MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	COASTAL GUJARAT POWER LIMITED
Registered Office :	34, Sant Tukaram Marg, Carnac Bunder, Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.02.2006
Com. Reg. No.:	11-182213
Capital Investment / Paid-up Capital :	Rs.28305.000 millions
CIN No.: [Company Identification No.]	U40102MH2006PLC182213
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Generation and Sale of Power to Distributor Companies.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 125000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Tata Group Company. It is setting up a Prestigious Power Project in Gujarat. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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 :	34, Sant Tukaram Marg, Carnac Bunder, Mumbai-400009, Maharashtra , India
Tel. No.:	91-22-67171000 / 67171231 / 67172911 / 67171644
Fax No.:	91-22-67171950 / 67171953 / 66100863 / 67171649
E-Mail :	rameshsubramanyam@tatapower.com skarmarkar@tatapower.com
Website :	http://www.tatapower.com
Corporate office :	148, Lt Gen J Bhonsle Marg, Nariman Point, Mumbai – 400 021, Maharashtra

DIRECTORS

As on : 29.07.2011

Name :

Mr. Ramkrishnan R Sowmyan

Designation :

Director

Address :

A-701, NCPA Apartments, A Block, Nariman Point, Mumbai-400021, Maharashtra, India

Date of Birth/Age :

19.02.1949

Date of Appointment :

22.04.2007

DIN :

00005090

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	14/07/1987	14/07/1987	25/09/2008	Active	NO
2	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	25/03/1994	25/03/1994	13/09/2010	Active	NO
3	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	15/10/2001	15/10/2001	21/05/2011	Active	NO
4	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Whole-time director	1/10/2009	1/10/2004	-	Active	NO
5	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Nominee director	3/12/2004	3/12/2004	25/09/2008	Active	NO
6	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
7	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
8	L32200MH1940PLC003164	NELCO LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director	23/09/2011	30/11/2005	-	Active	NO
10	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	23/07/2010	15/12/2005	-	Active	NO
11	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	29/12/2005	29/12/2005	27/01/2010	Active	NO
12	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	7/2/2007	7/2/2007	23/05/2008	Active	NO
13	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Additional director	25/07/2011	1/3/2007	-	Active	NO
14	U40108MH2007PLC168314	TATA POWER RENEWABLE ENERGY LIMITED	Director	20/06/2011	2/3/2007	-	Active	NO
15	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	7/8/2007	22/04/2007	-	Active	NO
16	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Alternate director	30/04/2011	28/07/2009	-	Active	NO
17	U40108MH2011PLC211851	TATA POWER GREEN ENERGY LIMITED	Director	5/1/2011	5/1/2011	25/05/2011	Active	NO

Name :

Mr. Anil Kumar D Sardana

Designation :

Director

Address :

15, Gagan Vihar, New Delhi-110051, India

Date of Birth/Age :

16.04.1959

Date of Appointment :

22.04.2007

DIN :

00006867

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	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	28/12/2004	28/12/2004	18/10/2007	Active	NO
2	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director appointed in casual vacancy	25/04/2011	30/11/2005	-	Active	NO
3	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	24/08/2011	1/3/2007	-	Active	NO
4	U40109DL2001PLC111526	TATA POWER DELHI DISTRIBUTION LIMITED	Director	5/8/2011	14/03/2007	-	Active	NO
5	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	7/8/2007	22/04/2007	-	Active	NO
6	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Nominee director	22/05/2007	22/05/2007	18/10/2007	Active	NO
7	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	1/2/2011	3/8/2007	12/5/2011	Active	NO
8	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	31/01/2011	12/3/2008	19/05/2011	Active	NO
9	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	9/9/2010	6/10/2009	28/01/2011	Active	NO
10	L31102MH1964PLC013011	EMCO LIMITED	Director	25/08/2010	27/01/2010	14/01/2011	Active	NO
11	U64202DL2007PLC223153	VIOM INFRA NETWORKS (MAHARASHTRA) LIMITED	Director	30/09/2010	21/09/2010	28/01/2011	Active	NO
12	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director appointed in casual vacancy	9/2/2011	9/2/2011	-	Active	NO
13	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	21/12/2011	21/12/2011	-	Active	NO

