HP\tS

502 Crystal Tower

46/48 Maruti Lane
Fort, Mumbai 400001
8 Associates State: Maharashtra
Chartered Accountants (91) (022) 4970 3215 I www.hpvs.in

INDEPENDENT AUDITORS' REPORT

TO
THE BOARD OF DIRECTORS
JSW TECHNO PROJECTS MANAGEMENT LIMITED

1. We have audited the accompanying Statement of Audited Standalone Financial Results of JSW TECHNO PROJECTS MANAGEMENT
LIMITED ("the Company") for the year ended March 31, 2019 ("the Statement"), being submitted by the Company pursuant to the
requirement of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20152015 as modified by
circular no. CIR/IMD/DF1/69/2016 dated August 10, 2016 in continuation to Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled
from the related financial statements which has been prepared in accordance with Indian Accounting Standards prescribed under
section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted
in India. Our responsibility is to express an opinion on the Statement based on our audit of such standalone financial statements.

3. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India.
Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The
procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the
Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to
the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also
includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by
the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i. is presented in accordance with the requirements of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as modified by circular no. CIR/IMD/DF1/69/2016 dated August 10, 2016 in continuation to Circular No.
CIR/CFD/FAC/62/2016 dated July 5, 2016; and

ii. gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted
in India of the net loss including total comprehensive income and other financial information of the Company for the year ended
March 31, 2019.

5. The Statement includes the results for the half year ended March 31, 2019 being the balancing figure between audited figures in
respect of the full financial year and the published year to date figures up to the end of first half year of the financial year which were
subject to limited review by us.

For H P V S & Associates

Chartered Accountants
Firm Registration No - 137533W

Vaibhav L Dattani
Partner
M. No.: 144084
Place: Mumbai
Date: May 30, 2019
JSW Techno Projects Management Limited
Balance sheet as at March 31, 2019
fin Lakhs

As at As at
Particulars
March 31, 2019 March 31, 2018

Audited Audited
I. ASSETS
1 Non-current assets
(a) Property, plant and equipment 1,935.21 125.61
(b) Capital work-in-progress 20,911.66 40,765.62
(c) Intangible assets - -
(d) Investment in Subsidiary, Associates & Joint Ventures 35,003.42 35,002.12
(e) Financial assets:
(i) Investment in others 7,27,600.81 6,60,805.60
(ii) Loans 31,698.92 43,380.48
(iii)Finance lease receivables 55,012.12 17,108.29
(iv) Other financial assets 300.00 -
(f) Non-current tax assets (net) 6,135.02 4,203.22
(g) Other non-current assets 1,201.62 2,183.18
Total non-current assets 8,79,798.78 8,03,574.12
2 Current assets
(a) Inventories 307.66 76.43
(b) Financial assets - -
(i) Investments - 224.60
(ii) Trade receivables 6,492.71 2,678.01
(iii) Cash and cash equivalents 1,463.39 1,375.77
(iv) Loans 41,015.00 10,075.00
(v) Finance lease receivables 1,123.63 354.35
(vi) Other financial assets 4.41 0.19
(c) Other current assets 2,661.97 3,135.07
Total current assets 53,068.77 17,919.42

TOTAL ASSETS 9,32,867.55 8,21,493.54

II. EQUITY AND LIABILITIES -
Equity
(a) Equity share capital 505.00 505.00
(b) Other equity 4,12,161.62 4,16,430.69
Total equity 4,12,666.62 4,16,935.69

Liabilities
1 Non-current liabilities
(a) Financial Liabilities:
(i) Borrowings 3,50,741.05 2,22,567.46
(ii) Other financial liabilities 29,567.52 32,056.36
(b) Provisions 516.55 404.10
(c) Deferred tax liabilities (net) 8,829.24 8,557.95
(d) Other non-current liabilities 2,282.82 1,391.01
Total Non-current liabilities 3,91,937.18 2,64,976.88

