MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	BHANDER POWER LIMITED (w.e.f. 16.07.1997)
Formerly Known As :	ESSAR POWER (GWALIOR) LIMITED
Registered Office :	27th KM, Surat Hazira Road,  Hazira,  Surat – 394270, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.07.1995
Com. Reg. No.:	04-065146
Capital Investment / Paid-up Capital :	Rs.3784.500 Millions
CIN No.: [Company Identification No.]	U31101GJ1995PLC065146
TAN No.: [Tax Deduction & Collection Account No.]	SRTB01341E
PAN No.: [Permanent Account No.]	AAACB6693B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Galvanized Coil Plates and Pipes and Hot Rolled Coils.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 34000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is well-established company having satisfactory track record. There seems drastic dip in the profit of the company during 2013. However, the rating takes into consideration experienced promoters and management. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered normal for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility = A
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	03.01.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facility = A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	03.01.2013

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 PARTED BY

Name :	Mr. Rajesh Patel
Designation :	Export Department
Contact No.:	91-261-6682400
Date :	13.03.2014

LOCATIONS

Registered Office/ Factory :	27th KM, Surat Hazira Road,  Hazira,  Surat – 394270, Gujarat, India
Tel. No.:	91-261-6682055
Fax No.:	91-261-66824008/ 6682747
E-Mail :	powersec@essar.com essarnet@essar.com
Website :	www.essar.cpm
Location :	Owned
Corporate Office :	Equinox Business Park, Tower II, 5^th Floor, Off Bandra Kurla Complex, LBS Mard, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-66601100/ 40011100
Fax No.:	91-22-24954787

DIRECTORS

As on 30.09.2013

Name :

Mr. Nishith Dayal

Designation :

Director

Address :

D1/2, Nand Niketan, Essar Township, Surat-Hazira Road, Surat – 394270, Gujarat, India

Date of Birth/Age :

18.12.1963

Date of Appointment :

30.09.2013

DIN No.:

03296789

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	U40300GJ2006PLC063146	Essar Power Hazira Limited	Managing director	01/12/2010	01/12/2010	31/07/2012	Active	NO
2	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Managing director	30/09/2013	20/08/2012	-	Active	NO

Name :

Stansilaus Joseph Coelho

Designation :

Director

Address :

65, IV B Cross High Colony, RMV Extension, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

11.03.1933

Date of Appointment :

30.06.2004

DIN No.:

00176467

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	U24117TN1986PLC012930	ASIAN PEROXIDES LIMITED	Director	25/03/1991	25/03/1991	29/04/2013	Active	NO
2	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	28/08/2000	28/08/2000	-	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/06/2004	30/06/2004	-	Active	NO

Name :

Mr. Tushar Shankerlal Bhatt

Designation :

Director

Address :

D – 3/5, Nand Niketan, Hazira Niwas, Surat – 394270, Gujarat, India

Date of Birth/Age :

30.09.1954

Date of Appointment :

20.08.2012

DIN No.:

00008101

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
	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	15/10/2003	15/10/2003	30/04/2009	Active	NO
2	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	20/08/2012	15/04/2009	-	Active	NO
3	U40300GJ2006PLC063146	Essar Power Hazira Limited	Managing director	08/08/2012	08/08/2012	-	Active	NO

Name :

Mr. Vijayabhaskara Kalakota Reddy

Designation :

Director

Address :

61, Marble Arch, 5^th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

30.07.2009

DIN No.:

01683467

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	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	29/09/2007	17/08/2007	-	Active	NO
2	U40108MH2007PLC175185	ESSAR POWER JAMNAGAR LIMITED	Director	19/10/2007	19/10/2007	05/04/2010	Strike off	NO
3	U40109MH2007PLC170966	ESSAR POWER CHHATTISGARH LIMITED	Director	30/09/2008	24/03/2008	02/02/2011	Strike off	NO
4	U31101MH2006PTC164542	ESSAR WIND POWER PRIVATE LIMITED	Director	30/09/2008	10/07/2008	02/02/2011	Active	NO
5	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	30/09/2008	10/07/2008	05/04/2010	Active	NO
6	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Whole-time director	01/04/2011	01/04/2009	-	Active	NO
7	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	06/07/2009	15/04/2009	09/01/2014	Active	NO
8	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Director	06/07/2009	15/04/2009	09/01/2014	Active	NO
9	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	01/04/2011	15/04/2009	-	Active	NO
10	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/07/2009	15/04/2009	-	Active	NO
11	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	20/07/2009	15/04/2009	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10/07/2009	15/04/2009	-	Under liquidation	NO
13	U40100GJ1997PLC033108	VADINAR POWER COMPANY LIMITED	Director	10/07/2009	15/04/2009	-	Active	NO
14	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	11/03/2013	30/04/2009	-	Active	NO
15	U40300GJ2009PLC062729	ESSAR POWER SALAYA LIMITED	Director	26/05/2009	26/05/2009	09/01/2014	Active	NO
16	U40105AP2007PTC052403	MALAXMI ENERGY VENTURES(INDIA)PRIVATE LIMITED	Director	16/11/2009	16/11/2009	19/07/2010	Active	NO
17	U40109DL2005PTC231302	NAVABHARAT POWER PRIVATE LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
18	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27/01/2011	27/01/2011	16/09/2011	Active	NO
19	U40106GJ2011PLC064458	ESSAR POWER SOLAR LIMITED	Director	16/03/2011	16/03/2011	-	Strike off	NO
20	U01010MP2006PLC018586	MAHAN COAL LIMITED	Director	24/09/2011	14/09/2011	-	Active	NO
21	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	29/06/2012	20/03/2012	09/01/2014	Active	NO

