MIRA INFORM REPORT

Report No. :	336934
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	MAITHON POWER LIMITED
Registered Office :	Corporate Center, 34 Sant Tukaram Road, Carnac Bunder, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-67171235
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.07.2000
Com. Reg. No.:	55-267297
Capital Investment / Paid-up Capital :	Rs. 15089.177 Million
CIN No.: [Company Identification No.]	U74899MH2000PLC267297
IEC No.:	0508069041
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCM8705H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of generation of power.
No. of Employees :	270 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is a joint venture between the Tata Power Company Limited (74%) and Damodar Valley Corporation (26%). It is an established company having satisfactory track record. The rating reflects company moderate financial risk profile, marked by strong debt service coverage indicators marked by year on year operational growth reported by the company and also Maithon Power Limited receives strong operational and managerial support from its holding companies. These rating strengths are partially offset by delays in setting up logistical infrastructure and company has recorded some accumulated losses over the years. Trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of strong support from its affiliated companies, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Bank Facilities = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	May 2015

Rating Agency Name	CRISIL
Rating	Short term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	May 2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Pradeep
Designation :	Chief Financial Officer
Contact No.:	91-9223243997
Date :	14.08.2015

LOCATIONS

Registered Office :	Corporate Center, 34 Sant Tukaram Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-67171235
Mobile No.:	91-9223243997 (Mr. Pradeep)
Fax No.:	Not Available
E-Mail :	pradip.roy@tatapower.com subrat.nayar@tatapower.com monicamehra@tatapower.com
Website :	www.maithonpower.com http://www.tatapower.com
Area :	Rented
Location :	Commercial
Power Plant :	Located at Jharkhand

DIRECTORS

AS ON 24.09.2014

Name :

Mr. Ramesh Narayanswamy Subramanian

Designation :

Director

Address :

162, 16th Floor Jupiter 41 Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

27.06.1969

Date of Appointment :

17.07.2009

PAN No:

AANPS8972J

DIN No.:

02421481

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	U74899MH2000PLC267297	MAITHON POWER LIMITED	Director	17/07/2009	22/01/2009	-	Active	NO
2	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	13/07/2012	07/05/2012	-	Active	NO
3	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	23/07/2012	07/05/2012	25/03/2015	Active	NO
4	U40300MH2012PLC237581	TATA POWER JAMSHEDPUR DISTRIBUTION LIMITED	Director	31/07/2013	06/11/2012	27/09/2013	Active	NO
5	U40101HP2011PLC031626	DUGAR HYDRO POWER LIMITED	Director	16/09/2013	17/12/2012	28/05/2014	Active	NO
6	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	08/08/2013	22/04/2013	-	Active	NO
7	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	07/08/2014	22/10/2013	-	Active	NO
8	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Director	11/08/2014	24/03/2014	-	Active	NO
9	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Additional director	01/08/2014	01/08/2014	-	Active	NO
10	U40108MH2007PLC168314	Tata Power Renewable Energy Limited	Additional director	30/03/2015	30/03/2015	-	Active	NO

Name :

Mr. Chandan Roy

Designation :

Director

Address :

170, Madan Lal Block, Asiad Games Village, New Delhi - 110049, India

Date of Birth/Age :

16.07.1950

Date of Appointment :

24.09.2012

PAN No:

AACPR2663J

DIN No.:

00015157

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	U40108DL2002GOI117584	NTPC VIDYUT VYAPAR NIGAM LIMITED	Director	12/01/2004	12/01/2004	31/07/2010	Active	NO
2	L40101DL1975GOI007966	NTPC LIMITED	Whole-time director	01/04/2004	01/04/2004	31/07/2010	Active	NO
3	U10102MP1985GOI003160	NORTHERN COALFIELDS LIMITED	Director	26/08/2004	26/08/2004	18/07/2008	Active	NO
4	U40104MH1987GOI149458	NUCLEAR POWER CORPORATION OF INDIA LIMITED	Director	08/10/2004	08/10/2004	31/07/2010	Active	NO
5	U40105DL2005PTC138458	RATNAGIRI GAS AND POWER PRIVATE LIMITED	Nominee director	08/07/2005	08/07/2005	31/07/2010	Active	NO
6	U40102DL2007PLC170661	BHARTIYA RAIL BIJLEE COMPANY LIMITED	Nominee director	23/05/2008	23/05/2008	31/07/2010	Active	NO
7	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	12/12/2008	12/12/2008	21/09/2011	Active	NO
8	U40104DL2008PTC183024	Nabinagar Power Generating Company Private Limited	Nominee director	18/12/2008	18/12/2008	31/07/2010	Active	NO
9	U40101WB2005PLC105797	VISA POWER LIMITED	Director	08/07/2011	28/09/2010	26/10/2013	Active	NO
10	U45201DL2006PTC144446	BEAS INFRASTRUCTURE PRIVATE LIMITED	Director	20/12/2010	20/12/2010	30/03/2015	Active	NO
11	U40106DL2011PTC219370	PLF ENERGY MAXIMA PRIVATE LIMITED	Director	18/05/2011	18/05/2011	-	Strike off	NO
12	U40300TG2009PLC065597	LANCO OPERATION AND MAINTENANCE COMPANY LIMITED	Director	30/09/2011	26/07/2011	31/03/2015	Active	NO
13	L31102DL1957PLC193993	ALSTOM T & D India Limited	Director	23/07/2014	06/08/2011	-	Active	NO
14	U40101MH2007PLC174071	L&T POWER DEVELOPMENT LIMITED	Director	21/08/2014	25/08/2011	-	Active	NO
15	U74899MH2000PLC267297	MAITHON POWER LIMITED	Director	24/09/2012	06/02/2012	-	Active	NO
16	U45202WB1983PTC036391	DC INDUSTRIAL PLANT SERVICES PRIVATE LIMITED	Director	28/06/2012	28/06/2012	30/03/2015	Active	NO
17	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	17/07/2013	14/09/2012	-	Active	NO
18	U72200TN2006PLC060330	IL&FS TAMIL NADU POWER COMPANY LIMITED	Director	27/09/2013	01/10/2012	29/07/2015	Active	NO
19	U40300HR2011PTC041945	FEEDBACK POWER OPERATIONS & MAINTENANCE SERVICES PRIVATE LIMITED	Director	18/04/2014	28/03/2014	-	Active	NO
20	U04010CT1995PLC008985	JINDAL POWER LIMITED	Director	30/09/2014	23/06/2014	-	Active	NO
21	U74140DL2014PTC272896	RISING SUN RAYS EXPERTS PRIVATE LIMITED	Additional director	07/11/2014	07/11/2014	-	Active	NO
22	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Additional director	19/12/2014	19/12/2014	-	Active	NO
23	U40102PB2007PLC031039	NABHA POWER LIMITED	Additional director	14/01/2015	14/01/2015	-	Active	NO
24	U40104RJ2013PTC043069	AVANT GARDE POWER SOLUTIONS PRIVATE LIMITED	Additional director	23/06/2015	23/06/2015	-	Active	NO

Name :

Mr. Anil Kumar Sardana

Designation :

Director

Address :

22 A/B, New Akash Ganga Co-Operative Housing, Society Limited,89, Bhulabhai Desai Road,, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

16.04.1959

Date of Appointment :

24.09.2013

PAN No:

AANPS0961N

DIN No.:

00006867

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	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	28/12/2004	28/12/2004	18/10/2007	Active	NO
2	U74899MH2000PLC267297	MAITHON POWER LIMITED	Director	24/09/2013	30/11/2005	-	Active	NO
3	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	24/08/2011	01/03/2007	-	Active	NO
4	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Director	05/08/2011	14/03/2007	-	Active	NO
5	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	07/08/2007	22/04/2007	-	Active	NO
6	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Nominee director	22/05/2007	22/05/2007	18/10/2007	Active	NO
7	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	01/02/2011	03/08/2007	12/05/2011	Active	NO
8	L64200MH1995PLC086354	TATA TELESERVICES (MAHARASHTRA) LIMITED	Director	31/01/2011	12/03/2008	19/05/2011	Active	NO
9	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	09/09/2010	06/10/2009	28/01/2011	Active	NO
10	L31102MH1964PLC013011	EMCO LIMITED	Director	25/08/2010	27/01/2010	14/01/2011	Active	NO
11	U64202DL2007PLC223153	Viom Infra Networks (Maharashtra) Limited	Director	30/09/2010	21/09/2010	28/01/2011	Amalgamated	NO
12	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director appointed in casual vacancy	09/02/2011	09/02/2011	31/03/2015	Active	NO
13	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	09/07/2014	21/12/2011	-	Active	NO
14	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	23/06/2012	23/06/2012	16/06/2014	Active	NO
15	U40108MH2007PLC168314	Tata Power Renewable Energy Limited	Director	11/08/2014	01/03/2014	-	Active	NO

Name :

Mr. Amitava Nayak

Designation :

Director

Address :

727 (P-43), Jogendra Garden, Kolkata - 700078, West Bengal, India

Date of Birth/Age :

29.12.1956

Date of Appointment :

24.09.2014

PAN No:

ABLPN2891A

DIN No.:

06885015

Name :

Mr. Ashok Sethi

Designation :

Director

Address :

IV/7, Tata Colony, Mahul Road,, Aziz Baugh, Chembur, Mumbai - 400074, Maharashtra, India

Date of Birth/Age :

03.04.1954

Date of Appointment :

24.09.2014

PAN No:

AEUPS9393G

DIN No.:

01741911

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	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	25/06/2008	03/09/2007	-	Active	NO
2	U29100MH1966PLC006109	YASHMUN ENGINEERS LIMITED	Director	01/08/2012	03/11/2011	-	Active	NO
3	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	26/07/2013	23/01/2013	-	Active	NO
4	U74899MH2000PLC267297	MAITHON POWER LIMITED	Director	24/09/2014	01/04/2013	-	Active	NO
5	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Whole-time director	13/08/2014	07/05/2014	-	Active	NO
6	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Additional director	19/11/2014	19/11/2014	-	Active	NO

Name :

Mr. Sanjeev Kumar Seth

Designation :

Additional Director

Address :

H. No. 1749, D-Type, DVC, Post-Chandrapura, P.S.- Chandrapura, Bokaro - 825303, Jharkhand, India

Date of Appointment :

18.10.2014

DIN No.:

06999571

Name :

Mr. Narendra Nath Misra

Designation :

Additional Director

Address :

D6 - 6002-5,, Vasant Kunj, New Delhi - 110070, India

Date of Appointment :

23.03.2015

DIN No.:

00575501

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	U45207MH1995PLC094719	UTILITY POWERTECH LIMITED	Director	21/07/2007	15/07/2006	24/06/2013	Active	NO
2	U74899DL1999PTC098274	NTPC-SAIL POWER COMPANY PRIVATE LIMITED	Director	27/12/2006	27/12/2006	31/10/2014	Active	NO
3	U40106DL2008PLC179793	BF-NTPC Energy Systems Limited	Nominee director	19/06/2008	19/06/2008	03/11/2014	Active	NO
4	U73100DL2009PTC190541	NATIONAL HIGH POWER TEST LABORATORY PRIVATE LIMITED	Nominee director	01/06/2010	22/05/2009	31/10/2011	Active	NO
5	U40102DL2006GOI153167	KANTI BIJLEE UTPADAN NIGAM LIMITED	Director	23/12/2013	09/01/2010	21/03/2014	Active	NO
6	L40101DL1975GOI007966	NTPC LIMITED	Whole-time director	20/09/2011	19/10/2010	31/10/2014	Active	NO
7	U40108DL2002GOI117584	NTPC VIDYUT VYAPAR NIGAM LIMITED	Director	14/07/2011	17/12/2010	04/11/2014	Active	NO
8	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	20/09/2011	20/09/2011	01/12/2014	Active	NO
9	U40108DL2002GOI116635	NTPC ELECTRIC SUPPLY COMPANY LIMITED	Director	17/07/2012	17/07/2012	04/11/2014	Active	NO
10	U40101DL2007PTC166472	NTPC-SCCL Global Ventures Private Limited	Nominee director	11/09/2014	05/05/2014	05/12/2014	Active	NO
11	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	16/07/2015	05/03/2015	-	Active	NO
12	U74899MH2000PLC267297	MAITHON POWER LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO
13	U40101DL2006PLC154627	JAYPEE POWERGRID LIMITED	Additional director	26/03/2015	26/03/2015	-	Active	NO
14	U40100GJ1993SGC019988	GUJARAT STATE ELECTRICITY CORPORATION LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Ashok Kumar Basu

