MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	ESSAR PROJECTS (INDIA) LIMITED (w.e.f. 18^th September, 2009)
Formerly Known As :	ESSAR CONSTRUCTIONS (INDIA) LIMITED (w.e.f. 2^nd January, 2007) ESSAR CONSTRUCTIONS LIMITED (w.e.f. 17^th July, 2000) ESSAR STENA LIMITED
Registered Office :	Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400 034, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.09.1989
Com. Reg. No.:	11-053280
Capital Investment/ Paid-up Capital:	Rs.309.995 Millions
CIN No.: [Company Identification No.]	U99999MH1989PLC053280
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Construction and Project Related Activity.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 29103000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Head Office:	Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400 034, Maharashtra, India
Tel. No.:	91-22-66601100/24950606/ 500111
Fax No.:	91-22-66601809/24954324
E-Mail :	corporatecommunications@essar.com brijesh.shah@essar.com
Website :	www.essar.com
Branch Office :	Located at: · Mumbai · Ahmedabad · Chennai · Hazira · New Delhi · Vedinar · Visakhapatnam · Gujarat
Overseas Offices:	Located at: · Indonesia · China · United Kingdom · Canada · USA- New York · United Arab Emirates- Dubai

DIRECTORS

As on 24.08.2009

Name :

Mr. Shashikant Nandkishore Ruia

Designation :

Director

Address :

40-B, Ridge Road, Malabar Hill, Mumbai-400 006, Maharashtra, India

Date of Birth/Age :

25.12.1943

Date of Appointment :

01.03.2001

DIN No. :

00047050

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26101TN1975PTC006929	Agbros Glass Works (India) Private Limited	Director	10-06-75	10-06-75	10-04-78	Active	NO
2	U27100GJ1976FLC013787	Essar Steel Limited	Director	01-06-76	01-06-76	-	Active	NO
3	L85110GJ1975PLC054824	Essar Ports Limited	Director	20-12-84	20-12-84	-	Active	NO
4	L11100GJ1989PLC032116	Essar Oil Limited	Director	13-09-91	13-09-91	-	Active	NO
5	L99999TN1984PLC075902	India Securities Limited	Director	28-09-91	28-09-91	22-06-11	Active	NO
6	U67190TN1995PLC029804	Karthik Financial Services Limited	Director	31-01-00	31-01-00	31-12-05	Active	NO
7	U99999MH1989PLC053280	Essar Projects (India) Limited	Director	01-03-01	01-03-01	-	Active	NO
8	U40100GJ1991PLC064824	Essar Power Limited	Director	23-12-04	23-12-04	-	Active	NO
9	U27100GJ2005FLC046055	Essar Steel Karnataka Limited	Director	11-05-05	11-05-05	02-05-07	Active	NO
10	U35111GJ1993FLC053434	Vadinar Oil Terminal Limited	Director	28-09-05	28-09-05	17-05-10	Active	NO
11	U27100GJ2005FLC046273	Essar Steel (Hazira) Limited	Director	01-02-06	01-02-06	17-05-10	Amalgamated	NO
12	U27100GJ2005FLC045786	Hazira Plate Limited	Director	10-03-06	10-03-06	18-12-08	Amalgamated	NO
13	U45201MH2007PTC173005	Sasmita Properties Private Limited	Additional director	30-09-07	30-09-07	25-08-08	Active	NO
14	U11201GJ2002PLC041192	Asia Motorworks Limited	Additional director	19-05-08	19-05-08	30-04-11	Active	NO
15	U70100MH2006FLC159272	Essar SEZ Hazira Limited	Additional director	17-06-08	17-06-08	17-05-10	Active	NO

Name :

Mr. Vishnoo Narayan Paradkar

Designation :

Whole time Director

Address :

#1302, Rose Regencey Garden, Sector-6, Kharghar, Navi Mubai-410 210, Maharashtra, India

Date of Birth/Age :

06.10.1948

Date of Appointment :

02.04.2001

DIN No. :

00078728

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1989PLC053280	Essar Projects (India) limited	Director	08-09-09	02-04-01	-	Active	NO
2	U74200MH2007PLC172280	Essar Engineering Services Limited	Additional director	21-12-07	21-12-07	29-04-09	Active	NO
3	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Director	19-02-08	19-02-08	-	Active	NO
4	U51504MH2008PLC181399	Global Supplies (India) Limited	Director	22-04-08	22-04-08	15-12-09	Active	YES
5	U99999MH1994PTC076315	Integrated Engineeers and Consultants Private Limited	Director	30-06-10	30-06-10	-	Active	NO
6	U74120MH2011PTC220580	Vikas Knowledge Processes Private Limited	Director	05-08-11	05-08-11	-	Active	NO

Name :

Mr. Krishnamurthy Nagaraj Tirumakudlu Narasipur

Designation :

Director

Address :

#32, plot No.50, temple View, Bull Temple Road, Basavangudi, Bangalore-560 004, Tamilnadu, India

