MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	ESSAR POWER LIMITED
Registered Office :	27^th KM, Surat Hazira Road, Hazira, Surat-394270, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.10.1991
Com. Reg. No.:	11-064824
Capital Investment / Paid-up Capital :	Rs. 21926.500 Millions
CIN No.: [Company Identification No.]	U40100GJ1991PLC064824
TAN No.: [Tax Deduction & Collection Account No.]	SRTE00047F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Generaters and Suppliers of Gas, Coal and Liquid Fuel Based Power.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 130000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Essar Group. It is a well established and a reputed company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Somya
Designation :	Deputy Manager
Contact No.:	91-22-24395066
Date :	02.11.2011

LOCATIONS

Registered Office/ Factory:	27^th KM, Surat Hazira Road, Hazira, Surat-394270, Gujarat, India
Tel. No.:	91-261-2872400
Fax No.:	91-261-2872747
E-Mail :	essarpower@essar.com
Website :	www.essarsteel.com www.essar.com
Area :	10000 sq. ft
Location:	Owned
Corporate Office :	11, Kesavarao Khadye Marg, Mahalaxmi Essar House, 14^th Floor, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-24395066/ 66601100/24950606/40011100
Fax No.:	91-22-24954331/ 24954787/66604787/23544787
E-Mail :	essarpower@essar.com sanjyot.rangnekar@essar.com powersec@essar.com
Area :	Owned
Branch Office :	Located at: Mumbai Ahmedabad Chennai Hazira New Delhi Vadinar Visakhapatnam
Overseas Office:	Located at: Indonesia China United Kingdom United Arab Emirates – Dubai Canada USA – New York Kenya

DIRECTORS

As on 06.08.2011

Name :

Mr. Shashikant Nandkishore Ruia

Designation :

Director

Address :

40 B, Birla House, Ridge Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

23.12.1943

Date of Appointment :

23.12.2004

DIN No. :

00047050

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26101TN1975PTC006929	AGBROS GLASS WORKS (INDIA) PRIVATE LIMITED	Director	10-06-75	10-06-75	10-04-78	Active	NO
2	U27100GJ1976FLC013787	ESSAR STEEL LIMITED	Director	01-06-76	01-06-76	-	Active	NO
3	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	20-12-84	20-12-84	-	Active	NO
4	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	13-09-91	13-09-91	-	Active	NO
5	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Director	28-09-91	28-09-91	22-06-11	Active	NO
6	U67190TN1995PLC029804	KARTHIK FINANCIAL SERVICES LIMITED	Director	31-01-00	31-01-00	31-12-05	Active	NO
7	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Director	01-03-01	01-03-01	-	Active	NO
8	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	23-12-04	23-12-04	-	Active	NO
9	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED	Director	11-05-05	11-05-05	02-05-07	Active	NO
10	U35111GJ1993FLC053434	VADINAR OIL TERMINAL LIMITED	Director	28-09-05	28-09-05	17-05-10	Active	NO
11	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	01-02-06	01-02-06	17-05-10	Amalgamated	NO
12	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	10-03-06	10-03-06	18-12-08	Amalgamated	NO
13	U45201MH2007PTC173005	SASMITA PROPERTIES PRIVATE LIMITED	Additional director	30-09-07	30-09-07	25-08-08	Active	NO
14	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	19-05-08	19-05-08	30-04-11	Active	NO
15	U70100MH2006FLC159272	ESSAR SEZ HAZIRA LIMITED	Additional director	17-06-08	17-06-08	17-05-10	Active	NO

Name :

Mr. Ramkrishna Narayana

Designation :

Director

Address :

A-1/08, Silver Estate, Plot No F-29, Sector 50, Noida-201301, Utter Pradesh, India

Date of Birth/Age :

29.07.1937

Date of Appointment :

31.03.2003

DIN No. :

00008383

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U40103DL2001SGC111529	DELHI TRANSCO LIMITED	Director	09-08-02	09-08-02	-	Active	NO
2	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	31-03-03	31-03-03	-	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30-06-04	30-06-04	-	Active	NO
4	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	29-09-07	08-09-06	-	Active	NO
5	U40101DL2006PLC154627	JAYPEE POWERGRID LIMITED	Director	02-03-07	02-03-07	-	Active	NO
6	U74200DL2007PTC166940	ACCURATE POWER UTILITY PRIVATE LIMITED	Director	13-08-07	13-08-07	-	Active	NO
7	U31200DL1995PLC169397	SKIPPER ELECTRICALS (INDIA) LIMITED	Director	29-09-08	21-12-07	-	Active	NO
8	U65100DL2008PTC175845	POWER EQUITY CAPITAL ADVISORS PRIVATE LIMITED	Director	25-03-08	25-03-08	-	Active	NO
9	U40102OR2008PLC010501	MAADURGA THERMAL POWER COMPANY LIMITED	Director	26-10-09	30-09-09	28-08-10	Active	NO
10	U93000DL2010NPL197674	FORUM FOR ADVANCEMENT OF SOLAR THERMAL	Director	06-01-10	06-01-10	-	Active	NO
11	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	18-01-11	18-01-11	-	Active	NO

