MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	SARDAR SAROVAR NARMADA NIGAM LIMITED
Registered Office :	Block No.12, 1st Floor, New Sachivalay Complex, Gandhi Nagar – 382010, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.03.1988
Com. Reg. No.:	04-010493
Capital Investment / Paid-up Capital :	Rs.309148.300 Millions
CIN No.: [Company Identification No.]	U45200GJ1988SGC010493
PAN No.: [Permanent Account No.]	AACCS6704L
Legal Form :	Government Owned Enterprises
Line of Business :	Subject is one of the largest water resources project of India covering four majors state Gujarat (designated as the implementing state), Madhya Pradesh, Maharashtra and Rajasthan.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1443800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company and wholly owned by Government of Gujarat having satisfactory track record. Eventhough the company incorporated during 1988 the company is yet to commence its business operation as the company’s project is under implementation stage. However, capital base of the company is strong. Business is active. Payment terms are usually correct. In view of strong promoters the company can be considered normal 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bonds (A) (So)
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	25.06.2014

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 31-03-2012.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-79-23252381)

LOCATIONS

Registered Office :	Block No.12, 1st Floor, New Sachivalay Complex, Gandhi Nagar – 382010, Gujarat, India
Tel. No.:	91-79-23252381 / 23252390 / 23223056 / 23252386
Fax No.:	91-79-23252337 / 23223056
E-Mail :	cs-ssnnl@gujarat.gov.in
Website :	http://www.sardarsarovardam.org

DIRECTORS

As on 12.12.2013

Name :

Mr. Jagadip Narayan Jagadish Narayan Singh

Designation :

Managing Director

Address :

Block No. 1. 3^rd Floor, New Sachivalaya Complex, Gandhinagar – 382010, Gujarat, India

Date of Birth/Age :

02.05.1959

Date of Appointment :

02.05.2013

DIN No.:

00955107

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	U45201GJ1992GOI018678	GUJARAT GROWTH CENTRES DEVELOPMENT CORPORATION LIMITED	Director	28/12/2001	28/12/2001	03/11/2007	Active	NO
2	U72900GJ2001PLC039162	GUJ INFO PETRO LIMITED	Director	29/03/2004	29/03/2004	27/06/2007	Active	NO
3	U73100GJ2001PLC040037	GUJRAT SCIENCE AT ACTION LIMITED	Nominee director	29/09/2004	29/09/2004	18/02/2008	Active	NO
4	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	24/10/2005	24/10/2005	01/02/2010	Active	NO
5	U70100MH2006PLC160599	TARAPUR TEXTILE PARK LIMITED	Nominee director	23/09/2006	23/09/2006	05/08/2011	Active	NO
6	U17219PN2006PLC128599	BARAMATI HI-TECH TEXTILE PARK LIMITED	Nominee director	25/09/2006	25/09/2006	05/11/2007	Active	NO
7	U17120MH2005PLC157013	WADA HIGH TECH WEAVING PARK LIMITED	Nominee director	20/12/2006	20/12/2006	13/03/2008	Active	NO
8	U20299DL1986NPL023253	EXPORT PROMOTION COUNCIL FOR HANDICRAFTS	Nominee director	02/04/2009	02/04/2009	15/06/2010	Active	NO
9	U51490MH1971GOI014733	THE COTTON CORPORATION OF INDIA LIMITED	Alternate director	08/07/2009	08/07/2009	28/04/2010	Active	NO
10	U17299UP1983GOI005974	NATIONAL HANDLOOM DEVELOPMENT CORPORATION LIMITED	Director	12/10/2009	12/10/2009	23/03/2010	Active	NO
11	U74899DL2000PLC109018	CHENNAI-ENNORE PORT ROAD COMPANY LIMITED.	Director	10/11/2010	10/11/2010	25/06/2013	Active	NO
12	U45203DL2000PLC105026	AHMEDABAD VADODARA EXPRESSWAY COMPANY LIMITED	Director	27/12/2010	27/12/2010	26/06/2013	Active	NO
13	U74899DL2000PLC109015	CALCATTA-HALDIA PORT ROAD COMPANY LIMITED.	Director	31/12/2010	31/12/2010	26/06/2013	Active	NO
14	U74899DL2000PLC109017	MORMUGAO PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	26/06/2013	Active	NO
15	U45203DL2004PLC124172	NEW MANGALORE PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	26/06/2013	Active	NO
16	U74899DL2000PLC109014	VISHAKHAPATNAM PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	25/06/2013	Active	NO
17	U45203DL2004PLC124170	PARADIP PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	26/06/2013	Active	NO
18	U45205DL2004PLC124173	COCHIN PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	25/06/2013	Active	NO
19	U45201DL2004PLC124171	TUTICORIN PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	25/06/2013	Active	NO
20	U74899DL2000PLC109016	MUMBAI-JNPT PORT ROAD COMPANY LIMITED	Director	31/12/2010	31/12/2010	25/06/2013	Active	NO
21	U74899DL1998PLC095538	MORADABAD TOLL ROAD COMPANY LIMITED	Director	04/01/2011	04/01/2011	26/06/2013	Active	NO
22	U99999GJ1997SGC032623	GUJARAT NATIONAL HIGHWAYS LIMITED	Director	08/04/2011	08/04/2011	-	Strike off	NO
23	U74140DL2012PLC246662	INDIAN HIGHWAYS MANAGEMENT COMPANY LIMITED	Director	26/12/2012	26/12/2012	10/04/2013	Active	NO
24	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Managing director	02/05/2013	02/05/2013	-	Active	NO