Name :

Mr. Alok Ramdev Kanagat

Designation :

Director

Address :

501/502, Palm Beach, Pochkhanwalla Marg, Worli, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

18.11.1951

Date of Appointment :

02.07.2008

DIN :

02193153

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	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Whole-time director	5/5/2011	5/5/2008	Active	NO
2	U40108MH2007PLC168314	TATA POWER RENEWABLE ENERGY LIMITED	Director	20/06/2011	8/4/2011	Active	NO

Name :

Mr. Nawshir Hoshang Mirza

Designation :

Additional Director

Address :

6A, Somerset Place, 61-D, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.04.1950

Date of Appointment :

29.01.2011

DIN :

00044816

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	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	19/10/2001	19/10/2001	1/7/2011	Active	NO
2	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10/10/2003	10/10/2003	27/07/2009	Active	NO
3	U52110TN1999PTC043066	FOODWORLD SUPERMARKETS PRIVATE LIMITED	Director	23/12/2003	23/12/2003	-	Active	NO
4	U52599TN1996PTC037112	HEALTH AND GLOW RETAILING PRIVATE LIMITED	Director	23/12/2003	23/12/2003	-	Active	NO
5	L30007KA1992PLC025294	MPHASIS LIMITED	Director	8/1/2006	8/1/2006	-	Active	NO
6	U35112MH2006PTC162431	JARDINE SHIPPING SERVICES (INDIA) PRIVATE LIMITED	Director	24/05/2006	24/05/2006	6/9/2010	Active	NO
7	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	8/8/2007	29/09/2006	-	Active	NO
8	U65999MH2008FTC183698	JRE ASIA CAPITAL ADVISORY SERVICES (INDIA) PRIVATE LIMITED	Alternate director	18/08/2008	18/08/2008	25/09/2008	Active	NO
9	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	29/07/2011	29/01/2011	-	Active	NO
10	L29299MH1980PLC022787	THERMAX LIMITED	Director	22/07/2011	3/5/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Narayanswamy Subramanyam
Designation :	Secretary
Address :	Twin Star Jupiter Co-Operate Society Limited, 16^th Floor, Flat No. 162, 41 Cuffe Parade, Mumbai-400005, Maharashtra, India
Date of Birth/Age :	27.06.1969
Date of Appointment :	26.07.2007
PAN :	AANPS8972J
Audit Committee :	Mr. Nawshir Mirza - Chairman Mr. Ramakrishnan – Director Mr. Amulya Charan - Director
Remuneration Committee :	Mr. S. Ramakrishnana - Chairman Mr. Nawshir Mirza – Director Mr. Anil K Sardana - Director
Project Management Committee :	Mr. S. Ramakrishnana - Chairman Mr. Anil K Sardana - Director Mr. Alok Kanagat – Executive Director along with other heads of departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.07.2011

Names of Shareholders	No. of Shares
The Tata Power Company Limited, Mumbai	3300499994
The Tata Power Company Limited With Mr. A S Bapat, Mumbai	1
The Tata Power Company Limited With Mr. A Charan, Mumbai	1
The Tata Power Company Limited With Mr. H M Mistry, Mumbai	1
The Tata Power Company Limited With Mr. B J Shroff, Mumbai	1
The Tata Power Company Limited With Mr. S Ramakrishna, Mumbai	1
The Tata Power Company Limited With Mr. Sanjay Dubey, Mumbai	1
Total	3300500000

As on: 29.07.2011

Equity Shares Breakup Category	Percentage
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Generation and Sale of Power to Distributor Companies.