Name :

Mr. Kalakota Vijaya Bhaskara Reddy

Designation :

Whole Time Director

Address :

61, Marble Arch, 5^th Road, Santacruz (E), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

01.04.2009

DIN No. :

01683467

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	29-09-07	17-08-07	-	Active	NO
2	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Director	19-10-07	19-10-07	05-04-10	Active	NO
3	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	30-09-08	24-03-08	02-02-11	Active	NO
4	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	30-09-08	10-07-08	02-02-11	Active	NO
5	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	30-09-08	10-07-08	05-04-10	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	01-04-11	01-04-09	-	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	01-04-11	15-04-09	-	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30-07-09	15-04-09	-	Active	NO
9	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	20-07-09	15-04-09	-	Active	NO
10	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	06-07-09	15-04-09	-	Active	NO
11	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	06-07-09	15-04-09	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10-07-09	15-04-09	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10-07-09	15-04-09	-	Active	NO
14	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30-07-09	30-04-09	-	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	26-05-09	26-05-09	-	Active	NO
16	U40105AP2007PTC052403	MALAXMI ENERGY VENTURES(INDIA)PRIVATE LIMITED	Director	16-11-09	16-11-09	19-07-10	Active	NO
17	U40109AP2005PTC048416	NAVABHARAT POWER PRIVATE LIMITED	Director	12-07-10	12-07-10	-	Active	NO
18	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27-01-11	27-01-11	16-09-11	Active	NO
19	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	16-03-11	16-03-11	-	Active	NO
20	U01010MP2006PLC018586	MAHAN COAL LIMITED	Director appointed in casual vacancy	14-09-11	14-09-11	-	Active	NO

Name :

Mr. Naresh Yoginder Nayyar

Designation :

Additional Director

Address :

S-320, First Floor, Greater Kailash, Part II, New Delhi – 110048, Delhi, India

Date of Birth/Age :

26.03.1952

Date of Appointment :

30.03.2010

DIN No. :

00045395

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U18101DL2005PTC136806	SNS CREATIONS PRIVATE LIMITED	Director	01-03-06	01-03-06	-	Active	NO
2	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Managing director	15-10-07	15-10-07	-	Active	NO
3	U23209GJ2006PLC049286	ESSAR OIL VADINAR LIMITED	Director	18-12-07	31-10-07	-	Amalgamated	NO
4	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Managing director	12-07-08	12-07-08	-	Active	NO
5	U24120WB2009PLC153272	MATIX FERTILISERS AND CHEMICALS LIMITED	Director	01-09-09	01-09-09	01-10-10	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	30-07-10	30-03-10	-	Active	NO

Name :

Mr. Manmohan Agrawal

Designation :

Director

Address:

Flat No. 1205, Tower I “C” Wing, Ashoka Garden, Next to Dosti Flamingo, Sewree, Mumbai -400015, Maharashtra, India

Date of Birth/Age :

04.08.1950

Date of Appointment :

29.10.2010

DIN No. :

00681433

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U66020MH2006PLC165039	AXIS PRIVATE EQUITY LIMITED	Director	15-04-08	03-10-06	-	Active	NO
2	U74999MH2008PLC182264	AXIS TRUSTEE SERVICES LIMITED	Additional director	11-10-10	16-05-08	31-05-11	Active	NO
3	U65991MH2009PLC189558	AXIS ASSET MANAGEMENT COMPANY LIMITED	Nominee director	13-01-09	13-01-09	10-06-09	Active	NO
4	L65110GJ1993PLC020769	AXIS BANK LIMITED	Director	08-06-10	04-08-09	01-09-10	Active	NO
5	L01122KA1994PLC016834	KARUTURI GLOBAL LIMITED	Director	23-09-11	25-09-10	-	Active	NO
6	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29-09-10	28-09-10	-	Active	NO
7	U11100HR2010PLC040132	DEEPWATER DRILLING AND INDUSTRIES LIMITED	Additional director	30-09-10	30-09-10	24-05-11	Active	NO
8	U72200DL2000PTC107182	MOSER BAER PROJECTS PRIVATE LIMITED	Director	01-11-10	26-10-10	-	Active	NO
9	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	06-08-11	29-10-10	-	Active	NO
10	L17120MH1992PLC066880	BOMBAY RAYON FASHIONS LIMITED	Director	15-09-11	09-02-11	-	Active	NO
11	U45203OR1995PLC003982	COASTAL PROJECTS LIMITED	Director	25-07-11	28-03-11	-	Active	NO
12	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Additional director	28-03-11	28-03-11	-	Active	NO
13	U51909DL1991PLC046869	JAGUAR OVERSEAS LIMITED	Director	28-09-11	27-06-11	-	Active	NO
14	U40102KA2011PTC057675	BHORUKA COGEN POWER PRIVATE LIMITED	Additional director	06-07-11	06-07-11	-	Active	NO
15	L63090MH1983PLC031418	MERCATOR LINES LIMITED	Director	22-09-11	12-08-11	-	Active	NO
16	U45203AP1998PLC029154	BSCPL INFRASTRUCTURE LIMITED	Director	21-09-11	16-09-11	-	Active	NO

