MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	SASAN POWER LIMITED
Registered Office :	H Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai - 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.02.2006
Com. Reg. No.:	11-190557
Capital Investment / Paid-up Capital :	Rs. 675.775 Millions
CIN No.: [Company Identification No.]	U40102MH2006PLC190557
TAN No.: [Tax Deduction & Collection Account No.]	MUMS67758F
PAN No.: [Permanent Account No.]	AAKCS0723M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject owns and operates coal based power plants.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 195000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a wholly owned subsidiary of “Reliance Power Limited”. It is a well-established company having a satisfactory track record. The company is setting up a 4000 MW Ultra-Mega power project at sasan in Madhya Pradesh. Consisting of 6 units each with a capacity of 660 MW, out of which the management has successfully implemented and units which will generate sufficient income in the future as per the agreement with the procure. Moreover one unit is under final stages of under implementation. However, business is active. Payments are reported as slow but correct. In view of strong parentage, the company can be considered for business dealings at usual trade terms and conditions.

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	ICRA
Rating	Long Term : “BBB”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	February, 2014

Rating Agency Name	ICRA
Rating	Short Term: “A2”
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	February, 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

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-30386838/ 30327646)

LOCATIONS

Registered Office :	H Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai-400710, Maharashtra, India
Tel. No.:	91-22-30386600/ 30386838/ 30327648
Fax No.:	91-22-30385169/ 30386999/ 30327719
E-Mail :	paresh.rathod@relianceada.com
Website :	www.reliancepower.co.in

DIRECTORS

As on 10.09.2014

Name :

Mr. Yogendra Kripa Narain

Designation :

Director

Address :

07, Shivalik House, Sector - 61, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

26.06.1942

Date of Appointment :

10.09.2014

DIN No. :

01871111

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	L40101MH1995PLC084687	RELIANCE POWER LIMITED	Director	27-09-2014	30-09-2007	-	Active	NO
2	U74900MH2010PTC205950	RPOWER TRUSTEE COMPANY PRIVATE LIMITED	Director	12-11-2010	12-11-2010	05-12-2011	Active	NO
3	U40102MH2006PLC190557	SASAN POWER LIMITED	Director	10-09-2014	23-03-2013	-	Active	NO
4	U93000MH2013NPL250169	PEOPLE'S ELECTORAL TRUST	Additional director	27-01-2014	27-01-2014	31-03-2014	Active	NO

Name :

Mr. Ram Bachan Bhagwan Pathak

Designation :

Director

Address :

439 K, Baidhan, Vaidhan, Tehsil Singrauli, Singrauli - 486889, Madhya Pradesh, India

Date of Birth/Age :

02.01.1952

Date of Appointment :

23.09.2011

DIN No.:

03171629

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	U74140DL2010PTC207317	EMPALA IT CONSULTANCY SERVICES PRIVATE LIMITED	Director	19-08-2010	19-08-2010	Active	NO
2	U40102MH2006PLC190557	SASAN POWER LIMITED	Director	23-09-2011	26-05-2011	Active	NO

Name :

Jagat Paikara

Designation :

Director

Address :

C-2, 102, Flamingo Neelkanth Green, Thane - 400607, Maharashtra, India

Date of Birth/Age :

17.05.1955

Date of Appointment :

10.09.2014

DIN No. :

03548579

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	U74999MH2007GOI236427	JHARKHAND INTEGRATED POWER LIMITED	Director	21-09-2011	09-06-2011	Active	NO
2	U40102MH2006PLC190557	SASAN POWER LIMITED	Director	10-09-2014	31-08-2013	Active	NO

Name :

Mr. Shrikant Digambar Kulkarni

Designation :

Director

Address :

Flat No. C/43, Building No. 3, Kalpataru Estate, J V Link Road, Andheri, Mumbai - 400093, Maharashtra, India

Date of Birth/Age :

30.07.1964

Date of Appointment :

24.09.2012

DIN No.:

