MIRA INFORM REPORT

Report Date :

03.06.2014

IDENTIFICATION DETAILS

Name :	GMR CHHATTISGARH ENERGY LIMITED (W.E.F. 29.09.2010)

Formally Known As :	GMR CHHATTISGARH ENERGY PRIVATE LIMITED

Registered Office :	Skip House, 25/ 1, Museum Road, Bangalore – 560025, Karnataka

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	08.10.2008

Com. Reg. No.:	08-047974

Capital Investment / Paid-up Capital :	Rs.8228.700 Millions

CIN No.: [Company Identification No.]	U40108KA2008PLC047974

TAN No.: [Tax Deduction & Collection Account No.]	BLRG11704A

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject engaged primarily in the business of setting and running of Power plant.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 32500000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be 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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	ECB Facility = BB+
Rating Explanation	Have moderate risk of default.
Date	November, 2013.

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 BY

Management Non-Cooperative

LOCATIONS

Registered Office / Regional Office :	Skip House, 25/ 1, Museum Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-40432000 / 40534000
Fax No.:	91-80-40432180
E-Mail :	gmrenergy@gmrgroup.in energy_secretarial@gmrgroup.in
Website :	http://www.gmrgroup.co.in http://www.gmrgroup.in

Corporate Office :	IBC Knowledge Park, Phase 2, "D" Block, 9th Floor, 4/1, Bannerghatta Road, Bangalore - 560 029, Karnataka, India
Tel. No.:	91-80-40432000
Fax No.:	91-80-40432180
E-Mail :	info@gmrgroup.in

Site Location :	Raikheda Village, Tilda Block, District : Raipur – 493225, Chhattisgarh, India

Regional Offices and Overseas Offices :	Located At Delhi Himachal Pradesh Bhubaneswar Uttarakhand Punjab Maharashtra Karnataka Tamilnadu Andhra Pradesh Nepal United Kingdom Singapore

DIRECTORS

AS ON 26.08.2013

Name :	Mr. Srinivasachari Rajagopal
Designation :	Director
Address :	Varenya 1043, 10^th Main Road, Judicial, Officers Layout, Gkvk Post, Bangalore – 560065, India
Date of Birth/Age :	10.03.1940
Date of Appointment :	13.08.2010
DIN No.:	00022609

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	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	07/07/2008	31/07/2002	-	Active	NO
2	L29219WB1985PLC055352	SREI INFRASTRUCTURE FINANCE LIMITED	Director	25/01/2003	25/01/2003	-	Active	NO
3	U45203KA2001PLC049329	GMR TAMBARAM TINDIVANAM EXPRESSWAYS LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
4	U45203KA2001PLC049328	GMR TUNI-ANAKAPALLI EXPRESSWAYS LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
5	U65922TN1995PLC031681	NATIONAL TRUST HOUSING FINANCE LIMITED	Director	11/04/2003	11/04/2003	-	Active	NO
6	U65999WB1994PLC065722	Srei Alternative Investment Managers Limited	Director	13/06/2005	13/06/2005	-	Active	NO
7	U18101TZ2005PLC012295	S.P.APPARELS LIMITED	Director	30/09/2006	30/01/2006	15/03/2011	Active	NO
8	L28990MH1996PLC097945	VARUN INDUSTRIES LIMITED	Director	16/07/2007	05/12/2006	28/03/2012	Active	NO
9	L30006TN1995PLC031651	ZYLOG SYSTEMS LIMITED	Director	21/06/2007	28/01/2007	07/12/2012	Active	NO
10	U72200KA2003PTC032027	Wisdomleaf Technologies Private Limited	Director	21/07/2008	14/07/2007	-	Active	NO
11	U40102MH2007PLC172552	USHER ECO POWER LIMITED	Director	27/06/2008	15/05/2008	31/10/2009	Active	NO
12	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Director	24/08/2009	01/09/2008	-	Active	NO
13	U72200TN2005PLC058451	ZYLOG SYSTEMS (INDIA) LIMITED.	Director	23/09/2009	19/01/2009	07/12/2012	Active	NO
14	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	13/08/2010	02/12/2009	-	Active	NO
15	U72900KA2009PTC051942	CAREERCUBICLE TECHNOLOGIES PRIVATE LIMITED	Director	23/12/2009	23/12/2009	-	Active	NO
16	U51909TN1994PLC028470	VIVEK LIMITED	Director	30/10/2010	09/03/2010	-	Active	NO
17	U45201KA2009PTC050109	GMR Hyderabad Vijayawada Expressways Private Limited	Director	11/08/2010	18/03/2010	-	Active	NO
18	U45200DL2011PLC227902	GMR KISHANGARH UDAIPUR AHMEDABAD EXPRESSWAYS LIMITED	Director	21/08/2012	17/01/2012	-	Active	NO
19	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	17/09/2013	12/11/2012	-	Active	NO