Name :

Mr. Suresh Venkatasubramanian

Designation :

Director

Address:

Flat No. 7, Jeevan Mangal, 233, Sector III, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

28.12.1957

Date of Appointment :

05.08.2011

Din No.:

02458251

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED	Director	10-07-09	03-02-09	02-02-11	Active	NO
2	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	30-07-09	15-04-09	-	Active	NO
3	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	06-07-09	15-04-09	05-04-10	Active	NO
4	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	06-07-09	15-04-09	02-02-11	Active	NO
5	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	01-05-11	15-04-09	-	Active	NO
6	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	12-08-10	15-04-09	-	Active	NO
7	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30-07-09	15-04-09	-	Active	NO
8	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30-07-09	15-04-09	-	Active	NO
9	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	20-07-09	15-04-09	-	Active	NO
10	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-07-09	15-04-09	-	Active	NO
11	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	06-07-09	15-04-09	-	Active	NO
12	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	06-07-09	15-04-09	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10-07-09	15-04-09	-	Active	NO
14	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Additional director	30-04-09	30-04-09	05-04-10	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	26-05-09	26-05-09	-	Active	NO
16	U40109AP2005PTC048416	NAVABHARAT POWER PRIVATE LIMITED	Managing director	01-02-11	12-07-10	-	Active	NO
17	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27-01-11	27-01-11	-	Active	NO
18	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	16-03-11	16-03-11	-	Active	NO
19	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	05-08-11	05-08-11	-	Active	NO

Name :

Mr. Haseeb Ahmad Drabu

Designation :

Director

Address:

Flat No. 1101, 11^th Floor, Hicon Residency, 26^th Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

10.04.1961

Date of Appointment :

05.08.2011

Din No.:

00489888

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L65110JK1938SGC000048	JAMMU AND KASHMIR BANK LIMITED	Managing director	08-06-05	08-06-05	27-08-10	Active	NO
2	U65990JK2008SGC002931	JKB FINANCIAL SERVICES LIMITED.	Nominee director	27-08-08	27-08-08	26-10-10	Active	NO
3	U70102MH2011PTC219543	KAHNOV REALTY PRIVATE LIMITED	Director	07-07-11	07-07-11	-	Active	NO
4	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Additional director	05-08-11	05-08-11	-	Active	NO

Name :

Mr. Sampath P

Designation :

Director

Address:

Flat No. 30, Wellington Court, St. Johns Wood, Wellington Road, London, Pint Code NW89TB, UK

Date of Birth/Age :

26.05.1955

Date of Appointment :

05.08.2011

Din No.:

00319780

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24100GJ1983PLC006513	GHCL LIMITED	Managing director	27-02-98	27-02-98	30-10-07	Active	NO
2	U30008GJ2002PLC041767	COLWELL AND SALMON COMMUNICATIONS (INDIA) LIMITED	Director	27-12-02	27-12-02	30-11-07	Amalgamated	NO
3	L65999MH2007PLC170903	CHI INVESTMENTS LIMITED	Additional director	12-12-07	12-12-07	31-07-08	Amalgamated	NO
4	U93030DL2007PTC165669	PK IT SERVICES PRIVATE LIMITED	Director	01-01-08	01-01-08	-	Active	NO
5	U74999MH1984PTC033786	RAYCHEM-RPG PRIVATE LIMITED	Director appointed in casual vacancy	20-03-08	20-03-08	31-07-08	Active	NO
6	L24239MH1967PLC013739	BRABOURNE ENTERPRISES LIMITED	Director appointed in casual vacancy	16-06-08	16-06-08	31-07-08	Amalgamated	NO
7	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	18-10-10	01-04-09	-	Active	NO
8	U24119GJ2007PLC049785	ESSAR GUJARAT PETROCHEMICALS LIMITED	Director	24-09-10	24-11-09	-	Active	NO
9	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Additional director	05-08-11	05-08-11	-	Active	NO

Name :

Mr. Stanislaus Joseph Coelho

Designation :

Director

Date of Birth/Age :

77 Years

Date of Appointment :

28.08.2000

DIN No. :

