MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	ADANI TOWNSHIP AND REAL ESTATE COMPANY PRIVATE LIMITED

Registered Office :	41-42, Titanium, Corporate Road, Near Prahaladnagar Garden, Vejalpur, Ahmedabad - 380015, Gujarat

Country :	India

Date of Incorporation :	28.08.2012

Com. Reg. No.:	04-071738

Capital Investment / Paid-up Capital :	Rs.100.000 Millions

CIN No.: [Company Identification No.]	U70101GJ2012PTC071738

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and exporter of constructions and building materials, construction accessories directory, building hardware material resources, etc.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Maximum Credit Limit :	USD 400000

Status :	New Business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new company and establishing itself gradually. It belongs to the adani group. Mr. Subham, from the sales department has denied to disclose any detail of the company to us. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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.

INFORMATION DECLINED BY

Name :	Mr. Shubham
Designation :	Sales Department
Contact No.:	91-8980122277
Date :	25.03.2013

LOCATIONS

Registered Office :	41-42, Titanium, Corporate Road, Near Prahaladnagar Garden, Vejalpur, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-25556767
Mobile No.:	91-8980122277 (Mr. Shubham)
Fax No.:	Not Available
E-Mail :	jaladhi.shukla@adni.com

DIRECTORS

As on 25.08.2012

Name :

Mr. Ameet Hiranyakumar Desai

Designation :

Additional Director

Address :

D-48 Aryaman Bungalow, Near Shilaj Railway Crossing, Thaltej Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

04.10.1963

Date of Appointment :

28.08.2012

DIN No.:

00007116

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	U63090GJ2005PLC046510	ADANI LOGISTICS LIMITED	Director	30-09-06	28-07-05	-	Amalgamated	NO
2	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Whole-time director	01-09-05	01-09-05	31-10-09	Active	NO
3	U63010GJ2005PTC046720	INLAND CONWARE (LUDHIANA) PRIVATE LIMITED	Director	30-09-06	05-09-05	-	Amalgamated	NO
4	U74999GJ2005PTC046978	MUNDRA SEZ TEXTILE AND APPAREL PARK PRIVATE LIMITED	Director	30-09-06	25-10-05	25-09-08	Active	NO
5	L40100GJ1996PLC030533	ADANI POWER LIMITED	Whole-time director	01-11-09	26-12-05	31-03-11	Active	NO
6	U45209GJ2007PTC051323	MPSEZ UTILITIES PRIVATE LIMITED	Director	28-07-08	13-07-07	01-12-09	Active	NO
7	U24209HR1991PLC048501	AVANTOR PERFORMANCE MATERIALS INDIA LIMITED	Director	29-09-07	03-09-07	06-06-08	Active	NO
8	U63090GJ2005PLC046419	ADANI LOGISTICS LIMITED	Director	11-08-08	12-10-07	05-05-10	Active	NO
9	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28-07-08	24-01-08	01-12-09	Strike off	NO
10	U40104GJ2008PLC052743	ADANI POWER RAJASTHAN LIMITED	Director	20-06-09	15-10-08	01-03-11	Active	NO
11	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20-06-09	27-10-08	01-03-11	Under Process of Striking off	NO
12	U40100GJ2009PLC058171	ADANI PENCH POWER LIMITED	Director	23-09-09	23-09-09	01-03-11	Active	NO
13	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21-12-09	21-12-09	-	Strike off	NO
14	U70101GJ2012PTC071738	ADANI TOWNSHIP AND REAL ESTATE COMPANY PRIVATE LIMITED	Additional director	28-08-12	28-08-12	-	Active	NO
15	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Additional director	16-10-12	16-10-12	-	Active	NO
16	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Additional director	16-10-12	16-10-12	-	Active	NO
17	U45200GJ2005PTC046759	ADANI DEVELOPERS PRIVATE LIMITED	Additional director	16-10-12	16-10-12	-	Active	NO
18	AAA-2267	ADANI RENEWABLE ENERGY LLP	Designated Partner	15-09-10	15-09-10	07-02-12	Active	NO

