MIRA INFORM REPORT

Report No. :	319456
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	HALDIA ENERGY LIMITED (w.e.f. 21.01.2007)
Formally Known as:	HALDIA ENERSY PRIVATE LIMITED
Registered Office :	Barick Bhawan, Sixth Floor, 8 Chittaranjan Avenue Kolkata - 700072, West Bengal
Tel. No.:	91-33-22129872,91-22129874
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.11.1994
Com. Reg. No.:	21-066154
Capital Investment / Paid-up Capital :	Rs. 7304.410 Million
CIN No.: [Company Identification No.]	U74210WB1994PLC066154
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR2530A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in construction and operation of coal based thermal plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 19000000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “CESC INFRASTRUCTURE LIMITED” It is an established company having satisfactory track record. Even though the company was incorporated during the year 1994 the company has commence its partial operation owing to successful commissioning of unit-I subsequently the management is in process of setting up its unit-II which is in advance stage of its commencement The company has incurred some pre-operative expenses which has resulted into accumulated losses during FY 2014 However, Capital base of the company is strong The company also receives strong managerial and financial support from its holding company Business is active. Payments terms are reported to be slow but correct. In view of strong holding support, the company can be considered normal for business dealings at usual trade terms and condition

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 carry low credit risk
Date	Feb 16, 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 :	Barick Bhawan, Sixth Floor, 8 Chittaranjan Avenue Kolkata - 700072, West Bengal, India
Tel. No.:	91-33-22129872,91-22129874
Fax No.:	91-3322360955
E-Mail :	secretarial@rp-sg.in
Site Office :	Baneswar Chak, Po. - Durgachak, East Medinipur - 721658, West Bengal, India
Tel. No.:	91-3224-276808
Fax No.:	91-3224-277640

DIRECTORS

As on 28.07.2014

Name :

Mr. Raychaudhuri Bhaskar

Designation :

Director

Address :

P 9, Dobson Lane , Howrah 711101, West Bengal, India

Date of Birth/Age :

26.02.1943

Date of Appointment :

25.06.2001

DIN No.:

00277913

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	U74210WB1994PLC066154	HALDIA ENERGY LIMITED	Director	25/06/2001	25/06/2001	-	Active	NO
2	U70101WB2004PLC099945	CRESCENT POWER LIMITED	Additional director	30/03/2015	27/09/2004	-	Active	NO
3	U40102WB1995PLC075937	JHARKHAND ELECTRIC COMPANY LIMITED	Director	21/04/2006	21/04/2006	-	Active	NO
4	U32202DL2006PTC153361	Cellucom Retail India Private Limited	Additional director	08/09/2006	08/09/2006	26/07/2007	Active	NO
5	L22213WB1946PLC014346	SAREGAMA INDIA LIMITED	Director	30/07/2014	27/05/2013	-	Active	NO
6	U40108WB2010PLC150712	Surya Vidyut Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO
7	U70109WB2006PLC111457	DHARIWAL INFRASTRUCTURE LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO
8	U72900WB1995PTC075089	SPEN LIQ PVT LTD	Additional director	31/03/2015	31/03/2015	-	Active	NO
9	U15411WB2008PLC124062	Au Bon Pain Cafe India Limited	Additional director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Bose Kumar Prabir

Designation :

Director

Address :

Calcutta Greens, Phase 1, Survey Park Higa 12/8, Kolkata 700075, West Bengal, India

Date of Birth/Age :

07.07.1949

Date of Appointment :

31.12.2001

DIN No.:

00276328

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	U74210WB1994PLC066154	HALDIA ENERGY LIMITED	Director	31/12/2001	31/12/2001	-	Active	NO
2	U40102WB1995PLC075937	JHARKHAND ELECTRIC COMPANY LIMITED	Director	29/09/2008	19/05/2008	-	Active	NO
3	U70100WB1946GAP014545	WOODLANDS MEDICAL CENTRE LIMITED	Director	17/09/2009	14/08/2008	-	Amalgamated	NO
4	U85110WB2009PLC140464	WOODLANDS MULTISPECIALITY HOSPITAL LIMITED	Director	07/09/2012	13/01/2011	-	Active	NO
5	U93090WB2009PTC138394	Myriad Ventures Private Limited	Additional director	17/01/2011	17/01/2011	02/07/2012	Active	NO
6	U91990WB2000NPL092333	ASSOCIATION OF HOSPITALS OF EASTERN INDIA	Director	01/09/2011	25/08/2011	-	Active	NO
7	U40102WB2008PLC124401	RPG Power Trading Company Limited	Director	30/09/2014	18/08/2014	-	Active	NO

