MIRA INFORM REPORT

Report No. :	311080
Report Date :	10.03.2015

IDENTIFICATION DETAILS

Name :	RAJ WESTPOWER LIMITED (w.e.f.19.10.2006)
Formerly Known As :	RAJ WESTPOWER PRIVATE LIMITED
Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.01.1996
Com. Reg. No.:	11-185098
Capital Investment / Paid-up Capital :	Rs. 17260.500 Million
CIN No.: [Company Identification No.]	U31102MH1996PLC185098
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of Generation and Sale of Power.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 51000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “JSW Energy Limited”. It is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong and experienced parentage, 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	02.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities : A2+
Rating Explanation	Strong degree of safety and higher credit risk.
Date	02.02.2015

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 31-03-2014.

LOCATIONS

Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42861000
Fax No.:	91-22-42863000
E-Mail :	sampath.madhavan@jsw.in
Website :	www.jsw.in

DIRECTORS

As on 31.07.2014

Name :

Mr. Nirmal Kumar Jain

Designation :

Director

Address :

302, Suman, Playground Road, Vile Parle (East), Mumbai, 400057, Maharashtra, India

Date of Birth/Age :

03.05.1946

Date of Appointment :

18.07.2012

DIN No.:

00019442

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	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	01-09-2013	06-04-1998	-	Active	NO
2	U27206GJ1996PTC073209	JINDAL COATED STEEL PRIVATE LIMITED TFR. FROM MUMBAI TO DELHI	Director	02-05-1998	02-05-1998	19-05-2008	Active	NO
3	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	05-10-2000	05-10-2000	19-05-2008	Active	NO
4	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Director	30-09-2010	28-06-2001	-	Active	NO
5	L67120MH2001PLC217751	JSW HOLDINGS LIMITED	Director	12-07-2001	12-07-2001	-	Active	NO
6	L27310MH1991PLC175263	SOUTHERN IRON AND STEEL COMPANY LIMITED	Director	25-11-2004	25-11-2004	27-03-2007	Amalgamated	NO
7	U45200MH2005PTC151268	VINAMRA PROPERTIES PRIVATE LIMITED	Director	14-02-2005	14-02-2005	01-09-2008	Active	NO
8	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14-02-2005	14-02-2005	01-09-2008	Active	NO
9	U62100MH2005PTC151746	HERITAGE AIRLINES PRIVATE LIMITED	Director	03-03-2005	03-03-2005	25-06-2008	Dormant	NO
10	U45200MH2005PTC152218	WINDSOR RESIDENCY PRIVATE LIMITED	Director	28-03-2005	28-03-2005	19-05-2008	Active	NO
11	U65993MH2005PTC152203	HAMPI INVESTMENTS PRIVATE LIMITED	Director	28-03-2005	28-03-2005	19-05-2008	Dormant	NO
12	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	18-07-2012	06-08-2005	-	Active	NO
13	U13100KA1997PTC022398	VIJAYANAGAR MINERALS PRIVATE LIMITED	Director	26-07-2006	30-09-2005	01-09-2008	Active	NO
14	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Director	29-10-2005	29-10-2005	21-11-2012	Active	NO
15	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	18-07-2012	10-02-2006	-	Active	NO
16	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	21-04-2006	21-04-2006	-	Active	NO
17	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	05-05-2006	05-05-2006	23-10-2008	Amalgamated	NO
18	U13100TZ2005PLC011939	TAMILNADU IRON ORE MINING CORPORATION LIMITED	Director	28-06-2006	28-06-2006	27-03-2007	Active	NO
19	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	30-06-2006	30-06-2006	23-10-2008	Amalgamated	NO
20	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	21-09-2007	30-09-2006	-	Active	NO
21	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	06-01-2007	06-01-2007	21-11-2012	Active	NO
22	U72200KA2006PLC040034	JSOFT SOLUTIONS LIMITED	Additional director	28-06-2007	28-06-2007	31-08-2008	Active	NO
23	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	01-12-2011	21-08-2007	06-09-2012	Active	NO
24	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31-12-2007	31-12-2007	04-10-2008	Active	NO
25	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09-01-2008	09-01-2008	04-10-2008	Active	NO
26	U10300DL2008PTC176675	ROHNE COAL COMPANY PRIVATE LIMITED	Director	11-04-2008	11-04-2008	01-09-2008	Active	NO
27	U40300MH2010PLC199844	JSW ENERGY (BENGAL) LIMITED	Director	08-02-2010	08-02-2010	27-03-2013	Active	NO
28	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13-03-2010	13-03-2010	28-06-2010	Active	NO
29	U40101MH2011PLC212214	JSW GREEN ENERGY LIMITED	Director	12-01-2011	12-01-2011	01-12-2011	Active	NO
30	U65993MH2005PTC152325	JSW INVESTMENTS PRIVATE LIMITED	Director	30-09-2011	27-06-2011	13-12-2011	Active	NO
31	U93030MH2011PTC224380	JSW NANDGAON PORT PRIVATE LIMITED	Director	25-11-2011	25-11-2011	-	Active	NO
32	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	27-09-2012	01-12-2011	-	Active	NO
33	U40102MH2008PLC181433	JAIGAD POWERTRANSCO LIMITED	Nominee director	01-12-2011	01-12-2011	16-07-2012	Active	NO
34	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	31-01-2013	22-06-2012	-	Active	NO
35	U40101HP2013PLC000345	JSW ENERGY (KUTEHR) LIMITED	Director	20-02-2013	20-02-2013	-	Active	NO

