MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	ESSAR OIL LIMITED	Principal Name 1	Mr. Prashant Ruia
Status	Satisfactory	Principal Name 2	Mr. Naresh K. Nayyar
		Registration #	04-032116
Street Address	Khambhalia, Post Box No - 24, District Jamnagar - 361 305, Gujarat, India
Established Date	12.09.1989	SIC Code	--
Telephone#	91-2833-241444	Business Style 1	Refining and marketing of petroleum products
Fax #	91-2833-662929	Business Style 2	--
Homepage	http://www.essar.com	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 13,822,700,000/-	Product Name 3	--
Shareholders	Total shareholding of Promoter and Promoter Group (A) = 72.47% Total Public shareholding (B) = 27.53%	Banking	ICICI Bank Limited
Public Limited Corp.	Yes	Business Period	25 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (42)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Cayman	Essar Global Fund Limited (FKA Essar Global Limited)	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	95,615,800,000	Current Liabilities	114,013,000,000
Inventories	105,883,700,000	Long-term Liabilities	223,789,400,000
Fixed Assets	212,741,500,000	Other Liabilities	113,387,800,000
Deferred Assets	0,000	Foreign Currency compulsory convertible bonds	13,400,000,000
Invest& other Assets	61,417,500,000	Total Liabilities	464,590,200,000
		Retained Earnings	(2,754.400,000)
		Net Worth	11,068,300,000
Total Assets	475,658,500,000	Total Liab. & Equity	475,658,500,000
Total Assets (Previous Year)	400,916,200,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	885,871,200,000	Net Profit	(11,804,400,000)
Sales(Previous yr)	583,366,300,300	Net Profit(Prev.yr)	(12,854,800,000)

MIRA INFORM REPORT

Report Date :

21.06.2014

IDENTIFICATION DETAILS

Name :	ESSAR OIL LIMITED

Registered Office :	Khambhalia, Post Box No - 24, District Jamnagar - 361 305, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	12.09.1989

Com. Reg. No.:	04-032116

Capital Investment / Paid-up Capital :	Rs.13822.700 Millions

CIN No.: [Company Identification No.]	L11100GJ1989PLC032116

TAN No.: [Tax Deduction & Collection Account No.]	RKTE00150D

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is primarily engaged in the business of refining and marketing of petroleum products in domestic and overseas markets and also engaged in the business of Exploration and Production.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 87220000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is a subsidiary of ESSAR GLOBAL FUND LIMITED. It is an established company having satisfactory track record. The company has recovered its accumulated losses and it has achieved some profit during financial year 2014. Further company gets good financial and managerial support from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding support, the company can be considered 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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	31.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Have moderate degree of safety and carry high credit risk.
Date	31.03.2014

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.

INFORMATION DENIED

Management Non-Co-operative. (Tel No.91-22-66601100)

LOCATIONS

Registered Office / Factory 1 :	Khambhalia Post, Post Box No. 24, District Jamnagar – 361 305, Gujarat, India.
Tel. No.:	91-2833-241444
Fax No.:	91-2833-662929
E-Mail :	shaffi.essaroil@wiprobtgw.wiprobt.ems.vsnl.net.in info@essar.com webmaster@essar.com eolinvestors@essar.com eolcompanysec@essar.com
Website :	http://www.essar.com

Corporate Office 1 :	Essar House, P. O. Box No. 7945, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra, India
Tel. No.:	91-22-24950606/66601100/
Fax No.:	91-22-23544281/ 23540450
E-Mail :	shaffi.essaroil@wiprobtgw.wiprobt.ems.vsnl.net.in info@essar.com corporatecommunications@essar.com
Website:	http://www.essar.com

Factory 2 :	The company’s Oil fields are located at Mehsana, Gujarat, India

Corporate Office 2 :	Located at: Ahmedabad Chennai Mumbai Hazira Vadinar New Delhi Visakhapatnam

Overseas Office :	Located at: Indonesia China United Kingdom Canada United Arab Emirates - Dubai USA – New York Vietnam Qatar Mauritius Korea Kenya Indonesia Czech Republic Africa Madagascar

DIRECTORS

As on 31.03.2013

Name :	Mr. Prashant Ruia
Designation :	Chairman

Name :	Mr. Naresh K. Nayyar
Designation :	Deputy Chairman

Name :	Mr. Lalit Kumar Gupta
Designation :	Managing Director and Chief Executive Officer

Name :	Mr. Chakrapany Manoharan
Designation :	Director (Refinery)

Name :	Mr. Philip S. Aiken
Designation :	Director

Name :	Mr. Dilip J. Thakkar
Designation :	Director and Independent Director

Name :	Mr. K. N. Venkatasubramanian
Designation :	Director

Name :	Mr. V.S. Jain
Designation :	Director

Name :	Mr. Rajiv Pal Singh
Designation :	Nominee of State Bank of India

Name :	Mr. Melwyn Rego
Designation :	Nominee of IDBI Limited

Name :	Mr. Suneet Shukla
Designation :	Nominee of IFCI Limited

Name :	Mr. R. Sudarsan
Designation :	Nominee of LIC of India

KEY EXECUTIVES

Name :	Mr. Sheikh S Shaffi
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	6215026	1.25
Sub Total	6215026	1.25
(2) Foreign
Bodies Corporate	354714647	71.22
Sub Total	354714647	71.22
Total shareholding of Promoter and Promoter Group (A)	360929673	72.47
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10010800	2.01
Financial Institutions / Banks	11270152	2.26
Foreign Institutional Investors	22648076	4.55
Sub Total	43929028	8.82
(2) Non-Institutions
Bodies Corporate	21399539	4.30
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	62938445	12.64
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6512193	1.31
Any Others (Specify)	2344168	0.47
NRIs/OCBs	2344168	0.47
Sub Total	93194345	18.71
Total Public shareholding (B)	137123373	27.53
Total (A)+(B)	498053046	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	951463854	0.00
(2) Public	0	0.00
Sub Total	951463854	0.00
Total (A)+(B)+(C)	1449516900	0.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of refining and marketing of petroleum products in domestic and overseas markets and also engaged in the business of Exploration and Production.

Products :

Product Description	ITC Code No
Petroleum Products	2710

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

ICICI Bank Limited
State Bank of India
IDBI Bank Limited
Punjab National Bank
HDFC Bank Limited
Axis Bank Limited
Indian Overseas Bank
Oriental Bank of Commerce
Indian Bank
Central Bank of India
Bank of India
State Bank of Patiala
Allahabad Bank
Syndicate Bank
Bank of Baroda
State Bank of Mysore

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Debentures
Non-convertible debentures	1521.800	1842.100
Term loans and funded interest facilities
From banks	114409.800	84691.500
From financial institutions	10105.900	12427.300
Funded interest facilities
From banks	12692.900	7556.600
From financial institutions	5995.000	3465.800

Short Term Borrowings
Buyers’ credits and bills discounting and advance against LCs	73576.800	36202.800
Bank overdraft	925.300	1980.900
Working capital demand loan	3900.000	0.000
Total	223127.500	148167.000

Long term borrowings:

The classification of loans between current liabilities and non-current liabilities continues based on repayment schedule under respective agreements as no loans have been recalled due to non-compliance of conditions under any of the loan agreements. The non-compliance of conditions under the loan agreements are primarily arising out of the order of the Hon’ble Supreme Court dated January 17, 2012 (refer note 36). This is in accordance with the guidance issued by the Institute of Chartered Accountants of India on Revised Schedule VI to the Companies Act, 1956.