Name :

Mr. Rajendra Kumar Sethi

Designation :

Director

Address :

B-6, Ganga Jyoti Building, Plot No. 17, Bangur Nagar, Link Road, Goreaon (West), Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

11.03.1963

Date of Appointment :

30.09.2013

DIN No.:

01737511

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	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	02/08/2012	02/08/2012	-	Under liquidation	NO
2	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	12/09/2013	07/08/2012	-	Active	NO
3	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	30/09/2013	08/08/2012	-	Active	NO
4	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/09/2013	20/08/2012	-	Active	NO
5	U40109GJ2011PLC063806	ESSAR POWER DISTRIBUTION COMPANY LIMITED	Director	27/09/2013	15/04/2013	-	Active	NO
6	U40100MH1997PLC110104	ESSAR ELECTRIC POWER DEVELOPMENT CORPORATION LIMITED	Additional director	09/01/2014	09/01/2014	-	Active	NO

Name :

Mr. Vishwaroop Jaideva

Designation :

Director

Address :

D – 4/7, Nand Niketan, Hazira Niwas, Surat – 394270, Gujarat, India

Date of Birth/Age :

10.06.1953

Date of Appointment :

30.09.2013

DIN No.:

02119490

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	U40104DL2008PTC183024	Nabinagar Power Generating Company Private Limited	Nominee director	09/09/2008	09/09/2008	18/12/2008	Active	NO
2	U40108KL2008PTC023163	KINESCO POWER AND UTILITIES PRIVATE LIMITED	Nominee director	29/12/2010	29/12/2010	01/09/2011	Active	NO
3	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	12/09/2013	23/05/2013	-	Active	NO
4	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	30/09/2013	23/05/2013	-	Active	NO
5	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/09/2013	27/05/2013	-	Active	NO

Name :

Mr. Padmanabhan Sugavanam

Designation :

Director

Address :

F-No.119, SMR Vinay Cascades, Jagdish Nagar, Bangalore – 560075, Karnataka, India

Date of Birth/Age :

03.06.1945

Date of Appointment :

30.09.2013

DIN No.:

03229120

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	U23200MH1996PLC102222	IOT INFRASTRUCTURE & ENERGY SERVICES LIMITED	Director	21/09/2010	01/09/2010	-	Active	NO
2	L17100MH1909PLC000294	SWAN ENERGY LIMITED	Whole-time director	22/09/2011	24/09/2010	-	Active	NO
3	U45400DL2007PTC166733	SANMARG PROJECTS PRIVATE LIMITED	Director	13/09/2012	23/09/2011	-	Active	NO
4	U40108GJ2013PLC073539	SWAN LNG LIMITED	Director	24/05/2013	24/05/2013	-	Active	NO
5	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Additional director	30/09/2013	18/09/2013	-	Active	NO

Name :

Mr. Mohanlal Ramgopal Sharma

Designation :

Director

Address :

1693, Pratap Street,M Pama Krishna, Ashram Chuna Mandi, Pahar Ganj, Central Delhi, Delhi – 110055, India

Date of Birth/Age :

08.07.1949

Date of Appointment :

30.09.2013

DIN No.:

02724685

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	U02005GJ1976SGC002927	GUJARAT STATE FOREST DEVELOPMENT CORPORATION LIMITED	Director	06/03/2003	06/03/2003	21/08/2009	Active	NO
2	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Additional director	30/09/2013	18/09/2013	-	Active	NO
3	U40300GJ2006PLC063146	Essar Power Hazira Limited	Additional director	30/09/2013	18/09/2013	-	Active	NO
4	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Additional director	27/09/2013	19/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Dipti Jayesh Khandelwal
Designation :	Secretary
Address :	419/D, Joshi Wadi, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	12.10.1981
Date of Appointment :	21.09.2010
PAN No.:	ABAPY7127M

