MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	ESSAR INVESTMENTS LIMITED
Registered Office :	Essar House, 11-K.K. Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.12.1976
Com. Reg. No.:	11-34721
Capital Investment / Paid-up Capital :	Rs.35.025 Millions
CIN No.: [Company Identification No.]	L99999MH1976PLC034721
TAN No.: [Tax Deduction & Collection Account No.]	MUM00598D
Legal Form :	Public Limited Liability Company Company’s Share are Listed on the Stock Exchange (The company is listed but it is suspended from trading due to penal reasons)
Line of Business :	To Purchase acquire hold and dispose of or otherwise deal and invest in any share, debentures and other securities in or of any company or combines
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.		Small

Maximum Credit Limit :	USD 35164712
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under severe pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DENIED BY

Management Non Co-Operative (Name Not Disclosed)

LOCATIONS

Registered Office :	Essar House, 11-K.K. Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra, India
Tel. No.:	91-22-50011100 / 66601100
Fax No:	91-22-66601809
E-mail:	corporatecommunication@essar.com r_vijay@essar.com girish_sathe@essar.com
Website :	www.essar.com
Corporate Office :	142 Maker Chambers IV, Esssar House, Mahalakshmi, Mumbai – 400 034, Maharashtra, India
Tel No. :	91-22-2042600

DIRECTORS

AS ON 30.09.2010 

Name :	Mr. S. V. Venkatesan
Designation :	Director
Address :	F-401, The Atrium old No. 49, New No.22, Kalashetra Road, Thiruvanmiyur, Chennai - 600 041, Tamilnadu, India
Date of Birth/Age :	01.10.1939
Date of Appointment:	13.09.1991

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	13/09/1991	13/09/1991	-	Active	YES
2	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Director	28/09/1991	28/09/1991	-	Active	NO
3	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	30/10/1991	30/10/1991	20/05/2009	Active	NO
4	U27100GJ1976FLC013787	ESSAR STEEL LIMITED	Director	28/11/1991	28/11/1991	-	Active	NO
5	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	24/01/1996	24/01/1996	18/09/2009	Active	NO
6	U99999MH1989PLC053280	Essar Projects (India) limited	Director	01/03/2001	01/03/2001	-	Active	NO
7	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	21/06/2001	21/06/2001	-	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/06/2004	30/06/2004	20/05/2009	Active	NO
9	L65921TN1985PLC049092	LANCOR HOLDINGS LIMITED	Director	30/09/2006	28/12/2005	-	Active	NO
10	U65999MH2005PLC155191	EDELWEISS TRUSTEE SERVICES LIMITED	Director	12/09/2007	01/11/2006	-	Active	NO
11	L29221TN1956PLC000204	BEST & CROMPTON ENGG. LIMITED	Director	22/09/2007	31/01/2007	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	05/02/2007	05/02/2007	20/05/2009	Active	NO
13	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	19/05/2008	19/05/2008	-	Active	NO
14	U27310KA2006PTC040237	AMW - MGM FORGINGS PRIVATE LIMITED	Director	29/07/2009	19/05/2008	21/04/2011	Active	NO
15	U65923MH2007PLC167381	Essar Capital Limited	Additional director	17/06/2008	17/06/2008	18/09/2009	Active	NO
16	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30/07/2009	04/10/2008	-	Active	NO
17	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	31/07/2009	31/10/2008	05/07/2011	Active	NO
18	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11/08/2010	04/09/2009	-	Active	NO
19	U28920TN1999PLC043385	BEST & CROMPTON ENGINEERING PROJECTS LIMITED	Additional director	29/03/2010	29/03/2010	-	Active	NO
20	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Additional director	17/08/2010	17/08/2010	-	Active	NO
21	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	06/08/2011	17/08/2010	-	Active	NO
22	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	08/06/2011	08/06/2011	-	Active	NO

Name :	Mr. Bandhuvula Bhavani Sankar
Designation :	Director
Address :	M-4, Manek Apartments, Jeeva Ratnam Nagar, Adyar, Chennai – 600 020, Tamilnadu, India
Date of Birth/Age :	16.08.1934
Date of Appointment :	28.09.1994

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	28/09/1994	28/09/1994	02/03/2010	Active	YES

