MIRA INFORM REPORT

Report Date :

28.11.2012

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.:	04-035320
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 :	Manufacturer, Exporter and Importer of Agro Products.
No. of Employees :	2000 (Approximately) (In Office + In factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 26944000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 50 : 50 joint venture between Ahmedabad based Adani Enterprises Limited, the flagship of Adani Group and Singapore based Wilmar Investment (Mauritius) Limited. It is a well established company having good track. The latest financials of the company are not made available. However, as per previous years records, the company has achieved better growth in its operating income during 2011, but the profitability appears to be low. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitments. The company can be considered good 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A2 [Short Term Non-Fund Based Limits]
Rating Explanation	Strong degree of safety and slow credit risk.
Date	03.02.2012

Rating Agency Name	ICRA
Rating	BBB [Long Term Fund Based Limits]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	03.02.2012

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 31-03-2012.

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/ 25555620/ 25555621
E-Mail :	info@adaniwilmar.in fortune@adaniwilmar.in exports@adaniwilmar.com darshil.lakhia@adaniwilmar.in tk.kannan@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, Taluka: 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
Factory 10 :	Village Bhatkheda, Mhow-Neemuch Road, Neemuch-458441, 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 18.05.2012)

Name :

Mr. Pranav Vinodbhai Adani

Designation :

Managing Director

Address :

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

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, India

Date of Birth/Age :

03.03.1956

Date of Appointment :

01.04.2012

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. Rajeshbhai Shantilal Adani

Designation :

Director

Address :

15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow, Vastrapur, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

07.12.1964

Date of Appointment :

22.01.1999

Din No.:

00006322

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1992PLC018653	Adani Chemicals Limited	Director	03/12/1992	03/12/1992	-	Amalgamated	NO
2	L63090GJ1998PLC034182	Adani Ports And Special Economic Zone Limited	Director	26/05/1998	26/05/1998	-	Active	NO
3	U15146GJ1999PLC035320	Adani Wilmar Limited	Director	01/04/2008	22/01/1999	-	Active	NO
4	U40200GJ2001PLC040160	Adani Energy Limited	Director	31/10/2001	31/10/2001	07/01/2010	Active	NO
5	U45309GJ2003PLC043130	Mundra Special Economic Zone Limited	Director	03/11/2003	03/11/2003	-	Amalgamated	NO
6	U63022GJ2004PLC045143	Adani Agri Fresh Limited	Director	14/12/2004	14/12/2004	01/08/2008	Active	NO
7	L51100GJ1993PLC019067	Adani Enterprises Limited	Managing director	10/06/2010	10/06/2005	-	Active	NO
8	U35110GJ2005PTC046473	Adani Shipyard Private Limited	Director	30/09/2006	21/07/2005	31/03/2010	Active	NO
9	U40100GJ2005PLC046554	Adani Welspun Exploration Limited	Director	09/08/2011	05/08/2005	-	Active	NO
10	U40100GJ2005PLC046553	Adani Gas Limited	Director	20/08/2010	05/08/2005	-	Active	NO

Name :

Mr. Atul Chaturvedi

Designation :

Whole Time Director

Address :

B-11, Shakti Enclave, Opposite Pushpraj Tower, Judges Bunglow Rod, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

06.10.1955

Date of Appointment :

01.04.2012

DIN No.:

00175355

Name :

Mr. Angshu Mallick

Designation :

Whole Time Director

Address :

A 701, Ratnakar Apartments, Near LOC Petrol Pump, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.02.1961

Date of Appointment :

01.04.2012

DIN No.:

02481358

KEY EXECUTIVES

Name :	Mr. Darshil Mayank 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
PAN No.:	ACOPL6984C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 18.05.2012)

Names of Shareholders	No. of Shares
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
Adani Enterprises Limited, India	54673353
Lence Pte Limited, Singapore (Erstwhile Known as Wilmar Oleo Pte Limited)	54679353
Total	109358706

(AS ON 28.08.2012)

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 :	Manufacturer, Exporter and Importer of Agro Products.
Products :	v Edible Oils v Vanaspati v By Products
Brands :	v FORTUNE COOKING OIL v KING’S OIL v IVORY v FRYOLA v AVSAR VANASPATI v JUBILEE MASTERCHEF v BULLET v RAAG v PILAF BASMATI RICE

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) (In Office + In factory)

Bankers :

v State Bank of India,

Corporate Finance Branch, 58, Shrimali Society, Navrangapura, Ahmedabad – 380009, Gujarat, India

v Bank of India,

Ahmedabad Large Corporate Branch, 2^nd Floor, Bank of India Building, 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

v Axis Bank Limited

Begumpet Branch, Hyderabad – 500016, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loan From Banks	3989.750 (A)	2910.290
Corporate loan from Banks	6530.470	1264.790
Total	10520.220	4175.080
NOTE: (A) Term Loans are secured by:-Joint equitable mortgage by deposit of title deeds with State Bank of India in respect of immovable properties wherever situated both present and future and hypothecation of all movable assets both present and future ranking pari-passu inter-se subject to the first charge created in favour of Company's Bankers on Stocks and Book Debts for securing their working capital facilities. Second pari-passu charge by way of joint hypothecation of Stocks and Book Debts both present and future. Corporate Loan / Working Capital Demand Loan / Buyers Credit are secured by :- Joint hypothecation of all Inventories including Stores and Spares, Book Debts and other receivables including advances, deposits both present and future on first charge basis ranking pari-passu inter-se favouring Company’s Bankers. Second pari-passu charge by way of joint equitable mortgage on immovable properties wherever situated both present and future.
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans (A) (Payable within 12 months)	0.000	1000.000 (A)
Total	0.000	1000.000

