MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	ADANI MINING PRIVATE LIMITED
Registered Office :	10th Floor, Shikhar, Near Adani House, Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.08.2007
Com. Reg. No.:	04-051634
Capital Investment / Paid-up Capital :	Rs. 610.000 Millions
CIN No.: [Company Identification No.]	U14200GJ2007PTC051634
TAN No.: [Tax Deduction & Collection Account No.]	AHMA07425F
PAN No.: [Permanent Account No.]	AAGCA5276M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Coal Exploration and Coal Mining.
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 2430000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Even though, the company has seen an increase in its sales turnover. There appear losses recorded by the company during 2013. The ratings also take into consideration the strong operational, management and financial support from its percentage and long standing experience of the promoters. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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 – 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	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	September 12, 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 :	10th Floor, Shikhar, Near Adani House, Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sanjay.nagpal@adani.com
Website :	http://www.adanimining.com
Corporate Office :	Adani House, Shrimali Society, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25555101/ 102
Fax No.:	91-79-25555500
Branch Office :	Adani House, Plot No. 83, Sector 32, Institutional Area, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2555555
Fax No.:	91-124-2555213/ 279
Global Office :	Graha Mustika Ratu Lt.3, Jl. Gatot Subroto Kav 74-75, Pancoran, Jakarta, Indonesia
Tel. No.:	62-21-8307406/ 8307420
Fax No.:	62-21-8307407
Brisbane Corporate Office :	Adani Mining Pty Limited Level 25 10 Eagle Street, Brisbane, QLD 4000, GPO Box 2569, Brisbane, QLD 4001 Australia
Tel. No.:	61-7-32234800
Fax No.:	61-7-32234850
E-Mail :	reception.australia@adani.com

DIRECTORS

AS ON 07.08.2013

Name :

Mr. Mahesh Kumar Thapar

Designation :

Managing director

Address :

Flat No. 1002, Tower No. A1, The World SPA, Sector 30/41, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

30.05.1946

Date of Appointment :

29.11.2012

DIN No.:

01374937

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	U45102MH2006PLC161175	MAHAVIR ENERGY AND COAL BENEFICATION LIMITED	Managing director	01/09/2007	10/07/2006	01/04/2009	Active	NO
2	U10100DL2007PTC162608	MAHAVIR COAL WASHERIES PRIVATE LIMITED	Director	26/04/2007	26/04/2007	01/04/2009	Active	NO
3	U10100DL2007PTC162663	MAHAVIR WASHERIES AND POWER PRIVATE LIMITED	Director	27/04/2007	27/04/2007	01/04/2009	Active	NO
4	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Managing director	29/11/2012	31/08/2007	-	Active	NO
5	U60200DL2010PTC202278	SARGUJA RAIL CORRIDOR PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO
6	U10200GJ2010PTC062625	CHENDIPADA COLLIERIES PRIVATE LIMITED	Director	15/10/2010	15/10/2010	-	Active	NO
7	U10102CT2010SGC022194	CSPGCL AEL PARSA COLLIERIES LIMITED	Managing director	13/12/2010	06/12/2010	12/12/2012	Active	NO

Name :

Mr. Devang Sanat Desai

Designation :

Director

Address :

201, Parikrama, Opposite Shetunjay Tower, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.07.1956

Date of Appointment :

25.09.2008

DIN No.:

00005743

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	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Director	28/12/1999	28/12/1999	04/03/2008	Amalgamated	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL PRIVATE LIMITED	Director	10/09/2003	10/09/2003	25/01/2008	Active	NO
3	U52190GJ2000PTC038315	ADANI RETAIL PRIVATE LIMITED	Managing director	15/03/2004	15/03/2004	04/03/2008	Amalgamated	NO
4	U72900GJ2001PTC039192	ASCENDUM KPS PRIVATE LIMITED	Director	25/06/2004	25/06/2004	04/03/2008	Active	NO
5	U51100GJ2005PTC046435	M TO M TRADERS PRIVATE LIMITED	Director	18/07/2005	18/07/2005	25/09/2010	Active	NO
6	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	20/10/2005	20/10/2005	04/03/2008	Active	NO
7	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Director	10/11/2005	10/11/2005	04/03/2008	Active	NO
8	U29110MH1995PTC086069	COLUMBIA CHROME (INDIA) PRIVATE LIMITED	Director	11/03/2006	11/03/2006	04/03/2008	Active	NO
9	U51909MH2004PLC148441	SWAYAM REALTORS AND TRADERS LIMITED	Director	17/03/2006	17/03/2006	-	Converted to LLP and dissolved	NO
10	U67120GJ1998PTC034732	ACCURATE FINSTOCK PRIVATE LIMITED	Director	10/04/2006	10/04/2006	23/09/2010	Amalgamated	NO
11	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	19/06/2006	19/06/2006	16/10/2012	Active	NO
12	U45200GJ2005PTC046759	ADANI DEVELOPERS PRIVATE LIMITED	Director	22/06/2006	22/06/2006	16/10/2012	Active	NO
13	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	12/07/2006	12/07/2006	16/10/2012	Active	NO
14	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	19/11/2009	Active	NO
15	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	11/10/2006	11/10/2006	04/03/2008	Strike off	NO
16	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13/02/2007	13/02/2007	27/12/2007	Active	NO
17	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	29/09/2007	14/04/2007	-	Active	NO
18	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25/09/2008	31/08/2007	-	Active	NO
19	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	27/09/2007	27/09/2007	19/11/2009	Active	NO
20	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2007	17/10/2007	19/11/2009	Active	NO
21	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	25/09/2008	21/04/2008	20/05/2013	Active	NO
22	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25/08/2009	27/05/2008	01/01/2010	Active	NO
23	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25/08/2009	29/01/2009	19/11/2009	Active	NO
24	U40100GJ2009PLC058171	ADANI PENCH POWER LIMITED	Additional director	30/10/2009	30/10/2009	17/03/2010	Active	NO
25	U40101GJ2007PLC050506	ADANI POWER MAHARASHTRA LIMITED	Director	20/08/2010	30/10/2009	-	Active	NO
26	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20/08/2010	14/11/2009	20/05/2013	Active	NO
27	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	21/08/2010	27/01/2010	-	Active	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	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Amalgamated	NO
31	U10200GJ2010PTC062625	CHENDIPADA COLLIERIES PRIVATE LIMITED	Director	15/10/2010	15/10/2010	-	Active	NO
32	AAA-2267	ADANI RENEWABLE ENERGY LLP	Designated Partner	15/09/2010	15/09/2010	09/02/2012	Active	NO

Name :

Mr. Rajeshbhai Shantilal Adani

Designation :

Director

Address :

15, Surya Bungalow, Behind Sunrise Park, Near Amaltas Bungalow, Vasirapur, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

07.12.1964

Date of Appointment :

09.08.2011

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
11	U45200GJ2005PTC046759	ADANI DEVELOPERS PRIVATE LIMITED	Director	13/09/2005	13/09/2005	22/09/2008	Active	NO
12	U63010GJ2005PTC046720	INLAND CONWARE (LUDHIANA) PRIVATE LIMITED	Director	30/09/2006	30/12/2005	14/08/2008	Amalgamated	NO
13	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	30/07/2007	06/02/2006	17/03/2010	Active	NO
14	U45300GJ2005PTC046949	ADANI ESTATES PRIVATE LIMITED	Director	06/03/2006	06/03/2006	11/06/2007	Active	NO
15	U29110MH1995PTC086069	COLUMBIA CHROME (INDIA) PRIVATE LIMITED	Director	07/09/2007	11/03/2006	13/09/2010	Active	NO
16	U51909MH2004PLC148441	SWAYAM REALTORS AND TRADERS LIMITED	Director	07/09/2007	17/03/2006	13/09/2010	Converted to LLP and dissolved	NO
17	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	19/06/2006	19/06/2006	07/09/2007	Active	NO
18	U45200GJ2006PTC049047	ADANI LAND DEVELOPERS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	07/09/2007	Active	NO
19	U45203GJ2006PTC049426	DHOLERA INFRASTRUCTURE PRIVATE LIMITED	Director	25/12/2007	04/12/2006	15/09/2008	Active	NO
20	U40101GJ2007PLC050506	ADANI POWER MAHARASHTRA LIMITED	Managing director	01/03/2009	11/04/2007	01/03/2011	Active	NO
21	L40100GJ1996PLC030533	ADANI POWER LIMITED	Managing director	01/04/2013	12/06/2007	-	Active	NO
22	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	09/08/2011	31/08/2007	-	Active	NO
23	U40104GJ2008PLC052743	ADANI POWER RAJASTHAN LIMITED	Director	25/01/2008	25/01/2008	01/03/2011	Active	NO
24	U10200RJ2007PLC025173	PARSA KENTE COLLIERIES LIMITED	Director	28/08/2009	01/10/2008	20/07/2010	Active	NO
25	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Under Process of Striking off	NO
26	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20/06/2009	27/10/2008	17/03/2010	Strike off	NO
27	U40100GJ2009PLC058171	ADANI PENCH POWER LIMITED	Director	23/09/2009	23/09/2009	01/03/2011	Active	NO
28	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21/12/2009	21/12/2009	-	Strike off	NO
29	AAA-5204	ADANI ADVISORY LLP	Designated Partner	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Pranav Vinodbhai Adani

