MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	ADANI WILMAR LIMITED
Registered Office :	Fortune House, Near Navrangapura Railway Crossing, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.01.1999
Com. Reg. No.:	04-35320
Capital Investment / Paid-up Capital :	Rs.1013.470 Millions
CIN No.: [Company Identification No.]	U15146GJ1999PLC035320
TAN No.: [Tax Deduction & Collection Account No.]	AHMA01098G
PAN No.: [Permanent Account No.]	AABCA8056G
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Exporters of Vegetable Oils and Fats.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Adani group. It is a well established and a reputed company having fine track. Directors are reported to be experienced and respectable businessmen. Financials of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Manoj
Designation :	Deputy Manager – Finance
Contact No.:	91-79-25555650
Name :	Mr. Ashok Jagotiya
Designation :	AGM – Finance

LOCATIONS

Registered / Corporate Office :	Fortune House, Near Navrangapura Railway Crossing, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26565555/ 25555742/ 25555650/ 25555750
Fax No.:	91-79-25555719/ 25555619/ 20/21
E-Mail :	info@adaniwilmar.in fortune@adaniwilmar.in exports@adaniwilmar.com darshil.lakhia@adaniwilmar.in
Website :	http://www.adaniwilmar.com
Location :	Owned
Head Office :	10^th Floor, Shikhar Near Mithakhali Circle, Navrangpura, Ahmedabad, Gujarat, India
Factory 1 :	Navinal Island, Village Ohrub, Taluka Mundra, Kutch - 376421, Gujarat, India
Factory 2 :	Tungabhadra, Mantralayam (R.S.), Kurnool District - 518397, Andhra Pradesh, India
Factory 3 :	Silor Road, Kota Jaipur Highway, Bundi - 323001, Rajasthan, India
Factory 4 :	J L No.149, Debhog, HPL Link Road, Haldia, District Purba Medlinipur-721657, West Bengal, India
Factory 5 :	Chhatral- Kadi Road, Tal: Kadi District: Mehsana, Gujarat, India
Factory 6 :	Village Malegaon, Tehsil Saoner, District: Nagpur, Maharashtra, India
Factory 7 :	Village Dehndi, Tehsil Shujalpur, District: Shahjapur, Madhya Pradesh, India
Factory 8 :	Village Jamunia Kala, Bhatkheda and Dalawada , District: Neemuch, Madhya Pradesh, India
Factory 9 :	Village Partala, Tehsil and District: Chindwara, Madhya Pradesh, India
Branch Office :	Located At: v Dubai v Andhra Pradesh v Assam v Bihar v Chandigarh v Delhi v Goa v Gujarat v Haryana v Himachal Pradesh v Jammu v Jharkhand v Kerala v Karnataka v Madhya Pradesh v Orissa v Maharashtra v Punjab v Rajasthan v Tamilnadu v Uttar Pradesh v Uttaranchal v West Bengal

DIRECTORS

As on 28.05.2011

Name :

Mr. Gautam Shantilal Adani

Designation :

Chairman

Address :

Shantivan Farm, B/h, Karnavati Club, Gandhinagar, Sarkhej Highway, Ahmedabad-380057, Gujarat

Date of Birth/Age :

24.06.1962

Date of Appointment :

22.01.1999

Din No.:

00006273

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Whole-time director	01-12-08	03-03-93	-	Active	NO
2	L63090GJ1998PLC034182	MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Managing director	01-07-07	26-05-98	-	Active	NO
3	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Director	22-01-99	22-01-99	-	Active	NO
4	U63012GJ2003PTC041919	ADANI PETRONET (DAHEJ) PORT PRIVATE LIMITED	Director	28-01-03	28-01-03	26-04-11	Active	NO
5	U45309GJ2003PLC043130	MUNDRA SPECIAL ECONOMIC ZONE LIMITED	Director	03-11-03	03-11-03	-	Amalgamated	NO
6	U40200GJ2001PLC040160	ADANI ENERGY LIMITED	Director	20-12-03	20-12-03	07-01-10	Active	NO
7	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	24-07-06	25-01-05	04-03-08	Active	NO
8	U35110GJ2005PTC046473	ADANI SHIPYARD PRIVATE LIMITED	Director	30-09-06	21-07-05	11-08-08	Active	NO
9	U63090GJ2005PLC046510	ADANI LOGISTICS LIMITED	Director	30-09-06	28-07-05	-	Amalgamated	NO
10	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	01-12-05	01-12-05	04-03-08	Active	NO
11	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	30-09-06	26-12-05	-	Active	NO
12	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	30-07-07	06-02-06	06-08-08	Active	NO
13	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	12-06-06	12-06-06	04-03-08	Active	NO
14	U45203GJ1998PLC053261	DHOLERA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Director	29-11-06	29-11-06	13-08-08	Active	NO
15	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Additional director	03-04-07	03-04-07	11-12-10	Active	NO
16	U40101GJ2007PLC050506	ADANI POWER MAHARASHTRA LIMITED	Director	11-04-07	11-04-07	06-08-08	Active	NO
17	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	29-09-07	14-04-07	17-08-10	Active	NO
18	U40104GJ2008PLC052743	ADANI POWER RAJASTHAN LIMITED	Director	25-01-08	25-01-08	06-08-08	Active	NO

