MIRA INFORM REPORT

Report Date :

20.05.2013

IDENTIFICATION DETAILS

Name :	BHILWARA ENERGY LIMITED
Registered Office :	Bhilwara Bhawan, 40-41, Community Centre, New Friends Colony, New Delhi – 110065, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.05.2006
Com. Reg. No.:	55-148862
Capital Investment / Paid-up Capital :	Rs. 1919.144 Millions
CIN No.: [Company Identification No.]	U31101DL2006PLC148862
TAN No.: [Tax Deduction & Collection Account No.]	DELB09095C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of Power Generation.
No. of Employees :	Not Dilvuged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 17300000
Status :	Yet to commence commercial activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during May 2006, it is yet to commence its commercial activity. The networth of the company is good. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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-COPERATIVE

Contact No.:

91-11-4390300

LOCATIONS

Registered Office :	Bhilwara Bhawan, 40-41, Community Centre, New Friends Colony, New Delhi – 110065, Delhi, India
Tel. No.:	91-11-26822997
Fax No :	Not Available
E-Mail :	ravi.gupta@injbhilwara.com opajmera@injbhilwara.com
Website :	www.bhilwaraengery.com
Corporate Office :	Bhilwara Towers, A-12, Sector – 1, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-2541810/4390300
Fax No.:	91-120-2531648/2531745

DIRECTORS

As on : 29.09.2012

Name :

Mr. Riju Jhunjhunwala

Designation :

Managing Director

Address :

63, Friends Colony (East), New Delhi – 110065, India

Date of Birth/Age :

13..01.1979

Date of Appointment :

11.09.2010

DIN No. :

0061060

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL2000PLC103906	BHILWARA INFOTECH LIMITED	Director	23-02-00	23-02-00	-	Amalgamated	NO
2	U72200DL2000PTC104400	BHILWARA INFOWAY PRIVATE LIMITED	Director	14-03-00	14-03-00	-	Strike off	NO
3	U72200DL2000PTC104397	BHILWARA SOFTWARE PRIVATE LIMITED	Director	14-03-00	14-03-00	-	Strike off	NO
4	U74899DL2000PLC104401	BHILWARA INFOTECHNOLOGY LIMITED	Director	14-03-00	14-03-00	-	Active	NO
5	U74899DL1983PTC015309	BHILWARA SERVICES PRIVATE LIMITED	Director	28-08-00	28-08-00	-	Active	NO
6	U72200DL2000PTC106789	ESCRIBE (INDIA) PRIVATE LIMITED	Director	25-09-00	25-09-00	-	Strike off	NO
7	U74899DL1991PTC043402	DEEPAK KNITS AND TEXTURISE PRIVATE LIMITED	Director	01-05-01	01-05-01	-	Amalgamated	NO
8	L24302RJ1970PLC002266	BSL LIMITED	Director	23-05-02	23-05-02	29-04-09	Active	NO
9	U91110RJ2002NPL017729	LNJ BHILWARA TEXTILE ANUSANDHAN VIKAS KENDRA	Director	19-07-02	19-07-02	-	Active	NO
10	L17115RJ1960PLC008216	RSWM LIMITED	Director	17-03-09	23-10-03	29-04-09	Active	NO
11	U74140DL1999PLC098529	YOUNG ENTERPRENEURS ORGANISATION (DELHI CHAPTER)	Director	27-08-07	27-08-07	-	Active	NO
12	L17111TZ1989PLC005902	CHESLIND TEXTILES LIMITED	Director	29-09-07	30-08-07	-	Active	NO
13	L18101RJ2007PLC025502	BHILWARA TECHNICAL TEXTILES LIMITED	Director	14-12-07	14-12-07	-	Active	NO
14	L23109MP1972PLC008290	HEG LIMITED	Director	27-07-10	30-04-09	-	Active	NO
15	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Managing director	11-09-10	03-06-10	-	Active	NO
16	U40101DL2009PLC196998	NJC HYDRO POWER LIMITED	Director	30-09-11	31-03-11	-	Active	NO
17	U74899DL1995PLC066321	BHILWARA GREEN ENERGY LIMITED	Director	23-09-11	15-06-11	-	Active	NO
18	U40101HP2011PLC031772	CHANGO YANGTHANG HYDRO POWER LIMITED	Director	12-10-11	12-10-11	-	Active	NO
19	U74899DL1995PLC065394	LNJ Power Ventures Limited	Additional director	06-12-12	06-12-12	-	Active	NO

