MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	ESSEL INFRAPROJECTS LIMITED (w.e.f.20.02.2007)
Formerly Known As :	ESSELS AMUSEMENTS PARKS (INDIA) LIMITED PAN INDIA PARYATAN LIMITED
Registered Office :	Continental Building, 135 Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.07.1987
Com. Reg. No.:	11-044006
Capital Investment / Paid-up Capital :	Rs. 2451.532 Millions
CIN No.: [Company Identification No.]	U74999MH1987PLC044006
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15977D
PAN No.: [Permanent Account No.]	AAACP6095M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the development of roads, power plants, Sports complexes and Special Economic Zones.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 66000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject belongs to “ESSEL Group” led by Mr. Subhash Chandra. It is an established company having satisfactory track record. The company is performing well and has reported a better increase in its revenue from operations as well as net profitability during 2012. Trade relations are fair. Business is active. Payment terms are usually correct. In view of strong promoter group, the subject can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.03.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	30.03.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Continental Building, 135 Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66971234 / 24309361 / 66012323 / 66012323
Fax No.:	91-22-24900302 / 24900213 / 24309012 / 66012300
E-Mail :	anganev@ew.esselgroup.com feedback@esselgroup.com venkateshan@infra.esslgroup.com esselinfragroup@gmail.com
Website :	www.esselgroup.com
Corporate Office :	Kohinoor City 513, A-wing, Off LBS Road, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-66012323
Fax No.:	91-22-66012300
Regional Offices :	New Delhi B-10, Essel House, Lawrence Road, Industrial Area, New Delhi-110035, Delhi, India Tel. No.: 91-11-27101145 / 54 Fax No.: 91-11-27192172 Kolkata 5A/1 and 5A/2,5th Floor, Park Plaza, 71, Park Street, Kolkata-700016, West Bengal, India Tel. No.: 91-33-2227 5458 / 5459 Fax No.: 91-33-22275463 Pune Swastik Apartment, Gulmohar Lane Of Law College Opposite Nirmiti Showroom Erandawane, Pune 4110 04, Maharashtra, India Tel. No.: 91-20-25455338 Fax No.: 91-20-25422049 Hyderabad 6-2-929 DB Enclave, Raj Bhavan Road, Khairtabad, Hyderbad-500 004, India Tel. No.: 91-40-23320139 / 23320770 Fax No.: 91 40 23320164 Chennai Alpha Centre, Essel House, 3rd Floor, No. 150 and 151, North Usman Road, T- Nagar, Chennai 600017, Tamil Nadu, India Tel. No.: 91-44-2814464 Fax No.: 91-44-28144963 Bangalore 204, 2nd Floor, H.M., Geneva House, 14, Cunningham Road, Bangalore-560052, India Tel. No.: 91-88-22373183/84/85/86 Fax No.: 91-88-22373180
International Offices :	USA Asia TV USA Limited, One Penn Plaza, 250 W, 34th Street Suite 3501, New York, NY 10119 Tel. No.: 91-646 747 9101 Fax No.: 91- 646 745 9090 / 9102 United Kingdom Asia TV Limited, Unit 7; Belvue Business Centre, Belvue Road, Northoit Middlesex, UB5 5QQ, London, United Kingdom. Tel. No.: 91-44 020 8841 9550 Fax No.: 91-44 020 8841 9550 South Africa 1 ST Floor 109 Atrium Terraces, 272 Oak Avenue., Ferndale, Randburg, South Africa Tel. No.: 91-27 117813352 Fax No.: 91-27 117813347 Singapore 500, Rifle Range Road, # 01-09 Bukit Timah Satellite, Earth Station, Singapore-588 397 Tel. No.: 91-65-64669331 Fax No.: 91-65-6468837 Mauritius 2nd floor, Ebene House, 33, Cybercity Ebene, Mauritius Tel. No.: 91-(230)-464 2222 / 6666 Fax No.: 91-230-464 4040 China Rm 1906 East Tower, Fortune Plaza, 116 Tiyu East Road, Guangzhou, China – 510620, India Tel. No.: 91-86-20 38931510 Fax No.: 91-86-2038931503 Malaysia Level 16, 1 Sentral Jalan Stesen Sentral 5, KL Sentral 50470, Kuala Lumpur. Malaysia Tel. No.: 91-603 2092 9297 Fax No.: 91-603 2092 9201 Dubai "Zee Tower", Office No. 106, Next to DMC Bldg. No. 9, Dubai Media City, P.O. Box 500484, Dubai, U.A.E. Tel. No.: 91-971-44264100 Fax No.: 91-971-43625386 Russia (Moscow) 115419, Moscow Street, Ordzonikidze, Building 11, Stroniye 11, Office 903. Tel. No.: 91-74-959551886 Fax No.: 91-74-959551883