Name :

Mr. Sanjay Sagar

Designation :

Director

Address :

A-20/17, DLF Qutab Enclave, Phase I, Gurgaon - 122 002, Haryana, India

Date of Birth/Age :

04.08.1957

Date of Appointment :

06.06.2011

DIN No.:

00019489

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	U10200RJ2007PLC025173	PARSA KENTE COLLIERIES LIMITED	Director	29-09-2008	16-10-2007	12-01-2009	Active	NO
2	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	19-07-2012	19-11-2009	-	Active	NO
3	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	06-06-2011	01-06-2010	-	Active	NO
4	U40102MH2008PLC181433	JAIGAD POWERTRANSCO LIMITED	Nominee director	16-07-2012	16-07-2012	-	Active	NO
5	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	24-07-2013	19-07-2012	-	Active	NO
6	U40103MH2009PLC195362	JSW ENERGY (RAIGARH) LIMITED	Director	24-07-2013	19-07-2012	-	Active	NO
7	U40101MH2011PLC212214	JSW GREEN ENERGY LIMITED	Director	24-07-2013	19-07-2012	-	Active	NO
8	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	25-07-2013	21-07-2012	-	Active	NO
9	U40300MH2010PLC199844	JSW ENERGY (BENGAL) LIMITED	Additional director	03-08-2012	03-08-2012	27-03-2013	Active	NO
10	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	22-07-2013	01-12-2012	-	Active	NO
11	U40101HP2013PLC000345	JSW ENERGY (KUTEHR) LIMITED	Director	20-02-2013	20-02-2013	-	Active	NO

Name :

Mr. Kamal Kant

Designation :

Whole-Time Director

Address :

B-2201 CTS, 724-A-783-784, Thakur Complex, Poisar, Near Gokul Hospital, Kandivali (East), Mumbai 400 101, Maharashtra, India

Date of Birth/Age :

05.07.1959

Date of Appointment :

29.03.2011

DIN No.:

03509325

Name :

Mr. Pramod Prabhakaran Menon

Designation :

Director

Address :

L-404, Dara Enclave AWHO, Plot No.6, Nerul, Navi Mumbai - 400 706, Maharashtra, India

Date of Birth/Age :

12.08.1971

Date of Appointment :

26.06.2007

DIN No.:

01443287

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	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	26-06-2007	12-04-2007	-	Active	NO
2	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	30-07-2007	12-04-2007	-	Active	NO
3	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	30-07-2007	12-04-2007	-	Amalgamated	NO
4	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	30-07-2007	12-04-2007	-	Amalgamated	NO
5	U65923MH2007PTC167960	JSW ENERGY INVESTMENTS PRIVATE LIMITED	Director	30-07-2007	12-04-2007	17-12-2007	Active	NO
6	U40102MH2007PLC172095	JSW POWERTRANSCO LIMITED	Director	03-07-2007	03-07-2007	-	Amalgamated	NO
7	U40102MH2008PLC181433	JAIGAD POWERTRANSCO LIMITED	Nominee director	05-11-2008	23-04-2008	-	Active	NO
8	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	24-11-2008	24-11-2008	15-06-2010	Active	NO
9	U40103MH2009PLC195362	JSW ENERGY (RAIGARH) LIMITED	Director	31-08-2009	31-08-2009	-	Active	NO
10	U40300MH2010PLC199844	JSW ENERGY (BENGAL) LIMITED	Director	08-02-2010	08-02-2010	-	Active	NO
11	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13-03-2010	13-03-2010	28-06-2010	Active	NO
12	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	28-08-2010	06-05-2010	-	Active	NO
13	U40101MH2011PLC212214	JSW GREEN ENERGY LIMITED	Director	12-01-2011	12-01-2011	-	Active	NO
14	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	03-05-2013	29-03-2011	-	Active	NO
15	U40101HP2013PLC000345	JSW ENERGY (KUTEHR) LIMITED	Director	20-02-2013	20-02-2013	-	Active	NO
16	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	25-07-2013	03-05-2013	-	Active	NO

Name :

Mr. Abraham Ias Prathipati

Designation :

Director

Address :

Flat No.507, 5th Floor, Silver Arch, 22, Feroze Shah Road, New Delhi – 110 001, India

Date of Birth/Age :

01.07.1939

Date of Appointment :

31.07.2014

DIN No.:

00280426

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	L65192MH1960PLC011579	FUTURA POLYESTERS LIMITED	Nominee director	02-07-2003	02-07-2003	08-09-2008	Active	NO
2	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	23-07-2014	20-10-2003	-	Active	NO
3	L74899DL1988PLC032166	UFLEX LIMITED	Nominee director	30-10-2003	30-10-2003	29-06-2010	Active	NO
4	L40105DL1999PLC099328	PTC INDIA LIMITED	Director	01-06-2004	01-06-2004	28-09-2011	Active	NO
5	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	07-06-2005	07-06-2005	-	Active	NO
6	U40100MH2005SGC153648	MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED	Director	30-11-2006	29-07-2005	17-05-2010	Active	NO
7	L74999AP2005PLC059013	GVK POWER & INFRASTRUCTURE LIMITED	Director	10-09-2005	10-09-2005	14-08-2014	Active	NO
8	L72200AP1990PLC011146	NCC LIMITED	Director	25-09-2014	11-01-2006	-	Active	NO
9	L45200TG1993PLC015545	LANCO INFRATECH LIMITED	Director	26-09-2014	16-06-2006	-	Active	NO
10	U40101DL2005PTC137235	HIMALAYAN GREEN ENERGY PRIVATE LIMITED	Director	19-06-2006	19-06-2006	01-04-2007	Active	NO
11	U40108DL2003PTC120409	ATHENA INFRAPROJECTS PRIVATE LIMITED	Nominee director	08-02-2007	08-02-2007	20-08-2009	Active	NO
12	L65999DL2006PLC153373	PTC INDIA FINANCIAL SERVICES LIMITED	Director	14-09-2007	04-06-2007	28-09-2011	Active	NO
13	U40101DL2004PTC148280	ENERGY INFRATECH PRIVATE LIMITED	Director	29-09-2007	10-08-2007	31-03-2008	Active	NO
14	U40105TG2007PLC056799	GLOBAL HEAVY ELECTRICALS LIMITED	Director	20-12-2007	20-12-2007	28-06-2010	Active	NO
15	L52520TG1981PLC003072	VISAKA INDUSTRIES LTD.	Director	16-06-2009	28-07-2008	-	Active	NO
16	U67110AP2005PLC046367	NCC INFRASTRUCTURE HOLDINGS LIMITED	Director	31-10-2008	04-09-2008	-	Active	NO
17	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	25-07-2009	30-04-2009	22-07-2014	Active	NO
18	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	31-07-2014	21-07-2009	-	Active	NO
19	U40109TG2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	10-07-2010	21-01-2010	-	Active	NO
20	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Director	05-08-2010	27-03-2010	28-05-2014	Active	NO
21	U40102AP2008PLC058683	GVK ENERGY LIMITED	Director	01-08-2011	30-07-2010	06-08-2014	Active	NO
22	U67100DL2011PTC216401	MAGNETAR VENTURE PRIVATE LIMITED	Additional director	12-07-2011	12-07-2011	-	Active	NO

