MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	THE TATA POWER COMPANY LIMITED
Registered Office :	Bombay House, 24, Homi Mody Street, Fort, Mumbai-400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.09.1919
Com. Reg. No.:	11-000567
Capital Investment / Paid-up Capital :	Rs.2373.300 Millions
CIN No.: [Company Identification No.]	L28920MH1919PLC000567
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00252A
Legal Form :	A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges.
Line of Business :	Generation, Transmission and Bulk distribution of electrical energy. Energy in bulk is supplied by the companies jointly to industries, distributing licensees and local authorities in Mumbai and surrounding areas.
No. of Employees :	4126 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 441600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a Tata Group company. It is a well established and a reputed company having fine track record. There appears slight dip in the profit of the company. However, financial position of the company appears to be sound. Fundamentals are strong and healthy. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AA-
Rating Explanation	Have high degree of safety and carry very low credit risk
Date	17.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	17.10.2013

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.

INFORMATION DENIED

Management Non Co-Operative (Tel No.91-22-66658282)

LOCATIONS

Registered / Correspondence Office :	Bombay House, 24, Homi Mody Street, Fort, Mumbai-400 001, Maharashtra, India
Tel. No.:	91-22-66658282
Fax No.:	91-22-66658801/ 66658867
E-Mail :	tec@tata.com aje@tec.co.in tatapower@tatapower.com
Website :	www.tatapower.com
Corporate Office :	Corporate Centre, 34, Sant Tukaram Road, Carnac Bunder, Mumbai 400009, Maharashtra, India
Tel. No.:	91-22-67171000
Thermal Power Stations :	i) Trombay Generating Station, Mahul Road, Chembur, Mumbai, Maharashtra, India (ii) Jojobera Power Plant, Jojobera, Jamshedpur, Jharkhand, India (iii) Belgaum Power Plant, Plot Nos.1234 to 1240 and 1263 to 1297, KIADB, Kanbargi Industrial Area, Auto Nagar, Belgaum, Karnataka, India (iv) Haldia Power Plant, HFC COMPLEX, Patikhali, Haldia, East Medinipur, West Bengal, India (v) Mundra Ultra Mega Power Plant, Tunda-Vandh Road, Village Tunda Village, Taluka Mundra, Kutchh Gujarat, (Owned by Coastal Gujarat Power, Limited., a wholly owned subsidiary) vi) Maithon Right Bank Thermal Power Plant Dambhui, PO Barbindia Thana Nirsa, District Dhanbad Jharkhand (Owned by Maithon Power Limited., a subsidiary)
Hydro Generating Stations :	i) Generating Station, Bhira, P O Bhira, Taluka Mangaon, District Raigad, Maharashtra, India ii) Generating Station, Bhivpuri, P O Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra, India iii) Generating Station, Khopoli, P O Khopoli Power House, District Raigad, Maharashtra, India
Wind Farms :	i) Village Shahjahanpur and Pimpalgaon, Taluka Parner, District Ahmednagar, Maharashtra, India ii) Village Khandke, Taluka and District Ahmednagar, Maharashtra, India iii) Taluka Sakri, District Dhulia, Maharashtra, India (iv) Jamjodhpur, Sadodar, Motapanch devda Samana, Jamnagar District, Gujarat, India (v) Hosur, Kanavi, Mulgund, Shiroland Harti, Gadag District, Karnataka, India vi) Taluka – Sadawagapur, District Satara, Maharashtra, India vii) Village Anikaduvu, Mongilphuluvu and Illupunagaram Taluka Khatav, Taluka Madathukulam Tamil Nadu viii) Village Kannarwadi, Hiwarwadi and Agaswadi Taluka Patan, District Satara ix) Village Sawarghar and Niwade District Satara District Tripur
Transmission Division :	Shil Road, Netivli, Kalyan District Thane, Maharashtra, India
Distribution Division :	Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India
Solar Plants :	1 .Mulshi (Khurd) Post Male, Taluka Mulshi District Pune Maharashtra 2. c/o Tata Chemicals Township, Plot B Survey No. 78, Mithapur District Jamnagar Gujarat Owned by Tata Power Renewable Energy Limited., a wholly owned subsidiary)

DIRECTORS

As on 31.03.2013

Name :	Mr. Cyrus P. Mistry
Designation :	Chairman
Name :	Mr. R. Gopalakrishnan
Designation :	Director
Date of Birth :	25.12.1945
Date of Appointment :	15.01.1999
Qualification :	Graduate in Physics from Calcutta University and in Engineering from IIT, Kharagpur
Name :	Dr. Homiar S. Vachha
Designation :	Director
Name :	Mr. Nawshir H. Mirza
Designation :	Director
Date of Birth :	04.04.1950
Date of Appointment :	29.09.2006
Qualification :	Fellow of The Institute of Chartered Accountants of India.
Name :	Mr. Deepak M. Satwalekar
Designation :	Director
Name :	Mr. Piyush G. Mankad, IAS (Retd.)
Designation :	Director
Name :	Mr. Ashok K. Basu, IAS (Retd.)
Designation :	Director
Name :	Mr. Thomas Mathew T., LIC Nominee
Designation :	Director
Date of Birth :	03.06.1953
Date of Appointment :	07.08.2009
Qualification :	Post Graduate in Economics, Bachelor’s Degree in Law and a Post Graduate Diploma in Management from the International Institute of Advanced Marketing.
Name :	Ms. Vishakha V. Mulye
Designation :	Director
Date of Birth :	04.02.1969
Date of Appointment :	28.02.2013
Qualification :	Graduate in Commerce, Fellow of The Institute of Chartered Accountants of India.
Name :	Mr. Anil Sardana
Designation :	Managing Director
Name :	Mr. S. Ramakrishnan
Designation :	Executive Director
Name :	Mr. S. Padmanabhan
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Hanoz M. Mistry
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Bodies Corporate	769881050	33.51
Any Others (Specify)	656240	0.03
Trusts	656240	0.03
Sub Total	770537290	33.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	770537290	33.54
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	36163649	1.57
Financial Institutions / Banks	9458468	0.41
Central Government / State Government(s)	681488	0.03
Insurance Companies	507244485	22.08
Foreign Institutional Investors	594484665	25.87
Any Others (Specify)	22760	0.00
Foreign Nationals - DR	22760	0.00
Sub Total	1148055515	49.97
(2) Non-Institutions
Bodies Corporate	20045799	0.87
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 millions	333713041	14.52
Individual shareholders holding nominal share capital in excess of Rs.0.100 millions	21116986	0.92
Any Others (Specify)	4062319	0.18
Trusts	3529061	0.15
Overseas Corporate Bodies	10400	0.00
Foreign Corporate Bodies	522858	0.02
Sub Total	378938145	16.49
Total Public shareholding (B)	1526993660	66.46
Total (A)+(B)	2297530950	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	75541410	0.00
Sub Total	75541410	0.00
Total (A)+(B)+(C)	2373072360	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Names of Shareholders	No. of Shares	Percentage of Holding
Tata Sons Limited	707511570	29.81
Tata Industries Limited	19680000	0.83
Tata Steel Limited	34318180	1.45
Tata Investment Corporation Limited	6006880	0.25
Ewart Investments Limited	1955840	0.08
Sir Dorabji Tata Trust	572880	0.02
Chemical Terminal Trombay Limited	400580	0.02
Sir Ratan Tata Trust	70160	0.00
J R D Tata Trust	13200	0.00
Sheba Properties Limited	8000	0.00
Total	770537290	32.47

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Names of Shareholders	No. of Shares	Percentage of Holding
Life Insurance Corporation of India	300110541	12.65
Matthews Pacific Tiger Fund	126160510	5.32
New India Assurance Company Limited	64026620	2.70
National Westminster Bank PLC as depositary of first State Global Emerging Markets Leaders Fund a Sub fund of first state investments ICVC	76428072	3.22
General Insurance Corporation of India	63030370	2.66
National Westminster Bank PLC as depositary of first State Asia Pacific Leaders Fund a sub Fund of First State Investment ICVC	58532904	2.47
Aberdeen Global Indian Equity Mauritius Limited	43700000	1.84
Total	731989017	30.85

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Names of Shareholders	No. of Shares	Percentage of Holding
Life Insurance Corporation of India	300110541	12.65
Matthews Pacific Tiger Fund	126160510	5.32
Total	426271051	17.96

Details of Depository Receipts (DRs)

Names of Shareholders	No. of Shares	Percentage of Holding
GDR Held By Na	1,543	0.06
The Bank Of New York	74,15,261	3.12
Total	74,16,804	3.18

BUSINESS DETAILS

Line of Business :	Generation, Transmission and Bulk distribution of electrical energy. Energy in bulk is supplied by the companies jointly to industries, distributing licensees and local authorities in Mumbai and surrounding areas.
Products :	· Power · Electronic Products · Technical Services

GENERAL INFORMATION

No. of Employees :

4126 (Approximately)

Bankers :

· Citibank N.A.

