Jindal Vijayanagar Steel Limited

Note:
	1	The figures for the current half year ended are not comparable with those of corresponding period of the previous year, as the commercial operations of Pellet & Corex-II plants had commenced only in the later part of the corresponding previous year.
	2	As the Company is engaged in only one segment viz. “iron and steel products”, there are no reportable segments as per Accounting Standard (AS 17).
	3	Revised Restructuring Package (RRP): (a) The interest has been provided as per the terms of approved RRP for those lenders who are signatories to the CDR system. The conversion of debt of Rs. 456.88 crores into Equity shares of Rs. 10 each will be done on completion of procedural formalities. (b) The statutory and regulatory formalities including approval of the Hon’ble High Court of Karnataka are being complied with for cancellation of part of existing equity capital to the extent of Rs. 516.40 crores and for issue of 0.01% cumulative redeemable preference shares in lieu thereof. (c) During the current quarter, the company has issued 10% Cumulative Redeemable Preference Shares of Rs. 10 each aggregating to Rs. 279.03 crores to the secured lenders
	4	Paid-up equity share capital as on 30^th September, 2003 includes Rs. 61.03 crores being the amount originally paid up on the shares forfeited
	5	Information on investor complaints (Numbers): Pending at beginning of the quarter - 50, Received during the quarter - 5617; Resolved/replied during the quarter - 5435; Unresolved at the end of the quarter – 232 (pending for less than three days).
	6	Exceptional item for the current half year represents the benefit on account of full and final settlement of outstanding dues to a foreign lender; and for the previous year, the additional interest expenses on account of revocation of earlier restructuring package.
	7	Prepayment and settlement agreements have been executed with some of the foreign lenders in respect of outstanding dues of Rs. 383.44 crores and the benefits accruing, on compliance of certain terms and conditions contained in the said agreements, will be accounted in accordance with accepted accounting practices
	8	Previous period figures have been regrouped/rearranged wherever necessary.
	9	The above results reviewed by the Audit Committee, have been taken on record at the meeting of the Board of Directors held on 22^nd October, 2003 and have been subjected to Limited Review by the Statutory Auditors.

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