MIRA INFORM REPORT

Report No. :	501056
Report Date :	31.03.2018

IDENTIFICATION DETAILS

Name :	ADANI BUNKERING PRIVATE LIMITED (w.e.f.18.09.2015)
Formerly Known As :	CHEMOIL ADANI PRIVATE LIMITED
Registered Office :	‘Adani House’, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26565555
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	27.05.2008
Com. Reg. No.:	04-054045
Capital Investment / Paid-up Capital :	INR 16.880 Million
CIN No.: [Company Identification No.]	U40200GJ2008PTC054045
IEC No.:	Not Divulged
TIN No.:	24073405175
GST No. :	24AADCC3765G1ZT
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCC3765G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engage in Supplier of fuel oil mainly in gujarat ports with world class infrastructure at mundra port. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Status :	Satisfactory
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is part of Adani Group and it is a step down subsidiary of Adani Enterprises Limited. It was incorporated in the year 2008. As per financials of March 2017, the company has registered a decline in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.17%. Rating takes into consideration the company’s satisfactory track record of business operations marked by sound net worth base along with average debt coverage indicators and decent liquidity position. Rating also takes into account the company’s strong financial and managerial support received from its holding entity. Further, the company has reported a good Earnings Per Share of INR 101.71 against its face value of INR 10. However, rating strength is partially offset by working capital intensive nature, commodity price risk and foreign exchange rate fluctuation. Payments terms seems to be slow and delayed. 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	A1	A1

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 = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	04.01.2018

Rating Agency Name	CARE
Rating	Short Term Rating = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	04.01.2018

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 31-03-2016.

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 31.03.2018.

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 DECLINED

MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-79-25557400/ 124-2555555]

LOCATIONS

Registered/ Corporate Office :	‘Adani House’, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26565555
Fax No.:	91-79-26565500
E-Mail :	info@adani.com hardik.sanghvi@adani.com
Website :	http://www.adani.com
Marketing Office:	Adani House, Plot No. 83, Sector 32 Instituational Area, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-2555555
Fax No.:	91-124-2555213/ 279
E-Mail:	marketing.coal@adani.in

DIRECTORS

AS ON: 08.08.2017

Name :

Mr. Pranav Vinodbhai Adani

Designation :

Director

Address :

Param Shanti Bunglow, Survey No., 100/1, Nrear Shaswat Bunglow, Behind Rajpath Club, Ahmedabad-380059, Gujarat, India

Date of Birth/Age :

09.08.1978

Qualification:

B.M.(USA)

Date of Appointment :

25.08.2009

DIN No.:

00008457

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	09/08/2011	-
L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	11/08/2015	-
U40106GJ2014PLC078744	ADANI SYNENERGY LIMITED	14/02/2014	-
U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	19/04/2010	-
U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	03/03/2010	-
U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	21/12/2009	-
U40100GJ2005PLC046553	ADANI GAS LIMITED	20/08/2010	-
U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	31/08/2009	-
U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	21/10/2008	-
U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	22/03/2004	-
U15146GJ1999PLC035320	ADANI WILMAR LIMITED	01/04/2008	-
U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	24/11/2014	-
U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	29/09/2009	-
U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	14/09/2009	-
U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	22/11/2014	-
U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	30/09/2014	-

Name :

Mr. Jatinkumar Rameshchandra Jalundhwala

Designation :

Director

Address :

602, Satkrut, Partha Sarthi Avenue, 132, Ring Road, Near Shaymal Raw House, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

29.01.1960

Qualification:

B. Com., LL.B., FCS

Date of Appointment :

07.08.2013

DIN No.:

00137888

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U11200GJ2010PLC062148	ADANI GAS HOLDINGS LIMITED	28/08/2010	-
U63090MH2010PTC207152	ADANI SHIPPING (INDIA) PRIVATE LIMITED	27/08/2010	-
U45204GJ2010PLC059226	ADANI INFRA (INDIA) LIMITED	05/08/2010	-
U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	30/08/2017	-
U74999GJ2000PTC038407	ADANI TRUSTEE COMPANY PRIVATE LIMITED	28/08/2009	-
U74900GJ2015PLC082700	ADANI DEFENCE SYSTEMS AND TECHNOLOGIES LIMITED	25/03/2015	-
U40106GJ2015PLC082625	ADANI RENEWABLE ENERGY PARK LIMITED	18/03/2015	-
U35115GJ2015PLC083876	ADANI AEROSPACE AND DEFENCE LIMITED	17/07/2015	-
U74999GJ2015PLC083877	ADANI LAND DEFENCE SYSTEMS AND TECHNOLOGIES LIMITED	17/07/2015	-

Name :

Mr. Vinay Prakash

Designation :

Additional Director

Address :

4 Espace, Nirvana Country, South City Ii, Gurgaon - 122003, Haryana, India

Date of Birth/Age :

28.06.1973

Qualification:

B.Tech. MBA, PGDMM, PGDOM, PGDFM, PGDIM

Date of Appointment :

05.10.2015

DIN No.:

03634648

Other Directorship:Top of Form

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	12/08/2017	-
U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	03/10/2016	-
U10300GJ2011PTC068074	ADANI CHENDIPADA MINING PRIVATE LIMITED	02/12/2011	-
U10100RJ2012PLC038382	RAJASTHAN COLLIERIES LIMITED	17/10/2013	-
U10200RJ2007PLC025173	PARSA KENTE COLLIERIES LIMITED	29/09/2014	-
U74910GJ2012PTC068733	ADANI RESOURCES PRIVATE LIMITED	07/08/2014	-

Bottom of Form

Name :

Mr. Ram Avtar Patodia

Designation :

Additional Director

Address :

C/O, 504 Rna Classic, North Avenue Corner, S V Road, Santacruz West, Mumbai, Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

12.10.1965

Qualification:

CA, CS (Inter)

Date of Appointment :

05.10.2015

DIN No.:

00227074

Other Directorship:Top of Form

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U10300GJ2011PTC068074	ADANI CHENDIPADA MINING PRIVATE LIMITED	01/08/2017	-
U10100RJ2012PLC038382	RAJASTHAN COLLIERIES LIMITED	31/07/2015	-
U10200RJ2007PLC025173	PARSA KENTE COLLIERIES LIMITED	31/07/2015	-
U74910GJ2012PTC068733	ADANI RESOURCES PRIVATE LIMITED	01/08/2017	-
U14200GJ2016PTC086246	TALABIRA (ODISHA) MINING PRIVATE LIMITED	26/02/2016	-

Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares
Adani Global Pte Limited, Singapore	1687958
Samir Vora (Nominee of Adani Global Pte. Limited)	1
Devang Desai (Nominee of Adani Global Pte. Limited)	1
Pranav Adani (Nominee of Adani Global Pte. Limited)	1
Jatin Jalundhwala (Nominee of Adani Global Pte. Limited)	1
Manoj Tondon (Nominee of Adani Global Pte. Limited)	1
Praveen Jalswal (Nominee of Adani Global Pte. Limited)	1
Total	1687964

AS ON: 08.08.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engage in Supplier of fuel oil mainly in Gujarat ports with world class infrastructure at mundra port. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
27101950	Fuel Oil

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited

Maker Towers "F", 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

· State Bank of India

CAG Branch, 58 Shrimali Society, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Working capital loans from banks	2438.830	0.000
Total	2438.830	0.000

Auditors :
Name :	M B D and Company Chartered Accountants
Address :	29, 3rd Floor and 43, 5th Floor, Shree Krishna Centre, Near Mithakhali Circle, Navrangpura, Ahmedabad- 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAWFM0149A
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	· Adani Global Pte. Limited, Singapore [w.e.f. 01.01.2017] · Adani BunkeringPte. Limited [upto 01.01.2017]
Ultimate holding company:	Adani Enterprises Limited
Enterprises over which principal shareholders have control or significant Influence.:	· Adani Bunkering Pte Limited · Adani Global Fze · Adani Hazira Port Private Limited · Adani International Container Terminal Private Limited · Adani Kandla Bulk Terminal Private Limited [U63090GJ2012PTC069305] · Adani Logistics Limited [U63090GJ2005PLC046419] · Adani Petronet (Dahej) Port Private Limited · Adani Port and Special Ecomonic Zone Limited · Adani Power Limited · Adani Shipping Pte Limited · Parsa Kente Collieries Limited [U10200RJ2007PLC025173] · The Dhamra Port Company Limited [U45205OR1998PLC005448]

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1687964	Equity Shares	INR 10/- each	INR 16.880 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	16.880	16.880	16.880
(b) Reserves & Surplus	868.331	697.049	542.372
(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)	885.211	713.929	559.252
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.963	1.978	1.167
Total Non-current Liabilities (3)	4.963	1.978	1.167
(4) Current Liabilities
(a) Short term borrowings	2554.761	1165.577	2336.618
(b) Trade payables	225.231	26.733	673.856
(c) Other current liabilities	4170.466	4167.477	12.847
(d) Short-term provisions	0.792	0.499	0.699
Total Current Liabilities (4)	6951.250	5360.286	3024.020
TOTAL	7841.424	6076.193	3584.439
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.459	2.746	4.342
(ii) Intangible Assets	0.130	0.503	0.877
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	1.735
(c) Deferred tax assets (net)	173.224	144.326	102.510
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	107.232	100.228	35.864
Total Non-Current Assets	283.055	247.813	145.328
(2) Current assets
(a) Current investments	161.063	177.434	220.337
(b) Inventories	889.989	396.920	1417.003
(c) Trade receivables	1014.911	503.875	786.139
(d) Cash and cash equivalents	119.128	20.226	750.721
(e) Short-term loans and advances	5206.522	4569.819	20.762
(f) Other current assets	166.756	160.106	244.149
Total Current Assets	7558.369	5828.380	3439.111
TOTAL	7841.424	6076.193	3584.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	7908.459	5828.692	13987.194
		Other Income	511.560	556.112	394.036
		TOTAL	8420.019	6384.804	14381.230
Less	EXPENSES
		Purchases of Stock-in-Trade	7453.382	4269.231	13736.770
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(493.109)	1020.083	119.225
		Employees benefits expense	57.804	37.467	30.680
		Other expenses	758.477	630.122	720.482
		TOTAL	7776.554	5956.903	14607.157
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		643.465	427.901	-225.927
Less	FINANCIAL EXPENSES		462.974	273.782	337.855
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		180.491	154.119	(563.782)
Less/ Add	DEPRECIATION/ AMORTISATION		0.981	1.446	2.802
	PROFIT/(LOSS) BEFORE TAX		179.510	152.673	(566.584)
Less	TAX		7.832	(1.951)	(2.678)
	PROFIT/(LOSS) AFTER TAX		171.678	154.624	(563.906)
	Earnings/(Loss) Per Share (INR)		101.71	91.60	(334.07)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	(754.522)	5020.757	3464.368
Net cash flows from (used in) operating activities	(823.226)	4932.701	3433.546

