MIRA INFORM REPORT

Report No. :	345781
Report Date :	16.10.2015

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
Tel. No.:	91-79-25555555

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	02.03.1993

Com. Reg. No.:	04-019067

Capital Investment / Paid-up Capital :	Rs.1099.800 Million

CIN No.: [Company Identification No.]	L51100GJ1993PLC019067

IEC No.:	0888021119

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, transmission and gas distribution.

No. of Employees :	547 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject was incorporated in 1993 and it is the flagship company of the Adani Group. Subject is a well-established company having fine track record. For the financial year ended 2015, company possesses healthy operational performance and it has achieved profit from its operational activities. Rating also takes into consideration wide experience of the promoters of AEL in global trading businesses backed by leading position in imported coal trading business in the country along with overseas mining assets and healthy financial base of the company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of being part of Adani Group of companies, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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= A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	23.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities= A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	23.03.2015

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 31-03-2015.

INFORMATION DENIED

Management Non Co-operative (91-79-26565555)

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, Gujarat, India

DIRECTORS

AS ON 31.03.2015

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. Pranav Adani
Designation :	Director (w.e.f. 31 March, 2015)

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. S. K. Tuteja
Designation :	Director

Name :	Mr. Anil S. Ahuja
Designation :	Director
Address :	29, Leonie Hill, #19, 04 Horizon Tower West, Singapore – 239228
Date of Birth/Age :	01.12.1962
Qualification :	B. Tech
Date of Appointment :	20.05.2009
DIN No.:	00759440

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 :	Ms. Dharmishta N. Rawal
Designation :	Director (w.e.f. 31 March, 2015)

KEY EXECUTIVES

Name :	Mr. Jatin Jalundhwala
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage 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	1743500	0.16
Financial Institutions / Banks	28891505	2.63
Foreign Institutional Investors	128063234	11.64
Sub Total	158698239	14.43
(2) Non-Institutions
Bodies Corporate	7384421	0.67
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	28112436	2.56
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1784323	0.16
Any Others (Specify)	78973105	7.18
Non Resident Indians	6083005	0.55
Clearing Members	677897	0.06
Foreign Individuals	10000	0.00
Overseas Corporate Bodies	72202203	6.56
Sub Total	116254285	10.57
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	100.00

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, transmission and gas distribution.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

547 (Approximately)

Bankers :

State Bank of India, Ahmedabad
ICICI Bank Limited, Mumbai
Axis Bank Limited, Ahmedabad
Standard Chartered Bank, Ahmedabad
YES Bank Limited, Mumbai
Bank of Maharashtra, Mumbai
HDFC Bank Limited, Ahmedabad
IDBI Bank Limited, Ahmedabad
Canara Bank, Ahmedabad
IndusInd Bank Limited, Ahmedabad
RBL Bank Limited, Mumbai
Syndicate Bank, Ahmedabad
Karnataka Bank Limited, Mangalore

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loans
From Banks	13351.500	13225.000

Short Term Borrowings
From Banks
Term loan	7500.000	2650.000
Cash credit facilities	0.000	977.400
Buyer's credit facilities	9352.000	8497.300
From Others
Term loan	0.000	2000.000

Total	30203.500	27349.700

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
PAN No.:	AAGFD1279G

Collaborators :	Not Divulged

Membership :	Not Divulged

Controlling Entity :	Shantilal Bhudhermal Adani Family Trust (SBAFT)

Subsidiary Companies :	Adani Global Limited, Mauritius. Adani Agri Logistics Limited Adani Agri Fresh Limited Adani Power Limited Adani Mining Private Limited Adani Energy Limited Adani Gas Limited Mundra LNG Limited Adani Shipping (India) Private Limited Adani Infra (India) Limited Natural Growers Private Limited Chendipada Collieries Private Limited Adani Ports and Special Economic Zone Limited Parsa Kente Collieries Limited Adani Welspun Exploration Limited Rajasthan Collieries Limited Adani Transmission Limited Adani SynEnergy Limited Adani Agri Logistics (MP) Limited Adani Power Dahej Limited Adani Pench Power Limited Kutchh Power Generation Limited Adani Agri Logistics (Harda) Limited Adani Agri Logistics (Hoshangabad) Limited Adani Agri Logistics (Satna) Limited Adani Agri Logistics (Ujjain) Limited Adani Agri Logistics (Dewas) Limited Dhamra LNG Terminal Private Limited Adani Green Energy Limited Adani Renewable Energy Park Limited Adani Defence Systems and Technologies Limited

