MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	ESSAR STEEL INDIA LIMITED (w.e.f 18.01.2012)
Formerly Known As :	ESSAR STEEL LIMITED
Registered Office :	27Km., Surat Hazira Road, Hazira, Surat – 394270, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.06.1976
Com. Reg. No.:	04-013787
Capital Investment / Paid-up Capital :	Rs.25710.000 Millions
CIN No.: [Company Identification No.]	U27100GJ1976FLC013787
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Iron Ores and Concent Rates, Hot Rolled Coils/ Sheets and Pellets, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 422100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred a losses in the current year. However, networth appears to be satisfactory. 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 dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 :	27Km., Surat Hazira Road, Hazira, Surat – 394270, Gujarat
Tel. No.:	91-261-2872400
Fax No.:	91-261-2872400/ 6682796
E-Mail :	rakesh.darji@essar.com dilip.deokar@essar.com promod.s@essar.com steel@essar.com webmaster@essar.com
Website :	www.essar.com
Corporate Office :	Essar House, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-66601100
Fax No.:	91-22-66669426
Marketing and Sales Office :	6^th Floor, Tower-2, Equinox Business Park (Peninsula Techno Park) Off Bandra Kurla Complex, LBS Marg, Kurla (West)l, Mumbai-400070, Maharashtra, India
Tel. No.:	91-22-67335000
Fax No.:	91-22-67082189
E-Mail :	steel@essar.com
Plant 2 :	Vishakhapatnam Scindia Road, Near Flyover, Visakhapatnam-530004, India
Tel. No.:	91-891-2523213
Fax No.:	91-891-2559383/ 2556907
Plant 3:	473 A and B Sector 3, Pithampur Industrial Area, Pithampura – 434774, Dist. Dhar, Madhya Pradesh, India

DIRECTORS

As on 17.12.2010

Name :

Mr. Venkataraman Venkatesan

Designation :

Director

Address :

F-401, The Atrium, Old 49, New 22, Kalashetra Road, Thiruvamiyu, Chennai-600041, Tamil Nadu, India

Date of Birth/Age :

01.10.1939

Date of Appointment :

28.11.1991

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	NO
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 INDIA 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 ENGG. 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	U65923TN2007PLC085016	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
23	U65993MH2006PTC164007	ARUM INVESTMENTS PRIVATE LIMITED	Director	02-02-12	02-02-12	-	Active	NO

Name :

Mr. Vikram Harishchandra Amin

Designation :

Whole-time director

Address :

No. 5A, Plot No.5, K A G Khan Marg, Worli Sea Face, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

07.12.1958

Date of Appointment :

31.10.2001

DIN No.:

00008119

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	17-12-11	31-10-01	-	Active	NO
2	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	17-08-04	17-08-04	30-04-09	Active	NO
3	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-08-11	16-10-06	-	Active	NO
4	U27106MH2007PLC172940	ESSAR STEEL HYPERMARTS LIMITED	Director	08-08-07	08-08-07	-	Active	NO
5	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30-07-09	04-10-08	-	Active	NO
6	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED	Additional director	12-01-09	12-01-09	-	Active	NO
7	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11-08-10	04-09-09	-	Active	NO
8	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19-08-11	17-08-10	-	Active	NO

Name :

Mr. Govindaraghavan Venkatraman

Designation :

Director

Address :

171 and 172 Tower B, Kalpataru Residency, Opposite Cine Planet, Kamani Marg, Sion East, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

16.07.1945

Date of Appointment :

29.10.2003

DIN No.:

00008683

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	29-01-07	29-10-03	-	Active	NO
2	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	09-12-03	09-12-03	-	Active	NO
3	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	17-08-04	17-08-04	30-04-09	Active	NO
4	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	17-06-05	17-06-05	-	Amalgamated	NO
5	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Director	17-06-05	17-06-05	18-12-08	Active	NO
6	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Director	17-06-05	17-06-05	18-12-08	Active	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	19-10-05	19-10-05	30-04-09	Active	NO
8	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19-08-11	19-10-05	-	Active	NO
9	U13100GJ2006PLC047506	ESSAR MINERAL RESOURCES LIMITED	Additional director	08-07-10	13-01-06	31-08-10	Active	NO
10	U74210MH2006PLC159709	JUBILEE SHIPPING AND LOGISTICS HOLDINGS LIMITED	Director	14-02-06	14-02-06	29-06-07	Active	NO
11	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Director	14-06-06	14-06-06	-	Amalgamated	NO
12	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Director	06-03-07	06-03-07	18-12-08	Amalgamated	NO
13	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED	Director	02-05-07	02-05-07	17-06-08	Active	NO
14	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11-08-10	18-02-08	-	Active	NO
15	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	29-09-08	18-02-08	-	Active	NO
16	U70100MH2006FLC159272	ESSAR SEZ HAZIRA LIMITED	Additional director	17-06-08	17-06-08	14-01-09	Active	NO
17	U65923TN2007PLC085016	ESSAR CAPITAL LIMITED	Additional director	17-06-08	17-06-08	01-08-09	Active	NO
18	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	14-08-09	31-03-09	-	Active	NO
19	U65993MH2007PLC174810	ETHL COMMUNICATIONS HOLDINGS LIMITED	Additional director	13-04-09	13-04-09	-	Amalgamated	NO
20	U74999TN2008PTC067735	ESSAR CAPITAL FINANCE PRIVATE LIMITED	Additional director	31-10-09	31-10-09	-	Active	NO
21	U51900MH2006PLC160647	THE MOBILESTORE LIMITED	Director	30-09-10	17-05-10	-	Active	NO
22	L65990MH1984PLC033128	FRONTIER LEASING AND FINANCE LIMITED	Additional director	12-08-10	12-08-10	-	Active	NO
23	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-08-11	17-08-10	-	Active	NO
24	U74140MH2010PTC207439	PADMARAG PROJECT AND CORPORATE SERVICES PRIVATE LIMITED	Director	20-09-10	20-09-10	-	Active	NO
25	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	28-12-10	28-12-10	10-01-12	Active	NO
26	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	28-01-11	28-01-11	04-05-11	Active	NO
27	U25209MH2007PTC168369	KRIS FLEXIPACKS PRIVATE LIMITED	Director	23-07-11	01-04-11	-	Active	NO
28	U74999MH2011PLC217380	ESSAR SERVICES INDIA LIMITED	Director	12-05-11	12-05-11	21-01-12	Active	NO
29	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Director	09-09-11	18-07-11	-	Active	NO
30	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Additional director	09-08-11	09-08-11	-	Active	NO
31	U74140MH2003PTC141815	MAHATI CORPORATE SERVICES PRIVATE LIMITED	Additional director	01-02-12	01-02-12	-	Active	NO
32	U65921MH2008PLC182234	AMW FINANCE LIMITED	Additional director	16-02-12	16-02-12	-	Active	NO

