MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED

Formerly Known As :	GUJARAT TORRENT ENERGY CORPORATION LIMITED

Registered Office :	6^th Floor, Chanakya Building, Off Ashram Road, Ahmedabad - 380 009, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	14.09.1992

Com. Reg. No.:	04-18284

Capital Investment / Paid-up Capital :	Rs.7262.547 Millions

CIN No.: [Company Identification No.]	U40100GJ1992PTC018284

TAN No.: [Tax Deduction & Collection Account No.]	AHMG00339D

PAN No.: [Permanent Account No.]	AAACG7999P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Gas Turbine Spares, Steam Turbine Spares and Maintenance Services.

No. of Employees :	100 Approximately

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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

Maximum Credit Limit :	USD 75000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 PARTED BY

Name :	Mr. Biren Fauzdar
Designation :	Deputy General Manager
Contact No.:	91-22-67588824

LOCATIONS

Registered Office :	6^th Floor, Chanakya Building, Off Ashram Road, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-26585969
Fax No.:	91-79-26583254
E-Mail :	mitesh.trivedi@clpindia.com
Website :	https://www.clpindia.in
Area :	3500 sq. ft.
Location :	Owned

Factory :	Palej Road, Near Village Paguthan, Bharuch -392 015, Gujarat, India
Tel. No.:	91-2642-671173
Fax No.:	91-2642-288512
Area :	10,000 sq. ft.
Location :	Owned

Corporate Office :	15^th Floor, Oberoi Commerz, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-67588888
Fax No.:	91-22-67588811 / 8833

DIRECTORS

As on 29.09.2010

Name :

Mr. Peter Albert Littlewood

Designation :

Chairman

Address :

No. 6, Kensington Path, The Royal Oaks, 8 Kam Tsin South Road, Sheung Shui, New Territories, Hong Kong

Date of Birth/Age :

06.03.1951

Date of Appointment :

20.02.2002

DIN No.:

01265274

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	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	20-02-02	20-02-02	Active	NO
2	U40100GJ1995PTC042939	CLP Power India Private Limited	Director	20-02-02	20-02-02	Active	NO
3	U40104HR2008SGC037809	Jhajjar Power Limited	Director	30-09-09	07-08-08	Active	NO

Name :

Mr. Prakash Ved Sharma

Designation :

Vice Chairman

Address :

43 B, Block 3, Royal Ascot 1, Tsun King Road, New Territories, Hong Kong

Date of Birth/Age :

30.01.1949

Date of Appointment :

20.02.2002

DIN No.:

00624085

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	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	20-02-02	20-02-02	14-02-11	Active	NO
2	U40100GJ1995PTC042939	CLP Power India Private Limited	Director	20-02-02	20-02-02	18-02-11	Active	NO

Name :

Mr. Rajiv Rajan Mishra

Designation :

Managing Director

Address :

Flat No. 301, EVITA, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

01.01.1966

Date of Appointment :

15.12.2000

DIN No.:

00131207

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	U40100GJ1995PTC042939	CLP Power India Private Limited	Managing director	28-08-06	22-03-05	Active	NO
2	U85110KA1994PLC015097	Mangalore Power Company (Un Limited Liability)	Director	24-06-05	24-06-05	Under liquidation	NO
3	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Managing director	01-07-05	01-07-05	Active	NO
4	U29100MH2005PTC154946	CLP Wind Farms (Khandke) Private Limited	Director	20-12-06	20-12-06	Active	NO
5	U40106GJ2008PTC054629	CLP Wind Farms (India) Private Limited	Director	29-07-08	29-07-08	Active	NO
6	U40104HR2008SGC037809	Jhajjar Power Limited	Director	30-09-09	07-08-08	Active	NO
7	U40100GJ2010PTC059351	Clp Wind Farms (Theni - Project III) Private Limited	Director	28-01-10	28-01-10	Active	NO
8	U40100GJ2010PTC059346	Clp Wind Farms (Theni - Project IV) Private Limited	Director	28-01-10	28-01-10	Active	NO
9	U40100GJ2010PTC059347	CLP Wind Farms (Theni - Project II) Private Limited	Director	28-01-10	28-01-10	Active	NO

Name :

Mr. Robertsson John Stefan

Designation :

Director

Address :

A 2, Unicorn Garden, 11 Shouson Hill Road East, Shouson Hill, Hong Kong

Date of Birth/Age :

29.08.1951

Date of Appointment :

