MIRA INFORM REPORT

Report Date :

11.09.2012

IDENTIFICATION DETAILS

Name :	KANTI BIJLEE UTPADAN NIGAM LIMITED (w.e.f. 10.04.2008)

Formerly Known As :	VAISHALI POWER GENERATING COMPANY LIMITED

Registered Office :	NTPC Bhawan Core – 7, Scope Complex, 7, Institutional Area, Lodhi Road, New Delhi – 110003

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	06.09.2006

Com. Reg. No.:	55-153167

Capital Investment / Paid-up Capital :	Rs. 5494.634 Millions

CIN No.: [Company Identification No.]	U40102DL2006GOI153167

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Generation of Electricity

No. of Employees :	159 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 25000000

Status :	Satisfactory

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a union government company and a joint venture of NTPC and BSEB. It is a well established company having satisfactory track record. There appears accumulated losses recorded by the company. However, Networth of the company appears to be strong. Trade relation are reported to be fair. Business is active. Payment are reported to be slow but correct. In view of strong holding the company can be considered for business dealing at usual trade terms and condition

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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	May 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	NTPC Bhawan Core – 7, Scope Complex, 7, Institutional Area, Lodhi Road, New Delhi – 110003, India
Tel. No.:	91-11-24360044 / 24360071
Fax No.:	91-11-24360241
E-Mail :	rmittal15@gmail.com

DIRECTORS

As on 25.07.2012

Name :

Mr. Arup Roy Choudhury

Designation :

Director

Address :

A – 5, Niti Bagh, New Delhi – 110 049, India

Date of Birth/Age :

29.12.1956

Date of Appointment :

27.09.2010

DIN No.:

00659908

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	U74899DL1960GOI003335	NATIONAL BUILDINGS CONSTRUCTION CORPORTION LIMITED	Managing director	03/04/2001	03/04/2001	01/09/2010	Active	NO
2	L40101DL1975GOI007966	NTPC LIMITED	Managing director	20/09/2011	01/09/2010	-	Active	NO
3	U40108DL2003PLC120487	NTPC TAMIL NADU ENERGY COMPANY LIMITED	Director	22/09/2011	03/09/2010	-	Active	NO
4	U40108DL2002GOI117584	NTPC VIDYUT VYAPAR NIGAM LIMITED	Director	14/07/2011	03/09/2010	-	Active	NO
5	U40108DL2002GOI116635	NTPC ELECTRIC SUPPLY COMPANY LIMITED	Director	04/07/2011	03/09/2010	-	Active	NO
6	U40200DL2009PLC196789	Energy Efficiency Services Limited	Nominee director	31/12/2010	03/09/2010	12/07/2011	Active	NO
7	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	20/09/2010	20/09/2010	-	Active	NO
8	U40101DL2002GOI118013	NTPC HYDRO LIMITED	Director	06/07/2011	25/09/2010	-	Active	NO
9	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Director	28/07/2011	27/09/2010	-	Active	NO
10	U40102DL2008PTC177307	NTPC BHEL Power Projects Private Limited	Director	04/08/2011	04/08/2011	-	Active	NO

Name :

Mr. Ashok Kumar Singhal

Designation :

Nominee Director

Address :

Hari Kunj, House No. 900, Sector – 37, Faridabad, Haryana – 121 003, India

Date of Birth/Age :

10.01.1954

Date of Appointment :

06.09.2006

DIN No.:

00011085

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	U74899DL1999PTC101702	NTPC ALSTOM POWER SERVICES PRIVATE LIMITED.	Director	01/06/2002	01/06/2002	10/11/2010	Active	NO
2	U45207MH1995PLC094719	UTILITY POWERTECH LIMITED	Nominee director	23/03/2004	23/03/2004	-	Active	NO
3	U40108DL2002GOI117584	NTPC VIDYUT VYAPAR NIGAM LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
4	U40108DL2002GOI116635	NTPC ELECTRIC SUPPLY COMPANY LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
5	U40108DL2003PLC120487	NTPC TAMIL NADU ENERGY COMPANY LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
6	U40101DL2002GOI118013	NTPC HYDRO LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
7	U40105DL2005PTC138458	RATNAGIRI GAS AND POWER PRIVATE LIMITED	Nominee director	08/07/2005	08/07/2005	20/08/2010	Active	NO
8	L40101DL1975GOI007966	NTPC LIMITED	Whole-time director	01/08/2010	01/08/2005	-	Active	NO
9	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Nominee director	06/09/2006	06/09/2006	-	Active	NO
10	U40102DL2007PLC170661	BHARTIYA RAIL BIJLEE COMPANY LIMITED	Nominee director	22/11/2007	22/11/2007	20/08/2010	Active	NO
11	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	09/09/2008	09/09/2008	02/08/2010	Active	NO
12	U40108KL2008PTC023163	KINESCO POWER AND UTILITIES PRIVATE LIMITED	Nominee director	17/09/2008	17/09/2008	29/12/2010	Active	NO
13	U74900DL2008PTC176247	MEJA URJA NIGAM PRIVATE LIMITED	Nominee director	10/08/2009	10/08/2009	-	Active	NO
14	U40300MH2011GOI212727	ANUSHAKTI VIDHYUT NIGAM LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO

Name :

Mr. Prabhat Kumar Rai

Designation :

Nominee Director

Address :

B – 3 (New), BSEB Colony, New Punaichak, Patna, Bihar – 800 001, India

Date of Birth/Age :

17.10.1953

Date of Appointment :

09.01.2010

DIN No.:

02933747

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	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Nominee director	09/01/2010	09/01/2010	-	Active	NO
2	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	07/04/2010	07/04/2010	-	Active	NO
3	U45206BR2008PTC013348	Bihar Power Infrastructure Company Private Limited	Nominee director	23/09/2010	23/09/2010	-	Active	NO
4	U40109BR2008SGC013544	BIHAR RAJYA VIDYUT SANCHARAN COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
5	U40109BR2008SGC013546	DAKSHIN BIHAR VIDYUT APURTI COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
6	U40101BR2008SGC013393	BIHAR RAJYA VIDYUT COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
7	U40109BR2008SGC013557	UTTAR BIHAR VIDYUT APURTI COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
8	U40109BR2008SGC013545	BIHAR RAJYA VIDYUT UTPADAN COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
9	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Managing director	16/04/2012	16/04/2012	-	Active	NO
10	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
11	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
12	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
13	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO

Name :

Mr. Narendra Nath Misra

Designation :

Nominee Director

Address :

D-6, 6002-5, Vasant Kunj, Delhi – 110 070, Indai

Date of Birth/Age :

29.10.1954

Date of Appointment :

09.01.2010

DIN No.:

00575501

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	U45207MH1995PLC094719	UTILITY POWERTECH LIMITED	Director	21/07/2007	15/07/2006	-	Active	NO
2	U74899DL1999PTC098274	NTPC-SAIL POWER COMPANY PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
3	U40106DL2008PLC179793	BF-NTPC Energy Systems Limited	Nominee director	19/06/2008	19/06/2008	-	Active	NO
4	U73100DL2009PTC190541	NATIONAL HIGH POWER TEST LABORATORY PRIVATE LIMITED	Nominee director	01/06/2010	22/05/2009	31/10/2011	Active	NO
5	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Nominee director	09/01/2010	09/01/2010	-	Active	NO
6	L40101DL1975GOI007966	NTPC LIMITED	Whole-time director	20/09/2011	19/10/2010	-	Active	NO
7	U40108DL2002GOI117584	NTPC VIDYUT VYAPAR NIGAM LIMITED	Director	14/07/2011	17/12/2010	-	Active	NO
8	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
9	U40108DL2002GOI116635	NTPC ELECTRIC SUPPLY COMPANY LIMITED	Director	17/07/2012	17/07/2012	-	Active	NO

Name :

Mr. Vinayak Chandra Gupta

Designation :

Nominee Director

Address :

Member (Finance),Bihar State Electricity Board, Vidyut Bhawan, Bailey Road, Patna, Bihar – 800 001, India

Date of Birth/Age :

02.06.1967

Date of Appointment :

27.07.2010

DIN No.:

03157412

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	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Nominee director	27/07/2010	27/07/2010	-	Active	NO
2	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	27/07/2010	27/07/2010	-	Active	NO
3	U40109BR2008SGC013544	BIHAR RAJYA VIDYUT SANCHARAN COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
4	U40109BR2008SGC013546	DAKSHIN BIHAR VIDYUT APURTI COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
5	U40101BR2008SGC013393	BIHAR RAJYA VIDYUT COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
6	U40109BR2008SGC013557	UTTAR BIHAR VIDYUT APURTI COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
7	U40109BR2008SGC013545	BIHAR RAJYA VIDYUT UTPADAN COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
8	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Whole-time director	16/04/2012	16/04/2012	-	Active	NO
9	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
10	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
11	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
12	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Managing director	06/07/2012	06/07/2012	-	Active	NO

Name :

Mr. Lallan Prasad

Designation :

Nominee Director

Address :

Flat No. J – 404, NTPC vihar Phase – 3, Ambedkar Path, Bailey Road, Patna, Bihar – 800 014, India

Date of Birth/Age :

28.02.1950

Date of Appointment :

28.08.2010

DIN No.:

03246087

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	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Nominee director	28/08/2010	28/08/2010	-	Active	NO
2	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	20/09/2010	20/09/2010	-	Active	NO
3	U40109BR2008SGC013546	DAKSHIN BIHAR VIDYUT APURTI COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
4	U40101BR2008SGC013393	BIHAR RAJYA VIDYUT COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
5	U40109BR2008SGC013557	UTTAR BIHAR VIDYUT APURTI COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
6	U40109BR2008SGC013545	BIHAR RAJYA VIDYUT UTPADAN COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
7	U40109BR2008SGC013544	BIHAR RAJYA VIDYUT SANCHARAN COMPANY LIMITED	Director	25/08/2011	25/08/2011	-	Strike off	NO
8	U40102BR2012SGC018495	BIHAR STATE POWER (HOLDING) COMPANY LIMITED	Director	16/04/2012	16/04/2012	-	Active	NO
9	U40109BR2012SGC018890	SOUTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
10	U40102BR2012SGC018889	BIHAR STATE POWER TRANSMISSION COMPANY LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
11	U40102BR2012SGC018888	BIHAR STATE POWER GENERATION COMPANY LIMITED	Managing director	29/06/2012	29/06/2012	-	Active	NO
12	U40109BR2012SGC018920	NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO

Name :

Mr. Umesh Prasad Pani

Designation :

Director

Address :

Flat No. 203, F – Block, Amarkunj Apartment, Vivekanand Marg, Boring Road, Patna, Bihar – 800 013, India

Date of Birth/Age :

02.10.1956

Date of Appointment :

24.12.2010

DIN No.:

03199828

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	U40104DL2008PTC183024	NABINAGAR POWER GENERATING COMPANY PRIVATE LIMITED	Nominee director	23/08/2010	23/08/2010	-	Active	NO
2	U40102DL2007PLC170661	BHARTIYA RAIL BIJLEE COMPANY LIMITED	Director	07/07/2011	09/12/2010	-	Active	NO
3	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Director	28/07/2011	24/12/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ruchi Mittal
Designation :	Company Secretary
Address :	C – 9/78 Sector – 7, Rohini (East), Delhi – 110 085, India
Date of Birth/Age :	15.05.1983
Date of Appointment :	10.08.2007
PAN No.:	AJQPM8742A

MAJOR SHAREHOLDERS

As on 25.07.2012

Names of Shareholders		No. of Shares
NTPC Limited		357150933
Bihar State Electricity Board		192311903
Shri A.K. Singal		100
Shri Prabhjat Kumar Rai		100
Shri N.N. Misra		100
Shri V.C. Gupta		100
Shri Lallan Prasad		100
Shri Arup Roy Choudhury		100

TOTAL		549463436

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Government Companies	65.00
Bodies corporate	35.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Generation of Electricity

GENERAL INFORMATION

No. of Employees :

159 (Approximately)

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit from scheduled banks (Secured against Inventory and Trade Debtors acquired from cash credit Loan)	393.987	120.875
Loan from Holding Company NTPC Limited (Secured by equitable mortgage through deposit of title deed), (Due for repayment within one year Rs. 37142857.00, Previous year Rs. 45714286.00)	217.143	262.857
Total	611.130	383.732