Name :	Mr. Nangavaram Chandramouli Sarabeswaran
Designation :	Director
Address :	No.27, Papansam Sivan, Salai Palace Road, Chennai – 600041, Tamil Nadu, India
Date of Birth/Age :	07.05.1944
Date of Appointment :	13.08.2010
DIN No.:	00167868

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	U51102TN1954PTC002241	R SUBBARAMAN & CO PRIVATE LIMITED	Director	31/07/1989	31/07/1989	-	Active	NO
2	U15209TN1997PTC039463	NANKKAVARAM FARM PRIVATE LIMITED	Director	27/01/1999	27/01/1999	14/02/2008	Strike off	NO
3	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	08/03/2004	08/03/2004	-	Active	NO
4	U65929TN2005PLC057390	MADURA MICRO FINANCE LIMITED	Director	16/03/2006	16/03/2006	-	Active	NO
5	U45200KA2005PLC049326	GMR JADCHERLA EXPRESSWAYS LIMITED	Director	08/06/2006	25/04/2006	24/04/2013	Active	NO
6	U45203KA2006PTC038784	GMR ULUNDURPET EXPRESSWAYS PRIVATE LIMITED	Director	05/07/2007	25/04/2006	18/02/2014	Active	NO
7	U45203KA2005PTC036773	GMR AMBALA-CHANDIGARH EXPRESSWAYS PRIVATE LIMITED	Director	03/05/2006	25/04/2006	-	Active	NO
8	U45200KA2005PLC049327	GMR POCHANPALLI EXPRESSWAYS LIMITED.	Director	08/06/2006	25/04/2006	-	Active	NO
9	U40101UR2006PTC031381	GMR (BADRINATH) HYDRO POWER GENERATION PRIVATE LIMITED	Director	19/06/2006	19/06/2006	30/03/2012	Active	NO
10	L27101AP2006PLC049591	METKORE ALLOYS & INDUSTRIES LIMITED	Director	28/06/2007	28/06/2007	17/12/2009	Active	NO
11	U40105KA1995PLC016942	GMR POWER CORPORATION LIMITED	Director	04/07/2008	07/05/2008	-	Active	NO
12	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Director	24/08/2009	01/09/2008	-	Active	NO
13	U45203KA2006PLC038379	GMR HIGHWAYS LIMITED	Director	10/08/2009	18/03/2009	-	Active	NO
14	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	13/08/2010	02/12/2009	-	Active	NO
15	U45209TN2007PLC064863	GMR KRISHNAGIRI SEZ LIMITED	Director	29/08/2012	28/10/2011	-	Active	NO
16	U45200TG2003PTC041961	KAKINADA SEZ PRIVATE LIMITED	Director	30/08/2012	28/10/2011	-	Active	NO
17	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	11/09/2012	09/11/2011	-	Active	NO
18	U45200DL2011PLC227902	GMR KISHANGARH UDAIPUR AHMEDABAD EXPRESSWAYS LIMITED	Director	21/08/2012	17/01/2012	-	Active	NO

Name :

Mr. Avinash Ramakant Shah

Designation :

Director

Address :

B-63, Prestige Ozone, Whitefield, Main Road, Bangalore - 560066, Karnataka, India

Date of Birth/Age :

07.03.1957

Date of Appointment :

28.09.2012

DIN No. :