Name :	Mr. Suresh Sundaram
Designation :	Director
Address :	Flat No. 12-B, Jaldarshan, Napeansea Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	03.10.1942
Date of Appointment :	28.04.2006

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	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	30/04/1999	30/04/1999	-	Active	NO
2	U51900MH1992PTC069395	RECLAME COMMERCIALS AND SECURITIES PRIVATE LIMITED	Director	14/06/1999	14/06/1999	-	Amalgamated	NO
3	U51900MH1993PLC071684	PRAJESH MARKETING LTD	Director	28/06/1999	28/06/1999	-	Active	NO
4	U70101MH1989PLC053170	PRATIK ESTATES PRIVATE LIMITED	Director	30/06/2000	30/06/2000	-	Active	NO
5	U65990MH1989PLC054296	SASMITA INVESTMENTS LIMITED	Director	30/06/2000	30/06/2000	-	Active	NO
6	U67190TN1972FLC031512	RUPA INVESTMENTS LIMITED	Director	30/06/2000	30/06/2000	01/09/2005	Active	YES
7	U65990MH1989PLC052712	PRAJKTA FINANCE AND TRADING LIMITED	Director	30/06/2000	30/06/2000	28/04/2006	Amalgamated	NO
8	U99999MH1995PLC130159	Essar Holdings Limited	Director	31/08/2000	31/08/2000	-	Active	YES
9	U93090TN1974FLC031513	CHILLODA FARMS LIMITED	Director	02/09/2002	02/09/2002	01/09/2005	Active	YES
10	U72200DL1997FLC085765	CLICKFORSTEEL SERVICES LIMITED	Director	19/07/2004	19/07/2004	31/08/2009	Active	NO
11	U01120MH1993PLC071726	ESSAR AGROTECH LIMITED	Director	23/06/2005	23/06/2005	-	Active	NO
12	U63040MH1990PLC056592	FUTURA TRAVELS LIMITED	Director	23/06/2005	23/06/2005	-	Active	NO
13	U70100MH1982PLC117644	ESSAR HOUSE LIMITED	Whole-time director	01/10/2008	23/06/2005	-	Active	NO
14	U65993TN1993PTC024724	IMPERIAL CONSULTANTS AND SECURITIES PRIVATE LIMITED	Director	23/09/2005	23/09/2005	-	Active	NO
15	U45203TN1990PLC026337	ESSAR PROCUREMENT SERVICES LIMITED	Director	01/11/2005	01/11/2005	-	Active	NO
16	U63000MH2004PLC149214	ESSAR LOGISTICS LIMITED	Director	31/12/2005	31/12/2005	18/05/2009	Active	NO
17	L99999MH1976PLC034721	ESSAR INVESTMENTS LIMITED	Director	28/04/2006	28/04/2006	-	Active	YES
18	U80301MH2008PLC187667	ESSAR EDUCATION LIMITED	Director	20/10/2008	20/10/2008	-	Active	NO
19	U51900MH2006PLC160647	The MobileStore Limited	Director	15/02/2010	15/12/2009	-	Active	NO
20	U61100MH2011PLC216857	ARKAY SEA LOGISTICS LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
21	U74999MH2011PLC217380	ESSAR SERVICES INDIA LIMITED	Director	12/05/2011	12/05/2011	-	Active	NO

Name :	Mr. Narottam B. Vyas
Designation :	Secretary
Address :	A-3/1701, Whispering Palms, Lokhandwala Complex, Akurli road, kandivali (East), Mumbai:400101, Mahrashtra
Date of Birth/Age :	03.07.1954
Date of Appointment :	26.02.1990