13.02.2004

DIN No.:

01180027

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	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	13-02-04	13-02-04	23-08-11	Active	NO
2	U40100GJ1995PTC042939	CLP Power India Private Limited	Director	28-08-06	28-08-06	-	Active	NO

Name :

Mr. Naveen Munjal

Designation :

Director

Address :

1313-15, B ‘Wing’, Samartha Aangan, Phase- III, Off New Link Road, Oshiwara, Andheri (West), Mumbai - 400 053, Maharashtra, India

Date of Birth/Age :

05.12.1965

Date of Appointment :

11.12.2002

DIN No.:

00230313

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	U85110KA1994PLC015097	Mangalore Power Company (Un Limited Liability)	Director	06-05-03	06-05-03	-	Under liquidation	NO
2	U40100GJ1995PTC042939	CLP Power India Private Limited	Director	18-09-03	18-09-03	-	Active	NO
3	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	05-02-07	05-02-07	19-08-11	Active	NO
4	U40106GJ2008PTC054629	CLP Wind Farms (India) Private Limited	Director	29-07-08	29-07-08	-	Active	NO
5	U40104HR2008SGC037809	Jhajjar Power Limited	Director	30-09-09	07-08-08	-	Active	NO
6	U40100GJ2010PTC059351	CLP Wind Farms (Theni - Project III) Private Limited	Director	28-01-10	28-01-10	-	Active	NO
7	U40100GJ2010PTC059346	Clp Wind Farms (Theni - Project IV) Private Limited	Director	28-01-10	28-01-10	-	Active	NO
8	U40100GJ2010PTC059347	Clp Wind Farms (Theni - Project II) Private Limited	Director	28-01-10	28-01-10	-	Active	NO

Name :

Mr. Aftab M. S.

Designation :

Director

Address :

Sukriti Apartment Flat No. 2 A, 20 Bally Gunj Circular Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

22.03.1946

Date of Appointment :

19.03.2007

DIN No.:

01363518

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	U27109WB2003PLC097232	Ramsarup Lohh Udyog Limited	Director	01-03-07	01-03-07	-	Amalgamated	NO
2	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Nominee director	19-03-07	19-03-07	11-03-11	Active	NO
3	U40102DL2006PTC155029	Unnicornn Power & Infrastructure Private Limited	Director	15-05-07	15-05-07	01-09-08	Active	NO
4	L85110KA1995PLC018710	Archidply Industries Limited	Additional director	07-09-07	07-09-07	-	Active	NO
5	U65993DL2002PLC115769	Assets Care & Reconstruction Enterprise Limited	Director	27-08-08	20-02-08	-	Active	NO
6	L65993WB1979PLC032113	Ramsarup Industries Limited	Director	31-10-08	31-10-08	30-08-10	Active	NO
7	L74899DL1996PLC077120	Pnb Gilts Limited	Director	19-08-09	10-02-09	20-05-11	Active	NO
8	L21093DL1980PLC010492	Magnum Ventures Limited.	Nominee director	28-12-09	28-12-09	10-08-10	Active	NO
9	U20211DL2004PLC126381	Sonear Industries Limited	Director	06-03-10	06-03-10	-	Active	NO
10	U74899DL1989PLC038371	NKG Infrastructure Limited	Director	10-05-10	19-04-10	-	Active	NO

Name :

Mr. Samir Ashta

Designation :

Director

Address :

85, Siddhartha Enclave, Jangpura, New Delhi – 110 014, Delhi, India

Date of Birth/Age :

26.06.1964

Date of Appointment :

07.12.2007

DIN No.:

01957618

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	U40100GJ1995PTC042939	CLP Power India Private Limited	Additional director	07-12-07	07-12-07	Active	NO
2	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	28-08-08	07-12-07	Active	NO
3	U40106GJ2008PTC054629	CLP Wind Farms (India) Private Limited	Director	29-07-08	29-07-08	Active	NO
4	U40104HR2008SGC037809	Jhajjar Power Limited	Director	30-09-09	07-08-08	Active	NO
5	U29100MH2005PTC154946	CLP Wind Farms (Khandke) Private Limited	Director	25-09-09	19-06-09	Active	NO
6	U40100GJ2010PTC059346	CLP Wind Farms (Theni - Project IV) Private Limited	Director	28-01-10	28-01-10	Active	NO
7	U40100GJ2010PTC059347	Clp Wind Farms (Theni - Project II) Private Limited	Director	28-01-10	28-01-10	Active	NO
8	U40100GJ2010PTC059351	Clp Wind Farms (Theni - Project III) Private Limited	Director	28-01-10	28-01-10	Active	NO

