MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	ADANI HAZIRA PORT PRIVATE LIMITED

Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	07.12.2009

Com. Reg. No.:	04-058789

Capital Investment / Paid-up Capital :	Rs. 3691.500 Millions

CIN No.: [Company Identification No.]	U45209GJ2009PTC058789

TAN No.: [Tax Deduction & Collection Account No.]	AHMA09309G

PAN No.: [Permanent Account No.]	AAICA0970E

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of developing, operating and maintaining the port and port based related infrastructure facilities.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 14700000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of Adani Ports and Special Economic Zone Limited. It is an established company having a satisfactory track record. Profitability of the company seems to be low. However, the rating takes into consideration strong management and operational support that company receives from its parent company. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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

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	CRISIL
Rating	Long term rating = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	October 9, 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 DECLINED BY

Name :	Mr. Viresh Chauhan
Designation :	Finance Department
Contact No.:	91-9099001212
Date :	16.07.2014

Name :	Mr. Gaurav Vora
Designation :	Finance Department
Contact No.:	91-8980042702
Date :	16.07.2014

LOCATIONS

Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-30011100/ 26565555
Mobile No.:	91-9099001212 [Mr. Viresh Chauhan] 91-8980042702 [Mr. Gaurav Vora]
Fax No.:	91-79-30011101/ 26565608
E-Mail :	kamlesh.bhagia@adani.com anilk.singh@adani.com labhesh.rathod@adani.com mit.gautam@adani.com cv.ramnath@adani.com info@adani.com
Website :	http://www.adaniports.com http://www.haziralngandport.com

Site/ Terminal Office :	At and PO Hazira, Choryashi, Surat - 394270, Gujarat, India
Tel. No.:	91-261-3051301/ 3051302/ 3051165

DIRECTORS

AS ON 05.08.2013

Name :

Mr. Malay Ramesh Mahadevia

Designation :

Director

Address :

12-B, Gyankunj Society, Opposite St. Xavier’s College, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

03.05.1963

Date of Appointment :

12.06.2010

DIN No.:

00064110

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	U73100GJ1996PTC030473	MAHADEVIA DENTAL HOSPITAL PRIVATE LIMITED	Director	12/08/1996	12/08/1996	-	Active	NO
2	U45202GJ2005PTC045974	PMC PROJECTS (INDIA) PRIVATE LIMITED	Director	30/09/2006	03/05/2005	19/05/2009	Active	NO
3	U45209GJ2007PTC051323	MPSEZ UTILITIES PRIVATE LIMITED	Director	28/07/2008	13/07/2007	14/05/2014	Active	NO
4	U93000DL1966PTC004876	HOWE (INDIA) PRIVATE LIMITED	Director	02/06/2008	02/06/2008	05/09/2009	Active	NO
5	U35110GJ2005PTC046473	ADANI SHIPYARD PRIVATE LIMITED	Director	26/09/2008	01/08/2008	31/03/2010	Active	NO
6	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	01/06/2009	01/08/2008	-	Strike off	NO
7	U45203GJ1998PLC053261	DHOLERA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Director	30/09/2008	11/08/2008	31/03/2010	Active	NO
8	U63010GJ2005PTC046720	INLAND CONWARE (LUDHIANA) PRIVATE LIMITED	Director	15/05/2009	21/08/2008	-	Amalgamated	NO
9	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Whole-time director	15/05/2014	20/05/2009	-	Active	NO
10	U63090GJ2005PLC046419	ADANI LOGISTICS LIMITED	Director	14/07/2010	18/07/2009	15/05/2014	Active	NO
11	U61100GJ2009PTC057727	ADANI MURMUGAO PORT TERMINAL PRIVATE LIMITED	Director	12/06/2010	07/08/2009	15/05/2014	Active	NO
12	U62200GJ2009PTC057726	MUNDRA INTERNATIONAL AIRPORT PRIVATE LIMITED	Director	12/06/2010	07/08/2009	14/05/2014	Active	NO
13	U63012GJ2003PTC041919	ADANI PETRONET (DAHEJ) PORT PRIVATE LIMITED	Managing director	24/03/2011	22/09/2009	28/04/2014	Active	NO
14	U74300GJ2009PLC058356	AAKRITI PROMOTIONS AND MEDIA LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
15	U45209GJ2009PTC058789	ADANI HAZIRA PORT PRIVATE LIMITED	Director	12/06/2010	07/12/2009	-	Active	NO
16	U45203GJ2010PTC061029	HAZIRA INFRASTRUCTURE PRIVATE LIMITED	Director	30/06/2011	07/06/2010	08/05/2014	Active	NO
17	U11200GJ2010PLC062148	MUNDRA LNG LIMITED	Director	28/08/2010	28/08/2010	05/06/2014	Active	NO
18	U45209GJ2010PTC061767	FANIDHAR MEGA FOOD PARK PRIVATE LIMITED	Director	21/03/2011	21/03/2011	-	Active	NO
19	U45203GJ2011PTC064976	ADANI VIZAG COAL TERMINAL PRIVATE LIMITED	Director	07/08/2012	15/04/2011	-	Active	NO
20	U61200GJ2011PTC065095	ADANI INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED	Director	07/08/2012	22/04/2011	28/03/2014	Active	NO
21	L27109GJ1972PLC011500	AHMEDABAD STEEL CRAFT LIMITED	Director	21/09/2012	12/11/2011	22/08/2013	Active	NO
22	U63090GJ2012PTC069305	ADANI KANDLA BULK TERMINAL PRIVATE LIMITED	Director	07/08/2012	07/03/2012	16/04/2014	Active	NO
23	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	17/09/2013	14/08/2013	-	Active	NO
24	AAC-3112	APOCALYPSE ENGINEERING COMPANY LLP	Designated Partner	21/05/2014	21/05/2014	-	Active	NO

Name :

Mr. Rajeeva Ranjan Sinha

Designation :

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 :

12.06.2010

DIN No.:

00102787

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	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Managing director	08/12/2006	10/11/2005	08/06/2007	Active	NO
2	U45200DL2000PLC151199	PIPAVAV RAILWAY CORPORATION LIMITED	Director	12/10/2006	29/12/2005	07/06/2007	Active	NO
3	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Director	13/10/2006	13/10/2006	27/12/2007	Active	NO
4	U45203GJ1998PLC053261	DHOLERA PORT AND SPECIAL ECONOMIC ZONE LIMITED	Director	30/09/2008	24/09/2007	31/03/2010	Active	NO
5	U63090GJ2005PLC046510	ADANI LOGISTICS LIMITED	Director	11/08/2008	12/10/2007	-	Amalgamated	NO
6	U63090GJ2005PLC046419	ADANI LOGISTICS LIMITED	Director	11/08/2008	12/10/2007	15/05/2014	Active	NO
7	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Whole-time director	26/09/2008	12/10/2007	16/05/2014	Active	NO
8	U74999GJ2005PTC046978	MUNDRA SEZ TEXTILE AND APPAREL PARK PRIVATE LIMITED	Director	28/07/2008	27/03/2008	19/05/2010	Active	NO
9	U63012GJ2003PTC041919	ADANI PETRONET (DAHEJ) PORT PRIVATE LIMITED	Director	23/03/2011	24/03/2009	29/04/2014	Active	NO
10	U61100GJ2009PTC057727	ADANI MURMUGAO PORT TERMINAL PRIVATE LIMITED	Director	12/06/2010	07/08/2009	16/04/2014	Active	NO
11	U62200GJ2009PTC057726	MUNDRA INTERNATIONAL AIRPORT PRIVATE LIMITED	Director	12/06/2010	07/08/2009	-	Active	NO
12	U45209GJ2009PTC058789	ADANI HAZIRA PORT PRIVATE LIMITED	Director	12/06/2010	07/12/2009	-	Active	NO
13	U45203GJ2010PTC061029	HAZIRA INFRASTRUCTURE PRIVATE LIMITED	Director	30/06/2011	07/06/2010	08/05/2014	Active	NO
14	U45200GJ2010PTC062503	HAZIRA ROAD INFRASTRUCTURE PRIVATE LIMITED	Director	30/06/2011	01/10/2010	08/05/2014	Active	NO
15	U45203GJ2011PTC064976	ADANI VIZAG COAL TERMINAL PRIVATE LIMITED	Director	07/08/2012	15/04/2011	14/05/2014	Active	NO
16	U63090GJ2012PTC069305	ADANI KANDLA BULK TERMINAL PRIVATE LIMITED	Director	07/08/2012	07/03/2012	16/04/2014	Active	NO