Security for term loans and funded interest facilities from banks and financial institutions and debentures:

a) Term loans and funded interest facilities of Rs.6996.080 Millions (Previous year Rs.93620.600 Millions) and debentures of Rs.1521.800 Millions (Previous year Rs.1842.100 Millions) are secured / to be secured by first ranking security interests (pari passu with loans for refinery expansion, refinery optimisation, refinanced ECB Loan and Sales tax / General purpose term loan) on all immovable assets (except certain leased out assets), all movable assets other than current assets and second ranking security interests on current assets, present and future, security interest on rights, title and interests under project documents, trust and retention accounts, insurance policies all in relation to the refinery including refinery expansion and refinery optimisation, by pledge of certain shares of the Company held by promoters, personal guarantees of some of the promoters and other collaterals being charge on pledge of certain shares of the Group Company and charge by way of mortgage over a property of Group Company. Term Lenders have agreed to release personal guarantees and collaterals thereto and majority of the lenders have already released the same and other are in process of releasing. A term loan of Rs.607.800 Millions (Previous year Rs.1098.200 Millions) {(including funded interest facilities of Rs.213.700 Millions) (Previous year Rs.441.200 Millions)} is also secured by a corporate guarantee and certain assets of a Group Company.

b) Corporate term loan from a bank of Rs.10000.000 Millions (Previous year Rs.5000.00 Millions) is secured by first charge on all current assets (ranking pari passu with working capital facility) excluding that of exploration and production division, second charge by way of mortgage of land and building and plant and machinery and other assets excluding certain category of assets, personal guarantees of some of the promoters and corporate guarantee by a Group Company and other collaterals being second charge on pledge of certain shares of the Company and that of a Group Company held by promoters and second charge by way of mortgage over a property of Group Company.

c) Sales tax / General purpose term loan from a bank of Rs.31430.000 Millions (Previous year Rs. Nil) is secured / to be secured by first ranking security interests (pari passu with loans for refinery, refinery expansion, Refinanced ECB Loan and refinery optimisation) on all immovable assets (except certain leased out assets), all movable assets other than current assets and second ranking security interests on current assets, present and future, personal guarantees of some of the promoters and certain undertakings provided from holding companies.

d) Refinanced ECB Loan from bank of Rs.14669.300 Millions (Previous year Rs. Nil) is secured/to be secured by first ranking security interests (pari passu with loans for refinery, refinery expansion, refinery optimisation and Sales tax / General purpose term loan) on all immovable assets of Refinery Division, all movable assets of refinery division other than current assets and second ranking security interests on current assets, present and future, pledge of certain shares of the Company held by promoters.

e) Term loans of Rs.39904.300 Millions (Previous year Rs.45620.300 Millions) for the Refinery expansion are secured / to be secured by first ranking security interests (pari passu with loans for refinery, refinery optimisation, Refinanced ECB and Sales tax / General purpose term loan) on all immovable assets, all movable assets other than current assets and second ranking security interests on current assets, present and future, charge over immovable properties leased to entities implementing the terminal utility, power utility and township utility (subject to prior charge in favour of the lenders financing the said utilities), security interest on rights, title and interests under project documents, trust and retention accounts, insurance policies in relation to the refinery, including refinery expansion and further by pledge and non-disposal undertaking of certain shares/global depository shares of the Company held by promoters / associates of promoters or of the Company, personal guarantees of promoters of the Company together with collateral securities and certain undertakings from holding and group companies and residual charge on the company’s participating interest and cash flows related to upstream oil and gas, coal bed methane fields and related assets subject to certain approvals.

f) Term loans of Rs.10134.500 Millions (Previous year Rs. Nil) for the refinery optimisation are secured by first ranking security interests (pari passu with loans for refinery, refinery expansion, Refinanced ECB Loan and Sales tax / General purpose term loan) on all immovable assets (except certain leased out assets), all movable assets other than current assets and second ranking security interests on current assets, present and future, security interest on rights, title and interests under project documents, trust and retention accounts, insurance policies in relation to the refinery, refinery expansion and refinery optimisation and pledge of shares of the Company.

g) Term loans of Rs.5340.700 Millions (Previous year Rs.3062.100 Millions) is secured by first charge on immovable assets and movable assets (present and future), first charge over book debts, operational cash flows, receivables, trust and retention account, Debt Service Reserve account, participating interest under CBM contract, security interest on rights, title and interests under the project documents, insurance policies, clearances, rights under letter of credit, guarantee, performance bond, corporate guarantee and bank guarantees, all in relation to a CBM Project.

h) Term loan from a Bank of Rs.12.000 Millions (Previous year Rs.60.000 Millions) is secured by hypothecation of current assets of an oilfield, bank escrow accounts for certain receivables and corporate guarantee by a Group Company.

(ii) Repayment and other terms:

a) Secured redeemable non – convertible debentures (“NCDs”) of Rs.105/- each consists of: 13868,050 (Previous year 16918250) – 12.50% NCDs of Rs.105/- each amounting to Rs.1456.100 Millions (Previous year Rs.1776.400 Millions).

700000 (Previous year 700000) – 12.50% NCDs, of Rs.100 each on private placement basis partly paid up at Rs.93.86 per debenture amounting to Rs.65.700 Millions (Previous year Rs.65.700 Millions).

During the year, the Company refinanced its rupee borrowings with one of its existing lenders into an External Commercial Borrowing (ECB). This resulted in conversion of debentures having face value of Rs.320.300 Millions also into the ECB loan. Further, as per the Common Loan Agreement (“the CLA”) entered with lenders post exit from the Corporate Debt Restructuring (CDR) Scheme, the Company has agreed to pay interest on a monthly/quarterly basis, on debentures held by the erstwhile CDR lenders at a floating rate linked to the base rate of the respective bank prevailing on August 8, 2012, with effect from January 1, 2012, resulting in the interest rates ranging from 12.32% p.a. to 12.75% p.a. The Company is also in the process of sending offer letters to the remaining debenture holders (i.e. other than lenders) giving them, inter alia, an option for prepayment of debentures along with accumulated interest in full. The principal amount of debentures is otherwise payable from December 2014 to June 2018 and accumulated interest from December 2014 to March 2027, with an option to prepay certain portion of interest at a discounted rate. As an alternative, these debenture holders can opt for revising the terms and conditions applicable to debentures in line with the terms contained in the CLA93

The Hon’ble High Court of Gujarat has, in response to the Company’s petition, ruled vide its orders dated August 04, 2006 and August 11, 2006 that the interest on certain categories of debentures should be accounted on cash basis. In accordance with the said petition / order, funded / accrued interest liabilities amounting to Rs.4177.200 Millions (Previous year Rs.4282.400Millions) as at March 31, 2013 have not been accounted for. This amount carries interest rate ranging from fixed rate of 5% to a floating rate of 12.75% and is repayable from December 2014 to March 2027.

b) The Interest rates for Common Loan Agreement (“the CLA”) (earlier Master Restructuring Agreement (“the MRA”)) loans from Banks and Financial institutions amounting to Rs.54592.000 Millions (Previous year Rs.70700.400 Millions) will based on their prime lending rate / base rate LIBOR plus margin (margin ranges from 2.12% to 3.00%) with different repayment installments starting from December 2009 to March 2026.

c) During the year, the Company exited Corporate Debt Restructuring Scheme resulting in termination of the MRA dated December 17, 2004 and entered into a CLA dated March 25, 2013 with the lenders for the loan facilities which were hitherto being governed by the MRA. The MRA gave an option, subject to consent of lenders, to the Company to prepay certain funded interest loans (the FS loans) of Rs.24716.300 Millions on or before April 24, 2012 without interest. The FS loan has not been prepaid before April 24, 2012 and is now governed by the CLA.

In order to give accounting effect to reflect substance of the transaction, the FS loan was, since inception, measured by the Company in accordance with the principles of IAS 39, Financial Instruments, Recognition and Measurement, in absence of specific guidance in Indian GAAP to cover the specific situation. In continuance of the above said principle and applying the principle of Accounting Standard AS 30, Financial Instruments, Recognition and Measurement, the FS loan has, upon signing of the CLA, been re-measured since inception, considering present value of cash flows inclusive of interest. Accordingly, the gross liability of Rs.31638.400 Millions of the FS loans and funded interest thereon as at March 31, 2013 (comprising of Rs.21263.600 Millions to the banks and Rs.1037.48 Millions to the financial institutions) have been measured at Rs.18338.400 Millions (comprising of Rs.12343.400 Millions to the banks and Rs.5995.000 Millions to the financial institutions). Consequently, borrowing cost of Rs.5367.100 Millions attributable to construction of the Refinery Project based on such re-measurement has been capitalised as part of cost of Fixed Assets and balance borrowing cost of Rs.1109.400 has been recognised in the statement of profit and loss.