00176467

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24117TN1986PLC012930	ASIAN PEROXIDES LIMITED	Director	25-03-91	25-03-91	Active	NO
2	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	28-08-00	28-08-00	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30-06-04	30-06-04	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjyot Nilesh Rangnekar
Designation :	Secretary
Address :	D 604, Magnolia Enclave, Nahar’s Amrit Shakti, Near Chandivali Studios, Powai, Mumbai-400072, Maharashtra, India
Date of Birth/Age :	06.07.1970
Date of Appointment :	19.05.2007
Pan No.:	AANPR5686C
Name :	Ms. Somya
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.08.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Essar Investments Limited, India	--	3
Essar Investments Limited Jointly with N B Vyas	--	1
Essar Investments Limited Jointly with Girish Sathe	--	2
Essar Investments Limited Jointly with Suresh Sundarai	--	1
Essar Steel Limited, India	-	217000000
Essar Power Holdings Limited (Formerly Prime Hazira Limited), Mauritius	--	308842112
Essar Power Hazira Holdings Limited (Formerly Known as Hazira Power 2), Mauritius	--	308842113
Essar Power Holdings Limited (Formerly Prime Hazira Limited), Mauritius	1074243205	--
Essar Power Hazira Holdings Limited (Formerly Known as Hazira Power 2), Mauritius	1074243206	--
IDFC Trustee Company Limited A/C India Infrastructure Fund, India	350000000	--
Total	2498486411	834684232

As on 26.09.2011

Name of Allottees	No. of Shares
Essar Power Holdings Limited, Mauritius	36872894
Essar Power Hazira Holdings Limited, Mauritius	36872894
Total	73745788

As on 06.08.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	74.00
Bodies corporate	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Generaters and Suppliers of Gas, Coal and Liquid Fuel Based Power.

Products :

Products Description	Item Code No.:
Electrical Energy	271600

Imports :

Products :

Adhesives

Countries :

• US
• Singapore

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Licensed Capacity*	Installed Capacity	Actual Production
Generation of Electricity	MW	NA	515	2730 Million Units

Note: * The Licensed capacity is not given as licensing has been abolished vide Press Note No. 9 dated 02.08.1991 and Notification No. S.O. 477(3E) Dated 25.07.1991 Issued by Government of India, Ministry of Industry, Department of Industrial Development.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

1000 (Approximately)

Bankers :

• Axis Bank Limited Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbrdge, Ahmedabad – 380006, Gujarat, India
• State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J N heredia marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
• Axis Bank, Universal Insurance Building, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
• Dena Bank, Industrial Finance Branch, Maxer Towers, Cuffe Parade, Mumbai-400005, Maharashtra, India
• ICICI Bank Limited
• Punjab National Bank
• Allahabad Bank
• Vysya Bank
• Indian Overseas Bank
• Karnataka Bank
• Indusind Bank
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Rupee Term Loans*
From Banks	6241.000	7748.900
From Financial Institutions	642.900	928.600
Form Others	7.500	0.000
Working Capital Facility From Banks
Cash Credit Facilities	386.900	628.200
Total	7278.300	9305.700
Unsecured Loan
Short Term Loans*
From Banks
Corporate Loan	3000.000	1000.000
From others	0.000	500.000
Working Capital Facility
From Banks
Cash Credit Facilities	0.000	98.400
Total	3000.000	1598.400

NOTE:

*Repayment due within one year is Rs. 3836.100 millions (previous year Rs. 2786.100 millions)

SECURITY PROVIDED TO LENDERS

Rupee loans from banks and financial institutions Rs. 48863.900 Millions are secured by pari passu first charge on the Company’s assets, save and except book debts, inventory etc. both present and future, and are additionally secured by second charge on book debts, receivables, bank accounts and inventory of the Company and also by assignment of project documents and insurance policies. Out of Rs. 4833.900 millions, Rupee Term Loan Rs. 578.500 millions is also guaranteed by Essar investment Limited. Mortgage/Hypothecation is yet to be created for the zero coupon loan of Rs. 7.500 millions from others.

Rs. 2000.000 millions Rupee Term Loan from a Banks is secured by third charge on the company’s assets and corporate guarantee of Bhander Power Limited.

Working capital facility from banks is secured by a first charge by hypothecation of inventories and receivables and a second charge on fixed assets of the company and also guaranteed by Essar Investment Limited.

TERMS OF CONVERSION

As per loan agreement of IDFC, in case of default in repayment of any two consecutive installments of principal amounts of the Loan or interest thereon or any combination thereof, the Lender shall have the right to convert at its option the whole or part of the defaulted amount of the Loan into fully paid up equity shares of the Company, at par.

* Repayment due within one year is Rs. 3000.000 millions (Previous year Rs. 1500.000 millions.