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

350 (Approximately)

Bankers :

· State Bank of India, SBU, 3^rd Floor, State Bank Bhavan, Madam Camma Road, Mumbai-400021, Maharashtra, India

· State Bank of India, Project Finance SBU, Voltas House, 23, J N Herdia Marg, Ballard Estate, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loans from Banks #	17324.700	7154.800
Term Loans from Financial institutions #	11184.900	4635.300
Term Loans from Foreign Banks @ #	27080.142	17561.748
Term Loans from Foreign Financial institutions @ #	21254.009	13658.758
Total	76843.751	43010.606
Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Short Term Borrowing From Banks**	2500.000	0.000
Short Term Borrowing From Companies (From Holding Company)	2000.000	1720.000
Total	4500.000	1720.000

# Secured Against all present and future movable and immovable properties, ranking pari passu

@ Denominated in Foreign Currency

** Guaranteed by holding company

Banking Relations :

--

Auditors :

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India.

Tel No.:

91-22-6667 9000

Fax No.:

91-22-6667 9100 / 9025

PAN :

AACFD4815A

Subsidiary :

Energy Eastern Pte Limited (Effective 31.01.2008), Singapore

Holding Company :

· The Tata Power Company Limited

CIN : L28920MH1919PLC000567

Branch Office: Tata Power, Back Bay, Receiving Station, 1, Nariman Point, Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4,250,000,000	Equity Shares	Rs.10/- each	Rs.42500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,830,500,000	Equity Shares	Rs.10/- each	Rs.28305.000 millions

Notes:- The company is a wholly – owned subsidiary of the Tata Power Company Limited, the Holding Company

As On 29.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4,250,000,000	Equity Shares	Rs.10/- each	Rs.42500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,300,500,000	Equity Shares	Rs.10/- each	Rs.33005.000 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		28305.000	17340.000	8180.000
2] Advance Towards Equity		3420.000	520.000	1330.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(273.740)	(242.492)	0.000
NETWORTH		31451.260	17617.508	9510.000
LOAN FUNDS
1] Secured Loans		76843.751	43010.606	17328.346
2] Unsecured Loans		4500.000	1720.000	0.000
TOTAL BORROWING		81343.751	44730.606	17328.346
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		112795.011	62348.114	26838.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2655.361	2579.204	793.992
Capital work-in-progress		125774.188	69274.782	30188.535
INVESTMENT		114.050	28.436	181.934
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1006.817	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	186.543	968.995	157.647
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2661.104	2694.459	1790.304
Total Current Assets		3854.464	3663.454	1947.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18666.624	12774.633	6127.285
	Other Current Liabilities	855.075	373.783	119.595
	Provisions	81.353	49.417	27.257
Total Current Liabilities		19603.052	13197.833	6274.137
Net Current Assets		(15748.588)	(9534.379)	(4326.186)
MISCELLANEOUS EXPENSES		0.000	0.071	0.071
TOTAL		112795.011	62348.114	26838.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000
		Other Income	14.406	0.000
		TOTAL (A)	14.406	0.000
Less	EXPENSES
		Payments to and provision for employees	9.592	14.653
		Administrative and other Expenses	35.376	206.825
		TOTAL (B)	44.968	221.478
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(30.562)	(221.478)
Less	FINANCIAL EXPENSES (D)		0.107	14.531
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(30.669)	(236.009)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(30.669)	(236.009)
Less	TAX (H)		0.579	6.482
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(31.248)	(242.491)
	IMPORTS
		Capital Goods	36051.003	28397.968
		Coal Imported	713.211	0.000
	TOTAL IMPORTS		36764.214	28397.968
	Earnings / (Loss) Per Share (Rs.)		(0.02)	(0.24)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(216.91)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.47)	(3.78)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.00)	(0.01)	(0.02)
Debt Equity Ratio (Total Liability/Networth)		3.21	3.29	2.48
Current Ratio (Current Asset/Current Liability)		0.20	0.28	0.31

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
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 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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

change of address:

The address of registered office has been changed from C/O Tata Services Limited, Jevan Bharti, Tower No. 1, 10^th Floor, 124 Connaught Place, New Delhi, India, to present w.e.f. 29.04.2008.