2 Current liabilities
(a) Financial liabilities
(i) Borrowings 28,675.00 26,136.39
(ii) Trade payables

- Total outstanding dues of micro and small enterprises

- Total outstanding dues of Creditors other than micro
and small enterprises 3,056.39 2,637.71
(iii) Other financial liabilities 95,535.47 1,09,672.89
(b) Provisions 26.45 21.21
(c) Other current liabilities 970.44 1,112.77
Total current liabilities 128 263.75 1.39.580.97
TOTAL EQUITY AND LIABILITIES 9,32,867.55 8,21,493.54

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Date : May 30, 2019 DIN:- 07987332
JSW Techno Projects Management Limited
Statement of Audited Financial Results for the half year and year ended March 31, 2019
iii: in Lakhs

Figures for the Figures for the For the Year For the
Particulars half year ended half year ended ended year ended
31.03.2019 31.03.2018 March 31, 2019 March 31, 2018

Audited Audited Audited Audited

I INCOME
(a) Revenue from operations 25,536.04 9,005.34 55,024.53 22,571.08
(b) Other income 6 407.76 256.52 8 503.58 1 149.93
Total Income (I) 31,943.80 9,261.86 63,528.11 23,721.01

II EXPENSES
(a) Cost of materials and services consumed 9,230.11 1,477.62 19,088.41 2,392.19
(b) Excise duty expense - . - 396.42
(c) Employee benefits expense 1,477.56 1,167.56 2,753.82 2,416.33
(d) Finance costs 23,505.69 15,818.05 44,043.77 31,933.92
(e) Depreciation and amortisation expense 90.30 4.59 108.23 8.72
(f) Other expenses 589.27 2 440.35 1 207.40 2 576.63
Total Expenses (II) 34,892.93 20,908.17 67,201.63 39,724.21

III Loss before exceptional items and tax (I-II) (2,949.13) (11,646.31) (3,673.52) (16,003.20)

IV Exceptional items . . . .
V Loss before tax (III-IV) (2,949.13) (11,646.31) (3,673.52) (16,003.20)

VI Tax expense:
(a) Current tax . . . .
(b) Deferred tax 1 165.04 {2 455.95) 302.76 {2 523.34)
Total tax expense (VI) 1,165.04 (2,455.95) 302.76 (2,523.34)

VII Profit/(Loss) for the year (V-VI) (4,114.17) (9,190.36) (3,976.28) (13,479.86)

VIII Other Comprehensive Income

A (i) Items that will not be reclassified to profit or (2,18,730.10) 91,042.80 (277.91) 2,29,212.29
(II) Income tax relating to items that will not be 25,460.58 480.82 15.27 480.82
B (i) Items that will be reclassified to profit or loss (46.83) 1.57 (46.35) 1.57
(ii) Income tax relating to items that will be 16.36 (0.55) 16.20 (0.55)
Total other comprehensive income for the year (A+B) (VIII) ( 1,93,299.99) 91 524.64 (292.79) 2,29,694.13

IX Total Comorehensive Income for the vear (VII+VIIIl (1 97 414.161 82 334,28 (4 269.071 2 16 214.27

X Paid up equity share capital 505.00 505.00 505.00 505.00

(face value of iii: 10 Per Share)

XI Other equity 4,12,161.62 4,16,430.69 4,12,161.62 4,16,430.69

XII Earnings per equity share : (not annualised for half year)
(a) Basic (in z) (81.47) (181.99) (78.74) (266.93)
(b) Diluted (in z) (81.47) (181.99) (78.74) (266.93)

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 Notes:

1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on May 30, 2019.

2 Additional Disclosure as required under Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirement)
Regulations, 2015 is as below:-
Particulars As at As at
March 31 2019 March 31, 2018
Assets Coveraae Ratio* 201.33% 246.17%
Net worth <� in lakhsl 4 12 666.62 4 16 935.69
Debt Eaultv Ratio 1.08 0.75
Debt Service Coverage Ratio** 0.40 0.28
Interest Service Coverage Ratio 0.95 0.28
Outstandina Redeemable Preference Shares (Na.) so 90 00 000 36 40 00 000

i) Assets Coverage Ratio: Net Assets/ Total debt obligation

*Net assets includes investment in quoted equity shares which has been taken on fair value.
ii) Debt Equity Ratio: Debt/ Net Worth
iii) Debt Service Coverage Ratio: Earnings before Interest and Tax/(Interest + Principal Repayment)
**Debt includes debentures and term loan.
iv) Interest Service Coverage Ratio: Earnings before Interest and Tax/Interest Expenses
3 Refer Annexure 1 for details of due date for the payment of interest / redemption of Non Convertible Debentures / Preference Shares and the credit rating
of the same.