Financial Institution:	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad, Gujarat, India
Tel. No.:	91-79-27582542/27582543
Fax No.:	91-79-27582551
Pan No.:	AABFD7919A
Holding Company :	Essar Power Holdings Limited (EPOHL)
Ultimate Holding Company:	Essar Global Limited, Cayman
Fellow Subsidiaries:	Essar Wind Power Private Limited, (EWPL) (From 15.03.2010)
Associates :	Vadinar Power Company Limited [U40100GJ1997PLC033108] [Till 8.09.2009]
Joint Venture:	Mahan Coal Limited (MCL)
Subsidiaries :	· Bhander Power Limited [U31101MH1995PLC151250] · Essar Power M P Limited [U40100DL2005PLC201961] · Essar Power Gujarat Limited [U74900MH2007PLC169703] · Essar Power (Jharkhand) Limited [U31101MH2005PLC156860] · Essar Power Transmission Company Limited [U99999MH2005PLC158615] · Essar Power (Orissa) Limited [U31101MH2005PLC156859] · Essar Power Hazira Limited [U40300MH2006PLC165139] · Essar Power Salaya Limited [U40300MH2009PLC192682] · Essar Electric Power Development Corporation Limited [U40100MH1997PLC110104] · Essar Power Chhattisgarh Limited [U40109MH2007PLC170966] · Essar Power Tamilnadu Limited [U40106TN2007PLC062252]
Enterprises commonly controlled or influenced by major shareholders / directors of the Company:	Essar Investments Limited ( EIL ) Essar Oil Limited ( EOL ) Essar Teleholdings Limited ( ETL ) Essar House Limited ( EHL) Essar House Services Limited (EHSL) Essar Construction (India) Limited ( ECIL) Futura Travels Limited ( FTL) Arkay Holdings Limited (AHL) India Securities Limited ( ISL) Aegis Limited (Aegis) (formerly known as Aegis BPO Services Limited) Essar Properties Limited (EPRL) Essar Projects Limited (EPL) Essar Information Technology Limited (EITL) S.G. Chemicals Dyes and Trading Limited (SGC) Essar Shipping Limited (ESL) Essar Power (Jamnagar) Limited (EPJML) Kroner Investments (India) Limited (KINL) Trikaya Cultivation Private Limited (TCPL) Essar Logistics Limited (ELL) The Mobile Store Limited (TMSL) Essar Projects Management Consultancy Limited (EPMCL) Teletech Investments (India) Limited (TINIL) Essar Minerals Resources Limited (EMRL) Essar Steel Limited (ESTL) (from 04.10.2008) Essar Infrastructure Services Limited (EISL) (formerly known as Essar House Services Limited) Essar Projects (India) Limited (EPIL) (formerly known as Essar Construction (India) Limited) Essar Steel (Hazira) Limited (ESHL) Essar Steel (Orissa) Limited (ESTOL) Essar Wind Farms Limited (EWFL) (from 30.12.2009)

CAPITAL STRUCTURE

As on 06.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000000	Equity Shares	Rs.4/- each	Rs.100000.000 Millions
4750000000	Preferences Shares	Rs.20/- each	Rs.95000.000 Millions
500000000	Preferences Shares	Rs.10/- each	Rs.5000.000 Millions
	Total		Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
834684232	Equity Shares	Rs.4/- each	Rs.3338.737 Millions
2148486411	0.01% Compulsorily Convertible Preferences Shares	Rs.20/- each	Rs.42969.728 Millions
350000000	Optionally Convertible Redeemable Preferences Shares	Rs.10/- each	Rs.3500.000 Millions
	Total		Rs.49808.465 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000000	Equity Shares	Rs. 4 /- each	Rs.100000.00 Millions
4750000000	Preference Shares	Rs. 20 /- each	Rs.95000.00 Millions
500000000	Preferences Shares	Rs. 10 /- each	Rs.5000.00 Millions
	Total		Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
834684232	Equity Shares	Rs.4 /- each	Rs.3338.700 Millions
754391987	0.01% Compulsorily Convertible Preferences Shares	Rs. 20 /- each	Rs.15087.800 Millions
350000000	*Optionally Convertible Redeemable Preferences Shares	Rs. 10 /- each	Rs.3500.000 Millions
	* 0.1% for first two years and 8% thereafter
	Total		Rs.21926.500 Millions

Note:

Of the above:

Equity Shares:

1. Nil (Previous Year Nil) Equity shares are held by Essar Global Limited Cayman, the ultimate holding company

2. 492714225 (Previous Year 300014225) Equity shares are held by Essar Power Holdings Limited, the Holding Company and a subsidiary of the ultimate holding company.

3. 217000000 (Previous Year 217000000) Equity shares are held by Essar Steel Limited subsidiary of the ultimate holding company.

4. 124970000 (Previous Year 124970000) Equity shares are held by Hazira Steel 2 subsidiary of the ultimate holding company.

Compulsorily Convertible Cumulative Preferences Shares:

1. During current year the company has issued 331470843 (previous year 433011050) 0.01% compulsorily convertible cumulative preference share (CCPS) of Rs. 20 each at a premium of Rs. 10 each. These are convertible into equity shares at the option of the holder at anytime after six months from the date of issue and before scheduled date of compulsory conversion. Each CCPS will be convertible into 5 equity shares for every CCPS held on date of conversion. The scheduled date for compulsory conversion is ten years from the date of issue of such preference shares as mentioned above.

2. During the year the company has converted 38540000 (previous year Nil) CCPS into equity shares exercising the option by the holder of the CCPS resulting into 192700000 equity shares.

