MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	DAKSHINANCHAL VIDYUT VITRAN NIGAM LIMITED
Registered Office :	Urja Bhawan, Agra-Mathura, By Pass Road, Agra – 282007, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.05.2003
Com. Reg. No.:	20-027460
Capital Investment / Paid-up Capital :	Rs. 19463.774 Millions
CIN No.: [Company Identification No.]	U31200UP2003SGC027460
TAN No.: [Tax Deduction & Collection Account No.]	AGRD11076C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Power.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The financial for the year 2012 and 2013 could not be made available from the government department. As per available financial 2011, there incurred loss recorded by the company. However, trade relation are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Arun Kumar Saxena
Designation :	Superintending Engineer
Contact No.:	91-9412748112
Date :	03.04.2014

LOCATIONS

Registered Office :	Urja Bhawan, Agra-Mathura, By Pass Road, Agra – 282007, Uttar Pradesh, India
Tel. No. :	Not Available
Mobile No. :	91-9412748112 (Mr. Arun Kumar Saxena)
Fax No. :	Not Available
E-Mail :	nirbhaymittal@rediffmail.com icamumbai@gmail.com gmfagradwnl@gmail.com
Website :
Branch Office :	Located At · Agra Mathura Mainpuri Aligarh Hathras Etawah Etah Farrukhabad Firozabad Kanpur City Kanpur rural Banda Jhansi Kannauj Auraiya Jalaun Urai Hamirpur Mahoba Lalitpur Chitrakoot Kanshiram Nagar

DIRECTORS

As on 20.09.2011

Name :

Mr. Suresh Kumar Agarwal

Designation :

Nominee director

Address :

155, Ravindrapalli, Indiranagar, Lucknow ‐ 226016, Uttar Pradesh, India

Date of Birth/Age :

02.07.1954

Date of Appointment :

09.01.2009

DIN No. :

01320750

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	U31901UP1985SGC007135	U.P. JAL VIDYUT NIGAM LIMITED.	Director	23/04/2009	06/04/2002	-	Active	NO
2	U40101UP1980SGC005065	UTTAR PRADESH RAJYA VIDYUT UTPADAN NIGAM LIMITED	Nominee director	24/04/2009	06/04/2002	13/05/2013	Active	NO
3	U40105UP1999SGC024626	KANPUR ELECTRICITY SUPPLY COMPANY LIMITED	Nominee director	04/03/2009	06/04/2002	-	Active	NO
4	U32201UP1999SGC024928	UTTAR PRADESH POWER CORPORATION LIMITED	Whole-time director	09/01/2009	06/04/2002	-	Active	NO
5	U31200UP2003SGC027460	DAKSHINANCHAL VIDYUT VITRAN NIGAM LIMITED	Nominee director	09/01/2009	01/05/2003	-	Active	NO
6	U31200UP2003SGC027459	MADHYANCHAL VIDYUT VITRAN NIGAM LIMITED	Nominee director	09/01/2009	01/05/2003	-	Active	NO
7	U31200UP2003SGC027461	PURVANCHAL VIDYUT VITRAN NIGAM LIMITED	Nominee director	09/01/2009	01/05/2003	-	Active	NO
8	U31200UP2003SGC027458	PASHCHIMANCHAL VIDYUT VITRAN NIGAM LIMITED	Nominee director	09/01/2009	01/05/2003	-	Active	NO
9	U40101UP2004SGC028687	U.P. POWER TRANSMISSION CORPORATION LIMITED	Whole-time director	05/12/2011	31/05/2004	-	Active	NO
10	U40102MH2006PLC190557	SASAN POWER LIMITED	Director	09/09/2006	09/09/2006	07/08/2007	Active	NO
11	U40101UP2007SGC032835	PRAYAGRAJ POWER GENERATION COMPANY LIMITED	Additional director	25/02/2009	12/02/2007	23/07/2009	Active	NO
12	U40102UP2007PLC032843	SANGAM POWER GENERATION COMPANY LIMITED	Additional director	25/02/2009	13/02/2007	23/07/2009	Active	NO
13	U40101UP2007PLC032855	SONEBHADRA POWER GENERATION COMPANY LIMITED	Additional director	25/02/2009	14/02/2007	-	Active	NO
14	U74999MH2007GOI236427	JHARKHAND INTEGRATED POWER LIMITED	Additional director	19/03/2007	19/03/2007	23/10/2007	Active	NO
15	U40108UP2009PLC038148	LALITPUR POWER GENERATION COMPANY LIMITED	Nominee director	04/09/2009	04/09/2009	10/12/2010	Active	NO
16	U40102UP2009SGC038142	JAWAHARPUR VIDYUT UTPADAN NIGAM LIMITED	Nominee director	04/09/2009	04/09/2009	-	Active	NO
17	U40105UP2009PLC038219	WESTERN U. P. POWER TRANSMISSION COMPANY LIMITED	Nominee director	11/09/2009	11/09/2009	29/09/2011	Active	NO
18	U40105UP2009PTC038216	SOUTH EAST U. P. POWER TRANSMISSION COMPANY LIMITED	Nominee director	11/09/2009	11/09/2009	16/12/2011	Active	NO
19	U40300UP2010SGC040291	YAMUNA POWER GENERATION COMPANY LIMITED	Nominee director	20/04/2010	20/04/2010	-	Active	NO
20	U74900DL2008PTC176247	MEJA URJA NIGAM PRIVATE LIMITED	Nominee director	06/03/2012	06/03/2012	29/05/2013	Active	NO
21	U40300UP2012GOI053569	NEYVELI UTTAR PRADESH POWER LIMITED	Director	09/11/2012	09/11/2012	22/02/2013	Active	NO
22	U40300UP2013SGC058892	SOUTHERN-UP POWER TRANSMISSION COMPANY LIMITED	Nominee director	08/08/2013	08/08/2013	-	Active	NO

