-MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	ESSAR PROJECTS (INDIA) LIMITED (w.e.f. 23^rd September, 2009)
Formerly Known As :	ESSAR CONSTRUCTIONS (INDIA) LIMITED (w.e.f. 11^th January, 2007) ESSAR CONSTRUCTIONS LIMITED (w.e.f. 17^th July, 2000) ESSAR STENA LIMITED
Registered Office :	Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.1989
Com. Reg. No.:	11-053280
Capital Investment / Paid-up Capital :	Rs.309.995 Millions
CIN No.: [Company Identification No.]	U99999MH1989PLC053280
PAN No.: [Permanent Account No.]	AAACE2358J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Engineering, Construction and Project Related Activity.
No. of Employees :	4000 [In Office + In Branches] Approximately

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 40000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. The company is doing well. Financial positions of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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/ Corporate/ Head Office :	Essar House, 11-Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, Maharashtra, India
Tel. No.:	91-22-66601100/ 24950606/ 50011100
Fax No.:	91-22-66601809/ 24954324
E-Mail :	corporatecommunications@essar.com brijesh.shah@essar.com
Website :	http://www.essar.com
Branch Office :	Equinox Business Park (Peninsula Techno Park), Off Bandra Kurla Complex, LBS Marg, Kurla (West), Mumbai - 400 070, Maharashtra, India Tel No.: 91 22 -67335000 Fax No.: 91-22-67082183 Located at: · Ahmedabad · Chennai · Hazira · New Delhi · Vadinar · Visakhapatnam
Overseas Offices:	Located at: · Indonesia · China · United Kingdom · Canada · USA- New York · United Arab Emirates- Dubai · Kenya

DIRECTORS

(AS ON 09.09.2011)

Name :	Mr. Alwyn Keith Bowden
Designation :	Managing Director
Address :	Casa Grande Tower No.1, Flat No.1803, 18^th Floor, Lower Parel, Mumbai – 400013, Maharashtra, India
Date of Birth/Age :	06.12.1957
Date of Appointment :	18.07.2011
DIN No.:	01349295

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203DL1996PTC190367	SEMBAWANG INFRASTRUCTURE(INDIA) PRIVATE LIMITED	Director	20-06-07	26-02-07	31-03-08	Active	NO
2	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Managing director	09-09-11	18-07-11	-	Active	NO
3	U11101MH2008PLC179089	ESSAR OFFSHORE SUBSEA LIMITED	Additional director	18-10-11	18-10-11	-	Active	NO

Name :	Mr. Vishnoo Narayan Paradkar
Designation :	Whole time Director
Address :	#1302, Rose Regencey Garden, Sector-6, Kharghar, Navi Mumbai-410 210, Maharashtra, India
Date of Birth/Age :	06.10.1948
Date of Appointment :	08.09.2009
DIN No.:	00078728

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Director	08-09-09	02-04-01	-	Active	NO
2	U74200MH2007PLC172280	ESSAR ENGINEERING SERVICES LIMITED	Additional director	21-12-07	21-12-07	29-04-09	Active	NO
3	U11101MH2008PLC179089	ESSAR OFFSHORE SUBSEA LIMITED	Director	19-02-08	19-02-08	-	Active	NO
4	U51504MH2008PLC181399	GLOBAL SUPPLIES (INDIA) LIMITED	Director	22-04-08	22-04-08	15-12-09	Active	NO
5	U99999MH1994PTC076315	INTEGRATED ENGINEEERS AND CONSULTANTS PRIVATE LIMITED	Director	30-06-10	30-06-10	-	Active	NO
6	U74120MH2011PTC220580	VIKAS KNOWLEDGE PROCESSES PRIVATE LIMITED	Director	05-08-11	05-08-11	-	Active	NO

Name :	Mr. Krishnamurthy Nagaraj Tirumakudlu Narasipur
Designation :	Director
Address :	#32, Plot No.50, temple View, Bull Temple Road, Basavangudi, Bangalore-560 004, Tamilnadu, India
Date of Birth/Age :	21.07.1934
Date of Appointment :	01.03.2001
DIN No.:	00048680