The FS Loans of Rs.24716.300 Millions is repayable in various installments from March 2021 to March 2026 and the Funded Interest thereon as at March 31, 2013 amounting to Rs.6921.900 Millions is repayable in 40 equal quarterly installments beginning June 30, 2015. A funded interest loan of Rs.2068.800 Millions (Previous year Rs.2068.800 Millions) is payable in a single bullet payment in 2031 and is continued to be measured in accordance with the aforementioned principles at Rs.349.500 Millions (Previous year Rs.316.700 Millions).

d) Terms Loans amounting to Rs.45639.700 Millions (Previous year Rs.40719.000 Millions) carry interest rate linked with respective banks’ prime lending rate / base rate / LIBOR plus margin / liquidity premium and are repayable in installments starting from December 2012 ending in March 2020. Out of above Rs.9484.500 Millions (Previous year Rs.17076.100 Millions) pertains to Buyers’ Credit which will be ultimately converted into Term Loan.

e) Term loans amounting to Rs.5340.700 Millions (Previous year Rs.3062.100 Millions) carry interest rate linked with respective banks prime lending rate/ base rate/LIBOR plus margin and are repayable in installments starting from March 2014 and ending in June 2021. Out of above Rs.676.200Millions (Previous year Rs.324.700 Millions) pertains to Buyers’ credit which will be ultimately converted into term loan.

f) Term loans amounting to Rs.12.000 Millions (Previous year Rs.60.000 Millions) carry 12.80% interest rate with repayments ending in April 2013.

g) ECB Loan amounting to Rs.4399.000 Millions (Previous year Rs.4901.300 Millions) carry interest rate of LIBOR + 2.75% are repayable in installments ending in October 2018.

h) ECB Loan amounting to Rs.14669.300 Millions (Previous year Rs.Nil) carry interest rate of 6 months LIBOR + 5.00% are repayable in installments starting from March 2015 ending in March 2023.

i) Corporate term loan amounting to Rs.10000.000 Millions (Previous year Rs.5000.00 Millions) carry interest rate at banks’ prime lending rate / base rate plus 3.75% (margin / liquidity premium) and is repayable in installments from June 2014 to March 2017.

j) General purpose term loan amounting to Rs.31430.000 Millions (Previous year Rs.Nil) carry interest rate at banks’ prime lending rate / base rate plus 3.00% (margin / liquidity premium) and is repayable in installments from December 2012 to September 2018.

k) The pilot project for coal bed methane gas was partially financed by a conditional grant of USD 0.89 million (Previous year USD 0.89 million) and Rs.23.100 Millions (Previous year Rs.23.100 Millions) received from a bank. The conditional grant, in terms of the agreement, will be repayable in the event the Company puts the project to commercial use, and repayments to the bank will be based on gross annual sales derived from the commercial exploitation of the project, subject to a maximum repayment of 200% of the conditional grant. Commercial exploitation of the project is dependent upon getting necessary approvals from the Government of India.

l) Unsecured loans from related parties includes Rs. Nil (Previous year Rs.11090.000 Millions) carrying interest rate 9.5% and Rupee loan amounting to Rs.457.500 Millions (Previous year Rs.702.000 Millions) carrying interest rate 10.25% repayable by April 25, 2014 in various installments.

Security for short term borrowing:

Buyers’ credits, bills discounting, advance against LCs and working capital demand loan:

Rs.64919.300 Millions (Previous year Rs.32866.500 Millions) are secured by first charge on all current assets (ranking pari passu with Corporate term loan) excluding that of Exploration and Production division, second charge by way of mortgage of land and building and plant and machinery and other assets excluding certain category of assets, personal guarantees of promoters, corporate guarantee by a Group Company, other collaterals being second charge on pledge of certain shares of the Company and that of a Group Company held by promoters and second charge by way of mortgage over a property of Group Company.

Rs.11964.600 Millions (Previous year Rs.Nil) are secured by charge over receivables.

Rs.Nil (Previous year Rs.3276.500 Millions) is secured by first charge on all goods procured under the LCs opened by the banks and guarantee by the ultimate holding Company.

Rs.592.900 Millions (Previous year Rs.59.800 Millions) are secured by fixed deposits maintained with a bank.

Bank Overdraft from bank of Rs.925.300 Millions (Previous year Rs.1980.900 Millions) is secured by fixed deposits maintained with the bank.


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Ahmadabad, Gujarat, India

Holding Companies:	Essar Global Fund Limited (FKA Essar Global Limited) - Cayman (Ultimate Holding Company)(EGL) Essar Energy Plc - U.K (Holding Company of Vadinar Oil - Mauritius)(EEPLC) Essar Oil and Gas Limited (Formerly known as Vadinar Oil), Mauritius (Holding Company)(EOGL)

Subsidiaries:	Essar Oil Mauritius Limited (Subsidiary Company) – (formerly known as Pitney Mauritius Holdings Limited) (EOML) (Upto December 7, 2012)

Associate:	Vadinar Power Company Limited (VPCL)

Fellow Subsidiaries	Aegis Limited (AEGIS) Aegis Aspire Consultancy Services Limited (AACSL) AGC Networks Limited(AGCNET) Bhandar Power Limited (BPOL) Essar Bulk Terminal Limited (EBTL) Essar Bulk Terminal (Salaya) Limited (EBTSL) Essar Electric Power Development Corporation Limited (EEPDCL) Essar Energy Overseas Limited (EEOL) Essar Exploration and Production India Limited (EEXPIL) Essar Exploration and Production Limited (EEXPL) Essar Exploration and Production Southeast Asia Limited (EEXPSEAL) Essar Energy Holdings Limited - Mauritius (EEHL) Energy Transportation International Limited (ETIL) Essar Gujarat Petrochemicals Limited (EGPL) Essar Logistics Limited (ELL) Essar Offshore Subsea Limited (EOSL) Essar Oilfields Services India Limited (EOFSIL) Essar Oilfields Services Limited (EOFSL) Essar Oil UK Limited (EOLUK) Essar Power Gujarat Limited (EPGL) Essar Projects (India) Limited (EPIL) Essar Projects Management Consultants Limited (Merged with Essar Projects India Limited w.e.f. August 26, 2011) (EPMCL) Essar Power Limited (EPOL) Equinox Reality and Infrastructure Private Limited (ERIPL) Essar Steel India Limited (Merger of Essar Steel Orissa Limited Essar Steel Hazira Limited Hazira Pipe Mills Limited and Hazira Plates Limited w.e.f 1st Apr 2009) (ESTL) Essar Shipping and Logistics Limited (ESLL) Essar Shipping Limited (ESL) Vadinar Oil Terminal Limited (VOTL) Vadinar Ports and Terminal Limited (VPTL) Essar Exploration and Production Limited - Nigeria (EEPLN)

Companies in which promoters have significant influence/control :	Arkay Holdings Limited (ARKAYHPL) Essar Agrotech Limited (EATL) Bright Lamp Education Limited (BLEL) (Fka Essar Education Limited) Essar Energy Services Limited (EESL) Essar Heavy Engineering Services Limited (EHESL) Essar House Limited (EHL) Essar Investments Limited (EIL) Imperial Consultants and Securities Private Limited (ICSPL) Essar Information Technology Limited (EITL) Essar Infrastructure Services Limited (EISL) Essar Properties Limited (EPL) Essar Services India Limited (ESIL) Essar Steel (Jharkhand) Limited (ESTLR) Essar SEZ Hazira Limited (ESHL SEZ) Futura Travels Limited(FUTURA) Ibrox Estates Private Limited (IBROX) India Securities Limited (ISL) Kanak Communications Limited(KANAKCL) Kartik Estates Private Limited(KEPL) Neelkamal Traders Private Limited(NEELKAMAL) New Ambi Trading and Investments Private Limited (NEWAMBITPL) Paprika Media Limited Sinter-Keramos and Composites Private Limited (SKCPL) The Mobilestore Limited (TMSL) Vadinar Properties Limited (VPL) SG Chemicals and Dyes Trading Limited (SGCHEMTL) Balaji trust (BALAJITR)

CAPITAL STRUCTURE

After 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000000	Equity Shares	Rs.10/- each	Rs.50000.000 Millions

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount

1449516900	Equity Shares	Rs.10/- each	Rs.14495.169 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000000	Equity Shares	Rs.10/- each	Rs.50000.000 Millions

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount

1427593086	Equity Shares	Rs.10/- each	Rs.14275.900 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount

1365667086	Equity Shares	Rs.10/- each	Rs.13656.700 Millions
61926000	Add : Forfeited shares - Equity shares of Rs.10/- each		Rs.166.000 Millions
	Total		Rs.13822.700 Millions

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Equity Shares	No. of Shares	Rs.In Millions
Shares outstanding at the beginning of the year	1365667086	13656.700
Add : Equity Shares issued during the year	-	-
Shares outstanding at the end of the year	1365667086	13656.700

b) Terms / rights attached to the equity Shares / Global depository shares (GDS)

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Holders of GDS will be entitled to receive dividends, subject to the terms of the Deposit Agreement, to the same extent as the holders of shares, less the fees and expenses payable under such Deposit Agreement and any Indian tax applicable to such dividends. Holders of GDS will not have voting rights with respect to the Deposited Shares.

