MIRA INFORM REPORT

Report No. :	308860
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	ADANI ENTERPRISES LIMITED (w.e.f.10.08.2006)
Formerly Known As :	ADANI EXPORTS LIMITED
Registered Office :	Adani House, Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.03.1993
Com. Reg. No.:	04-019067
Capital Investment / Paid-up Capital :	Rs. 1099.800 Millions
CIN No.: [Company Identification No.]	L51100GJ1993PLC019067
TAN No.: [Tax Deduction & Collection Account No.]	AHMA01099A
PAN No.: [Permanent Account No.]	AABCA2804L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, gas distribution.
No. of Employees :	Information declined by management

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company has incurred loss from its operational activities during 2014. However, the rating reflects AEL’s leading position in imported coal trading business in the country along-with overseas mining assets supported by wide experience of the promoters of AEL in global trading businesses, adequate financial base and decent liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. He 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Proposed Non-Convertible Debenture (NCD) Issue (A+) (50)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	08.12.2014

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-79-25555555)

LOCATIONS

Registered Office :	Adani House, Shrimali Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-25555555/ 26565555/ 25555080
Fax No.:	91-79-26565500/ 25555500
E-Mail :	adani@ad1.vsnl.net.in info@adanigroup.com jaladhi.shukla@adani.in parthiv.parikh@adani.in
Website :	www.adanigroup.com www.adani.com
Solar Power Plant :	Located at · Kutch Distrit, Gujarat, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Gautam S. Adani
Designation :	Chairman
Address :	Shantivan Farm House, Behind Karnavati Club, Mohemadpura, Ahmedabad – 380057, Gujarat, India
Date of Birth/Age :	24.06.1962
Qualification :	S Y B.COM
Date of Appointment :	03.03.1993
PAN No.:	ABKPA0965H
Voter ID No.:	GJ1111068108989
DIN No.:	00006273
Name :	Mr. Rajesh S. Adani
Designation :	Managing director
Address :	15, Suryaja Bunglow, Behind Sunrise Park, Near Amaltas Bunglow, Vastrapur, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	07.12.1964
Qualification :	B.COM
Date of Appointment :	10.06.2005
PAN No.:	ABKPA0962A
DIN No.:	00006322
Name :	Mr. Ameet H. Desai
Designation :	Executive Director and CFO
Date of Appointment :	17.05.2014
Name :	Mr. Vasant S Adani
Designation :	Director
Address :	14, Suryaja Bunglow, BehindSarthi Hotel, Behind T. V. Tower, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	08.09.1955
Qualification :	B.A.
Date of Appointment :	20.06.1994
Voter ID No.:	GJ110680636050
DIN No.:	00006356
Name :	Mr. Anil S. Ahuja
Designation :	Director
Address :	29, Leonie Hill, #19, 04 Horizon Tower West, Singapore – 239228, India
Date of Birth/Age :	01.12.1962
Qualification :	B.Tech
Date of Appointment :	20.05.2009
DIN No.:	00759440
Name :	Mr. S. K. Tuteja
Designation :	Director
Name :	Mr. Ravindra H. Dholakia
Designation :	Director
Address :	313, Indian Institute, Of. Management, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	02.04.1953
Qualification :	M.A., Ph. D in Economics
Date of Appointment :	21.05.2012
DIN No.:	00069396
Name :	Mr. Berjis M. Desai
Designation :	Director
Address :	Yezerina – II, Road No. 5, 740/741 Dadar Parsi Colony, Dadar, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	02.08.1956
Qualification :	Post Graduate in Law
Date of Appointment :	03.12.2012
DIN No.:	00153675
Name :	Mr. Devang S. Desai
Designation :	Whole time director
Address :	201, Parikrama, Opposite Shetrunjay Tower, Off. 132 Ft, Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.07.1956
Qualification :	C.A.
Date of Appointment :	27.01.2010
Date of Cessation :	17.05.2014
PAN No.:	AACPD8157D
DIN No.:	00005743

KEY EXECUTIVES

Name :	Mr. Parthiv P. Parikh
Designation :	Secretary
Address :	9, Vinanti Apartments, Panchvati, 2^nd Floor, Lane, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	25.01.1962
Date of Appointment :	17.09.2007
PAN No.:	AEAPP8912J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholders	No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	894080	0.08
Bodies Corporate	99491719	9.05
Any Others (Specify)	630034660	57.29
Trusts	630034660	57.29
Sub Total	730420459	66.41
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	90749100	8.25
Bodies Corporate	3688000	0.34
Sub Total	94437100	8.59
Total shareholding of Promoter and Promoter Group (A)	824857559	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	115334	0.01
Financial Institutions / Banks	28856863	2.62
Foreign Institutional Investors	204664258	18.61
Sub Total	233636455	21.24
(2) Non-Institutions
Bodies Corporate	2336068	0.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	12539174	1.14
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	2312172	0.21
Any Others (Specify)	24128655	2.19
Non Resident Indians	5585686	0.51
Foreign Nationals	10000	0.00
Clearing Members	364520	0.03
Foreign Corporate Bodies	18168449	1.65
Sub Total	41316069	3.76
Total Public shareholding (B)	274952524	25.00
Total (A)+(B)	1099810083	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1099810083	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Gautam S Adani / Priti G Adani on behalf Gautam S Adani Family Trust	88,36,750	0.80
2	Gautam S Adani / Rajesh S Adani on behalf S B Adani Family Trust	62,11,97,910	56.48
3	Adani Properties Private Limited	9,94,91,719	9.05
4	Vinod Shantilal Adani	9,07,49,100	8.25
5	Ventura Power Investments Private Limited, Mauritius	36,88,000	0.34
6	Bhavik B Shah	37,000	0.00
7	Rakesh R Shah	6,11,080	0.06
8	Surekha B Shah	34,000	0.00
9	Priti R Shah	1,96,000	0.02
10	Vinod N Sanghvi	16,000	0.00
	Total	82,48,57,559	75.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as %
1	Janus Overseas Fund	12789358	1.16
2	Gudami International Private Limited	13980900	1.27
3	Emerging India Focus Funds	23610833	2.15
4	Elara India Opportunities Fund Limited	26320917	2.39
5	HSBC Bank (Mauritius) Limited	17697312	1.61
6	Cresta Fund Limited	27000633	2.46
7	Albula Investment Fund Limited	18337131	1.67
8	Life Insurance Corporation of India	27997267	2.55
	Total	167734351	15.25

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, gas distribution.
Products :	-
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by management

Bankers :

· State Bank of India, Ahmedabd

ICICI Bank Limited, Mumbai

Axis Bank Limited, Ahmedabd

Standard Chartered Bank, Mumbai

Bank of Maharashtra, Mumbai

HDFC Bank Limited, Mumbai

IDBI Bank Limited, Ahmedabad

Canara Bank, Ahmedabad

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
Rupee term loans from banks	13225.000	13900.000
SHORT TERM BORROWINGS
From Banks
Term Loan	2650.000	1750.000
Cash Credit Facilities (31^st March, 2013 Rs. 0.014 Million)	977.400	0.000
Buyer’s Credit Facilities	8497.300	24094.000
From Others Term Loan	2000.000	0.000
Inter – Corporate Deposits	4492.000	2250.000
Total	31841.700	41994.000

