MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	503759
Report Date :	14.04.2018

IDENTIFICATION DETAILS

Name :	ADANI POWER MAHARASHTRA LIMITED (w.e.f. 16.05.2008)

Formerly Known As :	ADANI POWER MAHARASHTRA PRIVATE LIMITED

Registered Office :	Adani House, Near Mithakhali Six Road, Navrangpura, Ahmedabad-380009, Gujarat
Tel. No.:	91-79-25557606

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	11.04.2007

Com. Reg. No.:	04-050506

Capital Investment / Paid-up Capital :	INR 28547.300 Million

CIN No.: [Company Identification No.]	U40101GJ2007PLC050506

IEC No.: [Import-Export Code No.]	Not Divulged

GSTN : [Goods & Service Tax Registration No.]	24AAGCA4102J3Z2

TIN No:	24073407207

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAGCA4102J

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Generation of Power. (Registered Activity)

No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a part of Adani group and it was incorporated in the year 2007. It is engaged in power generation activity. As per financials of March 2017, the company has registered decline in its revenue and has reported losses. Rating takes into consideration the company’s satisfactory track record of business operations along with healthy capital base and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well experience management team. However, rating strength is partially offset by high utilization of working capital limits, high debt balance sheet along with susceptibility to foreign exchange rate fluctuations and exposure to regulatory risks. Payments terms seems to be slow but correct. In view of aforesaid, 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.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Rating (A-)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	28.08.2017

Rating Agency Name	CARE
Rating	Short term Rating (A2)
Rating Explanation	Strong degree of safety and low credit risk.
Date	28.08.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 14.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non-cooperative (Tel No.: 91-79-25557606/ 26565555/ 25556900)

LOCATIONS

Registered Office :	Adani House, Near Mithakhali Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-25555650/ 26565555
Fax No.:	Not Available
E-Mail :	deepak.pandya@adani.com
Website :	http://www.adani.com

Corporate Office :	Achalraj, Opposite Mayor Bungalow, Law Garden, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-2555 7555
Fax No.:	91-79-2555 7177
E-Mail :	info@adanipower.com

Projects:	MIDC Industrial Area, Tiroda, District Gondia, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :	Jayadeb Nanda
Designation :	Managing Director
Address :	566, Sahid Nagar, Bhubaneshwar-751007, Orissa, India
Date of Appointment :	01.03.2014
DIN No:	06578925

Name :	Chaitanya Prasad Sahoo
Designation :	Wholetime Director
Address :	Shantiniketan-3, Adani Power Maharashtra Limited, Tiroda, Tirora, Gondiya-441911, Maharashtra, India
Date of Birth/Age :	03.10.1961
Qualification :	B.Sc. (Mechanical)
Date of Appointment :	08.08.2014
PAN No.:	BRFPS3200M
DIN No:	06860381
\
Name :	Sushama Ashvin Oza
Designation :	Director
Address :	G-2, Chitrakut Apartment, 36 Suvarnapuri Society, Off. Jetal Pur Road, Vadodara -390007, Gujarat, India
Date of Birth/Age :	05.09.1961
Qualification :	Masters in Social Work
Date of Appointment :	31.03.2015
DIN No:	07145540

Name :	Rajat Kumar Singh
Designation :	Additional Director/ Chief Finance Officer
Address :	202, 2nd Floor, Navbahar 464, 15th Road, Khar West, Mumbai-400052, Maharashtra, India
Date of Appointment :	01.02.2018
PAN No.:	AIOPS7304K
DIN No:	08063738

KEY EXECUTIVES

Name :	Chirag Shah and Associates
Designation :	Company Secretaries
Address :	808, Shiromani Complex, Opposite Ocean Park, S.M. Road, Satellite, Ahmedabad - 380 015, Gujarat, India
Tel. No:	91-79- 40020304 / 40020305
Email:	chi118_min@yahoo.com

Name :	Deepakbhai Sanatkumar Pandya
Designation :	Company Secretary
Address :	B-12, Suryaratna Bunglows, Behind Andani Farm Science, City Road, Sola, Ahmedabad-380060, Gujarat, India
Date of Appointment :	23.10.2015
PAN No.:	AEAPP8903M

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders		No. of Shares
Adani Power Limited (APL), India		2854731136
Rajesh S. Adani (Nominee of APL)		50
Gautam S. Adani (Nominee of APL)		50
Jayadeb Nanda (Nominee of APL)		1
Devang Desai (Nominee of APL)		1
Vneet S. Jaain (Nominee of APL)		1
Jatin Jalundhwala (Nominee of APL)		1
Total		2854731240

