Tantia Constructions Limited (Under CIRP)

May 2019

Sl No. Title Slide No.

1 Key Business Highlights 3

2 Industry Overview 4 - 8

3 Business Overview 9 - 17

Clientele Base

Sector Overview

• Railway Infrastructure

• Bridges, Flyovers & Tunnels

• Roads & Highways

• Power Transmission & Aviation Infrastructure

• Marine & Urban Infrastructure

4 Historical Financial Statements 18 - 20

Unique profile of the company * The Company is operating in a competitive market but its credentials, capability and decades of experience sets it apart from its competitors. * Today it is one of the leading civil engineering construction companies in Eastern India with diverse and successful project portfolio. * It was one of the first Indian companies to be accredited for ISO 9001:2008 from DNV, the Netherlands for civil, steel structural and building projects. Company’s credentials is its strength * Tantia established its credentials in the field of construction, widening, conversion, maintenance, strengthening and beautification of roadways, road bridges, highways and layovers. * The company’s Urban Infrastructure Division has established its credentials through a presence in Kolkata improvement projects, Tantia its expertise comprising soil re-engineering, mechanized earthwork, hauling for large-scale land development, allied works of roads Constructions and pipelines, electrification and lighting systems. Robust industry dynamics serves as a tailwind to traffic growth Limited * Strong volume growth in automobile traffic –with four wheeler passenger vehicles outstripping two wheeler vehicular growth has led to an increased demand for quality road assets (TCL) * Freight transport market is expected to grow at a CAGR of ~13% till 2020 thereby continuing to be a demand driver for

Capability to offer end-to-end solutions for railway projects *Tantia Constructions is today one of the oldest railway contractors in India with the experience of having completed assignments across diverse terrains for Eastern Railway, North Eastern Railway, South Eastern Railway and Northeast Frontier Railway. *The Company enjoys a pre-qualification for projects up to INR 450 crore when engaged in international joint ventures

Diversified portfolio having a pan India presence * Coverage across 14 states in India and other 3 Indian neighboring countries helps reduce dependencies on select state economies * Healthy mix of different civil sectors like roads, railways, bridges, urban infrastructure development, power transmission, aviation infrastructure, marine infrastructure, tunnels construction, industrial construction and at times, construction of turnkey projects.

TANTIA CONSTRUCTIONS LIMITED (TCL) – UNDER CIRP

Company Teaser Version 1.1 dated 23-05-2019 Tantia Constructions Ltd (In CIRP) 4 Indian Economy Real GDP growth 7.4% 8.2% 7.4% 7.8% 6.4% 7.1% 6.7% State of the economy

• India is one of the important drivers of world growth. While the world economy grew by 3.2%, Indian economy expanded by 6.7% in 2017 2013 2014 2015 2016 2017 2018 E 2019 E

• While the economy experienced major policy overhaul in GDP Growth & its Components (in %, Constant 2011-12 Prices, YoY) terms of demonetization and implementation of GST, the Q4 Q1 Q2 Q3 Q4 Components effects have been eased and benefits have emerged FY17 FY18 FY18 FY18 FY18 making India a stronger nation. Private Final Consumption 4.2% 6.9% 6.8% 5.9% 6.7% Expenditure • There has been a substantial improvement in GDP growth Government Final Consumption 22.5% 17.6% 3.8% 6.8% 16.8% to 7.7% in Q4 FY2018 from 6.1% in Q4 FY2017. the Exp. growth was led by pick up in Gross fixed capital Exports 7.0% 5.9% 6.8% 6.2% 3.6% formulation and private final consumption expenditure less Imports 6.6% 18.5% 10.0% 10.5% 10.9% offsetting the slowdown in growth of Government final Gross Fixed Capital Formation 6.0% 80.0% 6.1% 9.1% 14.4% consumption expenditure and exports. GDP 6.1% 5.6% 6.3% 7.0% 7.7% • The Index of Industrial production witnessed a rise to 4.6% Agriculture, Forestry and Fishing 7.1% 3.0% 2.6% 3.1% 4.5% in FY 2017 from a dip of 3.3% in FY 2016, led by an improvement in performance of all the sectors, namely Industry 5.0% 10.0% 6.1% 7.1% 8.8% mining, manufacturing and electricity. Services 6.3% 9.5% 6.8% 7.7% 7.7% GVA at Basic Prices 6.0% 5.6% 6.1% 6.6% 7.6% GVA ex-Agriculture 5.8% 6.0% 6.6% 7.5% 8.1%