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Essar Power Limited, India	274639440
Essar Steel India Limited, India	96905000
Essar Projects (India) Limited, India	772000
Essar Bulk Terminal Limited, India	386000
Essar Power Limited, India and Naveen Maheshwari	10
Essar Power Limited, India and V T Joshi	10
Essar Power Limited, India and Gyan Anand	10
Essar Power Limited, India and Sandip Sinha	10
Essar Power Limited, India and R R Pillai	10
Essar Power Limited, India and T Rajmohan	10
Total	372702500

Names of Preference Shareholders	No. of Shares
Essar Power Limited, India	5750000
Total	5750000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Galvanized Coil Plates and Pipes and Hot Rolled Coils.
Exports :
Products :	Finished Goods
Countries :	Middle East Europe USA
Imports :
Products :	Raw Material
Countries :	USA UK
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

1000 (Approximately)

Bankers :

• IDBI Bank
• State Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from financial institutions	5750.000	6750.000
Short Term Borrowings
Working capital facility
From bank – cash credit facilities	224.800	0.000
Total	5974.800	6750.000

Notes :

Long Term Borrowings

1. Securities provided to lenders

Rupee term loan is secured by first ranking on all the company’s assets immovable and movable, tangible and intangible, both present and future, assignment of project documents and insurance policies. First charge on debt service reserve. The facility are additionally secured by pledge of certain equity shares of the company held by Essar Power Limited.

2. Terms of repayment and interest rate of rupee term loans

Rupee term loan is repayable in 28 equal quarterly installment of Rs.250.000 Millions each staring from February 15, 2013 and was carrying interest @ 10.52% per annum which has been resct to 11.64% p.a. w.e.f. February 15, 2013.

3. The classification of loans between current liabilities and non-current liabilities continuous based on repayment schedule under respective agreements as no loans have been recalled due to non-compliance of conditions under any of the loan agreements loan agreements. This is in accordance with the guidance issued by the institute of chartered accountant of India on revised schedule Vi to the Companies Act, 1956 principle installment due and interest accrued and interest accrued and due on borrowings outstanding for 45 days and 17 to 76 respectively as at March 31, 2013 have been paid subsequently to balance sheet date.

Short Term Borrowings

1. Securities provided to lenders

Working capital facility from banks is secured / to be secured by a first charges by hypothecation of inventories and receivable and a second charges on fixed assets of the company.

Banking Relations :	--
Financial Institutions :	Infrastructure Development Finance Company Limited, Ramon House, Backbay Reclamation, Mumbai - 400020, Maharashtra, India IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C22. G Block. Bandra, Kurla Complex Bandra East, Mumbai - 400051, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat Vidhyapith, Off. Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542/ 27582543
Fax No.:	91-79-27582551
PAN No.:	AABFD7919A
Holding Company :	Essar Power Limited
Ultimate Holding Company :	Essar Global Fund Limited (formally known as Essar Global Limited)
Fellow Subsidiary :	Essar Electric Power Development Corporation Limited Essar Power Gujarat Limited Navbharat Power Private Limited Vadinar Power Private Limited Essar Power M P Limited
Enterprises commonly controlled and influences by major shareholders/ director of the company :	Essar Steel India Limited (formally known as Essar Steel Limited) Essar Bulk Terminal Limited Essar Projects (India) Limited Essaer Heavy Engineering Services, a division of EPIL Acgis Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000000	Equity Shares	Rs.10/- each	Rs.40000.000 Millions
1000000000	0.01% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.10000.000 Millions
	Total		Rs.50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
372702500	Equity Shares	Rs.10/- each	Rs.3727.025 Millions
5750000	0.01% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.57.500 Millions
	Total		Rs.3784.525 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	3,784.500	3,784.500	3,768.900
(b) Reserves & Surplus	4,826.800	4,454.100	3,047.900
(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)	8,611.300	8,238.600	6,816.800
(3) Non-Current Liabilities
(a) long-term borrowings	5,750.000	6,750.000	7,000.000
(b) Deferred tax liabilities (Net)	67.700	12.800	13.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.800	9.000	9.500
Total Non-current Liabilities (3)	5,819.500	6,771.800	7,022.500
(4) Current Liabilities
(a) Short term borrowings	398.800	0.000	0.000
(b) Trade payables	148.600	130.900	288.800
(c) Other current liabilities	1,479.200	291.900	39.400
(d) Short-term provisions	3.300	4.600	40.200
Total Current Liabilities (4)	2,029.900	427.400	368.400
TOTAL	16,460.700	15,437.800	14,207.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4,666.800	6,936.900	7,749.700
(ii) Intangible Assets	0.200	0.000	0.000
(iii) Capital work-in-progress	2.800	49.200	29.800
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3,900.000	3,900.000	3,400.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1,507.500	1,471.700	85.600
(e) Other Non-current assets	15.600	20.800	27.400
Total Non-Current Assets	10,092.900	12,378.600	11,292.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	369.100	319.900	301.600
(c) Trade receivables	5,046.700	1,962.500	1,215.700
(d) Cash and cash equivalents	190.700	330.500	1,354.500
(e) Short-term loans and advances	751.700	436.100	32.800
(f) Other current assets	9.600	10.200	10.600
Total Current Assets	6,367.800	3,059.200	2,915.200
TOTAL	16,460.700	15,437.800	14,207.700