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· Kotak Mahindra Bank Limited

· Standard Chartered Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowing
Redeemable non-convertible Debentures
9.15% Series 2025	2020.000	2180.000
9.15% Series 2025.	2750.000	3000.000
9.40% Series 2023	2100.000	0.000
10.10% Series 2019	5000.000	5000.000
10.40% Series 2019.	5000.000	5000.000
7.10% Series 2015	4200.000	6000.000
Term Loans from Banks
HDFC Bank	4800.000	5100.000
ICICI Bank	0.000	725.000
IDBI Bank	5875.000	6225.000
Kotak Mahindra Bank	415.000	0.000
From Others
Asian Development Bank...	823.600	950.300
Industrial Renewable Energy Development Agency	4069.100	4282.900
Infrastructure Development Finance Company Limited	11964.000	10764.000
Export Import Bank of India.	43.200	78.800
Finance Lease Obligations
Lease finance - from others	0.000	0.000
Short-term Borrowings
From Banks
Buyer's Line of Credit	6370.300	206.700
Total	55430.200	49512.700

Long Term Borrowing

Security

i) The Debentures mentioned in (a) have been secured by a charge on movable properties and assets of the Company at Agaswadi and Visapur in Satara District of Maharashtra and Poolavadi in Tirupur District of Tamil Nadu.

ii) The Debentures mentioned in (b) have been secured by a pari passu charge on the assets of the wind farms situated at Samana and Gadag in Gujarat and Karnataka.

iii) The Debentures mentioned in (c) have been secured by a charge on the land situated at Village Takve Khurd (Maharashtra).

iv) The Debentures mentioned in (d) and (e) have been secured by a pari passu charge on land in Village Takve Khurd (Maharashtra) and moveable and immovable properties in and outside Maharashtra, except assets of windmill projects, present and future.

v) (The Debentures mentioned in (f) have been secured by land in Village Takve Khurd (Maharashtra), moveable and immovable properties in and outside Maharashtra, as also all transmission stations/lines, receiving stations and sub-stations in Maharashtra, except assets of windmill projects, present and future.

vi) The loans from HDFC Bank, ICICI Bank and IDBI Bank, mentioned in (g), (h) and (i) respectively have been secured by a pari passu charge on all moveable Fixed Assets (excluding land and building), present and future (except assets of all wind projects both present and future) including moveable machinery, machinery spares, tools and accessories.

vii) The loan from Kotak Mahindra Bank mentioned in (j) has been secured by a pari passu charge on all movable Fixed Assets (excluding land and building), present and future (except assets of wind projects, both present and future, situated at Khandke, Brahmanvel and Supa in Maharashtra) including moveable machinery, machinery spares, tools and accessories.

viii) The loans from Asian Development Bank and Industrial Renewable Energy Development Agency mentioned in (k) and (l) respectively have been secured by a first charge on the tangible moveable properties, plant & machinery and immovable properties situated at Khandke, Brahmanvel and Sadawaghapur in Maharashtra.

ix) The loan from Infrastructure Development Finance Company Limited mentioned in (m) have been secured by a charge on the moveable assets except assets of all windmill projects present and future more particularly situated in Supa, Khandke, Brahmanvel, Sadawaghapur, Gadag and Samana in Maharashtra, Karnataka and Gujarat.

x) The loan from Export Import Bank of India mentioned in (n) has been secured by receivables (present and future), book debts and outstanding monies.

xi) The loan mentioned in (o) has been secured by hypothecation of specific assets (vehicles) taken on finance lease.

Redemption

i) The Debentures mentioned in (a) are redeemable at par in fourteen annual installments of Rs.160.000 Millions and one installment of Rs.260.000 Millions commencing from 18th September, 2011.

ii) The Debentures mentioned in (b) are redeemable at par in ten annual installments of Rs.250.000 Millions each and five annual installments of Rs.200.000 Millions each commencing from 23rd July, 2011.

iii) The Debentures mentioned in (c) are redeemable at par at the end of 10 years from the respective date of allotment viz., 28th December, 2022.

iv) The Debentures mentioned in (d) and (e) are redeemable at par at the end of 10 years from the respective dates of allotment viz. 25th April, 2018 and 20th June, 2018.

v) The Debentures mentioned in (f) are redeemable at premium in three installments amounting to Rs.1800.000 Millions, Rs.2400.000 Millions and Rs.1800.000 Millions at the end of 9th, 10th and 11th year respectively from 18th October, 2004.

vi) The loan from HDFC Bank mentioned in (g) is redeemable at par in 36 quarterly installments of Rs.75.000 Millions each commencing from 1st June, 2010 and 4 quarterly installments of Rs.825.000 Millions each commencing from 30th June, 2020.

vii) The loan from IDBI Bank of Rs.3000.000 Millions mentioned in (i) is redeemable at par in 46 quarterly installments of Rs.37.500 Millions each commencing from 1st October, 2010 and one installment of Rs.1275.000 Millions on 1st April, 2022 and, The second loan from IDBI Bank of Rs.4000.000 Millions mentioned in (i) is redeemable at par in 36 quarterly installments of Rs.50.000 Millions commencing from 1st April, 2011 and one installment of Rs.2200.000 Millions on 1st April, 2020.

viii) The loan from Kotak Mahindra Bank mentioned in (j) is redeemable at par in 8 quarterly installments of Rs.77.500 Millions each commencing from 31st October, 2012, 4 quarterly installments of Rs.50.000 Millions each commencing from 31st October, 2014 and 4 quarterly installments of Rs.15.000 Millions each commencing from 31st October, 2015.

ix) The loan from Asian Development Bank mentioned in (k) is redeemable at par in 26 semi-annual installments commencing from 15th December, 2007.

x) The loan from Industrial Renewable Energy Development Agency of Rs.950.000 Millions mentioned in (l) is redeemable at par in 26 semi-annual installments commencing from 15th December, 2007 and, The second loan from Industrial Renewable Energy Development Agency of Rs.4500.000 Millions mentioned in (l) is redeemable at par in 24 semi-annual installments of Rs.146.300 Millions each commencing from 30th June, 2012 and two semi-annual installments of Rs.495.000 Millions each commencing from 30th June, 2024.

xi) The loan of Rs.2500.000 Millions from Infrastructure Development Finance Company Limited mentioned in (m) was repaid on 15th November, 2012. The second loan from Infrasturcture Development Finance Company Limited of Rs.4500.000 Millions mentioned in (m) is redeemable at par in 35 quarterly installments of Rs.56.500 Millions each commencing from 1st October, 2009 and one installment of Rs.2522.500 Millions commencing from 15th July, 2018 and, The third loan from Infrastructure Development Finance Company Limited of Rs.1500.000 Millions mentioned in (m) is redeemable at par in 36 quarterly installments of Rs.18.800 Millions commencing from 15th May, 2010 and 4 quarterly installments of Rs.206.300 Millions commencing from 15th May, 2019 and, The fourth loan from Infrastructure Development Finance Company Limited of Rs.8000.000 Millions mentioned in (m) is redeemable at par in 40 quarterly installments of Rs.15 Millions commencing from 15th October, 2013 and 4 quarterly installments of Rs.500.000 Millions from 15th October, 2023.

xii) The loan from Export Import Bank of India mentioned in (n) is redeemable at par in 19 semi - annual installments of USD 372,200 each commencing from 29th September, 2006.

xiii) The 10.75% Redeemable and Non-convertible Debentures mentioned in (p) are redeemable at par at the end of 60 years from the respective date of allotment viz., 21st August, 2072. The Company has the call option to redeem the same at the end of 10 years from 21st August, 2022 and at the end of every year thereafter.

xiv) 8.50% Euro Notes mentioned in (q) is repayable fully on 19th August, 2017.

xv) The loan from ICICI Bank mentioned in (s) is redeemable at par in 10 semi-annual installments commencing from 1st April, 2012.

xvi) Sales Tax Deferral mentioned in (t) is repayable in quarterly 150 installments commencing from April, 2013 and repayable in full by 2022.

Short-term Borrowings

Buyer's Line of Credit is secured against first pari passu charges on all current assets including goods, book debts, receivables and other moveable Current Assets of the Company.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Solicitors :	Mulla and Mulla and Craigie Blunt and Caroe
Subsidiaries :	· Af-Taab Investment Co. Limited (AICL) · Chemical Terminal Trombay Limited (CTTL) · Tata Power Trading Co. Limited (TPTCL) · Powerlinks Transmission Limited (PTL) · NELCO Limited (NELCO) · Maithon Power Limited (MPL) · Industrial Energy Limited (IEL) · Tata Power Delhi Distribution Limited (TPDDL) · Coastal Gujarat Power Limited (CGPL) · Bhira Investments Limited (BIL) · Bhivpuri Investments Limited (BHIL) · Khopoli Investments Limited (KIL) · Trust Energy Resources Pte. Limited (TERL) · Energy Eastern Pte. Limited ** (EEL) · Industrial Power Utility Limited (IPUL) · Tatanet Services Limited ** (TNSL) · Tata Power Renewable Energy Limited (TPREL) · PT Sumber Energi Andalan Tbk. ** (SEA) · Tata Power Green Energy Limited ** (TPGEL) · NDPL Infra Limited ** (NDPLIL) · Dugar Hydro Power Limited (DHPL) · Tata Power Solar Systems Limited (TPSSL) (from 28th June, 2012) · Tata Power Jamshedpur Distribution Limited (TPJDL) (from 6th November, 2012) ** Through Subsidiary Companies
Associates :	· Tata Projects Limited (TPL) · Yashmun Engineers Limited (YEL)
Joint Ventures :	· Tubed Coal Mines Limited (TCML) · Mandakini Coal Company Limited (MCCL) · Dagachhu Hydro Power Corporation Limited (DHPCL) · Cennergi Pty. Limited (CPL) · OTP Geothermal Pte. Limited (OTPGL)
Promoters holding together with its Subsidiary more than 20% :	Tata Sons Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Re.1/- each	Rs.3000.000 Millions
22900000	Equity Shares	Rs.100/- each	Rs.2290.000 Millions
	Total		Rs.5290.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
2429470840	Equity Shares	Re.1/- each	Rs.2429.500 Millions

Subscribed and Paid up Capital:

No. of Shares	Type	Value	Amount
2373072360	Equity Shares	Re.1/- each	Rs.2373.100 Millions
	Less : Calls in Arreas		Rs.0.400 Millions
1652300	Add : Equity shares forfeited - Amount paid		Rs.0.600 Millions
	Total		Rs.2373.300 Millions

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity Shares	No. of Shares	Amount
At the beginning and at the end of the year.	2374724660	2373.300

Terms/rights attached to Equity Shares

The Company has issued only one class of Equity Shares having a Par Value of Re.1/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2013, the amount of per share dividend recognised as distribution to equity shareholders was Rs.1.15 per share of Face Value of Rs.1/- each (31st March, 2012 - 1.25 per share of Face Value of 1/- each).

