MIRA INFORM REPORT

Report No. :	496559
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	WELSPUN ENTERPRISES LIMITED (w.e.f. 2015)
Formerly Known As :	WELSPUN PROJECTS LIMITED (w.e.f. 2010) MSK PROJECTS (INDIA) LIMITED
Registered Office :	“Welspun City”, Village Versamedi, Taluka Anjar, District Kutch - 370110, Gujarat
Tel. No.:	91-2836-662222
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	20.12.1994
Com. Reg. No.:	04-023920
Capital Investment / Paid-up Capital :	INR 1472.900 Million
CIN No.: [Company Identification No.]	L45201GJ1994PLC023920
IEC No.: [Import-Export Code No.]	Not Divulged
GSTIN : [Goods & Service Tax Registration No.]	24AABCM4107C1Z7
TAN No.: [Tax Deduction & Collection Account No.]	BRDM01303B
TIN No:	24190200280
PAN No.: [Permanent Account No.]	AABCM4107C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of Infrastructural Development and Exploration and Trading of Oil and Natural Gas Facilities (Registered Activity)
No. of Employees :	504 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in 1994 and is based in Vadodara (Gujarat). The company is a part of Welspun Group and is primarily engaged in construction, developing and maintaining BOT projects. It has two key segments – EPC business and BOT business. The company undertakes EPC business for both Welspun Group companies and outside entities. Currently, WEL (including its subsidiaries and JVs) has five operational BOT projects, out of which four are in the road segment, and one pertains to industrial water supply. For the financial year 2017, the company has increased its operational performances as compared to previous year and maintained decent profit margin of 14.40%. Rating takes into consideration strong financial profile of the company marked by healthy networth base along with robust capital structure and debt protection metrics. Rating continue to derive strength from company’s established track record in executing BOT projects, diversified revenue stream from industrial, road and residential construction as well as BOT projects and its comfortable capital structure. However, rating strength is partially offset by company’s delay in stabilization of revenue stream for Dewas Water Supply BOT project, inherent risk associated with execution of BOT projects and high degree of competition. Furthermore, rating has also combined the business and financial profiles the company, this is because all the companies, collectively referred to as Welspun Group, operate in the same line of business. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. In view of aforesaid, the company can be considered for business dealings with usual trade terms and conditions.

NOTES:

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non-cooperative (Tel No.: 22-66136000/ 2836- 662222)

91-79-23272100 (Not Exists)

LOCATIONS

Registered Office :	“Welspun City”, Village Versamedi, Taluka Anjar, District Kutch - 370110, Gujarat, India
Tel. No.:	91-2836-662222
Fax No.:	91-2836-279010
E-Mail :	companysecretary_wel@welspun.com sales_wcl@welspun.com
Website :	http://www.welspunenterprises.com
Corporate Office:	Welspun House, 5^th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-6613 6000
Fax No.:	91-22-2490-8020/ 8021
Branch Office:	T-11, Vasant Sqare Mall (3rd Floor), Sector - B, Pocket – 5 Vasant Kunj,  New Delhi - 110 070, India
Tel. No.:	91 11 2602 2051 / 2612 2054
Fax No.:	91 11 2612 2064
Liaison Office:	Plot No.: 843, Sector : 8-C Gandhinagar– 382008, Gujarat, India
Tel. No.:	91-79-2324 2100/ 23272100
Fax No.:	91-79-2324 2100
Plant I:	Village Vadadla, Near Dahej,  Taluka:Vagra (6 kms before Dahej),  Bharuch-Dahej Road, District Bharuch - 392130, Gujarat, India
Tel. No.:	91-2641-256011 / 256281
Fax No.:	91-2641-256285
Plant II:	Welspun City, Anjar, Kutch - 370 110, Gujarat India
Tel. No.:	91-2836 279071/74/41/44
Fax No.:	91-2836 279060
Plant III:	KIADB Industrial Area, Gejjalagere, Taluka Maddur, District Mandya - 571428, Karnataka, India.

