MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	ESSAR POWER LIMITED
Registered Office :	27^th KM, Surat Hazira Road, Hazira, Surat-394270, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.10.1991
Com. Reg. No.:	11-064824
Capital Investment / Paid-up Capital :	Rs.49808.465 Millions
CIN No.: [Company Identification No.]	U40100GJ1991PLC064824
TAN No.: [Tax Deduction & Collection Account No.]	SRTE00047F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Generaters and Suppliers of Gas, Coal and Liquid Fuel Based Power.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 300002400
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Essar Group. It is a well established and a reputed company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office/ Factory:	27^th KM, Surat Hazira Road, Hazira, Surat-394270, Gujarat, India
Tel. No.:	91-261-2872400
Fax No.:	91-261-2872747
E-Mail :	essarpower@essar.com powersec@essar.com
Website :	www.essarsteel.com www.essar.com
Area :	10000 sq. ft
Location:	Owned
Corporate Office :	11, Kesavarao Khadye Marg, Mahalaxmi Essar House, 14^th Floor, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-24395066/ 66601100/24950606/40011100
Fax No.:	91-22-24954331/ 24954787/66604787/23544787
E-Mail :	essarpower@essar.com sanjyot.rangnekar@essar.com powersec@essar.com
Area :	Owned
Branch Office :	Located at: Mumbai Ahmedabad Chennai Hazira New Delhi Vadinar Visakhapatnam
Overseas Office:	Located at: Indonesia China United Kingdom United Arab Emirates – Dubai Canada USA – New York Kenya

DIRECTORS

AS ON 06.08.2011

Name :	Mr. Ramkrishna Narayana
Designation :	Director
Address :	A-1/08, Silver Estate, Plot No F-29, Sector 50, Noida-201301, Utter Pradesh, India
Date of Birth/Age :	29.07.1937
Date of Appointment :	31.03.2003
DIN No.:	00008383

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	U40103DL2001SGC111529	DELHI TRANSCO LIMITED	Director	9/8/2002	9/8/2002	-	Active	NO
2	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/06/2004	30/06/2004	-	Active	NO
4	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	29/09/2007	8/9/2006	-	Active	NO
5	U40101DL2006PLC154627	JAYPEE POWERGRID LIMITED	Director	2/3/2007	2/3/2007	-	Active	NO
6	U74200DL2007PTC166940	ACCURATE POWER UTILITY PRIVATE LIMITED	Director	13/08/2007	13/08/2007	-	Active	NO
7	U31200DL1995PLC169397	SKIPPER ELECTRICALS (INDIA) LIMITED	Director	29/09/2008	21/12/2007	-	Active	NO
8	U65100DL2008PTC175845	POWER EQUITY CAPITAL ADVISORS PRIVATE LIMITED	Director	25/03/2008	25/03/2008	11/10/2011	Active	NO
9	U40102OR2008PLC010501	MAADURGA THERMAL POWER COMPANY LIMITED	Director	26/10/2009	30/09/2009	28/08/2010	Active	NO
10	U93000DL2010NPL197674	FORUM FOR ADVANCEMENT OF SOLAR THERMAL	Director	6/1/2010	6/1/2010	-	Active	NO
11	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	18/01/2011	18/01/2011	-	Active	NO
12	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	3/7/2012	19/03/2012	-	Active	NO

Name :	Mr. Kalakota Vijaya Bhaskara Reddy
Designation :	Whole Time Director
Address :	61, Marble Arch, 5^th Road, Santacruz (E), Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	01.07.1961
Date of Appointment :	01.04.2009
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	5/4/2010	Active	NO
3	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	30/09/2008	24/03/2008	2/2/2011	Strike off	NO
4	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	30/09/2008	10/7/2008	2/2/2011	Active	NO
5	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	30/09/2008	10/7/2008	5/4/2010	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	1/4/2011	1/4/2009	-	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	1/4/2011	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	6/7/2009	15/04/2009	-	Active	NO
11	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	6/7/2009	15/04/2009	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10/7/2009	15/04/2009	-	Active	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10/7/2009	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	12/7/2010	12/7/2010	-	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	Director	29/06/2012	20/03/2012	-	Active	NO

Name :	Mr. Naresh Kumar Yoginder Nayyar
Designation :	Additional Director
Address :	S-320, First Floor, Greater Kailash, Part II, New Delhi – 110048, Delhi, India
Date of Birth/Age :	26.03.1952
Date of Appointment :	30.03.2010
DIN No.:	00045395

