MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	CHEMOIL ADANI PRIVATE LIMITED
Registered Office :	Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.05.2008
Com. Reg. No.:	04-054045
Capital Investment / Paid-up Capital :	Rs.16.880 Millions
CIN No.: [Company Identification No.]	U40200GJ2008PTC054045
TAN No.: [Tax Deduction & Collection Account No.]	AHMC02747D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of marine fuel products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a subsidiary of Chemoil Adani Pte Limited, Singapore. It is an established company having a satisfactory track record. The company has incurred a huge loss from its operations during 2013 due to sharp fluctuation in commodity prices. However, the overall financial and liquidity position appears to be strong and sound. Trader relations are fair. Business is active. Payment term are regular and as per commitments. In view of experienced management and operational synergies derived from the group companies, the subject can be considered normal for business dealings at usual trade terms and conditions. Note: The latest financial of 2013 are extracted from the “Care rating” press release published as on August 19, 2013.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	19 August 2013

Rating Agency Name	CARE
Rating	Short term bank facilities: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	19 August 2013

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 Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25556171/25555765
Fax No.:	91-79-25555611
E-Mail :	Jaladhi.shukla@adani.com indmarketing@chemoiladani.com
Website :	www.chemoiladani.com
Head Office:	12 Titanium Near Prahalad Nagar, Garden V E Jalpur, Ahmedabad – 380015, Gujarat, India

DIRECTORS

As on 08.08.2012

Name :

Mr. Pranav V adani

Designation :

Director

Address :

100/1, Prem Shanti Bunglow, Bodakdev, Ahmedabad, Gujarat, India

Date of Birth/Age :

09.08.1978

Date of Appointment :

25.08.2009

DIN No.:

00008457

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	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	06/10/2001	06/10/2001	31/03/2008	Active	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL PRIVATE LIMITED	Director	10/09/2003	10/09/2003	25/09/2008	Active	NO
3	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Managing director	22/03/2004	22/03/2004	-	Amalgamated	NO
4	U52190GJ2000PTC038315	ADANI RETAIL PRIVATE LIMITED	Director	25/06/2004	25/06/2004	19/08/2008	Amalgamated	NO
5	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Managing director	15/06/2010	15/06/2005	-	Active	NO
6	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13/02/2007	13/02/2007	27/12/2007	Active	NO
7	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	29/09/2007	26/03/2007	29/07/2008	Strike off	NO
8	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	13/09/2010	Active	NO
9	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	27/09/2007	27/09/2007	22/09/2008	Active	NO
10	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2007	17/10/2007	22/09/2008	Active	NO
11	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28/07/2008	24/01/2008	23/08/2008	Strike off	NO
12	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Additional director	04/03/2008	04/03/2008	29/07/2008	Active	NO
13	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	27/06/2008	04/03/2008	-	Active	NO
14	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	04/03/2008	04/03/2008	13/09/2010	Active	NO
15	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Managing director	01/04/2013	01/04/2008	-	Active	NO
16	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25/08/2009	29/09/2008	-	Active	NO
17	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Under Process of Striking off	NO
18	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20/06/2009	27/10/2008	01/03/2011	Strike off	NO
19	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25/08/2009	03/12/2008	-	Active	NO
20	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25/08/2009	29/01/2009	13/09/2010	Active	NO
21	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	03/04/2009	-	Active	NO
22	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31/08/2009	31/05/2009	-	Active	NO
23	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29/09/2009	31/05/2009	-	Active	NO
24	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	29/09/2009	31/05/2009	-	Amalgamated	NO
25	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	14/09/2009	31/05/2009	-	Active	NO
26	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	20/08/2010	08/08/2009	-	Active	NO
27	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21/12/2009	21/12/2009	-	Strike off	NO
28	U40100GJ2010PLC059653	MAHAGUJ POWER LIMITED	Director	20/02/2010	20/02/2010	-	Active	NO
29	U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	Director	03/03/2010	03/03/2010	-	Amalgamated	NO
30	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
31	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
32	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Amalgamated	NO
33	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	09/08/2011	22/11/2010	-	Active	NO
34	AAA-5204	ADANI ADVISORY LLP	Designated Partner	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Sanjay Anand