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Generation of Power. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99532622	Power Generation

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Allahabad Bank
Branch :	---
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Punjab National Bank
Andhra Bank
Punjab and Sind Bank
Bank of Baroda
Standard Chartered Bank
Bank of India
State Bank of India
Canara Bank
State Bank of Indore
China Development Bank
Corporation State Bank of Mysore
Corporation Bank
State Bank of Bikaner and Jaipur
IDBI Bank Limited
State Bank of Hyderabad
State Bank of Patiala
Indian Overseas Bank
State Bank of Travancore
Industrial and Commercial
Bank of China
Syndicate Bank
Jammu and Kashmir Bank Limited
Tamilnad Mercantile Bank Limited
UCO Bank
Oriental Bank of Commerce
Union Bank of India
The Lakshmi Vilas Bank Limited
Vijaya Bank
Central Bank of India Cexim
ICICI Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Non-current Borrowings
Term loans from Banks	111716.400	120617.300
Current borrowings
Working capital loans from Banks	18648.700	17475.600
Total	130365.100	138092.900

Notes

1.The Security details for the balances as at 31st March, 2017

a. Rupee Term Loan from Banks aggregating to INR 71219.700 million (As at 31st March 2016 - INR 71942.900 million and As at 1st April 2015 - INR 63526.500 million) and Financial Institutions aggregating to INR 18016.100 million (As at 31^st March 2016 - INR 18199.000 million and As at 1st April 2015 - INR 27031.600 million) and Foreign Currency loans from Banks aggregating to INR 28507.400 million (As at 31st March 2016 - INR 33536.500 million and As at 1st April 2015 – INR 34169.000 million) and Financial Institutions aggregating to INR 3424.000 million (As at 31st March 2016 - INR 3571.200 million and As at 1st April 2015 - INR 3437.400 million) & Trade Credit from banks aggregating to Nil (As at 31st March 2016 - Nil and As at 1st April 2015 - INR 1953.200 million) are secured by first mortgage and charge on all immovable and / or movable assets, present & future of the Power Plants of the Company on paripassu basis. (

b. Rupee Term Loan from Banks & Financial Institutions, Foreign Currency Loans and Trade Credit aggregating to INR 127449.700 million (As at 31st March 2016 - INR 127249.600 million and As at 1st April 2015 - INR 130117.700 million) are further secured by pledge of 1655744119 Equity shares (As at 31st March 2016 - 1455912932 and As at 1st April 2015 - 1423341900 Equity Shares) of the Company held by the Parent Company, Adani Power Limited as first charge.

2.Repayment schedule for the balances as at 31st March, 2017

a. The term loans from Banks & financial institution aggregating to INR 89235.900 million (As at 31st March 2016 - INR 90141.900 million) are repayable in 1996 structured quarterly instalments over the period of 17 years.

b. Term Loans from Banks in Foreign Currency aggregating INR 28507.400 million (As at 31st March 2016 - INR 33536.500 million) are repayable in 48 structured half yearly instalments over a period of 6 years and Term Loans from Financial Institutions in Foreign Currency aggregating to INR 3424.000 million (As at 31st March 2016 - INR 3571.200 million) are repayable in 44 structured Quarterly instalments over the period of 11 years.

c. Unsecured loans from related party of INR 29990.000 million (As at 31st March 2016 - INR 29642.600 million) are repayable in 36 months from the balance sheet date.

Financial Institutions:	SBICAP Trustee Company Limited, 202, Maker Tower, Cuffe Parade, Mumbai – 400005, Maharashtra, India Life Corporation of India India Infrastructure Finance Company (UK) Limited

Auditors :
Name :	C. C. Chokshi and Company Chartered Accountants
Address :	19th Floor, Shapath, V S G Highway, Ahmedabad-380015, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFC2938D

Memberships :	Not Available

Collaborators :	Not Available

Holding Company:	Adani Power Limited L40100GJ1996PLC030533)

Associates	Adani Power Resources Limited (U40100GJ2013PLC077749)