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	U18101DL2005PTC136806	SNS CREATIONS PRIVATE LIMITED	Director	1/3/2006	1/3/2006	-	Active	NO
2	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	2/12/2011	15/10/2007	-	Active	NO
3	U23209GJ2006PLC049286	ESSAR OIL VADINAR LIMITED	Director	18/12/2007	31/10/2007	-	Amalgamated	NO
4	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Managing director	12/7/2008	12/7/2008	3/12/2011	Active	NO
5	U24120WB2009PLC153272	MATIX FERTILISERS AND CHEMICALS LIMITED	Director	1/9/2009	1/9/2009	1/10/2010	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	30/07/2010	30/03/2010	-	Active	NO

Name :	Mr. Manmohan Agrawal
Designation :	Additional director
Address:	Flat No. 1205, Tower I “C” Wing, Ashoka Garden, Next to Dosti Flamingo, Sewree, Mumbai -400015, Maharashtra, India
Date of Birth/Age :	04.08.1950
Date of Appointment :	29.10.2010
DIN No.:	00681433

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	U66020MH2006PLC165039	AXIS PRIVATE EQUITY LIMITED	Director	15/04/2008	3/10/2006	-	Active	NO
2	U74999MH2008PLC182264	AXIS TRUSTEE SERVICES LIMITED	Additional director	11/10/2010	16/05/2008	31/05/2011	Active	NO
3	U65991MH2009PLC189558	AXIS ASSET MANAGEMENT COMPANY LIMITED	Nominee director	13/01/2009	13/01/2009	10/6/2009	Active	NO
4	L65110GJ1993PLC020769	AXIS BANK LIMITED	Director	8/6/2010	4/8/2009	1/9/2010	Active	NO
5	L01122KA1994PLC016834	KARUTURI GLOBAL LIMITED	Director	23/09/2011	25/09/2010	-	Active	NO
6	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29/09/2010	28/09/2010	-	Active	NO
7	U11100HR2010PLC040132	DEEPWATER DRILLING AND INDUSTRIES LIMITED	Additional director	30/09/2010	30/09/2010	24/05/2011	Active	NO
8	U72200DL2000PTC107182	MOSER BAER PROJECTS PRIVATE LIMITED	Director	1/11/2010	26/10/2010	-	Active	NO
9	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	6/8/2011	29/10/2010	-	Active	NO
10	L17120MH1992PLC066880	BOMBAY RAYON FASHIONS LIMITED	Director	15/09/2011	9/2/2011	-	Active	NO
11	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	30/09/2011	28/03/2011	-	Active	NO
12	U45203OR1995PLC003982	COASTAL PROJECTS LIMITED	Director	25/07/2011	28/03/2011	-	Active	NO
13	U51909DL1991PLC046869	JAGUAR OVERSEAS LIMITED	Director	28/09/2011	27/06/2011	-	Active	NO
14	U40102KA2011PTC057675	BHORUKA COGEN POWER PRIVATE LIMITED	Additional director	6/7/2011	6/7/2011	-	Active	NO
15	L63090MH1983PLC031418	MERCATOR LIMITED	Director	22/09/2011	12/8/2011	-	Active	NO
16	U45203AP1998PLC029154	BSCPL INFRASTRUCTURE LIMITED	Director	21/09/2011	16/09/2011	4/7/2012	Active	NO
17	U65991MH2011PTC221563	PARAGON ASSET RECONSTRUCTION PRIVATE LIMITED	Director	8/2/2012	8/2/2012	-	Active	NO
18	U65990WB2009PTC139801	SREI MUTUAL FUND ASSET MANAGEMENT PRIVATE LIMITED	Additional director	28/03/2012	28/03/2012	-	Active	NO

Name :	Mr. Suresh Venkatasubramanian
Designation :	Whole-time 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 :	05.08.2011
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	10/7/2009	3/2/2009	2/2/2011	Active	NO
2	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	1/5/2011	15/04/2009	3/7/2012	Active	NO
3	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	6/7/2009	15/04/2009	28/03/2012	Active	NO
4	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	6/7/2009	15/04/2009	5/4/2010	Active	NO
5	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	6/7/2009	15/04/2009	2/2/2011	Active	NO
6	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10/7/2009	15/04/2009	26/06/2012	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	30/07/2009	15/04/2009	3/7/2012	Active	NO
8	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	12/8/2010	15/04/2009	-	Strike off	NO
9	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
10	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
11	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	20/07/2009	15/04/2009	-	Active	NO
12	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	6/7/2009	15/04/2009	-	Active	NO
13	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	6/7/2009	15/04/2009	-	Active	NO
14	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Additional director	30/04/2009	30/04/2009	5/4/2010	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	12/7/2010	-	Active	NO
17	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27/01/2011	27/01/2011	26/06/2012	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	29/06/2012	5/8/2011	-	Active	NO