DIRECTORS

As on 31.03.2017

Name :	Mr. Sandeep Garg
Designation :	Managing Director
Address:	D - 173, Narmada Apartments, Alknanda, New Delhi - 110019, India
Date of Appointment:	16.07.2012
DIN No.:	00036419
Name :	Mr. Rajesh Rrameshkumar  Mandawewala
Designation :	Director
Address:	161/171-B, Tanna Residency Bay View, Opposite Sidhivinayak Temple, Prab Hadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment:	06.07.2012
DIN No.:	00007179
Name :	Mr. Ram Gopal Sharma
Designation :	Director
Address:	E 707, Lok Sarita, Military Road, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India
Date of Appointment:	29.05.2015
DIN No.:	00026514
Name :	Mr. Mohan Krishna  Tandon
Designation :	Director
Address:	Flat No.205, Challenger Tower No.4, Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India
Date of Appointment:	31.03.2012
DIN No.:	00026460
Name :	Mr. Dhruv Subodh Kaji
Designation :	Additional Director
Address:	3901, The Imperial, B.B. Nakashe Marg, Near Tardeo AC Market, Tardeo Mumbai - 400034, Maharashtra, India
Date of Appointment:	30.05.2017
DIN No.:	00192559
Name :	Mr. Balkrishan Gopiram Goenka
Designation :	Wholetime Director
Address:	Rocky Isle 46/C, B, Desai Road, Breachcandy, Mumbai - 400026, Maharashtra, India
Date of Appointment:	29.09.2015
DIN No.:	00270175
Name :	Mr. Yogesh Agarwal
Designation :	Director
Address:	151/152, Jolly Maker Apartments - II, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Date of Appointment:	12.08.2015
DIN No.:	00947896
Name :	Ms. Mala Arun Todarwal
Designation :	Director
Address:	81, Shivner 84, Nepean Sea Road, Malbar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment:	05.08.2014
DIN No.:	06933515

KEY EXECUTIVES

Name :	Ms. Indu Daryani
Designation :	Company Secretary
Address:	C C 701, Parivar Housing Co-Op Society, Kanjur Marg (East), Mumbai - 400042, Maharashtra, India
Date of Appointment:	12.08.2015
PAN No.:	AMSPD6813C
Name :	Mr. Shriniwas Manohar Kargutkar
Designation :	Chief Finance Officer
Address:	B/1103, Fantasia, Raheja Gardens, Teen Haath Naka, Thane - 400604, Maharashtra, India
Date of Appointment:	29.05.2015
PAN No.:	ACDPK6991M
Audit Committee:	Mr. Ram Gopal Sharma Mr. Mohan Tandon Mr. Mintoo Bhandari Mr. Utsav Baijal (Alternate Director to Mintoo Bhandari) Ms. Mala Todarwal
Nomination and Remuneration Committee:	Mr. Mohan Tandon Mr. Ram Gopal Sharma Mr. Balkrishan Goenka Mr. Mintoo Bhandari Mr. Utsav Baijal (Alternate Director to Mintoo Bhandari) Ms. Mala Todarwal
Share Transfer and Investor Grievance and Stakeholders Relationship Committee:	Mr. Sandeep Garg Mr. Mohan Tandon Mr. Mintoo Bhandari Mr. Utsav Baijal (Alternate Director to Mintoo Bhandari)
Corporate Social Responsibility Committee:	Mr. Ram Gopal Sharma Mr. Rajesh R. Mandawewala Mr. Sandeep Garg
Key Management Team:	Mr. Balkrishan Goenka - Chairman (Executive) Mr. Sandeep Garg - Managing Director & CEO Mr. Akhil Jindal - Director, Group Finance & Strategy Mr. Deepak Chauhan - Director, Legal, Welspun Group Mr. Asim Chakraborty - Director-COO- Highways Mr. Banwari Lal Biyani - Director, Operation Head-BOT & EPC Mr. Shriniwas Kargutkar - Chief Financial Officer

MAJOR SHAREHOLDERS

AS ON DECEMBER 2017

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	65741081	44.56
(B) Public	81791975	55.44
Total	147533056	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	204	0.00
Rajesh R Mandawewala	120	0.00
Balkrishan Gopiram Goenka	84	0.00
Any Other (specify)	62815811	42.58
Welspun Investments And Commercials Limited	3139800	2.13
MGN Agro Properties Private Limited	1500000	1.02
Welspun Zucchi Textiles Limited	60	0.00
Anjar Road Private Limited	58175951	39.43
Sub Total A1	62816015	42.58
A2) Foreign		0.00
Any Other (specify)	2925066	1.98
Intech Metals S. A.	2925066	1.98
Sub Total A2	2925066	1.98
A=A1+A2	65741081	44.56

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	660000	0.45
Alternate Investment Funds	1067880	0.72
Foreign Portfolio Investors	4924198	3.34
Financial Institutions/ Banks	6941872	4.71
Life Insurance Corporation Of India and its funds	6186275	4.19
Insurance Companies	162000	0.11
Sub Total B1	13755950	9.32
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	15166324	10.28
Individual share capital in excess of INR 0.200 Million	26171626	17.74
Chirag Dilipkumar Lakhi	2847034	1.93
Dilipkumar Lakhi	6860243	4.65
Any Other (specify)	26698075	18.10
HUF	2520198	1.71
Foreign Individuals	3000	0.00
NRI – Non- Repat	362075	0.25
NRI – Repat	917662	0.62
Unclaimed or Suspense or Escrow Account	31224	0.02
Clearing Members	3282690	2.23
Bodies Corporate	19581226	13.27
Mentor Capital Limited	4091252	2.77
Sub Total B3	68036025	46.12
B=B1+B2+B3	81791975	55.44

