MIRA INFORM REPORT

Report No. :	303490
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	ADANI AGRI LOGISTICS LIMITED (w.e.f. 28.06.2005)
Formerly Known As :	ADANI LOGISTICS LIMITED
Registered Office :	"Adani House", Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.01.2005
Com. Reg. No.:	04-045356
Capital Investment / Paid-up Capital :	Rs.998.280 millions
CIN No.: [Company Identification No.]	U63090GJ2005PLC045356
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCA0746B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in providing logistics services, custom clearance and cargo services.
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1990500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Adani Enterprises Limited” and a part of Adani Group. It is an established company having satisfactory track record. The company has incurred some accumulated losses. However, the company receives strong operational and financial support from its holding company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of holding support, 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	06.02.2014

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 PARTED BY

Name :	Mr. Tarsin Rana
Designation :	Assistant Manager-Finance
Contact No.:	91-79-26565555
Date :	15.01.2015

LOCATIONS

Registered Office :	"Adani House", Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No. :	91-79-26565555
Fax No. :	91-79-26565500
E-Mail :	darshil.lakhia@adaniwilmar.in
Website :	www.adanilogistics.com
Corporate Office :	Plot No.83, Institutional Area, Gurgaon – 122 001, Haryana, India
Tel. No. :	91-124-2555555
Fax No. :	91-124-2555210

DIRECTORS

AS ON 05.08.2014

Name :

Mr. Pranav Vinodbhai Adani

Designation :

Managing Director

Address :

Param Shanti Bunglow, Survey No.100/1, Near Shaswat Bunglow, B/H Rajpath Club, Ahmedabad – 380 059, Gujarat, India

Date of Birth/Age :

09.08.1978

Date of Appointment :

24.11.2014

DIN No. :

00008457

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	06-10-2001	06-10-2001	31-03-2008	Active	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL Private LIMITED	Director	10-09-2003	10-09-2003	25-09-2008	Active	NO
3	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Managing director	22-03-2004	22-03-2004	-	Amalgamated	NO
4	U52190GJ2000PTC038315	ADANI RETAIL PRIVATE LIMITED	Director	25-06-2004	25-06-2004	19-08-2008	Amalgamated	NO
5	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Director	22-11-2014	15-06-2005	-	Active	NO
6	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13-02-2007	13-02-2007	27-12-2007	Active	NO
7	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	30-09-2014	26-03-2007	-	Active	NO
8	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	29-09-2007	26-03-2007	29-07-2008	Strike off	NO
9	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	27-09-2007	27-09-2007	22-09-2008	Active	NO
10	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17-10-2007	17-10-2007	22-09-2008	Active	NO
11	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28-07-2008	24-01-2008	23-08-2008	Strike off	NO
12	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Managing director	24-11-2014	04-03-2008	-	Active	NO
13	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	04-03-2008	04-03-2008	13-09-2010	Active	NO
14	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Additional director	04-03-2008	04-03-2008	29-07-2008	Active	NO
15	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Managing director	01-04-2013	01-04-2008	-	Active	NO
16	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25-08-2009	29-09-2008	-	Active	NO
17	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21-10-2008	21-10-2008	-	Under Process of Striking off	NO
18	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20-06-2009	27-10-2008	01-03-2011	Strike off	NO
19	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25-08-2009	03-12-2008	-	Active	NO
20	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25-08-2009	29-01-2009	13-09-2010	Active	NO
21	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29-12-2011	03-04-2009	-	Active	NO
22	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	14-09-2009	31-05-2009	-	Active	NO
23	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	29-09-2009	31-05-2009	-	Amalgamated	NO
24	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31-08-2009	31-05-2009	-	Amalgamated	NO
25	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29-09-2009	31-05-2009	25-09-2013	Amalgamated	NO
26	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	20-08-2010	08-08-2009	-	Active	NO
27	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21-12-2009	21-12-2009	-	Strike off	NO
28	U40100GJ2010PLC059653	MAHAGUJ POWER LIMITED	Director	20-02-2010	20-02-2010	-	Active	NO
29	U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	Director	03-03-2010	03-03-2010	-	Amalgamated	NO
30	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	20-08-2010	16-03-2010	01-03-2011	Active	NO
31	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20-08-2010	16-03-2010	01-03-2011	Active	NO
32	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19-04-2010	19-04-2010	-	Amalgamated	NO
33	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	09-08-2011	22-11-2010	-	Active	NO
34	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	17-09-2013	14-08-2013	-	Active	NO
35	U40106GJ2014PLC078744	ADANI SYNENERGY LIMITED	Director	14-02-2014	14-02-2014	-	Active	NO
36	U45400DL2008PTC175331	BRAHMA CITY PRIVATE LIMITED	Additional director	08-10-2014	08-10-2014	-	Active	NO
37	AAA-5204	ADANI ADVISORY LLP	Designated Partner	15-06-2011	15-06-2011	-	Active	NO