Name :

Mr. Amarendra Lalsingh Rakesh

Designation :

Additional director

Address :

Collector's Bunglow, Godhara - 389001, Gujarat, India

Date of Birth/Age :

21.07.1964

Date of Appointment :

17.01.2014

DIN No.:

00063819

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	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Nominee director	03/06/2004	03/06/2004	30/01/2008	Active	NO
2	U75140GJ1999SGC036051	GUJARAT URBAN DEVELOPMENT COMPANY LIMITED	Nominee director	05/07/2004	05/07/2004	29/09/2007	Active	NO
3	U64990GJ1988SGC010307	GUJARAT STATE INVESTMENT LIMITED	Director	28/09/2004	28/09/2004	27/09/2011	Active	NO
4	U65910GJ1980SGC003957	THE GUJARAT STATE CIVIL SUPPLIES CORPORATION LIMITED	Managing director	25/07/2006	25/07/2006	16/04/2008	Active	NO
5	U75140GJ1977SGC003025	GUJARAT STATE RURAL DEVELOPMENT CORPORATION LIMITED	Alternate director	11/02/2013	11/02/2013	03/07/2013	Active	NO
6	U99999GJ1992PLC017798	GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED	Additional director	24/05/2013	24/05/2013	-	Active	NO
7	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	30/05/2013	30/05/2013	-	Active	NO
8	U24230GJ1982SGC005422	GUJARAT PORTS INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Managing director	21/06/2013	21/06/2013	-	Active	NO
9	U74999GJ1994SGC022952	ALCOCK ASHDOWN (GUJARAT) LIMITED	Director	03/07/2013	03/07/2013	-	Active	NO
10	U45203DL2006PLC155511	BHARUCH DAHEJ RAILWAY COMPANY LIMITED	Nominee director	08/07/2013	08/07/2013	-	Active	NO
11	U45209GJ2004PLC044779	DAHEJ SEZ LIMITED	Additional director	19/07/2013	19/07/2013	-	Active	NO
12	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Additional director	25/10/2013	25/10/2013	-	Active	NO
13	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Director	06/05/2014	29/10/2013	-	Active	NO
14	U63010GJ2000PTC038781	HAZIRA PORT PRIVATE LIMITED	Director	29/10/2013	29/10/2013	-	Active	NO
15	U45209GJ2009PTC058789	ADANI HAZIRA PORT PRIVATE LIMITED	Additional director	17/01/2014	17/01/2014	-	Active	NO
16	U63012GJ2003PTC041919	ADANI PETRONET (DAHEJ) PORT PRIVATE LIMITED	Additional director	28/04/2014	28/04/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Viresh Chauhan
Designation :	Finance Department

Name :	Mr. Viresh Chauhan
Designation :	Finance Department

Name :	Mr. Anil Kishore Singh
Designation :	Manager
Address :	B-62, Mayfair Apartment, Shivranjni Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	28.02.1961
Qualifications :	Master in Marines
Experience :	33 Years
Date of Appointment :	01.08.2011
PAN No.:	AAXPS1430M