c) Shares held by holding / ultimate holding company and / or their subsidiaries / associates

Particulars	No. of Shares	Rs. In Millions
4,761,000 GDS (Previous year 4,761,000 GDS) held by Essar Oil and Gas Limited (formerly known as Vadinar Oil), Mauritius, the holding Company pursuant to section 4(6) of the Companies Act, 1956	728433000	7284.300
1,843,724 GDS (Previous year 1,843,724 GDS) held by Essar Energy Holdings Limited, Mauritius, subsidiary of the holding company	282089772	2820.900
Equity shares held by Essar Energy Holdings Limited, Mauritius, subsidiary of the holding company	178858624	1788.600
Equity Shares held by Essar Power Hazira Holdings Limited (name changed from Hazira Steel 2), subsidiary of ultimate holding company, Essar Global Fund Limited	100	0.000*

* Amount less than Rs.0.100 Million

d) Stock Options

On December 2, 2011, the Company approved grant of 3211391 options (convertible at the option of the eligible employees into equivalent number of equity shares of Rs.10/- each of the Company, in three equal installments i.e. at the end of 3rd / 4th / 5th year from the grant date) to the eligible employees and Executive Directors of the Company pursuant to Essar Oil Employee Stock Option Scheme 2011 approved by the members at the 21st Annual General Meeting held on August 12, 2011. The exercise period for the options is 7 years from the date of vesting.

These stock options have been granted at an option value of Rs.69.05 per equity share of face value of Rs.10/- each (i.e. the closing price of the equity shares of the Company on December 01, 2011 at the National Stock Exchange of India Limited, being the exchange having the higher quantity of trading of Company’s shares).

2,519,058 options (Previous year 2,910,749) were outstanding as on March 31, 2013. The Remuneration Committee of the Board of Directors has noted the forfeiture of 391,691 stock options on May 10, 2013.

e) Details of shareholders (including GDS holders) holding more than 5% shares in the Company

Particulars	No. of Shares	% of Shares
4761000 held by Essar Oil and Gas Limited (formerly known as Vadinar Oil) Mauritius, the holding Company pursuant to section 4(6) of the Companies Act, 1956	728433000	53.34
1,843,724 GDSs held by Essar Energy Holdings Limited, Mauritius, subsidiary of the holding company.	282089772	20.66
Equity shares held by Essar Energy Holdings Limited, Mauritius, subsidiary of the Holding Company.	178858624	13.10

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13822.700	13822.700
(b) Reserves & Surplus	(2754.400)	7984.700
(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)	11068.300	21807.400

Foreign Currency Compulsory Convertible Bonds	13400.000	13400.000

(3) Non-Current Liabilities
(a) long-term borrowings	145387.300	122028.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	22160.700	47955.500
(d) long-term provisions	51.400	10.000
Total Non-current Liabilities (3)	167599.400	169993.500

(4) Current Liabilities
(a) Short term borrowings	78402.100	38183.700
(b) Trade payables	113561.000	108100.400
(c) Other current liabilities	91227.100	49124.900
(d) Short-term provisions	400.600	306.300
Total Current Liabilities (4)	283590.800	195715.300

TOTAL	475658.500	400916.200

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	212561.300	212999.000
(ii) Intangible Assets	180.200	200.200
(iii) Capital work-in-progress	26103.800	17604.700
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1030.000	1030.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	11381.400	4109.300
(e) Other Non-current assets	13345.300	18096.400
Total Non-Current Assets	264602.000	254039.600

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	105883.700	76816.700
(c) Trade receivables	47164.900	39969.300
(d) Cash and cash equivalents	24306.600	20609.400
(e) Short-term loans and advances	12762.900	2280.200
(f) Other current assets	20938.400	7201.000
Total Current Assets	211056.500	146876.600

TOTAL	475658.500	400916.200

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		13822.700
2] Share Application Money		0.000
3] Reserves & Surplus		51556.300
4] (Accumulated Losses)		0.0000
NETWORTH		65379.000
LOAN FUNDS
1] Secured Loans		122744.200
2] Unsecured Loans		22725.100
TOTAL BORROWING		145469.300
DEFERRED TAX LIABILITIES		114.500
Advance towards issue of global depository shares		0.000

TOTAL		210962.800

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		117440.900
Capital work-in-progress		84230.400

INVESTMENT		1030.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57491.400
	Sundry Debtors	23673.000
	Cash & Bank Balances	29586.600
	Other Current Assets	4978.400
	Loans & Advances	7378.800
Total Current Assets		123108.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73616.900
	Other Current Liabilities	39260.000
	Provisions	1969.800
Total Current Liabilities		114846.700
Net Current Assets		8261.500

MISCELLANEOUS EXPENSES		0.000

TOTAL		210962.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	885781.200	583366.300
		Other Income	6087.800	4247.600
		TOTAL	891869.000	587613.900

Less	EXPENSES
		Cost of Materials Consumed	813339.800	528948.500
		Purchases of traded goods	8667.200	19571.600
		Changes in inventory of finished goods and work-in-progress	(2368.800)	-9881.000
		Employee Benefits Expenses	1856.600	1345.600
		Other expenses	33867.400	26621.600
		TOTAL	855362.200	566606.300

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		36506.800	21007.600

Less	FINANCIAL EXPENSES		34235.800	13868.400

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2271.000	7139.200

Less/ Add	DEPRECIATION/ AMORTISATION		12960.600	7619.400

	PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX		(10689.600)	(480.200)

Less	EXCEPTIONAL ITEMS		1114.800	12374.600

	PROFIT/(LOSS) BEFORE TAX		(11804.400)	(12854.800)

Less	TAX		0.000	0.000

	PROFIT/(LOSS) AFTER TAX		(11804.400)	(12854.800)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(41648.200)	(28793.400)

	BALANCE CARRIED TO THE B/S		(53452.600)	(41648.200)

	EARNINGS IN FOREIGN CURRENCY
		Interest	6.800	0.000
		FOB value of exports	306402.900	199153.300
		Overseas trading of crude / Petroleum products	0.000	12555.100
		On commodity hedging	12520.100	3435.100
		Income from technical services	222.900	147.300
		Income from sale of participating interest in an E&P block	0.000	0.000
		Others	65.300	72.00
	TOTAL EARNINGS		319218.000	215362.800

	IMPORTS
		Raw Materials	681393.600	473612.200
		Stores & Spares	4591.900	1128.100
		Capital Goods	1123.200	6624.600
	TOTAL IMPORTS		687108.700	481364.900

	Earnings/(Loss) Per Share (Rs.)
	Basic		(8.64)	(9.41)
	Diluted		(8.64)	(9.41)

	PARTICULARS		31.03.2011
	SALES
		Income	469882.100
		Other Income	3540.000
		TOTAL (A)	473422.100

Less	EXPENSES
		Purchase of traded petroleum products	19642.000
		Consumption of raw materials	421292.700
		Increase)/Decrease in stock	(11576.400)
		Operating expenses	7356.600
		Employee costs	1196.700
		Selling and marketing expenses	4091.400
		General and administrative expenses	3624.200
		TOTAL (B)	445627.200

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27794.900

Less	FINANCIAL EXPENSES (D)		12202.400

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15592.500

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7308.600

	PROFIT BEFORE TAX (E-F) (G)		8283.900

Less	TAX (I)		1745.100

	PROFIT AFTER TAX (G-I) (J)		6538.800

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5565.100)

Add:	Amount transferred from foreign projects reserve		0.000

Less:	Amount transferred to debenture redemption reserve		603.300

	BALANCE CARRIED TO THE B/S		370.400

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	155573.600
	TOTAL EARNINGS		155573.600

	IMPORTS
		Raw Materials	374753.900
		Stores & Spares	1508.100
		Capital Goods	19509.200
	TOTAL IMPORTS		395771.200

	Earnings Per Share (Rs.)
	Basic		4.85
	Diluted		4.47

QUARTERLY RESULTS

Particulars	30.06.2013 (Unaudited)	30.09.2013 (Unaudited)	31.12.2013 (Unaudited)
	1st Quarter	2nd Quarter	3^rd Quarter
Net Sales	224610.000	257360.000	251310.000
Total Expenditure	222770.000	249140.000	242990.000
PBIDT (Excl OI)	1840.000	8220.000	8320.000
Other Income	2310.000	2110.000	3700.000
Operating Profit	4150.000	10330.000	12020.000
Interest	9460.000	7660.000	8120.000
Exceptional Items	0.000	0.000	0.000
PBDT	(5310.000)	2670.000	3900.000
Depreciation	3320.000	3380.000	3380.000
Profit Before Tax	(8630.000)	(710.000)	520.000
Tax	0.000	0.000	0..000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(8630.000)	(710.000)	520.000
Extraordinary Items	0.000	0.000	0.000
0Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(8630.000)	(710.000)	520.000