05136399

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	U74900MH2010PTC205950	RPOWER TRUSTEE COMPANY PRIVATE LIMITED	Additional director	05-12-2011	05-12-2011	01-08-2012	Active	NO
2	U40102MH2006PLC190557	SASAN POWER LIMITED	Director	24-09-2012	12-03-2012	-	Active	NO
3	U40100MH1995PLC084688	RELIANCE CLEANGEN LIMITED	Director	16-09-2013	22-01-2013	-	Active	NO
4	U40103MH2010PLC206084	SAMALKOT POWER LIMITED	Additional director	24-01-2013	24-01-2013	-	Active	NO
5	U40101MH2007PTC173904	CHITRANGI POWER PRIVATE LIMITED	Director	16-09-2013	24-01-2013	-	Active	NO

Name :

Mr. Ashutosh Agarwala

Designation :

Additional Director

Address :

D-1005 Ashok Towers, Dr. S S Rao Road Parel, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

24.05.1963

Date of Appointment :

11.11.2014

DIN No.:

03151103

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	U40102DL2003PLC118564	POWER PLANT ENGINEERS LIMITED	Director	29-09-2012	12-05-2012	15-02-2013	Active	NO
2	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Whole-time director	28-09-2013	29-05-2013	16-11-2013	Active	NO
3	U60220GJ2013PLC074244	ESSAR STEEL LOGISTICS LIMITED	Additional director	06-08-2013	06-08-2013	29-01-2014	Active	NO
4	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Additional director	18-09-2013	18-09-2013	26-12-2013	Active	NO
5	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Additional director	30-09-2013	18-09-2013	26-12-2013	Active	NO
6	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Additional director	27-09-2013	19-09-2013	26-12-2013	Active	NO
7	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Additional director	19-09-2013	19-09-2013	26-12-2013	Active	NO
8	U23100GJ2014PLC078242	HAZIRA COKE LIMITED	Director	10-01-2014	10-01-2014	26-02-2014	Active	NO
9	U60200GJ2014PLC078301	ODISHA SLURRY PIPELNE INFRASTRUCTURE LIMITED	Director	17-01-2014	17-01-2014	26-02-2014	Active	NO
10	U23209MH2005PLC158371	VIDARBHA INDUSTRIES POWER LIMITED	Director	22-09-2014	22-09-2014	-	Active	NO
11	U31101MH1994PLC243148	ROSA POWER SUPPLY COMPANY LIMITED	Director	26-09-2014	26-09-2014	-	Active	NO
12	U40102MH2006PLC190557	SASAN POWER LIMITED	Additional director	11-11-2014	11-11-2014	-	Active	NO

Name :

Mr. Asim Kumar De

Designation :

Additional Director

Address :

Rosa Power Township Block - A, Shahjahanpur - 242001, Uttar Pradesh, India

Date of Birth/Age :

02.12.1958

Date of Appointment :

11.11.2014

DIN No.:

03619507

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	U31101MH1994PLC243148	ROSA POWER SUPPLY COMPANY LIMITED	Director	26-09-2012	15-03-2012	10-11-2014	Active	NO
2	U40102MH2006PLC190557	SASAN POWER LIMITED	Additional director	11-11-2014	11-11-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Umesh Subraya Mooteri
Designation :	Manager and Company Secretary
Address :	34/301, Seawoods Estate, NRI Complex, Palm Beach Road, Nerul, Navi Mumbai-400706, Maharashtra, India
Date of Birth/Age :	07.12.1952
Date of Appointment :	20.08.2010
PAN No.:	AAAPU7847F
Name :	Laxmi Dutt Vyas
Designation :	CFO
Address :	Sasan Power Limited, Sidhikhurd Post, Tiyara, Waidhan Distt, Singrauli, 486886, Madhya Pradesh, India
Date of Appointment :	11.11.2014
PAN No.:	ABKPV2189A
Name :	Mr. Venugopala Naredla Rao
Designation :	CEO
Address :	Flat No 1002, Building No. 40, NRI Complex, Seawoods, Nerul, Navi Mumbai - 400706, Maharashtra, India
Date of Appointment :	26.09.2014
PAN No.:	ACJPR6242E
Name :	Mr. Vivek Kejriwal
Designation :	Sr. Vice President
Name :	Mr. Subrajit Bhowmick
Designation :	Vice President
Name :	Clifford John Love
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2014