Name :

Mr. Kiznagar Venkatesan Krishnamurthy

Designation :

Director

Address :

174, Kalpataru Residency Tower, Opposite Cine Planet Road No.8, Sion East, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

08.05.1943

Date of Appointment :

31.10.2006

DIN No.:

00025075

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	U67190MH1999PLC119009	CENTRUMDIRECT LIMITED	Director	17-07-01	17-07-01	-	Active	NO
2	U65999MH2002PLC134884	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	Director	12-07-03	12-07-03	26-07-10	Active	NO
3	U65999TN2003PLC052058	SUNDARAM TRUSTEE COMPANY LIMITED	Director	01-01-09	08-12-03	26-10-10	Active	NO
4	L65990MH1994PLC084098	RAP MEDIA LIMITED	Director	01-04-04	01-04-04	25-10-08	Active	NO
5	L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	Director	14-04-04	14-04-04	-	Active	NO
6	L74950MH1982PLC028947	ESSEL PROPACK LIMITED	Director	28-01-05	28-01-05	-	Active	NO
7	U51909AP2000PTC034653	BALAN NATURAL FOOD PRIVATE LIMITED	Director	08-02-05	08-02-05	-	Active	NO
8	L27102MH1994PLC152925	JSW STEEL LIMITED	Nominee director	14-07-05	14-07-05	11-12-06	Active	NO
9	U65191PN1943PLC007308	THE RATNAKAR BANK LIMITED	Director	09-09-06	10-05-06	19-06-07	Active	NO
10	U65993MH2006PLC162533	ESSEL-CENTRUM HOLDINGS LIMITED	Director	08-07-06	08-07-06	24-03-09	Active	NO
11	L99999MH1962PLC012538	BOROSIL GLASS WORKS LIMITED	Director	17-08-07	29-09-06	-	Active	NO
12	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	31-10-06	31-10-06	-	Active	NO
13	L24100MH1972PLC016149	THIRUMALAI CHEMICALS LIMITED	Director	16-07-07	29-01-07	-	Active	NO
14	U74950TN1989PTC046718	PACKAGING INDIA PRIVATE LIMITED	Director	28-04-07	01-02-07	-	Active	NO
15	U99999MH1939PLC002994	V V F LIMITED	Director	26-09-08	30-04-08	26-11-11	Active	NO
16	L72200PN1990PLC059594	KPIT CUMMINS INFOSYSTEMS LIMITED	Director	29-08-08	30-05-08	18-01-10	Active	NO
17	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	27-09-08	20-06-08	-	Active	NO
18	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	24-09-10	22-01-10	-	Active	NO
19	U29299MH1975PLC193684	LOOP MOBILE (INDIA) LIMITED	Director	30-09-11	24-03-11	23-12-11	Active	NO
20	U72200DL1997PLC085754	LOOP TELECOM LIMITED	Director	30-08-11	24-03-11	23-12-11	Active	NO
21	U61200GJ2010PLC060285	ESSAR SHIPPING LIMITED	Director	09-09-11	23-05-11	-	Active	NO

Name :

Mr. Jitender Balakrishnan

Designation :

Director

Address :

A-1, Flat NO.12, Tanna Residency, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

08.05.1949

Date of Appointment :

25.08.2010

DIN No.:

00028320

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	U65999DL2000PLC103177	IDBI HOMEFINANCE LIMITED	Nominee director	11-09-03	11-09-03	17-08-07	Amalgamated	NO
2	L65190MH2004GOI148838	IDBI BANK LIMITED	Whole-time director	14-03-06	14-03-06	31-05-09	Active	NO
3	U65990MH1993GOI075578	IDBI CAPITAL MARKET SERVICES LIMITED	Director	05-09-08	13-09-07	02-08-10	Active	NO
4	U72200MH2000GOI124665	IDBI INTECH LIMITED	Director appointed in casual vacancy	28-09-07	28-09-07	25-06-10	Active	NO
5	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	21-06-10	01-06-10	-	Active	NO
6	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director	25-06-10	01-06-10	-	Active	NO
7	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	27-07-10	10-06-10	-	Active	NO
8	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	21-09-10	22-06-10	-	Active	NO
9	U65990GJ1991PLC064603	ADITYA BIRLA FINANCE LIMITED	Director	23-09-11	20-07-10	-	Active	NO
10	L25209UR1984PLC011596	POLYPLEX CORPORATION LIMITED	Director	25-09-10	20-07-10	-	Active	NO
11	L24117WB1962PLC025584	BINANI INDUSTRIES LIMITED	Director	27-06-11	27-07-10	-	Active	NO
12	L65999MH1986PLC147981	IL AND FS INVESTMENT MANAGERS LIMITED	Director	27-07-11	30-07-10	-	Active	NO
13	L27100MH1973PLC016617	SARDA ENERGY AND MINERALS LIMITED	Director	25-09-10	30-07-10	-	Active	NO
14	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Director appointed in casual vacancy	30-07-10	30-07-10	-	Active	NO
15	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	27-09-11	13-08-10	-	Active	NO
16	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	30-09-10	25-08-10	-	Active	NO
17	U99999DL2001PLC175768	MAGUS ESTATES AND HOTELS LIMITED	Director	28-09-10	03-09-10	-	Active	NO
18	L24302RJ1979PLC001948	SHREE RAJASTHAN SYNTEX LIMITED	Director	19-09-11	19-09-11	-	Active	NO
19	U74999MH2011PLC217380	ESSAR SERVICES INDIA LIMITED	Additional director	21-01-12	21-01-12	-	Active	NO
20	U45202MH2008PTC180525	EQUINOX REALTY AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	21-02-12	21-02-12	-	Active	NO