Name :

Mr. Rishabh Jhunjhunwala

Designation :

Managing Director

Address :

63, Friends Colony (East), New Delhi – 110065, Delhi, India

Date of Birth/Age :

16.08.1983

Date of Appointment :

11.09.2010

DIN No. :

03104458

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC064168	INDO CANADIAN CONSULTANCY SERVICES LIMITED	Director	09-07-10	03-06-10	-	Active	NO
2	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Managing director	11-09-10	03-06-10	-	Active	NO
3	U40104MH2007PTC175502	ODETTA REALTY PRIVATE LIMITED	Director	30-09-10	27-08-10	-	Active	NO
4	U40101DL2009PLC196998	NJC HYDRO POWER LIMITED	Director	30-09-11	31-03-11	-	Active	NO
5	U74899DL1995PLC066321	BHILWARA GREEN ENERGY LIMITED	Director	23-09-11	15-06-11	-	Active	NO
6	U40101HP2011PLC031772	CHANGO YANGTHANG HYDRO POWER LIMITED	Director	12-10-11	12-10-11	-	Active	NO
7	U74899DL2000PLC104401	BHILWARA INFOTECHNOLOGY LIMITED	Additional director	02-12-11	02-12-11	-	Active	NO
8	U74899DL1995PLC065394	LNJ Power Ventures Limited	Additional director	06-12-12	06-12-12	-	Active	NO

Name :

Mr. Ravi Jhunjhunwala

Designation :

Director

Address :

63, Friends Colony (East), New Delhi – 110065, Delhi, India

Date of Birth/Age :

28.10.1955

Date of Appointment :

11.09.2010

DIN No. :

00060972

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17115RJ1960PLC008216	RSWM LIMITED	Director	18-05-79	18-05-79	-	Active	NO
2	L23109MP1972PLC008290	HEG LIMITED	Managing director	13-02-09	08-09-79	-	Active	NO
3	U17118RJ1975PLC002275	BHILWARA PROCESSORS LIMITED	Director	16-10-93	16-10-93	-	Amalgamated	NO
4	L24302RJ1970PLC002266	BSL LIMITED	Director	16-10-93	16-10-93	-	Active	NO
5	U74899DL1995PLC064168	INDO CANADIAN CONSULTANCY SERVICES LIMITED	Director	07-09-95	07-09-95	-	Active	NO
6	L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	Director	27-11-96	27-11-96	-	Active	NO
7	L17115RJ1980PLC008217	BHILWARA SPINNERS LIMITED	Director	28-11-96	28-11-96	22-07-10	Active	NO
8	U18101RJ1996PTC012501	BMD PRIVATE LIMITED	Director	04-02-97	04-02-97	-	Active	NO
9	U74899DL2000PLC103906	BHILWARA INFOTECH LIMITED	Director	23-02-00	23-02-00	05-06-09	Amalgamated	NO
10	U72200DL2000PTC104400	BHILWARA INFOWAY PRIVATE LIMITED	Director	14-03-00	14-03-00	05-06-09	Strike off	NO
11	U72200DL2000PTC104397	BHILWARA SOFTWARE PRIVATE LIMITED	Director	14-03-00	14-03-00	05-06-09	Strike off	NO
12	U74899DL2000PLC104401	BHILWARA INFOTECHNOLOGY LIMITED	Director	14-03-00	14-03-00	05-06-09	Active	NO
13	U72200DL2000PTC106789	ESCRIBE (INDIA) PRIVATE LIMITED	Director	13-07-00	13-07-00	05-06-09	Strike off	NO
14	U40101HP1997PLC019959	MALANA POWER COMPANY LIMITED	Managing director	01-11-11	10-09-01	-	Active	NO
15	U40101HP2003PLC026108	AD HYDRO POWER LIMITED	Director	16-06-03	16-06-03	-	Active	NO
16	L17111TZ1989PLC005902	CHESLIND TEXTILES LIMITED	Director	29-09-07	30-08-07	-	Active	NO
17	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	30-11-09	26-10-09	-	Active	NO
18	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	11-09-10	03-06-10	-	Active	NO
19	U40101DL2009PLC196998	NJC HYDRO POWER LIMITED	Director	30-09-11	31-03-11	-	Active	NO
20	U74899DL1995PLC066321	BHILWARA GREEN ENERGY LIMITED	Director	23-09-11	15-06-11	-	Active	NO
21	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Director	04-08-12	26-03-12	-	Active	NO

