MIRA INFORM REPORT

Report No. :	324688
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	ADANI POWER LIMITED

Registered Office :	Shikhar Building, 9^th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmadabad – 380009, Gujarat
Tel No. :	91-79-2656555

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	22.08.1996

Com. Reg. No.:	04-030533

Capital Investment / Paid-up Capital :	Rs. 28719.200 Million

CIN No.: [Company Identification No.]	L40100GJ1996PLC030533

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMA01102D

PAN No.: [Permanent Account No.]	AABCA2957L

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Power Generation and Power Transmission

No. of Employees :	1493 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is an established company having satisfactory track. Subject is a part of ADANI GROUP. Management has reported loss of Rs. 686.300 Million during FY 2015. However, the ratings continue to draw strength from wide experience of promoters of AEL In global trading business and diversified operation of the group. Rating also takes into consideration unconditional and irrevocable corporate guarantee provide by Adani Enterprises Limited (AEL). Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = A (So)
Rating Explanation	Adequate degree of safety and low credit risk
Date	26.03.2015

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 (91-79-26565555)

LOCATIONS

Registered Office :	Shikhar Building, 9^th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565555/ 25555795/ 255507134
Fax No.:	91-79-26565500/ 25555608/ 6161/ 25557177
E-Mail :	info@adanigroup.com rcshah@adanigrup.com ipo.power@adanipower.com digish.shah@adanipower.com
Website :	http://www.adanipower.com

Corporate Address:	7^th Floor, Sambav Building (Sambav Press), Judges Bunglow Road, Bodakdev, Ahmedabad - 380015, Gujarat, India
Tel No.:	91-79-25556927/ 6985
Fax No.:	91-79-26873335

Corporate Office :	Achalraj, Opposite Mayor Bunglow, Ahmedabad, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Gautham S. Adani
Designation :	Chairman Cum Managing Director
Address :	“Shantivan”, B.h Karnavt Club, Gandhinagar- Srkhej Highway, Ahmedabad-380057, Gujarat, India
Date of Birth/Age :	24.06.1962
Date of Appointment :	26.12.2005

Name :	Mr. Rajesh S Adani
Designation :	Managing Director
Address :	15, Suryaja Bunglows, B/h Sunrise Park, Near Amaltas Bunglow, Vastrapur, Ahmdebad-380054, Gujarat, India
Date of Birth/Age :	07.12.1964
Date of Appointment :	12.06.2007

Name :	Mr. Vneet S Jaain
Designation :	Executive Director

Name :	Mr. B.B. Tandon
Designation :	IAS (Retd)

Name :	Mr. Vijay Ranchan
Designation :	IAS (Retd)

Name :	Mr. C. P. Jain
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rahul C. Shah
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	2025356085	70.52
Sub Total	2025356085	70.52
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	57700000	2.01
Bodies Corporate	70878997	2.47
Sub Total	128578997	4.48
Total shareholding of Promoter and Promoter Group (A)	2153935082	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3177368	0.11
Financial Institutions / Banks	16216899	0.56
Foreign Institutional Investors	213380683	7.43
Sub Total	232774950	8.11
(2) Non-Institutions
Bodies Corporate	29244755	1.02
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	106924585	3.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	23113025	0.80
Any Others (Specify)	325918736	11.35
Trusts	132993	0.00
Non Resident Indians	3830176	0.13
Foreign Nationals	1316900	0.05
Foreign Corporate Bodies	319107182	11.11
Directors & their Relatives & Friends	70880	0.00
Clearing Members	1460605	0.05
Sub Total	485201101	16.90
Total Public shareholding (B)	717976051	25.00
Total (A)+(B)	2871911133	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2871911133	100.00

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 % of grand total (A)+(B)+(C)
1	Adani Enterprises Limited	1,98,12,90,000	68.99
2	Adani Properties Private Limited	4,40,66,085	1.53
3	Ventura Power Investments Private Limited	7,08,78,997	2.47
4	Adani Vinodbhai Shantilal	5,77,00,000	2.01
	Total	2,15,39,35,082	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	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Opal Investment Private Limited	213236910	7.42
2	3i Power Investments A1 Limited	73329272	2.55
	Total	286566182	9.98