Date of Birth/Age :

21.07.1944

Date of Appointment :

01.03.2001

DIN No. :

00048680

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45200AP1994PLC016827	Eci Engineering and Construction Company Limited	Director	08-02-95	08-02-95	-	Active	NO
2	U45203TN1990PLC026337	Essar Procurement Services Limited	Director	18-05-00	18-05-00	-	Active	NO
3	U99999MH1989PLC053280	Essar Projects (India) limited	Director	01-03-01	01-03-01	-	Active	NO

Name :

Mr. Venkataraman Venkatesan

Designation :

Director

Address :

F-401, the Atrium, old No.49, New no.22, Kalakshetra road, Thiruvanmiyur, Chennai-600 041, Tamilnadu, India

Date of Birth/Age :

01.10.1939

Date of Appointment :

01.03.2001

DIN No. :

00004010

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999MH1976PLC034721	Essar Investments Limited	Director	13-09-91	13-09-91	-	Active	YES
2	L99999TN1984PLC075902	India Securities Limited	Director	28-09-91	28-09-91	-	Active	NO
3	U40100GJ1991PLC064824	Essar Power Limited	Director	30-10-91	30-10-91	20-05-09	Active	NO
4	U27100GJ1976FLC013787	Essar Steel Limited	Director	28-11-91	28-11-91	-	Active	NO
5	U30006TN1981PLC008616	Essar Teleholdings Limited	Director	24-01-96	24-01-96	18-09-09	Active	NO
6	U99999MH1989PLC053280	Essar Projects (India) Limited	Director	01-03-01	01-03-01	-	Active	NO
7	U72200MH1992PLC064816	Essar Information Technology Limited	Director	21-06-01	21-06-01	-	Active	NO
8	U31101GJ1995PLC065146	Bhander Power Limited	Director	30-06-04	30-06-04	20-05-09	Active	NO
9	L65921TN1985PLC049092	Lancor Holdings Limited	Director	30-09-06	28-12-05	-	Active	NO
10	U65999MH2005PLC155191	Edelweiss Trustee Services Limited	Director	12-09-07	01-11-06	-	Active	NO
11	L29221TN1956PLC000204	Best and Crompton Engineering Limited	Director	22-09-07	31-01-07	-	Active	NO
12	U40106TN2007PLC062252	Essar Power Tamilnadu Limited.	Director	05-02-07	05-02-07	20-05-09	Active	NO
13	U27310KA2006PTC040237	AMW - MGM Forgings Private Limited	Director	29-07-09	19-05-08	21-04-11	Active	NO
14	U11201GJ2002PLC041192	Asia Motorworks Limited	Additional director	19-05-08	19-05-08	-	Active	NO
15	U65923MH2007PLC167381	Essar Capital Limited	Additional director	17-06-08	17-06-08	18-09-09	Active	NO
16	U40100DL2005PLC201961	Essar Power M P Limited	Director	30-07-09	04-10-08	-	Active	NO
17	L85110GJ1975PLC054824	Essar Ports Limited	Director	31-07-09	31-10-08	05-07-11	Active	NO
18	U74900GJ2007PLC066273	Essar Power Gujarat Limited	Director	11-08-10	04-09-09	-	Active	NO
19	U28920TN1999PLC043385	Best and Crompton Engineering Projects Limited	Additional director	29-03-10	29-03-10	-	Active	NO
20	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	06-08-11	17-08-10	-	Active	NO
21	U31101DL2005PLC208862	Essar Power (Orissa) Limited	Director	19-08-11	17-08-10	-	Active	NO
22	U67190MH2006PLC163842	Asia Motorworks Holdings Limited	Director	08-06-11	08-06-11	-	Active	NO

Name :

Mr. Mahesh Sitaram Ambegaonkar

Designation :

Whole time Director

Address :

B-501, Golden Willows, Vasant Garden, Near Swapna Nagari, Mulund (West), Mumbai-400 080, Maharashtra, India

Date of Birth/Age :

05.08.1946

Date of Appointment :

26.12.2008

DIN No. :

02341599

Name :

Mr. Tapash B. Bhattacharya

Designation :

Whole time Director

Address :

Planet Godrej, Tower-3, 21^st Floor, 030, K.K. Marg, Sant Gadge Maharaj Chowk, Mumbai-400 011, Maharashtra, India

Date of Birth/Age :

11.02.1959

Date of Appointment :

26.12.2008

DIN No. :

02339966

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U93000GJ2008PLC054681	Essar Heavy Engineering Services Limited	Additional director	15-10-08	15-10-08	15-12-09	Active	YES
2	U74140MH2007PLC175845	Essar Project Management Consultants Limited	Director	01-12-08	01-12-08	-	Amalgamated	NO
3	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Director	14-08-09	11-12-08	-	Active	NO
4	U99999MH1989PLC053280	Essar Projects (India) limited	Whole-time director	26-12-08	26-12-08	-	Active	NO
5	U51504MH2008PLC181399	Global Supplies (India) Limited	Additional director	31-03-09	31-03-09	15-12-09	Active	YES

