MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	ADANI PETRONET (DAHEJ) PORT PRIVATE LIMITED
Registered Office :	Adani House, Near Mithakhali Six Road, Navrangpura, Ahmedabad- 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.01.2003
Com. Reg. No.:	04-041919
Capital Investment / Paid-up Capital :	Rs. 3461.538 Millions
CIN No.: [Company Identification No.]	U63012GJ2003PTC041919
TAN No.: [Tax Deduction & Collection Account No.]	AHMA03958D
PAN No.: [Permanent Account No.]	AAECA5046R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Business of Operating and Maintaining Port and Related Infrastructure.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 15000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Adani Ports” and “Special Economic Zone Limited”. It is an established company having satisfactory track record. The company is progressing well. It has been successful in wiping off its accumulated losses of the previous years. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding, the company can be considered normal 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loans: “BBB+”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	October 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.

INFORMATION DENIED BY

Name :	Mr. Amit Gautam
Designation :	General manager
Contact No.:	91-9099002565
Date :	14.07.2014

LOCATIONS

Registered Office :	Adani House, Near Mithakhali Six Road, Navrangpura, Ahmedabad- 380009, Gujarat, India
Tel. No.:	91-79-26565555
Mobile No.:	91-9099002565 (Mr. Amit Gautam)
Fax No.:	91-79-26565500
E-Mail :	info@adanigroup.com kpbhagia@adanigroup.com kamlesh.bhagia@adani.com
Website :	http://www.adanigruoup.com
Dahej Port :	At and Po: Lakhigam, Taluka Vagra, Via Dahej, District Bharuch – 392130, Gujarat, India

DIRECTORS

As on: 07.08.2012

Name :	Mr. Rajeeva Ranjan Sinha
Designation :	Managing Director
Address :	Palm Court, 3^rd Floor, 152 Maharashi Karve Road, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	10.11.1950
Date of Appointment :	24.03.2009
DIN No.:	00102787
Name :	Mr. Malay Ramesh Mahadevia
Designation :	Managing Director
Address :	12-B, Gyankunj Society, Opposite St. Xavier’s Collage, Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	03.05.1963
Date of Appointment :	22.09.2009
PAN No.:	AELPM9382E
DIN No.:	00064110
Name :	Mr. Ravi Bhamidipaty
Designation :	Director
Address :	26, Amrashirish Bungalows, Opposite Chimanbhai Patel, Institute Prahaladnagar, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	12.10.1962
Date of Appointment :	22.09.2009
DIN No.:	00160891
Name :	Mr. Pankaj Trishul Singh
Designation :	Director
Address :	17-A, Sector -19, Gandhi Nagar – 382019, Gujarat, India
Date of Birth/Age :	06.05.1962
Date of Appointment :	20.03.2010
DIN No.:	00267528
Name :	Mr. Ashok Bhupal Balyan
Designation :	Director
Address :	B-45, Asiad Village, Chhota Singh Block, New Delhi – 110049, India
Date of Birth/Age :	02.07.1951
Date of Appointment :	06.08.2010
DIN No.:	00793181
Name :	Mr. Karan Gautambhai Adani
Designation :	Director
Address :	Shantivan Farm Behind Karnavti Club, Gandhinagar Sarkhej Highway, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	07.04.1987
Date of Appointment :	02.05.2011
DIN No.:	03088095
Name :	Mr. Ravindra Kumar Garg
Designation :	Director
Address :	375- Pocket – E, Mayur Viar, Phase – II, Delhi – 110091, India
Date of Birth/Age :	01.05.1956
Date of Appointment :	27.09.2011
DIN No.:	00784953

KEY EXECUTIVES

Name :	Mr. Kamlesh Prabhudas Bhagia
Designation :	Secretary
Address :	K-11, Gangaram Society, Dharamnagar, Sabarmati, Ahmedabad -380009, Gujarat, India
Date of Birth/Age :	28.08.1978
Date of Appointment :	28.08.1978
PAN No.:	ACKPB3290M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 07.08.2012

Names of Shareholders	No. of Shares
Petronet LNG Limited, India	90000000
Adani Ports and Special Economic Zone Limited, India	256153846
Total	346153846

Equity Share Break up (Percentage of Total Equity)

As on: 07.08.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Business of Operating and Maintaining Port and Related Infrastructure.