Name :

Mr. Pranav Vinodbhai Adani

Designation :

Managing Director

Address :

Shantivan Farm, B/h, Karnavati Club, Gandhinagar, S.G. Highway, Ahmedabad-380058, Gujarat

Date of Birth/Age :

09.08.1978

Date of Appointment :

01.04.2008

Din No.:

00008457

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	06-10-01	06-10-01	31-03-08	Active	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	10-09-03	10-09-03	25-09-08	Active	NO
3	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Managing director	22-03-04	22-03-04	-	Amalgamated	NO
4	U52190GJ2000PTC038315	ADANI RETAIL PRIVATE LIMITED	Director	25-06-04	25-06-04	19-08-08	Active	NO
5	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Managing director	15-06-10	15-06-05	-	Active	NO
6	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13-02-07	13-02-07	27-12-07	Active	NO
7	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	26-03-07	26-03-07	13-09-10	Active	NO
8	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	29-09-07	26-03-07	29-07-08	Strike off	NO
9	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	27-09-07	27-09-07	22-09-08	Active	NO
10	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17-10-07	17-10-07	22-09-08	Active	NO
11	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28-07-08	24-01-08	23-08-08	Active	NO
12	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	27-06-08	04-03-08	-	Active	NO
13	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	04-03-08	04-03-08	13-09-10	Active	NO
14	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Additional director	04-03-08	04-03-08	29-07-08	Active	NO
15	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Managing director	01-04-08	01-04-08	-	Active	NO
16	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25-08-09	29-09-08	-	Active	NO
17	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21-10-08	21-10-08	-	Under Process of Striking off	NO
18	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20-06-09	27-10-08	01-03-11	Active	NO
19	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25-08-09	03-12-08	-	Active	NO
20	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25-08-09	29-01-09	13-09-10	Active	NO
21	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director appointed in casual vacancy	03-04-09	03-04-09	-	Active	NO
22	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	14-09-09	31-05-09	-	Active	NO
23	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	29-09-09	31-05-09	-	Amalgamated	NO
24	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29-09-09	31-05-09	-	Active	NO
25	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31-08-09	31-05-09	-	Active	NO
26	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	20-08-10	08-08-09	-	Active	NO
27	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21-12-09	21-12-09	-	Under Process of Striking off	NO
28	U40100GJ2010PLC059653	MAHAGUJ POWER LIMITED	Director	20-02-10	20-02-10	-	Active	NO
29	U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	Director	03-03-10	03-03-10	-	Amalgamated	NO
30	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	20-08-10	16-03-10	01-03-11	Active	NO
31	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20-08-10	16-03-10	01-03-11	Active	NO
32	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19-04-10	19-04-10	-	Amalgamated	NO
33	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	09-08-11	22-11-10	-	Active	NO

Name :

Mr. Kuok Khoon Hong

Designation :

Director

Address :

6, Queen Astrid Gardens, Singapore-266865

Date of Birth/Age :

30.04.1949

Date of Appointment :

27.02.1999

Din No.:

00021957

Name :

Mr. Kalyansundaram Tinniyan Kannan

Designation :

Alternate Director

Address :

16, Kaushalya Bunglows, Ramdevnagar, Ahmedabad-380015, Gujarat

Date of Birth/Age :

03.03.1956

Date of Appointment :

16.03.2009

Din No.:

00020968

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Alternate director	16-03-09	28-09-02	-	Active	NO
2	U15142GJ2002PLC066005	ACALMAR OILS AND FATS LIMITED	Director	29-09-07	01-09-07	13-09-10	Active	NO

Name :

Mr. Martua Sitorus

Designation :

Director (T. K. Kannan, Alternate Director)

Address :

14, Ford Avenue, Singapore-268693

Date of Birth/Age :

18.02.1960

Date of Appointment :

05.06.2007

Din No.:

01418946

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15142GJ2002PLC066005	ACALMAR OILS AND FATS LIMITED	Director	29-09-04	24-06-04	13-09-10	Active	NO
2	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Director	05-06-07	13-12-06	-	Active	NO
3	U15142TN2004PTC068598	KOG-KTV FOOD PRODUCTS (INDIA) PRIVATE LIMITED	Director	30-09-08	30-09-08	13-09-10	Active	NO

Name :

Mr. Kim Yong Teo

Designation :

Additional Director

Address :

19A, Yarnwood Avenue, Singapore – 588 015

Date of Birth/Age :

03.12.1953

Date of Appointment :

01.04.2008

Din No.:

02152713

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Director	26-05-08	01-04-08	Active	NO

Name :

Mr. Kamlesh Kumar

Designation :

Alternate Director

Address :

130, Ranjong Rhu Road, # 14-12, Pebble Bay, Singapore-436918

Date of Birth/Age :

24.02.1953

Date of Appointment :

16.03.2009

Din No.:

00374802

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Alternate director	16-03-09	11-03-04	-	Active	NO
2	U15142GJ2002PLC066005	ACALMAR OILS AND FATS LIMITED	Director	26-06-04	26-06-04	13-09-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Darshil Lakhia
Designation :	Company Secretary
Address :	A/2, Ratnadeep Apartments, 4, Kalamwadi, Near Sharda Society, New Sharda Mandir Road, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	01.02.1979
Date of Appointment :	15.05.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.05.2011

Names of Shareholders	No. of Shares
Wilmar Investments (Mauritius) Limited, Mauritius	50673503
Adani Enterprises Limited, India	50667503
Namrata P. Adani (Nominee of Adani Enterprises Limited), India	1000
Vinod S. Adani (Nominee of Adani Enterprises Limited), India	1000
Shilin R. Adani (Nominee of Adani Enterprises Limited), India	1000
Pranav V. Adani (Nominee of Adani Enterprises Limited) , India	1000
Ranjan V. Adani (Nominee of Adani Enterprises Limited), India	1000
Priti G. Adani (Nominee of Adani Enterprises Limited), India	1000
Total	101347006

As on 10.06.2011

List of Allottees	No. of Shares
Wilmar Investments (Mauritius) Limited, Mauritius	4005850
Adani Enterprises Limited, India	4005850
Total	8011700

As on 28.05.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporters of Vegetable Oils and Fats.
Products :	v Edible Oils v Vanaspati v By Products

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Seed Crushing*	Metric Tons	1809600	--
Edible Oil	Metric Tons	1229250	941445.045
Vanaspati / Bakery Shortening	Metric Tons	191625	123489.269
Non Edible Oil	Metric Tons	39780	26562.281
Cake	Metric Tons	--	332513.718
Agro Products	Metric Tons	--	12490.768
By Product	Metric Tons	--	42214.403

*Actual seed crushing is 445192.657 MT which includes crushing at third parties 89182.782 MT

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

v State Bank of India, Corporate Finance Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India

v Bank of India, Ahmedabad Corporate Banking Branch, Ahmedabad-380001, Gujarat, India

v Oriental Bank of Commerce, Neelkamal Building, Opposite Sales India, Ashram Road, Ahmedabad- 380009, Gujarat, India

v Punjab National Bank

v Andhra Bank, 41, Parimal Society, C.G. Road, Ahmedabad – 380007, Gujarat, India

v State Bank of Saurashtra

v State Bank of Hyderabad, Ground floor, Nagindas Chambers, Ashram Road, Ahmedabad 380014, Gujarat, India

v UCO Bank, Mid Corporate Branch, Near Sanyas Ashram, Ashram Road, Ahmedabad-380009, Gujarat, India

v Bank of Baroda

v Canara Bank

v Industrial Development Bank of India Limited, IDBI Tower, WTC Complex, Colaba, Mumbai – 400005, Maharashtra, India

v Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan From Banks (Note 1)		2417.240
Corporate loan from Banks (Note 2)	10520.216	493.050
Working Capital Loan from Banks (Note 2) – Clean Cash Credit		0.000
Total	10520.216	2910.290

Banking Relations :	--
Auditors :
Name :	Dharmesh Parikh and Associates Chartered Accountats
Address :	303,304, Milestone, Near Drive in Cinema, Opposite T V Tower, Thaltej, Ahmedabad-380054, Gujarat, India
Pan No.:	AAGFD1279G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs.1600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101347006	Equity Shares	Rs.10/- each	Rs.1013.470 Millions