Name :

Mr. Katikithala Srinivas

Designation :

Managing Director

Address :

Block No. 1. 3^rd Floor, New Sachivalaya Complex, Gandhinagar – 382010, Gujarat, India

Date of Birth/Age :

12.07.1967

Date of Appointment :

09.11.2009

DIN No.:

00414340

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	U75140GJ1999SGC036051	GUJARAT URBAN DEVELOPMENT COMPANY LIMITED	Managing director	01/11/2004	01/11/2004	12/11/2009	Active	NO
2	U65929GJ2007PLC051160	GUJARAT INTERNATIONAL FINANCE TEC-CITY COMPANY LIMITED	Director	21/06/2007	21/06/2007	11/11/2009	Active	NO
3	U65993GJ2008PLC053818	GIFT COLLECTIVE INVESTMENT MANAGEMENT COMPANY LIMITED	Director	07/05/2008	07/05/2008	11/11/2009	Active	NO
4	U45200GJ2008PLC054999	GIFT SEZ LIMITED	Director	09/09/2008	09/09/2008	12/11/2009	Active	NO
5	U74900GJ2008PLC055012	GIFT WASTE MANAGEMENT SERVICES LIMITED	Director	11/09/2008	11/09/2008	13/11/2009	Active	NO
6	U74900GJ2008PLC055011	GIFT POWER COMPANY LIMITED	Director	11/09/2008	11/09/2008	13/11/2009	Active	NO
7	U74900GJ2008PLC055037	GIFT WATER INFRASTRUCTURE LIMITED	Director	12/09/2008	12/09/2008	13/11/2009	Active	NO
8	U45201GJ2008PLC055057	GIFT DISTRICT COOLING SYSTEMS LIMITED	Director	16/09/2008	16/09/2008	13/11/2009	Active	NO
9	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Managing director	09/11/2009	09/11/2009	-	Active	NO

Name :

Dr. Varesh Sinha

Designation :

Director

Address :

Block No. 1. 3^rd Floor, New Sachivalaya Complex, Gandhinagar – 382010, Gujarat, India

Date of Birth/Age :

21.03.1953

Date of Appointment :

31.01.2013

DIN No.:

03259880

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	U74999GJ1999SGC035459	GUJARAT INFORMATICS LIMITED	Nominee director	23/08/2010	23/08/2010	29/06/2013	Active	NO
2	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	25/09/2012	24/08/2012	21/03/2013	Active	NO
3	U23209GJ1979SGC003281	GUJARAT STATE PETROLEUM CORPORATION LIMITED	Nominee director	01/03/2013	24/08/2012	-	Active	NO
4	U65929GJ2007PLC051160	GUJARAT INTERNATIONAL FINANCE TEC-CITY COMPANY LIMITED	Nominee director	24/08/2012	24/08/2012	22/03/2013	Active	NO
5	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Director	31/01/2013	27/08/2012	-	Active	NO
6	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Nominee director	01/03/2013	21/09/2012	-	Active	NO
7	L24110GJ1976PLC002903	GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED	Nominee director	01/03/2013	22/09/2012	-	Active	NO
8	U64990GJ1988SGC010307	GUJARAT STATE INVESTMENT LIMITED	Director	27/09/2012	27/09/2012	30/03/2013	Active	NO
9	L99999GJ1962PLC001121	GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	Nominee director	01/03/2013	19/10/2012	-	Active	NO
10	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LIMITED	Director	05/12/2012	05/12/2012	25/03/2013	Active	NO
11	U67120GJ1998SGC033768	GSFS CAPITAL AND SECURITIES LIMITED	Director	05/12/2012	05/12/2012	25/03/2013	Active	NO
12	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	22/08/2013	12/06/2013	-	Active	NO
13	U40100GJ1998SGC035212	GUJARAT STATE ENERGY GENERATION LIMITED	Nominee director	27/08/2013	27/08/2013	-	Active	NO

Name :

Mr. Babubhai Navalawala

Designation :

Director

Address :

6, "Soham Terrace", 3 Floor, Near Yes Bank, Opposite Ami Apartment No.3,

Race Course, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

15.04.1942

Date of Appointment :

06.06.2007

DIN No.:

01689486

Name :

Mr. Hasmukh Haridas Adhia

Designation :

Director

Address :

Block No.4, 5"' Floor, New Sachivalaya Complex, Gandhinagar - 382010, Gujarat, India

Date of Birth/Age :

03.11.1958

Date of Appointment :

21.03.2013

DIN No.:

00093974

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	U23209GJ1979SGC003281	GUJARAT STATE PETROLEUM CORPORATION LIMITED	Director	12/11/2013	19/07/2005	-	Active	NO
2	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	27/09/2013	29/03/2006	-	Active	NO
3	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LIMITED	Managing director	25/03/2013	02/11/2006	-	Active	NO
4	U67120GJ1998SGC033768	GSFS CAPITAL AND SECURITIES LIMITED	Managing director	25/03/2013	02/11/2006	-	Active	NO
5	U74999GJ1999SGC035459	GUJARAT INFORMATICS LIMITED	Director	26/05/2008	26/05/2008	29/06/2013	Active	NO
6	U64200GJ2012NPL071673	BISAG SATELLITE COMMUNICATION	Director	23/08/2012	23/08/2012	26/07/2013	Active	NO
7	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Director	21/03/2013	21/03/2013	-	Active	NO
8	U65929GJ2007PLC051160	GUJARAT INTERNATIONAL FINANCE TEC-CITY COMPANY LIMITED	Nominee director	22/03/2013	22/03/2013	-	Active	NO
9	L24110GJ1976PLC002903	GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED	Director	21/09/2013	25/03/2013	-	Active	NO
10	U72200DL2013NPL249988	GOODS AND SERVICES TAX NETWORK	Director	28/03/2013	28/03/2013	-	Active	NO
11	U64990GJ1988SGC010307	GUJARAT STATE INVESTMENT LIMITED	Director	30/03/2013	30/03/2013	-	Active	NO
12	L99999GJ1962PLC001121	GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	Director	03/08/2013	01/04/2013	-	Active	NO
13	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Director	12/09/2013	16/05/2013	-	Active	NO
14	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	22/08/2013	12/06/2013	-	Active	NO

Name :

Mr. Kuniyil Kailashnathan

Designation :

Director

Address :