Designation :

Director

Address :

Paramshanti Bungalows, Survey No. 1001, Near Shaswat Bungalows, Behind Rajapath Club, Bodakdev, Ahmedabad – 380059, 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	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29/09/2009	31/05/2009	25/09/2013	Active	NO
23	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31/08/2009	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	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	17/09/2013	14/08/2013	-	Active	NO
35	AAA-5204	ADANI ADVISORY LLP	Designated Partner	15/06/2011	15/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Nagpal
Designation :	Secretary
Address :	1/9090 Street No. 3, West Rohtas Nagar, Shahdara, Delhi – 110032, India
Date of Birth/Age :	31.03.1973
Date of Appointment :	05.03.2013
PAN No.:	ACIPN5415G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.08.2013

Names of Shareholders	No. of Shares
Adani Enterprises Limited	89970000
Adani Shantilal Gautam Nominee of Adani Enterprises Limited	5000
Adani Shantilal Vasant Nominee of Adani Enterprises Limited	5000
Adani Shatilal Rajesh Nominee of Adani Enterprises Limited	5000
Adani Rajesh Shilin Nominee of Adani Enterprises Limited	5000
Adani Vasant Pushpa Nominee of Adani Enterprises Limited	5000
Adani Gautam Priti Nominee of Adani Enterprises Limited	5000
Total	90000000

AS ON 23.08.2013

Names of Allottees	No. of Shares
Adani Enterprises Limited	30000000
Total	30000000

AS ON 07.08.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Coal Exploration and Coal Mining.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Axis Bank Limited

State Bank of India

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	1180.400	0.000
Foreign currency term loans from banks	2551.395	1943.947
Total	3731.795	1943.947
LONG-TERM BORROWINGS i) Secured Term Loans (as given above) are obtained from ICICI Bank Limited and Vijaya Bank Limited and the same are secured through first ranking hypothecation / charge / pledge / mortgage on ; -- all immovable and movable properties, both present and future pertaining to the Parsa East and Kente Basin project -- all leasehold / sub-leasehold rights over the land and property pertaining to Coal Washery and Railway Land pertaining to the Parsa East and Kente Basin project -- all revenue and receivables accruing to the company from the Parsa East and Kente Basin project and all project accounts and any other bank accounts in which the company has interest -- pledge of 18300000 equity shares of the company, held by holding company ii) Rupee Loans carry an interest rate of Base Rate + spread of 2.50% to 3.00% and is repayable in 32 equated quarterly installments of Rs. 36887500, starting from June 15, 2015. iii) Foreign Currency Loan carries an interest rate of LIBOR + 4.75% and is repayable in 26 equated quarterly installments of USD 1807692, starting from June 15, 2015.

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	303/ 304, "Milestone", Near Drive-in-Cinema, Opposite T.V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGFD1279G
Holding company :	Adani Enterprises Limited [L51100GJ1993PLC019067]
Subsidiary company :	· Sarguja Rail Corridor Private Limited [U60200DL2010PTC202278] Surguja Power Private Limited [U40100GJ2012PTC068748] Adani Chendipada Mining Private Limited [U10300GJ2011PTC068074] Adani Resources Private Limited [U74910GJ2012PTC068733] Mahaguj Power Limited [U40100GJ2010PLC059653]
Fellow Subsidiary company :	· Parsa Kente Collieries Limited [U10200RJ2007PLC025173] Adani Energy Limited [U40200GJ2001PLC040160]
Other Related Parties :	· Adani Properties Private Limited [U45201GJ1995PTC026067] Adani Infrastructure and Developers Private Limited [U45201GJ2006PTC066449]