• India is expected to become the third largest construction market globally by 2022 • India has a requirement of Investment worth INR 50 trillion (US$ 777.73 billion) in infrastructure by 2022 to have sustainable development in the country. • As on December 2018, infrastructure and capital good companies has seen a 30 per cent growth in order inflows from INR 2.05 trillion in Robust Demand 2017 (US$ 28.41 billion) to INR 2.67 trillion in 2018 (US$ 37 billion) • Development of world class infrastructure will lead to 9-10 per cent growth of Indian Economy

• Increasing impetus to develop infrastructure in the country is attracting the major global players like China Harbour Engineering and Mizuho Financial Group • Construction Development sector and Infrastructure activities sector received FDI inflows amounting to US$ 24.87 billion and US$ 13.11 Increasing billion, respectively from April 2000 to June 2018. Investment • Infrastructure sector is one of the largest receivers of FDI inflows to India.

• Favorable valuation and earnings outlook makes this sector an attractive opportunity. • Only 24 per cent of the National Highway network in India is four-lane, therefore there is immense scope for improvement. Attractive • The Regional Connectivity Scheme (RCS) gives opportunity for development of airports Opportunities

• With initiatives like ‘Housing for All’ and ‘Smart Cities Mission’ the Government of India is working on reducing bottle necks and impeding growth in the infrastructure sector. INR 2.05 lakh crore (US$ 31.81 billion) will be invested in the smart cities mission. All 100 cities have been selected as of June 2018 Policy support • 100 per cent FDI is permitted under the automatic across various Infrastructure sectors

• Infrastructure related activities witnessed strong growth during 2017-18 Growth in Infrastructure related • National highway construction recorded the highest increase of 20 per activities during 2017-18 (%) cent, in line with government’s increased focus on improving logistics. 25 • Freight traffic handled by Indian Railways increased by 5.58 per cent year-on-year during April-December 2018 (P) to 894.54 million tonnes while its gross earnings increased by 4.65 per cent year-on-year during 20 the same time. 20 • Cargo handled by major Indian ports increased by 4.83 per cent during April-November 2018. Electricity generation in the country increased by 15 4.74 per cent during April-December 2018.

• Major ports reported a growth of 3.77 per cent and handled 518.6 million 10 tonnes of cargo during the period April to December 2018. • The eight core infrastructure industries include coal, crude oil, natural 8.1 gas, refinery products, fertilisers, steel, cement and electricity. 5 4.8 4.8 • The cumulative growth of the index was 4.3 per cent in 2017-18 and 5.1 4 percent year-on-year in April-November 2018. 0 • During 2017-18, growth in the index was led by cement (6.3 per cent), Electricity National Rail Frieght Railway Cargo at Generation Highway Traffic Earnings major port Steel (5.6 per cent), and electricity (5.2 per cent). Construction • In April-November 2018, the growth was driven by 14.2 per cent y-o-y Source: Economic Survey 2017, Ministry of Railways, Union Budget 2018-19, Indian Ports increase in cement production and 9.0 per cent y-o-y increase in coal Association, Central Electricity Authority production.