Name :

Mr. Rewant Ravi Ruia

Designation :

Director

Address :

Villa No.17, Bin Hamdoohah Villa, plot No.992, Dubai, United Arab Emirates

Date of Birth/Age :

20.03.1983

Date of Appointment :

08.12.2006

Date of Ceasing :

13.06.2011

DIN No. :

01187519

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63040MH1990PLC056592	Futura Travels Limited	Director	14-07-04	14-07-04	13-06-11	Active	NO
2	U27100GJ2005FLC045786	Hazira Plate Limited	Director	10-03-06	10-03-06	18-12-08	Amalgamated	NO
3	L85110GJ1975PLC054824	Essar Ports Limited	Additional director	07-12-06	07-12-06	20-06-08	Active	NO
4	U99999MH1989PLC053280	Essar Projects (India) Limited	Director	08-12-06	08-12-06	13-06-11	Active	NO
5	U40100GJ1991PLC064824	Essar Power Limited	Director	29-09-07	21-12-06	13-06-11	Active	NO
6	U27100GJ1976FLC013787	Essar Steel Limited	Director	21-06-11	29-01-07	13-10-11	Active	NO
7	U65923MH2007PLC167381	Essar Capital Limited	Additional director	17-06-08	17-06-08	23-03-10	Active	NO
8	U40100DL2005PLC201961	Essar Power M P Limited	Director	30-07-09	04-10-08	-	Active	NO
9	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	06-08-11	17-12-10	-	Active	NO
10	U74900GJ2007PLC066273	Essar Power Gujarat Limited	Director	22-07-11	17-12-10	-	Active	NO
11	U31101DL2005PLC208862	Essar Power (Orissa) Limited	Director	19-08-11	17-12-10	-	Active	NO

Name :

Mr. Jitendra Kumar Singh

Designation :

Whole time Director

Address :

101, Swami Apartment, Park Colony, Jamnagar-361 008, Gujarat, India

Date of Birth/Age :

10.11.1946

Date of Appointment :

26.12.2008

Date of Ceasing :

22.09.2011

DIN No. :

00078762

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45203TN1990PLC026337	Essar Procurement Services Limited	Managing director	01-08-98	01-08-98	31-03-09	Active	NO
2	U70100MH2006PLC160616	Vadinar Properties Limited	Director	21-03-06	21-03-06	-	Active	NO
3	U74140MH2007PLC175845	Essar Project Management Consultants Limited	Director	12-11-07	12-11-07	-	Amalgamated	NO
4	U51504MH2008PLC181399	Global Supplies (India) Limited	Director	22-04-08	22-04-08	15-12-09	Active	YES
5	U99999MH1989PLC053280	Essar Projects (India) limited	Whole-time director	26-12-08	26-12-08	22-09-11	Active	NO

Audit Committee :

Mr. T.K. Nagaraj, Chairman

Mr. V.N. Paradkar, Chairman

Mr. S.V. Venkatesan, Chairman

KEY EXECUTIVES

Name :	Mr. Alwyn Bowden
Designation :	Chief Executive officer, Project Business Group
Name :	Mr. JK Singh
Designation :	Chief Executive officer, Constructions
Name :	Mr. Tapash Bhattarchrya
Designation :	CFO, Constructions
Name :	Mr. PCB Nair
Designation :	Chief Executive Officer- Offshore Subsea
Name :	Mr. Anand Sonthalia
Designation :	Chief Executive Officer, Essar Heavy Engineering
Name :	Mr. K. Ravindran
Designation :	Head, New EPC projects
Name :	Mr. KBM Swamy
Designation :	Sr. Vice President, Human Resources
Name :	Mr. Brijesh Manmohan Shah
Designation :	Company Secretary
Address :	Plot No.328, Swastik Park, Flat No.202, A Wing, 12^th Road, Jawahar Nagar, Goregaon (West), Mumbai-400 062, Maharashtra, India
Date of Birth/Age :	09.05.1978
Date of Appointment :	31.10.2008
Pan No. :	AUDPS8448M
Name :	Mr. Bibek R D Purakayastha
Designation :	Company Secretary
Address :	902, ‘B’ Wing Tower, Balaji Gardens C.H.S.L Plot No. 17, Sector 11, Koparkhairne, Navi Mumbai – 400709, Maharashtra, India
Date of Birth/Age :	26.11.1957
Date of Appointment :	18.04.2001
Date of Cessation :	31.10.2008
Pan No. :	ABVPD3837C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 24.08.2009)