CAPITAL STRUCTURE

AFTER 07.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
153,500,000	Equity Shares	Rs. 10/- each	Rs. 1535.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120,000,000	Equity Shares	Rs. 10/- each	Rs. 1200.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
153,500,000	Equity Shares	Rs. 10/- each	Rs. 1535.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
61,000,000	Equity Shares	Rs. 10/- each	Rs. 610.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	610.000	49.000	49.000
(b) Reserves & Surplus	(3.370)	5.749	(5.695)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	606.630	54.749	43.305
(3) Non-Current Liabilities
(a) long-term borrowings	3731.795	8409.892	3173.384
(b) Deferred tax liabilities (Net)	0.000	0.000	2.158
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.807	3.414	4.917
Total Non-current Liabilities (3)	3736.602	8413.306	3180.459
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.645	0.850	8.687
(c) Other current liabilities	7929.410	51.028	16.255
(d) Short-term provisions	5.540	3.716	3.177
Total Current Liabilities (4)	7937.595	55.594	28.119
TOTAL	12280.827	8523.649	3251.883
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	169.349	99.477	60.284
(ii) Intangible Assets	6.432	3.773	0.683
(iii) Capital work-in-progress	8266.724	5050.245	1216.687
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	185.820	1.320	1.020
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3131.305	2455.992	1785.372
(e) Other Non-current assets	0.041	0.038	0.000
Total Non-Current Assets	11759.671	7610.845	3064.046
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.024	19.350	4.273
(c) Trade receivables	58.264	0.244	21.871
(d) Cash and cash equivalents	117.551	788.317	66.630
(e) Short-term loans and advances	302.983	63.511	60.366
(f) Other current assets	42.334	41.382	34.697
Total Current Assets	521.156	912.804	187.837
TOTAL	12280.827	8523.649	3251.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	56.338	30.174	29.367
Less	EXPENSES
		TOTAL	65.452	20.835	30.571
	PROFIT/ (LOSS) BEFORE TAX		(9.114)	9.339	(1.204)
Less	TAX		0.005	(2.105)	2.177
	PROFIT/ (LOSS) AFTER TAX		(9.119)	11.444	(3.381)
	Earnings/ (Loss) Per Share (Rs.)		(0.15)	2.34	(0.69)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(16.19)	37.93	(11.51)
Return on Total Assets (PBT/Total Assets}	(%)	(16.18)	30.95	(4.10)
Return on Investment (ROI) (PBT/Networth)		(0.24)	0.27	(0.06)
Debt Equity Ratio (Total Debt/Networth)		6.15	153.61	73.28
Current Ratio (Current Asset/Current Liability)		0.07	16.42	6.68

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	--
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10411979	14/08/2013 *	9,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.K. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B82995978
2	10372778	07/08/2012	9,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	F-103, BASEMENT, LAJPAT NAGAR - 2, NEW DELHI - 110024, INDIA	B56464316
3	10354825	25/04/2012	1,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B39366349
4	10325777	08/08/2013 *	9,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B82967472

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	0.000	6465.945
Total	0.000	6465.945

GENERAL INFORMATION

Subject is a subsidiary of Adani Enterprises Limited (AEL), incorporated in August 2007.

The business of AMPL is to undertake all activities related to development and operation of mines under the Adani Group. AMPL has talent pool of excellent and experienced mining engineers, geologists and other qualified technical persons to undertake development of coal blocks to delivery of coal. AMPL has been formed to undertake all existing and future coal mining projects under the umbrella of Adani Group and has thus forayed into coal exploration and coal mining business.

AMPL is currently working as Contractor for Parsa East and Kanta Basan coal blocks, with capacity of 15 MMTPA and has achieved significant progress in its development, with revenues expected to flow from next financial year. AMPL has also been assigned the entire work for development and operation of the Machhakata and Chendipada coal blocks. AMPL has also been awarded contracts by JSW Group, MMTC and CSPGCL AEL Collieries.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Contingent Liabilities, to the extent not provided for
Guarantees issued by Company's Bankers (against 100% margin money)	0.000	12.500

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

Computer equipments

Other equipments

Computer software

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. 61.58
UK Pound	1	Rs. 98.51
Euro	1	Rs. 83.49

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

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