Name :

Mr. Jatinder Dinanath Mehra

Designation :

Director

Address :

Block C-1/36, Safarjang Development Area, New Delhi-110016, Delhi, India

Date of Birth/Age :

03.03.1939

Date of Appointment :

25.06.1997

DIN No.:

00042789

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	25-06-97	25-06-97	-	Active	NO
2	L27110GJ1989PLC011748	STEELCO GUJARAT LIMITED	Director	24-09-97	24-09-97	-	Active	NO
3	U72200DL1999PLC099481	MICROGENETICS SYSTEMS LIMITED	Director	26-04-99	26-04-99	-	Active	NO
4	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Director	17-06-05	17-06-05	-	Active	NO
5	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Director	17-06-05	17-06-05	-	Active	NO
6	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	17-06-05	17-06-05	-	Amalgamated	NO
7	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	19-10-05	19-10-05	30-04-09	Active	NO
8	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19-08-11	19-10-05	-	Active	NO
9	U13100GJ2006PLC047506	ESSAR MINERAL RESOURCES LIMITED	Director	13-01-06	13-01-06	-	Active	NO
10	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	10-03-06	10-03-06	-	Amalgamated	NO
11	U01010MP2006PLC018586	MAHAN COAL LIMITED	Director	25-04-06	25-04-06	09-06-08	Active	NO
12	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Director	14-06-06	14-06-06	-	Amalgamated	NO
13	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Additional director	18-12-08	18-12-08	-	Amalgamated	NO
14	U27100GJ2005FLC046055	ESSAR STEEL KARNATAKA LIMITED.	Additional director	12-01-09	12-01-09	16-01-09	Active	NO
15	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	10-08-10	02-09-09	-	Active	NO
16	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11-08-10	04-09-09	-	Active	NO
17	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-08-11	17-08-10	-	Active	NO
18	U13100WB2010PTC140900	GREEN VALLEY ENERGY VENTURES PRIVATE LIMITED	Director	20-10-10	20-10-10	-	Active	NO
19	U27100MH2011PLC217214	PARADEEP STEEL COMPANY LIMITED	Director	09-05-11	09-05-11	-	Active	NO
20	U74999MH2011PLC217380	ESSAR SERVICES INDIA LIMITED	Additional director	21-01-12	21-01-12	-	Active	NO

Name :

Mr. Shashikant Nandkishore Ruia

Designation :

Director

Address :

67-A, Walkeshwar Road, Opposite, Birla School, Wlakeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

23.12.1943

Date of Appointment :

01.06.1976

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 INDIA 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. Rewant Ravikant Ruia

Designation :

Director

Address :

Bin Hamooda Villa No.17, 332/14, Jumeriah, Dubai, UAE

Date of Birth/Age :

20.03.1983

Date of Appointment :

29.01.2007

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 INDIA LIMITED	Director	21-06-11	29-01-07	13-10-11	Active	NO
7	U65923TN2007PLC085016	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	20-11-11	Active	NO
9	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-08-11	17-12-10	20-11-11	Active	NO
10	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	22-07-11	17-12-10	20-11-11	Active	NO
11	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19-08-11	17-12-10	20-11-11	Active	NO

Name :

Mr. Prashant Shashikant Ruia

Designation :

Chairman cum Managing Director

Address :

Bin Hamooda Villa No.17, 332/14, Jumeriah, Dubai, UAE

Date of Birth/Age :

04.06.1969

Date of Appointment :

22.12.1987

DIN No.:

01187548

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	31-10-06	22-12-87	-	Active	NO
2	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	16-03-95	16-03-95	20-04-09	Active	NO
3	U67190TN1995PLC029804	KARTHIK FINANCIAL SERVICES LIMITED	Director	31-01-00	31-01-00	31-12-05	Active	NO
4	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	29-11-00	29-11-00	-	Active	NO
5	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	15-02-01	15-02-01	10-03-07	Active	NO
6	U65990MH1993PTC072544	KAMA-SCHACHTER JEWELRY PRIVATE LIMITED	Nominee director	22-06-07	19-07-04	-	Active	NO
7	U45203MH2005PLC150589	ESSAR PIPELINE LIMITED	Director	12-01-05	12-01-05	10-03-07	Amalgamated	NO
8	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	30-03-05	30-03-05	18-12-08	Amalgamated	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	20-09-05	20-09-05	20-04-09	Active	NO
11	U70100MH2006PLC160616	VADINAR PROPERTIES LIMITED	Director	21-03-06	21-03-06	20-04-09	Active	NO
12	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	15-06-07	27-09-06	01-07-11	Active	NO
13	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Additional director	13-03-09	29-01-07	-	Amalgamated	NO
14	U13100GJ2004PLC043477	ESSAR BULK TERMINAL LIMITED	Director	13-02-07	13-02-07	20-04-09	Active	NO
15	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Director	06-03-07	06-03-07	18-12-08	Amalgamated	NO
16	U65923TN2007PLC085016	ESSAR CAPITAL LIMITED	Additional director	17-06-08	17-06-08	20-04-09	Active	NO
17	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30-07-09	04-10-08	02-09-09	Active	NO