Swarnim Sankul 3" Floor, New Sachivalaya Complex, Gandhinagar - 382010, Gujarat, India

Date of Birth/Age :

25.05.1953

Date of Appointment :

07.08.2006

DIN No.:

00587901

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	U26933GJ1992PTC017899	AKIK CERAMICS PRIVATE LIMITED	Director	10/09/1993	10/09/1993	19/10/2010	Dormant	NO
2	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Director	07/08/2006	07/08/2006	-	Active	NO
3	U23209GJ1979SGC003281	GUJARAT STATE PETROLEUM CORPORATION LIMITED	Nominee director	26/12/2006	31/08/2006	-	Active	NO
4	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LIMITED	Director	25/03/2013	02/11/2006	-	Active	NO
5	U67120GJ1998SGC033768	GSFS CAPITAL AND SECURITIES LIMITED	Director	25/03/2013	01/02/2007	-	Active	NO
6	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Mr. Rajneesh Vaish

Designation :

Director

Address :

Narmada Bhavan 59, Area Hills, Jail Road, Bhopal – 462011, Madhya Pradesh, India

Date of Birth/Age :

01.05.1959

Date of Appointment :

28.08.2012

DIN No.:

03144428

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	U31200MP2000GOI014337	NHDC Limited	Nominee director	26/05/2010	26/05/2010	-	Active	NO
2	U40300MP2011SGC027025	NARMADA BASIN PROJECTS COMPANY LIMITED	Director	27/10/2011	27/10/2011	-	Active	NO
3	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Director	28/08/2012	28/08/2012	-	Active	NO

Name :

Malini Vijayshankar

Designation :

Director

Address :

Water Resource Department, Govrment of Maharashtra, Mantyalaya, Mumbai, Maharashtra, India

Date of Birth/Age :

21.12.1959

Date of Appointment :

12.06.2013

DIN No.:

01602529

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	U74999MH1962SGC012501	MAHARASHTRA SMALL SCALE INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Director	28/05/2007	28/05/2007	16/01/2010	Dormant	NO
2	U65990MH1966PLC013459	SICOM LIMITED	Nominee director	14/06/2007	14/06/2007	28/04/2010	Active	NO
3	U10100MH1973SGC017008	MAHARASHTRA STATE MINING CORPORATION LIMITED	Nominee director	19/06/2007	19/06/2007	23/02/2010	Active	NO
4	U24200MH1981SGC024192	MAHARASHTRA PETRO CHEMICALS CORPORATION LIMITED	Director	04/07/2007	04/07/2007	12/05/2010	Active	NO
5	U67190MH1996SGC099632	MAHARASHTRA VIKRIKAR ROKHE PRADHIKARAN LIMITED	Nominee director	22/10/2007	22/10/2007	25/01/2010	Active	NO
6	U14200MH2009SGC195294	Maha Tamil Collieries Limited	Nominee director	28/08/2009	28/08/2009	05/10/2009	Active	NO
7	U74999MH2002SGC136794	MAHARASHTRA URBAN INFRASTRUCTURE FUND TRUSTEE COMPANY LIMITED	Director	30/03/2010	30/03/2010	26/03/2013	Active	NO
8	U74999MH2002SGC136793	MAHARASHTRA URBAN INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	30/03/2010	30/03/2010	26/03/2013	Active	NO
9	U72200MH1963PLC012601	MAHARASHTRA STATE FARMING CORPORATION LIMITED	Director	14/02/2013	14/02/2013	-	Active	NO
10	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Director	12/06/2013	12/06/2013	-	Active	NO

Name :

Mr. Nalinbhai Balvantrai Desai

Designation :

Additional Director

Address :

11 Triveni Park, Opposite S.N.D.T. College, Near Sun Cristal Falt, Akota Standium Area, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

18.06.1940

Date of Appointment :

06.06.2007

DIN No.:

01584423

Name :

Mr. Mukesh Babulal Zaveri

Designation :

Director

Address :