Banking Relations :	--

Financial Institution:	SBICAP TRUSTEE COMPANY LIMITED Address: 202, Maker Tower, ‘E’ Cuffee Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Auditors :
Name :	GRA and Associates Chartered Accountants
Address :	A – 9/1, Naraina Industrial Area, Phase – 1, New Delhi – 110 028, India
Tel. No.:	91-11-25893455 / 41412144 / 30522333 / 305229999
Fax No.:	91-11-25893456
E-Mail :	contact@graca.in
PAN No.:	AADFG2859A

Holding Company:	· NTPC Limited [CIN No.: L40101DL1975GOI007966]

Associates/Subsidiaries :	· Bharatiya Rail Bijlee Company Limited (BRBCL) · NTPC Hydro Limited (NHL) · NTPC Vidyut Vyapar Nigam Limited (NVVN) · NTPC Electric Supply Company Limited (NESCL) · Kanti Bijlee Utpadan Nigam Limited, (formerly known as Vaishali Power Generating Company Limited)

CAPITAL STRUCTURE

As on 25.07.2012

Authorized Capital:

No. of Shares	Type	Value	Amount

1000000000	Equity Shares	Rs. 10/- each	Rs. 10000.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

549463436	Equity Shares	Rs. 10/- each	Rs. 5494.634 millions

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount

1000000000	Equity Shares	Rs. 10/- each	Rs. 10000.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

88507537	Equity Shares	Rs. 10/- each	Rs. 885.075 millions

NOTE:

88,507,537 equity shares of Rs. 10/- each fully paid-up (previous year 88,507,537 equity shares of f 10/- each fully paid-up) (57151000 held by NTPC Ltd. and their nominees received in cash and 31356537 equity shares fully paid up held by Bihar State Electricity Board and their nominees, in consideration other than cash. (Previous year: 57151000 equity shares of Rs. 10 each held by NTPC Ltd. and their nominees and 31356537 shares of Rs. 10 each fully paid up held by BSEB and their nominees)

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		885.075	885.075	1.000
2] Share Application Money		2561.522	43.800	614.800
3] Reserves & Surplus		2980.480	1874.907	1124.879
4] (Accumulated Losses)		(146.605)	(0.779)	0.000
NETWORTH		6280.472	2803.003	1740.679
LOAN FUNDS
1] Secured Loans		611.130	383.732	320.686
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		611.130	383.732	320.686
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		6891.602	3186.735	2061.365

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1600.397	278.058	293.576
Capital work-in-progress		1599.708	1468.733	1294.909

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.208	9.685	30.884
	Sundry Debtors	430.925	131.241	41.743
	Cash & Bank Balances	224.230	140.862	49.174
	Other Current Assets	4.862	2.595	0.317
	Loans & Advances	107.015	10.819	126.716
Total Current Assets		791.240	295.202	248.834
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1134.017	228.121	160.361
	Other Current Liabilities	39.832	18.233	267.269
	Provisions	30.062	24.822	15.649
Total Current Liabilities		1203.911	271.176	443.279
Net Current Assets		(412.671)	24.026	(194.445)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000
CONST. STORES AND ADVANCES		4104.168	1415.918	667.325

TOTAL		6891.602	3186.735	2061.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	485.486	0.000	0.000
		Other Income	24.833	0.000	0.000
		Energy internally consumed	0.321	0.000	0.000
		TOTAL (A)	510.640	0.000	0.000

Less	EXPENSES
		Fuel	353.325	0.000	0.000
		Employees remuneration and benefits	104.094	0.000	0.028
		Generation, administration and other expenses	50.678	0.742	0.000
		Provisions	0.337	0.000	0.000
		TOTAL (B)	508.434	0.742	0.028

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.206	(0.742)	(0.028)

Less	FINANCIAL EXPENSES (D)		38.227	0.009	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(36.021)	(0.751)	(0.028)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		109.808	0.000	0.000

Less	PRIOR PERIOD INCOME/EXPENDITURE		(0.002)	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(145.827)	(0.751)	(0.028)

Less	TAX (I)		0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		(145.827)	(0.751)	(0.028)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.779)	(0.028)	0.000

	BALANCE CARRIED TO THE B/S		(146.606)	(0.779)	(0.028)