Cumulative Redeemable Optionally Convertible Preferences Shares:

1. Cumulative Redeemable optionally convertible preference shares (OCPRS) issued on 18.03.2009, shall bear a coupon rate of 0.1% per annum for first two years from the date of allotment and coupon rate of 8% per annum for subsequent years till the date of redemption. These are redeemable in a single installment at the end of 7 years from the date of allotment with redemption premium.

2. These are convertible into equity shares at the option of the investor in the event of an IPO or an occurrence of events as mentioned in the investment agreement. The conversion price will be determined in accordance with the said agreement at the time of conversion.

3. Further, the company has also issued one warrant to the OCPRS Holder at a consideration of Rs. 100 which entitles the holder to subscribe to the equity shares of the company may time before IPO for an amount equivalent to 20% of OCPRS (Rs. 700.000 millions) at an exercise price linked to a predetermined valuation of the company.

After 06.08.2011

Authorised Capital : Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.51283.381 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		21926.500	15297.100	6419.800
2] Share Application Money		0.000	0.000	7483.200
3] Reserves & Surplus		10947.200	9780.600	6031.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32873.700	25077.700	19934.200
LOAN FUNDS
1] Secured Loans		7278.300	9305.700	9399.600
2] Unsecured Loans		3000.000	1598.400	850.000
TOTAL BORROWING		10278.300	10904.100	10249.600
DEFERRED TAX LIABILITIES		2110.900	0.000	0.000
TOTAL		45262.900	35981.800	30183.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8756.500	10027.300	11027.800
Capital work-in-progress		50.600	13.400	223.900
INVESTMENT		20730.200	18688.500	8293.100
DEFERREX TAX ASSETS		0.000	330.300	395.500
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	750.800	751.100	619.900
	Sundry Debtors	7633.700	7253.900	5127.300
	Cash & Bank Balances	258.000	213.100	535.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8435.900	782.400	5675.000
Total Current Assets		17078.400	9000.500	11957.700
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	900.500	1040.000	542.400
	Current Liabilities	421.400	1026.400	1158.600
	Provisions	30.900	11.800	13.200
Total Current Liabilities		1352.800	2078.200	1714.200
Net Current Assets		15725.600	6922.300	10243.500
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45262.900	35981.800	30183.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7408.900	9534.400	8204.900
		Other Income	679.800	105.400	92.300
		TOTAL	8088.700	9639.800	8297.200
Less	EXPENSES
		Cost of Fuel	3652.500	5494.500	4195.500
		Operation, Maintenance and other expenses	825.200	917.700	848.300
		Exceptional item	366.300	0.000	0.700
		TOTAL	4844.000	6412.200	5044.500
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3244.700	3227.600	3252.700
Less	FINANCIAL EXPENSES		1659.700	1625.200	1673.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1585.000	1602.400	1579.000
Less/ Add	DEPRECIATION/ AMORTISATION		1287.800	1276.500	1223.800
	PROFIT / (LOSS) BEFORE TAX		297.200	325.900	355.200
Less	TAX		119.900	69.000	(276.400)
	PROFIT FOR THE YEAR AFTER TAX EXCLUDING TAX ADJUSTMENT PERTAINING TO EARLIER YEARS		177.300	256.900	0.000
Less	DEFERRED / CURRENT TAX PERTAINING TO EARLIER YEARS		2321.300	(11.600)	0.000
	PROFIT / (LOSS) AFTER TAX		(2144.000)	268.500	631.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4721.400	5492.400	4420.800
Less	DUE TO ADJUSTMENT OF DEMERGER SCHEME		0.000	1075.600	NA
Less	APPROPRIATIONS
		Preference dividend including dividend distribution tax	4.100	0.200	NA
		Transferred to capital redemption reserve	0.000	63.700	NA
		Transferred to preference redemption reserve	500.000	0.000	NA
		Transfer from debenture redemption reserve	0.000	(100.000)	(440.000)
	BALANCE CARRIED TO THE B/S		2073.300	4721.400	5492.400
	IMPORTS
		Raw Materials	0.000	860.300
		Stores & Spares	117.900	210.400	NA
		Capital Goods	1.000	2.500
	TOTAL IMPORTS		118.900	1073.200	NA
	Earnings / (Loss) Per Share (Rs.)
	- Basic		(3.35)	0.42	1.04
	- Diluted		(3.35)	0.13	0.88

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(26.51)	2.78	7.61
Net Profit Margin (PBT/Sales)	(%)	4.01	3.42	4.33
Return on Total Assets (PBT/Total Assets}	(%)	1.15	1.71	1.55
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		0.35	0.52	0.60
Current Ratio (Current Asset/Current Liability)		12.62	4.33	6.98

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Rs. in Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Subsidiary Companies	95.400	450.700	0.000
Others
Others	805.100	589.300	542.400
Total	900.500	1040.000	542.400

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

NOTE: The registered office of the company has been shifted from Essar House, 11-Keshavrao Khade Marg, Mahalaxmi, Mumbai-400034, Maharashtra, India to the present address w.e.f. 08.03.2011.