Name :

Mr. Salil Bhandari

Designation :

Director

Address :

B-381, Chittaranajan Park, New Delhi – 110019, Delhi, India

Date of Birth/Age :

28.11.1957

Date of Appointment :

20.07.2006

DIN No. :

00017566

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC018948	ADISHREE CHEMICALS AND FERTILIZERS PRIVATE LIMITED	Additional director	09-08-84	09-08-84	-	Active	NO
2	U51492RJ1992PLC022945	BSL WULFING LTD.	Director	27-03-96	27-03-96	-	Amalgamated	NO
3	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	15-12-97	15-12-97	31-12-12	Active	NO
4	L30103HR1983PLC026142	OMAX AUTOS LIMITED	Director	16-08-99	16-08-99	-	Active	NO
5	L70101RJ1984PLC011217	GINNI INTERNATIONAL LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	30-01-01	30-01-01	-	Active	NO
6	U74899DL1988PTC033376	SPECTRUM CREDIT AND INVESTMENT PRIVATE LIMITED	Director	27-11-01	27-11-01	-	Active	YES
7	U74140DL2001PTC113304	INTEGRATED OUTSOURCING SOLUTIONS PRIVATE LIMITED	Director	28-11-01	28-11-01	-	Active	YES
8	U80302DL2003PTC121966	Safal Skills Development Private Limited	Director	28-08-03	28-08-03	17-03-10	Active	NO
9	L29303WB1982PLC034996	POLAR INDUSTRIES LIMITED	Director	26-05-06	26-05-06	06-04-07	Active	NO
10	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	20-07-06	20-07-06	-	Active	NO
11	U91990DL2007PLC158833	Syenergy Environics Limited	Director	27-12-07	13-04-07	-	Active	NO
12	U17119DL1989PLC038457	GINNI GLOBAL LIMITED	Director	30-08-08	31-05-08	22-01-13	Active	NO
13	L28122DL1983PLC017141	AMD INDUSTRIES LIMITED	Director	26-09-08	20-06-08	02-01-09	Active	NO
14	L24302RJ1970PLC002266	BSL LTD	Director	23-09-09	25-10-08	-	Active	NO
15	U40101HR2010PLC040909	Omax Engineering Services Limited	Director	31-12-11	15-07-10	-	Active	NO
16	L51433WB1960PLC024539	HSIL LIMITED	Director	19-09-12	29-05-12	-	Active	NO

Name :

Mr. Kamal Dharam Pal Gupta

Designation :

Director

Address :

N-23, Sector 11, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

02.12.1946

Date of Appointment :

11.09.2010

DIN No. :

00038490

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17115RJ1960PLC008216	RSWM LIMITED	Director	26-12-87	26-12-87	-	Active	NO
2	L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	Director	13-07-91	13-07-91	-	Active	NO
3	L23109MP1972PLC008290	HEG LIMITED	Director	10-11-94	10-11-94	-	Active	NO
4	L74899DL1996PLC077120	PNB GILTS LIMITED	Director	11-04-96	11-04-96	-	Active	NO
5	U40101HP1997PLC019959	MALANA POWER COMPANY LIMITED	Director	27-06-00	27-06-00	-	Active	NO
6	U40101HP2003PLC026108	AD HYDRO POWER LIMITED	Director	16-06-03	16-06-03	-	Active	NO
7	L72200KA2002PLC030072	XCHANGING SOLUTIONS LIMITED	Director	26-04-10	31-07-09	25-02-11	Active	NO
8	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	11-09-10	03-06-10	-	Active	NO

Name :

Mr. Ajay Amar Munot

Designation :

Director

Address :

Hill Side, 2^nd Floor, 27, A Nepean Sea Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

11.07.1971

Date of Appointment :

28.09.2011

DIN No. :