4 The Listed Redeemable Non-convertible Debentures are secured by way of pledge created on the relevant Equity shares of JSW Energy Limited and JSW
Steel Limited by Group Companies and the Company.

5 Due to inadequacy of profits, the Company is not required to create Debenture Redemption Reserve in terms of Section 71 of the Companies Act, 2013.

6 The Equity Share Capital includes 50,00,000 Zero Coupon Compulsory Convertible Preference Shares of� 10 each amounting to� 5,00,00,000.

7 Segment Reporting:
The Company has identified four segments, namely Operation and maintenance services, Investments, Jobwork-oxygen & other gases and Pellets division
which in the context of Indian Accounting Standard (Ind AS) 108 on "Operating Segment" constitute reportable segments.

The information about primary business segments are as under: 'it' in Lakhs
Sr. Particulars Figures for the Figures for the
no. six months six months Year ended March Year ended March
period ended period ended 31, 2019 31, 2018
M,uch 31. 2019 March 31 2018
Audited Audited Audited Audited
I Segment Revenue
Operation and maintenance services 5,720.97 5,622.81 11,530.08 10,980.65
Investments 8,165.97 1,242.07 18,746.20 8,094.62
Jobwork-oxygen & other gases 5,596.58 1,763.62 8,156.59 3,925.85
Pellets division 12,460.28 659.50 25,095.24 659.50
Total Segment Revenues 31,943.80 9,288.00 63,S28.11 23,660,62

ii Segment Results [Profit/ (loss) before Tax]

Operation and maintenance services 3,207.30 3,722.58 7,192.13 7,214.17
Investments (12,068.30) (13,982.36) (18,927.45) (22,882.48)
Jobwork-oxygen & other gases 3,434.15 (1,213.27) 4,323.84 (195.75)
Pellets division 2,477.72 (197.97) 3,737.96 (197.97)
Total Segment results (2,949.13) (11,671.02) (3,673.S2) (16,062.03)
Less: Unallocable expenditure
Add: Unallocable Income -- 50.85
(26.14)
-
-
(1.56)
60.39
Total loss before tax (2 949,13) (11 646.31) (3 673.52) (16,003.2.0)

Ill Capital Employed (Segment Assets - Segment Liabilities)

Operation and maintenance services 10,015.34 4,106.85 10,015.34 4,106.85
Investments 3,77,017.97 3,95,464.30 3,77,017.97 3,95,464.30
Jobwork-oxygen & other gases 19,424.89 16,931.88 19,424.89 16,931.88
Pellets division 13,195.92 (197.97) 13,195.92 (197.97)
Total Segment capital Employed 4,19,654.12 4,16,305.06 4,19,654.12 4,16,305.06
.Add: Unallocable (6 987.50) 630.63 (6 987.50) 630,63
Total 4 12 666.62 416 935.69 4,12 666.62 4 16.935.69

8 Effective April 1, 2018 the Company has adopted IND AS 115 "Revenue from Contract with Customer". Based on the assessment done by the Management
there is no material impact on the revenue recognised during the half year and year ended March 31, 2019.

9 Revenue from operations for periods up to 30th June, 2017 includes excise duty, which is discontinued effectively July 1, 2017 upon implementation of
Goods and Service Tax {GST). In accordance with 'IndAS 18-Revenue', GST Is not included in revenue from operations. In view of the aforesaid changes in
the indirect taxes. Revenue from operations for the year ended March 31, 2019 is not comparable to the previous year ended March 31, 2018.