Names of Shareholders	No. of Shares
Essar Projects Limited, UAE	30999500
Essar Projects Limited Jointly, India with Suryakumar B. V.	1
Essar Projects Limited Jointly, India with B. R. Deb Purakayastha	1
Essar Projects Limited Jointly, India with Hariharan M. N.	1
Essar Projects Limited Jointly, India with Gurav A. Swati	1
Bansari Investments and Finance Limited, India	1
Arkay Holdings Limited, India	1
Vyas Babulal Narottam	1
Total	30999507

As on 24.08.2009

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction and Project Related Activity.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
• Bank of India, Mumbai Large Corporate Branch, 4^th Floor, BOI Building, 70/ 80, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India
• Dena Bank, (Lead Bank), Corporate Business Branch, C-10, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India
• United Bank of India, Building 25, Sir. P. M. Road, Fort, Mumbai —400 001, Maharashtra, India
• ICICI Bank Limited, ICICI Towers, Bandra Kurla Complex, Bandra (East), Mumbai — 400 051, Maharashtra, India
• Union bank of India
• Central Bank of India
• ING Vysya Bank Limited
• Corporation Bank
• Lakshmi Vilas Bank Limited
• UCO Bank
• Andhra Bank
• Allahabad Bank
• Export- Import Bank of India, Center One Building, Floor 21, World Trade Centre, Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Banks
Rupee Term Loan (refer note (i) below)	2450.015	3428.304
Cash Credit facilities (refer note (ii) below)	3597.868	2932.353
Buyers Credit / Suppliers Credit facilities (refer note (iii) below)	2221.765	3108.712
From Non Banking Finance Company
Term Loan (refer note (v) below) (Due within next 12 months Rs.0.514 Million (previous year Rs. 0.417 Million)	1000.730	1291.862
Total	9270.378	10761.231

Note:

(i) Rupee term loans are secured by :

a) Plant and machinery, vehicles, capital goods and moveable fixed assets acquired/ to be acquired out of these loan

b) Collateral security by way of a Corporate Guarantee from Essar Procurement Services Limited, India (Formerly known as Essar Projects Limited, India) and Essar Investments Limited, India.

(ii) Cash Credit is secured by First Pari Passu charge with banks by way of Hypothecation of all the current assets of the Company viz Stock of Raw Materials, Work in Progress, Stores and Spares, Bills Receivables, Book Debts and other movable fixed assets of the Company viz; Plant and Machinery, Furniture’s and Fixtures, Office Equipments and Commercial Vehicles but exclusive of specific equipments / fixed assets acquired under lease finance / term loan availed / to be availed by the Company from Banks / Financial Institutions.

(iii) Buyers Credit / Suppliers Credit from banks is secured by Pari Passu charge on assets imported under this facility.

(iv) Loan from a Non‐Banking Finance Company is secured by assets financed under this facility.

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Short Term Loans and advances
From Banks	110.512
Other Loans and advances
From Banks
Foreign Currency Term Loan (Due within next 12 months Rs.0.023 million (previous year Rs. 0.025 Millions)	33.770	63.523
From Others
Mobilisation advance received against Contracts	7675.705	7807.345
Total	7819.987	7870.868

Banking Relations :	-
Financial Institutions:	SREI Infrastructure finance Limited, Vishwakarma, 86C, Topsia Road, (South), Kolkata-700 046, West Bengal, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. A. B. Road, Opposite Shivsagar Estate, Worli, Mumbai- 400 018, Mumbai- 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
Pan No. :	AACFD4851A
Solicitors :	Rajani Associates
Address:	F-4, Panchsheel, 53, “C”, Road, Churchgate, Mumbai – 400020, Maharashtra, India
Holding Company:	Essar Projects Limited (Dubai) Essar Global Limited, Cayman Island (Holding company of Essar Projects Limited, Dubai)
Subsidiary Company:	Essar Offshore Subsea Limited, India CIN: U1110MH2008PLC179089 Essar Constructions Overseas Limited, Mauritius (Since 07.09.2009) Essar Heavy Engineering Services Limited (Till 31.07.2009) Global Supplies (India) Limited (Till 31.07.2009)
Fellow Subsidiaries	Essar Constructions Limited, Dubai Essar Project Management Company Limited (EPMC), Dubai Essar Project Management Consultants Limited, India (Subsidiary of EPMC)
Other major related parties	Essar Steel Limited Essar House Limited Essar Oil Limited Essar Procurement Services Limited. (Formerly Essar Projects Limited) Essar Shipping Limited Essar Power Limited Clickforsteel Services Futura Travels Limited Essar Information Technology Limited Vadinar Oil Terminal Limited Vadinar Power company Limited Essar Steel Orissa Limited Essar Steel MP Limited Bhander Power Limited Vadinar Properties Limited Essar Investments Limited Essar SEZ Hazira Limited Essar House Services Limited India Securities Limited Aegis BPO Services Limited Essar Steel (Hazira) Limited Hazira Pipe Mills Limited Vodafone Essar Gujarat Limited Vodafone Essar Limited Essar Power Gujarat Limited Essar Logistic Limited Arkay Holding Limited Essar Properties Limited Asia Motorworks Limited Essar Engineering Services Limited Global Supplies (UAE) FZE, Dubai Professional Equipment Suppliers Limited (Formerly Essar Subsea Limited) Dubai, Trikaya Cultivations Private Limited Global Supplies (India) Limited Essar Holdings Limited Essar Infrastructure Services Limited
Joint Venture :	Essar – Dong Fang Electric Corp. China – Coastal Project Private Limited Consortium Essar Projects (India) Limited JSC Stroytransgaz Russia