Government Initiatives International Associations Urban Indian Real Estate • The Government is making an attempt to • In June 2018, the Asian Infrastructure Investment • With every sixth urban person globally being revive and give boost to Public Private Bank (AIIB) has announced US $200 million an Indian, the real estate and construction Partnerships. investment in to the National Investment & sector holds significant opportunity for both • Forcreating an eco-system to make India a Infrastructure Fund (NIIF). global and domestic companies engaged global hub for electronics manufacturing a • Japanese investment has played significant role in across the value chain. provision of US$115.62 million in 2017-18 in India’s growth story. Japan has pledged • India will need to construct 43,000 houses incentive schemes like M-SIPS and EDF. investments of around US $35 billion for the every day until 2022 to achieve the vision of • Introduction of National Steel Policy in 2017 period of 2014-19 to boost India’s manufacturing Housing for All by 2022. Hundreds of new to aim at higher spending on infrastructure and infrastructure sectors. cities need to be developed over the next and construction through government • As of October 2018, the US government’s decade. initiatives. Overseas Private Investment Corporation (OPIC) • This has the potential for catapulting India to rd • Total allocation for infrastructure in Budget is planning to invest in India’s infrastructure, port 3 largest construction market globally. The of 2018-19 stands at Rs 5.97 lakh crore (US and solar energy sectors. sector is expected to contribute 15 per cent to $92.22 billion). • As on January 2019, The Department of the Indian economy by 2030. • In November 2017, logistics sector was Economic Affairs and the French Development • The recent policy reforms such as the Real given the status of infrastructure, to boost Agency signed a credit facility framework Estate Act, GST, REITs, steps to reduce investments in the sector. agreement for bilateral funding of about Euro 245 approval delays etc. are only going to million towards the Pune Metro Project. strengthen the real estate and construction sector.

TANTIA CONSTRUCTIONS LIMITED (TCL) – UNDER CIRP

Company Teaser Version 1.1 dated 23-05-2019 Tantia Constructions Ltd (In CIRP) 9 TCL - Business Overview

Introduction Insights of the Company

• Tantia Constructions Limited is a core infrastructure company, pioneer in creating infrastructures in Easter India. It also enjoys a wide footprint across Experienced team of engineers and designers with the other regions. end-to-end capabilities • The company was incorporated by Late Shri G.P. Tantia in 1964.The Accomplishment gained over complex and company is registered contractor with several government department which integrated projects Pan India includes Eastern, Western & Northern Railways, Kolkata Municipal Corporation, NHAI etc. Eligibility to bid for EPC, Build-Operate-Transfer • TCL CIN is : L74210WB1964PLC026284 (BOT), Toll-Operate-Transfer (TOT) projects • Registered Office and other branch office locations are as below :- Registered and Corporate Office Experience of working with NHAI, PWD, Railways, SIPMUI, etc West Bengal - DD- 30, Sector-1, Salt Lake City, Kolkata-700064 Extensive knowledge of the local terrain and culture, together with prior experience of Branch Offices undertaking project Delhi - 112, Uday Park, 2nd Floor, August Kranti Marg, New Delhi-110049 The use of captively owned equipment including Cuttack- Nauka Vihar, Seashore,Near: Bally Yatra Maidan, Hadiapatha, specialized machines for tunneling and paving P.O.Buxbazar, Cuttack-753001 Diversified exposure in different segments like Mizoram - D/31 Basic Maul, Ramhlun North,Aizawl,Mizoram-796 012 roads, railways, metro, bridges, tunnels & other Beldanga - Rashgang,Near Adibasi Club Cossim Bazar, Murshidabad-742102 civil works

Railways • Eastern & Western Railway • Kolkata Metro Railway • IRCON International Limited • RITES Roads and Highways • National Highway Authority of India (NHAI) • Public Works Department(West Bengal, Mizoram, Odisha) Urban Development • Kolkata Municipal Corporation • Housing Infrastructure Development Corporation • Steel Authority of India Limited

Power Transmission • Assam Electricity Grid Corporation Limited • National Thermal Power Corporation (NTPC) Aviation & Marine Infrastructure • Airports Authority of India • Central Public Works Department Indian Oil Corporation (IOC) Bridges, Flyovers & Tunnels • Hooghly River Bridge Commissioners • Kolkata Metropolitan Development Authority (KMDA) • Delhi Development Authority