 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	U70100MH1982PLC117644	ESSAR HOUSE LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
2	U63040MH1990PLC056592	FUTURA TRAVELS LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
3	U93090TN1983PLC019552	ESSAR PROPERTIES LIMITED	Director	01/10/1998	01/10/1998	06/06/2011	Active	NO
4	U93090TN1974FLC031513	CHILLODA FARMS LIMITED	Director	01/10/1998	01/10/1998	01/09/2005	Active	YES
5	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
6	U99999MH1995PLC130159	Essar Holdings Limited	Director	31/08/2000	31/08/2000	01/09/2005	Active	YES
7	U67190TN1972FLC031512	RUPA INVESTMENTS LIMITED	Director	31/08/2000	31/08/2000	01/09/2005	Active	YES
8	U35111TN1992PLC023724	ESSAR SISCO SHIP MANAGEMENT COMPANY LIMITED	Director	08/05/2002	08/05/2002	10/11/2008	Amalgamated	NO
9	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	17/06/2005	17/06/2005	18/12/2008	Amalgamated	NO
10	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Director	17/06/2005	17/06/2005	18/12/2008	Active	NO
11	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Director	17/06/2005	17/06/2005	18/12/2008	Active	NO
12	U51900MH1993PLC071684	PRAJESH MARKETING LTD	Director	01/09/2005	01/09/2005	08/04/2010	Active	NO
13	U65990MH1989PLC054296	SASMITA INVESTMENTS LIMITED	Director	02/09/2005	02/09/2005	23/07/2007	Active	NO
14	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19/10/2005	19/10/2005	05/04/2010	Active	NO
15	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	19/10/2005	19/10/2005	05/04/2010	Active	NO
16	U70101MH1989PLC053170	PRATIK ESTATES PRIVATE LIMITED	Director	01/11/2005	01/11/2005	01/03/2008	Active	NO
17	U64202MH1995PLC087774	ESSAR INFRASTRUCTURE SERVICES LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
18	U74210MH2006PLC159709	Jubilee Shipping & Logistics Holdings Limited	Additional director	14/11/2008	14/02/2007	01/02/2010	Active	NO
19	U27106MH2007PLC172940	Essar Steel Hypermarts Limited.	Director	08/08/2007	08/08/2007	18/12/2008	Active	NO
20	U99999MH1973PLC016585	WELLMAN HINDUSTAN LIMITED	Director	29/09/2008	20/09/2007	-	Active	NO
21	U45203TN1990PLC026337	ESSAR PROCUREMENT SERVICES LIMITED	Additional director	07/04/2008	07/04/2008	-	Active	NO
22	U11101MH2007PLC171125	Essar Exploration & Production India Limited	Director	01/04/2009	01/04/2009	03/12/2009	Active	NO
23	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10/07/2009	15/04/2009	05/04/2010	Active	NO
24	U35923GJ2009PLC057269	AMW AUTOCOMPONENT LIMITED	Director	16/06/2009	16/06/2009	08/06/2011	Active	NO
25	U67120MH2008PLC187489	ESSAR CAPITAL HOLDINGS (INDIA) LIMITED	Additional director	01/10/2009	01/10/2009	-	Active	NO
26	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	15/02/2010	15/12/2009	-	Active	NO
27	L99999MH1976PLC034721	ESSAR INVESTMENTS LIMITED	Additional director	11/02/2010	11/02/2010	-	Active	YES
28	L65990MH1984PLC033128	FRONTIER LEASING AND FINANCE LIMITED	Additional director	17/05/2010	17/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. R Vijay
Designation :	Secretary
Address :	20/85, Bhaveshwar Dham, R A Kidwai Road, Wadala, Mumbai – 400 031, Maharashtra, India
Date of Birth/Age :	28.07.1976
Date of Appointment :	06.02.2007
Name :	Mr. Bhuvanesh Vyas
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2010 

Names of Equity Shareholders	No. of Shares
Manju Ruia	339984
Anshuman S Ruia	10
Manju Ruia and S Shankaranarayanan	1
Manju Ruia and Mandan Mundhra	1
Manju Ruia and and N B Vyas	1
Manju Ruia and and G K Sathe	1
Manju Ruia and and V Ganeshan	1
Kroner Investment Limited, Mumbai	1
Total	340000

500% Non Cumulative Redeemable Preference Shares

Names of Preference Shareholders	No. of Shares
Imperial Consultants Securities Private Limited , Tamilnadu	2471510
Trustees of Millenium Growth and Development Fund, West Bengal	281000
Total	2752510

Multiple Optional Convertible Debentures

Names of Debenture Holders	No. of Shares
Blue Arcade Properties Private Limited, Mumbai	15163745
Essar house Limited, Mumbai	23785260
Essar infrastructure Services Limited, Mumbai	10089455
Ipsha Commercial (India) Limited, West bengal	213000
Imperial Consultants Securities Private Limited , Tamilnadu	2447458140
Shining Star Traders Private Limited, Gujarat	2243000
Ibrox Estates Private Limited, Mumbai	1009250
Kroner Investment Limited, Mumbai	201811380
Total	2701773230

