MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	GMR GUJARAT SOLAR POWER PRIVATE LIMITED (w.e.f. August 11, 2010)
Formerly Known As :	GMR CAMPUS PRIVATE LIMITED
Registered Office :	25/1, Skip House, Museum Road, Bangalore – 560 025, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.03.2008
Com. Reg. No.:	08-045783
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U40100KA2008PTC045783
TAN No.: [Tax Deduction & Collection Account No.]	BLRG11290G
PAN No.: [Permanent Account No.]	AADCG1386M
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged primarily in the business of setting and running of Power Plant.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	Though the company was incorporated in the year 2008, the company is yet to commence its commercial activities. Project of the company is under its implementation stage. Payments are unknown. The company can be considered for business dealings on a secured 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 :	25/1, Skip House, Museum Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-40432000
Fax No.:	91-80-22279353/ 40432180
E-Mail :	Energy-Secretarial@gmrgroup.in
Website :	www.gmrgroup.in
Power Plant :	Located at: v Patan District of Gujarat

DIRECTORS

As on 14.07.2011

Name :

Mr. Raaj Kumar

Designation :

Director

Address :

Door No. A Block, Flat 502, Sobha Opal, 39 Cross, 18 Main, 4T Block, Jayanagar, Bangalore – 560 041, Karnataka, India

Date of Birth/Age :

20.12.1952

Date of Appointment :

19.10.2010

DIN No.:

00011502

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	L74999MH1994PLC077041	JSW Energy Limited	Managing director	18-01-05	18-01-05	30-08-07	Active	NO
2	U31102MH1996PLC185098	Raj Westpower Limited	Director	04-04-05	04-04-05	30-08-07	Active	NO
3	U40100MH2005PLC154613	JSW Power Trading Company Limited	Director	06-08-05	06-08-05	30-08-07	Active	NO
4	U40101MH2006PLC161642	JSW Energy (Vijayanagar) Limited	Director	05-05-06	05-05-06	31-08-07	Amalgamated	NO
5	U40106MH2006PLC162941	JSW Energy (Ratnagiri) Limited	Director	30-06-06	30-06-06	31-08-07	Amalgamated	NO
6	U65923MH2007PTC167960	JSW Energy Investments Private Limited	Director	19-02-07	19-02-07	31-08-07	Active	NO
7	U40102MH2007PLC172095	JSW PowerTransco Limited	Director	03-07-07	03-07-07	30-08-07	Amalgamated	NO
8	U40105KA1995PLC016942	GMR Power Corporation Limited	Director	04-07-08	15-10-07	-	Active	NO
9	U23201KA1997PLC032964	GMR Vemagiri Power Generation Limited	Director	04-07-08	15-10-07	-	Active	NO
10	U13100KA2005PTC037308	GMR Mining and Energy Private Limited	Director	09-08-11	17-10-07	-	Active	NO
11	U40101UR2006PTC031381	GMR (Badrinath) Hydro Power Generation Private Limited	Director	03-07-08	17-10-07	-	Active	NO
12	U85110KA1996PLC021262	GMR Energy Limited	Whole-time director	17-10-10	17-10-07	-	Active	NO
13	U40101KA2007PLC044809	GMR Kamalanga Energy Limited	Director	28-12-07	28-12-07	17-05-10	Active	NO
14	U74200KA2008PTC045448	GMR Consulting Services Private Limited	Director	28-02-08	28-02-08	01-03-10	Active	NO
15	U40101KA2008PTC047277	GMR Coastal Energy Private Limited	Director	24-07-08	24-07-08	-	Active	NO
16	U40101HP2008PTC030971	GMR Bajoli Holi Hydropower Private Limited	Director	01-10-08	01-10-08	-	Active	NO
17	U40108KA2008PLC047974	GMR Chhattisgarh Energy Limited	Managing director	02-12-09	08-10-08	-	Active	NO
18	U40101KA2008PTC048190	GMR Londa Hydropower Private Limited	Director	05-11-08	05-11-08	08-12-09	Active	NO
19	U40101KA2009PTC048996	GMR Kakinada Energy Private Limited	Director	29-01-09	29-01-09	26-11-09	Active	NO
20	U40108UR2009PTC032780	Badrinath Hydro Power Generation Private Limited	Director	11-02-09	11-02-09	05-01-10	Active	NO
21	U40100MH2005PLC155140	EMCO Energy Limited	Director	16-08-10	24-07-09	-	Active	NO
22	U74900MH2008PLC179152	Power Exchange India Limited	Director	24-09-10	29-09-09	-	Active	NO
23	U40107KA2009PLC051643	GMR Rajahmundry Energy Limited	Director	27-11-09	27-11-09	-	Active	NO
24	U40109KA1998PLC052000	SJK Powergen Limited	Director	16-08-10	14-12-09	-	Active	NO
25	U40107KA2010PLC053789	GMR Maharashtra Energy Limited	Director	26-05-10	26-05-10	21-10-10	Active	NO
26	U40107KA2010PTC054125	GMR Uttar Pradesh Energy Private Limited	Director	18-06-10	18-06-10	19-10-10	Active	NO
27	U40101KA2010PTC054124	GMR Bundelkhand Energy Private Limited	Director	18-06-10	18-06-10	19-10-10	Active	NO
28	U40109KA2010PLC054554	GMR Hosur Energy Limited	Director	22-07-10	22-07-10	21-10-10	Active	NO
29	U40100KA2008PTC045783	GMR Gujarat Solar Power Private Limited	Director	14-07-11	19-10-10	-	Active	NO
30	U40109KA2009PLC060589	Aravali Transmission Service Company Limited	Director	05-07-11	19-01-11	-	Active	NO
31	U40109KA2009PLC059547	Maru Transmission Service Company Limited	Director	05-07-11	15-02-11	-	Active	NO