DIRECTORS

As on 28.09.2012

Name :

Mr. Subhash Chandra

Designation :

Director

Address :

Flat No.04, Hyde Park Street, London, United Kingdom-W22JW

Date of Birth/Age :

30.11.1950

Date of Appointment :

07.07.1987

DIN No.:

00031458

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	L74950MH1982PLC028947	ESSEL PROPACK LIMITED	Director	22-12-82	22-12-82	-	Active	NO
2	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Director	07-07-87	07-07-87	-	Active	NO
3	L92132MH1982PLC028767	ZEE ENTERTAINMENT ENTERPRISES LIMITED	Director	02-12-05	25-06-92	-	Active	NO
4	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	09-08-95	09-08-95	-	Active	NO
5	U64201DL2000PLC106553	AGRANI SATELLITE SERVICES LIMITED	Director	20-12-00	20-12-00	-	Amalgamated	NO
6	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	26-09-06	26-09-06	20-03-09	Active	NO
7	L92100MH1999PLC121506	ZEE MEDIA CORPORATION LIMITED	Director	01-04-07	23-11-06	-	Active	NO
8	L64200MH2006PLC160733	SITI CABLE NETWORK LIMITED	Director	05-12-06	05-12-06	-	Active	NO
9	U74120MH2007NPL168278	ADHIKAAR FOUNDATION	Director	29-08-08	01-03-07	-	Active	NO
10	L80220MH1999PLC121505	ETC NETWORKS LIMITED	Director	23-01-08	23-01-08	16-10-08	Amalgamated	NO

Name :

Mr. Punit Goenka

Designation :

Director

Address :

Bunglow No.1, Jolly Maker Apartment, No.1, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

20.06.1975

Date of Appointment :

30.06.1995

DIN No.:

00031263

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	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Director	30-06-95	30-06-95	-	Active	NO
2	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	01-04-98	01-04-98	06-01-07	Active	NO
3	U74899DL1995PLC070406	ESSEL SHIP BREAKING LIMITED	Director	17-05-00	17-05-00	-	Active	NO
4	U64201DL2000PLC106553	AGRANI SATELLITE SERVICES LIMITED	Director	30-06-00	30-06-00	10-12-09	Amalgamated	NO
5	U74899DL2000PLC106552	AGRANI CONVERGENCE LIMITED	Director	07-09-00	07-09-00	05-11-09	Active	NO
6	U72200DL2000PLC108804	AGRANI TELECOM LIMITED	Director	08-12-00	08-12-00	27-05-11	Active	NO
7	U64200MH2004PLC148772	ZEE SPORTS LIMITED	Director	23-09-04	23-09-04	-	Active	NO
8	U80220MH2004PTC149110	BRIO ACADEMIC INFRASTRUCTURE AND RESOURCE MANAGEMENT PRIVATE LIMITED	Director	14-10-04	14-10-04	22-11-10	Active	NO
9	U92112MH2001PTC130457	E-CITY DIGITAL CINEMAS PRIVATE LIMITED	Director	24-12-04	24-12-04	15-01-08	Active	NO
10	L92132MH1982PLC028767	ZEE ENTERTAINMENT ENTERPRISES LIMITED	Managing director	01-01-10	01-01-05	-	Active	NO
11	U22120MH2005PLC151377	DILIGENT MEDIA CORPORATION LIMITED	Director	17-02-05	17-02-05	19-02-13	Active	NO
12	U74900MH2005PTC156348	E- CITY GEMS AND JEWELLERY PRIVATE LIMITED	Director	26-09-05	26-09-05	23-03-09	Active	NO
13	U65993MH2006PLC162533	ESSEL-CENTRUM HOLDINGS LIMITED	Director	08-07-06	08-07-06	05-11-09	Active	NO
14	U74120MH2007NPL168278	ADHIKAAR FOUNDATION	Director	29-08-08	01-03-07	-	Active	NO
15	U92412MH2007PTC171016	PAN INDIA INFRAPROJECTS PRIVATE LIMITED	Director	22-05-07	22-05-07	31-07-07	Active	NO
16	U45200MH2000PTC128252	PAN INDIA INFRASTRUCTURES PRIVATE LIMITED	Director	29-09-07	04-09-07	10-10-08	Amalgamated	NO
17	U74900MH2007PTC173867	ESSEL MEDIA VENTURES PRIVATE LIMITED	Director	06-09-07	06-09-07	05-10-11	Active	NO
18	U74899DL1995PTC063992	PROCALL PRIVATE LIMITED	Additional director	12-09-07	12-09-07	20-11-07	Active	NO
19	L80220MH1999PLC121505	ETC NETWORKS LIMITED	Director	23-01-08	23-01-08	-	Amalgamated	NO
20	U13204KA2008PTC046731	KOLAR AND RAMGIRI GOLD MINING PRIVATE LIMITED	Director	10-06-08	10-06-08	21-11-11	Active	NO
21	U74899DL2001PLC113501	ZEE-TURNER LIMITED	Director	17-08-09	24-07-08	-	Active	NO
22	U64202MH2005PTC242691	KVS TELECOMMUNICATION PRIVATE LIMITED	Director	30-09-08	29-07-08	05-11-09	Active	NO
23	L92100MH1999PLC121506	ZEE MEDIA CORPORATION LIMITED	Director	05-07-13	25-03-09	-	Active	NO
24	U45203MH2009PLC193948	ESSEL DAMOH - JABALPUR TOLL ROADS LIMITED	Director	09-07-09	09-07-09	-	Active	NO
25	U45203MH2009PLC193947	ESSEL SAGAR DAMOH TOLL ROADS LIMITED	Director	09-07-09	09-07-09	-	Active	NO
26	L18101MH1997PLC111924	PROVOGUE (INDIA) LIMITED	Director	24-09-10	27-11-09	-	Active	NO
27	U73100DL2010NPL205584	BROADCAST AUDIENCE RESEARCH COUNCIL	Director	09-07-10	09-07-10	-	Active	NO
28	U74899DL1999NPL101705	INDIAN BROADCASTING FOUNDATION U S 25 PUBLIC COMPANY	Nominee director	03-09-10	03-09-10	-	Active	NO
29	L45200MH2007PLC174147	PROZONE CAPITAL SHOPPING CENTRES LIMITED	Director	28-09-12	20-04-12	-	Active	NO

Name :

Mr. Jawahar Lal Goel

Designation :

Director

Address :

Nand Tara, 22, Oak, Drive Mandi Road, Sultanpur, Mehrauli, New Delhi-110030, Delhi, India

Date of Birth/Age :

17.12.1954

Date of Appointment :

29.09.2008

DIN No.:

00076462

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	U99999DL1973PTC006769	BLUE LINE MOTORS PRIVATE LIMITED	Director	25-06-78	25-06-78	30-10-01	Strike off	NO
2	U63022DL1978PLC009193	RAMA ASSOCIATES LIMITED	Director	12-07-79	12-07-79	15-01-11	Active	NO
3	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Director	29-09-08	07-07-87	-	Active	NO
4	L65910DL1984PLC018831	ASIAN SKY SHOP LIMITED	Director	20-06-94	20-06-94	08-08-11	Active	NO
5	U74899DL1994PLC059874	ESSEL INTERNATIONAL LIMITED	Director	28-06-94	28-06-94	15-10-12	Active	NO
6	L65993DL1982PLC014195	RANKAY INVESTMENT AND TRADING COMPANY LIMITED	Director	17-10-94	17-10-94	-	Active	NO
7	U09211DL1999PTC102264	NEW MEDIA BROADCASTING PRIVATE LIMITED	Director	03-11-99	03-11-99	28-12-10	Active	NO
8	U74899DL1995PTC063992	PROCALL PRIVATE LIMITED	Director	30-09-02	30-09-02	22-05-08	Active	NO
9	U51901CH2002PTC025614	BIGWIN ENTERPRISES PRIVATE LIMITED	Director	03-12-02	03-12-02	03-10-09	Active	NO
10	U74899DL1999NPL101705	INDIAN BROADCASTING FOUNDATION U S 25 PUBLIC COMPANY	Nominee director	29-09-04	29-09-04	-	Active	NO
11	U64202MH2005PTC242691	KVS TELECOMMUNICATION PRIVATE LIMITED	Director	30-09-08	18-10-05	29-03-11	Active	NO
12	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	26-09-06	26-09-06	20-03-09	Active	NO
13	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Managing director	06-01-07	06-01-07	-	Active	NO
14	U92412MH2007PTC171016	PAN INDIA INFRAPROJECTS PRIVATE LIMITED	Director	31-07-07	31-07-07	03-03-08	Active	NO
15	U17110GJ1988PLC010634	CHIRIPAL INDUSTRIES LIMITED	Director	29-09-08	09-01-08	-	Active	NO
16	U74899DL2001PLC113501	ZEE-TURNER LIMITED	Director	30-07-11	01-12-10	-	Active	NO
17	U92412MH2006PTC164446	MEDIA PRO ENTERPRISE INDIA PRIVATE LIMITED	Additional director	23-01-12	23-01-12	11-04-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Srinivasan Venkateshan
Designation :	Director
Address :	5, 2^nd Floor, Durga Villa Lalitha Society, Gokhale Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Date of Birth/Age :	27.01.1961
Date of Appointment :	08.09.2010
PAN No.:	AAZPV6414E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Subhash Chandra	4304310
Churu Trading Company Private Limited, India	9157913
Rama Associates Limited, India	473600
Premier Finance and Trading Company Limited, India	23080484
Prajatma Trading Company Private Limited, India	8124410
Pan India Network Infravest Private Limited, India	200000000
Dinesh Kanodia	3000
Anand Chalwade	3500
Himanshu Mody	6000
Total	245153217

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	98.24
Directors or relatives of Directors	1.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the development of roads, power plants, Sports complexes and Special Economic Zones.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Commercial Branch, LHO Complex, Hoshangabad Road, Bhopal - 462011, Madhya Pradesh, India

• The Bank of Rajasthan Limited, 195, Kalba Devi Road, Mumbai - 400002, Maharashtra, India

• Punjab National Bank, Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi - 110001, India

• Axis Bank Limited, Atlanta, 209, Nariman Point, Mumbai - 400021, Maharashtra, India

• Jammu and Kashmir Bank Limited, Suyog Sadan Building, Near Cannosa Convent School, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India

• Global Trust Bank Limited, S.V. Road, Mumbai – 400050, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term Loan : From Banks	1000.000	1600.000
From Others	752.800	750.400
Total	1752.800	2350.400
a) Term Loan from Banks : i) Term Loan of Rs.1700.000 Millions (Rs. 2000.000 Millions) from Banks carries interest PLR Rs.0.75% with monthly rests. The Loan is secured by first pari-passu charge on all present and future current assets and moveable assets, rights under project agreements. The loan is also collaterally secured by mortgage of land and proposed construction on immovable property held by other related party and corporate guarantee by a related party. The loan is repayable in 12 quarterly installments commencing from June 2011 and last installment due in February 2014. ii) Term Loan of Rs. Nil (Rs. 158.300 Millions) from Bank carries interest at BPLR + .05% p.a. The loan is secured by exclusive charge on certain immovable property of the company. The loan has been prepaid on 01 October 2011. b) Term Loan from Others: i) Term Loan of Rs. 750.000 Millions (Rs. 750.000 Millions) from Non Banking Financial Company carries interest at Long-term Lending Rate (LTLR) on competitive basis. The loan is secured by way of pledge of Investments in its subsidiary (extent of holding 23 %). Further the loan is collaterally secured by corporate guarantee of a related party. The loan is repayable in 8 quarterly installments commencing from December 2013 and last installment due in September 2015. ii) Vehicles loans are secured by hypothecation of specific assets.