	Earnings / (Loss) Per Share (Rs.)		(1.66)	(0.13)	(0.28)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(28.55)	(0.00)	(0.00)

Net Profit Margin (PBT/Sales)	(%)	(29.92)	(0.00)	(0.00)

Return on Total Assets (PBT/Total Assets}	(%)	(6.09)	(0.13)	(0.00)

Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.00)	(0.00)

Debt Equity Ratio (Total Liability/Networth)		0.28	0.23	0.43

Current Ratio (Current Asset/Current Liability)		0.65	1.08	0.56

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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 involved in	----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40102DL2006GOI153167
Name of the company	KANTI BIJLEE UTPADAN NIGAM LIMITED
Address of the registered office or of the principal place of business in India of the company	NTPC Bhawan, Core – 7, SCOPE Complex, 7, Institutional Area, Lodhi Road, New Delhi – 110003, India e-mail: rmittal15@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10308195
Type of charge	Uncalled share capital Book debts Movable property (not being pledge) Goodwill Patent, license under a patent Trademark Copyright or license under a copyright Performance Bonds, Insurance policies
Particular of charge holder	Security Trustee SBICAP TRUSTEE COMPANY LIMITED 202, Maker Tower, ‘E’ Cuffee Parade, Colaba, Mumbai – 400 005, Maharashtra, India e-mail: corporate@sbicaptrustee.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation by KBUNL (as borrower) in favour of SBICAP Trustee Company Limited (as security trustee) dated 04.05.2012 for securing facilities of Rs. 24412.800 millions granted by the lenders.
Date of instrument Creating the charge	04.05.2012
Amount secured by the charge	Rs. 24412.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge as per deed of hypothecation Others as per deed of hypothecation
Short particulars of the property charged	The whole of Company's stock of raw materials, goods-in-progress, finished/semi-finished goods, consumable stores and spares and such other movables including Book Debts both present and future All tangible movable properties including movable plant & machinery, spares, tools, accessories, furniture, fixtures, vehicles and all other movable assets both present and future All accounts of the Company including but not limited to Trust and Retention account, Debt service Reserve account, Retention account or any other project documents All rights, title, interest, benefits, claims and demands of the company in, to, under and in respect of accounts and all monies including cash flows, receivables, all investments, assets, instruments and securities including permitted investments both present and future All monies receivables pertaining to the project or otherwise, any revenue , rentals, deposits or capital receipts, including insurance proceeds, liquidated damages, performance bonds, LC, etc All intangible assets including goodwill, rights and undertakings, uncalled capital and intellectual property rights, both present and future more particularly described in the attached Deed of Hypothecation
Particulars of the present modification	The Lenders have agreed to grant the Loan of Rs. 23412.800 millions through Common Loan Agreement dated 27.09.2011 and through present Deed of Hypothecation dated 04.05.2012; the lenders have agreed to grant a guarantee facility for an aggregate amount not exceeding Rs.1000.000 millions. Now, the total amount of loan is Rs. 24412.800 millions (including guarantee facility).

OPERATIONAL AND COMMERCIAL PERFORMANCE

The Company placed order for locomotive for MGR under R&M of Stage-I. Contract for Renovation and Modernisation of Boiler, Turbine and Auxiliary Package was awarded to Bharat Heavy Electricals Limited. Further, the Company has awarded contracts for major packages for Stage-ll (2X195MW) expansion of the project like main plant, civil works, power transformer package etc. Test pile has been completed and job pile in the area of boiler and chimney has started.

During the year, the power station of the Company had generated 319.57MUs at the availability factor of 46.32%. The plant operated at an average PLF of 33.16 % during the year. The Auxiliary power consumption was 14.52 % of generation as against 14.08 % of generation during last year as sufficient coal could not be procured for shortage of funds. The Company has requested BSEB for making timely payment towards sale of energy.

The Board has accorded in-principle approval for tying up loan with the consortium led by State Bank of India for debt portion for Stage-ll of the project.

SUBSIDIARIES

NTPC Electric Supply Company Limited (NESCL)

The company was formed on August 21, 2002. It is a wholly owned subsidiary company of NTPC with the objective of making a foray into the business of distribution and supply of electrical energy, as a sequel to reforms initiated in the power sector. Company was also mandated to take up consultancy and other assignments in the area of Electrical Distribution Management System.