Name :	Mr. Haseeb Ahmad Drabu
Designation :	Additional Director
Address:	Flat No. 1101, 11^th Floor, Hicon Residency, 26^th Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	10.04.1961
Date of Appointment :	05.08.2011
DIN No.:	00489888

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	L65110JK1938SGC000048	JAMMU AND KASHMIR BANK LIMITED	Managing director	8/6/2005	8/6/2005	27/08/2010	Active	NO
2	U65990JK2008SGC002931	JKB FINANCIAL SERVICES LIMITED.	Nominee director	27/08/2008	27/08/2008	26/10/2010	Active	NO
3	U70102MH2011PTC219543	KAHNOV REALTY PRIVATE LIMITED	Director	7/7/2011	7/7/2011	-	Active	NO
4	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	29/06/2012	5/8/2011	-	Active	NO
5	U45202MH2008PTC180525	EQUINOX REALTY AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	21/02/2012	21/02/2012	-	Active	NO
6	U51900MH2006PLC160647	THE MOBILESTORE LIMITED	Additional director	16/03/2012	16/03/2012	-	Active	NO

Name :	Mr. Sampath P
Designation :	Additional Director
Address:	Flat No. 30, Wellington Court, St. Johns Wood, Wellington Road, London, Pint Code NW89TB, UK
Date of Birth/Age :	26.05.1955
Date of Appointment :	05.08.2011
DIN No.:	00319780

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	L24100GJ1983PLC006513	GHCL LIMITED	Managing director	27/02/1998	27/02/1998	30/10/2007	Active	NO
2	U30008GJ2002PLC041767	COLWELL AND SALMON COMMUNICATIONS (INDIA) LIMITED	Director	27/12/2002	27/12/2002	30/11/2007	Amalgamated	NO
3	L65999MH2007PLC170903	CHI INVESTMENTS LIMITED	Additional director	12/12/2007	12/12/2007	31/07/2008	Amalgamated	NO
4	U93030DL2007PTC165669	PK IT SERVICES PRIVATE LIMITED	Director	1/1/2008	1/1/2008	-	Active	NO
5	U74999MH1984PTC033786	RAYCHEM-RPG PRIVATE LIMITED	Director appointed in casual vacancy	20/03/2008	20/03/2008	31/07/2008	Active	NO
6	L24239MH1967PLC013739	BRABOURNE ENTERPRISES LIMITED	Director appointed in casual vacancy	16/06/2008	16/06/2008	31/07/2008	Amalgamated	NO
7	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	18/10/2010	1/4/2009	29/03/2012	Active	NO
8	U24119GJ2007PLC049785	ESSAR GUJARAT PETROCHEMICALS LIMITED	Director	24/09/2010	24/11/2009	29/12/2011	Active	NO
9	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	29/06/2012	5/8/2011	-	Active	NO

Name :	Mr. Stanislaus Dominic Coelho
Designation :	Director
Address:	65 IV B Cross Hig Colony, RMV Extension, II Stage, Bangalore 560094, Karnataka, India
Date of Birth/Age :	11.03.1933
Date of Appointment :	28.08.2000
DIN No.:	00176467

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	U24117TN1986PLC012930	ASIAN PEROXIDES LIMITED	Director	25/03/1991	25/03/1991	-	Active	NO
2	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	28/08/2000	28/08/2000	-	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/06/2004	30/06/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjyot Nilesh Rangnekar
Designation :	Secretary
Address :	D 604, Magnolia Enclave, Nahar’s Amrit Shakti, Near Chandivali Studios, Powai, Mumbai-400072, Maharashtra, India
Date of Birth/Age :	06.07.1970
Date of Appointment :	19.05.2007
Pan No.:	AANPR5686C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.08.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Essar Investments Limited, India	--	3
Essar Investments Limited Jointly with N B Vyas	--	1
Essar Investments Limited Jointly with Girish Sathe	--	2
Essar Investments Limited Jointly with Suresh Sundarai	--	1
Essar Steel Limited, India	-	217000000
Essar Power Holdings Limited (Formerly Prime Hazira Limited), Mauritius	--	308842112
Essar Power Hazira Holdings Limited (Formerly Known as Hazira Power 2), Mauritius	--	308842113
Essar Power Holdings Limited (Formerly Prime Hazira Limited), Mauritius	1074243205	--
Essar Power Hazira Holdings Limited (Formerly Known as Hazira Power 2), Mauritius	1074243206	--
IDFC Trustee Company Limited A/C India Infrastructure Fund, India	350000000	--
Total	2498486411	834684232

