MIRA INFORM REPORT

Report No. :	325986
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	ESSAR PROJECTS (INDIA) LIMITED
Formerly Known As :	ESSAR CONSTRUCTIONS (INDIA) LIMITED (w.e.f.11.01.2007) ESSAR CONSTRUCTIONS LIMITED (w.e.f.18.10.2000) ESSAR STENA LIMITED
Registered Office :	Essar House, 11 - Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, Maharashtra
Tel. No.:	91-22-66601100/ 24950606/ 50011100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.09.1989
Com. Reg. No.:	11-053280
Capital Investment / Paid-up Capital :	Rs.1240.000 Million
CIN No.: [Company Identification No.]	U99999MH1989PLC053280
IEC No.:	Not Available
TIN No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUME03801A
PAN No.: [Permanent Account No.]	AAACE2358J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of undertaking and executing projects involving Industrial plants, civil and irrigation projects, laying of pipelines (both onshore and offshore), marine constructions and highways and expressways.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 47000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a part of “ESSAR GROUP”. It is an established company having moderate track record. The company has seen deterioration in its financial profile marked by stretched liquidity position due to leveraged capital structure and elongation of working capital cycle along with significant investments in subsidiaries which are yet to generate free cash flows. Moreover, the management has witnessed a drastic dip in its sales volume as well as net profitability during FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of vast promoter’s experience, the company can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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 = BB (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	07.04.2015

Rating Agency Name	CARE
Rating	Short Term Bank facilities = A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	07.04.2015

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-67335000)

LOCATIONS

Registered / Corporate Office :	Essar House, 11 - Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400034, Maharashtra, India
Tel. No.:	91-22-66601100/ 24950606/ 50011100
Fax No.:	91-22-66601809/ 24954324
E-Mail :	corporatecommunications@essar.com brijesh.shah@essar.com vikasparadkar@yahoo.com vasant.savla@essar.com
Website :	www.essar.com
Branch Office 1 :	Equinox Business Park (Peninsula Techno Park), Off Bandra Kurla Complex, LBS Marg, Kurla (West), Mumbai 400070, Maharashtra, India
Branch Office 2 :	44 Km Stone, S H No 25, Jamnagar Okha Highway, Vadinar District Jamnagar – 361305, Gujarat, India
Other Branch Offices :	Located at: · Ahmedabad · Mumbai · Chennai · Hazira · New Delhi · Visakhapatnam
Overseas Offices :	Located at: · Africa · Canada · Czech Republic · China · Indonesia · Kenya · Korea · Madagascar · Mauritius · United Kingdom · Qatar · UAE · USA · Vietnam

DIRECTORS

As on 30.12.2014

Name :

Mr. Krishnamurthy Nagaraj Tirumakudlu Narasipur

Designation :

Director

Address :

#32, Plot No.50, Temple View, Bull Temple Road, Basavangudi, Bangalore-560004, Tamilnadu, India

Date of Birth/Age :

21.07.1934

Date of Appointment :

20.03.2015

DIN No.:

00048680

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200TG1994PLC016827	ECI ENGINEERING AND CONSTRUCTION COMPANY LIMITED	Director	08/02/1995	08/02/1995	-	Active	NO
2	U45203TN1990PTC026337	Imperial Procurement Services Private Limited	Director	18/05/2000	18/05/2000	-	Active	NO
3	U99999MH1989PLC053280	Essar Projects (India) limited	Director	20/03/2015	01/03/2001	-	Active	NO
4	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Additional director	21/03/2015	21/03/2015	-	Active	NO

Name :

Mr. Venkatesan Venkataramansinganallur

Designation :

Director

Address :

F-401, The Atrium, Old No. 49, New No. 22, Kalakshetra Road, Thiruvanmiyur, Chennai- 600041, Tamilnadu, India

Date of Birth/Age :

01.10.1939

Date of Appointment :

20.03.2015

DIN No.:

00004010

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1976PLC034721	ESSAR INVESTMENTS LIMITED	Director	13/09/1991	13/09/1991	04/10/2014	Active	NO
2	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Director	28/09/1991	28/09/1991	-	Amalgamated	NO
3	U40100GJ1991PLC064824	ESSAR POWER LIMITED	Director	30/10/1991	30/10/1991	20/05/2009	Active	NO
4	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	28/11/1991	28/11/1991	28/05/2013	Active	NO
5	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	24/01/1996	24/01/1996	18/09/2009	Active	NO
6	U99999MH1989PLC053280	Essar Projects (India) limited	Director	20/03/2015	01/03/2001	-	Active	NO
7	U72200MH1992PLC064816	ESSAR INFORMATION TECHNOLOGY LIMITED	Director	21/06/2001	21/06/2001	18/12/2012	Active	NO
8	U31101GJ1995PLC065146	BHANDER POWER LIMITED	Director	30/06/2004	30/06/2004	20/05/2009	Active	NO
9	L65921TN1985PLC049092	LANCOR HOLDINGS LIMITED	Director	26/12/2014	28/12/2005	-	Active	NO
10	U65999MH2005PLC155191	EDELWEISS TRUSTEE SERVICES LIMITED	Director	12/09/2007	01/11/2006	18/03/2015	Active	NO
11	L29221TN1956PLC000204	BEST & CROMPTON ENGG. LIMITED	Director	22/09/2007	31/01/2007	-	Active	NO
12	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	05/02/2007	05/02/2007	20/05/2009	Under liquidation	NO
13	U11201GJ2002PLC041192	ASIA MOTORWORKS LIMITED	Additional director	19/05/2008	19/05/2008	03/09/2013	Active	NO
14	U27310KA2006PTC040237	Siderforgerossi India Private Limited	Director	29/07/2009	19/05/2008	21/04/2011	Active	NO
15	U65923TN2007PLC085016	Essar Capital Limited	Additional director	17/06/2008	17/06/2008	18/09/2009	Active	NO
16	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	27/09/2014	04/10/2008	-	Active	NO
17	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	31/07/2009	31/10/2008	05/07/2011	Active	NO
18	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	29/09/2014	04/09/2009	-	Active	NO
19	U28920TN1999PLC043385	BEST & CROMPTON ENGINEERING PROJECTS LIMITED	Director	30/09/2010	29/03/2010	25/02/2013	Active	NO
20	U31101GJ2005PLC081701	ESSAR POWER (ORISSA) LIMITED	Director	27/09/2014	17/08/2010	-	Active	NO
21	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	29/09/2014	17/08/2010	04/10/2014	Active	NO
22	U67190MH2006PLC163842	ASIA MOTORWORKS HOLDINGS LIMITED	Director	08/06/2011	08/06/2011	01/10/2014	Active	NO
23	U67190MH2011PTC225038	CreditAlpha Alternative Investment Advisors Private Limited	Director	01/01/2012	01/01/2012	30/03/2013	Active	NO
24	U65993MH2006PTC164007	ARUM INVESTMENTS PRIVATE LIMITED	Director	02/02/2012	02/02/2012	07/06/2012	Active	NO
25	U65923MH1993PTC075162	PROVINCIAL FINANCE AND LEASING CO Private Limited	Additional director	27/06/2012	27/06/2012	30/03/2013	Active	NO
26	U35204GJ2011PLC067190	AMW MOTORS LIMITED	Director	20/09/2013	04/10/2012	01/10/2014	Active	NO
27	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	26/09/2014	26/08/2013	-	Active	NO
28	U99999DL2005PLC208864	ESSAR POWER TRANSMISSION COMPANY LIMITED	Director	27/09/2014	19/09/2013	-	Active	NO
29	L11100GJ1989PLC032116	ESSAR OIL LIMITED	Director	24/12/2014	10/10/2014	31/03/2015	Active	NO
30	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Additional director	21/03/2015	21/03/2015	-	Active	NO

Name :

Mr. Alwyn Keith Bowden

Designation :

Managing director

Address :

Casa Grande, Tower No.1, Flat No.1803, 18th Floor, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

06.12.1957

Qualification :

BE - Civil (Swansea University (UK))