Designation :

Director

Address :

25-Leonie Hill Road, #10-04, Singapore

Date of Birth/Age :

06.10.1955

Date of Appointment :

10.08.2010

DIN No.:

02806012

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	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	10/08/2010	13/04/2010	-	Active	NO
2	U72200TN1999PTC041799	CHEMOIL ADVANCED MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2011	15/11/2010	-	Active	NO

Name :

Mr. Bhavesh Rameshlal Chauhan

Designation :

Additional Director

Address :

1 Temasek Ave 36 – 01, Milenia Tower – 039192, Singapore

Date of Birth/Age :

03.01.1965

Date of Appointment :

07.08.2013

DIN No.:

05325587

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	L72300TN1992PLC022135	CALIFORNIA SOFTWARE COMPANY LIMITED	Director	27/09/2012	14/07/2012	-	Active	NO
2	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	07/08/2013	25/09/2012	-	Active	NO

Name :

Mr. Vijaygopal A Nair

Designation :

Director

Address :

6-Geyland East Avenue – 2, #-13-01, Singapore

Date of Birth/Age :

29.09.1962

Date of Appointment :

01.09.2010

DIN No.:

02028981

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	U72200TN1999PTC041799	CHEMOIL ADVANCED MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/08/2008	07/01/2008	01/12/2010	Active	NO
2	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Alternate director	01/09/2010	13/04/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.08.2012

Names of Shareholders	No. of Shares
Chemoil-Adani Pte Limited, Singapore	1687962
Samir S Vora Nominee of Chemoil-Adani Pte Limited, Singapore	1
Devang S Desai Nominee of Chemoil-Adani Pte Limited, Singapore	1
Total	1687964

Equity Share Break up (Percentage of Total Equity)

As on 08.08.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of marine fuel products.

Products :

Item Code No.	Product Description
27101950	Fuel oil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Cag Branch, 58 Shrimal Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

· Axis Bank Limited, Maker Towers "F", 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	1696.743	941.147
Total	1696.743	941.147

Banking Relations :	--
Auditors :
Name :	Mrunal N. Shah and Company Chartered Accountants
Address :	43, 5th Floor, Shree Krishna Centre , Near Mithakhali Circle, Navrangpura, Ahmedabad- 380009, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ANJPS4336D
Holding Company:	· Chemoil Adani Pte. Limited, Singapore
Joint Venture Partner:	· Adani Global Limited, Mauritius · Chemoil Energy Limited, Hongkong
Ultimate Holding Company:	· Adani Enterprises Limited
Enterprises over which the key management personnel and/or their relatives have significant influence :	· Adani Gas Limited · Adani Logistics Limited · Adani Petronet (Dahej) Port Private Limited · Adani Port and Special Ecomonic Zone Limited · Adani Power Limited · Adani Properties Private Limited · Andromedia Management Limited · Chemoil International Pte Limited · Chemoil Middle East DMCC · Faith IV Pte Limited · Glencore Singapore Pte Limited · Link Marine Pte Limited · Ocean Connect Marine Inc. · Ocean Connect Marine Pte Limited · Rahi Shipping Pte Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1687964	Equity Shares	Rs.10/- each	Rs.16.880 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.880	16.880
(b) Reserves & Surplus	1223.034	740.350
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1239.914	757.230
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.536	0.163
Total Non-current Liabilities (3)	0.536	0.163
(4) Current Liabilities
(a) Short term borrowings	1696.743	941.147
(b) Trade payables	1082.344	4743.278
(c) Other current liabilities	25.728	109.316
(d) Short-term provisions	0.018	0.360
Total Current Liabilities (4)	2804.833	5794.101
TOTAL	4045.283	6551.494
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.694	6.159
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	2.166	(0.609)
(d) Long-term Loan and Advances	68.503	1.499
(e) Other Non-current assets	1.046	31.990
Total Non-Current Assets	82.419	39.049
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2068.812	3152.496
(c) Trade receivables	1154.468	2730.720
(d) Cash and cash equivalents	499.440	529.107
(e) Short-term loans and advances	240.096	99.469
(f) Other current assets	0.048	0.653
Total Current Assets	3962.864	6512.445
TOTAL	4045.283	6551.494

