MIRA INFORM REPORT

Report Date :

06.01.2011

IDENTIFICATION DETAILS

Name :	ADANI POWER LIMITED
Registered Office :	Shikhar Building, 9^th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmedabad – 380009, Gujarat, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.08.1996
Com. Reg. No.:	04-30533
CIN No.: [Company Identification No.]	L40100GJ1996PLC030533
TAN No.: [Tax Deduction & Collection Account No.]	AHMA01102D
PAN No.: [Permanent Account No.]	AABCA2957L
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged in the power trading business across the country and also aiming to enter into power transmission in a big way.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 231985000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Adani Group. It is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DENIED BY

Name :	Mr. Shyam Bodhankar
Designation :	Accounts Manager
Contact No.:	91-79-25556900
Date :	03.01.2011

LOCATIONS

Registered Office :	Shikhar Building, 9^th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565555/ 25555795/ 255507134
Fax No.:	91-79-26565500/ 25555608/ 6161/ 25557177
E-Mail :	info@adanigroup.com rcshah@adanigrup.com ipo.power@adanipower.com digish.shah@adanipower.com
Website :	http://www.adanipower.com
Corporate Address:	7^th Floor, Sambav Building (Sambav Press), Judges Bunglow Road, Bodakdev, Ahmedabad - 380015, Gujarat, India
Tel No.:	91-79-25556927/ 6985
Fax No.:	91-79-26873335

DIRECTORS

As on 30.09.2010

Name :	Mr. Gautham S. Adani
Designation :	Chairman Cum Managing Director
Address :	“Shantivan”, B.h Karnavt Club, Gandhinagar- Srkhej Highway, Ahmedabad-380057, Gujarat, India
Date of Birth/Age :	24.06.1962
Date of Appointment :	26.12.2005
Name :	Mr. Rajesh S Adani
Designation :	Managing Director
Address :	15, Suryaja Bunglows, B/h Sunrise Park, Near Amaltas Bunglow, Vastrapur, Ahmdebad-380054, Gujarat, India
Date of Birth/Age :	07.12.1964
Date of Appointment :	12.06.2007
Name :	Mr. Ameet H. Desai
Designation :	Director
Address :	A-403, Pratishtha Appartment, Bodkadev, Ahmdeabad-380054, Gujarat, India
Date of Birth/Age :	04.10.1963
Date of Appointment :	26.12.2005
Name :	Mr. Chinubhai R Shah
Designation :	Director
Address :	402, Heritage Crescent, B/h Prahaldnagar Garden, Near Jain Derasar, S.G. Highway, Ahmedabad-380051, Gujarat, India
Date of Birth/Age :	04.06.1937
Date of Appointment :	25.04.2008

KEY EXECUTIVES

Name :	Mr. Rahul C. Shah
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Particulars	No. of Shares	Percentage Of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1,531,440,000	70.25
Sub Total	1,531,440,000	70.25
(2) Foreign
Bodies Corporate	70,878,997	3.25
Sub Total	70,878,997	3.25
Total shareholding of Promoter and Promoter Group (A)	1,602,318,997	73.50
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	27,821,627	1.28
Financial Institutions / Banks	18,463,218	0.85
Foreign Institutional Investors	190,086,424	8.72
Sub Total	236,371,269	10.84
(2) Non-Institutions
Bodies Corporate	83,858,822	3.85
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 millions	46,669,370	2.14
Individual shareholders holding nominal share capital in excess of Rs. 0.100 millions	13,997,061	0.64
Any Others (Specify)	196,819,681	9.03
Trusts	13,251	-
Non Resident Indians	1,164,096	0.05
Foreign Nationals	1,316,868	0.06
Foreign Corporate Bodies	193,139,342	8.86
Directors & their Relatives & Friends	379,880	0.02
Clearing Members	806,244	0.04
Sub Total	341,344,934	15.66
Total Public shareholding (B)	577,716,203	26.50
Total (A)+(B)	2,180,035,200	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
Total (A)+(B)+(C)	2,180,035,200	-

BUSINESS DETAILS

Line of Business :

Subject is engaged in the power trading business across the country and also aiming to enter into power transmission in a big way.

GENERAL INFORMATION

No. of Employees :

Not divulged by the management

Bankers and financial

institutions :

• Allahabad Bank
• Andhra Bank
• Axis Bank Limited
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Corporation Bank
• Dena Bank
• Development Credit Bank Limited
• ICICI Bank Limited
• Indian Infrastructure Finance Company Limited
• Indian Overseas Bank
• Industrial Development Bank of India
• Jammu & Kashmir Bank Limited
• Life Insurance Corporation of India
• Oriental Bank of Commerce
• Power Finance Corporation Limited
• Punjab National Bank
• Punjab & Sind Bank
• Rural Electrification Corporation Limited
• Small Industries Development Bank of India
• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of India
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Saurashtra
• State Bank of Travancore
• Syndicate Bank
• Tamilnad Mercantile Bank Limited
• UCO Bank
• Union Bank of India
• United Bank of India
• Yes Bank Limited
• IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loans
From Banks	21526.484	14829.631
From Financial Institution	4471.834	4165.382
Bills Discounted under Letters of Credit (To be converted into term Loan)	64230.518	21901.852
Bills Discounted under Letters of Credit (To be converted into Cash Credit)	1777.212	0.000
Total	92006.048	40896.865
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks	4685.000	9000.000
From a Company	800.000	0.000
Out of the above loans, payable within twelve months is Rs. 5485.000 Millions
Total	5485.000	9000.000

Note:

1. Secured Loans aggregating to Rs. 28097.763 Millions(As at 31st March, 2009 - Rs. 24780.088 Millions) are secured by first mortgage and charge on all immovable and movable assets, both present and future of Phase I & Phase II, on pari passu basis.