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Share	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30999507	Equity Share	Rs.10/- each	Rs.309.995 Millions

Note:

Of the above 30999500 Equity shares are held by Essar Projects Limited, UAE, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		309.995	309.995	302.306
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6965.632	5690.210	4660.784
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7275.627	6000.205	4963.090
LOAN FUNDS
1] Secured Loans		9270.378	10761.231	4448.302
2] Unsecured Loans		7819.987	7870.868	5273.290
TOTAL BORROWING		17090.365	18632.099	9721.592
DEFERRED TAX LIABILITIES		358.129	335.996	159.931
TOTAL		24724.121	24968.300	14844.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8836.048	9608.748	5100.001
Capital work-in-progress		58.959	132.827	401.303
INVESTMENT		2199.382	449.500	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6490.011	6283.862	4893.707
	Sundry Debtors	5336.987	5096.695	2735.042
	Cash & Bank Balances	1500.069	2488.153	2520.315
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26536.444	19575.633	14112.056
Total Current Assets		39863.511	33444.343	24261.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8355.542	5598.968	5342.015
	Other Current Liabilities	17737.464	12988.627	9502.222
	Provisions	140.773	79.523	73.574
Total Current Liabilities		26233.779	18667.118	14917.811
Net Current Assets		13629.732	14777.225	9343.309
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24724.121	24968.300	14844.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	44050.505	34024.303	21658.105
		Other Income	2293.165	896.314	253.855
		TOTAL (A)	46343.670	34920.617	21911.960
Less	EXPENSES
		Construction Expenditure and cost of Traded Goods	38576.434	27918.016	14295.039
		Payments to Employees	1513.368	1677.437	1517.753
		Administrative and Establishment Expenses	1445.663	1368.243	3487.523
		Increase in Inventory in Traded Goods	(6.527)	(149.320)	0.000
		TOTAL (B)	41528.938	30814.376	19300.315
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4814.732	4106.241	2611.645
Less	FINANCIAL EXPENSES (D)		1501.522	1506.461	996.819
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3313.210	2599.780	1614.826
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1347.906	1053.395	602.246
	PROFIT BEFORE TAX (E-F) (G)		1965.304	1546.385	1012.580
Less	TAX (H)		689.882	662.465	914.817
	PROFIT AFTER TAX (G-H) (I)		1275.422	883.920	97.763
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2692.979	1755.817	1159.126
Less	Adjustment towards provision for Employees benefits as per AS-15		0.000	0.000	22.781
Less	Adjustment towards Foreign Exchange variation capitalized		0.000	53.242	0.000
	BALANCE CARRIED TO THE B/S		3968.401	2692.979	1755.817
	EARNINGS IN FOREIGN CURRENCY
		Contract Income	-	186.145	13.295
		Equipment Hiring	167.740	294.638	-
	TOTAL EARNINGS		167.740	480.783	13.295
	IMPORTS
		Components and Spares Parts	866.138	1306.495	951.958
		Capital Goods	40.312	2126.133	1128.088
	TOTAL IMPORTS		906.450	3432.628	2080.046
	Earnings Per Share (Rs.)		41.14	29.16	28.31

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.75	2.53	0.44
Net Profit Margin (PBT/Sales)	(%)	4.46	4.54	4.67
Return on Total Assets (PBT/Total Assets}	(%)	4.04	3.59	3.45
Return on Investment (ROI) (PBT/Networth)		0.27	0.26	0.20
Debt Equity Ratio (Total Liability/Networth)		5.95	6.22	4.96
Current Ratio (Current Asset/Current Liability)		1.52	1.79	1.63

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

Total Revenue of the Company increased by 32% from INR 35070.000 Millions in the previous year to INR 46350.000 Millions in the current year.

The Company continued to sustain EBIDTA margin in the region of 10 % despite increase in certain input costs. Rigorous cost monitoring and containment measures has resulted an improvement in Profit before Tax (PBT) by 27 % from INR 1546.400 Millions in the previous year to INR 1965.300 Millions during the year and the Profit after Tax (PAT) has increased by 44 % from INR 883.900 Millions in the previous year to INR 1275.400 millions in the current year.

The Company has provided INR 1347.900 Millions (Previous Year INR 1053.400 Millions) for depreciation and INR 677.300 Millions (Previous Year INR 468.400 Millions) towards Current Income Tax.