Name :

Mr. Srinivas Bommidala

Designation :

Director

Address :

No.309, 3^rd Cross, 2^nd Block, 2^nd Stage, Devasandra Rajmahal, Vilas Extension, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

01.03.1963

Date of Appointment :

19.10.2010

DIN No.:

00061464

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	U51909AP1988PTC009039	Bommidala Exports Private Limited	Director	13-09-88	13-09-88	-	Active	NO
2	U51909AP1988PTC009286	Bommidala Exim Private Limited	Director	22-11-88	22-11-88	-	Active	NO
3	U55101AP1985PTC005319	Hotel Shivam International Private Limited	Director	02-11-92	02-11-92	-	Active	NO
4	U15541AP1993PTC016105	Bommidala Tobacco Exporters Private Limited	Director	27-12-93	27-12-93	-	Active	NO
5	U40105KA1995PLC016942	GMR Power Corporation Limited	Director	04-06-95	04-06-95	15-10-07	Active	NO
6	L45203KA1996PLC034805	GMR Infrastructure Limited	Director	01-10-11	10-05-96	-	Active	NO
7	U23201KA1997PLC032964	GMR Vemagiri Power Generation Limited	Director	19-04-06	01-10-01	15-10-07	Active	NO
8	U85110KA1996PLC021262	GMR Energy Limited	Director	20-12-01	20-12-01	17-10-07	Active	NO
9	U80301AP2003NPL042195	GMR Varalakshmi Foundation	Director	29-06-04	29-06-04	-	Active	NO
10	U67120MH1993PTC207451	GMR Holdings Private Limited	Director	08-05-05	08-05-05	-	Active	NO
11	U45203KA2005PTC036773	GMR Ambala-Chandigarh Expressways Private Limited	Director	10-01-08	14-07-05	-	Active	NO
12	U13100KA2005PTC037308	GMR Mining and Energy Private Limited	Director	23-09-05	23-09-05	17-10-07	Active	NO
13	U16000AP2005PTC047651	Bommidala Tobacco Threshers Private Limited	Director	30-09-05	30-09-05	-	Under Process of Striking off	NO
14	U45200KA2005PTC049326	GMR Jadcherla Expressways Private Limited	Director	10-01-08	18-10-05	03-08-09	Active	NO
15	U45200KA2005PLC049327	GMR Pochanpalli Expressways Limited	Director	10-01-08	18-10-05	14-07-09	Active	NO
16	U70101KA2006PTC038204	B S R Infrastructure Private Limited	Director	10-01-06	10-01-06	-	Active	NO
17	U45203KA2006PLC038379	GMR Highways Limited	Director	10-01-08	03-02-06	04-12-11	Active	NO
18	U40101UR2006PTC031381	GMR (Badrinath) Hydro Power Generation Private Limited	Director	17-02-06	17-02-06	20-02-09	Active	NO
19	U45203KA2006PTC038784	GMR Ulundurpet Expressways Private Limited	Director	10-01-08	20-03-06	17-05-10	Active	NO
20	U63033DL2006PTC146936	Delhi International Airport Private Limited	Managing director	01-12-11	19-04-06	-	Active	NO
21	U62100AP2002PLC040118	GMR Hyderabad International Airport Limited	Director	26-05-07	08-07-06	-	Active	NO
22	U45400DL2007PTC163751	Delhi Aerotropolis Private Limited	Director	16-06-08	18-06-07	24-05-10	Active	NO
23	U45209TN2007PLC064863	GMR Krishnagiri Sez Limited	Director	18-08-08	28-09-07	-	Active	NO
24	U45400AP2007PLC054827	GMR Hyderabad Aerotropolis Limited	Director	27-06-08	29-09-07	-	Active	NO