2. Secured Loans aggregating to Rs.3000.000 Millions (As at 31st March, 2009 - Nil) (Subordinate Debt) are secured by second mortgage and charge on all immovable and movable assets, both present and future of Phase I & Phase II.

3. Secured Loans aggregating to Rs. 1777.212 Millions (As at 31st March, 2009 - Nil) is secured by first charge on all immovable and movable assets , both present and future of Phase I on pari passu basis:

4. Secured Loans aggregating to Rs. 30337.359 Millions (As at 31st March, 2009 - Rs.15429.677 Millions) are secured by first mortgage and charge on all immovable and movable assets, both present and future of Phase III.

5. Secured Loans aggregating to Rs.687.100 Millions (As at 31st March, 2009 - Rs. 687.100 Millions) (Subordinate Debt) are secured by second mortgage and charge on all immovable and movable assets, both present and future of Phase III

6. Secured Loans aggregating to Rs. 25569.040 Millions (As at 31st March, 2009 - Nil) are secured by first charge by way of hypothecation on all movable assets, both present and future of Phase IV.

7. Secured Loans aggregating to Rs.1000.000 Millions (As at 31st March, 2009 - Nil) (Subordinate Debt) are secured by second charge by way of hypothecation on all movable assets, both present and future of Phase IV.

8. Secured Loans aggregating to Rs. 1537.574 Millions (As at 31st March, 2009 - Nil) are secured by first charge by way of hypothecation on all movable assets, both present and future of Transmission Line Project.

9. The above Secured Loans are further secured by pledge of 886,106,331 Equity Shares of the Company through execution of Pledge Agreement with Adani Enterprises Limited as :
• First charge for Secured Loans from banks aggregating to Rs. 840,043.32 Millions (As at 31st March, 2009 - Rs.40209.765 Millions); and
• Second charge for Secured Loans from banks aggregating to Rs. 46,871.00 Millions (As at 31st March, 2009 - Rs.687.100 Millions).

10. Out of above Loans, payable within 12 months is Rs.2596.818 Millions (As at 31st March 2009 - Nil )

Banking Relations :	-
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India
Holding Company:	Adani Enterprises Limited L51100GJ1993PLC019067
Subsidiaries :	Adani Power Maharashtra Private Limited (APMPL) U40101GJ2007PLC050506 Adani Power Rajasthan Limited U40104GJ2008PLC052743 Adani Power Dahej Limited U40100GJ2006PLC047672 Mundra Power Sez Limited U40108GJ2008PLC055342 Adani Power (Overseas) Limited
Fellow Subsidiaries:	Adani Power Maharashtra Limited • Adani Power Rajasthan Limited Adani Power Dahej Limited Adani Pench Power Limited Mundra Power SEZ Limited Kutchh Power Generation Limited Adani Power (Overseas) Limited, UAE Adani Shipping Private Limited, Singapore Adani Power Private Limited, Singapore Rahi Shipping Private Limited, Singapore Vanshi Shipping Private Limited, Singapore

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000000	Equity Share	Rs.10/- each	Rs. 25000.000 Millions
500000000	Cumulative Compulsorily Convertible Participatory Preference Shares	Rs. 10/- each	Rs. 5000.000 Millions
	Total		Rs. 30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2180035200	Equity Share	Rs.10/- each	Rs. 21800.352 Millions

Note:

1. 1531440000 (AS at 31^st March 2009 – 1531440000) shares are held by Adani Enterprises Limited, the Holding Company and its nominees.

2. 32059002 shares of Rs. 10/- each were allotted at a premium of Rs. 36.78 each on conversion of 0.01% cumulative compulsorily Convertible Participatory Preference Shares.

3. 787313868 shares were allotted during the year 2008-09 as fully paid up bonus shares by capitalization of share premium accounts.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		21800.352	18419.762	7020.833
2] Share Application Money		0.000	0.599	360.599
3] Reserves & Surplus		36195.967	4516.640	6979.167
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57996.319	22937.001	14360.599
LOAN FUNDS
1] Secured Loans		92006.048	40896.865	10111.742
2] Unsecured Loans		5485.000	9000.000	0.000
TOTAL BORROWING		97491.048	49896.865	10111.742
DEFERRED TAX LIABILITIES		119.878	0.000	0.000
TOTAL		155607.245	72833.866	24472.341
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26528.844	3256.977	74.767
Capital work-in-progress		97874.488	55930.822	22219.907
INVESTMENT		7465.806	2721.436	832.269
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.193	0.000	0.000
	Sundry Debtors	2562.989	0.000	0.000
	Cash & Bank Balances	10266.676	4941.632	1917.850
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13424.953	4741.933	1750.742
Total Current Assets		26349.811	9683.565	3668.592
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11574.327	4984.999	3878.612
	Other Current Liabilities	966.496	458.881	212.004
	Provisions	30.907	9.196	5.915
Total Current Liabilities		12571.730	5453.076	4096.531
Net Current Assets		13778.081	4230.489	[427.939]
MISCELLANEOUS EXPENSES		0.000	96.712	9.620
Provision for Development Expenses		9960.026	6597.430	1763.717
TOTAL		155607.245	72833.866	24472.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Revenue from Power Supply	4348.609	0.000	NA
		Other Income	319.284	0.000	NA
		TOTAL (A)	4667.893	0.000	NA
Less	EXPENSES
		Fuel Cost	1667.138	0.000	NA
		Transmission, Selling, Administration and Staff Cost	235.564	28.167	NA
		TOTAL (B)	1902.702	28.167	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2765.191	(28.167)	NA
Less	FINANCIAL EXPENSES (D)		376.703	0.000	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2388.488	(28.167)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		353.463	0.000	NA
	PROFIT BEFORE TAX (E-F) (G)		2035.025	(28.167)	NA
Less	TAX (I)		327.012	0.000	NA
	PROFIT AFTER TAX (G-I) (J)		1708.013	(28.167)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(28.167)	0.000	NA
	BALANCE CARRIED TO THE B/S		1679.846	(28.167)	NA
	IMPORTS
		Capital Goods	61643.687	21552.451	7260.298
	TOTAL IMPORTS		61643.687	21552.451	7260.298
	Earnings Per Share (Rs.)		0.82	(0.02)	--