Name :

Mr. Mahadev Ramnath Iyer

Designation :

Whole-time director

Address :

109/110, Indira Apartment, Govandi Stn Road, Deonar, Mumbai-400088, Maharashtra, India

Date of Birth/Age :

01.07.1958

Date of Appointment :

16.02.2009

DIN No.:

01871295

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	U13100GJ2006PLC047506	ESSAR MINERAL RESOURCES LIMITED	Director	13-01-06	13-01-06	07-07-10	Active	NO
2	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Additional director	18-12-08	18-12-08	-	Amalgamated	NO
3	U27106MH2007PLC172940	ESSAR STEEL HYPERMARTS LIMITED	Additional director	18-12-08	18-12-08	-	Active	NO
4	U27104MH2006PLC162609	ESSAR STEEL ORISSA LIMITED	Additional director	18-12-08	18-12-08	-	Amalgamated	NO
5	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Additional director	18-12-08	18-12-08	-	Active	NO
6	U25199GJ2007PLC050164	HAZIRA PIPE MILL LIMITED	Additional director	18-12-08	18-12-08	-	Amalgamated	NO
7	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Additional director	18-12-08	18-12-08	-	Active	NO
8	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Additional director	22-12-08	22-12-08	-	Amalgamated	NO
9	U70100MH2006FLC159272	ESSAR SEZ HAZIRA LIMITED	Additional director	14-01-09	14-01-09	-	Active	NO
10	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	30-07-09	16-02-09	-	Active	NO
11	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	17-12-11	16-02-09	-	Active	NO
12	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11-08-10	04-09-09	-	Active	NO
13	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-08-11	17-08-10	-	Active	NO
14	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19-08-11	17-08-10	-	Active	NO
15	U27100MH2011PLC217214	PARADEEP STEEL COMPANY LIMITED	Director	09-05-11	09-05-11	-	Active	NO

Name :

Mr. Dilip Cherial Oommen

Designation :

Whole-time director

Address :

D-3/4, Nandniketan Towership, Hazira, Surat-394270, Gujarat, India

Date of Birth/Age :

28.03.1958

Date of Appointment :

07.07.2008

DIN No.:

02285794

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	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Managing director	17-12-11	07-07-08	-	Active	NO
2	U27100GJ2005FLC045786	HAZIRA PLATE LIMITED	Director	25-09-08	25-09-08	-	Amalgamated	NO
3	U27106MH2007PLC172940	ESSAR STEEL HYPERMARTS LIMITED	Additional director	18-12-08	18-12-08	-	Active	NO
4	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Additional director	22-12-08	22-12-08	-	Amalgamated	NO
5	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	11-08-10	04-09-09	-	Active	NO
6	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	06-08-11	17-08-10	-	Active	NO
7	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	19-08-11	17-08-10	-	Active	NO
8	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	19-08-11	20-09-10	-	Active	NO

Name :

Mr. Malay Mukherjee

Designation :

Director

Address :

81, Templars Avenue, Golders Green, London, United Kingdom

Date of Birth/Age :

26.01.1948

Date of Appointment :

26.11.2009

DIN No.:

02861065

KEY EXECUTIVES

Name :	Mr. Narottam Babulal Vyas
Designation :	Secretary
Address :	3A/1701, Whispering Palms, Lokhandwala Complex, Akurli Road, Kandivali (East), Mumbai-400101, Maharashtra, India
Date of Birth/Age :	03.07.1954
Date of Appointment :	01.10.2002
Pan No.:	AAEPV9402H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

No. of Shareholders are not Available

Equity Share Break up (Percentage of Total Equity)

As on 17.12.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	88.44
Bodies corporate	8.65
Directors or relatives of Directors	0.23
Other top fifty shareholders	2.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Iron Ores and Concent Rates, Hot Rolled Coils/ Sheets and Pellets, etc.

Products :

Item Code No.	Product Description
2601	Iron Ores and Concent Rates, Other than Roasted Iron Pyrites
7203	Ferrous Products Obtained by Direct Reduction of Iron Ore and Other Spongy Ferrous Products in Lumps, Pellets or Similar Forms
7208	Flat Rolled Products of Iron or Non Alloy Steel of a Width of 600 M M or More Hot Rolled, Not Clad, Plated or Coated
7210	Flat Rolled Products of Iron or Non Alloy Steel of a Width of 600 M M Clad Plated or Coated with Zinc
7211	Flat Rolled Products of Iron or Non Alloy Steel of a Width of Less than 600 M M Hot Rolled, Not Clad, Plated or Coated
7304	Pipes and Hollow Profile Seamless or Iron or Steel for Used in Oil and Gas Pipeline

PRODUCTION STATUS

As on 31.03.2011

Licensed Capacity

Installed Capacity (as certified by the management) per annum

Particulars	Unit	Licensed Capacity
Iron Ore Pellet	MT	8000000
Hot Briquette Iron / Direct Reduced Iron (Trial Run 17,00,000 MT)		6700000
Hot Metal (Under Trial run)	MT	1730000
Hot Rolled Coil	MT	3600000
Cold Rolled Coil	MT	2110000
Colour Coating	MT	400000
Plates	MT	1500000
Pipes (Including Capacity of L-Saw Plant under Trial Run 325,000 MT; PY:- Nil)	MT	600000

Production

Particulars	Unit	Installed Capacity
Iron Ore Pellet	MT	5081082
Hot Briquette Iron	MT	4237809
Hot Metal (Under Trial Run; PY:- Nil)	MT	373354
Hot Rolled Coils/Cold Rolled Coils	MT	3217932
Plates	MT	366606
H-Saw Pipes	MT	101803

Captive Consumption

Particulars	Unit	Actual Production
Iron Ore Pellet MT	MT	4620326
Change in WIP Iron Ore Pellet-lncrease/(Decrease) MT	MT	460756
Hot Briquette Iron MT	MT	4127010
Change in WIP Hot Briquette Iron-Increase/(Decrease)	MT	8031
Hot Rolled Coils/ Plates	MT	222173
Change in WIP Hot Rolled Coils-Increase/(Decrease)	MT	61563
Pipes	MT	2937
Change in WIP Pipes-Increase/(Decrease)	MT	3626

*

Not applicable in terms of Government of India's Notification No. S.O.477 (E) dated 25th July, 1991.