10 The results for the half year ended March 31, 2019 being the derived figures between audited figures in respect of the full financial year ended March 31,
2019 and the published year to date figures upto the half year of the current financial year which was subject to limited review by statutory auditors of the
Company.

sectioos 230- '\ pth<,cao,llcable of <he Compaa,,s Act, 2013, ''"'""' for the merger of ,ts wholly owaed sobsidiaries, JSW Logistics
11 The Board of Directors of the Company at their meeting held on January 11, 2019 considered and approved the Scheme of Amalgamation pursuant to
'"'""°'
lafrastroct,� Pfl,a · ompaay. The"" scheme has beea nled w,th NCLT aod the merger ,s sobJect to reg,latory appro,als.
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Ann,�x.ur� 1
P;'l1fit'Ul.>rs Date: Amount r1n ,, P.nrtlo,1lat� Ratrnr
I Droyin11c: Due n,,,te
9% Secured Redeemable Non-Convertible 157 1,00,00,000 1,57,00,00,000 1,39 36 438 Interest
06/11/2018 Unrated
Debentures 31 &n nn nnn �t:Jllon PH'!.1i1lum
9% Secured Redeemable Non-Convertible 50 1,00,00,000 50,00,00,000 1 99 72 603 Interest
09/01/2019 Unrated
Debentu.res n M.0□ "'' 110,icmnrion Premium
200, Rated Unlisted Zero Coupon Redeemable Non- 100 1,00,00,000 1,00,oo,oo,ooo 1,00,oo,oo,ooo Principal
convertible Debentures - Series 2 07/12/2018 BWR A (SO)
41,77,17,734 Redemption Premium [Pronounced BWR
4750, Rated Listed Zero Coupon Redeemable Non- 1,200 10,00,000 1,20,00,oo,ooo 1,20,00,oo,ooo A (Structured
Principal
convertible Debentures - Tranche 1 - Series A Obligation)]
13/02/2019 61,34,78,706 Redemption Premium assigned by M/s.
Brickwork Ratings
4750, Rated Listed Zero Coupon Redeemable Non- 1,200 10,00,000 1,20,00,oo,ooo 1,20,00,oo,ooo Principal India Private
convertible Debentures - Tranche 2 - Series A 13/02/2019 Limited
58,96,81,927
Redemption Premium

I Novt- Due o�to

8 75% Secured Redeemable Non-Convertible 157 1,00,00,000 1,57,00,00,000 06/11/2020 IA n,-, .,., 71«; R.Pdrm,nljnn PremlLJnl Unrated
.llltb·-·"--- 1.!'iii] nn l"ll"t mu Pri"''"•I
8.75% Secured Redeemable Non-Convertible so 1,00,00,000 so,00,00,000 14 30 69 336 Redemotlon Premium
,- 09/01/2021
c;n nn n11.,nnr Prindnal
Unrated
4750, Rated Listed Zero Coupon Redeemable Non- 1,200 10,00,000 1,20,00,oo,ooo 1,20,00,00,000 Principal
convertible Debentures - Tranche 1 - Series B 13/06/2019 67,67,79,132 Redemption Premium

4750, Rated Listed Zero Coupon Redeemable Non- 1,150 10,00,000 1,15,00,00,000 1,15,00,00,000 Principal
convertible Debentures - Tranche 2 - Series B 13/06/2019 62,49,78,725 Redemption Premium

