MIRA INFORM REPORT

Report No. :	302942
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	ESSAR STEEL INDIA LIMITED (w.e.f.18.01.2012)

Formerly Known As :	ESSAR STEEL LIMITED

Registered Office :	27Km, Surat Hazira Road, Hazira, Surat – 394270, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	01.06.1976

Com. Reg. No.:	04-013787

Capital Investment / Paid-up Capital :	Rs.28418.000 Millions

CIN No.: [Company Identification No.]	U27100GJ1976FLC013787

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	SRTE00025E

PAN No.: [Permanent Account No.]	AAACE1741P

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing and Selling of Steel Products.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Exist

Comments :	Subject is a part of “Essar Group”. It is an established company having moderate track record. Management has failed to file latest financials of FY14, with the statutory authorities. As per available, the company possesses a weak financial profile marked by consecutive losses which has further deteriorated the position of reserves during 2013. The rating take into consideration the liquidity pressures faced due to extraneous challenges impacting in running of steel plant. However, the infusion of funds from the part of promoters has slightly eased the liquidity position and in turn has nurtured the gradual improvement in its ongoing financing exercise. Trade relations are fair. Business is active. Payment terms are reported as slow. In view of support from its group company, the subject can be considered for business dealings with great caution.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = C
Rating Explanation	Have very high risk of default.
Date	24.10.2013

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 31-03-2014.

INFORMATION PARTED BY

Management Non Co-Operative (Tel No.: 91-261-2872400)

LOCATIONS

Registered Office/ Plant 1 :	27Km., Surat Hazira Road, Hazira, Surat – 394270, Gujarat, India
Tel. No.:	91-261-2872400/ 6682400
Fax No.:	91-261-2872400/ 6682796/ 6685731
E-Mail :	rakesh.darji@essar.com dilip.deokar@essar.com promod.s@essar.com steel@essar.com webmaster@essar.com
Website :	http://www.essar.com

Corporate Office :	Essar House, 11, Keshavrao Khadye Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-66601100 / 24950606
Fax No.:	91-22-24928896

Marketing and Sales Office :	6^th Floor, Tower-2, Equinox Business Park (Peninsula Techno Park) Off Bandra Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-67335000
Fax No.:	91-22-67082189
E-Mail :	steel@essar.com

Plant 2 :	Vishakhapatnam Scindia Road, Near Flyover, Visakhapatnam – 530004, Andhra Pradesh, India
Tel. No.:	91-891-2523213
Fax No.:	91-891-2559383/ 2556907

Processing and Distribution Facility Network :	Gat No - 437 and 442, Golechiwadi, Ambi-Nigade Road, MIDC-Talegaon, Pune - 410507, Maharashtra, India
Tel. No.:	91-211-4661401

Regional Head :	Plot No A - 6,Sipcot, Oragadam, Sriperumbudur (TK) Kanchipuram, Chennai – 602112, Tamilnadu, India

Overseas Offices [Plants] :	Located at Canada Indonesia United Kingdom United Arab Emirates Germany China

DIRECTORS

As on 31.03.2013

Name :	Mr. Shashikant Nandkishore Ruia
Designation :	Director
Address :	67-A, Walkeshwar Road, Opposite Birla School, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	23.12.1943
Date of Appointment :	01.06.1976
DIN No. :	00047050

Name :	Mr. Jatinder Dinanath Mehra
Designation :	Director
Address :	C-1/36, Safdarjung Dev Area, New Delhi - 110016, India
Date of Birth/Age :	03.03.1939
Date of Appointment :	25.06.1997
DIN No. :	00042789

Name :	Mr. Venkatraman Govind Raghavan
Designation :	Director
Address :	Flat No 171/172, 17th Floor, Kalpataru Residency, Sion Circle, Sion (East), Mumbai - 400022, Maharashtra, India
Date of Birth/Age :	16.07.1945
Date of Appointment :	29.10.2003
DIN No. :	00008683

Name :	Mr. Dilip Oommen
Designation :	Managing Director
Address :	D-3/4 Nand Niketan Essar Township, Hazira, Surat - 394270, Gujarat, India
Date of Birth/Age :	28.03.1958
Qualification :	Metallurgical engineering from IIT, Kharagpur
Date of Appointment :	07.07.2008
DIN No. :	02285794

Name :	Mr. Rana Khagendranath Som
Designation :	Additional director
Address :	B-256, Asian Games Village, Ganapati Andalkar Block, New Delhi - 110049, India
Date of Birth/Age :	01.01.1952
Date of Appointment :	03.09.2012
DIN No. :	00352904

Name :	Mr. Arvind Pande
Designation :	Director
Date of Appointment :	29.05.2013

Name :	S. S. Kohli
Designation :	Director
Date of Appointment :	29.05.2013

Name :	S. R. Jain
Designation :	Director
Date of Appointment :	29.05.2013

Name :	Mr. Alok Dhir
Designation :	Director
Date of Appointment :	29.05.2013

Name :	Mr. Alok Gupta
Designation :	Director (Marketing)

Name :	Mr. Ashutosh Agarwala
Designation :	Director (Finance)
Date of Appointment :	29.05.2013

KEY EXECUTIVES

Name :	Mr. Rakesh Muljibhai Darji
Designation :	Company Secretary
Address :	C/602, Royal Complex, Jay Bhavani Road, Kasambaug, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	25.10.1973
Date of Appointment :	09.09.2011
PAN No. :	AFRPD7254H

MAJOR SHAREHOLDERS

As on 31.03.2013

Names of Shareholders	No. of Shares
Essar Steel Asia Holdings Limited	1976845435
Essar Steel Limited, Mauritius	118902096
Imperial Consultants and Securities Private Limited	421760954
Shares under Trust (Venkatraman Govind Raghavan)	191517500

As on 08.06.2013

Names of Allottees	No. of Shares
Essar Steel Limited, Mauritius	5956519
Total	5956519

As on 04.12.2013

Names of Allottees	No. of Shares
Imperial Consultants and Securites Private Limited, India	21460177
Total	21460177

Equity Share Break up (Percentage of Total Equity)

As on 20.10.2012

Category	Percentage
Public financial companies	0.03
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	72.97
Bodies corporate	17.13
Other top fifty shareholders	7.49
Others	2.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Steel Products.