BACKGROUND:

Coastal Gujarat Power Limited (CGPL) was incorporated on February 10, 2006 as a wholly owned subsidiary of Power Finance Corporation Limited and was a special purpose vehicle formed to facilitate the acquisition of land and complete preliminary formalities including required statutory clearances for establishing the 4000 MW Ultra Mega Power Project (UMPP) at Mundra in the state of Gujarat which was awarded through the competitive bidding process.

Under the terms of the competitive bidding for the project the successful bidder was to acquire ownership of CGPL. The entire shareholding of Power Finance Corporation Limited was acquired by The Tata Power Company Limited on April 22, 2007 vide a Share Purchase Agreement. Consequent to which CGPL became a wholly owned subsidiary of The Tata Power Company Limited. During the year the Company has continued the construction activities at its project site at Mundra. Commercial operations are expected to commence partially in financial year 2011-2012.

FINANCIAL PERFORMANCE:

The expenses towards fixed assets including land (net) were Rs.2655.400 millions. Capital works in progress (including capital advances and incidental expenses) were Rs. 125774.200 millions. The expenditure (net of income) incurred during the year under administrative and general overhead were Rs.5713.700 millions (Rs.3979.600 millions for the year ended 31^stMarch, 2010) out of which Rs.5682.400 millions (Rs.3737.100 millions for the year ended 31.03.2010) have been adjusted in capital work in progress and Rs.31.300 millions (Rs. 242.500 millions for the year ended 31.03.2010) has been charged to profit and loss account.

PROFIT:

During the financial year 2010-11, the Company has not earned any profits as Company's only activity was the Mundra project which is under construction period has not started commercial operations.

SHARE CAPITAL:

The Authorised Share Capital of the Company is Rs.42500.000 millions. The paid up capital of the Company stands at Rs.28305.000 Millions as on 31.03.2011 (Rs. 17340.000 Millions as on 31.03.2010).

OPERATIONAL HIGHLIGHTS:

The Mundra UMPP project being implemented by the Company is progressing well as per schedule. The cumulative overall progress till end of March 2011 was approximately 77% Capital expenditure of Rs.161220.000 Millions has been committed, against which Rs 129710.100 Millions have been spent so far. Over 11,500 workers are deployed at project site Despite extremely challenging completion schedule, preparation for Unit 1 coal firing and synchronisation activities have been completed so as to achieve these key milestones by end of June 2011. However the transmission and evacuation facilities to be made available by the Procurers as per Power Purchase Agreement are critical in order to achieve synchronisation. As per the Power Purchase Agreement with the Procurers, Power Grid Corporation of India Limited (PGCIL) was to commission the evacuation lines for the first unit by February, 2011. As per the last indications, the evacuation facilities being built by PGC1L seems to be delayed due to problems on obtaining Right of Way in certain sections of the land required by them.

Unit 1- Turbine generator (TO) has been put on barring gear. Boiler feed pumps (BFPs) and condensate extraction pumps (CEPs) have been commissioned and auxiliaries commissioning is progressing as per schedule. Boiler light-up has already been completed and steam blowing of steam lines has commenced.

Unit 2 - Boiler hydro test has been completed. Equipment and piping erection is in progress. TO box-up has been completed on and TG lube oil flushing has commenced. HP piping welding and hydro-testing is in progress. Finishing works and electrical works at Unit Control Building (UCB) are underway.

Unit 3 — Boiler hydro test has been completed and balance equipment erection and testing is in progress. TO erection is in progress and generator rotor has been inserted. TO auxiliary equipments and HP piping work is in progress, UCB structural fabrication erection, floor slab casting and concrete block work is in progress.