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
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	· Adani Global Limited Adani Agri Logistics Limited Adani Agri Fresh Limited Adani Power Limited Adani Mining Private Limited Adani Energy Limited Adani Gas Limited Maharashtra Eastern Grid Power Transmission Company Limited Mundra LNG limited Adani Shipping (India) Private Limited Adani Infra (India) Limited Natural Growers Private Limited Chendipada Collieries Private Limited Adani Port and Special Economic Zone Limited Parsa Kente Collieries Limited Adani Welspun Exploration Limited Rajasthan Collieries Limited Adani Transmission Limited (w.e.f. 09.12.2013) Adani Synenergy Limited (w.e.f. 14.02.2014) Adani Agri Logistics (MP) Limited (21.03.2014) Adani Power Dahej Limited (w.e.f. 28.09.2013) Adani Pench Power Limited (w.e.f. 28.09.2013) Kutchh Power Generation Limited (w.e.f. 28.09.2013)
Step-down Subsidiary Entities :	· Adani Power Maharashtra Limited Adani Power Rajasthan Limited Adani Transmission (India) Limited (w.e.f. 02.12.2013) Adani Transmission (Maharashtra) Limited (w.e.f. 04.12.2013) Adani Ennore Container Terminal Private Limited (w.e.f. 18.02.2014) Adani Warehousing Services Private Limited Adani Hospitals Mundra Private Limited (w.e.f. 01.11.2013) Mahaguj Power Limited Sarguja Rail Corridor Private Limited Adani Chendipada Mining Private Limited Adani Resource Private Limited Mundra SEZ Textile and Apparel Park Private Limited Karnavati Aviation Private Limited MPSEZ Utilities Private Limited Adani Logistics Limited Mundra International Airport Private Limited Adani Hazira Port Private Limited Adani Petronet (Dahej) Port Private Limited Hazira Infrastructure Private Limited Hazira Road Infrastructure Private Limited Adani Vizag Coal Terminal Private Limited Adano Global Pte Limited, Singapore Adani Shipping Pte Limited, Singapore Rahi Shipping Pte. Limited, Singapore Vanshi Shipping Pte. Limited., Singapore Adani Global FZE, Dubai Adani Mining Pty Limited, Australia PT Adani Global, Indonesia PT Adani Global Coal Trading, Indonesia PT Coal Indonesia, Indonesia PT Mundra Coal, Indonesia PT Sumber Bara, Indonesia PT Energy Resources, Indonesia PT Sumber Dana Usaha, Indonesia PT Setara Jasa, Indonesia PT Niaga Antar Bangsa, Indonesia PT Niaga Lintas Samudra, Indonesia PT Gemilang Pusaka Pertiwi, Indonesia PT Hasta Mundra, Indonesia PT Karya Pernitis Sejati, Indonesia PT Lamindo Inter Multikon, Indonesia PT Mitra Naiga Mulia, Indonesia PT Suar Harapan Bangsa, Indonesia PT Tambang Sejahtera Bersama, Indonesia PT Adani Sumselon, Indonesia Aanya Maritime Inc. panama Aashna Maritime Inc. panama Adani Minerals Pty Limited, Australia Surguja Power Private Limited Adani Kandla Bulk Terminal Private Limited Chemoli Adani Pte Limited, Singapore Adani Murmugao Port Terminal Private Limited Chemoli Adani Private Limited AWEL Global Limited, UAE Galilee Tansmission Holdings Trust Galilee Transmission Holdings Pty Limited Galilee Transmission Pty Limited
Associates :	· Adani Advisory LLP Delhi Golf Link Properties Private Limited GSPC LNG Limited
Joint Control Entities :	· Adani Wilmar Limited · CSPGCL AEL Parsa Collieries Limited · Adani Wilmar Pte. Limited Singapore · Adani International Container Terminal Private Limited · AWN Agro Private Limited
Enterprises over which have significant influence :	· Adani Properties Private Limited · Adani Foundation · Adani Education and Research Foundation

CAPITAL STRUCTURE

As on 09.08.2014

Authorised Capital: Rs. 3253.200 Millions

Issued, Subscribed & Paid-up Capital: Rs. 1099.810 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3208200000	Equity Shares	Re. 1/- each	Rs. 3208.200 Millions
4500000	Preference Shares	Rs. 10/- each	Rs. 45.000 Millions
	Total		Rs. 3253.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1099810083	Equity Shares	Re. 1/- each	Rs. 1099.800 Millions

Reconciliation of the Number of Shares Outstanding

Particulars	As at 31^st March, 2014
	Nos.	Rs. in Millions
Equity Shares
At the beginning of the year	1099810083	1099.800
Movements for the year	--
Outstanding at the end of the year	1099810083	1099.800

Rights, Preference and Restrictions Attached to Each Class of Shares

The company has only one class of Equity Shares having a par value of Re. 1/- per share and each holder of the Equity Shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

For the financial year ended 31st March, 2014, the Board has proposed a final dividend of Rs. 1.40 per share. (31st March, 2013: Rs. 1.40 Per Share)

In the event of Liquidation of the company, the holders of the equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no preferential amounts exist currently. The distribution will be in proportion to the number of shares held by the shareholders.

Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

Particulars	As at 31^st March, 2014
Equity shares allotted as fully paid Bonus shares by capitalization of securities premium	248015675
Equity shares allotted as fully paid shares pursuant to the scheme of amalgamation	464899087
Total	712914762

Details of shareholders holding more than 5% shares in the company

Particulars	As at 31^st March, 2014
	Nos.	% Holding
Equity Shares
Equity Shares of Rs. 1 each fully paid
Gautam S. Adani / Rajesh S. Adani (On behalf S.B. Adani Family Trust)	621197910	56.48%
Vinod Shantilal Adani	90749100	8.25%
Adani Agro Private Limited	83089065	7.55%
	795036075	72.28%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1099.800	1099.800	1099.800
(b) Reserves & Surplus	99242.900	102569.600	98920.800
(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)	100342.700	103669.400	100020.600
(3) Non-Current Liabilities
(a) long-term borrowings	20405.800	14900.000	8577.000
(b) Deferred tax liabilities (Net)	0.000	726.100	226.800
(c) Other long term liabilities	2500.900	3412.500	2873.200
(d) long-term provisions	61.100	51.900	43.400
Total Non-current Liabilities (3)	22967.800	19090.500	11720.400
(4) Current Liabilities
(a) Short term borrowings	39735.000	34382.700	7050.700
(b) Trade payables	49844.000	37703.600	17682.800
(c) Other current liabilities	10822.500	6352.900	3818.700
(d) Short-term provisions	1858.800	1827.600	1429.000
Total Current Liabilities (4)	102260.300	80266.800	29981.200
TOTAL	225570.800	203026.700	141722.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9066.400	8954.600	8893.800
(ii) Intangible Assets	173.300	215.300	263.200
(iii) Capital work-in-progress	2548.600	1634.900	1452.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	65505.900	40461.000	35456.900
(c) Deferred tax assets (net)	1111.500	0.000	0.000
(d) Long-term Loan and Advances	42210.700	57532.100	37784.200
(e) Other Non-current assets	0.000	0.000	5.500
Total Non-Current Assets	120616.400	108797.900	83856.000
(2) Current assets
(a) Current investments	10.000	205.900	824.400
(b) Inventories	10685.100	7367.100	6433.100
(c) Trade receivables	31130.200	36983.200	18330.300
(d) Cash and cash equivalents	2608.800	18988.800	3744.600
(e) Short-term loans and advances	59384.300	30011.000	27148.000
(f) Other current assets	1136.000	672.800	1385.800
Total Current Assets	104954.400	94228.800	57866.200
TOTAL	225570.800	203026.700	141722.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	117893.100	118908.800	52822.000
		Other Income	12041.500	6140.300	4616.500
		TOTAL	129934.600	125049.100	57438.500
Less	EXPENSES
		Cost of material consumed	1.200	102.900	49.300
		Purchase of traded goods	104498.800	100911.100	45089.200
		(Increase)/ Decreases in inventories	(3309.500)	(1092.500)	(1541.700)
		Employee Benefits Expenses	1481.500	1232.000	1041.500
		Other Expenses	22683.300	16217.500	6951.000
		TOTAL	125355.300	117371.000	51589.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4579.300	7678.100	5849.200
Less	FINANCIAL EXPENSES		7611.800	3021.000	1650.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(3032.500)	4657.100	4198.900
Less/ Add	DEPRECIATION/ AMORTISATION		590.700	575.500	299.000
Less	PRIOR PERIOD ITEMS BEFORE TAX		0.000	0.000	9.000
Add	EXCEPTIONAL ITEMS		0.000	2029.900	-20.100
	PROFIT/ (LOSS) BEFORE TAX		(3623.200)	6111.500	3870.800
Less	TAX		(1836.200)	913.100	253.600
	PROFIT/ (LOSS) AFTER TAX		(1787.000)	5198.400	3617.200
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	0.000	172.900	0.000
		Other Income	4.200	0.000	0.000
	TOTAL EARNINGS		4.200	172.900	0.000
	IMPORTS
		Traded Goods	78617.700	75768.200	32373.900
		Capital Goods	4.500	9.600	4055.200
	TOTAL IMPORTS		78622.200	75777.800	36429.100
	Earnings / (Loss) Per Share (Rs.)		(1.62)	4.73	3.29