25	U45203KA2001PTC049329	GMR Tambaram Tindivanam Expressways Private Limited	Director	03-07-08	10-01-08	-	Active	NO
26	U45203KA2001PTC049328	GMR Tuni-Anakapalli Expressways Private Limited	Director	03-07-08	10-01-08	-	Active	NO
27	U92410KA2008PTC051176	GMR Sports Private Limited	Director	19-02-08	19-02-08	-	Active	NO
28	U92412KA2008PTC051177	GMR League Games Private Limited	Director	07-03-08	07-03-08	-	Active	NO
29	U23209AP2005PTC047372	Kakinada Refinery and Petrochemicals Private Limited	Director	22-09-08	23-06-08	-	Active	NO
30	U74999KA2009PTC049039	BSR Holdings Private Limited	Director	04-02-09	04-02-09	-	Active	NO
31	U74920KA2005PLC036865	Raxa Security Services Limited	Director	29-09-09	10-02-09	01-02-10	Active	NO
32	U45201KA2009PTC050109	GMR Hyderabad Vijayawada Expressways Private Limited	Director	11-06-09	11-06-09	19-11-11	Active	NO
33	U62200KA2006PTC041278	GMR Aviation Private Limited	Additional director	02-12-11	20-07-09	-	Active	NO
34	U45203KA2009PTC050441	GMR Chennai Outer Ring Road Private Limited	Director	21-07-09	21-07-09	-	Active	NO
35	U67120KA2008PTC045801	GMR Sez and Port Holdings Private Limited	Director	18-08-10	01-02-10	11-05-11	Active	NO
36	U62200AP2008PLC059646	GMR Airport Developers Limited	Additional director	14-05-10	14-05-10	07-09-10	Active	NO
37	U45200MH1996PTC205984	GMR Projects Private Limited	Director	21-05-10	21-05-10	07-09-10	Active	NO
38	U40100KA2008PTC045783	GMR Gujarat Solar Power Private Limited	Director	14-07-11	19-10-10	-	Active	NO
39	U65999KA1992PLC037455	GMR Airports Holding Limited	Director	17-06-11	09-05-11	-	Active	NO
40	U45200AP2003PTC041961	Kakinada Sez Private Limited	Director	30-08-11	25-05-11	-	Active	NO
41	U45203DL2011PTC225560	GMR Kishangarh Ahmedabad Expressways Private Limited	Director	27-09-11	27-09-11	11-11-11	Active	NO
42	U85110AP2011PTC076813	AMG Healthcare Destination Private Limited	Director	03-10-11	03-10-11	-	Active	NO
43	U45200DL2011PLC227902	GMR Kishangarh Udaipur Ahmedabad Expressways Limited	Director	24-11-11	24-11-11	-	Active	NO

Name :

Mr. Ramakrishnan Ramamurthy

Designation :

Director

Address :

Flat No.403, Legend Apartment, Takhur Mansion Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India

Date of Birth/Age :

20.09.1951

Date of Appointment :

19.10.2010

Date of Ceasing :

05.08.2011

DIN No.:

00680202

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	L28100KA1986PLC049077	Parrys Sugar Industries Limited	Managing director	05-06-08	12-08-06	27-08-10	Active	NO
2	U99999DL1969GAP005106	Indian Sugar Exim Corporation Limited	Nominee director	26-09-08	26-09-08	12-11-09	Active	NO
3	U15421KA2006PTC039146	Alagawadi Bireshwar Sugars Private Limited	Director	15-09-09	30-03-09	02-09-10	Active	NO
4	U40100KA2008PTC045783	GMR Gujarat Solar Power Private Limited	Director	14-07-11	19-10-10	05-08-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.07.2011

