MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	SHIGA ENERGY PRIVATE LIMITED (w.e.f. 26.12.2006)
Formerly Known as :	UVJ MARKETING PRIVATE LIMITED
Registered Office :	207, Chiranjeev Tower, 43, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.12.2005
Com. Reg. No.:	55-143237
Capital Investment / Paid-up Capital :	Rs.300.000 Millions
CIN No.: [Company Identification No.]	U51909DL2005PTC143237
TAN No.: [Tax Deduction & Collection Account No.]	DELS31943C
PAN No.: [Permanent Account No.]	AAACU7884M
Legal Form :	Private Limited Liability Company
Line of Business :	Generation of Power on commencement of project.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1190000
Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	The company is engaged in the development of a Greenfield hydroelectric project (Tashiding HEP) in the state of Sikkim. The 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 :	207, Chiranjeev Tower, 43, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-124-4696300
Fax No.:	91-124-4696311
E-Mail :	rolimishra@dansenergy.com nagendrarao@dansenergy.com sonal.somanigupta@dansenergy.com
Website :

DIRECTORS

As on 20.04.2011

Name :

Mr. Tadikamalla Nagendra Rao

Designation :

Managing director

Address :

K-101, Central Park, Sector-42, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

13.02.1955

Date of Appointment :

04.10.2006

DIN No.:

00729696

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	U72900DL2003PTC119047	DANS ENERGY PRIVATE LIMITED	Managing director	1/04/2010	20/02/2003	-	Active	NO
2	U74300AP1994PTC017808	CAPITAL FORTUNES VENTURES PRIVATE LIMITED	Director	17/05/2005	17/05/2005	22/06/2009	Active	NO
3	U40102DL2006PTC153501	DANS ENERGY CONSULTING PRIVATE LIMITED	Director	11/09/2006	11/09/2006	18/03/2008	Active	NO
4	U51909DL2005PTC143237	SHIGA ENERGY PRIVATE LIMITED	Managing director	14/10/2010	4/10/2006	-	Active	NO
5	U40102DL2007PTC159477	RANGIT VALLEY HYDRO PRIVATE LIMITED	Director	20/02/2007	20/02/2007	-	Active	NO
6	U40102DL2006PTC150487	TT ENERGY PRIVATE LIMITED	Nominee director	1/05/2010	22/09/2008	-	Active	NO
7	U72900AP2011PTC073836	EIGEN COMPUTER SERVICES PRIVATE LIMITED	Additional director	25/02/2012	25/02/2012	-	Active	NO

Name :

Mr. Tadikamalla Ananth Vybhav

Designation :

Nominee director

Address :

K-101, Central Park, Sector-42, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

23.04.1983

Date of Appointment :

06.10.2008

DIN No.:

02201272

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	U72900DL2003PTC119047	DANS ENERGY PRIVATE LIMITED	Nominee director	1/04/2008	1/04/2008	-	Active	NO
2	U51909DL2005PTC143237	SHIGA ENERGY PRIVATE LIMITED	Nominee director	22/02/2011	6/10/2008	-	Active	NO

Name :

Mr. Praveen Kumar Balaji Pothuri

Designation :

Director

Address :

B-224, Brij Vihar, Ghaziabad – 110017, Uttar Pradesh, India

Date of Birth/Age :

22.01.1959

Date of Appointment :

02.03.2009

DIN No.:

02503030

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	U51909DL2005PTC143237	SHIGA ENERGY PRIVATE LIMITED	Director	2/03/2009	2/03/2009	-	Active	NO
2	U72900DL2003PTC119047	DANS ENERGY PRIVATE LIMITED	Additional director	8/09/2011	21/12/2010	-	Active	NO

Name :

Ms. Sonal Somani Gupta

Designation :

Director

Address :

D-12, Ashok Vihar, Phase-I, New Delhi – 110052, India

Date of Birth/Age :

13.02.1979

Date of Appointment :

22.02.2011

DIN No.:

01823521

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	U74140DL2005PTC142778	KAIZAN ADVISORY SERVICES PRIVATE LIMITED	Director	21/11/2005	21/11/2005	-	Active	NO
2	U40102DL2006PTC153501	DANS ENERGY CONSULTING PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
3	U40102DL2006PTC150487	TT ENERGY PRIVATE LIMITED	Nominee director	1/05/2010	22/09/2008	-	Active	NO
4	U72900DL2003PTC119047	DANS ENERGY PRIVATE LIMITED	Nominee director	16/06/2010	16/06/2010	-	Active	NO
5	U51909DL2005PTC143237	SHIGA ENERGY PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
6	U72900AP2011PTC073836	EIGEN COMPUTER SERVICES PRIVATE LIMITED	Additional director	25/02/2012	25/02/2012	-	Active	NO

Name :

Mr. Nitin Subhash Chandra Aggarwal

Designation :

Director

Address :

C-2/105C, Lawrence Road, Keshav Puram, New Delhi – 110035, India

Date of Birth/Age :

23.04.1983

Date of Appointment :

26.05.2011

Date of Ceasing :

30.12.2011

DIN No.:

02514421

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	U51909DL2005PTC143237	SHIGA ENERGY PRIVATE LIMITED	Nominee director	26/05/2011	26/05/2011	30/12/2011	Active	NO
2	U51909AP2002PTC039122	GATI INFRASTRUCTURE BHASMEY POWER PRIVATE LIMITED	Nominee director	30/06/2011	30/06/2011	-	Active	NO
3	U65993AP1983PLC004226	GATI INFRASTRUCTURE LIMITED	Nominee director	30/06/2011	30/06/2011	-	Active	NO

Name :

Mr. Prasoon Ramshankar Prasad Sinka

Designation :

Nominee Director

Address :

Flat No. 705, Tower-5, Sushant Estate, Sector-52, Gurgaon – 122003, Haryana, India

Date of Birth/Age :

29.06.1974

Date of Appointment :

30.12.2011

DIN No.:

03599426

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	U40101AP1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Nominee director	25/07/2011	25/07/2011	1/02/2012	Active	NO
2	U51909DL2005PTC143237	SHIGA ENERGY PRIVATE LIMITED	Nominee director	30/12/2011	30/12/2011	-	Active	NO
3	U40300AP2009PLC064062	KSK MAHANADI POWER COMPANY LIMITED	Nominee director	25/01/2012	25/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.04.2011

Names of Shareholders	No. of Shares
Tadikamalla Nagendra Rao K-101, Central Park, Sector-42, Gurgaon – 122001, Haryana, India	5000
Tadikamalla Shobha Rao S-318, 1^st Floor, Panchsheel Park, New Delhi – 110017, India	5000
Dans Energy Consulting Private Limited 207, Chiranjeev Tower, 43, Nehru Place, New Delhi – 110019, India	7535070
TH Holding Limited LB 16, Office No. 140, PO Box 61136, Jafza, Dubai, UAE	21148917
Rangit Valley Hydro Private Limited 207, Chiranjeev Tower, 43, Nehru Place, New Delhi – 110019, India	6306013
Total	35000000

As on 06.02.2012

Names of Allottees	No. of Preference Shares
IFCI Limited IFCI Towers, 61,Nehru Place, New Delhi – 110019, India	1420000
Total	1420000

As on (Date Not Available)

Names of Shareholders	No. of Shares
Urmila Sumati Kumar Jain AM-97, Shalimar Bagh, Delhi, 110088, India	5000
Sumati Jinendre Dass Jain AM-97, Shalimar Bagh, Delhi, 110088, India	5000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 20.04.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	60.43
Bodies corporate	39.55
Directors or relatives of Directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Generation of Power on commencement of project.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Corporation Bank, Sushant Lok Tower-B, Millennium Plaza, Sector-27, Gurgoan – 122002, Haryana, India

Banking Relations :	--
Auditors :
Name :	B Luthra Associates Chartered Accountants
Address :	207, Chiranjiv Tower, Nehru Place, New Delhi -110019, India
PAN.:	AABPL3817B