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
	1^stQuarter	2^ndQuarter	3rdQuarter
Revenue	40,568.100	33,288.800	42,292.500
Other Income	2,541.900	4,563.200	2,898.200
Total Income	43,110.000	37,852.000	45,190.700
Expenditure	(40,632.000)	(33,111.400)	(41,352.400)
Interest	(2,190.600)	(2,403.400)	(2,361.400)
PBDT	287.400	2,337.200	1,476.900
Depreciation	(222.300)	(204.700)	(183.800)
PBT	65.100	2,132.500	1,293.100
Tax	(54.800)	(9.800)	(85.600)
Net Profit	10.300	2,122.800	1,207.500

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.52)	4.37	6.85
Operating Profit Margin (PBIDT/Sales)	(%)	3.88	8.16	11.02
Return on Total Assets (PBT/Total Assets}	(%)	(2.32)	3.80	3.69
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.06	0.04
Debt Equity Ratio (Total Debt /Networth)		0.60	0.48	0.16
Current Ratio (Current Asset/Current Liability)		1.03	1.17	1.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1099.800	1099.800	1099.800
Reserves & Surplus	98920.800	102569.600	99242.900
Net worth	100020.600	103669.400	100342.700
long-term borrowings	8577.000	14900.000	20405.800
Short term borrowings	7050.700	34382.700	39735.000
Total borrowings	15627.700	49282.700	60140.800
Debt/Equity ratio	0.156	0.475	0.599

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	52822.000	118908.800	117893.100
		125.112	(0.854)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	52822.000	118908.800	117893.100
Profit	3617.200	5198.400	(1787.000)
	6.85%	4.37%	(1.52%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long Term Debts
Term Loan from Banks	4625.400	1100.000	0.000
Inter Corporate Loans	1000.000	500.000	0.000
Total	5625.400	1600.000	0.000

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	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	Yes
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT FIRST APPEAL No. 2988 of 2009
Status : PENDING	( Converted from : FAST/2336/2008 )	CCIN No: 001012200902988
Last Listing Date:	12/08/2009
Coram	HONOURABLE MS. JUSTICE R.M.DOSHIT HONOURABLE MR.JUSTICE SHARAD D.DAVE

S.NO.	Name of the Petitioner	Advocate On Record
1	NEW INDIA ASSURANCE COMPANY LIMITED	MR VIBHUTI NANAVATI for: Appellant(s)  1
S.NO.	Name of the Respondant	Advocate On Record
1 2	PEC LIMITED ADANI ENTERPRISES LIMITED	MR AMAR N BHATT for :Defendant(s)  1 - 2

Presented On	: 15/07/2008	Registered On	: 15/07/2008
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 2 times
Stage Name	: ADMISSION (FRESH MATTERS)
Act	CIVIL PROCEDURE CODE, 1908

LOWER COURT DETAILS

S. No.	Lower Court Case Detail	Lower Court Name	Judge Name	Judgment date
1	CS/2813/2004	DISTRICT COURT, AHMEDABAD RURAL	-	31/03/2008

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/07/2008	MEMO OF APPEAL/PETITION/SUT	MR MEHUL H RATHOD ADVOCATE for PETITIONER(s)  1	1	-
2	15/07/2008	VAKALATNAMA	MR MEHUL H RATHOD ADVOCATE for PETITIONER(s)  1	5	-
3	15/07/2008	CERTIFIED COPY	MR MEHUL H RATHOD ADVOCATE for PETITIONER(s)  1	12	-
4	29/07/2008	MEMO OF APPEAL/PETITION/SUT	MR MEHUL H RATHOD ADVOCATE for PETITIONER(s)  1	75000	-
5	07/08/2008	VAKALATNAMA	MS REETA CHANDARANA ADVOCATE for PETITIONER(s)  1	5	-
6	15/08/2009	VAKALATNAMA	MR AMAR N BHATT ADVOCATE for RESPONDENT(s)  1	-	MR AMAR N BHATT:1-2
7	15/08/2009	VAKALATNAMA	MR VIBHUTI NANAVATI ADVOCATE for PETITIONER(s)  1	-	MR VIBHUTI NANAVATI:1
8	22/12/2011	VAKALATNAMA	MR VIBHUTI NANAVATI ADVOCATE for PETITIONER(s)  1	5	-
9	22/12/2011	VAKALATNAMA	MR VIBHUTI NANAVATI ADVOCATE for PETITIONER(s)  1	5	MR VIBHUTI NANAVATI:1

APPLICATIONS

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/1420/2009	DISPOSED	23/07/2009	ANY OTHER MODE @ ADM.STAGE HONOURABLE MS. JUSTICE R.M.DOSHIT HONOURABLE MR.JUSTICE SHARAD D.DAVE
2	CIVIL APPLICATION/8105/2009	DISPOSED	12/08/2009	CA DISPOSED OF HONOURABLE MS. JUSTICE R.M.DOSHIT HONOURABLE MR.JUSTICE SHARAD D.DAVE
3	CIVIL APPLICATION/364/2011	DISPOSED	14/02/2011	REJECTED @ ADM.STAGE HONOURABLE MR.JUSTICE A.L.DAVE HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	12/08/2009	3	-	URGENT ADMISSION (FRESH MATTERS)	RULE/ADMIT	HONOURABLE MS. JUSTICE R.M.DOSHIT HONOURABLE MR.JUSTICE SHARAD D.DAVE

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment	Questions	Transferred	Download
1	FIRST APPEAL/2988/2009	REGISTRAR (JUDICIAL)	07/10/2008	N	ORDER	-	Y	Download Download
2	FIRST APPEAL/2988/2009	HONOURABLE MS. JUSTICE R.M.DOSHIT HONOURABLE MR.JUSTICE SHARAD D.DAVE	12/08/2009	N	ORDER	-	Y

CERTIFIED COPY

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR AMAR N BHATT	URGENT	12/08/2009	U/13426-13427/2009	12/08/2009	17/08/2009	17/08/2009	Delivered	ORDER
2	MS REETA CHANDARANA	ORDINARY	13/08/2009	O/25680-25681/2009	12/08/2009	18/08/2009	20/08/2009	Delivered	ORDER