Name :

Mr. Atul Chaturvedi

Designation :

Director

Address :

B/11, Shakti Enclave, Opposite Pushparaj Tower, Near Judges Bungalow Road, Vastrapur, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

06.10.1955

Date of Appointment :

24.11.2014

DIN No. :

00175355

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	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Director	14-12-2004	14-12-2004	-	Active	NO
2	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	24-11-2014	19-01-2008	-	Active	NO
3	U01112MP1979NPL001559	SOYABEEN PROCESSORS ASSOCIATION OF INDIA	Director	30-09-2010	30-09-2010	-	Active	NO
4	U15142TN1992PTC022080	VARADARAJA AGRO INDUSTRIES PRIVATE LIMITED	Director	30-09-2011	23-12-2010	02-04-2012	Amalgamated	NO
5	U15143TN2002PTC049397	K.T.V. HEALTH FOOD PRIVATE LIMITED	Director	30-09-2011	23-12-2010	02-04-2012	Active	NO
6	U74999MH2008PTC185990	NATURAL GROWERS PRIVATE LIMITED	Director	05-08-2011	05-03-2011	-	Active	NO
7	U15143GJ2011PTC064651	AWN AGRO PRIVATE LIMITED	Director	27-06-2011	27-06-2011	02-04-2012	Active	NO
8	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	23-09-2011	23-09-2011	-	Active	NO
9	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Whole-time director	01-04-2012	01-04-2012	-	Active	NO

Name :

Mr. Vikram Shankar Nankani

Designation :

Director

Address :

13/14, Anjali, Behind Radio Club Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

13.03.1962

Date of Appointment :

02.07.2013

DIN No. :

02047467

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	U74140MH2009PTC191347	ELP ADVISORY SERVICES PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Active	NO
2	U80301MH2009NPL196813	CHARTERED INSTITUTE OF ARBITRATORS (INDIA)	Director	25-09-2012	22-07-2011	-	Active	NO
3	U65910MH1988PTC047913	TUL LEASING PRIVATE LIMITED	Additional director	09-08-2011	09-08-2011	-	Active	NO
4	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	02-07-2013	01-04-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.08.2014

Names of Shareholders	No. of Shares
Adani Enterprises Limited, India	99802750
Pranav V. Adani (Nominee of Adani Enterprises Limited)	100
Priti G. Adani (Nominee of Adani Enterprises Limited)	100
Shilin R. Adani (Nominee of Adani Enterprises Limited)	100
Ranjan Adani (Nominee of Adani Enterprises Limited)	100
Vinod Adani (Nominee of Adani Enterprises Limited)	100
Gautam Adani (Nominee of Adani Enterprises Limited)	24750
Total	99828000

AS ON 05.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing logistics services, custom clearance and cargo services.

Products/ Services :

Item Code No. (ITC Code)	Product Description
99672900	Other Storage and Warehousing Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash and Credit (30 days)

Purchasing :

Cash and Credit (30 days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Reference :	Bridge and Roof Co. (India) Limited, Kolkata
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

85 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Zonal House, 9^th Floor, JMC House, Opposite Parimal Garden, Ambawadi,, Ahmedabad – 380 006, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit: Rs.4500.000 millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (The term loan will be repaid based on monthly installments as per the loan repayment schedule agreed upon in the sanction letter.)	3990.038	3711.900
Total	3990.038	3711.900

Banking Relations :	--
Financial Institution :	Infrastructure Development Finance Company Limited, KRM Tower, 8^th Floor, No.1, Harrington Road, Chetpet, Chennai – 600 031, Tamilnadu, India
Auditors :
Name :	G.K. Choksi and Company Chartered Accountants
Address :	'Madhuban', Near Madalpur Underbridge, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
PAN No.:	AAAFG7623H
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Adani Enterprises Limited, India (CIN No.: L51100GJ1993PLC019067)
Associates :	Adani Wilmar Limited, India (CIN No.: U15146GJ1999PLC035320) Sarguja Rail Corridor Private Limited, India (CIN No.: U60200DL2010PTC202278)
Fellow Subsidiary Companies :	Adani Agri Logistics (MP) Limited, India (CIN No.: U74120GJ2014PLC079278)

CAPITAL STRUCTURE

AS ON 05.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99828000	Equity Shares	Rs.10/- each	Rs.998.280 millions