** Includes production of Pellets on Job Work Basis of 172882 MT

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Syndicate Bank, 3^rd Floor, 10 Homji Street, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	139052.500	92849.000
Rupee term loans financial institutions secured	9804.800	3795.800
Foreign currency loans banks secured	10885.900	17834.600
Foreign currency loans financial institutions secured	750.100	1702.500
Working capital loans banks secured	11215.700	3034.000
Working capital loans others secured	19324.800	9834.200
Other debt secured	25698.500	36913.400
Total	216732.300	165963.500
Footnotes (A) From Financial Institutions and others (B) From Financial Institutions and others (C) Includes Buyers' credit for Operational use (D) Includes Buyers' credit for Operational use (E) Includes Buyers' credit for Capital Expenditure (F) Includes Buyers' credit for Capital Expenditure
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Debts bonds other instruments unsecured	0.000	5000.000
Rupee term loans banks unsecured	750.000	3750.000
Rupee term loans others unsecured	1000.000	0.000
Finance lease obligation long-term unsecured	55.000	0.000
Other debt unsecured	5306.600	5986.100
Total	7111.600	14736.100
Footnotes (A) Represents Commercial Paper (B) Represents Loan from Companies (C) Finance Lease Obligation (Amount due within one year 10.000 millions) (D) 1. Buyers' credit for Capital Expenditure 308.41 2. Dollar / Rupee Notes [Due within one year Rs.30.200 millions] 188.37 3. Sales tax deferral Loan [Due within one year Rs.NIL] 33.88 Refer Other details regarding unsecured debt (E) 1. Buyers' credit for Capital Expenditure 370.40 2. Dollar / Rupee Notes [Due within one year Rs.30.200 millions]194.33 3. Sales tax deferral Loan [Due within one year Rs. NIL] 33.88 Refer Other details regarding unsecured debt

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN.:	AABFD7919A
Fellow Subsidiary:	Aegis Lmited (AEGIS) Essar Energy Holding Limited. (EEHL) Essar Logistics Limited. (ELL) Essar Mineral Resources Limited. (EMRL) Essar Oil Limited. (EOL) Essar Offshore Subsea Limited. (EOSL) Essar Power Gujarat Limited (EPGL) Essar Heavy Engineering Service (EPIL) Essar Projects (India) Limited (EPIL) Essar Project Management Consultant Limited. (EPMCL) Essar Power (Jharkhand) Limited. (EPJL) Essar Power (M P) Limited (EPMPL) Essar Steel Algoma Inc. (ESA-INC) Essar Sez Hazira Limited (ESEZHL) Essar Steel Processing and Distribution Uk (ESPand D) Essar Shipping Port and Logistics Limited (ESPLL) Essar Shipping and Logistics Limited. (ESLL) Pt Essar Indonesia (PTEI) Vadinar Oil Terminals Limited (VOTL) Vadinar Power Company Limited (VPOCL) Teletech Investments (India) Limited (TIIL) Essar Project Limited. (EPL) Essar Minerals Americas (EMA) Essar Power Hazira Limited (EPHL)
Holding Company :	Essar Steel Holdings Limited, Mauritius Essar Global Limited, Cayman Islands – Holding Company of Essar Steel Holdings Limited
Subsidiaries :	Essar Steel Middle East FZE, Dubai Essar Steel Trading FZE, Dubai Essar Steel Offshore Limited, Mauritius Essar Steel Overseas Limited, Mauritius Essar Bulk Terminal Paradip Limited
Associates :	Bhander Power Limited. (BPOL) Essar Bulk Terminals Limited. (EBTL) Essar Bulk Terminal Paradeep Limited. (EBTPL) Essar Power Limited. (EPOL) Essar Power ( Orissa) Limited. (EPOL - Orissa) Essar Steel Processing Fzco (ESP FZCO)
Companies in which promoters have significant influence/control:	Arkay Holdings Limited (AHL) Essar Agrotech Limited (EAL) Essar Engineering Services Limited (EESL) Essar House Limited. (EHL) Essar Investments Limited (EIL) Essar Infrastructure Services Limited (EISL) Essar Information Technology Limited (EITL) Essar Properties Limited (EPRL) Essar Procurement Services Limited (EPSL) Essar Steel Chhattisgarh Limited (ESCL) Essar Steel Hypermarts Limited (ESHML) Essar Steel JharkhandLimited (ESJL) Essar Telecom Investment Limited (ETIL) Futura Travels Limited (FTL) Imperial Consultants and Securities (ICSL) (Formally known as Essar Holding Limited) India Securities Limited (ISL) Kroner Investment Limited (KIL) Nirmit Estates Private Limited (NEPL) New Ambi Trading and Investments Private Limited Pratik Estates Limited (PEL) Prajakta Finance and Trading Limited (PFTL) Paprika Media Private Limited (PMPL) Prajesh Investments Private Limited (PIPL) Samarjit Investment Private Limited (SIPL) Trikaya Investments Limited (TIL) The Mobilestore Limited (TML) Essar Telecom Retail Limited (ETRL) Prajesh Marketing Limited (PML) Essar Teleholding Limited (ETHL) Samarjit Estates Private Limited (SEPL) Golden Merchandisers Private Limited (GMPL) Swarna Ganga Holdings and Estate Development Private Limited (SGHEDPL) Kartik Estates Private Limited (KEPL)

CAPITAL STRUCTURE

As on 17.12.2011

Authorized Capital: Rs.72750.000 Millions

Issued, Subscribed and Paid Up Capital: Rs.26704.368 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7175,000,000	Equity Shares	Rs.10/- each	Rs.71750.000 Millions
100,000,000	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1000.000 Millions
	Total		Rs.72750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,527,400,000	Equity Shares	Rs.10/- each	Rs.25274.000 Millions
43,600,000	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.436.000 Millions
	Total		Rs.25710.000 Millions

Of the above

(a) 3987538 (Previous Year 3987538) Equity Shares of Rs.10 each were allotted as fully paid up Bonus Shares by capitalization of General Reserve.

