MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	VADINAR POWER COMPANY LIMITED
Registered Office :	Vadinar Power Company, Administration Building, Refinery Site, 39 KM, Jamnagar-Okha Highway, Vadinar, Jamnagar-361305, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.10.1997
Com. Reg. No.:	04-033108
Capital Investment / Paid-up Capital :	Rs.7879.980 Millions
CIN No.: [Company Identification No.]	U40100GJ1997PLC033108
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Metallurgy Machinery, Gaskets, Abrasive Tools.
No. of Employees :	Not Available

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 38000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary or Essar Power Limited, India. Its is a well established company having satisfactory track. The company is doing well. 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 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 :	Vadinar Power Company, Administration Building, Refinery Site, 39 KM, Jamnagar-Okha Highway, Vadinar, Jamnagar-361305, Gujarat, India
Tel. No.:	91-2833-661490
Fax No.:	91-2833-662929
E-Mail :	powersec@essar.com
Corporate Office:	11 K.K Marg, Mahalaxmi, Mumbai – 400034, India
Tel. No.:	91-22-6601100/40011100
Fax No.:	91-22-23544787

DIRECTORS

As on 22.07.2011

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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10/07/2009	03/02/2009	02/02/2011	Active	NO
2	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
3	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	06/07/2009	15/04/2009	28/03/2012	Active	NO
4	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	06/07/2009	15/04/2009	05/04/2010	Active	NO
5	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	06/07/2009	15/04/2009	02/02/2011	Active	NO
6	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	01/05/2011	15/04/2009	-	Active	NO
7	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	12/08/2010	15/04/2009	-	Strike off	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
9	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
10	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	20/07/2009	15/04/2009	-	Active	NO
11	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06/07/2009	15/04/2009	-	Active	NO
12	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	06/07/2009	15/04/2009	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10/07/2009	15/04/2009	-	Active	NO
14	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Additional director	30/04/2009	30/04/2009	05/04/2010	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	26/05/2009	26/05/2009	-	Active	NO
16	U40109DL2005PTC231302	NAVABHARAT POWER PRIVATE LIMITED	Director	21/02/2012	12/07/2010	-	Active	NO
17	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
18	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	16/03/2011	16/03/2011	-	Strike off	NO
19	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	05/08/2011	05/08/2011	-	Active	NO

Name :

Mr. Kalakota Vijaya Bhaskara 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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	29/09/2007	17/08/2007	-	Active	NO
2	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Director	19/10/2007	19/10/2007	05/04/2010	Active	NO
3	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	30/09/2008	24/03/2008	02/02/2011	Strike off	NO
4	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	30/09/2008	10/07/2008	02/02/2011	Active	NO
5	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	30/09/2008	10/07/2008	05/04/2010	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	01/04/2011	01/04/2009	-	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	01/04/2011	15/04/2009	-	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
9	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	20/07/2009	15/04/2009	-	Active	NO
10	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	06/07/2009	15/04/2009	-	Active	NO
11	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	06/07/2009	15/04/2009	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10/07/2009	15/04/2009	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10/07/2009	15/04/2009	-	Active	NO
14	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30/07/2009	30/04/2009	-	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	26/05/2009	26/05/2009	-	Active	NO
16	U40105AP2007PTC052403	MALAXMI ENERGY VENTURES(INDIA)PRIVATE LIMITED	Director	16/11/2009	16/11/2009	19/07/2010	Active	NO
17	U40109DL2005PTC231302	NAVABHARAT POWER PRIVATE LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
18	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27/01/2011	27/01/2011	16/09/2011	Active	NO
19	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	16/03/2011	16/03/2011	-	Strike off	NO
20	U01010MP2006PLC018586	MAHAN COAL LIMITED	Director	24/09/2011	14/09/2011	-	Active	NO
21	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Additional director	31/03/2012	20/03/2012	-	Active	NO

Name :

Mr. Kishor Bhurabhai Makadia

Designation :

Whole time Director

Address :

Flat No. E/15, Nandniketan Township, Baid Village, Jamnagar-361008, Gujarat, India

Date of Birth/Age :

05.08.1956

Date of Appointment :