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Infrastructural Development and Exploration and Trading of Oil and Natural Gas Facilities (Registered Activity)
Brand Names :	Not Available
Agencies Held :	Not Available
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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

504 (Approximately)

Bankers :

· Corporation Bank

4-15, National Plaza, R. C. Dutt Road, Alkapuri, Vadodara - 390005, Gujarat, India

· IDBI Bank Limited

IDBI Tower, World Trade Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· IDFC Bank Limited

· Indian Bank

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Industrial Development Finance Corporation Limited ('IDFC')	561.300	579.100
Less : Current maturities disclosed under other current financial liabilities	(43.200)	(20.700)
Short-term borrowings
Loans repayable on demand from banks	197.500	126.100
Total	715.600	684.500

Note:

Nature of security and terms of repayments for long term borrowings

i) Industrial Development Finance Corporation Limited ('IDFC') Secured by way of mortgage in favour of IDFC of all movable properties pertaining to the Dewas Water Supply Projects, present and future. A first charge by way of hypothecation of all the movable assets including movable plant and machinery, machinery spares, tools & accessories, furniture and fixtures, vehicles and all other movable assets pertaining to the project, present and future. First charge of all book debts, operating cash flows, revenues and receivables of the Company pertaining to the project, present and future. First charge on all intangibles including but not limited to goodwill, uncalled capital, present and future. Assignment of all rights, title, interest, benefits, claims and demands of the Company in respect of all the assets of the projects agreement and contracts including concession agreement. First charge over the escrow account, debt service reserve account and other reserve and any other bank account the Company wherever maintained.

Repayment terms : Repayment in monthly installments w.e.f. April 16, 2016 i.e- FY 17-3%; FY18-7%; FY19-10%; FY20- 20%; FY21-22%; FY22-33%; FY23-5%. Interest shall be paid separately as and when due. Rate of Interest : 11.25% p.a.

ii) Dena Bank Secured by first mortgage and charge on all the Company's capital assets, specific and pertaining to the Hoshangabad - Harda - Khandwa Projects only both present and futures. A first Charge on all the revenues / receivable of Hoshangabad-Harda - Khandwa project account of the Company. A first charge on Company's bank accounts including without limitation the trust and retention account (RTA) / Escrow Account and Debt Service Reserve Account to be established by the Company. A First charge/assignment/security on the Company right under the concession agreement, Project documents Contract and all licence permits approvals conserts and insurance policies in respect of the projects.

iii) Corporation Bank

Secured by exclusive first charge by way of hypothecation of entire toll receivable under the Raisen Rahatgarh road Project.

Nature of security and terms of repayment for secured borrowings

Loan from bank is secured by hypothecation of inventories and book debts of the Company. Rate of interest: MCLR +1.45% pa

Auditors :
Name :	MGB and Company, LLP Chartered Accountants
Address :	Peninsula Business Park, Tower B, 19^th Floor, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61246124
E-Mail :	mgbco@mgbco@mgbco.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	· MSK Projects (Himmatnagar Bypass) Private Limited · MSK Projects (Kim Mandvi Corridor) Private Limited · Anjar Water Solutions Private Limited (Formerly known as Welspun Road Projects Private Limited) · Welspun Build-Tech Private Limited (Formerly known as Welspun Construction Private Limited) · Welspun Natural Resources Private Limited · Anjar Road Private Limited ^ · Welspun Delhi Meerut Expressway Private Limited * · ARSS Bus Terminal Private Limited The country of incorporation of all the above Subsidiaries are India ^ Ceased to be wholly owned subsidiary w.e.f November 20, 2015 * Became subsidiary on February 16, 2016. @The Company controls the composition of the board of directors. It became wholly owned subsidiary w.e.f. September 10, 2015
Associate:	Adani Welspun Exploration Limited (Held through Welspun Natural Resources Private Limited–Wholly owned subsidiary)
Joint Venture :	Dewas Bhopal Corridor Private Limited * * Ceased to be a joint venture company w.e.f. December 22, 2015
Other related parties with whom transactions have taken place or balances outstanding at the year end	· Welspun India Limited · Welspun Corp Limited · Welspun Steel Limited · Welspun Realty Private Limited · Welspun Mercantile Limited · Welspun Global Brands Limited · Welspun Energy Chattisgarh Private Limited · Welspun Captive Power Generation Limited · Welspun Energy Private Limited · Welspun Orissa Steel Private Limited · Rank Marketing LLP · Welspun Foundation for Health and Knowledge · Welshop Trading Private Limited · Welspun Energy Thermal Private Limited (Formerly known as Solarsys Infra Projects Private Limited)