02301578

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	U74200KA2008PTC045448	GMR Consulting Services Private Limited	Director	15/06/2009	08/10/2008	07/02/2014	Active	NO
2	U40100MH2005PLC155140	EMCO ENERGY LIMITED	Director	16/08/2010	24/07/2009	01/01/2012	Active	NO
3	U40109KA1998PLC052000	SJK POWERGEN LIMITED	Director	16/08/2010	14/12/2009	-	Active	NO
4	U40101KA2009PTC048996	GMR Kakinada Energy Private Limited	Director	16/08/2010	21/07/2010	15/01/2014	Active	NO
5	U40109KA2010PLC054554	GMR Hosur Energy Limited	Director	22/07/2010	22/07/2010	31/01/2014	Active	NO
6	U40107KA2010PTC054125	GMR UTTAR PRADESH ENERGY PRIVATE LIMITED	Director	12/07/2011	19/10/2010	30/01/2014	Active	NO
7	U40101KA2010PTC054124	GMR BUNDELKHAND ENERGY PRIVATE LIMITED	Director	12/07/2011	19/10/2010	-	Active	NO
8	U40107KA2010PLC053789	GMR Maharashtra Energy Limited	Director	05/07/2011	21/10/2010	15/01/2014	Active	NO
9	U13100KA2005PTC037308	GMR Mining AND Energy Private Limited	Director	27/09/2012	05/10/2011	-	Active	NO
10	U40101HP2008PTC030971	GMR BAJOLI HOLI HYDROPOWER PRIVATE LIMITED	Director	21/09/2012	10/01/2012	10/01/2014	Active	NO
11	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	28/09/2012	19/01/2012	-	Active	NO
12	U40107KA2009PLC051643	GMR Rajahmundry Energy Limited	Director	27/08/2013	06/04/2013	09/01/2014	Active	NO
13	U23201KA1997PLC032964	GMR Vemagiri Power Generation Limited	Director	26/08/2013	06/04/2013	13/01/2014	Active	NO
14	U40105KA1995PLC016942	GMR POWER CORPORATION LIMITED	Director	27/08/2013	06/04/2013	07/01/2014	Active	NO

Name :

Venkata Varaha Rao Kotih

Designation :

Whole-time director

Address :

2 C, Santhrupthi, MCHS Colony, 3^rd Block, 14^th Cross, HSR Layout, Sector – VI, Bangalore - 560065, Karnataka, India

Date of Birth/Age :

20.06.1950

Date of Appointment :

23.04.2014

DIN No. :

01165942

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	U45200MH1996PTC205984	GMR PROJECTS PRIVATE LIMITED	Director	09/07/2009	08/10/2001	-	Active	NO
2	U85110KA1996PLC021262	GMR ENERGY LIMITED	Director	18/04/2013	11/01/2007	30/09/2013	Active	NO
3	U13100KA2005PTC037308	GMR Mining AND Energy Private Limited	Director	05/07/2008	17/10/2007	02/11/2010	Active	NO
4	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Managing director	01/09/2008	28/12/2007	27/08/2013	Active	NO
5	U10101OR2008PTC009827	RAMPIA COAL MINE AND ENERGY PRIVATE LIMITED	Director	24/09/2008	19/02/2008	-	Active	NO
6	L45203KA1996PLC034805	GMR INFRASTRUCTURE LIMITED	Director	17/09/2013	12/11/2012	-	Active	NO
7	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Whole-time director	23/04/2014	19/04/2013	-	Active	NO

Name :

Mr. Sanjay Narayan Barde

Designation :

Director

Address :

A 3/8, Dattaprasad Society, 10^th Main Malleswaram, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

23.02.1957

Date of Appointment :

26.08.2013

DIN No. :