00387002

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L40100GJ1981PLC004281	KALPATARU POWER TRANSMISSION LIMITED	Director	08-05-98	08-05-98	01-04-09	Active	NO
2	L45200GJ1986PLC008717	JMC PROJECTS (INDIA) LIMITED	Director	05-02-05	05-02-05	01-04-09	Active	NO
3	U60232GJ2007PLC049796	SHREE SHUBHAM LOGISTICS LIMITED	Director	14-07-07	15-03-07	01-04-09	Active	NO
4	U65991MH2004PTC149422	Enam Infrastructure Fund Management Company Private Limited	Director	04-12-09	04-12-09	-	Active	NO
5	U51109MH2010PTC198297	SANJALI TRADING COMPANY PRIVATE LIMITED	Director	02-01-10	02-01-10	-	Active	NO
6	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	28-09-11	02-09-11	-	Active	NO
7	U70200MH2012PLC231908	Arjun Realty Holdings Limited	Managing director	01-11-12	06-06-12	-	Active	NO

Name :

Mr. Sunil Chawla

Designation :

Director

Address :

C-41, Sector 44 Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

23.10.1962

Date of Appointment :

29.09.2007

DIN No. :

00865320

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Director	23-06-09	22-09-06	15-12-09	Active	NO
2	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Director	13-07-07	08-03-07	18-12-09	Active	NO
3	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	29-09-07	21-08-07	-	Active	NO
4	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Alternate director	07-12-09	07-12-09	08-12-09	Active	NO
5	U45200AP1983PLC003796	SEW INFRASTRUCTURE LIMITED	Nominee director	27-09-10	29-03-10	-	Active	NO
6	U45201DL1999PLC195937	PNC INFRATECH LIMITED	Nominee director	29-09-11	12-01-11	-	Active	NO
7	U74999MH1993PTC074683	DBM GEOTECHNICS AND CONSTRUCTIONS PRIVATE LIMITED	Director	28-09-12	23-02-12	-	Active	NO
8	U45203PY2006PTC001945	KARAIKAL PORT PRIVATE LIMITED	Nominee director	28-09-12	27-04-12	-	Active	NO

Name :

Mr. Anand Prakash

Designation :

Director

Address :

9, Tanjong Rhu Road, #19-04, The Wasterside, Singapore-436984

Date of Birth/Age :

26.07.1970

Date of Appointment :

28.09.2011

DIN No. :

01928443

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40101KA2000PTC028247	AMBUTHIRTHA POWER PRIVATE LIMITED	Director	30-11-05	30-11-05	27-07-11	Active	NO
2	U74899DL1993PLC056211	SWASTI POWER LIMITED	Director	30-09-11	02-05-06	-	Active	NO
3	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	28-09-11	21-12-10	-	Active	NO
4	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	30-09-11	17-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi Gupta
Designation :	Company Secretary
Address :	C-5/91, Yamuna Vihar, Delhi – 110053, India
Date of Birth/Age :	04.08.1978
Date of Appointment :	15.07.2009
Pan No. :	AHPPG2359G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Ravi Jhunjhunwala	19524153
Riju Jhunjhunwala	16329725
Rita Jhunjhunwala	3262500
Rishabh Jhunjhunwala	1562250
Lakshmi Niwas Jhunjhunwala	547500
Mani Devi Jhunjhunwala	735000
Raj Kumar Marodiya	300000
Sushila Devi Chokhani	150000
Ravi Jhunjhunwala (HUF)	1173000
Shubkaran Lakshmi Niwas	337500
Riju Jhunjhunwala (in trust for fractional)	3
HEG Limited	39190500
RSWM Limited	26455650
Bharat Investment Growth Limited, India	2000250
Purvi vanijya Niyojan Limited, India	929713
Raghav Commercial Limited, India	2460750
India Tex Fab Marketing Limited, India	2579700
Kalati Holdings Private Limited, India	1635000
Deepak Knit and Texturise Private Limited, India	225000
Delhi Knit Private Limited, India	262500
Exports Fabrics and Textiles Private Limited, India	345000
LNJ Financials Services Limited, India	352500
Nivedan Vanijya Niyojan Limited, India	1357500
Investors India Limited, India	495000
Vivek Garments Private Limited, India	150000
Investors India Limited India	225000
Shashi Commercial Company Limited, India	471750
Hindustan Commerce Private Limited, India	1125000
Bhilwara Commercial Private Limited, India	2250000
Ganga Yamuna Auto Private Limited, India	52356
Bagrodia Investments	52356
Giltedged Industries	5440909
New York Life Investment Management India Fund (FVCI)	286363
Jacob Ballas Capital Corporation	7962132
India Clean Energy Limited, India	11957860
Total	151914420

Names of Shareholders (Preferences Shares )	No. of Shares
HEG Limited – India	4000000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Venture capital	3.58
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.11
Bodies corporate	54.58
Directors or relatives of Directors	28.73
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Power Generation.