STAKE HOLDERS

NEW INDIA ASSURANCE COMPANY LIMITED

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10510390	02/07/2014	2,150,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  A. B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018,  INDIA	C12317822
2	10510392	02/07/2014	2,850,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  A. B. ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018,  INDIA	C12319570
3	10507214	28/06/2014	4,200,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C09991837
4	10490674	12/05/2014	9,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C03150315
5	10474590	24/01/2014	3,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B95080479
6	10466580	18/12/2013 *	1,250,000,000.00	ICICI BANK LIMITED	REGIONAL OFFICE, ICICI TOWER, NBCC PALACE, BHISM  PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	B92263102
7	10400183	22/01/2013	5,000,000,000.00	BANK OF MAHARASHTRA	L.J. ROAD, MAHIM (WEST), MUMBAI, MAHARASHTRA - 400016, INDIA	B66965443
8	10308697	19/12/2012 *	4,750,000,000.00	AXIS TRUSTEE SERVICES LIMITED	2ND FLOOR, AXIS HOUSE, BOMBAY DYING MILLS COMPOUND, PANDURANG BUDHAKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B65779068
9	10310361	25/09/2012 *	10,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B59193110
10	10303432	28/01/2013 *	7,949,550,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKHALI SIX RO  ADS, NAVRANGPURA, AHMEDABAD, GUJARAT - 380006, INDIA	B68164490
11	10284322	15/04/2011	2,750,000,000.00	ICICI BANK LIMITED	1ST FLOOR, JMC HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	B11642642
12	10285629	09/04/2014 *	1,250,000,000.00	ICICI BANK LIMITED	ICICI BANK LIMITED, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	C04694634
13	10252059	24/11/2010	5,000,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B00140228

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from Related Parties
Loans from Subsidiary Company	6680.800	0.000
Inter – Corporate Loans	500.000	1000.000
SHORT TERM BORROWINGS
Loans from related parties repayable on demand	16618.300	2788.700
From Banks
Term Loan	4500.000	3500.000
Total	28299.100	7288.700

CORPORATE INFORMATION

The Company is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company along with its subsidiaries ('Adani Group') is a global integrated infrastructure player with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-modal logistics, power generation and transmission, gas distribution.

PERFORMANCE OF THE COMPANY

On standalone basis, the Company registered gross revenue of Rs. 129934.600 Millions as compared to Rs. 125049.100 Millions in the previous year. During the year, the company incurred a loss of Rs. 1787.000 Millions primarily due to foreign exchange impact on account of depreciation of the Rupee against major currencies.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OUTLOOK

Global economic growth began to recover in FY 2013-14 with much of the impetus coming from advanced economies and is expected to improve further in FY 2014-15. The strengthening in activity was mirrored in global trade and industrial production. After witnessing a decline in GDP growth in two consecutive years, a modest recovery in Indian economy was seen in FY 2013-14. As per the latest estimate of Asian Development Bank, Indian GDP is expected to grow at 5.5% in FY 2014-15. Indian economic growth is likely to accelerate as the reform process continues and begins to bear fruit. The pick-up will be aided by implementation of stalled projects, debottlenecking of the mining sector and a recovery in industry on higher external demand.

Investment demand in India is likely to pick in FY 2014-15. Inflation is likely to be lower and remain in control which will drive the growth of manufacturing activity. The mining sector, industrial sectors are expected to return to growth. Due to El Nino effect, monsoon is going to be moderate in FY 2014-15, which will impact the growth of agricultural sector. Some revival in services growth led by higher exports as well as a positive rub off from higher industrial growth is expected.

India offers a huge opportunity for investment. There is tremendous scope for the growth of infrastructure segment. The Central and the State Governments are focusing on development and inclusive growth. With several policy measures announced by the Government coupled with seamless execution, focus on process improvement, providing end to end solutions to customer and quality of operation, the Company continues delivery in its focus areas of Resources, Logistics and Energy.

OPERATIONAL PERFORMANCE

The Company continues to strengthen its competitiveness in the global market and postedan encouraging performance for the year under review.

• RESOURCES

India's state enterprises still depends upon coal to fulfill its energy requirement and have struggled to meet the rising energy demand and faced challenges in obtaining the natural resources necessary for growth. This means that more investment in coal mining and infrastructure capacities will be needed in the countries that can fill the emerging coal gap on the Asian continent. It offers security of supply for coal while mitigating price and political risks.

The Company is focused on this sector of national importance and strategically placed to help overcome those challenges through developing and operating mines in India, Indonesia and Australia as well as importing coal and providing end to end solution to the customer.

• COAL MINING

Their coal mining business involves mining, processing, acquisition, exploration anddevelopment of mining assets.

• COAL MINING IN INDONESIA

PT Adani Global, Indonesia a wholly-owned subsidiary of the Company, has been awarded coal mining concessions in PT Lamindo Inter Multikon and PT Mitra Niaga Mulia (step down subsidiaries) in Bunyu island, Indonesia from which coal is used for the captive consumption in power projects. The Bunyu Mines has Joint Ore Reserves Committee (JORC)compliant resource of 269 Million Metric Tonnes (MMT) for both the mines (i.e. combined).Production during the year 2013-14 has been at 3.12 Million Metric Tonnes (MMT).

• COAL MINING IN AUSTRALIA

Their wholly owned step down subsidiaries in Australia have 100% interest in the Carmichael Coal Mine in the Galilee Basin in Queensland, Australia. During the year \, the Company has undertaken various mine optimisation studies and is currently undertaking bankable feasibility study for the project. The Carmichael Coal Mine has JORCcompliant resource of 11.04 billion tonnes of coal. The mine is being developed for producing 100 MMTPA of coal at peak capacity.

• DOMESTIC COAL MINING OPERATIONS

In India, Government has allotted coal blocks to Central and State Government Companies as part of public private partnership model. They appoint a Mine Developer and Operator("MDO") to undertake all activities relating to the development and operations of the coal block. The Company has pioneered MDO business in India and has five such Coal Blocks under this business model.

• PARSA EAST AND KENTE BASAN COAL BLOCK

Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL") has been allocated the Parsa East and Kente Basan coal blocks in Chhattisgarh. To undertake the MDOoperations, the Company entered into a joint venture agreement with RRVUNL to form Parsa Kente Collieries Limited ("PKCL"). This entails development, mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of RRVUNL at Rajasthan.

The project had started Mining Operations and dispatches of coal to Thermal Powerstations of RRVUNL in FY 2013-14. For FY 2013-14, Raw Coal Production was 1.19 MMT, Washed Coal Production was 0.97 MMT and Washed Coal Dispatch to Thermal Power Plants of RRVUNL was 0.95 MMT.

• MACHHAKATA COAL BLOCK

The Company has been selected as Mine Developer and Operator (MDO), by Mahaguj Collieries Limited, a Joint Venture of Maharashtra State Power Generation Company Limited(MAHAGENCO) and the Gujarat State Electricity Corporation Limited (GSECL) for development and operation of the Machhakata coal block in Odisha. This entails the development of the coal block, mining of coal from the coal block and supplying coal to the designated thermal power plants of MAHAGENCO and GSECL. Preliminary project activities including workon Land Acquisition are at advanced stage.

• PARSA COAL BLOCK

Chhattisgarh State Power Generation Company Ltd. (CSPGCL) has been allocated the Parsa Captive Coal Block in Chhattisgarh. The Company has entered into a joint venture agreement with CSPGCL and formed joint venture Company, CSPGCL AEL Parsa Collieries Ltd.,("JVC") in the State of Chhattisgarh. This entails development and operation ofthe Parsa Captive Coal Block and transportation of coal up to End-use Thermal PowerStation located at Marwa, Chhattisgarh. Public Hearing for Environment Clearance has been conducted successfully in the Project area. Application for Land Acquisition submitted and other preliminary project activities are under process.