Name :

Mr. Lai Hing Virginia Wong

Designation :

Director

Address :

Flat E, 40/F, Tower 5, 9 Sham Shing Road, The Pacifica, Cheung Sha Wan, Kowloon, Hong Kong

Date of Birth/Age :

24.06.1965

Date of Appointment :

21.01.2010

DIN No.:

02937230

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	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	29-09-10	21-01-10	23-08-11	Active	NO
2	U40104HR2008SGC037809	Jhajjar Power Limited	Director	30-09-10	28-01-10	01-09-11	Active	NO
3	U40106GJ2008PTC054629	CLP Wind Farms (India) Private Limited	Director	28-09-10	29-01-10	01-09-11	Active	NO
4	U40100GJ2010PTC059347	CLP Wind Farms (Theni - Project II) Private Limited	Director	22-07-11	16-02-10	01-09-11	Active	NO
5	U40100GJ2010PTC059351	CLP Wind Farms (Theni - Project III) Private Limited	Director	22-07-11	16-02-10	01-09-11	Active	NO
6	U40100GJ2010PTC059346	CLP Wind Farms (Theni - Project IV) Private Limited	Director	22-07-11	16-02-10	01-09-11	Active	NO
7	U29100MH2005PTC154946	CLP Wind Farms (Khandke) Private Limited	Director	28-09-10	26-02-10	01-09-11	Active	NO
8	U40100GJ1995PTC042939	CLP Power India Private Limited	Director	30-09-10	18-03-10	01-09-11	Active	NO

Name :

Mr. Daniel Brian Dexter

Designation :

Additional Director

Address :

15765 Ronny Road, Grand Haven, Ottawa, Michigan 49417

Date of Birth/Age :

28.12.1953

Date of Appointment :

22.03.2011

DIN No.:

00551309

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	U40102TN1995PTC076433	CMS India Operations And Maintenance Company Private Limited	Director	26-06-06	26-06-06	20-03-09	Active	NO
2	U40109TN1993PTC026223	ST-CMS Electric Company Private Limited	Director	28-04-07	05-03-07	20-03-09	Active	NO
3	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Additional director	22-03-11	22-03-11	23-08-11	Active	NO
4	U40100GJ1995PTC042939	CLP Power India Private Limited	Additional director	29-03-11	29-03-11	-	Active	NO
5	U40106GJ2008PTC054629	CLP Wind Farms (India) Private Limited	Additional director	13-09-11	13-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mitesh Bhupendra Trivedi
Designation :	Secretary
Address :	29-A, Bhavna Society, Gita Mandir Road, Maninagar, Ahmedabad – 380 022, Gujarat, India
Date of Birth/Age :	17.09.1963
Date of Appointment :	18.09.2003
PAN No.:	ABDPT7461L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders		No. of Shares
CLP Power (GPEC) Limited, Mauritius		726254722
CLP Power India Private Limited, India		20
Total		726254742

List of Allotment (As on 29.03.2011)

Names of Allottees		No. of Shares
CLP Power Projects II, Mauritius		51455000
Total		51455000

As on 29.09.2010

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]		99.99
Bodies corporate		0.01
Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Gas Turbine Spares, Steam Turbine Spares and Maintenance Services.

Product :	· Gas Turbine Spares · Steam Turbine Spares

Product Description :	Generation of Electrical Energy

GENERAL INFORMATION

No. of Employees :

100 Approximately

Bankers :

· Bank of Baroda, Corporate Finance Branch

· Bank of Baroda, Branch Office at 57, Shrimali Society, Netai Road. Navrangpura, Ahmedabad, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Banks
Rupee Loans	2168.114	497.342

From Financial Institutions
Foreign Currency Loans	2196.173	191.970

Bridge Loan from bank
Rupee Loans	0.000	850.000
Total	4364.287	1539.312

Notes

· Term loans from Banks and Financial Institutions are secured by :

1. a first mortgage and charge in favour of the lenders of all the immovable properties both present and future of the Company on pari pasu basis and;

2. a first charge by way of hypothecation on movable properties (other than debt), machinery, machinery spares, tools and accessories present and future subject to prior charge created in favour of the bankers.

