MIRA INFORM REPORT

Report No. :	321833
Report Date :	09.05.2015

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
Tel. No.:	91-22-42861000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.09.1985

Com. Reg. No.:	11-037346

Capital Investment / Paid-up Capital :	Rs. 500.500 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 :	The Company is primarily engaged in the business of manufacture and sale of Iron and Steel Products.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (66)

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

Status :	Good

Payment Behaviors :	Regular

Litigation :	Clear

Comments :	Subject is an established company having a fine track. Profitability of the company seems to be low during 2014. However, General Financial position of the company seems to be sound. However, the rating takes into consideration strength from the prominent promoters with significant presence in the Indian Steel Industry and experienced management, considerable business integration with JSW Steel Limited, access to wide distribution network of JSW Steel Limited and high brand value and strong operational performance of the downstream steel Facilities of JSCPL. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The company can be considered normal 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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 AA- (SO)
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	04.11.2014

Rating Agency Name	CARE
Rating	Short term bank facilities A1+ (SO)
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	04.11.2014

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 DECLINED

Management non cooperative (91-22-4286100)

LOCATIONS

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

Factory 1 :	A-10/1, MIDC Industrial Area, Kalmeshwar District, Nagpur-441501, Maharashtra, India
Tel No.:	91-711-827112527

Factory 2 :	Tarapur and Vasind (District - Thane)

DIRECTORS

As on 08.09.2014

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 :

16.08.2013

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	Whole-time director	07-05-2014	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	16-08-2013	01-06-2013	-	Active	NO

Name :

Mr. Dileep Kashinath Bhatt

Designation :

Whole time Director

Address :

2001 20^th Floor, Jayshree CHS, Navy Nagar Liberty Garden Malad ( West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

10.07.1958

Date of Appointment :

01.11.2013

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	Whole-time director	01-11-2013	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 :

16.08.2013

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	16-10-2013	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	16-08-2013	01-06-2013	19-08-2013	Active	NO
10	U51990MH1973PTC016285	ALLANASONS Private Limited	Managing director	01-03-2014	01-03-2014	-	Active	NO
11	U24120MH1985PTC036812	HORNBELL CHEMICALS AND PLASTICS PRIVATE LIMITED	Director appointed in casual vacancy	31-03-2014	31-03-2014	-	Active	NO
12	U15130MH1994PTC078317	TIFFANY PROCESSED FOODS PRIVATE LIMITED	Director appointed in casual vacancy	31-03-2014	31-03-2014	02-02-2015	Active	NO
13	U63010MH1980PTC023083	PHOENICIA TRAVEL AND TRANSPORT PRIVATE LIMITED	Director appointed in casual vacancy	31-03-2014	31-03-2014	-	Active	NO
14	U15100MH1980PTC022602	ALLANA FELDA INDIA PRIVATE LIMITED	Director appointed in casual vacancy	31-03-2014	31-03-2014	-	Active	NO
15	U51900MH1980PTC022955	ALLANA IMPORTS AND EXPORTS PRIVATE LIMITED	Director appointed in casual vacancy	31-03-2014	31-03-2014	-	Active	NO
16	L74999MH1929PLC001503	IVP LTD	Director	13-11-2014	13-11-2014	-	Active	NO

Name :

Mr. Rajeev Madhusudan Pai

Designation :

Director

Address :

Flat No. 104 10^th Floor, Shravan – A, Tarangan Society, Pokhran Road No.1, Near Cadbury Complex, Thane (West) - 400606, Maharashtra, India

Date of Birth/Age :

15.01.1962

Date of Appointment :

08.09.2014

DIN No.:

00045604

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	U18101GJ1994PTC074551	ARAS OVERSEAS PRIVATE LIMITED TFR. FROM MAHARASHTRA TO DELHI	Director	21-06-2001	21-06-2001	28-05-2008	Active	NO
2	U67120GJ1994PTC067337	WACHOVIA INVESTMENTS PRIVATE LIMITED TFR. FROM MUMBAI TO DELHI	Director	21-06-2001	21-06-2001	28-05-2008	Active	NO
3	U74899GJ1983PLC067290	GAGAN TRADING COMPANY LIMITED TFR. FROM MUMBAI TO DELHI	Director	14-01-2002	14-01-2002	-	Active	NO
4	U72200MH2003PTC143356	JINDAL TECHNOLOGIES AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	05-08-2004	05-08-2004	22-08-2012	Active	NO
5	U74920GJ1993PLC069400	JINDAL STEEL & ALLOYS LIMITED	Director	02-09-2004	02-09-2004	03-05-2014	Active	NO
6	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	21-08-2006	21-08-2006	02-03-2010	Active	NO
7	U72200KA2006PLC040034	JSOFT SOLUTIONS LIMITED	Director	07-11-2007	24-09-2007	-	Active	NO
8	U28112MH2009PLC191045	JSW SEVERFIELD STRUCTURES LIMITED	Director	24-07-2012	08-09-2011	-	Active	NO
9	U45200MH2008PLC180608	JSW BUILDING SYSTEMS LIMITED	Director	23-07-2012	23-04-2012	-	Amalgamated	NO
10	U74900MH2011PTC222152	JSW MI STEEL SERVICE CENTER PRIVATE LIMITED	Director	14-09-2012	22-06-2012	-	Active	NO
11	U27100MH1985PLC037346	JSW STEEL COATED PRODUCTS LIMITED	Director	08-09-2014	19-08-2013	-	Active	NO
12	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	01-11-2014	28-12-2013	-	Active	NO
13	U13100WB2014PLC199846	BARBIL IRON ORE COMPANY LIMITED	Director	29-01-2014	29-01-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh C R
Designation :	Secretary
Address :	14, Laulik CHS. Oswal Park, 2^nd Pokhran Road, Majiwade, Thane (West) – 400601, Maharashtra, India
Date of Birth/Age :	04.01.1979
Date of Appointment :	27.06.2013
PAN No.:	AGEPR2983F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.09.2014

Names of Shareholders		No. of Shares
Hemant P. Shete		10
Prabhat Kumar Patel		10
Jagminder Dass Jindal		10
Dileep K. Bhatt		10
Sanjay Goel		10
Jagminder Dass Jindal		10
Amarjit Singh Dahiya		10
JSW Steel Limited		50049930
Total		50050000

Equity Share Break up (Percentage of Total Equity)

As on 08.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of manufacture and sale of Iron and Steel Products.

Products :

Item Code No.

Product Description

72070000

72080000

72090000

72100000

MS Slabs

Hot Rolled Coils/Plates/Sheets

Cold Rolled Coils/Sheets

Galvanized Coils/Sheets

Colour Coating Coils/Sheets

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	8500.000	0.000
Short-term borrowings
Working capital loans from banks	2550.200	0.000
Total	11050.200	0.000

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Block - B-2 5^th, Floor, Nirlon, Knowledge, Park ,Off Western East, Highway ,Georegaon (East) Mumbai – 400063, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9180N

Memberships :	Not Available

Collaborators :	Not Available

Holding company :	JSW Steel Limited, INDIA (L27102MH1994PLC152925)

Fellow Subsidiary company :	Amba River Coke Limited, INDIA (U23100MH1997PLC110901)

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Gagan Trading Company Limited, India (U74899GJ1983PLC067290) Jindal Steel And Power Limited, India (L27105HR1979PLC009913) Jindal Saw Limited, India (L27104UP1984PLC023979) Jindal Stainless Limited, India (L26922HR1980PLC010901) JSOFT Solutions Limited, India (U72200KA2006PLC040034) JSW Energy Limited, India (L74999MH1994PLC077041) JSW Projects Limited, India (U74999MH2006PLC163924) JSW Structural Metal Decking Limited, India (U28112MH2009PLC197954) JSW Power Trading Company Limited, India (U40100MH2005PLC154613) JSW Cement Limited, India (U26957MH2006PLC160839) JSW Jaigarh Port Limited, India (U45205MH2007PLC166784) Raj Westpower Limited, India (U31102MH1996PLC185098) Sapphire Technologies Limited, India (U72900MH2000PLC129020) JSW Realty and Infrastructure Private Limited, India (U02710MH2003PTC187132)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

