MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	TOSHIBA JSW TURBINE AND GENERATOR PRIVATE LIMITED
Registered Office :	S No 74-95, Vaikkadu Village, Andarkuppam, Check Post, Manali New Town, Chennai - 600 103, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.09.2008
Com. Reg. No.:	18-069121
Capital Investment / Paid-up Capital :	Rs.2200.000 Millions
CIN No.: [Company Identification No.]	U31100TN2008FTC069121
TAN No.: [Tax Deduction & Collection Account No.]	CHET10709G
PAN No.: [Permanent Account No.]	AADCT0151D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Selling of Turbine and Generators and Associated Auxiliaries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 8100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Toshiba Corporation and JSW Group. It is well established and reputed company having good track record. There appears slight accumulated loss. However, general financial position is good. Capital base is strong. Fundamental are healthy. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = AA-
Rating Explanation	Considered having high degree of safety regarding timely servicing of financial obligation it carry very low credit risk
Date	June 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	S No 74-95, Vaikkadu Village, Andarkuppam, Check Post, Manali New Town, Chennai - 600 103, Tamilnadu, India
Tel. No.:	91-44-30666000
Fax No.:	91-44-30666500 / 30666025
E-Mail :	rajesh.seshan@toshiba-jsw.in Contactus@toshiba-jsw.in
Website :	http://www.toshiba-jsw.in

DIRECTORS

As on 30.09.2012

Name :

Mr. Nirmal Kumar Jain

Designation :

Director

Address :

302, Suman, Playground Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

03.05.1946

Date of Appointment :

27.09.2012

DIN No.:

00019442

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	15-07-10	06-04-98	-	Active	NO
2	U27206DL1996PTC146397	JINDAL COATED STEEL PRIVATE LIMITED TFR. FROM MUMBAI TO DELHI	Director	02-05-98	02-05-98	19-05-08	Active	NO
3	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	05-10-00	05-10-00	19-05-08	Active	NO
4	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	30-09-10	28-06-01	-	Active	NO
5	L67120MH2001PLC217751	JINDAL SOUTH WEST HOLDINGS LIMITED TFR. FROM MUMBAI TO DELHI	Director	12-07-01	12-07-01	-	Active	NO
6	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	25-11-04	25-11-04	27-03-07	Amalgamated	NO
7	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14-02-05	14-02-05	01-09-08	Active	NO
8	U45200MH2005PTC151268	VINAMRA PROPERTIES PRIVATE LIMITED	Director	14-02-05	14-02-05	01-09-08	Active	NO
9	U62100MH2005PTC151746	HERITAGE AIRLINES PRIVATE LIMITED	Director	03-03-05	03-03-05	25-06-08	Dormant	NO
10	U65993MH2005PTC152203	HAMPI INVESTMENTS PRIVATE LIMITED	Director	28-03-05	28-03-05	19-05-08	Dormant	NO
11	U45200MH2005PTC152218	WINDSOR RESIDENCY PRIVATE LIMITED	Director	28-03-05	28-03-05	19-05-08	Active	NO
12	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	18-07-12	06-08-05	-	Active	NO
13	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Director	26-07-06	30-09-05	01-09-08	Active	NO
14	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Director	29-10-05	29-10-05	-	Active	NO
15	U31102MH1996PLC185098	RAJ WESTPOWER LIMITED	Director	18-07-12	10-02-06	-	Active	NO
16	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
17	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	05-05-06	05-05-06	23-10-08	Amalgamated	NO
18	U13100TZ2005PLC011939	TAMILNADU IRON ORE MINING CORPORATION LIMITED	Director	28-06-06	28-06-06	27-03-07	Active	NO
19	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	30-06-06	30-06-06	23-10-08	Amalgamated	NO
20	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	21-09-07	30-09-06	-	Active	NO
21	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	06-01-07	06-01-07	-	Active	NO
22	U72200KA2006PLC040034	JSOFT SOLUTIONS LIMITED	Additional director	28-06-07	28-06-07	31-08-08	Active	NO
23	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	01-12-11	21-08-07	06-09-12	Active	NO
24	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31-12-07	31-12-07	04-10-08	Active	NO
25	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09-01-08	09-01-08	04-10-08	Active	NO
26	U10300DL2008PTC176675	ROHNE COAL COMPANY PRIVATE LIMITED	Director	11-04-08	11-04-08	01-09-08	Active	NO
27	U40300MH2010PLC199844	JSW ENERGY (BENGAL) LIMITED	Director	08-02-10	08-02-10	-	Active	NO
28	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13-03-10	13-03-10	28-06-10	Active	NO
29	U40101MH2011PLC212214	JSW GREEN ENERGY LIMITED	Director	12-01-11	12-01-11	01-12-11	Active	NO
30	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	30-09-11	27-06-11	13-12-11	Active	NO
31	U93030MH2011PTC224380	JSW NANDGAON PORT PRIVATE LIMITED	Director	25-11-11	25-11-11	-	Active	NO
32	U31100TN2008FTC069121	TOSHIBA JSW TURBINE AND GENERATOR PRIVATE LIMITED	Director	27-09-12	01-12-11	-	Active	NO
33	U40102MH2008PLC181433	JAIGAD POWERTRANSCO LIMITED	Nominee director	01-12-11	01-12-11	16-07-12	Active	NO
34	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	02-08-12	22-06-12	-	Active	NO