Zero Coupon Bond

Names of Debenture Holders	No. of Shares
Essar House Limited, Mumbai	739735*

*25000 zero coupon bond of Rs.50,000 each

290460 zero coupon bond of Rs.35,000 each (Series II)

199275 zero coupon bond of Rs.31,500 each (Series III)

Non convertible debenture

Names of Debenture Holders	No. of Shares
Essar Properties Limited, Tamilnadu	7400

Equity share breakup (percentage of total equity)

AS ON 30.09.2010 

Category	Percentage
Bodies corporate	49.00
Directors or relatives of directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	To Purchase acquire hold and dispose of or otherwise deal and invest in any share, debentures and other securities in or of any company or companies
Products :	Management Service Income from Plant Hire Promotion of Industrial Undertaking

GENERAL INFORMATION

Bankers :

State Bank of India, Diamond Branch, Mumbai – 400 004, Maharashtra, India

Facilities :

Unsecured Loans	AS ON 31.03.2010 Rs. in millions	AS ON 31.03.2009 Rs. in millions
External Commercial Borrowing from and Overseas Bank	1367.400	1543.500
Short Term Loan from the Bank	0.000	2000.000
Interest accrued and due	0.000	15.676
Inter Corporate Deposit	15544.700	8369.319
2,662,824,225 (P.Y. Nil) Zero percent Non Convertible Redeemable debentures of Rs.10 each	26628.242	0.000
739,735 (P,Y. Nil) Zero Coupon Bonds	7814.634	0.000
38,949,005 (P.Y. 257,263,745) Multiple Option Convertible Debentures of Rs.100 each	3894.900	25726.374
Less: Reduction on account of Amalgamation	0.000	24246.492
38,949,005 (P.Y. 15,163,745) Multiple Option Convertible Debentures of Rs.100 each	3894.900	1516.374
7,400 ( P.Y. NIL) 14.25% Non Convertible Debenture of Rs.l0,0fl0 Each Zero percent	74.000	0.000
Non Convertible Redeemable debentures to be issued on Merger	0.000	25246.492
Total	56700.725	39205.025