Name :

Mrs. Subrata Talukdar

Designation :

Director

Address :

CESG House, Chowringhee Square, Kolkata - 700001, West Bengal, India

Date of Birth/Age :

28.07.1958

Date of Appointment :

22.06.2009

DIN No.:

01794978

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	U74210WB1994PLC066154	HALDIA ENERGY LIMITED	Director	22/06/2009	16/03/2009	-	Active	NO
2	U40102WB1995PLC075937	JHARKHAND ELECTRIC COMPANY LIMITED	Director	29/09/2009	16/03/2009	-	Active	NO
3	U70101WB2004PLC099945	CRESCENT POWER LIMITED	Director	29/09/2009	04/04/2009	-	Active	NO
4	U70109WB2006PLC111457	DHARIWAL INFRASTRUCTURE LIMITED	Director	30/09/2009	27/08/2009	-	Active	NO
5	U40108WB2010PLC150712	Surya Vidyut Limited	Director	28/06/2010	28/06/2010	-	Active	NO
6	U40101WB2011PLC157466	Jarong Hydro-Electric Power Company Limited	Director	17/01/2011	17/01/2011	-	Active	NO
7	U70101WB2011PLC159584	CESC INFRASTRUCTURE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
8	U10400UP1995PLC019228	GHAZIABAD POWER COMPANY LIMIED	Director	29/09/2011	18/03/2011	-	Active	NO
9	U74999WB2011PLC163658	CESC PROJECTS LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
10	U40109DL2007PLC171035	PAPU HYDROPOWER PROJECTS LIMITED	Director	29/09/2012	16/05/2012	-	Active	NO
11	U40109DL2007PLC171032	PACHI HYDROPOWER PROJECTS LIMITED	Director	29/09/2012	16/05/2012	-	Active	NO
12	U72900WB1995PTC075089	SPEN LIQ PVT LTD	Director	07/08/2013	19/10/2012	-	Active	NO
13	U40102WB2012PLC188244	RANCHI POWER DISTRIBUTION COMPANY LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO
14	L64202MH2001PLC134147	Firstsource Solutions Limited	Director	06/08/2013	05/12/2012	-	Active	NO
15	U74900WB2014PTC201921	KOLKATA GAMES AND SPORTS PRIVATE LIMITED	Additional director	27/10/2014	27/10/2014	-	Active	NO

Name :

Mr. Rajendra Jha

Designation :

Director

Address :

CESG House, Chowringhee Square, Kolkata - 700001, West Bengal, India

Date of Birth/Age :

13.05.1950

Date of Appointment :

30.03.2010

DIN No.:

00055489

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	L25209WB1983PLC036991	NORPLEX OAK INDIA LTD	Director	27/09/1995	27/09/1995	30/04/2008	Active	NO
2	L31901WB1985PLC039419	MAPLE CIRCUITS LTD	Director	29/03/1996	29/03/1996	30/04/2008	Active	NO
3	U70100MH1987PTC043920	BEST APARTMENTS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	-	Active	NO
4	U45202MH1987PTC043872	HIGHWAY APARTMENTS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	-	Active	NO
5	U70100MH1987PTC043864	ALLWIN APARTMENTS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	30/11/2010	Converted to LLP and dissolved	NO
6	U70100PN1987PTC140868	AMBER APARTMENTS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	28/03/2011	Converted to LLP and dissolved	NO
7	U40102WB1995PLC075937	JHARKHAND ELECTRIC COMPANY LIMITED	Director	16/10/2000	16/10/2000	16/03/2009	Active	NO
8	U65993MH2000PTC219686	RPG CELLULAR INVESTMENTS & HOLDINGS PRIVATE LIMITED	Director	14/12/2000	14/12/2000	03/12/2008	Amalgamated	NO
9	U92413WB1997PLC086183	RPG RESORTS LIMITED	Director	19/12/2000	19/12/2000	-	Active	NO
10	U65922WB1992PTC055828	KUTUB PROPERTIES PRIVATE LIMITED	Director	19/12/2000	19/12/2000	-	Active	NO
11	U29211PN1997PLC142436	RPG FARMS LIMITED	Director	19/12/2000	19/12/2000	30/08/2012	Converted to LLP and dissolved	NO
12	U70101MH1997PLC219476	RPG LANDSCAPES LIMITED	Director	19/12/2000	19/12/2000	01/12/2010	Converted to LLP and dissolved	NO
13	U40102WB1996PLC079258	INTEGRATED COAL MINING LTD	Director	06/03/2002	06/03/2002	-	Active	NO
14	U63040TN2001PLC047809	SPENCER'S TRAVEL SERVICES LIMITED	Director	01/10/2003	01/10/2003	08/09/2014	Active	NO
15	U70101WB2004PLC099945	CRESCENT POWER LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
16	U70101WB2006PLC108175	CESC PROPERTIES LIMITED	Director	17/08/2007	03/02/2007	-	Active	NO
17	U67120WB1984PLC038346	HILLTOP HOLDINGS INDIA LTD	Director	28/09/2007	23/02/2007	-	Amalgamated	NO
18	U74899WB1995PLC121756	JUBILEE INVESTMENTS AND INDUSTRIES LIMITED	Director	29/09/2008	06/03/2007	-	Amalgamated	NO
19	U51229WB2000PLC154278	SPENCER' S RETAIL LIMITED	Director	26/12/2007	18/04/2007	-	Active	NO
20	U10100JH2008PTC013086	Mahuagarhi Coal Company Private Limited	Director	17/03/2008	17/03/2008	01/11/2013	Active	NO
21	U40102WB2008PLC124401	RPG Power Trading Company Limited	Director	24/03/2008	24/03/2008	19/05/2008	Active	NO
22	U45400WB2008PTC131598	DEVISE PROPERTIES PRIVATE LIMITED	Director	30/12/2008	30/12/2008	-	Active	NO
23	U67120WB1979PLC032193	ADAPT INVESTMENTS LTD	Director	29/09/2009	18/05/2009	-	Amalgamated	NO
24	U67120WB1979PLC032191	ADORN INVESTMENTS LTD	Director	29/09/2009	18/05/2009	-	Amalgamated	NO
25	U70109WB2006PLC111457	DHARIWAL INFRASTRUCTURE LIMITED	Director	30/09/2009	27/08/2009	-	Active	NO
26	U55101TN1977PLC007261	SPENCER INTERNATIONAL HOTELS LIMITED	Director	25/09/2010	12/10/2009	-	Active	NO
27	U74999WB2009PTC140477	RP-Sanjiv Goenka Group Private Limited	Director	30/12/2009	30/12/2009	-	Active	NO
28	U74210WB1994PLC066154	HALDIA ENERGY LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
29	U10400UP1995PLC019228	GHAZIABAD POWER COMPANY LIMIED	Director	06/04/2010	06/04/2010	18/03/2011	Active	NO
30	U40108WB2010PLC150712	Surya Vidyut Limited	Director	28/06/2010	28/06/2010	-	Active	NO
31	U51398WB1976PLC030693	OFF-SHORE INDIA LTD	Director	29/09/2011	03/11/2010	20/03/2015	Active	NO
32	U51909WB2010PTC149064	ACCURATE COMMODEAL PRIVATE LIMITED	Director	30/09/2011	11/11/2010	17/04/2015	Active	NO
33	U40101WB2011PLC157466	Jarong Hydro-Electric Power Company Limited	Director	17/01/2011	17/01/2011	21/03/2011	Active	NO
34	U70101WB2011PLC159584	CESC INFRASTRUCTURE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
35	U51909WB1994PTC066069	DOTEX MERCHANDISE PRIVATE LIMITED	Director	29/09/2012	12/10/2011	20/03/2015	Active	NO
36	U51909WB2010PTC146550	RITUSHREE VANIJYA PRIVATE LIMITED	Director	29/09/2012	12/10/2011	20/03/2015	Active	NO
37	U51909WB2010PTC146734	SOLTY COMMERCIAL PRIVATE LIMITED	Director	28/09/2012	12/10/2011	20/03/2015	Active	NO
38	U51909WB2011PTC165051	PANCHMURTI COMMERCIAL PRIVATE LIMITED	Director	01/08/2012	01/03/2012	20/03/2015	Active	NO
39	U51909WB2011PTC165099	PANCHTANTRA VINIMAY PRIVATE LIMITED	Director	01/08/2012	01/03/2012	20/03/2015	Active	NO
40	U51909WB2011PTC165690	SAIRAM VINCOM PRIVATE LIMITED	Director	01/08/2012	01/03/2012	20/03/2015	Active	NO