Name :

Mr. Sattiraju Seshagiri Rao

Designation :

Director

Address :

1602, Benhur,32, Narayan Dhabolkar Road, Malabar Hills,, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

11.11.1947

Date of Appointment :

02.09.2008

DIN No.:

00150816

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17110MH2000PLC127427	ADITYA BIRLA POWER COMPANY LIMITED	Director	25-10-05	25-10-05	27-04-07	Active	NO
2	U31102MH1996PLC185098	RAJ WESTPOWER LIMITED	Director	26-06-07	12-04-07	01-06-10	Active	NO
3	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	01-07-10	12-04-07	01-05-12	Active	NO
4	U40102MH2007PLC172095	JSW POWERTRANSCO LIMITED	Additional director	30-08-07	30-08-07	-	Amalgamated	NO
5	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Managing director	09-06-08	30-08-07	01-06-10	Active	NO
6	U65923MH2007PTC167960	JSW ENERGY INVESTMENTS PRIVATE LIMITED	Additional director	31-08-07	31-08-07	17-12-07	Active	NO
7	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	09-06-08	31-08-07	-	Amalgamated	NO
8	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	09-06-08	31-08-07	-	Amalgamated	NO
9	U40102MH2008PLC181433	JAIGAD POWERTRANSCO LIMITED	Director	23-04-08	23-04-08	05-11-08	Active	NO
10	U31100TN2008FTC069121	TOSHIBA JSW TURBINE AND GENERATOR PRIVATE LIMITED	Director	02-09-08	02-09-08	-	Active	NO
11	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	11-09-08	11-09-08	19-11-09	Active	NO
12	U40103MH2009PLC195362	JSW ENERGY (RAIGARH) LIMITED	Director	31-08-09	31-08-09	01-06-10	Active	NO
13	U40300MH2010PLC199844	JSW ENERGY (BENGAL) LIMITED	Director	08-02-10	08-02-10	01-06-10	Active	NO
14	U67110AP2005PLC046367	NCC INFRASTRUCTURE HOLDINGS LIMITED	Director	09-05-11	03-05-11	-	Active	NO
15	U40105KA1999PLC025476	BHORUKA ENERGY LIMITED	Director	30-09-11	15-07-11	-	Active	NO

Name :

Mr. Masachika Odawara

Designation :

Whole-time director

Address :

23-1, Maruyamal-Chome, Isogo-Ku, Yokohama, 2350011, Japan

Date of Birth/Age :

01.03.1955

Qualification :

Engineering Graduate

Date of Appointment :

01.09.2010

DIN No.:

02187610

Name :

Mr. Takayuki Torikai

Designation :

Director

Address :

2005, 16-5, Kuji3-Chome, Takatsu-Ku, Kawasaki, 2130032, Japan

Date of Birth/Age :

12.07.1963

Date of Appointment :

02.09.2008

DIN No.:

02187590

Name :

Mr. Yoshihiro Aburatani

Designation :

Director

Address :

1-20-31, Hirado, Totsuka Ward, Yokohama City, Kanagawa Perfecture, 224-0802, Japan

Date of Birth/Age :

22.05.1956

Date of Appointment :