05.08.2009

DIN No.:

02736225

Name :

Mr. Lalit Kumar Gupta

Designation :

Managing Director

Address :

902, Such Heights, Film City Road, Malad – East, Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

20.09.1960

Date of Appointment :

03.12.2011

DIN No.:

00017344

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23209AP2005PTC047372	KAKINADA REFINERY AND PETROCHEMICALS PRIVATE LIMITED	Nominee director	24/09/2005	24/09/2005	23/06/2008	Active	NO
2	U45209KA2006PLC038590	MANGALORE SEZ LIMITED	Nominee director	09/03/2006	09/03/2006	31/05/2010	Active	NO
3	U51909TN2006PLC059710	MANGALAM RETAIL SERVICES LIMITED	Director	03/05/2006	03/05/2006	31/05/2010	Active	NO
4	L85110KA1988GOI008959	MANGALORE REFINERY AND PETROCHEMICALS LIMITED	Whole-time director	12/05/2006	12/05/2006	31/05/2010	Active	NO
5	U40107KA2006PLC041258	ONGC MANGALORE PETROCHEMICALS LIMITED	Additional director	26/11/2009	25/09/2007	31/05/2010	Active	NO
6	U51909KA2008PTC045558	SHELL MRPL AVIATION FUELS AND SERVICES PRIVATE LIMITED	Director	11/03/2008	11/03/2008	31/05/2010	Active	NO
7	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Additional director	01/06/2010	01/06/2010	-	Amalgamated	NO
8	U40103MH2009PLC195362	JSW ENERGY (RAIGARH) LIMITED	Director	06/06/2011	01/06/2010	01/12/2011	Active	NO
9	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	06/06/2011	01/06/2010	01/12/2011	Active	NO
10	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	06/06/2011	01/06/2010	01/12/2011	Active	NO
11	U40300MH2010PLC199844	JSW ENERGY (BENGAL) LIMITED	Director	06/07/2010	01/06/2010	01/12/2011	Active	NO
12	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	15/07/2010	01/06/2010	01/12/2011	Active	NO
13	U31100TN2008FTC069121	TOSHIBA JSW TURBINE AND GENERATOR PRIVATE LIMITED	Director	06/08/2010	15/06/2010	01/12/2011	Active	NO
14	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	15/06/2010	15/06/2010	01/12/2011	Active	NO
15	U40102MH2008PLC181433	JAIGAD POWERTRANSCO LIMITED	Nominee director	15/06/2010	15/06/2010	01/12/2011	Active	NO
16	U40101MH2011PLC212214	JSW GREEN ENERGY LIMITED	Director	12/01/2011	12/01/2011	01/12/2011	Active	NO
17	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Managing director	02/12/2011	02/12/2011	-	Active	NO
18	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Managing director	03/12/2011	03/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mayank Bhargava
Designation :	Secretary
Address :	Flat No. 142, Building No. 12, Kamdhenu, Hari Om Nagar, Mulund (E), Mumbai-400081, Maharashtra, India
Date of Birth/Age :	20.08.1971
Date of Appointment :	01.04.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.07.2011

Names of Shareholders	No. of Shares
Essar Power Limited, India	293000000
Essar Power Limited, India	391998000
Essar Oil Limited, India	102999994
Essar Power Limited, India Through Nominee Nitesh Nath	1
Essar Power Limited, India Through Nominee R K Sethi	1
Essar Power Limited, India Through Nominee A K Singh	1
Essar Power Limited, India Through Nominee V T Joshi	1
Essar Power Limited, India Through Nominee Gyan Anand	1
Essar Power Limited, India Through Nominee R R Pillai	1
Total	787998000

Equity Share Break up (Percentage of Total Equity)

As on 22.07.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Metallurgy Machinery, Gaskets, Abrasive Tools.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Power	MW	297	356
Steam	TPH	1155	3192664

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank

· Syndicate Bank

· State Bank of Patiala

· United Bank of India

· Corporate Bank

· Life Insurance Corporation

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Financial Institution	9252.916	2178.533
Buyers Credit	1804.270	0.000
Total	11057.186	2178.533