Products / Services :

Item Code No.	Description
980100	Hydro Electric Energy

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs In Millions)	31.03.2011 (Rs In Millions)
Term Loan
From Others	1500.000	0.000
Total	1500.000	0.000

Note :

Rs. 1500.000 Millions has been raised @14.75% interest p.a from IL and FS financial services limited with a pledge of minimum 26% promoters shareholding in BEL upfront, with an irrevocable power of Attorney in favour of IL and FS financial services limited to sell/dispose the shares in the event of default. The facility is for a period of 24 months. However BEL has the option to repay/lender has the right to recall the entire loan amount at the end of every 12month from the date of first disbursement. A notice of 30 days is required to exercise such options.

Banking Relations :	--
Financial Institution :	IL and FS financial services limited, India
Auditors :
Name :	S. S. Kothari Mehta and Company Chartered Accountant
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, Delhi, India
PAN No.:	AABFS6730L
Associates :	SEG Limited, India
Subsidiaries :	· Malana Power Company Limited, India CIN: U4010HP1997PLC019959 · AD Hydro Power Limited, India CIN: U4010HP2003PLC026108 · Indo-Canadian Consultancy Services Limited CIN :U74899DL1995PLC064168 · Bhilwara Energy Limited, India CIN : U74899DL1995PLC066321 · NJC Hydro Power Limited CIN: U40101DL2009PLC196998 · Chango Yangthang Hydro Power Limited CIN : U40101HP2011PLC031772 · Green Venture Private Limited, Nepal · Balephi Jalvidhyut Company Limited, Nepal
Other Related :	· RSWM Limited, India · Bhilwara Scribe Private Limited, India · Deepak Knits and Textile Private Limited, India · Maral Overseas Limited, India · Bhilwara Technical Textiles Limited, India · BMD Private Limited, India · Bhilwara Infoway Private Limited, India · Bhilwara Services Private Limited, India · LNJ Bhilwara Textiles Anusandhan Vkas Kendra · HEG Graphite and Services Limited, India · Odetta Realty Private Limited, India · BSL Limited, India · HEG Limited, India

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs. 10/- each	Rs. 2000.000 Millions
4000000	Preference Shares	Rs. 100/- each	Rs. 400.000 Millions
	Total		Rs. 2400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151914420	Equity Shares	Rs. 10/- each	Rs. 1519.144 Millions
4000000	Preference Shares	Rs. 100/- each	Rs. 400.000 Millions
	Total		Rs. 1919.144 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1919.144	1919.144	1755.944
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2406.033	2496.426	499.479
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4325.177	4415.570	2255.423
LOAN FUNDS
1] Secured Loans		1500.000	0.000	1100.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1500.000	0.000	1100.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5825.177	4415.570	3355.423
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.770	6.547	9.103
Capital work-in-progress		0.000	2.750	44.686
Project and pre-operative expenses (pending allocation)		88.930	282.667	917.983
INVESTMENT		4109.430	2805.805	1886.047
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.083
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	19.152	400.770	28.490
	Other Current Assets	494.278	295.395	3.176
	Loans & Advances	1265.524	724.432	499.596
Total Current Assets		1778.954	1420.597	531.345
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	3.366
	Other Current Liabilities	17.922	15.640	5.598
	Provisions	143.985	87.156	39.400
Total Current Liabilities		161.907	102.796	48.364
Net Current Assets		1617.047	1317.801	482.981
MISCELLANEOUS EXPENSES		0.000	0.000	14.623
TOTAL		5825.177	4415.570	3355.423