Date of Appointment :

18.07.2014

DIN No.:

01349295

PAN No.:

AUEPB7254M

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203DL1996PTC190367	Sembawang Infrastructure(India) Private Limited	Director	20/06/2007	26/02/2007	31/03/2008	Active	NO
2	U99999MH1989PLC053280	Essar Projects (India) limited	Managing director	18/07/2014	18/07/2011	-	Active	NO
3	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Director	14/09/2012	18/10/2011	-	Active	NO

Name :

Mr. Mahesh Sitaram Ambegaonkar

Designation :

Whole-time director

Address :

B-501, Golden Willows, Vasant Garden, Near Swapna Nagari, Mulund (West), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

05.08.1946

Qualification :

Mechanical Engineer

Date of Appointment :

01.12.2013

DIN No.:

02341599

PAN No.:

AACPA4652N

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1989PLC053280	Essar Projects (India) limited	Whole-time director	01/12/2013	26/12/2008	-	Active	NO
2	U45200GJ2010PLC062785	Essar Refinery Projects Limited	Director	11/07/2012	11/07/2012	-	Active	NO
3	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	29/03/2013	29/03/2013	-	Active	NO

Name :

Mr. Mukesh Rambihari Rohatgi

Designation :

Director

Address :

D 190, Sector 41, G B Nagar, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

27.09.1949

Date of Appointment :

26.09.2013

DIN No.:

00136067

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1965GOI004352	ENGINEERS INDIA LIMITED	Managing director	15/09/2006	01/10/2005	30/09/2009	Active	NO
2	U74899DL1994GOI062371	CERTIFICATION ENGINEERS INTERNATIONAL LIMITED	Director	14/09/2006	01/10/2005	30/09/2009	Active	NO
3	U74140DL2008PLC180897	TEIL PROJECTS LIMITED	Director	15/07/2008	15/07/2008	01/10/2009	Active	NO
4	U74899DL1953GOI002220	HINDUSTAN PREFAB LIMITED	Nominee director	03/11/2011	03/11/2011	02/11/2014	Active	NO
5	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	23/07/2012	26/12/2011	01/04/2015	Active	NO
6	U40106HR2012PTC045972	PEC Solar Green Energy Private Limited	Director	17/05/2012	17/05/2012	-	Active	NO
7	U93000DL2013PTC253002	MKR CONSULTING PRIVATE LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO
8	U99999MH1989PLC053280	Essar Projects (India) limited	Director	26/09/2013	29/06/2013	-	Active	NO
9	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Director	30/12/2014	05/09/2014	21/03/2015	Active	NO

Name :

Mr. Jitendra Balkrishnan

Designation :

Director

Address :

208 Tower – 2, Casa Grande, Senapati Bapat marg, Lowe Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

08.05.1949

Date of Appointment :

30.12.2014

DIN No.:

00028320

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65999DL2000PLC103177	IDBI HOMEFINANCE LIMITED	Nominee director	11/09/2003	11/09/2003	17/08/2007	Amalgamated	NO
2	L65190MH2004GOI148838	IDBI Bank Limited	Whole-time director	14/03/2006	14/03/2006	31/05/2009	Active	NO
3	U65990MH1993GOI075578	IDBI CAPITAL MARKET SERVICES LIMITED	Director	05/09/2008	13/09/2007	02/08/2010	Active	NO
4	U72200MH2000GOI124665	IDBI INTECH LIMITED	Director appointed in casual vacancy	28/09/2007	28/09/2007	25/06/2010	Active	NO
5	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director	25/06/2010	01/06/2010	-	Active	NO
6	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	02/07/2014	01/06/2010	-	Active	NO
7	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	31/07/2014	10/06/2010	-	Active	NO
8	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	21/09/2010	22/06/2010	-	Active	NO
9	L25209UR1984PLC011596	POLYPLEX CORPORATION LIMITED	Director	25/09/2010	20/07/2010	-	Active	NO
10	U65990GJ1991PLC064603	ADITYA BIRLA FINANCE LIMITED	Director	23/09/2011	20/07/2010	-	Active	NO
11	L24117WB1962PLC025584	BINANI INDUSTRIES LIMITED	Director	27/06/2011	27/07/2010	28/09/2013	Active	NO
12	L27100MH1973PLC016617	SARDA ENERGY & MINERALS LIMITED	Director	25/09/2010	30/07/2010	-	Active	NO
13	L65999MH1986PLC147981	IL & FS INVESTMENT MANAGERS LIMITED	Director	27/07/2011	30/07/2010	-	Active	NO
14	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Director appointed in casual vacancy	30/07/2010	30/07/2010	28/03/2013	Active	NO
15	L24111UR1983PLC009097	INDIA GLYCOLS LIMITED	Director	01/10/2014	13/08/2010	-	Active	NO
16	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	30/09/2010	25/08/2010	29/05/2013	Active	NO
17	U99999MH2001PTC255339	PROVENANCE LAND PRIVATE LIMITED	Director	28/09/2010	03/09/2010	-	Active	NO
18	L24302RJ1979PLC001948	SHREE RAJASTHAN SYNTEX LIMITED	Director	19/09/2011	19/09/2011	21/08/2012	Active	NO
19	U74999MH2011PTC217380	ESSAR SERVICES INDIA Private Limited	Whole-time director	01/04/2012	21/01/2012	31/03/2015	Active	NO
20	U45202MH2008PTC180525	Equinox Realty & Infrastructure Private Limited	Director	29/09/2012	21/02/2012	18/09/2014	Active	NO
21	L64201DL2006PLC156038	Bharti Infratel Limited	Director	03/07/2013	03/09/2012	-	Active	NO
22	U99999MH1989PLC053280	Essar Projects (India) limited	Director	30/12/2014	27/09/2013	25/03/2015	Active	NO
23	U26941WB1996PLC076612	BINANI CEMENT LIMITED	Additional director	30/09/2013	30/09/2013	19/05/2014	Active	NO

Name :

Mr. Shailesh Nehalchand Shawa

Designation :

Whole Time Director

Address :

53 Beach Towers, Tata Press Lane, Prabhadevi, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

24.07.1963

Date of Appointment :

27.05.2014

DIN No.:

03163208

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Whole-time director	24/07/2013	24/07/2010	15/05/2014	Active	NO
2	L61200GJ2010PLC060285	ESSAR SHIPPING LIMITED.	Additional director	20/10/2010	20/10/2010	10/06/2011	Active	NO
3	U63032MH2009PLC189497	Essar Dredging Limited	Additional director	20/10/2010	20/10/2010	21/07/2014	Active	NO
4	U93090MH2006PLC163779	ESSAR OILFIELD SERVICES INDIA LIMITED	Additional director	20/10/2010	20/10/2010	18/06/2011	Active	NO
5	U63000MH2009PLC196857	ESSAR PARADIP TERMINALS LIMITED	Director	06/09/2011	20/10/2010	14/07/2014	Active	NO
6	U63032MH2007PLC176225	Essar Bulk Terminal (Salaya) Limited	Director	06/09/2011	20/10/2010	21/07/2014	Active	NO
7	U63000GJ2009PLC058496	ESSAR BULK TERMINAL PARADIP LIMITED	Director	05/09/2011	20/10/2010	14/07/2014	Active	NO
8	U63023GJ2009FLC056684	VADINAR PORTS & TERMINALS LIMITED	Director	08/09/2011	20/10/2010	14/07/2014	Active	NO
9	U13100GJ2004PLC043477	Essar Bulk Terminal Limited	Director	05/09/2011	26/10/2010	21/07/2014	Active	NO
10	U63000MH2004PLC149214	ARKAY LOGISTICS LIMITED	Additional director	27/10/2010	27/10/2010	23/05/2011	Active	NO
11	U35111GJ1993FLC053434	VADINAR OIL TERMINAL LIMITED	Director	08/09/2011	27/10/2010	21/07/2014	Active	NO
12	U63030GJ2013PLC075687	ESSAR VIZAG TERMINALS LIMITED	Director	19/06/2013	19/06/2013	14/07/2014	Active	NO
13	U99999MH1989PLC053280	Essar Projects (India) limited	Whole-time director	30/12/2014	27/05/2014	-	Active	NO
14	U11101MH2008PLC179089	Essar Offshore Subsea Limited	Director	30/12/2014	05/09/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.12.2014