Banking Relations :	--
Auditors :
Name :	Dharmesh Parikh and Associates Chartered Accountants
Address :	303, 304, Milestone, Near Drive in Cinema, Opposite T V Tower, Thaltej, Ahmedabad-380054, Gujarat, India
Pan No.:	AAGFD1279G
Associates/Subsidiaries :	· Rajshri Packagers Limited, Ahmedabad, Gujarat, India · Acalmar Oils and Fats Limited

CAPITAL STRUCTURE

AS ON 18.05.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
181050000	Equity Shares	Rs.10/- each	Rs.1810.500 Millions

Issued, Subscribed & Paid-up Capital :

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

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

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	1476.220	1476.210
2] Share Application Money		721.050	0.000	0.000
3] Reserves & Surplus		5001.560	2855.890	2698.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6736.080	4332.110	4174.980
LOAN FUNDS
1] Secured Loans		10520.220	4175.080	3318.900
2] Unsecured Loans		0.000	1000.000	26.930
TOTAL BORROWING		10520.220	5175.080	3345.830
DEFERRED TAX LIABILITIES		505.770	487.260	412.740
TOTAL		17762.070	9994.450	7933.550
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6198.690	4486.540	3481.290
Capital work-in-progress		778.640	1401.940	624.820
INVESTMENT		1071.580	247.930	20.070
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14962.920	9370.400	5959.370
	Sundry Debtors	4510.500	2306.320	1587.300
	Cash & Bank Balances	1760.470	1302.720	1800.990
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3108.080	1800.310	725.460
Total Current Assets		24341.970	14779.750	10073.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3464.070	2183.730	1183.140
	Other Current Liabilities	11131.900	8711.330	5047.250
	Provisions	32.840	26.650	35.360
Total Current Liabilities		14628.810	10921.710	6265.750
Net Current Assets		9713.160	3858.040	3807.370
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17762.070	9994.450	7933.550

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	85402.490	61092.990	57992.150
		Other Income	26.670	7.350	9.780
		TOTAL (A)	85429.160	61100.340	58001.930
Less	EXPENSES
		Consumption Materials Changes Inventories	77252.460	55098.620	50340.560
		Manufacturing Services Cost	1486.940	984.480	1832.470
		Employee Related Expenses	766.210	548.080	4420.280
		Administrative Selling Other Expenses	4907.490	3519.740	0.000
		Prior Period Items	0.840	0.190	1.900
		Exceptional Item	0.000	9.550	0.000
		TOTAL (B)	84413.940	60160.660	56595.210
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1015.220	939.680	1408.720
Less	FINANCIAL EXPENSES (D)		618.330	488.280	401.810
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		396.890	451.400	1004.910
Less/ Add	DEPRECIATION/ AMORTISATION (F)		306.450	217.410	169.470
	PROFIT BEFORE TAX (E-F) (G)		90.440	233.990	835.440
Less	TAX (H)		20.180	76.880	228.880
	PROFIT AFTER TAX (G-H) (I)		70.260	157.110	606.560
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		100.980	43.870	90.740
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	100.000	653.430
	BALANCE CARRIED TO THE B/S		171.240	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)	(%)	0.11	0.38	1.44
Return on Total Assets (PBT/Total Assets}	(%)	0.30	1.21	6.16
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.20
Debt Equity Ratio (Total Liability/Networth)		3.73	3.72	2.30
Current Ratio (Current Asset/Current Liability)		1.66	1.35	1.61

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10228244
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 darshil.lakhia@adaniwilmar.in
Type of charge	Book Debts Movable Property [not being pledge] Stock of raw material
Particular of charge holder	Bank of India Ahmedabad Large Corporate Branch, 2^nd Floor, Bank of India Building, Bandra, Ahmedabad – 380001, Gujrat, India ahmdcbb.ahmedabad@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation cum loan agreement dated 11.06.2012
Date of instrument Creating the charge	11.06.2012
Amount secured by the charge	Rs.500.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 11.75% i.e. 1.25% above base rate of 10.50% Terms of Repayment 32 quarterly installments of Rs.15.700 Millions each commencing after 6 months from first disbursement. Margin As per sanction letter of the Bank dated 3rd May, 2012. Extent and Operation of the charge First pari-passu charge on the entire movable fixed assets of the Borrower including in particular plant and machinery, equipments, furniture and fixtures, both present and future, Hypothecation cum Loan Agreement dated 11th June, 2012. Second pari- passu charge on the entire current assets, both present and future, including book debts, stock of raw materials, stock in process, semi finished goods, finished goods, stores, spares etc. more particularly and specifically defined in part B and part C of Hypothecation cum loan agreement dated 11th June, 2012.
Short particulars of the property charged	First pari passu charge on movable fixed assets, both present and future, including in particular plant and machinery, equipments, furniture and fixtures; Second pari passu charge on entire current assets, both present and future, in particular stock of raw materials, stock in process, semi finished goods, finished goods, stores, spares; second pari passu charge on all present and future book debts, outstanding, money receivables, claims, bills which are now due and owing and which may anytime hereinafter during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm, company, body corporate, Central Government, State Government, Government department or office or any municipal, local or public or semi governmental body or authority or anybody corporate or undertaking or project whatsoever.
Date of latest modification prior to the present modification	25.10.2012
Particulars of the present modification	The Term Loan of Rs.500.000 Millions stands further secured by way of first pari passu charge on entire movable fixed assets, both present and future and second pari passu charge on entire current assets, both present and future, of the Borrower.

