MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	GMR ENERGY LIMITED

Registered Office :	25/1, Ground Floor, Skip House, Museum Road, Bangalore- 560025, Karnataka

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.10.1996

Com. Reg. No.:	08-021262

Capital Investment / Paid-up Capital :	Rs. 26955.505 Millions

CIN No.: [Company Identification No.]	U85110KA1996PLC021262

TAN No.: [Tax Deduction & Collection Account No.]	BLRG03533F

PAN No.: [Permanent Account No.]	AAACT8420A

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in the business of generation and sale of energy.

No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 140000000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary GMR Infrastructure Limited. It is an established company having a moderate track record. The company has incurred huge losses from its operations during 2012. The ratings also take into consideration the various operational and financial in capabilities faced by the management. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loans : BB
Rating Explanation	Moderate risk of default.
Date	August 2013

Rating Agency Name	ICRA
Rating	Non fund based limits: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August 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.

LOCATIONS

Registered Office :	25/1, Ground Floor, Skip House, Museum Road, Bangalore- 560025, Karnataka, India.
Tel. No.:	91-80-40534000/40432000
Fax No.:	91-80-40432180/22279353/40432333
E-Mail :	gmrenergy@gmgroup.in energy-secretarial@gmrgroup.in
Website :	http://www.gmrgroup.co.in

Plant Office:	P.B No.5, Opposite Commissioner of Ports ADB Road, , Easr Godavari District, Kakinada – 533001, Andhra Pradesh, India

Corporate Office :	IBC Knowledge Park, Phase 2 “D” Block, 9^TH Floor, 4/1, Bammerghatta Road Banglore -560029, Karnataka, India
Tel. No.:	91-80-40432000
Fax No.:	91-80-40432180
E-Mail :	info@gmgorup.in

Regional Offices 1:	4th Floor, Birla Tower, 25, Barakhamba Road,New Delhi - 110 001, India
Tel. No.:	91-11-23766354-56
Fax No.:	91-11-23766352

Regional Offices 2:	Located At · Himachal Pradesh · Bhubaneswar · Orissa · Uttarkhand · Chandigarh · Mumbai-Maharashtra · Belgaum · Mangalore · Uttar Kannada · Karnataka · Tamilnadu · Vilupuram · Chengalpattu · Srikakulam · Rajam · Visakhapatnam · Andhra Pradesh · Hyderabad
International Office:	Located At · Nepal · Turkey · London · Singapore

DIRECTORS

As on 29.09.2012

Name :

Mr. Grandhi Butchi Sanyasi Raju

Designation :

Managing director

Address :

Varalaxshmi Nilayam, 486/76 38th Cross 1^st Main Road, 8^th Block, Jayanagar, Bangalore- 560082, Karnataka, India.

Date of Birth/Age :

26.01.1974

Date of Appointment :

18.04.2013

Din No.:

00061686

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	U85110KA1996PLC021262	GMR ENERGY LIMITED	Managing director	18/04/2013	20/06/1998	-	Active	NO
2	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	12/05/2010	22/05/1999	-	Active	NO
3	U80301AP2003NPL042195	GMR VARALAKSHMI FOUNDATION	Director	29/06/2004	29/06/2004	-	Active	NO
4	U62100AP2005PTC045123	GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED	Director	12/01/2005	12/01/2005	07/11/2009	Active	NO
5	U67120MH1993PTC207451	GMR HOLDINGS PRIVATE LIMITED	Director	05/08/2005	08/05/2005	-	Active	NO
6	U67120KA1993PTC032116	GMR ESTATES PRIVATE LIMITED	Director	04/07/2005	04/07/2005	28/09/2007	Active	NO
7	U45203KA2006PLC038379	GMR HIGHWAYS LIMITED	Director	03/02/2006	03/02/2006	06/01/2007	Active	NO
8	U63033DL2006PTC146936	DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED	Director	11/06/2007	19/04/2006	-	Active	NO
9	U62100AP2002PLC040118	GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED	Alternate director	08/07/2006	08/07/2006	24/01/2013	Active	NO
10	U45400DL2007PTC163751	DELHI AEROTROPOLIS PRIVATE LIMITED	Director	16/06/2008	18/06/2007	-	Active	NO
11	U74999KA2007PLC043189	GMR CORPORATE CENTER LIMITED	Director	30/09/2008	18/07/2007	12/01/2009	Active	NO
12	U74920KA2005PLC036865	RAXA SECURITY SERVICES LIMITED	Director	29/09/2008	13/09/2007	10/02/2009	Active	NO
13	U65999KA1992PLC037455	GMR AIRPORTS LIMITED	Director	17/06/2011	11/01/2008	16/05/2013	Active	NO
14	U23209AP2005PTC047372	KAKINADA REFINERY AND PETROCHEMICALS PRIVATE LIMITED	Director	22/09/2008	23/06/2008	-	Active	NO
15	U40101KA2008PTC047277	GMR COASTAL ENERGY PRIVATE LIMITED	Director	24/07/2008	24/07/2008	13/05/2013	Active	NO
16	U74999KA2009PTC049040	GBS HOLDINGS PRIVATE LIMITED	Director	04/02/2009	04/02/2009	-	Active	NO
17	U62200KA2006PTC041278	GMR AVIATION PRIVATE LIMITED	Director	29/09/2009	06/04/2009	-	Active	NO
18	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Director	28/09/2012	08/05/2012	-	Active	NO

Name :

Mr. Bhaskar Anand Road

Designation :

Whole time director

Address :

1168/1130, 3^rd Stage, Rajarajeshwar Nagar, Bangalore – 560098, Karnataka, India

Date of Birth/Age :

23.07.1964

Date of Appointment :

18.04.2013

Din No.:

01409911

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	U52190KA2004PTC034357	SMART RETAIL PRIVATE LIMITED	Whole-time director	19/07/2004	19/07/2004	31/01/2009	Active	NO
2	U65999KA1992PLC037455	GMR Airports Limited	Director	29/08/2009	09/07/2009	09/05/2011	Active	NO
3	U45201KA2010PTC052377	GMR OSE Hungund Hospet Highways Private Limited	Director	05/02/2010	05/02/2010	21/01/2011	Active	NO
4	U65900KA2007PTC050828	DHRUVI SECURITIES PRIVATE LIMITED.	Director	22/06/2010	22/02/2010	07/02/2011	Active	NO
5	U40104KA2010PLC056122	GMR Renewable Energy Limited	Director	03/12/2010	03/12/2010	-	Active	NO
6	U40102KA2011PLC057272	GMR POWER INFRA LIMITED	Director	25/02/2011	25/02/2011	-	Active	NO
7	U40109KA2009PLC059547	MARU TRANSMISSION SERVICE COMPANY LIMITED	Director	05/07/2011	09/05/2011	-	Active	NO
8	U40109KA2009PLC060589	ARAVALI TRANSMISSION SERVICE COMPANY LIMITED	Director	05/07/2011	09/05/2011	-	Active	NO
9	U40100KA2008PTC045783	GMR GUJARAT SOLAR POWER PRIVATE LIMITED	Director	27/09/2012	28/11/2011	-	Active	NO
10	U85110KA1996PLC021262	GMR ENERGY LIMITED	Whole-time director	18/04/2013	18/04/2013	-	Active	NO
11	U40101KA2008PTC047277	GMR COASTAL ENERGY PRIVATE LIMITED	Director	26/08/2013	13/05/2013	-	Active	NO

Name :

Mr. Boda Venkata Nageshwara Rao

Designation :

Director

Address :

98, Next to Nallayout, Behind FCI Building, East End, Main Road, 4^th Block, Jayanagar, Bangalore- 560041, Karnataka, India.

Date of Birth/Age :

16.01.1954

Date of Appointment :

01.10.2011

Din No.:

00051167

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	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	28/07/2013	10/05/1996	-	Active	NO
2	U40105KA1995PLC016942	GMR POWER CORPORATION LIMITED	Director	13/10/2008	31/05/1999	21/03/2012	Active	NO
3	U23201KA1997PLC032964	GMR VEMAGIRI POWER GENERATION LIMITED	Director	01/10/2001	01/10/2001	13/10/2011	Active	NO
4	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	01/10/2011	20/12/2001	-	Active	NO
5	U62100AP2002PLC040118	GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED	Director	29/10/2003	29/10/2003	17/07/2010	Active	NO
6	U80301AP2003NPL042195	GMR VARALAKSHMI FOUNDATION	Director	14/12/2004	14/12/2004	-	Active	NO
7	U74920KA2005PLC036865	RAXA SECURITY SERVICES LIMITED	Director	19/09/2005	19/09/2005	13/09/2007	Active	NO
8	U45200KA2005PLC049327	GMR POCHANPALLI EXPRESSWAYS LIMITED.	Director	08/06/2006	02/03/2006	11/10/2007	Active	NO
9	U45200KA2005PLC049326	GMR JADCHERLA EXPRESSWAYS LIMITED	Director	08/06/2006	02/03/2006	11/10/2007	Active	NO
10	U45203KA2005PTC036773	GMR AMBALA-CHANDIGARH EXPRESSWAYS PRIVATE LIMITED	Director	03/05/2006	07/03/2006	11/10/2007	Active	NO
11	U45203KA2006PTC038784	GMR ULUNDURPET EXPRESSWAYS PRIVATE LIMITED	Director	20/03/2006	20/03/2006	11/10/2007	Active	NO
12	U45203KA2001PTC049329	GMR TAMBARAM TINDIVANAM EXPRESSWAYS PRIVATE LIMITED	Director	22/09/2006	28/03/2006	11/10/2007	Active	NO
13	U45203KA2001PTC049328	GMR TUNI-ANAKAPALLI EXPRESSWAYS PRIVATE LIMITED	Director	22/09/2006	28/03/2006	11/10/2007	Active	NO
14	U45203KA2006PLC038379	GMR HIGHWAYS LIMITED	Director	02/08/2007	06/01/2007	07/11/2007	Active	NO
15	U67120MH1993PTC207451	GMR HOLDINGS PRIVATE LIMITED	Director	30/09/2008	18/08/2007	-	Active	NO
16	U40101UR2006PTC031381	GMR (BADRINATH) HYDRO POWER GENERATION PRIVATE LIMITED	Director	03/07/2008	17/10/2007	13/10/2009	Active	NO
17	U13100KA2005PTC037308	GMR MINING AND ENERGY PRIVATE LIMITED	Director	09/08/2011	17/10/2007	05/10/2011	Active	NO
18	L28100KA1986PLC049077	PARRYS SUGAR INDUSTRIES LIMITED	Director	25/09/2008	29/10/2007	19/10/2009	Active	NO
19	L27101AP2006PLC049591	METKORE ALLOYS AND INDUSTRIES LIMITED	Director	25/09/2008	29/10/2007	17/12/2009	Active	NO
20	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Whole-time director	13/10/2008	28/12/2007	-	Active	NO
21	U74200KA2008PTC045448	GMR CONSULTING SERVICES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	08/10/2008	Active	NO
22	U23209AP2005PTC047372	KAKINADA REFINERY AND PETROCHEMICALS PRIVATE LIMITED	Director	22/09/2008	23/06/2008	-	Active	NO
23	U40101KA2008PTC047277	GMR COASTAL ENERGY PRIVATE LIMITED	Director	24/07/2008	24/07/2008	13/08/2009	Active	NO
24	U40101HP2008PTC030971	GMR BAJOLI HOLI HYDROPOWER PRIVATE LIMITED	Director	01/10/2008	01/10/2008	05/10/2011	Active	NO
25	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	08/10/2008	08/10/2008	13/10/2011	Active	NO
26	U40101KA2008PTC048190	GMR LONDA HYDROPOWER PRIVATE LIMITED	Director	05/11/2008	05/11/2008	13/08/2009	Active	NO
27	U40108UR2009PTC032780	BADRINATH HYDRO POWER GENERATION PRIVATE LIMITED	Director	11/02/2009	11/02/2009	13/10/2009	Under Process of Striking off	NO
28	U40100MH2005PLC155140	EMCO ENERGY LIMITED	Director	16/08/2010	24/07/2009	18/10/2011	Active	NO
29	U40107KA2009PLC051643	GMR RAJAHMUNDRY ENERGY LIMITED	Director	27/11/2009	27/11/2009	18/10/2011	Active	NO
30	U40109KA1998PLC052000	SJK POWERGEN LIMITED	Director	16/08/2010	14/12/2009	05/10/2011	Active	NO
31	U40107KA2010PLC053789	GMR MAHARASHTRA ENERGY LIMITED	Director	26/05/2010	26/05/2010	07/10/2011	Active	NO
32	U40107KA2010PTC054125	GMR UTTAR PRADESH ENERGY PRIVATE LIMITED	Director	18/06/2010	18/06/2010	01/03/2011	Active	NO
33	U40101KA2010PTC054124	GMR BUNDELKHAND ENERGY PRIVATE LIMITED	Director	18/06/2010	18/06/2010	07/10/2011	Active	NO
34	U45200AP2003PTC041961	KAKINADA SEZ PRIVATE LIMITED	Director	30/08/2011	25/05/2011	-	Active	NO
35	U74900TN2013PTC092846	GMR HOSUR EMC PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO

Name :

Mr. Nangavaram Chandramouli Sarabeswaran

Designation :

Director

Address :

No. 27, Papanasam Uesivan Salai, Palace Road, Chennai- 600004, Tamilnadu, India.

Date of Birth/Age :

07.05.1944

Date of Appointment :

08.03.2004

Din No.:

00167868

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	U51102TN1954PTC002241	R SUBBARAMAN AND COMPANY PRIVATE LIMITED	Director	31/07/1989	31/07/1989	-	Active	NO
2	U15209TN1997PTC039463	NANKKAVARAM FARM PRIVATE LIMITED	Director	27/01/1999	27/01/1999	14/02/2008	Strike off	NO
3	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	08/03/2004	08/03/2004	-	Active	NO
4	U65929TN2005PLC057390	MADURA MICRO FINANCE LIMITED	Director	16/03/2006	16/03/2006	-	Active	NO
5	U45200KA2005PLC049326	GMR JADCHERLA EXPRESSWAYS LIMITED	Director	08/06/2006	25/04/2006	24/04/2013	Active	NO
6	U45203KA2006PTC038784	GMR ULUNDURPET EXPRESSWAYS PRIVATE LIMITED	Director	05/07/2007	25/04/2006	-	Active	NO
7	U45203KA2005PTC036773	GMR AMBALA-CHANDIGARH EXPRESSWAYS PRIVATE LIMITED	Director	03/05/2006	25/04/2006	-	Active	NO
8	U45200KA2005PLC049327	GMR POCHANPALLI EXPRESSWAYS LIMITED.	Director	08/06/2006	25/04/2006	-	Active	NO
9	U40101UR2006PTC031381	GMR (BADRINATH) HYDRO POWER GENERATION PRIVATE LIMITED	Director	19/06/2006	19/06/2006	30/03/2012	Active	NO
10	L27101AP2006PLC049591	METKORE ALLOYS AND INDUSTRIES LIMITED	Director	28/06/2007	28/06/2007	17/12/2009	Active	NO
11	U40105KA1995PLC016942	GMR POWER CORPORATION LIMITED	Director	04/07/2008	07/05/2008	-	Active	NO
12	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Director	24/08/2009	01/09/2008	-	Active	NO
13	U45203KA2006PLC038379	GMR HIGHWAYS LIMITED	Director	10/08/2009	18/03/2009	-	Active	NO
14	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	13/08/2010	02/12/2009	-	Active	NO
15	U45209TN2007PLC064863	GMR KRISHNAGIRI SEZ LIMITED	Director	29/08/2012	28/10/2011	-	Active	NO
16	U45200AP2003PTC041961	KAKINADA SEZ PRIVATE LIMITED	Director	30/08/2012	28/10/2011	-	Active	NO
17	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	11/09/2012	09/11/2011	-	Active	NO
18	U45200DL2011PLC227902	GMR KISHANGARH UDAIPUR AHMEDABAD EXPRESSWAYS LIMITED	Director	21/08/2012	17/01/2012	-	Active	NO

Name :

Mr. Kotih Venkata Varaha Rao

Designation :

Director

Address :

2 C, Santhrupathi, MCHS Colony, 3^rd Block, 14 C, Cross, HSR Layout, Sector 6, Bangalore- 560034, Karnataka, India.

Date of Birth/Age :

20.06.1950

Date of Appointment :

18.04.2013

Din No.:

01165942

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	U45200MH1996PTC205984	GMR PROJECTS PRIVATE LIMITED	Director	09/07/2009	08/10/2001	-	Active	NO
2	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	18/04/2013	11/01/2007	-	Active	NO
3	U13100KA2005PTC037308	GMR MINING AND ENERGY PRIVATE LIMITED	Director	05/07/2008	17/10/2007	02/11/2010	Active	NO
4	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Managing director	01/09/2008	28/12/2007	27/08/2013	Active	NO
5	U10101OR2008PTC009827	RAMPIA COAL MINE AND ENERGY PRIVATE LIMITED	Director	24/09/2008	19/02/2008	-	Active	NO
6	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	17/09/2013	12/11/2012	-	Active	NO
7	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	26/08/2013	19/04/2013	-	Active	NO

Name :

Mr. Srinivasachari Rajgopal

Designation :

Director

Address :

Varenya, 1043, 10^th Main Road, Judicial Officers Layout, GKVK Post, Bangalore- 560065, Karnataka, India.