Names of Shareholders	No. of Shares
Essar Projects Limited, UAE	123998000
Mohan Singh Manral Nominee Essar Projects Limited, UAE	4
Prasad V. Devata Nominee Essar Projects Limited, UAE	4
Savla Mavji Vasant Nominee Essar Projects Limited, UAE	4
Pareek R Gulabchand Nominee Essar Projects Limited, UAE	4
Ashok Goyal Nominee Essar Projects Limited, UAE	8
Ravindra Mohnot Nominee Essar Projects Limited, UAE	4
Total	123998028

Equity Share Break up (Percentage of Total Equity)

As on 30.12.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of undertaking and executing projects involving Industrial plants, civil and irrigation projects, laying of pipelines (both onshore and offshore), marine constructions and highways and expressways.
Products / Services :	Industrial Plants, Civil and Irrigation Projects
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• Yes Bank Limited, Nehru Centre, 9^th Floor, Discovery of India, Dr.A.B. Road, Worli, Mumbai – 400018, Maharashtra, India
• IDBI Bank Limited, IDBI Towertc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• Dena Bank, Corporate Business Branch, C- 10, “G” Block, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loans from others	15239.000	11374.100
SHORT TERM BORROWING
Working capital loans from banks	19551.800	16366.800
Total	34790.800	27740.900

Financial Institution :	SREI Equipment Finance Private Limited, “Vishvakarma”, 86C, Topsia Road, Kolkata – 700046, West Bengal, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400018, Maharashtra, India
PAN No.:	AADFD2337G
Memberships :	--
Collaborators :	--
Subsidiary Companies :	· Essar Constructions Limited · Essar Constructions Overseas Limited, Mauritius. · Essar Offshore Subsea Limited CIN No.: U11101MH2008PLC179089 · Essar Projects (PNG) Limited, Papua New Guinea · Essar Projects Singapore Pte Limited, Singapore · Krios Holdings Pte. Limited · Lucknow Varanasi Tollways Private Limited CIN No.: U45200DL2011PTC227573 · Tirunelveli Wind Farms Limited · Essar Project Management Company limited, Dubai · Essar Constructions Limited, Dubai · Kadmos Holdings Pte. Limited, Singapore
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their :	Essar Power (Orissa) Limited CIN No.: U31101GJ2005PLC081701 Essar Steel India Limited CIN No.: U27100GJ1976FLC013787 Bhander Power Limited

CAPITAL STRUCTURE

As on 30.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123998028	Equity Shares	Rs.10/- each	Rs.1240.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,240.000	1,240.000	1,240.000
(b) Reserves & Surplus	15,265.700	14,778.500	11,961.500
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16,505.700	16,018.500	13,201.500
(3) Non-Current Liabilities
(a) long-term borrowings	15,239.000	11,374.100	16,104.300
(b) Deferred tax liabilities (Net)	564.500	420.100	342.600
(c) Other long term liabilities	3,800.200	17,833.000	9,639.300
(d) long-term provisions	207.400	152.500	100.600
Total Non-current Liabilities (3)	19,811.100	29,779.700	26,186.800
(4) Current Liabilities
(a) Short term borrowings	19,850.300	16,366.800	12,358.800
(b) Trade payables	15,641.200	19,679.400	17,338.000
(c) Other current liabilities	15,134.100	16,648.800	25,232.000
(d) Short-term provisions	282.500	390.100	247.600
Total Current Liabilities (4)	50,908.100	53,085.100	55,176.400
TOTAL	87,224.900	98,883.300	94,564.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7,481.700	8,826.600	9,983.600
(ii) Intangible Assets	1,498.100	454.300	492.200
(iii) Capital work-in-progress	634.800	2,108.200	1,841.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21,515.900	21,029.400	9,961.100
(c) Deferred tax assets (net)	347.300	741.800	336.800
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	682.900	290.900	4,424.100
Total Non-Current Assets	32,160.700	33,451.200	27,038.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21,176.800	19,929.400	20,481.800
(c) Trade receivables	19,550.500	18,641.200	16,890.500
(d) Cash and cash equivalents	2,591.400	2,202.400	2,345.200
(e) Short-term loans and advances	9,337.900	24,430.800	27,762.900
(f) Other current assets	2,407.600	228.300	45.400
Total Current Assets	55,064.200	65,432.100	67,525.800
TOTAL	87,224.900	98,883.300	94,564.700

