MIRA INFORM REPORT

Report No. :	302220
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	JSW PROJECTS LIMITED
Registered Office :	JSW Center, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.08.2006
Com. Reg. No.:	11-163924
Capital Investment / Paid-up Capital :	Rs. 4360.000 Millions
CIN No.: [Company Identification No.]	U74999MH2006PLC163924
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ12925D
PAN No.: [Permanent Account No.]	AABCJ8131F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacture/job work of coke and direct reduced iron (intermediate inputs for production of Iron and Steel).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 14500000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “JSW Group”. It is an established company having satisfactory track record. Even though the subject was incorporated during August 2006, it has partially commenced its commercial activities during 2013. However, trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding company, the subject can be considered for business dealings at usual trade 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “A-“
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	23.12.2013

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2+“
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	23.12.2013

RBI DEFAULTER’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTER’ 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.

LOCATIONS

Registered Office :	JSW Center, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-23513000 / 42861000
Fax No.:	91-22-42863000
E-Mail :	naveen.rawat@jsw.in

DIRECTORS

As on. 10.09.2014

Name :

Mr. Vineet Agarwal

Designation :

Director

Address :

Flat No. B-1203, Shagun Towers, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

04.08.1972

Qualification :

IIT, Delhi in M. Tech (Management and Systems)

Date of Appointment :

14.08.2014

DIN No.:

02027288

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	U74140MH2008PTC183430	Adhar Project Management and Consultancy Private Limited	Director	11/06/2008	11/06/2008	02/02/2011	Active	NO
2	U40105MH2009PTC193856	Amulin Hydro Power Private Limited	Director	10/12/2010	10/12/2010	14/03/2011	Active	NO
3	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	26/09/2011	01/07/2011	-	Active	NO
4	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	14/09/2012	13/12/2011	-	Active	NO
5	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	14/08/2013	12/07/2012	-	Active	NO
6	U74120MH2011PTC213439	PONMALA MULTITRADING PRIVATE LIMITED	Director	03/09/2013	08/02/2013	-	Active	NO
7	U45200MH2002PTC137214	PEDDAR REALTY PRIVATE LIMITED	Director	30/07/2013	30/07/2013	-	Active	NO
8	U13100WB2014PLC199846	Barbil Iron Ore Company Limited	Director	29/01/2014	29/01/2014	-	Active	NO
9	U93000MH2014NPL254657	JANKALYAN ELECTORAL TRUST	Director	19/03/2014	19/03/2014	-	Active	NO

Name :

Mr. Sriram Kavassery Subbaram Narayanaswamy

Designation :

Director

Address :

Flat No.1, Padmalaya Intercity CHS, Plot No.5, Sector 16A, Vashi, Navi Mumbai - 400705, Maharashtra, India

Date of Birth/Age :

01.09.1969

Qualification :

CA

Date of Appointment :

04.08.2009

DIN No.:

00023208

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	U74920GJ1994PTC066390	Rishikesh Finlease and Ivestmentss Private Limited tfr. From umbai to delhi	Director	21/06/2001	21/06/2001	20/03/2014	Active	NO
2	U74999GJ1985PTC066836	Nalwa Chrome Private Limited tfr. From umbai to delhi	Director	28/06/2001	28/06/2001	-	Active	NO
3	U65993KA1995PTC017403	BURNET INVESTMENTS PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
4	U65923KA1995PTC018663	PINNACLE CONSOLIDATED PRIVATE LIMITED	Director	03/05/2004	03/05/2004	15/02/2013	Active	NO
5	U70101KA1994PTC015880	ARGIL PROPERTIES PRIVATE LIMITED	Director	13/05/2004	13/05/2004	-	Active	NO
6	U74920GJ1982PTC066621	VRINDAVAN SERVICES PRIVATE LIMITED tfr. From umbai to delhi	Director	06/09/2013	01/06/2004	20/03/2014	Active	NO
7	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	27/06/2011	Active	NO
8	U45201GJ1996PTC068855	DHAMAN KHOL ENGINEERING & CONSTRUCTION COMPANY PRIVATE LIMITED	Director	13/06/2007	13/06/2007	20/03/2014	Active	NO
9	U65923MH2007PTC167960	JSW ENERGY INVESTMENTS PRIVATE LIMITED	Director	06/09/2013	04/12/2007	20/03/2014	Active	NO
10	U74920GJ1993PLC069400	JINDAL STEEL & ALLOYS LIMITED	Additional director	01/10/2008	01/10/2008	03/12/2008	Active	NO
11	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	04/08/2009	10/10/2008	-	Active	NO
12	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	16/09/2010	01/04/2010	10/03/2014	Active	NO
13	U45209MH2010PTC202997	JSW WATER RESOURCES PRIVATE LIMITED	Director	11/05/2010	11/05/2010	-	Active	NO
14	U74900MH2010PLC202725	JSW TECHNO PROJECTS MANAGEMENT LIMITED	Director	31/10/2011	27/05/2010	20/03/2014	Active	NO
15	U45206MH2010PTC203280	JSW INFRASTRUCTURE FINTRADE PRIVATE LIMITED	Director	04/07/2011	01/07/2010	13/08/2012	Active	NO
16	U51109MH2011PTC212739	JOTIRDHAR TRADING PRIVATE LIMITED	Director	24/08/2012	20/04/2011	15/02/2013	Active	NO
17	U51109MH2011PTC213768	MAARAN MULTITRADING PRIVATE LIMITED	Director	24/08/2012	20/04/2011	15/02/2013	Active	NO
18	U70102MH2010PTC204539	FRUITEYE REALITY PRIVATE LIMITED	Director	29/12/2011	20/04/2011	15/02/2013	Active	NO
19	U45202MH2010PTC204697	REALCOM REALITY PRIVATE LIMITED	Director	29/12/2011	20/04/2011	12/07/2012	Active	NO
20	U51101MH2010PTC211182	DASMAYA MULTITRADING PRIVATE LIMITED	Director	29/12/2011	20/04/2011	15/02/2013	Active	NO
21	U74120MH2011PTC213439	PONMALA MULTITRADING PRIVATE LIMITED	Director	24/08/2012	20/04/2011	-	Active	NO
22	U45200MH2010PTC203560	MACROLITE INFRAPROJECTS PRIVATE LIMITED	Director	29/12/2011	20/04/2011	-	Active	NO
23	U45400MH2010PTC203704	NEAR VIEW REALITY PRIVATE LIMITED	Director	29/12/2011	20/04/2011	-	Active	NO
24	U74999MH2014PTC251874	SARVODAY ADVISORY SERVICES PRIVATE LIMITED	Director	08/01/2014	08/01/2014	-	Active	NO
25	U74120MH2014PTC251909	UNITY ADVISORY SERVICES PRIVATE LIMITED	Director	09/01/2014	09/01/2014	-	Active	NO
26	U74120MH2014PTC252000	VIVIDH CONSULTANCY AND ADVISORY SERVICES PRIVATE LIMITED	Director	10/01/2014	10/01/2014	-	Active	NO
27	U74140MH2014PTC251934	ADARSH ADVISORY SERVICES PRIVATE LIMITED	Director	10/01/2014	10/01/2014	-	Active	NO
28	U51909GJ2014PTC078497	SAHYOG TRADCORP PRIVATE LIMITED	Director	29/01/2014	29/01/2014	-	Active	NO
29	U74999MH2014PTC252632	VYOM ADVISORY SERVICES PRIVATE LIMITED	Director	30/01/2014	30/01/2014	-	Active	NO
30	U74999MH2014PTC253122	JSW IP HOLDINGS PRIVATE LIMITED	Director	11/02/2014	11/02/2014	-	Active	NO
31	U74999MH2014PTC253112	UTKARSH ADVISORY SERVICES PRIVATE LIMITED	Director	11/02/2014	11/02/2014	-	Active	NO

Name :

Mr. Anil Kumar Singh

Designation :

Director

Address :

House No. A2/5, JSWSL Towership, PO Vidyanager, Bellary - 583275, Karnataka, India

Date of Birth/Age :

12.05.1965

Qualification.:

BE (Civil)

Experience :

20 Years

Date of Appointment :

24.12.2014

Pan No.:

ABWPA9869J

DIN No.:

02059903

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	U02710MH2003PTC187132	JSW Realty and Infrastructure Private Limited	Director	29/09/2008	10/01/2008	01/04/2009	Active	NO
2	U85110KA1996PLC021242	SOUTH-WEST MINING LIMITED	Director	20/09/2013	08/08/2013	-	Active	NO
3	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	24/12/2014	09/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naveen Kumar Rawat
Designation :	Secretary
Address :	A2, 603, Shri Dharmendra CHSL, Holyx Road, IC Colony, Borivali (West), Mumbai-400103, Maharashtra, India
Date of Birth/Age :	23.01.1982
Date of Appointment :	20.01.2011
PAN No.:	AGTPR0040C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 10.09.2014

Names of Shareholders	No. of Shares
Sangita Jindal	49400
Kantilal N Patel	100
Balwantkumar Ranka	100
Sriram K.S.N.	100
Deepak Yashwant Bhat	100
JSW Investments Private Limited, India	415750000
Bhushan Prasad	100
JSW Logistics Infrastructure Private Limited, Mumbai, India	31498000
JSW Techno Projects Management Limited, Mumbai, India	30002000
Sapphire Technologies Limited, Mumbai, India	100
Total	477300000

As on: 10.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacture/job work of coke and direct reduced iron (intermediate inputs for production of Iron and Steel).

Products/Services :

ITC Code	Products or Services Description
98010013	Power
84798960	Coke Conversion Charges
84021100	Steam Energy

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Available

Countries :

Not Available

Imports :

Products :

Not Available

Countries :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from banks	5733.347	4529.944
Term loans from others	4933.525	2175.572
Other loans and advances	0.000	5504.609
Short Term Borrowing
Other external Commercial loan	2435.482	0.000
Total	13102.354	12210.125

Financial Institution:	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India
Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Address :	38, Bombay Mutual Building, 2^nd Floor, Dr. D.N Road, Fort, Mumbai -400001, Maharashtra, India
PAN No.:	AAAFS7702F
Holding Company:	JSW Investments Private Limited CIN No.: U65993MH2005PTC152325
Subsidiaries Company :	Dolvi Coke Projects Limited CIN No.: U23209MH2014PLC254395
Fellow Subsidiaries Company :	JSW Cement Limited, India CIN No.: U26957MH2006PLC160839 South-West Mining Limited, India CIN No.: U85110KA1996PLC021242
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	JSW Steel Limited, India CIN No.: L27102MH1994PLC152925 JSoft Solutions Limited, India CIN No.: U72200KA2006PLC040034 Realcom Reality Private Limited CIN No.: U45202MH2010PTC204697 JSW Techno Projects Management Limited CIN No.: U74900MH2010PLC202725

CAPITAL STRUCTURE

As on. 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
550000000	Equity Shares	Rs. 10/- each	Rs.5500.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
479423600	Equity Shares	Rs. 10/- each	Rs.4794.236 Millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
477300000	Equity Shares	Rs. 10/- each	Rs.4773.000 Millions

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000000	Equity Shares	Rs. 10/- each	Rs.4500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
436000000	Equity Shares	Rs. 10/- each	Rs. 4360.000 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	4360.000	3042.000	1841.500
(b) Reserves & Surplus	746.507	68.558	-22.602
(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)	5106.507	3110.558	1818.898
(3) Non-Current Liabilities
(a) long-term borrowings	10666.872	12210.125	2717.624
(b) Deferred tax liabilities (Net)	403.754	0.000	0.000
(c) Other long term liabilities	3300.000	2450.000	0.000
(d) long-term provisions	11.127	9.191	7.311
Total Non-current Liabilities (3)	14381.753	14669.316	2724.935
(4) Current Liabilities
(a) Short term borrowings	2435.482	0.000	0.000
(b) Trade payables	21.359	4.435	0.000
(c) Other current liabilities	10155.802	4259.817	3241.129
(d) Short-term provisions	107.393	11.004	10.815
Total Current Liabilities (4)	12720.036	4275.256	3251.944
TOTAL	32208.296	22055.130	7795.777
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8252.676	4087.808	0.934
(ii) Intangible Assets	0.000	1.888	2.513
(iii) Capital work-in-progress	17978.069	13714.766	6334.145
(iv) Intangible assets under development	5.000	0.000	0.000
(b) Non-current Investments	0.588	0.088	0.000
(c) Deferred tax assets (net)	0.000	10.457	0.000
(d) Long-term Loan and Advances	1588.954	856.668	1089.675
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27825.287	18671.675	7427.267
(2) Current assets
(a) Current investments	2070.000	2070.000	0.000
(b) Inventories	199.477	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	379.746	194.779	181.286
(e) Short-term loans and advances	1684.352	1032.453	187.224
(f) Other current assets	49.434	86.223	0.000
Total Current Assets	4383.009	3383.455	368.510
TOTAL	32208.296	22055.130	7795.777