Date of Birth/Age :

10.03.1940

Date of Appointment :

07.07.2008

Din No.:

00022609

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	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	07/07/2008	31/07/2002	-	Active	NO
2	L29219WB1985PLC055352	SREI INFRASTRUCTURE FINANCE LIMITED	Director	25/01/2003	25/01/2003	-	Active	NO
3	U45203KA2001PTC049328	GMR TUNI-ANAKAPALLI EXPRESSWAYS PRIVATE LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
4	U45203KA2001PTC049329	GMR TAMBARAM TINDIVANAM EXPRESSWAYS PRIVATE LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
5	U65922TN1995PLC031681	NATIONAL TRUST HOUSING FINANCE LIMITED	Director	11/04/2003	11/04/2003	-	Active	NO
6	U65999WB1994PLC065722	SREI ALTERNATIVE INVESTMENT MANAGERS LIMITED	Director	13/06/2005	13/06/2005	-	Active	NO
7	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	30/09/2006	30/01/2006	15/03/2011	Active	NO
8	L28990MH1996PLC097945	VARUN INDUSTRIES LIMITED	Director	16/07/2007	05/12/2006	28/03/2012	Active	NO
9	L30006TN1995PLC031651	ZYLOG SYSTEMS LIMITED	Director	21/06/2007	28/01/2007	07/12/2012	Active	NO
10	U72200KA2003PTC032027	WISDOMLEAF TECHNOLOGIES PRIVATE LIMITED	Director	21/07/2008	14/07/2007	-	Active	NO
11	U40102MH2007PLC172552	USHER ECO POWER LIMITED	Director	27/06/2008	15/05/2008	31/10/2009	Active	NO
12	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Director	24/08/2009	01/09/2008	-	Active	NO
13	U72200TN2005PLC058451	ZYLOG SYSTEMS (INDIA) LIMITED.	Director	23/09/2009	19/01/2009	07/12/2012	Active	NO
14	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	13/08/2010	02/12/2009	-	Active	NO
15	U72900KA2009PTC051942	CAREERCUBICLE TECHNOLOGIES PRIVATE LIMITED	Director	23/12/2009	23/12/2009	-	Active	NO
16	U51909TN1994PLC028470	VIVEK LIMITED	Director	30/10/2010	09/03/2010	-	Active	NO
17	U45201KA2009PTC050109	GMR HYDERABAD VIJAYAWADA EXPRESSWAYS PRIVATE LIMITED	Director	11/08/2010	18/03/2010	-	Active	NO
18	U45200DL2011PLC227902	GMR KISHANGARH UDAIPUR AHMEDABAD EXPRESSWAYS LIMITED	Director	21/08/2012	17/01/2012	-	Active	NO
19	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	17/09/2013	12/11/2012	-	Active	NO

Name :

Mr. Anuj Maheshwari

Designation :

Director

Address :

D -68 Sahnthi path Patrakar Colony Jaipur – 201005, Rajasthan, India

Date of Birth/Age :

16..11.1979

Date of Appointment :

27.08.2010

Din No.:

02158837

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	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	24/09/2008	09/05/2008	28/11/2012	Active	NO
2	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	27/08/2010	04/06/2010	-	Active	NO

Name :

Mr. Satish Kumar Mandhana

Designation :

Director

Address :

901, Virgo Heights Plot No.38 E 9^th Floor, 16^th Road, Bandra (West), Mumbai – 400050, Maharashtra, india

Date of Birth/Age :

01.01.1961

Date of Appointment :

27.08.2010

Din No.:

00448619

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	U85110KA1999PTC024701	MANIPAL HEALTH SYSTEMS PRIVATE LIMITED	Alternate director	17/05/2006	17/05/2006	30/01/2007	Active	NO
2	U65921MH2006PTC163408	SMMS INVESTMENTS PRIVATE LIMITED	Nominee director	24/05/2007	29/07/2006	09/02/2012	Active	NO
3	U64200MH1995PTC087657	OMEGA TELECOM HOLDINGS PRIVATE LIMITED	Director	28/12/2007	17/08/2006	09/02/2012	Active	NO
4	U45500WB2001PLC144017	QUIPPO INFRASTRUCTURE EQUIPMENT LIMITED	Director	28/12/2007	22/03/2007	30/09/2008	Amalgamated	NO
5	U11120DL2005PLC138226	QUIPPO OIL AND GAS INFRASTRUCTURE LIMITED	Nominee director	17/12/2007	22/03/2007	30/09/2008	Active	NO
6	U64203DL2005PLC138225	QUIPPO TELECOM INFRASTRUCTURE LIMITED	Nominee director	30/09/2008	22/03/2007	14/12/2010	Active	NO
7	U73100HR1999PTC037386	EMERGENT VENTURES INDIA PRIVATE LIMITED	Nominee director	01/04/2008	01/04/2008	23/11/2010	Active	NO
8	U45400DL2008PLC213287	GREEN INFRA LIMITED	Director	01/10/2009	03/04/2008	-	Active	NO
9	U60222DL1986PLC026342	DARCL LOGISTICS LIMITED	Nominee director	16/06/2008	16/06/2008	-	Active	NO
10	U24110GJ1995PTC025307	DOSHION PRIVATE LIMITED	Nominee director	31/07/2008	31/07/2008	11/01/2011	Active	NO
11	U15200KA1998PLC023489	HEALTHCARE GLOBAL ENTERPRISES LIMITED	Nominee director	29/09/2008	08/08/2008	18/11/2010	Active	NO
12	U45203DL2008PLC213297	GREEN INFRA CORPORATE WIND LIMITED	Director	01/10/2009	14/10/2008	-	Active	NO
13	U45203DL2008PLC213296	GREEN INFRA WIND ASSETS LIMITED	Director	01/10/2009	14/10/2008	21/06/2010	Active	NO
14	U45203DL2008PLC213299	GREEN INFRA WIND FARMS LIMITED	Director	01/10/2009	14/10/2008	-	Active	NO
15	U74210DL2008PLC179457	TRANSRAIL LOGISTICS LIMITED	Nominee director	19/11/2008	19/11/2008	06/08/2013	Active	NO
16	U64201KA1977PLC003168	DEEPAK CABLES (INDIA) LIMITED	Nominee director	12/12/2008	12/12/2008	-	Active	NO
17	U41000MH2007PTC173486	DOSHION VEOLIA WATER SOLUTIONS PRIVATE LIMITED	Nominee director	26/12/2008	26/12/2008	25/11/2010	Active	NO
18	U28110GJ2008PTC053182	PACIFIC PIPE SYSTEMS PRIVATE LIMITED	Director	05/09/2009	30/12/2008	11/01/2011	Active	NO
19	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	09/09/2010	18/08/2009	-	Active	NO
20	U23200DL2005PLC213430	GREEN INFRA WIND ENERGY LIMITED	Director	22/09/2010	16/09/2009	-	Active	NO
21	U40107DL2010PLC202170	GREEN INFRA SOLAR ENERGY LIMITED	Director	29/04/2010	29/04/2010	21/06/2010	Active	NO
22	U40107DL2010PLC202168	GREEN INFRA SOLAR FARMS LIMITED	Director	29/04/2010	29/04/2010	21/06/2010	Active	NO
23	U40102DL2010PLC202240	GREEN INFRA WIND POWER LIMITED	Director	14/09/2011	03/05/2010	-	Active	NO
24	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	27/08/2010	07/07/2010	-	Active	NO
25	U40108DL2011PLC221862	GREEN INFRA WIND POWER PROJECTS LIMITED	Additional director	27/09/2012	27/09/2012	-	Active	NO
26	U40101DL2012PLC236205	GREEN INFRA WIND POWER SOLUTIONS LIMITED	Additional director	03/12/2012	03/12/2012	-	Active	NO
27	U40300DL2012PLC236286	GREEN INFRA WIND SOLUTIONS LIMITED	Additional director	03/12/2012	03/12/2012	-	Active	NO
28	U40300DL2012PLC236265	GREEN INFRA WIND TECHNOLOGY LIMITED	Additional director	03/12/2012	03/12/2012	-	Active	NO
29	U40108DL2011PLC224946	GREEN INFRA SOLAR PROJECTS LIMITED	Additional director	05/12/2012	05/12/2012	-	Active	NO

Name :

Mr. Santhana Raman Vaidyanathan

Designation :

Additional Director

Address :

N0 6, Sridevi Colony, Near 7^th Avenue, Ashok Nagar, Chenni – 600083, Tamil Nadu, India

Date of Birth/Age :

06.08.1949

Date of Appointment :

21.08.2013

Din No.:

00212334

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	L65110TN1916PLC001295	THE KARUR VYSYA BANK LIMITED	Director	21/07/2010	13/03/2010	24/06/2012	Active	NO
2	L92113AP2007PLC053585	DQ ENTERTAINMENT (INTERNATIONAL) LIMITED	Alternate director	10/11/2012	10/11/2012	-	Active	NO
3	L24231TN1988PLC015882	ARVIND REMEDIES LIMITED	Additional director	11/02/2013	11/02/2013	03/07/2013	Active	NO
4	U74900TN2013PLC090457	ARVIND WELLNESS LIMITED	Director	08/04/2013	08/04/2013	03/07/2013	Active	NO
5	U85110KA1996PLC021262	GMR ENERGY LIMITED	Additional director	21/08/2013	21/08/2013	-	Active	NO
6	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	17/09/2013	17/09/2013	-	Active	NO

Name :

Mr. Kusumanchi Parameshwara Rao

Designation :

Additional Director

Address :

Flat No.: 003, Floor 1, Adarsh Garden, 8^th Block, Jayanagar, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

01.08.1949

Date of Appointment :

18.04.2013

Din No.:

02780484

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	L65110TN1916PLC001295	THE KARUR VYSYA BANK LIMITED	Director	21/07/2010	25/09/2009	24/06/2012	Active	NO
2	U85110KA1996PLC021262	GMR ENERGY LIMITED	Additional director	18/04/2013	18/04/2013	-	Active	NO
3	U40107KA2009PLC051643	GMR RAJAHMUNDRY ENERGY LIMITED	Director	27/08/2013	20/04/2013	-	Active	NO
4	U40100MH2005PLC155140	EMCO ENERGY LIMITED	Director	28/08/2013	20/04/2013	-	Active	NO
5	U23201KA1997PLC032964	GMR VEMAGIRI POWER GENERATION LIMITED	Director	26/08/2013	22/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	V Mohana
Designation :	Secretary
Address :	G – 1, Eastern Enclave Bannerghatta Road, Arekare, Bangalore – 560076, Karnataka, India
Date of Birth/Age :	01.06.1969
Date of Appointment :	21.11.2009
Pan No.:	AGTPM7838D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Equity Shareholders		No. of Shares
Grandhi Kiran Kumar		180
Grandhi Butchi Sanyasi Raju		180
Srinivas Bommidala		180
GMR Renewable Energy Limited, India		703178306
Grandhi Mallikarjunrao		9000
Grandhi Varalaxshmi		9000
B Rama Devi		180
IDFC Trustee Company Limited, India		1000
Welfare Trust For GMR Group Employees		15000000
		718198026

Names of Preference Shareholders (Rs.10 Each)
GMR Infrastructure Limited, India		495602521
ICICI Bank Limited ,India		180500000

Total		676102521

Names of Preference Shareholders (Rs.100 Each)

Claymore investments Limited, India		9300000
Infrastructure Development Limited, India		500000
IDFC Investment Limited		500000
Unit Trust of India		500000
Argonaut Ventures, Mauritius		650000
IDFC Trustee Company Limited		2500000

Total		13950000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	97.91
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of generation and sale of energy.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, No.9 M G Road, Bangalore - 560001, Karnataka, India.

· IDBI Bank Limited, Shakthi Comfort Towers, #102, K. H. Road,, Bangalore - 560027,Karnataka, India

· ICICI Bank Limited, ICICI Bank Towers, No. 1, Commissariat Road, Bangalore – 560025, Karnataka, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Debentures 8000 (March 31, 2011: Nil) redeemable and Non convertible Debentures of Rs.997500 each.	7900.000	0.000
Debentures 3500 (March 31, 2011: Nil) redeemable and Non convertible Debentures of Rs.997500 each.	3456.250	0.000
Indian rupee from loan from bank	265.410	312.711
Short-term borrowings
Bill Discount	226.328	0.000
Total	11847.988	312.711


Banking Relations :

Financial Institute:	Life Insurance Corporation of India, Investment Department, 6th Floor, Yogakshema,, Jeevan Bima Marg,, Mumbai - 400021, Maharashtra, India

Auditors :
Name :	S. R Batliboi and Associates
Address :	UB City, Canara Block, 12 th Floor, NO.24, Vittal Mallya Road, Bangalore, -560001, Maharashtra,india
Tel. No.:	91- 80 - 40275000
Fax No.:	91- 80 -22106000
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3421N

Holding Company:	GMR Renewable Energy Limited CIN: U40104KA2010PLC056122

Enterprises that control the Company:	GREEL GIL GMR Holdings Private Limited (GHPL)

Subsidiary Companies:	GPCL GVPGL GMEPL GBHPGPL GCEPL HHCPL GBHHPL GLHPL GMRCEPL GKEL GMRKEPL BHPGPL GEML GMR Lion Energy Limited (GLEL) GMR Coastal Energy Private Limited CIN: U40101KA2008PTC047277 GMR Londa Hydropower Private Limited CIN: U40101KA2008PTC048190 GMR Bajoli Holi Hydropower Private Limited CIN: U40101HP2008PTC030971 GMR Consulting Services Private Limited CIN: U74200KA2008PTC045448 Badrinath Hydro Power Generation Private Limited CIN: U40108UR2009PTC032780 GMR Chhattisgarh Energy Limited CIN: U40108KA2008PLC047974 GMR Kamalanga Energy Limited CIN: U40101KA2007PLC044809 GMR Vemagiri Power Generation Limited CIN: U23201KA1997PLC032964 GMR Upper Karnali Hydropower Public Limited (GCKCPL) GMR Energy (Cyprus) Limited (GECL) GMR Mining and Energy Private Limited CIN: U13100KA2005PTC037308 GMR Power Corporation Limited GMR Energy (Netherlands) B. V. (GENBV) EEL GREL SJK GCHEL PT Dwikarya Sejati Utama (PTDSU) PT Duta Sarana Internusa (PTDSI) PT Barasentosa Lestari [PTBSL) PT Unsoco (PTU) GMEL GBEL GUP EL HEGL* Karnali Transmission Company Private Limited (KTCPL) Marsyangdi Karnali Transmission Company Private Limited (MKTCPL) MTSCL ATSCL GINELL GGSPPL GINPCL GHEL GCRPT GMR Rajahmundry Energy Limited CIN: U40107KA2009PLC051643 GMR (Badrinath) Hydro Power Generation Private Limited CIN: U40101UR2006PTC031381 Homeland Energy Corp,(HEO" Homeland Mining & Energy SA (Pty) Limited(HMESP) Homeland Energy (Swaziland) Ply Limited(HESPL) Homeland Mining & Energy (Boiswanaf (Pry) Limited(HMEBP) Homeland Coal Mining (Pty) Limited(HCMP) Corpclo 331 (Pty) Limited(CPL) Ferret Coal Holdings (Pty) Limited (l^:CKP) Wizard Investments (Pty) Limited (WIPE) Ferret Coal (Kendal) (Pty) Limited(FCKP) Manoka Mining (Pty) Limited(MMPL)* *

Fellow Subsidiaries where transactions have taken place during the year / previous year:	DIAL GMR Tuni Anakapali Express Private Limited (GTAEPL) GMR Tambaram Tindivanam Expressways Private LimiteD (GTTEPL) GACEPL GETL East Delhi Waste Pioccssing Company Private Limited (EDWPCP)***** GMR Corporate Affairs Private Limited(GCAPL) GMR Bannerghatta Properties Private Limited (GBPPL) Raxa Security Services Limited (RSSL) GMR Projects Private Limited (GPPL) Knkinada SEZ Private Limited (KSPL) GCORRPL GJEPL GPEPL GUEPL

Enterprise where key management personnel or their relative exercise significant influence:	GMR Family Fund Trust (GFFT) GMR Varalakshmi Foundation (GVF)

Joint Ventures:	RCMEPL Tshedza Mining Resource (Pty) Limited(TMRPT)* Nhalaiala Mining (Pty) Limited(NMPL)* PT Golden Energy Mines Tbk (PTGEM)**** PT Tanjung Belit Bara Utama {PTTBBU)'^,''^,' PT Roundhill Capital Indonesia (PTRCD ** PT Kuansing Inti Makmur (PTK1M) ** PTTrisula Kencana Sakti (PTTKS) ** PT Manggala Alam Lestari (PTMAL) ** PT Citra Alam Indali (PTCAH ** PT Borneo Indobara (PTBORNEO) ** PT Karya Cemerlang Persada (PTKCP) ** PT Bungo Bara Utama (PTBBU) ** PT Bar aHannonis Batang Asam (PTBHBA) ** PT Berkat Nusantara Permai (PTBNP) ** PT Nusa Indah Permai (PTNIP) ****

Note: *Was an associate till July 12, 2010.

** Became subsidiary during the previous year consequent to further investment in HEGL.

***Became joint venture during the previous year consequent to further investment in HEGL.

**** Joint venture acquired during the year.

*****Investment sold off during the previous year.

******Became joint venture consequent to acquisition of PTGEM.

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital : Rs. 38500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 27802.755 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

900000000	Equity Share	Rs.10/- each	Rs.9000.000 Millions
600000000	Preference Shares	Rs.10/- each	Rs.6000.000 Millions
14000000	Preference Shares	Rs.1000/- each	Rs.14000.0000 Million
	Total		Rs.29000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

718198026	Equity Share	Rs.10/- each	Rs.7181.980 Millions
121359147	1% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1213.591 Millions
180500000	0.0001%Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1805.000 Millions
280493375	1% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.2804.934 Millions
13950000	Compulsory Convertible Cumulative Preference Shares	Rs.1000/- each	Rs.13950.000 Millions
1314500548	Total		Rs.26955.505 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26955.505	26900.505
(b) Reserves & Surplus	7456.074	8874.152
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	150.000
Total Shareholders’ Funds (1) + (2)	34411.579	35924.657

(3) Non-Current Liabilities
(a) long-term borrowings	26311.660	8312.711
(b) Deferred tax liabilities (Net)	261.907	58.495
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.149	0.000
Total Non-current Liabilities (3)	26573.716	8371.206

(4) Current Liabilities
(a) Short term borrowings	1726.328	2500.000
(b) Trade payables	449.366	236.399
(c) Other current liabilities	9409.426	8262.593
(d) Short-term provisions	196.020	143.025
Total Current Liabilities (4)	11781.140	11142.017