Name :

Mr. Prabhu M. Singh

Designation :

Director

Name :

Mr. Tanjveer Singh Solanki

Designation :

Director

Name :

Mr. Saroj Kumar Mishra

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Arun Kumar Saxena
Designation :	Superintending Engineer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
U.P. Power Corporation Limited, India	3700190
Navneet Sehgal	200
A K Agarwal	50
H C Singh	50
Arun	50
Drupad Prasad	50
Kripal Singh	50
Pradeep Shukla	50
Total	3700690

As on 20.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government companies	99.98
Directors or relatives of Directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Power.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

· Bank of Baroda

Punjab National Bank

State Bank of India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
TERM LOANS
FINANCIAL INSTITUTIONS
Power Finance Corporation Limited (Secured against hypothecation of Lines and substations etc. under APDRP Scheme and against receivables of specified receipt accounts through escrow arrangements)	2955.964	2159.168
Rural Electrification Corporation Limited (Secured against hypothecation of current assets, hypothecation of assets to be created under APDRP Scheme and against receivables of specified receipt accounts through escrow arrangements)	1639.433	1204.267
WORKING CAPITAL LOAN
Power Finance Corporation Limited (Secured against receivables of specified receipt accounts through escrow arrangement)	0.000	3839.763
Rural Electrification Corporation Limited (Secured against charge of current assets and receivables of specified receipt accounts through escrow arrangement)	4621.212	4378.788
Total	9216.609	11582.006

Banking Relations :	--
Financial Institution:	· Rural Electrification Corporation Limited, Core 4scope Complex, 7 Lodi Road, New Delhi - 110003, India Power Finance Corporation Limited, 'Urjanidhi', 1,Barakhamba Lane, Connaught Place, New Delhi - 110001, India
Auditors :
Name :	U.K.Jain and Company Chartered Accountants
Address :	B-623, Kamla Nagar, Agra – 282004, Uttar Pradesh, India
Income-tax PAN of auditor or auditor's firm :	ABFPJ5480K