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operation	0.000	0.000
		Other Income	24.083	54.816
		TOTAL	24.083	54.816
Less	EXPENSES
		Employee Benefits Expenses	21.984	13.902
		Other Expenses	22.971	45.275
		TOTAL	44.955	59.177
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(20.872)	(4.361)
Less	FINANCIAL EXPENSES		7.223	60.592
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(28.095)	(64.953)
Less/ Add	DEPRECIATION/ AMORTISATION		1.664	0.576
	PROFIT / (LOSS) BEFORE TAX		(29.759)	(65.529)
Less	TAX		5.135	0.000
	PROFIT / (LOSS) AFTER TAX		(34.895)	(65.529)
	Earnings / (Loss) Per Share (Rs.)		(0.24)	(0.45)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(144.89)	(119.54)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(1.66)	(4.59)	NA
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)	NA
Debt Equity Ratio (Total Debt /Networth)		0.35	0.00	0.49
Current Ratio (Current Asset/Current Liability)		10.99	13.82	10.99

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----------------
22]	Litigations that the firm / promoter involved in	-----------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------------------
26]	Buyer visit details	-------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

SUBSIDARY, JOINT VETURE AND SPV’S :

The statement pursuant to the provisions of Section 212 of the Companies Act,1956 relating to the Subsidiary Companies. In terms of the circular of the Ministry of Corporate Affairs dated 8th February 2011, the Board of Directors has decided not to annex the annual accounts of the Subsidiary Companies in the Annual Report. The annual accounts of the Subsidiary Companies and related detailed information shall be made available to the shareholders of the company and the subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall also be kept for inspection by any shareholder at the registered office of the company and of the Subsidiary Companies. The Company shall furnish a hard copy of details of accounts of Subsidiary Companies to any shareholder on demand. Information in aggregate for each subsidiary in respect of capital, reserves, total assets, total liabilities, detail of investment, turnover, profit before taxation, provision for taxation, profit after taxation, proposed dividend is disclosed in the consolidated balance sheet of the Company.

PROJECT STATUS AND INFORMATION :

86 MW Malana HEP (Himachal Pradesh)

Malana Power Company Ltd.(MPCL), a subsidiary of the company, is engaged in the generation and transmission of energy from its 86 MW Malana Hydro Electric Project in the state of Himachal Pradesh. The Malana HEP is operational plant since 2001. During the period, the turnover of MPCL was Rs.1,074.31 million as compared to Rs.1,391.596 million in previous financial year. Inspite of better generation, the turnover was lower on account of lower average power tariff during the FY 2011-12. The Profit after Tax was Rs.246.064 million as against Rs.433.214 million in the previous financial year. During FY 2011-12, the plant availability had been 99.9 per cent. As per the available hydrology data, the generation during the period under view, stood at 376.18 million units as compared to 333.86 million units in the previous financial year. The generation increased by 12.68 percent due to better hydrology, which is the best hydrology observed in the last 11 years of operations.

MPCL had also used the WMO Benchmarking Tool, which is a tool devised by PA Consultants of Norway for the comparison of the cost performances of the various Hydro Power Plants under operation with SN Power and its partners at various locations in the world. This benchmarking is based on unique KPIs, (key Performance Indicators), where costs are measured against an assets – equivalent representation. The WMO benchmarking revealed that the operations and maintenance cost/WMO of Malana HEP is among the lower ones when compared amongst the WMO benchmarking participants.

192 MW Allain Duhangan HEP (Himachal Pradesh)

AD Hydro Power Limited (ADHPL), a step down subsidiary of the Company, is engaged in the generation and transmission of energy from its 192 MW Allain Duhangan Hydro Electric Project in the state of Himachal Pradesh. Despite all unanticipated odd and adverse conditions encountered during the project implementation, the Allain side of the project were got successfully commissioned in July 2010 which represent 70% capacity of the project. The Duhangan side was also completed and operationalized on 28th February, 2012 and this represents 30% capacity of the project.

During the period , the turnover of ADHPL is Rs.1873.915 million as compared to Rs.401.151 million in previous financial year and Profit/(Loss) After tax is Rs. (557.673) million as against Rs. (1,126.534) million in the previous financial year. The turnover is lower due to Duhangan side was commissioned only in the last month of the financial year.