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl.No	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Opal Investment Private Limited	213236910	7.42
	Total	213236910	7.42

BUSINESS DETAILS

Line of Business :	Power Generation and Power Transmission

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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 :	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

No. of Employees :

1493 (Approximately)

Bankers :

· Allahabad Bank

· Andhra Bank

· Axis Bank

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Banque Des Mascareignes Ltee

· Canara Bank

· Central Bank of India

· China Development Bank

· Corporation Bank

· Dena Bank

· Deutsche Bank

· Development Credit Bank

· First Gulf Bank

· HDFC Bank

· ICICI Bank

· Indusind Bank

· Industrial Development Bank of India

· ING Vysya Bank

· Jammu and Kashmir Bank

· Life Insurance Corporation of India

· Mega International Commercial Bank

· Power Finance Corporation

· Punjab National Bank

· Punjab and Sind Bank

· Royal Bank of Scotland

· Rural Electrification Corporation

· SBI (Mauritius)

· State Bank of Bikaner and Jaipur

· State Bank of Hyderabad

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Standard Chartered Bank

· Syndicate Bank

· UCO Bank

· Union Bank of India

· United Bank of India

· Yes Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loans
From Banks	NA	136205.500
From Others	NA	5025.000
Trade Credits
From Banks	NA	0.000

SHORT TERM BORROWING
Trade Credits
From Banks	NA	13706.900

Total	NA	154937.400

Financial Institutions :	Infrastructure Development Finance Company

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India

Memberships :	--

Collaborators :	--

Holding Company :	Adani Enterprises Limited

Related parties where control exist Subsidiaries and step down subsidiaries:	Adani Power Maharashtra Limited Adani Power Rajasthan Limited Adani Transmission (India) Ltd.(w.e.f. 2 December, 2013) (Formerly known as Adani Transmission (Gujarat) Limited) Adani Transmission (Maharashtra) Limited (w.e.f. 4 December, 2013) Adani Power Dahej Limited (up to 27 September, 2013) Adani Pench Power Limited (up to 27 September, 2013) Kutchh Power Generation Ltd (up to 27 September, 2013)

Ultimate Controlling Entity Fellow subsidiaries :	Shantilal Bhudhermal Adani Family Trust (SBAFT) Adani Power Dahej Limited (w.e.f. 28 September, 2013) Adani Pench Power Limited (w.e.f. 28 September, 2013) Kutchh Power Generation Ltd (w.e.f. 28 September, 2013) Maharashtra Eastern Grid Power Transmission Company Limited Adani Hazira Port Private Limited Adani Mining Private Limited Adani Shipping Pte Limited Adani Welspun Exploration Limited Adani Infra (India) Limited Adani Gas Limited Chemoil Adani Private Limited Adani Ports and Special Economic Zone Limited (Formerly known as Mundra Port and Special Economic Zone Limited) MPSEZ Utilities Private Limited Karnavati Aviation Private Limited Adani Global Pte Limited Adani Kandla Bulk Terminal Private Limited

Entities on which one or more Key Management Personnel have a significant influence / controls	Adani Wilmar Limited Adani Wilmar Limited Shanti Builders - Partnership firm Adani Foundation Adani Advisory LLP

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 28719.200

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3500000000	Equity Share	Rs.10/- each	Rs.35000.000 Million
500000000	Cumulative Compulsorily Convertible Participatory Preference Shares	Rs.10/- each	Rs.5000.000 Million
	Total		Rs.40000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2871922110	Equity Shares	Rs.10/- each	Rs. 28719.200 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Million
At the beginning of the year	2393272110	2393.27
Issued during the year on account of Amalgamation Scheme	--	--
Outstanding at the end of the year	478650000	478.65

b. Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of Iiquidation of the Company the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferenial amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Shares held by holding company

Equity Shares	Rs In Million
Out of equity shares issued by the Company, shares held by its holding company are as under:
Adani Enterprises Limited :
1981290000 Equity Shares of Rs.10 each fully paid	19812.900