• CHENDIPADA COAL BLOCK

The Company has been selected as Mine Developer and Operator (MDO), by UCM Coal Company Limited, a Joint Venture of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Chhattisgarh Mineral Development Corporation Limited (CMDC) and Maharashtra State Power Generation Company Limited (MAHAGENCO) for development and operation of the Chendipada and Chendipada II coal block in the District Angul, State of Orissa. The Company will undertake development and operation of the Chendipada coal block, which includes mining, beneficiation of coal, arranging transportation and delivery of washed coal to end power projects of UPRVUNL, CMDC and MAHAGENCO. Administrative approval from the Government of Orissa has been received, and preliminary project activities including works related to Land acquisition are under process. The environment and other approvals and clearances are expected in due course.

• KENTE EXTENSION COAL BLOCK

Rajasthan Rajya Vidyut Utpadan Nigam Limited ("RRVUNL") has been allocated the Kente Extension coal block at Chhattisgarh. To undertake the MDO operations, the Company entered into a joint venture agreement with RRVUNL to form Rajasthan Collieries Limited. This entails development, mining, beneficiation of coal, arranging transportation and delivery of washed coal up to end use Power Plants of RRVUNL at Rajasthan.

• COAL TRADING

The Company remains the largest procurer of thermal coal in India with consistently high volume. As India's power demand soars and the primary source of fuel for power generation still remains coal combined with domestic coal supply scenario, India will be dependent on imported coal for coal fired power generation capacity in future. The Company provides multiple services of procurement and logistics for its customers. The major coal sourcing is from suppliers in Indonesia, South Africa and other locations and supply it to various customers in India.

The Company, through its subsidiaries, has entered into long-term arrangement for uninterrupted supply of imported coal with some of the biggest suppliers in Indonesia. The Company has strong customer base of central and state utilities and private power producers. Coal demand in the country is increasing significantly year on year, which will strengthen the Company's presence in this segment. The Company also continues to improve coal trading business by expanding sourcing network, cost effective shipping and timely delivery at power stations.

• EDIBLE OIL AND AGRO-COMMODITIES TRADING

The Company entered the edible oil refining business through a 50:50 joint venture Company, Adani Wilmar Ltd. (“Adani Wilmar”) with Singapore's Wilmar Group. Adani Wilmar has performed remarkably well and has retained its market leadership position inthe Indian cooking oil consumer pack segment with market share of more than 19%.

Each year Adani Wilmar is scaling new heights with tremendous growth in terms of sales volume. With the help of a clutter-breaking brand building campaign and an acute focus on retail level market penetration, in the last year, Adani Wilmar has witnessed a good volume growth in sales of Fortune oil.

With its new offering, Fortune Rice Bran Health oil, Adani Wilmar has successfully created a special niche in the cooking oil market in India. The urban health-conscious Indians are now making an informed shift from other categories of oil that they have been currently using to rice bran oil. Fortune Rice Bran Health oil continues to be the unanimous leader in the rice bran oil market barely 17 months after its launch with a volume share of 30%, while the closest competition caters to only 15% of the rice bran oil market (Source: Nielsen ROCP Report -March 2014).

During the year, Adani Wilmar has launched Fortune Besan in selected markets and this year plan is to expand perimeter of those markets while at the same time drilling deeperin terms of further retail penetration. As of now Fortune Besan is doing quite good in the market. There have been good consumer reviews about this product.

Market for Soya products is emerging in India because of growing health consciousness among the urban Indian households. To cater to this need, this year Adani Wilmar isbringing out new offerings, Soya Nuggets. These Soya chunks will soon be available inmajor markets in the country. Adani Wilmar also aims to launch other value added Soyaproducts to its product basket. Adani Wilmar's long term plan would be to extend its lineof offerings to various pulses and other ready-to-eat food products.

Fortune Cooking Oil has been selected as the Most Valuable Brand for the year 2013-14by World Consulting and Research Corporation (WCRC) which was advised and evaluated byKPMG India.

Fortune Brand has been awarded The Gold award in The Readers' Digest Trusted Brand Survey in 2013-14.

• AGRI FRESH BUSINESS

Adani Agri Fresh Limited (AAFL) our wholly owned subsidiary has been developing integrated storage, handling and transportation infrastructure for horticulture produce.AAFL has set up modern controlled atmosphere storage facilities at three locations, Rewali, Sainj, and Rohru in Shimla District of Himachal Pradesh with a combined capacity of approximately 18,000 metric tonnes of Apple per annum. AAFL has also set up a marketing network in major towns across India to cater to the needs of wholesale, cash and carry and organized retail customers. AAFL which is marketing Indian fruits under the brand name 'Farm-Pik', has expanded its footprints in the branded fruit segment and is giving a competition to Imported Apples. The Company also imports Apple, Pear, Kiwi, Orange, Grapes etc. from various countries for sale in India.

• AGRO-STORAGE BUSINESS

Adani Agri Logistics Limited (AALL), their wholly owned subsidiary, had entered into a service agreement with the Food Corporation of India (FCI) for bulk food grains handling,storage and transportation network on a commercial Build, Own and Operate Basis for a period of 20 years. The project was started in 2007 and it is now in the 7th year of successful operations. At present, AALL has seven storage facilities in India, including Moga, Kaithal, Hooghly, Navi Mumbai, Chennai, Coimbatore and Bangalore. The total storage capacity of 5.5 Lac MT food grain is spread across these seven locations. The Company is eligible for revenues based on Annual Guaranteed Tonnage of 4 Lac MT irrespective of actual usage by FCI. It also has 7 special purpose bulk food grain rakes. The Company has recently won tenders for seven locations at Vidisha, Dewas, Harda, Hoshangabad, Satna, Ujjain and Raisen in the State of Madhya Pradesh for setting up grain storage silos for Madhya Pradesh Warehousing and Logistics Corporation (MPWLC) under VGF grant from Central Government on Design, Build, Finance, Operate and Transfer (DBFOT) model.

• LOGISTICS

India has around 7,517 K.M. of natural coastline with 13 Major Ports and 187 Non-Major and intermediates ports operating in eastern and western coasts of the country. Indian seaports have played a pivotal role in the development of maritime trade and economy, Indian seaports act as gateways to the International trades and accounts for over 95% of India’s total cargo volumes and 70% in terms of value.

The Company's subsidiary, Adani Ports and Special Economic Zone Limited (Adani Ports) hasshown robust performance during the year under review.

• PORTS OPERATION AND GROWTH

Adani Ports has developed and operate the port at Mundra in Gujarat. Mundra Port become the first commercial port in India to achieve the milestone of handling 100 MMT of cargo, thereby joining the elite club of global ports who have reached this milestone. Mundra port ranks 1st in terms of total cargo handled in FY 2013-14 in India, amongst Commercial Port. It has a dry bulk terminal at the port at Dahej and a multi-purpose terminal and a container terminal at the port at Hazira in Gujarat. Adani Ports handled 112.75 MMT of consolidated cargo in FY 14, a growth of 24% over a year ago.

Adani Ports would continue to raise the benchmark in Indian Port sector with best inclass infrastructure and very high operational parameters and service standards.

• Capacity

Adani Ports has developed and operates 10 terminals having 28 berths to handle bulk and container cargo and 2 single point mooring facilities at the ports of Mundra, Dahej and Hazira. The port of Mundra has 4 bulk terminals having 15 berths to handle dry as well as liquid bulk cargo, 3 container terminals having 6 berths and 2 offshore single point mooring facilities for handling crude cargo. At the port of Dahej, Adani Ports has developed and operates a dry bulk cargo terminal having 2 berths. It has also developed and operates 1 bulk terminal having 3 berths to handle dry as well as liquid bulk cargo and 1 container terminal having 2 berths to handle container cargo at the port of Hazira.