Names of Equity Shareholders	No. of Shares
Reliance Power Limited, India	36088743
Ramaswami Kalidas Jointly with Reliance Power Limited, India	1
Narelda Venugopala Narelda Venkatarao Rao Jointly with Reliance Power Limited, India	1
Sadagopan Kandalal jointly with Reliance Power Limited, India	1
Nimish Chitalia Jointly with Reliance Power Limited, India	1
Paresh Rathod Jointly with Reliance Power Limited, India	1
Balasubramanian Natarajan Jointly with Reliance Power Limited, India	1
Suresh Nagarajan Jointly with Reliance Power Limited, India	1
Total	36088750

Names of Preference Shareholders	No. of Shares
Reliance Power Limited, India	33788750
Total	33788750

As on 10.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject owns and operates coal based power plants.

Products :

Item Code No. (ITC Code)	Product Description
98010013	Power Project

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:

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
- Rupee Loans From Banks	28505.842	24049.842
- Foreign Currency Loans from Banks	41248.567	46226.964
- Rupee Loans From Financial Institutions/Other Parties	29591.262	30015.652
- Foreign Currency Loans From Financial Institutions/Other Parties	46640.892	37081.717
Total	145986.563	137374.175

NOTE

Based on the Terms of Agreements entered into by the Company with the respective lenders Including banks, financial institutions, other parties (Incorporated outside India) for rupee term loans and foreign currency term loan (including buyers credit, letter of credit), the total financing arrangement Is secured by mortgage / hypothecation / assignment / charge on;

a) All the movable properties and assets (Including but not limited to plant and machinery, machinery spores, tools and accessories, furniture, fixtures,

vehicles and all other movable assets), both present and future.

b) All the intangible assets including but not limited lo the goodwill, operating cash flows, commissions, revenues of whatsoever nature and whenever arising.

and uncalled capital, both present and future.

c) All bank accounts In relation to the project (including but not limited to the accounts and permitted investments), the trust and retention account (Including

the debt service reserve account) , including in each case, all monies lying credited/ deposited into such accounts.

d) All the immovable properties.

e) All rights, titles and Interests in all assets of the project and material project documents, insurance policies and clearances to the extent assignable under applicable law.

f) All rights and interest under letter(s) of credit, contractor guarantees, performance bonds or such other security provided by the procurers or construction contractors or any other person under the PPA or any other project documents.

g) A pledge of 100% of the total issued share capital of the company held by the holding company.

h) Pursuant to the sponsor agreements entered into between the company, Reliance Power Limited (the “Sponsor”) and Lenders, Reliance Power Limited, as sponsor, has given an undertaking to support the Company towards cost overrun for the project (upto 10% of the project cost), for initial cash losses support from Unit’s commercial operation date to scheduled date of commercial operations of power plant, support for cost of excavating additional quantity of coal.

Financial Institution :	· SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India · Power Finance Corporation Limited, Chandralok Building, 36, Janpath, New Delhi - 110001, India
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFC0662N
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Holding Company :	Reliance Power Limited (R Power)
Major Investing parties/ promoters having significant influences on the holding company directly or indirectly :	Reliance Infrastructure Limited (RInfra) AAA Project Ventures Private Limited (APVPL) (upto December 19.2012)
Fellow Subsidiaries :	· Reliance Coal Resources Private Limited (RCRL) · Rosa Power Supply Company Limited (RPSL) · Vidarbha Industries Power Limited (VIPL) · Rajasthan Sun Technique Energy Private Limited (RSTEPL) · Tata Hydro Power Private Limited (THPPL) · Samalkot Power Limited (SMPL) · Jharkhand Integrated Power Limited (JIPL) · Coastal Andhra Power Limited (CAPL)
Other Related Parties :	· Reliance General Insurance Company Limited (RGIL) · Reliance Communications Infra Limited (RCIL) · Reliance Infocomm Infrastructure Limited (RIIPL) · BSES Rajdhani Power Limited (BRPL) · BSES Yamuna Power Limited (BYPL)