AS ON 26.09.2011

Name of Allottees	No. of Preference Shares (Rs.30 per shares)
Essar Power Holdings Limited, Mauritius	36872894
Essar Power Hazira Holdings Limited, Mauritius	36872894
Total	73745788

AS ON 30.03.2012

Name of Allottees	Preference Shares (Rs.30 per shares)	Equity Shares (Rs.4 per Shares )
Essar Power Holdings Limited, Mauritius	44309056	550000
Essar Power Hazira Holdings Limited, Mauritius	38927294	550000
Essar Steel India Limited, Surat, India	400000	400000
Total	83636350	1500000

AS ON 30.03.2012

Name of Allottees	Equity Shares (Rs.4 per Shares )
Essar Power Holdings Limited, Mauritius	2750000
Essar Power Hazira Holdings Limited, Mauritius	2750000
Essar Steel India Limited, Surat, India	2000000
Total	7500000

Note:

Above details of Allottees is taken from Registrar of Companies. The company has filed the documents are the above details.

AS ON 06.08.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	74.00
Bodies corporate	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Generaters and Suppliers of Gas, Coal and Liquid Fuel Based Power.

Products :

Products Description	Item Code No.:
Electrical Energy	271600

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity	Actual Production
Generation of Electricity	MW	NA	515	2752 Million Units

Note: * The Licensed capacity is not given as licensing has been abolished vide Press Note No. 9 dated 02.08.1991 and Notification No. S.O. 477(3E) Dated 25.07.1991 Issued by Government of India, Ministry of Industry, Department of Industrial Development.

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

• Axis Bank Limited Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbrdge, Ahmedabad – 380006, Gujarat, India
• State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J N heredia marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
• Axis Bank, Universal Insurance Building, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
• Dena Bank, Industrial Finance Branch, Maxer Towers, Cuffe Parade, Mumbai-400005, Maharashtra, India
• ICICI Bank Limited
• Punjab National Bank
• Allahabad Bank
• Vysya Bank
• Indian Overseas Bank
• Karnataka Bank
• Indusind Bank
• HDFC Bank Limited

Facilities :

Note: Secured and Unsecured Loans details of March, 2011 are not visible.

Secured Loan	As on 31.03.2010 [Rs. in Millions]
Rupee Term Loans*
From Banks	6241.000
From Financial Institutions	642.900
Form Others	7.500
Working Capital Facility From Banks
Cash Credit Facilities	386.900
Total	7278.300
Unsecured Loan
Short Term Loans*
From Banks
Corporate Loan	3000.000
From others	0.000
Working Capital Facility
From Banks
Cash Credit Facilities	0.000
Total	3000.000

NOTE:

*Repayment due within one year is Rs. 3836.100 millions (previous year Rs. 2786.100 millions)

SECURITY PROVIDED TO LENDERS

Rupee loans from banks and financial institutions Rs. 48863.900 Millions are secured by pari passu first charge on the Company’s assets, save and except book debts, inventory etc. both present and future, and are additionally secured by second charge on book debts, receivables, bank accounts and inventory of the Company and also by assignment of project documents and insurance policies. Out of Rs. 4833.900 millions, Rupee Term Loan Rs. 578.500 millions is also guaranteed by Essar investment Limited. Mortgage/Hypothecation is yet to be created for the zero coupon loan of Rs. 7.500 millions from others.

Rs. 2000.000 millions Rupee Term Loan from a Banks is secured by third charge on the company’s assets and corporate guarantee of Bhander Power Limited.

Working capital facility from banks is secured by a first charge by hypothecation of inventories and receivables and a second charge on fixed assets of the company and also guaranteed by Essar Investment Limited.

TERMS OF CONVERSION

As per loan agreement of IDFC, in case of default in repayment of any two consecutive installments of principal amounts of the Loan or interest thereon or any combination thereof, the Lender shall have the right to convert at its option the whole or part of the defaulted amount of the Loan into fully paid up equity shares of the Company, at par.

* Repayment due within one year is Rs. 3000.000 millions (Previous year Rs. 1500.000 millions.