• CARGO AND SERVICE MIX

Adani Ports' three operational facilities on the west coast of India are capable of handling cape size bulk cargo vessels and more than 14,000 TEUs container vessels. The Company also provides other services, including infrastructure, leasing and logistics services at the Mundra Port through its surrounding infrastructure, including the Mundra SEZ, which the Company has developed and operates. Mundra SEZ is one of the largest operating port-based multi-product special economic zones in India.

Three broad categories of cargo handled at their ports are bulk, container and crude oil cargo. Port services include marine, handling intra-port transport, storage, other value-added and evacuation services for a diverse range of customers, primarily terminal operators, shipping lines and agents, exporters, importers and other port users. This helps Adani Ports to diversify its income sources, reduce financial risk and compete more effectively. Consequently, the Company's cargo and service mix has a significant effect on its results of operations.

• EXPANSION PLANS

Significant expansion plans of Adani Ports have been completed and it is in process of implementing certain other expansion projects. Adani Ports has completed construction of Coal Handing Terminal at Murmugao and Vizag Ports. It is in process of developing Bulk Terminal at Kandla Port and has recently been awarded a concession to develop Container Handing Terminal at Ennore Port, Tamil Nadu over 6 years of time.

• SPECIAL ECONOMIC ZONE

Adani Ports has been focusing on development of robust infrastructure for supporting the industrial development within the Special Economic Zone (SEZ). This SEZ, one of the largest port based multi-product SEZ in the Country, has almost all infrastructure facilities i.e. multimodal connectivity (Rail/Road/Sea/Air), Utilities (power generation, distribution network, water supply, sewage and effluent treatment facilities etc.),warehousing/storage/logistic facilities, Port facilities for handling all types of cargo and social infrastructure (housing, hospital, school etc.) required for setting up businesses.

Till 31st March, 2014, 27 Units were approved by the office of Development Commissioner. Some of them have already started operations and export activities. Some are still under construction. These units have already invested over Rs. 1,670 Millionss.

• ENERGY

India is the 5th largest producer of electricity in the world. At an electricity-GDP elasticity ratio of 0.8, electricity will continue to remain a key input for India’s economic growth. Electricity demand is likely to reach 1,354 BU by FY 2016-17 and 1,904 BUby FY 2021-22 whereas peak demand will reach 202 GW and 295 GW over the same period respectively.

For the 12th plan period (FY 13-17), the Government of India has targeted capacity addition of 88,537 MW against which capacity addition of 38,448 MW has been achieved uptoFY 2013-14. During FY 2013-14, a capacity addition of 17,428 MW has been achieved which is97% of the target of 18,432 MW. Private sector contribution accounts for 67% in the total capacity addition during FY 2013-14.

• POWER GENERATION OPERATIONS

The Company's listed subsidiary Adani Power Limited (Adani Power) is developing various power projects with a combined installed capacity of 9,240 MW, out of which 8,580 MWgeneration capacity is operational, comprising of 4,620 MW at Mundra, Gujarat, 2,640 MW at Tiroda, Maharashtra and 1,320 MW at Kawai, Rajasthan.

It is matter of great pride that with the commissioning of the fourth unit of the Tiroda plant in March, 2014, Adani Power has become the largest private power producer in the country. The Company has accounted for 15% of the 17,000 MW of capacity added by developers in India in FY 2013-14.

Adani Power was the first to implement and commission the 660 MW supercritical technology units in India and is currently operating the largest supercritical technology capacity in the country.

The fifth unit of 660 MW at Tiroda is in advanced stages and is expected to be commissioned within the first quarter of FY 2014-15, taking their aggregate generation capacity to 9,240 MW 12 supercritical technology units of 660 MW each and 4 subcritical technology units of 330 MW each. During the year the Company sold on a consolidated basis40 Billion units.

Adani Power has strategically sold almost 90% of its net capacity under Long Term PPAs. Envisaging the short term market trends, it has contracted around half of its available merchant capacity under Medium Term PPAs of 3-5 years. This has gone a long way in mitigating the risk of unsold capacity and falling realizations in short term markets.

• NEW DEVELOPMENT

In June 2013, the Cabinet Committee on Economic Affairs acknowledged the hardships faced by power plants which are forced to meet their requirements through costlier imported coal supplies due to the shortage of domestic coal supplies. Accordingly, they approved coal supplies to a capacity of 76,501 MW projects having linkages and a capacity of 4,660 MW projects not having linkages. Vide their decision, higher cost of imported coal is to be considered for pass through as decided by appropriate regulatory commissions. This also prompted amendments to the National Coal Distribution Policy(NCDP).

Despite facing huge financial losses, the Mundra power plant has been supplying power to the States of Gujarat and Haryana fulfilling its PPA commitments in good faith in interest of the consumers. The Central Electricity Regulatory Commission (CERC) order is awelcome step forward in helping them sustain the operations at Mundra and in maintaining their unflinching commitment to honour PPAs. The order shall mitigate hardships to some extenton account of energy charges.

• TRANSMISSION

Adani Power and its subsidiary i.e. Adani Power Maharashtra Limited have established following transmission lines:

1) +/- 500 kv HVDC transmission line of about 990 kms from Mundra, Gujarat toMohindergarh, Haryana with associated 400 kv lines.

2) 400kv D/C transmission line of about 434 kms from Mundra, Gujarat to Dehgam, Gujarat.

3) 400 kv D/C transmission line of about 218 kms from Tiroda, Maharashtra to Warora, Maharashtra.

For better regulatory compliance and efficient and focused management of transmission line business, the Board of Directors of Adani Power approved demerger of transmission line business into a wholly owned subsidiary company. Accordingly, the Board of Directors of Adani Power in its meeting held on 28th December, 2013 approved scheme of arrangement for demerger of its transmission line business and of Adani Power Maharashtra Ltd. into its wholly owned subsidiary namely, Adani Transmission (India) Limited (earlier Adani Transmission (Gujarat) Limited). Adani Power has also received approval of Stock Exchanges to the said Scheme and process of further approval to the scheme is being carried out.

• SOLAR

During the year under review, the Company efficiently operated the 40 Megawatt (MW)solar power plants at Bitta-Naliya, Kutchh, Gujarat. The plant was certified for Occupational Health and Safety Management System in accordance with ISO 18001:2007 by Bureau of Indian Standards. The plant was also certified for Management System ISO14001:2004 for protection of environment and its continual improvement and ISO 9001:2008for Quality Management System by TUVNORD, a technical inspection association based at Germany.

• CITY GAS DISTRIBUTION

Their city gas distribution business is undertaken through their Wholly Owned Subsidiary, Adani Gas Limited (“Adani Gas”) with an objective to provide Piped Natural Gas(“PNG”) to household and industrial consumers and Compressed Natural Gas(“CNG”) for use in automobiles. Adani Gas has set up a gas distribution network of approximately 410 km of steel pipeline network and approximately 4,100 km of polyethylene pipelines spread across Ahmedabad and Vadodara in Gujarat and Faridabad inHaryana, Noida, Khurja and Lucknow in Uttar Pradesh and Jaipur and Udaipur in Rajasthan, and 63 CNG stations in Ahmedabad and Vadodara in Gujarat and Faridabad in Haryana. AdaniGas is also serving approx. 850 industrial units, 1,78,000 households and 1,300 commercial units in these cities through its infrastructure network.