(b) 1073399784 (Previous Year 150000) Equity Shares of Rs.10 each were allotted as fully paid up for consideration other than cash.

(c) 2218196045* (Previous Year 734533000) Equity shares of Rs.10 each are held by Essar Steel Holding Limited, Mauritius, the holding Company.

(d) Nil (Previous Year 36810816) equity shares Rs.10 each are held by Hazira Steel-2, subsidiary of ultimate holding company.

(e) Nil (Previous Year 284455595) Equity Shares of Rs. 10 each are held by Teletech Investments (India) Limited.

* As informed by Essar Steel Holding Limited, Mauritius, the holding company 33400905 shares out of the 2,21,81,96,045 shares have been sold during January to March, 2011 for which transfer is pending in dematerialized form.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		25710.000	22573.300	11840.800
2] Share Application Money		2482.400	335.300	0.000
3] Reserves & Surplus		77329.800	68387.000	0.000
4] (Accumulated Losses)		0.000	0.000	35915.800
NETWORTH		105522.200	91295.600	47756.600
LOAN FUNDS
1] Secured Loans		216732.300	165963.500	63176.200
2] Unsecured Loans		7111.600	14736.100	9937.700
TOTAL BORROWING		223843.900	180699.600	73113.900
DEFERRED TAX LIABILITIES		607.800	1172.800	1136.800
LONG-TERM ADVANCE FROM CUSTOMERS		0.000	0.000	1650.700
TOTAL		329973.900	273168.000	123658.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102544.300	92836.800	91288.200
Capital work-in-progress		175083.900	144922.000	5496.100
INVESTMENT		3970.200	4927.900	7913.100
DEFERREX TAX ASSETS		638.700	(1473.700)	0.000
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT		0.000	0.000	373.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	52225.000	26332.300	21575.200
	Sundry Debtors	5147.600	4712.400	4074.700
	Cash & Bank Balances	9210.000	17712.500	5081.600
	Other Current Assets	11296.000	10561.900	1257.800
	Loans & Advances	30251.100	20386.100	13811.900
Total Current Assets		108129.700	79705.200	45801.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24331.500	20508.500	11652.600
	Other Current Liabilities	33101.200	22901.700	13805.600
	Provisions	2960.200	4340.000	1755.400
Total Current Liabilities		60392.900	47750.200	27213.600
Net Current Assets		47736.800	31955.000	18587.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		329973.900	273168.000	123658.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	123015.000	106195.500	116883.000
		Other Income	5260.900	2734.600	1851.800
		TOTAL (A)	128275.900	108930.100	118734.800
Less	EXPENSES
		Consumption materials changes inventories	86875.400	73462.600	99550.900
		Manufacturing service costs	13623.400	10540.400
		Employee related expenses	3012.000	2176.900
		Administrative selling other expenses	7438.100	5017.400
		TOTAL (B)	110948.900	91197.300	99550.900
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17327.000	17732.800	19183.900
Less	FINANCIAL EXPENSES (D)		12187.400	9084.000	7894.700
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5139.600	8648.800	11289.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8914.600	7928.500	8281.100
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(3775.000)	720.300	3008.100
Less	TAX (H)		(2112.300)	495.800	1156.100
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1662.700)	224.500	1852.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18822.700	18591.000	16739.000
	Balance Acquired on Amalgamation		0.000	109.200	0.000
Less	APPROPRIATIONS		76.400	102.000	0.000
	BALANCE CARRIED TO THE B/S		17083.600	18822.700	18591.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	20227.600	11092.300	27616.400
		Other Earnings	1007.400	553.900	2026.900
	TOTAL EARNINGS		21235.000	11646.200	29643.300
	IMPORTS
		Raw Materials	8835.600	7305.200	851.600
		Production Consumables, Stores and Spares & Fuel	28469.100	7187.600	10260.100
		Capital Goods	11199.600	30994.700	1474.700
		Traded Goods	358.300	528.500	0.000
	TOTAL IMPORTS		48862.600	46016.000	12586.400
	Earnings Per Share (Rs.)		(0.72)	0.09	1.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.30)	0.21	1.55
Net Profit Margin (PBT/Sales)	(%)	(3.07)	0.68	2.57
Return on Total Assets (PBT/Total Assets}	(%)	(1.79)	0.42	2.19
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		2.69	2.50	2.10
Current Ratio (Current Asset/Current Liability)		1.79	1.67	1.68

LOCAL AGENCY FURTHER INFORMATION

GLOBAL SCENARIO

The global economy witnessed slow but steady recovery in year 2010 with leading indicators of economy viz. GDP, Industrial Production, Crude Oil Prices, Purchasing Managers’ Index, etc. improving across all regions post global recession of year 2009. Business confidence increased gradually through the year for most parts of the world. The automotive sector rebounded strongly, construction activities continued to decline, and the recovery of mechanical engineering, domestic appliances, metal goods and other transport equipment sectors remained subdued in 2010.