KEY EXECUTIVES

Name :	Mrs. Jayanta Chakrabarty
Designation :	Manager
Address :	Chowringhee Square Kolkata - 700001, West Bengal, India
Date of Birth/Age :	07.12.1948
Date of Appointment :	28.07.2014
DIN No.:	01807902
Name :	Mrs. Sudipta Mukherjee
Designation :	Manager
Address :	Chowringhee Square Kolkata - 700001, West Bengal, India
Date of Birth/Age :	11.06.1960
Date of Appointment :	30.03.2010
PAN NO.:	ADLPM7681H
Name :	Mr. Sayak Chatterjee
Designation :	Secretary
Address :	434 S K Bose Sarani, Tribeni Ap[Partment Flat C1/3, Kolkata - 700030, West Bengal, India
Date of Birth/Age :	25.09.1977
Date of Appointment :	01.03.2012
PAN No.:	AHEPC3343F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2014

Names of Shareholders	No. of Shares
Rajarshi Banerjee	1
Subhasis Mitra	1
Kalyan KR Ghose	1
Rajendra jha	1
Jayant Chakrobarty	1
Subrata talukdar	1
Utpal Bhattacharyya	1
CESC Infrastructure Limited	730441042
Total	7304410479

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in construction and operation of coal based thermal plants.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Central Plaza Branch, 2/6 Sarat Bose Road, Kolkata - 700020, West Bengal, 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 :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Terms Loan	23653.223	11948.209
Total	23653.223	11948.209

Auditors :
Name :	Batliboi, Purohit and Darbari Chartered Accountant
Address :	7,Waterloo Street, Kolkata - 700069, West Bengal, India
PAN No.:	AACFB3321P
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	CESC INFRASTRUCTURE LIMITED
Ultimate Holding Company:	CESC LIMITED
Subsidiaries :	Spencer’s Retail Limited Music World Retail Limited AU BON Pain Cafe Indian Limited Nalanda Power Company Limited Dhariwal Infrastructure Limited Surya Vidyut Limited CESC Properties Limited CESC Project Papu Hydropower Project Limited Pachi Hydropower Project Limited Spen Liq Private Limited Firstsource Solutions Limited Firstsource Group USA, INC Firstsource Bpo Ireland Limited Firstsource Soplutions Uk Limited Anunta Tech Infrastructure Services Limited Firstsource- Dialog Solutions Private Limited Medassist Holding INC. First Source Business Process Services, LLC Firstsource Solutions S.A. Firstsource Solutions USA, LLC Firstsource Advantage, LLC Firstsource Transaction Service, LLC Twin Lakes Property LLC (TWINLAKES-I) Twin Lakes Property LLC (TWINLAKES-II) Ranchi Power Distribution Company Limited

CAPITAL STRUCTURE

As on 28.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
900,000,000	Equity Shares	Rs.10/- each	Rs. 9000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
730,441,049	Equity Shares	Rs.10/- each	Rs. 7304.410 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	7304.410	7129.600	7129.600
(b) Reserves & Surplus	(605.487)	(421.901)	(181.498)
(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)	6698.923	6707.699	6948.102
(3) Non-Current Liabilities
(a) long-term borrowings	28353.223	16648.209	8170.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	1070.330	145.741
(d) long-term provisions	3.577	3.318	1.949
Total Non-current Liabilities (3)	28356.800	17721.857	8317.690
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	5740.565	819.725	559.306
(d) Short-term provisions	0.027	0.024
Total Current Liabilities (4)	5740.592	819.749	559.306
TOTAL	40796.315	25249.305	15825.098
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	799.063	755.584	383.191
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36816.908	14522.651	3111.749
(iv) Intangible assets under development		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	1111.485	1682.582	2813.529
(e) Other Non-current assets
Total Non-Current Assets	38727.456	16960.817	6308.469
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	1586.077	2509.150	2506.291
(e) Short-term loans and advances	53.598	156.700	51.225
(f) Other current assets	429.184	5622.638	6959.113
Total Current Assets	2068.859	8288.488	9516.629
TOTAL	40796.315	25249.305	15825.098