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.32)	(2.19)	1.38

Net Profit Margin (PBT/Sales)	(%)	(1.33)	(2.20)	1.76

Return on Total Assets (PBT/Total Assets}	(%)	(5.01)	(7.60)	3.44

Return on Investment (ROI) (PBT/Networth)		(1.06)	(0.59)	0.13

Debt Equity Ratio (Total Debt /Networth)		20.22	7.35	2.22

Current Ratio (Current Asset/Current Liability)		0.74	0.45	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13822.700	13822.700
Reserves & Surplus	7984.700	(2754.400)
Net worth	21807.400	11068.300

long-term borrowings	122028.000	145387.300
Short term borrowings	38183.700	78402.100
Total borrowings	160211.700	223789.400
Debt/Equity ratio	7.347	20.219

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	469882.100	583366.300	885781.200
		24.152	51.840

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	469882.100	583366.300	885781.200
Profit	6538.800	-12854.800	-11804.400
	1.39%	-2.20%	-1.33%

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	No
8]	No. of employees	Yes
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	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

COMPANY PETITION No. 251 of 2013

Status : PENDING

( Converted from : O/ST/2497/2013 )

CCIN No : 001058201300251

Last Listing Date:

29/08/2013

Coram

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

Not Before :

HONOURABLE MR.JUSTICE KSHITIJ R.VYAS

HONOURABLE MR.JUSTICE N.G.NANDI

HONOURABLE MR.JUSTICE P.B.MAJMUDAR

HONOURABLE MR.JUSTICE Y.B.BHATT

S.NO.	Name of the Petitioner	Advocate On Record
1	C.A.T. GEODATA GMBH	M/S THAKKAR ASSOC. for: Petitioner(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	ESSAR OIL LIMITED	NANAVATI ASSOCIATES for :Respondent(s) 1

Presented On	: 19/09/2013	Registered On	: 19/09/2013
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 12 times
StageName	: NOTICE RETURNABLE MATTERS

Classification	SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434
Act	COMPANIES ACT, 1956

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	19/09/2013	VAKALATNAMA	M/S THAKKAR ASSOC. ADVOCATE for PETITIONER(s) 1	5	M/S THAKKAR ASSOC.(1357) for P:1
2	19/09/2013	MEMO OF APPEAL/PETITION/SUIT	M/S THAKKAR ASSOC. ADVOCATE for PETITIONER(s) 1	100	M/S THAKKAR ASSOC.(1357), for P:1
3	24/10/2013	VAKALATNAMA	NANAVATI ASSOCIATES ADVOCATE for RESPONDENT(s) 1	5	NANAVATIASSOCIATES(1375) for R:1
4	27/03/2014	AFFIDAVIT IN RE-JOINDER	M/S THAKKAR ASSOC. ADVOCATE for PETITIONER(s) 1	0	M/S THAKKAR ASSOC.(1357) for P:1

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	20/09/2013	13	1	ADMISSION (FRESH MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE K.M.THAKER
2	21/10/2013	13	29	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE K.M.THAKER
3	22/11/2013	15	19	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE K.M.THAKER HONOURABLE MR.JUSTICE R.M.CHHAYA
4	12/12/2013	15	27	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
5	16/01/2014	15	22	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
6	30/01/2014	15	21	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
7	20/02/2014	15	30	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
8	11/03/2014	9	30	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT HONOURABLE MR.JUSTICE R.M.CHHAYA
9	27/03/2014	9	43	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
10	10/04/2014	9	35	NOTICE RETURNABLE MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
11	20/06/2014	9	35	NOTICE RETURNABLE MATTERS		HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

AAVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	COMPANY PETITION/251/2013	HONOURABLE MR.JUSTICE K.M.THAKER	20/09/2013	N	ORDER	-	Y	Download
2	COMPANY PETITION/251/2013	HONOURABLE MR.JUSTICE R.M.CHHAYA	20/02/2014	N	ORDER	-	Y	Download

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Finance lease obligation
From related parties	446.900	451.100
From others	11.900	12.300
Other loans
Conditional grant from a bank	71.400	68.500
From related parties	131.700	11512.800
Total	661.900	12044.700

CORPORATE INFORMATION:

The Company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It is primarily engaged in the business of refining and marketing of petroleum products in domestic and overseas markets. It is also engaged in the business of Exploration and Production.

MANAGEMENT DISCUSSION AND ANALYSIS

Global Economic and Market Overview

The global economy is expected to improve gradually with improvement in US economic environment, moderate growth of other emerging market economies like India, China and Brazil and revival in Euro zone and Japan. As per the International Monetary Fund’s (IMF) ‘World Economic Outlook’ published in April 2013, global economic growth is progressing to 3.3% in 2013 compared to 3% in 2012. However, the stability and growth prospectus of US economy resulted in flow of money from emerging markets to US and other developed markets which led to sharp depreciation of emerging market’s currencies against USD particularly India which largely depends on import of crude. This has made managing current account deficit a challenge for policy makers.

The global economic environment and delay in implementation of key policy decisions by the Government of India (Government) moderated Indian economic growth to 5% during FY 2012-13 from 6.2% in the previous year. While India continues to be one of the fastest growing major economies in the world, in order to sustain a healthy growth rate in the future, the Government needs to quickly address key infrastructural bottlenecks, huge current account deficit and uncertainty with regard to policy and regulatory matters. The economy growth is expected to be back on track in coming year on account of new reforms announced and measures undertaken by the Government to contain current account deficit, high inflation and bring about overall improvement in fiscal consolidation.

Oil and natural gas will remain key sources of fuel in the global energy basket in the foreseeable future in spite of global thrust on increasing the share of renewal energy. There will be gradual increase of green / renewal energy and bio-fuels in overall basket of energy mix. However, this is not expected to significantly impact the oil demand. As per International Energy Agency (IEA), oil & natural gas is expected to be around 53% of total energy consumption by year 2030. Hence, the global strategic focus on hydrocarbon fuels will be a key issue for policy makers across the world.

World oil demand is expected to grow at around 1 million barrel of oil equivalent per year between 2013 and 2017 with Asia accounting for 55% of the incremental demand growth. The focus of global energy demand growth has decisively shifted from developed markets to Asian region. Global markets continue to witness closures of refining capacities due to high operating cost, declining growth due to tough economic environment, high maintenance cost to maintain high quality products (Euro V), inability to process heavy and ultra-heavy crudes due to environmental restrictions etc. In the last 4 years an average o\f more than 1 mmbbl of refining capacities have been shut down each year. New refinery capacities are being added in Asia and Middle East where demand is expected to grow at a healthy rate; the refineries in this region also have structural cost competitiveness compared to their west counterparts. On net basis, refinery capacity additions in next 2-3 years are expected to be more or less equal to incremental demand which is expected to support the refinery margins.

OPERATIONAL PERFORMANCE

The Refinery registered an impressive 46% growth in crude processing at 19.77 million metric tones (MMT) compared to 13.50 MMT during the previous financial year. All the new units completed under Train I expansion project were fully stabilized within two to three months of commissioning and the Optimisation project which took there refining capacity from 18 million metric tones per annum (MMTPA) to 20 MMTPA was also completed four months ahead of schedule in June 2012. The Refinery has operated successfully at the enhanced capacity of 20 MMTPA from July 2012 onwards. Detailed information on the operational performance for the financial year is given in the Management Discussion and Analysis which is annexed to the Directors’ Report.

