MIRA INFORM REPORT

Report Date :

10.04.2012

IDENTIFICATION DETAILS

Name :	ESSAR POWER GUJARAT LIMITED
Registered Office :	Salaya Administrative Building, 44 KM, Post Box No. 07, Jamnagar – Okha Highway, Khambhaliya Jamnagar – 361305, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.04.2007
Com. Reg. No.:	04-006273
Capital Investment / Paid-up Capital :	Rs. 15289.563 Millions
CIN No.: [Company Identification No.]	U74900GJ2007PLC066273
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Generation and Distribution of Electricity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

(Ca) 13

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to Commence Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of Essar Power Limited. The company is yet to commence its commercial business activities. Payments are unknown. The company can be considered for business dealing with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Salaya Administrative Building, 44 KM, Post Box No. 07, Jamnagar – Okha Highway, Khambhaliya Jamnagar – 361305, Gujarat
Tel. No.:	91-2833-241444
Fax No.:	91-2833-241818
E-Mail :	powersec@essar.com
Website :	http://www.essar.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Vijaybhaskara Kalakota Reddy

Designation :

Director

Address :

61 Marble Arch, 5^th Road, Santacruz East, Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

15.04.2009

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	9/29/2007	8/17/2007	-	Active	NO
2	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Director	10/19/2007	10/19/2007	4/5/2010	Active	NO
3	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	9/30/2008	3/24/2008	2/2/2011	Under Process of Striking off	NO
4	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	9/30/2008	7/10/2008	2/2/2011	Active	NO
5	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	9/30/2008	7/10/2008	4/5/2010	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	4/1/2011	4/1/2009	-	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	4/1/2011	4/15/2009	-	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	7/30/2009	4/15/2009	-	Active	NO
9	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	7/20/2009	4/15/2009	-	Active	NO
10	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	7/6/2009	4/15/2009	-	Active	NO
11	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	7/6/2009	4/15/2009	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	7/10/2009	4/15/2009	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	7/10/2009	4/15/2009	-	Active	NO
14	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	7/30/2009	4/30/2009	-	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	5/26/2009	5/26/2009	-	Active	NO
16	U40105AP2007PTC052403	MALAXMI ENERGY VENTURES(INDIA)PRIVATE LIMITED	Director	11/16/2009	11/16/2009	7/19/2010	Active	NO
17	U40109DL2005PTC231302	NAVABHARAT POWER PRIVATE LIMITED	Director	7/12/2010	7/12/2010	-	Active	NO
18	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	1/27/2011	1/27/2011	9/16/2011	Active	NO
19	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	3/16/2011	3/16/2011	-	Under Process of Striking off	NO
20	U01010MP2006PLC018586	MAHAN COAL LIMITED	Director	9/24/2011	9/14/2011	-	Active	NO
21	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Additional director	3/30/2012	3/30/2012	-	Active	NO

Name :

Mr. Suresh V

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 :

15.04.2009

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	7/10/2009	2/3/2009	2/2/2011	Active	NO
2	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	7/30/2009	4/15/2009	-	Active	NO
3	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	7/6/2009	4/15/2009	3/28/2012	Active	NO
4	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	7/6/2009	4/15/2009	4/5/2010	Active	NO
5	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	7/6/2009	4/15/2009	2/2/2011	Active	NO
6	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	5/1/2011	4/15/2009	-	Active	NO
7	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	8/12/2010	4/15/2009	-	Under Process of Striking off	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	7/30/2009	4/15/2009	-	Active	NO
9	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	7/30/2009	4/15/2009	-	Active	NO
10	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	7/20/2009	4/15/2009	-	Active	NO
11	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	7/6/2009	4/15/2009	-	Active	NO
12	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	7/6/2009	4/15/2009	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	7/10/2009	4/15/2009	-	Active	NO
14	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Additional director	4/30/2009	4/30/2009	4/5/2010	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	5/26/2009	5/26/2009	-	Active	NO
16	U40109DL2005PTC231302	NAVABHARAT POWER PRIVATE LIMITED	Director	2/21/2012	7/12/2010	-	Active	NO
17	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	1/27/2011	1/27/2011	-	Active	NO
18	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	3/16/2011	3/16/2011	-	Under Process of Striking off	NO
19	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	8/5/2011	8/5/2011	-	Active	NO

