MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	MEENAKSHI ENERGY PRIVATE LIMITED (w.e.f 21.06.2007)
Formerly Known As :	VIKAS POWER PRIVATE LIMITED
Registered Office :	Meenakshi, Plot No. 119 , Road No. 10, Jubilee Hills, Hyderabad – 500033, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.08.1996
Com. Reg. No.:	01-54239
Capital Investment / Paid-up Capital :	Rs. 7609.036 Millions
CIN No.: [Company Identification No.]	U40101TG1996PTC054239
TAN No.: [Tax Deduction & Collection Account No.]	HYPV05554D
PAN No.: [Permanent Account No.]	AAACV8814G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Power generation.
No. of Employees :	Not Divulged

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 22670000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of some accumulated losses recorded by the company and huge borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING
Rating	Bank Loan: “BBB-”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	May, 2014

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Srinivasa Rao
Designation :	Accounts Department
Contact No.:	91-40-67331359
Date :	22.12.2014

LOCATIONS

Registered Office :	Meenakshi, Plot No. 119 , Road No. 10, Jubilee Hills, Hyderabad – 500033, Telangana, India
Tel. No.:	91-40-67331234/ 23358111 /222/ 333
Fax No.:	91-40-67331376/ 23351133/ 1530
E-Mail :	mepl@meenakshienergy.com sketineni@meenakshienergy.com info@meenakshigroup.com
Website :	www.meenakshiebergy.com
Site Office:	Thamminapatnam (V), Chillakur (M), SPSR, Nellore – 524003, Andhra Pradesh, India
Tel. No.:	91-8624-213388
Fax No.:	91-8624-213199
E-Mail:	mepl@meenakshienergy.com

DIRECTORS

As on 27.09.2013

Name :

Mr. Devineni Suresh

Designation :

Managing Director

Address :

8-2-401-C-1, Plot No.20, Road No.4, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India

Date of Birth/Age :

16.09.1956

Qualification :

B.Com

Experience :

34 Years

Date of Appointment :

24.06.2014

PAN No. :

ACSPD2829C

DIN No. :