TOTAL	72766.435	55437.880

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6749.638	6821.347
(ii) Intangible Assets	12.170	13.377
(iii) Capital work-in-progress	0.000	78.609
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	37522.132	22295.124
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	22882.250	16164.226
(e) Other Non-current assets	1413.413	496.435
(f)	447.623	447.623
Total Non-Current Assets	69027.226	46316.741

(2) Current assets
(a) Current investments	241.011	3196.049
(b) Inventories	171.382	190.880
(c) Trade receivables	550.691	47.693
(d) Cash and cash equivalents	13.183	3375.146
(e) Short-term loans and advances	2366.679	1716.709
(f) Other current assets	396.263	594.662
Total Current Assets	3739.209	9121.139

TOTAL	72766.435	55437.880

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13050.495
2] Share Application Money		0.000
3] Reserves & Surplus		8529.979
4] (Accumulated Losses)		0.000
NETWORTH		21580.474
LOAN FUNDS
1] Secured Loans		6322.257
2] Unsecured Loans		12500.000
TOTAL BORROWING		18822.257
DEFERRED TAX LIABILITIES		0.000

TOTAL		40402.731

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1245.377
Capital work-in-progress		4167.703

INVESTMENT		24513.501
DEFERREX TAX ASSETS		0.000

Foreign Currency Monetary items translation services		5.259

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	600.714
	Sundry Debtors	536.956
	Cash & Bank Balances	948.900
	Other Current Assets	118.878
	Loans & Advances	9549.265
Total Current Assets		11754.713
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	97.250
	Other Current Liabilities	25.162
	Provisions	1161.410
Total Current Liabilities		1283.822
Net Current Assets		10470.891

MISCELLANEOUS EXPENSES		0.000

TOTAL		40402.731

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4577.449	3576.425	2363.905
		Other Income	1152.117	1661.073	1254.262
		TOTAL (A)	5729.566	5237.498	3618.167

Less	EXPENSES
		Cost of fuel consumed	2336.035	1836.920
		Sub – contracting expenses	241.517	112.551
		Stores and spares consumed	88.783	75.582
		Employees benefit Expenses	248.104	200.668
		Other Expenses	886.338	470.197
		Exceptional item	386.475	0.000
		TOTAL (B)	4187.252	2695.918	2774.173

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1542.314	2541.578	843.994

Less	FINANCIAL EXPENSES (D)		377.632	273.712	625.579

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1164.682	2267.868	218.415

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1641.746	1430.996	38.301

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(477.064)	836.872	180.114

Less	TAX (H)		217.118	179.841	41.767

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(694.182)	657.031	138.347

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3782.978	3138.847	3211.957

Less	APPROPRIATIONS
		Dividend on Compulsorily convertible cumulative preference shares	NA	6.957	0.000
		Transfer to Debenture redemption reserve	NA	0.000	211.457
		Interim Dividend on CGCPS	NA	4.129	0.000
		Tax on Dividend	NA	1.814	0.000
	BALANCE CARRIED TO THE B/S		NA	3782.978	3138.847

	IMPORTS
		Stores & Spares	63.134	15.395	10.987
		Capital Goods	3.390	42.219	934.920
	TOTAL IMPORTS		66.524	57.614	945.907

	Earnings / (Loss) Per Share (Rs.)
	Basic		(1.03)	0.85	0.17
	Diluted		(1.03)	0.69	0.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(12.12)	12.54	3.82

Net Profit Margin (PBT/Sales)	(%)	(10.42)	23.40	7.62

Return on Total Assets (PBT/Total Assets}	(%)	(3.86)	4.95	1.39

Return on Investment (ROI) (PBT/Networth)		(0.01)	0.02	0.01

Debt Equity Ratio (Total Debt /Networth)		0.81	0.30	0.87

Current Ratio (Current Asset/Current Liability)		0.11	0.25	9.16

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	--
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

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans from intermediate holding company	14690.000	8000.000
Short-term borrowings
Loans from banks	1500.000	2500.000

Total	16190.00	10500.000

BACKGROUND:

Subject is engaged in the business of generation and sale of energy. The Company has entered into a Power Purchase Agreement ('PPA') with GMR Energy Trading Limited for supply of power from its 220 MW plant situated at Icakinada, Andhra Pradesh, India.

POWER SECTOR SCENARIO

India's power sector has made some significant strides this year, with India's total installed capacity reaching 1,92,792 MW as on March 12. Notwithstanding the ongoing fuel shortages, India's power generation capacity additions during the 11th Plan has been a noteworthy figure of 53,922 MW, which is more than two and a half times the capacity addition of 21,180 mw in the 10th Plan. The private developers contributed more than 40% (- 25,000 MW) of the power capacity addition in the 11th Plan. In the renewable energy space, India became one of the world leaders in installed renewable energy capacity of 22,447 MW.

Although major achievements in terms of capacity addition were witnessed; fuel and distribution issues have emerged as major challenges for the sector. The output of various projects commissioned has been affected due to domestic fuel constraints. Indian developers have sought to hedge risks through ownership of coal mines, but changes in laws in the producing countries have altered the pricing framework, affecting the financial viability of the imported coal based projects. Policy ambiguity on land acquisition and environmental issues has affected production from captive coal blocks. Inadequate gas availability for power sector due to steep reduction in production of natural gas from KG D6 fields has enhanced the supply gap.

With all the uncertainties prevailing in the sector, there has also been a ray of hope with recent directive from President's office to Coal India Limited (CLL) for signing of the fuel supply agreements (FSAs) with power· producers. The government is already moving forward on coal block auctioning; efficient production of coal from these coal blocks will demonstrate the benefits of private participation in mining sector. Also, there is a growing realization that distribution reforms are critical for the entire sector. The recent tariff revisions by states are being viewed positivity. The recommendations of various committees on the implementation of reforms are a step towards ensuring normalcy in the distribution sector.

FINANCIAL INFORMATION

The Company recorded Loss after Tax of Rs. 694.182 Millions for the year as compared to Profit After Tax of Rs. 657.031 Millions in the previous year. The decrease is on account of provision for doubtful recoverable, provision for one time custom duty and provision for diminution on long term investment. Revenue from sale of power was Rs. 4577.449 Millions for the year as compared to Rs. 3576.425 Millions in the previous year, i.e., an increase of 27.99 % over the previous year, mainly due to nine months operation in previous year compared to twelve months operation in current year.

REVIEW OF OPERATIONS/PROJECTS

The Company is the holding company for the energy vertical of GMR Group. The Company along with its subsidiaries is operating around 833 MWs of power plants in India and is in the process of developing around 7648 MWs of power projects besides a pipeline of various other projects. The Company has entered the renewable space with successful commissioning of 25 MW's solar power plant in the financial year 2011-12. The company has achieved financial close of its transmission projects during the financial year 2011-12. Further the company has acquired 30% take in Indonesian mining asset of Sinarmas Group. The Company has good portfolio of thermal, gas, and hydro projects with a healthy mix of Merchant and PPA based projects.

OPERATING PLANTS

Barge mounted Power Plant, Kakinada, Andhra Pradesh

The Company operates 220 MW combined cycle barge mounted power plant at Kakinada, Andhra Pradesh. The plant achieved a yearly net PLF of 56.83 % and gross PLF of 59.41 % during the financial year 2011-12. Lower PLF was mainly due to shortage of gas availability. The plant availability for the period was 93.3%. The entire power generated was sold through short -term tenders.

Gas Plant, Vemagiri, Andhra Pradesh:

GMR Vemagiri Power Generation Limited (VPGL), the Company's wholly owned subsidiary operates a 387.625 MW natural gas-fired combined cycle power plant at Rajahmundry, Andhra Pradesh. The PLF during the year was 60.85%. The Plant operated according to the gas supply, which was restricted to firm quantity till September 2011 and subsequent months witnessed progressive decline in gas supply. The Project has been registered as Clean Development Mechanism (COM) Project under Kyoto Protocol of United Nations Framework Convention on Climate Change (UNFCCC).

Diesel Power Plant, Chennai Tamil Nadu:

GMR Power Corporation Limited (GPCL), in which the Company holds 51 % stake operates a 200 MW diesel powered power plant and sells power to Tamil Nadu Electricity Board (TNEB). The PLF for this tariff year was 50.65% as compared to 51.82% in 2010-11. The Appellate Tribunal for Electricity (APTEL) by its final judgment dated February 28, 2012, had dismissed the appeal of TNEB and upheld the order of the Tamil Nadu Electricity Regulatory Commission (TNERC). The company had received an amount of Rs.5370.000 Millions Consisting of original claim amount and Interest thereon for settlement of the claims under the provisions of Power Purchase Agreement (PPA). Further it is learned that TNEB had filed an appeal in Supreme Court against the APTEL order. Hence the claim amount of Rs. 5370.000 Millions as received by the company is kept as advance received towards the claim pending finality of the proceedings with the Supreme Court.