INDUSTRY OUTLOOK AND BUSINESS PLAN

While no country is insulated from the impact of the global meltdown, Indian’s economy provides relatively greater

stability. The Construction Industry has been expanding gradually. In view of large scale development in the country, particularly in infrastructure projects, there are ample opportunities for the Company to secure contracts for execution of such projects either on package contracts basis or on EPC (Engineering, Procurement and Construction) basis or on BOT (Build, Operate and Transfer) basis.

The Company, being well recognized and reputed construction company, is able to enter into consortium/joint venture with multinational companies specializing in specific components of such projects which gives the Company more opportunities to procure large sized projects.

With a growing project portfolio in India, the Company is aggressively venturing into EPC Sector in various emerging markets across the globe in the selected target sectors particularly in South East Asia, Middle East and South African countries and there are good chances of breaking ground in the near foreseeable future.

Bankers Charges Report as per Registry

Name of the company

ESSAR CONSTRUCTION LIMITED

Presented By

Mr. B. R. Deb Purakayastha, Company Secretary

1) Date and description of instrument creating the change

Joint deed of hypothecation dated 5.08.2005 executed in favour of consortium Member Bank i.e. Dena Bank (Lead Bank), UCO Bank, United Bank of India and Central Bank of India

2) Amount secured by the charge/amount owing on the securities of charge

Rs.3000.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

• All the current assets of the Company namely stock of Raw Materials, Work in Progress, Stores and Spares Packing material used for Manufacturing, Bills Receivables and Book debts and all other movable, Bills receivables and Book Debts.

• All other movable fixed assets of the Company including Plant and Machinery, Furniture and Fixtures, Office Equipment, Commercial Vehicles etc.

4) Gist of the terms and conditions and extent and operation of the charge.

Consortium amongst Dana Bank, UCO Bank. United Bank of India, Central Bank of India has been formed with Dena Bank being the Lead Banker of the Consortium for following working capital facilities extended to the Essar Constructions Limited

(Rs. In Millions)

Bank	Facility	Sanctioned	Interest	Margin
Dena Bank	Cash Credit	230.000	BPLR + 2%	25 % on Stocks 35 % on Book Debts (upto 90 days)
	Letter of Credit	196.000	NA	25%
	Bank Guarantee	730.000	NA	25% Fin. Gtee. 10% Pert. Gtee
	Total	1156.00
UCO Bank	Cash Credit	150.000	BPLR	25 % on Stocks 35 % on Book Debts (upto 180 days)
	Letter of Credit	500.000	NA	10%
	Bank Guarantee		NA	10%
	Total	650.000
United Bank of India	Cash Credit	200.00	BPLR + 2.5%	25 % on Stocks 35 % on Book Debts (upto 180 days)
	Letter of Credit	(100.00)	NA	10%
	Bank Guarantee	400.00	NA	10%
	Total	600.000
Central Bank of India	Cash Credit	244.000	BPLR + 2.5%	25 % on Stocks 40 % on Book Debts (upto 180 days)
	Sub limit under CC Letter of Credit	(124.000)	NA	10%
	Bank Guarantee	350.00	NA	20%
	Total	594.000

Margin and Commission are as stipulated by Banks from time to time and also the Service Charges as are applicable to the said facilities from time to time.

In consideration of the said credit facility extended by the Consortium Member Banks to the Company, the Company creates a first pan passu charge with SICOM Limited by way of hypothecation of all the current assets of the Company namely Stock of Raw Materials, Work in Progress, Stores and Spares, Packing Materials used for Manufacturing, Bills Receivables and Book debts and all other movable, Bills receivables and Book Debts and first and exclusive charge on all other movable fixed assets of the Company including Plant and Machinery, Furniture and Fixtures, Office Equipment and Commercial vehicles etc as a security for the due repayment by the Company to the Consortium Member Bank of the amounts that may be paid by the Consortium Member Bank under the said credit facilities, together with payment of interest, compound interest, additional interest by way of liquidated damages (in case of default), legal costs, charges, expenses and all other monies payable by the Company to the Bank in terms of the said agreement for Hypothecation.

The said credit facilities shall be collaterally secured by a Corporate Guarantee of Essar Investments Limited in favour of Consortium Member Banks.

5) Name and Address and description of the person entitled to the charge.

