MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	JAMSHEDPUR CONTINUOUS ANNEALING AND PROCESSING COMPANY PRIVATE LIMITED
Registered Office :	Tata Centre, 43, Jawahar Lal Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.03.2011
Com. Reg. No.:	21-160845
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U27310WB2011PTC160845
PAN No.: [Permanent Account No.]	AACCJ5624L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cold Rolled Annealed Sheets and Coils.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a Joint Venture between Tata Steel Limited and Nippon Steel Corporation Japan, which was agreed on 7^th January 2011. The project is expected to get commissioned by 2013-14. The management has denied to disclose any information to us. The project is under implementation and as per the financial statements of 2012 the company has incurred huge preoperative expenses. However, the subject gets strong managerial and financial support from its holding companies. Payment terms are unknown. The company can be considered for business dealing with some caution.

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

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.

INFORMATION DECLINED BY

Management Non Co-operative (91-657-2424443)

LOCATIONS

Registered Office :	Tata Centre, 43, Jawahar Lal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cvsastry@tatasteel.com manoj.kedia@jcapcpl.com
Site and Correspondence Office :	Room No.231, 2^nd Floor, Coporate Centre, C/O Tata Steel Limited, Jamshedpur – 831001, East Singhbhum, Jharkhand, India
Tel. No.:	91-657-2424443 / 2426992
Fax No.:	91-657-2424086

DIRECTORS

As on 14.09.2012

Name :	Mr. Taisuke Nomura
Designation :	Director
Address :	D-7/5, Second Floor, Vasanth Vihar New Delhi – 110057, India
Date of Birth/Age :	08.11.1959
Date of Appointment :	14.09.2012
DIN No.:	03479380
Name :	Mr. Narendran Viswanath Thachat
Designation :	Director
Address :	17, 1 Cross Ramalinga Nagar, Coimbatore – 641038, Tamilnadu, India
Date of Birth/Age :	02.06.1965
Date of Appointment :	17.03.2011
DIN No.:	03083605
Name :	Mr. Chavaly Venkat Sastry
Designation :	Managing Director
Address :	Flat 21, Dindli Enclave Punsa Road, Kadma, Jamshedpur – 831005, Jharkhand, India
Date of Birth/Age :	04.01.1964
Date of Appointment :	17.08.2012
DIN No.:	03434562
Name :	Mr. Dibyendu Dutta
Designation :	Director
Address :	2901, Keshav Rao Khyade Marg, SGM Chowk, Planet Godrej Tower – 1, Mahalaxmi, Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	13.01.1967
Date of Appointment :	14.09.2012
DIN No.:	01111150
Name :	Mr. Hiroshi Sakai
Designation :	Director
Address :	1-15-2-501, Chuo Nakanoku, Tokyo – 1640011, Japan
Date of Birth/Age :	04.01.1961
Date of Appointment :	14.09.2012
DIN No.:	05312101

KEY EXECUTIVES

Name :	Pooja Kishore Maru
Designation :	Secretary
Address :	301, Harganga Mahal, Annexe Dr. Ambedkar Road, Dadar TT, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	17.03.1987
Date of Appointment :	04.06.2012
PAN No.:	ARWPM7430M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2012

Names of Shareholders	No. of Shares
Tata Steel Limited, India	445739999
Nippon Steel, India	428260000
Tata Steel Limited, India	1
Total	874000000

As on 14.09.2012

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	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cold Rolled Annealed Sheets and Coils.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade,, Colaba, Mumbai - 400005, Maharashtra, India ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Bengal Intelligent Park, Building Alpha, 1^st Floor, Plot No -A2, M2 and N2, Block - EP and GP, Sector - V, Salt Lake Electronics Complex, Kolkata - 700091, West Bengal, India
PAN.:	AADFD5357J
Holding Company :	Tata Steel Limited Transactions

CAPITAL STRUCTURE

As on 14.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
950000000	Equity Shares	Rs.10/- each	Rs.9500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
874000000	Equity Shares	Rs.10/- each	Rs.8740.000 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(20.252)
NETWORTH		(19.752)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		(19.752)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.324
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.050
	Other Current Liabilities	20.026
	Provisions	0.000
Total Current Liabilities		20.076
Net Current Assets		(19.752)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(19.752)

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012
	SALES
		Income		NA
		Other Income
		TOTAL		NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses		NA
		Advertising Expenses
		TOTAL		NA
	PROFIT / (LOSS) BEFORE TAX			NA
Less	TAX			NA
	PROFIT / (LOSS) AFTER TAX			(20.252)
	Earnings Per Share (Rs.)			(405.03)

KEY RATIOS

PARTICULARS	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.00
Current Ratio (Current Asset/Current Liability)	0.02

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 one year	No
12]	Profitability for last one year	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	Yes
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	No

FINANCIAL INFORMATION:

The Company was incorporated on 17^th March 2011 and the financials of the Company pertain to the period 17^th March 2011 to 31^st March 2012. During this period the Company received a total amount of Rs. 0.500 Million from TSL as equity contribution. Presently the project is being implemented by TSL and the advances, capital expenditures ets. are being incurred by TSL. TSL has incurred Rs. 2090.000 Millions in relation to the project till 31^st March, 2012 in its books. All contracts, agreements, approvals, licenses, assets and payments made by TSL for CAPL project are planned to be transferred from TSL to the Company sometime in FY13. There was no capitalisation during the year in relation to the project.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27310WB2011PTC160845
Name of the company	JAMSHEDPUR CONTINUOUS ANNEALING AND PROCESSING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Tata Centre, 43, Jawahar Lal Nehru Road, Kolkata – 700071, West Bengal, India cvsastry@tatasteel.com
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India corporate@sbicaptrustee.com
Nature of instrument creating charge	1. Movable property - Deed of Hypothecation dated March 08, 2013 (DOH) executed by Jamshedpur Continuous Annealing and Processing Company Private Limited (Borrower) in favour of SBICAP Trustee Company Limited (STCL) acting on behalf and for the benefit of the Lenders. 2. No instrument executed, Mortgage by way of deposit title deeds created on 8^th March, 2013 by the Borrower with STCL
Date of instrument Creating the charge	08.03.2013
Amount secured by the charge	Rs.16810.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rs.16810.000 Millions comprises of Rs.4050.000 Millions and Rs.235 Million US$ Terms of Repayment As per the Loan Agreements executed by the ECB Lenders and Rupee Loan Lender as mentioned in DOH Margin As per the Loan Agreements executed by the ECB Lenders and Rupee Loan Lender as mentioned in DOH Extent and Operation of the charge As per the Loan Agreements executed by the ECB Lenders and Rupee Loan Lender as mentioned in DOH Others 1. Movable property - Charge on the Hypothecated Assets as described in the DOH 2. Immovable property - Charge over the all immovable assets together with the buildings and other structures fixed plant and machinery fixtures and fittings now constructed, erected or installed thereon or to be constructed, erected or installed thereon
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All moveable assets of the Borrower including plant and machinery, machinery spares, tools and accessories furniture fixtures, vehicles; performance bonds, contractors' guarantees and any letter of credit provided by any person under the Project Documents as mentioned in DOH. All immovable assets together with the buildings and other structures fixed plant and machinery fixtures and fittings now constructed, erected or installed thereon or hereafter to be constructed, erected or installed thereon, attached to the earth or permanently fastened to anything attached to the earth together with all building and structures thereon and all plant and machinery over the land but excluding the leasehold land.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.