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200AP1994PLC016827	ECI ENGINEERING AND CONSTRUCTION COMPANY LIMITED	Director	08-02-95	08-02-95	-	Active	NO
2	U45203TN1990PLC026337	ESSAR PROCUREMENT SERVICES LIMITED	Director	18-05-00	18-05-00	-	Active	NO
3	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Director	01-03-01	01-03-01	-	Active	NO

Name :	Mr. Venkataraman Venkatesan
Designation :	Director
Address :	F-401, The Atrium, Old No.49, New No.22, Kalakshetra Road, Thiruvanmiyur, Chennai- 600 041, Tamilnadu, India
Date of Birth/Age :	09.10.1939
Date of Appointment :	01.03.2001
DIN No.:	00004010

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	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	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	19-05-08	19-05-08	-	Active	NO
14	U27310KA2006PLC040237	AMW - MGM FORGINGS LIMITED	Director	29-07-09	19-05-08	21-04-11	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	20-03-12	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	21-03-12	04-09-09	-	Active	NO
19	U28920TN1999PLC043385	BEST AND CROMPTON ENGINEERING PROJECTS LIMITED	Additional director	29-03-10	29-03-10	-	Active	NO
20	U31101DL2005PLC208862	ESSAR POWER (ORISSA) LIMITED	Director	21-03-12	17-08-10	-	Active	NO
21	U40300GJ2006PLC063146	ESSAR POWER HAZIRA LIMITED	Director	20-03-12	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. Tapash B. Bhattacharya
Designation :	Whole time Director
Address :	Planet Godrej, Tower-3, 21^st Floor, 030, K.K. Marg, Sant Gadge Maharaj Chowk, Mumbai-400 011, Maharashtra, India
Date of Birth/Age :	11.02.1959
Date of Appointment :	26.12.2008
DIN No. :	02339966

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93000GJ2008PLC054681	ESSAR HEAVY ENGINEERING SERVICES LIMITED	Additional director	15-10-08	15-10-08	15-12-09	Active	NO
2	U74140MH2007PLC175845	ESSAR PROJECT MANAGEMENT CONSULTANTS LIMITED.	Director	01-12-08	01-12-08	-	Amalgamated	NO
3	U11101MH2008PLC179089	ESSAR OFFSHORE SUBSEA LIMITED	Director	14-08-09	11-12-08	-	Active	NO
4	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Whole-time director	26-12-08	26-12-08	-	Active	NO
5	U51504MH2008PLC181399	GLOBAL SUPPLIES (INDIA) LIMITED	Additional director	31-03-09	31-03-09	15-12-09	Active	NO

Name :	Mr. Govinda Raghavan Venkatraman
Designation :	Director
Address :	Flat No. 171/172, 17^th Floor, Kalpataru, Residency, Sion Circle, Sion (East), Mumbai – 400022, Maharashtra., India
Date of Birth/Age :	16.07.1945
Date of Appointment :	18.07.2011
DIN No. :	00008683

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	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	14-02-12	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	-	Under liquidation	NO
32	U65921MH2008PLC182234	AMW FINANCE LIMITED	Additional director	16-02-12	16-02-12	-	Active	NO

Name :	Mr. Jitendra Kumar Singh
Designation :	Whole Time Director
Address :	101, Swati Apartment, Park Colony, Jamnagar - 361008, Gujarat, India
Date of Birth/Age :	10.11.1945
Date of Appointment :	26.12.2008
DIN No. :	00078762

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203TN1990PLC026337	ESSAR PROCUREMENT SERVICES LIMITED	Managing director	01-08-98	01-08-98	31-03-09	Active	NO
2	U70100MH2006PLC160616	VADINAR PROPERTIES LIMITED	Director	21-03-06	21-03-06	19-12-11	Active	NO
3	U74140MH2007PLC175845	ESSAR PROJECT MANAGEMENT CONSULTANTS LIMITED.	Director	12-11-07	12-11-07	-	Amalgamated	NO
4	U51504MH2008PLC181399	GLOBAL SUPPLIES (INDIA) LIMITED	Director	22-04-08	22-04-08	15-12-09	Active	NO
5	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Whole-time director	26-12-08	26-12-08	22-09-11	Active	NO