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		44,974.700	66,684.300	88,198.000
		Other Income		2,138.300	2,092.200	1,824.000
		TOTAL (A)		47,113.000	68,776.500	90,022.000
Less	EXPENSES
		Cost of Materials Consumed		3,938.200	7,038.000	10,045.900
		Purchase of Stock-in-trade		14,924.500	28,050.100	39,055.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		66.200	182.700	51.600
		Employee Benefits Expenses		2,904.700	3,217.900	3,126.000
		Other Expenses		16,314.200	20,678.000	28,470.000
		TOTAL (B)		38,147.800	59,166.700	80,748.500
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			8,965.200	9,609.800	9,273.500
Less	FINANCIAL EXPENSES (D)			6,689.500	4,025.300	3,406.800
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			2,275.700	5,584.500	5,866.700
Less	DEPRECIATION/ AMORTISATION (F)			1,647.000	1,528.700	1,458.100
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			628.700	4,055.800	4,408.600
Less	TAX (H)			405.100	1,333.800	1,497.700
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			223.600	2,722.000	2,910.900
	EARNINGS IN FOREIGN CURRENCY
			Contract Income	1585.800	3384.400	3427.400
			Interest and Dividend	151.500	90.600	30.600
	TOTAL EARNINGS			1737.300	3475.000	3458.000
	IMPORTS
			Components and Stores parts	3720.500	5777.100	7376.300
			Capital Goods	6.400	354.800	1960.200
	TOTAL IMPORTS			3726.900	6131.900	9336.500
	Earnings / (Loss) Per Share (Rs.)			1.80	21.95	23.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	3127.900	2962.100	714.400
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.50	4.08	3.30
Operating Profit Margin (PBDIT/Sales)	(%)	19.93	14.41	10.51
Return on Total Assets (PBT/Total Assets}	(%)	0.97	5.41	5.35
Return on Investment (ROI) (PBT/Networth)		0.04	0.25	0.33
Debt Equity Ratio (Total Debt /Networth)		2.32	1.73	2.16
Current Ratio (Current Asset/Current Liability)		1.08	1.23	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	1240.000	1240.000	1240.000
Reserves & Surplus	11961.500	14778.500	15265.700
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	13201.500	16018.500	16505.700
Long Term borrowings	16104.300	11374.100	15239.000
Short Term borrowings	12358.800	16366.800	19850.300
Current Maturities of Long term debt	714.400	2962.100	3127.900
Total borrowings	29177.500	30703.000	38217.200
Debt/Equity ratio	2.210	1.917	2.315

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	88,198.000	66,684.300	44,974.700
		(24.393)	(32.556)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	88,198.000	66,684.300	44,974.700
Profit	2,910.900	2,722.000	223.600
	3.30%	4.08%	0.50%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter ID Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE DETAILS
Bench:- Bombay Presentation Date: 10/03/2015
Lodging No. :	CPL/214/2015			Filing Date:-		10/03/2015
Petitioner:-	POLESTAR MARITIME LIMITED	Respondent:-	ESSAR PROJECTS (I) LIMITED. CIN NO. U99999
Petn. Adv:-	V. SUBRAMANIAN (100)
District:-	MUMBAI
Bench:-	SINGLE	Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission	Stage:-
Last Date:-	19/03/2015
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act. :	Companies Act and Rules 1956		Under Section :-		433 434

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Intercorporate borrowings	298.500	0.000
Total	298.500	0.000

REVIEW OF OPERATIONS

Total Revenue of the Company has declined by more than 30% from Rs. 68776.500 Million in Financial Year 2013-13 to Rs. 47113.000 Million in Financial Year 2013-14.

