MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	BHIVPURI INVESTMENTS LIMITED
Formerly Known As :	TATA POWER (CYPRUS) LIMITED
Registered Office :	12, Zenonos Sozou Street, 1075 Nicosia
Country :	Cyprus
Date of Incorporation :	08.03.2007
Com. Reg. No.:	C193906 Nicosia
Legal Form :	Private Limited Liability Company
Line of Business :	Investment / Holding Company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	EUR 497,000.00
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Cyprus	b1	b1

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

company Name & Address

NAME INQUIRED UNDER:

Bhivpuri Investments Ltd

Correct Registered Name:

BHIVPURI INVESTMENTS LIMITED

Address:

12, Zenonos Sozou Street 1075 Nicosia CYPRUS

P.O.Box:

25319, 1308

Telephone:

+357-22447440 357-22-447440

Fax:	+357-22447450

Email:

info@lclaw.com.cy (Correspodence Email)

Web:	www.tatapower.com (Parent's website)

Business address:

12, Zenonos Sozou Street 1075 Nicosia CYPRUS

Summary of Ratings

Maximum Credit:

EUR 497,000.00

Payment

PAYMENT HABITS:

No Complaints

Comment:

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

Commercial Morality:

Good

Financial Strength:

Good

Legal Status

Legal Form:

Private Limited Liability Company / International Business Company (IBC) (offshore) The term International Business Company came to substitute the term offshore company. Following the latest changes in the Cyprus Tax laws, a Cyprus registered company is taxed at 10% on its net profits provided that the company has management and control in Cyprus. An IBC may be operated from abroad or may have a fully-fledged office in Cyprus.

Registration number and city:

C193906 Nicosia

Registration date:

08.03.2007

Former registration name:

TATA POWER (CYPRUS) LIMITED, valid since: 29.05.2007, until: 19.08.2008 BROOKFORD LIMITED, valid since: 08.03.2007, until: 29.05.2007

National ID: C193906

Former company names:

TATA POWER (CYPRUS) LIMITED BROOKFORD LIMITED

Company Status

Registration status: 08.03.2007 - registered company
Activity status: 08.03.2007 - Company is active

Principals

Shareholders
Full Name	Personal ID	Function	Nationality	Equity	Address
THE TATA POWER COMPANY LIMITED Registration: INDIA		Shareholder		100.00% 746,250 Ordinary	Bombay House, 24, Homi Moby Street 400 001 Mumbai INDIA

Management
Full Name	Personal ID	Age	Function	Nationality	Qualification	Experience	Address
LC LAW SECRETARIAL LIMITED			Secretary				12 Zenonos Sozou Street 1075 Nicosia CYPRUS
Mr. Christakis Partasides			Director	CYPRUS	Non Retrievable	Non Retrievable	9-11, Fokionos Street 1517 Nicosia CYPRUS
Mr. Anil Kumar Sardana			Director	INDIA	Non Retrievable	Non Retrievable	15, Gagan Vihar New Delhi INDIA
Mr. Ramakrishnan Sowmyan			Director	INDIA	Non Retrievable	Non Retrievable	NCPA Apartments, A Block, Office A-701, Nariman Point 400 021 Mumbai INDIA
Mrs. Lora Stylianou	788663	40	Director	CYPRUS	Read law in the United Kingdom and graduated from University of Newcastle-Upon-Tyne with an LL.B (Hons) and from the University College, University of London with an LL.M in commercial and corporate law. Member of Cyprus Bar Association.	Qualified as an advocate and became partner of the now dissolved firm Tassos Papadopoulos & Co, one of the largest and leading established general practice firms in Cyprus. In 2006 she co-founded LCLAW.	Stefani House, 5th floor, Office 501, 6A, Photiou Street 1095 Nicosia CYPRUS
Ms. Christina Drakou	746259	41	Director	CYPRUS	Non Retrievable	Also director of DCL DEFINIT CONSULTING LTD and MENA INTERNATIONAL PETROLEUM COMPANY LTD.	Athinea II, 2nd Floor, Apt. 202, Egkomi , 13, Tempon Street 2408 Nicosia CYPRUS

