Oriental Structural Engineers Limited

Profiles of Key Developers and Contractors

Parameters Details Year of Incorporation June 1971 Unexecuted EPC and coal mining order book position of Rs 42.05 billion (Rs 38.21 billion EPC and Rs Order Book (As of September 30, 2019) 3.84 billion coal mining) • The company operates in four main verticals - highways EPC, highways BOT, mining development and operations and optical fibre cable laying. • The company has constructed 7,250 lane km of highways and has invested over Rs 135 billion in Details the BOT business • OSE along with its wholly-owned subsidiary, Oriental Tollways Private Limited (OTPL) has a portfolio of seven road projects under various special purpose vehicles (4 BOT Toll and 3 HAM), of which 4 BOT projects are operational and 3 HAM projects are under execution. Ongoing projects • 4 BOT projects and 2 EPC road projects

Segment-wise Share in Order Book (as of September 30, 2019) Overall Order Book

100 Coal mining 80 9% 86.26 60 66.92 EPC segment 40 91% Rs billion Rs 20 42.05 0 September 30, 2017 June 30, 2018 September 30, 2019 Source: Care ratings

• As of October 2020, OSE has achieved Financial Closure of Rajiv Chowk Sohna road, Kallagam-Kuruppur, Villupuram-Puducherry and Binjhabahal Telebani Hybrid Annuity Project. • Oriental has bagged 3 Hybrid annuity projects from NHAI, one in Gurugram and two in the State of Tamil Nadu valuing 2644 Crores under Bharatmala Pariyojana.

Net Worth • Over the period from 2013 to 2017, the net worth of 18 OSEL has witnessed an increasing trend in the net worth, 16.44 16 increasing from Rs 10.99 billion in 2013 to Rs 16.44 14.21 14 12.99 billion in 2017 recording a CAGR of 10.59%. 12.07 12 10.99 • Meanwhile, the net profit of the company has recorded a decline in 2014-15 and 2016-17, post which it increased 10 by 109% and 13% in 2016-17 and 2017-18 respectively. 8 However, it again declined in 2018 to Rs 1.99 billion. billion Rs 6 • Besides, the total assets of the company has continued to 4 increase steadily, increasing from Rs 25.16 billion in 2013- 2 14 to Rs 41.58 billion in 2017-18. 0 2013-14 2014-15 2015-16 2016-17 2017-18

Net Profit Total Assets

2.5 2.22 45 41.58 1.96 1.99 40 36.19 2 35 31.52 30 27.32 1.5 25.16 1.11 25 0.94

1 0.75 20 Rs billion Rs Rs billion Rs 15 0.5 10 5 0 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20* 0 2013-14 2014-15 2015-16 2016-17 2017-18 * Provisional figure for first half of 2019-20 Source: Oriental Structural Engineers Limited and Care ratings

OSEL’s Completed BOT Road Projects

OSEL’s Length Cost (Rs Project State stake (km) billion) Uttar Pradesh, Four laning of Agra – Bharatpur section on NH-11 51% 45.00 2.32 Rajasthan Four laning of Kondhali – Talegaon section on NH-6 Maharashtra 50% 50.00 3.20 Four laning of Indore – Kaleghat section on NH-3 Madhya Pradesh 100% 72.10 7.75 Four-laning of 98 km of NH-7 including construction of Kampte – Kanhanand Nagpur Bypass Maharashtra 100% 98.00 18.50 Four laning of Hungund – Hospete section on NH-13 Karnataka 63.99% 97.00 16.50 Four laning of Nagpur – Betul section on NH-69 Maharashtra 100% 175.00 35.15 Six laning of Etawah – Chakeri (Kanpur) section on NH-2 Uttar Pradesh 100% 160.21 22.51 Four laning of Biaora – Dewas section on NH-3 Madhya Pradesh 100% 140.35 17.00

OSEL’s Ongoing BOT Road Projects

Length Cost (Rs Expected date of Project State (km) billion) completion

Four laning of Binjhabahal – Telebani section on NH-6 (new NH-49) Odisha 77.71 11.00 June 2021

Six laning and strengthening of NH-248A in Gurugram under NHDP – Phase IV Haryana 8.94 6.90 April 2020

Four laning of Kallagam to Karuppur and two laning with paved shoulder from Tamil Nadu 59.63 10.71 April 2020 Karuppur to Meensurutti of NH-227 under Bharatmala Pariyojana

Note: Contract for Four laning of Villupuram – Puducherry section on NH-45A (new NH-332) under Bharatmala Pariyojna has been terminated Source: Oriental Structural Engineers Limited

OSEL’s Completed EPC Road Projects

Project State Length (km) Cost (Rs billion)

Six laning of Eastern Peripheral Expressway (NH-NE II) – Package V from 93 km to 114 km Haryana 21.00 6.59 Pavement of Motor Race Track and Access Roads at SDZ Sector 25 Yamuna Expressway Uttar Pradesh - 1.49 Construction of road from km 198 (Losoorpur) to km 242.708 (Handia) of NH-2 Uttar Pradesh 44.71 5.87 Four laning of Pune – Sholapur section of NH-9 Maharashtra 50.70 4.71 Construction of existing carriageway on Salem – Ullundurpet section of NH-68 Tamil Nadu 74.42 3.93 Construction of rigid pavement from 80.76 km to 165.537 km of Access Controlled 6/8 lane Uttar Pradesh 84.78 9.22 Yamuna Expressway

Jharkhand, Six laning of Barwa Adda – Panagarh section of NH-2 including Panagarh bypass – Package III 222.88 7.69 West Bengal

Two laning with paved shoulder of Udiapur – Sabroom section of NH-44 under SARDP (NE) Tripura 73.71 4.98 Phase A

OSEL’s Ongoing EPC Road Projects

Project State Length (km) Cost (Rs billion) Expected completion

Six laning of Agra – Etawah Byepass section of NH-2 from 199.66km Uttar Pradesh 123.87 15.10 NA to 323.525 km under NHDP – Phase V

Purvanchal Expressway project from km 292.53 to km 340.5 Uttar Pradesh NA 16.22 January 2021

Note: Work on four laning of Amravati – Chikli section of Nh-6 has been suspended due to financial issues Source: Oriental Structural Engineers Limited

InvIT Launched

• On June 10, 2019, Oriental Structural Engineers (OSE) launched its long pending Infrastructure Investment Trust (InvIT) by transferring five operational SPVs (1 Annuity road project, 4 Toll road projects) for a total enterprise value of Rs 116.38 billion. • Several investors including Beijing-based Asian Infrastructure Investment Bank (AIIB), Germany’s DEG, International Finance Corporation and Indian group HEG have invested in InvIT . • From the Invit proceeds , the OSE group has received a consideration of Rs 5.4 billion by selling its share under ‘offer for sale’ to the Invit. OSE has received a net inflow of Rs 8.72 billion which also includes unwinding of unsecured group loans . • The cash inflow from the Invit has improved the liquidity position of the company substantially and it will mainly be used to part refinance loans taken by the company's SPV's. • OSE and its wholly-owned subsidiary, Oriental Tollways Private Limited (OTPL) are sponsors of Oriental InfraTrust and hold 60.45% stake in InvIT and res t is held by the investors.

Source: Oriental Structural Engineers Limited