Maiden entry into Power distribution by forming 50:50 JV Company KINESCO Power and Utility Private Ltd. with Kerala Industrial Infrastructure Development Corporation (KINFRA), already distributing power in KINFRA owned industrial theme parks.

With the objective of sectoral support in the area of distribution, NESCL has been assigned the responsibility of implementing rural electrification works under Rajiv Gandhi Gramin Vidyutikaran Yojana (RGGVY).

NTPC Vidyut Vyapar Nigam Limited (NVVN)

The company was formed on November 1, 2002, as a wholly owned subsidiary company of NTPC. The company’s objective is to undertake sale and purchase of electric power, to effectively utilise installed capacity and thus enable reduction in the cost of power.Company holds category ‘I’ trading license from CERC and traded 5549.0 MUs in 2009-10. Company has been designated as the nodal agency for cross border trading with Bhutan and Bangladesh. Company is also engaged in ash business and is exploring potential business areas such as cross border trading, green power trading and emission trading, captive power trading and long term power trading.

NTPC Hydro Limited (NHL)

The company was formed on December 12, 2002, as a wholly owned subsidiary company of NTPC with an objective to develop small and medium hydroelectric power projects of up to 250 MW. NHL is implementing Lata-Tapovan H.E. project (171 MW) and Rammam stage III H.E. project (120MW).

Kanti Bijlee Utpadan Nigam Limited, (formerly known as Vaishali Power Generating Company Limited)

To take over Muzaffarpur Thermal Power Station (2*110MW), a subsidiary company named ‘Vaishali Power Generating Company Limited (VPGCL)’ was incorporated on September 6, 2006 with NTPC contributing 51% of equity and balance equity was contributed by Bihar State Electricity Board. The company was rechristened as ‘Kanti Bijlee Utpadan Nigam Limited’ on April 10, 2008. Present equity holding is NTPC 64.57% & BSEB 35.43%. Company is Renovating and modernising the existing unit and establishing new plant.

Bharatiya Rail Bijlee Company Limited (BRBCL)

A subsidiary of NTPC under the name of ‘Bharatiya Rail Bijlee Company Limited’ was incorporated on November 22, 2007 with 74:26 equity contribution from NTPC and Ministry of Railways, Govt. of India respectively for setting up of four units of 250 MW each of coal based power plant at Nabinagar, Bihar. Investment approval of the project was accorded in January, 2008. 90% power from this project is to be supplied to Railways to meet the traction and non-traction power requirements.

FIXED ASSETS:

· Land

· Roads, bridges, culverts & helipads

· Building

· Water Supply, drainage and Sewerage system

· MGR Track and signaling system

· Plant and Machinery

· Furniture, fixtures and Other office equipment

· Vehicles including speedboats

· Construction Equipments

· Electrical installations

· Communication equipments

· Hospital Equipments

· Software

PRESS RELEASE

Tecpro Systems Limited receives order worth Rs. 837.000 millions from Kanti Bijlee Utpadan Nigam Limited (a NTPC subsidiary) May 21, 2012

Tecpro Systems Limited has informed BSE regarding a Press Release dated May 18, 2012 titled "Tecpro Systems Limited receives order worth Rs. 837.000 millions from Kanti Bijlee Utpadan Nigam Limited (a NTPC subsidiary)" Press Release: "Tecpro Systems Limited (Tecpro Systems), a leading Engineering Procurement and Construction ("EPC") Company providing comprehensive range of services in Coal handling and Ash handling, Balance of Plant (BOP) packages for Power Sector and Material Handling to Steel, Cement, Ports, Mining and other industries in Infrastructure sector, has announced that it has received an order worth 837.000 million from Kanti Bijlee Utpadan Nigam Limited, a subsidiary of NTPC Limited, for the supply of Ash Handling System Package for Muzaffarpur Thermal Power Project, Stage-11 (2X 1 95 MW)."

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.55.34
UK Pound	1	Rs.88.50
Euro	1	Rs.70.74

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.

MIRA INFORM REPORT

24.208

430.925

224.230

4.862

107.015

791.240

1134.017

39.832

30.062

1203.911

(412.671)

(28.55)

(29.92)

(6.09)

(0.02)

0.28

0.65

Unit