Activities

Activities:

Investment / Holding Company

Operations:

SIC   main activity   6726 Unit Investment Trusts, Face-Amount Certificate Offices, and Closed-End Management Investment Offices   6719 Offices of Holding Companies, NEC   6722 Management Investment Offices, Open-End The company in question acts as an investment holding company. The subject is a subsidiary of Tata Power company, which is one of India’s largest integrated private power companies.Tata Power has an installed generating capacity of 3682 MW and a presence across the entire value chain in generation (thermal, hydro, solar and wind) transmission, distribution and trading. The Company has emerged as a pioneer in the Indian power sector, with a track record for performance and has been a frontrunner in introducing state-of-the-art power technologies. Businesses in this line do not normally require extensive trade credit. Business Activities Investment and Finance Company Investments Investment Consultants Industry Classifications - NAICS » Investment Banking and Securities Dealing NAICS # 52311 » Securities, Commodity Contracts, and Other Financial Investments and Related Activities NAICS # 523 » Investment Advice NAICS # 52393

Imports:

The subject does not engage in any import activities.

Exports:

The subject does not engage in any export activities.

Agencies:

Not Applicable

Trade Suppliers:

Not Applicable

Workforce

The company does not maintain offices in Cyprus. At least we did not trace any. Under these circumstances no staff is employed. In such cases, companies utilize staff (2-3 people) from their auditors or lawyers offices.

Description Of Premises

Address:	12, Zenonos Sozou Street 1075 Nicosia CYPRUS
Type of premises:	Premises
Type of ownership:	shared

Headquarters:

The company does not maintain offices of its own in Cyprus. The address given above is the company's Registered Address, which is also the company's Official Correspondence Address, LC LAW STYLIANOU & DRAKOU LLC.

Related Companies

Affiliated Company
Bhira Investments Limited , MAURITIUS

Affiliated Company
Khopoli Investments Limited , MAURITIUS

Parent Company
THE TATA POWER COMPANY LIMITED , INDIA

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"THE TATA POWER COMPANY LIMITED ” - Parent company, registered in India. 

"Khopoli Investments Limited” - Parent company, registered in MAURITIUS. 

"Bhira Investments Limited” - Parent company, registered in MAURITIUS. 

Please note that the subject is also related with:

Chemical Terminal Trombay Limited. 
AF-Taab Investment Company Limited 
Powerlinks Transmission Limited 
Tata Power Trading Company Limited 
NELCO Limited 
Tatanet Services Limited 
Maithon Power Limited. 
Industrial Energy Limited 
Industrial Power Utility Limited 
Industrial Power Infrastructure Limited 
Coastal Gujarat Power Limited 
Veltina Holdings Limited 
Energy Eastern Pte Limited 
Trust Energy Resources Pte Limited 
North Delhi Power Limited 
Vantech Investments Limited 
PT Itamaraya TBK 

Bankers

SOCIETE GENERALE BANK - CYPRUS LIMITED
2002 Nicosia, 20, Agias Paraskevis street, Strovolos

Sumitomo Mitsui Banking Corporation


Account numbers are not disclosed.

