MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED (w.e.f. 04.12.2013)
Formerly Known As :	JSW TURBINE AND GENERATOR PRIVATE LIMITED
Registered Office :	S No 74-95 Vaikkadu Village, Andarkuppam Check Post, Manali New Town, Chennai – 600103, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.09.2008
Com. Reg. No.:	18-069121
Capital Investment / Paid-up Capital :	Rs.4435.096 Millions
CIN No.: [Company Identification No.]	U31100TN2008FTC069121
PAN No.: [Permanent Account No.]	AADCT0151D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and sell turbine and generators and associated auxiliaries.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 9800000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between “Toshiba Corporation, Japan and JSW Group, India. It is an established company having satisfactory track. The company possesses an acceptable financial profile marked by improved operational efficiencies along with huge gearing during FY 2014. Management has witnessed a better growth in its operating income but has reported consecutive losses leading to accumulation of the same during the year under review. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of experienced and reputed promoters, the company can be considered for business dealings at usual trade terms and conditions.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Limited grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. S V Rajesh
Designation :	Secretary
Contact No.:	91-44-30666534
Date :	12.09.2014

LOCATIONS

Registered Office /Factory :	S No 74-95 Vaikkadu Village, Andarkuppam Check Post, Manali New Town, Chennai – 600103, Tamilnadu, India
Tel. No.:	91-44-30666000 / 30666534
Fax No.:	91-44-30666500 / 30666025
E-Mail :	rajesh.seshan@toshiba-jsw.in TJPS-contactus@toshiba-tjps.in
Website :	http://toshiba-tjps.in
Location :	Rented
Locality :	Commercial
Gurgaon Office :	9th Floor, Building No - 10, Tower B, DLF Cyber City, Phase 2, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4996600
Fax No.:	91-124-4996611

DIRECTORS

As on 25.07.2014

Name :

Yoshiaki Inayama

Designation :

Managing Director

Address :

Door No.1982, 15th Main Road,, 'H', Block, Anna Nagar, Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

09.05.1958

Date of Appointment :

26.03.2012

DIN No.:

05159956

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	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Managing director	26/03/2012	29/12/2011	-	Active	NO

Name :

Masachika Odawara

Designation :

Director

Address :

23-1, Maruyama1-Chome, Isogo-Ku, Yokohama - 2350011, Japan

Date of Birth/Age :

01.03.1955

Date of Appointment :

01.09.2010

DIN No.:

02187610

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	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Whole-time director	01/09/2010	02/09/2008	-	Active	NO

Name :

Yoshihiro Aburatani

Designation :

Director

Address :

1-20-1-301, Hirado, Totsuka-Ku, Kanagawa Prefecture, Yokojama City, 0 Japan

Date of Birth/Age :

22.05.1956

Date of Appointment :

06.08.2010

DIN No.:

03262733

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	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	06/08/2010	01/06/2010	-	Active	NO

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 :