CAPITAL STRUCTURE

After: 29.09.2016

Authorised Capital : INR 1800.000 million

Issued, Subscribed & Paid-up Capital : INR 1475.331 million

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
180000000	Equity Shares	INR 10/- each	INR 1800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147293056	Equity Shares	INR 10/- each	INR 1472.900 Million

a) Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of INR 10 per share. Each shareholder is entitled to one vote per share held. The dividend, incase proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except incase of interim dividend. In the event of liquidation of the Company, the holders of the equity shares are entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

b) Reconciliation of number of equity shares outstanding

Particulars	31.03.2017
	Number	INR In Million
At the beginning of the year	174040535	1740.400
Add : Pursuant to exercise of stock options	240000	2.400
Less : Equity shares bought back during the year	(26987479 )	(269.900)
Outstanding at the end of the year	147293056	1472.900

C) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the last five years immediately preceding the reporting date

Particulars	31.03.2017
		Number
Equity shares allotted as fully paid up for consideration other than cash		-
Pursuant to the Scheme of Amalgamation and Arrangement		-
Pursuant to exercise of stock options		240000
Equity shares bought back during the year		(26987479)

Shares reserved for issue under options

For details of shares reserved for issue under the share based payment plan of the Company

c) Details of shareholders holding more than 5% of the shares in the Company

Particulars	31.03.2017
	Number	% of holding
Anjar Road Private Limited	58175951	39.50
Merrill Lynch Markets Singapore PTE. Limited	8294926	5.63
Life Insurance Corporation of India and its schemes	8752524	5.94
Insight Solutions Limited	8714027	5.92
Krishiraj Trading Limited	-	0.00
Granele Limited	-	0.00
Merrill Lynch Capital Markets S A S V	-	0.00
JP Morgan Chase Bank NA	-	0.00

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1472.900	1740.400	1733.200
(b) Reserves & Surplus	12051.000	13026.000	12595.500
(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)	13523.900	14766.400	14328.700
(3) Non-Current Liabilities
(a) Long-term borrowings	518.100	558.400	674.000
(b) Deferred tax liabilities (Net)	28.000	0.000	73.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	286.800	369.500	376.400
Total Non-current Liabilities (3)	832.900	927.900	1124.000
(4) Current Liabilities
(a) Short term borrowings	240.000	126.100	169.700
(b) Trade payables	654.400	233.100	271.400
(c) Other current liabilities	1344.400	436.000	346.300
(d) Short-term provisions	1.400	0.700	0.600
Total Current Liabilities (4)	2240.200	795.900	788.000
TOTAL	16597.000	16490.200	16240.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.800	49.600	101.300
(ii) Intangible Assets	217.800	978.100	1661.100
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3746.400	5203.200	5115.600
(c) Deferred tax assets (net)	0.000	11.900	0.000
(d) Long-term Loan and Advances	195.400	128.100	431.100
(e) Other Non-current assets	331.700	256.300	197.000
Total Non-Current Assets	4525.100	6627.200	7506.100
(2) Current assets
(a) Current investments	7497.700	8046.700	6415.700
(b) Inventories	29.600	29.800	37.200
(c) Trade receivables	191.900	373.500	334.500
(d) Cash and cash equivalents	2943.300	362.300	603.800
(e) Short-term loans and advances	528.300	636.500	905.100
(f) Other current assets	881.100	414.200	438.300
Total Current Assets	12071.900	9863.000	8734.600
TOTAL	16597.000	16490.200	16240.700

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	3005.300	1848.500	1843.127
	Other Income	705.800	953.100	661.206
	Interest Income	271.500	204.300	0.000
	TOTAL	3982.600	3005.900	2504.333
Less	EXPENSES
	Cost of Materials Consumed	129.700	297.000	246.994
	Purchases of Stock-in-Trade	566.200	775.200	538.791
	Subcontracting, civil and repair work	1700.600	324.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	89.000	20.200	(32.220)
	Employees benefits expense	288.800	284.600	229.952
	Exceptional items	(106.800)	(71.800)	(154.245)
	Other expenses	530.600	622.000	1057.368
	TOTAL	3198.100	2251.200	1886.640
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	784.500	754.700	617.693
Less	FINANCIAL EXPENSES	77.800	114.200	131.032
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	706.700	640.500	486.661
Less/ Add	DEPRECIATION/ AMORTISATION	173.100	257.100	249.308
	PROFIT/ (LOSS) BEFORE TAX	533.600	383.400	237.353
Less	TAX	100.900	(47.000)	135.772
	PROFIT/ (LOSS) AFTER TAX	432.700	430.400	101.581
	Earnings / (Loss) Per Share (INR)	2.49	2.48	0.59

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	43.200	20.700	80.800
Cash used in operating activities	1244.900	(36.000)	(330.899)
Net cash used in operating activities	1169.500	(36.000)	(337.899)

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	2063.300	1453.700	2734.100
Total Expenditure	1932.000	1366.600	2518.800
PBIDT (Excl OI)	131.300	87.100	215.300
Other Income	237.900	254.00	247.200
Operating Profit	369.200	341.100	462.500
Interest	18.800	17.900	18.600
Exceptional Items	NA	78.100	45.300
PBDT	350.400	401.300	489.200
Depreciation	59.700	47.800	51.600
Profit Before Tax	290.700	353.500	437.600
Tax	79.200	94.500	93.200
Provisions and contingencies	NA	NA	NA
Profit After Tax	211.500	259.000	344.400
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	211.500	259.000	344.400