CAPITAL STRUCTURE

As on 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000,000	Equity Shares	Rs.10/- each	Rs. 50000.000 Millions
1,000,000,000	Preference Shares	Rs.10/- each	Rs. 10000.000 Millions
	Total		Rs. 60000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
41,338,750	Equity Shares	Rs.10/- each	Rs. 413.388 Millions
41,348,750	Preference Shares	Rs.10/- each	Rs. 413.487 Millions
	Total		Rs. 826.875 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
36,088,750	Equity Shares	Rs.10/- each	Rs. 360.888 Millions
33,788,750	Preference Shares	Rs.10/- each	Rs. 337.887 Millions
	Total		Rs. 698.775 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000,000	Equity Shares	Rs.10/- each	Rs. 50000.000 Millions
1,000,000,000	Preference Shares	Rs.10/- each	Rs. 10000.000 Millions
	Total		Rs. 60000.000 Millions

Issued, Subscribed and Paid-up Capital

No. of Shares	Type	Value	Amount
33,788,750	Equity Shares	Rs.10/- each	Rs. 337.888 Millions
33,788,750	Preference Shares	Rs.10/- each	Rs. 337.887 Millions
	Total		Rs. 675.775 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	675.775	564.040	359.859
(b) Reserves & Surplus	67633.186	56558.516	36309.554
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	68308.961	57122.556	36669.413
(3) Non-Current Liabilities
(a) long-term borrowings	145986.563	137374.175	56633.076
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13238.485	15282.558	9655.712
(d) long-term provisions	552.471	465.861	11.026
Total Non-current Liabilities (3)	159777.519	153122.594	66299.814
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	7486.543	9157.236	14648.392
(d) Short-term provisions	4.266	4.226	7.115
Total Current Liabilities (4)	7490.809	9161.462	14655.507
TOTAL	235577.289	219406.612	117624.734
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24199.641	17873.429	5862.067
(ii) Intangible Assets	327.658	333.026	345.031
(iii) Capital work-in-progress	196967.910	161926.054	98794.431
(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	10171.295	13009.731	10864.435
(e) Other Non-current assets	201.327	225.132	4.695
Total Non-Current Assets	231867.831	193367.372	115870.659
(2) Current assets
(a) Current investments	0.000	0.000	1200.000
(b) Inventories	1361.242	1288.830	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	276.261	23850.426	313.064
(e) Short-term loans and advances	1253.057	835.292	201.167
(f) Other current assets	818.898	64.692	39.844
Total Current Assets	3709.458	26039.240	1754.075
TOTAL	235577.289	219406.612	117624.734

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	14.267	38.651	694.494
		TOTAL	14.267	38.651	694.494
Less	EXPENSES
		Other expenses	0.560	0.980	57.018
		TOTAL	0.560	0.980	57.018
	PROFIT/ (LOSS) BEFORE TAX		13.707	37.671	637.476
Less	TAX		0.797	2.628	6.800
	PROFIT/ (LOSS) AFTER TAX		12.910	35.043	630.676
	IMPORTS
		Capital Goods (Including coal mining equipment’s imported through a contractor)	6791.840	39625.470	41832.220
	TOTAL IMPORTS		6791.840	39625.470	41832.220
	Earnings / (Loss) Per Share (Rs.)		0.46	1.86	37.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.04	0.07	3.39
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.02
Debt Equity Ratio (Total Debt/Networth)		2.14	2.40	1.54
Current Ratio (Current Asset/Current Liability)		0.50	2.84	0.12

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	359.859	564.040	675.775
Reserves & Surplus	36309.554	56558.516	67633.186
Net worth	36669.413	57122.556	68308.961
long-term borrowings	56633.076	137374.175	145986.563
Short term borrowings	0.000	0.000	0.000
Total borrowings	56633.076	137374.175	145986.563
Debt/Equity ratio	1.544	2.405	2.137

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	Yes
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

LITIGATION DETAILS

HIGH COURT OF BOMBAY
CASE DETAILS
BENCH:- BOMBAY
PRESENTATION DATE: 07/08/2014
STAMP NO:- ARBAPL/1246/2014		FILING DATE:- 07/08/2014		REG. NO.: ARBAP/253/2014		REG. DATE: 11/09/2014
PETITIONER:-	G.S. ATWAL AND CO. ENGINEERS PVT. LTD.		RESPONDENT:-		SASAN POWER LTD.
PETN.ADV:-	KULDEEP U. NIKAM (I865)
DISTRICT:-	OUTSIDE MAHARASHTRA
BENCH:-	SINGLE
STATUS:-	PRE-ADMISSION		CATEGORY:-		ARBITRATION APPLICATION
NEXT DATE:-	20/01/2015		STAGE:-		FIRST ON BOARD [ORIGINAL SIDE MATTERS]
CORAM:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
LAST DATE:-	22/12/2014		STAGE:-		FIRST ON BOARD [ORIGINAL SIDE MATTERS]
LAST CORAM:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLS
ACT:-	ARBITRATION AND CONCILIATION ACT 1996
UNDER SECTION:-	11