FINANCE AND OPERATIONS:

FINANCIAL HIGHLIGHTS:

During the year, the Company reported a profit for the year of Rs 177.300 millions as against profit after tax of Rs 268.500 millions for the previous year. However, loss for the year after a one- time non cash adjustment of Rs 2321.300 millions to deferred tax asset pertaining to earlier periods in view of High Court ruling disallowing Company’s contention of not claiming depreciation for the years prior to 31.03.2001 and other tax disputes was Rs 2144.000 millions.

Both the Company and GUVNL appealed against the GERC’s ruling before the Appellate Tribunal for Electricity, New Delhi. The Appellate Tribunal held on 22.02.2010 that no compensation was liable to be paid by the Company to GUVNL for alleged wrongful diversion of power to Essar Steel or for the reimbursement of the annual fixed charges. The Appellate Tribunal further held that the Company was liable to refund to GUVNL the deemed generation incentive when naphtha was used as fuel paid on and after 14.09.2002 for which the Company has provided Rs 360.000 millions as “exceptional item”.

OPERATIONAL HIGHLIGHTS:

Steam Turbine and Gas turbines have clocked 1,00,000 running hours in April 2009 and February 2010 respectively. The Power Plant availability remained at a high of 96%. The Plant Load Factor recorded a level of 61% (previous year 66%).The Company generated 2730 mus (previous 2964 mus). The PLF was affected due to lower offtake by the Company’s customers during the financial year.

The Company proposes to shift its registered office from the State of Maharashtra to the State of Gujarat, subject to necessary approvals. Necessary resolutions form part of the notice of the forthcoming Annual General Meeting.

SHARE CAPITAL:

The Essar Group has embarked on major growth plans to increase its power generating capacity from the existing 1,200 MW to 6,000 MW by the year 2012 and to 11,470 MW by the year 2014. Essar Power Holdings, Mauritius has infused an amount of approximately Rs 9940.000 millions during the current financial year, against which the Company has issued 331,470,843 Compulsorily Convertible Cumulative Preference Shares (CCPS) of Rs 20 each at a premium of Rs 10 per CCPS to Essar Power Holdings Limited. Essar Power Holdings Limited has exercised its conversion option and 38,540,000 CCPS of Rs 20 each have been converted into 192,700,000 Equity shares of Rs 4 each as per CCPS terms.

Essar Group has recently consolidated its power assets held through Essar Power Holdings Limited and Oil and Gas assets held through Essar Energy Holdings Limited under Essar Energy PLC. Essar Energy PLC has recently raised £1.3 billion by way of an Initial Public Offering to institutional investors. Essar Energy is listed on the London Stock Exchange and is also a FTSE 100 company. This IPO was the largest ever Indian IPO to be listed on the LSE since 2007. Essar Energy's strategy is to create a world class, low-cost, India-focused energy company by capitalizing on India’s rapid growth in energy demand.

DEMERGER SCHEME

(a) During previous year pursuant to the Scheme of Arrangement, under sections 39 1 to 394 of the Companies Act, 1956, as approved by Hon'ble High Courts at Mumbai and Chennai (“the Scheme"), with effect from February 01, 2008 ("the Appointed Date”), Investment division ('the division') of the Company was demerged to Teletech Investments (India) Limited (Resulting Company) .

(b) The Effective date of the Scheme was October 03, 2008 ("the Effective Date"). The Scheme was operative from the Appointed Date. The Scheme provided that all the profits or losses in relation to the division from the Appointed Date to the Effective Date shall be treated as the profits and losses, as the case may be, of the Resulting Company.

(c) In accordance with the Scheme, all the assets and specified liabilities were transferred to the Resulting Company at the values appearing in the books of accounts of the Company as on the date immediately preceding the Appointed Date. Accordingly, the Company had transferred the following assets and liabilities on the Appointed Date:

Particular	Rs. in Millions
Net Fixed Assets	0.100
Investment in Shares	4607.500
Investment in Debentures	472.500
Total Assets	5080.100
Less: Liability
Sundry Creditors	152.500
Net Assets	4927.600

(d) In accordance with the Scheme, the face value of each equity share in the paid up capital of the Company was reduced from Rs. 10 to Rs. 4. Consequently, the amount released from reduction of share capital, amounting to Rs.3851.900 Millions was adjusted against the value of net asset of Rs 4927.600 Millions. The difference between value of net asset and amount realized from reduction of share capital (Rs 1075.700 Millions) was adjusted against opening balance in Profit and Loss Account.

(e) As per the Scheme, all the assets and liabilities of the division acquired / incurred after the Appointed Date and up to the Effective date were transferred to the Resulting Company at the values appearing in the books of accounts of the Company as on effective date. Also profits/losses accruing to the Resulting Company in relation to the demerged division for the period from the Appointed Date to March 31, 2009, loss amounting to Rs 0.100 Million and profit amounting to Rs 0.500 Million from April 1, 2008 to Effective Date (net Rs 0.400 Million profit) were treated as the profits/losses of the Resulting Company.