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.879
2] Share Application Money		0.000
3] Reserves & Surplus		325.435
4] (Accumulated Losses)		0.000
NETWORTH		342.314
LOAN FUNDS
1] Secured Loans		724.973
2] Unsecured Loans		1311.922
TOTAL BORROWING		2036.895
DEFERRED TAX LIABILITIES		(0.180)
TOTAL		2379.029
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.669
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1556.621
	Sundry Debtors	1992.213
	Cash & Bank Balances	511.265
	Other Current Assets	6.501
	Loans & Advances	182.235
Total Current Assets		4248.835
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1244.505
	Other Current Liabilities	610.221
	Provisions	19.759
Total Current Liabilities		1874.485
Net Current Assets		2374.350
MISCELLANEOUS EXPENSES		0.000
TOTAL		2379.029

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			17939.885
		Other Income			117.790
		TOTAL (A)	19723.189	18479.945	18057.675
Less	EXPENSES
		Cost of Purchase			16768.844
		Employee Costs			24.538
		Operating and Other Expenses			1036.494
		TOTAL (B)	19200.461 (Including Financial Expenses and Depreciation)	18042.162 (Including Financial Expenses and Depreciation)	17829.876
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				227.799
Less	FINANCIAL EXPENSES (D)				104.331
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				123.468
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.318
	PROFIT BEFORE TAX (E-F) (G)		522.728	437.783	123.150
Less	TAX (H)		40.045	22.867	21.319
	PROFIT AFTER TAX (G-H) (I)		482.683	414.916	101.831
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	90.520	(11.311)
	BALANCE CARRIED TO THE B/S		NA	NA	90.520
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	15.881
	TOTAL EARNINGS		NA	NA	15.881
	IMPORTS
		Purchase of Goods	NA	NA	15701.633
	TOTAL IMPORTS		NA	NA	15701.633
	Earnings Per Share (Rs.)		285.96	NA	60.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.45	2.25	0.56
Net Profit Margin (PBT/Sales)	(%)			0.69
Return on Total Assets (PBT/Total Assets}	(%)	12.93	2.37	2.90
Return on Investment (ROI) (PBT/Networth)		0.42	0.58	0.36
Debt Equity Ratio (Total Debt /Networth)		1.37	1.24	5.95
Current Ratio (Current Asset/Current Liability)		1.41	1.12	2.27

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	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	Yes
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	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	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CIVIL APPLICATION (STAMP NUMBER) No. 7403 of 2013

In LETTERS PATENT APPEAL (STAMP NUMBER)/ 1125/ 2013 ( PENDING )

Status : PENDING

CCIN No : 001006201307403

Last Listing Date:

-

Coram

· -

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3	STATE OF GUJARAT SUPERINTENDENT OF STAMPS DEPUTY COLLECTOR	GOVERNMENT PLEADER for: Petitioner(s) 1 - 3

S.NO.	Name of the Respondant	Advocate On Record
1 2	CHEMOIL ADANI PRIVATE LIMITED MUDRA PORT SPECIAL ECONOMIC ZONE LIMITED

Presented On	: 18/07/2013	Registered On	: -
Bench Category	: -	District	: KACHCHH
Case Originated From	: THROUGH STATE	Listed	: 0 times
StageName	: -

Office Objection
Filing Stage	· BLANKS IN MEMO

Classification	DB - CIVIL APPLICATION - LIMITATION ACT, 1963 - CONDONATION OF DELAY
Act	CIVIL PROCEDURE CODE, 1908

LowerCourt Details

S.No.	LowerCourt CaseDetail	LowerCourtName	JudgeName	Judgmentdate
1	SPECIAL CIVIL APPLICATION/377/2011	GUJARAT HIGH COURT, AHMEDABAD	-	11/10/2011
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	18/07/2013	VP FILED IN MAIN MATTER	GOVERNMENT PLEADER for PETITIONER(s) 1	0	GOVERNMENT PLEADER(1) for P:1 - 3
2	18/07/2013	MEMO OF APPEAL/PETITION/SUIT	GOVERNMENT PLEADER for PETITIONER(s) 1	20	GOVERNMENT PLEADER(1), for P:1 - 3

NATURE OF OPERATION:

The Company is a subsidiary of Chemoil Adani Pte. Limited (the Joint Venture Company of Chemoil Energy Limited and Adani Global Limited). Chemoil Group is a global trader of marine fuel products. The Adani Group is one of India's most dynamic conglomerates with diversified businesses.