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010 1^st Quarter	30.09.2010 2^nd Quarter
Net Sales	3531.410	3951.690
Total Expenditure	1399.290	1856.710
PBIDT (Excl OI)	2132.120	2094.980
Other Income	78.560	505.710
Operating Profit	2210.680	2600.690
Interest	432.820	772.950
Exceptional Items	0.000	0.000
PBDT	1777.860	1827.730
Depreciation	279.110	358.490
Profit Before Tax	1498.750	1469.240
Tax	353.970	210.770
Provisions and contingencies	0.000	0.000
Profit After Tax	1144.780	1258.470
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	1144.780	1258.470

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	36.59	--	--
Net Profit Margin (PBT/Sales)	(%)	46.80	--	--
Return on Total Assets (PBT/Total Assets}	(%)	3.85	(0.22)	--
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	--
Debt Equity Ratio (Total Liability/Networth)		1.90	2.41	0.99
Current Ratio (Current Asset/Current Liability)		2.09	1.77	0.89

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	11574.327	4984.999	3878.612
Total	11574.327	4984.999	3878.612

Financial Highlights:

The Company together with its subsidiaries currently has eight power projects with a combined installed capacity of 13,200 MW, out of which 660 MW has been commissioned, 9900 MW is under implementation and 2640 MW is at the planning stage. The Company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis.

The detailed Operational Performance of the Company has been comprehensively discussed in the Management

Discussion and Analysis Report which forms part of Directors' Report.

Subsidiary Companies:

During the year, Adani Pench Power Limited. (earlier known as Adani Power MP Limited.) was incorporated as wholly owned subsidiary of the company.

During the year, the company acquired Kutchh Power Generation Limited. and Adani Shipping Private Limited., Singapore by purchase of all shares of respective companies at face value. Subsequently Adani Shipping Private Limited., Singapore incorporated Rahi Shipping Private Limited., Singapore and Vanshi Shipping Private Limited., Singapore as its wholly owned subsidiary companies.

MANAGEMENT DISCUSSION AND ANALYSIS :

SECTOR OVERVIEW

1.1 Power Generation in India

After a lackluster performance in the Ninth Plan when the GDP grew only at 5.5% per annum, a growth of 7.6% in the Tenth Plan was impressive. Also, for the FY04-07, a GDP growth higher than 8% per annum was achieved. With this consistently high growth rate on a sustainable basis, India has emerged as one of the fastest growing economies in the world. In order to attain an envisaged GDP growth rate of 9% for the Eleventh Plan and the Prime Minister's target of double digit growth rate for the Twelfth Plan, power sector must move at 8% to 9% annual growth rate. The total power generation in the country during FY10 was 771.2 Billion Units (BUs) as against the target of 789.5 BUs, about 2.30% below-target1. The annual growth in the energy generation during the year has been 6.6% against the CAGR of 5.2% during the period 2001-02 to 2009-101.The installed generation capacity in the country, as on 31st March, 2010 was 1,59,398 MW1. The primary source of fuel for power generation in India is still coal. The current generation capacity mix by ownership is as given in the following chart.

1.2 Details of Capacity Addition

The Indian power sector has historically been characterized by demand-supply gap which has been increasing over the years. During the Eleventh Plan period (FY08-12) the Government of India (Gol) was targeting capacity addition of 78,577 MW1. As per Central Electricity Authority (CEA) assessment, a total capacity of 62,374 MW is likely with a high level of certainty, and an additional capacity of 12,590 MW may materialize on best effort basis during the 11th Plan. The actual addition has been only 22,300 MW1 (as on 31st March, 2010) and it is estimated that final addition for the plan will not be more than 50,000 MW. In FY09, peak energy deficit was at 12%1. This figure for FY10 has increased to 13.3% as per CEA's provisional numbers. India's peak power shortage is projected to further rise in coming years. As per the report on 17th Electric Power Survey (EPS) of India published by CEA, the projected peak electricity demand in FY12 and FY17 will be 1,52,746 MW and 2,18,209 MW respectively. As per the estimates of CEA, the capacity addition target for the Twelfth Plan (FY13-17) should be about 1 ,07,000 MW to meet the demand prospects of the 17th EPS.

1.3 Fuel Availability for Power Generation

With about 84,198 MW1, i.e. 52.82% of the installed capacity, contributed by coal based power plants, coal remains a key fuel for power generation. As per the Mid-Term Appraisal of the Eleventh Plan, it is estimated that the coal demand for FY12 would be about 713 Million Tonnes (MT), out of which 520 MT would be required for the Power sector. Against this, as per the Annual Report of Ministry of Coal for FY10, the indigenous availability is estimated to be about 630 MT, out of which 486 MT is to be supplied from Coal India Limited (GIL). A likely gap of 83 MT would 'be met through imports, of which about 60 MT would be required for the Power sector.

For the 11th Plan power projects, the Ministry of Power recommends coal linkage to the Ministry of Coal based mainly on subjective estimates of clearances obtained, construction progress at site and placement of equipment orders. However, for the 12th Plan power projects, a coal linkage policy has been finalized by the Ministry of Power defining the sector-wise priority and the pre-qualification criteria for coal linkage2. As per this policy 60% of the coal available would be earmarked for the Central and State sector projects, including the projects based on tariff based competitive bidding (Case-ll), 35% of the coal available will be earmarked for the Independent Power Projects (IPP) and balance 5% will be earmarked for the Captive Power Projects (CPP).