Step-down Subsidiary Entities :	Adani Power Maharashtra Limited Adani Power Rajasthan Limited Adani Transmission (India) Limited Adani Power Resources Limited [previously known as Adani Transmission (Maharashtra) Limited] Adani Ennore Container Terminal Private Limited Adani Shipyard Private Limited (upto 28.01.2015) Adani Hospitals Mundra Private Limited Mahaguj Power Limited Sarguja Rail Corridor Private Limited (upto 30.03.2015) Adani Chendipada Mining Private Limited Adani Resources 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 Adani 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 (upto 02.06.2014) 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 Chemoil Adani Pte. Limited, Singapore Adani Murmugao Port Terminal Private Limited Chemoil Adani Private Limited AWEL Global Limited, UAE Adani Warehousing Services Private Limited Galilee Transmission Holdings Pty Limited Galilee Transmission Pty Limited Jhar Mining Infra Private Limited The Dhamra Port Company Limited Adani Green Energy (Tamilnadu) Limited Adani Renewable Energy Park (Gujarat) Limited Adani Power (Karnataka) Limited Mundra Solar Technopark Private Limited Maharashtra Eastern Grid Power Transmission Company Limited

Associates with whom transactions done during the year :	Adani Advisory LLP 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 Adani CMA Mundra Terminal Private Limited Indianoil – Adani Gas Private Limited Vishakha Industries Private Limited AWN Agro Private Limited Golden Valley Agrotech Private Limited Satya Sai Agroils Private Limited Vishakha Polyfab Limited KOG KTV Food Products (India) Private Limited Krishnapattam Oils and Fats Private Limited KTV Health and Foods Private Limited

Enterprises over which or above have significant influence with whom transactions done during the year :	Adani Properties Private Limited Adani Foundation Adani Education and Research Foundation

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

3208200000	Equity Shares	Re. 1/- each	Rs. 3208.200 Million
4500000	Preference Shares	Rs. 10/- each	Rs. 45.000 Million

	Total		Rs. 3253.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1099810083	Equity Shares	Re. 1/- each	Rs. 1099.800 Million

Reconciliation of the Number of Shares Outstanding

Particulars	As at 31^st March, 2015
Particulars	Nos.	Rs. in Million
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, Preferences 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.

Payment of dividend is also made in foreign currency to shareholders outside India. The final dividend Rs.1.40 per share (31 March, 2014: Rs.1.40), proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

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, 2015
Equity shares allotted as fully paid shares pursuant to the scheme of amalgamation	464899087

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

Particulars	As at 31^st March, 2015
Particulars	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%
Adani Properties Private Limited	99491719	9.05%
Adani Agro Private Limited	--	--
Shri Vinod Shantilal Adani	90749100	8.25%
	811438729	73.78%

As per records of Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

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)Shareholders' Funds
(a) Share Capital	1099.800	1099.800	1099.800
(b) Reserves & Surplus	101680.800	99242.900	102569.600
(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)	102780.600	100342.700	103669.400

(3) Non-Current Liabilities
(a) long-term borrowings	25351.500	20405.800	14900.000
(b) Deferred tax liabilities (Net)	0.000	0.000	726.100
(c) Other long term liabilities	2505.900	2500.900	3412.500
(d) long-term provisions	56.900	61.100	51.900
Total Non-current Liabilities (3)	27914.300	22967.800	19090.500

(4) Current Liabilities
(a) Short term borrowings	26352.000	39735.000	34382.700
(b) Trade payables	57818.900	49844.000	37703.600
(c) Other current liabilities	9611.900	10822.500	6352.900
(d) Short-term provisions	1936.900	1858.800	1827.600
Total Current Liabilities (4)	95719.700	102260.300	80266.800

TOTAL	226414.600	225570.800	203026.700

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8742.400	9066.400	8954.600
(ii) Intangible Assets	234.300	173.300	215.300
(iii) Capital work-in-progress	2703.700	2548.600	1634.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	69534.200	65505.900	40461.000
(c) Deferred tax assets (net)	880.500	1111.500	0.000
(d) Long-term Loan and Advances	12016.500	42210.700	57532.100
(e) Other Non-current assets	13.600	0.000	0.000
Total Non-Current Assets	94125.200	120616.400	108797.900