27.07.2012

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	Director	01/09/2013	06/04/1998	-	Active	NO
2	U27206GJ1996PTC073209	JINDAL COATED STEEL PRIVATE LIMITED tfr. from mumbai to delhi	Director	02/05/1998	02/05/1998	19/05/2008	Active	NO
3	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	05/10/2000	05/10/2000	19/05/2008	Active	NO
4	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	30/09/2010	28/06/2001	-	Active	NO
5	L67120MH2001PLC217751	JSW HOLDINGS LIMITED	Director	12/07/2001	12/07/2001	-	Active	NO
6	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	25/11/2004	25/11/2004	27/03/2007	Amalgamated	NO
7	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO
8	U45200MH2005PTC151268	Vinamra Properties Private Limited	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO
9	U62100MH2005PTC151746	HERITAGE AIRLINES PRIVATE LIMITED	Director	03/03/2005	03/03/2005	25/06/2008	Dormant	NO
10	U65993MH2005PTC152203	HAMPI INVESTMENTS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	19/05/2008	Dormant	NO
11	U45200MH2005PTC152218	WINDSOR RESIDENCY PRIVATE LIMITED	Director	28/03/2005	28/03/2005	19/05/2008	Active	NO
12	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	18/07/2012	06/08/2005	-	Active	NO
13	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Director	26/07/2006	30/09/2005	01/09/2008	Active	NO
14	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Director	29/10/2005	29/10/2005	21/11/2012	Active	NO
15	U31102MH1996PLC185098	RAJ WESTPOWER LIMITED	Director	18/07/2012	10/02/2006	-	Active	NO
16	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	21/04/2006	21/04/2006	-	Active	NO
17	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	05/05/2006	05/05/2006	23/10/2008	Amalgamated	NO
18	U13100TZ2005PLC011939	TAMILNADU IRON ORE MINING CORPORATION LIMITED	Director	28/06/2006	28/06/2006	27/03/2007	Active	NO
19	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	30/06/2006	30/06/2006	23/10/2008	Amalgamated	NO
20	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	21/09/2007	30/09/2006	-	Active	NO
21	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	06/01/2007	06/01/2007	21/11/2012	Active	NO
22	U72200KA2006PLC040034	JSOFT SOLUTIONS LIMITED	Additional director	28/06/2007	28/06/2007	31/08/2008	Active	NO
23	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	01/12/2011	21/08/2007	06/09/2012	Active	NO
24	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31/12/2007	31/12/2007	04/10/2008	Active	NO
25	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09/01/2008	09/01/2008	04/10/2008	Active	NO
26	U10300DL2008PTC176675	Rohne Coal Company Private Limited	Director	11/04/2008	11/04/2008	01/09/2008	Active	NO
27	U40300MH2010PLC199844	JSW Energy (Bengal) Limited	Director	08/02/2010	08/02/2010	27/03/2013	Active	NO
28	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13/03/2010	13/03/2010	28/06/2010	Active	NO
29	U40101MH2011PLC212214	JSW Green Energy Limited	Director	12/01/2011	12/01/2011	01/12/2011	Active	NO
30	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	30/09/2011	27/06/2011	13/12/2011	Active	NO
31	U93030MH2011PTC224380	JSW NANDGAON PORT PRIVATE LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO
32	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	27/09/2012	01/12/2011	-	Active	NO
33	U40102MH2008PLC181433	Jaigad PowerTransco Limited	Nominee director	01/12/2011	01/12/2011	16/07/2012	Active	NO
34	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	31/01/2013	22/06/2012	-	Active	NO
35	U40101HP2013PLC000345	JSW Energy (Kutehr) Limited	Director	20/02/2013	20/02/2013	-	Active	NO
1	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	01/09/2013	06/04/1998	-	Active	NO
2	U27206GJ1996PTC073209	JINDAL COATED STEEL PRIVATE LIMITED tfr. from mumbai to delhi	Director	02/05/1998	02/05/1998	19/05/2008	Active	NO
3	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	05/10/2000	05/10/2000	19/05/2008	Active	NO
4	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	30/09/2010	28/06/2001	-	Active	NO
5	L67120MH2001PLC217751	JSW HOLDINGS LIMITED	Director	12/07/2001	12/07/2001	-	Active	NO
6	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	25/11/2004	25/11/2004	27/03/2007	Amalgamated	NO
7	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14/02/2005	14/02/2005	01/09/2008	Active	NO

Name :

Toshiyuki Harada

Designation :

Director

Address :

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

Date of Birth/Age :

01.02.1957

Date of Appointment :

29.09.2011

DIN No.:

03579559

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	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	29/09/2011	01/07/2011	-	Active	NO

Name :

Tomohiko Okada

Designation :

Director

Address :

Flat No. J - 203, Central Park, Golf Course Road, Sector - 42, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

12.07.1963

Date of Appointment :

25.07.2014

DIN No.:

03044139

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	U72200DL2001PTC112391	TOSHIBA INDIA PRIVATE LIMITED	Director	30/09/2010	16/04/2010	31/12/2013	Active	NO
2	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	25/07/2014	31/03/2014	-	Active	NO

Name :

Mr. Sanjay Sagar

Designation :

Director

Address :

A-20/17, DLF Qutab Enclave, Phase I, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

04.08.1957

Date of Appointment :

22.07.2013

DIN No.:

00019489

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	U10200RJ2007PLC025173	Parsa Kente Collieries Limited	Director	29/09/2008	16/10/2007	12/01/2009	Active	NO
2	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	19/07/2012	19/11/2009	-	Active	NO
3	U31102MH1996PLC185098	RAJ WESTPOWER LIMITED	Director	06/06/2011	01/06/2010	-	Active	NO
4	U40102MH2008PLC181433	Jaigad PowerTransco Limited	Nominee director	16/07/2012	16/07/2012	-	Active	NO
5	U40101MH2011PLC212214	JSW Green Energy Limited	Director	24/07/2013	19/07/2012	-	Active	NO
6	U40103MH2009PLC195362	JSW Energy (Raigarh) Limited	Director	24/07/2013	19/07/2012	-	Active	NO
7	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	24/07/2013	19/07/2012	-	Active	NO
8	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	25/07/2013	21/07/2012	-	Active	NO
9	U40300MH2010PLC199844	JSW Energy (Bengal) Limited	Additional director	03/08/2012	03/08/2012	27/03/2013	Active	NO
10	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	22/07/2013	01/12/2012	-	Active	NO
11	U40101HP2013PLC000345	JSW Energy (Kutehr) Limited	Director	20/02/2013	20/02/2013	-	Active	NO

Name :

Masahiro Daigen

Designation :

Director

Address :

3-24-45-702, Higashi Terao, Tsurumi, Yokohama, 2300077, Japan

Date of Birth/Age :

02.03.1961

Date of Appointment :

22.07.2013

DIN No.:

06599385

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	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	22/07/2013	27/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S V Rajesh
Designation :	Secretary
Address :	Plot No 30, Abirami, Sriram Nagar,, Porur, Chennai - 600116, Tamilnadu, India
Date of Appointment :	17.09.2010
PAN No.:	AERPR7560R

MAJOR SHAREHOLDERS

As on 25.07.2014

Names of Shareholders	No. of Shares	% of Holding
Toshiba Corporation, Japan	332632215	76.71
JSW Energy Limited, India	99877405	23.03
JSW Steel Limited, India	1100000	0.25
Total	433609620	100.00

Equity Share Break up (Percentage of Total Equity)

As on 25.07.2014

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 :

Manufacture and sell turbine and generators and associated auxiliaries.

Products :

Products Description	ITC Code
Turbines and Generators	84068100

Exports :

Countries :

Japan

Imports :

Countries :

· China

· Korea

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

GENERAL INFORMATION

No. of Employees :	500 (Approximately)
Bankers :	· Citi Bank · State Bank of India · Standard Chartered Bank

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	22, Camac Street, Block C, 3rd Floor, Kolkata - 700016, West Bengal, India
PAN No.:	AABFS3421N
Joint Ventures :	Toshiba Corporation, Japan JSW Energy Limited, India JSW Steel Limited, India
Affiliates :	· Toshiba (China) Company Limited, China · Toshiba Corporation, Japan · Toshiba America, INC · Toshiba GE Turbine Components Company Limited, Japan · Toshiba Hydro Power ( Hangzhou) Company Limited, China · Toshiba India Private Limited , India · Toshiba Industrial Technology Incorporated, Japan · Toshiba International Europe Limited, UK · Toshiba Johnson Elevators India Private Limited, India · Toshiba Plant Systems and Service Corporation · Toshiba Machine (India) Private Limited, India · Toshiba Machine Co. Limited, Japan · Toshiba Technical Services International Corporation, Japan · TPSC (India) Private Limited, India · Toshiba Asia Pacific Pte Limited, Singapore · JSW Investment Private Limited, India · J Soft Solutions Limited, India · Toshiba Trading Incorporated Toshiba Sigma Consulting Corporation
	·