Name :

Mr. Venkataraman Venkatesan Singanallur

Designation :

Director

Address :

F-401, The Atrium, Old No.49, New No.22 Kalakshetra Road, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

09.10.1939

Date of Appointment :

04.09.2009

DIN No.:

00004010

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	L99999MH1976PLC034721	ESSAR INVESTMENTS LIMITED	Director	9/13/1991	9/13/1991	-	Active	NO
2	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Director	9/28/1991	9/28/1991	-	Active	NO
3	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	10/30/1991	10/30/1991	5/20/2009	Active	NO
4	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	11/28/1991	11/28/1991	-	Active	NO
5	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	1/24/1996	1/24/1996	9/18/2009	Active	NO
6	U99999MH1989PLC053280	Essar Projects (India) limited	Director	3/1/2001	3/1/2001	-	Active	NO
7	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	6/21/2001	6/21/2001	-	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	6/30/2004	6/30/2004	5/20/2009	Active	NO
9	L65921TN1985PLC049092	LANCOR HOLDINGS LIMITED	Director	9/30/2006	12/28/2005	-	Active	NO
10	U65999MH2005PLC155191	EDELWEISS TRUSTEE SERVICES LIMITED	Director	9/12/2007	11/1/2006	-	Active	NO
11	L29221TN1956PLC000204	BEST & CROMPTON ENGG. LIMITED	Director	9/22/2007	1/31/2007	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	2/5/2007	2/5/2007	5/20/2009	Active	NO
13	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	5/19/2008	5/19/2008	-	Active	NO
14	U27310KA2006PLC040237	AMW - MGM FORGINGS LIMITED	Director	7/29/2009	5/19/2008	4/21/2011	Active	NO
15	U65923TN2007PLC085016	Essar Capital Limited	Additional director	6/17/2008	6/17/2008	9/18/2009	Active	NO
16	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	3/20/2012	10/4/2008	-	Active	NO
17	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	7/31/2009	10/31/2008	7/5/2011	Active	NO
18	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	3/21/2012	9/4/2009	-	Active	NO
19	U28920TN1999PLC043385	BEST & CROMPTON ENGINEERING PROJECTS LIMITED	Additional director	3/29/2010	3/29/2010	-	Active	NO
20	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	3/21/2012	8/17/2010	-	Active	NO
21	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	3/20/2012	8/17/2010	-	Active	NO
22	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	6/8/2011	6/8/2011	-	Active	NO
23	U65993MH2006PTC164007	ARUM INVESTMENTS PRIVATE LIMITED	Director	2/2/2012	2/2/2012	-	Active	NO

Name :

Mr. Vikram Harishchandra Amin

Designation :

Director

Address :

A-22, Grand Paradi Apartments, August Kranti Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

07.12.1958

Date of Appointment :

04.09.2009

DIN No.:

00008119

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	12/17/2011	10/31/2001	-	Active	NO
2	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	8/17/2004	8/17/2004	4/30/2009	Active	NO
3	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	8/6/2011	10/16/2006	-	Active	NO
4	U27106MH2007PLC172940	Essar Steel Hypermarts Limited.	Director	8/8/2007	8/8/2007	-	Active	NO
5	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	7/30/2009	10/4/2008	-	Active	NO
6	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED.	Additional director	1/12/2009	1/12/2009	-	Active	NO
7	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	8/11/2010	9/4/2009	-	Active	NO
8	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	8/19/2011	8/17/2010	-	Active	NO

Name :

Mr. Govindaraghavan Venkatraman

Designation :

Director

Address :

Flat No. 171/172, 17^th Floor, Kalapataru Residency Sion Circle, Sion East, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

16.07.1945

Date of Appointment :

04.09.2009

DIN No.:

00008683

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	1/29/2007	10/29/2003	-	Active	NO
2	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	12/9/2003	12/9/2003	-	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	8/17/2004	8/17/2004	4/30/2009	Active	NO
4	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	6/17/2005	6/17/2005	-	Amalgamated	NO
5	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Director	6/17/2005	6/17/2005	12/18/2008	Active	NO
6	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Director	6/17/2005	6/17/2005	12/18/2008	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	10/19/2005	10/19/2005	4/30/2009	Active	NO
8	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	8/19/2011	10/19/2005	-	Active	NO
9	U13100GJ2006PLC047506	ESSAR MINERAL RESOURCES LIMITED	Additional director	7/8/2010	1/13/2006	8/31/2010	Active	NO
10	U74210MH2006PLC159709	Jubilee Shipping & Logistics Holdings Limited	Director	2/14/2006	2/14/2006	6/29/2007	Active	NO
11	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Director	6/14/2006	6/14/2006	-	Amalgamated	NO
12	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Director	3/6/2007	3/6/2007	12/18/2008	Amalgamated	NO
13	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED.	Director	5/2/2007	5/2/2007	6/17/2008	Active	NO
14	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	8/11/2010	2/18/2008	-	Active	NO
15	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	9/29/2008	2/18/2008	-	Active	NO
16	U70100MH2006FLC159272	Essar SEZ Hazira Limited	Additional director	6/17/2008	6/17/2008	1/14/2009	Active	NO
17	U65923TN2007PLC085016	Essar Capital Limited	Additional director	6/17/2008	6/17/2008	8/1/2009	Active	NO
18	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	8/14/2009	3/31/2009	-	Active	NO
19	U65993MH2007PLC174810	ETHL COMMUNICATIONS HOLDINGS LIMITED	Additional director	4/13/2009	4/13/2009	-	Amalgamated	NO
20	U74999TN2008PTC067735	Essar Capital Finance Private Limited	Additional director	10/31/2009	10/31/2009	-	Active	NO
21	U51900MH2006PLC160647	The MobileStore Limited	Director	9/30/2010	5/17/2010	-	Active	NO
22	L65990MH1984PLC033128	FRONTIER LEASING AND FINANCE LIMITED	Additional director	8/12/2010	8/12/2010	-	Active	NO
23	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	8/6/2011	8/17/2010	-	Active	NO
24	U74140MH2010PTC207439	PADMARAG PROJECT AND CORPORATE SERVICES PRIVATE LIMITED	Director	9/20/2010	9/20/2010	-	Active	NO
25	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	12/28/2010	12/28/2010	1/10/2012	Active	NO
26	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	1/28/2011	1/28/2011	5/4/2011	Active	NO
27	U25209MH2007PTC168369	KRIS FLEXIPACKS PRIVATE LIMITED	Director	7/23/2011	4/1/2011	-	Active	NO
28	U74999MH2011PLC217380	ESSAR SERVICES INDIA LIMITED	Director	5/12/2011	5/12/2011	1/21/2012	Active	NO
29	U99999MH1989PLC053280	Essar Projects (India) limited	Director	9/9/2011	7/18/2011	-	Active	NO
30	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Additional director	8/9/2011	8/9/2011	-	Active	NO
31	U74140MH2003PTC141815	MAHATI CORPORATE SERVICES PRIVATE LIMITED	Additional director	2/1/2012	2/1/2012	-	Active	NO
32	U65921MH2008PLC182234	AMW FINANCE LIMITED	Additional director	2/16/2012	2/16/2012	-	Active	NO

Name :

Mr. Jatinder Dinanath Mehra

Designation :

Director

Address :

C-1/36, Safdarjung Dev Area, New Delhi – 110016, India

Date of Birth/Age :

03.03.1939

Date of Appointment :

04.09.2009

DIN No.:

00042789

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	6/25/1997	6/25/1997	-	Active	NO
2	L27110GJ1989PLC011748	STEELCO GUJARAT LIMITED	Director	9/24/1997	9/24/1997	-	Active	NO
3	U72200DL1999PLC099481	MICROGENETICS SYSTEMS LIMITED	Director	4/26/1999	4/26/1999	-	Active	NO
4	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Director	6/17/2005	6/17/2005	-	Active	NO
5	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Director	6/17/2005	6/17/2005	-	Active	NO
6	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	6/17/2005	6/17/2005	-	Amalgamated	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	10/19/2005	10/19/2005	4/30/2009	Active	NO
8	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	8/19/2011	10/19/2005	-	Active	NO
9	U13100GJ2006PLC047506	ESSAR MINERAL RESOURCES LIMITED	Director	1/13/2006	1/13/2006	-	Active	NO
10	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	3/10/2006	3/10/2006	-	Amalgamated	NO
11	U01010MP2006PLC018586	MAHAN COAL LIMITED	Director	4/25/2006	4/25/2006	6/9/2008	Active	NO
12	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Director	6/14/2006	6/14/2006	-	Amalgamated	NO
13	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Additional director	12/18/2008	12/18/2008	-	Amalgamated	NO
14	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED.	Additional director	1/12/2009	1/12/2009	1/16/2009	Active	NO
15	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	8/10/2010	9/2/2009	-	Active	NO
16	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	8/11/2010	9/4/2009	-	Active	NO
17	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	8/6/2011	8/17/2010	-	Active	NO
18	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	10/20/2010	10/20/2010	-	Active	NO
19	U27100MH2011PLC217214	PARADEEP STEEL COMPANY LIMITED	Director	5/9/2011	5/9/2011	-	Active	NO
20	U74999MH2011PLC217380	ESSAR SERVICES INDIA LIMITED	Additional director	1/21/2012	1/21/2012	-	Active	NO

Name :

Mr. Mahadev Ramnath Iyer

Designation :

Director

Address :

109/110, Indira Apartments, Govandi Station Road, Deoner, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

01.07.1958

Date of Appointment :

04.09.2009

DIN No.:

01871295

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	U13100GJ2006PLC047506	ESSAR MINERAL RESOURCES LIMITED	Director	1/13/2006	1/13/2006	7/7/2010	Active	NO
2	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Additional director	12/18/2008	12/18/2008	-	Amalgamated	NO
3	U27106MH2007PLC172940	Essar Steel Hypermarts Limited.	Additional director	12/18/2008	12/18/2008	-	Active	NO
4	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Additional director	12/18/2008	12/18/2008	-	Amalgamated	NO
5	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Additional director	12/18/2008	12/18/2008	-	Active	NO
6	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Additional director	12/18/2008	12/18/2008	-	Amalgamated	NO
7	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Additional director	12/18/2008	12/18/2008	-	Active	NO
8	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Additional director	12/22/2008	12/22/2008	-	Amalgamated	NO
9	U70100MH2006FLC159272	Essar SEZ Hazira Limited	Additional director	1/14/2009	1/14/2009	-	Active	NO
10	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	7/30/2009	2/16/2009	-	Active	NO
11	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	12/17/2011	2/16/2009	-	Active	NO
12	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	8/11/2010	9/4/2009	-	Active	NO
13	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	8/6/2011	8/17/2010	-	Active	NO
14	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	8/19/2011	8/17/2010	-	Active	NO
15	U27100MH2011PLC217214	PARADEEP STEEL COMPANY LIMITED	Director	5/9/2011	5/9/2011	-	Active	NO

Name :

Mr. Rewant Ravikant Ruia

Designation :

Director

Address :

LE Reve, 43^rd Floor, Marina, Dubai – 293778, India

Date of Birth/Age :

20.03.1983

Date of Appointment :

17.12.2010

DIN No.:

01187519

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	U63040MH1990PLC056592	FUTURA TRAVELS LIMITED	Director	7/14/2004	7/14/2004	6/13/2011	Active	NO
2	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	3/10/2006	3/10/2006	12/18/2008	Amalgamated	NO
3	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Additional director	12/7/2006	12/7/2006	6/20/2008	Active	NO
4	U99999MH1989PLC053280	Essar Projects (India) limited	Director	12/8/2006	12/8/2006	6/13/2011	Active	NO
5	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	9/29/2007	12/21/2006	6/13/2011	Active	NO
6	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	6/21/2011	1/29/2007	10/13/2011	Active	NO
7	U65923TN2007PLC085016	Essar Capital Limited	Additional director	6/17/2008	6/17/2008	3/23/2010	Active	NO
8	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	7/30/2009	10/4/2008	11/20/2011	Active	NO
9	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	8/6/2011	12/17/2010	11/20/2011	Active	NO
10	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	7/22/2011	12/17/2010	11/20/2011	Active	NO
11	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	8/19/2011	12/17/2010	11/20/2011	Active	NO

