MIRA INFORM REPORT

Report Date :

21.03.2011

IDENTIFICATION DETAILS

Name :	AVANTHA POWER AND INFRASTRUCUTRE LIMITED

Formerly Known As :	BILT POWER LIMITED

Registered Office :	Thapar House, 124, Janpath, New Delhi-110001

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	20.07.2005

Com. Reg. No.:	55-138906

CIN No.: [Company Identification No.]	U40101DL2005PLC138906

TAN No.: [Tax Deduction & Collection Account No.]	DELB09191A

PAN No.: [Permanent Account No.]	AACCB7469B

Legal Form :	A closely held Public Limited Liability Company.

Line of Business :	Manufacturer, exporter and importer of power generation plant.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 29000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an 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

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

INFORMATION DECLINED BY

Management non Co Operative (Name not Disclosed)

LOCATIONS

Registered Office/ Factory :	Thapar House, 124, Janpath, New Delhi-110001, India.
Tel. No.:	91-11-23368332
Mobile No.:	91-124-4392029 (Mr. Rajesh Parmar)
Fax No.:	91-11-23368729
E-Mail :	omkar.goswami@cergindia.com sandeep.pathak@avanthapower.com
Website :	http://www.avanthagroup.com
Area :	1000 sq. ft. (owned)

Corporate Office :	6^th and 7^th Floor, Valka City Point Opposite First India Place, M G Road, Gurgaon-122002, Haryana, India.
Tel. No.:	91-124-4392000/01
Fax No.:	91-124-4376996

Power Plant:	P O Ballarpur Paper Mills, Ballarpur Chandarpur 442901, Maharashtra, India

DIRECTORS

As on 15.06.2010

Name :	Mr. Hariharan Bhuthalingam
Designation :	Director
Address :	D-2/3, Vasant Vihar, New Delhi-110057, India
Date of Birth/Age :	18.04.1957
Date of Appointment :	12.06.2006

Name :	Mr. Anil Bhargava
Designation :	Director
Address :	D-79, Naraina Vihar, New Delhi-110028, India
Date of Birth/Age :	16.11.1951
Date of Appointment :	12.06.2006

Name :	Mr. Omkar Goswami
Designation :	Director
Address :	E-121, Masjid Moth, Greater Kailash-III, New Delhi-110048, India.
Date of Birth/Age :	29.08.1956
Date of Appointment :	27.10.2009

Name :	Mr. Sawhney Nandlal Diwan
Designation :	Director
Address :	C-325, Defence Colony, New Delhi-110024, India.
Date of Birth/Age :	16.04.1953
Date of Appointment :	12.06.2006

Name :	Mr. Sudhir Mohan Trehan
Designation :	Director
Address :	501-502, Lotus Lal, Kamal Building, 9^th North South Road, JVPD Scheme, Vile Parle West, Mumbai-400056, Maharashtra, India.
Date of Birth/Age :	18.12.1946
Date of Appointment :	14.12.2006

Name :	Mr. Vinayak Chatterjee
Designation :	Director
Address :	E-2278 Palam Vihar, Gurgaon-122017, Haryana, India.
Date of Birth/Age :	30.08.1959
Date of Appointment :	08.01.2007

Name :	Mr. Prabhakar Keshaorao Kukde
Designation :	Director
Address :	122 Telecom Nagar, Near Pratap Nagar, Nagpur-440022, Maharashtra, India.
Date of Birth/Age :	12.06.1943
Date of Appointment :	08.01.2007

Name :	Mr. Subhash Chander Jhanji
Designation :	Director
Address :	Flat No. 303, Tower -17, Heritage City M.G. Road, Gurgaon-122002, Haryana, India.
Date of Birth/Age :	02.10.1947
Date of Appointment :	17.08.2007

Name :	Mr. Rahul Rana
Designation :	Director
Address :	240 E 90^th Street, PHE, New York-10128, United States of America.
Date of Birth/Age :	02.07.1963
Date of Appointment :	22.02.2010

Name :	Mr. Vinesh Kumar Jairath
Designation :	Director
Address :	194-B, Kalpataru Horiz, S.K. Ahire Marg, Worli, Mumbai-400018, Maharashtra, India.
Date of Birth/Age :	27.12.1958
Date of Appointment :	25.06.2008