Adani Gas has received “No Objection Certificates” from respective State Governments to develop, construct, own, operate and maintain city gas distribution projects in Gujarat, Lucknow, Noida, and Khurja in Uttar Pradesh, and Udaipur, Jaipur in Rajasthan. It has already initiated the infrastructure development in these cities to meet the fuel needs of industrial and domestic consumers. Pursuant to the enactment of the Petroleum and Natural Gas Regulatory Board Act, 2006, Adani Gas has applied to Petroleum and Natural Gas Regulatory Board for authorization of its operations in Gujarat, Lucknow, Noida, Udaipur and Jaipur. Adani Gas has already received authorization for Khurja in Uttar Pradesh.

Adani Gas has also signed an MOU with IOCL (JV) for distribution of gas in Allahabad(U.P) and Chandigadh (Haryana and Punjab).

• KEY STRATEGIC INITIATIVES

Along the group's core integrated infrastructure businesses, Adani has interests in Ships fueling.

• SHIP FUELING

The Company through its subsidiary, Chemoil Adani Private Limited (CAPL), trades in ship bunker (Fuel oil and Marine Gas Oil) in India. Currently, the Company has its operationsat Mundra, Goa and Chennai and is planning for expansion at Vizag and Haldia during the FY 15.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
Income from Operations
Net Sales / Income from Operations	178068.600	140279.700	483289.200
Other Operating Income	429.800	387.200	1120.400
Net Sales/Income from Operations (Net)	178498.400	140666.900	484409.600
Expenses
Cost of materials consumed	32897.800	23778.300	86485.800
Purchase of stock in trade	85155.800	68987.200	235865.700
Changes in inventories of finished goods, work-in-progress and stock in trade	1432.500	(1520.100)	2822.100
Employees benefit expenses	3140.000	2697.300	8028.400
Depreciation and amortization expenses	11097.800	10457.100	31211.600
Other Expenses	20967.600	16877.100	53001.500
Foreign exchange (gain)/ loss	2249.100	1502.500	5471.100
Total Expenses	156940.600	122779.400	422886.200
Profit From Operations before other income, finance cost and exceptional item	21557.800	17887.500	61523.400
Other income	2250.900	1990.300	5712.400
Profit From Operations before finance cost and exceptional item	23808.700	19877.800	67235.800
Finance Cost	19029.300	17372.000	51736.900
Profit from Ordinary Activities after finance costs but before exceptional items	4779.400	1843.000	15498.900
Exceptional items	0.000	0.000	(1263.900)
Profit from Ordinary Activities before tax	4779.400	1843.000	14235.000
Tax Expense	457.500	645.100	2592.300
Net profit from Ordinary Activities after tax	4321.900	1197.900	11642.700
Paid-up Equity Share Capital (Face Value of Re.1/- Each)	116.600	905.000	466.100
Reserves Excluding Revaluation Reserve as per balance sheet of previous accounting year	4438.500	2102.900	12108.800
Earning per share (EPS) on (face value of Re. 1/- each) (Not Annualised) Basic and Diluted	1099.800 4.04	1099.800 1.91	1099.800 11.01
PART II
PARTICULARS OF SHAREHOLDING
Public Shareholding
-Number of Shares	274952524	274952524	274952524
- Percentage of Shareholding	25.00	25.00	25.00
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	146804339	131804339	146804339
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	17.80	15.98	17.80
- Percentage of Shares (as a % of the Total Share Capital of the Company)	13.35	11.98	13.35
b) Non Encumbered
- Number of Shares	678053220	693053220	678053220
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	82.20	84.02	82.20
- Percentage of Shares (as a % of the Total Share Capital of the Company)	61.65	63.02	61.65

	PARTICULARS	3 Months Ended 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	6
	Disposed of during the quarter	6
	Remaining unresolved at the end of the quarter	Nil

NOTE:

1. The aforesaid Financial Results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on January 30, 2015.

2. The Statutory Auditors have carried out limited review of Standalone Financial Results of the company for the quarter ended on December 31, 2014.

3. The Consolidated Financial Results have been prepared in accordance with Accounting Standard-21 "Consolidated Financial Statements", Accounting Standard-23 "Accounting for Investments in Associates in Consolidated Financial Statements" and Accounting Standard-27 "Financial Reporting of Interest in Joint Ventures" as notified accounting standards by Companies Accounting Standards Rules, 2006 (as amended).

4. Tax expenses includes current tax, deferred tax and adjustment of taxes for the earlier years.

5. Effective from April 01, 2014, the Company has charged depreciation based on the revised remaining useful life of assets as per the requirement of schedule II of the Companies Act, 2013. Due to above, depreciation charged for the quarter and nine month ended December 31, 2014 is higher by Rs. 610 Lacs and Rs. 1,557 Lacs respectively at standalone level and by Rs. 2,170 Lacs and Rs. 5,544 Lacs respectively at Consolidated level. Further, based on transitional provision provided in note 7 (b) of schedule II, an amount of Rs. 391 Lacs ( Net of deferred tax ) at the standalone level and Rs. 2,925 Lacs at Consolidated level has been adjusted with retained earnings.

6. Income from operations includes revenue recognized by subsidiary companies towards compensatory tariff (CT) of Rs. 180,592 Lacs for Nine months ended December 31, 2014 and Rs. 202,043 Lacs (comprising of Rs. 184,312 Lacs of Adani Power Ltd and Rs. 17,731 Lacs of Adani Power Maharastra Ltd) for the year ended March 31, 2014 as per orders of various regulatory authorities. Whilst the matter is sub-judice, and since as per the assessment by the Management, it would not be unreasonable to expect ultimate collection of CT including for the past periods, based on the legal advice that the Company continues to have a good arguable case and, hence, the Company has continued to recognize revenue on account of the CT during the Nine months ended December 31, 2014 and no provision has been considered necessary against the CT recognised during the previous year.

7. Exceptional items represent the liquidated damages amounting to Rs. 12,639 Lacs payable on account of delay in Commercial Operations Date (COD) at Tiroda plant operated by Adani Power Maharashtra Limited, a subsidiary company.

8. The Audit Committee and the Board of Directors of the Company , at the meeting held on January 16, 2015 subject to shareholder's approval, approved a divestment of 100% equity investment held in Maharashtra Eastern Grid Power Transmission Company Limited to Adani Transmission Limited (Wholly Owned Subsidiary of the Company).

9. Previous Period's / year's figures have been regrouped / rearranged wherever necessary, to confirm to the current quarter's/year's classification.

FIXED ASSETS

Tangible Assets

· Land

· Leasehold Improvements

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Electrical Fittings

· Office Equipment

· Computer Equipments

· Vehicles

· Air Craft

· Ship

Intangible Assets

· Software

PRESS RELEASE:

Adani Enterprises Consolidated PAT Rose 293% to Rs 1,211 Millions for 9MFY15

Consolidate PAT rose 551% to Rs 4440.000 Millions for Q3FY15

Jan 30, 2015:

New Delhi, Delhi, India

EDITOR’S SYNOPSIS

Financial Highlights:

· Consolidated Total Income for Q3FY15 increase by 30% to Rs 178500.000 Millions vs Rs 137390.000 Millions in Q3FY14

· Consolidated EBIDTA for Q3FY15 rose by 57% to Rs 34910.000 Millions vs Rs 22270.000 Millions in Q3FY14

· Consolidated PAT for Q3FY15 rose by 551% to Rs 4440.000 Millions vs Rs 680.000 Millions in Q3FY14

· Consolidated Total Income for 9MFY15 increase by 25% to Rs 484410.000 Millions vs Rs 388840.000 Millions in 9MFY14

· Consolidated EBIDTA for 9MFY15 increase by 58% to Rs 98450.000 Millions vs Rs 62270.000 Millions in 9MFY14

· Consolidated PAT for 9MFY15 rose by 293% to Rs 12110.000 Millions vs net loss of Rs 6270.000 Millions