780 MW Nyamjang Chhu HEP (Arunachal Pradesh)

NJC Hydro Power Limited (NJC), a wholly owned subsidiary of the company, is engaged in the development of 780 MW Nyamjang Chhu Hydro Electric Project in the state of Arunachal Pradesh. The Directors’ are pleased to inform that NJC has received the Environment Clearance and Stage-I Forest Clearance and is expecting to receive Stage-II Forest Clearance soon. The process of financial closure is underway. SBI Caps has been appointed for debt syndication. As on the reporting date, the NJC has already received final sanction of more than 50% of total loan required. The process of land acquisition for major works is already under way. The 7.5MW Khangteng HEP, which is to be used for construction power, is expected to be 7 commissioned in first quarter of 2013. The construction on 3MW Nurang Phase-III HEP (another power project to be used for supplying construction power) has also beenstarted.

120 MW Likhu-IV HEP (Nepal)

Green Ventures Private Limited (GVPL), Nepal, a subsidiary of the company, is developing a 120MW Likhu-IV Hydro Electric Project in Nepal. The generation license had been received by the GVPL. The financial closure has already been achieved for the project.

50 MW Balephi HEP (Nepal)

Balephi Jalvidyut Company Limited (BJCL), Nepal, a subsidiary of the company, is developing a 50MW Balephi Hydro Electric Project in Nepal. The project has already received all requisite clearances applicable in the country and the generation license is also expected to be received during this ongoing financial year.

180 MW Chango Yangthan HEP in Kinnaur Distt, Himachal Pradesh, India

Chango Yangthang Hydro Power Ltd (CHYPL), a subsidiary of the company, is developing 180MW Chango Yangthang Hydro Electric Project in the state of Himachal Pradesh. The project was originally allotted at 140 MW and the Implementation Agreement (IA) as well as Quadripartite Agreement (QA) has been entered with the Governemnt of Himachal Pradesh at 140 MW. The Directors’ are pleased to inform that capacity of the project has since been increased to 180 MW. In view of this increase in capacity, the revised DPR has been filed with CEA/CWC.

200 MW Bara Bhangal HEP in Kangra/Chamba Distt,, Himachal Pradesh, India

Malana Power Company Ltd ( MPCL) , a subsidiary of the company, had signed the Pre-Implementation Agreement with the State Government of Himachal Pradesh for development of 200 MW Bara Bhangal Hydro Electric Project on River Ravi in Indus Basin located in District Chamba, H.P. However in view of some part of project falling under Dhauladhar Wild Life Sanctuary (DWLS), the implementation of this project was subject to de notification of the project area falling into the Wild Life Sanctuary. Though MPCL had already started the process of de- notification, yet realizing that this process

would take longer time, a study was carried out to implement the project in two stages. In the first stage the project would be developed outside the Dhauladhar Wild Life Sanctuary (DWLS) with the capacity of 92 MW. Thereafter as and when the project area which falls under DWLS is de-notified, the second stage of the project would be undertaken for implementation. Accordingly the Company approached to the State Goverment of Himachal Pradesh to develop the project in two phases, which has since been approved by the State Government.

49.50 MW Wind Power Project in District. Satara, Maharashtra, India

Bhilwara Green Energy Limited (BGEL), a wholly owned subsidiary of the company, is engaged in developing 49.50 MW Wind power project in Distt. Satara, Maharashtra. The Directors’ are pleased to inform that out of 33 WTGs with installed capacity of 49.50 MW, 20 WTGs amounting to installed capacity of 30 MW were commissioned by 31^st March 2012 and have started generating electricity. Another 3 WTGs amounting to installed capacity of 4.50 MW have been commissioned on 30th May 2012. The balance 10 WTGs with installed capacity of 15 MW are under different stages of erection and are likely to be commissioned soon. The power generated from this project will be sold to Goverment of Maharashtra on long term PPA for 13 years. A part of this project, i.e. 30 MW is eligible for availing Generation Based Incentives (GBI) provided by MNRE (Government of India) for machines commissioned till 31st March 2012 and has already been registered for the same.

The project has received the host country approval for being eligible for CDM benefit. The final approval of UNFCCC is expected soon. The project has been funded by International Finance Corporation, Washington, D.C., (IFC) a member of World Bank Group, Indian Renewable Energy Development Agency Limited (IREDA) and IFCI

Limited.

FUTURE OUTLOOK :

The XIth Five Year Plan, which concluded in March 2012, witnessed capacity addition of 54,964MW (against 21,180MW in Xth Five Year Plan of 2002-2007). This falls short of original target of 78,600 MW set at the beginning of the Plan and also revised target of 62,274MW, set during the midterm appraisal of the Plan. With this capacity addition, the power shortages, peak as well as energy, have come down marginally.