Designation :

Additional Director

Address :

Gd-282,Sector -III ,Salt Lake, Kolkata, Kolkata - 700106, West Bengal, India

Date of Birth/Age :

24.03.1942

Date of Appointment :

23.03.2015

PAN No:

AFCPB2913A

DIN No.:

01411191

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	U52110WB2006PLC111091	VISA Resources India Limited	Director	10/09/2007	24/03/2007	01/06/2014	Active	NO
2	L27310WB1990PLC050000	TATA METALIKS LTD.	Director	13/07/2007	25/04/2007	-	Active	NO
3	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	25/07/2007	17/05/2007	30/07/2011	Active	NO
4	U31909WB2007PTC114003	CARTER ENGINEERING PRIVATE LIMITED	Director	14/08/2007	14/08/2007	26/06/2012	Active	NO
5	U63030MH2005PTC152747	NATIONAL BULK HANDLING CORPORATION Private Limited	Director	01/08/2008	15/10/2007	06/12/2008	Active	NO
6	L63090WB1919GOI003229	ANDREW YULE & CO LTD	Director	16/09/2008	05/11/2007	05/11/2010	Active	NO
7	U27106MH2007PLC170160	JSW Bengal Steel Limited	Director	20/09/2014	11/09/2008	-	Active	NO
8	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LTD	Director	05/09/2014	23/10/2008	-	Active	NO
9	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	24/03/2009	24/03/2009	21/09/2011	Active	NO
10	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	13/08/2014	26/03/2009	-	Active	NO
11	U40101WB2005PLC105797	VISA POWER LIMITED	Director	26/09/2014	31/03/2009	-	Active	NO
12	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Director	17/09/2009	22/06/2009	21/06/2012	Active	NO
13	U04010CT1995PLC008985	JINDAL POWER LIMITED	Additional director	18/12/2009	18/12/2009	28/01/2010	Active	NO
14	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Additional director	20/03/2015	14/12/2012	-	Active	NO
15	U74899MH2000PLC267297	MAITHON POWER LIMITED	Additional director	23/03/2015	28/01/2013	-	Active	NO
16	U27101WB2007PLC119673	TATA METALIKS DI PIPES LIMITED	Director	23/09/2013	15/04/2013	-	Active	NO
17	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Additional director	18/03/2015	18/03/2015	-	Active	NO

Name :

Neera Saggi

Designation :

Additional Director

Address :

Flat No.1002, Atlantis Building, Raheja Acropolis-I CHSL, Deonarpada Road, Deonar Village, Chembur,, Mumbai - 400088, Maharashtra, India

Date of Appointment :

23.03.2015

DIN No.:

00501029

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	U36912MH1978PTC020126	HINDUSTAN DIAMOND COMPANY PRIVATE LIMITED	Nominee director	01/08/2005	01/08/2005	28/09/2007	Active	NO
2	U70101CH2006PTC029576	CSJ INFRASTRUCTURE PRIVATE LIMITED.	Director	13/09/2011	20/04/2010	30/06/2014	Active	NO
3	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	14/06/2011	14/06/2011	16/06/2014	Active	NO
4	U52520TG2001PLC037105	HYDERABAD INTERNATIONAL TRADE EXPOSITIONS LIMITED	Director	24/09/2012	22/03/2012	30/06/2014	Active	NO
5	U72200TG1997PLC026885	L & T INFOCITY LIMITED	Director	03/09/2012	24/04/2012	30/06/2014	Active	NO
6	U65990MH1966PLC013459	SICOM LIMITED	Director	28/06/2012	24/05/2012	-	Active	NO
7	U85100DL2008NPL178133	CARE India Solutions For Sustainable Development	Director	05/12/2014	05/09/2014	-	Active	NO
8	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Director	01/10/2014	01/10/2014	-	Active	NO
9	L50210PB1985PLC006473	SWARAJ ENGINES LTD	Director	01/10/2014	01/10/2014	-	Active	NO
10	L74210JH1962PLC000700	TRF LIMITED.	Additional director	01/10/2014	01/10/2014	-	Active	NO
11	L24232MH2007PLC169354	RPG Life Sciences Limited	Director	19/03/2015	20/10/2014	-	Active	NO
12	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Additional director	05/12/2014	05/12/2014	-	Active	NO
13	U74210MH1999PLC123010	Tata Consulting Engineers Limited	Director	13/07/2015	13/02/2015	-	Active	NO
14	U65990MH1995PLC093241	IL&FS FINANCIAL SERVICES LIMITED	Director	29/06/2015	18/03/2015	-	Active	NO
15	U74899MH2000PLC267297	MAITHON POWER LIMITED	Additional director	23/03/2015	23/03/2015	-	Active	NO
16	U70102MH2007PLC168300	Tata Realty and Infrastructure Limited.	Additional director	26/03/2015	26/03/2015	-	Active	NO
17	U35914MH2007PTC169753	Mahindra Heavy Engines Private Limited	Additional director	31/03/2015	27/03/2015	-	Active	NO

Name :

Mr. Brahmadeo Sahu

Designation :

Additional Director

Address :

CMD-3/A, DVC Colony BTPS, Bokaro Thermal Govindpur C, Govindpur, Bokaro - 829107, Jharkhand, India

Date of Appointment :

04.06.2015

DIN No.:

07202055

KEY EXECUTIVES

Name :	Mr. Pradip Roy
Designation :	Chief Financial Officer
Address :	Flat No-402, Plot No-15/12, Sector-11, Koparkharane,, Navi Mumbai - 400709, Maharashtra, India
PAN No:	AFEPR8883F
Date of Appointment :	01.06.2013
Name :	Kozipart Chandrashekhar
Designation :	Chief Executive Officer
Address :	S9-002, Green Wood Regency, Sarjapura Road, Bangalore - 560035, Karnataka, India
PAN No:	AIPPM9546E
Date of Appointment :	16.06.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2014

Names of Shareholders	No. of Shares
Damodar Valley Corporation	392318009
Damodar Valley Corporation Jointly With R Basuri	100
Damodar Valley Corporation Jointly With B P Singh	100
Damodar Valley Corporation Jointly With T K Gupta	100
Damodar Valley Corporation Jointly With Pallav Roy	100
Damodar Valley Corporation Jointly With Amitava Mallick	100
Damodar Valley Corporation Jointly With A Nayak	100
The Tata Power Company Limited	1116599114
The Tata Power Company Limited Jointly With S Ramakrishna	01
The Tata Power Company Limited Jointly With H M Mistry	01
The Tata Power Company Limited Jointly With S Padmabhan	01
The Tata Power Company Limited Jointly With R N Subramanian	01
The Tata Power Company Limited Jointly With Sanjay Dube	01
The Tata Power Company Limited Jointly With A S Bapat	01
Total	1508917729

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2014

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of generation of power.
Products / Services :	Generation of power.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque / Credit
Purchasing :	Cash, Cheque / Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