The improved gas availability at the gas power plants, due to allocation of gas from Krishna – Godavari (KG) D-6 basin, resulted in a high growth rate of 32.56% in the electricity generated from gas based power plants1. Gas was allocated first to the fertilizer units and then to the existing power projects likely to be commissioned during FY10. With the increase in the number of applications for setting up gas based projects, Ministry of Power is in the process of finalizing gas allocation policy for the 12^th Plan projects defining the sector-wise priority and the pre-qualification criteria for gas linkage, As per :, the estimates of CEA, for the 12th .Plan projects, there will be an additional gas requirement of 90 MMSCMD for a capacity addition of about 25,000 MW at 70% PLF. Considering the expected growth in the gas based power projects, there might be a shortage of domestically produced Liquefied Natural Gas (LNG), which may have to be reduced by importing LNG or Re-liquefied Natural Gas (RLNG), thus increasing the costs of setting, up these projects.

1.4 Latest Developments in Power Sector Policies

Central Electricity Regulatory Commission (CERC's) FY09-14 Tariff Norms and Regulations

The base rate of Return on Equity (RoE) was raised from 14% (post-tax) to 15.5% to be grossed up with normal tax rate as applicable to the concarried utility in order to make the sector more attractive to developers/Also, there is an additional 0.5% RoE if projects commissioned within given timelines. Incentives were linked to plant availability factor instead of PLF for thermal power plants.

Mega Power Project Policy2

Policy guidelines for setting up mega power projects Were revised in FY10 to smoothen the procedures. A thermal power project of capacity 1000 MW or more is eligible to gain benefits of this policy. As per the recent amendment, mandatory condition of; inter-state sale of power for getting mega power project status has been removed. Also, mega; power projects can sell power outside the long term Power Purchase Agreement (PPA) in accordance/with the National Electricity Policy (NEP), 2005 and Tariff policy, 2006. For projects having requisite power tied up through tariff based competitive bidding, it is no longer required to procure the equipments for the project through International Competitive Bidding (ICB).

Restructured - Accelerated Power Development and Reforms Programme (R-APDRP)

The APDRP launched in the 10th-Plan was continued in the 1tth Plan modified and renamed as R-APDRP with the main objective of bringing about actual, demonstrable reduction in Aggregate Technical and Commercial (ATandC) losses thus improving the quality and reliability of power supply. Apart from this the introduction of open access, formulation of guidelines for Competitive Bidding of tariff, setting up of and increasing the powers'6f Central and State Regulatory Commissions, restructuring of State Electricity Boards (SEBs) into separate generation, transmission and distribution entities, and facilitation of trading of surplus capacity has invited more players to the power sector.

1.5 Transmission

The transmission segment has a major role in achieving the ambitious targets set for capacity addition as an efficient transmission capacity and network will prove essential to transfer power from generating stations to distribution networks. The sector has moved towards integrated system planning because generation capacities are distributed unevenly in different regions. As on 31st March, 2010, India has 2,36,467 circuit km (ckt km) of transmission lines, of which 1,28,099 ckt km is of 220 kV voltage level and 97,353 ckt km is of 400 kV voltage level; and transmission substation size of 3,18,752 Mega Volt Ampere (MVA), of which 1,89.125 MVA capacity for 220 kV voltage level and 1,16,427 MVAfor400 kV voltage level1. The existing inter-regional power transfer capacity is around 20,800 MW, and is targeted to be raised to 37,750 MW by FY121and3. Successful competitive bidding for Ultra Mega Power Plants (UMPPs) has lead to bidding of high capacity transmission lines. Power Grid Corporation of India Ltd, (PGCIL) is working on the planned set up of a national power grid to facilitate transfer of power within the different regions in India by FY12. This grid will support the inter-regional energy transfer and will exploit the country's unevenly distributed energy resources. Creation of high capacity "Transmission Highways" is being planned to address the existing constraints. PGCIL notes that these plants need to be progressively commissioned from 2011, at a total estimated cost of Rs. 580000.000 Millions. As per the Power Finance Corporation (PFC) presentation on financing of power sector at the "International Conclave on Key inputs for Accelerated Development of Indian Power Sector for 12^th Plan and Beyond", an investment of about Rs. 1400000.000 Millions has been estimated in the transmission sector for the 11th Plan.

1.6 Distribution

India has a Transmission and Distribution (T and D) network of 6.6 million circuit km - the third largest in the world. Distribution is the key segment of the electricity supply chain. Distribution segment is characterized by wide dispersal of network over large areas with long lines, high consumer density, high cost of supply, unmetered flat rate supply to farmers, non-metering (due to high cost and practical difficulties), higher rate of growth of load, cross-subsidies, large number of unauthorized connections and power theft. The biggest challenge of the power sector is the high T and D losses. With increased private sector participation, consumer awareness, improved demand side management and prevention of theft there can be marked decrease in the losses. The last few years have seen increased participation of private sector in the distribution sector with distribution licenses for several cities already 'provided to the private sector. With R-APDRP large number of initiatives have been introduced with the objective of reducing the AT and C losses to below 15% by FY12, compared to a national average of about 32% at present. As per the Power Finance Corporation (PFC) presentation on financing of power sector at the "International Conclave on Key inputs for Accelerated Development of Indian Power Sector for 12th Plan and Beyond", an investment of about Rs. 2870000.000 Millions has been estimated in the distribution sector for the 11th Plan.

1.1 Power Trading

With a view to promote optimum utilization of resources and encourage competition, Electricity Act 2003 (EA 2003) recognized "Power Trading" as a distinct licensed activity. As on 31st March, 2010 CERC has granted 45 inter-state trading licenses. In order to further increase competition and liquidity in the power market, power exchanges have been set up. Indian Electricity Exchange (IEX) and Power Exchange India Limited (PXIL) are the on line satellite connected exchanges supporting trading through a transparent price discovery mechanism.

