MIRA INFORM REPORT

Report Date :

22.09.2012

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, Gujarat – 380 009

Country :	India

Financials (as on) :	31.03.2011

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

PAN No.: [Permanent Account No.]	AAICA2707K

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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 310000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a part of ADANI GROUP. It is relatively new company having satisfactory track record. In the first year of their business operation company has performed well. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered normal for business dealing 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

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

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 Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad, Gujarat – 380 009, 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. 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:

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	U64202DL1992PLC049967	PARASNATH AGROILS LIMITED	Director	14/02/2000	14/02/2000	-	Active	NO
2	U10200RJ2007PLC025173	PARSA KENTE COLLIERIES LIMITED	Director appointed in casual vacancy	20/07/2010	28/03/2008	10/02/2012	Active	NO
3	U45204GJ2010PLC059226	ADANI INFRA (INDIA) LIMITED	Director	05/08/2010	08/03/2010	-	Active	NO
4	U74140DL2008PTC180090	SHRI DAUJI CONSULTANCY SERVICES PRIVATE LIMITED	Director	09/12/2010	09/12/2010	-	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/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	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15/01/2002	15/01/2002	05/07/2008	Active	NO
2	L85110GJ1994PLC022543	CLARIS LIFESCIENCES LIMITED	Director	31/03/2003	31/03/2003	10/11/2006	Active	NO
3	U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	Director	28/08/2009	31/05/2009	-	Active	NO
4	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	29/09/2009	31/05/2009	09/03/2011	Active	NO
5	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	30/09/2009	31/05/2009	01/01/2011	Active	NO
6	U45204GJ2010PLC059226	ADANI INFRA (INDIA) LIMITED	Director	05/08/2010	08/03/2010	-	Active	NO
7	U15400MH2008PTC185729	JADE FOOD AND PROPERTIES PRIVATE LIMITED	Additional director	17/08/2010	17/08/2010	27/08/2010	Active	NO
8	U70102MH2008PTC185730	LUSHGREEN LANDSCAPES PRIVATE LIMITED	Director	05/08/2011	17/08/2010	-	Active	NO
9	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	05/08/2011	17/08/2010	-	Active	NO
10	U01403MH2008PTC185727	JADE AGRICULTURAL COMPANY PRIVATE LIMITED	Director	05/08/2011	17/08/2010	-	Active	NO
11	U63090MH2010PTC207152	ADANI SHIPPING (INDIA) PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
12	U11200GJ2010PLC062148	MUNDRA LNG LIMITED	Director	28/08/2010	28/08/2010	-	Active	NO
13	U51219MH2006PTC163005	RAJENDRA AGRI- TRADE PRIVATE LIMITED	Director	09/08/2011	13/09/2010	-	Active	NO
14	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	09/08/2011	13/09/2010	-	Active	NO
15	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	09/08/2011	13/09/2010	-	Active	NO
16	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	06/08/2011	13/09/2010	-	Active	NO
17	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	06/08/2011	13/09/2010	-	Active	NO
18	U92412GJ2008PTC055617	BELVEDERE GOLF AND COUNTRY CLUB PRIVATE LIMITED	Director	05/08/2011	13/09/2010	-	Active	NO
19	U74999GJ2008PTC055618	SHANTIGRAM UTILITY SERVICES PRIVATE LIMITED	Director	05/08/2011	13/09/2010	-	Active	NO
20	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	09/08/2011	13/09/2010	-	Active	NO
21	U51219MH2006PTC163007	ROHIT AGRI-TRADE PRIVATE LIMITED	Director	08/08/2011	13/09/2010	-	Active	NO
22	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Additional director	24/08/2012	24/08/2012	-	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

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	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.

Products / Services :	EPC Contractor PMC Contractor

GENERAL INFORMATION

No. of Employees :	Not Available

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
PAN No.:	AAGFD1279G

Holding Company	Adani Enterprises Limited, India [CIN : L51100GJ1993PLC019067] (Controlled by S. B. Adani Family Trust, a private discretionary Trust)

Fellow Subsidiaries (with whom transactions were done during the year)	Adani Power Limited, India [CIN : L40100GJ1996PLC030533] Adani Power Maharashtra Limited, India [CIN: U40101GJ2007PLC050506] Adani Power Rajasthan Limited, India [CIN: U40104GJ2008PLC052743] Adani Power Dahej Limited, India [CIN: U40100GJ2006PLC047672] Adani Pench Power Limited, India [CIN : U40100GJ2009PLC058171] Kutchh Power Generation Limited, India [CIN : U40100GJ2009PLC057562] Mundra Port and Special Economic Zone Limited, India [CIN: L63090GJ1998PLC034182] Mundra International Airport Private Limited, India [CIN : U62200GJ2009PTC057726] Adani Gas Limited, India [CIN : U40100GJ2005PLC046553]

Associates (with whom transactions were done during the year)	Adani Properties Private Limited, India [CIN : U45201GJ1995PTC026067]

CAPITAL STRUCTURE

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs. 10/- each	Rs. 0.500 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs. 10/- each	(A)Rs. 0.500 millions

NOTE:

(A) Of the above equity shares, 50000 shares are held by Adani Enterprises Limited, the holding company and its nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		77.889	0.000
4] (Accumulated Losses)		0.000	(0.043)
NETWORTH		78.389	0.457
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		78.389	0.457

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		11.994	0.000
Capital work-in-progress		0.000	0.000

INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		12.833	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.287	0.000
	Sundry Debtors	2012.627	0.000
	Cash & Bank Balances	94.647	0.465
	Other Current Assets	0.000	0.000
	Loans & Advances	5986.498	0.000
Total Current Assets		8094.059	0.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	262.193	0.008
	Other Current Liabilities	7709.901	0.000
	Provisions	71.403	0.000
Total Current Liabilities		8043.497	0.008
Net Current Assets		50.562	0.457

MISCELLANEOUS EXPENSES		0.000	0.000
OTHER ASSETS		3.000	0.000

TOTAL		78.389	0.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	2693.075	0.000
		Other Income	184.659	0.000
		TOTAL (A)	2877.734	0.000

Less	EXPENSES
		Contract Cost	1627.562	0.000
		Employee related expenses	774.131	0.000
		Administrative selling other expenses	156.180	0.043
		TOTAL (B)	2557.873	0.043

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		319.861	(0.043)

Less	FINANCIAL EXPENSES (D)		197.146	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		122.715	(0.043)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.464	0.000

	PROFIT BEFORE TAX (E-F) (G)		117.251	(0.043)

Less	TAX (H)		39.317	0.000

	PROFIT AFTER TAX (G-H) (I)		77.934	(0.043)

	Earnings Per Share (Rs.)		1558.66	(4.11)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	2.70	0.00

Net Profit Margin (PBT/Sales)	(%)	4.35	0.00

Return on Total Assets (PBT/Total Assets}	(%)	1.44	(9.24)

Return on Investment (ROI) (PBT/Networth)		1.49	0.09

Debt Equity Ratio (Total Liability/Networth)		102.61	0.01

Current Ratio (Current Asset/Current Liability)		1.00	58.12

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
24]	Banking facility details	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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.

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 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 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 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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.

MIRA INFORM REPORT

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