MIRA INFORM REPORT

Report No. :	354567
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	UDUPI POWER CORPORATION LIMITED (w.e.f. 08.02.2008)
Formerly Known As :	NAGARJUNA POWER CORPORATION LIMITED
Registered Office :	First Floor, Lotus Towers, No.34, Devaraja URS Road, Race Course, Bangalore-560001, Karnataka
Tel. No.:	91-80-40254025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.02.1996
Com. Reg. No.:	18-019918
Capital Investment / Paid-up Capital :	Rs. 19342.000 Million
CIN No.: [Company Identification No.]	U31909KA1996PLC019918
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company's main object is production/generation and distribution of electrical energy. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 56830000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Udupi Power Corporation Limited (UPCL) is a subsidiary of “Adani Power Limited (APL).” It was incorporated in the year 1996 and is mainly engaged in production/ generation and distribution of electrical energy. It has satisfactory track. UPCL has set up and operating a 1,200 MW imported coal based power project in Udupi district, Karnataka. UPCL was previously owned by Lanco Infratech Limited (a Lanco group company). Recently, in April 2015, Adani Power Limited (APL) has taken over 100% equity stake in UPCL and accordingly UPCL has become 100% subsidiary of APL. As per 2014 financials of UPCL, the company has reported marginal increase in its total revenue by 10.26% with fair profit margin of 4.12%. Rating derives strength from its established track record of operations, long-term Power Purchase Agreements (PPAs) for its entire power generation capacity, established coal sourcing arrangement and strong revenue visibility. However, ratings are constrained on account of moderate financial profile marked by its modest capital structure and risks associated to regulatory changes. Trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, 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	CARE
Rating	Long term bank facilities : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	07.08.2015

Rating Agency Name	CARE
Rating	Short term bank facilities : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	07.08.2015

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 31-03-2015.

LOCATIONS

Registered Office :	First Floor, Lotus Towers, No.34, Devaraja URS Road, Race Course, Bangalore-560001, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Deepak.Pandya@adani.com sunil.naik@lancogroup.com
Website :	www.udupipower.com
Plant :	Yelluru Village, Pilar Post, Padubidri, Udupi District-574113, Karnataka, India
Tel. No.:	91-820-2550860
Fax No.:	91-820-2550684/854

DIRECTORS

As on 31.03.2015

Name :

Mr. Ramachandra Vishnu Bhat

Designation :

Whole-Time Director

Address :

No. 304, Kalkura Palace, 3rd Cross, V. P. Nagar, Near Kamakshi Temple, Udupi-Manipal Road, Udupi-576102, Karnataka, India

Date of Appointment :

15.07.2015

DIN No.:

07145880

Name :

Shyamal Shivkumar Joshi

Designation :

Director

Address :

40, Prerana Tirth - 1, B/H. Someshwar - II, Satellite, Ahmedabad-380015, Gujarat, India

Date of Appointment :

15.07.2015

DIN No.:

00005766

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	U35912GJ1990PTC014579	BHAVYA MOTORS PRIVATE LIMITED	Director	29/10/1990	29/10/1990	07/12/2011	Active	NO
2	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	28/12/1999	28/12/1999	31/05/2009	Amalgamated	NO
3	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	19/07/2004	19/07/2004	31/05/2009	Amalgamated	NO
4	U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	Director	19/07/2004	19/07/2004	31/05/2009	Amalgamated	NO
5	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	31/05/2009	Active	NO
6	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	29/09/2008	25/01/2008	31/05/2009	Active	NO
7	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	25/09/2008	04/03/2008	31/05/2009	Strike off	NO
8	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	04/03/2008	04/03/2008	31/05/2009	Active	NO
9	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	30/09/2008	04/03/2008	31/05/2009	Active	NO
10	U52190GJ2000PTC038315	ADANI RETAIL Private LIMITED	Director	25/09/2008	04/03/2008	31/05/2009	Amalgamated	NO
11	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2008	04/03/2008	-	Amalgamated	NO
12	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	25/09/2008	04/03/2008	31/05/2009	Active	NO
13	U45203GJ2006PTC049426	DHOLERA INFRASTRUCTURE PRIVATE LTD	Director	30/09/2008	07/03/2008	18/07/2009	Active	NO
14	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	25/09/2008	14/03/2008	31/05/2009	Amalgamated	NO
15	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	25/09/2008	17/03/2008	31/05/2009	Active	NO
16	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	30/09/2008	28/07/2008	10/04/2009	Active	NO
17	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	12/08/2008	12/08/2008	31/05/2009	Active	NO
18	U52100GJ1965PLC001347	GSEC LIMITED	Director	26/09/2009	30/06/2009	-	Active	NO
19	U24114GJ2003PLC042820	LOXIM INDUSTRIES LIMITED	Director	09/08/2010	01/12/2009	01/06/2012	Active	NO
20	U85110GJ2004PLC044667	SHALBY LIMITED	Director	30/09/2015	01/06/2010	-	Active	NO
21	L45201GJ1990PLC013417	NILA INFRASTRUCTURES LIMITED	Director	20/09/2014	14/08/2010	-	Active	NO
22	U21019GJ1969PTC001572	SABARMATI PAPERS PRIVATE LIMITED	Director	21/07/2011	03/02/2011	04/09/2013	Active	NO
23	U13203TG2010PTC071499	A&M RESOURCES PRIVATE LIMITED	Nominee director	06/07/2011	06/07/2011	-	Active	NO
24	U85110GA1995PLC001851	VRUNDAVAN SHALBY HOSPITALS LIMITED	Nominee director	12/08/2011	12/08/2011	-	Active	NO
25	U85110GJ2004PLC045076	KUSHA HEALTHCARE LIMITED	Director	11/04/2012	11/04/2012	10/09/2015	Active	NO
26	U85110GJ1997PLC032486	YOGESHWAR HEALTHCARE LIMITED	Director	30/11/2013	30/10/2012	10/09/2015	Active	NO
27	U10102CT2010SGC022194	CSPGCL AEL PARSA COLLIERIES LIMITED	Director	13/12/2013	12/12/2012	-	Active	NO
28	U63090GJ2012PTC069305	ADANI KANDLA BULK TERMINAL PRIVATE LIMITED	Director	07/08/2015	31/03/2015	-	Active	NO
29	U40100GJ2009PLC058171	ADANI PENCH POWER LIMITED	Director	08/08/2015	31/03/2015	-	Active	NO
30	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	15/07/2015	20/04/2015	-	Active	NO
31	U10200RJ2007PLC025173	Parsa Kente Collieries Limited	Additional director	31/07/2015	31/07/2015	-	Active	NO

Name :

Nayanaben Bhairavdanji Gadhvi

Designation :

Director

Address :

H-1, New Sattadhar Row House, Ghatlodia, Ahmedabad-380061, Gujarat, India

Date of Appointment :

15.07.2015

DIN No.:

07148619

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	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	07/08/2015	07/04/2015	-	Active	NO
2	U40100GJ2010PLC059593	MAHARASHTRA EASTERN GRID POWER TRANSMISSION COMPANY LIMITED	Director	30/05/2015	07/04/2015	-	Active	NO
3	U45204GJ2010PLC059226	ADANI INFRA (INDIA) LIMITED	Director	07/08/2015	07/04/2015	-	Active	NO
4	U40200GJ2008PTC054045	ADANI BUNKERING PRIVATE LIMITED	Director	07/08/2015	07/04/2015	-	Active	NO
5	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	15/07/2015	20/04/2015	-	Active	NO
6	U10200RJ2007PLC025173	Parsa Kente Collieries Limited	Additional director	31/07/2015	31/07/2015	-	Active	NO

Name :

Mr. Jayadeb Nanda

Designation :

Director

Address :

566, Sahid Nagar, Bhubaneshwar-751007, Orissa, India

Date of Appointment :

15.07.2015

DIN No.:

06578925

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	U40104GJ2008PLC052743	ADANI POWER RAJASTHAN LIMITED	Managing director	14/05/2014	09/05/2013	-	Active	NO
2	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	07/08/2013	20/05/2013	15/05/2014	Active	NO
3	U40101GJ2007PLC050506	ADANI POWER MAHARASHTRA LIMITED	Managing director	08/08/2014	01/03/2014	-	Active	NO
4	L40300GJ2013PLC077803	ADANI TRANSMISSION LIMITED	Director	01/06/2015	27/01/2015	17/06/2015	Active	NO
5	U40300GJ2015PLC082295	ADANI POWER (KARNATAKA) LIMITED	Director	16/02/2015	16/02/2015	26/06/2015	Active	NO
6	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	15/07/2015	20/04/2015	-	Active	NO

Name :

Mr. Kandarp Suryakant Patel

Designation :

Director

Address :

