MIRA INFORM REPORT

Report No. :	350011
Report Date :	24.11.2015

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) :	31.03.2015 (Partial Details)
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
IEC No.:	0313016321
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 :	Subject is engaged in manufacturing and processing of flat steel products with cold rolling facilities and surface coating with zinc, zinc-aluminium alloys and paints.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-45	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviors :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a 100% subsidiary of JSW Steel Limited. JSW Steel Limited is the flagship company of JSW Group, which in turn is part of the O.P Jindal Group. The JSW group has presence across various sectors, such as steel, energy, minerals, ports and infrastructure, cement, etc. JSW Steel Coated Products Limited (JSCPL) facilities are located in Maharashtra-Kalmeshwar (District Nagpur), Tarapur and Vasind (District Thane). It’s having satisfactory track record. The company possesses a decent financial profile marked by strong networth base along with fair liquidity and increased in cash level. However, the company has incurred losses from its operation in FY15. The rating also takes into consideration strength from the prominent promoters with significant presence in the Indian steel industry and experienced management. The rating also takes into consideration with the rising stress in the steel sector, JSW Group has had no trouble meeting its debt obligations so far. Trade relations are fair. Business is active. Payment are slow and delayed. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 : AA- (SO)
Rating Explanation	High degree of safety and very low credit risk.
Date	30.10.2015

Rating Agency Name	CARE
Rating	Short term bank facilities : A1+ (SO)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	30.10.2015

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 31-03-2015.

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 :	located at: Thane, Mahrashtra, India

DIRECTORS

As on 31.03.2015

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. 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	U67120GJ1994PTC067337	Wachovia Investments Private Limited tfr. from mumbai to delhi	Director	21/06/2001	21/06/2001	28/05/2008	Active	NO
2	U18101GJ1994PTC074551	ARAS OVERSEAS PRIVATE LIMITED tfr. from maharashtra 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 AND 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

Name :

Mr. Jugal Kishore Tandon

Designation :

Director

Address :

B-201 Mon Repos 45, H K Bhabua Road Lands End, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Appointment :

15.09.2015

DIN No.:

01282681

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	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	19/07/2007	27/03/2007	-	Amalgamated	NO
2	U13100TZ2005PLC011939	TAMILNADU IRON ORE MINING CORPORATION LIMITED	Director	22/09/2007	27/03/2007	-	Active	NO
3	U27106MH2007PLC170160	JSW Bengal Steel Limited	Director	20/09/2014	20/04/2007	-	Active	NO
4	U26957MH2006PLC160839	JSW CEMENT LIMITED	Additional director	31/03/2015	06/06/2007	-	Active	NO
5	U27310MH2007PLC171405	JSW JHARKHAND STEEL LIMITED	Director	16/09/2015	07/06/2007	-	Active	NO
6	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	22/11/2007	22/11/2007	21/02/2009	Active	NO
7	U45200MH2008PLC180608	JSW BUILDING SYSTEMS LIMITED	Director	28/03/2008	28/03/2008	23/04/2012	Amalgamated	NO
8	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Director	23/05/2009	26/09/2008	23/09/2013	Active	NO
9	U85110KA1995PTC018868	JSW Praxair Oxygen Private Limited	Nominee director	30/09/2008	29/09/2008	09/03/2010	Active	NO
10	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	02/06/2009	23/10/2008	01/06/2010	Active	NO
11	U74900MH2010PLC202725	JSW TECHNO PROJECTS MANAGEMENT LIMITED	Director	31/10/2011	30/06/2011	20/02/2014	Active	NO
12	U27106MH1985PLC169768	MITTAL CORP LIMITED	Director	28/09/2012	03/09/2012	20/02/2014	Active	NO
13	U01010MH2003PLC176595	JSW STEEL PROCESSING CENTRES LIMITED	Director	16/09/2015	26/03/2015	-	Active	NO
14	U27100MH1985PLC037346	JSW STEEL COATED PRODUCTS LIMITED	Director	15/09/2015	26/03/2015	-	Active	NO
15	U23100MH1997PLC110901	AMBA RIVER COKE LIMITED	Director	16/09/2015	31/03/2015	-	Active	NO
16	U27100GJ2008PLC064145	JSW Steel (Salav) Limited	Director	15/09/2015	31/03/2015	-	Active	NO
17	U28112MH2009PLC191045	JSW SEVERFIELD STRUCTURES LIMITED	Director	24/07/2015	20/07/2015	-	Active	NO

Name :

Ms. Anuradha Ambar Bajpai

Designation :

Director

Address :

206, Eureka Hiranandani Estate, Ghod Bunder Road, Thane - 400607, Maharashtra, India

Date of Appointment :

15.09.2015

DIN No.:

07128141

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	U27310MH2007PLC171405	JSW JHARKHAND STEEL LIMITED	Director	16/09/2015	26/03/2015	-	Active	NO
2	U01010MH2003PLC176595	JSW STEEL PROCESSING CENTRES LIMITED	Director	16/09/2015	26/03/2015	-	Active	NO
3	U27100MH1985PLC037346	JSW STEEL COATED PRODUCTS LIMITED	Director	15/09/2015	26/03/2015	-	Active	NO
4	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	30/09/2015	26/03/2015	-	Active	NO
5	U74899GJ1983PLC067290	GAGAN TRADING COMPANY LIMITED tfr. from mumbai to delhi	Director	26/09/2015	28/03/2015	-	Active	NO
6	U28112MH2009PLC191045	JSW SEVERFIELD STRUCTURES LIMITED	Director	24/07/2015	20/07/2015	-	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
Name :	Mr. Hemant Prabhakar Shete
Designation :	Chief Finance Officer
Address :	Flat No.403, Devpriya, 1st Pokhran Road, Thane-400606, Maharashtra, India
Date of Appointment :	06.05.2014
PAN No.:	ACLPS0095G
Name :	Ms. Deepti Amar Walawalkar
Designation :	Secretary
Address :	2/B-24, Amar Subway CHS, Milan Subway, Santacruz (West), Mumbai - 400054, Maharashtra, India
Date of Appointment :	26.03.2015
PAN No.:	ATRPG7608N

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, India	50049930
Total	50050000

As on 08.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and processing of flat steel products with cold rolling facilities and surface coating with zinc, zinc-aluminium alloys and paints.

Products :

Item Code No.	Product Description
72070000 72080000 72090000 72100000 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

Financial Institution:	SBICAP Trustee Company Limited, 202, Maker Tower 'E', Cuffe Parade, Mumbai – 400005, Maharashtra, India
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 (CIN No.: L27102MH1994PLC152925)
Fellow Subsidiary company :	· Amba River Coke Limited, India (CIN No.: 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 (CIN No.: U74899GJ1983PLC067290) · Jindal Steel And Power Limited, India (CIN No.: L27105HR1979PLC009913) · Jindal Saw Limited, India (CIN No.: L27104UP1984PLC023979) · Jindal Stainless Limited, India (CIN No.: L26922HR1980PLC010901) · JSOFT Solutions Limited, India (CIN No.: U72200KA2006PLC040034) · JSW Energy Limited, India (CIN No.: L74999MH1994PLC077041) · JSW Projects Limited, India (CIN No.: U74999MH2006PLC163924) · JSW Structural Metal Decking Limited, India (CIN No.: U28112MH2009PLC197954) · JSW Power Trading Company Limited, India (CIN No.: U40100MH2005PLC154613) · JSW Cement Limited, India (CIN No.: U26957MH2006PLC160839) · JSW Jaigarh Port Limited, India (CIN No.: U45205MH2007PLC166784) · Raj Westpower Limited, India (CIN No.: U31102MH1996PLC185098) · Sapphire Technologies Limited, India (CIN No.: U72900MH2000PLC129020) · JSW Realty and Infrastructure Private Limited, India (CIN No.: U02710MH2003PTC187132)

CAPITAL STRUCTURE

As on 08.09.2014

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]

(PARTIAL DETAILS)

FINANCIAL POSITION

Particular	31.03.2015
Share capital	500.500
Reserves and surplus	12625.140
Long-term borrowings	8293.970
Gross fixed assets	23269.780
Net fixed assets	19691.210
Current assets	17146.330
Current liabilities	10090.450
Net current assets	7055.880
Capital employed	21182.880
Net worth	309.630
Value added of company	6231.840
Net revenue from operations of company	88428.810
Profit before tax	(2226.400)

VALUE ADDITION AND DISTRIBUTION OF EARNINGS

Particular	31.03.2015
Gross revenue from operations of company	93515.980
Excise and other duties of company	5086.170
Net revenue from operations of company for value addition	8,8429.810
Export incentives of company	1735.300
Adjustments in work-in-progress and finished stocks of company	(1191.680)
Cost of materials consumed of company	71762.670
Cost of stores and spares consumed of company	1450.350
Cost of utilities of company	3495.220
Cost of other bought out inputs of company	6033.350
Total cost of bought out inputs of company	82741.590
Value added of company	6231.840
Other incomes of company	370.180
Extraordinary income	0.000
Earnings available for distribution	6602.020
To employees as salaries, wages, retirement benefits and others	2180.330
To shareholders as dividend	0.000
Funds retained by company	1858.670
To government as taxes	100.690
Extraordinary expenses	0.000
Other distribution of earnings	2462.330
Total distribution of earnings	6602.020

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	(0.100)	(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	0.400	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	0.000	0.007
(d) long-term provisions	171.400	0.000	0.000
Total Non-current Liabilities (3)	10566.300	0.000	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	0.000	0.000
Total Current Liabilities (4)	15332.300	0.000	0.000
TOTAL	40362.500	0.400	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	0.200	0.249
(c) Deferred tax assets (net)	0.000	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	0.200	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	0.200	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	0.200	0.175
TOTAL	40362.500	0.400	0.424