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Adani Enterprises Limited, Holding Company	1984290000	68.99%
3i Power Investments A1 Limited	160598342	5.59%
OPAL Investment Private Limited	213236910	7.42%

e. During the year, Company has allotted 44,98,50,000 Equity Shares of Rs. 10 each with premium of Rs. 43.11 per share to Adani Enterprises Limited and 2,88,00,000 Equity Shares of Rs. 10 each with premium of Rs. 43.11 per share to Mr. Vinod S. Adani. These equity shares were issued on preferential basis under section 81(1A) of the Companies Act, 1956.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholder Funds
(a) Share Capital	28719.200	28719.200	23932.700
(b) Reserves & Surplus	48442.300	49152.400	22565.000
(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)	77161.500	77871.600	46497.700

(3) Non-Current Liabilities
(a) long-term borrowings	167029.700	176031.600	207528.000
(b) Deferred tax liabilities (Net)	0.000	0.000	10606.300
(c) Other long term liabilities	605.300	3968.400	0.000
(d) long-term provisions	721.100	2515.500	1634.600
Total Non-current Liabilities (3)	168356.100	182515.500	219768.900

(4) Current Liabilities
(a) Short term borrowings	42346.700	47140.400	39412.600
(b) Trade payables	41547.200	29151.600	26028.600
(c) Other current liabilities	45307.500	47522.800	44852.500
(d) Short-term provisions	2544.600	3588.200	3188.700
Total Current Liabilities (4)	131746.000	127403.000	113482.400

TOTAL	377263.600	387790.100	379749.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	201588.500	244637.700	241497.300
(ii) Intangible Assets	0.00	30.700	13.900
(iii) Capital work-in-progress	0.000	1464.000	6131.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	54060.000	49159.700	49160.700
(c) Deferred tax assets (net)	0.000	46101.800	40787.400
(d) Long-term Loan and Advances	45141.100	5554.900	167.400
(e) Other Non-current assets	23045.700	0.000	0.000
Total Non-Current Assets	323835.300	346948.800	337757.700

(2) Current assets
(a) Current investments	2214.300	0.200	123.600
(b) Inventories	9820.400	9014.800	12632.500
(c) Trade receivables	14487.000	2752.300	6745.800
(d) Cash and cash equivalents	3690.500	4127.900	14860.100
(e) Short-term loans and advances	2601.600	2888.800	2473.200
(f) Other current assets	20614.500	22057.300	5156.100
Total Current Assets	53428.300	40841.300	41991.300

TOTAL	377263.600	387790.100	379749.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	24903.200	107144.300	63329.800
	Other Income	1019.600	5901.300	5351.100
	TOTAL (A)	25922.800	113045.600	68680.900

Less	EXPENSES
	Cost of Materials Consumed	13111.000	61557.800	46988.800
	Purchases of Stock-in-Trade	1904.800	1568.900	1350.900
	Exceptional Item	(2118.700)	11076.600	6802.000
	Employees benefits expense	561.300	0.000	0.000
	Other expenses	3378.900	0.000	(515.900)
	Derivative (Gain)/Loss	(298.900)	0.000	0.000
	TOTAL (B)	16538.400	74203.300	54625.800

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	9384.400	38842.300	14055.100

Less	FINANCIAL EXPENSES (D)	5840.300	30236.100	16454.100

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3544.100	8606.200	(2399.000)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	(638.000)	11878.300	10121.200

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4182.100	(3272.100)	(12520.200)

Less	TAX (I)	0.000	(9224.700)	7000.100

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	4182.100	5952.600	(19520.300)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(9589.600)	(15542.200)	3978.100


	Balance Carried to the B/S (J+K+L-M)	(5407.500)	(9589.600)	(15542.200)

	IMPORTS
	Fuel	NA	52085.000	34697.200
	Components and Stores parts	NA	552.900	252.500
	Capital Goods	NA	49.300	2879.700
	TOTAL IMPORTS	NA	52687.200	37829.400

	Earnings / (Loss) Per Share (Rs.)	1.46	2.62	(7.15)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

29643.700

33980.700

Cash generated from operations

(1536.800)

1.000

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	16.79	(3.05)	(19.77)