Banking Relations :	--
Auditors :
Name :	Nisar and Kumar Chartered Accountant
Address :	1305, Arcadia Building, Next To Earnest House, Npca Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel No. :	91-22-23515912 / 40005394
Subsidiaries :	Prajkta Finance and Trading Limited CIN No.: U65990MH1989PLC052712 Essar Retail Outlets Limited CIN No. U23209MH2005PLC156861 Essar Information Technology Limited CIN No. U72200MH1992PLC064816 Essar Steel Hypermarts Limited CIN No. U27106MH2007PLC172940 Essar Retail Holding Limited CIN No. U51909MH2006PLC164605 Essar Power Jamnagar Limited CIN No. U40108MH2007PLC175185 Essar Education Limited CIN No. U80301MH2008PLC187667 Essar Biofuels Limited CIN No. U01403MH2008PLC186562 Global Commodities Trading Limited CIN No. U51900MH2008PLC185022 Essar LNG Limited CIN No. U40200MH2008PLC184000 Essar Energy Services Limited CIN No. U40109MH2008PLC184001 Essar Cements Limited CIN No. U26940MH2008PLC185664 · Essar Heavy Engineering Services Limited CIN No.: U93000GJ2008PLC054681 · Aegis Aspire Consultancy Services Limited (Ceased to bo subsidiary during the year) Hybrid Capital Private Limited Softeng Computers Private Limited The Mobile Store Limited Esser Steel Karnetaka Limited Essar Wind Perms Limited Hybrid Capital Pie Limited (Consod to be uitoidirtry durtnrj tt» yam)
Associates :	Bhargava Properties Private Limited Dwarka Realties Private Limited Essar Projects Limited Essar Properties Limited Paprika Media Private Limited Pama Properties Private Limited ESL Worldwide Sea Logistics Limited Fulura Travels Limited Golden Investments - Partnership firm Shining Star Traders Private Limited Essar Agrotecfi Limited S K Commercial (India) Limited Sasmila Realties Private Limited Pralik Estates Limited Yojna Estates Private Limited Ipsha Commercial (India) Limited Imperial Factoring Services - Partnership firm
Enterprise controlled or influence by major shareholders / Directors of the company :	Essar Properties Gujarat Private Limited Essar Capital Limited Essar Securities Limited Imperial Consultants and Securities Private Limited Yojna Realties Private Limited Aegis Limited Ajitesh Estates Private Limited Arkay Holdings Limited Bansari Agrotech Private Limited Bhander Power Limited Bhargava Agrofood Private Limited Bhargava Eslates Private Limited Blue Arcade Properties Private Limited Dwarka Farms and Estates Private Limited Essar Bulk Terminal Limited Essar Projects (India) Limited Essar Telecom Infrastructure Holdings Overseas Private Limited Essar Engineering Services Limited Essar Exploration and Production India Limited Essar House Limited Essar Logistics Limited Essar Minerals Resources Limited Essar Oil Limited Mahan Coal Limited Essar Oil Vadinar Limited Essar Oilfield Services Limited Essar Power Jharkhand Limited Essar Power Limited Essar Power MP. Limited Essar Power Tamilnadu Limited Essar Really Developers Private Limited Essar SEZ Hazira Limited Essar Shipping Ports and Logistics Limited Essar Steel (Hazira) Limited Essar Steel Holdings Limited. Mauritius Essar Steel Jharknand Limited EssarSteel Limited Essar Steel Orissa Limited Essar Telecom Holdings Overseas Private Limited Essar Telecom Investments Limited Essar Technology Park BKC Limited Essar Capital Holdings Ltd - Mauritius SG Chemicals & Dyes Limited ETHL Communications Holdings Private Limited Crystal Palace Properties Private Limited Essar Capital Finance Private Limited Essar Refinery Services Limited Essar Salvision Limited Girishan Traders Private Limited Essar Trading Limited (Maurilius) Essar Offshore Subsea Limited ETHL Telecom Holdings India Private Limited Essar Telecom Infrastructure Private Limited Sasmita Eslates Private Limited Essar Teteholdings Limited ETHL Global Capital Limited Essar Infrastructure Services Limited Girishan Investment Limited Essar Power Gujarat Limited Golsil Exim Private Limited Golden Merchandisers Private Limited Hazira Plate Limited Hazira Pipe Mill Limited Highland Horticulture Private Limited Ibrox Estate Private Limited Indsec Holdings Limited Kanak Communication Private Limited Karthik Agrofarms Private Limited Karthik Financial Services Limited Kartik Estates Private Limited Kirti Mercantile Private Limited Kirti Realties and Farms Private Limited Kroner Investments Limited Marvel Farms Private Limited Neelkamai Traders Private Limited Nirmil Estates Private Limited Online Distribution Services Limited Prajesh Investments Private Limited Prajesh Marketing Limited Prajkta Agrovision Private Limited Pratik Agro Herbal Private Limited PT Essar Indonesia Ringtel Communications Limited Rupa Investments Limited Samarjit Investments Private Limited Sasmita Investments Limited Sasmita Properties Private Limited Srijan Investments Private Limited Supreme. Transport and Traders Private Limited Swarnaganga Holdings and Estate Developers Private Limited Teletech Inveslments (India) Limited Vadinar Oil Terminal Limited Vadinar Properties Limited Yash Hotels Private Limited Vadinar Power Company Limited India Securities Limited Essar Telecommunications Holdings Private Limited Essar Project Management Company Limited, Dubai Indus Fresh Agro Developers Private Limited Sangam Agro Acres Private Limited Sangam Agro Greens Private Limited Samarjil Estales Private Limited Trikaya Agra Private Limited Trikaya Farms Private Limited Essar Wind Power Private Limited Edwel Park Properties Private Limited Prajkta Estates Private Limited Prajesh Estales Private Limited Indus Floriculture Private Limited Kanak Agro Seeds Private Limited Thakkars Investments Private Limited Essar Holdings Limited Dwarka Properties Private Limited Essar Capital Holding!! India Limited Chilloda Forms Limited Downtown Securities Private Limited Essar Oilfield Services India Limited Ibrox Properties Private Limited Maval Farms Private Limited Sangam Agro Farms Private Limited Sangam Cultivation Private Limited Shri Nand Naket Properties Private Limited Trikaya Cultivations Private Limited Wellman (Hindustan) Limited Essar Gujarat Petrochemicals Limited Kanak Agro Farms Private Limited Essar Bulk Terminal Paradip Limited