The capacity addition is likely to peak in the years FY2012-13 and FY2013-14, because of the commissioning of those projects : which were due for commissioning in XIth Plan and have been delayed on account of diverse factors and; which are in advance stages of commissioning in early XIIth Plan.

More than 84% of these capacity additions in XIIth Plan will be coal based, which will require strategy for sourcing of additional coal for fuel. Indian power generators are increasingly resorting to coal imports as domestic production of the fuel has not been enough to meet their requirements. During 2011-12, the power sector accounted for about 45 per cent of the country’s total coal imports, which stood at 98.93 million tones (MT). In a scenario with high levels of coal prices internationally and restricted availability of domestic coal on cost plus basis, hydro power sector would be more competitive in terms of tarif.

The average prices in short term markets have reduced from a high of Rs. 7/+ in FY2008- 09 to less than Rs.4/-. The demand for energy is growing, but the appetite of the state distribution utilities (discoms) is decreasing. This is due to the failing financial health of these discoms. The accumulated losses of the discoms has crossed Rs.2 trillion in March, 2012. The reasons behind the financial distress of discoms are : inadequate escalation in tariffs, technical losses due to inefficient equipment, commercial losses due to power theft and the state governments’ failure to pay subsidy. These issues have been prevalent for a while and are being addressed. Steps like: substantial upward revisions in consumer tariffs, have already been initiated. These steps are likely to improve the

purchasing capacities of discoms and increase their participation in the energy markets. This will have a positive impact on the ongoing power tariff.

The new transmission pricing regime based on point of connection (PoC), will open the gates for consumers from other sources and hydro power projects in Northern region will be able to access new markets. The transmission charges will not be sensitive to distance and will be based on load flows on account of injection or withdrawl of power. As a seller of power in short term, your Company will be competitive in markets other than its traditional markets. Steps are already being taken for harnessing of hydro power potential concentrated in the Northern and North Eastern part of the country and ensuring availability of the benefits of hydropower across the country. This would require strengthening of the transmission infrastructure and development of framework for grid discipline.

Apart from hydropower, there is a growing realization of the importance of development of exploring alternate sources of energy to address the demand-supply mismatch and fuel security concerns. Renewable energy (RE) sources are best suited for addressing such issues and at the same time reducing carbon emissions. The developments policy and regulatory framework for the RE in the form of fiscal incentives, tax incentives and 100% FDI in manufacturing have been encouraging and can be attributed to geometric growth in RE sector in India with its share accounting for 12.3% of the current installed capacity, as on June 2012 from 2% in 2002.

Of the total renewable portfolio, wind has been the major contributor in capacity addition in the past few years accounting for 69% of total installed capacity of renewable technologies. The installed capacity based on wind generation has reached 17,645MW by June 2012 against the wind power potential of 49,132 MW (as per MNRE and first round of assessment of C-WET in 2012). The potential has since been revised to 102GW by C-WET in its assessment exercise of 2012 and excludes offshore capacity in the country. The financial investors, which had earlier dominated the wind energy, have given way to IPPs with introduction of developer friendly policies and incentives. Currently the state of Maharashtra is amongst the best state from the perspective of fiscal incentives being provided to private sector players for meeting its RPO obligations specifically preferential tariff to wind power generator.

The Solar power has also seen whooping growth with installed capacity reaching 1032 MW in June 2012 with encouragement through Jawaharlal Nehru National Solar Mission (JNNSM) and state solar policies (specifically Gujarat State Solar Policy) with Gujarat and Rajasthan accounting for 85% of total operating capacities. The momentum of capacity additions in renewable energy cannot be reduced. The challenge is for evacuation and transmission to keep pace with capacity addition and overall grid network planning because of location of specific RE potential and intermittent nature of REs. To support this, an exclusive countrywide green corridor for transmission of renewable energy is on the anvil.

Thus the outlook for the next financial year is likely to be cautiously optimistic

Fixed Assets:

• Furniture and Fixtures
• Computers
• Other office equipments
• Vehicles
• Electrical equipments and fittings
• Project equipment
• Building
• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.89
UK Pound	1	Rs. 83.66
Euro	1	Rs. 70.58

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.