(2) Current assets
(a) Current investments	10.000	10.000	205.900
(b) Inventories	5849.200	10685.100	7367.100
(c) Trade receivables	37947.600	31130.200	36983.200
(d) Cash and cash equivalents	2382.500	2608.800	18988.800
(e) Short-term loans and advances	85300.500	59384.300	30011.000
(f) Other current assets	799.600	1136.000	672.800
Total Current Assets	132289.400	104954.400	94228.800

TOTAL	226414.600	225570.800	203026.700

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		149328.500	117893.100	118908.800
		Other Income		12796.500	12041.500	6140.300
		TOTAL (A)		162125.000	129934.600	125049.100

Less	EXPENSES
		Cost of material consumed		0.000	1.200	102.900
		Purchase of traded goods		117340.200	104498.800	100911.100
		(Increase)/ Decreases in inventories		4846.300	(3309.500)	(1092.500)
		Employee Benefits Expenses		1747.000	1484.000	1232.000
		Other Expenses		24490.200	22683.300	16217.500
		Exceptional Items		(709.900)	0.000	(2029.900)
		TOTAL (B)		147713.800	125357.800	115341.100

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			14411.200	4576.800	9708.000

Less	FINANCIAL EXPENSES (D)			9274.400	7609.300	3021.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			5136.800	(3032.500)	6687.000

Less	DEPRECIATION/ AMORTISATION (F)			817.300	590.700	575.500

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			4319.500	(3623.200)	6111.500

Less	TAX (H)			251.000	(1836.200)	913.100

	PROFIT/(LOSS) AFTER TAX (G-H) (I)			4068.500	(1787.000)	5198.400

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			14027.100	17353.800	14305.000

	DEPRECIATION CHARGED TO RETAINED EARNING (NET OF DEFERRED TAX)			(39.100)	0.000	0.000

Less	APPROPRIATIONS
			Proposed Dividend on Equity Shares	1539.700	1539.700	1539.700
			Tax on Dividend (net of credit)*	51.800	0.000	85.400
			Credit of Tax on Dividend Earlier year Adjustment	0.000	0.000	(75.500)
			Transfer to General Reserve	400.000	0.000	600.000
	BALANCE CARRIED TO THE B/S			16065.000	14027.100	17353.800

	EARNINGS IN FOREIGN CURRENCY
			Export of Goods on F.O.B. Basis	0.000	0.000	172.900
			Other Income	0.000	4.200	0.000
	TOTAL EARNINGS			0.000	4.200	172.900

	IMPORTS
			Traded Goods	90512.200	78617.700	75768.200
			Capital Goods	157.700	4.500	9.600
	TOTAL IMPORTS			90669.900	78622.200	75777.800

	Earnings / (Loss) Per Share (Rs.)			3.70	(1.62)	4.73

*Note: Net of credit of Rs.261.700 million (31st March, 2014: Rs.261.700 million) being dividend distribution tax paid by a subsidiary.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Term Loan from Banks - Secured	7036.000	4625.400	11003.000
Inter corporate Loans - Unsecured	1500.000	1000.000	500.000
Total	8536.000	5625.400	11503.000

Cash generated from operations	2745.700	6315.600	(279.200)
Net cash from operating activities	2198.000	5880.000	(1368.000)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	2.72	(1.52)	4.37

Operating Profit Margin (PBDIT/Sales)	(%)	9.65	3.88	8.16

Return on Total Assets (PBT/Total Assets)	(%)	2.82	(2.32)	3.80

Return on Investment (ROI) (PBT/Networth)		0.04	(0.04)	0.06

Debt Equity Ratio (Total Debt /Networth)		0.59	0.66	0.59

Current Ratio (Current Asset/Current Liability)		1.38	1.03	1.17

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.96.75/-

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	1099.800	1099.800	1099.800
Reserves & Surplus	102569.600	99242.900	101680.800
Net worth	103669.400	100342.700	102780.600

long-term borrowings	14900.000	20405.800	25351.500
Short term borrowings	34382.700	39735.000	26352.000
Current Maturities of Long term debt	11503.000	5625.400	8536.000
Total borrowings	60785.700	65766.200	60239.500
Debt/Equity ratio	0.586	0.655	0.586