1. Dena Bank (Lead Bank), Corporate Business Branch, C-10, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051

2. UCO Bank, 1st Floor, Mafatlal Centre, Nariman Point, Mumbai —400 021,

3. United Bank of India United Bank of India Building 25, Sir. P. M. Road, Fort, Mumbai —400 001

4. Central Bank of India Corporate Finance Branch, 1^st Floor, MO Building, Fort, Mumbai

5. ICICI Bank Limited ICICI Towers, Bandra Kurla Complex,

Bandra (East), Mumbai — 400 051

6) Date and brief description of instrument modifying the charge

Second Supplemental Deed of Hypothecation 30” December 2005 executed by Essar Constructions Limited in favour of Consortium Member Banks viz. Dena Bank (Lead Bank), UCO Bank, United Bank of India, Central Bank of India and ICICI Bank Limited.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

lClCI Bank Limited has agreed to sanction Rs.1000 Millions non-funded credit facilities to the Company accordingly, ICICI Bank Limited has been inducted into the consortium of Working Capital Bankers of Essar Constructions Limited comprising Dena Bank (Lead Bank), UCO Bank, United Bank of India, Central Bank of India and now ICICI Bank Limited

In this connection, the Company has executed Second supplemental Deed of Hypothecation on 30th December 2005 in favour of Consortium Member Banks viz. Dena Bank (Lead Bank), UCO Bank, United Bank of India, Central Bank of India and ICICI Bank Limited for enhancing the Working capital facilities from Rs.5127.500 Millions to Rs.6127.500 Millions by inducting ICICI Bank Limited for its non fund based credit facilities as detailed below.

(Rs. In Millions)

Bank	Facility	Sanctioned	Interest	Margin
Dena Bank	Cash Credit	300.000	BPLR + 1.25% p.a. (At present 12.25 % p.a. payable monthly)	25 % on Stocks 35 % on Book Debts (upto 180 days)
	Letter of Credit	250.000	NA	10%
	Bank Guarantee	950.000	NA	10%
	Sub Total	1500.000
UCO Bank	Cash Credit	190.000	BPLR + 1.25% p.a. at monthly rest	25 % on Stocks 35 % on Book Debts (upto 180 days)
	Letter of Credit	530.000	NA	10%
	Bank Guarantee	350.000	NA	10%
	Total	1070.000
United Bank of India	Cash Credit	130.00	BPLR + 2.5% i.e presently 13.25% p.a. with monthly rest)	25 % on Stocks 35 % on Book Debts (upto 180 days)
	Letter of Credit	350.00	NA	10%
	Bank Guarantee	750.00	NA	10%
	Total	1230.000
Central Bank of India	Cash Credit	150.000	BPLR + 2.5%(At present 11 + 2.50% p.a. payable monthly)	25 % on Stocks 40 % on Book Debts (upto 180 days)
	Letter of Credit	315.000	NA	10%
	Bank Guarantee	562.500	NA	20%
	Sub total	1027.500
ICICI Bank Limited	Letter of Credit	500.000	NA	10%
	Bank Guarantee	500.000	NA	10%
Sub Total		1000.000
Grand Total		6127.500

In consideration of the said credit facility extended by the consortium Member Banks to the Company, the Company creates a first pari passu charge with SICOM Limited by way of hypothecation of all the current assets of the Company namely Stock of Raw Materials, Work in Progress, Stores and Spares, Packing Materials used for Manufacturing, Bills Receivables and Book debts and all other movable, Bills receivables and Book Debts and first and exclusive charge on all other movable fixed assets of the Company including Plant and Machinery, Furniture and Fixtures, Office Equipment and Commercial vehicles etc as a security for the due repayment by the Company to the Consortium Member Bank of the amounts that may be paid by the Consortium Member Bank under the said credit facilities, together with payment of interest, compound interest, additional interest by way of liquidated damages (in case of default), legal costs, charges, expenses and all other monies payable by the Company to the Bank in terms of the said agreement for Hypothecation excluding the specific equipments/fixed assets acquired under lease finance/term loan availed / to be availed by the Company from Banks and financial institutions.

The said credit facilities shall be collaterally secured by a Corporate Guarantee of Essar Investments Limited in favour of Consortium Member Banks.

The charge now stands secured at Rs. 6127.500 millions

Corporate identity number of the company

U99999MH1989PLC053280

Name of the company

ESSAR PROJECTS (INDIA) LIMITED

Address of the registered office or of the principal place of business in India of the company

Essar House, 11-Keshavrao Khadye Marg,Mahalaxmi, Mumbai – 400 034, Maharashtra, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Name :	Export- Import Bank of India
Address :	Center One Buliding, Floor 21, World Trade Centre, Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Email :	pftf@eximbankindia.in

Nature of instrument creating charge

Unattested deed of hypothecation dated 30.08.2010 executed by Essar Projects(India) Limited (the Company) in favour of Export Import Bank of India (Exim bank) over its currents assets to secure the fund based pre-shipment credit of Rs 6000.000 millions and a non fund based sub limit of Rs 4000.000 millions within the fund based amount of Rs 6000.000 millions for issuance of letters of credit facility (the Facility) granted to the Company.

Date of instrument Creating the charge

30.08.2010

Amount secured by the charge

Rs. 6000.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest –

Rupee disbursements- 9.75% p.a. payable monthly

Dollar disbursements - LIBOR (6 months) plus 3.50% p.a. payable quarterly subject to reset as per Facilities Agreement, L/C commission - 0.75% p.a.

Terms of Repayment –

Each disbursement relating to pre-shipment credit shall be repaid by the Borrower within 360 days from the date of such disbursement or out of relative export proceeds or corresponding disbursement of post-shipment credit, whichever is earlier.