Products :

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

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (As on 31.03.2013)

Particulars	Unit	Production
Iron Ore Pellet**	MT	5,662,187
Hot Briquette Iron / Direct Reduced Iron	MT	2,333,337
Hot Metal	MT	2,665,264
Hot Rolled Coils/Cold Rolled Coils/Plates	MT	3,693,136
Plates	MT	520,811
Pipes	MT	159,075

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by management

Bankers :

· Allahabad Bank

· Axis Bank Limited

· Bank Of Baroda

· Bank Of India

· Canara Bank

· Central Bank Of India

· Export Import Bank Of India

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Overseas Bank

· Punjab National Bank

· State Bank Of Bikaner And Jaipur

· State Bank Of Hyderabad

· State Bank Of India

· State Bank Of Mysore

· State Bank Of Patiala

· Syndicate Bank

· The Federal Bank Limited

· The Jammu And Kashmir Bank Limited

· UCO Bank

· Union Bank Of India

· Yes Bank Limited

Banker Name	Corporation Bank
Branch Address	Industrial Finance Branch, 104 Bharat House, Mumbai Samachar Marg Fort, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
13.4% Non-Convertible Debentures of Rs.1000000 each	5250.000	10000.000
Term Loans
--From Banks	199543.100	134379.000
--From Others	13983.900	4572.200
Buyers Credit for Capital Expenditure	6499.200	15338.300
SHORT TERM BORROWINGS
Short Term Loans
--From Banks	7000.000	22750.000
--From Others	0.000	10500.000
Working Capital Loans – From Banks	9674.200	12816.800
Buyer’s Credit for Operational Expenditure	14751.300	30433.200
Buyers Credit Capital Expenditure	160.700	114.000
Total	256862.400	240903.500


Financial Institution :	SBICAP Trustee Company Limited, Mumbai - 400005, Maharashtra, India

Auditors :
Name :	Deloitte Haskins and Sells, Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai, Maharashtra, India
PAN No.:	AABFD7919A

Memberships :	---

Collaborators :	---

Holding Companies :	Essar Steel Asia Holdings Limited (FKA Essar Resources Mauritius Limited) Immediate Holding Company- (ESAHL) (w.e.f. 29.06.2012) Essar Steel Mauritius Limited - Holding Company of Essar Steel Asia Holdings Limited - (ESML) Essar Steel Limited - Mauritius - Immediate Holding Company (ESTLM) (upto 28.06.2012) Essar Global Fund Limited (FKA Essar Global Limited)

Subsidiaries :	Essar Steel Middle East FZE (ESMEF) Essar Steel Trading FZE (ESTF) Essar Steel Offshore Limited. (ESOSL) Essar Steel Overseas Limited. (ESOL) ** Trinity Coal Marketing LLC (EMA) * Essar Minerals Limited (FKA Essar Mining Limited) * Essar Mineral Cooperatief U.A. * Essar Minerals Canada Limited * Essar Minerals INC * Trinity Parent Corporation * Trinity Coal Corporation * Trinity Coal Partners LLC * Bear Fork Resources LLC * Deep Water Resources LLC * Levisa Fork Resources LLC * North Springs Resources LLC * Little Elk Mining Company LLC * Banner Coal Terminal LLC * Hughes Creek terminal LLC * Frasure Creek Mining LLC * Falcon Resources LLC * Prater Branch Resources LLC * Trinity RMG Holding LLC * RMG INC * These companies are subsidiaries of a wholly owned subsidiary of the Company * Liquidated w.e.f. 13.09.2012

Fellow Subsidiaries :	Aegis Limited (AEGIS) Essar Power(Jharkhand)Limited (EPJL) Essar Africa Holdings Limited (EAHL) Essar Bulk Terminal Paradeep Limited (EBTPL) Essar Electric Power Development Corporation Limited (EEPDCL) Essar Logistics Limited (ELL) EssarMineral Resources Limited (EMRL) EssarOffshore Subsea Limited (EOSL) Essar Oil Limited (EOL) Essar Port Limited (EPL) EssarSteel Algomalnc.(ESA-INC) Essar Steel Processing and Distribution UK Limited (ESPD UK) PT Essarlndonesia(PTEI) Vadinar Oil Terminals Limited (VOTL) Vadinar Power Company Limited (VPOCL) AgcNetworksLimited (Formally Avaya Global) (AGCNL) Equinox Business Parks Private Limited (EBPPL) Essar Bulk Terminal (Salaya) Limited (EBTSL) Essar Oilfields Services Limited (EOSPL) Essar Power (M P) Limited. (EPMPL) Essar Power Gujarat Limited. (EPGL) Essar Project Management Consultant Limited. (EPMCL) Essar Projects (India) Limited. (EPIL) Essar Shipping Limited (ESL) Essar Paradeep Terminals Limited (EPTL) Navabharat Power Private Limited (NPPL) Peak Trading Overseas Limited (PTOL) Vadinar Ports and Terminals Limited (VPTL) Essar Steel Limited - Mauritius (ESTLM) (w.e.f. 29.06.2012)

Associates :	Bhander Power Limited (BPOL) Essar Bulk Terminal Limited (EBTL) Essar Power (Orissa) Limited (EPOL - Orissa) Essar Power Hazira Limited (EPHL) Essar Power Limited (EPOL) Essar Steel Processing FZCO (ESP-FZCO)

Companies in which Promoters had significant influence/ Control :	Essar Steel Chhattisgarh Limited (ESCL) Essar Steel Jharkhand Limited (ESJL) Essar Teleholding Limited (ETHL) Futura Travels Limited (FTL) Global Supplies (UAE) FZE (GS) Imperial Consultants and Securities Private Limited (ICSL) India Securities Limited (ISL) Kartik Estates Private Limited (KEPL) Kroner Investment Limited (KIL) NewAmbi Trading and Investments Private Limited (NATIPL) Prajesh Investments Private Limited (PIPL) Prajesh Marketing Limited (PML) The Mobilestore Limited (TML) Tirunelveli Wind Farms Limited (TWFL) Essar Procurement Services Limited (EPSL) Essar Properties Limited. (EPRL) Essar Agrotech Limited (EAL) Essar Education Limited (EEL) Clickforsteel Services Limited (CFSL) Downtown Securities Private Limited (DTSPL) Bhargava Estates Private Limited (BEPL) Essar House Limited (EHL) Essar Information Technology Limited (EITL) Essar Infrastructure Services Limited (EISL) Essar Investments Limited. (EIL) Ajitesh Estates Private Limited (AEPL) Arkay Holdings Limited (AHL) Arkay Sea Logistics Limited (ASLL) Essar Services India Limited (ESIL) Essar SEZ Hazira Limited (ESEZHL) # These Companies ceased to be related party w.e.f. 01.04.2012 as the Promoters do not have any significant influence on the Company