West Bengal

Assam

Mizoram

Bihar,Jharkhand,Orissa & UP

Delhi,Haryana & Punjab

Tantia Constructions Limited Andhra Pradesh, Karnataka, Kerela & Tamil Nadu

Bangladesh, Bhutan & Nepal

• TCL is today one of the oldest railway contractors in India with the experience of having completed assignments across diverse terrains for Eastern, North Eastern, South Eastern and Northeast Frontier Railway. • Projects undertaken in the field of railway infrastructrure is given below :- VALUE ADDITION * Buildings, railway stations and terminals * Light rail and mass rapid transport system infrastructure * BOT/ BOOT projects

* New Howrah Railway station and Yatri Niwas at Kolkata, WB * Five bridges in Bihar, located in a region * 2.5 km viaduct from Princepghat to Majerhat for inaccessible by road Circular Railway,Kolkata * BOT project for conversion of medium gauge (MG) to broad gauge (BG) in Gujarat *Construction Bridge at Kalinarayanpur in Sealdah- * Electrification & signaling work in Purulia, WB Lalgola section. * 14 km track embankment, bridges, laying and * Construction of a Bridge over river Jatinga at linking of rails in Katwa, WB Chainage in Lumding-Silchar section.

• Design & construction / Reconstruction of 17 bridges in Package XIV & XV in various districts of Tamilnadu on turnkey basis. • Construction of foundation, sub-structure and superstructure of Rail bridge over river Saryu with Railway's design in connection with new B.G. rail line between Katra and Ayodhya in UP. • Construction of Flyover, Elevated Structure for Single Line Track consisting of Superstructure with pre-stressed Concrete Box Girders(Piers) between Ch.1670m to Ch.4950m with extension of Circular Railway from Princepghat to Majherhat. • Design & Construction of 2 lane flyover right turning from E. M. Byepass to Salt Lake Byepass including approaches and integrations with existing carriageway on TCL Value Proposition and Projects Undertaken both sides on turnkey basis. • Construction of Bridge No.44(3x30.5 m),45(2x30.5 m),47(5x61.0 m) & 52(4x30.5 SAMPREETI SETU commonly known as JUBILEE BRIDGE m) between Koparia & Mansi Station of North East Railway with Gauge conversion work. • It is a railway bridge on Hooghly River. This bridge was • Replacement of Girder for Bridge No. 2A at Kalinarayanpur and Bridge No. 17A at inaugurated on 17 April 2016. Dhubulia in Sealdah - Lalgola Section. • It is situated between the Garifa railway station and • Guntakal Division - Raichur - Wadi section - Rebuilding of bridge no. 1123(1249) HooghlyGhat railway station in the Naihati Bandel branch line. across river Krishna (Existing 36x30.48m GB) at km 587/3-588/7 on permanent The bridge is 415 m diversion- proposed construction of superstructure with PSC box girders, as • TCL has been in forefront in designing and constructing major 36x30.15m (clear span) for two lines including bed blocks, earthwork in formation and minor bridges. Several major bridges constructed by TCL etc., between Yadalapur and Krishna stations stand as the most useful landmarks. • Construction of Sub-structure of New Rail Bridge across river Bhagirathi in between Azimganj and Jiaganj (Murshidabad) section of Eastern Railway, • The engineering expertise that TCL have demonstrated in their including Earthwork filling on both approaches of the Main bridge construction of bridge projects is standing testimony to the technical and retaining walls and one No. minor bridge architectural prowess Company Teaser Tantia Constructions Ltd (In CIRP) © 2019 Grant Thornton RSPL. All rights reserved Version 1.1 dated 23-05-2019 14 Roads & Highways