The fear of double-dip recession in advanced economies is reduced given the fact that private demand is advancing while fiscal policy support is diminishing. Financial conditions, though improved remain unusually fragile particularly in Europe. From late 2009, fears of sovereign debt crisis developed concerning some European states. Concern about rising government deficit and debt level across the globe together with a wave of downgrading of European government debt created alarm in financial market. On May 2010 Europe’s Finance Minister approved a comprehensive rescue package aimed to ensuring financial stability across Europe by creating the European Financial Stability Facility.

In many emerging market economies, demand is robust and overheating is a growing policy concern. Rising food and commodity prices pose a threat to poor households, adding to social and economic tensions, notably in the Middle East and North Africa.

The macroeconomic impact of the earthquake in Japan is projected to be limited, although uncertainty remains elevated. The flood in Australia impacted supply of Coking Coal used primarily in steel making and prices has increased beyond previously forecasted prices as a result of supply disruptions caused by the floods.

Overall, with the recovery stronger on the one hand but oil supply growth lower on the other, projections for global real GDP growth in 2011–12 are moderate.

INDIAN SCENARIO

India witnessed robust economic growth at 8.5% during the Financial Year 2010-11. According to CMIE, the growth had been powered by a rebound in the agricultural sector which grew at 5% following the drought in 2009-10, and a sharp pick-up in private consumption and gross fixed capital formation. The manufacturing sector saw an annual growth of 8.1% in output during FY 2011 as against 11% during FY 2010. Similarly, the Mining Sector saw a decline in growth to 5.9% in FY 2011 compared to 9.9% in FY 2010. The capital Goods segment was among the most affected as it grew by just 9.3% in 2010-11 as compared to 20.9% in the previous fiscal. Inflation remained a cause for concern. Persistent inflationary pressures have been driven by rising income levels and inadequate policies to increase the supply of goods in the economy.

The growth in Indian economy is expected to be moderate amidst inflationary pressures and rising interest rates. The impact of the past monetary policies and reduction in the pricing power, will slow down Industry and Services growth. The growth is Service Sector is projected to be lower and Industrial growth is likely to decline further. Overall GDP growth is expected to be in the range 7.7-8%. The investment demand is projected to moderate and the private consumption demand too could start slowing down due to increased interest rates in 2011-12. The RBI has revised interest rate upward several times since March 10, a dampener on consumption and growth.

OPERATIONS

The FY 2010-11 was a watershed in the history of the Company. The various facilities which were at project stage since last 2 to 3 years have been commissioned during the year and started operation. Further the year has witnessed expansion of capacity to add wide range of products.

The Company is the first in the world to have all three iron making technologies, viz. HBI – DRI, COREX and Blast Furnace at one location. This year the Company achieved highest production.

Key highlights of the year were:

• The state-of-the-art Plate Mill with an installed capacity of 1.5 MTPA with Heat Treatment facilities fully commissioned. It is amongst Asia’s widest and only mill to produce 5 meter plates in the country, with a comprehensive thickness range of 5 to 150 mm.

• Successful commission of CSP facility enables Company to produce hot-rolled coils up to 0.8 mm thickness, which will find wide applications in the automotive market. This will enable the Company to cater to a wider range of customer segments and product applications.

• The Blast Furnace commissioned on 23 rd Nov’10 which will help the Company in reducing the production cost by using alternate fuel.

• To reach 10 MTPA capacities, the company has started the following facilities also during the current year:

• ConArc furnace with capacity of 2.5 MTPA
• 6^th DRI module
• 4^th continuous Caster
• CSP Mill
• 2 Corex modules readied for startup
• Stabilization of DRI process with low grade pellets
• With sustained effort, the Slurry Pipe Line was started in Dec’10

The Commissioning of the LSAW mill in the first half of FY 2010-11 added LSAW Pipes to the portfolio of specialized products.

During the year Company produced 3.58MT (flat product) and achieved sales of 3.34MT, recording an increase of 6% and 3% respectively over the previous year. During the year under review, Pellet production at Vizag and Steel production at Hazira continued to be affected due to the suspension of material movement through the slurry pipeline from Beneficiation Plant at Kirandul to the Pellet Plant at Vizag for eight months of the year. This had an adverse effect on the profitability. The Company undertook various measures to mitigate the adverse impact by making alternative arrangements of movement of Iron Ore through railway rake and road, purchase of iron ore fines and Pellets from alternate sources.

The transportation of slurry through the 267 KM slurry pipeline from the Beneficiation Plant at Kirandul to the Pellet Plant at Vizag was suspended from May’09 to Feb’10 due to damage to the Pipeline. The company completed the repair and the restoration work by mid Feb’10 2010 and Slurry was pumped through the Pipeline to Vizag thereafter. Since, the pipeline system was lying idle and was not operational for over 8 months, it was imperative to conduct a detailed end-to-end health check up of the entire system for safe and continuous operation. The health checkup activities were in advanced stages of completion and the Company was definitely well poised to complete the same by end March’10 in accordance with the plan and restart the pipeline system immediately thereafter on a continuous basis. Unfortunately, damage to Pumping Station (PS)-2 in Mar’10 forced the Company to halt all further activities at PS-2, while work at other locations continued and were completed as planned. However, the non-availability of PS-2, rendered the entire pipeline system non-operational.

The Company completed the repair and restoration activity at PS-2 and started slurry pumping in a phased manner from 25th Nov’10. The slurry pumping throughput reached its normal operating capacity on 9th Dec’10. Since then the Pelletization Complex starting from Beneficiation Plant at Kirandul to the Pellet Plant at Vizag are operating under normal operating conditions. The production levels have picked up again to planned levels in the last quarter.

The company has an Insurance Policy which covers Material Damage loss and Loss of Profit due to Business interruptions including Terrorism Cover. The company has filed an insurance claim of Rs.9.79 Cr. for Material Damage loss and Rs.881 Cr. for loss of profit (for the indemnity period till 30th September 2010) with the New India Assurance Company. Pending settlement of the claim with the Insurance Company, the amount of the claims has not been recognized in the accounts.