CAPITAL STRUCTURE

As on 25.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
443509620	Equity Shares	Rs.10/- each	Rs.4435.096 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
443509620	Equity Shares	Rs.10/- each	Rs.4435.096 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4,435.096	4,330.000	3,000.000
(b) Reserves & Surplus	(1,985.630)	(1,320.630)	(732.426)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2,449.466	3,009.370	2,267.574
(3) Non-Current Liabilities
(a) long-term borrowings	12,618.000	7,458.750	6,540.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.747	14.684	2.289
Total Non-current Liabilities (3)	12,643.747	7,473.434	6,542.289
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3,423.383	199.952	28.255
(c) Other current liabilities	6,178.423	4,153.041	633.390
(d) Short-term provisions	25.935	10.973	3.143
Total Current Liabilities (4)	9,627.741	4,363.966	664.788
TOTAL	24,720.954	14,846.770	9,474.651
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10,617.813	7,341.523	6,872.723
(ii) Intangible Assets	94.719	79.694	91.612
(iii) Capital work-in-progress	1,857.237	1,100.242	311.041
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1,410.730	1,744.099	477.282
(e) Other Non-current assets	5,165.512	1,632.005	0.000
Total Non-Current Assets	19,146.011	11,897.563	7,752.658
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	237.971	174.398	127.982
(c) Trade receivables	1,158.526	7.065	3.108
(d) Cash and cash equivalents	2,994.330	2,672.208	1,558.742
(e) Short-term loans and advances	1,184.116	95.536	32.161
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5,574.943	2,949.207	1,721.993
TOTAL	24,720.954	14,846.770	9,474.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	8,173.410	1,023.800	7.700
		Other Income	126.600	348.860	109.020
		TOTAL	8,300.010	1,372.660	116.720
Less	EXPENSES		8,387.880	1,507.820	452.710
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(87.870)	(135.160)	(335.990)
Less	DEPRECIATION/ AMORTISATION		544.830	453.040	246.320
	PROFIT/(LOSS) BEFORE TAX		(632.700)	(588.200)	(582.310)
Less	TAX		(0.002)	0.004	(0.199)
	PROFIT/(LOSS) AFTER TAX		(632.698)	(588.204)	(582.111)
	Earnings / (Loss) Per Share (Rs.)		(4.23)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(7.62)	(42.85)	(498.72)
Net Profit Margin (PBT/Sales)	(%)	(7.74)	(57.45)	(7562.47)
Return on Total Assets (PBT/Total Assets}	(%)	(2.77)	(4.28)	(6.35)
Return on Investment (ROI) (PBT/Networth)		(0.26)	(0.20)	(0.26)
Debt Equity Ratio (Total Debt /Networth)		5.15	2.48	2.88
Current Ratio (Current Asset/Current Liability)		0.58	0.68	2.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	3000.000	4330.000	4435.096
Reserves & Surplus	(732.426)	(1320.630)	(1985.630)
Net worth	2267.574	3009.370	2449.466
long-term borrowings	6540.000	7458.750	12618.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	6540.000	7458.750	12618.000
Debt/Equity ratio	2.884	2.479	5.151

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	7.700	1,023.800	8,173.410
		13,196.104	698.340

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	7.700	1,023.800	8,173.410
Profit	(582.111)	(588.204)	(632.698)
	(7559.88%)	(57.45%)	(7.74%)

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	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Indian Rupee loan from banks – Working capital loan
- Mizuho Corporate Bank., Limited - Mumbai	1176.000	336.000
- Bank of Tokyo - Mitsubishi UFJ - Chennai	704.000	144.000
Foreign currency loan from banks
Mizuho Corporate Bank., Limited -Singapore	1227.200	1116.600
- Bank of Tokyo - Mitsubishi UFJ - Singapore	920.400	837.450
Foreign currency loan from financial institutions
- Japan Bank of International Cooperation Limited - Japan	5522.400	5024.700
Foreign currency loan from others
- Toshiba Corporation, Japan	3068.00	0.000
Total	12618.000	7458.7500

Notes:

· Foreign currency loan from banks carries interest @ LIBOR plus 1%. The loan is repayable after 5 years, viz. April 26, 2016 from the final draw down, viz. April 26, 2011.

· Foreign currency loan from financial institution carries interest @ LIBOR plus 0.125%. The loan is repayable in 8 equal annual instalments commencing from November 17, 2018.

· The Parent Company, Toshiba Corporation has provided corporate guarantees for both the foreign currency loans.

· Dur

· ing the current year the Company has obtained ECB Loan from parent Company, Toshiba Corporation, Japan for USD 50 Million at interest rate USD LIBOR 5 year swap rate and 25 basis points.

· Indian Rupee loan of Rs.480.000 Million from banks carries interest @ base rate plus 1.48%. The loan is repayable after 3 years, viz, January 10, 2016 from the draw down, viz, January 11, 2013.

· Indian Rupee loan of Rs.960.000 Million from banks carries interest @ base rate plus 1.48%. The loan is repayable after 2 years, viz, February 02, 2015 from the initial draw down, viz, February 3, 2013.

· Indian Rupee loan from banks carries interest @ base rate plus 0.50%. The loan is repayable after 2.5 years, viz, September 28, 2016 from the initial draw down, viz, March 28, 2014

BACKGROUND

The Company was incorporated on September 2, 2008 in the state of Tamilnadu in India. The Company is a 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.

INDUSTRY OUTLOOK

Last financial year was continuing to be a challenging year for the Indian Power Equipment Manufacturers. Public State Utilities (PSU) like NTPC and selected State Electricity Boards were the only players placing order for new projects.