Name :	Mr. Nicholas Charles Deterding
Designation :	Director
Address :	Waterden Farm, Walsin Gham, Norfolk-NR 226AT, United Kingdom.
Date of Birth/Age :	16.06.1959
Date of Appointment :	11.05.2010

KEY EXECUTIVES

Name :	Mr. Sandeep Pathak
Designation :	Company Secretary
Address :	C-1/132 Yamuna Vihar, New Delhi-110053, India.
Date of Birth/Age :	12.04.1980
Date of Appointment :	08.01.2007

Name :	Mr. Rajesh Parmar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.06.2010

Names of Shareholders	No. of Shares
Shalini Sehgal	10
Archana Pandit	10
Sandeep Pathak	10
Akhil Mahajan	10
P.K. Ravindaranadhan	10
Deepak Bansal	10
Rajeev Ranjan Vederah C/O ABN Amro Bank	300000
Sawhney Nandlal Diwan	150000
Crompton Greaves Limited Company, Mumbai, India	206363636
Gautam Thapar	19584000
Bilt Paper Holdings Limited, Chandraur, India	74214667
Ballarur Industries Limited, Gurgaon, India	8372750
Solaris Industrial Chemicals Limited, New Delhi, India	130000000
Bilt Graphic Paper Products Limited, Chandrapur, India	30211250
Salient Financial Solutions Limited, New Delhi, India	182002363
Rajat Gupta	200000
Anl Bhargava	1000000
Subhash Chander Jhanji	200000
Mahanand Jha	200000

Total	652798726

As on 15.06.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	96.69
Directors or relatives of directors	0.15
Other top fifty shareholders	3.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and importer of power generation plant.

Products :	Power and Steam

Terms :
Selling :	Cash

Purchasing :	Cash

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity
Power	MW	165
Steam	MT	8904672

GENERAL INFORMATION

Customers :

End Users, OEM’s

No. of Employees :

500

Bankers :

ING Vysya Bank Limited, Narain Manzil, Ground Floor Shop No. G1 to G5, 1^st Floor, Shop No. 1001 to 1007, Barakhamba Road, New Delhi-110001, India.
Axis Bank Limited, Statesman House, 148, Barakhamba Road, New Delhi-110001, India.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Long Term Loans
From Banks	1191.770	1589.934
From Others	3040.344	1500.000
Short Term Loan
From Banks	200.000	200.000
Total	4432.114	3289.934

Unsecured Loan
From Company	200.000	0.000
From Bank (Working Capital Loan)	0.000	50.000
Total	200.000	50.000

Note:

The long terms loans are secured by way of first pari passu charge on all the fixed assets and current assets of the company.
The short term loan is secured by way of subsequent charge on the current assets and movable fixed assets of the company.


Banking Relations :	--

Auditors :
Name :	K.K. Mankeshwar and Company Chartered Accountant
Address :	Kingsway Nagpur-440001, Maharashtra, India.
Tel. No.:	91-712-2554223/6629946/47
Fax No.:	91-712-6613404/6629948
E-Mail :	mail@kkmindia.com

Holding Company:	Solaris Industrial Chemicals Limited (U24119DL2003PLC122993) Bilt Paper Holdings Limited (U21019DL1975PLC198598)

Subsidiaries :	Jhabua Power Limited (U40105WB1995PLC068616) Korba West Power Company Limited (U40102MP1995PLC009177) TKS Developers Limited (U15520WB1992PLC056993) Gleneagles Healthcare Holdings Private Limited (U65993DL2005PLC141334) Jhabua Power Investments Limited (U74999DL2005PLV141334) Malanpur Captive Power Limited (U74909DL2005PLC131985)

CAPITAL STRUCTURE

As on 15.06.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
652798726	Equity Shares	Rs.10/- each	Rs.6527.987 Millions

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		6527.987	2380.260	700.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		772.891	194.697	170.406
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7300.878	2574.957	870.406
LOAN FUNDS
1] Secured Loans		4432.114	3289.934	2164.974
2] Unsecured Loans		200.000	50.000	0.000
TOTAL BORROWING		4632.114	3339.934	2164.974
DEFERRED TAX LIABILITIES		125.691	55.939	30.799
OTHERS		2.732	0.000	0.000

TOTAL		12061.415	5970.830	3066.179

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5488.704	2166.328	2187.400
Capital work-in-progress		47.986	2392.590	479.045