CONTINGENT LIABILITIES:

Rs. In Millions

Sr. No	Description	31.03.2010	31.03.2009
i)	Bills discounted with bank	350.000	480.000
ii)	Income tax liability not charged to P and L account due to pending appeal cases	2.100	5.600
iii)	Sales tax liability not charged to P and L account due to pending appeal case	9.100	9.100
iv)	Preference dividend (including tax thereon)	2.100	0.700
v)	Disputed tax on sale of electricity duty (excluding interest)	459.100*	459.100*
vi)	Guarantees provided for other companies facilities
	- For subsidiary company	14848.100	79.100
	- For joint venture	167.100	167.100
	- For others	2000.000**	3625.000**

NOTE:

* The above levy including interest thereon, if adjudged as payable, would be reimbursable to the Company by Essar Steel Limited as per the terms of power purchase agreement with them. Previous Year ending 31.03.2009

Tax on sale of electricity aggregating to Rs. 86.500 Millions paid / adjusted against the aforesaid dues in an earlier year have been included under loans and advances in Schedule XI.

** The Company has provided Corporate Guarantee of Rs. 15370.000 Millions to hop Telecom Limited (LOOP) favoring State Bank of India (SBI) against term loan of Rs. 7250.000 Millions and bank guarantee of Rs. 8120.000 Millions availed by LOOP. Of the said guarantee, LOOP had utilized guarantee of Rs. 7250.000 Millions against the term loan avded from SBX. The Loan has since been paid fully. The bank guarantee will be utilised against the license fees payable by LUOP, after it starts operation.

During the year, the Company has further provided Corporate Guarantee of Rs. 4000.000 Millions to Loop Telecom Limited (LOOP] favoring SBI against term loan of Rs.4000.000 Millions and the said term loan is availed from SBI.

Essar Steel Limited (ESTL] has also provided similar Corporate Guarantees favoring SBI of Rs. 15370.000 Millions and Rs. 4000.000 Millions for the above facility availed by LOOP. The company has entered in to Memorandum of Understanding with ESTL to share the liability equally, if any, arises in future against this guarantee.

Since outstanding facility is Rs.4000.000 Millions as on 31.03.2010, the company has considered Rs.2000.000 Millions as it's contingent liability as at the year end.

Further, the company has also received counter guarantee for the same from Loop Mobile Holdings India Limited (formerly known as BPL communications Limited) for Rs. 15870.000 millions and Rs. 4000.000 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40100MH1991PLC063852
Name of the company	ESSAR POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	Essar House, 11-Keshvrao Khade Marg, Mahalaxmi, Mumbai-400034, Maharashtra, India
This form is for	Modification of charge
	80009204
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property Floating Charge Others Current Assets of the company present and future
Particular of charge holder	State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J N heredia marg, Ballard Estate, Mumbai – 400001, Maharashtra, India e-mail id: vv.vedprakash@sbi.co.in
Nature of instrument creating charge	Indenture of mortgage dated 23.02.2010
Date of instrument Creating the charge	23.02.2010
Amount secured by the charge	Rs. 2780.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As charged by each bank from time to time as per sanction terms Terms of Repayment On demand Margin Raw materials - 25% Stores and spares - 50% Debtors - 50% Extent and Operation of the charge The charge operates as security for due repayment of working capital facilities of Rs 2780.00 Millions together with interest, compound interest, addl interest, liquidated damages, costs, charges, expenses and other monies payable to the Consortium by the Company. These facilities which were earlier secured by the Jt Deeds of Hypo. dt. 28.12.2004, 01.09.2005, 03.09.2007 and 07.10.2009 are now secured by the indenture of mortgage dated 23.02.2010
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st charge by way of hypothecation on current assets namely stocks of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares) 1st charge by way of hypothecation on current assets namely bills, receivables and book debts and all other moveables both present and future. 2nd charge on fixed assets incl land admeasuring H-26-25-05 or thereabout situate at Mouje Hazira Taluka Choryasi, Dist:Surat and plant and machinery with all its accessories, spares, tools and implements
Date of last modification prior to the present modification	07.10.2009
Particulars of the present modification	The facilities which were earlier secured by the Jt Deeds of Hypo. dt. 28.12.2004, Suppl deeds of hypo dt 01.09.2005 and 03.09.2007 and Joint deed of hypothecation dt 07.10.2009 and by Indenture of Mortgage dt 23.03.2005, 1st and 2nd Suppl indentures of mortgage dt 16.11.2005 and 03.09.2007 are now secured by Indenture of Mortgage dt 23.02.2010 for Rs. 2780.000 millions.

FIXED ASSETS:

• Land – Freehold
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Aircraft
• Intangible Assets – 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.49.37
UK Pound	1	Rs.78.50
Euro	1	Rs.67.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.