Due to non-availability of Coal Linkage, Environmental clearance, negative investor sentiments, Independent Power Producers (IPP) were fully out of the market.

Competitors are continuing to be more aggressive by offering almost negative margin pricing in the recently concluded Projects.

During the year, the company absorbed Thermal Power division of Toshiba India Private Limited (Toshiba Thermal Power Division -TTPS) through the scheme of demerger duly approved by you and honorable high courts at Chennai and New Delhi vide their order dated 22nd August 2013 and 29th November 2013.

The Company has thus expanded its portfolio of business by offering Engineering Manufacturing Procurement Construction and Services (EMPCS Solution) to Customers thereby becoming more competitive and to sustain in the market.

The total installed capacity in India as on April 2014 is 248 GW. For the 12th Five year plan, the total capacity addition planned is 88,537 MW. Out of this thermal will be 72,340 MW. It is worthwhile to mention here that the industry is slowly progressing from Supercritical to Ultra Supercritical Power plants.

With the new government in place there is a positive opinion and expectation for new projects to come in the fast track.

OPERATIONS:

The Directors of the company are happy to inform that in the last Financial Year the company had booked order worth around Rs.10100.000 Million.

PROJECTS:

a. Participated in the Energy conservation competition conducted among Toshiba group companies present globally and won FIRST PRICE for Best Energy efficient.

b. Facility for Rotor manufacturing has been completed and production started.

c. Expansion of 110KV Gas insulated substation completed and 25MVA Transformer commissioned to provide power supply to High speed balancing and Generator test bed facilities.

d. Installation and commissioning of emergency Generators 2X600KVA completed to provide emergency power back up for Rotor manufacturing shop.

e. Facilities for Manufacturing of Stator coil shop has been completed and Machine installation started.

f. The civil and construction works for the High speed balancing facility, Generator test bed facility were nearing completion. The equipment erection work, Electrical and Mechanical works for the same have been started.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS

TOSHIBA JSW POWER TO DOUBLE CHENNAI CAPACITY

Toshiba JSW Power Systems Private Limited is planning to double its manufacturing capacity to 6,000 mega watt (MW) a year in its Chennai plant. The expansion is to support the company’s plan to export products from India to the markets in the region.

The plant manufactures generators and turbines for the domestic market at present.

Speaking on the sidelines of CII’s conference on Conscious Competitiveness Technology Driven Competitiveness in Chennai today, Yoshiaki Inayama, managing director, Toshiba JSW Power Systems said current capacity of the plant is 3,000-Mw a year and will be doubled. The company has invested around $200 million till now.

He declined to share any investment number for the proposed expansion plan. “We are waiting for the recovery in the Indian market, our plan is ready and we got enough space for the new equipments and facilities. Once we decide to invest, we can increase our capacity.”

The expansion comes against the backdrop of growing demand in global market, thanks to the number of ultra-mega power projects (UMPP). Toshibha JSW provided its solutions for 10 such projects, which have got 800 MW each, in India.

Inayama claims that company’s solution can offer around 10 per cent saving.

The company started its operations in 2008 and manufacturing in 2011.

Currently, it is exporting from its Japan plant,and  Chennai will be the second plant to cater to exports. It now  caters to West Asia and other Southeast markets.

He said one of the key advantages of India, especially Chennai, was its location as it located in the middle of emerging markets.

Toshiba JSW Power Systems Private Limited is a JV between Toshiba Corporation, Japan (Toshiba) and JSW Group, India (JSW) and was initially incorporated to manufacture and market super-critical steam turbines and generators for thermal plants in India.

“The cost advantage would be around 20 per cent and depends upon the model, when we export from Chennai,” he said.

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, 9 May 2012

Toshiba Corporation, Japan and Toshiba JSW Turbine and Generator Pvt., 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 Limites, 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 & 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.

Project Outline

• Plant : Meja Thermal Power Plant

• Client : A joint venture of NTPC and UPRUVNL

• Location : Meja Tehsil, Allahabad District, Uttar Pradesh

• Scope : Two 660MW supercritical steam turbine and generator island package

*1 USD = Rs.53.18 as on May 9, 2012

TOSHIBA REINFORCE INDIAN THERMAL POWER BUSINESS

To construct competitive Epc system of thermal power generation

10 Jan, 2014

Chennai, India—Toshiba Corporation (TOKYO: 6502) today announced that it has reinforced its thermal power generation business in India by integrating the engineering function of Toshiba India Private Limited into Toshiba JSW Turbine and Generator Private Limited, a manufacturer of turbines and generators based in Chennai, Tami Nadu. The company, which has been renamed to Toshiba JSW Power Systems Private Limited, will rebuild the organization to the competitive engineering, procurement and construction (EPC) system, and develop business in India and the surrounding areas.