06.08.2010

DIN No.:

03262733

Name :

Mr. Toshiyuki Harada

Designation :

Director

Address :

5-7-1-105, Okurayama, Kouhoku-Ku, Yokohama, 2220037

Date of Birth/Age :

01.02.1957

Date of Appointment :

29.09.2011

DIN No.:

03579559

Name :

Mr. Yoshiaki Inayama

Designation :

Managing director

Address :

Door No. 1982, 15^th Main Road, 'H' Block, Anna Nagar, Chennai - 600 040, Tamilnadu, India

Date of Birth/Age :

09.05.1958

Date of Appointment :

26.03.2012

DIN No.:

05159956

KEY EXECUTIVES

Name :	Mr. S V Rajesh
Designation :	Secretary
PAN No.:	AERPR7560R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Toshiba Corporation Japan	225000000
JSW Energy Limited, India	64000000
JSW Steel Limited, India	11000000
Total	300000000

As on 30.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	75.00
Bodies corporate	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Selling of Turbine and Generators and Associated Auxiliaries.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank

· Mizuho Corporate Bank Limited

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other external commercial borrowings	4935.600	1458.880
Total	4935.600	1458.880
Other external commercial borrowings unsecured relates to External Commercial borrowings from banks and are secured by corporate guarantee given by Holding Company

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	II Floor, TPL House, No.3, Cenotaph Road, Teynampet, Chennai - 600 018, Tamilnadu, India
Tel. No.:	91-44-66326400
Fax No.:	91-44-24311450
PAN.:	AABFS3421N
Joint Venturers :	· Toshiba Corporation, Japan · JSW Energy Limited, India · JSW Steel Limited, India
Affliate :	· Toshiba Machine Company Limited, Japan · TPSC (India) Private Limited, India · Toshiba Technical Services International Corporation, Japan · Toshiba Plant System and Services, Japan · Enterprise Business Systems Solutions Corporation, Japan · J Soft Solutions Limited, India

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs.10/- each	Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs.10/- each	Rs.2200.000 Millions

Of the above:

(i) 165,000,000 (Equity shares of Rs.10 each are held by Toshiba Corporation, Japan (Holding Company).

(ii) 44,000,000 Equity shares of Rs.10 each are held by JSW Energy Limited.

(iii) 11,000,000 Equity shares of Rs.10 each are held by JSW Steel Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2200.000	2135.000	1045.000
2] Share Application Money		0.000	65.000	1045.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(150.315)	(38.848)	(16.382)
NETWORTH		2049.685	2161.152	2073.618
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4935.600	1458.880	0.000
TOTAL BORROWING		4935.600	1458.880	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6985.285	3620.032	2073.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1603.742	663.544	0.075
Capital work-in-progress		3349.778	1221.284	10.748
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.010	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2150.574	1835.377	2063.951
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	186.019	5.550	3.300
Total Current Assets		2352.603	1840.927	2067.251
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	257.943	77.112	2.941
	Other Current Liabilities	61.486	24.282	1.515
	Provisions	1.409	4.329	0.000
Total Current Liabilities		320.838	105.723	4.456
Net Current Assets		2031.765	1735.204	2062.795
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6985.285	3620.032	2073.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	65.440	18.020	0.000
		TOTAL	65.440	18.020	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	154.770	34.130	16.323
		Advertising Expenses
		TOTAL	154.770	34.130	16.323
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(89.330)	(16.110)	(16.323)
Less/ Add	DEPRECIATION/ AMORTISATION		22.140	0.230	0.008
	PROFIT / (LOSS) BEFORE TAX		(111.470)	(16.340)	(16.331)
Less	TAX		NA	6.126	0.051
	PROFIT / (LOSS) AFTER TAX		NA	(22.466)	(16.382)
	Earnings / (Loss) Per Share (Rs.)		NA	(0.11)	(0.34)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(124.67)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(28.17)	(0.65)	(0.79)
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.01)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		1.10	0.72	0.00
Current Ratio (Current Asset/Current Liability)		7.33	17.41	463.93

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND:

Subject was incorporated on September 2, 2008 in the state of Tamilnadu in India. The Company is a 75:20:5 joint venture between Toshiba Corporation Japan, JSW Energy Limited and JSW Steel Limited respectively. The Company has been formed principally to manufacture and sell turbine and generators and associated auxiliaries. As at March 31, 2011, the Company has completed its blade manufacturing facility and is in the process of constructing its turbine manufacturing facility.