FINANCIAL PERFORMANCE

During the year, with increase in refining capacity, the Company recorded a strong revenue growth of 53% at ` 970680.000 Millions up from Rs.634280.000 Millions in the previous financial year. The Current Price Gross Refining Margin (CPGRM) for the refinery business also registered a quantum jump at USD7.96 per barrel compared to USD4.23 per barrel for the previous financial year. The Earning before Interest, Depreciation, Tax and Amortization (EBIDTA) for the current financial year increased by 74% to Rs.36510.000 Millions From Rs.21010.000 Millions for previous financial year. This is mainly on account of increase in the sales volume arising due to expansion of Refining capacity from 10.5 MMTPA to 20 MMTPA, higher gross refining margins, increase in other operating income which is partially offset by MTM provision on commodity hedging. Further in the previous year, even though the income arising out of defeasement of sales tax incentive amounting to Rs.778.25 was part of EBITDA, this was reversed and shown as exceptional item. For the financial year ended March 31, 2013, the loss after tax decreased marginally due to higher EBITDA as explained above offset by increase in interest and depreciation expenses post completion of Refinery expansion, which was treated as part of expenditure during construction in the previous year. Exceptional items for the previous year mainly represents reversal of sales tax incentive income post litigation of this matter and provision for impact towards exit from Corporate Debt Restructuring mechanism (CDR exit) whereas in the current year it only represents the additional impact on CDR exit. The Company reported net loss after tax (after exceptional items) for current financial year at Rs.11800.000 Millions as against previous year figure of Rs.12850.000 Millions. In the absence of profits during the financial year, the Board has not recommended any dividend for the year.

The Sales tax matter has been resolved and concluded with the final judgment of Supreme Court on September 13, 2012. The Company is required to pay balance sales tax liability in two years with 10% interest. The Company has successfully tied up for term loan facility with a Bank to mitigate the liquidity risk of payment of sales tax liability.

The Company’s exit from CDR mechanism is another crucial landmark achieved by the Company towards the end of the financial year.

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND year ENDED 31 March 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Year Ended (Audited)
	31.03.2014	31.12.2013	31.03.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	252110.000	250890.000	983530.000
b) Other operating income	630.000	420.000	2490.000
Total income from Operations(net)	252740.000	251310.000	986020.000
2.Expenditure
a) Cost of raw materials consumed	226460.000	222170.000	888240.000
b) Purchase of traded goods	3430.000	3350.000	12760.000
c) (Increase) / Decrease in stock of finished goods and work-in-progress	(420.000)	9260.000	1480.000
d) Consumption of fuel	1820.000	1620.000	7560.000
e) Employee benefits expenses	510.000	580.000	2250.000
f) Selling and marketing expenses	1390.000	1850.000	6870.000
g) Depreciation / Amortisation	3470.000	3380.000	13550.000
h) Other expenses	4220.000	4160.000	16290.000
Total expenses	240880.000	246370.000	949000.000
3. Profit from operations before other income and financial costs	11860.000	4940.000	37020.000
4. Other income	2050.000	2240.000	8710.000
5. Profit from ordinary activities before finance costs	13910.000	7180.000	45730.000
6. Finance costs	6940.000	8120.000	32180.000
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	6970.000	(940.000)	13550.000
8. Foreign exchange loss / (gain)	(3140.000)	(1460.000)	12260.000
9. Exceptional items	0.000	0.000	--
10. Profit / (Loss) from ordinary activities before tax	10110.000	520.000	1290.000
11.Tax expenses	30.000	0.000	30.000
12.Net Profit / (Loss) from ordinary activities after tax	10080.000	520.000	1260.000
13.Paid-up equity share capital (Nominal value Re. 1/- per share)	14500.000	14500.000	14500.000
14. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
15. Earnings per share before and after extraordinary items
-Basic (Not Annualised)*	6.95	0.38	0.90
- Diluted (Not Annualised)	6.95	0.38	0.87

Particulars	Quarter Ended ( Unaudited)		Year Ended (Audited)
	31.03.2014	31.12.2013	31.03.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	137123373	137123373	137123373
- Percentage of shareholding excluding depositary share	27.53%	27.53%	27.53%
- Percentage of shareholding including depositary share	9.46%	9.46%	9.46%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	258222080	185338627	258222080
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	19.68	14.12%	19.68
Percentage of shares (as a % of total share capital of the company)	17.81	12.79%	17.81

b) Non Encumbered
Number of shares	1054171447	1127054900	1054171447
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	80.32%	85.88%	80.32%
Percentage of shares (as a % of total share capital of the company)	72.73%	77.75%	72.73%

B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	23
Disposed of during the quarter	23
Remaining unreserved at the end of the quarter	Nil

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Year Ended (Audited)
	31.03.2014	31.12.2013	31.03.2014
1. Segment Revenue
Refining including expansion and marketing	253230.000	251820.000	988230.000
Exploration and production activities	30.000	30.000	120.000
Unallocated	(30.000)	100.000	240.000
Total	253230.000	251950.000	988590.000
Less : Inter-segment revenue	0.000	0.000	0.000
Total Segment revenue	253230.000	251950.000	988590.000

2. Segment Results Profit / (Loss) before interest and tax
Refining including expansion and marketing	14380.000	5540.000	22110.000
Exploration and production activities	(20.000)	30.000	(10.000)
Unallocated	(890.000)	(630.000)	(2440.000)
Total	13470.000	4940.000	19660.000
Less: Interest expenses	4920.000	6020.000	24510.000
Add : Interest income	1520.000	1570.000	6030.000
Add : Profit on sale of Investments	20.000	30.000	90.000
Add : Credit balances written back	20.000	0.000	20.000
Total Profit / (Loss) before Income tax	10110.000	520.000	1290.000

3. Capital employed (Segment assets - Segment liabilities)
Refining including expansion and marketing	228990.000	224870.000	228990.000
Exploration and production activities	29450.000	27190.000	29450.000
Unallocated	4160.000	5340.000	4160.000
Total Capital employed	26260.000	257400.000	262600.000

STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Particulars		As at 31.03.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	14660.000
	b) Reserves & Surplus	9650.000
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	24310.000
2	Share application money pending allotment	--
3	Minority Interest	--
4	Non-current liabilities
	(a) Long term borrowings	142850.000
	(b) Deferred tax liabilities (net)	--
	(c) Other long term liabilities	2390.000
	(d) Long term provisions	50.000
	Sub Total- Non Current Liabilities	145290.000
5	Current liabilities
	(a) Short term borrowings	67570.000
	(b) Trade Payables	198150.000
	(c) Other current liabilities	84890.000
	(d) Short term provisions	440.000
	Sub Total- Current Liabilities	351050.000
	TOTAL-EQUITY AND LIABILITIES	520650.000

B	ASSETS
1	Non-current assets
	(a) Fixed assets	243720.000
	(b) Non-current investments	1030.000
	(c) Long term loans and advances	9800.000
	(d) Other non-current assets	16600.000
	Sub-Total- Non current assets	271150.000
2	Current assets
	a) Current Investments	4950.000
	b) Inventories	93100.000
	c) Trade Receivables	71000.000
	d) Cash and cash equivalents	36320.000
	(e) Short term loans and advances	28150.000
	(f) Other current assets	15980.000
	Sub-Total- current assets	249500.000
	TOTAL ASSETS	520650.000

Notes:-

1. The above results have been reviewed by the Audit and Governance Committee and approved by the Board of Directors at their meetings held on May 19, 2014 and May 20, 2014 respectively at Mumbai.

2. Total income from operations (net) for the year comprises of Gross income from operations Rs. 1074390.000 Millions (previous year Rs. 970680.000 Millions) less Excise duty and Sales Tax / VAT Rs. 88370.00 Millions (previous year Rs. 84900.000 Millions).

3. The Refinery achieved highest ever annual throughput of 20.23 MMT during the current year.

Rs. In Millions

Particulars	Quarter Ended ( Unaudited)		Year Ended (Audited)
	31.03.2014	31.12.2013	31.03.2014

Throughput (in MMT)	5.05	4.86	20.23

4. The figures of last quarters of the standalone results are the balancing figures between audited figures in respect of the full financial years and the published year to date figures upto the third quarters of the respective financial years.

5. The company acquired Essar Oil Trading Mauritius Limited, Mauritius (formally known as Steel Trading Mauritius Limited) as a wholly owned subsidiary company on March 11, 2014. The company was not required to prepare Consolidated Financial Statements for the previous year ending March 31, 2013 and hence no comparative figures have been given in the consolidated financial results.

6 . The consolidated accounts have been prepared as per Accounting Standard (AS) 21 - Consolidated Financial Statements and Accounting Standard (AS) 23 - Accounting for Investments in Associates in Consolidated Financial Statements notified under the Companies (Accounting Standards) Rules, 2006.

7. The audited financial statements of subsidiary and unaudited financial statements of the Associate considered for consolidation have been prepared in accordance with International Financial Reporting Standards and Indian Generally Accepted Accounting Principles, respectively.

8. The Company has not recognised Deferred Tax Assets (net) of Rs. 19200.000 Millions as on March 31, 2014 on unabsorbed depreciation / loss in view of the concept of "Virtual Certainty Supported by Convincing Evidence" as required under Accounting Standard (AS) 22 -Accounting for Taxes on Income for both standalone and consolidated results.