Solar Power plant, Charanka Village, Gujarat

GMR Gujarat Solar Power Private Limited (GGSPPL), wholly owned subsidiary of the Company operates 25 MW power project at Charanka village, Patan district, Gujarat. Power Purchase Agreement (PPA) has been signed with Gujarat Urja Vikas Nigam Limited on December 08, 2010. The project has successfully commenced its commercial operation on March 04, 2012 by setting up a remarkable benchmark for developing the project in a record time.

PROJECTS

Rajahmundry Power Project, Andhra Pradesh

GMR Rajahmundry Energy Limited (GREL), a wholly owned subsidiary of the Company is engaged in setting up of 768 MW (2 x 384 MW) combined cycle gas based power project. The Gas Turbine Generator and Steam Turbine Generator for the Unit I were synchronized with APTRANSCO. However, the gas allocation has not been made due to acute drop in production of gas from KG D6 fields and consequent supply shortage. GREL is striving continuously to pursue Ministry of Power (MoP) and Ministry of Petroleum and Natural Gas (MoPNG) for the natural gas allocation and supply of regasified Liquefied Natural Gas (RLNG) by importing LNG on short term basis.

Warora Power Project, Maharashtra

Emco Energy Limited (EMCO), a wholly owned subsidiary of the Company is engaged in setting up of 2 x 300 MW coal based power project in the Warora Taluk, Chandrapur District, Maharashtra. Major key Milestones with reference to construction such as lifting of Boiler Drum for both units, Hydro testing of Boiler, construction of chimney shell, raw water reservoir, etc is completed. Power Purchase Agreement (PPA) has been entered with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 200 MW for 25 years. EMCO has received Letter of Assurance from South Eastern Coalfields Limited and is also pursuing with Coal India Limited for entering into Fuel Supply Agreement. COD is expected to be achieved during second half of FY 2013.

Kamalanga Power Project, Orissa

GMR Kamalanga Energy Limited (GKEL) in which the Company has 80% stake, with IIF and IDFC holding the balance stake, is engaged in the setting up of 1050 MW (3x 350) coal fired power plant at Kamalanga Village, Orissa. The project has been accorded Mega Power Status by MoPin the month of February 2012, being the first in the country.

During the year under review, GKEL has signed Power Purchase Agreement ("PPA") with Bihar State Electricity Board for supply of 260 MW power with which the Company has tied up for sale of 85% of the installed capacity.

The Company was jointly allotted coal block namely Rampia and Dip Side of Rampia in the State of Orissa with a proportionate share of coal reserve of 112.22 MT. Land acquisition process has commenced and preparation of application for Forest clearance and Prospecting License is under progress.

The project is expected to achieve Commercial operations in the Financial Year 2012-13.

Chhattisgarh Power Project, Chhattisgarh

GMR Chhattisgarh Energy Limited (GCEL), wholly owned subsidiary of the Company is engaged in setting up of 2 x 685 MW coal-fired power project in Raikehda village, Chhattisgarh. The Company has received all the necessary statutory clearances. The contract for supply of BTG has been awarded to Doosan Projects India Private Limited. The Company has been granted Provisional Mega Power Status from MoP. The Company has signed Power Purchase Agreement (PPA) with Chhattisgarh State DISCOM for sale of 30% Power on Gross generation and 5% on net generation. Bulk Power Transmission Agreement has been signed with Power Grid Corporation of India Limited for evacuation of 816 MW power.

Alaknanda Power Project, Uttarakhand

GMR (Badrinath) Hydro Power Generation Private Limited (GBHPL) in which the Company owns 99% stake is in the process of constructing hydro electric power plant over Alaknanda River in Chamoli district of Uttarakhand. The project has received major clearances like Environmental and Techno Economic Concurrence from CEA. Ministry of Environment and Forest has also accorded approval for Stage I forest clearance for the required forest land of about 60.513 Ha. Compliances to the stage I approval has been submitted and final forest clearance approval is awaited. In the meantime a group of NGO's have filed a petition in National Green Tribunal challenging the grant of forest clearance for this project. The same is being pursued with legal experts. Registration for Clean Development Mechanism (CDM) for the project is in progress and the Project Design Document is under validation.

Bajoli Holi Power Project, Himachal Pradesh

GMR Bajoli Holi Hydropower Private Limited (GBHPL), wholly owned subsidiary of the Company, is implementing 180 MW hydro power plant on the river Ravi at Chamba district Himachal Pradesh. During the year under review, Detailed Project Report of the project was approved by CEA. Ministry of Environment and Forest has granted Stae-I clearance for diversion of Forest Land and compliance to Stage I approval is under progress for transferring the forest land required for the project. Power Grid Corporation of India Limited has accorded the Inter State Transmission System I connectivity for the project for sale of power. Clean Development Mechanism (CDM) registration for the project is in progress. The Company is expected to achieve Financial Closure shortly as discussions with lenders are under progress.

600 MW Upper Marsyangdi-2 Power Project, Nepal

Himtal Hydropower Company Private Limited is developing 600 MW Upper Marsyangdi -2 Hydroelectric Power Project on the river Marsyangdi in Nepal. During the period under review, the Company has acquired additional 2% equity stake in HHPCPL by virtue of which the equity holding of the Company in HHPCPL has increased from 80% to 82%. The balance stake is held by Nepalese Shareholders. During the year under review, Public Hearing was conducted successfully and EIA reports have been submitted to Govt of Nepal (GoN) All the Project related information required for Project Development Agreement (PDA) has been submitted to GoN. Technical Appraisal for funding of Project has been initiated with IFC. Application for Generation License has been submitted to GoN in October 2011.

900 MW Upper Karnali Power Project, Nepal

GMR Upper Karnali Hydropower Public Limited (Upper Karnali) in which the effective stake of the Company is 69.35% with the balance being held by Nepal Electricity Authority (NEA), is implementing 900 MW hydroelectric power project on the river Karnali in Nepal for the power to be exported to India. During the year under review, Preconstruction investigations were completed at dam site. Draft EIA report preparation is underway and final EIA report will be submitted to Govt of Nepal (GoN) after successful conduction of Public Hearing which is expected in June'12. Survey License is renewed till Nov'12. Negotiations and finalization of Project Development Agreement with GoN is being initiated. Technical Appraisal for funding of Project has been initiated with IFC.

TRANSMISSION PROJECTS, RAJASTHAN

Aravali Transmission Service Company Limited (ATSCL)

ATSCL the wholly owned subsidiary of the Company, is engaged in implementation of project for 400 kv SIC Hinduan - Alwar transmission line (85 km) and 2 x 315 MVA 400/220 kV Grid Substation at Alwar and other associated works in the state of Rajasthan. Financial closure for the project with a total project cost of Rs.1300.00 Millions, was achieved on 29th September, 2011.

During the year under review the Rajasthan Electricity Regulatory Commission (RERC) has dismissed the application filed for adoption of transmission charges and the application for grant of Transmission License on the ground that there is a variation in the adoption of Guideline as prescribed by the MoP Gol,. Subsequently ATSCL had filed an appeal with the Appellate Tribunal for Electricity (APTEL) against the orders of RERC for adoption of tariff and for grant of Transmission License.

On 16th April, 2012, APTEL has allowed the appeals of ATSCL for setting aside the two orders passed by RERC and has ordered to remit the matter back to the Commission (RERC) for passing consequential appropriate orders in respect of all the petitions filed before it by ATSCL. RERC vide its order dated June 01, 2012 had -approved the adoption of transmission charges arrived through the process of competitive bidding, recommended by the Bid Evaluation Committee and incorporated in Transmission Service Agreements (TSAs). The adopted tariff shall be charged in accordance with TSAs signed between ATSCL and Discoms.

Maru Transmission Service Company Limited (MTSCl)

MTSCL the wholly owned subsidiary of the Company, is engaged in implementation of project for 400 kV SIC Bikaner - Deedwana Transmission Line (129 Km), 400 kV SIC Ajmer -Deedwana Transmission Line (106 Km), 220 kV D/C Sujangarh - Deedwana Transmission Line (30 Km) and 2x315 MVA 400/220 kV Grid sub-station at Deedwana and other associated works in the state of Rajasthan. Financial closure for the project with a total project cost of Rs. 2230.00 Millions, was achieved on 29th September, 2011.

During the year under review the Rajasthan Electricity Regulatory Commission (RERC) has dismissed the application filed for adoption of transmission charges and the application for grant of Transmission License on the ground that there is a variation in the adoption of Guideline as prescribed by the MoP Gol. Subsequently MTSCL had filed an appeal with the Appellate Tribunal for Electricity (APTEL) against the orders of RERC for adoption of tariff and for grant of Transmission License.

On 16th April, 2012, APTEL has allowed the appeals of MTSCL for setting aside the two impugned orders passed by RERC and has ordered to remit the matter back to the Commission (RERC) for passing consequential appropriate orders in respect of all the petitions filed before it MTSCL.

RERC vide its order dated June 01, 2012 had approved the adoption of transmission charges arrived through the process of competitive bidding, recommended by the Bid Evaluation Committee and incorporated in Transmission Service Agreements (TSAs). The adopted tariff shall be charged in accordance with TSAs signed between MTSCL and Discoms.