INDUSTRY OUTLOOK;

The installed Power generation capacity of India is around 176,990 MW. During the 11th Five year plan (2007-12), the country has planned to install 58,000 MW. As against the plan the country has made capacity addition of 34,500 MW up to 31^st March 2011. However in the 12^th Five year plan, planned capacity addition is 70,000 MW. It is also expected that in the 13^th Five year plan, Ultra Super Critical Technology is expected to be introduced in the Indian Power sector. Coal would continue to be the main fuel for power generation in the 12^th and 13^th Five year plans. Land acquisition, Coal availability, Transportation infrastructure are continuing to be the main constraints for capacity addition. NTPC, ADANI, TATA, RELIANCE, JSW Energy Limited., GMR and GVK are aggressive and committed in capacity addition.

ACHIVEMENTS

During the year, the company has posted the following achievements;

(i). Operations: The Directors of the company are happy to inform that the company has received Letter of Intent (LOI) for engineering, manufacturing and supply of onshore portion including transportation and erection in connection with 2 x 660 MW, NTPC – MEJA Thermal Power project. The company’s share on the total contract will be around Rs 7,500 Million. Further the company was successful in Stage – II Technical bid and has submitted Stage – II Price Bid for 9 x 800 MW NTPC bulk tender and the valuation is on by NTPC. The results are expected to be announced during October 2011. In addition, Job orders are received from Toshiba Corporation, Japan for blades, Nozzles and Casings. The company has also set-up the most advanced Blade manufacturing facility in India, ready to start the trial production and commenced its commercial production of Blade during the financial year 2011-2012. Marketing and Business development activities for upcoming Independent Power Producers and Utilities are also progressing steadily.

(ii) Projects: The Company has completed its construction activity of Blade shop building, Installed equipments and ready for commencing the production. The Company has made significant progress in the construction of Administrative Building, Treatment plants, Roads, Water sumps, Compound walls and other service utilities are expected to be put in to use during first half of the financial year 2011-12.The Company’s Main Plant construction is in progress and is expected to complete by the second half of financial year 2011-12 and in general all other project work are progressing very well as per the plan.

FIXED ASSETS

· Factory Building

· Building

· Plant Machinery

· Office Equipments

· Computer Equipments

· Furniture Fixtures

· Vehicles

WEBSITE DETAILS

PROFILE

Subject is a Joint Venture between Toshiba Corporation (Toshiba) and JSW Group (JSW) to manufacture and market super-critical steam turbines and generators for thermal power plants in India.

The Company was established in September 2008, and is expected to start commercial operation in January 2011 with a Capital of Rs. 2.2 Billion (approx USD 50 Mn).

The facility is located in Manali, about 18 kilometers north of central Chennai, Tamil Nadu with a ground area of approximately 400,000 square meters. Toshiba JSW will manufacture and market mid- to large-sized steam turbines and generators ranging from 500 MW to 1,000 MW, for highly efficient super-critical thermal power plants in India.

Toshiba's power equipment production facility (Keihin Operations), in Yokohama, Japan, is supporting Toshiba JSW in ramping up manufacturing, and in working toward establishing an independent production scale of 3,000 MW a year by 2014.

Our commitment is to contribute to the generation of cleaner energy, and to help meet a surge in demand for power expected in India.

PRESS RELEASE

Toshiba JSW to supply steam turbine for NTPC's Kudgi power project

Toshiba JSW Turbine and Generator Private Limited (Toshiba JSW), a Toshiba Group company based in Chennai has been awarded a contract by NTPC Limited, India’s largest state-owned energy service provider, for the supply of three 800 Mw supercritical steam turbine and generator island packages for the Kudgi Super Thermal Power Project, Stage-I (3 x 800MW) in Kudgi. The contract has an estimated value of around $470 million (approximately Rs 23150.000 Millions)

Toshiba JSW was established in September 2008 and has inaugurated its main plant facility to manufacture mid- and large-sized turbines and generators on February 12, 2012. The contract is the largest-scale project for NTPC in recent years and the first EPC project for which Toshiba JSW will conduct most of its engineering, manufacturing and erection and commissioning work of the complete steam turbine and generator equipment as a prime contractor. Delivery of the equipment is expected to start in 2013.