Name :

Mr. Maharaj Jai Singh

Designation :

Director

Address :

No.12, Civil Lines, Jaipur - 302006, Rajasthan, India

Date of Birth/Age :

05.05.1933

Date of Appointment :

05.01.1996

DIN No.:

00041513

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	U72100DL1962PLC003822	CAPSTAN METERS (INDIA) LIMITED	Director	27-09-1966	27-09-1966	03-09-2009	Active	NO
2	U55101RJ1972PTC001445	RAMBAGH PALACE HOTEL PRIVATE LIMITED	Director	15-07-1972	15-07-1972	-	Active	NO
3	U74899DL1979PTC009741	RAMGARH LODGE PVT LTD	Director	13-07-1979	13-07-1979	-	Active	NO
4	U74899DL1979PTC009742	SAWAI MADHOPUR LODGE PRIVATE LIMITED	Director	13-07-1979	13-07-1979	-	Active	NO
5	U74899DL1979PTC009716	BHAWANI AGRO FARMS PRIVATE LIMITED	Managing director	13-07-1979	13-07-1979	-	Active	NO
6	L65910TN1973PLC006423	FIRST LEASING COMPANY OF INDIA LIMITED	Director	26-08-1985	26-08-1985	25-01-2012	Active	NO
7	U67190MH1993PLC073154	TAURUS ASSET MANAGEMENT COMPANY LIMITED	Director	26-10-1993	26-10-1993	-	Active	NO
8	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	05-01-1996	05-01-1996	27-12-2014	Active	NO
9	U74899DL1963PTC003988	S M S INVESTMENT CORPORATION PRIVATE LIMITED	Managing director	09-07-1996	09-07-1996	-	Active	NO
10	U67110RJ1983PLC002861	JAIPUR STOCK EXCHANGE LTD	Director	29-09-2006	29-09-2006	16-02-2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Raj Kumar Sharma
Designation :	Company Secretary
Address :	607, Twlight Cooperative Housing Limited, Raheja Vihar, Powai, Mumbai – 400 072, Maharashtra, India
Date of Birth/Age :	25.10.1969
Date of Appointment :	11.01.2006
PAN No.:	AJEPS0790E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2014

Names of Shareholders	No. of Shares
JSW Energy Limited, India	1691528400
South West Mining Limited, India	34521000
JSW Power Trading Company Limited, India	100
Sajjan Jindal	100
Pramod Menon	100
R.K. Sharma	100
Sampath Madhavan	100
Jayaprakash Nair	100
Total	1726050000

Equity Share Break up (Percentage of Total Equity)

As on 31.07.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Generation and Sale of Power.

Products :

Item Code No.	Product Description
27	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 of India Limited, Oriental Building, Espanade Road, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term Loans
From Banks	31582.800	25451.600
From Financial Institutions	7096.500	7636.500
Foreign Currency Term Loan from Bank (ECB)	500.400	509.400
SHORT TERM BORROWINGS
Working Capital
Working Capital Demand Loan	250.000	275.000
Cash Credit From Bank	257.100	118.400
Total	39686.800	33990.900

Note :

Details of Security:

Rupee Term Loans and Foreign Currency Loan mentioned in (a) and (b) are secured on a pari passu basis by

A first ranking mortgage and charge over :

a)all the tangible, intangible, immovable and movable assets both present and future,

b) all revenues and receivables,

c) all the rights, title and interest under each of the Project Documents and

d) all the Insurance Contracts

Pledge of 517,815,000 (Previous Year 517,815,000) shares of the Company held by JSW Energy Limited is given in respect of loans of Rs. 35867.000 Million