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions
5000000	500% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 50.000 Millions
2000000	0.01% Non Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 20.000 Millions
500000	10% Non Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 5.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340000	Equity Shares	Rs.10/- each	Rs.3.400 Millions
	Less: NIL (P.Y415,974 Equity shares (reduction on account of Amalgamation) 340,000 {P.Y. 334,406) Equity shares		NIL
	Total		Rs.3.400 Millions
	[Of the above, 306,673 [After pro rata reduction of 293,327 equity shares on account of amalgamation equity shares were allotted as fully paid up bonus shares by capitalisation of Reserves and 780 quity Shares were allotted as fully paid-up pursuant to the Scheme of Amalgamation without payment being received in cash)
2471510	500% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 24.715 Millions
281000	0.01% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 2.810 Millions
(-) 600000	Less: 0.01% Non Cumulative Redeemable Preference Shares (reduction on account of Amalgamation)	Rs. 10/- each	(-) Rs.6.000 Millions
281000	0.01% Non Cumulative Redeemable Preference Shares (reduction on account of Amalgamation)	Rs. 10/- each	Rs. 2.810 Millions
410018	10% Non Cumulative Redeemable Preference Shares to be issued on merger	Rs.10/- each	Rs. 4.100 Millions
NIL	Equity Shares to be issued on merger	Rs.10/- each	NIL
	Total		Rs. 35.025 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008 18 Months
SHAREHOLDERS FUNDS
1] Share Capital		35.025	34.977	41.029
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8756.153	10370.332	17034.206
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8791.178	10405.309	17075.235
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		56700.725	39205.025	27204.184
TOTAL BORROWING		56700.725	39205.025	27204.184
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		65491.903	49610.334	44279.419
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		177.873	129.379	104.392
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		64916.506	58966.509	58966.647
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	143.813	60.744	1.063
	Cash & Bank Balances	484.412	710.204	451.905
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10130.775	7492.580	11263.780
Total Current Assets		10759.000	8263.528	11716.748
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5471.571	6936.483	16537.071
	Other Current Liabilities	4524.128	10656.061	9752.774
	Provisions	363.677	328.438	218.523
Total Current Liabilities		10359.376	17920.982	26508.368
Net Current Assets		399.624	(9657.454)	(14791.620)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Foreign Currency Monetary Transaction Difference		(2.100)	171.900	0.000
TOTAL		65491.903	49610.334	44279.419

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Sales and Services	1781.392	755.497	59.841
		Other Income	647.874	901.434	473.910
		Profit on sale of Investments	2355.578	3325.934	1442.043
		Profit on sale of Assets	2.220	0.000	0.000
		TOTAL (A)	4787.064	4982.865	1975.794
Less	EXPENSES
		Staff Cost	1220.429	659.656	157.389
		Administrative and Other Operating Expenses	2189.595	375.683	637.312
		Increase/(Decrease) in Finished Goods	0.000	19.841	2.396
		Share of Loss in Partnership Firm	39.186	0.005	0.000
		Loss on sale of investments	1564.351	269.358	3787.136
		Investments written off	0.115	0.021	0.960
		Provision for (Write back) of Provision for Diminution in the value of Investment	(480.528)	10.319	792.828
		Decrease in value of Current Investment	0.105	0.000	0.000
		TOTAL (B)	4533.253	1334.883	5378.021
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		253.811	3647.982	(3402.227)
Less	FINANCIAL EXPENSES (D)		1849.361	1359.645	62.285
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1595.550)	2288.337	(3464.512)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.071	9.490	7.074
Less	WITHDRAWAL DURING THE YEAR		0.000	(1.923)	0.000
	GOODWILL ON AMALGAMATION WRITTEN OFF		0.000	3160.377	213.770
	PROFIT BEFORE TAX (E-F) (G)		(1613.621)	(879.607)	(3685.356)
Less	TAX (I)		0.558	17.260	4.727
	PROFIT AFTER TAX (G-I) (J)		(1614.179)	(896.867)	(3690.083)
	Earnings Per Share (Rs.)		(4786)	(2682)	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008 18 Months
PAT / Total Income	(%)	(33.71)	(18.00)	(186.76)
Net Profit Margin (PBT/Sales)	(%)	(90.58)	(116.43)	(6158.58)
Return on Total Assets (PBT/Total Assets}	(%)	(14.75)	(10.48)	(31.18)
Return on Investment (ROI) (PBT/Networth)		(0.18)	(0.08)	(0.22)
Debt Equity Ratio (Total Liability/Networth)		7.63	5.49	3.15
Current Ratio (Current Asset/Current Liability)		1.04	0.46	0.44