Banking Relations :	---
	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	MGB and Company Chartered Accountants
Address :	Jolly Bhawan 2, 1st Floor, 7 Marine Lines, Churchgate, Mumbai- 400020, Maharashtra, India
Tel. No.:	91-22-66332330
Fax No.:	91-22-6635-1545
E-Mail :	mgbco@mgbco.com
PAN No.:	AAAFM5742R
Holding Company :	Pan India Network Infravest Private Limited (w.e.f.30 March, 2012) Premier Finance and Trading Company Limited (upto 29 March, 2012)
Wholly owned Subsidiaries (including step down subsidiaries) :	Essel Sagar Damoh Toll Roads Limited Essel Damoh Jabalpur Toll Roads Limited Essel Bhind Mihona Gopalpur Toll Roads Limited Essel Bina Khimlasa Malthon Toll Roads Limited Essel Sports Infrastructure Limited Essel M P Energy Limited (w.e.f. from 09.06.2011) Essel Lucknow Raebareli Toll Roads Private Limited (w.e.f. from 30.12.2011) Essel Gwalior Shivpuri Toll Roads Private Limited (w.e.f. from 13.10.2011) Essel Mhow Ghatabillod Toll Roads Private Limited (w.e.f. from 18.08.2011) Essel Airport Infrastructure Private Limited Essel RPW Projects Private Limited (w.e.f. from 21.01.2012) Essel Infra Projects International Holdings Pte. Limited Pan India Infrastructures Private Limited ICL Heroes Sports Private Limited Lahore Badshahs Private Limited Digital Ventures Private Limited (upto 20.04.2011) Essel Entertainment Media Limited (upto 20.04.2011) Essel Mumbai WTR Private Limited (06.05.2011 to 09.08.2011)
Subsidiaries –Others :	Ecogreen Enviro Tech Private Limited (w.e.f. from 09.08.2011) (Extent of holding- 50.1%) Kakade Infrastructure Private Limited (w.e.f from 09.08.2011) (Extent of holding-50.1%) BKC Redevelopment Private Limited (w.e.f. from 11.01.2012) (Extent of holding-50.1%) Essel Ahmedabad Godhra Toll Roads Limited (Extent of holding- 74%) Essel Ludhiana Talwandi Toll Roads Private Limited (Extent of holding-74%) Essel ADI Smart Grid Solutions Limited (Extent of holding-80%) Essel KIPL Infrastructure Private Limited (Extent of holding-50.1%)
Associate Companies :	Western MP Infrastructure and Toll Roads Private Limited (Extent of holding-31%) Malegaon Manmad Kopargaon Infrastructure and Toll Road Private Limited (Extent of holding- 50%) Essel- Clean Solu Hydro Power Private Limited (Extent of holding 49%) EOP Pte. Limited (Extent of holding 31.56%) Essel Mumbai WTR Private Limited (w.e.f. from 09.08.2011) (Extent of holding-50%) Aurangabad Jal Supply Solutions Private Limited (w.e.f. from 13.03.2011) (Extent of holding-25%) Kepler22 Envirotech Private Limited (w.e.f. from 21.12.2011) (Extent of holding-25%) Sion Panvel Tollways Private Limited (w.e.f. from 09.08.2011) (Extent of holding-24.55%) Aurangabad City Water Utility Company Limited (w.e.f. from 05.09.2011) (Extent of holding- 20.02%)
Enterprise over which Key Managerial Personnel are able to exercise Significant Influence :	Essel Media Ventures Limited Essel International Limited Essel Holdings Limited Ultra Entertainment Solutions Private Limited Essel Media Ventures Private Limited ICL Lions Private Limited Essel Ship Breaking Limited Jayneer Capital Private Limited Widescreen Holdings Private Limited ASC Telecommunications Limited Creative Gaming Solutions Private Limited Veena Investment Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245153217	Equity Shares	Rs.10/- each	Rs.2451.532 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2451.500	451.500
(b) Reserves & Surplus	14150.400	14090.400
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16601.900	14541.900
(3) Non-Current Liabilities
(a) long-term borrowings	1752.800	4350.400
(b) Deferred tax liabilities (Net)	8.000	2.000
(c) Other long term liabilities	802.100	800.000
(d) long-term provisions	4.000	3.100
Total Non-current Liabilities (3)	2566.900	5155.500
(4) Current Liabilities
(a) Short term borrowings	4740.500	998.900
(b) Trade payables	828.900	0.000
(c) Other current liabilities	5656.200	2498.900
(d) Short-term provisions	0.100	0.100
Total Current Liabilities (4)	11225.700	3497.900
TOTAL	30394.500	23195.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12451.000	12453.300
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	294.600	347.500
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	11679.600	7909.600
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1032.500	135.600
(e) Other Non-current assets	429.800	23.900
Total Non-Current Assets	25887.500	20869.900
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	925.800	302.200
(d) Cash and cash equivalents	369.000	213.900
(e) Short-term loans and advances	3170.300	1809.300
(f) Other current assets	41.900	0.000
Total Current Assets	4507.000	2325.400
TOTAL	30394.500	23195.300