Financial Institution:	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad, Gujarat, India
Tel. No.:	91-79-27582542/27582543
Fax No.:	91-79-27582551
Pan No.:	AABFD7919A
Holding Company :	Essar Power Holdings Limited (EPOHL)
Ultimate Holding Company:	Essar Global Limited, Cayman, Islands
Fellow Subsidiaries:	Essar Wind Power Private Limited, (EWPL) (From 15.03.2010)
Joint Venture:	Mahan Coal Limited (MCL)
Subsidiaries :	· Bhander ftwer Limited (BPL) · Essar Electric Power Development Corporation Limited (EEPDCL) · Essar Power Transmission Company Limited (EPTCL) · Essar Power MP, Limited (EPMPL) · Essar Power Overseas Limited (EPOSL) · Essar Power Hazira Limited (EPHL] · Essar Power (Jharkhand) Limited · Essar Power {Chhattisgarhi Limited (EPCL) Essar Power Gujarat Limited · Essar Power Orissa) Limited · Essar Power Tarnilnadu Limited · Essar Power Salaya Limited (EPSL) (formerly Essar Power Paradeep Limited) · Vadinar Power Company Limited · Navabharat Power Private Limited · Essar Power Distribution Company Limited · Essar Power Solar Limited
Enterprises commonly controlled or influenced by major shareholders / directors of the Company:	Essar Investments Limited ( EIL ) Essar Oil Limited ( EOL ) Essar Teleholdings Limited ( ETL ) Essar House Limited ( EHL) Essar House Services Limited (EHSL) Essar Construction (India) Limited ( ECIL) Futura Travels Limited ( FTL) Arkay Holdings Limited (AHL) India Securities Limited ( ISL) Aegis Limited (Aegis) (formerly known as Aegis BPO Services Limited) Essar Properties Limited (EPRL) Essar Projects Limited (EPL) Essar Information Technology Limited (EITL) S.G. Chemicals Dyes and Trading Limited (SGC) Essar Shipping Limited (ESL) Essar Power (Jamnagar) Limited (EPJML) Kroner Investments (India) Limited (KINL) Trikaya Cultivation Private Limited (TCPL) Essar Logistics Limited (ELL) The Mobile Store Limited (TMSL) Essar Projects Management Consultancy Limited (EPMCL) Teletech Investments (India) Limited (TINIL) Essar Minerals Resources Limited (EMRL) Essar Steel Limited (ESTL) (from 04.10.2008) Essar Infrastructure Services Limited (EISL) (formerly known as Essar House Services Limited) Essar Projects (India) Limited (EPIL) (formerly known as Essar Construction (India) Limited) Essar Steel (Hazira) Limited (ESHL) Essar Steel (Orissa) Limited (ESTOL) Essar Wind Farms Limited (EWFL) (from 30.12.2009)

CAPITAL STRUCTURE

After 06.08.2011

Authorised Capital : Rs. 200000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.52956.108 Millions

AS ON 06.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000000	Equity Shares	Rs.4/- each	Rs.100000.000 Millions
4750000000	Preferences Shares	Rs.20/- each	Rs.95000.000 Millions
500000000	Preferences Shares	Rs.10/- each	Rs.5000.000 Millions
	Total		Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
834684232	Equity Shares	Rs.4/- each	Rs.3338.737 Millions
2148486411	0.01% Compulsorily Convertible Preferences Shares	Rs.20/- each	Rs.42969.728 Millions
350000000	Optionally Convertible Redeemable Preferences Shares	Rs.10/- each	Rs.3500.000 Millions
	Total		Rs.49808.465 Millions

Note:

The Capital Structure details of March, 2011 are not visible.

