com/attachment/ CSRpolicy.pdf]
 
 The Initiatives taken by Company during the year are given in Annexure
 - 4.
 
 17.16 STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION
 HAS BEEN MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS
 COMMITTEES AND INDIVIDUAL DIRECTORS.
 
 The Annual Evaluation of Board, it's Committees and Directors is done
 as per the Criteria laid Down by the Nomination and Remuneration
 Committee (NRC). The Board carried evaluation of its performance and
 executive directors of the Company on 02.03.2015.
 
 The Board also carried out the evaluation of its following committees:
 
 A) AUDIT COMMITTEE
 
 1.  Shri R.N. Bhardwaj, Chairman,
 
 2.  Shri B.K. Goswami, Member,
 
 3.  Shri S.C. Bhargava, Member
 
 4.  Shri K.P. Rau, Member
 
 B) STAKEHOLDERS RELATIONSHIP COMMITTEE
 
 1.  Shri S.K. Jain, Chairman
 
 2.  Shri Sunil Kumar Sharma, Member
 
 3.  Shri Rahul Kumar, Member
 
 
 C) NOMINATION & REMUNERATION COMMITTEE
 
 1.  Shri B.K. Goswami, Chairman
 
 2.  Shri S.C. Bhargava, Member
 
 3.  Ms. H.A. Daruwalla, Member.
 
 D) RESTRUCTURING COMMITTEE
 
 1.  Shri B. K. Goswami, Chairman
 
 2.  Shri C.P. Jain, Member
 
 3.  Ms. H.A. Daruwalla, Member
 
 4.  Shri Sunny Gaur, Member
 
 5.  Shri Rahul Kumar, Member
 
 E) CSR (Corporate Social Responsibility) COMMITTEE
 
 1.  Shri B.K. Goswami, Chairman
 
 2.  Shri Sunny Gaur, Member
 
 3.  Shri Pankaj Gaur, Member
 
 4.  Shri Rahul Kumar, Member
 
 5.  Shri T.R. Kakkar, Member.
 
 F) FINANCE COMMITTEE
 
 1.  Shri B. K. Goswami, Chairman
 
 2.  Shri Sunil Kumar Sharma, Member
 
 3.  Shri Rahul Kumar, Member
 
 G) RISK MANAGEMENT COMMITTEE
 
 1.  Shri Manoj Gaur, Chairman,
 
 2.  Shri K.N. Bhandari, Member
 
 3.  Shri Pankaj Gaur, Member
 
 4.  Shri Rahul Kumar, Member.
 
 H) COMMITTEE FOR STATUTORY POLICIES
 
 1.  Shri Manoj Gaur, Chairman
 
 2.  Shri R.N. Bhardwaj, Member
 
 3.  Shri S.C. Bhargava, Member
 
 4.  Shri Rahul Kumar, Member
 
 More details are given in Corporate Governance Report.
 
 17.17 THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
 REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS
 AND COMPANY'S OPERATIONS IN FUTURE
 
 There is no significant order passed by the regulators or courts or
 tribunals impacting the going concern status, except as reported in
 notes to accounts.
 
 17.18 DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS
 WITH REFERENCE TO THE FINANCIAL STATEMENTS.
 
 The Company has laid down strong internal financial controls & checks
 which are effective and operational.
 
 The Company had appointed M/s. N. Awatar & Co., Chartered Accountants
 as Internal Auditors.  The said firm carried out the assignment up to
 30th September 2014. The Company w.e.f 12th November 2014 appointed M/s
 EY as Internal Auditors for Cement Division (Cement & Asbestos Sheets)
 and M/s Dewan PN Chopra & Co., Chartered Accountants, for rest of the
 business of the Company (Engineering, Power, Real Estate, Hospitality
 etc.).
 
 In addition, the Internal Audit Department of the Company, manned by
 Chartered Accountants and headed by Shri R.B. Singh, Chief Internal
 Auditor (a Chartered Accountant), is fully effective through out the
 year as Internal Auditors.
 
 The Audit Committee regularly interacts with the Internal Auditors, the
 Statutory Auditors and senior executives of the Company responsible for
 financial management and other affairs.  It studies the internal
 control systems and checks & balances for continuous updation and
 improvements therein. The Audit Committee also regularly reviews &
 monitors the budgetary control system of the Company as well as system
 for cost control, financial controls, accounting controls, physical
 verification controls, etc. The Audit Committee has regularly observed
 that proper internal financial controls are in place including with
 reference to financial statements.
 
 17.19 DETAILS PERTAINING TO REMUNERATION AS PER RULE 5(1) OF THE
 COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES,
 2014
 
 The Details are enclosed as Annexure - 5.
 
 The whole-time Directors of the Company have voluntarily foregone up to
 50% of their salaries to support the Company in this period of hardship
 and difficulties.
 
 17.20 DETAILS PERTAINING TO REMUNERATION AS PER RULE 5(2) & (3) OF THE
 COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES,
 2014.
 
 The Details are enclosed as Annexure  6.
 
 18.0 ACKNOWLEDGMENT
 
 Your Directors wish to place on record their appreciation for and
 gratitude to various Departments and Undertakings of the Central and
 State Governments, Industrial Development Bank of India, The Life
 Insurance Corporation of India, General Insurance Corporation of India
 and its Subsidiaries, IFCI Limited, ICICI Bank Ltd.,State Bank of
 India, Axis Bank Limited, Export-Import Bank of India and Consortium of
 Banks, valued customers and the employees of the Company for their
 valuable support and co-operation.
 
 Your Directors also wish to place on record their appreciation of the
 wholehearted and continued support extended by the Shareholders and
 Investors, which had always been a source of strength for the Company.
 
                                            On behalf of the Board
 
                                                        MANOJ GAUR
 
                                          Executive Chairman & CEO
 
                                                     DIN: 00008480
 
 Place : Noida
 
 Date : November 14, 2015
 
Source : Dion Global Solutions Limited
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