MINING ASSETS

PT Barasentosa Lestari, (PTBSL): The Company had acquired 100% stake in PT Barasentosa Lestari (PTBSL) in September 2008 which is having coal mine in South Sumatra Province with 700 MT Coal Resources in -25,000 Hectares and total mineable reserves of about 104 MMT. The coal production is expected to commence in current financial year, which will gradually increase from 1 MTPA to 3 MTPA over 3 years. The plan is to export coal to India to fill the domestic fuel supply gap and also trade the coal through their coal trading entity.

PT Golden Energy Mines Tbk (PT GEMS): The Company through its overseas subsidiary GMR Coal Resources Pte. Limited had acquired 30% stake in PT Golden Energy Mines Tbk (GEMS), a group company of Sinar Mas Group, Indonesia. PT GEMS, a limited liability company of Sinar Mas Group is carrying out mining operations in Indonesia through its various subsidiaries which own coal concessions in South Kalimantan, Central Kalimantan

and Sumatra. Coal mines owned by PT GEMS have total resources of more than 1.9 BT resources and JORC certified resources of 860MT reserves of thermal coal. GMR has also signed a Coal off take Agreement with PT GEMS which entitles it to off take coal for 25 years starting from 1 st Jan'2012 with the annual off take quantity steadily increasing to 10 MTI annum over the coming years. This strategic alliance with Sinar Mas group, Indonesia will significantly enhance the fuel security of power plants under construction and development by the Company as also provide a coal portfolio for coal trading activity.

Homeland Energy Group Limited (HEG): The Company holds 55.84% in Homeland

Energy Group (HEG) a Canadian listed entity.· HEG through its subsidiaries in South Africa owns controlling interest in operational Kendal Mine, fully explored Eloff Mines and also other exploration areas with total mineable reserves of around 300 MMT. HEG is also a shareholder in uranium Exploration Company which is involved in the exploration and development of uranium projects in Niger and the United States.

Bajoli Holi Power Project, Himachal Pradesh

GMR Bajoli Holi Hydropower Private Limited (GBHPL), wholly owned subsidiary of the Company, is implementing 180 MW hydro power plants on the river Ravi at Chamba district Himachal Pradesh. During the year under review, Detailed Project Report of the project was approved by CEA. Ministry of Environment and Forest has granted Stage-I clearance for diversion of Forest Land and compliance to Stage I approval is under progress for transferring the forest land required for the project. Power Grid Corporation of India Limited has accorded the Inter State Transmission System I connectivity for the project for sale of power. Clean Development Mechanism (CDM) registration for the project is in progress. The Company is expected to achieve Financial Closure shortly as discussions with lenders are under progress.

600 MW Upper Marsyangdi-2 Power Project, Nepal

900 MW Upper Karnali Power Project, Nepal

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10400264	06/12/2012	7,000,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	INVESTMENT DEPARTMENT, 6TH FLOOR, YOGAKSHEMA, JEEVAN BIMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA	B67001420
2	10333914	26/12/2011	8,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B30149389
3	10232338	11/07/2012 *	1,500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, NO 1, COMMISSARIAT ROAD, BANGALORE, KARNATAKA - 560025, INDIA	B44176576
4	10216586	31/03/2010	10,000,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	YOGAKSHEMA, JEEVAN BIMA MARG, MUMBAI, MAHARASHT RA - 400021, INDIA	A83909200
5	10184348	09/03/2010 *	1,500,000,000.00	AXIS BANK LIMITED	NO.9 M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A82382540
6	10156166	02/05/2009	482,500,000.00	UNITED BANK OF INDIA	40, KEMPEGOWDA ROAD,, BANGALORE, KARNATAKA - 560009, INDIA	A61844064
7	10151981	24/08/2013 *	6,100,000,000.00	IDBI BANK LIMITED	SHAKTHI COMFORT TOWERS, #102, K. H. ROAD, BANGA LORE, KARNATAKA - 560027, INDIA	B84278928

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Corporate guarantees	49390.000	51300.000
Letter of credit availed by the group Company	437.200	--
Arrears of cumulative dividends on preference share capital	111.377	63.450
Electricity duly	123.586
Matters relating to income lax under dispute	6.768	12.247
Matters relating to indirect taxes under dispute	6.656	81.946

Note:

During the year, the Company has received an intimation from the Chief Electrical Inspectorate, Government of Andhra Pradesh (GoAP), whereby GoAP has demanded electricity duty on generation and sale of electrical energy amounting to Rs. 110.618 Millions calculated at the rate of six paisa for each electricity unit generated by the Company for the period from June 2010 to December 2011. The Company has filled a writ petition with Hon'ble High Court of judicature of Andhra Pradesh at Hyderabad against the intimation by GoAP and it has granted a stay order on deposit of amount demanded.

Based on an internal assessment and legal opinion obtained by the Company, the management is confident that the provisions of Electricity Duty Act and Rules, 1939 in respect of payment of electricity duty are not applicable to the Company and accordingly electricity duty liability of Rs. 123.586 Millions for the period June 2010 to March 33, 2012 has been considered as a contingent liability.

As regards contingent liabilities of joint venture

FIXED ASSETS

v Goodwill on Consolidation

v Carriage Ways

v Land

v Buildings

v Plant and Machinery

v Office Equipments

v Electrical Equipments

v Furniture and Fixtures

v Vehicles

v Capitalized Software

PRESS RELEASES

GMR TO SELL INDONESIA COAL ASSET TO TRIM DEBT

JANUARY 25 2013,

The Wall Street Journal reported on Monday that GMR Energy, a subsidiary of GMR Infrastructure, was seeking to sell 100% stake in its Indonesian coal mining unit PT Barasentosa Lestari. WSJ said it had spoken to two people familiar with the matter. The report noted that Standard Chartered is managing the sale process, which could fetch up to $200 million. GMR Infra's revenues were Rs.83050.000 Millions in FY13, with a loss of Rs.6420.000 Millions.

The highly-leveraged GMR Infra has been trimming its asset portfolio and recently monetised some coal, road and power assets — Highland Power, Homeland Energy and the Jadcherla road project — paring its debt by approximately Rs.60000.000 Millions. The firm nonetheless reported a Rs.2026.000 Millions loss in Q4FY13 and its long-term debt could stay above Rs.300000.000 Millions in March 2014 unless it sells more assets.

The price of coal has been hammered due to slowing demand growth in China, the world's biggest coal consumer, WSJ noted.

GMR acquired its stake for $80 million in 2009, in order to secure coal for its power projects in India. The quality of the coal is around 3,400 kcal/ kg from one block and around 4,300 kcal/ kg from the second.

A GMR spokeswoman declined to comment, the financial daily said.

SECOND 300 MW UNIT OF GMR’S EMCO ENERGY SYNCHRONIZED

Warora; 29 August 2013: The second unit of the 2X300 MW power plant of GMR’s EMCO Energy Limited has been synchronised with the grid and has achieved full load operation on 27 August 2013. The GMR Group is setting-up EMCO Energy Limited’s 600 MW power plant at Warora in Chandrapur District of Maharashtra. Power generation commenced from the first unit of 300 MW in March 2013.

EMCO Energy Limited is the GMR Group's first coal-based power plant to commence commercial generation. Presently, the GMR Group’s combined generation capacity is 1836.85 MW. Projects totalling 4575 MW are under development.

EMCO Energy Limited will supply power to Maharashtra, Dadra and Nagar Haveli and other consumers. Power generated from the plant is being evacuated to Bhadravati through a 400 kV transmission line. A rail corridor has recently been created to transport coal from the South Eastern Coalfields to the plant.

About GMR Infrastructure Limited:

The Company is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 14 power generation assets of which 8 are operational and 6 are under various stages of development and 8 Road assets, of which 7 are operational and one is under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has upgraded and is operating the Istanbul Sabiha Gökçen International Airport. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 22 locations.

SECOND UNIT OF GMR’S KAMALANGA THERMAL POWER PLANT SYNCHRONIZED

11th July, 2013 Dhenkanal (Odisha) : The second 350 MW unit of the GMR Group’s coal-based thermal power plant at Kamalanga in Odisha’s Dhenkanal District was successfully synchronized with the grid on July 9, 2013. The first unit of 350 MW was declared commercially operational on April 30, 2013. With this, the combined generation capacity of the GMR Group has reached 1836 MW.

The Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure is establishing the 4x350 MW GMR Kamalanga Energy Limited (GKEL) in two phases of 3x350 MW and 1x350 MW, respectively. Work on commissioning the third unit of 350 MW in the first phase is in advanced stages and is likely to be completed by August 2013. GKEL would supply power to Odisha, Bihar, Haryana and other parts of the country.

Speaking on the occasion, GKEL President R.V. Sheshan said, “GKEL is one of the largest GMR investments in the Energy sector. It is also one of the earliest private power projects to commence commercial operation in the state of Odisha. The fuel for the project will be supplied by Mahanadi Coalfields Limited and captive coal mine (Rampia) allocated by Government of India. After commissioning all the three units of 350 MW each in the first phase, we will begin work on the second and final phase of the project.”