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	46.84	31.55	20.51
Account Receivables Turnover (Income / Sundry Debtors)	7.79	11.57	17.79
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	11.03	2.29	17.91
Inventory Turnover (Operating Income / Inventories)	0.72	1.08	(0.16)
Asset Turnover (Operating Income / Net Fixed Assets)	248.54	131.70	(43.29)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.89	0.88	0.84
Debt Equity Ratio (Total Liability / Networth)	2.89	1.63	4.18
Current Liabilities to Networth (Current Liabilities / Net Worth)	7.85	7.51	5.41
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.01
Interest Coverage Ratio (PBIT / Financial Charges)	1.39	1.56	(0.67)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.17	2.65	(4.03)
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.19	2.54	(15.73)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	19.39	21.66	(100.83)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.09	1.09	1.14
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.96	1.01	0.67
G-Score Ratio Financial (Networth / Total Assets)	0.11	0.12	0.16
G-Score Ratio Debt (Debts / Equity Capital)	151.35	69.05	138.43
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.09	1.09	1.14

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	16.880	16.880	16.880
Reserves & Surplus	542.372	697.049	868.331
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	559.252	713.929	885.211
long-term borrowings	0.000	0.000	0.000
Short term borrowings	2336.618	1165.577	2554.761
Total borrowings	2336.618	1165.577	2554.761
Debt/Equity ratio	4.178	1.633	2.886

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	13987.194	5828.692	7908.459
		(58.328)	35.682

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	13987.194	5828.692	7908.459
Profit/(Loss)	(563.906)	154.624	171.678
	(4.03%)	2.65%	2.17%

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	No
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C41844275	10168398	AXIS BANK LIMITED	24/06/2009	16/01/2015	-	7000000000.0	CORPORATE BANKING BRANCH, 2ND FLOOR,3RD EYE ONE BUILDING, NEAR PANCHWATI CIRCLEAHMEDABADGJ380006IN
2	C44406551	10138557	AXIS BANK LIMITED	01/01/2009	09/05/2009	17/02/2015	3000000000.0	MAKER TOWERS, "F", 13TH FLOOR, CUFFE PARADECOLABAMUMBAIMH400005IN
3	B74657230	10224756	STATE BANK OF INDIA	15/06/2010	-	29/04/2013	2800000000.0	CAG BRANCH, 58 SHRIMALI SOCIETYNAVRANGPURAAHMEDABADGJ380009IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Working capital loans from banks	115.931	1165.577
Total	115.931	1165.577

CORPORATE INFORMATION

The company is a subsidiary of Adani Global Pte Limited. During the year erstwhile holding company Adani Bunkering Pte Limited got merged with Adani Global Pte Limited. The company is a private limited company incorporated and domiciled in India and has its registered office at Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad. Company is engaged in the business of physical bunker supplier mainly in Gujarat ports with world class infrastructure at Mundra Port. Bunker supplies to other Indian ports are made in association with state owned oil companies.

PERFORMANCE HIGHLIGHTS

The Company provides Bunkering Services (Fuel Oil and Marine Gas Oil) to various Ocean going Vessels in India and holds position as largest bunker suppler in India. Currently, the Company has physical bunkering facilities at Mundra, Hazira and Goa with capabilities of supplying bunker fuel to the vessels calling at any port in Gujarat & Goa. The Company is also supplying duty paid bunkers at other locations on back to back basis through oil PSUs. The Company in its endeavor to further increase the volume continues to explore expansion possibility at other locations in India.

STATUS OF THE COMPANY

During the year, Adani Bunkering Pte Limited, Holding Co. has been amalgamated with Adani Global Pte Limited w.e.f. 1^st January, 2017. Accordingly, the Company has become a WOS of Adani Global Pte Limited, Singapore (100% subsidiary of Adani Global Ltd., Mauritius) and continues to be a step-down 100% subsidiary of Adani Enterprises Limited.

FIXED ASSETS:

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Computer equipment’s
• Office equipment

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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	VIK
Report Prepared by :	ARC

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 opera tions 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.