· Amounts due within one year Rs.591.324 millions

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loans
Foreign Currency Loans from Banks (Against Guarantees from Indian Financial Institutions/Banks)	776.398	1566.824

Short Term Working Capital Loans
From Banks	0.000	500.000
Total	776.398	2066.824

Amounts due within one year Rs.776.398 millions


Banking Relations :	--

Financial Institution :	· Industrial Finance Corporation of India Limited Bank of Baroda Building, 16; Sansad Marg, New Delhi – 110 001, Delhi, India · IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai -400 001, Maharashtra, India

Auditors :
Name :	V Nijhawan Price Waterhouse Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower - B, Cyber City, Gurgaon – 122 002, Haryana, India

Subsidiaries :	· CLP Wind Farms (India) Private Limited CIN No.: U40106GJ2008PTC054629 · CLP Wind Farms (Theni - Project II) Private Limited CIN No.: U40100GJ2010PTC059347 · CLP Wind Farms (Theni - Project III) Private Limited CIN No.: U40100GJ2010PTC059351 · CLP Wind Farms (Theni - Project IV) Private Limited CIN No.: U40100GJ2010PTC059346

Ultimate Holding Company :	CLP Holdings Limited, Hong Kong

Holding Company :	CLP Power (GPEC) Limited, Mauritius

Fellow Subsidiaries :	· CLP Power India Private Limited · CLP Power International Projects Limited · CLP Asia Services Limited, British Virgin Islands · Jhajjar Power Limited · CLP Power Projects – II, Mauritius · TRUenergy Services Pty Limited · CLP Wind Farms (Khandke) Private Limited

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000000	Equity Shares	Rs.10/-each	Rs.17500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1260871242	Equity Shares	Rs.10/-each	Rs.12608.712 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/-each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
726254742	Equity Shares	Rs.10/-each	Rs.7262.547 Millions

Notes

Out of the above:

· 26254722 equity shares are held by CLP Power (GPEC) Limited, Mauritius, the holding company and 20 equity shares are held by CLP Power India Private Limited a subsidiary of CLP Power (GPEC) Limited, Mauritius

· 240000000 equity shares of Rs. 10/- each have been allotted as fully paid up Bonus Shares by capitalising the free reserves

· 471949026 equity shares of Rs.10 each have been alloted as fully paid up Bonus Shares by utilizing Capital Redemption Reserve

· 713694284 equity shares have been bought back

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		7262.547	7262.547	7262.547
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11495.831	9219.796	7473.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18758.378	16482.343	14735.695
LOAN FUNDS
1] Secured Loans		4364.287	1539.312	1059.926
2] Unsecured Loans		776.398	2066.824	2357.250
TOTAL BORROWING		5140.685	3606.136	3417.176
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		23899.063	20088.479	18152.871

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		8191.671	9635.749	8436.091
Capital work-in-progress		50.601	171.978	2419.171

INVESTMENT		2690.900	5528.600	1150.500
DEFERREX TAX ASSETS		655.711	844.800	1019.942

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	984.831	957.781	867.870
	Sundry Debtors	5022.920	3332.711	1819.364
	Cash & Bank Balances	4777.552	2511.488	3453.682
	Other Current Assets	509.731	9.442	19.143
	Loans & Advances	1846.627	176.587	140.345
Total Current Assets		13141.661	6988.009	6300.404
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	697.985	2733.667	1088.358
	Other Current Liabilities	127.821	73.327	81.293
	Provisions	5.675	273.663	3.586
Total Current Liabilities		831.481	3080.657	1173.237
Net Current Assets		12310.180	3907.352	5127.167

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		23899.063	20088.479	18152.871

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	16177.106	22275.175	18498.874
		Other Income
		TOTAL	16177.106	22275.175	18498.874

Less	EXPENSES
		Office Expenses	12001.461	18372.285	14433.052
		Administrative Expenses
		Advertising Expenses
		TOTAL	12001.461	18372.285	14433.052

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4175.645	3902.890	4065.822

Less/ Add	DEPRECIATION/ AMORTISATION		1295.733	1250.545	1203.018

	PROFIT BEFORE TAX		2879.912	2652.345	2862.804

Less	TAX		603.877	905.697	764.547

	PROFIT AFTER TAX		2276.035	1746.648	2098.257

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6802.343	5055.695	7157.438

	APPROPRIATIONS
	Issue of Bonus Shares		0.000	0.000	2391.750
	Premium on Share Buyback		0.000	0.000	1784.819
	Transferred to Capital Redemption Reserve		0.000	0.000	2415.181
	BALANCE CARRIED TO THE B/S		9078.378	6802.343	5055.695