A-804, Safal Parivesh, Opposite Prahladnagar Garden, Satellite, 100 Feet Road, Ahmedabad-380015, Gujarat, India

Date of Appointment :

15.07.2015

DIN No.:

02947643

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	U40100GJ2010PLC059593	MAHARASHTRA EASTERN GRID POWER TRANSMISSION COMPANY LIMITED	Director	15/02/2010	15/02/2010	12/10/2010	Active	NO
2	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	07/08/2013	20/05/2013	15/05/2014	Active	NO
3	U40100GJ2013PLC077749	ADANI POWER RESOURCES LIMITED	Director	08/08/2014	14/05/2014	26/06/2015	Active	NO
4	U40101GJ2013PLC077700	ADANI TRANSMISSION (INDIA) LIMITED	Director	08/08/2014	14/05/2014	-	Active	NO
5	U40100GJ2009PLC058171	ADANI PENCH POWER LIMITED	Director	08/08/2014	14/05/2014	-	Active	NO
6	U40104GJ2008PLC052743	ADANI POWER RAJASTHAN LIMITED	Director	08/08/2014	14/05/2014	-	Active	NO
7	U40100GJ2012PTC068748	SURGUJA POWER PRIVATE LIMITED	Director	07/08/2014	06/06/2014	-	Active	NO
8	U40300GJ2015PLC082295	ADANI POWER (KARNATAKA) LIMITED	Director	16/02/2015	16/02/2015	26/06/2015	Active	NO
9	U40106GJ2015PLC082625	ADANI RENEWABLE ENERGY PARK LIMITED	Director	18/03/2015	18/03/2015	-	Active	NO
10	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	15/07/2015	18/05/2015	-	Active	NO
11	U40300GJ2015PLC083325	ADANI GREEN ENERGY (TELANGANA) LIMITED	Director	26/05/2015	26/05/2015	-	Active	NO
12	U40106GJ2015PLC083925	ADANI GREEN ENERGY (UP) LIMITED	Director	23/07/2015	23/07/2015	-	Active	NO

Name :

Mr. Dhanabalan Ravi

Designation :

Nominee Director

Address :

314, Nagin Lake Apartments, Outer Ring Road, Peera Garhi, Sunder Vihar, Paschim Vihar, New Delhi-110087, India

Date of Birth/Age :

24.05.1958

Date of Appointment :

26.05.2010

DIN No.:

00038452

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	U40101TG1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Nominee director	16/06/2003	16/06/2003	07/12/2010	Active	NO
2	U40102DL2007GOI157615	Coastal Tamil Nadu Power Limited	Director	26/12/2007	26/12/2007	22/12/2008	Active	NO
3	U65100DL2008PTC175845	Power Equity Capital Advisors Private Limited	Nominee director	29/03/2010	29/03/2010	-	Active	NO
4	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Nominee director	26/05/2010	26/05/2010	-	Active	NO
5	L40102DL2007PLC169082	RattanIndia Power Limited	Nominee director	15/07/2013	15/07/2013	13/08/2015	Active	NO
6	U40102DL2006GOI146109	Coastal Karnataka Power Limited	Director	04/09/2015	10/03/2015	-	Active	NO
7	L65910DL1986GOI024862	POWER FINANCE CORPORATION LIMITED	Additional director	16/11/2015	16/11/2015	-	Active	NO
8	U40300DL2015GOI288311	Jharkhand Infrapower Limited	Director	10/12/2015	10/12/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anjan Chetan Sheth
Designation :	Secretary
Address :	A-22, Sharanam - 2, Near Dhananjay Towers, Shyamal, Cross Roads, Satellite, Ahmedabad-380015, Gujarat, India
Date of Appointment :	24.10.2015
PAN No.:	BFYPS0340R
Name :	Mr. Virendra Kumar Kasliwal
Designation :	Chief Finance Officer
Address :	B 123, Royal Orchid Apartment, Corporate Road, Opposite Pinnacle Business Park, Prahladnagar, Satell, Ahmedabad-380015, Gujarat, India
Date of Appointment :	21.04.2015
PAN No.:	ABAPK0558L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2014

Names of Equity Shareholders	No. of Shares
G. Bhaskara Rao	6
G. Avinash Rao	5
L. Madhusudhan Rao	10
L. Shridhar	3
Portia Properties Private Limited (formerly Garnet Groves Private Limited), India	63550074
LANCO Infratech Limited, India	22500000
L Sirisha	2
Lanco Thermal Power Limited (formerly Vamshi Industrial Power Limited), India	125000000
Total	211050100