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions	31.03.2008 Rs. in Millions
Sundry Creditors (other than dues o micro, small and medium enterprises	5471.572	6936.483	16537.071

Fixed Assets

• Buildings
• Office Equipment
• Furniture and Fixtures
• Vehicles and Aircraft

Form No. 8

Name of the company

ESSAR INVESTMENTS LIMITED

Presented By

Central Bank of India and Essar Investments Limited

Date and description of instrument creating the change

Dated : 4^th October, 2004

Agreement of Hypothecation

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

Rs.300.000 millions

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

Essar Investment Limited, as a Guarantor, has hypothecated cranes described in Schedule II to Central Bank of India by way of Agreement of Hypotehcation dated 04.10.2004

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

Central Bank of India

Chander Mukhi Building, Nariman Point, Mumbai, Maharashtra, India

(Now shifted to Central Bank of India Corporate Finance Branch, M G Road, Fort, Mumbai – 400 023, Maharashtra, India

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.

The Bank having at the request of the company and Essar Constructions Limited (the Borrower) agreed increased credit facilities upto Rs.594.000 millions to the Borrower as shown hereunder :

Nature of credit facilities	Sanctioned limit (Rs. in millions)	Interest / Commission
Fund Based (along with sub-limits)
Cash credit (H)	244.000	BPLR+2.50% (At present 11+2.5%)
Sub Limit under CCH
Letter of Credit for purchase of raw materials, stocks)	(124.000)
Inland DA 120 days		As per Company Guidelines
Import Letter of Credit DA 180 days		As per Company Guidelines
Non Fund Based Bank Guarantee	350.000	Rs.100+2% p.a. for Perf. Gbee and
		Rs.100+3% for other Guarantee
Total	594.000

Against hypothecation of 6 Liebherr Cranes (movable) valued at Rs.105.000 millions namely :

Liebherr Cranes AMS 8151

Liebherr Cranes AMS 8152

Liebherr Cranes AMS 8153

Liebherr Cranes AMS 8154

Liebherr Cranes AMS 8155

Liebherr Cranes AMS 8284

As security fir due repayment of monies under the aforesaid facilities granted by the Bank to the Borrower.

Margin :

25% on construction Materials Equipments

40% on receivable

10% on Stock under L/C

20% on Stocks and Receivables acquired out of the Guarantee.

Thus, the charge now stands secured at Rs.594.000 millions.

This form is for	Modification of charge
Charge Identification (ID) number of the charge as per the charge agreement	90231188
Corporate identity number of the company	L99999MH1976PLC034721
Name of the company	ESSAR INVESTMENTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Essar House, 11-K.K. Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra, India
Type of charge	Immovable property
Particular of charge holder	State Bank of India Diamond Branch, Mumbai – 400 004, Maharashtra, India
Nature of instrument creating charge	No Instrument. Memorandum of Entry was executed.
Date of instrument Creating the charge	12.10.2006
Amount secured by the charge	Rs.642.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Not Applicable · Terms of repayment Not Applicable · Margin Not Applicable · Extent and operation of the charge Not Applicable · Others Not Applicable
Particulars of the property charged	This charge is created towards the Corporate Guarantee given to State Bank of India, Diamond Branch, Girgaum, Mumbai – 4 and Global Trust Bank Limited, Shreeji Chambers, Tafu Road No. 2, Opera House, Mumbai – 4 by Essar Investments Limited (Guarantor Company) by deposit of title deeds over its immovable properties owned by them to secure its credit facilities of Rs.160.000 millions availed by Kama Jewellery (India) Private Limited (Borrower Company)

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.47.09
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.