MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	ADANI INFRA (INDIA) LIMITED (w.e.f. 05.03.2010)
Formerly Known As :	ADANI INFRA (INDIA) PRIVATE LIMITED (w.e.f. 18.02.2010) ELECTROGEN INFRA (INDIA) PRIVATE LIMITED
Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2011 (SUMMARISED FIGURES)
Date of Incorporation :	13.01.2010
Com. Reg. No.:	04-059226
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U45204GJ2010PLC059226
TAN No.: [Tax Deduction & Collection Account No.]	AHMA09530D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject act as E.P.C. (Erection Procurement and Construction) contractor and Project Management Consultant specifically for Power Industry.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of ADANI Group, India. It is a relatively new company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Ranjen Mustafi
Designation :	Finance Manager
Date :	03.09.2011

LOCATIONS

Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26565555
Fax No.:	91-79-26565500
E-Mail :	chandan.lakhwani@adani.com jatin.jalundhwala@adani.in anil.kalyani@adani.in
Website :	http://www.adaniinfra.com
Corporate Office :	8^th Floor, Sambhav Building, Judges Bungalow Road, Bodakdev, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-26873082
Fax No.:	91-79-26873083
E-Mail :	aiil@adani.com

DIRECTORS

As on 01.08.2011

Name :

Mr. Vineet Suresh Chand Jain

Designation :

Director

Address :

132, Suresh Niwas, Chitra Vihar, Delhi – 110 092, India

Date of Birth/Age :

30.04.1971

Date of Appointment :

05.08.2010

DIN No.:

00053906

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	U10102DL1999PTC101293	Jindal Coal Private Limited	Director	04-08-03	04-08-03	31-01-07	Active	NO
2	U40102DL2004PLC128381	Jindal Power Trading Company Limited	Director	17-08-04	17-08-04	31-01-07	Active	NO
3	U74899DL1995PTC066056	Minerals Management Services (India) Private Limited	Director	30-09-05	30-09-05	22-12-06	Active	NO
4	U25209DL1997PLC090986	India Flysafe Aviation Limited	Director	30-09-05	30-09-05	16-01-07	Active	NO
5	U45201DL2005PTC140023	Jindal Realty Private Limited	Director	28-10-05	28-10-05	31-01-07	Active	NO
6	U36939DL2000PTC106383	Advance Sporting Arms Private Limited	Director	21-06-06	21-06-06	31-01-07	Active	NO
7	U40100GJ2006PLC047672	Adani Power Dahej Limited	Director	20-06-09	06-08-08	17-03-10	Active	NO
8	U40100GJ2009PLC057562	Kutchh Power Generation Limited	Additional director	14-11-09	14-11-09	17-03-10	Active	NO
9	U45204GJ2010PLC059226	Adani Infra (India) Limited	Director	05-08-10	13-01-10	-	Active	NO

Name :

Mr. Harsh Vardhan Mishra

Designation :

Director

Address :

215, Jor Bagh, New Delhi – 110 003, India

Date of Birth/Age :

01.07.1959

Date of Appointment :

05.08.2010

DIN No.:

00529339

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U64202DL1992PLC049967	Parasnath Agroils Limited	Director	14-02-00	14-02-00	Active	NO
U10200RJ2007PLC025173	Parsa Kente Collieries Limited	Director appointed in casual vacancy	20-07-10	28-03-08	Active	NO
U45204GJ2010PLC059226	Adani Infra (India) Limited	Director	05-08-10	08-03-10	Active	NO
U74140DL2008PTC180090	Shri Dauji Consultancy Services Private Limited	Director	09-12-10	09-12-10	Active	NO

Name :

Mr. Jatinkumar Rameshchandra Jalundhwala

Designation :

Director

Address :

602, Satkrut, Partha Sarthi Avenue, 132, Ring Road, Near Shaymal Raw House, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

29.01.1960

Date of Appointment :

05.08.2010

DIN No.:

00137888

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	U85110GJ2002NPL040355	India Renal Foundation	Director	15-01-02	15-01-02	05-07-08	Active	NO
2	L85110GJ1994PLC022543	Claris Lifesciences Limited	Director	31-03-03	31-03-03	10-11-06	Active	NO
3	U74999GJ2000PTC038407	I-Gate India Private Limited	Director	28-08-09	31-05-09	-	Active	NO
4	U72900GJ2001PTC039192	Ascendum Kps Private Limited	Director	30-09-09	31-05-09	01-01-11	Active	NO
5	U72200GJ2000PTC050919	Netvantage International Private Limited	Director	29-09-09	31-05-09	09-03-11	Active	NO
6	U45204GJ2010PLC059226	Adani Infra (India) Limited	Director	05-08-10	08-03-10	-	Active	NO
7	U01403MH2008PTC185727	Jade Agricultural Company Private Limited	Director	05-08-11	17-08-10	-	Active	NO
8	U01403MH2008PTC185743	Jade Agri Land Private Limited	Director	05-08-11	17-08-10	-	Active	NO
9	U70102MH2008PTC185730	Lushgreen Landscapes Private Limited	Director	05-08-11	17-08-10	-	Active	NO
10	U15400MH2008PTC185729	Jade Food And Properties Private Limited	Additional director	17-08-10	17-08-10	27-08-10	Active	NO
11	U63090MH2010PTC207152	Adani Shipping (India) Private Limited	Director	27-08-10	27-08-10	-	Active	NO
12	U11200GJ2010PLC062148	Mundra Lng Limited	Director	28-08-10	28-08-10	-	Active	NO
13	U51219MH2006PTC163007	Rohit Agri-Trade Private Limited	Director	08-08-11	13-09-10	-	Active	NO
14	U51109GJ1997PTC032088	Miraj Impex Private Limited	Director	09-08-11	13-09-10	-	Active	NO
15	U74999GJ2008PTC055618	Shantigram Utility Services Private Limited	Director	05-08-11	13-09-10	-	Active	NO
16	U92412GJ2008PTC055617	Belvedere Golf And Country Club Private Limited	Director	05-08-11	13-09-10	-	Active	NO
17	U45400MH1999PTC120892	Aaloka Real Estate Private Limited	Director	06-08-11	13-09-10	-	Active	NO
18	U45208GJ2006PTC048538	Adani Mundra Sez Infrastructure Private Limited	Director	06-08-11	13-09-10	-	Active	NO
19	U45200GJ2006PTC049047	Adani Land Developers Private Limited	Director	09-08-11	13-09-10	-	Active	NO
20	U45201GJ2007PTC051837	Adani Landscapes Private Limited	Director	09-08-11	13-09-10	-	Active	NO
21	U51219MH2006PTC163005	Rajendra Agri- Trade Private Limited	Director	09-08-11	13-09-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.08.2011