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	23.31	73.75	66.24
Account Receivables Turnover (Income / Sundry Debtors)	15.66	4.95	5.51
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	343.23	79.35	126.07
Inventory Turnover (Operating Income / Inventories)	26.50	25.33	16.60
Asset Turnover (Operating Income / Net Fixed Assets)	3.12	0.73	0.35

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.17	0.08	0.09
Debt Equity Ratio (Total Liability / Networth)	0.06	0.05	0.06
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.17	0.05	0.05
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.02	0.07	0.12
Interest Coverage Ratio (PBIT / Financial Charges)	10.08	6.61	4.71

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	14.40	23.28	5.51
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.61	2.61	0.63
Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.20	2.91	0.71

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	5.39	12.39	11.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	5.38	12.35	11.04
G-Score Ratio Financial (Networth / Total Assets)	0.81	0.90	0.88
G-Score Ratio Debt (Debts / Equity Capital)	0.54	0.41	0.53
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	5.39	12.39	11.08

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10/-
Market Value	INR 156/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	1733.200	1740.400	1472.900
Reserves & Surplus	12595.500	13026.000	12051.000
Net worth	14328.700	14766.400	13523.900
long-term borrowings	674.000	558.400	518.100
Short term borrowings	169.700	126.100	240.000
Current maturities of long-term debts	80.800	20.700	43.200
Total borrowings	924.500	705.200	801.300
Debt/Equity ratio	0.065	0.048	0.059

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	1843.127	1848.500	3005.300
		0.292	62.580

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	1843.127	1848.500	3005.300
Profit	101.581	430.400	432.700
	5.51%	23.28%	14.40%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1472.900	1740.400
(b) Reserves & Surplus	11111.200	12469.200
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12584.100	14209.600
(3) Non-Current Liabilities
(a) long-term borrowings	1245.300	794.100
(b) Deferred tax liabilities (Net)	28.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	288.000	370.000
Total Non-current Liabilities (3)	1561.300	1164.100
(4) Current Liabilities
(a) Short term borrowings	197.400	126.100
(b) Trade payables	656.200	234.600
(c) Other current liabilities	1229.800	422.400
(d) Short-term provisions	1.400	0.700
Total Current Liabilities (4)	2084.800	783.800
TOTAL	16230.200	16157.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	208.100	222.300
(ii) Intangible Assets	893.000	1464.100
(iii) Capital work-in-progress	638.100	638.100
(iv) Intangible assets under development	310.900	264.600
(b) Non-current Investments	204.700	2788.400
(c) Deferred tax assets (net)	24.200	34.600
(d) Long-term Loan and Advances	678.800	577.900
(e) Other Non-current assets	1649.700	282.100
Total Non-Current Assets	4607.500	6272.100
(2) Current assets
(a) Current investments	7497.700	8046.700
(b) Inventories	29.600	29.800
(c) Trade receivables	191.800	373.500
(d) Cash and cash equivalents	3065.200	381.200
(e) Short-term loans and advances	517.200	636.500
(f) Other current assets	321.200	417.700
Total Current Assets	11622.700	9885.400
TOTAL	16230.200	16157.500

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	3143.500	1880.500
	Other Income	718.800	839.000
	Interest Income	290.800	188.300
	TOTAL	4153.100	2907.800
Less	EXPENSES
	Cost of Materials Consumed	129.700	297.000
	Purchases of Stock-in-Trade	566.200	775.200
	Subcontracting, civil and repair work	1706.000	316.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	89.100	20.200
	Employees benefits expense	299.100	290.500
	Exceptional items	230.000	231.900
	Share of profit/ (loss) from associate and joint venture	20.200	(33.200)
	Other expenses	651.100	648.000
	TOTAL	3691.400	2545.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	461.700	361.900
Less	FINANCIAL EXPENSES	101.700	128.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	360.000	233.700
Less	DEPRECIATION/ AMORTISATION	209.000	273.400
	PROFIT/ (LOSS) BEFORE TAX	151.000	(39.700)
Less	TAX	101.400	(46.000)
	PROFIT/ (LOSS) AFTER TAX	49.600	6.300
	Earnings / (Loss) Per Share (INR)	0.29	0.04

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	No
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis (MD&A) should be read in conjunction with the Audited Consolidated Financial Statements of Welspun Enterprises Limited (“Welspun” or “WEL” or the “Company”), and the notes thereto for the year ended March 31, 2017. This MD&A covers Welspun's financial position and operations for the year ended March 31, 2017. Amounts are stated in Indian Rupees unless otherwise indicated. The numbers for the year ending March 31, 2017 as well as for the previous year are on a consolidated basis and regrouped and reclassified wherever necessary.