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		49808.400	21926.500	15297.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25192.200	10947.200	9780.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		75000.600	32873.700	25077.700
LOAN FUNDS
1] Secured Loans		5358.200	7278.300	9305.700
2] Unsecured Loans		0.000	3000.000	1598.400
TOTAL BORROWING		5358.200	10278.300	10904.100
DEFERRED TAX LIABILITIES		2333.700	2110.900	0.000
TOTAL		82692.500	45262.900	35981.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7471.700	8756.500	10027.300
Capital work-in-progress		215.300	50.600	13.400
INVESTMENT		57532.100	20730.200	18688.500
DEFERREX TAX ASSETS		0.000	0.000	330.300
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	805.200	750.800	751.100
	Sundry Debtors	9092.200	7633.700	7253.900
	Cash & Bank Balances	7485.000	258.000	213.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1807.200	8435.900	782.400
Total Current Assets		19189.600	17078.400	9000.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		900.500	1040.000
	Current Liabilities	1631.500	421.400	1026.400
	Provisions	84.700	30.900	11.800
Total Current Liabilities		1716.200	1352.800	2078.200
Net Current Assets		17473.400	15725.600	6922.300
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		82692.500	45262.900	35981.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8192.300	7408.900	9534.400
		Other Income	531.900	679.800	105.400
		TOTAL	8724.200	8088.700	9639.800
Less	EXPENSES
		Cost of Fuel	4130.600	3652.500	5494.500
		Expenditure for Construction Contract	345.600	0.000	0.000
		Operation, Maintenance and other expenses	862.700	825.200	917.700
		Exceptional item	0.000	366.300	0.000
		TOTAL	5338.900	4844.000	6412.200
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3385.300	3244.700	3227.600
Less	FINANCIAL EXPENSES		1420.300	1659.700	1625.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1965.000	1585.000	1602.400
Less/ Add	DEPRECIATION/ AMORTISATION		1287.700	1287.800	1276.500
	PROFIT / (LOSS) BEFORE TAX		677.300	297.200	325.900
Less	TAX		224.400	119.900	69.000
	PROFIT FOR THE YEAR AFTER TAX EXCLUDING TAX ADJUSTMENT PERTAINING TO EARLIER YEARS		452.900	177.300	256.900
Less	DEFERRED / CURRENT TAX PERTAINING TO EARLIER YEARS		0.000	2321.300	(11.600)
	PROFIT / (LOSS) AFTER TAX		452.900	(2144.000)	268.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2073.300	4721.400	5492.400
Less	DUE TO ADJUSTMENT OF DEMERGER SCHEME		0.000	0.000	1075.600
Less	APPROPRIATIONS
		Preference dividend including dividend distribution tax	16.400	4.100	0.200
		Transferred to capital redemption reserve	68.800	0.000	63.700
		Transferred to preference redemption reserve	500.000	500.000	0.000
		Transfer from debenture redemption reserve		0.000	(100.000)
	BALANCE CARRIED TO THE B/S		1941.000	2073.300	4721.400
	IMPORTS
		Raw Materials	213.600	42.100	860.300
		Stores & Spares	54.200	117.900	210.400
		Capital Goods	0.000	1.000	2.500
	TOTAL IMPORTS		267.800	161.000	1073.200
	Earnings / (Loss) Per Share (Rs.)
	- Basic		0.52	(3.35)	0.42

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.19	(26.51)	2.78
Net Profit Margin (PBT/Sales)	(%)	8.26	4.01	3.42
Return on Total Assets (PBT/Total Assets}	(%)	2.54	1.15	1.71
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Liability/Networth)		0.12	0.35	0.52
Current Ratio (Current Asset/Current Liability)		11.18	12.62	4.33

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
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

NOTE:

The registered office of the company has been shifted from Essar House, 11-Keshavrao Khade Marg, Mahalaxmi, Mumbai-400034, Maharashtra, India to the present address w.e.f. 08.03.2011.

FINANCE AND OPERATIONS:

FINANCIAL HIGHLIGHTS:

During the year, the Company reported a profit for the year of Rs 452.900 millions as against profit after tax of Rs 177.300 millions for the previous year. During the previous financial year, a one- time provision of Rs 2321.300 millions was made on account of deferred tax pertaining to earlier periods in view of High Court ruling disallowing Company’s contention of not claiming depreciation for the years prior to 31.03.2001 and other tax disputes aggregating to Rs. 2144.000 millions.

During the year the Company refinanced its existing debt by issue of 5 500 Secured Non Convertible Debentures aggregating to Rs 5500.crore rated A+ by CARE The NCDs are redeemable in 8 bailooning installments last repayment being March 2018 and are listed on the Debt segment on the Bombay Stock Exchange.

OPERATIONAL HIGHLIGHTS:

The Power Plant available remained at a high of 97%. The Plant Load Factor Recorded a level of 61% (PREVIOUS YEAR OF ESTABLISHMENT 61%). The company generated 2752 mus (previous year of establishment 2730 mus). The PLF was affected due to lower offtake by the company’s customers during the financial years.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Description	31.03.2011	31.03.2010
Bills discounted with bank	150.000	350.000
Income tax liability not charged to P and L account due to pending appeal cases	15.000	11.200
Other	36.200	0.000
Preference dividend (including tax thereon)	5.400	2.100
Disputed tax on sale of electricity duty (excluding interest)	459.100*	459.100*
Guarantees provided for other companies facilities
- For subsidiary company	9570.700	13542.000
- For others	0.000**	2000.000**

NOTE:

* The above levy including interest thereon, if adjudged as payable, would be reimbursable to the Company by Essar Steel Limited as per the terms of power purchase agreement with them.

Tax on sale of electricity aggregating to Rs. 86.500 Millions paid / adjusted against the aforesaid dues in an earlier year have been included under loans and advances in Schedule XI.