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10224515	19/06/2014 *	7,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	C09933250
2	10172003	19/06/2014 *	196,320,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	C09931627

* Date of charge modification

GENERAL INFORMATION

Subject a wholly owned subsidiary of Reliance Power Limited, has been set up to develop an Ultra Mega Power Project of 3960 MW (6X660 MW) at Sasan, Madhya Pradesh. A power purchase agreement (PPA) has been executed with 14 procurers comprising 7 states, based on which the power generated would be sold to them. The project has been allotted three captive coal blocks to meet it fuel requirements.

FINANCIAL RESULTS

The Company is implementing an integrated power project of 3,960 MW capacity (6 units of 660 MW each) with captive coal mines viz., Moher, Moher Amlohri extension and Chhatrasal. It is also the country’s first domestic coal based Ultra Mega Power Project (UMPP) and will benefit around 42 crore people in seven states procuring power from the project. The project is based on supercritical technology which is more efficient and environment friendly.

The Company has achieved financial closure and tied up long term loan facilities with Indian as well as foreign banks / financial institutions to finance the project on limited recourse basis. The project is the largest recipient of foreign currency loan from foreign banks and financial institutions including Export Import Bank of USA and Chinese Banks to any integrated coal based power project in the world

Four (4) units of 660 MW each have been commissioned so far and are in operation at present. For the period April 2013 to March 2014, the power station generated 2,751 MUs (gross) of electricity. Highest PLF achieved by 1st Unit was 94.76% in December 2013.

Construction of remaining two units is also in an advanced stage of progress. For the 5th unit, Boiler hydro test has been completed and Turbine Generator (TG) rotor alignment is in progress. For 6th unit, Boiler pressure parts and condenser erection are in progress. The remaining two units are scheduled to be commissioned in FY 2014-15.

Balance of plant systems including the coal handling plant, 14.5 km long coal conveyor from captive mines to power plant and switchyard have also been commissioned.

Coal for the power plant is being produced from the captive coal mines viz. Moher, Moher Amlohri extension. For the period April 2013 to March 2014, 19.9 million cubic metres of overburden was removed and 1.7 million tonnes of coal was produced.

More than 90 very large mining equipments are in operation at the coal mines.

Assembly of two draglines is progressing rapidly. The first draglines will become operational in2014-15 and the second dragline in 2015-16.

The Company has filed petitions with the Hon'ble Central Electricity Regulatory Commission (CERC) for compensation on account of various Changes in Law events (during Operations and during Construction period) and steep depreciation of Indian Rupee vis-a-vis US Dollar. All the petitions are in an advanced stage of consideration.

CONTINGENT LIABILITIES (AS ON 31.03.2014)

a) Claims not acknowledged as debts Rs. 5.120 Millions (Previous Year Rs. 5.120 Millions)

b) Demands aggregating to Rs. 23.333 Millions from authorities under the Madhya Pradesh Gramin Avsanrachna Tatha Sadak Vikas Adhiniyam, 2005 (MPGATSAV, 2005) and Indian Forest Act, 1927, the grounds/ basis under which it has been levied to other parties as well, is under examination by Hon’ble Supreme Court of India.

PRESS RELEASE

COAL MINISTRY MAY CANCEL ONE COAL BLOCK ALLOCATION TO RELIANCE POWER'S SASAN PROJECT

29 SEP, 2014

NEW DELHI: The coal ministry plans to cancel the allocation of one coal block to Anil Ambani-led Reliance Power Ltd and ensure that surplus production from two other blocks attached to the 4,000 MW Sasan ultra mega power project is not used for another project, government sources said.