55000000	Equity Shares	Rs.10/- each	Rs.550.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50050000	Equity Shares	Rs.10/- each	Rs.500.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	500.500	0.500	0.500
(b) Reserves & Surplus	13963.400	(0.074)	(0.083)
(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)	14463.900	0.426	0.417

(3) Non-Current Liabilities
(a) long-term borrowings	8683.600	0.000	0.000
(b) Deferred tax liabilities (Net)	1711.300	0.000	0.000
(c) Other long term liabilities	0.000	0.007	0.007
(d) long-term provisions	171.400	0.000	0.000
Total Non-current Liabilities (3)	10566.300	0.007	0.007

(4) Current Liabilities
(a) Short term borrowings	2550.200	0.000	0.000
(b) Trade payables	9120.400	0.000	0.000
(c) Other current liabilities	3319.100	0.000	0.000
(d) Short-term provisions	342.600	0.002	0.000
Total Current Liabilities (4)	15332.300	0.002	0.000

TOTAL	40362.500	0.435	0.424

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19964.700	0.000	0.000
(ii) Intangible Assets	54.600	0.000	0.000
(iii) Capital work-in-progress	1152.400	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	43.900	0.249	0.249
(c) Deferred tax assets (net)		0.000	0.000
(d) Long-term Loan and Advances	775.700	0.000	0.000
(e) Other Non-current assets	0.800	0.000	0.000
Total Non-Current Assets	21992.100	0.249	0.249

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9878.100	0.000	0.000
(c) Trade receivables	1669.100	0.000	0.000
(d) Cash and cash equivalents	543.700	0.186	0.175
(e) Short-term loans and advances	4998.300	0.000	0.000
(f) Other current assets	1281.200	0.000	0.000
Total Current Assets	18370.400	0.186	0.175

TOTAL	40362.500	0.435	0.424

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	88425.500	0.025	0.008
	Other Income	468.100	0.000	0.000
	TOTAL (A)	88893.600	0.025	0.008

Less	EXPENSES
	Cost of Materials Consumed	72304.800	0.000	0.000
	Purchases of Stock-in-Trade	158.500	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(443.100)	0.000	0.000
	Employees benefits expense	1830.500	0.000	0.000
	Other expenses	11269.700	0.000	0.000
	Exceptional items before tax	177.500	0.014	0.022
	TOTAL	85297.900	0.014	0.022

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3595.700	0.011	(0.014)

Less	FINANCIAL EXPENSES	1050.800	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2544.900	0.011	(0.014)

Less/ Add	DEPRECIATION/ AMORTISATION	1646.200	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX	898.700	0.011	(0.014)

Less	TAX	387.300	0.002	0.000

	PROFIT/ (LOSS) AFTER TAX	511.400	0.009	(0.014)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.100)	(0.100)	(0.100)

Less	Total Appropriations	113.100	0.000	0.000

	Balance Carried to the B/S	398.200	(0.091)	(0.114)

	Earnings / (Loss) Per Share (Rs.)	31.54	0.18	(0.28)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.58	36.00	(175.00)

Operating Profit Margin (PBIDT/Sales)	(%)	4.07	44.00	(175.00)

Return on Total Assets (PBT/Total Assets}	(%)	2.29	5.91	(8.00)

Return on Investment (ROI) (PBT/Networth)		0.06	0.03	(0.03)

Debt Equity Ratio (Total Debt /Networth)		0.78	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.20	93.00	1.42

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	500.500
Reserves & Surplus	(0.083)	(0.074)	13963.400
Net worth	0.417	0.426	14463.900

long-term borrowings	0.000	0.000	8683.600
Short term borrowings	0.000	0.000	2550.200
Total borrowings	0.000	0.000	11233.800
Debt/Equity ratio	0.000	0.000	0.777

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.008	0.025	88425.500
		212.500	3537,01,900.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.008	0.025	88425.500
Profit	(0.014)	0.009	511.400
	(175.00)%	36.00%	0.58%

LOCAL AGENCY FURTHER INFORMATION

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

NOTE:

Registered office has been shifted from Jindal Mansion, 5A G D Deshmukh Marg, Mumbai-400026, Maharashtra, India to the present address w.e.f. 18.07.2013.