Trishla, Himmar Park, Street Near Judges Colony, Jublee Ground, Bhuj-Kutch, 370001, Gujarat, India

Date of Birth/Age :

16.03.1957

Date of Appointment :

05.05.2010

DIN No.:

01402502

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	U70109GJ2005PTC045826	BHOOMI TRADE LINK PRIVATE LIMITED	Director	05/04/2005	05/04/2005	-	Active	NO
2	U25200GJ2005PTC046624	KENSON MANUFACTURE PRIVATE LIMITED	Director	26/09/2005	26/09/2005	10/03/2007	Amalgamated	NO
3	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. N. M. Patel
Designation :	Secretary
Address :	Block No. 1. 3^rd Floor, New Sachivalaya Complex, Gandhinagar – 382010, Gujarat, India
Date of Birth/Age :	31.03.1956
Date of Appointment :	13.11.1995
PAN No.:	AAZPP4665K

MAJOR SHAREHOLDERS

As on 12.12.2013

Names of Shareholders	No. of Shares
H.E. the Governor of Gujarat, India	360627855
Maheshbhai Patel (Nominee of COG)	1
Shailesh Desai (Nominee of COG)	1
V.M. Yagnik (Nominec of GOG)	1
K.V. Sanghvi (Nominec of GOG)	1
K.A. Patel (Nominee of COG)	1
S.D. Mistry (Nominee of GOG)	1
K.B. Pannar (Nominee of GOG)	1
D.C. Thakkar (Nominee of GOG)	1
M.B. Joshi (Nominee of GOG)	1
Total	360627864

Equity Share Break up (Percentage of Total Equity)

As on 12.12.2013

Category	Percentage
Government (Centrral and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is one of the largest water resources project of India covering four majors state Gujarat (designated as the implementing state), Madhya Pradesh, Maharashtra and Rajasthan.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• Union Bank of India, Vastrapur Branch, Polytechnic, Ahmedabad - 380007, Gujarat, India
• The Federal Bank Limited, Corporate Banking Branch, 12/227, Nariman Bhavan, Mumbai - 400021, Maharashtra, India
• Tamilnad Mercantile Bank Limited, 1 B, Wall Street, First Floor, Opposite Orient Club, Ellisbridge, Ahmedabad - 380006, Gujarat, India
• Industrial Development Bank of India Limited, IDBI Complex, Lal Bungalows, C.G. Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Bonds	5003.800	6636.500
Rupee term loans from banks	6378.200	8016.800
Rupee term loans from others	5171.800	5839.200
Term loans from others	6131.600	1568.400
Total	22685.400	22060.900

Banking Relations :	--
Auditors :
Name :	S Mohan and Company Chartered Accountants
Address :	Haridham 2, Prakrutikunja Society, Ist Floor Near Shreyas Foundation, Ambawadi, Ahmedabad – 380015, Gujarat, India
PAN No.:	AADFS7677J