Products :

ITC Code	Products or Services
99675111	Operation services of Ports, docks etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Rupee term loans from banks	2783.049	2941.552
Foreign currency term loans from banks	2078.765	2138.206
Other loans and advances	1029.058	1056.998
Total	5890.872	6136.756

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates LLP Chartered Accountants
Address :	2^nd Floor, Shivalik Ishaan, Near C. N. Vidhyalaya, Ambawadi, Ahmedabad -380015, Gujarat, India
PAN No.:	AACFS6921Q
Ultimate Holding Company:	Adani Enterprises Limited
Holding Company:	Adani Ports and Special Economic Zone Limited
Joint Venture:	Petronet LNG Limited
Fellow Subsidiary:	· Adani Power Maharashtra Limited · Adani Power Rajasthan Limited · Adani Logistics Limited · Adani Power Dahej Limited · Adani Murmugao Port Terminal Private Limited · Chemoil Adani Private Limited · Adani Vizag Coal Terminal Private Limited · Adani Hazira Port Private Limited

CAPITAL STRUCTURE

As on: 07.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs. 3500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
346153846	Equity Shares	Rs.10/- each	Rs. 3461.538 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	3461.538	3461.538	2820.625
(b) Reserves & Surplus	306.505	(368.699)	(57.204)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	400.000
Total Shareholders’ Funds (1) + (2)	3768.043	3092.839	3163.421
(3) Non-Current Liabilities
(a) long-term borrowings	5890.872	6136.756	4963.254
(b) Deferred tax liabilities (Net)	0.000	0.000	5.544
(c) Other long term liabilities	0.000	0.000	36.789
(d) long-term provisions	562.007	364.019	0.000
Total Non-current Liabilities (3)	6452.879	6500.775	5005.587
(4) Current Liabilities
(a) Short term borrowings	0.000	204.125	0.000
(b) Trade payables	157.270	78.292	27.443
(c) Other current liabilities	607.112	593.903	717.171
(d) Short-term provisions	3.291	1.197	1.900
Total Current Liabilities (4)	767.673	877.517	746.514
TOTAL	10988.595	10471.131	8915.522
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8832.813	8270.723	3814.642
(ii) Intangible Assets	9.572	10.703	10.226
(iii) Capital work-in-progress	492.519	848.084	3705.440
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	173.300	100.000	100.000
(c) Deferred tax assets (net)	224.574	0.000	0.000
(d) Long-term Loan and Advances	108.692	416.627	923.267
(e) Other Non-current assets	1.266	0.000	0.000
Total Non-Current Assets	9842.736	9646.137	8553.575
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.976	22.017	7.906
(c) Trade receivables	446.979	69.092	129.701
(d) Cash and cash equivalents	429.485	569.853	28.906
(e) Short-term loans and advances	205.240	153.682	187.953
(f) Other current assets	19.179	10.350	7.481
Total Current Assets	1145.859	824.994	361.947
TOTAL	10988.595	10471.131	8915.522

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	REVENUE	916.200	1730.811	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	496.324	1615.000	NA
	PROFIT AFTER TAX	675.204	(311.495)	32.293
	Earnings Per Share (Rs.)	1.95	(1.03)	(0.12)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	1.56	2.05	1.57
Current Ratio (Current Asset/Current Liability)	1.49	0.94	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2820.625	3461.538	3461.538
Reserves & Surplus	(57.204)	(368.699)	306.505
Share Application money pending allotment	400.000	0.000	0.000
Net worth	3163.421	3092.839	3768.043
long-term borrowings	4963.254	6136.756	5890.872
Short term borrowings	0.000	204.125	0.000
Total borrowings	4963.254	6340.881	5890.872
Debt/Equity ratio	1.569	2.050	1.563

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	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	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Intercorporate deposits	0.000	204.125
Total	0.000	204.125

Performance Review:

The Company has scaled new heights during the year. The key aspects of the company's performance during the financial year 2012-13 are as follows:

Cargo volume increased by 254% from 2.136 millions MT in FY 2011-12 to 7.557 millions MT in FY 2012-13;

Vessels handled from 68 in FY 2011-12 to 128 in FY 2012-13, growth of 88%;

Total revenue increased by 198% from Rs. 916.200 millions in FY 2011-12 to Rs. 2730.811 millions in FY 2012-13;

The earnings before interest, depreciation and tax (EBIDTA) increased by 225% from Rs. 496.324 millions in FY 2011-12 to Rs. 1615.000 millions in FY 2012-13.

The cargo handled comprises of coal, coking coal, rock phosphate, silica sand and project cargo etc. This extensive infrastructure at Dahej Port offers value-added service to the customers, including in-house customers clearance, logistics and storage and to achieve vertical integration and its related synergies.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10123247	16/07/2013 *	7,220,512,500.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	B79902979

* Date of charge modification

FIXED ASSETS

• Building
• Temporary Structure
• Plant and Machinery
• Electrical Installation
• Office Equipments
• Furniture and Fixture
• Computer Hardware
• Vehicles

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. 60.20
UK Pound	1	Rs. 103.13
Euro	1	Rs. 81.66

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.