In FY10, 33.91 BUs were traded in the country representing around 4.4% of the total power generation in the country6. Of the total transactions 7.086 BUs, representing around 0.92% of the total power generation in the country, were traded through the Power Exchanges, 6.17 BUs were traded through IEX and 0.91 BUs were traded through PXIL6. For FY10, Weighted Average Price for the power transacted through traders was Rs. 5.26 per kWh and through power exchanges was Rs. 4.99 per kWh6.

1.2 Renewable Energy

Taking in to consideration the growing threat of climate change, the need to develop domestic supply options to the maximum extent and the need to diversify energy sources, renewable energy sources remain important to India's energy sector. Renewable Energy accounted for 9.74%, i.e. 15,521 MW, of the total installed capacity upto FY10, of which Wind power accounted for about 70%, Small Hydro power accounted for about 16%, power from bagasse based Cogeneration accounted for about 8.33%, whereas Solar power, Biomass power, etc. accounted for the remaining capacity addition1 and 7.

In FY10, Gol took various steps to increase the share of power from renewable sources and to utilize the huge potential in this sector. The Jawaharlal Nehru National Solar Mission-(JNNSM) was launched . with the ambitious target of achieving 20,000 MW of grid connected-power from solar energy by FY227. CERC issued new guidelines for tariff determination for all renewable energy sources to give further impetus to the development of this sector. A new scheme on Generation Based Incentive (GBI) was introduced for the wind power projects and a similar scheme is under development for the solar power projects as well7. Most of the SERCs have specified the Renewable Purchase Obligations (RPOs) - percentage of electricity to be purchased by the distribution companies from renewable energy sources as specified under EA 2003. National Action Plan on Climate Change (NAPCC) stipulated that minimum RPO may be set at 5% of the total power purchased in the year 2010 and thereafter be increased by 1% each year for 10 years.

REVIEW OF COMPANY'S BUSINESS

The company together with its subsidiaries currently has eight power projects with a combined installed capacity of 13,200 MW, out of which 660 MW has been commissioned, 9900 MW is under implementation and 2640 MW is at the planning stage. The company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis.

1. The power projects of 4620 MW capacity being developed at Mundra, Gujarat are as follows:

1. Mundra Phase I and II Power Project (Mundra I and II) will have four coal-fired, sub-critical generation units of 330 MW each, with combined capacity of 1,320 MW. The first two 330 MW units of Mundra Phase I power project were commissioned in October 2009 and March 2010, respectively. For the period from October 2009 to March 2010, unit 1 operated at an average PLF of 93% and at an average availability of 98%, generating 1335 units of electricity. The Boiler, Turbine and Generator (BTG).package and Balance of Plant (BoP) for the power project have been awarded. A power off-take agreement has been executed with Gujarat Urja Vikas Nigam Limited (GUVNL) for supply of 1000 MW for a period of 25 years.

2. Mundra Phase III Power Project (Mundra III) will have two coal-fired, super-critical generation units of 660 MW each, with combined capacity of 1,320 MW. The engineering, procurement and construction (EPC) contract for Mundra III has been awarded. A power off-take agreement has been executed with GUVNL for supply of 1,000 MW for a term of 25 years. However, the company has terminated the Mundra III PPA, pursuant whereto GUVNL has filed a petition before the Gujarat Electricity Regulatory Commission (GERC) for adjudication of the dispute.

3. Mundra Phase IV Power Project (Mundra IV) will have three coal fired, super-critical generation units of 660 MW each, with combined capacity of 1,980 MW. The EPC contract for Mundra IV has been awarded. The first, 660 MW unit of Mundra IV is expected to be commissioned by August 2011, and the power project is expected to be fully commissioned by April 2012. Power off-take agreements have been executed with Uttar Haryana Bijli Vitran Nigam Limited (UHBVNL) and Dakshin Haryana Bijli Vitran Nigam Limited (DHBVNL) for the supply of a total of 1,424 MW of power for a term of 25 years. In addition, environmental clearances for 2640 MW Mundra Power Projects have been received from Ministry of Environment and Forest (MoEF), Gol. Land requirement for implementation of all the Mundra Power Projects has been fulfilled. In order to meet consumptive and cooling water requirements sea water will be utilised. A dedicated 433 km double circuit 400 kV transmission line with a capacity to wheel up to 1,000 MW of power, connecting to the grid of the Power Grid Corporation of India Limited (PGCIL) at Dehgam, Gandhinagar has been commissioned in July 2009 for evacuation of surplus power from the Mundra Power Project. Construction of a dedicated 986 km 500 kV high voltage direct current transmission line with a capacity to wheel up to 2,500 MW of power, from Mundra IV up to Haryana Vidyut Prasaran Nigam Limited (HVPNL) substation at Mohindergarh, Haryana, is under progress. Coal requirement for the projects has been fulfilled from both domestic and imported coal. In FY11, additional capacity of 1320 MW is expected to be commissioned and by FY12 entire 4620 MW capacity is expected to be commissioned.

2. The power projects of 3300 MW capacity being developed at Tiroda, Maharashtra are as follows:

1. Tiroda I and II Power Project (Tiroda I and II), being developed by Adani Power Maharashtra Limited (APML), a subsidiary of the company, will have three coal fired, super-critical generation units of 660 MW each, with a combined capacity of 1,980 MW. The BTG package and the BoP package for the power project have been awarded. A power off-take agreement has been executed with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for sale of 1,320 MW of electricity for a term of 25 years.