Margin –

Not Applicable.

Extent and Operation of the charge –

The charge created in favour of Exim Bank shall rank as an exclusive charge over the assets acquired /to be acquired out the Facility both present and future.

Particulars of the property charged

The Company's entire current assets acquired /to be acquired out of the credit facilities granted to the Company by Exim Bank.

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Motor Cars, Jeeps, etc.

· Commercial Vehicles

· Software acquired

PRESS RELEASES:

ESSAR PROJECTS BAGS RS. 14000.000 MILLIONS CONTRACT FROM INDIAN OIL CORPORATION LIMITED

Mumbai: Essar Projects India Limited (EPIL), India’s leading engineering, procurement and construction (EPC), company, today said that it has achieved a new landmark in the EPC business space by bagging a contract valued at Rs. 14000.000 Millions from Indian Oil Corporation Limited (IOCL). EPIL emerged as the winner against stiff international competition. With this contract, the current order book size of Essar Project is in excess of USD 5.5 billion.

IOCL is setting up a 15-million-tonnes-per-annum refinery in Paradip, Orissa and has mandated EPIL for the Lump Sum Turn Key (LSTK) Package A for the main Refinery Units. The first phase of the project is scheduled to be completed on an extremely challenging fast track basis in 17 months, and will play an important part in satisfying the rising domestic demand for fuel.

Mr. Alwyn Bowden – CEO, Essar Projects said “Essar Projects has made its mark in the power and oil and gas sector as a preferred EPC partner for over four decades. This prestigious order by IOCL further endorses our capabilities in executing critical and crucial projects. With an explosive growth predicted for the EPC market in India in the coming years, the company is well poised to capture the potential.”

The scope for this IOCL contract includes residual Process Design, Detailed Engineering, Procurement, Construction, Commissioning and Performance Testing of core process units of the refinery, including the Atmospheric Vacuum Unit (AVU), Straight Run LPG Treating Unit, Naphtha Hydro Treating (NHT), Naphtha Fractionator Unit (NFU), Continuous Catalytic Reforming (CCR) Unit, Sour Water Stripper (SWS) Unit and Amine Regeneration Unit (ARU).

Essar Projects India Limited is one of the core verticals of the Essar Group which is a multinational conglomerate and a leading player in the sectors of Steel, Oil and Gas, Power, Communications, Shipping Ports and Logistics, Projects and Minerals.

About Essar Projects (India) Limited

As one of India’s leading engineering, procurement and construction (EPC) contractors, we have executed projects worth over Rs 500 billion. We bring together thousands of engineers and formidable manpower to complete our projects, maintaining an uncompromising focus on quality and safety. Setting high benchmarks for ourselves, we have consistently broken new ground and achieved a long list of firsts.

Apart from our EPC capability in oil and gas, power and steel, marine construction is one of our special strengths. We have a unique capability for underwater rock blasting and dredging. We also have significant skills in constructing irrigation canals, siphons and bridges. EPIL has a special expertise in pipelines for oil, gas and water as the only Indian company with over 20 years of experience in cross-country, onshore and offshore pipelines, from construction to commissioning. We have laid over 6,000 km of pipelines and built 150 km of the prestigious Narmada canal. We are well equipped for infrastructure construction particularly in the areas of ports, jetties and roads.

Our clients can rely on our skilled, experienced team; a large equipment bank of the latest construction equipment and our talent for scouting the globe to procure the best materials at competitive prices. We offer tailor-made solutions to meet every customer need, on a lump-sum turnkey basis or on item rate contracts. We have the flexibility to undertake infrastructure projects either on an EPC, build-own-transfer or build-own-operate-transfer basis. Thus, we are strategically placed to use our 40 years of project management expertise to support the infrastructure explosion in India and abroad. The Projects vertical has a Heavy Engineering Services division that undertakes fabrication of critical equipment for steel, power and petrochemical industries. This division is equipped with some of the finest machineries required for fabrication. The waterfront location of this unit enables easy movement of large equipment by sea. Additionally, Essar Projects leverages on the considerable expertise of Engineering Centres that specialize in detailed engineering for power, steel and petrochemical industries. The Engineering Centres at Hazira and Mumbai have over 1,000 engineers and is fully equipped to undertake engineering services.

The Essar Group also has a Global Sourcing division, with offices in the Middle East, China and India. These offices help Essar Projects develop excellent relationships with leading equipment vendors across the globe. The centralised procurement also enables timely completion of projects across the Group and economies of scale.

About Essar Group

The Essar Group is a multinational conglomerate and a leading player in the sectors of Steel, Oil and Gas, Power, Communications, Shipping Ports and Logistics, Construction and Minerals. With operations in more than 20 countries across five continents, the Group employs 65,000 people, with revenues of USD 15 billion.

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 records 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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
TOTAL		46

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.