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	118908.800	117893.100	149328.500
		(0.854)	26.664

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	118908.800	117893.100	149328.500
Profit	5198.400	(1787.000)	4068.500
	4.37%	(1.52%)	2.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

STANDALONE FINANCIAL RESULTS

On standalone basis, the Company registered total revenue of Rs.162125.000 million as compared to Rs.129934.600 million in the previous year. The EBIDTA increased by 200% to Rs.13701.300 million ore and earned PAT of Rs.4068.500 million as compared to loss of Rs.1787.000 million in the previous year.

OVERVIEW

Adani Foundation came into existence in the year 1996 as a CSR wing of Adani Group of companies. The foundation, since its inception, has been working relentlessly with an objective of contributing towards the socioeconomic development of communities and for an inclusive and sustainable development towards nation building; is touching the lives of more than 3,50,000 families across the nation.

Adani Foundation has come a long way in bringing transformative changes to build an inclusive society. Over a period of time, the foundation's resolutions, energy, determination and dedication have been silently converted into revolutions with continuous and persevering actions. In the forthcoming years ahead; the momentum of foundation's actions has been envisaged to get accelerated further nationally. It is planned to continue widening and deepening foundation's efforts for engendering positive and profound societal impacts. With an intent to create a better connect with the communities and eventually scale up the social footprints across the nation, Adani Foundation has arrived at “Adani Act”, a new philosophy and a manifesto for the Foundation which would reinforce the role of a seer, doer and a responsible leader more profoundly.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OUTLOOK

Relative to last year, the outlook for advanced economies is improving, while growth in emerging market and developing economies is projected to be uneven, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries. IMF estimates that overall growth in global economy will be moving towards a period of more stable growth and is projected to grow at 3.5% in 2015 and 3.8% in 2016.

Indian economy has been on an upturn in the last few quarters, growth has accelerated, inflation has declined, current account deficit has narrowed, and external buffers have been replenished. Indian GDP (at constant rate 2011-12) grew at 7.4% in 2014-15 (according to advanced estimates). Balance of Payment outlook improved during the year on account of declined commodities prices coupled with the steady stream of remittances and services exports.

Low crude prices, improved production capacity and the adoption of the flexible inflation targeting framework, would likely keep inflationary pressures under check. This will set up a stage for further easing of interest rate and monetary policy and fuelling the growth. Aided by a supportive external environment and impetus from ongoing reform agenda of the government, the Indian economy has taken strong strides towards higher growth and enhanced stability.

To sustain rapid economic growth, the Government of India aims to develop and deploy renewable energy for supplementing the energy requirements of the country. It has raised the solar power generation capacity addition target to 100 GW by 2022, which will entail an investment of around ` 6 lakh crore. With this ambitious target, India will become one of the world's largest green energy producers. Further, the Government has proposed to amend the objective of the National Tariff Policy to promote renewable generation sources.

With the overall economic growth, the Company continues delivery in its focus areas of Resources, Logistics and Energy.

OPERATIONAL PERFORMANCE

Each of the businesses carried on by the company either by itself or through strategic investments has immense potential for growth and profitability. In order to drive next level of value creation, competency, decision making, to accelerate the business growth, to enable distinct focus of investors to invest in some of the key businesses and to lend enhanced focus to the operation of the said businesses, the company has decided to demerge its Port Undertaking, Power Undertaking and Transmission Undertaking.

With this, the Company will emerge as a company focused in the business of coal mining and trading, agro and city gas distribution. The Company continues to strengthen its competitiveness in the global market and posted an encouraging performance for the year.

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

NEW INDIA ASSURANCE CO 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	: 11 times
StageName	: ADMISSION (FRESH MATTERS)


Act	· CIVIL PROCEDURE CODE, 1908

LowerCourt Details

S.No.	LowerCourt CaseDetail	LowerCourtName	JudgeName	Judgmentdate
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 PETITION/APPEAL/SUIT	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 PETITION/APPEAL/SUIT	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.	CaseDetail	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

CourtCode

Board Sr. No.