CAPITAL STRUCTURE

After 31.03.2014

Authorised Capital : Rs. 72750.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 28865.459 Millions

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

7175000000	Equity Shares	Rs.10/- each	Rs.71750.000 Millions
100000000	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1000.000 Millions
	Total		Rs.72750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2824951352	Equity Shares	Rs.10/- each	Rs.28249.514 Millions
43598951	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.435.989 Millions
	Total		Rs.28685.503 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

7175000000	Equity Shares	Rs.10/- each	Rs.71750.000 Millions
100000000	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1000.000 Millions
	Total		Rs.72750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2797534656	Equity Shares	Rs.10/- each	Rs.27975.300 Millions
43598951	10% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.436.000 Millions
4520703	Add: Equity Shares Forfeited		Rs.6.700 Millions
	Total		Rs.28418.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28418.000	26711.100	25710.000
(b) Reserves & Surplus	42617.100	63823.500	77329.800
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	2482.400
Total Shareholders’ Funds (1) + (2)	71035.100	90534.600	105522.200

(3) Non-Current Liabilities
(a) long-term borrowings	228179.200	166645.400	145865.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1622.900	1909.900	15806.000
(d) long-term provisions	6559.400	4581.400	1606.500
Total Non-current Liabilities (3)	236361.500	173136.700	163277.500

(4) Current Liabilities
(a) Short term borrowings	42871.000	76614.000	64158.100
(b) Trade payables	76458.300	43870.500	25564.900
(c) Other current liabilities	50425.000	39178.200	30857.200
(d) Short-term provisions	731.800	4258.700	1353.700
Total Current Liabilities (4)	170486.100	163921.400	121933.900

TOTAL	477882.700	427592.700	390733.600

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	287660.800	205879.400	102391.600
(ii) Intangible Assets	190.500	222.100	152.800
(iii) Capital work-in-progress	60047.700	112951.700	164749.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10333.100	5398.700	3970.200
(c) Deferred tax assets (net)	17526.600	3237.700	638.700
(d) Long-term Loan and Advances	6851.900	8777.200	12476.700
(e) Other Non-current assets	10333.100	9589.700	10247.800
Total Non-Current Assets	392943.700	346056.500	294627.100

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38475.200	40446.400	52225.000
(c) Trade receivables	6812.700	5896.600	5147.600
(d) Cash and cash equivalents	6231.100	6509.600	9029.500
(e) Short-term loans and advances	28409.200	22502.900	26128.300
(f) Other current assets	5010.800	6180.700	3576.100
Total Current Assets	84939.000	81536.200	96106.500

TOTAL	477882.700	427592.700	390733.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	150384.500	162738.700	123015.000
		Other Income	3011.600	5367.900	5659.300
		TOTAL (A)	153396.100	168106.600	128674.300

Less	EXPENSES
		Cost of Materials Consumed	89941.100	89340.700	84497.100
		Purchases of Stock-in-Trade	2055.900	1670.300	1752.800
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(270.700)	9692.700	(14955.000)
		Employees benefits expense	3117.400	3899.800	3012.000
		Other expenses	46918.300	47851.300	37218.700
		Exceptional Items	13465.500	0.000	0.000
		TOTAL (B)	155227.500	152454.800	111525.600

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1831.400)	15651.800	17148.700

Less	FINANCIAL EXPENSES (D)		24809.800	18629.900	12009.100

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26641.200)	(2978.100)	5139.600

Less/ Add	DEPRECIATION/ AMORTISATION (F)		15622.100	9863.700	8914.600

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(42263.300)	(12841.800)	(3775.000)

Less	TAX (H)		(14413.900)	(326.200)	(2112.300)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(27849.400)	(12515.600)	(1662.700)

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	36927.900	41557.500	20227.600
		Others	2472.900	1872.600	1622.200
	TOTAL EARNINGS		39400.800	43430.100	21849.800

	IMPORTS
		Raw Materials	33809.200	32993.200	8835.600
		Production Consumables, Stores and Spares and Fuel	6540.200	9387.800	28469.100
		Capital Goods	3315.500	3762.700	11199.600
		Traded Goods	0.000	17.300	358.300
	TOTAL IMPORTS		43664.900	46161.100	48862.600

	Earnings Per Share (Rs.)		(10.59)	(4.84)	(0.72)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(18.52)	(7.69)	(1.35)

Operating Profit Margin (PBIDT/Sales)	(%)	(1.22)	9.62	(13.94)

Return on Total Assets (PBT/Total Assets}	(%)	(10.84)	(4.20)	(1.71)

Return on Investment (ROI) (PBT/Networth)		(0.59)	(0.14)	(0.04)

Debt Equity Ratio (Total Debt /Networth)		3.82	2.69	1.99

Current Ratio (Current Asset/Current Liability)		0.50	0.50	0.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	25710.000	26711.100	28418.000
Reserves & Surplus	77329.800	63823.500	42617.100
Share Application money pending allotment	2482.400	0.000	0.000
Net worth	105522.200	90534.600	71035.100

Long Term borrowings	145865.000	166645.400	228179.200
Short Term borrowings	64158.100	76614.000	42871.000
Total borrowings	210023.100	243259.400	271050.200
Debt/Equity ratio	1.990	2.687	3.816

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	123015.000	162738.700	150384.500
		32.292	(7.591)

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	123015.000	162738.700	150384.500
Profit	(1662.700)	(12515.600)	(27849.4000
	(1.35%)	(7.69%)	(18.52%)

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	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	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	No
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:

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 11/03/2014

Lodging No.:- ITXAL/666/2014 Filing Date:- 11/03/2014

Main Matter

Reg. No.:- ITXA/868/2014 Reg. Date :- 03/05/2014

Petitioner: THE COMMISSIONER OF INCOME TAX-5 Respondent: M/S. ESSAR STEEL INDIA LTD-

Petn. Adv : TEJVEER SINGH MASTAN SINGH (I3678) Resp. Adv.:- ATUL KARSANDAS JASANI (33)

District: MUMBAI

Bench: DIVISION

Status: PRE-ADMISSION Category: TAX APPEALS

Last Date: 05/01/2015 Stage: FOR ADMISSION

Last Coram:

ACCORDING TO SITTING LIST

Act: Income Tax Act, 1961 UNDER SECTION: 260A

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Dollar / Rupee Notes
--From Banks	1974.500	1942.700
--From others	29.700	37.900
Buyers Credit for Capital Expenditure	0.000	6.900
Sales Tax Deferral Loan	338.800	338.800
Long Term maturities of Finance Lease obligations	18.300	29.600
Inter Corporate Deposits
--From Others	541.700	0.000
SHORT TERM BORROWINGS
Inter corporate Deposits from related parties	11284.800	0.000
Total	14187.800	2355.900

GENERAL INFORMATION ABOUT COMPANY:

Subject owns and operates an integrated steel manufacturing unit for manufacturing of fiat rolled products at Hazira - District Surat, a Precoated facility at Pune, a Beneficiation Plant at Kirandul, Slurry Pipeline, Peptization Plant at Vizag and at Paradeep. The Company is also in the process of setting up a Beneficiation Plant at Dabuna (Odisha) and another Peptization Plant at Paradeep. The Company also operates Processing and Distribution centres, Hypermarts and Express Marts at various locations across India.

OPERATIONS:

Year 2012 was a gloomy year for world economy as the recessionary trends continued globally. With Eurozone crisis and China slowdown, industries observed much weaker growth. Indian steel industry took a major hit due to a slower global and ban on iron ore mining in Karnataka as well as Coal scam issues.

Post expansion to 10 MTPA Steel Complex, the Company become the largest single location fiat steel producer in the country and the fourth largest such producer globally. With Blast Furnace and Corex joining the previous DRI (Direct Reduced Iron) technology, the company has now greater flexibility in usage of raw materials. Additionally, the by-product gases generated by these two new units can suitably replace natural gas at several places in the integrated steel complex, thereby reducing dependence on expensive natural gas sources from external providers. The Company is now able to offer the entire range of fiat products - from thin strips to pipes as well as cold rolled and coated products.

This year the Company achieved highest annual flat production.

During the year, the Company produced 4.21 million tons of flat products and achieved sales of 4.12 million tons. Production at HBI units suffered as natural gas supply from Reliance Industries Limited (RIL) was stopped to integrated steel plants in May /11 following orders from the central government as a decrease in output at Reliance Industries Limited?s KG / D6 basin was observed. Purchase of gas from the spot market in large quantities was unviable as the prices of NG spiraled through the course of the year. However, the effect of this action was mitigated to an extent by ramping up production in other iron making units such as Blast Furnace and Corex. Furthermore, Corex gas, a high calorific value gas generated as a by-product of the Corex process, was used to replace part of the NG required CSP, Plate Mill, Lime Kilns and Conarc furnaces, thus bringing down the external NG consumption.

The transportation of slurry through the 267 Km slurry pipeline from the beneficiation plant at Kirandul to the pellet plant at Vizag is suspended since Oct11 due to damage to the pipeline caused by miscreants. This had an adverse effect on the availability of pellets coming from Vizag. Pellet plant (Unit 1) commissioned at Paradip was under stabilization due to which production targets of pellets was not up to the norms. To mitigate this adverse impact, the Company took various measures such as making alternate arrangements of movement of Iron ore through rakes, and purchase of iron ore fines, pellets as well as lump ore from other source

Key highlights of the year were

1. Record ramp up production in all newly commissioned units like Blast Furnace, Corex, Conarc, Compact Strip Production (CSP) Caster and CSP Mill.

2. Production from downstream/value added facilities like Pickling lines, BAF, Galvanizing lines, etc. also made significant.

3. Commissioned 19MW Waste heat recovery power plant. This has increased the utilization of BF gas in addition with power generation.

4. Lime Plant Kiln 7 was commissioned and successfully connected to Corex Gas network. Gas requirement was met through 100% Corex gas. With this one more consumer was added for usage of COREX gas.

5. RH Top Oxygen Blowing (RHTOB) in Steel Melting Plant (SMP) 2 was commissioned successfully with in-house teams. With this SMP2/CSP route was maximized.

6. Strengthening of KAWAS ICCHAPORE Line was completed.

7. Since commissioning, HBI plant surpassed long cherished production milestone of 50 million in the month of Jul 12.

8. In view of pellet shortage, Iron making units ramped up consumption of lump ore in a very short learning period.

9. Both the gas holders (Blast furnace and Corex) were commissioned successfully in this year. This ensured hassle free consumption of BF and Corex gas to all users by minimizing pressure fluctuations.

Various cost reduction measures like Maximization of Pulverized coal injection (PCI), Usage of cheap South African coal, Hot metal maximization in SMP1, Improvement of Conarc Yield and Power, Improvement of Electric Arc Furnace (EAF) Yield and Power etc. were successfully implemented in operations area.

GLOBAL SCENARIO

FY 2012-13 remained a turbulent year for the Global Economy. Based on World Economic Outlook published by the International Monetary Fund, economic growth collapsed during the first quarter of the fiscal year amidst growing uncertainty linked to high government debt in the US and the European Union, precipitated by the crisis emerging from Spain. Policy tightening due to capacity constraints, concerns linked to deteriorating credit portfolios, weaker demand from Advanced Economies and country-specific factors slowed Gross Domestic Product (GDP) growth in Emerging Markets.

Economic conditions improved modestly during the second quarter with global growth increasing to about 3% - largely based on acceleration in Emerging Markets, and the US. While global financial conditions improved further during the 3rd quarter, macro-indicators (industrial production and trade) suggested only a temporary revival linked to inventory accumulation. In fact, weakness from the Euro zone spilled into its periphery; Japan contracted.

During the 4th quarter of the fiscal year, global economic activity stabilized in Advanced Economies and picked up in Emerging Markets supported by policies and renewed confidence.

INDIAN SCENARIO

Sustained clamp-down on inflation remained the central theme of domestic macro-economic decisions during FY 2012-13. High interest rates andother policy restrictions created a liquidity crunch. This impacted new project investments and restricted domestic consumption. Prevailingeconomic uncertainties in international markets offered limited refuge. The outcome is evident in the quarter-on-quarter dilution in India’s GDPgrowth rate.

Domestic demand remained sluggish across the spectrum of economic sectors in India.

- Industry (comprising the mining and quarrying, manufacturing, electricity, gas, water-supply, and construction) performance declined to 3.1% in FY 2013 over 3.5% in FY 2012.