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	998.280	998.280	998.280
(b) Reserves & Surplus	(301.601)	(338.839)	(0.158)
(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)	696.679	659.441	998.122
(3) Non-Current Liabilities
(a) Long-term borrowings	3990.038	3711.900	3753.200
(b) Deferred tax liabilities (Net)	0.000	0.000	4.716
(c) Other long term liabilities	6.539	6.603	2.352
(d) Long-term provisions	3.373	3.097	2.094
Total Non-current Liabilities (3)	3999.950	3721.600	3762.362
(4) Current Liabilities
(a) Short term borrowings	687.698	964.898	380.693
(b) Trade payables	76.094	48.752	22.085
(c) Other current liabilities	292.054	3947.947	461.233
(d) Short-term provisions	1.709	0.132	0.564
Total Current Liabilities (4)	1057.555	4961.729	864.575
TOTAL	5754.184	9342.770	5625.059
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5278.410	5116.785	5208.430
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	24.731	22.273	171.350
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	56.257	152.798	30.740
(e) Other Non-current assets	0.035	0.035	26.046
Total Non-Current Assets	5359.433	5291.891	5436.566
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.962	2.126	0.000
(c) Trade receivables	80.524	82.718	68.972
(d) Cash and cash equivalents	301.495	3958.912	113.299
(e) Short-term loans and advances	6.503	6.313	3.728
(f) Other current assets	0.267	0.810	2.494
Total Current Assets	394.751	4050.879	188.493
TOTAL	5754.184	9342.770	5625.059

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	932.526	824.738	889.157
		Other Income	28.691	11.623	17.651
		TOTAL	961.217	836.361	906.808
Less	EXPENSES
		Employee benefit expense	56.879	42.663	40.911
		Other expenses	136.306	139.053	180.869
		Exceptional items	0.000	286.109	0.000
		TOTAL	193.185	467.825	221.780
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		768.032	368.536	685.028
Less	FINANCIAL EXPENSES		450.605	443.587	457.526
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		317.427	(75.051)	227.502
Less/ Add	DEPRECIATION/ AMORTISATION		280.187	268.346	259.382
	PROFIT/ (LOSS) BEFORE TAX		37.240	(343.397)	(31.880)
Less	TAX		0.002	(4.716)	(12.755)
	PROFIT/ (LOSS) AFTER TAX		37.238	(338.681)	(19.125)
	Earnings / (Loss) Per Share (Rs.)		0.37	(3.39)	(0.19)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.99	(41.07)	(2.15)
Operating Profit Margin (PBDIT/ Sales)	(%)	82.36	44.69	77.04
Return on Total Assets (PBT/Total Assets}	(%)	0.65	(3.68)	(0.58)
Return on Investment (ROI) (PBT/Networth)		0.05	(0.52)	(0.03)
Debt Equity Ratio (Total Debt/Networth)		6.71	7.09	4.14
Current Ratio (Current Asset/Current Liability)		0.37	0.82	0.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	998.280	998.280	998.280
Reserves & Surplus	(0.158)	(338.839)	(301.601)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	998.122	659.441	696.679
Long Term borrowings	3753.200	3711.900	3990.038
Short Term borrowings	380.693	964.898	687.698
Total borrowings	4133.893	4676.798	4677.736
Debt/Equity ratio	4.142	7.092	6.714

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	889.157	824.738	932.526
		(7.245)	13.069

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	889.157	824.738	932.526
Profit	(19.125)	(338.681)	37.238
	(2.15%)	(41.07%)	3.99%

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	Yes
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	Yes
19]	Payments terms	Yes
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

CORPORATE INFORMATION

The Company is a wholly owned subsidiary of Adani Enterprises Limited and an entity incorporated under the provision of the Companies Act, 1956. The Company has entered in to a service concession agreement with Food Corporation of India (FCI) on 28^th June, 2005 to design, develop, construct, operate and maintain project facilities for warehousing and transportation of the food grains on Build, Own, and Operate (BOO) basis for a period of twenty years. Under the agreement, the Company is eligible for revenues based on Annual Guaranteed Tonnage irrespective of the actual usage by FCI.

PERFORMANCE:

The year witnessed growth of 13.07% in the turnover of the Company to Rs.932.530 millions. (Previous year: Rs.824.740 millions). Favorable market conditions resulted in Net Profit of Rs.37.240 millions. (Previous year Net Loss: Rs.338.680 millions).

OPERATIONS:

The company 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, the company 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. The company also has 7 special purpose bulk food grain rakes. India is likely to aggressively expand scientific bulk storage in the near future and the company is ideally placed to take advantage of this thrust.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others [It indicates Unsecured Loan from Holding company - (Loans availed from Holding company are interest free and repayable on demand).]	687.698	964.898
Total	687.698	964.898

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413172	28/10/2013 *	4,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B89134936

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bank guarantees	36.915	39.719
Estimated amount of Unexecuted capital contracts (Net of Capital Advances)	1.192	374.523

FIXED ASSETS:

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

· Railway Siding

· Wagons

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.