Following were the achievement in major cost parameters and steps taken to achieve cost reduction:

• HBI finished with NG consumption of 290 sm 3 /t in FY 2010-11 against 297 sm 3 /t achieved in FY 2009-10.

• HSM ended with YTD yield of 98.2% for FY 2010-11 as against 97.84% previous year.

• Hot Metal usage started at Plant A to increase productivity and reduce power consumption.

• Consumption of various wastes/by products like Sludge Pond Fines, Mills Scale, flue dust, under size line stone etc. in sinter plant.

FORM 8

Corporate identity number of the company	U27100GJ1976FLC013787
Name of the company	ESSAR STEEL INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	27Km., Surat Hazira Road, Hazira, Surat – 394270, Gujarat , India Email: rakesh.darji@essar.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Syndicate Bank, 3^rd Floor, 10 Homji Street, Fort, Mumbai – 400023, Maharashtra, India Email: mh.5088mumlcb@syndicatebank.co.in
Nature of instrument creating charge	Composite Hypothecation Agreement dated February 23, 2012
Date of instrument Creating the charge	23.02.2012
Amount secured by the charge	Rs.2500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank rate + 3 % presently at 13% pa Terms of Repayment Interim facility of Rs.2500.000 millions to be converted into Long Term loan post financial closure. Long Term facility to be repaid on 16 quarterly installments starting from 31-03-2013 and ending on 31-12-2016. Margin Nil Extent and Operation of the charge Subservient Charge on Movable Fixed Assets and Current Assets of the Company located at various factories in India.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Subservient Charge on Movable Fixed Assets and Current Assets of the Company located at HAzira, Dabuna, Paradeep, Vizag. Kirandul and other places in India.

CONTINGENT LIABILITIES

Contingent Liabilities not provided for	Rs. In Millions 31.03.20111	Rs. In Millions 31.03.2010
(i) (a) Bills discounted	640.800	202.500
(b) Claims against the Company not acknowledged as debt in respect of: Disputed sales tax matters in respect of which the Company has gone in appeal [including amount already paid Rs.1473.400 millions (Previous year Rs.1473.400 millions)]	3303.200	3306.600
Disputed Excise duty matters in respect of which the Company has gone in appeal	13.000	10.900
Disputed Custom duty matters in respect of which the Company has gone in appeal	1654.900	1654.900
- Tax of sale of electricity demanded by sales tax authorities on Essar Power limited	459.100	459.100
- Electricity duty demanded by the Collector of Electricity Duty, Gandhinagar"	6090.100	5868.500
- Wheeling Charges demanded by Gujarat Electricity Board [including amount already paid Rs,272.300 millions (Previous year Rs.272.300 millions)]	3930.100	2980.100
Others	0.000	46.900
Future cash outflows in respect of above matters are determinable only on receipt of judgments / decisions pending at various forums / authorities. " A Show Cause Notice (SON) dated 10th March 2010 has been issued by the Collector of Electricity Duty, Gandhinagar, demanding Electricity Duty Rs,5853.100 millions and Interest Rs. 5284.800 millions for the period April 2000 to February 2010. The company has claimed that it is exempt from paying the Electricity Duty for a period of 15 years from the date of commission of the captive power project i.e. from 8th August 1995 to 7th August 2010. The company has filed an appeal to the Division Bench of Gujarat High Court against the order which ha$ been admitted by the court and granted stay order dated 5th April 2010. The conditions of stay were: (i) Company to deposit Rs.500.000 millions. by 30,04,2010. (ii) Company to further pay Rs.150.000 millions every month commencing from 15th May, 2010 towards the arrears of the principal amount of electricity duty, As per the management view and based on the legal opinion from a reputed counsel, the Company is eligible for exemption of Electricity Duty for tho period of 15 years i.e. from 8th August 1995 to 7th August 2010 and accordingly no provision is required to be made in the books as at 31st March, 2010 with respect to the afore said demand. However the Company has disclosed Ra.5868.500 millions (Previous Year Rs. 5096.300 millions) on account of above matter as contingent liability as at 31st March 2010.
(c) Guarantees given to various banks, financial institutions, finance companies, etc. on behalf of others [Balance outstanding as on 31.03.2011 is Rs.29102.200 millions (Previous Year Rs.7673.500 millions) The Company and Essar Power Limited (EPOL) have provided corporate guarantee of Rs.1,2120.000 millions (Previous Year Rs.1,2120.000 millions), on behalf of Loop Telecom Private Limited (LOOP), favouring State Bank of India (SBI) against (a) Term loan of Rs.4000.000 millions (Previous Year Rs.7250.00 millions) and (b) Bank guarantee of Rs.8120.000 millions (Previous Year Rs.8120.00 millions), availed by LOOP. Of the said guarantee, LOOP has utilised guarantee of Rs.4000.000 C millions (Previous Year Rs.7250.000 millions) against the term loan availed from State Bank of India. As the Company and EPOL, issued the corporate guarantees simultaneously, the Company has considered Rs.2000.000 millions (Previous Year Rs.3625.000 millions) being 50 % of Rs.4000.000 millions (Previous Year Rs.7250.000 millions) as its contingent liability. The bank guarantee will be utilized against the license fees payable by LOOP, after It starts operation. Further, the Company has also recei0076ed counter guarantee for the same from Loop Mobile Holdings India Limited (formerly known as BPL Communications Limited).	36023.900	8693.700
(ii) Arrears of fixed dividend on Cumulative Redeemable Preference Shares	0.000	44.500

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Computers
• Vehicles
• Ships and vessels
• Railway Sidings and
• Wagons
• Aircraft
• intangible Assets
• Software

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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.