Operating Profit Margin (PBDIT / Sales)	(%)	37.68	36.25	22.19

Return on Total Assets (PBT/Total Assets}	(%)	1.29	(1.12)	(4.41)

Return on Investment (ROI) (PBT/Networth)		0.05	(0.04)	(0.27)

Debt Equity Ratio (Total Debt /Networth)		2.71	3.25	6.04

Current Ratio (Current Asset/Current Liability)		0.41	0.32	0.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	23932.700	28719.200	28719.200
Reserves & Surplus	22565.000	49152.400	48442.300
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	46497.700	77871.600	77161.500

long-term borrowings	207528.000	176031.600	167029.700
Short term borrowings	39412.600	47140.400	42346.700
Total borrowings	280921.300	252815.700	209376.400
Debt/Equity ratio	6.042	3.247	2.713

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	63329.800	107144.300	24903.200
		69.185	(76.757)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	63329.800	107144.300	24903.200
Profit	(12520.200)	(3272.100)	4182.100
	(19.77%)	(3.05%)	16.79%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

Litigation Details :

HIGH COURT OF GUJARAT

CIVIL APPLICATION No. 5810 of 2011

In SPECIAL CIVIL APPLICATION / 11023 / 2010 ( PENDING )

Status : PENDING

( Converted from : CAST/4773/2011)

CCIN No : 001003201105810

Last Listing Date: 25/02/2015

Coram

HONOURABLE MR.JUSTICE R.M.CHHAYA

Not Before :

HONOURABLE MR.JUSTICE K.M.THAKER

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S.NO.	Name of the Petitioner	Advocate On Record
1	MAHESH HIMMATLAL PUJ	MR.D K.PUJ for: Petitioner(s) 1 MS VIDHI J BHATT for: Petitioner(s) 1

S.NO.

Name of the Respondant

Advocate On Record

STATE OF GUJARAT THROUGH CHIEF SECRETARY
PRINCIPLE SECRETARY
PRINCIPAL SECRETARY ENERGY AND PETROLEUM DEPT.,
PRINCIPAL SECRETARY
DEPUTY CONSERVATOR OF FOREST
COLLECTOR
DEPUTY COLLECTOR
MAMLATDAR
SUPERINTENDENT OF LAND
DISTRICT INSPECTOR LAND RECORDS

RULE SERVED for :Respondent(s)  1 - 14
GOVERNMENT PLEADER for :Respondent(s)  1 - 5 , 7 - 11
MS PAURAMIB SHETH for :Respondent(s)  13
M/S TRIVEDI & GUPTA for :Respondent(s)  14
MR PR NANAVATI for :Respondent(s)  6

Presented On	: 13/09/2010	Registered On	: 13/09/2010
Bench Category	: - SINGLE BENCH	District	: KACHCHH
Case Originated From	:THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 84 times

Office Objection

Stage Name	FOR FINAL HEARING
Filing Stage	WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?
Classification	SJ - LAND LAWS - BOMBAY LAND REVENUE CODE, 1879 - PENALTY FOR UNAUTHORISED OCCUPATION OF LAND (S.61)
Act	BOMBAY LAND REVENUE CODE, 1894