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		3,966.000	3,723.300	4,443.900
		Other Income		17.400	70.600	121.000
		TOTAL (A)		3,983.400	3,793.900	4,564.900
Less	EXPENSES
		Cost of fuel		103.300	78.000	575.200
		Transmission charges		0.000	0.100	4.600
		Employee Benefits Expenses		31.700	51.700	53.100
		Other Expenses		210.200	388.000	278.100
		TOTAL (B)		345.200	517.800	911.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			3,638.200	3,276.100	3,653.900
Less	FINANCIAL EXPENSES (D)			785.700	756.700	649.600
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			2,852.500	2,519.400	3,004.300
Less	DEPRECIATION/ AMORTISATION (F)			2,317.900	814.300	813.800
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			534.600	1,705.100	2,190.500
Less	TAX (H)			161.900	341.100	435.200
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			372.700	1,364.000	1,755.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			4411.900	3047.900	1292.600
	BALANCE CARRIED TO THE B/S			4784.600	4411.900	3047.900
	EARNINGS IN FOREIGN CURRENCY
			Sale of emission reduction – CDM	0.000	49.900	0.000
	TOTAL EARNINGS			0.000	49.900	0.000
	IMPORTS
			Components and Spares	42.100	62.000	70.700
	TOTAL IMPORTS			42.100	62.000	70.700
	Earnings Per Share (Rs.)			1.00	3.67	4.73

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.36	35.95	38.45
Net Profit Margin (PBT/Sales)	(%)	13.48	45.80	49.29
Return on Total Assets (PBT/Total Assets}	(%)	4.26	14.84	20.32
Return on Investment (ROI) (PBT/Networth)		0.06	0.21	0.32
Debt Equity Ratio (Total Debt /Networth)		0.71	0.82	1.03
Current Ratio (Current Asset/Current Liability)		3.14	7.16	7.91

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	3768.900	3784.500	3784.500
Reserves & Surplus	3047.900	4454.100	4826.800
Net worth	6816.800	8238.600	8611.300
long-term borrowings	7000.000	6750.000	5750.000
Short term borrowings	0.000	0.000	398.800
Total borrowings	7000.000	6750.000	6148.800
Debt/Equity ratio	1.027	0.819	0.714

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	4,443.900	3,723.300	3,966.000
		(16.215)	6.518

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	4,443.900	3,723.300	3,966.000
Profit	1,755.300	1,364.000	372.700
	39.50%	36.63%	9.40%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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
Short Term Borrowings
Temporary advances form holding company	174.000	0.000
Total	174.000	0.000

NATURE OF BUSINESS:

The company has set and operates a 500 MW partly dual fired combined cycle power plant at Hazira, Surat, Gujarat, India.

FINANCIAL HIGHLIGHTS:

During the year, the company reported a profit after tax Rs.370.000 Millions as against Rs.1360.000 Millions for the previous year. The higher revenue during the current year was mainly on account of delayed payment charges on overdoes receivables from customers. During the year, based on techno-commercial considerations, the company had re-assessed the useful life and depreciation method for the plant. There was a revision in method of depreciation computation from straight line method to written down value method. The additional charge in depreciation method and estimated life had brought down the depreciation charged for the year. Also, profit before tax was higher by Rs.70.000 Millions to the change in depreciation method.

OPERATIONAL HIGHLIGHTS:

During the year, the power plant availability was 99.96%, power generation was 1422 MUs and plant load factor was 33%. The power generation was low on account of power demand form captive customers.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10373782	22/07/2013 *	680,000,000.00	IL and FS Trust Company Limited	Il and Fs Financial Centre Plot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai, Maharashtra - 400051, India	B82106642
2	10236248	25/04/2011 *	7,000,000,000.00	IL and FS Trust Company Limited	Il and Fs Financial Centre Plot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai, Maharashtra - 400051, India	B11053261

*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 exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

INFORMATION DETAILS

Information Gathered by :	PLK
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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.