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements, which may be identified by their use of words like 'plans', 'expects', 'will', 'anticipates', 'believes', 'intends', 'projects', 'estimates' or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the Company's strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

BUSINESS OVERVIEW

Welspun Enterprises Limited (WEL)- formerly known as Welspun Projects Limited- is a part of the Welspun Group. The Company is an operating Company as well as a holding company. The Company operates in the infrastructure space with investments in oil & gas. The Company, in its current form, was created by the merger of the erstwhile Welspun Enterprises Limited, Welspun Infratech Limited, Welspun Plastics Private Limited and Welspun Infra Projects Private Limited with Welspun Projects, which was renamed as Welspun Enterprises Limited

This consolidation has enabled the Company to better leverage the combined strengths of the entities, synergies arising out of consolidation of business such as, enhancement of net worth of the combined business to capitalise on future growth potential, optimal utilisation of resources, reducing operating and compliance cost and achieving operational and management efficiency. The merger has also helped to consolidate and simplify corporate structure of Welspun Enterprises and its subsidiaries. In FY17, the company continued to pursue measures for stakeholder value creation. The Company divested its stake in the energy business to improve its cash reserve. The Company also bought back 15.49% of its share capital in order to streamline its capital structure.

MACROECONOMIC OVERVIEW

In CY16, the global economy noticed an unstable growth, due to shifting policies and heightened uncertainty the

growth stood at 3.1% in 2016 vis-à-vis 3.4% in 2015. The Indian economy on the other hand, is on a robust growth trajectory and boasts of a stable annual growth rate, rising forex reserve and booming capital markets. In

FY 17 the economy expanded by 7.1%. At the backdrop of a robust macro-economic stability, the year was marked by two major domestic policy developments, the passage of the GST bill and demonetisation. India braved the effects of demonetization and the economy was the fastest-growing large economy in the world, in spite of such headwinds.

Indian economy is set to grow at 7.4 -7.7% in 2017-18. Consumption & investment are expected to receive a boost from two sources: catch-up after the demonetisation-induced reduction in the last two quarters of 2016-17; and cheaper borrowing costs, which are likely to be lower in 2017 than 2016 by as much as 75 to 100 basis points. Also, the per capita income has already crossed US$1,500 p.a. with the inflation under tight RBI monitoring. On the political front, India has a stable government with a strong leadership which is focused towards structural reforms through initiatives like ease of doing business, Make in India, Skill India, GST and affordable housing.

INFRASTRUCTURE

Infrastructure, being the backbone of economic activity, is a high focus area for the Government of India. As per the World Economic Forum’s Global Competitiveness Report 2016- 17, India’s overall infrastructure rank is 68 out of 138 economies - 13 places up from last year. Despite this improvement, India lags most of the BRICS countries as Russian Federation ranked 35, China 42 and South Africa 64. This shows the huge potential in the infrastructure sector. The Government is aware of the importance of infrastructure development and its efforts are targeted towards ensuring time-bound creation of world class infrastructure in the country. The importance of road infrastructure can be seen from the fact that the transport sector contributes 6% of the country's GDP with road transport having around 70% share.

More than 60% of freight and 90% of the passenger traffic in the country is handled by roads. Under Union Budget 2017-18, government has allocated an outlay of USD 58.90 billion for the infrastructure sector; out of which USD 9.51 billion has been provided for the development of highways. The efforts, in the last few years, have yielded results with a continuous increase in highway projects (in Km) awarded and constructed in recent years (see fig 1 below). The country achieved the all time highest figure by building 8,142 kms of roads in the year 2016-17 which is averaging at an all-time high pace of 22.3 kms per day. It, however, still falls short of the ministry’s ambitious target of building 15,000 kms for the entire 2016-17 fiscal. The Indian government plans to develop a total of 66,117 km of roads under different programmes such as National Highways Development Project (NHDP), Special Accelerated Road Development Programme in North East (SARDP-NE) etc.

The government has also identified development of 2,000 km of coastal roads to improve the connectivity between ports and remote villages. Apart from this, Government has taken several initiatives which includes the monetisation of 75 publicly funded highway projects of value INR 356000.000 million (US$ 5.32 billion) via toll-operatetransfer (TOT) mode that will fetch adequate funds to finance road construction of 2,700 km length of roads. There is considerable focus on development of ports as well. Under ‘Sagar Mala’, a INR 8 trillion project, the government is working to modernize India's Ports so that port-led development can be augmented and coastlines can be developed to contribute in India's growth.

It proposes fourteen Coastal Economic Zones (CEZ) across major and non-major ports of India to increase country’s merchandise exports by US$ 110 billion by 2025. The proposed port-led development is expected to not only reduce logistics costs by optimising movement of cargo, but also impact competitiveness in availability or raw materials, skills, supporting infrastructure and existing industrial agglomeration. The government, through a series of initiatives, is working on policies to attract significant investor interest.