- Manufacturing sector declined to 1.9% during FY 2013 as against 2.7% in FY 2012

- Agriculture declined from 3.6% in FY 2012 to 1.8% in FY 2013 due to lower-than-normal monsoons

- Consequently, Services sector being forms of derived demand declined from 8.2% in FY 2012 to 6.6% in FY 2013

STEEL INDUSTRY

GLOBAL OVERVIEW:

FY 2013 remained a sluggish year for the global steel industry. Overall, it grew by a mere 0.72% during 2012 as per the latest World Steel Association estimates -total crude steel production in 2012 was 1,547 million MT vis-a-vis 1,536 million MT in 2011.

Country-wise performance largely reflected disparities linked to macro-economic environment and operating dynamics in respective economies. China continued to maintain its dominance with a 46.3% share in total crude steel production exhibiting a 2.1% growth over 2011 – linked mainly to domestic demand. Japanese (2nd largest producer) steel output contracted by 0.4% despite heavy support for exports from a devalued currency. United States, India and Russia - the other top producers - grew by 2.7%, 5.6% and 2.2% respectively in terms of crude steel production. Economic recession in Europe implied contraction in local steel demand. There were scattered opportunities in other geographies.

Capacity utilization rates remained below 80% -exhibiting a serious challenge facing the industry. Correction in prices of primary raw materials - i.e., Iron Ore and Coking Coal - lagged the ability of the industry to sustain revenue realization. This created margin pressure and compounded financial problems for the steel industry. Consequently, capacity outages, particularly in Europe, became inevitable due to prevailing lackluster demand and high operating cost. Overall, industry performance hinged upon the ability of producers to extend competitive prices to customers often sub-optimal to operating cost.

The outlook for FY 2014 is even more difficult than FY2013. Global steel production is expected to remain fiat to moderate growth. China is expected to maintain its momentum in steel production - a core sector offering large-scale employment. All other regions of the world are expected to be saddled with over-capacity and are expected to curtail production in order to remain market-relevant. Global steel consumption is likely to remain fiat to decline as Fixed Asset Investment and steel intensity decline during the FY 2014.

DOMESTIC OVERVIEW:

India's overall steel consumption grew by only 3.2% in 2012 to around 72 million MT due to subdued demand from across consuming sectors like infrastructure and construction. The domestic crude steel production grew by 5.6% in 2012 to 78 million MT.

Many producers in India commissioned additional capacity during the year. Further capacity addition, in both public as well as private sector, is planned during FY2014 due to anticipated future demand, particularly considering that India's per capita consumption low. India's per capita steel consumption is still too low (59 kg compared to 1157 kg in South Korea, 507 kg in Japan, 460 kg in China and 235 kg in the North America).

However, in the short to medium term, this will lead to excess domestic capacity and is likely to create additional margin pressure for the Indian steel industry already saddled with high costs and cheap imports especially from Japan and South Korea, which enjoy a preferential import duty.

AWARDS AND ACCOLADES:

· National Safety Award from JCSSI "ISPAT SURAKSHA PURASKAR 2013" for the year 2011 and 2012 from Joint Committee on Safety, Health and Environment (JCSSI) under various categories for Outstanding Performance in the field of HSE.

· HSE topped at India Manufacturing Excellence Award (IMEA) assessment audit with a score of 77.7 and has set a benchmark among all Industries and Topped Metal Sectors across India in a survey conducted by The Economic Times - India Manufacturing Excellence Awards in Partnership with Frost and Sullivan.

· Gujarat Safety Council in association with Directorate of Industrial Safety and Health Awarded Dr. Anil Jain, "Safety Man of the Year 2012". The Award was presented by Shri. Saurabh Patel, Hon'ble Minister, Gujarat State Govt. at 34^th Annual Safety Conference organized at Ahmedabad.

· "Safety Innovation Award-2012" from the Institution of Engineers (India). Award presented by Dr. Narendra Jadhav - Member Planning Commission at inaugural function of "Safety Convention 2012: Safety in Sustainable Development".

· Runners up for "Excellence in Safety - Large Enterprises" Manufacturing Today Awards 2012.

· Green Rating Project, Three Leaves Award, the Highest among Indian Steel Plants Awarded by Center for Science and Environment (CSE). This is a very prestigious award and the Company is rated 2^nd amongst 22 steel plants were evaluated. The award was presented by Shri. Montek Singh Ahluwalia, Dy. Chairperson, Planning Commission and Smt. Jayanthi Natarajan, Union Minister of State for Environment and Forests in 4^th June 2012.

· Green Environmental Contest awarded by Baroda Productive Council for the year 201112 and Essar Steel stood first amongst all the industries of Gujarat.

· Gold Safety Award 2012 for excellent achievements in Safety management system from Greentech Foundation, New Delhi.

· Silver Environment Award 2012 for excellent achievements in Environment Management system from Greentech Foundation, New Delhi

· Best Safety Practices Award 2012 from Deccan Chamber of Commerce, Industries and Agriculture, Pune.

· "Gold Award - Metals Sector, Mega Large Business" by Indian Manufacturing Excellence Awards-2012 sponsored by The Economic Times.

· Quality Circle Forum Of India (QCFI) - Baroda (Gold Award and Sarvashetha Puraskar Award).

· Gold Award in State Level 5'S' competition organized by QCFI Baroda.

· Diamond Award in Lean Six Sigma Presentation organized by Concept Business Excellence.

· Commendation award in QCI-DL Shah National Award for Quality.

· Steel Hazira bagged FICCI Water Efficiency Award at the Water Awards 2012 presented by FICCI (Federation of Indian Chambers of Commerce and Industry), in association with HSBC.

· The Company has been certified with a PLATINUM AWARD second time in a row by Caterpillar worldwide. Last year we had got the Platinum Award and it was a quite a challenge to retain the Platinum Award this time.

· SAP Awards for Customer Excellence (ACE) 2012 recognized the Company for being the "Best Run Manufacturing Organization" at a ceremony in Mumbai on 19^th October, 2012.

CERTIFICATE AND RECOGNITION:

· Gujarat Safety Council in association with Directorate of Industrial Safety and Health Govt. of Gujarat awarded Essar Steel India Ltd., Safety Honour and Merit Certificates for the year 2011:

Ø HRC Division: Certificate of Honour - for achieving more than 3 Million Accident Free Man Hours.

Ø HBI Division: Certificate of Merit - for achieving more than 2 Million Accident Free Man Hours.

Ø Pipe Division: Certificate of Merit - for achieving more than 2 Million Accident Free Man Hours.