Office Details

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	15/08/2010	VAKALATNAMA	MR PR NANAVATI ADVOCATE for RESPONDENT(s) 6	4	MR PR NANAVATI:6
2	15/08/2010	VAKALATNAMA	MS PAURAMIB SHETH ADVOCATE for RESPONDENT(s) 1	4	MS PAURAMI B SHETH:13
3	15/08/2010	APPEARANCE NOTE	GOVERNMENT PLEADER for RESPONDENT(s) 1	-	GOVERNMENT PLEADER:1-5,7-11
4	15/08/2010	VAKALATNAMA	M/S TRIVEDI & GUPTA ADVOCATE for RESPONDENT(s) 1	-	M/S TRIVEDI & GUPTA:14
5	15/08/2010	VAKALATNAMA	MR.D K.PUJ ADVOCATE for PETITIONER(s) 1	-	MR.D K.PUJ:1
6	15/08/2010	VAKALATNAMA	MS VIDHI J BHATT ADVOCATE for PETITIONER(s) 1	-	MS VIDHI J BHATT:1
7	15/08/2010	DOCUMENT	RULE SERVED for RESPONDENT(s) 1	-	RULE SERVED:1,12-14
8	13/09/2010	VAKALATNAMA	MS VIDHI J BHATT ADVOCATE for PETITIONER(s) 1	5	MS VIDHI J BHATT:1
9	13/09/2010	MEMO OF APPEAL/PETITION/SUIT	MS VIDHI J BHATT ADVOCATE for PETITIONER(s) 1	50	MS VIDHI J BHATT:1
10	06/10/2010	VAKALATNAMA	M/S TRIVEDI & GUPTA ADVOCATE for RESPONDENT(s) 1	5	M/S TRIVEDI & GUPTA:14
11	07/10/2010	VAKALATNAMA	MR PR NANAVATI ADVOCATE for RESPONDENT(s) 6	5	MR PR NANAVATI:6
12	11/10/2010	APPEARANCE NOTE	GOVERNMENT PLEADER for RESPONDENT(s) 1	-	GOVERNMENT PLEADER:1-5,7-11
13	15/10/2010	VAKALATNAMA	MS PAURAMIB SHETH ADVOCATE for RESPONDENT(s) 1	5	MS PAURAMI B SHETH:13
14	25/10/2010	AFFIDAVIT IN REPLY	M/S TRIVEDI & GUPTA ADVOCATE for RESPONDENT(s) 1	0	M/S TRIVEDI & GUPTA:14
15	09/05/2011	AFFIDAVIT	GOVERNMENT PLEADER for RESPONDENT(s) 1	0	GOVERNMENT PLEADER:1-5,7-11
16	12/09/2011	VAKALATNAMA	MR.D K.PUJ ADVOCATE for PETITIONER(s) 1	5	MR.D K.PUJ:1

Linked Matters

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	CIVIL APPLICATION/5810/2011	PENDING	-	- HONOURABLE MR.JUSTICE R.M.CHHAYA	1
2	CIVIL APPLICATION/9523/2011	PENDING	-	- HONOURABLE MR.JUSTICE R.M.CHHAYA	2
3	MISC.CIVIL APPLICATION/2188/2011	PENDING	-	- HONOURABLE MR.JUSTICE R.M.CHHAYA	3

Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	16/01/2013	10	1-8	FOR FINAL HEARING	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
2	28/02/2013	10	117	FOR FINAL HEARING	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
3	06/03/2013	10	120	FOR FINAL HEARING	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
4	11/03/2013	10	127	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
5	25/04/2013	10	229	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
6	13/06/2013	10	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
7	04/07/2013	10	112	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
8	24/07/2013	10	115	FOR FINAL HEARING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
9	21/08/2013	9	95	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE ANANT S. DAVE HONOURABLE MR.JUSTICE S.R.BRAHMBHATT and HONOURABLE MS.JUSTICE HARSHA DEVANI
10	12/09/2013	9	59	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
11	07/10/2013	9	47	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
12	19/11/2013	15	110	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE S.R.BRAHMBHATT HONOURABLE MR.JUSTICE RAJESH H.SHUKLA and HONOURABLE MR.JUSTICE R.M.CHHAYA
13	05/12/2013	15	69	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
14	16/01/2014	16	35	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA HONOURABLE MR.JUSTICE G.B.SHAH
15	10/02/2014	16	32	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
16	07/03/2014	16	52	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
17	04/04/2014	16	47	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
18	08/05/2014	16	26	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
19	30/06/2014	14	-	FOR FINAL HEARING		HONOURABLE MR.JUSTICE RAJESH H.SHUKLA HONOURABLE MR.JUSTICE G.B.SHAH
20	01/07/2014	14	96	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
21	25/07/2014	14	161	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
22	05/09/2014	14	151	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
23	26/09/2014	14	155	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
24	28/11/2014	15	148	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
25	15/01/2015	15	84	FOR FINAL HEARING	NEXT DATE	HONOURABLE MR.JUSTICE R.M.CHHAYA
26	25/02/2015	15	-	FOR FINAL HEARING		HONOURABLE MR.JUSTICE R.M.CHHAYA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions
1	SPECIAL CIVIL APPLICATION/11023/2010	HONOURABLE MR.JUSTICE KS JHAVERI	14/09/2010	N	ORDER	-	Y	Download
2	SPECIAL CIVIL APPLICATION/11023/2010	HONOURABLE MR.JUSTICE KS JHAVERI	26/10/2010	N	ORDER	-	Y	Download
3	SPECIAL CIVIL APPLICATION/11023/2010	HONOURABLE MR.JUSTICE KS JHAVERI	29/10/2010	N	ORDER	-	Y	Download
4	SPECIAL CIVIL APPLICATION/11023/2010	HONOURABLE MR.JUSTICE M.R. SHAH	21/04/2011	N	ORDER	-	Y	Download