Press

05.07.2010, http://www.energetica-india.net/tata-power-to-rais

Tata Power to raise US$300 million through its coal SPVs



Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira Investments Limited and Bhivpuri Investments Limited Coal Special Purpose Vehicles (SPVs) through shares with differential rights to be issued to Olympus Capital Holdings Asia (Olympus Capital). Tata Power holds its interest in the KPC and Arutmin coal mines in Indonesia through these SPVs. Taking current position of debt and cash in coal SPVs, the post money shareholding of Olympus Capital may be in the range of 14-15% for an investment of US$300 million.The investment is subject to certain regulatory and lender approvals. The instrument will be in the form of differential rights (Class B) shares with no dividend rights which are the subject of a capital protection arrangement at the end of five years from the date of closing the transaction, unless converted. These Class B shares are fully convertible into ordinary shares through the end of the fifth year from the date of closing at the option of the holders of the Class B shares. The capital protection arrangement could be serviced either from Tata Power or the coal SPVs.These funds could also be utilized to secure further long term coal supplies by investing in coal mines or to reduce the outstanding debt in the SPVs. Mr. Prasad Menon, Managing Director, Tata Power said, "We are excited about this strategic partnership with Olympus Capital which we hope to expand into other areas of common interest given their on-the-ground presence throughout Asia and expertise in the energy and power sector This long term, flexible financing enhances our ability to achieve our strategic goals of securing sustainable sources of supply for our rapidly growing power generation base. Added Mr. S Ramakrishnan, Executive Director (Finance) “Olympus Capital approached us with this transaction idea last year; through this volatile period, we were able to adapt the structure and valuation to current market conditions in a manner that met each of our objectives.” Mr. Daniel R. Mintz, Founding Managing Director, Olympus Capital, said “We are very pleased to partner with Tata Power in their Coal SPVs. We look forward to working with Tata Power to identify high quality projects to supply their growing resource requirements and also, given our experience in the power and energy sectors, to exploring additional opportunities to work together in other aspects of Tata Power’s business.” Background on Tata Power’s Investment in Coal SPVs: In June 2007, the Company acquired 30% stake in Indonesian coal mines, KPC and Arutmin, with US$1,225 million which was funded as follows: A bridge loan of US$950 million borrowed by Tata Power (Cyprus) Ltd. [now named Bhivpuri Investments Limited (Bhivpuri)] fully guaranteed by the Company.US$273 million as shareholder loan from the Company to Tata Power (Mauritius) Ltd. [now named Bhira Investments Limited (Bhira)]. US$1 million equity in each of Bhivpuri and Bhira. The bridge loan was subsequently refinanced and the current outstanding debt is US$335 million as non-recourse and US$340 million as recourse debt. 

Share Capital

Registered capital:	EUR 746,250.00 since 19.06.2007
Number of Ordinary:	746,250
Value per share of Ordinary:	EUR 1.00
Issued capital:	EUR 746,250.00 since 19.06.2007
Number of Ordinary:	746250
Value per share of Ordinary:	EUR 1.00
Paid-up capital:	EUR 746,250.00 since 19.06.2007

Charges

None in current years

Finance

Amounts shown in US Dollar (USD)		01.04.2010-31.03.2011	01.04.2009-31.03.2010	01.04.2008-31.03.2009
	PROFIT & LOSS
	Sales Turnover	63,634,643.00	64,436,108.00	243,259,704.00
	Gross Profit	63,634,643.00	64,436,108.00	243,259,704.00
	Other Operating Income	179,310.00	2,814.00	58,372.00
	Administrative Expenses	-1,837,568.00	-536,182.00
	Other Operating Expenses	-44,230.00	-35,345.00	-5,301,794.00
	Operational Profit	61,932,155.00	63,897,395.00	238,016,282.00
	Finance Costs	-14,276,380.00	-18,760,213.00	-34,278,066.00
	Profit Before Taxation	47,655,775.00	45,107,182.00	203,738,216.00
	Corporate Income Tax	-6,349,112.00	-3,014,932.00	-4,673,230.00
	Net Profit	41,306,663.00	42,092,250.00	199,064,986.00
	BALANCE SHEET
	Other Financial Fixed Assets	533,189,072.00	535,720,685.00	544,820,685.00
	Total Fixed Assets	533,189,072.00	535,720,685.00	544,820,685.00
	Trade Debtors (receivables from customer)	33,224,472.00	107,203,584.00	98,525,653.00
	Cash in Hand & at Bank	71,946,869.00	50,162,930.00	84,826,682.00
	Total Current Assets	105,171,341.00	157,366,514.00	183,352,335.00
	Total Assets	638,360,413.00	693,087,199.00	728,173,020.00
	Reserves	302,134,516.00	264,738,605.00	220,970,602.00
	Total Equity	303,134,516.00	265,738,605.00	221,970,602.00
	Long - Term Loans	206,286,266.00	285,958,172.00	361,521,227.00
	CURRENT LIABILITIES	9,519.00	798,767.00	2,474,520.00
	Trade Creditors	88,408,167.00	74,941,655.00	50,393,352.00
	Short - Term Borrowings, Loans	40,000,000.00	65,000,000.00	87,000,000.00
	Taxation Due	521,945.00	650,000.00	4,813,319.00
	Total Current Liabilities	128,939,631.00	141,390,422.00	144,681,191.00
	Total Equity & Liabilities	638,360,413.00	693,087,199.00	728,173,020.00
	SHARE CAPITAL	1,000,000.00	1,000,000.00	1,000,000.00