CAPITAL STRUCTURE

As on 13.09.2012

Authorised Capital : Rs. 40000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 19463.774 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40,000,000	Equity Shares	Rs.1000/- each	Rs. 40000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,700,690	Equity Shares	Rs.1000/- each	Rs. 3700.690 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3700.690	3700.690	3700.690
2] Share Application Money		19449.181	15763.084	11214.437
3] Reserves & Surplus		7553.384	7000.245	6014.153
4] (Accumulated Losses)		(74582.153)	(61366.936)	(48144.002)
NETWORTH		(43878.898)	(34902.917)	(27214.722)
LOAN FUNDS
1] Secured Loans		9216.609	11582.006	7840.027
2] Unsecured Loans		4372.894	3569.699	3331.924
TOTAL BORROWING		13589.503	15151.705	11171.951
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(30289.395)	(19751.212)	(16042.771)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25030.620	17954.463	14930.352
Capital work-in-progress		4810.412	6162.527	5954.358
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5316.222	3075.335	2750.337
	Sundry Debtors	26236.948	18427.119	15408.484
	Cash & Bank Balances	4398.101	4639.908	3194.432
	Other Current Assets	522.267	519.707	496.298
	Loans & Advances	57.785	62.597	79.619
	Inter Unit Transfer	4917.514	5079.594	5772.636
Total Current Assets		41448.837	31804.260	27701.806
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3076.642	3111.503	2966.586
	Other Current Liabilities	98502.622	72560.957	61662.701
	Provisions	0.000	0.000	0.000
Total Current Liabilities		101579.264	75672.460	64629.287
Net Current Assets		(60130.427)	(43868.202)	(36927.481)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(30289.395)	(19751.212)	(16042.771)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	30920.025	25683.163	21529.111
		Energy Internally Consumed	250.693	155.026	123.164
		Revenue Subsidies and Grants	3641.600	3445.757	2968.200
		Other Income	1628.741	1127.363	753.001
		TOTAL (A)	36441.059	30411.309	25373.476
Less	EXPENSES
		Purchase of Power	44833.608	35868.006	30476.312
		Repairs and Maintenance Expenses	2091.160	1810.269	1501.740
		Employee Cost	1509.078	1527.003	897.949
		Administrative, General and Other Expenses	434.918	307.969	218.403
		Provision for Bad and Doubtful Debts	439.148	259.855	95.590
		Net Prior Period Income/ (Expenditure)	(2619.217)	857.821	(620.813)
		Loss of Materials written off	0.389	0.000	0.000
		TOTAL (B)	46689.084	40630.923	32569.181
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(10248.025)	(10219.614)	(7195.705)
Less	FINANCIAL EXPENSES (D)		1690.440	1375.476	1421.456
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(11938.465)	(11595.090)	(8617.161)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1276.752	1627.844	1375.808
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(13215.217)	(13222.934)	(9992.969)
Less	TAX (H)		61366.936	48144.002	38151.033
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(74582.153)	(61366.936)	(48144.002)
	Earnings / (Loss) Per Share (Rs.)		(3571.00)	(3573.00)	(2701.00)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(204.67)	(201.80)	(189.74)
Net Profit Margin (PBT/Sales)	(%)	(42.74)	(51.48)	(46.42)
Return on Total Assets (PBT/Total Assets}	(%)	(19.88)	(26.57)	(23.44)
Return on Investment (ROI) (PBT/Networth)		0.30	0.38	0.37
Debt Equity Ratio (Total Debt/Networth)		(0.31)	(0.43)	(0.37)
Current Ratio (Current Asset/Current Liability)		0.41	0.42	0.43

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3700.69	3700.69	3700.69
Share Application Money	11214.437	15763.084	19449.181
Reserves & Surplus	6014.153	7000.245	7553.384
(Accumulated Losses)	(48144.002)	(61366.936)	(74582.153)
Net worth	(27214.722)	(34902.917)	(43878.898)
Secured Loans	7840.027	11582.006	9216.609
Unsecured Loans	3331.924	3569.699	4372.894
Total borrowings	11171.951	15151.705	13589.503
Debt/Equity ratio	0.749	0.778	0.587

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	21529.111	25683.163	30920.025
		19.295	20.390

