MIRA INFORM REPORT

PRELIMINARY REPORT

Report Date :

05.08.2014

IDENTIFICATION DETAILS

Name :	COASTAL ENERGEN PRIVATE LIMITED (w.e.f.13.06.2007)
Formerly Known As :	COASTAL GUJARAT POWER COMPANY PRIVATE LIMITED
Registered Office :	No. 5, Moores Road, Chennai – 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.05.2006
Com. Reg. No.:	18-060009
Capital Investment / Paid-up Capital :	Rs. 414.060 Millions
CIN No.: [Company Identification No.]	U40102TN2006PTC060009
TAN No.: [Tax Deduction & Collection Account No.]	CHEC06959B
PAN No.: [Permanent Account No.]	AADCC0886G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of power projects, generation and distribution of power.
No. of Employees :	Not Available

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan : BB
Rating Explanation	Moderate risk of default
Date	May 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	No. 5, Moores Road, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-42964296
Fax No.:	Not Available
E-Mail :	balaji.nk@coastalenergen.com
Website :	http://www.coastalenergen.com
Corporate Office :	7^th Floor, Buhari Towers, 4 Moores Road, Chennai - 600006, Tamilnadu, India
Tel. No.:	91-44-42964296
Fax No.:	91-44-42964297
Branch 1 :	Coastal Energy Private Limited 202-207, Mahalaxmi Chambers, 22 Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-42114211
Fax No.:	91-22-23538567
Branch 2 :	Coastal Energy Private Limited 5th Floor, Buhari Towers, 4, Moores Road, Chennai - 600006, Tamilnadu, India
Tel. No.:	91-44-43974397
Fax No.:	91-44-28268316

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Mohammed Zafrulla Sheik

Designation :

Managing director

Address :

# 6, 4th Main Road, Vasanthanagar East, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

20.04.1949

Date of Appointment :

29.04.2008

PAN No.:

AAAPZ3491J

DIN No.:

00124515

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	U40102KA1996SGC020337	KPC BIDADI POWER CORPORATION LIMITED	Director	13/09/2002	13/09/2002	30/04/2007	Active	NO
2	U40102TN2006PTC060009	COASTAL ENERGEN PRIVATE LIMITED	Managing director	29/04/2008	29/04/2008	-	Active	NO

Name :

Raza Moosa

Designation :

Director

Address :

C-134, Sector 26, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

27.02.1937

Date of Appointment :

29.04.2008

PAN No.:

AACPR5727M

DIN No.:

00145345

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	Company/ LLP Status	Defaulting status
1	U66020MH1995PLC095507	IL & FS TRUST COMPANY LIMITED	Director	29/03/1996	29/03/1996	Active	NO
2	L17120MH1958PLC011045	NIRLON LIMITED	Director	28/10/2006	18/07/1996	Active	NO
3	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	18/08/1998	18/08/1998	Active	NO
4	U74140DL1998PTC096670	MANAGEMENT OPTIONS FOR VALUE ENHANCEMENT PRIVATE LIMITED	Director	14/10/1998	14/10/1998	Active	NO
5	U40102TN2006PTC060009	COASTAL ENERGEN PRIVATE LIMITED	Director	29/04/2008	29/04/2008	Active	NO

Name :

Mr. Ahamed Rahman Buhari

Designation :

Director

Address :

8, Subba Rao Avenue, III Street, Chennai - 600006, Tamilnadu, India

Date of Birth/Age :

20.01.1999

Date of Appointment :

29.05.2006

PAN No.:

AADPB9742P

DIN No.:

00211221

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	U45201TN1989PTC017001	BUHARI HOLDINGS PRIVATE LIMITED	Director	08/03/1989	08/03/1989	-	Active	NO
2	U52599TN1997PTC037547	COASTAL ENERGY PRIVATE LIMITED	Managing director	18/02/1997	18/02/1997	-	Active	NO
3	U65110TN1964PTC005251	BHARI INDUSTRIAL PROMOTERS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	21/07/2010	Active	NO
4	U63090TN1994PTC029438	SEAPORT LOGISTICS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	06/02/2006	Active	NO
5	U51102TN1995PLC031016	EAST COAST CONSTRUCTIONS AND INDUSTRIES LIMITED	Director	27/01/2005	27/01/2005	07/03/2011	Active	NO
6	U40102TN2006PTC060008	COASTAL GUJARAT POWERGEN PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Amalgamated	NO
7	U40102TN2006PTC060009	COASTAL ENERGEN PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
8	U40101TN2006PTC060071	COASTAL GUJARAT POWER GENCO PRIVATE LIMITED	Director	02/06/2006	02/06/2006	-	Active	NO
9	U65993TN2010PTC076110	BUHARI AUTO HOLDINGS PRIVATE LIMITED	Director	11/06/2010	11/06/2010	-	Active	NO

Name :

Sen Pradip Kumar

Designation :

Director

Address :

4B, Mayapuri Kamadhenu Apartment, 13/8, Binny Road, Poes Garden, Chennai - 600086, Tamilnadu, India

Date of Birth/Age :

25.12.1934

Date of Appointment :

29.04.2008

PAN No.:

AMXPS5053L

DIN No.:

02242421

KEY EXECUTIVES

Name :	N. K. Balaji
Designation :	Secretary
Address :	New No 9, Cenotaph 1st Lane, Teynampet, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	28.04.1968
Date of Appointment :	28.12.2008
PAN No.:	AELPB8556R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Ahmed Rahman Buhari (on behalf of Mutiara Energy holdings)	7
Mutiara Energy Holdings, Mauritius	41405980
Khalid Al Rostamani (on behalf of Mutiara Energy holdings)	3
Total	41405990

AS ON 04.11.2011

Names of Allottees	No. of Shares
Precious Energy Holdings Limited, Dubai	11980730
Total	11980730

AS ON 11.09.2012

Names of Allottees	No. of Shares
Precious Energy Holdings Limited, Dubai	10846567
Mutiara Energy Holdings, Mauritius	1009676
Total	11856243

AS ON 23.02.2012

Names of Allottees	No. of Shares
Precious Energy Holdings Limited, Dubai	5665690
Total	5665690

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of power projects, generation and distribution of power.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Tamilnad Mercantile Bank Limited, Tamilnadu Mercantile Bank Limited, 4 TTK Road, Royapettah, Chennai – 600014, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	4909.439	1994.777
Other debt secured	5519.987	1707.649
Total	10429.426	3702.426

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-39146000
Income-tax PAN of auditor or auditor's firm :	AAIFB7357B
Holding Company :	Mutiara Energy Holdings, Mauritius
Ultimate Holding company :	Precious Energy Holdings BVI
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ø Coastal Energy Private Limited [U52599TN1997PTC037547] Ø Coastal Gujarat Power Genco Private Limited [U40101TN2006PTC060071] Ø East Coast Constructions And Industries Limited [U51102TN1995PLC031016] Ø Coal and Oil LLC, UAE Ø Buhari Facility Management Private Limited Ø Buhari Estate Company Ø Buhari Holdings Private Limited [U45201TN1989PTC017001]

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital : Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 748.019 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90,000,000	Equity Shares	Rs. 10/- each	Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41,405,990	Equity Shares	Rs.10/- each	Rs. 414.060 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		414.060	294.470	200.060
2] Share Application Money		428.263	0.048	0.000
3] Reserves & Surplus		4139.599	2943.700	1999.600
4] (Accumulated Losses)		(153.521)	(37.243)	0.000
NETWORTH		4828.401	3200.975	2199.660
LOAN FUNDS
1] Secured Loans		10429.426	3702.426	2.342
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		10429.426	3702.426	2.342
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15257.827	6903.401	2202.002
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1711.559	1524.726	1305.258
Capital work-in-progress		14113.577	5082.479	339.648
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	150.397	142.673	533.045
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	151.887	64.627	11.127
Total Current Assets		302.284	207.300	544.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	994.683	81.297	56.362
	Other Current Liabilities	57.509	23.950	3.087
	Provisions	6.560	2.659	0.000
Total Current Liabilities		1058.752	107.906	59.449
Net Current Assets		(756.468)	99.394	484.723
MISCELLANEOUS EXPENSES		189.159	196.802	72.373
TOTAL		15257.827	6903.401	2202.002