2. Tiroda III Power Project (Tiroda III), which is also being developed by APML, will have two coal-fired, super-critical generation units of 660 MW each, with a combined capacity of 1,320 MW. The BTG package for the power project has been awarded. A power off-take agreement has been executed with MSEDCL for sale of 1,200 MW of electricity for a term of 25 years at a tariff having a non-escalable component and an escalable component with yearly escalationas notified by CERC escalation indexes from time to time. In addition, sufficient land for implementing the Tiroda power projects has been leased on a long term basis. Water requirement for both the projects has been fulfilled. The environmental clearances for the power projects have been received from MoEF, Gol. Construction of a 200 km 440 kV double circuit transmission line with a capacity to wheel 1,000 MW of power, from Tiroda to Warora in Maharashtra, is under progress. Coal requirement for 1980 MW projects has been fulfilled from domestic sources and an application for coal linkage to meet the balance coal requirement has been made. In FY12, a capacity of 1980 MW is expected to be commissioned and by FY14 entire 3300 MW capacity is expected to be commissioned.

3. The power project of 1320 MW capacity being developed at Kawai, Rajasthan is as follows:

Kawai Power Project, being developed by Adani Power Rajasthan Limited (APRL), a wholly-owned subsidiary, will have two super-critical generation units of 660 MW each, with a combined capacity of 1,320 MW. The BTG package for the power project has been awarded. A power purchase agreement has been executed with Jaipur Vidyut Vitran Nigam Limited, Ajmer Vidyut Vitran Nigam Limited and Jodhpur Vidyut Vitran Nigam Limited for the procurement of 1,000 MW power and an additional 200 MW (subject to approval of the Rajasthan Electricity Regulatory Commission) for a term of 25 years at a tariff having a non-escalable component and an escalable component with yearly escalation as notified by CERC escalation indexes from time to time.

In addition, land and water requirement for the implementation of the Kawai power project has been fulfilled. The terms of reference have been obtained from MoEF, Gol and an environmental impact assessment study is currently under progress. An application for coal linkage to meet the requirements of the Kawai power project has been made. By FY14, entire 1320 MW capacity is expected to be commissioned.

4. The power project of 1320 MW capacity being developed at Chhindwara, Madhya Pradesh is as

follows:

Chhindwara Power Project, being developed by Adani Pench Power Limited (Adani Pench), a wholly owned subsidiary, pursuant to a Letter of Intent (Lol), from Madhya Pradesh Power Trading Company Limited (M.P. Tradeco) to set up a 1,320 MW thermal power project based on super critical technology. A notice inviting tenders for EPC works has been floated.

In addition, land and water required for the implementation of the Chhindwara power project have been reserved. An application for coal linkage to meet the requirements of the Chhindwara power project has been made. By FY15 entire 1320 MW capacity is expected to be commissioned.

5. The power project of 2640 MW capacity under planning at Dahej, Gujarat is as follows:

Dahej Power Project, proposed to be developed by Adani Power Dahej Limited, a wholly-owned Subsidiary, will be a coal-based power project with an aggregate capacity of 2,640 MW. The terms of reference have been obtained from MoEF, Gol and an environmental impact assessment study is currently under progress. A notice inviting tenders for EPC works has been floated. An application for coal linkage to meet the requirements of the Dahej power project has been made.

FINANCIAL PERFORMANCE OF THE COMPANY

1.1 Standalone Financial Performance

During FY10, the company recorded a total income of Rs. 4667.900 Millions, of which income from the sale of power was Rs. 4348.600 Millions and other income was Rs. 319.300 Millions.

For the year FY10, Earnings Before Interest, Depreciation, Tax and Amortization (EBIDTA) was Rs. 2446.000 Millions.

For the year FY10, Depreciation was Rs. 353.400 Millions, Interest and Finance charges were Rs. 376.700 Millions and Profit Before Tax (PBT) was Rs. 2035.000 Millions.

Profit After tax (PAT) was Rs. 1708.000 Millions, with a Net Profit margin of 39% and basic Earnings Per Share (EPS) of Rs. 0.82.

During FY10, the equity share capital increased to Rs. 21800.300 Millions, subsequent to the Initial Public Offering (IPO). As on 31st March, 2010 the networth of the company was Rs. 57996.300 Millions.

Net Block of the company was Rs. 26528.800 Millions on account of capitalization of 660 MW Mundra phase I power project.

Contingent Liabilities not provided for in respect of:

Particulars	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Estimated amount of contracts remaining to be executed on capital account and not provided for	0.000	124908.725
Guarantees issued by the company’s bankers on behalf of the company	5113.752	4138.000
Letter of Credit facilities provided by banks	17128.543	6179.524
Bonds submitted to Development commissioner on behalf of Government of India	37714.247	22867.178

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2010

Particulars	30.09.2010 Quarter ended	30.09.2010 Half year ended
Income
a) Net Sales / Income from Operations	3951.692	7482.535
b) Other Operating Income	0.000	0.000
Total Operating Income	3951.692	7482.535
Expenditure
(a) Fuel Cost	1575.676	2673.946
(b) Staff Cost	69.614	134.858
(c) Depreciation	358.493	637.603
(d) Other Expenditure	211.421	446.636
Total Expenditure	2215.204	3893.043
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	1736.488	3589.492
Other Income	187.605	187.605
Profit/(Loss) before Interest and Exceptional items	1924.093	3777.097
Interest	454.853	809.114
Profit / (Loss) after interest before Exceptional items	1469.240	2967.983
Exceptional Items	0.000	0.000
Profit / (Loss) From Ordinary activities before Tax	1469.240	2967.983
Provision for Taxation
- Current tax	0.000	0.000
- Deferred tax	210.769	564.737
Net Profit/(Loss) From Ordinary activities after Tax	1258.471	2403.246
Extraordinary Items	0.000	0.000
Net Profit/(Loss) for the period	1258.471	2403.246
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	21800.352	21800.352
Reserves (Excluding Revaluation Reserves)	--	--
Public Share Holding
Before Extraordinary Items
-Basic and Diluted	0.58	1.10
After Extraordinary Items
-Basic and Diluted	0.58	1.10
Average of Public Share Holding
- Number of Shares	577716203	577716203
- Percentage of shareholding	26.50%	26.50%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	886106331	886106331
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	55.30%	55.30%
- Percentage of shares(as a % of the total share capital of the company)	40.65%	40.65%
b) Non-encumbered
- Number of Shares	716212666	716212666
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	44.70%	44.70%
- Percentage of Share (as a % of the total share capital of the company)	32.85%	32.85%