00202605

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	U45200TG1989PTC010073	SRI DURGA ESTATES PRIVATE LIMITED	Managing director	01-06-1989	01-06-1989	-	Active	NO
2	U74140TG1996PTC025407	SDE ENGINEERS PRIVATE LIMITED	Managing director	07-10-1996	07-10-1996	-	Active	NO
3	U85110AP1992PLC014728	QUALITY CARE INDIA LIMITED	Director	30-09-2014	16-06-1997	-	Active	NO
4	U72200TG2000PTC034566	SDE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	02-06-2000	02-06-2000	-	Active	NO
5	U45200TG2000PTC034645	MCC PROJECTS PRIVATE LIMITED	Director	29-09-2001	29-09-2001	-	Active	NO
6	U40109TG1999PTC031814	MEENAKSHI POWER Private Limited	Director	28-09-2002	28-09-2002	-	Active	NO
7	U51500TG1997PTC027459	WHITELINE TRADING PRIVATE LIMITED	Director	30-06-2003	30-06-2003	-	Active	NO
8	U45200TG2004PTC043603	MEENAKSHI INFRASTRUCTURES PRIVATE LIMITED	Director	07-07-2004	07-07-2004	-	Active	NO
9	U40109TG1999PTC032420	MEENAKSHI ODISHA POWER PRIVATE LIMITED	Director	01-12-2004	01-12-2004	-	Active	NO
10	U40101TG1996PTC054239	MEENAKSHI ENERGY PRIVATE LIMITED	Director	24-06-2014	15-04-2006	-	Active	NO
11	U45203TG2006PTC050284	MALAXMI HIGHWAY PRIVATE LIMITED	Director	27-09-2007	26-06-2006	-	Active	NO
12	U70102TG2006PTC052128	PUJITHA AVENUES (INDIA) PRIVATE LIMITED	Director	03-01-2007	03-01-2007	-	Active	NO
13	U45200TG2006PTC052164	VENKAT CONSTRUCTIONS PRIVATE LIMITED	Director	03-01-2007	03-01-2007	-	Active	NO
14	U70102TG2007PTC052775	HEMANTH AVENUES PRIVATE LIMITED	Director	14-02-2007	14-02-2007	-	Active	NO
15	U40100TG1993PTC016204	KINNERA POWER COMPANY PRIVATE LIMITED	Director	26-07-2007	24-03-2007	-	Active	NO
16	U45209DL2008PTC211165	MEENAKSHI ENERGY AND INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	07-05-2008	07-05-2008	-	Active	NO
17	U11100DL2008PTC249646	SUNAM POWER PRIVATE LIMITED	Director	25-09-2009	25-06-2008	30-07-2011	Active	NO
18	U45200TG2009PTC063546	SDE PROPERTIES PRIVATE LIMITED	Director	05-05-2009	05-05-2009	07-10-2011	Active	NO
19	U45201TG1999PTC033025	PATHI BUILDERS PRIVATE LIMITED	Director	30-09-2009	01-08-2009	-	Active	NO
20	U45201TG1999PTC033026	AARUDRA BUILDERS PRIVATE LIMITED	Director	30-09-2009	01-08-2009	-	Active	NO
21	U40108TG2009PTC065624	KRISHNA GODAVARI COASTAL ENERGY PRIVATE LIMITED	Director	26-10-2009	26-10-2009	-	Active	NO
22	U40107DL2010PTC200802	SDE ENERGY AND INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	26-03-2010	26-03-2010	06-11-2011	Active	NO
23	U67100TG2010PTC067762	MEENAKSHI VENTURES AND HOLDINGS INDIA PRIVATE LIMITED	Director	29-09-2011	30-07-2010	-	Active	NO
24	U45302TG2007PTC053973	MEENAKSHI PROJECTS (INDIA) PRIVATE LIMITED	Director	30-09-2010	30-07-2010	-	Active	NO
25	U80901TG2010NPL071786	ETHICAL EDUCATION AND ENERGY SOLUTIONS	Director	21-12-2010	21-12-2010	-	Active	NO
26	U93000DL2010PTC200119	MENTORS MARKETING PRIVATE LIMITED	Director	01-02-2011	01-02-2011	20-06-2011	Active	NO
27	U40108TG2010PTC069810	MEENAKSHI ARUNACHAL POWER PRIVATE LIMITED	Director	28-09-2012	28-09-2012	-	Active	NO
28	U40101TG2010PTC068598	MEENAKSHI HYDRO POWER PRIVATE LIMITED	Director	28-09-2012	28-09-2012	-	Active	NO
29	U40101TG2010PTC068538	MEENAKSHI NORTH EAST POWER PRIVATE LIMITED	Director	28-09-2012	28-09-2012	-	Active	NO
30	U40300TG2010PTC069819	MEENAKSHI SIANG VALLEY POWER PRIVATE LIMITED	Director	28-09-2012	28-09-2012	-	Active	NO
31	U40108TG2010PTC070297	MEENAKSHI SOLAR POWER PRIVATE LIMITED	Director	28-09-2012	28-09-2012	-	Active	NO

Name :

Mr. Bhaskara Rao N S Palakurty

Designation :

Director

Address :

6-3-347/25/102a, A-102, Dwarakapuri Colony, Khairatabad, Hyderabad - 500082, Andhra Pradesh, India

Date of Birth/Age :

10.02.1949

Date of Appointment :

26.08.2011

PAN No. :

AAFPB8823R

DIN No. :

03207319

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
1	U45209DL2008PTC211165	MEENAKSHI ENERGY AND INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	06-09-2010	02-08-2010	Active
2	U40101TG1996PTC054239	MEENAKSHI ENERGY PRIVATE LIMITED	Director	26-08-2011	18-08-2010	Active

Name :

Mr. Baburaj Poyilikavil

Designation :

Nominee Director

Address :

12-B, First Floor, Dda Mig Flats, Sheikh Sarai, Phase- I, New Delhi - 110017, India

Date of Birth/Age :

17.05.1962

Date of Appointment :

12.11.2010

DIN No. :

03299857

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	U40101TG1996PTC054239	MEENAKSHI ENERGY PRIVATE LIMITED	Nominee director	12-11-2010	12-11-2010	Active	NO
2	U40109TG2005PLC047917	SAI WARDHA POWER LIMITED	Nominee director	14-06-2012	14-06-2012	Active	NO
3	U40300DL2014GOI269918	GADARWARA (A) TRANSCO LIMITED	Director	05-08-2014	05-08-2014	Active	NO

Name :

Mr. Shankar Krishnamoorthy

Designation :

Director

Address :

26th Floor, M Thai Towers, All Seasons Place, 87, Wireless Road, Lumpini, Bangkok, 10330, Thailand

Date of Appointment :

16.12.2013

DIN No. :

01090061

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	U14105KA1997PTC022340	GDF SUEZ ENERGY INDIA PRIVATE LIMITED	Director	10-09-2013	02-05-1998	04-02-2014	Active	NO
2	U40101TG1996PTC054239	MEENAKSHI ENERGY PRIVATE LIMITED	Director	16-12-2013	16-12-2013	-	Active	NO