· National Safety Council of India recognized Essar Steel India Ltd., Hazira for Landmark Safety Achievement of 35.55 Million LTI Free Man hours.

· 41^st National Safety Day Celebrations of Essar Steel India Ltd. recognized by National Safety Council of India by publishing clips in Front Cover Page of Industrial Safety Chronicle (Vol. No. XLIII April-June 2012).

· Essar Steel India Limited Hazira received recognition from WSA regarding participation in their CO2 data collection program.

· Certificate of Appreciation for Commendable Fire Fighting Operation at IOCL Terminal, Hazira, from Shri. D. C. Chaudhari, Director-Directorate of Industrial Safety and Health Gujarat on the occasion of Shram Awards, State Level Prize Distribution Ceremony held at Surat, Gujarat. For Commendable Fire Fighting Operation by Essar Steel Team at IOCL Terminal Fire, Hazira, Mr. Rakesh Chaturvedi (Sr. Manager-Fire Services EStIL) and Mr. Narendra Doot (Asst. Manager-Fire Services, EStIL) received Certificates for their valiant Heroism from Shri. Ganpat Vasava, Hon'ble Cabinet Minister, Govt. of Gujarat on the eve of National Republic Day at Surat.

· The Company presented 3 Projects on Environment Improvement at Vibrant Gujarat Summit held at Gandhinagar by Govt. of Gujarat. The initiatives were well appreciated by Gujarat State Environment Minister, Gujarat Pollution Control Board (GPCB) Chairman and Member Secretary.

· Company's Carbon Management Practices were lauded at the International Carbon Disclosure Project (CDP), a recent event held at the Bombay Stock Exchange (BSE) at Mumbai. Under Carbon Disclosure Leadership Index (CDLI) Essar Steel scored 80 out of 100.

· Recognition of three Essar Steel Employees under various categories in Safety Competition organized by Gujarat Safety Council. The Awards were presented to them in 34th Annual Safety Conference organized by Gujarat Safety council in association with Directorate of Industrial Safety and Health at Ahmedabad.

· Recognition of two Essar Steel Employees' Poster, in Annual JCSSI Calendar Competition 2013. These posters were published in the Annual JCSSI Calendar for the year 2013.

· The Company participated in Workshop "Strategic Development towards Best Safety Practices and Human Interface" Organized by Essar Power Vadinar in Coordination with Directorate of Industrial Safety and Health, Govt. of Gujarat.

· The Company participated in Conference organized on "Safety for Sustainable Manufacturing Growth" by Federation of Indian Chambers of Commerce and Industry (FICCI) inaugurated by Shri. Mallikarjun Kharge, Union Minister for Labour and Employment.

· Tata Steel Executives visited their Hazira Complex to witness their Benchmark HSE Practices and Initiatives. Quote, "We are thankful to you for providing them the opportunity of getting exposed to the best of safety practices embedded in Essar Culture", Unquote.

· As part of Confederation of Indian Industry (CII) Mission on Best Practices in Safety, Health and Environment (SHE) to Hazira, Essar Steel promoted Best HSE Practices across the State of Gujarat.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523882	27/09/2014	3,861,700,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C25495458
2	10523906	27/09/2014	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C25501750
3	10521824	17/09/2014	7,050,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C22244636
4	10515922	27/06/2014	630,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C17273129
5	10508485	18/06/2014	7,500,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, , PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS HTRA - 400025, INDIA	C10898013
6	10489741	30/04/2014	10,560,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C03712361
7	10494059	21/04/2014	8,110,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C04433488
8	10484443	20/03/2014	3,667,860,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C00318469
9	10484444	20/03/2014	14,854,833,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C00318501
10	10483017	10/03/2014	8,580,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B98652142
11	10483019	10/03/2014	4,560,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B98652696
12	10483615	10/03/2014 *	8,040,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C04533659
13	10482066	13/05/2014 *	6,111,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11258233
14	10456294	13/05/2014 *	614,630,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10419174
15	10450965	27/06/2014 *	60,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11744133
16	10452159	13/05/2014 *	866,933,200.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C09913161
17	10449813	13/05/2014 *	2,506,340,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10421626
18	10452157	20/05/2014 *	3,250,000,000.00	INDIAN OVERSEAS BANK	229, BHAKHTAWAR, GROUND FLOOR, NARIMAN POINT, MUM BAI, MAHARASHTRA - 400021, INDIA	C04536215
19	10448499	17/04/2014 *	7,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C03793601
20	10441614	15/03/2014 *	5,384,700,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C12219879
21	10433365	13/05/2014 *	1,320,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10420859
22	10433227	13/05/2014 *	5,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11729985
23	10423211	13/05/2014 *	500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10041457
24	10418593	13/05/2014 *	816,637,500.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10018158
25	10419736	13/05/2014 *	1,370,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11726833
26	10416513	13/05/2014 *	2,522,481,228.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11721529
27	10413314	13/05/2014 *	5,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10038107
28	10427208	25/03/2013	1,200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B75650622
29	10427211	25/03/2013	3,400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B75650945
30	10413333	13/05/2014 *	6,916,875,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11762721
31	10426367	17/04/2014 *	1,850,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C03794856
32	10412553	13/05/2014 *	1,250,050,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10693257
33	10412554	13/05/2014 *	815,250,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10423846
34	10410812	13/05/2014 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10045953
35	10400263	13/05/2014 *	2,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11308210
36	10399798	13/05/2014 *	6,721,375,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10057065
37	10399423	11/04/2014 *	1,375,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11547049
38	10393685	08/07/2014 *	26,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10891828
39	10393432	13/05/2014 *	550,858,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11724721
40	10393229	13/05/2014 *	275,430,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11297173
41	10393055	13/05/2014 *	800,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C09915943
42	10391983	13/05/2014 *	2,719,400,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11248267
43	10391987	13/05/2014 *	4,895,100,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11256526
44	10390727	13/05/2014 *	20,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11254042
45	10391514	13/05/2014 *	555,200,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C10539302
46	10386942	27/02/2014 *	3,100,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA E AST, MUMBAI, MAHARASHTRA - 400051, INDIA	B98232119
47	10388020	13/05/2014 *	1,154,139,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11777802
48	10388023	13/05/2014 *	3,297,540,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11732054
49	10377182	15/01/2014 *	2,000,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86 C,TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA	B94502127
50	10378214	13/05/2014 *	8,800,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C09897018
51	10377686	13/05/2014 *	2,200,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11759073
52	10352084	30/06/2012 *	2,500,000,000.00	INDIAN OVERSEAS BANK	299 BAKHTAWAR, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B44365245
53	10311121	13/05/2014 *	10,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C12454088
54	10297913	09/06/2011	4,000,000,000.00	STATE BANK OF HYDERABAD	11-C, MITTAL TOWER, 210 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B17101502
55	10277806	13/05/2014 *	18,780,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11753985
56	10269161	07/02/2011	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B06200323
57	10263330	07/01/2011	2,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE, H T PAREKH MARG, 169 BACKBAY RECLAMATION CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	B04519351
58	10259676	20/12/2010	3,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE, H T PAREKH MARG, 169 BACKBAY RECLAMATION CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	B03246410
59	10237423	13/05/2014 *	173,280,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 MAKER TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C11760733
60	10227734	14/06/2010	1,500,000,000.00	UNITED BANK OF INDIA	25 SIR P M ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A88707708
61	10208286	20/03/2010 *	11,200,000,000.00	PUNJAB NATIONAL BANK	102-105, 1ST FLOOR, RAHEJA CHAMBERS, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A82448952
62	10186884	25/02/2010 *	2,800,000,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400 021, INDIA	A81714453
63	10178251	11/09/2009	525,000,000.00	PUNJAB NATIONAL BANK	102, FIRST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A70862347
64	10171714	13/05/2014 *	2,500,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C16065351
65	10158414	20/03/2010 *	5,500,000,000.00	BANK OF INDIA	BANK OF INDIA BUILDING, 4TH FLOOR, 70/80, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400021, INDIA	A82352675
66	10104882	12/09/2008 *	2,000,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, MCLEOD HOUSE, 3 N S ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	A45113610
67	10073373	11/12/2007 *	1,812,400,000.00	IFCI LTD	EARNEST HOUSE, 8TH AND 9TH FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A41195363
68	10052536	22/05/2007	1,950,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A15736218
69	10053343	25/02/2011 *	1,182,200,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS BANDRA KURLA COMPLEX, MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA	B08872913
70	10026265	17/11/2006	1,000,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE, 3, DINSHAW WACHA ROAD, MUMBAI, MAHARASHTRA - 400020, INDIA	A06271795
71	10020610	11/10/2006	500,000,000.00	ALLAHABAD BANK	APEEJAY HOUSE, DINSHA WACHA ROAD, NR K C COLLEGE, CHUCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	A05185186
72	10024588	11/12/2007 *	1,000,000,000.00	UCO BANK	MCLEOD HOUSE, 3, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	A41758244
73	10019672	18/09/2006	500,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE, 3, DINSHAW WACHA ROAD, MUMBAI, MAHARASHTRA - 400020, INDIA	A04805149
74	10014897	10/08/2006	3,550,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A03557212
75	80013163	11/12/2007 *	2,500,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, WORLD TRADE CENTRE COMPLEX, CUFF PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A36199834
76	90113001	30/06/2005	200,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
77	90138523	28/02/2005	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	-
78	90138503	08/09/2004	500,000,000.00	ING VYSYA BANK LIMITED	POONAM CHAMBERS, A; WING DR. A.B. ROAD; WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	-
79	90140322	27/08/2004	500,000,000.00	STANDARD CHARTERED BANK	90; MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-
80	90138435	25/06/2003	3,125,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE; WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings

· Leasehold Building

· Plant and Machinery

· Leasehold Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Computers

· Vehicles

· Ships and Vessels

· Railway Sidings and Wagons

· Leasehold Railway Sidings and Wagons

· Aircraft

· Software’s

PRESS RELEASES

ESSAR PORTS, ESSAR SHIPPING SPURT AS BOARDS APPROVE DELISTING

13 October, 2014

MUMBAI: Shares of Essar Shipping and Essar Portssurged up to 20 per cent as the Essar Group plans to delist the two companies from stock exchanges.

Stocks of Essar Shipping zoomed 20 per cent to Rs 23.70, which was its upper circuit limit at the BSE.

Shares of Essar Ports rallied 18.20 per cent to settle at Rs 108.15. During the day, it surged 20 per cent to 52-week high of Rs 109.80.

The boards of directors of Essar Ports and Essar Shipping have approved a proposal they received from Essar Shipping & Logistics, one of the promoters, to delist shares from the BSE and the NSE.

Both companies will seek the consent of shareholders for delisting proposal through a postal ballot and e-voting. In a filing to BSE today, Essar Ports said it has received an approval from promoter group companies including Essar Shipping and Logistics Limited, Essar Projects (India) Limited, Essar Steel India Limited, Imperial Consultants and Securities Private Limited. and Essar Global Fund Limited.

The promoters believes that the delisting of the share of Essar Ports from the stock exchanges would provide the promoter group increased flexibility to support the business and financial needs of the company and enable them to optimally fund the growth initiatives of the company.

ESSAR STEEL BAGS AN ORDER TO SUPPLY 1.2 LAKH TONNES OF STEEL PIPES TO GUJARAT GOVERNMENT'S SAUNI PROJECT

June 16, 2014

Essar Steel today announced that it has bagged an order for the supply of pipes for one of the most prestigious projects of the Gujarat government, for water management of the Saurashtra Narmada Avtaran Irrigation (SAUNI) Yojana. Under this programme, the water of Narmada river will be distributed to 115 reservoirs across seven districts of Saurashtra through four linked pipelines benefitting 1022589 acres. This project is estimated to cost Rs.108000.000 Millions.

Of the 5.86 lakh tonnes of pipes required for the project, Essar Steel will supply 1.2 lakh tonnes of HSAW (Helical Submerged Arc Welding) pipes, which are 12 metres long and 120 inches in diameter. The order will be executed over a period of one year. Essar Steel has an annual production capacity of 2.75 lakh tonnes of HSAW pipes.

Commenting on the recent order, Mr Harjit S Bedi, CEO, Essar Pipe Mill said, “We are very happy to be associated with the SAUNI project of the Gujarat Government. It is clearly a reflection of Essar Steel’s integrated capability to produce world-class pipes in India. We have an excellent track record in supplying water pipes to many projects in India.”

Essar Steel’s pipe mill has an annual production capacity of 0.6 million tonnes of which 3.25 lakh tonnes is LSAW pipes and 2.75 lakh tonnes is HSAW pipes. The plant is backed by a steel plant ensuring quality steel for making pipes.