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.

Details of Shareholders holding more than 5% shares in the Company

Name of Shareholder	Number of Shares	% holding
Tata Sons Limited	707511570	29.81
Life Insurance Corporation of India.	311823233	13.14

In an earlier year, the Company issued 3,000 1.75% Foreign Currency Convertible Bonds (FCCB) with Face Value of USD 100,000 each aggregating to USD 300 million. The bondholders have an option to convert these Bonds into Equity Shares, at an initial conversion price of Rs.145.6125 per share at a fixed rate of exchange on conversion of Rs.46.81 = USD 1.00, at any time on and after 31st December, 2009, upto 11th November, 2014. The conversion price is subject to adjustment in certain circumstances. The FCCB may be redeemed, in whole but not in part, at the option of the Company at any time on or after 20th November, 2011 subject to satisfaction of certain conditions. Unless previously converted, redeemed or repurchased and cancelled, the FCCB fall due for redemption on 21st November, 2014 at 109.47 percent of their principal amount together with accrued and unpaid interest.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2373.300	2373.300	2373.300
(b) Reserves and Surplus	108034.600	103888.200	98014.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds	110407.900	106261.500	100387.400
Unsecured perpetual securities	15000.000	15000.000	0.000
Statutory reserves	6042.300	5972.300	6032.300
Special appropriation towards project cost.	5336.100	5336.100	5336.100
Service line contributions from consumers	822.200	640.200	644.100
	27200.6	26948.600	12012.500
(3) Non-Current Liabilities
(a) long-term borrowings	84525.700	68750.500	60812.500
(b) Deferred tax liabilities (Net)	8054.900	4190.200	2150.500
(c) Other long term liabilities	998.100	937.000	794.200
(d) long-term provisions	4131.900	4805.200	4842.600
Total Non-current Liabilities	97710.600	78682.900	68599.800
(4) Current Liabilities
(a) Short term borrowings	11721.500	7580.600	6830.600
(b) Trade payables	9235.500	10615.500	7395.700
(c) Other current liabilities	20276.400	15862.500	13297.700
(d) Short-term provisions	4376.100	3861.400	3529.300
Total Current Liabilities	45609.500	37920.000	31053.300
TOTAL	280928.600	249813.000	212053.000
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77444.100	71542.100	57829.300
(ii) Intangible Assets	301.100	185.900	0.100
(iii) Capital work-in-progress	6414.600	5853.700	10173.500
(iv) Intangible assets under development	733.400	249.000	119.600
(b) Non-current Investments	108596.800	92085.400	78471.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21900.600	12309.500	27402.500
(e) Other Non-current assets	27586.700	17321.500	10380.200
Total Non-Current Assets	242977.300	199547.100	184377.000
(2) Current assets
(a) Current investments	2585.600	5841.400	927.300
(b) Inventories	7610.900	8544.700	6250.200
(c) Trade receivables	13000.600	10033.700	8415.500
(d) Cash and cash equivalents	4131.700	10373.500	8372.900
(e) Short-term loans and advances	9550.900	13576.800	2563.900
(f) Other current assets	1071.600	1895.800	1146.200
Total Current Assets	37951.300	50265.900	27676.000
TOTAL	280928.600	249813.000	212053.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	95672.800	84958.400	69184.800
		Other Income	7216.700	9834.600	4935.800
		TOTAL (A)	102889.500	94793.000	74120.600
Less	EXPENSES
		Cost of Power Purchased	6233.900	6475.300	7842.100
		Cost of Fuel	52444.000	46368.900	34856.400
		Employees Benefits Expenses	5476.000	5126.500	3411.200
		Other Expenses	11278.300	9141.400	7193.300
		TOTAL (B)	75432.200	67112.100	53303.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27457.300	27680.900	20817.600
Less	FINANCIAL EXPENSES (D)		6782.500	5148.700	4598.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20674.800	22532.200	16219.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3641.000	5703.500	5101.400
	PROFIT BEFORE TAX (E-F) (G)		17033.800	16828.700	11118.200
Less	TAX (H)		6786.900	5131.400	1703.300
	PROFIT AFTER TAX (G-H) (I)		10246.900	11697.300	9414.900
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1697.300	2319.000	1645.400
	APPROPRIATIONS
		Proposed dividend	2731.700	2969.200	2969.200
		Income tax reversal on distribution	284.200	0.000	0.000
		Distribution on insecure perpetual	1712.000	1136.100	0.000
		Dividend	0.000	476.800	0.000
		Additional income tax on dividend	285.400	0.000	162.700
		Additional income tax on dividend in earlier year	70.000	0.000	0.000
		Transfer to debenture redemption reserve	1572.700	3107.900	249.200
		Transfer to general reserve	1024.700	2500.000	4000.000
	BALANCE CARRIED TO THE B/S		2566.200	1697.300	2319.000
	EARNINGS IN FOREIGN CURRENCY
		Interest	349.900	822.500	773.800
		Export on FOB Basis	46.600	88.300	48.800
		Guarantee commission from Subsidiary	102.400	75.000	10.200
		Dividend	2965.500	5320.900	211.000
		Others	134.000	11.100	133.800
	TOTAL EARNINGS		3598.400	6317.800	1177.600
	IMPORTS
		Capital Goods	286.400	2326.000	1361.900
		Components & Spare Parts	854.400	590.000	191.900
		Fuel	22024.900	20718.900	10168.300
	TOTAL IMPORTS		23165.700	23634.900	11722.100
	Earnings Per Share (Rs.)
	Basic		3.44	45.30	40.80
	Diluted		3.44	45.30	39.60

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.96	12.34	12.70
Net Profit Margin (PBT/Sales)	(%)	17.80	19.81	16.07
Return on Total Assets (PBT/Total Assets}	(%)	14.72	13.79	13.00
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.11
Debt Equity Ratio (Total Debt /Networth)		0.87	0.72	0.67
Current Ratio (Current Asset/Current Liability)		0.83	1.33	0.89

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

LISTING DETAILS:

CASE DETAILS

Lodging No.:-

ITXAL/1178/2013

Filing Date:-

24/07/2013

Reg. No.:-

ITXA/1560/2013

Reg. Date:-

17/08/2013

Petitioner :	COMMISSIONER OF INCOME TAX -2,	Respondent:-	TATA POWER COMPANY LIMITED
Petn. Adv.:	SURESH KUMAR (0)

District:- MUMBAI

Bench:- DIVISION

Status:- Pre-Admission Category:- TAX APPEALS

Last Date:- 09/12/2013

Last Coram:- ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

Act :- Income Tax Act, 1961 Under Section:- 260A

UNSECURED LOAN:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Redeemable Non-Convertible Debentures
10.75% Series 2073	15000.000	0.000
Bonds
8.50% Euro Notes (2017)	3239.300	3048.700
1.75% Foreign Currency Convertible Bonds (2014)	16317.000	15357.000
Term Loans
From Banks
ICICI Bank	145.000	203.000
Deferred Payment Liabilities
Sales Tax Deferral	764.500	835.800
Short-term Borrowings
From Banks
(b) Buyer's Line	5300.500	7323.200
From Others
(c) Inter-corporate Deposit	50.700	50.700
Total	40817.000	26818.400

BACKGROUND:

The Company, pioneered the generation of electricity in India nine decades ago. Prior to 1st April, 2000 the Tata Electric Companies comprised of the following three Companies –

• The Tata Hydro-Electric Power Supply Company Limited, established in 1910 (Tata Hydro).

• The Andhra Valley Power Supply Company Limited, established in 1916 (Andhra Valley).

• The Tata Power Company Limited, established in 1919 (Tata Power).

COMPANY’S PERFORMANCE

Standalone

On a Standalone basis, There Company earned a higher Profit before Tax (PBT) compared to the previous year. However, owing to higher Tax provisioning, There Company reported a Profit after Tax (PAT) of Rs.10246.900 Millions, as against Rs.11697.300 Millions for the previous year.

The Operating Revenue was higher at Rs.95672.800 Millions, as against Rs.84958.400 Millions, an increase of 13%.

Operating Revenue

was higher mainly on account of higher fuel cost built in the Revenue recovery; higher transmission charges paid in the Mumbai Regulated business based on the Intra-state transmission order; higher built-in tariff and through improved operational performance. The Operating Profit was higher by 13%, significantly through improved operational performance and favourable Appellate Tribunal for Electricty (ATE) Order in Mumbai Licence Area. Other Income was lower at Rs.7216.700 Millions, as against Rs.9834.600 Millions in the previous year. This was mainly due to lower dividend income from Coal investments; driven by lower global coal prices as compared to last year, in spite of higher coal production from the mines. During FY13, due to lower earnings after full year’s appropriation on unsecured perpetual securities, the Earnings per share (basic) was at Rs.3.44 as against Rs.4.53 in the previous year.

SUBSIDIARIES/JOINT VENTURES

With the vision of becoming the most admired and responsible Integrated Power Company with an international footprint, There Company has over the years, forged strategic alliances through Joint Ventures (JVs) and Subsidiaries. As on 31st March, 2013, The Company had 23 Subsidiaries (14 are wholly-owned Subsidiaries), 26 JVs and 10 associates.