Profit before Tax has decreased by more than 75% from Rs. 4055.500 Million in Financial Year 2013-13 to Rs. 629.100 Million in Financial Year2013-14.

The Company has provided Rs. 1647.000 Million (Previous year Rs. 1528.700 Million) for depreciation and Rs. 260.700 Million (Previous year Rs. 1256.500 Million) towards Current Income Tax.

INDUSTRY OUTLOOK & WAY FORWARD:

A country S infrastructure paves the way for its economic growth. In line with this, the government in its 12th Five Year Plan envisioned investment in infrastructure sector to upsurge to USD 1 trillion. While number of mega projects ? like the Mumbai and Chennai Metros, IOCL Paradip Refinery, Burnpur Steel Plant Expansion and Modernisation Plant (SAIL), Koldam Hydropower Plant (NTPC), Dahej Petrochemical Complex (ONGC Petroadditions Ltd.) worth more than Rs.1.5 lakh crores are ready to start operations in 2014, the policy paralysis of the past few years and high interest rates impacted particularly the infrastructure sector in India and caused a drag on economic growth. The new Government, however, has shown positive intent by according priority to housing, transportation (roads & railways) and power (energy) sectors and so infrastructure development is expected to pick up pace, giving boost to EPC market. For an EPC companies which for the last few years have been plagued with a market slow down, elongated working capital cycles and dearth of funds ? the timing is becoming ripe to leverage their experience. The Company is not exception to this and they intend to work on the clientele base that they have built over the years. Their teams have been tracking and pursuing scale opportunities with major clients in public as well as private sectors. While they leverage their experience in the Oil & Gas sector (onshore & offshore); they are planning for a strategic entry into the arena of LNG Terminals. At the same time, they are also tapping infrastructure opportunities in sectors like road, railway/metro, thermal and hydro power, water pipelines. Pre-fabricated and precast housing is a new area, which also is being tapped for EPC opportunities.

Focused and aggressive business development have begun to yield results with new orders worth over Rs.200000.000 Million being booked in the first 2

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10557696	02/01/2015	830,000,000.00	Srei Equipment Finance Limited	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	C47444245
2	10539803	05/12/2014	750,000,000.00	Yes Bank Limited	Nehru Centre, 9th Floor, Discovery Of India,, Dr.  A. B. Road, Worli,, Mumbai, Maharashtra -400018,  India	C38738001
3	10528776	08/10/2014	2,400,000,000.00	Axis Bank Limited	Bombay Dyeing Mills Compound, Worli, Mumbai, Maharashtra - 400025, India	C32029647
4	10556003	22/09/2014	207,372,000.00	Srei Equipment Finance Limited	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	C47242409
5	10515416	24/07/2014	500,000,000.00	Idbi Bank Limited	Mittal Court, 224, A Wing, 2nd Floor,, Nariman Point, Mumbai, Maharashtra - 400005, India	C16750150
6	10517180	03/07/2014	1,250,000,000.00	Srei Equipment Finance Limited	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	C18641183
7	10507299	26/06/2014	1,621,360,510.00	Axis Bank Limited	9, Raffles Place, #48-01,, Republic Plaza 1, Singapore, - 048619, Singapore	C10049997
8	10461523	31/10/2013	2,150,000,000.00	Central Bank Of India	Corporate Finance Branch, 1st Floor, MMO Building, Fort, Mumbai, Maharashtra - 400023, INDIA	B90054701
9	10456171	28/09/2013	1,700,000,000.00	Srei Infrastructure Finance Limited	Vishwakarma,86c,Topsia Road (South), Kolkata, West Bengal - 700046, India	B87991154
10	10442286	15/07/2013	23,921,199.00	Srei Equipment Finance Private Limited	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	B81808198

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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] on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal

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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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.