Names of Preference Shareholders
LANCO Infiatech Limited	1234152448
Lanco Thermal Power Limited (formerly Vamshi Industrial Power Limited), India	489000000
Total	1723152448

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2014

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company's main object is production/generation and distribution of electrical energy. (Registered Activity)
Products/ Services :	Electrical Energy
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	ICICI Bank limited
Branch	Landmarkrace Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· Bank of India, Hyderabad Large Corporate Branch, at 10-1-1199/2, PTI Building, AC Guards, Masab Tank, Hyderabad- 500004, Telangana, India

· Union Bank of India

· Vijaya Bank

· Axis Bank Limited

· IDBI Bank Limited

· Allahabad Bank

· Bank of Baroda

· Dena Bank

· Canara Bank

· Indian Overseas Bank

· Oriental Bank of Commerce

· Syndicate Bank

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupees Term Loans from Bank
Sr. Debt A	18082.900	20085.900
Sr. Debt B	2214.200	2462.900
Rupees Term Loans from financial institution
Sr. Debt A	15172.500	16732.700
Sr. Debt B	937.100	1019.900
Short-term borrowings
Cash Credits arid Working Capital Demand Loan from Banks	4865.300	2193.600
Rupee Loans and Advances From Banks	6700.000	3100.000
Rupee Loans and Advances From financial institution	1000.000	0.000
Foreign Currency Loans and Advances from Bank (Buyers Credit supported by letter of comfort by respective LC opening Banks)	6974.000	6776.400
Total	55946.000	52371.400

Financial Institution :

Power Finance Corporation Limited, 'Urjanidhi', 1, Barakhamba Lane, Connaught Place, New Delhi - 110001, India

Auditors :
Name :	K. R. Bapuji and Company Chartered Accountants
Address :	1-65/29, Plot 29, Kavuri Hills Phase Iii, Jubilee Hills, Guttala begam pet, Madhapur, Hyderabad-500081, Telangana, India
Tel No.:	91-40-23741323/23743196
Fax No.:	91-40-40034465
Email :	krbapujico@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AADFK3667N
Memberships :	--
Collaborators :	--
Holding Company :	· Lanco Thermal Power Limited CIN No.: U40109AP2002PLC038452
Intermediate Holding Companies :	· Lanco Infratech Limited · Lanco Power Limited
Ultimate Holding Company :	· Lanco Group Limited
Enterprise having significant influence :	· Portia Properties Private Limited

CAPITAL STRUCTURE

As on 24.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350,000,000	Equity Shares	Rs.10/- each	Rs. 3500.000 Million
2,150,000,000	Preference Shares	Rs.10/- each	Rs.21500.000 Million
	Total		Rs. 25000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
211,050,100	Equity Shares	Rs.10/- each	Rs. 2110.501 Million
1,723,152,448	Preference Shares	Rs.10/- each	Rs. 17231.524 Million
	Total		Rs. 19342.025 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	19342.000	19342.000	19342.000
(b) Reserves & Surplus	547.600	(693.100)	(1111.600)
(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)	19889.600	18648.900	18230.400
(3) Non-Current Liabilities
(a) long-term borrowings	36406.700	42301.400	43526.000
(b) Deferred tax liabilities (Net)	0.000	1001.400	318.300
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.200	130.400	31.700
Total Non-current Liabilities (3)	36430.900	43433.200	43876.000
(4) Current Liabilities
(a) Short term borrowings	19539.300	14270.000	9297.900
(b) Trade payables	770.700	2886.200	1182.700
(c) Other current liabilities	12217.900	5534.800	7651.300
(d) Short-term provisions	6.400	0.000	27.400
Total Current Liabilities (4)	32534.300	22691.000	18159.300
TOTAL	88854.800	84773.100	80265.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54788.500	57506.000	26108.500
(ii) Intangible Assets	1.500	3.100	4.500
(iii) Capital work-in-progress	351.700	328.500	32838.500
(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	5068.900	5074.900	5115.400
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	60210.600	62912.500	64066.900
(2) Current assets
(a) Current investments	5.300	5.100	26.800
(b) Inventories	1110.800	628.200	2082.200
(c) Trade receivables	18433.800	17752.700	10198.300
(d) Cash and cash equivalents	773.800	1729.000	3637.800
(e) Short-term loans and advances	7826.100	1705.400	43.700
(f) Other current assets	494.400	40.200	210.000
Total Current Assets	28644.200	21860.600	16198.800
TOTAL	88854.800	84773.100	80265.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	30055.100	27361.300	14101.100
		Other Income	541.000	387.000	126.700
		TOTAL (A)	30596.100	27748.300	14227.800
Less	EXPENSES
		Cost of Materials Consumed	16788.500	16165.400	8409.100
		Other Operating Expenses	713.600	508.100	283.400
		Employees benefits expense	219.300	195.600	200.400
		Other expenses	328.700	274.500	212.200
		TOTAL (B)	18050.100	17143.600	9105.100
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		12546.000	10604.700	5122.700
Less	FINANCIAL EXPENSES (D)		9046.400	6678.700	4165.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3499.600	3926.000	957.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3199.200	2548.900	1465.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		300.400	1377.100	(507.900)
Less	TAX (H)		(940.300)	958.600	318.300
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1240.700	418.500	(826.200)
	Earnings / (Loss) Per Share (Rs.)
	Basic		0.51	0.10	(11.69)
	Diluted		0.06	0.02	(11.69)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	7166.800	4291.800	4033.400
Cash generated from operations	9447.200	1480.700	(5687.600)
Net cash flows from (used in) operation	9275.500	2163.800	(5687.600)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.13	1.53	-5.86
Operating Profit Margin (PBIDT/Sales)	(%)	41.74	38.76	36.33
Return on Total Assets (PBT/Total Assets}	(%)	0.34	1.63	-1.07
Return on Investment (ROI) (PBT/Networth)		0.02	0.07	-0.03
Debt Equity Ratio (Total Debt /Networth)		3.17	3.26	3.12
Current Ratio (Current Asset/Current Liability)		0.88	0.96	0.89