Improvement & TCL Value Proposition and Bihar State Punjab PWD- Four-lane of the Widening of Highways Package commissioned Projects Undertaken Aluva Angmali Aizawl City No.-16A, District : Ropar- Balachur section of NH-47 in Roads, Mizoram Rohtas road of 21.55 km • Tantia provides a diverse competence in the Kerala construction, widening, conversion, strengthening Rehabilitation Improvement & and beautification of roads 80km of roads in Road Work of Four-laning of Upgradation of the city of Patna, Jagdishpur to 37.2 km of NH-1 Mizoram State Bihar Gauriganj • Tantia has constructed over 250 km of roads in from Panipat to Roads Project the hilly areas of Mizoram, coastal areas of Karnal Kerala, plains of Punjab/ Haryana and plateaus of Four-laning of 9.5 Bihar State Karnataka. 68 kms of State km Phagwara 150km of roads Highways Dist : Highways in Bypass for Punjab in south Bihar Lakhisarai & • The company boasts of not only a significant Karnataka PWD under CPWD Jamui investment in plant and machinery but also high standards of quality assurance and control. Two Laning of World Bank funded Construction of Improvement & Piprakothi - Axaul State highway Flyover on Salt Lake upgradation of • This is accompanied by an established Section of NH - 28A & assignments of Bypass intersecting Aizawl-Thenzawl- construction of 2 Lane mechanical department and maintenance and over 150km. in point of J. K. Saha / Lunglei Road supervisory teams. Mizoram Link Road Wipro, Kolkata

• Tantia entered the power transmission segment to leverage its ability to • Tantia portfolio of services comprises the construction of terminal mobilize resources across remote project locations, captive steel fabrication buildings, addressal systems and control systems among others. and a rich engineering insight. • The Company specialises in executing aviation infrastructure projects • Tantia has garnered the capability of in-house manufacturing and erecting on a turnkey basis, offering a one-stop, customised and complete transmission towers within a very short time. solutio

Power Projects undertaken Aviation Projects undertaken

- 45km 220kv transmission line under Assam State Electricity Board - Construction of new terminal building and allied works at - 33kv lines in New Town Rajarhat, Kolkata under West Bengal State - Cooch Behar Airport Electricity Board - Constructions of Various terminal buildings of Dibrugarh Airport - Strengthening of Lengpui Airport Runway Pavement at Mizoram

• Marine structures are among the most challenging in construction engineering. • Tantia in the timeConstruction is acknowledged by large municipal Tantia is among the few companies with expertise in underwater piling corporations for its competence ly commissioning and completion of including steel piling under adverse sea conditions. urban projects that minimise public inconvenience during construction tenures

Marine Projects undertaken Urban Projects undertaken

- 14 km coastal embankment and hydraulic structures on seashore islands in - Industrial estate development including service lines and roads Bangladesh. across 50-hectares at Bawana for DSIDC. - Kopili Hydel embankment and ‘guide bunds’ assignments. - ADB-funded sewerage and drainage projects comprising over 65 kms of intricate networks in Kolkata - Guide bund for River Bramhaputra in Jogigopa, Assam - Ground Water Based Piped W/S Schemes in Arsenic, West Bengal - Construction of Inland Water Transport Terminal at Pandu,Guwahati - 11 km light rail tram track & 4km viaduct for Kolkata Metro Railways - Leather complex at Karaidanga, Kolkata 8000 TPD Sugar Mill for - Development of Rohini Township in Delhi - Balarampur Chini at Kumbhi, UP - Extensive development works in 20 slums across Kolkata