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Adani Enterprises Limited (L51100GJ1993PLC019067) Adani Hazira Port Private Limited (U45209GJ2009PTC058789) Adani Petronet (Dahej) Port Private Limited (U63012gj2003ptc041919) Adani Power Rajasthan Limited (U40104GJ2008PLC052743) Adani Global Pte. Limited, Singapore Adani Transmission Limited (L40300GJ2013PLC077803) Adani Infra (India) Limited (U45204GJ2010PLC059226) Mundra Solar Private Limited (U74999GJ2015PLC083378) Maharashtra Eastern Grid Power Transmission Company Limited (U40100GJ2010PLC059593) Parampujya Solar Energy Private Limited (U70101GJ2015PTC083632) Adani Logistics Limited (U63090GJ2005PLC046419) Prayatna Developers Private Limited (U70101GJ2015PTC083634) Adani Green Energy Limited (U40106GJ2015PLC082007) Adani Green Energy (Up) Limited (U40106GJ2015PLC083925) Adani Green Energy (Tamilnadu) Limited (U40300GJ2015PLC082578) Adani Transmission (India) Limited (U40101GJ2013PLC077700) Adani Global FZE. United Arab Emirates

Fallow Subsidiary:	Udupi Power Corporation Limited (U31909KA1996PLC019918)

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

4250000000	Equity Shares	INR 10/- each	INR 42500.000 Million
750000000	Preference Shares	INR 10/- each	INR 7500.000 Million
	Total		INR 50000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2854731240	Equity Shares	INR 10/- each	INR 28547.312 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28547.300	28547.300	28547.300
(b) Reserves and Surplus	773.900	2946.300	1846.600
(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)	29321.200	31493.600	30393.900

(3) Non-Current Liabilities
(a) long-term borrowings	141706.400	150259.900	152588.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	131.600	128.000	0.000
(d) long-term provisions	17816.800	19453.800	770.600
Total Non-current Liabilities (3)	159654.800	169841.700	153359.000

(4) Current Liabilities
(a) Short-term borrowings	22642.800	18865.900	13819.200
(b) Trade payables	14114.000	17362.000	9927.100
(c) Other current liabilities	10423.500	8135.100	5204.400
(d) Short-term provisions	27.600	19.100	76.300
Total Current Liabilities (4)	47207.900	44382.100	29027.000

TOTAL	236183.900	245717.400	212779.900

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	181416.800	189533.500	173740.900
(ii) Intangible Assets	3.800	5.400	7.000
(iii) Tangible assets capital work-in-progress	209.800	207.200	1111.800
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.200	0.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	2359.700
(e) Other Non-current assets	2359.700	3359.800	880.600
Total Non-Current Assets	183990.300	193106.100	178100.200

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1717.300	3730.000	3157.400
(c) Trade receivables	46513.500	45910.900	14723.400
(d) Cash and bank balances	537.300	552.700	2302.000
(e) Short-term loans and advances	6.800	5.000	4593.800
(f) Other current assets	3418.700	2412.700	9903.100
Total Current Assets	52193.600	52611.300	34679.700

TOTAL	236183.900	245717.400	212779.900

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	64781.900	78644.000	61273.900
	Other Income	165.800	1056.300	1517.800
	TOTAL	64947.700	79700.300	62791.700

Less	EXPENSES
	Purchases of Stock-in-Trade	1771.500	2995.700	2590.600
	Employee benefit expense	1067.600	868.200	771.300
	Other expenses	0.000	0.000	36272.400
	Exceptional items	37999.900	46915.700	(43.300)
	TOTAL	40839.000	50779.600	39591.000

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	24108.700	28920.700	23200.700

Less	FINANCIAL EXPENSES	18171.500	19479.200	19270.800

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5937.200	9441.500	3929.900

Less	DEPRECIATION/ AMORTISATION	8127.800	8117.500	6243.600

	PROFIT/ (LOSS) BEFORE TAX	(2190.600)	1324.000	(2313.700)

Less	TAX	0.600	0.000	(250.600)

	PROFIT/ (LOSS) AFTER TAX	(2191.200)	1324.000	(2063.100)

	Earnings / (Loss) Per Share (INR)	(0.77)	0.46	(0.81)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	8209.200	5245.100	3029.400
Cash generated from operations	20793.700	15213.000	14137.900
Net cash flows from (used in) operating activity	20790.900	15209.000	12960.700

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	262.07	213.08	87.71

Account Receivables Turnover [Income / Sunday Debtors]	1.39	1.71	4.16

Average Payment Days [Sundry Creditors / Purchases * 365]	2908.05	2115.41	1398.67