	IMPORTS
		Spares	20.756	126.640	36.245
		Capital Goods	18.988	34.178	56.299
	TOTAL IMPORTS		39.744	160.818	92.544

	Earnings Per Share (Rs.)		3.13	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.07	7.84	11.34

Return on Total Assets (PBT/Total Assets}	(%)	13.50	15.96	19.43

Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.19

Debt Equity Ratio (Total Liability/Networth)		0.32	0.41	0.31

Current Ratio (Current Asset/Current Liability)		15.81	2.27	5.37

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The year was the Tenth full year of Operations of the entire plant. The plant was able to achieve a high level of availability, which stood at 93.8%.

The total income during the year ended on March 31, 2010 was Rs.16177.106 millions. The profits earned during the year stand at Rs.2276.035 millions.

FORM 8

Corporate identity number of the company	U40100GJ1992PTC018284
Name of the company	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6^th Floor, Chanakya Building, Off Ashram Road, Ahmedabad - 380 009, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	10158784
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai -400 001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation created by the Company in favor of IDBI Trusteeship Services Limited (Acting as Security Trustee on behalf of IDBI, IDFC, ADB) now be modified to exclude ADB Loan of USD 60 million (Rs.2880.000 millions).
Date of instrument Creating the charge	23.08.2011
Amount secured by the charge	Rs.8460.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Same as was applicable in original charge Terms of repayment Same as was applicable in original charge Margin Same as was applicable in original charge Extent and operation of the charge First pari passu charge by the way of hypothecation on all of the company's current assets including stocks and book debts both present and future excluding (excluding security interest over the shares held by the company in any subsidiary company or other companies at present or in future except such subsidiaries of company whose shares are specifically pledged/agreed to be pledged) and all Immovable Properties for the reduced amount of Rs.8460.000 millions.
Short particulars of the property charged
Particulars of the present modification	The Charge is modified for Rs.8460.000 millions to exclude ADB Loan of USD 60 mn ( Rs.2880.000 millions).

CONTINGENT LIABILITIES

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Guarantees given by Company’s Bankers on behalf of the Company	800.225	1063.775
Corporate Guarantee given by the Company to banks / financial institutions on behalf of Jhajjar Power Limited, a fellow subsidiary	4500.000	4500.000
Corporate Guarantee given by the Company to banks/ financial institutions on behalf of CLP Wind Farms (India) Private Limited, a subsidiary Company	2970.000	--
Corporate Guarantee given by the Company to bank on behalf of CLP Wind Farms (Theni – Project II) Private Limited, a subsidiary company	1530.000	--
Bills Discounted	800.000	1450.000
Claims raised on the Company not acknowledged as debts	50.303	50.303
Income Tax demands appealed	1966.718	12.757
Claim raised by GUVNL	9798.300	8088.900

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Railway Sidings

· Plant and Machinery

· Furniture and Fixtures

· Computers and Office Equipments

· Vehicles

WEB DETAILS

Subject is a 655 MW gas-fired combined cycle power plant at Paguthan, near Bharuch in the state of Gujarat. Apart from its consistent year-on-year plant performance, Subject has set a benchmark in the Industry for complying with highest level of safety and environmental standards, nationally and internationally.

Subject had won Prime Minister's award for best performing CCGT in 2006. It has achieved NOSA 5-Star accreditation for complying with the highest level of internationally accepted safety standards and is a 1SO 14001 certified company complying with the highest standards of environment conservation. Apart from this, the plant has been maintaining its equipment for optimizing the plant availability by using most efficient O and M practices with the dedicated efforts of its skilled and experienced O and M team.

Subject is also credited with keeping its surrounding clean, green and beautiful for the healthy co-existence with its employees, their families who stay in its sprawling township and the nearby village residents.

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.47.84
UK Pound	1	Rs.75.40
Euro	1	Rs.65.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.

MIRA INFORM REPORT

984.831

957.781

5022.920

3332.711

4777.552

2511.488

509.731

9.442

1846.627

176.587

13141.661

6988.009

697.985

2733.667

127.821

73.327

5.675

273.663

831.481

3080.657

12310.180

3907.352

14.07

13.50

0.15

0.32

15.81

Unit