About GMR Infrastructure Limited:

The Company is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 17 power generation assets of which 6 are operational and 11 are under various stages of implementation and 9 Road assets, of which 8 are operational and 1 is under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has also upgraded and is operating the Istanbul Sabiha Gökçen International Airport. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 21 locations.

GMR GROUP ANNOUNCES SUCCESSFUL CONCLUSION OF SALE OF GMR ENERGY (SINGAPORE) PRIVATE LIMITED (“GMRE”)

30th March, 2013: The GMR Group is pleased to announce the successful completion of the sale of its 70% interest in GMR Energy (Singapore) Pte Limited ("GMRE") to FPM Power Holdings Limited ("FPM Power") The transaction was concluded on 28th March, 2013, upon receipt of all necessary approvals, and realization of the total sales proceeds amounting to SGD 594.6 Mn (INR 26050.000 Millions).

This divestment of this stake results in a profit of SGD 314 Mn (INR 13760.000 Millions) and releases capital amounting to SGD 357 Mn (INR 15640.000 Millions).

FPM Power is a 60:40 Joint Venture established between First Pacific Company Limited ("First Pacific") and MERALCO Power Gen Corporation ("MPG"), a wholly-owned subsidiary of Manila Electric Company ("MERALCO").

Commenting on the successful completion of the transaction, Mr. G. M Rao, Group Chairman GMR Group said that "The receipt of the sales proceeds before the year end is significant and a testimony to the Group's Strategy for making profitable deals, by adopting the Asset Light Asset Right approach. The deal has been concluded in a record time of 4 weeks, since its announcement. It is also heartening to note the Group’s ability to attract investors and churn capital for the benefit of all its stake holders"

About GMR Infrastructure Limited:

The Company is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 16 power generation assets of which 6 are operational and 10 are under various stages of implementation and 9 Road assets, of which 8 are operational and 1 is under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has also upgraded and is operating the Istanbul Sabiha Gökçen International Airport. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 21 locations.

GMR ENERGY TO FLOAT RS 10000.000 MILLIONS PUBLIC OFFER

AUGUST 15, 2013

Company likely to file a draft red herring prospectus by month end

Bangalore-based GMR Infra is planning to raise equity by going in for an initial public offer of its power business, GMR Energy. It is in talks with investment bankers and is likely to file a draft red herring prospectus (DRHP) by the end of the month.

“The issue size can be anything in between Rs 10000.000-15000.000 Millions. It looks difficult but the company is trying to raise money,” said an official close to the development. The investment banks that are taking part in the deal are Merrill Lynch and Australian bank Macquarie.

To an e-mailed query on the development, GMR spokesperson said, “As a policy we do not comment on speculation.”

The timing of the issue could work against the company as the power sector is facing troubles like blocked payments from state electricity boards amongst others. The company said that they have been following with SEBs for their dues. “Past dues in Tamil Nadu Electricity Board (TNEB) reduced substantially with receipt of around Rs 6500.000 Millions during the current year,” the company said in its results press release, today.

GMR itself has two gas-based power projects with a capacity of 1,156 megawatt that has been affected due to lack of natural gas supply from the Krishna-Godavari basin.

“While the gas-based plants are still affected by lack of gas supply, the coal uncertainty has to some extent got mitigated through the Cabinet Committee on Economic Affairs (CCEA) directive and coal-based plants are being stabilised. We have signed the fuel supply agreement for EMCO’s Warora Plant, and operation with linkage coal has commenced. The other coal based plant at Kamalanga also got commissioned in the first quarter,” said G M Rao, the chairman of the company, commenting on its quarterly performance.

The power business of the company posted extended losses of Rs 3680.000 Millions for the first quarter ended June 2013. These losses expanded 13.6 times from Rs 270.000 Millions loss in the corresponding quarter, last year. It's earnings before interest, tax, depreciation and amortisation (EBIDTA) also slipped into the negative at Rs 760.000 Millions loss, as compared to Rs 107 in profits a year back.

If the company becomes successful in raising money via equity, this would be the third deal it would executing this year. It has already raised Rs 13760.000 Millions by selling its Singapore power plant to FPM Power Holdings in March this year. It also sold stake in its Jadcherla Expressways road project to SBI Macquarie for Rs 2060.00 Millions in February, this year.

GMR's energy business has an operating capacity of 1,836 megawatts. It also has a portfolio of more than 3,000 megawatts under development that includes five hydro power projects and four coal projects. It also includes a small wind project and a solar power project as well.

It also has two private equity investors in the company—Singapore-based Temasek which invested $200 million and IDFC Private Equity, which invested $100 million in two rounds of investments in 2010. These private equity deals are structured, that come with a caveat of compulsorily convertible into equity. The timeline of this equity conversion is believed to be ending in early 2014.

INVESTORS LED BY IDFC GROUP SIGN AGREEMENT TO INVEST INR 4650.000 MILLIONS IN GMR ENERGY

MUMBAI, JUNE 3, 2010:

GMR Energy Limited ("GEL") has signed a Shareholders’ Agreement to raise capital from Investors led by IDFC Group for its energy expansion plans. IDFC Private Equity steered this investment process. he IDFC Group and co-investors, Argonaut Ventures and Ascent Capital have signed a Shareholders’ greement to invest INR 4650.000 Millions into GEL. The funds from the IDFC Group-led investors will support the company in expanding its power generation capacity from 808MW to more than 6,500MW over the next few years. The company has already achieved financial closure and fuel linkages for GMR Kamalanga (1,050 MW capacity, which is being enhancedto 1400 MW and EPC contract for the expansion is finalised with SEPCO, China, who are also the EPC contractors for 1050 MW capacity) and Emco Energy (600MW). Several other projects are also in an advanced development stage.

Mr. G.M. Rao, GMR Group Chairman said, “We are extremely happy to have IDFC Group, Argonaut and Ascent as the shareholders of GEL. Our relationship with the IDFC Group has been sustained over time and we are confident that this relationship will continue to be amutually gratifying experience for both parties.”

Dr. Rajiv Lall, Managing Director and CEO of IDFC said, "The GMR Group is one of the most dynamic and capable infrastructure developers globally. We are glad to support the Group as it continues to build and deliver world class infrastructure on time." He further added that "The Indian power generation sector represents an attractive investment opportunity given the current supply-demand imbalance. GMR Energy Limited (GEL) has an experienced team, proven track record in implementing power projects and diversified fuels assured asset portfolio."

About GMR

GMR Group is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure. The Company has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has thirteen power projects of which three are operational and ten are under various stages of implementation and nine road rojects, of which six are operational and three are under development. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Group, besides operating and modernising the existing Delhi International Airport, is also building a brand new integrated terminal T3 which will be operational in July 2010. It has also built a new terminal, designed to handle 20 million passenger capacity, at the Istanbul Sabiha Gökçen International Airport in Turkey and is operating it successfully. The Group has also acquired a 50 percent stake in global power generation company InterGen NV, marking its foray into the global energy sector. The Group is also commited to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR

Varalakshmi Foundation (GMRVF).

About IDFC Group

Infrastructure Development Finance Company Limited ("IDFC") is one of India's largest infrastructure-focused financial institutions. It was established in 1997 with a mission to bring innovation to infrastructure finance and facilitate the growth of private participation in infrastructure developments in India. IDFC is capable of financing and servicing the entire value chain in this sector through the four pillars of its businesses, namely Project and Corporate Finance, Alternative Asset Management, Public Markets Asset Management and IDFC Foundation. IDFC has played an important role in facilitating private sector involvement in Indian infrastructure and has financed over 200 projects across core infrastructure sectors such as power, roads and telecommunications. IDFC Group has mobilized and committed over $ 5 billion in debt and $ 3 billion in equity to infrastructure companies and projects in India. IDFC has demonstrated strong financial performance over the last 5 years with profits after tax increasing ata CAGR of 28% to Rs.10620.000 Millions in FY 2010, net worth of Rs.68230.000 Millions, balance sheet size of approximately Rs.335000.000 Millions and market capitalization of approximately Rs.200000.000 Millions

About Argonaut Ventures

Argonaut is a USD 5.5 billion diversified global private equity fund with investments ranging from $1 million to $500 million and spanning such diverse markets as consumer electronics, specialty material s, telecommunications, drug discovery and delivery, medical devices, aviation and healthcare services. Argonaut's portfolio includes investments in the United States, China, Israel, India, Japan, Eastern Europe and Australia. Argonaut has invested over USD 350 million in India in private equity funds, public markets and private equity. Significant investments in India include Koutons Retail, City Union Bank, Shriram EPC, Federal Bank and VKL Spices.

About Ascent Capital Advisors India Private Limited

Ascent Capital Advisors India Private Limited is an independent investment entity formed by the erstwhile UTI Ventures team and focused on growth capital. Ascent Capital currently advises and manages ITVUS (Fund I), Ascent India Fund (Fund II) and Ascent India Fund III. With total assets under management of USD 600 million, significant investments in India include Consolidated Construction Consortium, Koutons, Ind Bharath and Shriram EPC.

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.62.70
UK Pound	1	Rs.100.27
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

(12.12)

(10.42)

(3.86)

(0.01)

0.81

0.11

INDEX OF CHARGES

Unit