FIXED ASSETS:

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

WEBSITE DETAILS:

HISTORY:

A decade ago, a partnership between the Adani Group and the Wilmar Corporation was born – and it was one that was soon to change the face of the edible oil business in the country.

Competing with established home-grown players and aggressive Multinational Corporations, Subject had a mammoth task ahead of it. Trying to stake a claim in one of the largest oil markets in the world would prove to be a difficult feat for any new entrant, but, right off the bat, Subject rose to the challenge. The brand “Fortune” came into being in the year 2000, thus marking Subject foray into the branded packaged edible oil business. And, within merely 20 months of its launch, Fortune rose to become India’s largest selling edible oil brand, bearing that torch right up to this day.

With the rapidly changing market scenario and economy, Subject continues to grow and transform into a significant player in the industry, evolving with the times. It is now one of India’s leading edible oil companies, and the future for all of its brands looks very bright indeed.

CORPORATE PROFILE

Subject, an Rs.120000.000 Millions company; is a joint venture between two global corporations:

The Adani Group of India - the leaders in international trading and private infrastructure, and The Wilmar International Limited of Singapore - agri-business group and merchandiser and processor of edible oils.

Together, the Adani Group and Wilmar Group have set up India's first port based refinery at Mundra, Gujarat. Today the Mundra refinery is one of India's largest and most sophisticated oil refineries. Fortune, King's, RAAG, Bullet, Fryola and Jubilee are the brands under which Subject sells its range of edible oil, vanaspati and bakery shortening.

The company has production infrastructure across the country with a crushing capacity of over 5750 TPD (Tonnes per Day) and Refining capacity of over 9000 TPD. Subject is one of the very few national players in the Industry to have this massive production infrastructure, with all its plants so strategically located to take advantage of the Import Parity and Domestic crop season.

The company also has packing operations at Kadi [Gujarat], Latur [Maharashtra], Jaipur [Rajasthan], Dharwad [Karnataka], Dewas [Madhya Prades], Nagpur [Maharashtra] and Cochin [Kerala]. With 80 branches, 5000 distributors catering to 1 million outlets, Subject products reach to 20 million households across India.

Since its launch in 2000, Fortune took just 20 months to become India's No.1 edible oil brands*, and is still at the top of the charts.

Following the success in India, Subject introduced branded Edible oil to Middle-East and is now exporting its products to more than 19 countries in the Middle-East, South East Asia and East Africa.

AWARDS

Fortune was Awarded the

· Superbrands Award in Consumer Category for the year 09'-10'

Since its launch in 2000,

· Fortune has become one of the largest selling edible oil brands in India

Fortune brand has been voted as the winner of

· Reader's Digest Trust Brand Award 06', 07', 08' and 09' under the gold category

Mantralayam refinery was presented the Award for

· Second Highest Processor of Sunflower Seed Oilcake for the year 05'-06' and 06'-07' by SEA

Fortune was awarded the

· Globeoil Award 2006 for the Fastest Growing Edible Oil Brand

According to a survey conducted by Business World in 2005,

· AWL was one of the top three Food Processing Companies in India

NEWS

ADANI WILMAR TO LAUNCH RICE BRAN OIL BY JULY

THE Economics Times – May 15, 2012

Ahmedabad-headquartered Adani Wilmar Limited (AWL) will launch rice bran oil by mid-2012. The company is undertaking capacity expansion at its Krishnapatnam plan in Andhra Pradesh to introduce rice bran in the Indian market.

AWL COO Angshu Mallick told ET on Tuesday that the company is expanding its capacities to 800 tonnes per day from current 600 tonnes per day at the AP plant.

AWL's total capacities acorss its 18 manufacturing plants stands at 2.5 million tonnes per annum. It sold 1.3 lakh tonnes per month in the domestic market last fiscal, he said.

Soyabean oil contributes 50% to AWL's basket in terms of value while palm oil, sunflower oil and mustard oil contribute the rest.

"Rice bran is a sensitive oil and is subject to fast FFA (free fatty acid) formation and hence, needs to be handled well. After the capacity expansion in next two months, we should be able to launch rice bran oil in the Indian market," he said.

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] 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.