As on 28.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs.1600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
109358706	Equity Shares	Rs.10/- each	Rs.1093.587 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1013.470	1476.210	1476.210
2] Share Application Money		721.054	0.000	0.000
3] Reserves & Surplus		5001.560	2855.890	2698.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6736.084	4332.100	4174.980
LOAN FUNDS
1] Secured Loans		10520.216	2910.290	3318.900
2] Unsecured Loans		0.000	2230.530	26.930
TOTAL BORROWING		10520.216	5140.820	3345.830
DEFERRED TAX LIABILITIES		505.771	487.260	412.740
TOTAL		17762.071	9960.180	7933.550
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6977.336	4486.540	3481.290
Capital work-in-progress		0.000	1401.940	624.820
INVESTMENT		1071.582	247.930	20.070
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		9370.390	5959.370
	Sundry Debtors		2306.320	1587.300
	Cash & Bank Balances		1302.720	1800.990
	Other Current Assets		0.000	0.000
	Loans & Advances		1805.930	725.460
Total Current Assets		9713.153	14785.360	10073.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		2183.730	1183.140
	Other Current Liabilities		8745.590	5047.250
	Provisions		32.270	35.360
Total Current Liabilities			10961.590	6265.750
Net Current Assets		9713.153	3823.770	3807.370
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17762.071	9960.180	7933.550

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		61092.990	57992.150
		Other Income		7.350	9.780
		TOTAL (A)	85429.158	61100.340	58001.930
Less	EXPENSES
		Cost of Materials		52423.060	50340.560
		Manufacturing Expenses		2380.590	1832.470
		Selling and Distribution Expenses	85338.705	5347.270	4420.280
		Prior Period Items		0.190	1.900
		Exceptional Item		9.550	0.000
		TOTAL (B)	85338.705	60160.660	56595.210
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			939.680	1408.720
Less	FINANCIAL EXPENSES (D)			488.280	401.810
			NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			451.400	1004.910
Less/ Add	DEPRECIATION/ AMORTISATION (F)			217.410	169.470
	PROFIT BEFORE TAX (E-F) (G)		90.453	233.990	835.440
Less	TAX (H)		20.178	76.880	228.880
	PROFIT AFTER TAX (G-H) (I)		70.275	157.110	606.560
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	43.870	90.740
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	100.000	653.430
	BALANCE CARRIED TO THE B/S		NA	100.980	43.870
	Earnings Per Share (Rs.)		0.89	2.08	4.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.08	0.26	1.05
Net Profit Margin (PBT/Sales)	(%)	NA	0.38	1.44
Return on Total Assets (PBT/Total Assets}	(%)	0.54	1.21	6.16
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.20
Debt Equity Ratio (Total Liability/Networth)		3.00	3.72	2.30
Current Ratio (Current Asset/Current Liability)		0.00	1.35	1.61

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90104974
Corporate identity number of the company	U15146GJ1999PLC035320
Name of the company	ADANI WILMAR LIMITED
Address of the registered office or of the principal place of business in India of the company	Fortune House, Near Navrangapura Railway Crossing, Ahmedabad-380009, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	State Bank of India, Corporate Finance Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India
Email	sundar.n@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation dated 25/10/2010 for creating second pari passu charge on movable Fixed Assets, both present and future, of the Borrower in favour of the Working Capital Lenders ("SBI Consortium") for securing the Working Capital facilities aggregating to Rs.35125.000 Millions and for creating second pari passu charge on Current Assets, both present and future, of the Borrower in favour of the Term Lenders for securing the Term Loans aggregating to Rs.7530.000 Millions
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	Rs.430.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter of the Bank and any subsequent modifications thereto. Terms of Repayment As per sanction letter of the Bank and any subsequent modifications thereto. Margin As per sanction letter of the Bank and any subsequent modifications thereto. Extent and Operation of the charge Charge shall rank pari passu with the other Term Lenders.
Short particulars of the property charged	The whole of the Current Assets of the Borrower, namely Stocks of Raw Materials such as Edible Oil and including Stock in process, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable and Book Debts and all other movables, both present and future, whether stored in or about or brought in the Borrower's factories, premises and godowns wherever situated and Dated 30th June 2010 and the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit or on High seas or on order or delivery howsoever and wheresoever in the possession of the Borrower and either by way of substitution or addition
Date of latest modification prior to the present modification	30.06.2010
Particulars of the present modification	The Term Loan of Rs.430.000 Millions is now further secured by way of second pari passu charge on the Current Assets, both present and future of the Borrower, more particularly in the Joint Deed of Hypothecation dated 25.10.2010.

FIXED ASSETS

• Land
• Building
• Electrical Fittings
• Plant and Machinery
• Furniture
• Fittings and Installations
• Office Equipments
• Computer Equipments
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.57
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.