YTD F.Y F.Y Particulars 13th Mar 2019 17 -18 16-17 (GAAP) (GAAP) (Ind AS) (GAAP) (Ind AS) Revenue I. Revenue from Operations 19,789 20,549 20,551 28,526 28,548 II. Other Income 183 639 3,509 1,320 3,769 A. Total Revenue (I+II) 19,972 21,188 24,060 29,846 32,317 EXPENSES Cost of Materials Purchased & Consumed 6,611 6,700 6,700 10,039 10,039 Excise Duty - - 2 - 22 Contract Operating Expenses 11,195 11,211 11,211 12,963 12,963 (Increase)/Decrease in Work in Progress 11,657 347 347 365 365 Employee Benefit Expense 1,087 1,485 1,485 1,651 1,705 Finance Costs 2,764 6,248 6,248 8,847 8,847 Depreciation 627 672 672 901 901 Manufacturing, Admin, Selling & Other Expenses 2,608 1,053 1,053 1,937 1,937 B. Total Expenses 36,549 27,716 27,718 36,703 36,779 C. Profit/(Loss) Before Exceptional, Extraordinary Items (16,577) (6,528) (3,658) (6,857) (4,462) and Tax ( A-B ) D. Extraordinary Items - - - - - E. Profit/(Loss) Before Tax ( C+D ) (16,577) (6,528) (3,658) (6,857) (4,462) F. Tax expense: - (4,455) (3,589) (135) 605 (i) Current Tax - - - - - (ii) Deferred Tax - (4,455) (3,589) (135) 605 (iii) Provision for earlier years / (written back) - - - - - G. Profit/(Loss) for the Year (E-F) (16,577) (2,073) (69) (6,722) (5,067)

YTD F.Y F.Y Balance Sheet 13th Mar 2019 17 -18 16-17 (GAAP) (GAAP) (Ind AS) (GAAP) (Ind AS) I. EQUITY AND LIABILITIES (1) Shareholder's Funds (a) Share Capital 2,874 2,874 2,874 2,874 2,874 (b) Reserves and Surplus (15,498) 1,079 9,346 3,152 9,415 Total Shareholder's Funds (12,624) 3,953 12,220 6,026 12,289 (2) Non Current Liabilities (a) Long -Term Borrowings - 14,725 14,725 19,049 17,528 (b) Deferred Tax Liability (Net) - - - 368 3,168

(c) Other Long Term Liabilities 1,926 2,290 2,290 2,212 3,733 (c) Long -Term Provisions 324 324 324 320 320 Total Non-Current Liabilities 2,250 17,339 17,339 21,949 24,749 (3) Current Liabilities (a) Short -Term Borrowings 60,147 55,177 55,177 51,463 47,531 (b) Trade Payables 12,958 9,350 9,350 10,133 10,133 (c) Other Current Liabilities 40,413 28,015 28,015 23,790 27,722 (d) Short-Term Provisions 212 217 217 226 226 Total Current Liabilities 113,730 92,759 92,759 85,612 85,612 Total Equities & Liabilities 103,356 114,051 122,318 113,587 122,650

YTD F.Y F.Y Balance Sheet 13th Mar 2019 17 -18 16-17 (GAAP) (GAAP) (Ind AS) (GAAP) (Ind AS) II.ASSETS (1) Non-Current Assets (a) Fixed assets (i) Tangible Assets 3,144 3,524 3,524 3,844 3,844 (ii) Intangible – Goodwill - - - - - (iii) Intangible Assets (Others) - - - 1 1 (iv) Capital Work - in - Progress 41 285 285 2 2 (b) Deferred Tax Assets 4,087 4,087 421 - - (c) Non Current Investment 8,735 8,733 20,666 8,651 17,714 (d) Long -Term Loans and Advances 977 661 661 1,198 1,126 (e) Other Non -Current Assets - 47 47 71 143 Total Non-Current Assets 16,984 17,337 25,604 13,767 22,830 (2) Current assets (a) Current Investments - - - - (b) Inventories 8,758 23,948 23,948 23,636 23,636 (c) Trade Receivables 21,749 22,230 22,230 24,960 24,960 (d) Cash and Bank Balances 894 1,548 1,548 3,522 3,522 (e) Short -Term Loans and Advances 12,838 13,429 13,429 10,950 5,168 (f) Other Current Assets 42,133 35,559 35,559 36,752 42,534 Total Current Assets 86,372 96,714 96,714 99,820 99,820 Total Assets 103,356 114,051 122,318 113,587 122,650

Company Teaser Version 1.1 dated 23-05-2019 Tantia Constructions Ltd (In CIRP) 21