Name :

Mr. Dilip Cherial Oommen

Designation :

Director

Address :

D-3/4 Nand Niketan Essar Township, Dist. Hazira, Surat – 394270, Gujarat, India

Date of Birth/Age :

28.03.1958

Date of Appointment :

04.09.2009

DIN No.:

02285794

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Managing director	12/17/2011	7/7/2008	-	Active	NO
2	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	9/25/2008	9/25/2008	-	Amalgamated	NO
3	U27106MH2007PLC172940	Essar Steel Hypermarts Limited.	Additional director	12/18/2008	12/18/2008	-	Active	NO
4	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Additional director	12/22/2008	12/22/2008	-	Amalgamated	NO
5	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	8/11/2010	9/4/2009	-	Active	NO
6	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	8/6/2011	8/17/2010	-	Active	NO
7	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	8/19/2011	8/17/2010	-	Active	NO
8	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	8/19/2011	9/20/2010	-	Active	NO

Name :

Mr. Madan Gopal Gupta

Designation :

Whole Time Director

Address :

1005, B Wing Building No. 21, Samarthaangan 1 Off K.L Walawalkar Road, Oshwara, Andheri (West) Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

30.05.1965

Date of Appointment :

01.12.2010

DIN No.:

03342939

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
1	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Managing director	12/1/2010	12/1/2010	-	Active
2	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Whole-time director	12/1/2010	12/1/2010	-	Active

KEY EXECUTIVES

Name :	Mrs. Jayshree Narendra Kakani
Designation :	Secretary
Address :	510/1-/b, Ostwal Ornate, Jesal Park, Bhayander (East), Mumbai – 401105, Maharashtra, India
Date of Birth/Age :	17.06.1984
Date of Appointment :	09.05.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Essar Power Limited, India	1528956245
Essar Power Limited and R. K.Sethi	10
Essar Power Limited and Sachidanand Bhujade	10
Essar Power Limited and A.K Singh	10
Essar Power Limited and V.T.Josh	10
Essar Power Limited and Gyan Anand	10
Essar Power Limited and R. R. Pillai	10
Total	1528956305

As on 26.09.2011

Names of Allotees	No. of Shares
Essar Power Limited, Mumbai	200000000
Total	200000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Generation and Distribution of Electricity
Products :	Item Code	Product Description
	217600	Electrical Energy

GENERAL INFORMATION

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Not Available

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Total
Secured Loan	As on 31.03.2011	As on 31.03.2010
Total

Banking Relations :
Financial Institute:	IDBI Trusteeship services Lmimted, Asian Bldg, Ground Floor, 17, R. Kamani Marg, Balard Estate, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad – 380017, Gujarat, India
Tel. No.:	91-79-27582542/27582543
Fax No.:	91-79-27582551
PAN.:	AABFD7919A
Holding Company:	Essar Power Limited (EPOL) ( CIN No.: U40100MH1991PLC063852)
Ultimate Holding Company:	Essar Globa Limited, Cayman Island (EGL)
Fellow Subsidiary:	Essar Power Transmission company Limited (EPTCL) Vadinar Power Company Limited (VPCL)
Enterprises commonly controlled or influenced by major shareholder / directors of the Company:	· Essar Steel Limited (ESTL) · Essar Project (I) Limited (EPIL) (formerly Known as Essar Construction (I) Limited (ECIL) · Futura Travels Limited (FTL) · Essar House Limited (EHL) · Essar Infrastructure Services Limited (EIDL) (Formerly Known Wssar House Services Limited) · Essar Engineering Services Limited (EESL) · Essar Investments Limited (EIL) · Essar Project Management Consultancy Limited (EPMCL) · Essar Logistics Limited (ELL) · Essar Oil Limited (EOL) · Arkay Holding Limited (AHL) · Essar Information Technology Limited (EITL) · Aegis Limited (AEGIS) (Formerly Known as Aegis BPO Services Lmimited (ABSL) · The Mobile Store Limited (TMSL) · Essar Agrotech Limited (EAL) · Vadinar Properties Limited(VPL) · Impact Retail Private Lmimted (IRPL)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000,000	Equity Shares	Rs.10/- each	Rs.80000.000 Millions
2,000,000,000	Preference Shares	Rs.10/each	Rs.20000.000 Millions
Total			Rs.100000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,528,956,245	Equity Shares	Rs.10/- each	Rs.15289.562 Millions