OIL AND GAS

The world economy is expected to almost double over the next 20 years, with growth averaging 3.4% p.a. Much of the expected growth in the global economy is driven by emerging economies, with China and India accounting for around half of the increase. This growth will require more energy, thus making the global energy demand grow

by about 30% to 2035. India’s demand for gas is expected to expand by 162% and oil by 120% by 2035. This increase will majorly be contributed by radical shift in India’s GDP structure and promotion of the manufacturing sector, growing population & urbanisation, rising income levels, target of universal access to electricity and step-up in agriculture and allied sectors. Fuel consumption in India increased by 10.7 per cent to a 16-year high of 196.48 million tonnes (MT) in 2016 and the demand for petroleum products is expected to remain high.

The oil and gas sector is among the six core industries in India and plays a major role in influencing decision making for all the other important sections of the economy. More than 80% of the crude oil and 43% of the gas requirement of India is met through imports. This is expected to turn India into the 2nd largest oil importer in the world, behind China, in the future. This has invited government investments worth USD75 billion across the oil & gas value chain under the erstwhile 12^th Plan (2012–17) and policy support from the government. The government intends to reduce the import dependence by 10 per cent by 2022. The efforts include: The new Hydrocarbon Exploration and Licensing Policy (HELP) which was received quite well by the industry. In May 2016, the Government of India launched a bidding round for 67 discovered small onshore and offshore fields in 46

contract areas — with investor - friendly features such as pricing and marketing freedom, simplified revenue-sharing arrangements and no minimum work program stipulation. The auctions witnessed a healthy interest with bids received for nearly 70 per cent of contract areas. Introduction of Second Generation (2G) ethanol to augment

the 10% ethanol blended petrol programme.

Given this scenario, India provides an emerging energy consumption economy with domestically unmet demand.

Any existing or new player can bank on the increasing demand with supportive government policies and increased R&D to tap the opportunity in the oil and gas sector

BUSINESS HIGHLIGHTS

Welspun Enterprises Limited (WEL) is one of the three key companies under the Welspun Group. The Company operates in the infrastructure space with investments in oil & gas space. WEL is unique in the Indian infrastructure space as it has a significant net cash balance (~INR 9 billion), unlike most other companies in the space which are burdened with high amount of debt. The Company also has a strong net worth of over INR 11 billion. This has set a strong foundation for future growth of the Company.

CORPORATE INFORMATION

Subject (formerly known as Welspun Projects Limited) (‘WEL’ or ‘the Company’) is a public limited company incorporated in India. Its shares are publicly traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The Company is engaged in infrastructure development (Engineering, Procurement and Construction (‘EPC’) and Build, Operate and Transfer (BOT) basis) and trading activities. It is also engaged in carrying out Operation and Maintenance (“O&M”) activities for the transportation sector projects. The separate financial statements (hereinafter referred to as "Financial Statements") of the Company for the year ended March 2017 were authorised for issue by 31, the Board of Directors at their meeting held on May 30, 2017.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand from related parties	42.500	0.000
Total	42.500	0.000

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G78771268	100158927	CATALYST TRUSTEESHIP LIMITED	19/02/2018	-	-	7060500000.0	GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN
2	G73550733	100146656	CATALYST TRUSTEESHIP LIMITED	23/11/2017	-	-	5809000000.0	GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN
3	G73551368	100146660	CATALYST TRUSTEESHIP LIMITED	23/11/2017	-	-	7286000000.0	GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN
4	G73541500	100146624	CATALYST TRUSTEESHIP LIMITED	23/11/2017	-	-	13095000000.0	GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN
5	G50833524	100116740	Corporation Bank	07/07/2017	-	-	4250000000.0	Alkapuri Branch, National Plaza,R C Dutt Road,Alkapuri, VadodaraGUJARATGJ390005IN
6	G36955334	100079758	IDBI Bank Limited	03/02/2017	-	-	1350000000.0	IDBI Tower, World Trade Complex,Cuffe paradeMumbaiMH400005IN
7	G34780585	100075097	Corporation Bank	06/01/2017	-	-	1960000000.0	14-15, National Plaza, R. C. Dutt RoadAlkapuriVadodaraGJ390005IN
8	G18146241	100056995	IDBI TRUSTEESHIP SERVICES LIMITED	04/10/2016	-	-	4000000000.0	Asian Building, Ground Floor, 17, R, Kamani MargBallard EstateMumbaiMH400001IN
9	B64821606	10393829	State Bank of Travancore	06/12/2012	-	-	30000000.0	112-115, Tulsian Chambers215, Nariman Point,MumbaiMH400021IN
10	A86094711	10239797	HDFC BANK LTD	27/03/2010	-	-	3900000.0	RETAIL ASSET DIVISION 7 MIDWAY HGTSPANCHMUKHI HANUMAN TMPL, NR. KALAGHODAVADODARAGJ390001IN