CAPITAL STRUCTURE

After 20.04.2011

Authorised Capital: Rs.780.000 Millions

Issued, Subscribed & Paid-up Capital: Rs.751.100 Millions

As on 20.04.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
57000000	Equity Shares	Rs.10/- each	Rs.570.000 Millions
11000000	Preference Shares	Rs.10/- each	Rs.110.000 Millions
	TOTAL		Rs.680.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		300.000	9.100	0.100
2] Share Application Money		0.000	39.359	12.710
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.093)	(0.167)	0.000
NETWORTH		297.907	48.292	12.810
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		297.907	48.292	12.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.632	0.037	0.015
Capital work-in-progress		295.876	49.760	7.810
INVESTMENT		0.000	0.000	0.000
DEFERREX 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	1.442	0.501	1.993
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.028	0.606	3.081
Total Current Assets		31.470	1.107	5.074
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	30.957	2.620	0.097
	Provisions	0.122	0.000	0.000
Total Current Liabilities		31.079	2.620	0.097
Net Current Assets		0.391	(1.513)	4.977
MISCELLANEOUS EXPENSES		0.008	0.008	0.008
TOTAL		297.907	48.292	12.810

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.10	0.05	0.01
Current Ratio (Current Asset/Current Liability)	1.01	0.42	52.30

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

During the year, the company was engaged in the development of a Greenfield hydroelectric project (97 MW Tashiding HEP) in the State of Sikkim. The Project has made significant progress as detailed below : Has obtained statutory Clearances including Environmental Clearance from Government of India Has received in principle sanction from M/s IFCI Limited for part finance of the project cost in the following from : · Direct Equity subscription to 37.1% stake amounting to Rs.510.000 Millions at par · 19% Cumulative Redeemable Preference Shares (CRPS) amounting upto Rs.250.000 Millions at par and · Underwriting of the Rupee Term Loan of upto Rs.4875.00 Millions with a take and hold commitment of Rs.500.000 Millions Contract for Electro Mechanical Works has been awarded to Alstom Projects India Limited Contract for Civil and amp; Hydro Mechanical Works has been awarded to Bumi Geo Engineering Private Limited.

DIVIDEND

Since the project of the Company is under implementation, the directors have not recommended any dividend for the year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909DL2005PTC143237
Name of the company	SHIGA ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	207, Chiranjeev Tower, 43, Nehru Place, New Delhi – 110019, India Email : rolimishra@dansenergy.com
This form is for	Creation of charge
Type of charge	Uncalled share capital Immovable property Movable Property Project documents, clearances, etc
Particular of charge holder	Corporation Bank, Sushant Lok Tower-B, Millennium Plaza, Sector-27, Gurgoan – 122002, Haryana, India Email : cb0794@corpbank.co.in
Nature of instrument creating charge	As per Common deed of hypothecation of movables/ assets/debts dated 25 Jan 12
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs.49.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Common deed of hypothecation of movables/ assets/debts dated 25 Jan 12 Terms of Repayment As per Common deed of hypothecation of movables/ assets/debts dated 25 Jan 12 Margin 10% Extent and Operation of the charge First pari-passu charge in favour of Corporation Bank on immovable properties and assets (including any immovable property related to the project excluding forest land), movables properties and all other assets, intangible assets, project documents, clearances, letter of credit, guarantee, performance bond, PPA, bank accounts to secure various credit facilities sanctioned by Corporation Bank to the company. 1. One time B.G. of Rs.48.500 Millions. 2. DCB of Rs.1.000 Million. Aggregate limit of Rs.49.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A. Pari-passu 1st charge by way of mortgage in a form and manner (including by way of equitable mortgage) acceptable to the Lender's Agent over all the immovable properties and assets of the company (including any immovable property related to the project, excluding forest land) both present and future. B. Pari-passu 1st charge by way of hypothecation over all of the company's movable properties and all other assets (including plant and mach., machinery spares tools and accessories furniture, fixtures, vehicles and all other movable assets related to the project) both present and future save and except current assets. C. Pari-passu 1st charge on all of the company's intangible assets both present and future including the goodwill and uncalled capital. D. Pari-passu 1st charge by way of assignment or creation of charge in favour of the Lender of (i) all the right title interest benefits claims and demands whatsoever of the company in the project docs, duly acknowledged and consented to by the relevant counter parties to such project documents all as amended varied or supplemented from time to time ii) all the rights title interest benefit claims and demands whatsoever of the company in clearances. iii) all the right title interest benefits claims and demands whatsoever of the company in any letter of credit guarantee performance bond provided by any party to the project documents iv) all insurance conract/ insurance proceeds and V) any payment security mechanism provided under the sale arrangements/ power purchase agreement. E. Pari-Passu 1st charge on all the bank accounts of the borrower wherever maintained the trust and retention account

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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.