Toshiba JSW Turbine and Generator Private Limited was established in 2008, and inaugurated its factory of steam turbines and generators in February 2012. It currently produces five units of supercritical turbines and generators ordered by National Thermal Power Corporation and others. The thermal power engineering department of Toshiba India Private Limited was established in August 2009, and has a good track record in thermal power engineering operations. The company will have integrated ability of engineering, manufacturing, procurement, construction and services and it will enhance EPC ability in India, in cooperation with Toshiba’s group company, TPSC (India) Private Limited, which supports Toshiba JSW Power Systems Private Limited in construction field in India.

Looking to the future, India is expected to see significant growth in power demand, as is the wider region, including Southeast Asia, the Middle East and Africa, where a number of large projects of thermal power generation are planned. Toshiba ensures its thermal power business expansion in India and surrounding areas from India in cooperation with global engineering function in Japan.

TOSHIBA GAINS CONTRACT FOR SUPER-CRITICAL STEAM TURBINE IN INDIA

The new steam turbines and generators will enter operation by early 2018

Toshiba Corporation today announced that Toshiba JSW Power Systems Private Limited, a Toshiba Group company based in Chennai, India, has been awarded a contract by NTPC Limited, India's largest state-owned energy service provider, for the supply of two 800MW super-critical steam turbine and generator island packages for the Darlipali Super Thermal Power Station in Darlipali, Orissa state.

The new steam turbines will enter operation by early 2018. Toshiba JSW will carry out engineering, procurement and construction (EPC) of the complete steam turbine and generator island packages.

NTPC's evaluation reflects the high performance and the reliability of Toshiba's supercritical steam turbines and generators, and the company's capabilities in integrating engineering and manufacturing functions.

Toshiba can provide customers with competitive EPC solutions, and the company believes it is an acknowledgement of Toshiba's excellent track record for successful completion of challenging projects around the world within contractual schedules.

In January 2014, Toshiba Corporation reinforced its thermal power generation business in India by integrating the engineering function of Toshiba India Private Limited into Toshiba JSW Turbine and Generator Private Limited, a manufacturer of turbines and generators based in Chennai, Tamil Nadu state.

The company, renamed Toshiba JSW, is positioned to provide full EPC solutions for thermal power plants, and is working to expand its business in India and the surrounding region.

Toshiba Group has extensive experience in the manufacture and delivery of supercritical steam turbine and generators in Japan and in overseas.

In India, Toshiba Group is an undisputed market leader in supercritical steam turbines and generators in the 800MW category, having won orders for ten sets in all: five for Coastal Gujarat Power Limited, a subsidiary of Tata Power Company Limited, India's largest private sector power utility, for its Mundra UMPP in Gujarat, which are now in successful commercial operation; three for NTPC's Kudgi Super Thermal Power Project; and now two sets for the Darlipali Super Thermal Power Project.

The company has also won an order for two 660MW supercritical steam turbine and generator island packages for Meja Thermal Power Project from Meja Urja Nigam Private Limited, a joint venture between NTPC and UPRVUNL.

Driven by strong economic growth, India's power generation equipment market is expected to see demand growth of more than 16,000MW a year in the decade from 2007 to 2017, according to Indian government's Eleventh (2007-2012) and Twelfth (2012-2017) Five-Year Plans.

Coal-fired thermal power plants will account for over 60 percent of capacity growth, far surpassing other energy sources, and supercritical power plants will account for approximately 60 percent of thermal plants.

The Indian government recognizes super-critical 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.

Rapid growth in power demand is also expected in neighboring countries.

Toshiba Corporation recently announced the opening of a new Global Engineering and Production Center at Toshiba Corporation's Keihin Product Operations, which will operate as a global hub for key engineering and manufacturing functions for Toshiba Group's energy-related business.

Going forward, Toshiba Group will look to reinforce its market presence by making the best use of the Global Engineering and Production Center and the manufacturing and EPC capabilities of Toshiba JSW in India in markets around the world, including Asia, the Middle East and Africa, where demand for thermal power plants is strong.

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 records 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.61.10
UK Pound	1	Rs.99.05
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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		44

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.