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	21529.111	25683.163	30920.025
Profit	(48144.002)	(61366.936)	(74582.153)
	(223.62%)	(238.94%)	(241.21%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10486969	28/03/2014	3,871,359,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	C01173202
2	10468506	16/12/2013	1,114,155,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	B92849116
3	10378880	18/09/2012	463,500,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B59021626
4	10378882	18/09/2012	1,290,500,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B59022434
5	10369640	07/08/2012	4,018,560,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	B45360526
6	10346691	23/03/2012	750,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	B36703288
7	10304966	18/08/2011	500,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	B19939230
8	10291484	31/05/2011	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	B14745624
9	10271093	16/03/2011	1,339,500,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B07971385
10	10262336	17/01/2011	855,817,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	B04460093
11	10248550	22/10/2010	1,299,500,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A97817936
12	10243616	24/09/2010	1,161,482,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A96250956
13	10213029	30/03/2010	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A83550905
14	10201521	24/02/2010	500,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A79265989
15	10194034	23/12/2009	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A76291863
16	10189719	17/12/2009	1,000,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A74905787
17	10186199	28/10/2009	912,300,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A73528804
18	10174802	20/08/2009	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A69334373
19	10162129	20/06/2009	970,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A63880835
20	10165489	15/06/2009	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A65178097
21	10126012	28/08/2008	1,500,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A48358709
22	10114260	12/07/2008	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A42481879
23	10075286	28/09/2007	931,100,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A26621565
24	10314483	22/06/2007	1,000,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A21673975
25	10314485	18/09/2006	200,475,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A27916220
26	10314486	18/09/2006	249,950,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A29591039
27	80016966	11/10/2006 *	165,300,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	-
28	80016965	31/08/2007 *	220,100,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A25188350
29	80016963	31/08/2007 *	277,300,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A25189663
30	80016964	31/08/2007 *	457,125,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A25189150
31	80016962	31/08/2007 *	1,354,525,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A25187014
32	10314484	18/01/2006	499,900,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	A27915677
33	80054620	21/12/2005	1,000,000,000.00	RURAL ELECTRIFICATION CORP LIMITED	LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
TERM LOANS
Govt. of U.P. (T/ Scheme)	25.000	25.000
Govt. of U.P. (APDRP)	457.285	457.285
Govt. of U.P. (World Bank)	403.271	403.271
FINANCIAL INSTITUTIONS
REC (T/Scheme)	1751.080	1880.822
REC (By UPPCL) (Guaranteed by Govt. of UP)	0.000	27.753
Interest accrued and due	177.334	0.000
PFC (T/Scheme)	73.791	92.539
PFC (By UPPCL)	0.000	14.505
MISCELLANEOUS INSTITUTIONS
Hundco Loans	1473.603	645.525
U.P. State Industrial Development Corporation Limited	0.054	0.054
Housing Development Finance Corporation Limited	0.007	0.007
National Capital Region Planning Board (Guaranteed by Govt. of UP)	11.459	22.938
Total	4372.894	3569.699

FINANCIAL RESULTS

The accumulated losses carried over up to previous year 2009-10 was Rs. 61366.900 Millions and with increase in loss during the year the total accumulated losses has reached to Rs. 74582.200 Millions.

The Distribution Losses during the period are approx. 20.86% (Previous Period 31.78%).

The company has taken the following steps for reducing the losses in future.

Laying of Aerial Bunched Conductor Specially in thickly populated and theft prone area,

Change of Mechanical Meters with Electronic Meters,

MRI based billing and analysis of consumers having load of 10 KVA and above.

The Gross Income of the company during the period was Rs. 3641.100 Millions (Previous period Rs. 30411.300 Millions).

Net loss during the period is Rs. 13215.200 Millions (Previous period Rs. 13222.900 Millions).

FIXED ASSETS

· Land and Land Rights

Buildings

Plant and Machinery

Lines, Cables, etc.

Furniture and Fixtures

Office Equipment’s

Jeep and Motor Car

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 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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	MRI

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	3
--PROFITABILIRY	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.