9. Previous periods' figures have been regrouped / rearranged, wherever considered necessary.

INDEX OF CHARGES:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10433008	10/06/2013	5,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B77947000
2	10423132	01/04/2013 *	50,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B74604042
3	10420270	26/03/2013	14,893,725,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B73342115
4	10419333	20/03/2013	5,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B73062960
5	10402887	31/01/2013	2,000,000,000.00	Central Bank of India	1st Floor, MMO Building, Fort, Mumbai, Mumbai, Ma harashtra - 400023, INDIA	B68038629
6	10393843	06/12/2012	1,550,000,000.00	IDBI Bank Limited	IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B64825672
7	10374025	21/03/2013 *	5,733,300,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B73119083
8	10372403	31/07/2012	11,330,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B56340177
9	10273767	30/07/2012 *	10,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B44704351
10	10267235	20/01/2011	5,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B05111711
11	10220168	15/03/2011 *	42,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B10003192
12	10197118	06/01/2010	16,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	A77489946
13	10176888	24/09/2009	6,000,000,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	A70241781
14	10117341	25/11/2010 *	20,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B01631753
15	10114844	11/06/2008	20,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	A42864298
16	10108571	14/03/2008	4,250,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	A40755902
17	10108573	14/03/2008	4,250,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	A40756892
18	10078490	26/10/2007	4,590,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A28514198
19	10101924	26/10/2007	187,400,000.00	UNITED INDIA INSURANCE CO LIMITED(01.01.73)	24, WHITE ROAD, P.B.NO.676,MADRAS-14., MADRAS-14., Tamil Nadu - 600014, INDIA	A34140442
20	10058990	07/05/2013 *	150,150,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B75789222
21	10042313	15/02/2007	2,390,000,000.00	Punjab National Bank	1st Floor, Raheja Chambers, Free Press Marg, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	A12555579
22	10042330	15/02/2007	1,500,000,000.00	Indian Bank	Mittal Tower, B - Wing, GF 210, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	A12596672
23	10043193	15/02/2007	500,000,000.00	Oriental Bank of Commerce	Corporate Group Finance Branch, 18th Floor, Maker Tower 'E', Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	A12239208
24	10046037	15/02/2007	2,000,000,000.00	Bank of Baroda	Corporate Finance Services Branch, 1st floor, Bank of Baroda Bldg, Ballard Pier, Mumbai, Maharashtra - 400001, INDIA	A13213434
25	10029557	21/12/2006	800,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, HT PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA	A08375420
26	10021874	25/09/2006	4,000,000,000.00	Housing and Urban Development Corpn Limited	Hudco Bhawan, India, Habitat Center,, Lodhi Road, New Delhi, Delhi - 110003, India	A05552021
27	10022317	25/09/2006	1,500,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	E-Block, Harsha Bhavan, Connaught Place, New Delhi, Delhi - 110001, INDIA	A05722830
28	10023083	18/07/2013 *	20,518,500,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	B80457096
29	10023320	25/09/2006	2,000,000,000.00	INDIAN OVERSEAS BANK	Veer Nariman Road, Fort, Mumbai, Maharashtra - 400023, INDIA	A05939236
30	10023738	25/09/2006	2,000,000,000.00	Syndicate Bank	Industrial Finance Branch, Finance Branch, 3rd floor, 10, Homji Street, Mumbai, Maharashtra - 400023, INDIA	A06053326
31	90103891	29/05/2006 *	846,600,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, 1st Floor, Mumbai Main Office, Fort, Mumbai, Maharashtra - 400023, India	-
32	90103376	18/01/2005 *	2,000,000,000.00	Industrial Devlopment Bank of India Limited	IDBI Tower; Cuffe Parade, Mumbai, Maharashtra - 400005, India	-
33	90103888	18/01/2005 *	3,261,100,000.00	Life Indsurance Corportion of India	Jeevan Bima Marg, Mumbai, Maharashtra - 400021, India	-
34	80003137	18/01/2005	12,576,600,000.00	ICICI BANK LIMITED	BKC, Mumbai, Maharashtra - 400051, India	-
35	80003138	18/01/2005	804,300,000.00	IFCI LIMITED	Nehru Place, New Delhi, Delhi - 110019, India	-
36	80003139	18/01/2005	7,694,300,000.00	IDBI BANK LIMITED	Cuff Parade, Mumbai, Maharashtra - 400005, India	-
37	80003140	18/01/2005	1,207,000,000.00	IDBI	CUFFE PARADE, MUMBAI, Maharashtra - 400020, INDIA	-
38	80003141	18/01/2005	254,100,000.00	GIC	Churchgate, Mumbai, Maharashtra - 400020, India	-
39	80003142	18/01/2005	266,000,000.00	NEW INDIA ASSURANCE CO LIMITED	M G Road, Mumbai, Maharashtra - 400023, India	-
40	80003143	18/01/2005	153,900,000.00	NATIONAL INS CO LIMITED	Middleton St, Kolkata, West Bengal - 700001, India	-
41	80003144	18/01/2005	158,400,000.00	THE ORIENTAL INS CO LIMITED	ASAF ALI ROAD, NEW DELHI, Delhi - 110002, INDIA	-
42	80003145	07/05/2013 *	68,714,100,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B76378769
43	90103373	13/12/2004 *	22,473,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	10th Floor Nariman Bhavan; 227 Vinay K Shah Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	-
44	90103881	18/01/2005 *	490,000,000.00	LIFE INDSURANCE CORPORTION OF INDIA	Jeevan Bima Marg, Mumbai, Maharashtra - 400021, India	-
45	90103242	18/01/2005 *	2,460,000,000.00	LIFE INSURANCE CORPORTION OF INDIA	Yagakshema ; Jeevan Bima Marg, Mumbai, Maharashtra - 400021, India	-
46	80003135	31/03/2001	8,570,000,000.00	ICICI LIMITED	Bkc, Mumbai, Maharashtra - 400051, India	-
47	90103235	29/05/2006 *	56,500,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, 1st Floor,, Mumbai Main Office, Fort, Mumbai, Maharashtra - 400023, India	-
48	90103198	18/01/2005 *	70,000,000.00	BANK OF MAHARASHTRA	Lokmangal ; 1501 Shivajinagar, Pune, Maharashtra - 411005, India	-
49	90103197	18/01/2005 *	2,400,000,000.00	IFCI LIMITED	IFCI Tower; 61; Nehru Place, New Delhi, Delhi - 110019, India	-
50	80003134	31/12/1999	70,000,000.00	ICICI Limited	BKC, Mumbai, Maharashtra - 400051, India	-
51	80003133	31/03/1999	5,860,000,000.00	ICICI Limited	BKC, Mumbai, Maharashtra - 400051, India	-
52	90102807	29/05/2006 *	250,000,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, 1st Floor,, Mumbai Main Office, Fort,, Mumbai, Maharashtra - 400023, India	-
53	90103477	09/08/2005 *	250,000,000.00	CENTRAL BANK OF INDIA	Corporate Finance Branch, Mumbai, Maharashtra - 400023, India	-
54	80003131	26/02/1998	1,485,000,000.00	PNB	Nariman Point, Mumbai, Maharashtra - 400021, India	-
55	80003130	10/02/1998	500,000,000.00	CENTRAL BANK OF INDIA	Fort, Mumbai, Maharashtra - 400023, India	-
56	90103111	26/09/2005 *	2,128,260,000.00	Industrial Credit and Investment Corportion of India Limited	163; Backbay Reclamation, Bombay, Maharashtra - 400020, India	-
57	90103108	18/01/2005 *	1,850,000,000.00	Industrial Credit and Investment Corportion of India Limited	IFCI TOWER;61 NEHRU PLACE, NEW DELHI, Delhi - 1100 19, INDIA	-
58	90103103	18/01/2005 *	2,175,000,000.00	INDUSTRIAL DEVLOPMENT BANK OF INDIA LIMITED	IDBI Tower; Cuffe Parade, Mumbai, Maharashtra - 40 0005, India	-
59	90103098	18/01/2005 *	1,000,000,000.00	INDUSTRIAL DEVLOPMENT BANK OF INDIA	IDBI Tower; Cuffe Parade, Mumbai, Maharashtra - 400005, India	-
60	90103096	18/01/2005 *	600,000,000.00	IFCI LIMITED	IFCI Tower; 61; Nehru Place, New Delhi, Delhi - 11 0019, India	-
61	90103094	09/08/2005 *	700,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, Apeejay House, Mumbai, Maharashtra - 400020, India	-
62	90103063	18/01/2005 *	500,000,000.00	National Insurance Corportion pf India	3; Middleton Street, Kolkata, West Bengal - 700001, India	-
63	90102791	28/12/2004 *	2,000,000,000.00	Life Insurance Corportion of India	Jeevan Bima Marg, Mumbai, Maharashtra - 400021, India	-
64	90103049	18/01/2005 *	2,000,000,000.00	Life Insurance Corportion of India	Jeevan Bima Marg, Mumbai, Maharashtra - 400021, India	-
65	90103046	18/01/2005 *	750,000,000.00	Industrial Credit and Investment Corportion of India Limited	IFCI Tower;61 Nehru Place, New Delhi, Delhi - 110019, India	-
67	90102789	18/01/2005 *	200,000,000.00	Industrial Credit and Investment Corportion of India Limited	163; Backway Reclation, Mumbai, Maharashtra - 4000 20, India	-
68	90103041	26/09/2005 *	500,000,000.00	Industrial Credit and Investment Corportion of India Limited	163; Backway Reclation, Mumbai, Maharashtra - 4000 20, India	-
69	90103038	26/09/2005 *	2,500,000,000.00	Industrial Credit and Investment Corportion of India Limited	163; Backway Reclation, Mumbai, Maharashtra - 4000 20, India	-
70	90103012	17/04/2007 *	500,000,000.00	General Insurance Corporation of India	Suraksha170 J Tata Road, Churchgate, Mumbai, Maharashtra - 400020, India	-
71	80003116	30/06/2010 *	5,682,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India	A90058231