** The Company has provided Corporate Guarantee of Rs. 12120.000 Millions on behalf of Loop Telecom Limited. Favoring State Bank of India against (a) Term loan of Rs. Nil and (b) Bank guarantee of Rs. 8120.00 millions, availed by Loop. The term loans has been repaid by Loop to State Bank of India during January, 2011.

The company has not considered any contingent liability in current year as the loan has already been paid by Loop and the Bank guarantee will be utilized against the license fee payable by Loop, after it starts commercial operation. Further, the company has also received counter guarantee for the same from Loop Mobile Holdings India Limited (formerly known as BPL Communications Limited).

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40100MH1991PLC063852
Name of the company	ESSAR POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	Essar House, 11-Keshvrao Khade Marg, Mahalaxmi, Mumbai-400034, Maharashtra, India
This form is for	Modification of charge
	80009204
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property Floating Charge Others Current Assets of the company present and future
Particular of charge holder	State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J N heredia marg, Ballard Estate, Mumbai – 400001, Maharashtra, India e-mail id: vv.vedprakash@sbi.co.in
Nature of instrument creating charge	Indenture of mortgage dated 23.02.2010
Date of instrument Creating the charge	23.02.2010
Amount secured by the charge	Rs. 2780.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As charged by each bank from time to time as per sanction terms Terms of Repayment On demand Margin Raw materials - 25% Stores and spares - 50% Debtors - 50% Extent and Operation of the charge The charge operates as security for due repayment of working capital facilities of Rs 2780.00 Millions together with interest, compound interest, addl interest, liquidated damages, costs, charges, expenses and other monies payable to the Consortium by the Company. These facilities which were earlier secured by the Jt Deeds of Hypo. dt. 28.12.2004, 01.09.2005, 03.09.2007 and 07.10.2009 are now secured by the indenture of mortgage dated 23.02.2010
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st charge by way of hypothecation on current assets namely stocks of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares) 1st charge by way of hypothecation on current assets namely bills, receivables and book debts and all other moveables both present and future. 2nd charge on fixed assets incl land admeasuring H-26-25-05 or thereabout situate at Mouje Hazira Taluka Choryasi, Dist:Surat and plant and machinery with all its accessories, spares, tools and implements
Date of last modification prior to the present modification	07.10.2009
Particulars of the present modification	The facilities which were earlier secured by the Jt Deeds of Hypo. dt. 28.12.2004, Suppl deeds of hypo dt 01.09.2005 and 03.09.2007 and Joint deed of hypothecation dt 07.10.2009 and by Indenture of Mortgage dt 23.03.2005, 1st and 2nd Suppl indentures of mortgage dt 16.11.2005 and 03.09.2007 are now secured by Indenture of Mortgage dt 23.02.2010 for Rs. 2780.000 millions.

FIXED ASSETS:

• Land – Freehold
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Aircraft
• Intangible Assets – Software

WEBSITE DETAILS:

OPERATIONS

Subject set up India's first new generation independent power project at Hazira, India, in the late 1990s

Subject currently has four power plants – three in Gujarat and one in Sault Ste. Marie, Canada – with a total installed generation capacity of 1,600 MW. Essar’s power generation capacity is expected to substantially increase from the current 1,600 MW to 11,470 MW. Through their four existing plants, the company provides uninterrupted power to Essar’s operations in the Hazira steel complex, the Vadinar refinery and the Essar Steel Algoma plant. Subject also supplies over 300 MW of its current capacity to the Gujarat state grid to meet the country’s power needs.

Hazira Power Plant (515 MW)

Their 515MW natural gas-fired combined cycle has consistently set new standards of excellence in the Indian power sector since its commissioning in 1997 and meets the highest operating benchmarks. Of this, 215MW is captive to the Essar steel plant and 300MW is supplied to Gujarat Urja Vikas Nigam. This environment friendly, ISO 14001 and OHSAS 18001 certified plant operates with a plant availability factor in excess of 94 percent.

Being India's first multi-fuel plant, it can operate simultaneously on naphtha and gas. In the initial years, they operated on liquid fuel, NGL and Naphtha. However, the availability of low-cost  NG and LNG now has been a major advantage. They are one of the few companies to receive the ISRS (International Safety Rating System) safety rating, which has also helped the company win the very elite 'Sword of Honour', the British Safety Council's highest award.

Bhander Power Plant (500MW) 

Bhander Power Limited, a subsidiary company of Subject, has implemented a gas-based combined cycle power plant of 500MW in three phases at Hazira, Gujarat, to meet the increasing power demand of Essar’s Hazira steel complex, which is currently undergoing capacity expansion from 4.6 MTPA to 10 MTPA. Phase I of Bhander facility is approved for Carbon Credit and phase II and III of the project are under the approval process.