NOTES :-

1. Statement of Assets and Liabilities on 30th September. 2010

	Rs in Millions
Particulars	Quarter ended
	As on 30.09.2010
	(Unaudited)
SHAREHOLDERS FUNDS
Share Capital	21800.352
Reserves & Surplus	38592.555
LOAN FUNDS	156220.929
DEFERRED TAX LIABILITIES	684.615
TOTAL	217298.451
FIXED ASSETS	169507.911
INVESTMENT	19660.860
CURRENT ASSETS, LOANS & ADVANCES
Inventories	308.057
Sundry Debtors	2493.630
Cash & Bank Balances	6947.067
Loans & Advances	34911.385
Less : CURRENT LIABILITIES & PROVISIONS
Current Liabilities	16493.060
Provisions	37.399
Net Current Assets	28129.680
TOTAL	217298.451

2. The above standalone results have been reviewed by the Audlt Committee and approved by the Board of Directors in their respective meetings held on 25th October. 2010.

3. During the quarter. the Company has added 330 MW to its power generating capacity. Thus bringing the total capacity to 990 MW.

4. The Statutory Auditors have carried out a Limited Review of the Standalone Financial Results for the quarter ended on 3Mh September, 2010.

5. All income and expenditure relating to projects, which are under execution, have been accounted for under the head Project Development Expenditure.

6. The Initial Public Offer (IPO) proceeds have been utilised as per objects of the issue as stated in the prospectus as under :

(Rs. in Millions)

Amount Received from IPO	30165.203 Millions
Utilisation of funds upto 30^th September, 2010	Projected	Actual
Funding to part finance the construction and development cost of the following identified projects :
Mundra Phase – IV (3660 MW)	11530.000	11529.700
Investment in subsidiary namely “Adani Power Maharashtra Limited” by way of equity	10400.000	10126.484
General Corporate Purposes	7590.000	7589.500
Issue Expenses	645.203	539.261
Total	30165.203	29784.945
Unutilized amount represented by :
Investments		350.000
Bank Balance		30.258
Total		30165.203

As on 30th September, 2010, unutilised funds have been temporarily invested in interest bearing liquid instruments including deposits with banks and other financial instruments.

7. The Company's activities during the quarter ended 30th September. 2010 revolve around Power Generation and setting up of Power Projects Considering the nature of me Company’s business and operations, there is/are no reportable segments (business and/or geographical) in accordance with the requirement of Accounting Standard 17 - 'Segment Reporting', issued by the Institute of Chartered Accountants of India (ICAI).

8. There were no Investors' complaints pending as on 1st July. 2010. Complaints received and disposed off during the quarter were 78. Hence no investors complaints were lying unresolved as on 30th September. 2010.

9. Interest expenditure is net of interest Income of Rs. 318.102 Millions. Rs. 396.660 Millions and Rs. 258.591 Millions respectively for the quarter ended 30th September. 2010. for the six months ended 30th September. 2010 and previous year ended 31st March. 2010.

10. The figures of previous year/period have been regrouped / reclassified wherever necessary.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10131213
Corporate identity number of the company	U40100GJ1996PLC030533
Name of the company	ADANI POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	Shikhar Building, 9^th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmedabad – 380009, Gujarat, India
Type of charge	· Book Debts · Movable Property · Floating Charge · Uncalled Share Capita · Immovable Property · Any Interest in immovable property · Others · Calls made but not paid · Goodwill · Patent, license under a patent · Trademark · Copyright or license under a copyright
Particular of charge holder	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Modification Agreement to Deed of Mortgage executed on the 22^nd June, 2009, by Adani Power Limited (The Borrower) in favour of IDBI Trusteeship Services Limited (the security trustee)
Date of instrument Creating the charge	22.06.2009
Amount secured by the charge	Rs. 44540.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rates of interest applicable to each of the facilities (namely, Senior Rupee Facility, Subordinate Rupee Facility and ECB Facility) Terms of Repayment The borrower shall repay the Senior Rupee Facility, Subordinate Rupee Facility and the ECB facility in accordance with such terms of repayment and in such installments Margin Not Applicable
Short particulars of the property charged	As described in clause 3 of the Deed of Mortgaged executed on the 6^th day of Margh, 2009, by Borrower in favour of Security Trustee.
Date of latest modification prior to the present modification	30.05.2009
Particulars of the present modification	By execution of Modification Agreement to the Deed of Mortgage, dated 22^nd June, 2009, the charge is modified to secure the senior rupee facility amount of Rs. 10000.000 Millions sanctioned by power finance corporateion limited in substraction of the External Borrowing Facility (ECB) amount to Standard Chartered Bank for the same amount.

 Fixed Assets:

· Leasehold Land

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Railway Siding

· Computer

· Office Equipments

· Electrical Installation

· Vehicles

Website details:

Board of Directors:

Mr. Gautam S. Adani

Mr. Gautam S. Adani is the Chairman and founder of the Adani Group. Under his leadership, Adani Group has emerged as a diversified conglomerate with interests in international trading, infrastructure development, power generation and distribution, development of special economic zones, gas distribution, trading and business process outsourcing. His unparalled expertise in international trade, solution oriented approaches, innovation and endurance in an increasingly competitive and rapidly expanding trading market has seen the Adani Group metamorphose itself from a trading house to an infrastructure builder and basic utility provider.