CONTINGENT LIABILITIES:

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Disputed labour cess demand (net of provision)	22.900	48.100
Stamp duty payable on concession agreement disputed in respect of BOT Projects	54.200	54.200
Arrears of House tax liabilities in respect of Ludhiana and Jalandhar Bus Terminal (net of provision)	0.000	43.600
Claims against the Company not acknowledged as debts	28.400	28.400
Guarantees given to the bankers for the facilities granted
Disputed income tax liability	107.300	113.700
Disputed service tax liability	17.400	22.400
Disputed value added tax liability	17.500	17.000
Total	247.700	327.400

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS DECEMBER 2017

(INR In Million)

Particulars	Quarter ended	Quarter ended	9 Months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Net Sales/income from operations	2734.100	1414.500	6152.700
Other Operating Income	247.200	254.000	734.800
Total income from operations (net)	2981.300	1668.500	6887.500
Expenses
Cost of materials consumed	30.100	3.200	81.200
Changes in inventories of finished goods. work-in-progress and stock in trade	2190.300	1072.600	4875.700
Employee benefits expense	156.000	101.400	330.700
Depreciation and Amortization Expenses	51.600	47.800	159.100
Other Expenses	142.400	150.200	431.200
Finance Costs	18.600	17.900	55.400
Excise Duty
Total expenses	2589.000	1393.100	5933.300
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items	392.300	275.400	954.200
Exceptional items	(45.300)	(78.100)	(127.600)
Profit/ (Loss) from ordinary activities before tax	437.600	353.500	1081.800
Tax expenses	93.200	94.500	266.900
Net Profit / (Loss) from ordinary activities after tax	344.400	259.000	814.900
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period	344.400	259.000	814.900
Comprehensive Income	(0.100)	(0.100)	(0.400)
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates	344.300	258.900	814.500
Paid up equity share capital (Face Value of INR 10/-each)	1475.300	1475.300	1475.300
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of INR 10/- each (not annualized):
(a) Basic	2.33	1.76	5.53
(b) Diluted	2.29	1.76	5.49

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41OF THE LISTING AGREEMENT FOR THE QUARTER AND SIX MONTHS ENDED DECEMBER 2017

Particulars	3 Months		9 Months
	31.12.2017	30.09.2017	31.12.2017
	[Unaudited]	[Unaudited]	[Unaudited]
1. Segment Revenue
Infrastructure	2989.100	1544.100	6618.300
Trading	0.000	0.000	0.000
Oil and Gas	0.000	0.000	0.000
Unallowable	0.000	0.000	0.000
Total	2989.100	1544.100	6618.300
Less : Inter Segment Revenue	0.000	0.000	0.000
Net Sales	2989.100	1544.100	6618.300
2. Segment Result
Profit before tax and interest from each segment
Infrastructure	348.900	191.500	778.100
Trading	0.000	0.000	0.000
Oil and Gas	(38.400)	(37.200)	(111.700)
Unallowable	(233.300)	(106.200)	(462.600)
Total	77.200	48.100	203.800
Add: Other Income	230.800	327.100	840.200
Profit before tax and Finance Cost and Exceptional Items	308.000	375.100	1044.100
Less : Interest	(95.100)	(69.000)	(216.800)
Share Profit/(Loss) from Associates	(7.500)	(3.000)	(15.000)
Exceptional Item - Foreign Exchange Gain/(Loss)	45.300	(34.200)	(96.900)
Profit from ordinary activities before tax	250.700	268.900	715.400
3. Segment Assets
Infrastructure	6888.100	5340.000	6888.100
Trading	0.000	0.000	0.000
Oil and Gas	3483.300	3448.400	3483.300
Unallowable	10957.500	10820.900	10957.500
Total	21328.800	19609.300	21328.800
4. Segment Liabilities
Infrastructure	1259.000	823.200	1259.000
Trading	0.000	0.000	0.000
Oil ad Gas	0.000	0.000	0.000
Unallowable	5164.900	4006.600	5164.900
Total	6423.900	4829.800	6423.900
Total (A-B)	14904.900	14779.500	14904.900

Note:

• The above unaudited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on 14 February, 2018. These results have been subjected to a Limited Review carried out by the Statutory Auditors.
• The unaudited standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 (the Act) as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI).
• During the quarter, the Company has subscribed 74% share capital of Welspun Aunta-Simaria Project Private Limited (INR 7.400 million), thereby making it a subsidiary of the Company w.e.f. 13 October 2017.
• Previous period figures have been regrouped, rearranged and reclassified wherever considered necessary.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Construction equipment’s

· Vehicles

· Office and other equipment’s

· Computer

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	INR
US Dollar	1	INR 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54

INFORMATION DETAILS

Information Gathered by :	AKY
Analysis Done by :	PSD
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.