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		301.021
2] Share Application Money		1821.188
3] Reserves & Surplus		14044.598
4] (Accumulated Losses)		0.000
NETWORTH		16166.807
LOAN FUNDS
1] Secured Loans		2835.957
2] Unsecured Loans		0.0000
TOTAL BORROWING		2835.957
DEFERRED TAX LIABILITIES		0.000
TOTAL		19002.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12032.487
Capital work-in-progress		682.035
INVESTMENT		4594.852
DEFERREX TAX ASSETS		11.991
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	275.695
	Cash & Bank Balances	124.106
	Other Current Assets	0.000
	Loans & Advances	1326.359
Total Current Assets		1726.160
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.642
	Other Current Liabilities	0.989
	Provisions	1.130
Total Current Liabilities		44.761
Net Current Assets		1681.399
MISCELLANEOUS EXPENSES		0.000
TOTAL		19002.764

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1812.300	480.000	270.000
		Other Income	748.700	35.100	191.993
		TOTAL (A)	2561.000	515.100	461.993
Less	EXPENSES
		Cost of materials consumed	1140.600	0.000
		Employee benefit expense	59.600	33.900	143.844
		Other expenses	110.600	40.800
		Exceptional items	141.200	0.000
		TOTAL (B)	1452.000	74.700	143.844
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1109.000	440.400	318.149
Less	FINANCIAL EXPENSES (D)		1012.900	361.900	369.105
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		96.100	78.500	(50.956)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.500	4.700	0.819
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		86.600	73.800	(51.775)
Less	TAX (H)		26.600	28.000	(5.591)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		60.000	45.800	(46.184)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		341.120	295.320	341.504
	BALANCE CARRIED TO THE B/S		401.120	341.120	295.320
	Earnings / (Loss) Per Share (Rs.)		1.30	1.50	(1.53)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.34	8.89	(10.00)
Net Profit Margin (PBT/Sales)	(%)	4.78	15.38	(19.18)
Return on Total Assets (PBT/Total Assets}	(%)	0.47	0.49	(0.38)
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	(0.00)
Debt Equity Ratio (Total Debt /Networth)		0.39	0.37	0.18
Current Ratio (Current Asset/Current Liability)		0.40	0.66	38.56

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS

Total Income of the Company for the year is Rs.2561.000 Millions compared to Rs.515.100 Millions for the previous year.

The gross profit before tax and exceptional items has increased to Rs.227.800 Millions compared to last year Rs. 73.800 Millions during the current year.

the Company has made a net profit of Rs.60.000 Millions during the current year as compared to last year’s profit of Rs.45.800 Millions.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Bonds/Debentures	0.000	2000.000
Short Term Borrowings	0	0
Short Term Loan From Banks #	0.000	998.900
Inter Corporate Deposits from Holding Company- Interest free	4740.500	0.000
Total	4740.500	2998.900
# From Bank, carrying interest rate: Bank rate + 3.00 % spread.