OEMs and Others

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

270 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Corporate Account Group Branch, Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks
Allahabad Bank	1490.898	1695.713
Central Bank of India	1863.597	2293.253
Dena Bank	1192.718	1354.301
The Jammu and Kashmir Bank Limited	1490.898	1580.025
State Bank of India	12891.889	6320.520
State Bank of Mysore	1118.098	902.864
Tamilnadu Mechartile Bank Limited	1212.033	1354.301
State Bank of Bikaner and Jaipur	745.399	847.855
Punjab National Bank	1863.597	0.000
Union Bank of India	1118.098	0.000
Corporation Bank Limited	596.359	0.000
HDFC Bank Limited	931.799	0.000
Bank of Baroda	0.000	2153.553
Canara Bank	0.000	1288.740
Punjab and Sind Bank	0.000	1805.731
UCO Bank	0.000	1068.298
United Bank of India	0.000	1271.783
State Bank of Hyderabad	0.000	899.610
Oriental Bank of Commerce	0.000	1288.740
Indian Overseas Bank	0.000	1288.740
From others – Financial Institution
L & l Infrastructure Finance Company Limited	745.399	0.000
Short-term borrowings
From banks
Cash Credit (The company has entered into working capital facility agreement with state bank of India for availing cash credit facility which is secured by way of first pari passu charge on movable and immovable assets to the company present and future, with other loans and working capital lenders.)	3564.824	2184.258
Total	30825.606	29598.285

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City, Phase II, Gurgaon – 122002, Haryana, India
PAN. No.:	AABFD2095B
Memberships :	-----
Collaborators :	-----
Holding Company:	The Tata Power Company Limited
Entity exercising Significant Influence:	Damodar Valley Corporation (DVC)
Fellow subsidiary:	Tata Power Delhi Distribution Company Limited Tata Power Trading Company Limited Trust Energy Resources Pte. Limited Coastal Gujarat Power Limited Industrial Energy Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Rs.10/- each	Rs. 20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1508917729	Equity Shares	Rs.10/- each	Rs. 15089.177 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15089.177	14349.177	13349.177
(b) Reserves & Surplus	(1655.443)	(2685.237)	(1822.087)
(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)	13433.734	11663.940	11527.090
(3) Non-Current Liabilities
(a) long-term borrowings	28495.782	28649.027	27302.808
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	25.152	17.562	14.476
(d) long-term provisions	21.209	40.448	2.024
Total Non-current Liabilities (3)	28542.143	28707.037	27319.308
(4) Current Liabilities
(a) Short term borrowings	4064.824	2184.258	292.637
(b) Trade payables	1881.805	918.240	759.780
(c) Other current liabilities	1685.761	3664.557	4208.525
(D)Current Maturities of long term borrowing	1881.395	1747.743	1557.500
(d) Short-term provisions	5.212	72.157	0.238
Total Current Liabilities (4)	9518.997	8586.955	6818.680
TOTAL	51494.874	48957.932	45665.078
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39039.790	40091.467	24998.378
(ii) Intangible Assets	369.756	359.760	375.249
(iii) Capital work-in-progress	2948.498	2384.498	17457.366
(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	957.198	1275.479	1215.031
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	43315.242	44111.204	44046.024
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2262.676	1147.607	387.554
(c) Trade receivables	1619.592	1052.175	88.517
(d) Cash and cash equivalents	349.121	81.022	177.022
(e) Short-term loans and advances	1333.393	742.953	43.713
(f) Other current assets	2614.850	1822.971	922.248
Total Current Assets	8179.632	4846.728	1619.054
TOTAL	51494.874	48957.932	45665.078