* Date of charge modification

FIXED ASSETS:

Land
Building
Plant and machinery
Producing properties
Furniture and fixtures
Office equipment
Vehicles
Aircraft
Software and licenses

AS PER WEBSITE

PRESS RELEASE

ESSAR OIL LIMITED REPORTS REVENUE GROWTH OF 10.7% FOR THE FINANCIAL YEAR 2014

May 20, 2014

FY14 highlights

Company crosses the rupees one lakh crore revenue mark. Gross revenue at Rs 1071900.000 Millions vs 967970.000 Millions in FY13
Throughput at 20.23 MMT vs 19.77MMT in FY13
CP GRM at $7.98/bbl Vs $7.96/bbl in FY13
EBIDTA at Rs 47030.000 Millions vs Rs 36510.000 Millions in FY13
Profit after tax stood at Rs. 1260.000 Millions, vs a loss of Rs. 11800.000 Millions in FY13
Refinery achieves 2,190 LTI free days as on March 31, 2014

FY14 highlights

Gross revenues at Rs. 276910.000 Millions vs Rs 257570.000 Millions in Q4FY13
Throughput at 5.05 MMT; refinery consistently operating above its rated capacity
Current price gross refining margin (CP GRM) at $10.12 /bbl Vs $9.06/bbl in Q4FY13.
EBITDA at Rs 20530.000 Millions vs Rs 15560.000 Millions in Q4FY13
PAT at Rs 10080.000 Millions Vs Rs 2000.000 Millions in Q4FY13

Mumbai: For the 12 month period ending Mar 31, 2014, Essar Oil, India's second largest private refiner, today reported revenue growth of 10.7% to Rs.1071900.000 Millions, against Rs 967970.000 Millions reported for FY13, thereby surpassing the rupees one lakh crore revenue mark for the first time. Throughput for the year was up 2.3% to 20.23 MMT.

CP GRM for the year was at $7.98/bbl compared to $7.96/bbl in FY13. Premium over benchmark IEA margin for the full year was at $8.82/bbl against $6.80/bbl in FY13. This was achieved on the back of improved crude diet—93% heavy and ultra heavy crude processed in FY14 vs 86% in FY13—and a stable product slate.

EBITDA for the year stood at Rs 47030.000 Millions against Rs 36510.000 Millions in FY13. PAT stood at Rs 1260.000 Millions against a loss of Rs. 11800.000 Millions in FY13.

Quarter highlight

Essar Oil reported gross revenues of Rs 276910.000 Millions for the January-March 2014 (Q4FY14) quarter, which was up 7.5% over Rs 257570.000 Millions in Q4FY13.

Essar Oil's current price gross refining margin (CP GRM) for Q4FY14 was at $10.12/bbl, compared to $9.06/bbl in Q4FY13.

EBITDA during the quarter stood at Rs 20530.000 Millions, against Rs 15560.000 Millions in Q4FY13. Profit after tax for the quarter was at Rs 10080.000 Millions against Rs 2000.000 Millions in the same period last year. The Vadinar Refinery, at 20 MMTPA capacity and 11.8 complexity, is India's second largest single site refinery and amongst the most complex globally for a facility of this scale. During the quarter, it processed 5.05 MMT of crude, which was almost at the same level of 5.08 MMT processed during Q4FY13. Vadinar Refinery continues to operate above 100% capacity post expansion.

Speaking about the results, Mr. LK Gupta, Managing Director and CEO, Essar Oil, said: "We are happy to report that the company has returned to profitability for the full year. Having breached the rupees one lakh crore revenue mark, Essar Oil is today one of India's top 10 companies by topline, having achieved this distinction in a relative short span of five years of beginning commercial production. Operationally we continue to do well with the refinery further optimizing on its crude diet and product slate, which has resulted in the company delivering healthy GRMS at $10.12/bbl."

Mr. Suresh Jain, CFO, Essar Oil, said, "This is the first full year of operations of our expanded refinery. We are happy to share that our company has demonstrated excellent financials backed by solid operating performance, which has resulted in improved GRMs, EBIDTA, and PAT for the quarter, and closed our financial year with a profit of Rs 126 crore."

Operating and Financial Performance: Key Indicators

	FY14	FY13	% change	Q4FY14	Q4FY13	% change
Throughput (in MMT)	20.23	19.77	2.3	5.05	5.08	- 0.7
Gross revenue (in Rs crore)	1,07,190	96,797	10.7	27,691	25,757	7.5
CP GRM (in $/bbl)	7.98	7.96	0.4	10.12	9.06	11.7
EBIDTA (in Rs Millions)*	47030.000	36510.000	28.8	20530.000	15560.000	32.0
Profit after tax (in Rs Millions)	1260.000	(11800.000)	-	10080.000	2000.000	404.6

Marketing operations

During the quarter, Essar Oil realized 66% of its revenues from the domestic market, against 58% and 44% in the immediate past two quarters, on account of improved domestic demand for oil and gas.

Retail sales of gasoline (petrol) have also begun to show a healthy rising trend, with retail marketing accounting for 2% of the company's total sales. Essar Oil has about 1,400 retail outlets across the nation, with over 300 in various stages of commissioning. The company is reviewing its retail strategy to tap the growing gasoline demand by additionally targeting city centres for new outlets. Going forward, the company will offer outlets under all three formats viz. DODO, COCO, and CODO.

Exploration & production

At our flagship Raniganj CBM block, current gas production is around 190,000 standard cubic metres per day (scm/d), which is being sold locally through pipeline and cascades. We have drilled 183 wells, of which 151 are producing. The company has laid pipelines of 48 kms and 30 kms to Durgapur Industrial Area and Matix respectively. Three gas gathering stations (GGS) are complete and one more is under construction.

All approvals are in place for drilling program.

VPL acquisition

The Board approved acquisition of Vadinar Properties Limited, making it a wholly owned subsidiary, for Rs 54 crore. Vadinar Properties owns Essar Oil's existing and the new under construction township for the company employees at Vadinar.

About Essar Oil

Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail. Essar Oil owns India's second largest single site refinery having a capacity of 20 MMTPA and complexity of 11.8, which is amongst the highest globally. It has a portfolio of onshore and offshore oil & gas blocks with about 1.7 billion barrels of oil equivalent in reserves & resources. There are more than 1,600 Essar-branded oil retail outlets in various parts of India.

About Essar

Essar is a US$ 39-billion multinational corporation with investments in Steel, Energy, Infrastructure and Services. With operations in more than 25 countries, it employs over 73,000 people.

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] 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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

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	6
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.

MIRA INFORM REPORT

57491.400

23673.000

29586.600

4978.400

7378.800

123108.200

73616.900

39260.000

1969.800

114846.700

8261.500

(1.32)

(2.19)

1.38

(1.33)

(2.20)

1.76

(5.01)

(7.60)

3.44

(1.06)

(0.59)

0.13

20.22

7.35

2.22

0.74

0.45

0.93

Unit