03140784

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	U40101KA2009PTC048996	GMR Kakinada Energy Private Limited	Director	16/08/2010	21/07/2010	15/01/2014	Active	NO
2	U40109KA2010PLC054554	GMR Hosur Energy Limited	Director	15/07/2011	21/10/2010	10/02/2014	Active	NO
3	U40107KA2010PTC054125	GMR UTTAR PRADESH ENERGY PRIVATE LIMITED	Director	12/07/2011	01/03/2011	30/01/2014	Active	NO
4	U23201KA1997PLC032964	GMR Vemagiri Power Generation Limited	Director	27/09/2012	13/10/2011	13/01/2014	Active	NO
5	U40107KA2009PLC051643	GMR Rajahmundry Energy Limited	Director	25/09/2012	19/01/2012	09/01/2014	Active	NO
6	U40105KA1995PLC016942	GMR POWER CORPORATION LIMITED	Director	28/09/2012	26/03/2012	07/01/2014	Active	NO
7	U40109KA2009PLC059547	MARU TRANSMISSION SERVICE COMPANY LIMITED	Director	27/08/2013	30/03/2013	-	Active	NO
8	U40109KA2009PLC060589	ARAVALI TRANSMISSION SERVICE COMPANY LIMITED	Director	27/08/2013	30/03/2013	-	Active	NO
9	U40108KA2008PLC047974	GMR CHHATTISGARH ENERGY LIMITED	Director	26/08/2013	19/04/2013	-	Active	NO
10	U40101KA2008PTC047277	GMR COASTAL ENERGY PRIVATE LIMITED	Director	26/08/2013	13/05/2013	-	Active	NO
11	U40100MH2005PLC155140	EMCO ENERGY LIMITED	Whole-time director	28/08/2013	17/07/2013	-	Active	NO
12	U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	Additional director	22/01/2014	22/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Venkata Varaha Rao Kotih
Designation :	Manager
Address :	2 C, Santhrupthi, MCHS Colony, 3^rd Block, 14^th Cross, HSR Layout, Sector – VI, Bangalore - 560065, Karnataka, India
Date of Birth/Age :	20.06.1950
Date of Appointment :	19.04.2013
PAN No.:	AAZPR6371G

Name :	Mr. Ramanan Darshan
Designation :	Secretary
Address :	#7, Pallapa Layout, Kodigehalli Thindlu Main Road, Kodigehalli, Virupakshapura, Bangalore - 560097, Karnataka, India
Date of Birth/Age :	12.12.1982
Date of Appointment :	16.10.2012
PAN No.:	AUUPR0756J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.08.2013

Names of Shareholders		No. of Shares
GMR Energy Limited, India		1530199940
B. V. N. Rao		10
G. M. Rao (Nominee of GMR Energy Limited)		10
G. Kiran Kumar(Nominee of GMR Energy Limited)		10
G Varalakshmi (Nominee of GMR Energy Limited)		10
G. B. S. Raju (Nominee of GMR Energy Limited)		10
Srinivas Bommidala (Nominee of GMR Energy Limited)		10
		0
Total		1530200000

List of Allottees

AS ON 29.03.2014

Name of Allottee		No. of Shares Allotted
GMR Energy Limited, India		47000000

Total		47000000

Equity Share Break up (Percentage of Total Equity)

AS ON 26.08.2013

Category		Percentage of Holding
Bodies corporate		100.00

BUSINESS DETAILS

Line of Business :	Subject engaged primarily in the business of setting and running of Power plant.

Products :	Service : Electric Power

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
State Bank of Hyderabad, Sheriff House, 1st Floor, No. 85, Richmond Road, Bangalore - 560025, Karnataka, India
Corporation Bank, Rallaram Building, No. 30, Mission Road, Bangalore- 560027, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2013 (Rs. In Millions)	As on 31.03.2012 (Rs. In Millions)

Rupee term loans from bank
From Bank	5776.726	3276.100
From other	1639.100	0.000
Other long term loans and advances
Acceptance a	14519.959	10744.629
Buyers Credit	13819.748	7834.137

Total	35755.533	21854.866


Banking Relations :	--

Financial Institutions :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400005, Maharashtra, India

Auditors :
Name :	Chaturvedi and Shah Chartered Accountants Chartered Accountants
Address :	714 – 715, Tulsiani Chambers 212, Nariman Point, Mumbai·400 021, Maharashtra, India
Tel No.:	91-22-30218500
Fax No.:	91-22-22840892
PAN:	AAAFC0662N

Holding Company :	GMR Energy Limited (GEL) ( Holding Company w.e.f. 25^th November 2009)

Enterprises having control over the company :	GMR Holdings Private Limited (GHPL) GMR Infrastructure limited (GIL) GMR Renewable Energy Limited

Fellow Subsidiary :

GMR Power Corporation Limited (GPCL
GMR Bannerghatta Properties Private Limited (GBPPL ) (Till 24^th November 2009)
GMR Consulting Services Private Limited
GMR Rajahmundry Energy Limited
GMR Gujarat Solar Power Private Limited
GMR Corporate Affairs Private Limited (GCAPL)
GMR Aviation Private Limited (GAPL)
GMR Varalakshmi Foundation (GMRVF)
GMR Fantily Fund Trust
Raxa Security Services Limited