During the year 2012-13, The Company has acquired/created the following Subsidiaries or JVs:

Tata Power Solar Systems Limited (TPSSL) : Acquired 51% of the equity held by BP Alternative Energy Holdings Limited (BP) in TPSSL (formerly Tata BP Solar India Limited) to become a 100% owner of TPSSL.

Tata Power Siksessarana Tbk (BSSR): Acquired 26% stake in BSSR, Indonesia through its 100% subsidiary Khopoli Investments Limited (Khopoli).

PT Antang Gunung Meratus (AGM), a 100% subsidiary of BSSR, and BSSR together own approximately 1 billion tonnes of coal resources in south and east Kalimantan in Indonesia.

PT Mitratama Jamshedpur Perkasa (PTMP): The Company, through PT Sumber Energi Andalan Tbk (in which it effectively holds 94.61% stake through Trust Energy Resources Pte. Limited), acquired 30% stake in PTMP, a coal mining service provider in Indonesia.

Tata Power Jamshedpur Distribution Limited (TPJDL): The Company signed a Distribution Franchisee Agreement (DFA) with Jharkhand State Electricty Board (JSEB) on 5th December, 2012 for a period of 15 years for power distribution in the Jamshedpur Circle in Jharkhand, for which the business operations are likely to commence with effect from October, 2013.

The area to be served is approximately 3,600 square km, having a consumer base of about 3 lakh.

Following are the salient highlights related to The Company’s substantive Subsidiaries/JVs:

Coastal Gujarat Power Limited

CGPL, the Company’s wholly owned subsidiary, has implemented and commissioned the 4,000 MW (5 x 800 MW) Ultra Mega Power Plant (UMPP) at Mundra in Gujarat.

Project Commissioning

The fifth and last unit of Mundra UMPP was commissioned on 22nd March, 2013. During the year, four units of Mundra UMPP (4 x 800 MW) were commissioned. With the commissioning of Mundra UMPP, CGPL now holds the record of commissioning the maximum capacity ever during a year (3,200 MW) by any utility, with NTPC closely following at 3,160 MW.

The project continues to abide by stipulated norms for its operations including environment, community engagement and ecological impact.

Power Purchase Agreement (PPA)

Under the existing PPA, CGPL is able to recover partial cost of fuel through its tariff. International coal prices have gone up significantly during the last five years accentuated by the changes in Indonesian coal price regulations. This has led to significant financial burden for CGPL including impairment provisioning against its assets. The Company is of the view that this is an industry-wide issue and not specific to Mundra UMPP alone and needs resolution.

CGPL had submitted a petition to the Central Electricity Regulatory Commission (CERC) seeking relief by way of establishment of an appropriate mechanism to offset the adverse impact caused by the steep hike in coal prices. After several hearings, CERC, in its order dated 15th April, 2013, has given the directive to constitute a committee to recommend a compensatory tariff.

The above referred committee has begun its discussions and the Company is hopeful of an early resolution.

Provision for Impairment

During the year, the Company made an impairment provision of Rs.8500.000 Millions as against Rs.18000.000 Millions for the previous year.

Hence, the provision as on 31st March, 2013 stood at Rs.26500.000 Millions (Rs.18000.000 Millions as on 31st March, 2012).

The coal price assumptions factored at the time of bid were based on the industry outlook existing at that time. The Company had factored the availability of discounts and stable pricing for long term coal contracts which were prevalent at that time.

Accordingly, the Company had quoted 45% of the coal cost in the escalable component in its bid. However, due to changes in Indonesian regulation, the Company is exposed to under-recovery of coal costs.

During the year, the Company assessed the cash flows expected to be generated over the useful life of the assets. In estimating the future cash flows, the management has, based on information from independent third parties/institutions, made certain assumptions on a consistent manner, relating to fuel prices, foreign exchange, future revenues and operating parameters, which the management believes reasonably reflect future expectations of these parameters. These assumptions are monitored on a periodic basis by the management and adjustments made as necessary.

Financing

In view of the financial impact as a result of high coal prices, the lenders to the project have sought additional support from Tata Power as part of its sponsor support obligations. Tata Power has offered to transfer the cash flows from the coal investments to meet the debt service of CGPL as an interim arrangement. The Company has sought certain waivers from lenders to enable further disbursements of loans. The same is under discussion and is likely to be finalized shortly.

Sustainability

CGPL, in its endeavour to become the ‘Neighbour of Choice’, continues to take initiatives for the local community in the areas of livelihood and income generation, education and health. This has been done by continuously engaging with local communities and by partnering with government agencies.

The Company and some of the project lenders have received certain complaints with regard to social and environmental compliances from organisations claiming to represent sections of the local communities. The Company has clarified to the national and international institutions that it is proactive in its association with the communities around the project area and has ensured compliance to all requirements. Since much of these concerns arise out of inadequate understanding of power plant operations, a website explaining the practices, the societal and environmental safeguards being implemented, has been created to foster better understanding.

Investment in Coal Companies

The performance of the two Indonesian thermal coal companies, viz. PT Kaltim Prima Coal and PT Arutmin Indonesia reveals that while the production during calendar year 2012 was 74.44 MT as against 65.63 MT in calendar year 2011, the coal price realization for the year was US$ 81.01/tonne as compared to US$ 93.20/tonne in the previous year. The lower price of coal impacted the profitability of the coal companies substantially as compared to the earlier years.

In FY13, The Company also acquired 26% stake in BSSR, Indonesia. BSSR has listed its shares on the Indonesian Stock Exchange. The Company also signed a long term coal supply agreement with AGM.

Maithon Power Limited

MPL, a JV between The Company (74%) and Damodar Valley Corporation (DVC) (26%), has set up a 1,050 MW (2 x 525 MW) power plant at Maithon in Jharkhand. Commercial operation of Unit 1 of MPL was declared on 1st September, 2011 and Unit 2 commercial operation was declared on 24th July, 2012, with power sale commencing from first day of commercial operation.

Out of the total capacity of 1,050 MW, 300 MW power has been tied up through long term PPAs, each with DVC, WBSEDCL and TPDDL, thus totalling to 900 MW. For the balance 150 MW, long term arrangements are being pursued.

Tata Power Delhi Distribution Limited

TPDDL (formerly North Delhi Power Limited), a subsidiary of The Company (51% ) with balance shares held by Delhi Power Company Limited, a Government of Delhi undertaking, is engaged in distribution of electicity in North and North-West Delhi and services around 1.3 million consumers spread over an area of 510 square km.

TPDDL's liquidity position continues to be under considerable stress due to the large accumulated Revenue Gap caused by Regulatory Assets which is non-cash accrued revenue promised by Regulators to be recovered in subsequent years through increased tariffs. The accumulated Revenue Gap recoverable from future tariffs has increased over the years from Rs.3220.000 Millions in FY09 to Rs.47120.000 Millions in FY13. This is primarily on account of increase in power purchase cost during the period, which increased from Rs.2.86/unit in FY09 to Rs.5.45/unit in FY13 (91% increase) against an average billing rate (excluding Electricity Tax) increase from Rs.4.52/unit in FY09 to Rs.6.72/unit in FY13, reflecting a 49% increase over the same period.

Bulk of the tariff increase has taken place mainly in the last two years with an average 22% increase in September, 2011 and another 21% increase thereon from July, 2012 plus levy of 8% Deficit Recovery Surcharge to ensure liquidation of the accumulated Revenue Gaps. Apart from this, quarterly power purchase price adjustment factor was brought in from July, 2012 and presently additional 3% surcharge under Power Purchase Cost Adjustment Charges is being charged. Prior to this tariff increase, the last major tariff revision had been carried out by Delhi Electricity Regulatory Commission (DERC) in FY06 except for a marginal 1% increase in FY08. Although the prevailing increased tariffs are designed to reflect the current costs, they are not able to liquidate the outstanding Revenue Gap and the Regulatory Assets increased by Rs.7582.400 Millions during FY13.

The Company has provided alternative solutions to address the issue of burgeoning Revenue Gap. Appropriate advocacy is being done on this issue.

Cenneragi projects – Tsitsikamma and Amakhala

The Company’s JV in South Africa, Cennergi Proprietary Limited, has made steady progress towards achievement of financial closure for two wind projects for which it was declared successful by the Department of Energy, Government of South Africa.

Tata Power Renewable Energy Limited (TPREL)

TPREL, a wholly owned subsidiary of The Company, is in the business of setting up power projects based on clean and renewable energy sources such as wind, solar, waste heat recovery and biomass.

During the year, TPREL has successfully commissioned the 21 MW wind plant at Dalot, Rajasthan.

Tata Power Solar Systems Limited (TPSSL)

TPSSL (formerly Tata BP Solar India Limited) currently has four business lines: (1) Manufacturing and sale of solar cells and modules; (2) Providing engineering, procurement and construction-cum-commissioning services (EPC) and O&M to solar project developers (3) Developing and selling solar PV products in rural markets and (4) Developing and selling of solar thermal (water heating) products in urban markets.

The Company, consequent to taking over BP’s share, does not have ready access to the European markets. Also, the Company has witnessed cheap imported solar cells and modules flooding the Indian markets, which has resulted in TPSSL achieving substantially lower production of solar cells and modules.

The market outlook for solar energy products and projects continues to look promising despite policy delays in India and TPSSL is significantly increasing its focus on the downstream businesses of EPC services and solar products, and expects to grow revenues in the future.

Industrial Energy Limited (IEL)

IEL, a JV of The Company (74%) with Tata Steel Limited (26%), commenced its operations in May, 2009. It is operating 120 MW coal based plant in Jojobera. It is also operating 120 MW co-generation plant (PH#6) in Jamshedpur, inside the Tata Steel plant.