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loans
From Banks	NA	2863.600
From Related Party	NA	31904.600
Trade Credits
From Banks	NA	32.900

SHORT TERM BORROWING
Trade Credits
From Banks	NA	1509.500
Other Loans and Advances
From Other Parties	NA	11049.400
From Banks	NA	0.000
From Related parties	NA	20874.600


Total	NA	68234.600

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490279	29/03/2014	3,000,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C03813540
2	10378194	09/01/2013 *	3,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B66413956
3	10369422	29/06/2012	7,500,000,000.00	IDBI Bank Limited	IDBI Complex, Off C. G. Road, Near Lal Bunglow, Ahmedabad, Gujarat - 380006, India	B45242161
4	10353032	15/07/2013 *	6,750,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B82233784
5	10345633	15/07/2013 *	56,100,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81377293
6	10314594	19/10/2011	8,500,000,000.00	State Bank of India	58, Shrimali Society,, Navrangpura, Ahmedabad, Gu jarat - 380009, INDIA	B24093304
7	10310793	15/07/2013 *	4,470,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81744237
8	10296649	15/07/2013 *	22,500,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B82229717
9	10269639	15/07/2013 *	52,330,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81376865
10	10267941	24/06/2011 *	5,000,000,000.00	State Bank of India	58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, India	B16791519
11	10267939	06/01/2011	3,000,000,000.00	State Bank of India	58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, India	B05169362
12	10180849	23/11/2010 *	62,290,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B01289172
13	10131213	15/07/2013 *	4,455,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81801110
14	10067568	16/09/2011 *	5,500,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B22829287
15	10021276	16/09/2011 *	940,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B22828917
Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490279	29/03/2014	3,000,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C03813540
2	10378194	09/01/2013 *	3,000,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B66413956
3	10369422	29/06/2012	7,500,000,000.00	IDBI Bank Limited	IDBI Complex, Off C. G. Road, Near Lal Bunglow, Ahmedabad, Gujarat - 380006, India	B45242161
4	10353032	15/07/2013 *	6,750,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B82233784
5	10345633	15/07/2013 *	56,100,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81377293
6	10314594	19/10/2011	8,500,000,000.00	State Bank of India	58, Shrimali Society,, Navrangpura, Ahmedabad, Gu jarat - 380009, INDIA	B24093304
7	10310793	15/07/2013 *	4,470,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81744237
8	10296649	15/07/2013 *	22,500,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B82229717
9	10269639	15/07/2013 *	52,330,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81376865
10	10267941	24/06/2011 *	5,000,000,000.00	State Bank of India	58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, India	B16791519
11	10267939	06/01/2011	3,000,000,000.00	State Bank of India	58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, India	B05169362
12	10180849	23/11/2010 *	62,290,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B01289172
13	10131213	15/07/2013 *	4,455,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81801110
14	10067568	16/09/2011 *	5,500,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B22829287
15	10021276	16/09/2011 *	940,000,000.00	IDBI Trusteeship Services Limited	Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B22828917

* Date of charge modification

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Railway Siding

· Computer

· Office Equipments

· Electrical Installation

· Vehicle

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 records 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 records 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.63.95
UK Pound	1	Rs.98.64
Euro	1	Rs.69.86

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	SAN

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		45

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.