Operational Highlights:

· In 9MFY15, Coal Trading volume grew by 42% to 44 MMT as compared to 31 MMT in 9MFY14. Similarly, coal trading volume grew by 61% to 17 MMT in Q3FY15 as compared to 10.5 MMT in Q3FY14

· In 9MFY15, Ports cargo volume grew 29% to 108 MMT compared to 9MFY14. Similarly, Ports cargo volume grew by 33% to 39 MMT in Q3FY15 compared to 29 in Q3FY14

· In 9MFY15, Power sales volume grew by 36% to 39 BUs compared to 9MFY14. Similarly, power sales volume grew by 32% to 14.7 BUs in Q3FY15 compared to 11.2 BUs in Q3FY14

Business Highlights:

· Adani awarded mine operations contract to Downer EDI for Carmichael Coal Mine project in Queensland, Australia

· The Board of Directors of AEL unanimously approved the Scheme of Demerger of its business and undertakings, refer Scheme of Arrangement for details

· Adani Power has signed a binding term sheet to acquire 100% stake in Korba West Power Company Limited

· Adani Enterprises Limited, the flagship company of the Adani Group, today announced its results for the third quarter and nine months ended December 31, 2014.

Financial Highlights:

The consolidated Total Income for quarter increased by 30% to Rs 178500.000 Millions against Rs 137390.000 Millions in the corresponding period last year. The consolidated EBIDTA increased by 57% to Rs 34910.000 Millions against Rs 22270.000 Millions in the corresponding period last year. The consolidated PAT for Q3FY15 is Rs 4440.000Millions against Rs 680.000 Millions in the corresponding period last year.

The consolidated Total Income for nine months ended December 31, 2014 increased by 25% to Rs 484410.000 Millions against Rs 388840.000 Millions in the corresponding period last year. The consolidated EBIDTA increased by 58% to Rs 98450.000 Millions against Rs 62270.000 Millions in the corresponding period last year. The consolidated PAT for 9MFY15 is Rs 12110.000 Millions.

Our Port, Power and Coal businesses continue to grow on a steady basis. We are actively investing in changing the Indian scenario. Recently we have signed a Memorandum of Understanding (MoU) with Sun Edison Inc to jointly invest $4 billion in setting up India’s largest integrated solar photovoltaic manufacturing facility in Mundra, Gujarat, and also signed a MoU with Australian energy major Woodside Energy for exploring business opportunities across a broad spectrum in the oil and gas sector in India.

Mr. Gautam Adani, Chairman Adani Group, said, “The Scheme of Arrangement will simplify corporate structure and is a decisive step towards unlocking the potential value of the Adani Group Companies. The Scheme of Arrangement will drive next level of value creation, competency, decision making and would be able to accelerate the business growth. These developments and positive macro-economic environment re-affirm our commitment towards securing infrastructure and energy need of the country.”

Mr. Ameet Desai, CFO Adani Group and Executive Director, Adani Enterprises, said, “Our overall performance has improved due to higher contribution from Coal, Ports and Logistics and Power businesses. The shareholders would continue to participate in the growth and progress of Adani with direct shareholding in the respective listed companies. In addition they would also get shares in one of the largest private sector transmission companies with over 5,000 circuit Kms of transmission lines across Western, Northern and Central regions of India. It also allows shareholders to participate individually in the growth areas of Resources, Energy and Logistics.”

Business Highlights:

1. Coal Trading & Mining

The company has successfully embarked on Coal Mining Business and stabilized mining operations at its Indonesian mine.

Australian Engineering Group, Downer EDI has won a 2 billion dollar contract from Adani Group's Carmichael Coal Mine project in Queensland, Australia. This is one of the largest deals of its type signed in the country in recent years. Downer will be responsible for statutory management, mine operations, drilling, blasting, load and haul of waste and coal. This marks a major milestone for our investment in the country, which is expected to generate tremendous economic benefits for Australia and aid India’s ambition of achieving energy security.

2. Ports

Consolidated cargo handled by the company was 108 MMT in 9MFY15, an increase of 29%, over the same period last year. Adani ports at Mundra handled 84 MMT cargo in 9MFY15 thereby continuing its leadership as the largest commercial port in India. Mundra port registered a 13% growth in 9MFY15 compared to 5% aggregate cargo growth at all major ports.

Also, in containers, Mundra port handled 2.02 Million TEUs in 9MFY15 as against 1.68 Million TEU’s in the same period last year resulting in a 20% growth as compared to aggregate growth of 8% in container volumes at other major ports.

Adani Ports awarded as “Best Port of the Year” and “Container Handling Port of the Year” at Gujarat Star Award 2014 and won 6 awards at 28th National Convention on Quality Concept held at Pune.

Adani Ports also handled its largest ever coal vessel of 207,000 DWT at its West Basin in Mundra.

The port at Dahej and Hazira handled a cargo of 10 MMT and 5 MMT in 9MFY15 showing growth of 50% and 66% respectively.

While coal terminal at Visakhapatnam port and Mormugao has been completed, the dry bulk terminal at Tuna Tekra is expected to be commissioned in the current quarter.

3. Power Generation & Transmission

The company achieved thermal power generation capacity of 9240 MW.

4. Other Development

Adani Enterprises signed a MoU with SunEdison to establish a Joint Venture to build the largest, vertically integrated solar photovoltaic manufacturing facility in India.

Adani Enterprises has signed a MoU with Australian energy major Woodside Energy for cooperation for exploring business opportunities across a broad spectrum in the oil and gas sector in India.

About The Adani Group:

The Adani Group is one of India’s leading business houses with revenue of over $9.4 billion.

Founded in 1988, Adani has grown to become a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy. The integrated model is well adapted to the infrastructure challenges of the emerging economies.

The Group has also made significant inroads in the agri-infrastructure business by setting up grain storage silos and cold storage facilities, catering to storage of apples from Himachal Pradesh. We are a market leader in edible oil business with our Fortune brand of oil leading the pack.

We live in the same communities where we operate and take our responsibility towards the society very seriously. Through Adani Foundation, we ensure development and progress is sustainable and inclusive; not just for the people living in these areas, but the environment on the whole. At Adani, we believe in delivering benefits that transcend our immediate stakeholders.

Resources means obtaining Coal from mines and trading; in future it will also include oil and gas production.

Adani is developing and operating mines in India, Indonesia and Australia as well as importing and trading coal from many other countries. Currently, we are the largest coal importers in India. We also have extensive interests in oil and gas exploration. Our extractive capacity has increased three folds to 4 MMT in 2014 and we aim to extract 200 MMT per annum by 2020, thereby making Adani one of the largest mining groups in the world.

Logistics denotes a large network of Ports, Special Economic Zone (SEZ) and Multi-Modal Logistics - Railways and Ships.

Adani owns and operates six ports and terminals – Mundra, Dahej and Hazira in Gujarat, Dhamra in Orissa, Mormugao in Goa and Visakhapatnam in Andhra Pradesh, India. Mundra Port, which is the largest port in India, benefits from deep draft, first-class infrastructure and SEZ status. It crossed the 100 MMT mark of cargo handling in FY14. Adani is also developing ports at Tuna Tekra, Kandla in Gujarat and Ennore in Tamil Nadu, India.

Energy involves Power generation & transmission and Gas distribution.

Adani is the largest private thermal power producer in India with an installed capacity of 9,280 MW. Our three power projects are spread out across the states of Gujarat, Maharashtra & Rajasthan.

We also provide a range of reliable and environment friendly energy solutions, in the form of CNG and PNG. In fact, the above-mentioned installed capacity also includes a 40 MW solar plant at Bitta, Gujarat. 

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

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	-
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.