IEL is currently executing the 202.5 MW (3 x 67.5 MW) waste heat recovery project, which will meet the power requirement for Tata Steel’s plant in Kalinganagar, Odisha. All clearances for the project are in place; EPC contract has been awarded. Boiler drum of Unit 1 has been lifted in March, 2013. The project is in an advanced stage of completion.

Tata Power Trading Company Limited (TPTCL)

TPTCL is in the business of power trading since June, 2004 and is the first company in India to receive power trading license from CERC. TPTCL has diversified and strengthened its power portfolio by entering into long term power purchase and sales contracts for sale of power in the long term as well as over the short term, in the merchant market.

The revenue from operations for FY13 was Rs.3,7892.900 Millions, as compared to Rs.1,9267.000 Millions in the previous year. The PAT increased by 74% to Rs.244.800 Millions, as against Rs.140.500 Millions in the previous year. TPTCL transacted 9,431 MUs during FY13 as compared to 5,583 MUs in the previous year and has shown a CAGR of 41% over the past 5 years. It was ranked the second largest trader with a market share of 13.89% in FY13.

DOMESTIC PROJECTS

Kalinganagar, Odisha CPP 1- 202.5 MW (3 x 67.5 MW)

The project is being executed through IEL, a JV of the Company (74%) with Tata Steel Limited (26%) for its steel plant in Kalinganagar, Odisha.

EPC contract has been awarded; all clearances for the project are in place. Boiler drum of Unit 1 has been lifted in March 2013. The project is in an advanced stage of execution.

Renewable Energy Projects

Wind Power

The Company is developing wind power projects of over 160 MW in India.

Solar Power

The Company is in the process of acquiring suitable land parcels in the states of Maharashtra, Rajasthan, Gujarat and Karnataka to develop solar projects.

The Company is also developing a 28.8 MW Solar Photovoltaic power plant in Maharashtra to meet its Solar RPO. While the Company has already acquired 86 acres of land in the state of Gujarat, it is at an advanced stage of acquiring around 200 acres of land in Rajasthan.

Tata Power Jamshedpur Distribution Limited, Jharkhand

The Company signed a Distribution Franchisee Agreement with JSEB on 5th December, 2012 for a period of 15 years for power distribution in the Jamshedpur Circle in Jharkhand.

The area to be served is approximately 3,600 square km, having a consumer base of approximately 3 lakh. The expected date of takeover, after Independent Audit of RFP information by Ernst & Young, is around October, 2013. The operations shall be managed by a wholly owned subsidiary viz. Tata Power Jamshedpur Distribution Limited. With the above acquisition, the distribution retail consumer base of The Company will cross 2 million, including Mumbai and Delhi.

INTERNATIONAL PROJECTS

Dagachhu Hydroelectric Power Project, Bhutan

The 126 MW (2 x 63 MW) Dagachhu project is being implemented in Bhutan by Dagachhu Hydro Power Corporation Limited [a JV of the Company (26%), Druk Green Power Corporation Limited (59%) and National Pension and Provident Fund of Bhutan (15%)]. The civil works are progressing as planned. Overall 87% concreting has been completed. The excavation of Head Race tunnel and the tunnel lining is in progress. Cumulatively, about 9.6 km of tunnelling out of a total scope of 10.5 km has been completed. Electro-mechanical works are being executed by Austrian Hydro Consortium Dagachhu (JV of Alstom and Andritz Hydro Austria). 98% manufacturing of electro mechanical equipment has been completed. Erection of various electro mechanical components at the dam site and in the Power House is under progress.

Cennergi Projects - Tsitsikamma and Amakhala

The Company’s JV in South Africa, Cennergi Proprietary Limited, has made steady progress towards financial closure for two wind projects for which it was declared successful by the Department of Energy, Government of South Africa.

Georgia Hydro

The Company has signed an agreement with Clean Energy Invest AS and IFC InfraVentures for developing hydro projects in Georgia for the sale of power, primarily to Turkey, at an estimated cost of about USD 700 million. The Company has agreed to acquire a 40% equity stake in a company implementing three hydro projects aggregating to 400 MW in Georgia. These projects are being developed in a phased manner on Build, Own and Operate basis. It is envisaged that for the first 10 years, 85% of the power would be sold to Turkish utilities, while the remaining 15% wouldbe sold within Georgia. Thereafter, the entire power generated by the projects would be exported to Turkey. With this acquisition, The Company would have a presence in Turkey/Georgia and would actively pursue other opportunities in this region. Turkey is connected to the European power market and thus the Company has the opportunity to trade power in the European eco-system.

BUSINESS PERFORMANCE: GROWTH

DOMESTIC

Coastal Maharashtra Project - 1,600 MW (2 x 800)

During the year, The Company has made further progress in the Coastal Maharashtra project at Dehrand, Maharashtra.

All statutory approvals required to start the project are in place.

The project is in advanced stages of land acquisition. About 70% (706 out of 993 acres) of private land has been acquired so far. Subsequent to the High Court judgement in favour of the Company on land to be acquired for the project, GoM has authorized the Collector to acquire the balance land, the process for which is underway. For the Government land required, the survey of the land by District authorities, which is a prerequisite before clearance for transfer by GoM to MIDC, has been scheduled.

The PPA is being pursued with MSEDCL/GoM/MERC. 30% domestic coal linkage as per policy is also being awaited.

Tiruldih Power Project - 1,980 MW (3 x 660)

The process of land acquisition for the 1,980 MW (3 x 660 MW) project has made significant progress. The Company has successfully completed a Public Hearing on 20th March, 2013 and Environment Clearance is awaited.

Land acquisition for the project is in an advanced stage. More than 400 acres of private land has been acquired and agreement with villagers for further 92 acres of land has been made. Water allocation for the project is under progress.

Maithon Expansion - 1,320 MW (2 x 660)

MPL has been working towards expansion of its plant. 30 Cusecs water has been allocated for Phase 2 (expansion) of the project (23 Cusecs water had been allocated for Phase-1). Coal linkage application for the Unit has been filed with the Ministry of Coal. Evironmental Impact Assessment (EIA) report along with necessary documents was submitted for the purpose of public hearing, which was successfully conducted on 1st December, 2012. The minutes of the proceedings have been forwarded by Jharkhand State Pollution Control Board to Ministry of Environment and Forest (MoEF) and the Environmental Clearance is awaited.

Dugar Hydroelectric JV Project

The consortium of The Company and SN Power Singapore Pte. Limited (SN Power), a subsidiary of Statkraft, Norway, was awarded the Dugar Hydroelectric Project through a competitive bidding process carried out by the Government of Himachal Pradesh. The project is being developed through a SPV, Dugar Hydro Power Limited. DHPL is a JV between the Company (50% + 1 share) and SN Power (50% - 1 share).

The pre-feasibility has been completed by the joint team. The study has estimated the project capacity to be 380 MW, subject to regulatory approvals, consent and clearances. The site investigations and development of the Detailed Project Report are under progress by the joint project team set up by The Company and SN Power.

Naraj Marthapur Project, Odisha

Naraj Marthapur was originally envisaged as an end-use-plant for Mandakini coal block. Accordingly, land of 871 acres was acquired and the possession of the same was taken. MoEF granted Environment Clearance subject to the water allocation for the coal based project from the Mahanadi River. Accordingly, the water allocation was obtained and clearance from the National Board of Wildlife, which has not met for the past two years, is awaited. Considering the above and with a view to expedite end use for Mandakini captive coal, the Company is pursuing alternative land available with other developers as also with the Government of Odisha.

Meanwhile, alternate use of Naraj Marthapur land including possibility of establishing a Combined Cycle Gas Turbine (CCGT) based project is being explored in association with the Government of Odisha.

Mundra Expansion - 1,600 MW (2 x 800)

The EIA report for expansion by two additional units of 800 MW has been submitted to Gujarat Pollution Control Board on 20th April, 2013. A Public Hearing on the same is expected soon. These units are being planned to sell electricity in the open market or through Case-1 bidding.

Kalinganagar CPP2 - 450 MW (3 x 150)

The coal based project will be executed through IEL. Environment Clearance has been received for the project. Our application for ‘Consent to Establish’ has been heard and the final approval is awaited. The ‘Aviation Clearance’ has been received for the project. Application for long term linkage for 2.3 MTPA of coal has been submitted to Ministry of Coal (MoC), Ministry of Power (MoP) and Central Electricity Authority (CEA). The recommendation from the CEA for coal linkage has been sent to MoP and MoC. The progress for this project is in close co-ordination with Tata Steel Limited to align with commissioning of the steel plant capacities.

Tubed Captive Coal Block

Tubed captive coal block is being developed by Tubed Coal Mines Limited (TCML), which is a JV company set up by The Company (40%) and Hindalco Industries Limited (60%). The coal block is located at the Latehar district of Jharkhand. The annual yield of the project is expected to be about 6.0 MTPA. Tata Power’s share of coal from Tubed would be utilized in the 3 x 660 MW Tiruldih Power Project. Presently, the land acquisition for the project is in progress. So far, 22 acres out of 145 acres of non-CNT private land has been acquired and an agreement is signed for 72 acres, out of 493 acres of land falling under the ambit of CNT Act.

Payment for 97 acres of land has already been made to Government of Jharkhand. 249 acres against a total requirement of 401 acres of Compensatory Afforestation land has been registered in the name of TCML.

Environmental clearance for the project has been obtained, which is subject to Stage-I Forest Clearance. Recommendation for Forest Diversion Proposal has been sent by state of Jharkhand to MoEF. Prior approval for mining lease is in place.

The progress of Tubed Coal Mine development is being reviewed by the Inter-Ministerial Group

Mandakini Captive Coal Block

Mandakini Captive Coal Block is being developed by Mandakini Coal Company Limited, which is a JV of The Company, Monnet Ispat and Jindal Photo Film having equal stakes. The annual yield of the project is expected to be 7.5 MTPA. The project is situated in Angul district of Odisha and the coal block would be supplying to the Naraj Marthapur Power Project or an alternate end use plant in the state of Odisha, which is under finalization.

