MIRA INFORM REPORT

Report Date :

05.09.2013

IDENTIFICATION DETAILS

Name :	JSW STEEL COATED PRODUCTS LIMITED [w.e.f.31.10.2012]
Formerly Known As :	MAHARASHTRA SPONGE IRON LIMITED
Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.09.1985
Com. Reg. No.:	11-037346
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U27100MH1985PLC037346
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ17023G
PAN No.: [Permanent Account No.]	AACCM3988L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Processor, Exporter and Importer of Iron and Steel Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1600
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of JSW, a well known group in India. It is having a moderate track record. As per the financial statements of 2012, the company has reported very minimal income in their books. There appear some accumulated losses reported by the company. However, business is active. Payment terms are slow but correct. In view of strong percentage, the subject can be considered for business dealings 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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

Name :	Mr. Hemant Shate
Designation :	Finance Manager
Contact No.:	91-9870250435
Date :	02.09.2013

LOCATIONS

Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42861000
Mobile No.:	91-9870250435 [Mr. Hemant Shate]
Fax No.:	91-22-42863000
E-Mail :	deepak.bhat@jsw.in lancy.varghese@jsw.in
Website :	http://www.jsw.in

DIRECTORS

AS ON 30.07.2012

Name :

Mr. Jayant Acharya

Designation :

Director

Address :

F-303, Great Eastern Gardens, L.B.S. Marg, Kanjur Marg [West], Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

25.01.1963

Date of Appointment :

01.06.2013

DIN No.:

00106543

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	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	29/03/2006	29/03/2006	30/03/2010	Active	NO
2	U01010MH2003PLC176595	JSW STEEL PROCESSING CENTRES LIMITED	Director	15/05/2007	01/12/2006	-	Active	NO
3	U45200MH2008PLC180608	JSW BUILDING SYSTEMS LIMITED	Director	28/03/2008	28/03/2008	-	Amalgamated	NO
4	U28112MH2009PLC191045	JSW SEVERFIELD STRUCTURES LIMITED	Director	19/03/2009	19/03/2009	-	Active	NO
5	L27102MH1994PLC152925	JSW STEEL LIMITED	Director	06/07/2009	07/05/2009	-	Active	NO
6	U28112MH2009PLC197954	JSW STRUCTURAL METAL DECKING LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
7	U27100MH1985PLC037346	JSW STEEL COATED PRODUCTS LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

Name :

Mr. Dileep Kashinath Bhatt

Designation :

Director

Address :

Leo B 404, Aries Leo Saggitarous CHS, Divya Park, Janklyan Nagar, Marve Road, Malad [West], Mumbai - 400095, Maharashtra, India

Date of Birth/Age :

10.07.1958

Date of Appointment :

01.06.2013

DIN No.:

00046096

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	U27206GJ1996PTC073209	JINDAL COATED STEEL PRIVATE LIMITED TFR. FROM MUMBAI TO DELHI	Director	07/11/2005	07/11/2005	31/08/2006	Active	NO
2	U45200MH2008PLC180608	JSW BUILDING SYSTEMS LIMITED	Additional director	17/01/2013	17/01/2013	-	Amalgamated	NO
3	U27100MH1985PLC037346	JSW STEEL COATED PRODUCTS LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

Name :

Mr. Rajesh Haridas Asher

Designation :

Director

Address :

Bungalow No. 25B, Vrrindavan, Sindhi Society, Bhakti Bhavan Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

24.01.1957

Date of Appointment :

01.06.2013

DIN No.:

01903340

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	U45200MH2008PLC180608	JSW BUILDING SYSTEMS LIMITED	Director	28/03/2008	28/03/2008	23/04/2012	Amalgamated	NO
2	U10300DL2008PTC176675	ROHNE COAL COMPANY PRIVATE LIMITED	Director	11/04/2008	11/04/2008	19/12/2011	Active	NO
3	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Nominee director	30/09/2008	29/09/2008	04/03/2010	Active	NO
4	U28112MH2009PLC191045	JSW SEVERFIELD STRUCTURES LIMITED	Director	19/03/2009	19/03/2009	08/09/2011	Active	NO
5	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	28/08/2010	26/10/2009	-	Active	NO
6	U28112MH2009PLC197954	JSW STRUCTURAL METAL DECKING LIMITED	Director	18/12/2009	18/12/2009	18/02/2010	Active	NO
7	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	19/07/2011	20/11/2010	23/01/2012	Active	NO
8	U23201MH1997PLC110834	ISPAT ENERGY LIMITED	Additional director	29/07/2011	29/07/2011	01/10/2011	Active	NO
9	U27100MH1985PLC037346	JSW STEEL COATED PRODUCTS LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemant Shate
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2012