ESSAR STEEL MINNESOTA DENIES REPORTS THAT IT WILL BE SOLD

June 02, 2014

Hibbing, MN - 2nd June 2014: Essar Steel Minnesota LLC (“ESML”) categorically denies that Essar Global Fund Limited (“EGFL”), ESML’s ultimate shareholder, is considering selling the business, contrary to recent media reports.

ESML’s President and CEO, Madhu Vuppuluri, commented:

“We are very pleased to have closed $450 million of bond financing for ESML in the last few weeks. At this significant milestone we look forward to completing ESML’s world class 7 million tonnes per annum fully-integrated pellet production facility and to an exciting future for ESML.

“ESML is a world class asset that we believe will be one of the lowest cash cost producers of iron ore pellets in North America. ESML will add 7 million tonnes per annumof pellet producing capacity to EGFL’s existing 20 million tonnes per annum of pellet producing capacity operating and under development in India. Accordingly, it is a core investment in the EGFL portfolio.”

ESSAR STEEL AIMS TO TURN PROFITABLE BY YEAR-END

Monday, 28 April 2014

Debt-laden Essar Steel is looking to turn profitable at net level in the current fiscal by doubling capacity utilisation of its 10 million tonne Hazira plant, reducing interest costs and focusing on higher margin sale of value-added products and commissioning of its slurry pipeline.

"We are targeting to double production as compared with the last fiscal. Added to it two vital things are in place -- one is the slurry pipeline in Odisha coming onstream next month and Vizag slurry pipeline, which is already in operation. That is a big booster. We are looking to get profitable at net level," Dilip Oommen, CEO and MD of Essar Steel, told dna. The 255-km long slurry pipeline, which will connect the company's beneficiation plant at Dabuna to the pellet plant at Paradip, Odisha, has been delayed by almost two years. "Apart from reducing freight cost, the slurry pipeline will also improve the availability of material for pelletisation, which in turn helps the downstream. We expect to have more than enough of pellets at a very competitive price. If there is an excess availability of pellets it will be sold in the market as well," Oomen said.

The company's operational cost is likely to come down with the commencement of slurry pipeline. Apart from this, it now has access to coal-based power and national grid, which will also bring down its power cost. And last, fall in interest cost on dollarisation of debt; all these three factors would help the company to turn profitable this fiscal, he said. Last two fiscals have been extremely tough for the Ruias-owned company as its debt ballooned to more than Rs 310000.000 Millions in last fiscal. The company has been since then trying to turn around operations through various measures, including dollarisation of debt.

Mahadev Iyer, director-finance and chief financial officer of Essar Steel, said the company at present has a total debt of Rs 350000.000 Millions, which includes Rs 290000.000 Millions long-term borrowings and Rs 60000.000 Millions working capital. The company has so far dollarised (which essentially means conversion of rupee debt into dollar debt) $1 billion worth of loans, while it plans to complete the process by dollarising the remaining $2 billion by June. In fiscal 2013, the company's interest cost had swelled to Rs 29550.000 Millions.

Through dollarisation, Essar Steel has been able to save Rs 4000.000 Millions of interest in fiscal 2014, and it expects to save Rs 8000.000 Millions in fiscal 2015, Iyer said. During 2012-13, Essar Steel posted earnings before interest, tax, depreciation and amortisation of Rs 18220.000 Millions, according to its annual report. But it incurred a net loss of Rs 27850.000 Millions on a total income of Rs 191900.000 Millions. The unlisted company is yet to report earnings for the last fiscal.

The Hazira steel plant, which mainly produces flat products, has been operating at an average 40% capacity in fiscal 2014 following cash crunch, short supply of raw material and overall slump in steel demand within the country. The company, however, hopes to double capacity utilisation in current fiscal and produce around 7 mt of steel. India's steel consumption grew by just 0.6% in 2013-14 fiscal, its lowest in four years, to 73.93 mt. Oommen expects some revival in steel demand post elections.

"We have a wide range of products and our quality is very much appreciated and commands premium today, so pushing products into the market is not a problem. Our base quality (basic steel like hot-rolled coil) is very good but we are trying to maximise our niche or specialised steel production so that our base grades in the market are minimised." "We have primarily three avenues; OEMs, retail and exports, so it is not one market where we push all the quantity. We are port based, so exports to many countries work out cheaper than domestic freight also," he said.

ESSAR STEEL BAGS AN ORDER TO SUPPLY 1.2 LAKH TONNES OF STEEL PIPES TO GUJARAT GOVERNMENT'S SAUNI PROJECT

June 16, 2014

ESSAR STEEL AIMS TO TURN PROFITABLE BY YEAR-END

The company's operational cost is likely to come down with the commencement of slurry pipeline. Apart from this, it now has access to coal-based power and national grid, which will also bring down its power cost. And last, fall in interest cost on dollarisation of debt; all these three factors would help the company to turn profitable this fiscal, he said. Last two fiscals have been extremely tough for the Ruias-owned company as its debt ballooned to more than Rs.310000.000 Millions in last fiscal. The company has been since then trying to turn around operations through various measures, including dollarisation of debt.

Mahadev Iyer, director-finance and chief financial officer of Essar Steel, said the company at present has a total debt of Rs 350000.000 Millions, which includes long-term borrowings and Rs.60000.000 Millions working capital. The company has so far dollarised (which essentially means conversion of rupee debt into dollar debt) $1 billion worth of loans, while it plans to complete the process by dollarising the remaining $2 billion by June. In fiscal 2013, the company's interest cost had swelled to Rs.29550.000 Millions.

Through dollarisation, Essar Steel has been able to save Rs.4000.000 Millions of interest in fiscal 2014, and it expects to save Rs.8000.000 Millions in fiscal 2015, Iyer said. During 2012-13, Essar Steel posted earnings before interest, tax, depreciation and amortisation of Rs.18220.000 Millions, according to its annual report. But it incurred a net loss of Rs.27850.000 Millions on a total income of Rs.191900.000 Millions. The unlisted company is yet to report earnings for the last fiscal.

"We have a wide range of products and our quality is very much appreciated and commands premium today, so pushing products into the market is not a problem. Our base quality (basic steel like hot-rolled coil) is very good but we are trying to maximise our niche or specialised steel production so that our base grades in the market are minimised." "We have primarily three avenues; OEMs, retail and exports, so it is not one market where we push all the quantity. We are port based, so exports too many countries work out cheaper than domestic freight also," he said.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.40
UK Pound	1	Rs. 94.17
Euro	1	Rs. 73.61

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.