Please note that the financials were obtained from the subject's parent company website (www.tatapower.com).

Ratios

	01.04.2010-31.03.2011	01.04.2009-31.03.2010	01.04.2008-31.03.2009
Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice Current Assets / Current Liabilities	0.82	1.11	1.27
Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good (Current Assets - Inventory) / Current Liabilities	0.82	1.11	1.27
Return on assets ( ROA )  Net Profit After Tax / Total assets	0.06	0.06	0.27
Return on equity ( ROE ) Net Profit After Tax / Total Equity	0.14	0.16	0.90
Return on sales ( ROS ) Net Profit x 100 / Sales Turnover	64.91	65.32	81.83
Collection Period Ratio (in days) Accounts Receivable x 365 / Sales Turnover	190.57	607.26	147.83
Cash Liquidity Ratio Liquid Assests / Current Liabilities x 100	55.80	35.48	58.63
Receivables Ratio (%) Accounts Receivable / Current Liabilities x 100	25.77	75.82	68.10
Current Assets Ratio (%) (Current Assets - Accounts Receivable) / Current Liabilities x 100	81.57	111.30	126.73
Shareholder Equity Increase Ratio (%) Total Equity / Share Capital x 100	30,313.45	26,573.86	22,197.06

GENERAL COMMENTS

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry

ii. Interview with Company / Correspondence 

iii. Desk Research 

iv. Search through Internet Subscription Databases (Business Information) 

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks

vii. Infocredit Negative Record Database

viii. Relationship/Directorship Search through Infocredit Database

The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 08.03.2007.
The company in question acts as an investment holding company.

IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus that used to grant the permission for the company’s registration in Cyprus. After Cyprus accession in the EU this practice changed. Beneficial owners of an IBC are now known to the Lawyers and / or Auditors that undertake the registration of such companies in Cyprus.

In the past IBC’s (ex offshore companies & offshore branches) used to be benefited from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect as of 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s) and thus, the net profits of all companies registered in Cyprus are taxed at the rate of 10%.

Further more, in the past the law required the IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside Cyprus only. Currently, this law has changed. IBC entities may have activities worldwide, including Cyprus. However, in order for an IBC entity to have activities locally, their Memorandum and Articles of Association should provide for that. Most of the IBC entities that were registered before the change of the law have already proceeded with the amendments in their Memorandum and Articles of Association.

We were not able to trace any offices for the company in question in Cyprus, however we contacted the company's correspondence LC LAW STYLIANOU & DRAKOU LLC where the official declined to release any information such as if the company is an IBC or not and if they maintain offices of their own in Cyprus, due to the confidentiality policy owed to their clients. For this reason, a questionnaire was placed in order to be forwarded to the subject but there has been no response yet. 

Please note that the information included in the report was obtained from the Official Companies’ Registrar and through desk research. 

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonored cheques and utility bills, bankruptcies exist etc.

Contact information:

Telephone number:

357 22 447440

Company representative

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

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	----

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%)

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.