CAPITAL STRUCTURE

As on 12.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.10/- each	Rs.400000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
360627864	Equity Shares	Rs.10/- each	Rs.360627.864 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.1000/- each	Rs.400000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
309148256	Equity Shares	Rs.1000/- each	Rs.309148.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	309,148.300	279,575.800	245,531.200
(b) Reserves & Surplus	2.000	2.000	2.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	51,810.600	33,103.500	35,506.300
Total Shareholders’ Funds (1) + (2)	360,960.900	312,681.300	281,039.500
(3) Non-Current Liabilities
(a) long-term borrowings	26,899.300	30,650.000	51,408.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	224.800	222.200	183.400
(d) long-term provisions	76.700	216.800	390.000
Total Non-current Liabilities (3)	27,200.800	31,089.000	51,981.900
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	61.000	55.100	209.700
(c) Other current liabilities	26,136.800	37,862.700	29,579.900
(d) Short-term provisions	169.000	157.300	171.300
Total Current Liabilities (4)	26,366.800	38,075.100	29,960.900
TOTAL	414,528.500	381,845.400	362,982.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30,042.600	25,710.900	16,960.400
(ii) Intangible Assets	3.900	5.900	8.700
(iii) Capital work-in-progress	366,718.900	341,048.300	323,144.200
(iv) Intangible assets under development	33.700	33.800	33.800
(b) Non-current Investments	4.500	4.500	4.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8,625.600	7,889.000	5,737.100
(e) Other Non-current assets	501.700	500.600	502.400
Total Non-Current Assets	405,930.900	375,193.000	346,391.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	123.000	129.300	129.500
(d) Cash and cash equivalents	7,377.600	5,694.500	4,721.700
(e) Short-term loans and advances	743.800	598.300	3,345.000
(f) Other current assets	353.200	230.300	8,395.000
Total Current Assets	8,597.600	6,652.400	16,591.200
TOTAL	414,528.500	381,845.400	362,982.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	0.000
		Purchase of Stock-in-trade	0.000	0.000	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.000	0.000	0.000
		Employee Benefits Expenses	0.000	0.000	0.000
		Other Expenses	0.000	0.000	0.000
		TOTAL (B)	0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.000	0.000	0.000
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.000	0.000	0.000
Less	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.000	0.000	0.000
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.000	0.000	0.000
	Earnings Per Share (Rs.)		0.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.07	0.10	0.18
Current Ratio (Current Asset/Current Liability)		0.33	0.17	0.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	245531.200	279575.800	309148.300
Reserves & Surplus	2.000	2.000	2.000
Share Application money pending allotment	35506.300	33103.500	51810.600
Net worth	281039.500	312681.300	360960.900
long-term borrowings	51408.500	30650.000	26899.300
Short term borrowings	0.000	0.000	0.000
Total borrowings	51408.500	30650.000	26899.300
Debt/Equity ratio	0.183	0.098	0.075

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits from others	4213.900	7940.000
Other loans and advances, others	0.000	649.100
Total	4213.900	8589.100

SARDAR SAROVAR PROJECT

PROGRESS OF THE PROJECT

The Company is executing Sardar Sarovar (Narmada) Project which is participated by four States viz Gujarat, Madhya Pradesh, Maharashtra and Rajasthan. The costs and benefits of the project are shared among the participating four States as per the provision of Narmada Water Dispute Tribunal Award. The progress on different segments of the project upto March 2013 is stated as under:

DAM

The Sardar Sarovar dam has reached the spillway crest level i.e. EL 121.92 meters on 31.12.2006. At this stage about 96% of the total concrete work has been completed. The Environment Sub group of NCA has recommended in 2010 for raising the height of the dam up to next stage i.e. Stage-I for construction of spillway piers up to full height, bridge and installation of radial gates (to be kept in raised position). Similar recommendations from R&R Sub group of NCA has been made recently for getting the final permission from Narmada Control Authority. On receipt of permission from NCA, the required work which includes 120000 cubic meter of concrete and installation of 30 radial gates will be complete in cumulative period of 36 months (comprising effectively 30 operating months).

POWER HOUSES

During the Financial Year Rs.651.927 Millions units of energy was generated at Canal Head Power House and Rs.3046.312 Millions units of energy was generated at River Bed Power House. The energy generated after auxiliary consumption is \being shared among the participating States Madhya Pradesh, Maharashtra and Gujarat in the ratio of 57:27:16 as per Narmada Water Dispute Tribunal Award.

NARMADA MAIN CANAL

The construction of entire 458 km length of concrete lined Narmada Main Canal within Gujarat is completed. The water of Narmada is being released to Rajasthan State since March-2008 through Narmada Main Canal.