Names of Shareholders	No. of Shares
GMR Energy Limited, India	1999990
BVN Rao (Nominee of GMR Energy Limited, India)	10
Total	2000000

As on 02.11.2011

Names of Alloottees	No. of Shares
GMR Energy Limited, India	44000000
Total	44000000

As on 14.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged primarily in the business of setting and running of Power Plant.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Short Term
Group Companies	122.100	0.000
Others	0.000	0.000
Total	122.100	0.000

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	Girish Murthy and Kumar Chartered Accountants
Address :	4502, High Point IV, 45, Palace Road, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-22381473
Income-tax PAN of auditor or auditor's firm :	AAAFG9141N
Holding Company :	GMR Energy Limited CIN No.: U85110KA1996PLC021262
Enterprises that control the Company :	v GMR Renewable Energy Limited v GMR Infrastructure Limited v GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies :	v GMR Mining and Energy Private Limited v GMR Power Corporation Limited (GPCL) v GMR Vemagiri Power Generation Limited (GVPGL) v EMCO Energy Limited v GMR Coastal Energy Private Limited v Himtal Hydropower Company Private Limited (HHCPL) v GMR Bajoli Holi Hydropower Private Limited (GBHHPL) v GMR Energy (Mauritius) Limited (GEML) v GMR Upper Kamali Hydropower Company Private Limited (GUKCPL) v GMR Lion Energy Limited (GLEL) v GMR Chhattisgarh Energy Limited (GCEL) v GMR Kakinada Energy Private Limited v Badrinath Hydro Power Generation Private Limited (BHPGPL) v GMR Energy (Cyprus) Limited (GECL) v GMR Energy (Netherlands) B.V. (GENBV) v GMR Londa Hydropower Private Limited (LHPL) v GMR (Badrinath) Hydro Power Generation Private Limited(GBHPL) v PT Barasentosa Lestari (PT BSL), Indonesia v PT Dwikarya Sejati Utama (PT DSU), Indonesia v PT Dutasarana Internusa (PT DSI), Indonesia v PT Unsoco, Indonesia v GMR Maharashtra Energy Limited v GMR Rajahmundry Energy Limited v SJK Powergen Limited v GMR Consulting Services Private Limited v GMR Bannerghatta properties Private Limited v GMR Aviation Private Limited v GMR Bundelkhand Energy Private Limited v GMR Uttarpradesh Energy Private Limited v Homeland Energy Group Limited v Karnali Transmission Company Private Limited v Marsyangdi Transmission Company Private Limited v Lion Energy Tuas Pte Limited Singapore v Maw Transmission Service Company Limited v Aravall Transmission Service Company Limited v GMR Indo Nepal Energy Links Limited v GMR indo-Nepal Power Corridos Limited v GMR Kamalanga Energy Limited

CAPITAL STRUCTURE

After 14.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
46000000	Equity Shares	Rs.10/- each	Rs.460.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46000000	Equity Shares	Rs.10/- each	Rs.460.000 millions

As on 14.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Out of the above, 9990 shares are held by GMR Energy Limited.

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.150
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.063)	(0.026)	(0.017)
NETWORTH		0.037	0.074	0.233
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		122.100	0.000	0.000
TOTAL BORROWING		122.100	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		122.137	0.074	0.233
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		111.988	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.472	0.080	0.238
	Other Current Assets	7.771	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		10.243	0.080	0.238
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.094	0.000	0.000
	Other Current Liabilities	0.000	0.006	0.000
	Provisions	0.000	0.000	0.005
Total Current Liabilities		0.094	0.006	0.005
Net Current Assets		10.149	0.074	0.233
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		122.137	0.074	0.233