FINANCIAL HIGHLIGHTS

The Gross Turnover and Net Turnover for the year under review was Rs.93525.600 Million and Rs.88124.800 Million, respectively. The Operating EBITDA was Rs.3305.100 Million and operating EBIDTA margin was3.74%. The Net Profit after Tax stood at Rs.511.400 Million.

The net worth of the Company is Rs.14463.900 Million as on March 31, 2014. The Company’s net debt gearing (Debt Equity Ratio) is at 0.78 (total debt Rs.11251.200 Million) and net debt to EBIDTA is at 2.98 as on March 31, 2014.

SCHEME OF AMALGAMATION

A ‘Composite Scheme of Arrangement and Amalgamation’ under Sections 391-394 of the Companies Act, 1956 (the “Scheme”) amongst the Company, JSW Steel Limited (“JSWSL”), JSWISPAT Steel Limited (“JSWISPAT”) and JSW Building Systems Limited (“JSW Building”)and their respective shareholders and creditors was sanctioned by the Hon’ble Bombay High Court vide its Order dated May 3, 2013. The Appointed Date is July 1, 2012. The said Scheme became effective from June 1, 2013, consequent to the filing of High Court Order with the Registrar of Companies

PROSPECTS

Persistent weakness in demand from key end-users industries kept the domestic steel consumption at a meagre 0.5% during the first 9 months of FY14. There was a decline in steel consumption in the country in Q3FY14. On the other hand, increase in production growth rates by major steel producers resulted in a domestic steel production growth of around 5%. This necessitated higher steel exports which was supported with favourable exchange rate conditions. As a result the Company increased its exports during the year by 174728 MT (increase of 31% over the previous year). Domestic steel consumption is also witnessing gradual growth and is expected to grow further in FY15 with enhanced focus on improving infrastructure.

PROJECTS AND EXPANSION PLANS

The following major projects were executed during the year:

· Commissioned Dual Pot Galvanizing (GI) cum Galvalume (GL) Line at Tarapur having an installed capacity of 0.2 MTPA.

· Up-gradation of Cold Rolling Mill 2 at Tarapur, increasing its capacity from 0.075 MTPA to 0.1 MTPA.

· Upgradation of existing HR Slitter and Pickling Line at Tarapur, increasing its capacity from 0.3 MTPA to 0.48 MTPA. Railway siding project was completed during the year at Vasind. This has facilitating bulk movement of material through rail.

· Commissioned Colour Coating Line 2 having an annual installed capacity of 0.075 MTPA at Vasind.

· Upgradation of existing Cold Rolling Mill (TM-1) at Tarapur to state-of-art mill for rolling up to 1,350 mm width. Mill capacity has increased from 0.075 MTPA to 0.225 MTPA.

· Commissioned Colour Coating Line 2 at Kalmeshwar with an annual installed capacity of 0.12 MTPA.

Project under Implementation

· Cold Rolling Mill with a capacity of 0.21 MTPA at Kalmeshwar.

With the successful commissioning of above projects, the production capacity for galvanizing cum galvalume products and colour coated products is now 1.705 MTPA and 0.693 MTPA, respectively.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483623	31/12/2014 *	7,600,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower 'E', Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	C40396822
2	10483634	31/12/2014 *	9,800,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower 'E', Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	C40396475

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred payment liabilities	183.600	0.000
Total	183.600	0.000

FIXED ASSETS

Land
Office Building
Others Plant and Equipment’s
Furniture and Fixture
Motor Vehicles
Computers Equipment’s

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.64.04
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RSM

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--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		66

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 unfavorable 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.

MIRA INFORM REPORT

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