Name :

Guy Marie Numa Joseph Richelle

Designation :

Director

Address :

88/9 The Tree Sathorn, Soi Meksawat, Chong Nonsi, Yannawa, Bangkok, 10120, Thailand

Date of Appointment :

16.12.2013

DIN No. :

01891827

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	U14105KA1997PTC022340	GDF SUEZ ENERGY INDIA PRIVATE LIMITED	Additional director	29-09-2007	31-05-2007	19-05-2011	Active	NO
2	U40101TG1996PTC054239	MEENAKSHI ENERGY PRIVATE LIMITED	Director	16-12-2013	16-12-2013	-	Active	NO

Name :

Jaideep Singh Sandhu

Designation :

Director

Address :

Villa-5, Street 1, Arabian Ranches, Dubai, 66235, United Arab Emirates

Date of Appointment :

16.12.2013

DIN No. :

06734175

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	U40101TG1996PTC054239	MEENAKSHI ENERGY PRIVATE LIMITED	Director	16-12-2013	16-12-2013	Active	NO
2	U14105KA1997PTC022340	GDF SUEZ ENERGY INDIA PRIVATE LIMITED	Director	25-08-2014	04-02-2014	Active	NO
3	U40106DL2013FTC255091	GDF SUEZ SALES INDIA PRIVATE LIMITED	Director	26-09-2014	03-03-2014	Active	NO

Name :

Mario Paolo Antonio Savastano

Designation :

Director

Address :

Villa 75, 375 Al Barshaa Third, Dubai, 66235, United Arab Emirates

Date of Appointment :

16.12.2013

DIN No. :

06734181

Name :

Malcolm Peter Clampin

Designation :

Director

Address :

Villa 5, Sheikha Fawzia Compound, Al Saada Street, Abu Dhabi, 45810, United Arab Emirates

Date of Appointment :

16.12.2013

DIN No. :

06734601

Name :

Lucas Lambert August Wilhelmus Hautvast

Designation :

Additional director

Address :

Villa-1, 356-Umm Suqeim First, Dubai, 66235, United Arab Emirates

Date of Appointment :

23.09.2014

DIN No. :

06904828

KEY EXECUTIVES

Name :	K Sambasiva Rao
Designation :	Secretary
Address :	8-3-825/5/5, Yellareddy Guda, Hyderabad - 500073, Andhra Pradesh, Indias
Date of Birth/Age :	15.07.1960
Date of Appointment :	30.12.2009
PAN No. :	AENPK9911P
Name :	Mr. Srinivasa Rao
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Equity Shareholders	No. of Equity Shares
Devineni Suresh	100
Meenakshi Energy and Infrastructure Holdings Private Limited, India	431427059
PTC India Financial Services Limited, India	127558325
IFCI Limited, India	159400307
Total	718385791

Names of Preference Shareholders	No. of Equity Shares
Meenakshi Energy and Infrastructure Holdings Private Limited, India	11117841
Total	11117841

As on 05.11.2013

Names of Allottees	No. of Equity Shares
Meenakshi Energy and Infrastructure Holdings Private Limited, India	11117841
Total	11117841

As on 21.11.2013

Names of Allottees	No. of Equity Shares
Meenakshi Energy and Infrastructure Holdings Private Limited, India	20903910
Total	20903910

As on 21.11.2013

Names of Allottees	No. of Preference Shares
Meenakshi Energy and Infrastructure Holdings Private Limited, India	10496090
Total	10496090

As on 24.06.2014

Names of Allottees	No. of Equity Shares
GDF Suez Energy Asia, Turkey and Southern Africa B V, Netherlands	353449000
Total	353449000

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public Financial Companies	39.95
Bodies Corporate	60.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Power generation.

Products :

Item Code No. (ITC Code)	Product Description
27160000	Electrical Energy

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· State Bank of Mysore, Industrial Finance Branch, My Home Jupally, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	14077.939	13640.207
Rupee term loans from others	5741.881	4464.578
SHORT TERM BORROWINGS
Rupee term loans from banks (The cash Credit facility is further guaranteed by the Chairman and Director of the Company in his personal capacity.)	377.183	0.000
Total	20197.003	18104.785