Banking Relations :	--
Financial Institution:	Power Finance Corporation Limited, Urjanidhi, 1, Barakhamba Lane, Connaught Place, New Delhi – 110001, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapaith, Off Ashram Road, Ahmedabad-380014, Gujarat, India
Tel. No.:	91-79-27582542/27582541
Fax No.:	91-79-27582551
PAN.:	AABFD7919A
Ultimate Holding Company:	Essar Global Limited, Cayman Islands (EGL)
Holding Company:	Essar Power Limited (EPOL)
Fellow Subsidiaries Company:	Essar Power Gujarat Limited (EPGL)
Enterprises commonly controlled or influenced by major shareholders / director of the company:	Essar Oil Limited Essar Project (India) Limited (EPIL) (Formerly Known Essar Construction (India) Limited) Futura Travel Limited (FTL) Essar House Limited (EHL) Essar Infrastructure Services Limited (EISL) (Formerly Known Essar House Services Limited) Essar Engineering Services Limited (EESL) Essar Investment Limited (EIL) Essar Project Management Consultants Limited (EPMCL) Essar Logistics Limited (ELL) Aegis Limited (Aegis) Essar Agrotech Limited (EATECH) Vadinar Properties Limited (VPL) Essar Information Technology Limited (EITL) The Mobile Store (MOB STR) Arkay Holding Limited (AHL)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Rs.10/- each	Rs.30000.000 Millions
1000000000	Preferences Shares	Rs.10/- each	Rs.10000.000 Millions
	Total		Rs.40000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
396000000	Equity Shares	Rs.10/- each	Rs.3960.000 Millions
391998000	Preferences Shares	Rs.10/- each	Rs.3919.980 Millions
	Total		Rs.7878.980 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		7879.980	3960.000	1934.780
2] Share Application Money		0.000	1927.280	192.500
3] Reserves & Surplus		1814.356	1282.750	593.910
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9694.336	7170.030	2721.190
LOAN FUNDS
1] Secured Loans		11057.186	2178.533	2723.166
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11057.186	2178.533	2723.166
DEFERRED TAX LIABILITIES		158.165	54.483	30.599
TOTAL		20909.687	9403.046	5474.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9581.183	3072.544	3252.245
Capital work-in-progress		14223.933	10250.356	3604.811
INVESTMENT		486.261	364.668	190.112
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.525	58.347	60.645
	Sundry Debtors	577.535	170.477	176.764
	Cash & Bank Balances	2311.555	671.987	29.666
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	456.818	176.255	890.584
Total Current Assets		3403.433	1077.066	1157.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1154.393	178.630	855.036
	Other Current Liabilities	5613.192	5170.958	1871.254
	Provisions	17.538	12.000	3.582
Total Current Liabilities		6785.123	5361.588	2729.872
Net Current Assets		(3381.690)	(4284.522)	(1572.213)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20909.687	9403.046	5474.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1263.599	1311.778	1155.706
		Other Income	35.882	71.906	55.615
		TOTAL (A)	1299.481	1383.684	1211.321
Less	EXPENSES
		Operation, Maintenance and Other Expenses	148.164	168.170	113.602
		TOTAL (B)	148.164	168.170	113.602
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1151.317	1215.514	1097.719
Less	FINANCIAL EXPENSES (D)		328.013	318.219	296.377
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		823.304	897.295	801.342
Less/ Add	DEPRECIATION/ AMORTISATION (F)		188.017	184.571	170.632
	PROFIT BEFORE TAX (E-F) (G)		635.287	712.724	630.710
Less	TAX (H)		103.682	23.884	423.279
	PROFIT AFTER TAX (G-H) (I)		531.605	688.840	593.911
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1282.751	593.911	0.000
	BALANCE CARRIED TO THE B/S		1814.356	1282.751	593.911
	IMPORTS
		Stores & Spares	3927.032	3.942	16.241
	Earnings Per Share (Rs.)		1.31	2.25	4.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	40.91	49.78	49.03
Net Profit Margin (PBT/Sales)	(%)	50.28	54.33	54.57
Return on Total Assets (PBT/Total Assets}	(%)	18.67	17.17	14.30
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.23
Debt Equity Ratio (Total Liability/Networth)		1.84	1.05	2.00
Current Ratio (Current Asset/Current Liability)		0.50	0.20	0.42

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three 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	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Financial highlights:

During the year, the Company reported a Profit after tax of Rs. 531.600 Millions as against Rs. 688.800 Millions for the previous year. This decline over the previous year is mainly explained by reduction in income as per power purchase agreement and increase in deferred tax.