CONTINGENT LIABILITIES:

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Guarantees given by Bank on our behalf	2017.300	596.400
Corporate guarantees given by the company
- For Subsidiaries, to the extent of loans availed / outstanding Rs. 19186.000 Millions (Rs.5460.100 Millions)	28566.500	5460.100
- For Others, loan outstanding Rs. 7894.800 Millions (Rs.7243.800 Millions)	9330.000	7580.000
Security provided by the company for loan granted to others. Loan outstanding Rs. Nil (Rs 3500.000 Millions)	0.000	3500.000
Disputed Direct Taxes	61.600	73.700

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10419936	26/03/2013	1,000,000,000.00	JAMMU AND KASHMIR BANK LIMITED	SUYOG SADAN BUILDING,NEAR CANNOSA CONVENT SCHOOL,  MAHAKALI CAVES ROAD, ANDHERI-E, MUMBAI, Maharashtra - 400093, INDIA	B73255770
2	10419938	22/03/2013	1,000,000,000.00	JAMMU AND KASHMIR BANK LIMITED	SUYOG SADAN BUILDING,NEAR CANNOSA CONVENT SCHOOL,  MAHAKALI CAVES ROAD, ANDHERI-E, MUMBAI, Maharashtra - 400093, INDIA	B73256133
3	10392121	20/11/2012	1,000,000,000.00	Bank of Maharashtra	Bhoir Building, Plot no 118, Panchpakhadi Branch,  Thane, Thane, Maharashtra - 400602, INDIA	B64202260
4	10382478	13/10/2012	1,000,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA	B60441946
5	10376375	30/08/2012	527,500,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B58049222
6	10372720	13/08/2012 *	1,000,000,000.00	Bank of Maharashtra	Panchpakhadi Thane Branch, Sita Mauli Bldg. Opp. Open House Hotel, Thane (W), Thane, Maharashtra - 400602, INDIA	B56735822
7	10368509	21/06/2012	1,000,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA	B44898401
8	10366054	14/06/2012	750,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B43933449
9	10359419	25/05/2012	750,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B41127465
10	10356078	04/05/2012	3,500,000,000.00	JAMMU AND KASHMIR BANK LIMITED	(CORPORATE HEADQUARTERS),M.A. ROAD, SRINAGAR, KASHMR, SRINAGAR, Jammu and Kashmir - 190001, INDIA	B39736822
11	10353532	26/04/2012	1,000,000,000.00	Bank of Maharashtra	Kshirsagar House, 1st Floor,, Near Sai Baba Mandir, Gaothan, Virar (W), Thane, Maharashtra - 401303, INDIA	B38878864
12	10344541	03/03/2012	750,000,000.00	PUNJAB NATIONAL BANK	Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi, Delhi - 110001, INDIA	B35886258
13	10327717	14/06/2012 *	1,250,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B43869866
14	10249627	23/01/2012 *	2,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B31111909
15	10221751	29/04/2010	4,000,000,000.00	Centbank Financial Services Limited	CENTRALBANK MMO BLDG6TH FLOOR 55 MAHATMA, GANDHI  RD FORT, MUMBAI, Maharashtra - 400023, INDIA	A85934248
16	10211344	09/03/2010	2,000,000,000.00	JAMMU AND KASHMIR BANK LIMITED	SUYOG SADAN BUILDING,NEAR CANNOSA CONVENT SCHOOL,  MAHAKALI CAVES ROAD, ANDHERI-E, MUMBAI, Maharashtra - 400093, INDIA	A82569468
17	10191562	16/09/2011 *	500,000,000.00	Axis Bank Limited	Atlanta,, 209, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B24102378
18	10123524	10/09/2008	200,000,000.00	AXIS BANK	ATLANTA. GROUND FLOOR, 209, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	A46181376
19	10003243	25/04/2006	50,000,000.00	UTI BANK LIMITED	NARIMAN POINT BRANCH, ATLANTA, GROUND FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A00800375
20	90241572	09/09/2005	1,000,000,000.00	UTI BANK LIMITED	NARIMAN POINT BRANCH, ATLANNTA, MUMBAI, Maharashtra - 400021, INDIA	-

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Air Conditioner
• Computers
• Other Equipments
• Furniture and Fixtures
• Vehicles

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 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 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.68.36
UK Pound	1	Rs.106.03
Euro	1	Rs.91.47

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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

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.