The ministry's plan follows the August 25 judgment of the Supreme Court (SC), which barred diversion of coal from blocks attached to any ultra mega power project. "Based on the directions from the Supreme Court, we plan to cancel the surplus coal diversion - four million tonnes per annum from Moher and Moher Amlohri and the entire Chhatrasal mine that is surplus for the Sasan plant," a government official said. Reliance Power did not offer immediate comment. An official said the ministry has not consulted the power ministry that administers the Sasan plant about the planned de-allocation of the Chhatrasal coal block, but might do so, if needed.

The decision will affect Reliance Power's Rs 210000.000 Millions Chitrangi project in Madhya Pradesh, which was planned to be partly fired on nine million tonnes of coal from three Sasan blocks -Chhatrasal, Moher and Moher Amlohri Extension.

The company has applied for coal supply from Coal India for the 4,000 MW project being built next to Sasan. The SC's order last week had exempted the coal blocks attached to the Sasan project from deallocation, but analysts say the August 25 order, which forbids the use of coal from these mines for other projects, was already a concern for Reliance Power."

We maintain that with the SC ruling out commercial exploitation of surplus coal for UMPPlinked coal blocks, the risk to full monetisation of its captive coal reserves has come to the fore. Although contribution to earnings from this 'surplus captive coal' is zero currently, INR39 of our 12-month TP of INR67 (under review) is attributed to the project pipeline (Chitrangi, Sasan-II) proposed to be fired by the same," a Nomura research report said on September 25. The SC on August 25 said, ".the coal blocks allocated for UMPP would only be used for UMPP and no diversion of coal for commercial exploitation would be permitted."

Officials said the decision also has implications for Reliance Power's plans to use excess reserves in mines attached to its second ultra mega power plant at Tilaiya in Jharkhand that has a permission to mine 1,200 million tonnes from Kerandari B and C blocks against the requirement of 850-900 million tonnes of coal.

The surplus coal would be sufficient for a 1,300-MW plant, officials say.

Reliance Power's website says the Chitrangi project will have lowest cost of generation and that the company has made considerable progress by securing water clearances and complete possession of land. Electricity from the Chitrangi plant is expected to be sold at Rs 2.45 per unit.

The dispensation allowing Reliance Power to use incremental coal has been discussed and debated since 2008 when an empowered group of ministers, headed by the then finance minister Pranab Mukherjee approved it.

The dispensation has been challenged by Tata Power in Supreme Court while in 2012 the power and coal ministries asked for revocation of the permission, after the Madhya Pradesh government said the firm did not make any progress on the Chitrangi plant and also did not sign any power supply agreement with it. However, the dispensation was retained by the government on legal advise by the then Attorney General G E Vahanvati.

Areport of the Comptroller and Auditor General of India on coal block allocations has criticised the government for allowing Reliance Power to divert excess coal, allegedly resulting into Rs 4,875 crore benefit to the company.Chhatrasal was allotted to Sasan Power Ltd, the special purpose vehicle executing the project, after it was felt that Moher and Moher Amlohri Extension mines would not be sufficient to run the project. The block was taken away from NTPC, which was first allottee of the block.

RELIANCE POWER COMMISSIONS 5TH UNIT OF ITS SASAN UMPP

Aug 26, 2014

NEW DELHI: Reliance Power today announced that the fifth 660 MW unit of its 3,960 MW Sasan ultra mega power project has commenced generation.

With this, the total operational capacity of the Sasan plant in Madhya Pradesh has reached 3,300 MW, Reliance Power said in a release.

Last unit is in advanced stages of construction and will be commissioned over the next few months, the statement added.

Coal production has already commenced from the 20 million tonnes Moher and Moher-Amlohri coal mines associated with the power project.

After the completion of the fifth unit of Sasan, Reliance Power's generation capacity has increased to 5,185 MW which includes 5,100 MW of thermal capacity and 85 MW of renewable energy based capacity. The fourth unit of the plant was commissioned in May this year.

Madhya Pradesh gets 1,000 MW power from Sasan which will be 1,500 MW in the near future. The state is getting power from the Sasan UMPP at the rate of 70 paise per unit.

The RPower scrip was trading at Rs 79, down 4.24 per cent, on the BSE.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipment

· Mining Properties

· Furniture and Fixtures

· Motor Vehicles

· Office Equipments

· Computers

Intangible Assets

· Computer Software

· Mining Rights

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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		47

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.