Mr. Rajesh S. Adani

Mr. Rajesh S. Adani is the Managing Director of the Company. He has been associated with Adani Enterprises Limited since its incorporation in 1988. At present he is the Managing Director of Adani Enterprises Limited and Adani Power Limited. He brings his vast experience in variety of Management functions ranging from Finance, Marketing and Business Development, Legal aspects of business and organization building for the development of Adani Power Limited. He has a Bachelor of Commerce (B. Com) degree from the Gujarat University.

Mr. R.K. Gupta

Mr. R.K. Gupta is a whole-time Director of the Company. He holds a bachelors degree in electrical engineering and has experience in setting up and operation of coal and other fuel based power plants. He has earlier worked as Director (Technical) of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited and Chairman and Managing Director of Rajasthan Rajya Vidyut Utpadan Nigam Limited. During his career, he has commissioned several power units successfully.

Mr. Ameet H. Desai

Mr. Ameet H. Desai is a Director of the Company. He has more than 20 years of experience in the field of corporate finance, projects and M & A (Mergers and Acquisitions). Prior to joining Mundra Port and Special Economic Zone Limited in 2005, he was Vice President – M & A and Business Planning for Ranbaxy Laboratories Limited. He established the M & A team at Ranbaxy Laboratories Limited and, during his tenure with this pharmaceutical company, Ameet Desai led and completed four cross border acquisitions. He was a team member for a global licensing transaction and led the divestment of allied business of Ranbaxy Laboratories Limited. He was also responsible for the business planning function at Ranbaxy Laboratories Limited, besides being a member of various executive committee and other panels. He has also worked at Core Healthcare Limited where he was involved in corporate finance, restructuring and operations.

He holds a Bachelor degree in Business Administration from Sardar Patel University, Vallabh Vidhyanagar, where he secured first rank. He also holds an MBA with specialization in Finance from the B.K. School of Management, Gujarat University, Ahmedabad, where he was a national merit scholar.

Mr. Vijay Ranchan

Mr. Vijay Ranchan is an independent director of the Company. He holds master’s degree in arts (English Literature) from Punjab University. He is a retired Indian Administrative Service. He has previously worked for Gujarat Agro Industries Corporation, Gujarat Industrial Investment Corporation, Gujarat Fisheries Central Co-operation Association, Gujarat Industries Power Company Limited, Gujarat State Power Corporation, Gujarat Fisheries Development Corporation, Gujarat Mineral Development Corporation and Gujarat Industrial Development Corporation.

Mr. Surendra Kumar Tuteja

Mr. Surendra Kumar Tuteja is an independent director of the Company. He holds a master’s degree in commerce from the Shriram College of Commerce, Delhi and is a qualified company secretary. He is a retired Indian Administrative Service official belonging to the Punjab cadre and has served the Government of India and the Government of Punjab in various capacities.

He was the Principal Secretary, Industries and Commerce and Principal Secretary, Finance with the Government of Punjab. He retired as Secretary, Department of Food and Public Distribution, Government of India in 2005. Mr. Tuteja is presently the Chairman of Swaraj Mazda Limited and Abhishek Industries Limited. He was awarded the Dayanand Munjal award in 1992 as “Manager of the Year” by the Ludhiana Management Association.

Mr. B. B. Tandon

Mr. B. B. Tandon is an independent director of the Company. He holds a master’s degree in arts and LLB degree from Delhi University and is a certified associate of the Indian Institute of Bankers. He has served the Government of India, State Government of Himachal Pradesh and State Electricity Board of Himachal Pradesh. As Principal Secretary (Power) and Chairman, H.P. State Electricity Board, he initiated the policy of private sector participation in the execution of hydel projects in Himachal Pradesh and various projects in the state.

Mr. Chinubhai R. Shah

Mr. Chinubhai R. Shah is an independent director of Company. He has obtained a master’s degree in arts from the Gujarat University. He has also acquired a master degree in law with a gold medal from the Gujarat University. He is a fellow member of the Institute of Company Secretaries of India and has been conferred life fellowship of the All India Management Association. He has been the president of the Gujarat Chamber of Commerce and Industry, the All India Management Association and the Institute of Company Secretaries of India.

 PRESS RELEASE :

Adani Power Limited has synchronized first supercritical unit of 660 megawatt at Mundra in Kutch district of Gujarat. With synchronization of this unit, APL's coal fired thermal generation capacity stands at 1980 MW, making Aadani power the third largest power generating company in private sector. This 660 MW unit has a unique distinction, it is the world’s first supercritical  technology based project to be certified for Carbon Credit under United Nation’s Framework on Climate Change.

Gautam Adani, Chairman Adani Group said “I am pleased as we have successfully synchronized country’s first 660 MW super critical unit at Mundra today. With this historic step, we have achieved an important milestone for the power business.  The supercritical technology will make the operation efficient and in turn preserve environment. We are expecting that the subsequent units will be in operation in rapid succession”.

APL is setting up 4620 MW coal fired power plant at Mundra, consisting of four units of 330 MW and five units of 660 MW, the 660MW units are based on energy efficient and environment friendly super critical technology.  On completion of this power project in March 2012, Mundra Power Plant will become the largest coal fired station in India and one of the top five in the world. The financial closure of the entire 4620 MW project at Mundra has already been achieved.

The company has made arrangements for evacuating power from the Mundra power station by laying 400 kV Mundra to Dehgam transmission line in Gujarat covering 430 KM length  and ±500 kV HVDC line from Mundra to Mohindergarh covering  1000 KM length. 

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.45.20
UK Pound	1	Rs.70.27
Euro	1	Rs.59.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.