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	88425.500	0.000	0.008
	Other Income	468.100	0.000	0.000
	TOTAL (A)	88893.600	0.000	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	0.000	0.022
	TOTAL	85297.900	0.000	0.022
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3595.700	0.000	(0.014)
Less	FINANCIAL EXPENSES	1050.800	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2544.900	0.000	(0.014)
Less/ Add	DEPRECIATION/ AMORTISATION	1646.200	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	898.700	0.000	(0.014)
Less	TAX	387.300	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	511.400	0.000	(0.014)
	Earnings / (Loss) Per Share (Rs.)	31.54	0.18	(0.28)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	17.400	0.000	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(8032.900)	0.000	(0.016)
Net cash flow from operating activity	8074.100)	0.000	(0.016)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.58	0.00	(175.00)
Operating Profit Margin (PBIDT/Sales)	(%)	4.07	0.00	(175.00)
Return on Total Assets (PBT/Total Assets}	(%)	2.29	0.00	(8.00)
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	(0.03)
Debt Equity Ratio (Total Debt /Networth)		0.78	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.20	0.00	1.42

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	No
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

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 was Rs.93525.600 Million and Rs.88124.800 Million, respectively. The Operating EBITDA was Rs.3305.100 Million and operating EBIDTA margin was 3.74%. 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

NEWS/ ARTICLE

JSW STEEL IS NOW THE LARGEST STEEL MAKER IN INDIA

05.06.2015

Company reports higher revenue than SAIL and Tata Steel India in FY15, but lags both in profits

Sajjan Jindal-owned JSW Steel is now the largest steel maker in the country ahead of long-time market leader Steel Authority of India (SAIL). Last year, the company had overtaken Tata Steel to become the number two in the industry.

JSW Steel reported net sales of Rs 529710.000 Million in the year ended March against Rs.457100.000 Million reported by SAIL. In comparison, Tata Steel’s India operations reported net sales of Rs.336660.000 Million in the same period.

Including its global operations, however, Tata Steel remains the largest with revenue of Rs.1395030.000 Million. That’s the reason why Tata Steel is not losing much sweat over the rise of JSW. “Tata Steel remains the preferred choice for marquee customers and we sell every bit of steel that we produce in India,” said T V Narendran, chief executive officer of the India operations of Tata Steel, at the company's earnings conference.  

Analysts say the top slot in the domestic market in terms of revenues is a huge leg-up for JSW Steel and is the culmination of its long-term plan to close the capacity and product portfolio gap with its two larger peers. The company has been steadily raising its production capacity in the home market through brownfield expansion and strategic acquisitions.

JSW tops the industry in capacity utilisation, too. In the fourth quarter, it operated its plants at 90 per cent rated capacity. In comparison, Tata Steel India operated at 80 per cent capacity due to raw material shortage.  “JSW’s revenue run-rate clearly indicates that it had higher utilisation levels compared to its peers in the March quarter,” said an analyst with a local brokerage house.

State-owned SAIL had 19.500 million tonne capacity as on March 31, 2015, while 108-year old Tata Steel India can produce 10.000 million tonne steel at its Jamshedpur works. JSW Steel, on the other hand, has 14.300 million tonne capacity, making it the country's second largest steel producer after SAIL in terms of production capacity. Analysts, however, say a single quarter performance may be too short a period to judge whether JSW Steel can sustain its position at the top as the largest steel maker in the domestic market. Tata Steel is close to commissioning its 3 million tonne green field unit in Orissa while SAIL is raising its capacity to 23 million tonnes.

Also, JSW has a lot of ground to cover on profitability. At the operating level, Tata Steel India was the highest at Rs.80110.000 Million in the year ended March (down 35 per cent yoy), followed by JSW Steel, which witnessed a marginal fall of 0.25 per cent on a year-on-year basis to Rs.59670.000 Million. SAIL though showed a 19 per cent increase on year-on-year basis at the operating level to Rs.28580.000 Million in FY15.

In terms of net profits, JSW Steel is much lower than its peers. It recorded a net profit of Rs.17960.000 Million crore in FY15 (up 75 per cent from preceding year). SAIL saw its profits at Rs.21170.000 Million down 24 percent from same period last year on high finance cost. Tata Steel India led this list reporting a net profit at Rs.64390.000 Million.

INDIA'S JSW STEEL AVOIDS LOSS IN Q2

MUMBAI

Oct 21 India's JSW Steel Ltd reported an 84 percent fall in net profit for the July-September quarter as the steel sector continues to struggle with weak demand and high debts, but was able to avoid an expected loss after lowering expenses.

JSW Steel, which counts itself among the lowest cost steel producers in the world, reported a consolidated net profit of 1.17 billion rupees ($17.96 million) for the second quarter ended Sept. 30 versus 7.49 billion rupees a year ago.

Analysts had expected a loss of 1.65 billion rupees, according to data compiled by Thomson Reuters.

Net sales fell 21.5 percent to 107.43 billion rupees. ($1 = 65.1475 Indian rupees) (Reporting by Karen Rebelo in Mumbai; Editing by Subhranshu Sahu)

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.66.09
UK Pound	1	Rs.101.03
Euro	1	Rs.70.85

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		47

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.