Land acquisition process for the project has been completed. Stage-I forest clearance for the project has already been obtained and compliance report on the same has been submitted to appropriate authorities. Suitable vendor for mine development and operation is under finalization.

The progress of Mandakini Coal Mine development is being reviewed by the Inter-Ministerial Group.

Other Projects

Trombay Unit #6 Modernization

The Company is pursuing modernisation of its 500 MW Unit 6 in Trombay Power Plant through change of fuel (oil to coal). Environmental clearance and regulatory approvals are being pursued for the same. The management is conscious of the environment impact of power generation using coal and has thus proposed mitigation measures by which there would be no enhancement of limits of various emissions. Also, The Company shall responsibly handle 100% of the Ash generated in benign applications. Execution of this project will also result in lower cost power for consumers.

400 kV Vikhroli Transmission Project

The Company is constructing a 400 kV, double circuit, 1,870 MVA transmission line of route length 92 km from 400 kV MSETCL Receiving station at Nagothane via Dehrand receiving station to a proposed 400 kV Receiving station at Vikhroli. The Company is also constructing a 400 kV transmission line of route length of approximately 8 km between MSETCL Kharghar Receiving station to the same 400 kV Receiving station at Vikhroli.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER 2013

(Rs. In Millions)

Particulars	Quarter Ended (Audited)		Half Year Ended (Audited)
A.	30.09.2013	30.06.2013	30.09.2013
Generation	34040.000	389700.000	73010.000
Sales	37620.000	413600.000	78980.000
B.
Income from operations
Revenue from power supply and transmission charges	18568.700	21568.900	40137.600
Add : Income to be recovered in future tariff determination (net)	2180.00	2130.000	4310.000
Add / (Less) :Income to be recovered in future tariff determination (net) in respect of earlier years	0.000	1150.000	1150.000
Net Revenue	20748.700	24848.900	45597.600
Other operating income (net of excise duty)	1246.5000	1226.200	2472.700
Total income from operations (net)	21995.200	26075.100	48070.300
Expenses
a) Cost of power purchased	2273.4000	1557.300	3830.700
b) Cost of fuel	9587.100	12356.500	21923.600
c) transmission charges	1169.900	1170.000	2339.900
d) Cost of components, materials and services in respect of contracts	306.400	447.300	753.700
e) Employee benefits expense	1124.400	1448.500	2572.900
f) Depreciation and amortisation expense	1396.400	1360.400	2756.800
g) Other expenses	1530.600	1666.300	3196.900
Total expenses	17388.200	20006.300	37374.500
Profit from operations before other income, finance costs and tax	4627.000	6068.800	10695.800
Other Income
a) (Loss)/Gain on exchange (net)	(835.600)	(657.100)	(1492.70000
b) Others	1298.700	2455.900	3754.600
Profit before finance costs and tax	5090.100	7867.600	12957.700
Finance costs	1620.000	2371.700	3991.700
Profit before tax	3470.100	5495.900	8966.000
Tax expense	852.400	1925.900	2778.300
Net profit after tax	2617.700	3570.000	6187.700
Paid-up equity share capital (Face Value: Re.1/- per share)	2373.300	2373.300	2373.300
Reserves excluding Statutory Reserves and Revaluation Reserves
Basic Earnings per Share (not annualised for quarters) (in	0.91	1.32	2.23
Diluted Earnings per Share (not annualised for quarters) (In t)	0.91	1.32	2.23
Debt Service Coverage Ratio (no. of times)			2.48
Interest Service Coverage Ratio (no. of times)			3.34

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	30.09.2013	30.06.2013	30.09.2013
Public shareholding
No. of shares	1526993660	1526118350	1526993660
% of shareholding @	66.46	66.45	66.46
Excludes no. of shares held by custodians of GDR
@ Excludes % of shareholding held by custodians of GDR
Promoters and Promoter Group shareholding
a) Pledged/encumbered
No. of shares	35350000	35350000	35350000
% of shares to total shareholding of promoter and promoter group	4.59	4.59	4.59
% of shares to total share capital of the Company	1.59	1.59	1.59
b) Non-encumbered
No. of shares	735187290	735187290	735187290
% of shares to total shareholding of promoter and promoter group	95.41	95.41	95.41
% of shares to total share capital of the Company	30.98	30.98	30.98
B. Investor Complaints
Pending at the beginning of the quarter	6
Receiving during the quarter	13
Disposed of during the quarter	10
Remaining unreserved at the end of the quarter	9

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	30.09.2013	30.06.2013	30.09.2013
1. Segment Revenue
Other Business	20928.300	25076.500	46004.800
Others	1066.900	998.600	206.500
Total	21995.200	26075.100	46211.300
Less : Inter Segment Revenue	-	-	-
Net Sales	21995.200	26075.100	46211.300
2. Segment Result (Profit before Interest and Tax)
Other Business	4349.800	6046.200	10396.000
Others	200.900	(1.700)	199.200
Total	4550.700	6044.500	10595.200
Less : (i) Interest	1620.000	2371.700	3991.700
(ii) Other un-allocable expenditure net off un-allocable income.	539.400	1823.100	2362.500
Profit before Tax	2159.400	5495.900	89660.00
3. Capital Employed
Other Business	125704.400	119062.900	125704.400
Others	4364.900	3021.200	4364.900
Unallocable	14689.800	20262.800	14689.800
Total	144759.100	142346.900	144759.100

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2013

Rs. In Millions

SOURCES OF FUNDS	30.09.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2373.300
(b) Reserves & Surplus	115967.400
Sub-total	118340.700
(2) Unsecured perpetual securities	15000.000
(3) Statutory consumer reserves	6082.300
(4) Special appropriation towards project	5336.100
(5) Service line contribution	900.500
(6) Non-current liabilities
(a) long-term borrowings	88633.100
(b) Deferred tax liabilities (Net)	8125.900
(c) Other long term liabilities	867.400
(d) long-term provisions	4297.000
Sub-total	101923.400
(7) Current liabilities
(a) Short term borrowings	16942.600
(b) Trade payables	10558.600
(c) Other current liabilities	24494.100
(d) Short-term provisions	1839.400
Sub-total	53834.700
TOTAL	301417.700
II. ASSETS
(1) Non-current assets
a) Fixed Assets	90907.500
b) Non Current Investments	112888.000
c) Long term loans and advances	25269.500
d) Other non-current assets	19860.000
Sub Total	248925.000
(2) Current assets
(a) Current investments	13.600
(b) Inventories	8550.400
(c) Trade receivables	19207.200
(d) Cash and cash equivalents	2906.000
(e) Short-term loans and advances	10340.100
(f) Other current assets	11475.400
Sub Total	52492.700
TOTAL	301417.700

Notes:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 14th November, 2013.

2. In respect of the Standby Charges dispute with Reliance'lnfrastructure Limited (R-lnfra) for the period from 1st April, 1999 to 31st arch, 2004, the Appellate Tribunal for Electricity (ATE) set aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated 31st May, 2004 and directedthe Company to refund to R-lnfra, as on 31st March, 2004, 7 354 Millions (including interest of f 15.14 Millions) and pay interest at 30% p.a. thereafter. As at 30th September, 2013, the accumulated interest is f 190.36 Millions. On appeal, the Hon'ble Supreme Court has stayed the ATE Order and, as directed, the Company has furnished a bank guarantee of 9 227 Millions and also deposited t 227 Millions with the Registrar General of the Court, which amount has been withdrawn by R-lnfra on furnishing the required undertaking to the Court.

3. Further, in terms of the ATE Order dated 20th December, 2006, no adjustment has been made for the reversal.of Standby Charges credited in previous years, estimated at f 519 Millions. The aggregate of Standby Charges credited in previous years will be adjusted wholly by a withdrawallset off from certain Statutory Reserves as allowed by MERC. No provision has been made in the accounts towards interest that may be finally determined as payable to R-lnfra. However, since 1st April, 2004, the Company has accounted for Standby Charges on.the basis determined by the respective MERC Tariff Orders.

4. The Company is of the view, supported by legal opinion, that the ATE'S Order can be successfully challenged. Hence, adjustments, if any, including consequential adjustments to the Deferred Tax Liability Fund and the Deferred Tax Liability Account, will be recorded by the Company based on the final outcome of the matter.

5. Coastal Gujarat Power Limited ("CGPL"),a wholly owned subsidiary, has implemented the 4000 MW Ultra Mega Power Project at Mundra ("the Project").

6. The Management has reviewed and reassessed the recoverability of the carrying amount of the assets at Mundra considering the fuel cost, exchange rate variation and other operating costs that would impact future cash flows and has concluded.that no further provision for impairment loss for the half-year ended 30th September, 2013 in CGPL is necessary on this account (2500.00 Millions for the quarter and half-year ended 30th September, 2012 and Rs.8500.000 Millions for the year ended 31st March, 2013). In view of the estimation uncertainties, the assumptions will be monitored on a periodic basis by the Management and adjustments will be made if conditions relating to the assumptions indicate that such adjustments are appropriate.

7. In order to provide protection to CGPL and to support its cash flows, the Company has committed to a future restructuring under which the Company will transfer atleast 75% of its equity interests in the lndonesian Coal Companies includinglnfrastructure Companies to CGPL, subject to Regulatory and other approvals, which are being pursued and will continue to evaluate other alternative options. A valuation of the equity interests in the Indonesian Coal Companies including lnfrastructure Companies has been carried out on the basis of certain assumptions, including legal interpretation that there is reasonable certainty that the mining leases would be extended without significant cost.