Terms of Payment:

Rupee Term loan mentioned in (a)-(i) amounting to Rs. 21425.400 Million towards Tranche I is repayable in 48 structured quarterly instalments from March 2012 to December 2023 ; amounting to Rs. 6242.200 Million towards towards Tranche II is repayable in 50 structured quarterly instalments from March 2013 to June 2025 and amounting to Rs. 6847.900 Million is payable in 47 structured quarterly installments from December 2013 to June 2025

Rupee Term loan mentioned in (a)-(ii) towards Tranche I is repayable in 48 structured quarterly instalments from March 2012 to December 2023.

Foreign currency loan mentioned in (b) is repayable in 22 Equal half yearly instalments from July 2012 to January 2023.

Details of Security:

Working Capital Demand Loan & Cash Credit mentioned in (a) are secured on a pari passu basis by

A first ranking mortgage and charge over : a)all the tangible, intangible, immovable and movable assets both present and future, b) all revenues and receivables, c) all the rights, title and interest under each of the

Project Documents and d) all the Insurance Contracts

Pledge of 517,815,000 (Previous Year 517,815,000) shares of the Company held by JSW Energy Limited.

Terms of Payment:

Working Capital Demand Loan mentioned in (a) (i) of Rs. 250.000 Million is repayable by April 2, 2014.

Cash Credit from banks mentioned in (a) (ii) of Rs. 257.100 Million is repayable on demand.

Short Term Loan mentioned in (c) is repayable on Demand.

Financial Institute :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Address :	38, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40851000
Fax No.:	91-22-40851015
E-Mail :	contact@shahgupta.com
Website:	www.shahgupta.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS7702F
Memberships :	--
Collaborators :	--
Holding Company :	JSW ENERGY LIMITED CIN No.: L74999MH1994PLC077041
Joint Venture :	Barmer Lignite Mining Company Limited (BLMCL)
Related Parties :	JSW Steel Limited South West Mining Limited JSW Jaigarh Port Limited JSoft Solutions Limited JSW Energy (Raigarh) Limited JSW Bengal Steel Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Rs.10/- each	Rs.30000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1726050000	Equity Shares	Rs.10/- each	Rs.17260.500 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	17260.500	17260.500	17260.500
(b) Reserves & Surplus	898.200	(674.700)	(872.800)
(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)	18158.700	16585.800	16387.700
(3) Non-Current Liabilities
(a) long-term borrowings	44399.800	42062.700	34037.600
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	796.300	452.300	123.700
(d) long-term provisions	12.900	7.500	7.300
Total Non-current Liabilities (3)	45209.000	42522.500	34168.600
(4) Current Liabilities
(a) Short term borrowings	1904.400	6926.900	12423.900
(b) Trade payables	248.100	1012.600	542.000
(c) Other current liabilities	4659.500	7235.300	8073.400
(d) Short-term provisions	102.000	7.200	0.700
Total Current Liabilities (4)	6914.000	15182.000	21040.000
TOTAL	70281.700	74290.300	71596.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	62073.900	62533.200	31859.300
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	122.600	2089.900	29584.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	98.000	98.000	98.000
(c) Deferred tax assets (net)	383.000	561.900	692.600
(d) Long-term Loan and Advances	4337.500	4735.500	5197.000
(e) Other Non-current assets	1709.400	1327.200	962.100
Total Non-Current Assets	68724.400	71345.700	68393.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	397.600	262.100	390.400
(c) Trade receivables	1102.700	2292.500	2522.000
(d) Cash and cash equivalents	10.100	310.700	193.700
(e) Short-term loans and advances	36.000	69.400	51.200
(f) Other current assets	10.900	9.900	45.300
Total Current Assets	1557.300	2944.600	3202.600
TOTAL	70281.700	74290.300	71596.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	18216.500	11925.500	4345.500
	Other Income	383.600	395.900	1000.400
	TOTAL	18600.100	12321.400	5345.900
Less	EXPENSES
	Cost of Fuel	5262.100	4774.500	2051.300
	Employees benefits expense	410.900	296.300	201.800
	Other expenses	1516.500	1151.900	521.000
	Exceptional item	(293.000)	5.500	86.700
	Pre-operative expenses written off	69.300	0.000	0.000
	TOTAL	6965.800	6228.200	2860.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	11634.300	6093.200	2485.100
Less	FINANCIAL EXPENSES	6075.100	3920.200	1971.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5559.200	2173.000	513.300
Less/ Add	DEPRECIATION/ AMORTISATION	3383.200	1843.800	1015.500
	PROFIT/ (LOSS) BEFORE TAX	2176.000	329.200	(502.200)
Less	TAX	603.100	131.300	(234.400)
	PROFIT/ (LOSS) AFTER TAX	1572.900	197.900	(267.800)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(675.700)	(873.600)	(605.800)
	Balance Carried to the B/S	897.200	(675.700)	(873.600)
	IMPORTS
	Coal	0.000	0.000	153.500
	Stores & Spares	4.900	2.200	0.000
	Capital Goods	683.700	42.000	16.100
	TOTAL IMPORTS	688.600	44.200	169.600
	Earnings / (Loss) Per Share (Rs.)	0.91	0.11	(0.16)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.63	1.66	(6.16)
Operating Profit Margin (PBIDT/Sales)	(%)	63.87	51.09	57.19
Return on Total Assets (PBT/Total Assets}	(%)	3.12	0.46	(1.22)
Return on Investment (ROI) (PBT/Networth)		0.12	0.02	(0.03)
Debt Equity Ratio (Total Debt /Networth)		2.55	2.95	2.84
Current Ratio (Current Asset/Current Liability)		0.23	0.19	0.15