Erection of boiler pressure parts for Units 4 and 5 is progressing. Unit 5 TO deck has been cast. Unit 4 and 5 TG buildings major structural erection is completed and sheeting works is in progress. Work on chimneys and 400 kv switchyard is proceeding as per schedule. Main Control Building (MCB) is operational. Technical building finishing work, electrical and other works are underway.

Cooling water (CW) forebay is charged and CW pumps commissioning is in progress. External coal handling system at MIs. Adani’s West-Port is commissioned and CGPL’s first coal shipment was unloaded in March 2011. Structural work, equipment erection and pre-commissioning work is simultaneously underway in internal and external coal handling and ash handling system.

FUEL SUPPLY:

The project requires approximate 12 MMT p.a. of coal, of which 5.85 MMT (+/-20%) p.a. has already been contracted on a long-term basis to be sourced from KPC mines in Indonesia. As per the financing documents, the Company was required to tie up the balance coal on or before 30thSeptember,2010. During the year Company continued to evaluate various options for the balance coal requirements. Since the Company could not tie up the balance coal in the given timeline, the Project Lenders agreed to extend the time up to 30thJune, 2012. During the extended waiver period, the Company is required to maintain Debt: Equity Ratio of 75:25 for meeting financial covenants arid interim Debt to Equity Ratio of 70:30 for availing the disbursements, which is capped at 83.33% of all Senior Loans, till 30^th iune, 2012. Tata Power has assigned its existing Bumi coal contract of 3.5MMT (+1. 20%) to the Company as a standby arrangement till the balance coal is tied up. The Company have tied up five ships for transportation of coal which will be sufficient to meet all initial requirements.

SUBSIDIARY COMPANY:

Energy Eastern Pte. Limited a wholly owned subsidiary of the Company continues to work on completing the arrangements for transportation of Coal. The Company has invested USD 711032 till 31^st March,2011 to finance the shipping related expenditure for the Mundra Project. The Company has also made a profit of USD 237659 during the year 2010-11.

FINANCE:

The Company has availed nearly 60% of its long term loans for the project. The Company has complied with predisbursement conditions as per the terms of financing and wherever required, necessary waivers have been obtained.

The Company has availed Rs.33010.000 Millions of Rupee loan (including subordinated loans from Tata Power) and USE) 1,082 million of foreign exchange loans as on 31^st March, 2011. CRJSIL has assigned a “A+ with positive outlook” rating to the Company’s long term rupee denominated Bank loans aggregating INII 58500.000 millions, which denotes outlook on the project.

CONTINGENT LIABILITIES:

Rs. in Millions

Particulars	31.03.2011	31.03.2010
Corporate guarantee issued on behalf of wholly owned subsidiary – Energy Eastern Pte. Limited Of US $ 10 millions [previous year US $ 10 millions]	446.800	451.575
Appeal filed against stamp duty demand for registration charges of mortgage deed of private land	5.042	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40102MH2006PLC182213
Name of the company	Coastal Gujarat Power Limited
Address of the registered office or of the principal place of business in India of the company	34, Sant Tukaram Marg, Carnac Bunder, Mumbai – 400009, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book Debts · Movable Property · Floating Charge · Uncalled Share Capital · Immovable Property · Any interest in Immovable Property · Goodwill · Patent, License under a patent · Trademark · Copyright or license under a copyright
Particular of charge holder	State Bank of India, Project Finance SBU, Voltas House, 23, J N Herdia Marg, Ballard Estate, Fort, Mumbai-400001, Maharashtra, India Email : sanjeev.singhal@sbi.co.in
Nature of instrument creating charge	Indenture of Mortgage Dated 10.06.2011
Date of instrument Creating the charge	10.06.2011
Amount secured by the charge	Rs.25710.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Indenture of Mortgage

Fixed Assets:

· Freehold Land

· Buildings

· Plant and Machinery

· Furniture, Fixtures and Office Equipments

· Transmission Lines, Street Lights, etc.

· Motor Vehicles

· Roads

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	nO
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	No
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	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.