Name :	Mr. Manoj Kumar Chanduka
Designation :	Secretary
Address :	B-401, Panchamrut Apartment, Opposite Nehru Foundation, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	08.06.1966
Date of Appointment :	13.12.2010
PAN No.:	AAAPC0420C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.08.2013

Names of Shareholders		No. of Shares
Adani Ports and Special Economic Zone Limited, India		369149900
Mahadevia R. Malay [Nominee of Adani Ports and Special Economic Zone Limited, India]		100

Total		369150000

AS ON 30.10.2013

Names of Allottee		No. of Shares
Adani Ports and Special Economic Zone Limited, India		280850000

Total		280850000

AS ON 27.05.2014

Names of Allottee		No. of Shares
Adani Ports and Special Economic Zone Limited, India		65470000

Total		65470000

AS ON 05.08.2013

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 developing, operating and maintaining the port and port based related infrastructure facilities.

Products/ Services :

ITC Code No.

Product Descriptions

99675111

Port Services

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited

Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	1000.000	1000.000
Foreign currency term loans from banks	8142.750	3069.390
Foreign currency term loans from others	5900.237	0.000

Total	15042.987	4069.390


Banking Relations :	--

Financial Institution :	· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	Shivalik Ishan, 2^nd Floor, Nr. C. N. Vidhyalaya, Ambawadi, Ahmedabad, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q

Fellow Subsidiary company :	· Adani Agri Logistics Limited [U63090GJ2005PLC045356] Adani Kandla Bulk Terminal Private Limited [U63090GJ2012PTC069305] Adani Logistics Limited [U63090GJ2005PLC046419] Adani Petronet (Dahej) Port Private Limited [U63012GJ2003PTC041919] Adani Power Dahej Limited [U40100GJ2006PLC047672] Karnavati Aviation Private Limited [U63090GJ2007PTC051309]

Ultimate Holding company :	Adani Enterprises Limited [L51100GJ1993PLC019067]

Associate :	Adani Wilmar Limited [U15146GJ1999PLC035320]

Subsidiary company :	· Hazira Infrastructure Private Limited [U45203GJ2010PTC061029] Hazira Road Infrastructure Private Limited [U45200GJ2010PTC062503]

Holding company :	Adani Ports and Special Economic Zone Limited [L63090GJ1998PLC034182]

CAPITAL STRUCTURE

AFTER 05.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

750,000,000	Equity Shares	Rs. 10/- each	Rs. 7500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

715,470,000	Equity Shares	Rs. 10/- each	Rs. 7154.700 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

370,000,000	Equity Shares	Rs. 10/- each	Rs. 3700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

369,150,000	Equity Shares	Rs. 10/- each	Rs. 3691.500 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	3691.500	1641.000	240.000
(b) Reserves & Surplus	(13.926)	(20.281)	(2.738)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	2050.500	110.000
Total Shareholders’ Funds (1) + (2)	3677.574	3671.219	347.262

(3) Non-Current Liabilities
(a) long-term borrowings	18506.188	6765.491	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.174	0.000	0.000
(d) long-term provisions	8.320	0.764	0.094
Total Non-current Liabilities (3)	18522.682	6766.255	0.094

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	121.550	0.000	0.000
(c) Other current liabilities	1915.029	1511.238	1694.846
(d) Short-term provisions	5.627	0.872	0.276
Total Current Liabilities (4)	2042.206	1512.110	1695.122

TOTAL	24242.462	11949.584	2042.478

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18086.228	28.247	6.145
(ii) Intangible Assets	257.848	0.000	0.000
(iii) Capital work-in-progress	1921.375	8307.017	1662.638
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	242.525	3.025	3.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	795.340	1930.241	356.924
(e) Other Non-current assets	279.667	0.000	0.000
Total Non-Current Assets	21582.983	10268.530	2028.732