CAPITAL STRUCTURE

AS ON 26.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,660,000,000	Equity Shares	Rs.10/- each	Rs.16600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1577200000	Equity Shares	Rs.10/- each	Rs.15772.000 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1220000000	Equity Shares	Rs.10/- each	Rs.12200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
822870000	Equity Shares	Rs.10/- each	Rs.8228.700 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	8,228.700	5,100.700	20.000
(b) Reserves & Surplus	(109.541)	(65.333)	(25.658)
(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)	8,119.159	5,035.367	(5.658)

(3) Non-Current Liabilities
(a) long-term borrowings	39,901.533	26,000.866	6,105.248
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4,740.938	1,854.849	61.980
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	44,642.471	27,855.715	6,167.228

(4) Current Liabilities
(a) Short term borrowings	0.000	1.000	5,660.550
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	15,293.108	3,094.492	511.456
(d) Short-term provisions	50.666	43.487	17.585
Total Current Liabilities (4)	15,343.774	3,138.979	6,189.591

TOTAL	68,105.404	36,030.061	12,351.161

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	848.622	846.043	818.131
(ii) Intangible Assets	7.512	4.475	0.880
(iii) Capital work-in-progress	60,688.953	24,478.294	3,672.792
(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	3,103.690	6,836.610	7,692.734
(e) Other Non-current assets	3,098.213	3,179.806	0.000
Total Non-Current Assets	67,746.990	35,345.228	12,184.537

(2) Current assets
(a) Current investments	20.000	0.000	68.073
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	196.755	419.149	2.993
(e) Short-term loans and advances	133.583	265.255	95.558
(f) Other current assets	8.076	0.429	0.000
Total Current Assets	358.414	684.833	166.624

TOTAL	68,105.404	36,030.061	12,351.161

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	0.000	0.000	0.000

Less	EXPENSES
	TOTAL	44.208	39.675	18.226

	PROFIT/ (LOSS) BEFORE TAX	(44.208)	(39.675)	(18.226)

Less	TAX	0.000	0.000	(0.139)

	PROFIT/ (LOSS) AFTER TAX	(44.208)	(39.675)	(18.087)

	Earnings / (Loss) Per Share (Rs.)	(2.06)	(0.20)	(17.95)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PARTICULARS
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}	(%)	(0.60)	(0.34)	(0.21)

Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)	3.221

Debt Equity Ratio (Total Debt /Networth)		4.91	6.16	4581.50

Current Ratio (Current Asset/Current Liability)		0.02	0.22	0.03

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	20.000	5,100.700	8,228.700
Reserves & Surplus	(25.658)	(65.333)	(109.541)
Net worth	(5.658)	5,035.367	8,119.159

long-term borrowings	6,105.248	26,000.866	39,901.533
Short term borrowings	5,660.550	1.000	0.000
Total borrowings	11,765.798	26,001.866	39,901.533
Debt/Equity ratio	(2,079.498)	5.164	4.914

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	--
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

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties
Subordinate debt from holding company	4146.000	4146.000
SHORT TERM BORROWINGS
Loans and advances from related parties
Inter-corporate Deposit	0.000	1.000
Total	4146.000	4147.000

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420244	16/04/2013	1,000,000,000.00	Corporation Bank	Rallaram Building, No. 30, Mission Road, Bangalore- 560027, Karnataka, India	B73336497
2	10422985	16/07/2013 *	2,000,000,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India	B80566326
3	10399894	26/07/2013 *	3,000,000,000.00	State Bank of Hyderabad	Sheriff House, 1st Floor, No. 85, Richmond Road, Bangalore- 560025, Karnataka, India	B80555766
4	10270545	24/01/2014 *	62,170,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Floor, Bombay Dyeing Mills Compound, , Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India	B95598025

* Date of charge modification

FIXED ASSETS

Office Equipment
Furniture and Fixtures
Vehicles
Leasehold Land
Freehold Land
Computers

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.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Information Gathered by :	PLK

Analysis Done by :	RAS

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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.