Names of Shareholders	No. of Shares
Adani Enterprises Limited, India	49970
Gautam Adani [Nominee of Adani Enterprises Limited, India]	5
Rajesh Adani [Nominee of Adani Enterprises Limited, India]	5
Vasant Adani [Nominee of Adani Enterprises Limited, India]	5
Pranav Adani [Nominee of Adani Enterprises Limited, India]	5
Mahasukh Adani [Nominee of Adani Enterprises Limited, India]	5
Samir Vora [Nominee of Adani Enterprises Limited, India]	5
Total	50000

As on 01.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Subject act as E.P.C. (Erection Procurement and Construction) contractor and Project Management Consultant specifically for Power Industry.
Services :	EPC Contractor

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	304, “Milestone”, Near Drive-In Cinema, Opposite T.V. Tower, Thaltej, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	91-79-27474466
Fax No.:	91-79-27479955
	AAGFD1279G
Holding Company :	Adani Enterprises Limited Address: Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India CIN No.: L51100GJ1993PLC019067

CAPITAL STRUCTURE

As on 01.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

FINANCIAL DATA

[all figures are in Rupees Millions]

SUMMARISED FIGURES

PARTICULARS	31.03.2011
Share Capital	0.500
Reserves & Surplus	77.890
Accumulated Losses	(0.043)
Net Fixed Assets	14.994
Net Current Assets	50.563
Deferred Tax Assets	12.833
Turnover	2877.734
Total Expenditure	2760.484
Profit/ (Loss) Before Tax	117.250
Profit/ (Loss) After Tax	77.933

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		13.01.2010 to 31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.043)
NETWORTH		0.500
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.465
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.008
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.008
Net Current Assets		0.457
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		13.01.2010 to 31.03.2010
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Audit Fees	0.008
		Legal Expenses	0.002
		Printing and Stationery Expenses	0.001
		Professional Fees	0.001
		Filling Fees	0.003
		Preliminary Expenses written off	0.028
		TOTAL	0.043
	PROFIT/ (LOSS) BEFORE TAX		(0.043)
Less	TAX		0.000
	PROFIT/ (LOSS) AFTER TAX		(0.043)
	Earnings/ (Loss) Per Share (Rs.)		(4.11)

KEY RATIOS

PARTICULARS		13.01.2010 to 31.03.2010
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(9.25)
Return on Investment (ROI) (PBT/Networth)		(0.09)
Debt Equity Ratio (Total Liability/Networth)		0.02
Current Ratio (Current Asset/Current Liability)		58.13

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from PMC House, Near Shikhar Building, Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat to the present address w.e.f. 08.03.2010.

Financial Highlights: (As on 31.03.2010)

The Company was incorporated on 13^th January, 2010. Therefore, the first accounting period of the Company is from 13.01.2010 to 31.03.2010.The expenditure incurred during the period was Rs.0.043 million and there was no income for the aforesaid period and therefore loss of the company was Rs.0.043 million.

WEBSITE DETAILS:

PROFILE:

Subject is a 100% subsidiary of Adani Enterprises Limited, the flagship company of Adani Group. Adani Group , a US $ 5.5 Billion group based in Ahmedabad, is one of the fast growing Business conglomerate of India with diverse business interests in global trading, development and operation of ports , IDC terminal, establishment of SEZ, Oil refining, logistic, gas distribution, Coal Mining, Power Generation, Power Transmission and Power Trading etc.

Subject possesses a vast caliber and experience in terms of its resources in all the fields of the business like Engineering, Project management, Contract Management, Techno Commercial, Quality Assurance, Human Resource, Field Supervision and Health, Safety and Environment for project execution for Fossil Fuel and Renewable Energy based Power Projects.

The core team of AIIL includes around 450 engineers and management professionals that boasts a combined 5000 years of experience in power generation and transmission sector. In this era of open competition, Subject promises to be at the center of creating a culture in construction by delivering the highest quality in time, through continued development of new technologies and value added services.

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.46.97
UK Pound	1	Rs.74.22
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.