Name :	Mr. Mahesh Sitaram Ambegaonkar
Designation :	Whole time Director
Address :	B-501, Golden Willows, Vasant Garden, Near Swapna Nagari, Mulund (West), Mumbai-400 080, Maharashtra, India
Date of Birth/Age :	05.08.1946
Date of Appointment :	26.12.2008
DIN No.:	02341599

KEY EXECUTIVES

Name :	Mr. Brijesh Manmohan Shah
Designation :	Company Secretary
Address :	Plot No.328, Swastik Park, Flat No.202, A Wing, 12^th Road, Jawahar Nagar, Goregaon (West), Mumbai-400 062, Maharashtra, India
Date of Birth/Age :	09.05.1978
Date of Appointment :	31.10.2008
PAN No.:	AUDPS8448M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 09.09.2011)

Names of Shareholders	No. of Shares
Essar Projects Limited, UAE	30999500
Essar Procurement Services Limited, India Jointly with B. R. Deb Purakayastha	1
Essar Procurement Services Limited, India Jointly with Gurav A. Swati	1
Essar Procurement Services Limited, India Jointly with Mohan Singh Manral	1
Essar Procurement Services Limited, India Jointly with Brijesh Shah	1
Bansari Investments and Finance Private Limited, India	1
Arkay Holdings Limited, India	1
Vyas Babulal Narottam	1
Total	30999507

(AS ON 30.03.2012)

Names of Allottee	No. of Shares allotted
Essar Projects Limited, Dubai	92998500
Brijesh shah	6
Vasant Savla	3
G C Pareek	3
Amitabh Ghosh	3
Mohan Singh	3
D V Prasad	3
Total	92998521

(AS ON 30.09.2011)

Equity Shares Break – up

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

BUSINESS DETAILS

Line of Business :

Engineering, Construction and Project Related Activity.

GENERAL INFORMATION

No. of Employees :

4000 [In Office + In Branches] Approximately

Bankers :

· Yes Bank Limited,

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· Bank of India,

Mumbai Large Corporate Branch, 4^th Floor, BOI Building, 70/ 80, M. G. Road, Fort, Mumbai – 400 001, Maharashtra, India

· Dena Bank, (Lead Bank),

Corporate Business Branch, C-10, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India

· United Bank of India

Building 25, Sir. P. M. Road, ort, Mumbai —400 001, Maharashtra, India

· ICICI Bank Limited,

ICICI Towers, Bandra Kurla Complex, Bandra (East), Mumbai — 400 051, Maharashtra, India

· Export- Import Bank of India,

Center One Building, Floor 21, World Trade Centre, Complex, Cuffee Parade, Mumbai – 400005, Maharashtra, India

· Central Bank of India

Corporate Finance Branch, 1^st Floor, MMO Building, Fort, Mumbai – 400023, Maharashtra, India

