Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Project Finance Greenfield/ Project Finance Proposals Detailed Appraisal Note CA Rakesh Awasthi M Com, ACA, ACS,CISA (USA),CAIIB General Manager IDBI Bank Ltd.

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) EXECUTIVE SUMMARY Background Reference of Flash Report to CC Meeting Compliance with Company/ Group Exposure Funding Arrangement made by the company Marketing Arrangement Rating Financial Analysis Proposed Assistance by IDBI Recommendation

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 3 3 DETAILED APPRAISAL NOTE (DAN) PART – I -PROMOTER / COMPANY ASSESSMENT 1.Promoter / company Background 2.Management & Shareholding Pattern 3.Compliance with Corporate Governance norms & International Financial Reporting Standards (IFRS) 4.Affiliated / group companies 5.IDBI Exposure 6.Overall Promoter Assessment

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) PART – II – TECHNICAL ASSESSMENT A.Technical Arrangements B.Location and Site C. Raw materials/ inputs for Production D. Implementation Schedule E. Overall Technical Assessment PART – III – MARKET ASSESSMENT A. Demand Outlook B. Supply Outlook C. Govt. Policy D. Market Potential E. Selling Arrangements F. Overall Market Assessment 4 4 4

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) PART – IV – FINANCIAL ASSESSMENT A. Project Cost (assessment & comparison with similar projects) B. Means of Financing C. Sources and Uses of Funds D. Performance Indicators E. Sensitivity / Risk Analysis F. Overall Financial Assessment 5 5 5

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) PART – V– SOCIO – ECONOMIC IMPACT ASSESSMENT A. Economic Considerations B. Social Considerations C. Environmental Considerations D. Status of Government Consents E. Overall Socio – economic Impact Assessment PART – VI – TERMS OF SANCTION 1.General Terms 2.Special Terms and Conditions 3.Relaxation/Deviations from normal practice (if any) 6 6 6

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 7 PART – VII – RECOMMENDATIONS 1.Summary of Assessments 2.RBI Defaulters list/ willful defaulter/ CIBIL list 3.Pending Litigations, if any 4.Directors’ Interest, if any 7 7

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 8 1. To mention deviations from the credit policy, RBI policy, FEMA and other related regulatory provisions, if any 2. The name of the company/Directors does not appear in RBI defaulter list/willful defaulter list/ CIBIL list. The company ’ s name does not appear in the Caution Advice. There are no litigations pending against the borrower other than those in the normal course of business. 3. None of the Directors of IDBI Bank Ltd. either directly or through their relatives is interested in the proposal and none of the directors of other banking company and their relatives are interested in the proposal. 8 8 RECOMMENDATION

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 9 List of Annexure Annexure I Last 3 years P&L and B/S Analysis of the Company Annexure II Group Company Financials 9 9

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 10 Annexure – III Assumptions underlying profitability and cash flow projections Annexure - IV Projected Profitability statement Annexure - V Projected Cash Flow Statement 10 ParticularsSalesPATTNWTOL/TNW Company 1 Company 2 Company 3 Total

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 11 Annexure - VI Projected Balance Sheet Other Annexure Depending upon project specific requirements

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 12 Bank's credit strategy would be driven by the philosophy of "business by choice" so as to move up the value chain in asset creation and maintain high quality portfolio. Target customers under Project Lending, Corporate Finance should fulfil the following minimum criteria: Target clients selection Norms

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 13 Parameter Project FinanceCorporate Finance ProfitabilityIn view of high risks, Bank will associate itself with only those Greenfield projects whose promoters have impeccable track record and demonstrated ability to withstand shocks. Profits for the last 2 years. Credit Rating Normally A, BBB depending on merits putting adequate mitigating in place. Minimum I-A or facility rating of minimum A. BBB where adequate mitigates are in place, subject to limit of 25% of outstanding corporate finance portfolio.

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 14 Project FinanceCorporate Finance DSCRMin 1.20 with average of at least 1.50 Min 1.20 with average of at least 1.50 Leverage**Debt to Equity of Max 3:1 for infrastructure and 1.50:1 for others (Debt means long term outside liabilities) Total Outside Liabilities to TNW of max 3.00 Current Ratio To be acceptable Promoter Contribution 20 to 30% Credit History No known wilful default by Company or group No known wilful default by Company or group

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) 15 * DSCR should not fall below 1 after factoring in a reasonable volatility in volume, realisation and input costs. **TNW to include (a) Preferential equity provided it is without dividend commitment and its residual tenor is 5 years or the residual tenure of bank's exposure, whichever is higher (b) unsecured loans from promoters provided it is interest free and subordinated to Bank's exposure.

Font used (incl. page heading): Arial (usu. 14 pt.) Purple bullets Chart color scheme: (all charts must be 2-D; bar/column/line charts must have value axis gridlines (25% gray, 3 rd thickest line); no tick marks on axes; axes must be 25% gray, 3 rd thickest line) THANK YOU