Financial Institution :
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase-II, Gurgaon, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFD2095B
Holding Company :	· GDF Energy Asia, Turkey and Southern Africa BV, Netherlands (with effect from 16th December, 2013) · Meenakshi Energy and Infrastructure Holdings Private Limited, India (till 15th December, 2013) CIN No.: U45209DL2008PTC211165
Ultimate Holding Company :	GDF Suez S.A. France (with effect from 16th December 2013)
Fellow Subsidiary company : (with whom transactions have taken place during the year)	· Tractebel Consulting Engineers Private Limited CIN No.: U74910TN2005PTC057913 · International Power SA, Dubai · GDF Suez Energy Management Trading SCRL
Associates :	· Meenakshi Energy and Infrastructure Holdings Private Limited (with effect from 16^th December, 2013) CIN No.: U45209DL2008PTC211165 · PTC India Financial Service Limited (till 21st November 2013) CIN No.: L65999DL2006PLC153373
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Meenakshi Infrastructures Private Limited CIN No.: U45200TG2004PTC043603

CAPITAL STRUCTURE

As on 01.09.2014

Authorised Capital : Rs. 27000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 14773.867 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,400,000,000	Equity Shares	Rs.10/- each	Rs. 14000.000 Millions
200,000,000	Preference Share	Rs.10/- each	Rs. 2000.000 Millions
	Total		Rs. 16000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
760,903,632	Equity Shares	Rs.10/- each	Rs. 7609.036 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7609.036	7295.036	6432.268
(b) Reserves & Surplus	(1360.387)	(242.153)	0.743
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1684.490	0.000	31.300
Total Shareholders’ Funds (1) + (2)	7933.139	7052.883	6464.311
(3) Non-Current Liabilities
(a) long-term borrowings	20878.144	18104.785	15655.074
(b) Deferred tax liabilities (Net)	0.000	44.840	0.069
(c) Other long term liabilities	371.695	311.897	0.000
(d) long-term provisions	1.758	0.989	0.000
Total Non-current Liabilities (3)	21251.597	18462.511	15655.143
(4) Current Liabilities
(a) Short term borrowings	377.183	0.000	0.000
(b) Trade payables	1189.331	689.915	0.000
(c) Other current liabilities	2113.740	4064.075	2567.875
(d) Short-term provisions	207.740	1.350	6.498
Total Current Liabilities (4)	3887.994	4755.340	2574.373
TOTAL	33072.730	30270.734	24693.827
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14766.426	10322.941	615.676
(ii) Intangible Assets	2.620	3.130	3.509
(iii) Capital work-in-progress	12193.735	14668.449	18892.020
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4538.479	4453.306	4970.040
(e) Other Non-current assets	173.329	120.773	0.000
Total Non-Current Assets	31674.589	29568.599	24481.245
(2) Current assets
(a) Current investments	241.674	20.000	20.096
(b) Inventories	413.987	138.534	0.000
(c) Trade receivables	264.354	24.474	0.000
(d) Cash and cash equivalents	410.727	337.128	178.616
(e) Short-term loans and advances	55.795	178.994	6.081
(f) Other current assets	11.604	3.005	7.789
Total Current Assets	1398.141	702.135	212.582
TOTAL	33072.730	30270.734	24693.827

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		TOTAL	7121.053	1614.155
Less	EXPENSES
		TOTAL	7523.738	1566.595
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(402.685)	47.560
Less/ Add	DEPRECIATION/ AMORTISATION		754.114	245.684
	PROFIT/ (LOSS) BEFORE TAX		(1156.799)	(198.124)
Less	TAX		(38.564)	44.770
	PROFIT/ (LOSS) AFTER TAX		(1118.235)	(242.894)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(5.54)	(1.27)	NA
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.03)	NA
Debt Equity Ratio (Total Debt/Networth)		2.68	2.57	2.42
Current Ratio (Current Asset/Current Liability)		0.36	0.15	0.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	6432.268	7295.036	7609.036
Reserves & Surplus	0.743	-242.153	-1360.387
Share Application money pending allotment	31.300	0.000	1684.490
Net worth	6464.311	7052.883	7933.139
long-term borrowings	15655.074	18104.785	20878.144
Short term borrowings	0.000	0.000	377.183
Total borrowings	15655.074	18104.785	21255.327
Debt/Equity ratio	2.422	2.567	2.679

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	1614.155	7121.053
		341.163

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	1614.155	7121.053
Profit/ (Loss)	(242.894)	(1118.235)
	(15.05%)	(15.70%)

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10381016	17/04/2014 *	2,090,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, PUNJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	C03895406
2	10330656	30/12/2011	750,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, MY HOME JUPALLY, AMEER PET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	B30179790
3	10304092	03/08/2011	1,000,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, TOPAZ BUILDING, AMRUTHA HILLS, PUNJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	B19554468
4	10270775	07/07/2014 *	23,400,000,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA	C12046611
5	10169294	24/01/2014 *	10,570,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B94876836

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	1058.324	0.000
Total	1058.324	0.000

CHANGE OF ADDRESS

The registered office of the company has been shifted from Meenakshi House, H. No. 8-2-418, 2nd Floor, Road No. 7, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India to the present address w.e.f. 05.09.2012.