Name :

Mr. Tarwinder Singh

Designation :

Director

Address :

1104/A Wing, 11^th Floor, Raj Classic Panch Marg, Yari Road, Versova, Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

17.01.1951

Date of Appointment :

28.08.2012

DIN No.:

01509225

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	U45200GJ2005PTC046759	ADANI DEVELOPERS PRIVATE LIMITED	Director	22-06-06	22-06-06	-	Active	NO
2	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	31-08-06	31-08-06	13-09-10	Active	NO
3	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	07-09-07	07-09-07	-	Active	NO
4	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	07-09-07	07-09-07	-	Active	NO
5	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	27-09-07	27-09-07	13-09-10	Active	NO
6	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Director	25-09-08	04-03-08	13-09-10	Active	NO
7	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	04-03-08	04-03-08	-	Active	NO
8	U29110MH1995PTC086069	COLUMBIA CHROME (INDIA) PRIVATE LIMITED	Director	04-03-08	04-03-08	-	Active	NO
9	U01403MH2008PTC185743	JADE AGRI LAND PRIVATE LIMITED	Director	26-08-09	12-08-08	17-08-10	Active	NO
10	U01403MH2008PTC185727	JADE AGRICULTURAL COMPANY PRIVATE LIMITED	Director	26-08-09	12-08-08	17-08-10	Active	NO
11	U70102MH2008PTC185730	LUSHGREEN LANDSCAPES PRIVATE LIMITED	Director	26-08-09	12-08-08	-	Active	NO
12	U15400MH2008PTC185729	JADE FOOD AND PROPERTIES PRIVATE LIMITED	Director	26-08-09	12-08-08	-	Active	NO
13	U74999MH2008PTC185990	NATURAL GROWERS PRIVATE LIMITED	Director	26-08-09	20-08-08	05-03-11	Active	NO
14	U74999GJ2008PTC055618	SHANTIGRAM UTILITY SERVICES PRIVATE LIMITED	Director	26-08-09	05-12-08	13-09-10	Active	NO
15	U92412GJ2008PTC055617	BELVEDERE GOLF AND COUNTRY CLUB PRIVATE LIMITED	Director	26-08-09	05-12-08	-	Active	NO
16	U51909MH2004PLC148441	SWAYAM REALTORS AND TRADERS LIMITED	Director	06-08-11	13-09-10	-	Converted to LLP and dissolved	NO
17	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	09-08-11	13-09-10	-	Active	NO
18	U45400DL2007PTC161920	CCC REALTY PRIVATE LIMITED	Director	28-09-12	25-08-12	-	Active	NO
19	U70109DL2011PTC219060	BLUE STAR REALTY PRIVATE LIMITED	Director	27-09-12	25-08-12	-	Active	NO
20	U45400DL2008PTC174291	ANANT RAJ PROPERTY MANAGEMENT PRIVATE LIMITED	Director	27-09-12	25-08-12	-	Active	NO
21	U70101GJ2012PTC071738	ADANI TOWNSHIP AND REAL ESTATE COMPANY PRIVATE LIMITED	Director	28-08-12	28-08-12	-	Active	NO
22	AAA-5931	ADANI M2K PROJECTS LLP	Body corporate as Designated Partner	16-08-11	16-08-11	-	Active	NO
23	AAB-0362	SWAYAM REALTORS AND TRADERS LLP	Body corporate as Designated Partner	25-07-12	25-07-12	-	Active	NO

Name :

Mr. Anish Ambalal Shah

Designation :

Director

Address :

Anik Bunglows, Near Atira, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

22.10.1964

Date of Appointment :

28.08.2012

DIN No.:

00156517

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	U40300GJ1989PTC011786	SAUMYA CONSTRUCTION PRIVATE LIMITED	Director	18-01-89	18-01-89	-	Active	NO
2	U25200GJ1981PTC004219	ANANG POLYFIL PRIVATE LIMITED	Managing director	01-08-92	01-08-92	-	Active	NO
3	U65910GJ1993PLC019710	ROBIN FINANCE AND INVESTMENTS LIMITED	Director	25-06-93	25-06-93	-	Active	NO
4	U65990GJ1981PTC004899	AMOSHA HOLDINGS PRIVATE LIMITED	Director	25-01-02	25-01-02	-	Strike off	NO
5	U67120GJ1981PTC004900	AMOLA HOLDINGS PRIVATE LIMITED	Director	25-01-02	25-01-02	-	Active	NO
6	L51100GJ1984PLC020026	AMANI TRADING AND EXPORTS LIMITED	Director	31-07-02	31-07-02	-	Active	NO
7	L51100GJ1984PLC024704	AASWA TRADING AND EXPORTS LIMITED	Director	31-07-02	31-07-02	-	Active	NO
8	U70101GJ2004PTC045030	AASHIRWAD MALLS PRIVATE LIMITED	Director	16-11-04	16-11-04	17-04-07	Active	NO
9	U51310GJ2004PTC045182	FORUM TRADERS PRIVATE LIMITED	Director	20-12-04	20-12-04	-	Active	NO
10	U51310GJ2004PTC045181	TRIVENI TRADING COMPANY PRIVATE LIMITED	Director	20-12-04	20-12-04	-	Active	NO
11	U70109GJ2006PTC048830	ACQUEST ESTATES PRIVATE LIMITED	Director	04-08-06	04-08-06	-	Active	NO
12	U70102GJ2006PTC048976	SUYOJAN REALTY PRIVATE LIMITED	Director	29-08-06	29-08-06	-	Active	NO
13	U45201GJ2008PTC052953	AUTUMNLEAF ESTATES PRIVATE LIMITED	Director	18-02-08	18-02-08	02-06-10	Active	NO
14	U45202GJ2008PTC053026	LABURNUM RETREAT PRIVATE LIMITED	Director	25-02-08	25-02-08	-	Active	NO
15	U40300GJ2008PTC053024	SOLARCRAFT GREEN PROJECTS PRIVATE LIMITED	Director	25-02-08	25-02-08	-	Active	NO
16	U70101GJ2012PTC071738	ADANI TOWNSHIP AND REAL ESTATE COMPANY PRIVATE LIMITED	Director	28-08-12	28-08-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shubham
Designation :	Sales Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2012

Names of Shareholders		No. of Shares
Adani Infrastructure and Developers Private Limited, India		20000
Suyojan Realty Private Limited, India		2500000
Adani Land Developers Private Limited, India		7400000
Adani Landscapes Private Limited, India		20000
Aaloka Real Estate Private Limited, India		20000
Lushgreen Landscapes Private Limited, India		20000
Jade Food & Properties Private Limited, India		20000
Total		10000000

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of constructions and building materials, construction accessories directory, building hardware material resources, etc.

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	Not Available


Banking Relations :	--

Auditors :	Not Available

CAPITAL STRUCTURE

As on 25.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		25.08.2012
SHAREHOLDERS FUNDS
1] Partner Capital		100.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		100.000
LOAN FUNDS
1] Secured Loans		10092.219
2] Unsecured Loans
TOTAL BORROWING		10092.219
DEFERRED TAX LIABILITIES		0.000

TOTAL		10192.219

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		113.259
Capital work-in-progress		35.015

INVESTMENT		(0.010)
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10067.892
	Sundry Debtors	663.933
	Cash & Bank Balances	425.397
	Other Current Assets	0.003
	Loans & Advances	555.563
Total Current Assets		11712.788
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	148.355
	Other Current Liabilities	1513.248
	Provisions	7.230
Total Current Liabilities		1668.833
Net Current Assets		10043.955

MISCELLANEOUS EXPENSES		0.000

TOTAL		10192.219

KEY RATIOS

PARTICULARS				25.08.2012

Debt Equity Ratio (Total Debt /Networth)				100.92

Current Ratio (Current Asset/Current Liability)				7.02

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Information Gathered by :	NYN

Report Prepared by :	NTH

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

10067.892

663.933

425.397

0.003

555.563

11712.788

148.355

1513.248

7.230

1668.833

10043.955

Unit