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		0.000
		Other Income		70.817
		TOTAL	N.A.	70.817	N.A.
Less	EXPENSES
		Personnel Cost		8.528
		Operating and Other Expenses		36.546
		TOTAL	N.A.	45.074	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			25.743
Less	FINANCIAL EXPENSES			11.783
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			13.960
Less/ Add	DEPRECIATION/ AMORTISATION			1.595
	PRIOR PERIOD EXPENSES			49.608
	PROFIT BEFORE TAX		N.A.	(37.243)	N.A.
Less	TAX		N.A.	0.000	N.A.
	PROFIT AFTER TAX		N.A.	(37.243)	N.A.
	BALANCE CARRIED TO THE B/S		N.A.	(37.243)	N.A.
	Earnings Per Share (Rs.)		N.A.	(1.54)	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	(52.59)	N.A.
Net Profit Margin (PBT/Sales)	(%)	N.A.	(0.00)	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	(2.15)	N.A.
Return on Investment (ROI) (PBT/Networth)		N.A.	(0.01)	N.A.
Debt Equity Ratio (Total Liability/Networth)		2.38	1.19	0.03
Current Ratio (Current Asset/Current Liability)		0.29	1.92	9.15

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 one year	Yes
12]	Profitability for last one year	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND:

Coastal Energen Private Limited (or the Company) was incorporated on May 29, 2006. The Company has been set up to carry on the business of power projects, generation and distribution of power. The Company is in the process of setting up a 1200 Mega Watt (MW) thermal based power plant at Tuticorin district, Tamil Nadu.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40102TN2006PTC060009
Name of the company	COASTAL ENERGEN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 5, Moores Road, Chennai – 600006, Tamilnadu, India Email: balaji.nk@coastalenergen.com
This form is for	Creation of charge
Type of charge	Uncalled share capital Immovable property Any interest in immovable property Book Debts Movable Property Others (As Per Memorandum of Sanction)
Particular of charge holder	Tamilnad Mercantile Bank Limited, Tamilnadu Mercantile Bank Limited, 4 TTK Road, Royapettah, Chennai – 600014, Tamilnadu, India Email: chennai_ttk_road@tmbonline.com
Nature of description of the instrument creating or modifying the charge	Sanction letter from Tamilnad Mercantile Bank Limited for additional term loan of Rs. 476.600 Millions.
Date of instrument Creating the charge	05.11.2012
Amount secured by the charge	Rs. 476.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest SBI base rate (floating) + spread 3.5% with monthly rests present effective rate =13.5% p.a. Terms of Repayment Repayable in 44 qly instalments with a moratorium of 6 months from the revised project COD. Repayment shall commence from 31/12/2013. Margin Infusion of 25% of the additional equity capital upfront Extent and Operation of the charge security shall rank pari passu 1st charge for senior RTL,BG Limits, Working Capital Limits and derivative limits and pari passu 2nd charge for sub-ordinate debt Others As per memorandum
Short particulars of the property charged	Project's book debts, operating cash flows, receivables, commissions, revenues, intangibles, goodwill, uncalled capital Right, title interest, benefits, claims and demands whatsoever of the company on all major project documents. Project's LC/ Escrow Account, TRA, DSRA pledge of 51% of shares of the company.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Leasehold Improvements

Ø Plant and Machinery

Ø Office Equipments

Ø Furniture and Fixture

Ø Computers

Ø Vehicles

Ø Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.02
UK Pound	1	Rs.102.69
Euro	1	Rs.81.91

INFORMATION DETAILS

Report Prepared by :

NKT

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.