1250, Rated Listed Zero Coupon Redeemable Non- 1,250 10,00,000 1,25,00,00,000 1,25,00,00,000 Principal
convertible Debentures* 06/05/2020
80,85,85,758 Redemption Premium
3000, Rated Listed Zero Coupon Redeemable Non- 750 10,00,000 75,00,00,000 75,00,00,000 Principal
convertible Debentures - Series A** 03/07/2020
45,63,43,102 Redemption Premium
3000, Rated Listed Zero Coupon Redeemable Non- 1,500 10,00,000 1,so,00,00,000 1,so,00,00,000 Principal
convertible Debentures - Series B** 16/10/2020
97,47,44,213 Redemption Premium
2750, Rated Listed Zero Coupon Redeemable Non- 750 10,00,000 75,00,00,000 75,00,00,000 Principal BWR A (SO)
Convertible Debentures - Series A 17/12/2019 [Pronounced BWR
37,91,54,052 Redemption Premium
A (Structured
2750, Rated Listed Zero Coupon Redeemable Non- 750 10,00,000 75,00,00,000 75,00,00,000 Principal Obligation)]
Convertible Debentures - Series B 16/04/2020
41,80,48,360 Redemption Premium assigned by M/s.
Brickwork Ratings
2750, Rated Listed Zero Coupon Redeemable Non- 1,250 10,00,000 1,25,00,00,000 1,25,00,00,000 Principal India Private
Convertible Debentures - Series C 14/08/2020
76,38,41,910 Redemption Premium Limited
4000, Rated Unlisted Zero Coupon Redeemable Non- 2,000 10,00,000 2,00,oo,oo,ooo 2,00,oo,oo,ooo Principal
Convertible Debentures- Series 1 28/09/2021 69,04,59,920
Redemption Premium
4000, Rated Unlisted Zero Coupon Redeemable Non- 2,000 10,00,000 2,00,oo,oo,ooo 2,00,oo,oo,ooo Principal
Convertible Debentures- Series 2 10/04/2022 82,26,88,431
Redemption Premium
5000, Rated Unlisted Zero Coupon Redeemable Non- 2,500 10,00,000 2,00,oo,oo,ooo
Principal
Convertible Debentures- Series 1 2 so 00 00 000
05/03/2021
57,93,69,427
Redemption Premium
5000, Rated Unlisted Zero Coupon Redeemable Non- 2,500 10,00,000 2,00,00,00,000
Principal
Convertible Debentures- Series 2 2 so 00 00 000
04/03/2022
91,71,22,908
Redemption Premium
3000, Rated Unlisted Zero Coupon Redeemable Non- 1,500 10,00,000 1,so,00,00,000 1,so,00,00,000
Principal
Convertible Debentures- Series 1
06/09/2021
52,95,25,427
Redemption Premium
Provisional IND
3000, Rated Unlisted Zero Coupon Redeemable Non- 1,500 10,00,000 1,50,00,00,000 1,so,oo,00,000 A(SO)/Stable
Principal
Convertible Debentures- Series 2
06/09/2021
52,19,57,573
Redemption Premium
Non-convertible Redeemable Unlisted Preference 6,00,00,000 10 60,00,00,000 60,00,00,000 Principal
Shares 13/04/2025
24,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 2,00,00,000 10 20,00,00,000 20,00,00,000 Principal
Shares 01/06/2025
8,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 2,50,00,000 10 25,00,00,000 25,00,00,000 Principal
Shares 22/09/2025
10,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 1,00,00,000 10 10,00,00,000 10,00,00,000 Principal
Shares 07/11/2025
4,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 1,00,00,000 10 10,00,00,000 10,00,00,000 Principal
Shares 03/12/2025
4,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 9,20,00,000 10 92,00,00,000 92,00,00,000 Principal
Shares 28/03/2026
36,80,00,000 Redemption Premium Unrated
Non-convertible Redeemable Unlisted Preference 11,00,00,000 10 1,10,00,oo,ooo 1,10,00,00,000 Principal
Shares 12/12/2026
44,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 2,00,00,000 10 20,00,00,000 20,00,00,000 Principal
Shares 07/01/2027
8,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 50,00,000 10 s,00,00,000 s,00,00,000 Principal
Shares 30/03/2027
2,00,00,000 Redemption Premium
Non-convertible Redeemable Unlisted Preference 1,20,00,000 10 12,00,00,000 12,00,00,000 Principal

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Shares 13/04/2027
,� 4,80,00,000 Redemption Premium
Non-convertible 1to�n•6�e•·-ur\1l•lilo.J,.f_�)-��nce 3,00,00,000 10 30,00,00,000 30,00,00,000 Principal
Shares 06/06/2028

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