CORPORATE INFORMATION

The Company is engaged in the business of Power generation. The Company's Power Plant is implemented in 2 phases at Thamminapatnam, Sri Potti Sreeramulu Nellore District, Andhra Pradesh. Phase I with a capacity of 300 MW has 2 Units of which Unit 1 with a capacity of 150 MW commenced commercial operations with effect from 6th October 2012 while Unit 2 with a capacity of 150 MW commenced commercial operations with effect from 30th April 2013. Phase II with a capacity of 700MW is presently in the construction stage.

Till 16th December 2013, Meenakshi Energy and Infrastructure Holdings Pvt Ltd (MEIHPL) was the holding company. On 16th December 2013, GDF Energy Asia, Turkey, and Southern Africa BV acquired 74% in the shareholding of the Company on the basis of a Shareholder agreement dated 2nd July 2013 and Share transfer agreement dated 2nd July 2013 and accordingly became the holding company.

FINANCIAL PERFORMANCE

During the year, the total income of the company was Rs 7121.053 Millions against Rs 1614.155 Millions in the previous year (Previous year consisting of six months operations for unit I of Phase I (1*150 MW) and Current year results consisting of 12 months operations of Unit -1 (150 MW) and 11 months operations of Unit II (1*150MW) of phase -I ) . Phase II project with a capacity of 700 MW (2*350 MW) is under implementation.

During the year GDF Suez Energy Asia, Turkey and Southern Africa B.V., Netherlands (GDF ATSA) had acquired 74% equity stake from Meenakshi Energy and Infrastructure Holdings Private Limited (MEIHPL) and became a major shareholder of the Company on 16th December 2013.

The rating of the Company had upgraded from D (which is primarily due to delay in servicing of interest and principal) to BBB and Outlook Stable by (formerly Fitch?). The Company will approach India Ratings and Research Private Limited rating agency for further up gradation of its rating after three months.

OPERATIONS

a) Phase-I Project:

During the year, the company declared Commercial Operations of Unit II (150 MW) of Phase I on 30th April 2013,

for the avoidance of doubt , Commercial Operations declared to the grid but not granted/declared to the EPC contractor (Thernax) as the Performance Guarantee Test (PG) and Reliability Test ( RR) are yet to be conducted. The average PLF achieved during the financial year is 55.7%. This Low PLF was due to various technical problems encountered during the year such as boiler tube leaks and MCW (Main Cooling Water) pumps frequent failure.

To address the technical issues such as high bed temperature, boiler leaks, high re-heater attemperation spray water flow, improvement in heat rate, improvement to condenser vacuum, improvement to pump condition and reliability and improvement to WTP & water system, the Company is planning to take an outage of plant for two months commencing from June 1, 2014, to attend and fix these problems. Thereafter the plant will go for Performance guarantee test (PG) which was not carried out earlier and the performance of the plant is expected to improve thereafter.

Off take arrangements :

The company has been selling most of its power under a short term power supply arrangement with PTC India Limited (for onwards sale to AP Discom) which ends on 29th May 2014. The company has also been selling limited amounts of surplus power on the IEX power exchange.

b) Status of Phase-II Project:

Prior to the acquisition of a 74% stake by GDF ATSA, the progress of the project was slow due to various reasons. Subsequent to the acquisition, the company took several measures such as the release of funds to EPC contractors as per commitments made earlier, the remobilization of the engineering consulting firms and of the EPC contractors, hiring of additional MEPL staff, introduction of best practices in Health and Safety Systems of GDF Suez group standards.

The following major milestones were achieved:

Lifting of Boiler Drum of Unit -1 on 16th May 2014 and the construction of Chimney restarted at 125 m and reached up to 196 m at the time of this report.

The company is in discussions with EPC contractors on revised schedule of implementation and the same will likely be finalized by middle of July 2014.

The company has appointed SBI Capital Markets Limited and KPMG India Private Limited as Financial advisors to advice on the current financing issues of Phase 2 project and potential optimizations of the existing project financing of both Phases I & II.

The Company submitted a Request for Qualification (RFQ) in a bid invited by the Kerala State Electricity Board (KSEB) for the supply of power on long term basis (25 years) and got qualified to bid to the extent of 195 MW (supply to commence before December 31, 2016) and prequalified. Subsequently the company submitted its application for Request for Qualification (RFQ) to the another bid invited by KSEB for supply of power on long term basis up to 400 MW (supply to commence from October 1, 2017).

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer 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.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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.