8. Having regard to the overall returns expected from the Company's investment in CGPL, including the valuadon of investments in the lndonesian Coal Companies including Infrastructure Companies and the proposed future restructuring, no provision for diminution in value is considered necessary in respect of the Company's long-term investment in CGPL.

9. The Company has changed its accounting policy in respect of Tangible Assets at its Strategic Engineering Division. These Tangible Assets which were hitherto carried at cost have been revalued as at 1st April. 2013. The revaluation is based on a valuation made by an independent valuer using the Depreciated Replacement Cost Method. Accordingly the gross book value of such assets and the accumulated depreciation as at 1st April, 2013 have increased by f 234.98 Millions and Rs.7.590 Millions respectively, and Rs.227.390 Millions has been credited to the. Revaluation Reserve.

10. Consequent to the revaluation, the additional charge for depreciation for the half-year ended 30th September, 2013 amounting to Rs.1.300 Millions is withdrawn from Revaluation Reserve. The amounts for the quarters ended 30th September, 2013 and 30th June, 2013 are Rs.1.080 Millions and Rs.0.220 Millions respectively.

11. During the quarter ended 31st March, 2013, the Company had revised the rates and methodology of charging depreciation in respect of its electricity business as per the notification issued by the CERC w.e.f. 1st April. 2009 and on certain assets as per the Power Purchase Agreements [PPA) for capacities covered under PPAs, if higher than those notified by CERC. Accordingly, depreciation Rs.219.80 Millions for the years 2009-10 to 2011-12 had been written back during the quarter and year ended 31st March, 2013. As a result'of this change, the depreciation charge for the half-year ended 30th September, 2013, for the quarter ended 30th September, 2013 and for the quarter ended 30th June, 2013 is lower by? 24.01 Millions, 9; 12.01 Millions and Rs.120.000 Millions respectively (31st March. 2013 Rs.48.020 Millions).

12. In an earlier year, in line with the Notification dated 29th December. 2011 issued by the MCA, the Company had selected the option given in paragraph 46A of the Accounting Standard-11 "The Effects of Changes in Foreign Exchange Rates". Accordingly, the depreciatedlamortised portion of net foreign exchange (gain) loss on long-term foreign currency monetary items, for the half-year ended 30th September, 2013, 30th September, 2012 and for the year ended 31st March, 2013 is RS.86.03 Millions, RS.41.30 Millions and P 83.84 Millions respectively. The amounts for the quarters ended 30th September, 2013, 30th June, 2013 and 30th September, 2012 are RS.48.28 Millions, RS.37.75 Millions and RS.15.81 Millions respectively. The unamortised portion carried forward as at 30th September, 2013 is Rs.492.95 Millions (31st March, 2013 Rs.253.860 Millions).

13. 7. In an earlier year, the Company had raised RS.1.500 Millions through issue of Unsecured Perpetual Securities which are considered to be in the nature of equity instruments and the distribution on such securities amounting to ? 85.73 Millions for the half-year ended 30th September, 2013, Rs.85.93 Millions for the half-year ended 30th September, 2012 and RS.171.20 Millions for the year ended 31st March, 2013, have been adjusted in Surplus in Statement of Profit and Loss and is not considered under "Finance Cost". The amounts for the quarters ended 30th September, 2013, 30th June, 2013 and 30th September, 2012 are f 43.10 Millions, 7 42.63 Millions and T 43.1 0 Millions respectively.

14. Debt Service Coverage Ratio = (Profit before Tax + lnterest on Long-term loans)l(lnterest on Long-term loans + Repayment of Long-term loans) *

15. lnterest Service Coverage Ratio = (Profit before Tax + lnterest on Long-term loans)l(lnterest on Long-term loans) "

16. " For the purpose of computation, loans having original maturity of more than365 days are considered as Long-term loans. Repayment of Long-term loans during the half-year ended 30th September, 2013 does not include pre-payments.

17. The Company does not have any Exceptional or Extraordinary items to report for the above periodslyear.

18. The Statutory Auditors have carried out an audit of above results stated in Part 1 (B).

19. Figures for the previous periodslyear are re-classifiedlre-arrangedire-grouped, wherever necessary.

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long-term Debt	4439.400	2729.000	NA
Total	4439.400	2729.000	NA

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445042	08/08/2013	3,000,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B83060277
2	10445737	08/08/2013	3,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B83414821
3	10420582	21/03/2013	2,100,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDI A	B72972979
4	10375729	21/08/2012	880,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B57787830
5	10311440	23/09/2011	8,000,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA	B23040918
6	10288283	11/05/2011	4,500,000,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 A LODHI ROAD, NEW DELHI, Delhi - 110003, INDIA	B13497995
7	10261862	30/06/2012 *	2,340,000,000.00	CENTBANK FINANCIAL SERVICES LIMITED	DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400023, INDIA	B43501246
8	10252805	19/10/2010	3,500,000,000.00	Centbank Financial Services Limited	CENTRALBANK MMO BLDG6TH FLOOR 55 MAHATMA, GANDHI RD FORT, MUMBAI, Maharashtra - 400023, INDIA	A97242713
9	10246122	30/09/2010	3,000,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX,, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A96879572
10	10223199	26/05/2010	2,000,000,000.00	STATE BANK OF INDIA	12TH FLOOR, JAWAHAR VYAPAR BHAVAN, NEW DELHI, Delhi - 110001, INDIA	A86769999
11	10213777	31/03/2010	6,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A83830190
12	10202155	10/02/2010	1,500,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	ITC CENTRE, 3RD FLOOR760, ANNA SALAI,, CHENNAI - 600 002, CHENNAI - 600 002, Tamil Nadu - 600002, INDIA	A79319836
13	10147730	13/03/2009	3,000,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A58632266
14	10114396	08/06/2012 *	5,000,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharash tra - 400023, INDIA	B42392480
15	10115081	08/06/2012 *	5,000,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400023, INDIA	B42391342
16	10090308	29/02/2008	4,000,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A33593435
17	10087454	05/10/2012 *	2,614,500,000.00	CENTRAL BANK OF INDIA	6TH FLOOR, MMO BUILDING, 55, M G ROAD, MUMBAI, Maharashtra - 400023, INDIA	B59606632
18	10057317	31/08/2010 *	1,000,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A94610441
19	10021014	23/09/2011 *	4,500,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM Tower, 8th Floor,, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA	B23067499
20	90218587	08/06/2012 *	6,000,000,000.00	CENTRAL BANK OF INDIA	DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400023, INDIA	B42393322
21	90218441	26/03/2013 *	4,500,000,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURCE CIRCLE, VADODARA, Gujarat - 390007, INDIA	B72971567
22	90219986	21/08/2012 *	18,300,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, JN HEREDIA MARG, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	B57726978
23	90218403	16/04/2001	3,215,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, VOLTAS HOUSE; J. N. HEREDIA MARG; BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	-
24	90218401	24/01/2001 *	2,000,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-
25	90218316	31/05/2002 *	500,000,000.00	THE CENTRAL BANK OF INDIA.	CHANDERMUKHI, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-
26	90218284	31/05/2002 *	570,000,000.00	THE CENTRAL BANK OF INDIA.	CHANDERMUKHI, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-
27	90218236	31/05/2002 *	750,000,000.00	THE CENTRAL BANK OF INDIA.	CHANDERMUKHI, NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA	-
28	90218225	26/08/2004 *	3,484,848,480.00	ANZ GRINDLAYS BANK LTD.	90; M.G. ROAD, MUMBAI, Maharashtra - 400001, INDIA	-
29	90219596	15/03/1994	34,494,581.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, Maharashtra - 400023, INDIA	-
30	90217736	03/12/1993	560,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, Maharashtra - 400023, INDIA	-
31	90217729	13/01/1994 *	24,000,000.00	INDUSTRIAL FINANCE CORPORATION OF INDIA	BANK OF BAROADA BUILDING, 16; SANSAD MARG, NEW DELHI, Delhi - 110001, INDIA	-
32	90217706	13/01/1994 *	500,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA	-
33	90217649	10/02/1993	500,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA	-
34	90217641	07/01/1993	200,000,000.00	IDBI BANK LTD.	IDBI TOWER, CUFFE PARADE, BOMBAY, Maharashtra - 00005, INDIA	-
35	90217627	21/06/1993 *	1,252,066,500.00	THE CENTRAL BANK EXECUTOR & TURSTEE CO.	JEHANGIR WADIA BUILDING, 51; MAHRATMA GANDHI ROAD, BOMBAY, Maharashtra - 400001, INDIA	-
36	90217593	21/06/1993 *	5,000,000.00	ICICI LIMITED	163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA	-
37	90217521	21/06/1993 *	75,000,000.00	THE CENTRAL BANK EXECUTOR & TURSTEE CO.	JEHANGIR WADIA BUILDING, 51; MAHARTMA GANDHI ROAD; FORT, BOMBAY, Maharashtra - 400001, INDIA	-
38	90217519	26/07/1991	98,000,000.00	INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMEN T	1818; H STREET; N.W. WASHINGTON, WASHINGTON, , UNITED STATES OF AMERICA	-
39	90217426	29/12/1999 *	6,000,000.00	INDUSTRIAL FINANCE CORPORATION	1818 H STREET, WASHINGTON, , UNITED STATES OF AMERICA	-
40	90217404	08/05/1990	92,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N.VAIDYA MARG, BOMBA Y, Maharashtra - 400023, INDIA	-

FIXED ASSETS:

· Technical Know-how

· Licences

· Land (including land development)

· Leasehold Land

· Hydraulic Works

· Buildings

· Railway Sidings, Roads, Crossings, etc

· Plant and Machinery

· Transmission Lines, Cable Network, etc

· Furniture, Fixtures and Office Equipments

· Motor Vehicles, Launches, Barges etc

· Motor Vehicles under Finance

NEWS:

INDONESIA PRESS-Astra sets up JV with Tata Power - INVESTOR DAILY

PT Astra International, through its unit PT Astratel Nusantara, has set up a joint venture in Indonesia with India's Tata Power Co Limited, with each owning 50 percent of the venture, said Astra's deputy director Paulus Bambang.