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	19342.000	19342.000	19342.000
Reserves & Surplus	(1111.600)	(693.100)	547.600
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18230.400	18648.900	19889.600
long-term borrowings	43526.000	42301.400	36406.700
Short term borrowings	9297.900	14270.000	19539.300
Current maturities of long-term debts	4033.400	4291.800	7166.800
Total borrowings	56857.300	60863.200	63112.800
Debt/Equity ratio	3.119	3.264	3.173

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	14101.100	27361.300	30055.100
		94.037	9.845

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	14101.100	27361.300	30055.100
Profit	(826.200)	418.500	1240.700
	(5.86%)	1.53%	4.13%

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	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
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	No
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 three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
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	No
35]	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company's main object is production/generation and distribution of electrical energy, The Company's plant at Udupi is having a capacity of 1200 MW and presently operating at 1200 MW.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupees Term Loans from Bank	0.000	2000.000
Short-term borrowings
Rupee Loans and Advances From Related Party	0.000	2200.000
Total	0.000	4200.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490691	11/04/2014	500,000,000.00	IDFC Limited	KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA	C02385664
2	10426119	21/11/2014 *	14,400,000,000.00	Bank of India	Hyderabad Large Corporate Branch, at 10-1-1199/2, PTI Building, AC Guards, Masab Tank, Hyderabad, Telangana - 500004, INDIA	C35399625
3	10301199	20/06/2011	2,600,000,000.00	Indian Overseas Bank	M.G.Road, Chandralok Complex, Post. Box No. 4, Se cunderabad, Andhra Pradesh - 500003, INDIA	B18428573
4	10220613	20/04/2010	1,600,000,000.00	Canara Bank	Prime Corporate Branch, TSR Complex, S P Road, Secundrabad, Andhra Pradesh - 500003, INDIA	A85355527
5	10176452	27/08/2009	1,000,000,000.00	Bank of Baroda	Corporate Financial Services Hyderabad Branch,3-6-, 262/2, Tirumala Estates, 3rd Floor, Himayanthnagar, HYDERABAD, Andhra Pradesh - 500029, INDIA	A69842987
6	10039988	26/12/2014 *	70,308,500,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1,BARAKHAMBA LANE,, CONNAUGHT PLACE,  NEW DELHI, Delhi - 110001, INDIA	C38268264

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Bank Guarantee outstanding:	368.700	457.700
Claims against the company not acknowledged as debt	1431.700	1198.300

FIXED ASSETS

• Leasehold band
• Land
• Vehicles
• Office Equipment
• Furniture and Fixtures
• Plant and Equipment

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 records 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.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.46

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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		42

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.