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000,000	Equity Shares	Rs.10/- each	Rs.80000.000 Millions
2,000,000,000	Preference Shares	Rs.10/each	Rs.20000.000 Millions
Total			Rs.100000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,728,956,305	Equity Shares	Rs.10/- each	Rs.17289.563 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15289.563	6220.436	5645.436
2] Share Application Money pending allotment		0.000	2060.500	65.000
3] Reserves & Surplus		0.437	0.436	0.436
4] (Accumulated Losses)		(26.579)	(26.367)	(0.415)
NETWORTH		15263.421	8255.005	5710.458
LOAN FUNDS
1] Secured Loans		27291.095	9059.021	0.000
2] Unsecured Loans		375.000	203.600	0.000
TOTAL BORROWING		27666.095	9262.621	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42929.516	17517.626	5710.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		972.002	769.011	37.452
Capital work-in-progress		43837.073	21513.968	7059.854
INVESTMENT		0.000	1651.646	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	00.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2115.304	470.753	158.649
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	821.590	139.935	130.972
Total Current Assets		2936.894	610.688	289.621
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.392	3.880
	Other Current Liabilities	4795.887	7017.363	1698.951
	Provisions	17.174	9.444	3.347
Total Current Liabilities		4816.453	7027.687	1702.298
Net Current Assets		(1879.559)	(6416.999)	(1412.677)
MISCELLANEOUS EXPENSES		0.000	0.000	25.828
TOTAL		42929.516	17517.626	5710.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Professional fees	0.198	0.112	0.116
		Filing Fees	0.013	0.012	0.010
		Miscellaneous expenditure written off	0.000	25.828	0.000
		TOTAL (B)	0.211	25.952	0.126
	PROFIT BEFORE TAX (G)		(0.211)	(25.952)	(0.126)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(0.211)	(25.952)	(0.126)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(26.368)	(0.415)	(0.289)
	BALANCE CARRIED TO THE B/S		(26.579)	(26.367)	(0.415)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.00	4.24	0.04
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.31	0.85	0.29
Current Ratio (Current Asset/Current Liability)		0.60	0.08	0.17

LOCAL AGENCY FURTHER INFORMATION

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	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	Yes
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note: Registered office of the company has been shifted from Essar House, 11 Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India to the present address w.e.f 11.10.2010

OPERATIONS

The company is in the process of implementing a 1,200 MW imported coal based thermal power plant at Salaya, Dist Jamnagar, Gujarat in two phases of 600 MW each. The appraised cost of the project is Rs. 48200.000 Millions and is being funded in a debt equity ration of 3.1. The Project has achieved financial closure and construction is nearing completion, First few shipments of coal from Indonesia have already reached site, Debt of approximately Rs. 30910 Millions ( Including Letter of credit opened and cash disbursement) has been availed as on March 31, 2011. The Project has achieved total progress of 85%. Project engineering has been completed and approximately 95% of the equipment/material has been received at site. Commissioning activities are in advanced stage. Boiler hydro test for Unit 1 has been completed turbine boxing up is in progress. Generator stator erection and rotor insertion has been completed and power evacuation station is ready for charging. Steam turbine erection for Unit II is in progress. The Project is expected to be commissioned in the 3rd quarter of FY 2011-12.