Names of Shareholders	No. of Shares
Jindal Savitridevi	10
Jindal Sajjan	10
Agarwal Shyamlal	10
Jindal Sangita	10
Agarwal Asha	10
Sun Investments Private Limited, India	24990
Gagan Trading Company Limited, India	24960
Total	50000

AS ON 30.07.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.86
Other top fifty shareholders	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Processor, Exporter and Importer of Iron and Steel Products.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Address :	38, Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40851000
Fax No.:	91-22-40851015
E-Mail :	contact@shahgupta.com
Income-tax PAN of auditor or auditor's firm :	AAAFS7702F
Related Party :	International Maritime and Allied Services Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	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	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	(0.083)	(0.069)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.417	0.431
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	0.007	0.009
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.007	0.009
TOTAL	0.424	0.440
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.249	0.249
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.249	0.249
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.175	0.191
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	0.175	0.191
TOTAL	0.424	0.440

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.058)
NETWORTH		0.442
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.442
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.248
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.201
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.201
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.002
	Other Current Liabilities	0.005
	Provisions	0.000
Total Current Liabilities		0.007
Net Current Assets		0.194
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.442

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	0.008	0.005	0.005
		Other Income	0.000	0.000	0.000
		TOTAL	0.008	0.005	0.005
Less	EXPENSES
		Filing Fees	0.012	0.002	0.002
		Professional Fees	0.003	0.008	0.002
		Payment to auditors	0.007	0.007	0.002
		TOTAL	0.022	0.017	0.006
	PROFIT/ (LOSS) BEFORE TAX		(0.014)	(0.012)	(0.001)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.014)	(0.012)	(0.001)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.070)	(0.058)	(0.057)
	BALANCE CARRIED TO THE B/S		(0.084)	(0.070)	(0.058)
	Earnings/ (Loss) Per Share (Rs.)		(0.28)	(0.23)	(0.01)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(175.00)	(240.00)	(20.00)
Net Profit Margin (PBT/Sales)	(%)	(175.00)	(240.00)	(20.00)
Return on Total Assets (PBT/Total Assets}	(%)	(8.00)	(6.28)	(0.50)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.03)	(0.00)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		25.00	21.22	28.71

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	Yes
10]	Designation of contact person	Yes
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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

PRESS RELEASE

CRUDE STEEL PRODUCTION GREW 47% IN JULY’13

JSW Steel Limited reports monthly Crude Steel production at 9.91 lacs tons showing growth of 47% in July’13 at its three manufacturing locations viz. Vijayanagar, Salem and Dolvi all together.

The break-up of production (in lacs tons) is as below:

Particulars	July'13	July'12	July'12	Growth
		(Reported)	(Pro forma)*	Reported	Pro forma
Crude Steel	9.91	6.76	8.87	47%	12%
Rolled Products : Flat	7.96	4.85	6.93	64%	15%
Rolled Products : Long	1.86	1.42	1.42	31%	31%

*Re-classified for the purpose of comparison after giving effect of the Scheme of Amalgamation and Arrangement

The capacity utilization was lower at Vijayanagar works due to shutdown of one of its Corex furnaces for relining and capacity enhancement and the same is expected to recommence production by end of September 2013.

JSW Steel Limited, belonging to the JSW group, part of the O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, port facilities, aluminum, cement, and information technology. JSW Steel Limited is engaged in manufacture of flat and long products viz. H R Coils, CR Coils, Galvanised products, Galvalume products, auto grade / white goods grade CRCA Steel, Bars and Rods. Incorporated in 1994, it has grown to about US $11 billion in little over fifteen years. JSW Steel Limited is one of the largest producers and exporters of coated flat products in the country with presence in over 100 countries across five continents.

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. 67.03
UK Pound	1	Rs. 104.32
Euro	1	Rs. 88.24

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.