BRANCH CANALS

Out of 38 Branch Canals off-taking from Narmada Main Canal, construction of 30 Branch Canals have been completed. The works on 8 Branch Canals are in progress. Thus, out of total estimated 2,585 km length of Branch

Canals, the works 2,153.19 km length have been completed. It is planned to complete all the Branch Canals by the year 2013-14. All the five Pumping Stations on Saurashtra Branch Canal have been commissioned. Works of all three pumping stations on Kachchh Branch Canal costing about Rs.5150.000 Millions are in progress.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10093549	18/03/2008	1,000,000,000.00	Bank Of India	Bank Of India, Sector-16, Gh-4, Gandhinagar, Gujarat - 382016, India	A34608745
2	10066988	05/09/2007	500,000,000.00	State Bank Of Saurashtra	Block 13, Udhyog Bhavan, Near Gh-4 Circle, Sector-11, Gandhinagar, Gujarat - 382011, India	A22716930
3	10046095	05/03/2008 *	1,000,000,000.00	Union Bank Of India	Vastrapur Branch, Polytechnic, Ahmedabad, Gujarat - 380007, India	A34659102
4	10023581	25/04/2007 *	1,000,000,000.00	Indian Bank	Block 316, Sector-16, Gandhinagar, Gujarat - 382019, India	A05983606
5	10018301	14/08/2006	500,000,000.00	State Bank Of Saurashtra	Block No. 13, Udhyog Bhavan, Near Gh -14 Circle, Gandhinagar, Gujarat - 382017, India	A03982345
6	80026250	24/03/2006	2,500,000,000.00	Bank Of India	Bank Of India, Sector-16, Gh-4, Gandhinagar, Gujarat - 382016, India	-
7	80026251	25/04/2007 *	1,500,000,000.00	Indian Bank	66, Rajaji Road, Chennai, Tamil Nadu - 600001, India	-
8	90094512	22/11/2005	1,500,000,000.00	Andhra Bank	41 Parimal Society, C.G. Road, Ahmedabad, Gujarat, India	-
9	90095782	05/03/2008 *	1,000,000,000.00	Union Bank Of India	Vastrapur Branch, Polytechnic, Ahmedabad, Gujarat - 380007, India	A34658682
10	90095777	13/09/2005	1,000,000,000.00	Oriental Bank Of Commerce	Ahmedabad, :" Neel Kamal " Opp. Sales India Ashram Road Branc, Ahmedabad, Gujarat, India	-
11	90094493	25/11/2005 *	10,010,000,000.00	Power Finance Co. Limited	Chandralok, 36 Janpath, Delhi - 110001, India	-
12	90095755	17/11/2004 *	5,500,000,000.00	Central Bank Of India	Chandermukhi, Narman Point, Mumbai, Maharashtra - 400021, India	-
13	90096154	24/04/2004	1,500,000,000.00	Central Bank Of India	Gandhinagar Branch, Gandhinagar, Gujarat, India	-
14	90095738	29/03/2004 *	5,000,000,000.00	Central Bank Of India	Chandermukhi, Narman Point, Mumbai, Maharashtra - 400021, India	-
15	90095735	16/03/2004	1,000,000,000.00	Dena Bank	Sector 16, Gandhinagar, Gujarat, India	-
16	90095730	29/03/2004 *	2,000,000,000.00	Central Bank Of India	Chandermukhi, Narman Point, Mumbai, Maharashtra - 400021, India	-
17	90095718	26/09/2003	1,000,000,000.00	Oriental Bank Of Commerce	Ashram Road, Ahmedabad, Gujarat, India	-
18	90094453	31/03/2003	1,000,000,000.00	ANDHRA BANK	41 Parimal Society, C.G.Road, Ahmedabad, Gujarat, India	-
19	90096111	26/03/2003	500,000,000.00	Central Bank Of India	Gandhinagar Branch, Gandhinagar, Gujarat, India	-
20	90096102	06/01/2003	1,000,000,000.00	Dena Bank	Sector 16, Gandhinagar, Gujarat, India	-
21	80026301	18/07/2002	1,000,000,000.00	Central Bank of India	Gandhinagar Baranch, , Gandhinagar, Gujarat - 380000, India	-
22	90095550	05/08/2002 *	3,749,998,400.00	IL and FS Trust Company Limited	Il and Fs Financial Centre, Plot No. C-22, Bandrakurla Complex, Mumbai, Maharashtra - 400051, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.40
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.