It is proposed to enhance capacity by addition of a 1,320-MW imported coal based supercritical expansion comprising of two units of 660 MW each. Land required for the proposed expansion is already owned by the company. The appraised cost of the project is Rs.59810 Millions, to be funded in a debt: equity ratio of 3:1: EPC and fuel supply contracts have been awarded. Financial tie up for the project is complete. Under the competitive bidding initiated by the Gujarat State Govt, the Company has recently signed a Power purchase agreement for supply of 800 MW power on long term basis to Gujarat Urja Vikas Nigam Limited. Balance power is proposed to be sold to power distribution companies, Industrial consumers and on a merchant basis. Project commissioning is expected in 4^th quarter of FY 2013-14.

The power business group has during the year acquired mines in Mozambique and Indonesia which would supply coal for both phases of the project.

The Company is yet to commence commercial operations and has incurred a loss of Rs. 211.887 Millions during the financial year. The Directors do not recommend any dividend for the year.

REGISTERED FOFFICE

The company has shifted its registered office from the State of Maharashtra to the State of Gujarat with effect from October 11, 2011 pursuant to approval of the company Law Board vide order ret202/17/CLB/MB/2010/6810 dated October 9, 2010.

NATURE OF BUSINESS

The Company is in the process of implementation of imported coal based power plants of 1200 MW in phase- I and 1320 MW in phase –II near Salaya (Dist. Jamnagar), Gujarat.

Corporate identity number of the company	U74900MH2007PLC169703
Name of the company	ESSAR POWER GUJARAT LIMITED
Address of the registered office or of the principal place of business in India of the company	Essar House, 11 K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India Email: sanjyot.rangnekar@essar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10160889
Type of charge	Uncalled share capital Immovable property Any interest in immovable property Book Debts Movable Property Floating Charge Calls made but not paid Goodwill Patent, License under a patent Trademark Copyright or license under a copyright
Particular of charge holder	IDBI Trusteeship services Limited, Asian Bldg, Ground Floor, 17, R. Kamani Marg, Balard Estate, Mumbai – 400001, Maharashtra, India Email: anjali@idbitrustee.co.in
Nature of instrument creating charge	Deed of Mortgage executed on January 8, 2010 in Favour of IDBI Trusteeship Services Limited, (Security Trustee)
Date of instrument Creating the charge	08.01.2010
Amount secured by the charge	Rs.25525.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The charge operates as continuing security for the repayment of rupee term loan facility for an aggregate of Rs. 25525.000 Millions together with all interest, additional interest, unreimbursed drawings, charges, expenses and other monies whatsoever due and payable by Company to Lenders, Security Trustee and Facility Agent under Rupee Term Loan Facility Agreement Dated September 29, 2008 and other financing documents.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Borrowers' movable properties incl plant and machinery, machine spares, tools and accessories, furniture, fixtures, vehicle and other movable assets, both present and future. Borrowers' immoveable properties (incl land) situated and lying at Villages Kajurda and Sodha Taragi, both in Taluka Jam-Khambhalis, District: Jamnagar, Gujarat. Borrowers' Tangible and Intangible assets, including but not limited to its goodwill, undertaking and uncalled capital, both present and future. All Insurance policies, performance bonds, contractors' guarantees and any LC provided by any person under Project Documents. All the rights, titles and interests of Borrower in respect of permits, Clearances, approvals & interests of the Borrower in, to and in respect of Project Documents and all contracts relating to the Project All the book debts, operating cash flows, receivables, all other current assets, commission, revenues of the Borrower, both present and future. All the Accounts and all other bank accounts of the Borrower. All right, title and interests of the Borrower in all the other assets (other than those specifically mentioned hereinabove) including cash in hand & all monies and investments as detailed in Annexure A.
Particulars of the present modification	The charge created under Unattested Memorandum of Hypothecation dated May 19, 2009 to secure rupee term loan Facility aggregating to Rs. 25525.000 Millions and all other amount payable by Borrower under Rupee Loan Facility Agreement dated September 29, 2008 is now modified by creating further security pursuant to Deed of Mortgage dated January 8, 2010 over the assets specified therein to secure all amount payable by the Borrower under the ICICI Rupee Loan Facility Agreement and other Financing Documents.

FIXED ASSETS

• Tangible Assets
• Freehold Land
• Office Equipment Computer
• Furniture and fixtures
• Air Craft

• 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 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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		13

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.