Supercritical steam turbines and generators achieve more environmental friendly power generation by higher generating efficiency and Toshiba Group’s extensive experiences in their manufacture and delivery include delivery of 65 units in Japan and 18 units overseas, Toshiba said in a press release.

Toshiba Group has Toshiba JSW, 75 per cent owned subsidiary at Chennai, Toshiba India Private Limited as the EPC engineering center at New Delhi, TPSC (India) Private Limited as the erection and commissioning engineering center at Hyderabad. This local business organisation, track record, plus a high evaluation of Toshiba’s advanced technical capabilities, high efficiency and high reliability were factors in the selection of Toshiba JSW by NTPC.

With this contract, Toshiba Group has, at over 60 per cent of equipment ordered, secured the top share in India’s market for supercritical steam turbines and generators over 800 Mw.

Toshiba Wins Rs. 16750.000 Millions Order for Supercritical Steam Turbine and Generator Island Package 

To supply two units of 660MW Supercritical Steam Turbines and Generators

Chennai, Tamilnadu, India, Wednesday, May 09, 2012 -- (Business Wire India)

Toshiba Corporation, Japan and Toshiba JSW Turbine and Generator Private Limited (Toshiba JSW), a Chennai-based Toshiba Group company, today announced that Toshiba Corporation has been awarded a contract for the supply of two units of 660MW supercritical steam turbine and generator island by Meja Urja Nigam Private Limited, a joint venture of NTPC Limited, India's largest state-owned energy service provider, and Uttar Pradesh Rajya Vidyut Utapatdan Nigam Limited. (UPRVUNL). The value of the contract is about USD 315 million* (Rs. 16750.000 Millions). The equipment will be installed in Meja Thermal Power Plant in Uttar Pradesh. This new contract follows the contract award for Kudgi Super Thermal Power Project, Stage I (3 x 800MW) in February this year.

The scope of the contract covers engineering, procurement, manufacturing, installation and testing of the steam turbine generator island. Setting up a local manufacturing facility and phased manufacturing program with technology transfer was a mandatory requirement for the tender. Toshiba embraced this, and established Toshiba JSW in Chennai in 2008. The company is a 75% Toshiba-owned subsidiary and the very first Toshiba Group turbine and generator manufacturing facility outside of Japan. Steam turbine and generator for the Meja Thermal Power Plant will be manufactured at Toshiba JSW and at Toshiba’s Keihin Product Operations in Japan. Commercial operation of the first unit is scheduled in 48 months from the contract award and the second unit in 54 months.

Rapid economic and industrial growth is driving demand in India for increased capacity with equipment that meets the highest environmental standards. Toshiba Group has responded by establishing a network of companies that provides localized one-stop EPC (engineering, procurement and construction) solutions, from plant conceptualization to commissioning. Toshiba India Private Limited in Gurgaon undertakes overall project management, Toshiba Plant Systems and Services Corporation (TPSC) India in Hyderabad carries out installation and commissioning, while Toshiba JSW, the jewel in the crown, manufactures steam turbines and generators. Toshiba’s technical expertise and its strong commitment to localization assured that Toshiba Group secured the order for Meja Thermal Power Plant against stiff competition.

The power generation equipment market in India is expected to see demand growth of more than 16,000MW a year during the next decade. Coal-fired thermal power plants will account for over 60% of capacity growth, far surpassing other energy sources, and supercritical power plants will account for approximately 60% of new thermal plants. The Indian government recognizes supercritical technology as a major tool for increasing generation capacity and efficiency while reducing emissions of greenhouse gases, and is strongly promoting adoption of the technology among India's utility companies. Toshiba Group will seek to support this approach and considers India as a potentially major market for power equipment.

Going forward, in addition to India, Toshiba Group, will look to reinforce its presence by making the best use of Toshiba JSW in markets around the world including Asia and the Middle East, where demand for thermal power plants is strong. Toshiba positions the thermal power equipment business as part of a comprehensive power generation portfolio alongside nuclear power and hydro power, and targets USD 1 billion (Rs. 53180.000 Millions) sales in the FY 2015 for its thermal power business in India.

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Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.87.00
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SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
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--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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