(2) Current assets
(a) Current investments	245.007	0.000	0.000
(b) Inventories	15.461	0.000	0.000
(c) Trade receivables	251.742	0.000	0.000
(d) Cash and cash equivalents	1444.730	1418.420	13.005
(e) Short-term loans and advances	662.407	262.101	0.741
(f) Other current assets	40.132	0.533	0.000
Total Current Assets	2659.479	1681.054	13.746

TOTAL	24242.462	11949.584	2042.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	780.151	NA	NA

Less	EXPENSES
		TOTAL	772.196	NA	NA

	PROFIT/ [LOSS] BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT/ [LOSS] AFTER TAX		6.355	(17.543)	(2.065)

	Earnings/ [Loss] Per Share (Rs.)		0.03	(0.70)	(0.16)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.81	NA	NA

Debt Equity Ratio (Total Debt/Networth)		5.03	1.84	0.00

Current Ratio (Current Asset/Current Liability)		1.30	1.11	0.01

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	240.000	1641.000	3691.500
Reserves & Surplus	(2.738)	(20.281)	(13.926)
Share Application money pending allotment	110.000	2050.500	0.000
Net worth	347.262	3671.219	3677.574

long-term borrowings	0.000	6765.491	18506.188
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	6765.491	18506.188
Debt/Equity ratio	0.000	1.843	5.032

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 one year	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	No
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	10344445	28/02/2013 *	10,251,900,800.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B69703817
2	10313969	28/02/2013 *	7,248,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B69703791

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deposits	3463.201	2696.101

Total	3463.201	2696.101

CORPORATE INFORMATION

Subject was incorporated on December 7, 2009 as a 100% subsidiary of Adani Ports and Special Economic Zone Limited. The Company's objective is to develop Bulk / General Cargo Terminal(s) and associated facilities at Hazira in terms of Bulk / General Cargo Terminal Agreement (BGCTA or Sub-concession) dated November 25, 2010 entered between Hazira Port Private Limited (‘Licensor’), the Company (‘Licensee’) and Gujarat Maritime Board (‘GMB’). The Licensor has entered into Concession agreement as per agreement with GMB and Government of Gujarat (GoG) in April 22, 2002 for development and construction of port facilities at Hazira in a phased manner. The Port facilities are being developed under design, construct, own, maintain and operate basis under the Sub-Concession Agreement, which would be effective over the balance term of the Concession agreement of 30 years from March, 2005.

During the year, the Company completed development and commenced commercial operations of two nos. of Multipurpose Terminal and two nos. of Container Terminal w.e.f. 1st February 2013 and 1st March 2013, respectively.

OPERATIONAL HIGHLIGHTS:

During the year the company has completed construction of total 5 berths with back up area and commenced commercial operations. The Port has 2 container berths and 3 multipurpose berths for liquid, dry and break bulk cargo. The master plan provides for 13 berths to be developed in phased manner.

FINANCIAL HIGHLIGHTS:

During the year total income earned is Rs. 780.151 Millions against expenditure of Rs.772.196 Millions including deprecation amounting to Rs. 252.047 Millions. The Net profit after tax during the year is Rs. 6.355 Millions.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)

The Company has imported capital good for its Container and Multipurpose Port Terminal Project under the Export Promotion Capital Goods Scheme of the Government of India at concessional rate of custom duty by undertaking obligation to export. Future outstanding export obligation under the scheme is Rs. 12911.639 Millions which is equivalent to 8 times of duty saved of Rs. 1613.955 Millions. The export obligation has to be completed by 2019-20.	1613.955	0.000

FIXED ASSETS:

· Buildings

Plant and equipment

Furniture and fixtures

Motor vehicles

Computer equipments

Other equipments

Leasehold improvements

Computer software

Commercial contractual rights

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. 60.14
UK Pound	1	Rs. 103.00
Euro	1	Rs. 81.33

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RAS

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		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.