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	17260.500	17260.500	17260.500
Reserves & Surplus	(872.800)	(674.700)	898.200
Net worth	16387.700	16585.800	18158.700
long-term borrowings	34037.600	42062.700	44399.800
Short term borrowings	12423.900	6926.900	1904.400
Total borrowings	46461.500	48989.600	46304.200
Debt/Equity ratio	2.835	2.954	2.550

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4345.500	11925.500	18216.500
		174.433	52.753

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4345.500	11925.500	18216.500
Profit	5345.900	12321.400	18600.100
	123.02%	103.32%	102.11%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note: The registered office of the company has been shifted from Jindal Mansion, 5-A Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India to present address w.e.f.25.07.2013.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10519818	05/09/2014	6,950,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C20521043
2	10484354	05/02/2014	23,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C00261008
3	10437479	26/06/2013	2,870,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B79885471
4	10414466	05/09/2014 *	2,933,400,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C23616212
5	10402590	13/02/2014 *	400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B97565683
6	10393656	24/12/2012	2,955,000,000.00		ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B64763881
7	10107201	05/09/2014 *	30,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C23615800

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee Loan from Holding Company	5214.300	8459.400
From other	5.800	5.800
SHORT TERM BORROWINGS
Rupee Term Loans
From Banks	0.000	3805.000
Rupee Loan from Holding Company	1397.300	2728.500
Total	6617.400	14998.700
Note : Rupee Loan from Holding Company mentioned in (c ) above comprises of : i) Rs. 3940.900 Million repayable from the proceed of repayment made by Barmer Lignite Mining Company Limited (BLMCL) to the company which is pursuant to the repayment of entire existing senior debt at BLMCL. ii) Rs. 1441.400 Million is repayable in 50 structured quarterly instalments from March 2013 to June 2025. Loan from Other mentioned in (d) is repayable within a period of one year starting from the month in which Project is completed. Details of guaranteed Long-Term borrowings: Term loan (tranche 2) of Rs. 6242.200 Million mentioned in (a) (i) is backed by guarantee of our Shareholder.

PROJECT PERFORMANCE

The Company has implemented 1080 MW (8 X 135) power plant based on lignite to be mined from Jalipa and Kapurdi Lignite mines in the District of Barmer in Rajasthan in FY 2012-13. Some of the allied project activities such as part of Lignite handling system, Lime handling system, colony etc. were commissioned during FY 2013-14. The balance part of Project viz. part of reservoir, 33 KV line etc. is expected to be completed during the year.