Company is a physical bunker supplier at Gujarat ports where supply is arranged from world class bunkering terminal at Mundra.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10168398	27/08/2012 *	8,000,000,000.00	AXIS BANK LIMITED	TRISHUL, 3RD FLOOR, OPP. SAMATHESHWAR MAHADEV, LAW GARDEN, AHMEDABAD, GUJARAT - 380006, INDIA	B57847980
2	10138557	09/05/2009 *	3,000,000,000.00	AXIS BANK LIMITED	MAKER TOWERS, "F", 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A62601992

NOTE: * Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Claims against the company not acknowledged as debt -
Performance Bank Guarantees	71.700	70.000
VAT (1)	76.797	0.000
Letter of Credit	0.000	1071.600
TOTAL	148.497	1141.600
NOTE: (1) The company has been making sales of bunker fuel to foreign going vessels from the SEZ unit set up in Mundra SEZ in the state of Gujarat. The management of the company based on legal opinion is of the view that such sales within SEZ is sales outside custom territory of India accordingly the company is not liable for Gujarat VAT as per section 21 of Gujarat SEZ Act. The Gujarat SEZ Act overrides all other applicable acts. However, during the year company has received an assessment order under Central sales Tax Act, 1956 for the financial year 2008-09 demanding company to pay the sum of Rs. 85.331 Millions together with interest and penalty, for the sales made to foreign going vessel. The company has filed an appeal before learned Joint commissioners of Commercial tax, who have ruled against the company, vide order dated July 18, 2011. Company discontented with the outcome has gone into further appeal to Hon. Tribunal. Hon. Tribunal has granted the stay against recovery of balance amount of Rs. 76.797 Millions (Rs. 85.331 Millions Less Amount paid under protest Rs. 8.535 Millions) till the final disposal. The matter is pending before the Hon. Tribunal as on balance sheet date.

FIXED ASSETS

Tangible assets

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

PRESS RELEASES

ED DIGS INTO ADANI GROUP’S OVERSEAS DEALS

15 MARCH 2012

The Enforcement Directorate (ED), New Delhi, has issued orders to Adani Group of Companies to furnish details of its all business transactions in the last eight years under Foreign Exchange Management Act (FEMA).

ED's Headquarter Investigating Unit (HIU), set up last year to probe into sensitive cases involving FEMA and Prevention of Money Laundering Act (PMLA), is investigating if there is violation of foreign exchange rules.

Company officials confirmed on Wednesday that the group has received a letter seeking "routine information on a couple of transactions undertaken by its overseas joint ventures and subsidiaries".

The HIU had sent three order letters to the group dated December 28,2011, January 16,2012 and February 29, 2012 (copies of which are with The Indian Express), seeking details of the names and addresses of the companies, firms, directors and partners included in the Adani Group of Companies since 2005, besides the company's business deals overseas.

In the letters, the agency has asked for almost every information of the group covering the last eight years. It seeks details of expenditure incurred in the acquisition of Abbot Point Coal Terminal (Rs 90000.000 Millions) in Australia and sources of the funds for the acquisition.

The HIU has specifically asked for details of investments from Singapore in Chemoil Adani Private Limited in 2009-11 where it elaborates that USD 515,967, was received from Chemoil Adani Pte Limited, Singapore, a joint venture of Chemoil Energy Limited, HK and Adani Global Limited, Mauritius. Besides, the order seeks information about the loan given by the Adani Power Limited to Adani Power (overseas) Limited.

The orders have also sought information of the application filed by Adani Enterprises Limited before to the RBI to incorporate step-down subsidiary/downstream subsidiary in Singapore in the name of Adani Global Pte Limited.

The Adani Group official told The Indian Express the company was in the process of replying to the letters, adding, "it seems to be a motivated campaign by vested interest against the group".

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.65.68
UK Pound	1	Rs.102.20
Euro	1	Rs.87.75

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.