It is reported in the media that certain analyst came out with a report that JSW Steel understated its debt by at least INR 119 billion in its annual financial statements for the year ended 31st March, 2012.

Mr. Seshagiri Rao, Joint Managing Director and Group CFO, while denying these reports commented

“JSW Steel prepares its annual financial statements in accordance with Indian Generally Accepted Accounting Principles (Indian GAAP) and presented its Balance Sheet for year ended 31st March, 2012 in conformity with revised Schedule VI of Companies Act, 1956. The classification of assets and liabilities in its financial statements is not only in compliance with Indian Accounting Regulations but also consistent with the practice being followed by the company for past several years.”

“The company strongly objects to these misleading statements. These financial statements have been audited by a reputed firm of Chartered Accountants.”

Source - JSW Steel

(www.steelguru.com)