Inventory Turnover [Operating Income / Inventories]	14.04	7.75	7.35

Asset Turnover [Operating Income / Net Fixed Assets]	0.13	0.15	0.13

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.83	0.81	0.87

Debt Equity Ratio (Borrowings / NetWorth)	5.89	5.54	5.57

Current Liabilities to Networth (Current Liabilities / NetWorth)	1.61	1.41	0.96

Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	6.19	6.02	5.75

Interest Coverage Ratio [PBIT / Financial Charges]	1.33	1.48	1.20

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	(3.38)	1.68	(3.37)

Return on Total Assets [(PAT / Total Assets) * 100]	(%)	(0.93)	0.54	(0.97)

Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	(7.47)	4.20	(6.79)

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	1.11	1.19	1.19

Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	1.07	1.10	1.09

G-Score Ratio Financial [NetWorth / Total Assets]	0.12	0.13	0.14

G-Score Ratio Debt [Debts / Equity Capital]	6.04	6.11	5.94

G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.11	1.19	1.19

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	28547.300	28547.300	28547.300
Reserves & Surplus	1846.600	2946.300	773.900
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	30393.900	31493.600	29321.200

Long-term borrowings	152588.400	150259.900	141706.400
Short term borrowings	13819.200	18865.900	22642.800
Current maturities of long-term debts	3029.400	5245.100	8209.200
Total borrowings	169437.000	174370.900	172558.400
Debt/Equity ratio	5.575	5.537	5.885

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	61273.900	78644.000	64781.900
		28.348	(17.626)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	61273.900	78644.000	64781.900
Profit/ (Loss)	(2063.040)	1324.000	(2191.200)
	(3.37%)	1.68%	(3.38%)

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	No
8	Designation of contact person	No
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	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONAL PERFORMANCE:

Commissioned in the year 2014-15, the Company has been operating and generating reliable power throughout the year 2016-17. The Company own and operate one of the largest thermal power plants in the state of Maharashtra. The Company has signed a long term Fuel Supply Agreement (FSA) and also meets its coal requirement through Inter Plant Transfer (IPT) of coal against Adani Power Limited entitlement. Their strategy is to get the 100% entitlement of FSA and coal allotted under IPT. The also try to procure better quality of coal in terms of Gross Calorific Value (GCV) and other quality parameters suitable to the Tiroda Project. At present their linkage entitlement is 4.91 MMT per annum covering 1180 MW and for the balance coal requirement, the Company is pursuing with Coal India to grant regular linkage coal. Recently the Government of India through Ministry of Coal have issued a guidelines that Coal India may grant coal linkages on notified price on auction basis for power producers / Independent Power Plants having already committed long term PPAs based on domestic coal. The Company has to participate in auction and will bid for discount on the tariff. The company is awaiting methodology for the auction process of granting new linkage through Coal India.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Non-current Borrowings
Loans and advances from related parties	29990.000	29642.600
Current borrowings
Other loans and advances	3994.100	1390.300
Total	33984.100	31032.900

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G69644615	100073843		11/01/2017	06/10/2017	-	3150000000.0	Apeejay House, 6th Floor,3, Dinshaw Wachha Road, Churchgate,MUMBAIMH400020IN
2	G09530148	100044635		20/07/2016	-	-	1000000000.0	Apeejay House, 6th Floor3, Dinshaw Wachha Road, Churchgate,MUMBAIMH400020IN
3	C79129326	10619280		04/01/2016	01/02/2016	-	9740000000.0	Apeejay House, 6th Floor,3, Dinshaw Wachha Road, Churchgate,MUMBAIMH400020IN
4	G04016960	10594844		11/09/2015	05/05/2016	-	44240000000.0	202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN
5	G04022406	10595003		11/09/2015	05/05/2016	-	48150000000.0	202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN
6	C63048276	10587963		04/08/2015	21/08/2015	-	14000000000.0	202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN
7	C47942503	10557458		16/03/2015	-	-	800000000.0	S P Nagar Branch, Acme Centre, Shrimali SocietyNavrangpura,AhmedabadGJ380009IN
8	G00218578	10521788		22/09/2014	05/03/2016	-	30838600000.0	202, Maker Tower E,Cuffe Parade,MUMBAIMH400005IN
9	C54639562	10491031		26/03/2014	11/05/2015	-	1000000000.0	202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MumbaiMH400005IN
10	C12325635	10490035		12/03/2014	30/05/2014	-	5700000000.0	202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN

CONTINGENT LIABILITIES:

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

FIXED ASSETS

Land
Building
Furniture and Fixture
Computer
Plant and Machinery
Vehicle
Office equipment
Computer Accessories
Railway sidings
Computer 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 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	INR
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	SPY

Analysis Done by :	VVK

Report Prepared by :	MTN

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.