The Bhander plant has begun commercial operation in combined cycle mode from 2008. The plant is certified with OHSAS 18001 for adopting world class safety and occupational health programmes.

Both the plants are highly automated, giving us India's lowest manpower to megawatt ratio. The operations of both the plants have remained highly efficient due to the dedicated expert team, which has earned a lot of laurels on the operations as well as the maintenance front, in addition to implementing a number of innovative ideas for auxiliary power saving, increasing capacity, improving heat rate, extending machine life providing increasing safety and flexibility and ease of operation.

Vadinar Power Plant (120 MW)

Subject operates a 120 MW refinery residue-fired Captive Co-generation Power Project at Vadinar, India, for its group company Essar Oil Limited. 

Vadinar Power Expansion – Phase 1 (380 MW)

The Vadinar Power-Jamnagar power plant (VPCL), located at the Vadinar refinery complex, is also the Vadinar refinery’s captive power plant. This plant is a 380-MW natural gas-fired combined-cycle plant. The plant was commissioned on October 28, 2010. VPCL has entered into a fuel supply agreement with Essar Oil. The agreement is for a period of 15 years from the date of commencement of the fuel supply.

Algoma Captive Co-generation Power Plant (85 MW)

Subject owns and operates a 85-MW co-generation plant in Sault Ste. Marie, Ontario, Canada. It was commissioned on June 13, 2009. The plant’s facilities include two 375,000 pound / hour boilers, a 105-MW turbine, and other related components, including generators, a blast furnace gas holder, condensate and feed-water systems, a water treatment plant, a cooling tower, a transformer and a distributed control system.

PRESS RELEASE

ESSAR ENERGY SELLS STAKE IN VIETNAM GAS BLOCK TO ENI

JUL 2, 2012

Essar Energy plc, the India-focused integrated energy company, today announced that its subsidiary Essar Exploration and Production Limited has agreed to sell a 50 per cent stake in Vietnam's offshore gas exploration block 114 to ENI International B.V.

The reduction in Essar Energy's stake in block 114, which was previously 100 per cent, is in line with the strategy for its exploration and production business of introducing strategic partners to help manage risk and of focusing on the development of its core assets.

Essar Energy acquired the 100 per cent stake in block 114 in 2007 and a production sharing contract with the Vietnam Government became effective in 2010. Further investment is required to establish gas reserves in the block and no gas is being produced at present. Under the terms of the transaction, ENI is also assuming operator status for the block.

The transaction is subject to agreement from the Vietnam Government.

Essar Energy, through its subsidiaries, owns one of India's largest private power producers with 2,800MW of installed capacity and projects under construction to expand its capacity to 9,670MW.

Essar Energy, through its subsidiaries, owns one of India's fastest growing private sector oil and gas companies with a diverse portfolio of exploration and production assets. The Vadinar refinery, located in Gujarat, is India's second largest private sector oil refinery with throughput capacity of 20 million metric tonnes per annum, or 405,000 barrels per day, following completion of its expansion and optimisation projects in recent months.

ESSAR ENERGY COMMISSIONS SECOND 600 MW UNIT IN GUJARAT

ESSAR ENERGY TODAY SAID IT HAS COMMISSIONED THE SECOND 600-MW UNIT OF ITS SALAYA POWER PROJECT IN GUJARAT. THE COMMERCIAL OPERATIONS OF THE FIRST 600 MW UNIT OF SALAYA PROJECT STARTED IN APRIL, THIS YEAR.

JUN 15, 2012

Essar Energy today said it has commissioned the second 600-MW unit of its Salaya power project in Gujarat. " It has commenced commercial operations at the 600-MW unit 2 of its 1,200 MW Salaya I power project in Gujarat," the Essar Group company said in a statement.

The commercial operations of the first 600 MW unit of Salaya project started in April, this year. This takes Essar Energy's total installed operational generation capacity to 2,800 MW, it added.

The project has been built at a total investment cost of USD 1.1 billion (Rs 61000.000 millions approximately). Most of the power produced will be sold to the Gujarat state electricity utility, GUVNL, under a long-term contract.

The company also commissioned 1,200 MW Mahan I project and the 510 MW Vadinar project, this year. Together these three projects will add 2,910 MW of capacity and will take Essar Energy's total installed capacity to 4,510 MW.

"The commissioning of the second unit at Salaya is welcome news and represents further evidence of this progress," Naresh Nayyar, the chief executive officer of Essar Energy.

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.55.15
UK Pound	1	Rs.86.58
Euro	1	Rs.67.60

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.