· Union bank of India

· ING Vysya Bank Limited

· Corporation Bank

· Lakshmi Vilas Bank Limited

· UCO Bank

· Andhra Bank

· Allahabad Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	9594.454	2450.015
Rupee Term Loans Others Secured	3826.409	6820.363
Total	13420.863	9270.378
Note: i) Rupee term loans are secured by: a) First Charge on the entire Fixed Assets of the Company, present and future b) Second Charge on the entire Current Assets of the Company present and future, subject to the prior charge of the bankers for working capital facilities. Includes Cash Credit facilities Rs.2049.826 Millions Buyers Credit / Suppliers Credit facilities Rs.211.813 Millions and Suppliers Credit facility loan from Non Banking Finance Company Rs.1564.770 Millions. (ii) Cash Credit facilities are secured by : (a) First Pari Passu charge amongst Consortium banks by way of Hypothecation of all the current assets of the Company viz Stock of Raw Materials, Work in Progress, Stores and Spares, Packing materials, Bills Receivables, Book Debts and all other movables of the Company, both present and future and Second pari passu charge on all the Fixed Assets of the Company including Plant and Machinery, Furnitures and Fixtures, Office Equipments and Commercial Vehicles, both present and future, excluding the charge on specific equipments / assets exclusively charged to Term Lenders. (b) Collateral Security by way of Corporate Guarantee of Essar Investments Limited. (iii) Buyers Credit / Suppliers Credit from banks is secured by Pari Passu charge on assets imported under this facility. (iv) Loan from a Non-Banking Finance Company is secured by assets acquired under this facility.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Bank Unsecured	0.000	110.512
Rupee Term Loans Others Unsecured	11100.600	7675.705
Foreign Currency Loans Banks Unsecured	0.000	33.770
Total	11100.600	7819.987
Note: Mobilisation advance received against Contracts

Banking Relations :	--
Financial Institutions:	· SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata – 700046, West Bengal, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. A. B. Road, Opposite Shivsagar Estate, Worli, Mumbai- 400 018, Mumbai- 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
Pan No. :	AACFD4851A
Solicitors :
Name :	Rajani Associates Chartered Accountants
Address:	F-4, Panchsheel, 53, “C”, Road, Churchgate, Mumbai – 400020, Maharashtra, India
Holding Company:	· Essar Projects Limited, Dubai · Essar Global Limited, Cayman Island (Holding company of Essar Projects Limited, Dubai)
Subsidiary Company:	· Essar Offshore Subsea Limited, India · Essar Constructions Overseas Limited, Mauritius (ECOL) · Essar Project Management Company Limited, Dubai(from 2nd March 2011) (Subsidiary of ECOL) (EPMC) · Essar Project Management Consultants Limited, India (from 2nd March 2011) (Subsidiary of EPMC) · Essar Project (PNG) Limited (Subsidiary of ECOL) · Krios Holding Private Limited · Kadmos Holding Private Limited · Essar Project (Singapore) Limited · Essar Constructions Limited, Dubai (from 2nd March 2011) (Subsidiary of EPMC)
Fellow Subsidiaries	· Essar Constructions Limited, Dubai · Essar Project Management Company Limited (EPMC), Dubai · Essar Project Management Consultants Limited, India (Subsidiary of EPMC)
Other major related parties	· Essar Steel Limited · Essar House Limited · Essar Oil Limited · Essar Procurement Services Limited (Formerly Essar Projects Limited) · Essar Shipping Limited · Essar Power Limited · Clickforsteel Services · Futura Travels Limited · Essar Information Technology Limited · Vadinar Oil Terminal Limited · Vadinar Power company Limited · Essar Power MP Limited · Bhander Power Limited · Vadinar Properties Limited · Essar Investments Limited · Essar SEZ Hazira Limited · Essar House Services Limited, India · Securities Limited · Aegis Limited · Essar Power Gujarat Limited · Essar Logistic Limited · Arkay Holding Limited · Essar Properties Limited · Global Supplies (UAE) FZE · Dubai, Professional Equipment Suppliers Limited (Formerly Essar Subsea Limited), · Dubai, Trikaya Investments Limited · Global Supplies (India) Limited · Essar Holdings Limited · Essar Infrastructure Services Limited · Sinter-Keramos and Composites Peivate Limited · The Mobile Store Limited · Essar Securities Limited · Essar Bulk Terminal Limited · Essar Bulk Terminal (Salaya) Limited · Essar Bulk Terminal Paradeep Limited · Essar Oilfield Services Limited – Mauritius, · Essar Power Transmission Limited · Essar Power (Orissa) Limited · Vadinar Port and Terminal Limited · Essar Power (Jharkhand) Limited · Essar Steel Minnesota LLC, · Imperial Consultants and Securities Limited · Paprika Properties India Private Limited · Essar Power Salaya Limited · Essar Power Hazira Limited · Navbharat Power Private Limited · Frontier Leasing and Finance Limited · Essar Oilfield Service Limited
Joint Venture :	· Essar – Dong Fang Electric Corp. China – Coastal Project Private Limited Consortium · Essar Projects (India) Limited - JSC Stroytransgaz Russia