Operational highlights:

The power plant recorded an availability of nearly 95% and a high average plant load factor of 89% during the financial year

Expansion Project

The company is in the process of expanding its existing capacity by implementing an 890 MW co generation power plant in two phases of 380 MW and 510 MW at vadinar, District: Jamnagar, Gujarat to cater to increased power and steam requirement of Essar Oil post refinery expansion and up gradation. The appraised cost of the project is Rs.30730.000 Millions and would be funded in a debt equity ratio 3.1. The project has already achieved financial closure and they have drawn debt of Rs.16450.000 Millions as on 31^st March, 2011 including Los. (Letter of Credit) opened phase I (388 MW) based on gas was synchrorised in January 2011 and commissioned on March 30, 2011. The implementation of phase II (510 MW), based on imported coal is progressing satisfactory with construction of structure and drum fitting for both boiler completed, phase II is expected to be commissioned during the 3^rd quarter of FY 2011-12.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40100GJ1997PLC033108
Name of the company	VADINAR POWER COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	Vadinar Power Company, Administration Building, Refinery Site, 39 KM, Jamnagar-Okha Highway, Vadinar, Jamnagar-361305, Gujarat, India Email: powersec@essar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10283892
Type of charge	Immovable property Any interest in immovable property
CIN, in case charge holder or ARC or assignee is a company	L65910DL1986GOI024862
Particular of charge holder	Power Finance Corporate Limited, Urjanidhi, 1, Barakhamba Lane, Connaught Palace, New Delhi-110001, India Email: gopala65krishna@gmail.com
Nature of instrument creating charge	No instrument was executed but on 30.04.2012 a mortgage was created by constructive delivery of title deeds with Power Finance Corporation Limited acting as Security trustee for the benefit of itself and IDFC (Lenders) in respect of leasehold interest in immovable properties situate at Village Timbdi and Kathi Devalia of Mouje Timbdi and Kathi Devalia of Taluka Jam Khambhalia, Dist. Jamnagar (hectares 60-99-97 sqm and 4-07-79 sqm) and immovable properties fastened to the said land.
Date of instrument Creating the charge	30.04.2012
Amount secured by the charge	Rs.7350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin Debt Equity Ratio (75:25) Extent and Operation of the charge Leasehold interest in Immovable properties are now mortgaged on an exclusive first charge basis to PFC acting as security agent for itself and Ph II and security agent for Ph I and 77 MW base plant (for IDFC) to secure rupee loan together all interest, additional interest, further interest, Liquidated damages, premium on prepayment, all costs, charges and expenses and all other monies whatsoever due and payable by the Company to Rupee Lenders, Security Trustee and others under all financing documents. Others the Rupee Loan Agreement dated 24.09.2010
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on leasehold interest in immovable properties at Village Timbdi and Kathi Devalia of Mouje and Jam Khambhalia, (60-99-97 sqm and 4-07-79 sqm) and immovable properties fastened to the said land
Particulars of the present modification	The charge created under deed of Hypothecation on 08.04.2011 is now modified by creating a charge under mortgage by constructive delivery of title deeds of immovable properties situate at Village Timbdi and Kathi Devalia of Mouje Timbdi and Kathi Devalia of Taluka Jam Khambhalia, Dist. Jamnagar to secure rupee loan facility of Rs. 7350.000 Millions (Base Plant plus Phase I - IDFC) and all other amounts payable by Company to rupee lenders, security agent and others under all Financing docs.

Fixed Assets:

• Land
• Factory Building
• Plant and Machinery
• Office Equipment
• Computer
• Furniture and Fixtures
• 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.55
UK Pound	1	Rs.85.47
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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.