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.060	0.030	60.643
		TOTAL	0.060	0.030	60.643
Less	EXPENSES
		Employees benefits expense	6.799	6.466	4.819
		Other expenses	8.827	6.991	25.326
		TOTAL	15.626	13.457	30.145
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(15.566)	(13.427)	30.498
Less	FINANCIAL EXPENSES		168.020	213.677	204.119
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(183.586)	(227.104)	(173.621)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT BEFORE TAX		(183.586)	(227.104)	(173.621)
Less	TAX		0.000	13.300	0.000
	PROFIT AFTER TAX		(183.586)	(240.404)	(173.621)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(422.018)	(181.614)	(7.993)
	BALANCE CARRIED TO THE B/S		(605.604)	(422.018)	(181.614)
	Earnings Per Share (Rs.)		(0.26)	(0.34)	(0.24)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(4.61)	(2.12)	(1.37)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.03)	(0.02)
Debt Equity Ratio (Total Debt /Networth)		4.23	2.48	1.18
Current Ratio (Current Asset/Current Liability)		0.36	10.11	17.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7129.600	7129.600	7304.410
Reserves & Surplus	(181.498)	(421.901)	(605.487)
Net worth	6948.102	6707.699	6698.923
long-term borrowings	8170.000	16648.209	28353.223
Short term borrowings	0.000	0.000	0.000
Total borrowings	8170.000	16648.209	28353.223
Debt/Equity ratio	1.176	2.482	4.233

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	60.643	0.030	0.060
		(99.951)	100.000

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	60.643	0.030	0.060
Profit	(173.621)	(240.404)	(183.586)
	(286.30)%	(801346.67)%	(305976.67)%

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	No
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	No
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	No

Note:

OPERATIONS:

Company has executed a long term power purchase agreement with CESC Limited, its ultimate holding company, for selling entire power generated from the project. The power will be used by CESC to supply electricity in its distribution license region in Kolkata. The project is in advanced stages of construction and both units will be commissioned sequentially in 2014-15. Construction of the intake water pump house and laying of cross-country pipeline was completed in 2013-14. Work on railway infrastructure as well as 400kV transmission line, which will have 236 meter high towers for crossing a two-kilometer stretch of the river Hooghly, is in advanced stage of completion.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Borrowings	4700.000	4700.000
Total	4700.000	4700.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10548887	12/02/2015	650,000,000.00	IDBI Bank Limited	IDBI Bank Limited, 44 Shakespeare Sarani, Kolkata  , West Bengal - 700017, INDIA	C43490762
2	10532755	25/11/2014	850,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C34549220
3	10506353	27/03/2014	1,050,000,000.00	BANK OF BARODA	4 BRABOURNE ROAD, KOLKATA, West Bengal - 700001, I  NDIA	C09506080
4	10485627	05/03/2014	750,000,000.00	PUNJAB NATIONAL BANK	SHAKESPEARE SARANI BRANCH, 52A, SHAKESPEARE SARAN  I, KOLKATA, West Bengal - 700017, INDIA	C00758938
5	10484593	25/02/2014	2,000,000,000.00	IDBI Bank Limited	IDBI House, 44 Shakespeare Sarani, Kolkata, West  Bengal - 700017, INDIA	C00398941
6	10474171	28/12/2013	2,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	B94927407
7	10318078	13/02/2015 *	31,350,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg. Ground Floor, 17, R. Kamani Marg, Bal  lard Estate, Mumbai, Maharashtra - 400001, INDIA	C47422399
8	10224459	31/05/2010	300,000,000.00	HDFC BANK LIMITED	Central Plaza Branch, 2/6 Sarat Bose Road, Kolkat  a, West Bengal - 700020, INDIA	A87157731

* Date of charge modification

FIXED ASSETS

• Land
• buildings
• construction thereon
• plant and machinery

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.63.88
UK Pound	1	Rs.97.20
Euro	1	Rs.72.51

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--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		41

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.