CAPITAL STRUCTURE

(AS ON 09.09.2011)

Authorised Capital : Rs.1300.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1239.980 Millions

(AS ON 31.03.2011)

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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		309.995	309.995	309.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9473.893	6965.632	5690.210
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9783.888	7275.627	6000.205
LOAN FUNDS
1] Secured Loans		13420.863	9270.378	10761.231
2] Unsecured Loans		11100.600	7819.987	7870.868
TOTAL BORROWING		24521.463	17090.365	18632.099
DEFERRED TAX LIABILITIES		325.250	358.129	335.996
TOTAL		34630.601	24724.121	24968.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8346.348	8836.048	9608.748
Capital work-in-progress		2020.181	58.959	132.827
INVESTMENT		2674.462	2199.382	449.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7876.996	6490.011	6283.862
	Sundry Debtors	9934.157	5336.987	5096.695
	Cash & Bank Balances	2790.657	1500.069	2488.153
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39747.191	26536.444	19575.633
Total Current Assets		60349.001	39863.511	33444.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12785.165	10250.366	5598.968
	Other Current Liabilities	25867.084	15842.640	12988.627
	Provisions	107.142	140.773	79.523
Total Current Liabilities		38759.391	26233.779	18667.118
Net Current Assets		21589.610	13629.732	14777.225
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34630.601	24724.121	24968.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	69370.841	45037.452	34024.303
		Other Income	2043.912	1021.190	896.314
		TOTAL (A)	71414.753	46058.642	34920.617
Less	EXPENSES
		Consumption Materials Changes Inventories	45145.535	28613.112
		Manufacturing Service Costs	15174.260	9679.006
		Employee Related Expenses	2244.120	1506.129	30814.376
		Administrative, Selling and Other Expenses	2004.194	1445.663
		TOTAL (B)	64568.109	41243.910	30814.376
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6846.644	4814.732	4106.241
Less	FINANCIAL EXPENSES (D)		1794.499	1501.522	1506.461
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.52.145	3313.210	2599.780
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1309.922	1347.906	1053.395
	PROFIT BEFORE TAX (E-F) (G)		3742.223	1965.304	1546.385
Less	TAX (H)		1233.962	689.882	662.465
	PROFIT AFTER TAX (G-H) (I)		2508.261	1275.422	883.920
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3968.401	2692.979	1755.817
Add	Adjustment towards Foreign Exchange variation capitalized		0.000	0.000	53.242
	BALANCE CARRIED TO THE B/S		6476.662	3968.401	2692.979
	EARNINGS IN FOREIGN CURRENCY
		Contract Income	359.444	--	186.145
		Equipment Hiring	--	167.740	294.638
	TOTAL EARNINGS		359.444	167.740	480.783
	IMPORTS
		Components and Spares Parts	386.621	866.138	1306.495
		Capital Goods	175.580	40.312	2126.133
	TOTAL IMPORTS		562.201	906.450	3432.628
	Earnings Per Share (Rs.)		80.91	41.14	29.16

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.51	2.77	2.53
Net Profit Margin (PBT/Sales)	(%)	5.39	4.36	4.54
Return on Total Assets (PBT/Total Assets}	(%)	5.45	4.83	3.59
Return on Investment (ROI) (PBT/Networth)		0.38	0.27	0.26
Debt Equity Ratio (Total Liability/Networth)		6.47	5.95	6.22
Current Ratio (Current Asset/Current Liability)		1.56	1.52	1.79

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

REVIEW OF OPERATIONS

Total Revenue of the Company rose by more than 55 % from Rs.46060.000 Millions in FY 2009-10 to Rs.71410.000 Millions in FY 2010-11. The increase was mainly on account of substantial construction and procurement activities carried out under the Company’s ever increasing order book size.