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	22930.628	16360.576	3696.931
	Other Income	408.007	260.075	4.366
	TOTAL	23338.635	16620.651	3701.297
Less	EXPENSES
	Cost of fuel	13135.506	9850.523	2196.748
	Cost of power purchased	71.296	189.224	340.515
	Employees benefits expense	319.885	157.679	11.688
	Other expenses	2260.285	1758.080	908.481
	TOTAL	15786.972	11955.506	3457.432
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7551.663	4665.145	243.865
Less	FINANCIAL EXPENSES	4283.690	3529.785	1218.874
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3267.973	1135.360	(975.009)
Less/ Add	DEPRECIATION/ AMORTISATION	2238.179	1998.510	766.484
	PROFIT/ (LOSS) BEFORE TAX	1029.794	(863.150)	(1741.493)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	1029.794	(863.150)	(1741.493)
	IMPORTS
	Fuel	459.143	236.033	0.000
	Spares	11.627	3.072	0.000
	TOTAL IMPORTS	470.770	239.105	0.000
	Earnings / (Loss) Per Share (Rs.)	0.71	(0.64)	(1.38)

Particulars	31.03.2015
Sales Turnover (Approximately)	23000.000

Expected Sales (2015-2016): Rs. 24000.000 Million

The above information has been parted by Mr. Pradeep

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term borrowing	1891.395	1747.743	1557.500
Cash generated from operations	5334.759	1794.021	(431.047)
Net cash flow from operating activities	5324.295	1791.463	(496.443)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.49	(5.28)	(47.11)
Operating Profit Margin (PBIDT/Sales)	(%)	32.93	28.51	6.60
Return on Total Assets (PBT/Total Assets}	(%)	2.12	(1.85)	(6.17)
Return on Investment (ROI) (PBT/Networth)		0.08	(0.07)	(0.15)
Debt Equity Ratio (Total Debt /Networth)		2.56	2.79	2.53
Current Ratio (Current Asset/Current Liability)		0.86	0.56	0.24

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13349.177	14349.177	15089.177
Reserves & Surplus	(1822.087)	(2685.237)	(1655.443)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	11527.090	11663.940	13433.734
long-term borrowings	27302.808	28649.027	28495.782
Short term borrowings	292.637	2184.258	4064.824
Current maturities of long-term debts	1557.500	1747.743	1891.395
Total borrowings	29152.945	32581.028	34452.001
Debt/Equity ratio	2.529	2.793	2.565

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3696.931	16360.576	22930.628
		342.545	40.158

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3696.931	16360.576	22930.628
Profit	(1741.493)	(863.150)	1029.794
	(47.11%)	(5.28%)	4.49%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL HIGHLIGHTS:

During the year, the company net sales and operating profit was Rs. 22930.600 Million and Rs. 7143.600 Million as against Rs. 16360.600 Million and Rs. 4405.100 million respectively for the previous years, registering growth of 40% and 62% respectively during the year. The company has achieved profit after tax (pat) of Rs. 1029.700 Million as against loss of Rs. 863.100 Million in the previous year. The growth revenue and profit are mainly on account of increase in long term tie up of capacity from 750 MW to 900 MW and increase in declared capacity (dc) availability as compared to the previous year. During the year, the company has able to generate cash profit of Rs. 3267.000 Million

BACKGROUND:

Subject which is A Joint Venture of the Tata Power Company Limited (TPC) and Damodar Valley Corporation (DVC) with 74% and 26% shareholding respectively, has been set up operate and maintain electric power, generating stations based on conventional / non-conventional resources, tie-lines, sub-power and transmission lines connected therewith. The company has set up and thermal power generation plant (comprising of two units of 525 MW each namely ‘unit I and Unit II) at Maithon, Jharkhand with a total capacity of 1050 MW. Unit I and Unit II of the project were commissioned on 1 September, 2011 and 24 July, 2012 respectively.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term borrowing
loan from holding company	1235.000	1235.000
Short-term borrowing
Commercial papers	500.000	0.000
Total	1735.000	1235.000

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10496407	24/09/2014 *	41,276,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower E,, Cuffe Prade, Mumbai, Maharashtra - 400005, India	C29634185

* Date of charge modification

FIXED ASSETS

Tangible assets

• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office Equipment

Intangible assets

• Licenses
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.22
UK Pound	1	Rs. 102.23
Euro	1	Rs. 72.39

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--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		43

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 unfavorable 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.