Stage

Action

Coram

12/08/2009

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

Judgement

Questions

Transferred

Download

FIRST APPEAL/2988/2009

· REGISTRAR (JUDICIAL)

07/10/2008

ORDER

Download

FIRST APPEAL/2988/2009

· HONOURABLE MS. JUSTICE R.M.DOSHIT

· HONOURABLE MR.JUSTICE SHARAD D.DAVE

12/08/2009

ORDER

Download

Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR AMAR N BHATT		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 CO. LIMITED

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Loans and advances from Related parties
Loans from Subsidiary Company	0.000	6680.800
Inter - Corporate Loans	0.000	500.000
Non-Convertible Debentures
11.85% Redeemable Non-Convertible Debentures	12000.000	0.000

Short Term Borrowings
From Banks
Term loan	2000.000	4500.000
From Others
Commercial Paper	7500.000	0.000
Inter - Corporate Deposits	0.000	4492.000

Total	21500.000	16172.800

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	23965.700
b) Other operating income	91.800
Total income from Operations(net)	24057.500
2.Expenditure
a) Purchases of stock in trade	18226.700
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	272.400
c) Employees benefit expenses	569.200
d) Depreciation and amortization expenses	203.100
e) Other expenditure	3313.600
f) Foreign Exchange (Gain)/Loss	664.400
Total expenses	23249.400
3. Profit from operations before other income and financial costs	808.100
4. Other income	1669.300
5. Profit from ordinary activities before finance costs	2477.400
6. Finance costs	1842.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	635.200
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	635.200
10.Tax expenses	(62.900)
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	698.100
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	698.100
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	1099.800
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16. Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	0.63


A. Particulars of shareholding
1. Public Shareholding
- Number of shares	274952524
- Percentage of shareholding	25.00
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	203881545
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	24.72
Percentage of shares (as a % of total share capital of the company)	18.54

b) Non Encumbered
Number of shares	620976014
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	75.28
Percentage of shares (as a % of total share capital of the company)	56.46

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10567696	12/05/2015	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C52795622
2	10564342	10/04/2015	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	C51232080
3	10553133	09/03/2015	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C45644655
4	10551061	26/02/2015	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C44571933
5	10555132	14/02/2015	3,000,000,000.00	IDBI BANK LIMITED	IDBI COMPLEX, LAL BUNGALOW,OFF C. G. ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	C46711305
6	10540690	23/12/2014	2,500,000,000.00	BANK OF MAHARASHTRA	L.J. ROAD, MAHIM (WEST),, MUMBAI, MAHARASHTRA - 400016, INDIA	C39267836
7	10538243	11/12/2014	17,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C37827946
8	10534771	27/11/2014	5,500,000,000.00	YES BANK LIMITED	5TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	C35887041
9	10531452	08/11/2014	10,000,000,000.00	IDBI BANK LIMITED	IDBI COMPLEX, OPP. MUNI. STAFF QUARTERS,, NR. LAL BUNGLOW, OFF. C. G. ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	C33704511
10	10525638	19/09/2014	2,000,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUN FLOOR, NR. MITHAKHALI SIX ROADS, NAVRANGPURA, AHMEDABAD, GUJARAT - 380006, INDIA	C29506508
11	10522808	17/09/2014	12,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA LLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C21481296
12	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
13	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
14	10507214	17/11/2014 *	4,200,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS HTRA - 400025, INDIA	C35117142
15	10474590	31/10/2014 *	5,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C32098550
16	10411979	24/12/2013 *	9,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17,, R.K.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B94264017
17	10400183	22/01/2013	5,000,000,000.00	BANK OF MAHARASHTRA	L.J. ROAD, MAHIM (WEST),, MUMBAI, MAHARASHTRA - 400016, INDIA	B66965443
18	10372778	24/12/2013 *	9,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17,, R.K.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B94256534
19	10354825	28/10/2013 *	1,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B91987982
20	10325777	20/12/2013 *	9,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B94222031
21	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
22	10303432	28/01/2013 *	7,949,550,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKHALI SIX ROADS, NAVRANGPURA, AHMEDABAD, GUJARAT - 380006, INDIA	B68164490
23	10285629	21/01/2015 *	14,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C42854604
24	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 modification Charges

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

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.64.82
UK Pound	1	Rs.100.41
Euro	1	Rs.74.50

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	KAR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.