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From Operation	2173.526	10.871	0.000
		Other Income	242.148	98.523	0.000
		TOTAL	2415.674	109.394	0.000
Less	EXPENSES
		Employees benefits expense	32.013	2.515	3.360
		Other expenses	781.780	16.643	16.325
		TOTAL	813.793	19.158	19.685
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1601.881	90.236	(19.685)
Less	FINANCIAL EXPENSES		178.310	2.441	0.182
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1423.571	87.795	(19.867)
Less/ Add	DEPRECIATION/ AMORTISATION		331.411	7.092	0.625
	PROFIT BEFORE TAX		1092.160	80.703	20.492
Less	TAX		414.211	(10.457)	0.000
	PROFIT AFTER TAX		677.949	91.160	(20.492)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.558	(22.601)	(2.110)
	BALANCE CARRIED TO THE B/S		746.507	68.558	(22.601)
	Earnings Per Share (Rs.)		2.84	0.37	(0.16)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	31.19	838.56	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	73.70	830.06	0.000
Return on Total Assets (PBT/Total Assets}	(%)	7.68	0.97	(1.40)
Return on Investment (ROI) (PBT/Networth)		0.21	0.03	(0.01)
Debt Equity Ratio (Total Debt /Networth)		2.57	3.93	1.49
Current Ratio (Current Asset/Current Liability)		0.34	0.79	0.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1841.500	3042.000	4360.000
Reserves & Surplus	(22.602)	68.558	746.507
Net worth	1818.898	3110.558	5106.507
long-term borrowings	2717.624	12210.125	10666.872
Short term borrowings	0.000	0.000	2435.482
Total borrowings	2717.624	12210.125	13102.354
Debt/Equity ratio	1.494	3.925	2.566

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	10.871	2173.526
			19,893.800

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	10.871	2173.526
Profit	(20.492)	91.160	677.949
		838.56%	31.19%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10504768	31/05/2014	1,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C07912348
2	10506167	02/04/2014	760,000,000.00	Vijaya Bank	Corporate Banking Branch, Nariman Point, Mumbai,  Maharashtra - 400021, INDIA	C09325770
3	10428338	08/05/2013	1,780,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	B75963314
4	10285782	07/03/2014 *	20,030,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,  , Pandurang Budhkar Marg, Worli,, Mumbai, Maharas  htra - 400025, INDIA	B98227804

* Date of charge modification

FINANCIAL HIGHLIGHTS

The Turnover for the year under review was Rs. 2173.500 Millions. The operating EBIDTA was Rs.1359.800 Millions. The net worth of company increased to Rs.5106.500 Millions as on March 31, 2014 from Rs.3110.600 Millions as on March 31, 2013.

3. PROJECT AND EXPANSION PLANS

a) Projects commissioned during FY 2013-14

Commenced Coke Dry Quenching (CDQ) Unit no. 2 at Vijaynagar from July- 2013

Commenced captive power plant of 76MW at Vijaynagar from October- 2013

Trial Run of 1.2 MTPA DRI Plant is under way.

b) Acquisition of DRI plant along with captive power plant from IST STEEL & POWER LIMITED

During the year, the Company has acquired a DRI Plant of 0.12MTPA along with 8MW Captive Power Plant in Karnataka from IST Steel and Power Limited as a going concern on a slump sale basis.

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.62.97
UK Pound	1	Rs.94.97
Euro	1	Rs.74.43

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	3
--CREDIT LINES	1~10	6
--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		50

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.