1. The Company has achieved Plant Load Factor (PLF) of 44.32% during operational period of the plant and has generated Rs. 4,193.30 Million units (gross) during the year. Out of the gross generation, RWPL has sold Rs. 3,697.34 Million units to Rajasthan Distribution Companies (Discoms) and generated revenues of Rs. 18600.100 Million and earned profit after tax of Rs. 1572.900 Million on standalone basis and revenues of Rs. 18432.900 Million and profit after tax of Rs. 1400.900 Million on consolidated basis during the FY 2013-14.

2. The Company has incurred Rs.69360.000 Million for the project (excluding investment in BLMCL) as on 31st March, 2014.

3. The Company has invested equity of Rs. 98.000 Million in BLMCL besides providing it unsecured subordinate debt of Rs. 3940.900 Million as at 31st March, 2014.

4. The Company and BLMCL has filed petition with Hon’ble Rajasthan Electricity Regulatory Commission (RERC) for determination of tariff and lignite transfer price for FY 2014-15 which is under consideration and RERC has extended the last applicable provisional tariff and transfer price upto 30th June 2014.

FINANCING

The project cost is being funded on a debt equity ratio of 75:25, with consortium of lenders led by ICICI Bank Limited. The Board has approved the revised project cost including margin money of Rs.71650.000 Million. As on 31st March 2014, the Company has incurred expenditure of Rs.69360.000 Million on the project and the Company has drawn Rs. 51730.000 Million under Rupee Term Loan Agreement.

JOINT VENTURE COMPANY:

During the year, Barmer Lignite Mining Company Limited (BLMCL) had supplied lignite to meet the requirements of Company’s power plant from Kapurdi Lignite Mines. The Company had also purchased 1 lacs ton of lignite from open market to meet shortage of lignite.

The land acquisition of the Jalipa Lignite Mines is under progress and the mine development activity is expected to be commissioned by during FY 2014-15. Mining lease for the Jalipa Lignite Mine has been granted by Government of Rajasthan in favour of RSMML on 22nd February, 2013 and the Order for the lease transfer from RSMML in favour of the Company has been issued by GoR on 17th September,

2013. The execution of mining lease in favour of BLMCL is expected soon. Ministry of Coal has also granted post-facto prior approval to Government of Rajasthan for grant of lease to RSMML for Kapurdi and Jalipa Lignite Mines and transfer of mining lease to the BLMCL

BLMCL had also applied for enhancement of mining capacity of Kapurdi Lignite Mines from 3 MTPA to 7 MTPA in March 2012 so that the lignite requirement for operating all eight units of the Power Plant can be met at normative PLF. Ministry of Coal had approved the increase in mining capacity upto 7 MTPA. The Environment Clearance approval for increase in mining capacity upto 7 MTPA is under consideration with Ministry of Environment & Forests (MOEF).

Meanwhile, BLMCL had also applied in January, 2013 for the one time enhancement in mining capacity by 25% to MOEF over the approved Environment Clearance (EC) of 3 MTPA, approval of which has been received by BLMCL. During the year, BLMCL had also received final clearance from MOEF for diversion of 9.794 hectares of protected forests land lying on both sides of NH-15 in Jalipa Lease area. PWD-NH division is also finalizing Detailed Project Report (DPR) for the diversion of NH-15 and is likely to complete the same soon.

Lignite Handling System has been installed and commissioned in March, 2014 and 3 MLD Water Treatment Plant is under construction in Kapurdi Lignite Mines. BLMCL has incurred Rs.15270.000 Million in Mining project till 31st March, 2014.

NEW / PROPOSED PROJECT

Your Company had approved the setting up of 2x135 MW (270MW) Power Project (expansion project) at an estimated cost of Rs.1350.000 Million at Barmer, in the State of Rajasthan. During the year, your Company has decided to cancel the expansion project.

FIXED ASSETS

• Freehold Land
• Buildings
• Plant and Machinery
• Office Equipment’s
• Furniture and Fixtures
• Vehicles

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.62.62
UK Pound	1	Rs.94.39
Euro	1	Rs.67.96

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		50

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.