He said Astra is bidding for a 2x200 megawatt steam power plant project in Indonesia. Astra plans a capital expenditure of 17 trillion rupiah ($1.4 billion) for next year, up from this year's 15 trillion rupiah. (Investor Daily)

TATA POWER MUNDRA UMPP BENEFITS VILLAGERS IN GUJARAT BY UNDERTAKING UNIQUE INITIATIVES FOR COMMUNITY DEVELOPMENT

National, December 16, 2013

· Undertakes more than 50 initiatives for the development of fisherman community

· Strives towards social and economic development of its communities through interventions in health, education, income generation & livelihood restoration, infrastructure development, energy conservation and natural resource management.

·

Tata Power, through its wholly-owned subsidiary, Coastal Gujarat Power Limited (CGPL) has always endeavoured towards sustainable development of the community in and around its projects. In line with this philosophy, Tata Power has implemented a systematic strategy that has benefited villagers from Tunda, Vandh, Modhva, Tragadi Bunder, Mota Kandagra, Nana Bhadiya, Nani Khakhar and Moti Khakhar villages in Mundra and Mandvi Taluka.

Tata Power has adopted a multi-dimensional community development program as part of its community engagement initiatives. The major thematic areas of interventions include health, education, income generation & livelihood restoration, infrastructure development, energy conservation and natural resource management.

The programmes and their outcomes are aligned to achieve high level impact on sustenance for the villagers and fishing community in Mundra. Tata Power has undertaken more than 50 initiatives to benefit fisherman community of Modhva, and Tragadi bunder villages in Mandvi. Some of the highly successful initiatives by the Company include Project Sujaan, Project Uttkarsh in Tragadi and Nanabhadiya villages, Kanthi Area Livelihood Programme (Gaushala) at Tunda and Vandh, Project Surya Prakash, Project Shiksha Sarathi in 50 villages covering 84 schools, Self Help Group amongst others.

Under Project Akshay Urja Deep more than 325 fishermen and 100 boat owners have been benefitted by lighting fishing boats using solar energy at Modhva and Tragadi Bunder. This project has enabled the fishermen to go into the sea post sunset and catch fish for long hours in the sea, boosting the quantum of fish caught. These arrangements have also helped avoid collisions with other boats. The scheme has been appreciated by the state government and will now be implemented by the fisheries department directly at subsidized rates

Under project ‘Arogya’ free healthcare treatment is provided to the Tragadi bunder fishermen community at Mandvi. The camp successfully reached out to more than 100 people including adults and children, who received not only free consultation but also free medicines. Health awareness training about personal hygiene and health care was also organized for the community by medical team.

Project Sagarbandhu is an ambitious program designed for the development of the fishermen community through strengthening of village institutions like the Village Development Advisory Council (VDAC) and Community based organisations (CBOs). Activities undertaken include VDAC formation, value chain analysis, revolving fund at the start of the season, roof rain water harvesting, , exposure visits, regular meetings, SHG formation, drinking water and sanitation facilities, and school level interventions, distribution of boat lights, fishing nets and marketing equipment.

The company provides “Livelihood Support” to 467 fishermen of Modhva fishing hamlet to enhance their fish catch through better fishing nets. Fisher folks need to change their nets twice in a season which turns out to be an expensive affair.

Tata Power is also providing uninterrupted drinking water to the communities of Tragadi Bunder during the fishing season [avg. 15000 litres/day].

To provide better access to sanitation and maintaining the health and hygiene of the fishing community the company has assessed the need for providing basic sanitation facilities, as the culture of open defecation was prevalent among the community. In order to stop this, the company provided three mobile toilet units and placed it at the temporary settlement of fisher men.

The access to reach the bunder was strengthened by providing a cross over bridge through which the fishermen can directly reach the bunder. The connectivity up to the sand dunes has helped the fisher folks of the bunder in spending less money and labour for transportation to catch fish.

With growing success and the community’s ownership of Sagarbandhu Phase 1, the company is undertaking phase 2. Efforts are being made towards increasing ownership amongst the villagers, of Modhva and Tragadi, for development work by building and strengthening local institutions, formation and grooming of SHGs, VDACdeveloping infrastructure, convergence with ongoing Government scheme and implementation among other efforts.

CGPL has formed a partnership with AKRSP (I) Agakhan Rural Suuport Program India and Fisheries Management Resource Centre (FishMARC) to protect and enhance the livelihoods of the traditional marine fishing communities of Kutch through strengthening and scaling up the cooperative institution of fish workers. The partnership is all about for hollistic development of the fisher community.

Speaking on the initiative, Mr. Anil Sardana, Managing Director- Tata Power stated, “As part of our Sustainability model, we at Tata Power focus on care for environment and communities residing in and around its project areas. Our community development initiatives are in line with the vision of our founder Shri Jamshetji Tata. The Company endeavours to help the fishermen community to be self-sufficient and economically independent. We aim to increase their productivity by stimulating their interest, promoting innovative ideas and best practices, as well as providing them with the necessary support. We would like to thank all our partners for their support and contribution towards helping these communities.”

Project Sujaan is aimed towards formalising education system byvalue addition through computer literacy. The project has been successful in educating more than 900 students in Mundra, Kutch.

Project Uttkarsh- A holistic community development program catering to the needs of the community through their active participation. Uttkarsh is giving impetus to Safe drinking water by installing RO plants, rural energy and water management by construction of check dams, creation of Adarsh Anganwadi, and establishment of milk collection centres, activities related to farming and drip irrigation and many more.

Project KALP (Gaushala)- (Cattle Rearing) - Under this initiative, CGPL has provided an innovative and replicable model by establishing Fodder Supply Centres and building Gaushalas (animal shelters) in 2 panchayats of Mundra, Gujarat.

Understanding the need of the villagers for safe and clean drinking water, Project ‘Swach Jal’ was launched. The well has been constructed to benefit more than 275 families in the village.

Project Akshay Urja Deep- Under the project Akshay Urja Deep”, CGPL installed boat lights at a fishermen’s hamlet (Modhva). The target for installation is 131 boats.

Project Shiksha Sarathi – The Company focuses on educational excellence for the children in its communities and focuses on enhancing experience and arranging varied programmes for the school children. The Company has availed opportunity for participating in the ongoing government sponsored programme so that children can get excellent education and secure their future.

Self Help Group (SHG) - Based on this understanding, since 2008, CGPL has been engaged in forming women SHGs in surrounding communities of their operations. The first SHG was formed in Tunda Vandh village and the number of SHGs has now reached 45 SHGs in the 7 villages of Mundra and Mandvi  taluka of Kutch. This initiative provides support to 445 women of the villages by initiating micro finance, capacity building activity. CGPL formed bank linkages, offered credit support, provided training and capacity building workshops along with handholding support to these women to start their own ventures

The Company continues to serve its target neighbouring communities under CGPL’s Impact Mitigation and Community Development Plan (Based on the Baseline Social Impact Assessment). Future efforts by the company will help to resolve health, sanitation and educational needs of the local people. Investments will be made to increase community’s access to better quality social services and livelihood options.

The Company is also working in partnership with NGOs, State and Central bodies which has helped them to widen the reach and leverage each partner's individual experience and expertise, thereby making substantial difference in the lives of communities.

TATA POWER REGISTERS MORE THAN 61% INCREASE IN GENERATION CAPACITY IN H1 FY 14 OVER H1 FY13

National, November 26, 2013

Coastal Gujarat Power Limited (CGPL) and Maithon Power Limited (MPL) contribute 11574 MUs and 2930 respectively~

Tata Power, India’s largest integrated power utility, today announced generating 22738 MUs of power collectively from all its power plants in H1 of the financial year 2013-14 as compared to 14029 MUs in the same period of the previous year. This marks a 61% increase in generation, with the total power generation capacity of Tata Power standing at 8521 MW from various fuel sources: thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery, reinforcing its position as the largest integrated power company in India.

Breaking the previous records in generation performance, its subsidiaries CGPL and MPL have continued to contribute significantly to the increase in generation capacity, with 11574 MUs and 2930 MUs respectively for H1FY14. With a strong business presence across the power value chain the company is also one of the largest renewable energy players in the country with significant capacity in wind and solar. The Company continues to pursue avenues to add ‘clean and renewable energy’ generation capacities to increase renewable energy portfolio. The total generation from clean energy sources amounted to 1439 MU’s for H1 FY 14.

Comenting on the performance Mr Anil Sardana, Managing Director, Tata Power, said, “Tata Power always strives to achieve new heights and benchmarks through excellence in business performance. It marks a significant milestone in the history of the Company by setting an example for the Indian power sector. It gives us great pride to be the largest integrated power company in India with significant focus on renewable energy source. ”

The Company also has businesses of generation-both conventional and non-conventional, transmission, distribution, trading, fuel and logistics which pans across Mumbai, Delhi, North, and Eastern regions.

Tata Power is committed to maintaining a 20-25% share of its generation mix through non- greenhouse gas sources. Due to large capacity addition through CGPL, the non-GHG capacity percentage has reduced as compared to last year. With the support of leading technological innovations, excellence in project execution, world class safety processes, customer care, and green initiatives, the Company has succeeded in establishing a strong foothold across the country and overseas.

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.61.96
UK Pound	1	Rs.101.14
Euro	1	Rs.85.33

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	YES
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.