The Company continued to sustain EBIDTA margin despite increase in certain input costs by continuously focusing on enhancing its operational efficiencies and reduction in finance costs. The EBIDTA has increased substantially from Rs.4814.700 Millions in FY 2009-10 to Rs.6846.600 Millions in FY 2010-11.

Profit before Tax has increased by 90 % from Rs.1965.300 Millions in FY 2009-10 to Rs.3742.200 Millions in FY 2010-11.

The Company has provided Rs.1309.900 Millions (Previous Year Rs.1347.900 Millions) for depreciation and Rs.1234.000 Millions (Previous Year Rs.689.800 Millions) towards Current Income Tax.

INDUSTRY OUTLOOK AND BUSINESS PLAN

The Company has grown and diversified into a fully fledged world class EPC Company across multiple sectors including Hydrocarbon, Offshore, Power, Steel and Infrastructure.

During the current year, the Company has bagged some key contract awards in the external market which offer a good springboard to further leverage its experience and expertise in a market that is forecast to attract robust investment across multiple sectors in the coming years.

The Company is on an aggressive growth path and is consolidating its India specific portfolio and actively establishing its presence in key markets across Middle East, Africa and East Asia. This has been achieved by investing substantial Marketing and PR effort to convince key 3^rd party Clients of the track-record and experience of executing and delivering Essar Group’s investment, especially in the last decade.

CONTINGENT LIABILITIES:

Contingent Liabilities in respect of:

Particulars	31.03.2011 (Rs. In Millions )	31.03.2010 (Rs. In Millions )	31.03.2009 (Rs. In Millions )
Guarantees given by the company on behalf of subsidiary	13456.780	3960.262	1110.262
disputed tax liabilities relating to sales service and income
Disputed Sales tax	10.903	196.804	340.087
Disputed Income tax	11.377	10.391	--
Disputed Excise Duty demand	0.899	0.899	0.000
Disputed Service Tax	68.160	64.968	119.984
other disputed tax liabilities	0.183	0.183	2.065
Claims against the company not acknowledged as debts	434.824	491.450	403.517

Bankers Charges Report as per Registry

Corporate identity number of the company	U99999MH1989PLC053280
Name of the company	Essar Projects (India) limited
Address of the registered office or of the principal place of business in India of the company	Essar House, 11- Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India Brijesh.Shah@essar.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (Not being pledge) Floating Charge Other: Current Assets and Moveable Fixed Assets etc
Particular of charge holder	Central Bank of India Corporate Finance Branch, 1st Floor, MMO Building, Fort, Mumbai – 400023, Maharashtra, India cfbcbi@rediffmail.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	09.05.2012
Amount secured by the charge	Rs.1000.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest – CC: BR+1.50% p.a. Commission: LC/BG:0.75% LOC/LOU:Commission:0.75% Terms of Repayment – On Demand Margin – CC: 25% for Stock and Book Debts LC/BG: 5% in the form of FD Extent and Operation of the charge – First pari passu charge on all current assets of the company along with other working capital banks. Second pari passu charge on all the Movable fixed assets of the company other than those exclusively financed by term lenders, along with other working capital banks. Others: Pending execution of Consortium Documents, the Company has executed DOH in favour of Central Bank of India on bilateral basis in connection with the enhanced working capital facilities of Rs. 1000.000 Millions within the overall working capital facilities of Rs. 4315.000 Millions extended by Central Bank of India. The charge for the then existing working capital facilities of Rs. 3315.000 Millions have already been created by the Company under the Consortium Documents.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Current Assets of the Company namely Stock of Raw Materials, WIP, Stores and Spares, Packing Materials, Bills Receivables and Book Debts of the Company both present and future and all other moveable fixed assets of the Company including Plant and Machinery, Furniture and Fixtures, Office Equipments and Commercial Vehicles etc both present and future.

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Motor Cars, Jeeps, etc.

· Commercial Vehicles

· Software acquired

PRESS RELEASES:

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

NOVEMBER 22, 2010

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

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

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

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

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

About Essar Projects (India) Limited

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

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

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

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

About Essar Group

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		57

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.