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	0.000	0.000	0.000
Less	EXPENSES
		Administration & Other Expenses	0.037	0.008	0.008
		Preliminary Expenses written off	0.000	0.000	0.010
		TOTAL	0.037	0.008	0.018
	PROFIT/ (LOSS) BEFORE TAX		(0.037)	(0.008)	(0.018)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.037)	(0.008)	(0.018)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.026)	(0.018)	0.000
	BALANCE CARRIED TO THE B/S		(0.063)	(0.026)	(0.018)
	Earnings/ (Loss) Per Share (Rs.)		(3.71)	(0.83)	(1.75)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.36)	(10.00)	(7.56)
Return on Investment (ROI) (PBT/Networth)		(1.00)	(0.11)	(0.08)
Debt Equity Ratio (Total Liability/Networth)		3302.54	0.08	0.02
Current Ratio (Current Asset/Current Liability)		108.97	13.33	47.60

LOCAL AGENCY FURTHER INFORMATION

NATURE OF BUSINESS:

Subject as a Special Purpose Vehicle (SPV) promoted by GMR Energy Limited, the holding company, to develop and operate 25 MW Solar Energy based Power Plant at Patan district of Gujarat.

FINANCIAL REVIEW:

During the year the company has incurred loss of Rs.0.037 million and the accumulated loss transferred to Balance Sheet amounts to Rs.0.063 million. The Company has not yet commenced its operations.

STATUS OF THE PROJECT:

The Government of Gujarat has issued a letter of award to the Company and has allocated a Solar Power project capacity of 25MW at Charanka Village, Santalpur Taluk, Patan district, in the State of Gujarat. The Company is currently in the process of setting up and development of the project.

The project is GMR Group's first ever solar photovoltaic project which is currently the fastest growing power-generation technology in the world.

The Company has entered into a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited ("GUVNL") for supply of power to GUVNL on long term basis.

The Company is in the process of tying up the entire debt requirement for the project and is expected to achieve financial close soon.

The Company is also expected to achieve Commercial operations by December 2011.

FUTURE PROSPECTS OF THE PROJECT:

The Company believes that use of solar energy will decrease the CO2 emissions and save the bio-fuels like coal and gas thereby helping in maximizing long term development and aiding massive energy conservation which in turn will lead to real and potential growth of the nation.

Due to the growing demand for renewable energy sources, the manufacturing of solar cells and photovoltaic arrays has advanced considerably in recent years.

The company is confident that the use of solar power for generation of power will help in reaping rich rewards as solar power is pollution-free during use. Production end-wastes and emissions are manageable using existing pollution controls.

CHANGE OF NAME OF THE COMPANY:

During the year, the name of the company has been changed from GMR Campus Private Limited to GMR Gujarat Solar Power Private Limited with effect from August 11, 2010.

FORM 8:

Corporate identity number of the company	U40100KA2008PTC045783
Name of the company	GMR GUJARAT SOLAR POWER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	25/1, Skip House, Museum Road, Bangalore – 560 025, Karnataka, India E-Mail: Energy-Secretarial@gmrgroup.in
This form is for	Creation of charge
Type of charge	Uncalled share capital Goodwill Patent, license under a patent Trademark Book Debts Copyright or license under a copyright Movable Property (not being pledge) Others (Receivables, Intangible Assets, TRA, DSRA etc.)
Particular of charge holder	CIN No.: U65991MH2001GOI131154 IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India E-Mail: itsl@idbitrustee.co.in
Nature of description of the instrument creating or modifying the charge	As per Deed of Hypothecation dated 21.09.2011.
Date of instrument Creating the charge	21.09.2011
Amount secured by the charge	Rs.2260.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: IDBI Base Rate plus 250 bps. Terms of Repayment: The Borrower shall repay the principal amount of the rupee loans to the rupee lenders in 47 quarterly installments. Margin: LC Margin is Nil. Extent and Operation of the charge: Charge extends over all the movable assets of the Company, the trust and retention account and all sub accounts thereof, book debts, commissions, and all other assets and securities, operating cash flows, uncalled capital.
Short particulars of the property charged	Security is created for a) all movable assets of the Borrower, including all current assets, plant and machinery, machinery spares, wires, electrical systems, photovoltaic cells and modules, central inverters, filters, compressors, condensors etc. whether in the possession or under control of borrower or not and all other moveable assets of whatever description wherever situated, b) the trust and retention account and all sub accounts thereof, Debt service reserve account and all such bank accounts, all its investments, including those in mutual funds and fixed deposits, all cash flows and receivables of the Borrower, operating cash flows, receivables, book debts, commissions, revenues, uncalled capital and assets and securities and all the estate, benefit, property, of the borrower, both present and future.

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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

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.