INVESTMENT		1902.567	69.282	48.582
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	245.370	321.147	196.440
	Sundry Debtors	408.400	445.669	240.480
	Cash & Bank Balances	59.400	65.815	2.719
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4787.051	1305.781	351.935
Total Current Assets		5500.221	2138.412	791.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	735.520	692.040
	Other Current Liabilities	17.149	6.118	357.101
	Provisions	143.636	97.799	83.584
Total Current Liabilities		896.305	795.957	440.685
Net Current Assets		4603.917	1342.455	350.889

MISCELLANEOUS EXPENSES		18.242	0.175	0.263

TOTAL		12061.415	5970.830	3066.179

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4532.796	3266.805	2765.674
		Other Income	2.964	9.628	20.263
		TOTAL (A)	4535.760	3276.433	2785.937

Less	EXPENSES
		Generation Cost	3399.620	2617.330	2112.995
		Personnel cost	151.842	111.948	127.358
		Administration, Selling and Miscellaneous costs	103.414	70.005	97.109
		Preliminary expenses amortised	0.175	0.087	0.087
		TOTAL (B)	3655.051	2799.370	2337.549

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		880.709	477.063	448.388

Less	FINANCIAL EXPENSES (D)		382.508	186.359	175.916

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		498.201	290.704	272.472

Less/ Add	DEPRECIATION/ AMORTISATION (F)		255.272	127.958	125.320

	PROFIT BEFORE TAX (E-F) (G)		242.929	162.746	147.152

Less	TAX (H)		79.508	64.610	55.378

	PROFIT AFTER TAX (G-H) (I)		163.421	98.136	91.774

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		184.543	170.406	94.402

Less	APPROPRIATIONS
		Capitalization by way of issue of bonus shares	0.000	84.000	5.769
	BALANCE CARRIED TO THE B/S		347.964	184.542	170.406

	IMPORTS
		Coal	110.409	0.000	NA
		Stores & Spares	6.548	3.667	NA
		Capital Goods	249.406	0.000	NA
	TOTAL IMPORTS		366.363	3.667	NA

	Earnings Per Share (Rs.)		0.43	0.78	1.31

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.60	2.99	3.29

Net Profit Margin (PBT/Sales)	(%)	5.36	4.98	5.32

Return on Total Assets (PBT/Total Assets}	(%)	2.21	3.78	4.94

Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.17

Debt Equity Ratio (Total Liability/Networth)		0.76	1.61	2.99

Current Ratio (Current Asset/Current Liability)		6.14	2.69	1.80

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Micro and small enterprises	1.056	0.476	NA
Capital goods	61.906	276.556	NA
Others	672.558	415.008	NA
Total	735.520	692.040	NA

Financial Performances:

During the year turnover increased by 38.4% on standalone basis and 40.4% on consolidated basis, EBIDTA by 84.6% on standalone basis and 89.2% on consolidated basis, PBT increased by 49.3% on standalone basis and 57% on consolidated basis, and PAT increased by 66.6% on standalone basis and 72.6% on consolidated basis.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U40101DL2005PLC138906
Name of the company	AVANTHA POWER AND INFRASTRUCUTRE LIMITED
Address of the registered office or of the principal place of business in India of the company	Thapar House, 124, Janpath, New Delhi-110001, India.
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	ING Vysya Bank Limited, Narain Manzil, Ground Floor Shop No. G1 to G5, 1^st Floor, Shop No. 1001 to 1007, Barakhamba Road, New Delhi-110001, India.
Email	giridharvvrn@ingvysyabank.com
Nature of description of the instrument creating or modifying the charge	General hypothecation agreement
Date of instrument Creating the charge	24.05.2010
Amount secured by the charge	Rs.240.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Short term loan (one time): To be agreed upon at the time of each draw down. Terms of Repayment Short term loan (one time): Repayable in 3 equal installments at the end of 13, 14 and 15 months from the date of each draw down of the short term loan. Margin Short term loan (one time): Nil Extent and Operation of the charge Subservient charge over current assets and movable fixed assets.
Short particulars of the property charged	Subservient charge over current assets and movable fixed assets of the company.

Fixed Assets:

Building
Plant and Machinery
Furniture and Fixtures
Computers
Office Equipments
Computer Software

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 records 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.45.09
UK Pound	1	Rs.72.82
Euro	1	Rs.63.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

245.370

408.400

59.400

0.000

4787.051

5500.221

735.520

17.149

143.636

896.305

4603.917

3.60

5.36

2.21

0.03

0.76

6.14

Unit